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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.38 15.38 14.11 14.11 18.80
Euro Stoxx 50 Pr EUR 2553062 5424.032 4630 4630 739 775 775 229.96 307.93 307.93 19.02 16.41 14.21 14.21 19.70
NIKKEI 225 JPY 2554354 186.4402 188 188 19 20 20 5.28 5.50 5.50 0.27 0.27 0.25 0.25 0.12
FTSE 100 INDEX GBP 2682474 11610.68 9614 9614 1447 1650 1650 531.79 820.72 820.72 27.64 - 17.91 17.91 22.24
SWISS MARKET INDEX CHF 1031660 10946.31 4119 4119 844 836 836 408.77 551.74 551.74 21.20 18.86 15.71 15.71 21.93
S&P/TSX COMPOSITE INDEX CAD 1675907 17151.75 7923 7923 1852 2088 2088 796.17 890.32 890.32 15.37 15.37 13.74 13.74 24.29
S&P/ASX 200 INDEX AUD 1408237 6730.544 2878 2878 607 705 705 252.53 342.62 342.62 21.54 17.43 15.87 15.87 22.39
HANG SENG INDEX HKD 1692248 3310.555 1659 1659 376 407 407 268.25 266.15 266.15 1.38 1.51 1.39 1.39 3.12
MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03
ACTIVISION BLIZZARD INC USD 16104 1000 1112 0 0 0 4 11.73 4856 4856 4277 4682 1779 1779 189 189 1.01 1.00 0.85 1.03 14.46 14.46 17.03 14.04 2.12 - -0.50 51.86 36.64 NR 11.07.2008 - -
ADOBE SYSTEMS INC USD 21436 552 494 2 0 0 4 19.31 4404 4366 4118 4539 1477 1296 288 288 1.64 1.41 1.42 1.79 30.31 30.31 30.10 23.84 4.45 3.06 0.67 4.71 29.68 BBB+ 25.01.2010 Baa1 25.01.2010
AKAMAI TECHNOLOGIES INC USD 6240 623 178 0 0 0 1 5.14 1374 1374 1510 1715 519 519 151 151 1.15 1.15 1.96 2.21 30.50 30.50 17.91 15.85 18.59 15.60 12.01 19.00 37.78 NR 12.11.2002 - -
ALEXION PHARMACEUTICALS INC USD 17832 346 195 0 0 0 1 16.99 1134 1134 1509 1894 424 424 135 135 1.38 1.33 2.89 3.33 68.68 68.68 31.57 27.43 44.76 59.85 61.86 - 37.38 - - - -
ALTERA CORP USD 11236 529 320 1 0 0 3 8.72 1783 1783 1823 2075 628 628 120 120 1.72 1.71 1.54 1.87 20.55 20.55 22.86 18.83 -13.63 8.79 -28.72 14.97 35.23 A- 04.11.2011 A2 01.05.2012
AMAZON.COM INC USD 118040 266 454 6 0 0 11 112.10 61093 61093 75720 92943 2835 2834 958 958 0.05 0.36 3.36 5.69 721.39 721.39 77.30 45.64 27.07 30.56 45.76 25.77 4.64 AA- 26.11.2012 Baa1 26.11.2012
AMGEN INC USD 73226 417 756 27 0 0 24 75.71 17265 17265 18045 18399 6665 6665 1782 1782 6.00 5.96 7.19 8.23 16.43 16.43 13.61 11.90 10.80 3.45 24.07 2.92 38.60 A+ 07.09.2007 Baa1 07.11.2011
ANALOG DEVICES INC USD 13999 647 298 1 0 0 4 10.77 2701 2675 2697 2988 942 923 225 225 2.13 2.11 2.18 2.70 21.68 21.68 21.03 16.94 -9.76 1.99 -20.98 4.28 34.52 A- 29.09.2010 A3 25.06.2009
APPLE INC USD 434671 1105 939 0 0 0 121 297.56 156508 164687 181211 204263 58518 59255 13978 13978 44.15 44.10 44.13 49.77 10.48 10.48 10.48 9.29 44.58 41.47 64.36 65.35 35.98 NR 16.04.2004 WR 31.03.2004
APPLIED MATERIALS INC USD 16093 2523 1197 2 0 0 2 16.29 8719 8103 7822 9351 1422 1285 317 317 0.75 0.62 0.61 1.07 21.63 21.63 22.13 12.50 -17.10 0.23 -45.03 -11.81 15.86 A- 21.12.1999 A3 20.08.1997
AUTODESK INC USD 9123 417 224 1 0 0 2 7.50 2312 2312 2447 2649 478 478 161 161 1.09 1.14 2.12 2.46 35.61 35.61 19.17 16.52 4.36 1.06 1.66 -1.18 20.66 BBB 05.12.2012 Baa2 10.12.2012
AUTOMATIC DATA PROCESSING USD 31429 725 484 0 0 0 2 29.94 10665 10945 11314 12148 2342 2375 779 779 2.74 2.79 2.91 3.17 23.23 23.23 22.28 20.42 7.95 5.09 6.64 4.99 21.70 AAA 29.10.1998 - -
AVAGO TECHNOLOGIES LTD USD 8805 232 245 0 0 0 1 7.66 2 K 2 K 2 K 3 K 744 740 173 173 2.27 2.29 2.62 2.98 15.62 15.62 13.64 11.99 1.20 8.15 -0.13 39.47 31.13 - - - -
BAIDU INC - SPON ADR USD 30095 478 350 12 0 1 32 167.63 22306 22306 30384 39327 12133 12133 2805 2805 29.83 29.82 33.59 41.93 17.94 17.94 15.92 12.75 53.83 63.25 43.39 75.53 54.39 - - A3 06.11.2012
BED BATH & BEYOND INC USD 14622 459 236 0 0 0 2 13.84 9500 10245 10909 11614 1752 1782 655 655 4.06 4.38 4.58 5.06 14.76 14.76 14.13 12.78 8.46 8.66 19.02 11.38 17.40 BBB+ 30.06.2011 - -
BIOGEN IDEC INC USD 41849 438 237 1 0 0 4 39.25 5516 5516 6412 7509 2204 2204 532 532 5.73 5.73 7.79 9.63 30.91 30.91 22.74 18.39 9.27 9.86 3.06 11.87 39.96 BBB+ 04.12.2008 Baa2 19.03.2012
BMC SOFTWARE INC USD 6541 371 162 1 0 0 2 6.69 2172 2198 2224 2320 769 702 222 222 2.36 2.16 3.42 3.84 21.19 21.19 13.39 11.92 5.17 4.81 6.32 13.24 31.93 BBB+ 22.07.2010 Baa2 23.07.2010
BROADCOM CORP-CL A USD 19605 1097 569 2 0 0 4 17.58 8006 8006 8443 9303 1297 1297 284 284 1.45 1.44 2.76 3.04 23.93 23.93 12.48 11.33 8.35 16.32 2.94 48.35 16.20 A- 11.08.2011 A2 27.10.2010
CA INC USD 11389 636 466 1 0 0 3 10.14 4814 4680 4637 4677 1805 1836 403 403 1.90 1.99 2.42 2.54 12.55 12.55 10.34 9.84 8.69 1.88 11.15 14.58 39.23 BBB+ 11.04.2011 Baa2 13.08.2010
CATAMARAN CORP USD 10848 347 205 1 0 0 0 11.65 9940 9940 14511 16281 367 367 146 146 0.87 0.87 1.87 2.36 60.69 60.69 28.25 22.42 99.78 303.30 120.71 82.08 3.70 BB 22.05.2012 - -
CELGENE CORP USD 47109 682 420 3 0 0 4 46.29 5507 5507 6112 7016 2199 2199 724 724 4.01 3.90 5.68 6.85 28.85 28.85 19.80 16.42 13.73 29.21 32.20 36.40 39.93 BBB+ 04.10.2010 Baa2 04.10.2010
CERNER CORP USD 16057 211 172 0 0 0 1 15.22 2665 2665 3005 3383 794 794 219 219 2.26 2.26 2.80 3.29 41.26 41.26 33.30 28.32 20.98 12.78 18.13 17.35 29.80 - - - -
C.H. ROBINSON WORLDWIDE INC USD 9396 371 161 0 0 0 0 9.51 11359 11359 12978 14119 713 713 192 192 2.76 2.74 3.07 3.48 21.54 21.54 19.22 16.94 9.89 8.96 -1.63 5.84 6.28 - - - -
CHECK POINT SOFTWARE TECH USD 9574 814 199 0 0 0 3 6.28 1343 1343 1423 1517 761 761 192 192 2.94 2.96 3.43 3.76 15.71 15.71 13.57 12.38 7.68 12.54 9.76 17.15 56.71 - - - -
CISCO SYSTEMS INC USD 110638 2102 5298 16 0 0 49 80.56 46061 47252 48708 51403 12971 13372 3802 3802 1.55 1.62 2.00 2.11 12.79 12.79 10.39 9.83 6.58 4.44 18.36 5.10 28.30 A+ 10.02.2006 A1 10.02.2006
CITRIX SYSTEMS INC USD 13233 823 186 0 0 0 1 12.30 2586 2586 2971 3355 606 606 188 188 1.86 1.75 3.14 3.60 40.57 40.57 22.59 19.72 17.21 13.28 5.10 15.29 23.42 NR 04.02.2005 - -
COGNIZANT TECH SOLUTIONS-A USD 22519 368 302 0 0 0 3 19.66 7346 7346 8620 10011 1518 1518 405 405 3.44 3.44 4.30 4.98 21.69 21.69 17.35 15.00 20.02 26.92 20.42 28.37 20.66 - - - -
COMCAST CORP-CLASS A USD 108404 1457 2639 40 0 17 12 153.89 62570 62570 64235 68029 19977 19977 5022 5022 1.92 1.93 2.39 2.74 21.49 21.49 17.34 15.16 12.05 16.15 8.82 11.13 31.93 A- 14.02.2013 A3 13.02.2013
COSTCO WHOLESALE CORP USD 46133 164 432 1 #VALUE! 0 5 45.52 99137 103128 106075 115242 3667 3874 930 930 3.89 4.32 4.55 5.03 24.46 24.46 23.22 21.01 11.50 8.06 11.02 10.87 3.76 A+ 28.11.2012 A1 26.03.2012
DELL INC USD 25335 3115 1738 9 0 0 13 21.66 56940 56940 55902 56163 4156 4156 974 974 1.48 1.49 1.57 1.72 9.73 9.73 9.25 8.44 -8.27 -1.66 -22.56 0.13 7.30 A- *- 05.02.2013 Baa1 *- 05.02.2013
DENTSPLY INTERNATIONAL INC USD 5985 161 142 2 0 0 0 7.47 2928 2928 3051 3187 537 537 153 153 1.98 1.95 2.42 2.69 21.49 21.49 17.29 15.59 15.40 7.52 27.33 5.25 18.33 BBB+ 02.09.2011 Baa2 16.08.2011
DIRECTV USD 32576 1649 587 18 0 0 2 49.04 29740 29740 31930 34148 7447 7447 1891 1891 4.52 4.54 4.90 5.77 12.52 12.52 11.61 9.86 9.23 10.57 7.32 12.83 25.04 BBB 25.02.2011 - -
DISCOVERY COMMUNICATIONS-A USD 28342 344 304 5 0 0 1 32.39 4487 4521 5545 6087 1978 1975 522 522 2.52 2.51 3.40 4.21 31.69 31.69 23.43 18.88 7.65 - 8.50 - 43.69 BBB 09.03.2011 - -
DOLLAR TREE INC USD 10985 892 225 0 0 0 0 10.86 7395 7395 7935 8637 1095 1095 254 254 2.68 2.53 2.78 3.21 19.11 19.11 17.39 15.09 11.52 11.62 15.79 17.48 14.81 - - - -
EBAY INC USD 67133 1333 1294 5 0 0 9 62.24 14072 14071 16351 18761 4088 4090 1237 1237 1.95 1.94 2.76 3.23 26.67 26.67 18.78 16.03 20.77 13.73 23.39 9.42 29.07 A 02.03.2010 A2 21.10.2010
EQUINIX INC USD 10342 119 49 3 0 0 0 13.02 1896 1914 2216 2544 818 819 236 236 2.99 2.99 3.76 5.26 70.88 70.88 56.38 40.30 20.76 29.85 23.95 49.56 42.81 BB 28.02.2013 Ba3 28.02.2013
EXPEDIA INC USD 8406 690 135 1 0 0 2 7.83 4030 4030 4678 5253 809 809 103 103 2.70 2.71 3.46 4.13 22.91 22.91 17.94 15.02 16.86 8.40 12.52 2.11 20.08 BBB- 22.12.2011 Ba1 30.10.2009
EXPEDITORS INTL WASH INC USD 7393 828 206 0 0 0 1 6.14 5981 5981 6380 6951 571 571 143 143 1.57 1.57 1.80 2.05 22.80 22.80 19.84 17.44 -2.76 1.93 -13.03 4.22 9.54 - - - -
EXPRESS SCRIPTS HOLDING CO USD 47825 910 818 16 0 0 3 60.96 93858 94235 100902 102195 4657 4672 1544 1544 2.46 2.43 4.27 4.91 24.05 24.05 13.70 11.89 103.47 43.89 81.37 32.09 4.96 BBB+ 31.05.2012 Baa3 04.06.2009
F5 NETWORKS INC USD 6882 192 79 0 0 0 1 6.36 1377 1420 1562 1808 461 475 142 142 3.46 3.51 5.02 5.81 24.98 24.98 17.43 15.07 19.57 19.35 24.19 28.96 33.43 - - - -
FACEBOOK INC-A USD 60042 4811 2372 2 0 0 10 52.77 5089 5089 6672 8427 1187 1187 739 739 0.01 0.02 0.57 0.77 1260.00 1260.00 44.29 32.56 37.13 - -42.91 - 23.32 - - - -
FASTENAL CO USD 14971 244 297 0 0 0 0 14.89 3134 3134 3471 3910 727 727 191 191 1.42 1.42 1.63 1.91 35.55 35.55 30.91 26.43 13.25 8.59 17.41 11.95 23.21 - - - -
FISERV INC USD 11551 100 133 3 0 0 0 14.42 4482 4482 4887 5102 1410 1410 373 373 4.38 4.48 5.97 6.65 19.31 19.31 14.50 13.00 3.34 1.00 4.83 8.80 31.46 BBB- 02.03.2010 Baa2 08.11.2007
FOSSIL INC USD 5665 210 53 0 0 0 0 5.57 2858 2858 3166 3453 554 554 105 105 5.37 5.41 6.06 6.88 17.64 17.64 15.76 13.88 11.30 15.87 5.81 20.38 19.40 - - - -
GARMIN LTD USD 6511 273 196 0 0 0 3 3.64 2716 2716 2555 2508 695 695 112 112 2.76 2.85 2.41 2.46 11.68 11.68 13.80 13.54 -1.55 -8.13 7.15 -6.49 25.58 - - - -
GILEAD SCIENCES INC USD 69238 762 1519 8 0 0 3 75.12 9703 9703 10748 12727 4288 4288 1116 1116 1.70 1.70 2.07 2.90 26.74 26.74 21.91 15.68 15.71 19.77 4.80 14.12 44.20 A- 23.03.2011 Baa1 23.03.2011
GOOGLE INC-CL A USD 268688 116 330 6 0 0 50 224.67 50175 51379 47959 56130 15722 15684 5178 5178 34.02 33.74 45.83 53.82 24.02 24.02 17.68 15.06 32.37 24.66 15.66 21.04 30.53 AA 19.11.2012 Aa2 16.05.2011
HENRY SCHEIN INC USD 7981 89 88 1 0 0 0 8.83 8940 8940 9516 10039 759 759 185 185 4.44 4.43 4.87 5.39 20.57 20.57 18.71 16.92 4.80 7.43 8.80 10.46 8.50 - - - -
INTEL CORP USD 106141 3444 4944 13 0 0 23 97.00 53341 53341 53942 56527 22160 22160 4602 4602 2.13 2.13 2.02 2.18 10.06 10.06 10.59 9.82 -1.22 6.39 -5.87 10.34 41.54 A+ 17.02.1993 A1 14.09.2011
INTUIT INC USD 19482 544 295 0 0 0 1 19.32 4151 4211 4594 5017 1419 1307 1427 1427 2.50 2.36 3.44 3.78 27.85 27.85 19.10 17.40 10.05 3.29 8.49 11.70 31.04 BBB 29.05.2008 Baa1 04.06.2010
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 3
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.38 15.38 14.11 14.11 18.80
Euro Stoxx 50 Pr EUR 2553062 5424.032 4630 4630 739 775 775 229.96 307.93 307.93 19.02 16.41 14.21 14.21 19.70
NIKKEI 225 JPY 2554354 186.4402 188 188 19 20 20 5.28 5.50 5.50 0.27 0.27 0.25 0.25 0.12
FTSE 100 INDEX GBP 2682474 11610.68 9614 9614 1447 1650 1650 531.79 820.72 820.72 27.64 - 17.91 17.91 22.24
SWISS MARKET INDEX CHF 1031660 10946.31 4119 4119 844 836 836 408.77 551.74 551.74 21.20 18.86 15.71 15.71 21.93
S&P/TSX COMPOSITE INDEX CAD 1675907 17151.75 7923 7923 1852 2088 2088 796.17 890.32 890.32 15.37 15.37 13.74 13.74 24.29
S&P/ASX 200 INDEX AUD 1408237 6730.544 2878 2878 607 705 705 252.53 342.62 342.62 21.54 17.43 15.87 15.87 22.39
HANG SENG INDEX HKD 1692248 3310.555 1659 1659 376 407 407 268.25 266.15 266.15 1.38 1.51 1.39 1.39 3.12
MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03
INTUITIVE SURGICAL INC USD 20081 164 40 0 0 0 1 18.76 2179 2179 2563 2957 936 936 230 230 15.98 15.96 17.59 20.65 31.16 31.16 28.27 24.08 23.99 26.50 26.25 29.59 42.95 - - - -
KLA-TENCOR CORPORATION USD 8648 424 167 1 0 0 3 6.82 3172 3127 2885 3313 1108 1034 213 213 4.64 4.25 3.26 4.52 12.25 12.25 15.95 11.52 -0.10 7.21 -11.07 9.66 33.07 BBB 28.04.2008 Baa1 29.04.2008
KRAFT FOODS GROUP INC USD 30476 659 #VALUE! 0 0 0 0 39.81 18339 #VALUE! 18808 19311 3285 - 817 817 2.91 - 2.81 3.12 - - 18.30 16.45 -1.69 - - - - BBB 19.07.2012 Baa2 16.07.2012
LIBERTY GLOBAL INC-A USD 17843 685 259 28 0 0 2 43.20 10311 10311 13284 14933 4757 4757 1306 1306 -1.71 -1.79 1.90 2.95 - - 37.62 24.31 8.41 2.82 9.34 7.11 46.14 B+ *+ 06.02.2013 - -
LIBERTY INTERACTIVE CORP-A USD 11739 835 545 8 0 4 4 19.63 10054 10054 10402 10929 1809 1809 436 436 -0.34 -0.29 1.16 1.38 - - 18.74 15.69 4.55 5.26 1.97 1.87 17.99 BB 29.09.2011 - -
LIFE TECHNOLOGIES CORP USD 10912 270 171 2 0 0 0 13.07 3799 3799 3928 4071 1167 1167 299 299 2.72 2.70 4.37 4.77 23.72 23.72 14.65 13.43 0.60 27.22 0.54 29.53 30.72 BBB+ 29.11.2012 Baa3 06.03.2012
LINEAR TECHNOLOGY CORP USD 8814 516 230 1 0 0 1 8.33 1267 1283 1287 1431 638 636 151 151 1.71 1.69 1.79 2.07 22.43 22.43 21.20 18.34 -14.65 3.85 -21.96 2.10 49.59 - - - -
MATTEL INC USD 15007 546 342 2 0 0 1 15.18 6421 6421 6834 7142 1195 1195 89 89 2.47 2.50 2.80 3.07 17.42 17.42 15.56 14.21 2.47 0.84 -0.59 5.79 18.62 BBB+ 04.04.2011 Baa1 29.04.2011
MAXIM INTEGRATED PRODUCTS USD 9409 569 293 0 0 0 1 8.69 2404 2405 2465 2685 783 801 201 201 1.27 1.56 1.79 2.11 20.62 20.62 18.01 15.27 -2.78 3.93 -10.98 11.36 33.31 BBB+ 09.05.2012 Baa1 10.06.2010
MICROCHIP TECHNOLOGY INC USD 7172 361 193 0 0 0 1 6.52 1383 1490 1600 1845 497 405 110 110 1.66 1.53 1.84 2.15 23.99 23.99 19.96 17.11 -6.99 13.84 -14.74 1.38 27.20 - - - -
MICRON TECHNOLOGY INC USD 10136 5505 1018 3 0 1 3 11.74 8234 8047 8633 10369 1523 1467 599 599 -1.06 -1.06 -0.38 0.75 - - #VALUE! 13.16 -6.30 15.62 -46.75 0.62 18.23 BB- 30.06.2011 Ba3 20.08.2012
MICROSOFT CORP USD 236587 2197 8381 12 0 0 63 182.46 73723 72930 79390 85801 30923 29120 8110 8110 2.73 2.56 2.84 3.14 11.00 11.00 9.93 8.97 5.40 5.66 3.33 9.15 39.93 AAA 22.09.2008 Aaa 11.05.2009
MONDELEZ INTERNATIONAL INC-A USD 53491 1074 1778 19 0 0 4 68.58 35 K 49 K 37 K 39 K 5028 7727 1384 1384 1.39 2.24 1.57 1.76 13.44 13.44 19.22 17.08 -2.22 0.57 1.00 -0.96 15.84 BBB 02.02.2010 Baa2 02.02.2010
MONSTER BEVERAGE CORP USD 8084 387 166 0 0 0 0 7.76 2061 2061 2323 2612 571 571 137 137 1.86 1.86 2.24 2.66 26.25 26.25 21.84 18.33 20.99 14.14 20.63 19.62 27.72 - - - -
MYLAN INC USD 11479 1254 395 6 0 0 0 16.88 6796 6817 7181 7728 1719 1831 465 465 1.89 1.93 2.86 3.20 15.04 15.04 10.14 9.07 10.87 8.37 9.83 31.53 26.87 BBB- 20.11.2012 Baa3 20.11.2012
NETAPP INC USD 12005 984 365 1 0 0 5 7.52 6233 6318 6372 6923 1049 967 369 369 1.61 1.37 2.28 2.53 24.31 24.31 14.63 13.17 21.68 14.59 5.21 22.10 15.30 BBB+ 04.12.2012 Baa1 05.12.2012
NEWS CORP-CL A USD 70531 831 2383 15 #VALUE! 1 10 80.68 33706 34333 35613 38024 6646 6754 1688 1688 1.41 1.57 1.68 1.98 19.26 19.26 18.02 15.30 0.90 2.06 8.36 4.21 19.67 BBB+ 30.11.2012 - -
NUANCE COMMUNICATIONS INC USD 6322 934 312 2 0 0 1 7.70 1652 1753 2167 2446 380 380 193 193 0.96 0.89 1.81 2.03 22.46 22.46 11.07 9.86 25.23 18.98 41.82 33.78 21.66 BB- 11.02.2011 Ba3 06.08.2012
NVIDIA CORP USD 7700 1551 617 0 0 0 4 3.99 4280 4280 4256 4635 874 874 128 128 0.94 0.91 0.85 0.97 13.74 13.74 14.72 12.89 7.06 11.62 2.58 -2.04 20.43 NR 07.05.2009 - -
O'REILLY AUTOMOTIVE INC USD 11530 192 113 1 0 0 0 12.38 6182 6182 6660 7075 1154 1154 300 300 4.75 4.75 5.72 6.48 21.81 21.81 18.11 15.98 6.80 22.91 12.10 24.62 18.67 BBB 18.01.2012 Baa3 11.01.2011
ORACLE CORP USD 148244 3115 4905 16 0 0 31 135.03 37121 37149 37444 39560 16973 17286 5889 5889 2.00 2.16 2.69 2.93 14.61 14.61 11.73 10.76 4.21 11.70 9.33 18.51 46.53 A+ 24.04.2012 A1 24.06.2011
PACCAR INC USD 17726 400 353 0 0 0 2 15.48 17051 17051 16096 17675 2296 2296 426 426 3.12 3.12 3.18 3.57 16.07 16.07 15.79 14.04 4.25 6.40 6.65 1.08 13.47 A+ 29.04.2010 A1 25.02.2009
PAYCHEX INC USD 12672 640 363 0 0 0 0 12.37 2230 2269 2325 2465 952 972 243 243 1.51 1.54 1.59 1.70 22.62 22.62 21.86 20.47 6.98 2.40 8.75 4.19 42.85 - - - -
PERRIGO CO USD 10996 150 93 1 0 0 1 11.91 3173 3263 3587 4027 713 774 238 238 4.51 5.00 5.68 6.64 23.51 23.51 20.69 17.71 15.18 15.43 20.05 33.72 23.73 - - - -
PRICELINE.COM INC USD 34640 93 50 1 0 0 5 31.02 5261 5261 6530 7724 1895 1895 340 340 27.86 27.91 38.76 46.07 24.89 24.89 17.92 15.08 20.79 29.06 30.44 60.37 36.02 BBB 07.03.2012 - -
QUALCOMM INC USD 113998 1090 1706 0 0 0 27 85.68 19121 20458 24134 26887 6579 7149 2345 2345 2.79 3.84 4.51 4.91 17.28 17.28 14.72 13.52 27.84 20.60 8.08 15.03 34.94 NR 19.12.2001 - -
RANDGOLD RESOURCES LTD-ADR USD 7794 81 92 0 0 0 0 7.59 1318 1318 1607 2150 699 699 - - 4.70 4.70 5.86 8.20 18.01 18.01 14.43 10.31 16.92 45.49 22.71 53.34 53.06 - - - -
REGENERON PHARMACEUTICALS USD 16545 74 97 0 0 0 1 16.42 1378 1378 1881 2292 495 495 168 168 6.75 6.61 5.09 6.79 25.69 25.69 33.39 25.00 209.20 65.37 - - 35.88 - - - -
ROSS STORES INC USD 13216 582 227 0 0 0 1 12.72 9721 9721 10266 10979 1457 1457 424 424 3.53 3.53 3.85 4.33 16.84 16.84 15.44 13.73 12.93 10.88 19.12 21.88 14.99 BBB+ 08.06.2011 - -
SANDISK CORP USD 13367 507 241 2 0 0 6 9.35 5053 5053 5608 6170 1113 1113 317 317 1.70 1.69 3.78 4.22 32.70 32.70 14.61 13.10 -10.77 7.31 -38.39 15.61 22.03 BB 20.12.2011 - -
SBA COMMUNICATIONS CORP-CL A USD 9118 226 127 5 0 0 0 14.25 954 954 1222 1310 602 602 185 185 -1.00 -0.98 -0.79 -0.17 - - #VALUE! #VALUE! 36.65 23.27 39.32 23.72 63.14 B+ 10.04.2012 WR 01.08.2006
SEAGATE TECHNOLOGY USD 12876 2574 396 3 0 0 2 13.84 14939 16332 14137 13697 3926 4319 704 704 6.51 7.57 5.19 5.40 4.74 4.74 6.91 6.64 36.17 4.37 148.80 21.32 26.45 BB+ 07.03.2011 - -
SEARS HOLDINGS CORP USD 5414 128 106 3 0 0 1 8.34 39854 39854 36896 36739 -146 -146 - - -2.03 -2.61 -2.66 -2.17 - - #VALUE! #VALUE! -4.12 -4.12 -131.75 - -0.37 CCC+ 05.01.2012 - -
SIGMA-ALDRICH USD 9224 259 120 1 0 0 1 9.18 2623 2623 2712 2840 809 809 199 199 3.85 3.87 4.14 4.42 19.79 19.79 18.51 17.31 4.71 4.39 6.31 7.73 30.84 A+ 28.09.2011 A2 25.10.2010
SIRIUS XM RADIO INC USD 20234 4587 5262 2 0 0 1 22.15 3402 3402 3811 4177 1136 1136 257 257 0.09 0.54 0.10 0.13 5.71 5.71 31.16 23.73 12.85 37.39 20.65 - 33.38 BB 26.10.2011 B1 08.08.2012
STAPLES INC USD 8896 1166 669 2 0 0 1 9.56 24381 24524 23895 23939 2015 2000 418 418 0.85 0.87 1.33 1.42 15.30 15.30 10.03 9.35 -1.15 4.45 -4.75 0.80 8.15 BBB 02.07.2008 Baa2 08.07.2008
STARBUCKS CORP USD 42688 380 749 1 0 0 2 40.78 13300 13663 14921 16722 2367 2446 689 689 1.79 1.86 2.16 2.63 30.57 30.57 26.28 21.65 13.67 6.80 14.11 10.50 17.90 A- 24.02.2012 Baa3 13.05.2009
STERICYCLE INC USD 9008 97 86 1 0 0 0 10.35 1913 1913 2140 2327 545 556 156 156 3.30 3.31 3.70 4.18 31.61 31.61 28.31 25.04 14.15 15.02 11.17 16.22 29.08 NR 18.07.2007 - -
SYMANTEC CORP USD 16933 2022 724 2 0 0 3 15.76 6730 6839 6886 7005 1795 1834 497 497 1.20 1.24 1.71 1.93 19.81 19.81 14.35 12.76 8.72 3.43 8.92 5.06 26.82 BBB 13.09.2010 Baa2 13.09.2010
TEXAS INSTRUMENTS INC USD 38402 863 1108 6 0 0 4 40.12 12825 12825 12173 12983 3986 3988 719 719 1.91 1.79 1.71 2.16 19.40 19.40 20.27 16.11 -6.63 -1.58 -10.10 -2.68 31.10 A+ 23.09.2010 A1 25.05.2011
VERISK ANALYTICS INC-CLASS A USD 11227 156 168 1 0 0 0 12.59 1534 1534 1725 1884 696 696 181 181 1.92 1.92 2.35 2.64 31.97 31.97 26.12 23.23 15.20 - 18.20 15.57 45.35 BBB- 29.03.2011 Ba1 29.03.2011
VERTEX PHARMACEUTICALS INC USD 11856 394 217 0 0 0 1 11.20 1527 1527 1160 1047 42 42 -15 -15 0.67 0.31 -0.56 -0.88 175.29 175.29 #VALUE! #VALUE! 8.25 155.92 -83.50 - 2.77 - - - -
VIACOM INC-CLASS B USD 30442 523 507 8 0 0 1 38.33 13887 13249 13796 14412 4137 3913 905 905 4.21 4.20 4.71 5.38 14.60 14.60 13.03 11.40 -6.89 2.72 0.29 - 29.53 BBB+ 29.07.2010 Baa1 05.08.2010
VIRGIN MEDIA INC USD 12958 769 269 6 0 0 0 14.29 4101 4101 4255 4389 1654 1654 425 425 1.09 1.04 1.54 2.03 30.58 30.58 20.67 15.68 2.72 -0.06 3.98 5.67 40.32 BB *- 06.02.2013 - -
VODAFONE GROUP PLC-SP ADR USD 140115 1846 #VALUE! 35 0 1 8 #VALUE! 46417 44677 45079 45316 18214 13907 - - - - 1.63 1.70 - - 11.62 11.15 1.16 5.40 24.18 7.88 31.13 A- 30.05.2006 A3 03.08.2011
WESTERN DIGITAL CORP USD 11711 1120 246 2 #VALUE! #VALUE! 3 10.02 12478 15648 15048 14751 2890 3716 757 757 7.78 9.19 7.97 7.83 5.29 5.29 6.11 6.21 30.99 18.63 108.97 35.83 23.75 NR 29.04.1999 - -
WHOLE FOODS MARKET INC USD 16100 287 185 0 0 0 1 15.20 11699 12164 13059 14931 1112 1171 299 299 2.71 2.85 2.87 3.40 30.48 30.48 30.23 25.54 15.74 9.56 25.78 18.10 9.62 BBB- 07.08.2012 - -
WYNN RESORTS LTD USD 12568 372 101 6 0 0 2 17.02 5154 5154 5389 5665 1442 1442 410 410 5.22 5.27 6.08 6.73 23.63 23.63 20.47 18.52 -2.19 15.11 -6.15 15.28 27.99 BB+ 10.06.2011 - -
XILINX INC USD 9992 455 264 1 0 0 2 9.22 2241 2195 2170 2305 719 671 161 161 1.99 1.80 1.77 2.00 21.22 21.22 21.58 19.13 -5.43 1.77 -16.86 11.13 30.55 BBB+u 04.04.2012 - -
YAHOO! INC USD 25969 3571 1115 0 0 0 6 20.03 4987 4987 4601 4767 1457 1457 361 361 1.13 1.17 1.16 1.28 20.15 20.15 20.38 18.38 0.05 -5.80 -1.08 1.47 29.22 NR 18.04.2008 - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 4
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 2.16 2.16 1.99 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.99 9.99 9.69 9.48 9.99 8.74 8.74 8.08 7.57 8.74 14.11 14.11 12.64 11.43 14.11 2.21 2.21 2.37 2.56 2.21 1681.4 7.8%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.73 0.73 0.71 0.69 0.73 5.32 5.32 4.97 4.74 5.32 7.00 7.00 6.62 6.30 7.00 11.05 11.05 9.90 9.06 11.05 4.35 4.35 4.68 4.98 4.35 2895.5 9.4%
NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.47 9.47 8.14 7.61 9.47 9.50 9.50 8.28 7.76 9.50 24.04 24.04 18.83 14.58 24.04 1.65 1.65 1.66 1.94 1.65 11916.4 -4.5%
FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.91 7.91 7.28 5.26 7.91 7.04 7.04 6.59 6.32 7.04 11.82 11.82 10.72 9.82 11.82 3.89 3.89 4.18 4.61 3.89 6809.6 6.4%
SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.82 2.00 12.30 12.30 11.24 9.87 12.30 13.09 13.09 12.11 11.32 13.09 14.91 14.91 13.35 12.12 14.91 3.31 3.31 3.67 4.16 3.31 8026.2 2.8%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.40 8.40 7.54 7.00 8.40 8.22 8.22 7.27 6.88 8.22 13.98 13.98 12.32 11.33 13.98 3.14 3.14 3.29 3.49 3.14 14540.6 14.8%
S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.54 9.54 8.40 7.80 9.54 15.14 15.14 13.48 12.37 15.14 4.39 4.39 4.70 5.07 4.39 5152.0 4.1%
HANG SENG INDEX 1.33 1.33 1.23 1.15 1.33 1.73 1.73 1.60 1.49 1.73 7.12 7.12 6.60 6.21 7.12 8.13 8.13 7.39 6.84 8.13 10.80 10.80 9.91 9.02 10.80 3.57 3.57 3.85 4.37 3.57 24942.6 11.8%
MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%
ACTIVISION BLIZZARD INC 1.43 1.35 1.27 1.18 3.33 3.77 3.44 3.28 3.30 12.08 15.02 13.23 11.12 6.77 8.20 7.00 6.39 6.53 12.90 17.03 14.04 12.35 11.76 1.21 1.29 1.31 0.85 15.99 10.6%
ADOBE SYSTEMS INC 3.20 3.02 2.78 2.48 4.93 5.21 4.72 4.10 3.41 14.63 18.72 16.19 13.44 10.86 16.13 13.55 11.28 18.49 30.10 23.84 18.04 12.72 0.00 0.00 0.00 0.00 43.69 2.2%
AKAMAI TECHNOLOGIES INC 2.77 2.45 2.19 2.01 4.53 4.13 3.64 3.19 2.75 13.74 12.35 10.95 10.14 8.37 8.05 6.96 5.97 4.93 19.83 17.91 15.85 14.08 11.46 0.00 0.00 0.00 0.00 41.59 18.6%
ALEXION PHARMACEUTICALS INC 11.23 8.75 6.44 4.96 15.79 11.81 9.42 7.70 6.47 48.26 33.38 25.99 21.19 36.54 26.02 19.05 14.35 44.54 31.57 27.43 22.03 17.78 0.00 0.00 0.00 0.00 113.89 24.7%
ALTERA CORP 3.40 3.09 2.79 2.70 6.26 6.16 5.41 4.87 17.84 17.90 14.07 15.92 13.71 14.59 11.79 10.70 20.39 22.86 18.83 16.19 1.02 1.16 1.22 1.25 35.91 2.2%
AMAZON.COM INC 15.45 12.12 9.86 7.53 6.25 1.90 1.56 1.27 1.05 0.86 40.11 26.94 18.00 13.21 7.67 34.79 24.02 17.53 13.01 9.12 135.20 77.29 45.63 26.70 17.28 0.00 0.00 0.00 0.00 318.97 22.8%
AMGEN INC 3.83 3.19 2.79 2.29 4.26 4.06 3.98 3.96 3.94 11.88 13.12 12.09 13.38 21.66 10.21 10.11 9.17 9.26 15.07 13.60 11.90 11.39 11.06 1.46 1.90 2.30 2.55 2.42 97.95 0.1%
ANALOG DEVICES INC 3.36 3.00 2.67 2.46 5.18 5.19 4.68 4.28 17.19 17.36 14.42 12.39 11.38 11.59 9.51 8.64 21.41 21.03 16.94 14.74 2.52 2.88 3.06 3.04 48.09 5.1%
APPLE INC 3.71 3.01 2.42 1.94 1.53 2.78 2.40 2.13 1.88 1.78 8.43 8.37 7.85 7.55 5.09 4.95 4.42 4.00 3.51 10.44 10.49 9.30 8.50 10.00 0.57 2.34 2.46 2.56 2.29 600.48 29.7%
APPLIED MATERIALS INC 2.11 2.25 2.11 1.71 1.86 2.06 1.72 1.70 8.43 20.95 11.06 9.38 9.93 12.41 8.17 8.07 18.57 22.13 12.50 13.08 2.50 2.60 2.61 2.46 14.48 8.0%
AUTODESK INC 4.47 3.99 3.47 2.86 3.98 3.73 3.44 3.10 2.75 15.86 13.88 12.91 11.73 11.54 10.39 9.30 8.49 21.27 19.17 16.52 14.41 0.00 0.00 0.00 0.00 42.31 4.2%
AUTOMATIC DATA PROCESSING 5.17 4.71 4.27 4.01 2.94 2.78 2.59 2.39 2.26 18.16 16.92 15.99 14.95 13.35 12.77 11.70 10.76 10.56 23.68 22.28 20.42 18.46 17.08 2.39 2.58 2.71 2.90 64.63 -0.3%
AVAGO TECHNOLOGIES LTD 3.67 3.13 2.68 2.17 3.73 3.68 3.31 2.90 2.69 12.14 11.90 9.86 8.28 9.56 9.88 8.55 7.13 13.10 13.64 11.99 10.21 1.52 1.99 2.21 2.52 3.52 41.31 15.4%
BAIDU INC - SPON ADR 7.17 4.90 3.50 2.58 1.93 8.49 6.15 4.76 3.80 3.02 14.71 12.56 9.97 8.09 6.61 13.33 11.57 9.01 7.21 5.72 17.79 15.92 12.75 10.32 8.18 0.00 0.00 0.00 0.00 0.00 124.82 45.0%
BED BATH & BEYOND INC 3.92 3.48 3.07 2.66 2.55 1.55 1.34 1.26 1.19 1.12 14.36 12.10 11.15 9.30 8.10 7.49 7.06 6.66 6.07 16.53 14.13 12.78 11.53 10.07 0.00 0.00 0.00 0.00 68.53 6.0%
BIOGEN IDEC INC 5.60 5.11 4.25 3.48 7.63 6.53 5.57 4.98 4.48 23.74 21.54 16.64 12.08 16.61 14.24 11.04 9.44 26.93 22.74 18.39 15.53 13.42 0.00 0.00 0.00 0.00 179.76 1.5%
BMC SOFTWARE INC 5.32 10.65 8.76 6.85 3.01 2.94 2.82 2.70 9.71 9.10 7.93 7.59 7.58 8.05 7.62 7.25 13.81 13.39 11.92 11.19 0.00 0.00 0.00 0.00 46.88 2.4%
BROADCOM CORP-CL A 2.57 2.21 1.93 1.68 2.45 2.32 2.11 1.95 11.61 13.24 11.71 10.93 11.18 11.21 9.73 9.61 11.87 12.48 11.33 11.31 1.15 1.28 1.32 1.40 40.45 17.4%
CA INC 2.29 2.11 1.98 1.86 2.37 2.46 2.44 2.42 8.16 8.03 7.38 7.28 5.85 5.85 5.71 5.59 11.14 10.34 9.84 9.39 1.60 4.02 4.02 4.00 25.00 0.1%
CATAMARAN CORP 2.07 2.26 2.11 1.92 1.09 0.75 0.67 0.59 0.60 22.93 25.76 23.30 16.76 32.81 17.37 14.21 12.43 11.56 46.98 28.25 22.42 18.51 16.15 0.00 0.00 0.00 0.00 62.80 18.9%
CELGENE CORP 7.86 6.07 4.72 3.60 8.53 7.71 6.71 5.64 4.77 23.61 17.74 14.86 10.53 16.76 14.78 12.92 10.65 10.29 22.95 19.80 16.42 12.87 10.19 0.00 0.00 0.00 0.00 114.92 2.1%
CERNER CORP 5.89 5.06 4.38 3.75 6.06 5.34 4.75 4.23 3.78 25.32 22.98 20.40 17.95 18.58 15.72 13.66 12.03 39.53 33.30 28.32 24.24 19.92 0.00 0.00 0.00 0.00 95.00 1.9%
C.H. ROBINSON WORLDWIDE INC 7.51 5.98 5.51 4.72 0.83 0.72 0.67 0.60 18.60 17.56 15.37 13.72 12.39 11.25 10.10 9.33 21.00 19.22 16.94 14.97 2.26 2.42 2.64 2.95 69.39 17.6%
CHECK POINT SOFTWARE TECH 2.86 2.56 2.27 2.01 7.10 6.73 6.31 6.00 5.61 12.81 11.96 10.99 10.76 7.82 7.52 7.02 6.81 14.66 13.57 12.38 11.42 0.00 0.00 0.00 0.00 55.00 18.3%
CISCO SYSTEMS INC 2.11 1.90 1.76 1.67 2.40 2.27 2.15 2.02 9.93 9.22 8.93 8.30 5.55 5.28 5.12 4.93 11.29 10.40 9.84 9.10 1.25 2.72 2.80 2.97 23.83 14.9%
CITRIX SYSTEMS INC 4.29 4.00 3.66 3.13 5.19 4.45 3.94 3.56 3.13 17.25 14.67 13.14 13.11 15.19 13.17 11.71 10.03 25.21 22.59 19.72 17.69 0.00 0.00 0.00 0.00 84.37 18.8%
COGNIZANT TECH SOLUTIONS-A 4.71 3.70 2.99 2.49 3.07 2.61 2.25 1.96 22.23 20.33 16.57 17.77 12.94 11.26 9.66 8.33 20.23 17.35 15.00 13.18 0.00 0.00 0.00 0.00 84.50 13.2%
COMCAST CORP-CLASS A 2.20 2.19 2.12 1.90 1.77 1.73 1.69 1.59 1.53 1.46 7.93 7.35 6.75 6.20 7.77 7.36 6.91 6.51 6.21 21.05 17.38 15.20 13.05 11.27 1.53 1.86 2.10 2.41 2.47 46.62 12.2%
COSTCO WHOLESALE CORP 3.51 4.13 3.73 3.13 3.15 0.47 0.43 0.40 0.38 0.35 13.66 14.11 12.94 12.40 11.14 10.09 9.55 8.60 27.30 23.24 21.01 19.28 17.33 0.94 7.82 1.19 1.31 1.24 108.00 2.2%
DELL INC 2.40 2.02 1.74 1.37 0.45 0.45 0.45 0.45 7.71 6.73 6.46 5.56 4.33 5.02 4.58 3.91 8.51 9.25 8.44 6.25 1.10 2.23 2.28 2.83 14.24 -1.8%
DENTSPLY INTERNATIONAL INC 2.76 2.42 2.12 1.91 2.06 1.96 1.88 1.81 14.90 13.08 12.16 10.74 12.76 12.01 11.21 10.50 18.96 17.29 15.59 14.36 0.51 0.58 0.63 0.66 43.56 4.0%
DIRECTV 1.10 1.02 0.95 0.90 0.85 6.97 5.67 4.67 3.99 6.60 6.22 5.77 5.48 5.12 13.54 11.61 9.86 8.76 6.72 0.00 0.00 0.00 0.00 57.99 2.0%
DISCOVERY COMMUNICATIONS-A 4.92 4.75 4.58 4.15 3.77 6.28 5.11 4.66 4.32 3.88 25.74 20.63 16.90 14.30 12.70 15.51 13.23 11.84 10.80 9.63 29.85 23.43 18.88 16.09 13.31 0.00 0.00 0.00 71.70 -9.9%
DOLLAR TREE INC 7.05 5.60 5.10 4.29 3.20 1.49 1.38 1.27 1.17 1.05 16.56 13.87 12.47 10.05 8.87 9.93 9.22 8.23 7.52 6.76 19.32 17.39 15.09 13.03 11.17 0.00 0.00 0.00 49.84 3.1%
EBAY INC 3.36 2.85 2.42 2.13 1.75 4.77 4.10 3.58 3.14 2.83 17.27 15.65 12.77 11.05 10.65 13.49 11.57 10.01 8.53 7.60 21.99 18.79 16.04 13.85 12.35 0.00 0.00 0.00 0.00 60.97 17.8%
EQUINIX INC 4.38 4.25 3.81 3.37 2.87 5.44 4.67 4.07 3.60 3.26 18.44 18.00 14.89 13.11 10.56 14.73 12.71 10.92 9.74 8.83 79.85 56.38 40.30 25.49 21.41 0.00 0.00 1.13 3.01 2.72 249.29 17.6%
EXPEDIA INC 4.66 4.11 3.32 2.77 2.11 1.80 1.60 1.47 1.37 10.32 11.00 9.02 10.61 10.00 8.74 7.59 6.74 5.79 19.92 17.94 15.02 13.72 12.27 0.68 0.71 0.73 0.67 73.53 18.4%
EXPEDITORS INTL WASH INC 3.64 3.47 3.19 2.83 1.24 1.16 1.06 0.97 19.51 17.48 15.38 13.98 10.42 9.61 8.57 7.84 22.28 19.84 17.44 15.48 1.56 1.71 1.91 2.07 44.71 24.9%
EXPRESS SCRIPTS HOLDING CO 1.96 1.96 1.87 1.73 0.51 0.47 0.47 0.46 0.46 11.78 9.95 8.74 6.54 11.30 9.21 8.36 7.81 7.04 15.69 13.70 11.89 10.32 8.48 0.00 0.00 0.00 0.00 63.97 9.5%
F5 NETWORKS INC 5.17 4.19 3.34 2.77 4.98 4.41 3.81 3.27 18.02 17.58 16.87 16.70 11.24 10.26 8.59 7.36 19.72 17.43 15.07 12.35 0.00 0.00 0.00 0.00 113.91 30.1%
FACEBOOK INC-A 4.09 4.64 4.08 3.46 3.09 11.94 9.00 7.12 5.66 4.57 33.38 25.12 19.87 15.90 12.12 18.82 15.67 11.87 9.23 7.09 49.03 44.29 32.56 23.73 17.21 0.00 0.00 0.00 0.00 33.48 32.9%
FASTENAL CO 8.74 8.02 6.68 5.62 4.59 4.78 4.31 3.83 3.34 3.21 34.58 29.10 25.18 21.53 20.35 20.50 17.54 15.02 12.86 35.65 30.91 26.43 22.24 19.57 1.66 0.97 1.37 1.46 1.53 50.50 0.0%
FISERV INC 3.47 3.00 2.61 2.57 2.36 2.26 2.19 2.09 16.91 14.69 13.06 11.61 10.04 9.01 8.50 8.19 7.67 16.82 14.50 13.00 11.89 0.00 0.00 0.00 0.00 88.47 2.2%
FOSSIL INC 5.17 4.21 3.37 2.87 2.36 1.99 1.79 1.64 1.48 1.33 16.96 14.57 12.41 11.32 10.18 9.19 8.38 7.44 6.60 17.67 15.76 13.88 12.16 10.18 0.00 0.00 0.00 115.64 21.1%
GARMIN LTD 2.34 2.55 2.60 2.80 9.94 11.21 10.47 5.14 6.09 6.03 5.87 11.30 13.80 13.54 14.05 5.26 5.37 5.52 5.41 42.60 28.0%
GILEAD SCIENCES INC 6.78 5.38 4.22 3.37 7.24 6.44 5.44 4.53 3.90 21.51 20.26 12.44 7.52 16.10 15.90 11.61 8.07 22.75 21.93 15.69 11.20 9.05 0.00 0.00 0.00 0.00 49.35 8.5%
GOOGLE INC-CL A 3.76 3.17 2.69 2.22 1.90 6.44 5.60 4.78 4.34 3.86 16.77 14.15 11.99 11.00 10.08 12.22 10.17 8.68 7.48 6.46 20.40 17.71 15.08 13.04 11.73 0.00 0.00 0.00 0.00 866.85 6.8%
HENRY SCHEIN INC 3.14 2.81 2.46 2.17 0.89 0.84 0.80 0.75 17.01 13.73 12.79 11.90 11.80 10.96 10.23 9.84 20.84 18.71 16.92 15.13 0.00 0.00 90.55 -0.7%
INTEL CORP 2.18 1.93 1.76 1.74 1.98 1.96 1.88 1.83 1.85 6.07 5.94 5.53 5.39 4.46 4.64 4.26 4.23 4.07 9.65 10.61 9.83 10.38 4.06 4.26 4.38 4.68 23.39 9.0%
INTUIT INC 7.34 5.41 4.52 4.86 4.63 4.24 3.88 3.52 3.22 17.79 15.93 14.53 13.20 12.16 11.01 9.92 9.34 9.05 22.13 19.10 17.40 15.71 0.57 1.03 1.03 1.03 68.07 3.6%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 5
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 2.16 2.16 1.99 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.99 9.99 9.69 9.48 9.99 8.74 8.74 8.08 7.57 8.74 14.11 14.11 12.64 11.43 14.11 2.21 2.21 2.37 2.56 2.21 1681.4 7.8%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.73 0.73 0.71 0.69 0.73 5.32 5.32 4.97 4.74 5.32 7.00 7.00 6.62 6.30 7.00 11.05 11.05 9.90 9.06 11.05 4.35 4.35 4.68 4.98 4.35 2895.5 9.4%
NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.47 9.47 8.14 7.61 9.47 9.50 9.50 8.28 7.76 9.50 24.04 24.04 18.83 14.58 24.04 1.65 1.65 1.66 1.94 1.65 11916.4 -4.5%
FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.91 7.91 7.28 5.26 7.91 7.04 7.04 6.59 6.32 7.04 11.82 11.82 10.72 9.82 11.82 3.89 3.89 4.18 4.61 3.89 6809.6 6.4%
SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.82 2.00 12.30 12.30 11.24 9.87 12.30 13.09 13.09 12.11 11.32 13.09 14.91 14.91 13.35 12.12 14.91 3.31 3.31 3.67 4.16 3.31 8026.2 2.8%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.40 8.40 7.54 7.00 8.40 8.22 8.22 7.27 6.88 8.22 13.98 13.98 12.32 11.33 13.98 3.14 3.14 3.29 3.49 3.14 14540.6 14.8%
S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.54 9.54 8.40 7.80 9.54 15.14 15.14 13.48 12.37 15.14 4.39 4.39 4.70 5.07 4.39 5152.0 4.1%
HANG SENG INDEX 1.33 1.33 1.23 1.15 1.33 1.73 1.73 1.60 1.49 1.73 7.12 7.12 6.60 6.21 7.12 8.13 8.13 7.39 6.84 8.13 10.80 10.80 9.91 9.02 10.80 3.57 3.57 3.85 4.37 3.57 24942.6 11.8%
MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%
INTUITIVE SURGICAL INC 5.48 4.39 3.57 2.95 9.31 7.84 6.79 6.00 5.32 25.53 22.17 18.79 20.64 17.96 15.33 13.25 11.33 32.53 28.27 24.08 20.91 18.69 608.92 22.5%
KLA-TENCOR CORPORATION 2.62 2.49 2.19 1.89 2.74 3.00 2.61 2.54 10.23 14.21 10.80 9.41 6.01 8.35 6.38 5.80 11.61 15.95 11.52 10.61 2.68 3.04 3.12 3.02 59.60 14.5%
KRAFT FOODS GROUP INC 5.54 5.72 5.30 5.14 1.65 1.62 1.58 1.54 1.47 12.32 19.57 13.83 12.94 12.39 11.32 10.47 9.90 17.83 18.30 16.45 14.92 13.77 3.24 3.93 4.09 4.39 50.32 -2.0%
LIBERTY GLOBAL INC-A 11.16 16.44 14.52 1.74 1.34 1.19 1.11 0.96 6.20 6.03 4.57 4.49 8.97 7.54 6.67 6.42 6.89 28.76 37.62 24.31 17.39 12.45 0.00 0.00 0.00 0.00 78.78 10.0%
LIBERTY INTERACTIVE CORP-A 1.72 1.69 1.48 1.30 1.18 1.17 1.13 1.07 1.02 0.98 8.75 14.66 18.87 10.61 9.93 9.42 8.80 8.32 22.65 18.74 15.69 13.06 11.68 0.00 0.00 0.00 0.00 24.20 11.5%
LIFE TECHNOLOGIES CORP 2.01 2.11 1.92 1.75 2.88 2.78 2.68 2.59 2.55 13.84 11.48 10.72 9.53 9.57 9.42 8.96 8.65 8.89 16.11 14.65 13.43 12.34 11.52 0.00 0.00 0.00 0.00 63.31 -1.1%
LINEAR TECHNOLOGY CORP 12.17 9.50 8.10 5.87 6.92 6.85 6.16 5.60 18.51 17.50 15.42 13.85 12.87 13.21 11.51 10.32 19.90 21.20 18.34 16.13 2.59 2.69 2.78 2.89 37.34 -1.5%
MATTEL INC 5.04 4.61 4.69 2.32 2.20 2.10 2.04 14.02 16.44 11.91 10.89 11.11 10.25 9.63 9.37 17.28 15.56 14.21 13.35 2.84 3.16 3.56 3.59 43.27 -0.7%
MAXIM INTEGRATED PRODUCTS 3.76 3.57 3.24 2.89 3.90 3.82 3.50 3.19 14.34 12.79 11.19 9.73 11.08 10.18 8.93 8.02 21.05 18.01 15.27 13.73 2.74 2.99 3.09 3.16 34.59 7.5%
MICROCHIP TECHNOLOGY INC 3.64 3.81 3.69 3.91 5.18 4.48 3.89 3.57 16.24 14.12 12.70 10.89 13.09 14.20 11.79 10.63 19.53 19.96 17.11 14.63 3.79 3.84 3.89 3.96 39.27 7.0%
MICRON TECHNOLOGY INC 1.32 1.37 1.25 1.08 1.21 1.17 0.98 0.91 5.98 6.25 3.54 3.01 7.15 5.52 3.74 3.22 13.16 9.41 0.00 0.00 0.00 0.00 11.72 18.1%
MICROSOFT CORP 3.37 2.87 2.32 1.89 3.20 2.97 2.75 2.59 2.66 8.40 7.60 6.84 6.41 5.92 5.67 5.16 4.78 4.97 10.49 9.96 9.00 8.22 2.74 3.21 3.42 3.75 32.90 16.5%
MONDELEZ INTERNATIONAL INC-A 1.61 1.59 1.49 1.47 1.52 1.46 1.38 1.30 1.23 114.45 15.38 12.40 11.62 12.24 11.62 10.79 10.18 9.22 21.03 19.21 17.07 15.29 13.20 1.71 1.77 1.95 2.33 2.29 30.13 0.1%
MONSTER BEVERAGE CORP 9.84 8.67 8.53 7.63 3.90 3.48 3.10 2.75 2.58 28.14 21.80 18.32 15.38 13.31 11.87 10.28 8.75 7.30 25.89 21.84 18.33 15.12 11.49 0.00 0.00 0.00 0.00 58.67 20.1%
MYLAN INC 2.77 3.33 2.59 2.00 1.69 1.60 1.49 1.43 1.40 5.75 7.89 6.48 5.57 8.38 8.42 8.01 7.07 7.13 11.24 10.14 9.07 8.43 8.15 0.00 0.00 0.00 32.93 13.5%
NETAPP INC 2.95 2.56 2.28 1.95 1.93 1.88 1.73 1.62 1.61 5.92 9.11 8.83 7.87 5.87 6.25 5.55 5.33 14.00 14.63 13.17 11.95 0.00 0.00 0.00 0.00 39.17 17.6%
NEWS CORP-CL A 2.72 2.62 2.40 2.16 1.86 2.07 1.98 1.86 1.78 1.70 16.93 12.24 12.58 11.01 10.36 11.96 11.11 9.97 9.11 8.42 21.54 18.03 15.31 12.93 11.23 0.56 0.57 0.57 0.57 32.35 6.9%
NUANCE COMMUNICATIONS INC 2.38 2.16 2.00 1.90 3.62 2.92 2.58 2.43 11.83 11.42 10.00 7.43 11.69 8.86 7.96 7.47 11.75 11.07 9.86 9.21 0.00 0.00 26.46 32.4%
NVIDIA CORP 1.61 1.50 1.41 1.36 1.80 1.81 1.66 1.54 11.49 9.10 8.59 8.74 4.41 5.02 4.40 3.73 11.61 14.72 12.89 10.98 0.61 2.42 2.52 2.56 14.31 14.5%
O'REILLY AUTOMOTIVE INC 5.13 5.55 5.15 4.18 1.87 1.73 1.63 1.54 1.44 12.84 13.15 10.86 9.67 10.79 9.81 9.14 8.53 7.93 22.08 18.11 15.98 14.13 12.57 0.00 0.00 0.00 0.00 109.26 5.5%
ORACLE CORP 3.57 3.26 2.66 2.25 4.00 3.97 3.76 3.56 3.30 11.87 10.46 9.91 9.10 7.30 7.40 6.76 6.27 13.03 11.70 10.73 9.82 0.76 0.93 0.82 0.93 37.88 20.4%
PACCAR INC 3.02 2.79 2.45 1.99 1.10 1.10 1.00 0.99 10.84 10.40 9.35 7.53 8.04 7.13 7.54 16.24 15.79 14.04 13.02 2.81 2.54 2.78 2.25 48.80 -2.7%
PAYCHEX INC 7.68 7.41 6.82 6.35 5.67 5.45 5.14 4.81 4.56 17.96 17.70 16.36 15.45 12.90 12.39 11.68 10.79 10.41 23.00 21.86 20.47 18.89 17.33 3.63 3.73 3.83 3.91 32.63 -6.4%
PERRIGO CO 5.72 4.83 3.87 3.10 3.44 3.07 2.73 2.59 2.46 21.66 19.60 16.43 12.78 15.24 13.26 11.51 10.80 10.26 23.76 20.69 17.71 16.40 14.74 0.22 0.25 0.26 0.40 123.92 5.4%
PRICELINE.COM INC 8.91 6.22 4.67 3.42 6.59 5.30 4.48 3.94 3.61 20.85 17.38 15.00 13.33 15.90 12.52 10.36 8.93 7.81 22.42 17.92 15.08 13.03 11.68 0.00 0.00 0.00 824.32 18.7%
QUALCOMM INC 3.46 3.00 2.63 2.34 6.03 4.72 4.24 4.05 3.96 16.64 13.60 12.83 12.51 11.65 9.38 8.57 7.89 18.24 14.72 13.52 12.76 11.09 1.35 1.51 1.70 2.03 75.85 14.3%
RANDGOLD RESOURCES LTD-ADR 2.99 2.52 2.03 5.69 4.85 3.63 4.95 13.32 10.05 7.14 6.47 10.43 9.03 5.81 17.93 14.43 10.31 10.83 0.56 0.63 1.43 120.19 42.1%
REGENERON PHARMACEUTICALS 12.37 9.40 6.95 11.57 12.20 8.80 7.22 6.08 5.29 31.60 22.52 12.97 34.73 21.66 14.21 13.08 17.20 37.60 33.39 25.00 22.92 18.75 0.00 0.00 0.00 0.00 188.00 10.7%
ROSS STORES INC 7.45 6.50 5.60 4.64 4.03 1.36 1.29 1.20 1.12 1.01 12.54 11.35 9.91 9.16 8.62 8.06 7.40 6.80 6.34 16.85 15.44 13.73 12.23 10.56 0.94 1.10 1.21 1.41 2.24 65.95 11.0%
SANDISK CORP 1.84 1.69 1.52 1.34 2.65 2.38 2.17 1.91 1.85 23.19 11.22 10.79 10.75 9.31 5.80 5.09 5.26 5.33 26.73 14.61 13.10 11.98 12.28 0.00 0.00 58.88 6.5%
SBA COMMUNICATIONS CORP-CL A 15.55 28.28 9.61 7.46 6.96 6.49 6.15 26.67 18.65 16.00 14.51 24.24 18.71 17.01 15.56 14.60 83.51 56.91 0.00 0.00 0.00 0.00 81.76 13.8%
SEAGATE TECHNOLOGY 4.33 3.81 3.87 2.88 0.86 0.91 0.94 0.94 4.71 4.26 4.28 4.46 3.42 4.46 4.71 5.47 5.30 6.91 6.64 6.03 2.35 4.01 4.33 4.38 35.51 -1.0%
SEARS HOLDINGS CORP 1.11 1.64 1.79 1.98 0.14 0.15 0.15 0.15 17.24 13.79 12.30 12.07 0.00 0.00 0.00 28.82 -43.4%
SIGMA-ALDRICH 3.60 3.07 2.73 2.61 3.51 3.40 3.25 3.10 2.99 17.08 16.42 15.16 13.06 11.46 11.02 10.37 9.61 19.91 18.51 17.31 15.87 15.39 1.04 1.14 1.20 1.31 1.28 77.20 0.8%
SIRIUS XM RADIO INC 4.17 6.39 15.43 205.67 5.93 5.31 4.84 4.41 4.03 24.68 22.04 19.28 17.14 23.96 19.08 15.61 13.50 12.02 49.76 31.16 23.73 19.04 11.64 1.07 0.00 0.00 0.00 3.60 16.7%
STAPLES INC 1.42 1.32 1.24 1.17 1.06 0.36 0.37 0.37 0.37 0.36 6.09 5.87 5.77 5.84 4.74 4.99 4.93 4.78 3.98 9.64 10.03 9.35 8.77 7.39 3.31 3.62 3.82 4.00 4.81 14.06 5.7%
STARBUCKS CORP 8.01 7.44 6.60 5.41 3.74 3.20 2.86 2.55 2.26 2.00 22.55 18.31 15.90 13.54 15.93 13.45 11.37 9.73 8.89 32.00 26.33 21.69 18.09 15.79 1.22 1.50 1.78 2.16 63.88 12.1%
STERICYCLE INC 5.91 4.82 4.03 3.64 4.74 4.21 3.87 3.45 23.83 21.64 18.85 18.26 16.05 14.41 13.26 31.91 28.31 25.04 21.98 106.90 2.2%
SYMANTEC CORP 3.58 3.26 3.01 2.47 2.52 2.46 2.42 2.34 9.56 9.77 9.72 7.74 6.61 6.90 6.41 6.04 15.33 14.35 12.76 11.22 0.00 0.00 1.03 1.43 24.92 1.4%
TEXAS INSTRUMENTS INC 3.56 3.56 3.47 3.42 3.00 3.15 2.95 2.83 2.60 13.44 12.28 10.78 10.49 11.42 11.19 9.55 9.12 8.16 21.06 20.29 16.13 14.67 15.43 2.05 2.87 3.07 3.21 34.19 -1.6%
VERISK ANALYTICS INC-CLASS A 42.33 18.05 11.28 7.87 7.35 6.51 5.96 5.49 5.07 23.16 20.88 18.86 17.56 18.15 16.07 14.59 13.35 12.40 30.51 26.12 23.23 20.49 61.70 0.5%
VERTEX PHARMACEUTICALS INC 11.86 11.09 16.17 17.53 7.85 10.22 11.32 9.17 5.79 47.96 59.51 44.69 1235.00 22.30 0.00 0.00 0.00 0.00 61.88 13.9%
VIACOM INC-CLASS B 4.25 4.34 4.05 3.98 4.27 2.19 2.21 2.11 2.03 1.93 13.64 11.74 10.35 9.17 7.39 9.19 9.08 8.57 8.11 7.75 14.70 13.03 11.40 9.99 8.84 1.70 1.86 1.93 2.06 64.75 5.6%
VIRGIN MEDIA INC 18.70 2.50 2.14 2.39 2.08 2.01 1.95 1.89 1.83 7.00 6.07 5.64 4.82 3.58 8.64 8.19 7.90 7.55 7.62 33.06 20.67 15.68 12.11 9.27 0.35 0.34 0.33 0.35 0.44 43.96 -8.6%
VODAFONE GROUP PLC-SP ADR 1.89 2.05 2.04 2.01 14.71 8.55 8.61 12.33 11.62 11.15 10.93 5.64 5.50 5.38 5.36 29.65 3.5%
WESTERN DIGITAL CORP 1.54 1.34 1.15 1.08 0.98 0.78 0.79 0.82 4.25 3.93 3.80 4.80 3.57 3.01 3.20 3.60 6.39 6.11 6.21 6.57 0.00 1.91 2.20 2.59 50.77 4.3%
WHOLE FOODS MARKET INC 4.33 4.23 3.77 3.28 2.45 1.38 1.23 1.08 0.94 0.84 20.08 18.63 15.39 12.22 14.26 12.51 10.76 9.11 7.96 34.57 30.23 25.54 21.38 18.39 0.64 2.30 1.02 1.36 100.16 15.3%
WYNN RESORTS LTD 158.25 25.63 17.78 11.23 2.45 2.33 2.22 2.04 3.68 11.89 11.25 10.26 9.83 10.93 10.23 9.95 9.07 22.94 20.47 18.52 16.08 7.63 3.21 3.24 3.26 4.01 138.92 11.5%
XILINX INC 3.90 3.59 3.28 3.01 4.51 4.61 4.33 3.92 15.12 17.24 16.39 14.44 13.22 13.99 12.14 10.73 20.04 21.58 19.13 16.74 1.98 2.30 2.49 2.54 38.84 1.7%
YAHOO! INC 1.80 1.73 1.55 1.39 1.25 5.83 5.64 5.45 5.28 5.13 9.26 21.67 22.04 19.44 17.09 13.09 12.10 11.53 11.40 10.77 19.31 20.38 18.38 16.75 16.12 0.00 0.00 0.00 0.00 22.96 -2.6%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 6
27.03.2013
Activision Blizzard, Inc. publishes, develops, and distributes interactive
entertainment software and peripheral products. The Company's products cover
diverse game categories, including action/adventure, action sports, racing,
role playing, simulation, first-person action, music-based gaming and strategy.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 15.07
52-Week Low (15.11.2012) 10.46
Daily Volume
14.46
52-Week High % Change -4.05% Dividend Yield 1.24
52-Week Low % Change 38.31% Beta 0.80
% 52 Week Price Range High/Low 86.78% Equity Float 425.85
Shares Out 15.02.2013 1'113.7 Short Int 15.45
16'104.06 1 Yr Total Return 13.93%
Total Debt 0.00 YTD Return 37.96%
Preferred Stock 0.0 Adjusted BETA 0.797
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 4'375.00 Consensus Rating 4.846
Enterprise Value 11'729.06
Average Volume 5 Day 1'299'422
ATVI UW EQUITY YTD Change - Average Volume 30 Day 2'192'225
ATVI UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'133'043
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'026.0 4'279.0 4'447.0 4'755.0 4'856.0 4'756 4'856 4'277 4'682 706 609
2.75x 2.49x 2.52x 2.20x 1.53x 8.58x 7.73x 2.50x 2.05x 16.59x 19.66x
421.0 1'034.0 1'312.0 1'788.0 1'779.0 1'789.0 1'779.0 1'430.4 1'675.4 188.7 96.3
19.80x 10.30x 8.55x 5.84x 4.18x 5.83x 4.18x 8.20x 7.00x 8.09x 8.23x
(107.0) 113.0 418.0 1'085.0 1'149.0 1'085.0 1'149.0 964.8 1'170.1 125.0 52.6
32.00x 26.45x 25.39x 13.25x 10.51x 13.25x 10.62x 17.03x 14.04x 16.99x 17.40x
EBITDA 1'779.00 Long-Term Rating Date 11.07.2008
EBIT 1'451.00 Long-Term Rating NR
Operating Margin 29.88% Long-Term Outlook -
Pretax Margin 30.02% Short-Term Rating Date -
Return on Assets 8.36% Short-Term Rating -
Return on Common Equity 10.47%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -2.46
Gross Margin 65.8% Total Debt/EBITDA 0.00
EBITDA Margin 36.6%
EBIT Margin 29.9% Total Debt/Equity 0.0%
Net Income Margin 23.7% Total Debt/Capital 0.0%
Asset Turnover 0.35
Current Ratio 2.37 Net Fixed Asset Turnover 31.95
Quick Ratio 1.92 Accounts receivable turnover-days 51.10
Debt to Assets 0.00% Inventory Days 39.46
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 78.81
Accounts Receivable Turnover 7.16 Cash Conversion Cycle 12.30
Inventory Turnover 9.27
Fiscal Year Ended
Activision Blizzard IncPrice/Volume
Valuation Analysis
999'988.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 7
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VIVENDI UNIVERSAL SA n/a 13D 683'643'890 61.39 (35'000'000) 15.11.2011 Corporation
BLACKROCK n/a ULT-AGG 55'463'866 4.98 (1'740'335) 25.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 31'765'437 2.85 26'306'631 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 23'174'317 2.08 8'647'721 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 19'976'589 1.79 (1'188'820) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 19'404'727 1.74 (1'294'285) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'176'188 1.18 (214'795) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'250'425 1.01 (1'395) 31.12.2012 Investment Advisor
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 10'994'976 0.99 378'217 31.12.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 10'895'776 0.98 245'147 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 9'637'705 0.87 440'853 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'221'191 0.83 767'452 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'549'964 0.68 (28'824'951) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'454'601 0.58 (2'115'251) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'044'400 0.54 308'200 31.12.2012 Investment Advisor
DNB NOR ASSET MANAGE DNB NOR ASSET MANAGE 13F 5'618'546 0.5 662'822 31.12.2012 Investment Advisor
SCOTT & STRINGFELLOW SCOTT & STRINGFELLOW 13F 5'605'412 0.5 (18'574) 31.12.2012 Investment Advisor
BURGUNDY ASSET MANAG BURGUNDY ASSET MANAG 13F 5'424'077 0.49 1'713'049 31.12.2012 Investment Advisor
LEVIN CAPITAL STRATE LEVIN CAPITAL STRATE 13F 5'332'947 0.48 5'332'947 31.12.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5'074'509 0.46 102'063 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wedbush MICHAEL PACHTER outperform 5 M 21 12 month 25.03.2013
Stifel DREW E CRUM buy 5 M 17 12 month 25.03.2013
MKM Partners ERIC O HANDLER buy 5 M 17 12 month 25.03.2013
Longbow Research JAMES L HARDIMAN neutral 3 M #N/A N/A Not Provided 21.03.2013
BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 17 Not Provided 15.03.2013
Brean Murray Carret & Co TODD MITCHELL buy 5 M 15 12 month 15.03.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 15.03.2013
Piper Jaffray MICHAEL J OLSON overweight 5 M 17 12 month 15.03.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 18 Not Provided 25.02.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 15 12 month 21.02.2013
Sterne, Agee & Leach ARVIND BHATIA buy 5 M 17 12 month 19.02.2013
National Alliance Capital Markets MICHAEL HICKEY buy 5 M 16 12 month 14.02.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 14 12 month 11.02.2013
Credit Suisse STEPHEN JU outperform 5 M 16 Not Provided 08.02.2013
Hilliard Lyons JEFFREY S THOMISON buy 5 M 15 12 month 08.02.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 14 12 month 08.02.2013
Jefferies BRIAN J PITZ buy 5 M 16 12 month 08.02.2013
William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 08.02.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 U 15 12 month 08.02.2013
S&P Capital IQ JIM YIN buy 5 M 15 Not Provided 08.02.2013
Ascendiant Capital Markets EDWARD WOO buy 5 M 16 12 month 08.02.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 15 12 month 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012
Goldman Sachs BRIAN KARIMZAD Buy/Neutral 5 M 16 12 month 09.11.2011
Hudson Square Research DANIEL ERNST buy 5 M 16 Not Provided 23.04.2009
Holdings By:
Activision Blizzard Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 8
27.03.2013
Adobe Systems Incorporated develops, markets, and supports computer software
products and technologies. The Company's products allow users to express and
use information across all print and electronic media. Adobe offers a line of
application software products, type products, and content for creating,
distributing, and managing information.
Latest Fiscal Year: 11/2012
LTM as of: 03/yy
52-Week High (25.03.2013) 43.42
52-Week Low (12.07.2012) 29.52
Daily Volume
42.74
52-Week High % Change -1.55% Dividend Yield 0.00
52-Week Low % Change 44.78% Beta 0.98
% 52 Week Price Range High/Low 95.14% Equity Float 468.19
Shares Out 01.03.2013 501.5 Short Int 10.96
21'436.16 1 Yr Total Return 23.42%
Total Debt 1'508.16 YTD Return 13.43%
Preferred Stock 0.0 Adjusted BETA 0.981
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 3'538.35 Consensus Rating 3.500
Enterprise Value 19'306.88
Average Volume 5 Day 1'531'074
ADBE UW EQUITY YTD Change - Average Volume 30 Day 1'095'489
ADBE UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'021'079
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 03/yy 03/yy 11/13 Y 11/14 Y 05/13 Q2 08/13 Q3
3'579.9 2'945.9 3'800.0 4'216.3 4'403.7 4'233.8 4'366.3 4'117.6 4'539.1 1'011.9 1'018.5
2.94x 5.97x 3.60x 2.83x 3.42x 12.62x 13.72x 4.59x 4.16x 19.63x 19.46x
1'330.6 1'014.2 1'309.1 1'467.3 1'477.0 1'454.6 1'296.0 1'197.4 1'425.5 288.4 300.1
7.90x 17.34x 10.45x 8.13x 10.20x 10.64x 13.77x 16.13x 13.55x 14.86x 13.84x
871.8 386.5 774.7 832.8 832.8 783.5 712.7 738.5 914.2 171.5 183.6
12.80x 44.23x 20.38x 15.32x 21.10x 19.84x 28.25x 30.10x 23.84x 29.44x 28.21x
EBITDA 1'477.04 Long-Term Rating Date 25.01.2010
EBIT 1'177.27 Long-Term Rating BBB+
Operating Margin 26.73% Long-Term Outlook STABLE
Pretax Margin 25.41% Short-Term Rating Date -
Return on Assets 7.39% Short-Term Rating -
Return on Common Equity 11.14%
Return on Capital 9.65% EBITDA/Interest Exp. 21.89
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 17.87
Net Debt/EBITDA -1.64
Gross Margin 89.0% Total Debt/EBITDA 1.18
EBITDA Margin 29.7%
EBIT Margin 22.7% Total Debt/Equity 22.6%
Net Income Margin 18.9% Total Debt/Capital 18.5%
Asset Turnover 0.45
Current Ratio 3.41 Net Fixed Asset Turnover 7.07
Quick Ratio 3.27 Accounts receivable turnover-days 41.60
Debt to Assets 15.12% Inventory Days -
Tot Debt to Common Equity 22.63% Accounts Payable Turnover Day 48.84
Accounts Receivable Turnover 8.75 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Adobe Systems IncPrice/Volume
Valuation Analysis
552'443.00
Current Price (3/dd/yy) Market Data
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1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 9
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 41'990'090 8.37 (921'300) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 32'056'800 6.39 8'670'057 31.12.2012 Investment Advisor
VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 31'303'362 6.24 - 31.12.2012 Hedge Fund Manager
VALUEACT HOLDINGS LP n/a Research 31'303'362 6.24 - 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 28'969'101 5.78 452'801 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 24'243'681 4.83 (254'043) 25.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 23'408'246 4.67 2'214'496 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'068'491 4.4 507'549 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 19'658'202 3.92 154'535 26.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 16'028'894 3.2 609'606 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 14'441'727 2.88 2'526'910 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 9'585'287 1.91 (301'806) 31.12.2012 Unclassified
FMR LLC n/a ULT-AGG 9'284'149 1.85 1'778'118 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 8'570'714 1.71 8'570'714 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'333'959 1.66 432'333 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 8'316'859 1.66 (470'074) 31.01.2013 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'606'256 1.32 (148'465) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'262'292 1.25 13'690 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'230'316 1.24 307'156 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'094'062 1.22 343'947 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Lazard Capital Markets BRETT FODERO neutral 3 M #N/A N/A Not Provided 25.03.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 50 12 month 20.03.2013
Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013
Goldman Sachs HEATHER BELLINI Sell/Neutral 1 M 34 12 month 20.03.2013
RBC Capital Markets ROBERT P BREZA outperform 5 M 52 12 month 20.03.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 20.03.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 35 Not Provided 20.03.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 20.03.2013
Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 38 12 month 20.03.2013
Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 20.03.2013
Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 43 12 month 20.03.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 52 12 month 20.03.2013
FBR Capital Markets DAVID M HILAL underperform 1 M 30 12 month 20.03.2013
Macquarie BRAD A ZELNICK outperform 5 M 46 12 month 20.03.2013
Stifel BLAIR ABERNETHY hold 3 D #N/A N/A Not Provided 20.03.2013
Griffin Securities JAY VLEESCHHOUWER buy 5 M 48 12 month 20.03.2013
Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 20.03.2013
JMP Securities PATRICK WALRAVENS market outperform 4 M 46 12 month 20.03.2013
Piper Jaffray MICHAEL J OLSON neutral 3 M 43 12 month 20.03.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 20.03.2013
Jefferies ROSS MACMILLAN hold 3 M 43 12 month 19.03.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 19.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 36 12 month 14.12.2012
Holdings By:
Adobe Systems Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 10
27.03.2013
Akamai Technologies, Inc. provides services for accelerating and improving the
delivery of content and applications over the Internet, ranging from live and
on-demand streaming video capabilities to conventional content on websites, to
tools that help people transact business and reach out to new and existing
customers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 42.52
52-Week Low (05.06.2012) 25.90
Daily Volume
35.08
52-Week High % Change -17.50% Dividend Yield 0.00
52-Week Low % Change 35.44% Beta 1.31
% 52 Week Price Range High/Low 55.23% Equity Float 171.97
Shares Out 22.02.2013 177.9 Short Int 15.60
6'240.11 1 Yr Total Return -6.90%
Total Debt 0.00 YTD Return -14.25%
Preferred Stock 0.0 Adjusted BETA 1.311
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 1'095.24 Consensus Rating 3.966
Enterprise Value 5'144.87
Average Volume 5 Day 762'414
AKAM UW EQUITY YTD Change - Average Volume 30 Day 1'103'705
AKAM UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'059'625
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
790.9 859.8 1'023.6 1'158.5 1'373.9 1'158.5 1'373.9 1'510.2 1'715.0 357.3 363.5
2.51x 4.04x 7.36x 3.88x 4.50x 14.93x 16.10x 3.49x 2.93x 14.28x 13.87x
313.7 347.3 398.0 463.4 519.1 463.4 519.1 639.5 739.7 151.4 153.3
6.32x 10.01x 18.93x 9.71x 11.90x 9.71x 11.90x 8.05x 6.96x 8.01x 7.75x
145.1 145.9 171.2 200.9 204.0 200.9 204.0 348.8 396.5 84.9 81.9
11.61x 19.34x 52.28x 30.45x 35.57x 30.45x 35.57x 17.91x 15.85x 18.10x 17.88x
EBITDA 519.06 Long-Term Rating Date 12.11.2002
EBIT 314.89 Long-Term Rating NR
Operating Margin 22.92% Long-Term Outlook -
Pretax Margin 23.41% Short-Term Rating Date -
Return on Assets 8.25% Short-Term Rating -
Return on Common Equity 9.06%
Return on Capital 9.06% EBITDA/Interest Exp. -
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -2.11
Gross Margin 68.6% Total Debt/EBITDA 0.00
EBITDA Margin 37.8%
EBIT Margin 22.9% Total Debt/Equity 0.0%
Net Income Margin 14.8% Total Debt/Capital 0.0%
Asset Turnover 0.56
Current Ratio 3.59 Net Fixed Asset Turnover 4.31
Quick Ratio 3.23 Accounts receivable turnover-days 57.23
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 34.55
Accounts Receivable Turnover 6.39 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Akamai Technologies IncPrice/Volume
Valuation Analysis
623'142.00
Current Price (3/dd/yy) Market Data
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3 ! 9
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0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 11
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA n/a 13G 20'446'047 11.49 5'548'410 28.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'552'831 5.93 162'538 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'381'857 5.27 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 7'880'054 4.43 351'376 25.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'167'160 3.47 3'835'050 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'657'984 3.18 (2'835'333) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'997'389 2.81 (686'077) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'155'077 2.34 352'843 31.12.2012 Investment Advisor
LEIGHTON F THOMSON n/a Form 4 3'803'876 2.14 30'000 13.03.2013 n/a
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'782'211 2.13 (527'044) 31.01.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'406'403 1.91 377'785 31.12.2012 Investment Advisor
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 3'301'129 1.86 (1'528'393) 31.12.2012 Hedge Fund Manager
BROOKSIDE CAPITAL IN BROOKSIDE CAPITAL MA 13F 3'182'552 1.79 624'104 31.12.2012 Hedge Fund Manager
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 3'060'013 1.72 (271'044) 31.12.2012 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 2'650'409 1.49 (538'495) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'471'613 1.39 2'632 31.12.2012 Investment Advisor
EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 1'823'137 1.02 (48'222) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'444'989 0.81 95'439 31.12.2012 Government
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 1'407'918 0.79 87'951 31.12.2012 Investment Advisor
COLUMBUS CIRCLE INVE COLUMBUS CIRCLE INVE 13F 1'398'929 0.79 843'390 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
D.A. Davidson & Co DONNA M JAEGERS buy 5 M 45 18 month 26.03.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 43 12 month 25.03.2013
Craig-Hallum Capital Group LLC JEFF VAN RHEE buy 5 M 44 12 month 22.03.2013
FBN Securities SHEBLY SEYRAFI outperform 5 N 45 12 month 20.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013
Jefferies AARON SCHWARTZ hold 3 M 40 12 month 19.03.2013
S&P Capital IQ SCOTT H KESSLER strong buy 5 U 45 12 month 18.03.2013
Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 15.03.2013
Maxim Group LLC GREG MESNIAEFF buy 5 N 44 12 month 14.03.2013
FBR Capital Markets DAVID M HILAL market perform 3 M 36 12 month 13.03.2013
Macquarie KEVIN SMITHEN outperform 5 M 42 12 month 13.03.2013
Janney Montgomery Scott LLC RICHARD FETYKO neutral 3 M 40 12 month 12.03.2013
Pacific Crest Securities CHAD BARTLEY sector perform 3 M #N/A N/A Not Provided 12.03.2013
William Blair & Co JAMES D BREEN JR outperform 5 M #N/A N/A Not Provided 12.03.2013
Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 12.03.2013
B Riley & Company, Inc SAMEET SINHA buy 5 M 41 Not Provided 12.03.2013
Stifel BEN LOWE hold 3 M #N/A N/A Not Provided 12.03.2013
Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 12.03.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE buy 5 M 45 Not Provided 12.03.2013
JPMorgan STERLING AUTY neutral 3 M 42 9 month 11.03.2013
Dougherty & Company LLC MARK KELLEHER buy 5 M 50 12 month 11.03.2013
Canaccord Genuity Corp GREGORY MILLER buy 5 M 45 12 month 11.03.2013
Piper Jaffray MICHAEL J OLSON overweight 5 M 40 12 month 25.02.2013
Morgan Stanley JENNIFER LOWE Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013
Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 40 12 month 07.02.2013
Credit Suisse PHILIP WINSLOW underperform 1 M 30 Not Provided 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 07.06.2012
Holdings By:
Akamai Technologies Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 12
27.03.2013
Alexion Pharmaceuticals, Inc., a biopharmaceutical company, researches and
develops proprietary immunoregulatory compounds for the treatment of autoimmune
and cardiovascular diseases. The Company develops C5 complement inhibitors and
Apogens which are two classes of potential therapeutic compounds designed to
selectively target specific disease-causing segments of the immune system.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (05.10.2012) 119.53
52-Week Low (07.05.2012) 81.39
Daily Volume
91.35
52-Week High % Change -23.58% Dividend Yield 0.00
52-Week Low % Change 12.24% Beta 0.83
% 52 Week Price Range High/Low 26.11% Equity Float 192.56
Shares Out 11.02.2013 195.2 Short Int 4.06
17'832.37 1 Yr Total Return -2.07%
Total Debt 149.00 YTD Return -2.62%
Preferred Stock 0.0 Adjusted BETA 0.831
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 989.50 Consensus Rating 4.600
Enterprise Value 16'991.86
Average Volume 5 Day 285'753
ALXN UW EQUITY YTD Change - Average Volume 30 Day 599'186
ALXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 510'584
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
259.1 386.8 541.0 783.4 1'134.1 783.4 1'134.1 1'509.4 1'893.6 335.9 364.2
11.40x 10.81x 12.96x 16.24x 15.35x 52.66x 65.98x 11.06x 8.55x 50.79x 46.62x
42.2 99.5 166.4 261.9 424.0 261.9 424.0 653.1 892.3 135.0 147.0
69.99x 41.99x 42.14x 48.58x 41.06x 48.58x 41.06x 26.02x 19.05x 26.84x -
33.1 295.2 97.0 175.3 254.8 175.3 254.8 590.9 697.9 121.5 138.5
92.79x 53.07x 76.71x 74.48x 67.93x 82.66x 70.48x 31.57x 27.43x 31.65x -
EBITDA 423.96 Long-Term Rating Date -
EBIT 400.07 Long-Term Rating -
Operating Margin 35.28% Long-Term Outlook -
Pretax Margin 35.06% Short-Term Rating Date -
Return on Assets 12.71% Short-Term Rating -
Return on Common Equity 16.41%
Return on Capital 15.95% EBITDA/Interest Exp. 57.28
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 54.33
Net Debt/EBITDA -1.98
Gross Margin 88.9% Total Debt/EBITDA 0.35
EBITDA Margin 37.4%
EBIT Margin 35.3% Total Debt/Equity 7.6%
Net Income Margin 22.5% Total Debt/Capital 7.0%
Asset Turnover 0.57
Current Ratio 4.15 Net Fixed Asset Turnover 6.84
Quick Ratio 3.57 Accounts receivable turnover-days 87.12
Debt to Assets 5.70% Inventory Days 255.05
Tot Debt to Common Equity 7.56% Accounts Payable Turnover Day 49.27
Accounts Receivable Turnover 4.20 Cash Conversion Cycle 292.90
Inventory Turnover 1.44
Fiscal Year Ended
Alexion Pharmaceuticals IncPrice/Volume
Valuation Analysis
345'720.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 13
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 30'257'061 15.5 215 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'500'374 9.48 495'500 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'952'509 7.66 (2'556'631) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'337'767 6.83 (697'284) 25.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10'056'686 5.15 737'216 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'519'061 4.36 250'074 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 8'078'606 4.14 227'389 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 7'722'801 3.96 327'372 26.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'713'716 2.41 961'192 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4'014'242 2.06 4'014'242 31.12.2012 Hedge Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'693'290 1.89 517'382 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'135'927 1.61 111'414 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'830'500 1.45 65'670 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'722'627 1.39 (494'724) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'696'867 1.38 20'210 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'669'856 1.37 406'152 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'667'173 1.37 (1'204'145) 31.12.2012 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'567'502 1.32 (45'482) 31.12.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 2'268'866 1.16 (76'000) 31.12.2012 Mutual Fund Manager
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'575'200 0.81 133'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 125 12 month 20.03.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 92 12 month 11.03.2013
Canaccord Genuity Corp SALVEEN J RICHTER buy 5 M 132 12 month 04.03.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 04.03.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 26.02.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 U 102 12 month 20.02.2013
Janney Montgomery Scott LLC KIMBERLY LEE neutral 3 M 107 12 month 19.02.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 15.02.2013
Morgan Stanley DAVID FRIEDMAN Overwt/In-Line 5 M 108 12 month 14.02.2013
Goldman Sachs TERENCE FLYNN buy/attractive 5 M 122 12 month 14.02.2013
Brean Murray Carret & Co JONATHAN M ASCHOFF buy 5 M 120 12 month 14.02.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 120 9 month 14.02.2013
Jefferies EUN K YANG hold 3 M 88 12 month 14.02.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 14.02.2013
Stifel STEPHEN D WILLEY buy 5 M 118 12 month 14.02.2013
Oppenheimer & Co DAVID FERREIRO outperform 5 M 115 12 month 14.02.2013
Guggenheim Securities LLC BRET HOLLEY buy 5 M 121 12 month 14.02.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 122 12 month 14.02.2013
Barclays YING HUANG overweight 5 M 118 Not Provided 14.02.2013
S&P Capital IQ STEVEN SILVER buy 5 M 116 Not Provided 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 117 12 month 25.10.2012
Holdings By:
Alexion Pharmaceuticals Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 14
27.03.2013
Altera Corporation is a global semiconductor company that designs, manufactures,
and markets programmable logic devices and associated development tools. The
Company's products, include a variety of programmable logic devices and hardcopy
application-specific integrated circuits.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.03.2012) 40.14
52-Week Low (24.10.2012) 29.59
Daily Volume
35.14
52-Week High % Change -12.46% Dividend Yield 1.02
52-Week Low % Change 18.76% Beta 1.27
% 52 Week Price Range High/Low 52.61% Equity Float 318.69
Shares Out 31.01.2013 319.8 Short Int 5.45
11'236.10 1 Yr Total Return -9.66%
Total Debt 500.00 YTD Return 2.33%
Preferred Stock 0.0 Adjusted BETA 1.271
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 3'017.59 Consensus Rating 3.656
Enterprise Value 8'718.52
Average Volume 5 Day 710'706
ALTR UW EQUITY YTD Change - Average Volume 30 Day 1'015'133
ALTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 978'217
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'367.2 1'195.4 1'954.4 2'064.5 1'783.0 2'064.5 1'783.0 1'823.5 2'075.1 413.7 449.6
3.06x 4.74x 4.66x 4.36x 4.75x 19.46x 19.71x 4.62x 3.89x 20.99x 19.17x
434.3 333.6 895.9 881.1 628.1 881.1 628.1 597.4 739.4 120.0 141.7
9.62x 17.00x 10.16x 10.23x 13.49x 10.23x 13.49x 14.59x 11.79x 14.70x 13.39x
359.7 251.1 782.9 770.7 556.8 770.7 556.8 493.4 610.9 105.2 116.0
14.16x 26.94x 14.29x 15.79x 19.99x 15.79x 20.11x 22.86x 18.83x 22.86x 21.17x
EBITDA 628.10 Long-Term Rating Date 04.11.2011
EBIT 591.24 Long-Term Rating A-
Operating Margin 33.16% Long-Term Outlook STABLE
Pretax Margin 33.20% Short-Term Rating Date -
Return on Assets 12.46% Short-Term Rating -
Return on Common Equity 17.60%
Return on Capital 15.40% EBITDA/Interest Exp. 78.75
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 71.11
Net Debt/EBITDA -4.01
Gross Margin 69.6% Total Debt/EBITDA 0.80
EBITDA Margin 35.2%
EBIT Margin 33.2% Total Debt/Equity 15.0%
Net Income Margin 31.2% Total Debt/Capital 13.0%
Asset Turnover 0.40
Current Ratio 6.78 Net Fixed Asset Turnover 9.44
Quick Ratio 6.15 Accounts receivable turnover-days 57.06
Debt to Assets 10.73% Inventory Days 92.93
Tot Debt to Common Equity 15.00% Accounts Payable Turnover Day 32.70
Accounts Receivable Turnover 6.41 Cash Conversion Cycle 117.30
Inventory Turnover 3.94
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Altera CorpPrice/Volume
Valuation Analysis
528'618.00
Current Price (3/dd/yy) Market Data
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 15
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 24'871'009 7.78 8'679'679 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'460'092 5.46 - 25.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 15'117'297 4.73 3'940'534 31.01.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'317'894 4.48 291'013 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14'051'363 4.39 4'649'182 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 13'119'135 4.1 (776'600) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 12'485'525 3.9 130'132 26.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'419'255 3.57 (6'994'056) 31.12.2012 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'597'620 3 (412'673) 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 9'206'161 2.88 333'798 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8'573'092 2.68 22'060 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'500'000 2.66 (600'000) 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 8'407'529 2.63 666'690 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 8'347'713 2.61 1'286'209 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 5'994'701 1.87 (962'960) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'782'958 1.5 (117'329) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4'610'400 1.44 (5'000) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'609'232 1.13 (348'696) 31.12.2012 Investment Advisor
CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 3'444'400 1.08 1'490'000 31.12.2012 Hedge Fund Manager
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 3'436'351 1.07 379'626 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 25.03.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 33 12 month 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013
Nomura ROMIT SHAH reduce 2 M 27 12 month 22.03.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 32 12 month 22.03.2013
Raymond James HANS C MOSESMANN strong buy 5 M 42 12 month 21.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 34 12 month 21.03.2013
Jefferies MARK J LIPACIS hold 3 M 35 12 month 18.03.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 36 12 month 14.03.2013
Mizuho Securities USA Inc RUBEN ROY buy 5 M 41 12 month 14.03.2013
GARP Research STEPHEN SAUNDERS buy 5 M #N/A N/A Not Provided 14.03.2013
Macquarie SHAWN WEBSTER neutral 3 M 38 12 month 13.03.2013
Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 07.03.2013
ISI Group SUMIT DHANDA neutral 3 M 29 12 month 04.03.2013
Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 28.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 27.02.2013
Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 26.02.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 36 12 month 25.02.2013
Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 41 12 month 20.02.2013
Barclays BLAYNE CURTIS equalweight 3 M 35 Not Provided 11.02.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 24.01.2013
Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 36 12 month 24.01.2013
Credit Suisse JOHN W PITZER neutral 3 M 30 Not Provided 24.01.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 29 9 month 24.01.2013
William Blair & Co ANIL K DORADLA market perform 3 D #N/A N/A Not Provided 24.01.2013
Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 40 Not Provided 24.01.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 32 12 month 23.01.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 34 Not Provided 23.01.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Altera Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 16
27.03.2013
Amazon.com, Inc. is an online retailer that offers a wide range of products.
The Company's products include books, music, videotapes, computers,
electronics, home and garden, and numerous other products. Amazon offers
personalized shopping services, Web-based credit card payment, and direct
shipping to customers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 284.68
52-Week Low (16.04.2012) 183.66
Daily Volume
259.685
52-Week High % Change -8.78% Dividend Yield 0.00
52-Week Low % Change 41.39% Beta 1.18
% 52 Week Price Range High/Low 71.63% Equity Float 366.92
Shares Out 18.01.2013 454.6 Short Int 7.35
118'040.09 1 Yr Total Return 28.01%
Total Debt 5'510.00 YTD Return 3.40%
Preferred Stock 0.0 Adjusted BETA 1.180
Minority Interest 0.0 Analyst Recs 43
Cash and Equivalents 11'448.00 Consensus Rating 4.256
Enterprise Value 112'102.09
Average Volume 5 Day 799'145
AMZN UW EQUITY YTD Change - Average Volume 30 Day 822'788
AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 893'988
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 48'077.0 61'093.0 75'719.6 92'943.2 16'180.5 15'981.5
0.98x 2.19x 2.15x 1.49x 1.77x 6.86x 6.68x 1.48x 1.16x 7.07x 7.11x
1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 1'945.0 2'834.0 4'673.5 6'406.4 957.6 1'068.9
16.55x 35.69x 37.21x 36.75x 38.08x 36.75x 38.09x 24.02x 17.53x 23.58x 22.38x
645.0 902.0 1'152.0 631.0 (39.0) 632.0 (40.0) 1'478.2 2'507.9 263.1 325.1
36.89x 63.45x 71.15x 126.35x 5017.40x 126.35x 696.86x 77.29x 45.63x 78.72x 70.28x
EBITDA 2'835.00 Long-Term Rating Date 26.11.2012
EBIT 676.00 Long-Term Rating AA-
Operating Margin 1.11% Long-Term Outlook STABLE
Pretax Margin 0.64% Short-Term Rating Date 13.06.2007
Return on Assets -0.14% Short-Term Rating NR
Return on Common Equity -0.50%
Return on Capital -0.42% EBITDA/Interest Exp. 30.82
Asset Turnover 2.11% (EBITDA-Capex)/Interest Exp. -10.33
Net Debt/EBITDA -2.10
Gross Margin 24.8% Total Debt/EBITDA 1.94
EBITDA Margin 4.6%
EBIT Margin 1.1% Total Debt/Equity 67.3%
Net Income Margin -0.1% Total Debt/Capital 40.2%
Asset Turnover 2.11
Current Ratio 1.12 Net Fixed Asset Turnover 10.65
Quick Ratio 0.78 Accounts receivable turnover-days 17.78
Debt to Assets 16.93% Inventory Days 43.88
Tot Debt to Common Equity 67.26% Accounts Payable Turnover Day 95.23
Accounts Receivable Turnover 20.59 Cash Conversion Cycle -33.57
Inventory Turnover 8.34
Fiscal Year Ended
Amazon.com IncPrice/Volume
Valuation Analysis
265'757.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2 ! 9
3 ! 9
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 17
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BEZOS JEFFREY P n/a Form 4 86'970'020 19.13 (195'151) 15.02.2013 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 43'940'459 9.67 4'330'950 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'211'207 4.45 1'315'756 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 18'170'531 4 (211'684) 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'967'446 3.51 407'611 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 15'535'787 3.42 (672'592) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 13'841'567 3.05 141'685 26.03.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'864'837 2.61 18'391 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 7'730'515 1.7 238'226 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'405'541 1.41 374'494 31.12.2012 Unclassified
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'217'693 1.37 (801'059) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'456'857 1.2 (186'717) 31.01.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 5'407'626 1.19 (822'311) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'046'581 1.11 (13'747) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'778'512 1.05 75'209 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 4'522'854 1 (623'769) 31.01.2013 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'405'355 0.97 (179'692) 31.12.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'260'200 0.94 (100) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'037'780 0.67 (14'891) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'002'027 0.66 257'610 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 25.03.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 25.03.2013
ISI Group GREGORY MELICH buy 5 M 320 12 month 24.03.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 320 12 month 22.03.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 22.03.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 300 12 month 22.03.2013
Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 22.03.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 346 12 month 21.03.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 20.03.2013
JMP Securities RONALD V JOSEY III market perform 3 N #N/A N/A Not Provided 19.03.2013
Evercore Partners KEN SENA overweight 5 M 330 12 month 18.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 16.03.2013
BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 15.03.2013
JPMorgan DOUGLAS ANMUTH neutral 3 D 300 9 month 14.03.2013
Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 14.03.2013
Stifel JORDAN ROHAN buy 5 M 335 12 month 12.03.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 329 12 month 12.03.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 360 12 month 12.03.2013
Nomura BRIAN NOWAK buy 5 M 300 12 month 06.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 295 Not Provided 22.02.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 370 12 month 20.02.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 325 12 month 13.02.2013
Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 325 18 month 11.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 31.01.2013
Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 30.01.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 330 12 month 30.01.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 30.01.2013
Credit Suisse STEPHEN JU outperform 5 M 334 Not Provided 30.01.2013
Jefferies BRIAN J PITZ buy 5 M 330 12 month 30.01.2013
Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 30.01.2013
Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 30.01.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 305 12 month 30.01.2013
B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 341 Not Provided 30.01.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 30.01.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 30.01.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 330 12 month 30.01.2013
Credit Agricole Securities (USA) JAMES LEE outperform 5 D 290 Not Provided 30.01.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 26.11.2012
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.10.2012
BGC Partners COLIN W GILLIS hold 3 M 220 12 month 26.10.2012
S&P Capital IQ MICHAEL SOUERS hold 3 M 250 Not Provided 26.10.2012
Battle Road Research TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.04.2012
First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 27.07.2011
Holdings By:
Amazon.com Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 18
27.03.2013
Amgen Inc. is an independent biotechnology medicines company that discovers,
develops, manufactures and markets medicines for grievous illnesses. The
Company focuses solely on human therapeutics and concentrates on innovating
novel medicines based on advances in cellular and molecular biology.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 98.03
52-Week Low (16.04.2012) 65.38
Daily Volume
97.84
52-Week High % Change -0.19% Dividend Yield 1.47
52-Week Low % Change 49.65% Beta 0.71
% 52 Week Price Range High/Low 97.85% Equity Float 747.54
Shares Out 18.02.2013 748.4 Short Int 14.88
73'226.39 1 Yr Total Return 47.70%
Total Debt 26'541.00 YTD Return 13.97%
Preferred Stock 0.0 Adjusted BETA 0.712
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 24'061.00 Consensus Rating 3.970
Enterprise Value 75'706.39
Average Volume 5 Day 1'434'266
AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'826'069
AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'689'150
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 15'582.0 17'265.0 18'044.7 18'398.7 4'368.8 4'514.1
4.02x 3.65x 3.13x 3.33x 3.92x 12.25x 14.29x 3.81x 3.54x - -
6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'372.0 6'665.0 7'499.5 8'265.9 1'782.0 1'782.0
9.59x 7.94x 7.05x 9.66x 10.15x 9.66x 10.15x 10.11x 9.17x 10.47x -
4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'683.0 4'345.0 5'527.7 6'219.2 1'427.9 1'356.4
12.89x 11.71x 11.68x 12.87x 14.37x 13.02x 14.46x 13.60x 11.90x 13.61x -
EBITDA 6'665.00 Long-Term Rating Date 07.09.2007
EBIT 5'577.00 Long-Term Rating A+
Operating Margin 32.30% Long-Term Outlook STABLE
Pretax Margin 29.01% Short-Term Rating Date 31.05.2012
Return on Assets 8.42% Short-Term Rating A-1+
Return on Common Equity 22.81%
Return on Capital 12.22% EBITDA/Interest Exp. 6.18
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 5.54
Net Debt/EBITDA 0.37
Gross Margin 83.1% Total Debt/EBITDA 3.98
EBITDA Margin 38.6%
EBIT Margin 32.3% Total Debt/Equity 139.2%
Net Income Margin 25.2% Total Debt/Capital 58.2%
Asset Turnover 0.33
Current Ratio 3.81 Net Fixed Asset Turnover 3.21
Quick Ratio 3.24 Accounts receivable turnover-days 57.39
Debt to Assets 48.88% Inventory Days 327.87
Tot Debt to Common Equity 139.25% Accounts Payable Turnover Day 89.08
Accounts Receivable Turnover 6.38 Cash Conversion Cycle 296.17
Inventory Turnover 1.12
Fiscal Year Ended
Amgen IncPrice/Volume
Valuation Analysis
417'252.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 19
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 76'142'906 10.17 2'810'500 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 58'002'657 7.75 3'329'190 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 44'895'140 6 - 25.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 42'036'924 5.62 (2'963'375) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 34'391'769 4.6 648'331 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 31'109'405 4.16 313'379 26.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'832'328 2.92 (1'069'549) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 15'651'522 2.09 706'375 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 11'669'900 1.56 (4'012'727) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 11'487'213 1.53 (484'470) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 11'107'530 1.48 3'592'934 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'496'023 1.4 (660'498) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'561'832 1.14 1'929'023 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'520'399 1.14 (189'300) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'581'069 1.01 734'423 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'120'455 0.95 (145'272) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 6'263'455 0.84 5'419'529 31.12.2012 Government
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'365'370 0.72 (677'420) 31.12.2012 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 5'306'546 0.71 1'981'232 31.12.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 5'225'051 0.7 (176'156) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 22.03.2013
Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 22.03.2013
BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 20.03.2013
Morgan Stanley MARSHALL URIST Equalwt/In-Line 3 M #N/A N/A Not Provided 20.03.2013
Brean Murray Carret & Co GENE MACK buy 5 M 98 12 month 20.03.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 86 12 month 20.03.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 104 12 month 20.03.2013
William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 20.03.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.03.2013
Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 20.03.2013
Guggenheim Securities LLC BRET HOLLEY neutral 3 M 95 12 month 20.03.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 20.03.2013
S&P Capital IQ STEVEN SILVER buy 5 M 104 Not Provided 20.03.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 95 12 month 19.03.2013
Credit Suisse RAVI MEHROTRA neutral 3 M 100 Not Provided 19.03.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 107 12 month 19.03.2013
Argus Research Corp JOHN M EADE buy 5 M 96 Not Provided 15.03.2013
Jefferies EUN K YANG buy 5 M 100 12 month 12.03.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 106 12 month 04.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 92 12 month 01.03.2013
Oppenheimer & Co BORIS PEAKER market perform 3 M 89 12 month 25.02.2013
Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 115 12 month 25.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 103 12 month 15.02.2013
JPMorgan GEOFFREY MEACHAM neutral 3 M 85 9 month 07.02.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 90 Not Provided 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 N 91 12 month 13.12.2012
Deutsche Bank ROBYN KARNAUSKAS buy 5 U 108 12 month 22.10.2012
First Global Stockbroking KAVITA THOMAS sector outperform 5 M #N/A N/A Not Provided 17.05.2012
Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012
Holdings By:
Amgen Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 20
27.03.2013
Analog Devices, Inc. designs, manufactures, and markets integrated circuits used
in analog and digital signal processing. The Company's products are used in
communications, computer, industrial, instrumentation, military/aerospace,
automotive, and high-performance consumer electronics applications. Analog
Devices sells its products worldwide.
Latest Fiscal Year: 10/2012
LTM as of: 02/yy
52-Week High (20.02.2013) 47.16
52-Week Low (23.05.2012) 34.25
Daily Volume
45.75
52-Week High % Change -2.99% Dividend Yield 2.62
52-Week Low % Change 33.58% Beta -
% 52 Week Price Range High/Low 89.08% Equity Float 302.88
Shares Out 02.02.2013 306.0 Short Int 5.32
13'998.79 1 Yr Total Return -
Total Debt 821.60 YTD Return 9.59%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 3'900.38 Consensus Rating 3.933
Enterprise Value 10'771.49
Average Volume 5 Day 690'032
ADI UW EQUITY YTD Change - Average Volume 30 Day 826'644
ADI UW EQUITY YTD % CHANGE - Average Volume 3 Month 797'643
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 02/yy 02/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
2'582.9 2'014.9 2'761.5 2'993.3 2'701.1 2'912.9 2'675.2 2'696.8 2'988.0 660.9 687.0
1.90x 3.00x 2.81x 2.85x 3.25x 11.98x 13.57x 4.01x 3.43x 17.22x 16.33x
781.6 478.3 1'037.5 1'192.5 942.3 1'117.4 923.5 929.3 1'133.1 225.4 247.3
6.28x 12.64x 7.49x 7.15x 9.32x 8.18x 11.08x 11.59x 9.51x 10.78x 10.18x
786.3 247.8 712.1 867.4 651.2 784.7 643.1 670.9 843.0 162.7 178.6
12.00x 26.42x 14.21x 13.91x 18.69x 15.90x 21.17x 21.03x 16.94x 19.70x 18.60x
EBITDA 942.31 Long-Term Rating Date 29.09.2010
EBIT 832.48 Long-Term Rating A-
Operating Margin 30.82% Long-Term Outlook STABLE
Pretax Margin 30.12% Short-Term Rating Date 18.03.2008
Return on Assets 11.70% Short-Term Rating A-2
Return on Common Equity 15.75%
Return on Capital 13.57% EBITDA/Interest Exp. 35.66
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 30.66
Net Debt/EBITDA -3.49
Gross Margin 64.5% Total Debt/EBITDA 0.82
EBITDA Margin 34.5%
EBIT Margin 30.4% Total Debt/Equity 19.7%
Net Income Margin 24.1% Total Debt/Capital 16.5%
Asset Turnover 0.49
Current Ratio 8.94 Net Fixed Asset Turnover 5.53
Quick Ratio 8.08 Accounts receivable turnover-days 42.97
Debt to Assets 14.62% Inventory Days 115.39
Tot Debt to Common Equity 19.72% Accounts Payable Turnover Day 42.62
Accounts Receivable Turnover 8.47 Cash Conversion Cycle 121.28
Inventory Turnover 3.15
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Analog Devices IncPrice/Volume
Valuation Analysis
647'283.00
Current Price (3/dd/yy) Market Data
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3'000.0
3'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 21
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 42'481'445 13.88 2'350'000 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'590'220 5.75 221'721 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 15'828'824 5.17 - 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 14'178'802 4.63 (1'046'664) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'626'694 4.45 390'542 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 12'688'403 4.15 904'321 31.12.2012 Unclassified
STATE STREET n/a ULT-AGG 12'288'343 4.02 272'270 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'920'850 2.59 (67'101) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6'993'850 2.29 (153'600) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 6'478'386 2.12 4'514'096 31.12.2012 Investment Advisor
CANTILLON CAPITAL MA CANTILLON CAPITAL MA 13F 6'176'564 2.02 (88'400) 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'944'729 1.94 (285'009) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'046'951 1.65 202'723 31.12.2012 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 4'771'606 1.56 67'978 31.12.2012 Investment Advisor
SILVER BRIDGE CAPITA SILVER BRIDGE CAPITA 13F 3'907'800 1.28 (6'552) 31.12.2012 Investment Advisor
FIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 3'674'800 1.2 57'700 31.12.2012 Investment Advisor
JOHN W BRISTOL & COM JOHN W BRISTOL & COM 13F 3'515'380 1.15 (170'259) 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 3'460'117 1.13 (2'000) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'284'000 1.07 (435'000) 31.12.2012 Hedge Fund Manager
ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 3'074'952 1 240'000 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 26.03.2013
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 45 Not Provided 25.03.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 52 12 month 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013
Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 41 12 month 24.03.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 41 12 month 22.03.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 19.03.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 57 Not Provided 15.03.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 46 12 month 14.03.2013
Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 41 12 month 13.03.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 45 12 month 12.03.2013
ISI Group SUMIT DHANDA strong buy 5 M 52 12 month 11.03.2013
Canaccord Genuity Corp ROBERT BURLESON buy 5 M 50 12 month 06.03.2013
Raymond James J STEVEN SMIGIE strong buy 5 M 57 12 month 22.02.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 45 12 month 20.02.2013
Argus Research Corp JAMES KELLEHER buy 5 M 52 Not Provided 20.02.2013
Credit Suisse JOHN W PITZER outperform 5 M 50 Not Provided 20.02.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 51 9 month 20.02.2013
Stephens Inc HARSH KUMAR equalweight 3 M 41 12 month 20.02.2013
Macquarie SHAWN WEBSTER outperform 5 M 49 12 month 20.02.2013
Barclays BLAYNE CURTIS equalweight 3 M 45 Not Provided 20.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 55 12 month 20.02.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 44 12 month 19.02.2013
Jefferies MARK J LIPACIS hold 3 M 51 12 month 19.02.2013
Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 55 12 month 19.02.2013
Nomura ROMIT SHAH neutral 3 M 40 12 month 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
First Global Stockbroking ISHANSH VIJ moderate outperform 4 U #N/A N/A Not Provided 23.05.2011
GARP Research BRETT CARSON neutral 3 M #N/A N/A Not Provided 21.05.2009
Holdings By:
Analog Devices Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 22
27.03.2013
Apple Inc. designs, manufactures, and markets personal computers and related
personal computing and mobile communication devices along with a variety of
related software, services, peripherals, and networking solutions. The Company
sells its products worldwide through its online stores, its retail stores, its
direct sales force, third-party wholesalers, and resellers.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (21.09.2012) 705.07
52-Week Low (04.03.2013) 419.00
Daily Volume
462.88
52-Week High % Change -34.35% Dividend Yield 1.15
52-Week Low % Change 10.47% Beta 0.96
% 52 Week Price Range High/Low 15.58% Equity Float 938.73
Shares Out 11.01.2013 939.1 Short Int 19.43
434'671.16 1 Yr Total Return -22.62%
Total Debt 0.00 YTD Return -12.67%
Preferred Stock 0.0 Adjusted BETA 0.958
Minority Interest 0.0 Analyst Recs 64
Cash and Equivalents 121'251.00 Consensus Rating 4.500
Enterprise Value 297'559.17
Average Volume 5 Day 3'031'029
AAPL UW EQUITY YTD Change - Average Volume 30 Day 3'609'170
AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'984'129
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 127'841.0 164'687.0 181'210.6 204'263.1 42'751.1 39'983.9
2.39x 3.03x 3.32x 2.72x 3.23x 8.29x 10.49x 1.72x 1.41x 6.86x 7.20x
8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 45'482.0 59'255.0 60'120.6 67'410.2 13'977.7 12'754.9
10.14x 10.43x 11.17x 8.26x 8.63x 6.16x 5.76x 4.95x 4.42x 4.81x 4.69x
6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 32'982.0 41'747.0 41'526.6 47'056.9 9'599.0 8'992.3
18.91x 20.08x 19.30x 14.61x 15.11x 11.54x 11.56x 10.49x 9.30x 10.27x 9.90x
EBITDA 58'518.00 Long-Term Rating Date 16.04.2004
EBIT 55'241.00 Long-Term Rating NR
Operating Margin 35.30% Long-Term Outlook -
Pretax Margin 35.63% Short-Term Rating Date -
Return on Assets 24.94% Short-Term Rating -
Return on Common Equity 38.41%
Return on Capital 38.41% EBITDA/Interest Exp. -
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -2.31
Gross Margin 43.9% Total Debt/EBITDA 0.00
EBITDA Margin 36.0%
EBIT Margin 33.5% Total Debt/Equity 0.0%
Net Income Margin 26.7% Total Debt/Capital 0.0%
Asset Turnover 0.98
Current Ratio 1.50 Net Fixed Asset Turnover 14.17
Quick Ratio 1.04 Accounts receivable turnover-days 22.69
Debt to Assets 0.00% Inventory Days 5.12
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 84.69
Accounts Receivable Turnover 16.05 Cash Conversion Cycle -52.97
Inventory Turnover 71.10
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Apple IncPrice/Volume
Valuation Analysis
1'105'317.00
Current Price (3/dd/yy) Market Data
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160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 23
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 49'566'789 5.28 136'948 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 42'083'340 4.48 1'096'729 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 41'472'347 4.42 (4'409'314) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 36'866'613 3.93 43'240 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 23'598'905 2.51 118'759 31.12.2012 Investment Advisor
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 16'882'717 1.8 804'173 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 15'541'148 1.65 (883'277) 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'550'305 1.44 90'528 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'973'383 1.38 293'843 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 12'677'606 1.35 (1'805'929) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 10'155'052 1.08 974'700 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'062'807 0.86 932'696 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 7'890'584 0.84 (842'844) 31.01.2013 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'768'584 0.83 (249'589) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'650'330 0.81 (7'786'595) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 7'531'087 0.8 677'078 31.12.2012 Government
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 6'999'016 0.75 6'601'182 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6'361'655 0.68 (1'211'280) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'358'050 0.68 (559'069) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'985'132 0.64 (286'097) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach SHAW WU buy 5 M 630 12 month 27.03.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 767 12 month 26.03.2013
Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 725 12 month 25.03.2013
Scotia Capital GUS PAPAGEORGIOU sector perform 3 M 528 12 month 25.03.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 550 12 month 25.03.2013
Evercore Partners ROBERT CIHRA overweight 5 M 675 12 month 24.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 23.03.2013
RBC Capital Markets AMIT DARYANANI outperform 5 M 600 12 month 22.03.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 22.03.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 21.03.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 600 Not Provided 20.03.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 670 Not Provided 20.03.2013
ABG Sundal Collier PER LINDBERG sell 1 M 400 6 month 19.03.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 600 12 month 19.03.2013
Barclays BENJAMIN A REITZES overweight 5 M 530 Not Provided 19.03.2013
BMO Capital Markets KEITH F BACHMAN outperform 5 M 580 Not Provided 18.03.2013
Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 18.03.2013
Exane BNP Paribas ALEXANDER PETERC outperform 5 M 700 Not Provided 18.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 18.03.2013
Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 610 12 month 15.03.2013
Jefferies PETER J MISEK hold 3 M 420 12 month 15.03.2013
Stifel AARON C RAKERS buy 5 M 650 12 month 15.03.2013
Nomura STUART JEFFREY neutral 3 M 490 12 month 15.03.2013
Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 15.03.2013
Credit Agricole Securities (USA) AVI SILVER outperform 5 M 505 Not Provided 15.03.2013
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 575 12 month 14.03.2013
ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 14.03.2013
BTIG LLC WALTER P PIECYK JR buy 5 U 540 12 month 14.03.2013
Argus Research Corp JAMES KELLEHER buy 5 M 600 Not Provided 13.03.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 13.03.2013
Robert W. Baird & Co WILLIAM V POWER neutral 3 M 465 12 month 11.03.2013
Raymond James TAVIS C MCCOURT outperform 5 M 600 12 month 07.03.2013
Societe Generale ANDY PERKINS buy 5 M 560 12 month 06.03.2013
Cross Research SHANNON S CROSS buy 5 M 580 12 month 06.03.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 05.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 D 360 Not Provided 05.03.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 04.03.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 01.03.2013
Needham & Co CHARLES WOLF buy 5 M 710 12 month 26.02.2013
S&P Capital IQ SCOTT H KESSLER strong buy 5 M 600 12 month 25.02.2013
Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 630 12 month 22.02.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 550 12 month 13.02.2013
JPMorgan MARK A MOSKOWITZ overweight 5 M 725 9 month 12.02.2013
Holdings By:
Apple Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 24
27.03.2013
Applied Materials, Inc. develops, manufactures, markets, and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry. The Company's customers include semiconductor
wafer and integrated circuit manufacturers, flat panel liquid crystal displays,
solar photovoltaic cells and modules and other electronic devices manufacturers.
Latest Fiscal Year: 10/2012
LTM as of: 01/yy
52-Week High (14.02.2013) 13.99
52-Week Low (16.11.2012) 9.96
Daily Volume
13.41
52-Week High % Change -4.11% Dividend Yield 2.68
52-Week Low % Change 34.71% Beta 1.28
% 52 Week Price Range High/Low 85.73% Equity Float 1'189.49
Shares Out 27.01.2013 1'200.0 Short Int 15.71
16'092.59 1 Yr Total Return 7.93%
Total Debt 1'946.00 YTD Return 17.99%
Preferred Stock 0.0 Adjusted BETA 1.275
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 1'937.00 Consensus Rating 3.524
Enterprise Value 16'285.59
Average Volume 5 Day 2'728'404
AMAT UW EQUITY YTD Change - Average Volume 30 Day 3'268'027
AMAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'293'184
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
8'129.2 5'013.6 9'548.7 10'517.0 8'719.0 10'020.0 8'103.0 7'822.2 9'351.3 1'907.4 2'122.4
1.63x 3.06x 1.47x 1.16x 1.46x 5.78x 7.01x 2.05x 1.63x 8.64x 7.75x
1'693.6 53.4 1'934.1 2'587.0 1'422.0 2'170.0 1'285.0 1'311.6 1'992.0 317.3 448.3
7.84x 287.63x 7.25x 4.71x 8.97x 7.25x 12.13x 12.41x 8.17x 9.56x 8.50x
960.7 (305.3) 937.9 1'926.0 109.0 1'538.0 26.0 734.5 1'239.2 163.3 245.8
14.62x - 14.03x 9.71x 14.20x 10.92x 20.69x 22.13x 12.50x 16.62x 13.73x
EBITDA 1'422.00 Long-Term Rating Date 21.12.1999
EBIT 1'000.00 Long-Term Rating A-
Operating Margin 11.47% Long-Term Outlook STABLE
Pretax Margin 3.62% Short-Term Rating Date -
Return on Assets 0.21% Short-Term Rating -
Return on Common Equity 0.33%
Return on Capital 0.41% EBITDA/Interest Exp. 14.97
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 13.26
Net Debt/EBITDA 0.15
Gross Margin 38.0% Total Debt/EBITDA 1.51
EBITDA Margin 15.9%
EBIT Margin 10.7% Total Debt/Equity 26.9%
Net Income Margin 1.3% Total Debt/Capital 21.2%
Asset Turnover 0.64
Current Ratio 2.25 Net Fixed Asset Turnover 8.73
Quick Ratio 1.39 Accounts receivable turnover-days 60.31
Debt to Assets 16.08% Inventory Days 111.15
Tot Debt to Common Equity 26.90% Accounts Payable Turnover Day 36.97
Accounts Receivable Turnover 6.04 Cash Conversion Cycle 125.35
Inventory Turnover 3.27
Fiscal Year Ended
Applied Materials IncPrice/Volume
Valuation Analysis
2'522'965.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 25
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 72'270'054 6.02 43'721 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 67'930'668 5.66 (1'712'433) 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 53'777'175 4.48 (420'124) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 49'142'947 4.1 (3'279'475) 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 46'613'936 3.88 3'685'210 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 39'341'476 3.28 7'695'341 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 33'460'335 2.79 2'547'592 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 31'940'038 2.66 4'532'400 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 30'904'569 2.58 (2'425'271) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 22'526'396 1.88 (3'696'753) 31.12.2012 Investment Advisor
PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 21'102'107 1.76 3'964'607 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'814'617 1.4 (416'248) 31.12.2012 Investment Advisor
EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 16'333'533 1.36 978'253 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 15'709'205 1.31 (145'500) 31.12.2012 Investment Advisor
INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 15'222'919 1.27 2'466'230 31.12.2012 Investment Advisor
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 12'707'676 1.06 (2'123'881) 31.12.2012 Investment Advisor
ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 12'359'710 1.03 12'359'710 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 10'182'490 0.85 2'242'176 31.12.2012 Government
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 9'950'494 0.83 (4'615'059) 31.12.2012 Investment Advisor
THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 9'850'907 0.82 544'496 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas JEROME RAMEL underperform 1 M 12 Not Provided 26.03.2013
Credit Suisse SATYA KUMAR neutral 3 M 13 Not Provided 19.03.2013
Stifel PATRICK J HO buy 5 M 17 12 month 18.03.2013
RBC Capital Markets MAHESH SANGANERIA outperform 5 M 17 12 month 15.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 16 12 month 15.03.2013
Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 13.03.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 05.03.2013
D.A. Davidson & Co THOMAS DIFFELY buy 5 M 17 18 month 26.02.2013
Needham & Co EDWIN MOK hold 3 M #N/A N/A Not Provided 26.02.2013
Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 26.02.2013
S&P Capital IQ ANGELO ZINO strong buy 5 M 17 12 month 19.02.2013
Argus Research Corp JAMES KELLEHER buy 5 M 16 Not Provided 15.02.2013
Deutsche Bank VISHAL SHAH hold 3 M 13 12 month 14.02.2013
B Riley & Company, Inc BEN PANG neutral 3 M 13 Not Provided 14.02.2013
Credit Agricole Securities (USA) MARK HELLER underperform 1 M 14 Not Provided 14.02.2013
Susquehanna Financial Group MEHDI HOSSEINI negative 2 M 9 12 month 13.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 18.01.2013
Goldman Sachs JAMES V COVELLO Buy/Neutral 5 M 17 12 month 10.01.2013
First Global Stockbroking ISHANSH VIJ Moderate Underperformer 2 M #N/A N/A Not Provided 27.05.2011
Holdings By:
Applied Materials Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 26
27.03.2013
Autodesk, Inc. supplies PC software and multimedia tools. The Company's
two-dimensional and three-dimensional products are used across industries and
in the home for architectural design, mechanical design, geographic information
systems and mapping, and visualization applications. Autodesk's software
products are sold worldwide through a network of dealers and distributors.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (03.04.2012) 42.69
52-Week Low (24.08.2012) 27.97
Daily Volume
40.6
52-Week High % Change -4.90% Dividend Yield 0.00
52-Week Low % Change 45.16% Beta 1.59
% 52 Week Price Range High/Low 85.80% Equity Float 223.61
Shares Out 30.11.2012 224.7 Short Int 3.15
9'122.82 1 Yr Total Return -3.77%
Total Debt 745.60 YTD Return 14.85%
Preferred Stock 0.0 Adjusted BETA 1.587
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 2'365.40 Consensus Rating 3.800
Enterprise Value 7'503.02
Average Volume 5 Day 614'410
ADSK UW EQUITY YTD Change - Average Volume 30 Day 862'134
ADSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 778'539
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
2'315.2 1'713.7 1'951.8 2'215.6 2'312.2 2'215.6 2'312.2 2'447.2 2'649.2 583.5 598.3
1.21x 2.52x 3.98x 2.95x 3.06x 12.65x 11.17x 2.86x 2.48x 12.81x 12.44x
505.4 246.3 387.6 469.8 477.6 469.8 477.6 722.3 807.1 160.7 175.7
5.57x 17.54x 20.04x 13.90x 14.81x 13.90x 14.81x 10.39x 9.30x 10.27x 9.93x
183.6 58.0 212.0 285.3 247.4 285.3 247.4 480.0 553.9 102.5 116.2
10.10x 44.06x 43.74x 29.51x 35.67x 30.00x 34.11x 19.17x 16.52x 19.20x 18.26x
EBITDA 477.60 Long-Term Rating Date 05.12.2012
EBIT 349.80 Long-Term Rating BBB
Operating Margin 15.13% Long-Term Outlook STABLE
Pretax Margin 13.41% Short-Term Rating Date -
Return on Assets 6.57% Short-Term Rating -
Return on Common Equity 12.60%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -3.39
Gross Margin 89.7% Total Debt/EBITDA 1.56
EBITDA Margin 20.7%
EBIT Margin 15.1% Total Debt/Equity 36.5%
Net Income Margin 10.7% Total Debt/Capital 26.7%
Asset Turnover 0.61
Current Ratio 2.45 Net Fixed Asset Turnover 21.08
Quick Ratio 2.35 Accounts receivable turnover-days 70.46
Debt to Assets 17.31% Inventory Days -
Tot Debt to Common Equity 36.49% Accounts Payable Turnover Day 140.80
Accounts Receivable Turnover 5.19 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Autodesk IncPrice/Volume
Valuation Analysis
416'901.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'000.0
1'500.0
2'000.0
2'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 27
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 20'985'000 9.34 6'700'000 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'298'153 6.36 (1'254'431) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'591'633 6.05 133'888 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'871'323 5.28 (451'684) 25.03.2013 Investment Advisor
VALUEACT HOLDINGS LP VALUEACT HOLDINGS LP 13F 10'316'335 4.59 4'334'211 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 9'085'582 4.04 (701'524) 26.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 9'017'360 4.01 (611'503) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'445'671 3.76 (2'543'056) 31.01.2013 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'525'880 2.9 (2'826'611) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 5'033'823 2.24 (835'441) 31.12.2012 Investment Advisor
WESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 4'189'258 1.86 (282'183) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'654'500 1.63 98'400 31.12.2012 Investment Advisor
SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 3'355'300 1.49 353'500 31.12.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'249'113 1.45 (77'821) 31.12.2012 Investment Advisor
TPG-AXON MANAGEMENT TPG-AXON MANAGEMENT 13F 3'172'757 1.41 3'172'757 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'145'074 1.4 (263'126) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'696'684 1.2 2'696'684 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 2'693'544 1.2 370'325 31.12.2012 Investment Advisor
CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 2'534'340 1.13 50'000 31.12.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 2'509'593 1.12 (171'385) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wedbush STEVEN R KOENIG outperform 5 M 45 12 month 26.03.2013
Griffin Securities JAY VLEESCHHOUWER buy 5 M 42 12 month 26.03.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 35 Not Provided 20.03.2013
Jefferies ROSS MACMILLAN buy 5 M 47 12 month 20.03.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 01.03.2013
Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 26.02.2013
RBC Capital Markets MATTHEW HEDBERG outperform 5 M 50 12 month 26.02.2013
JPMorgan STERLING AUTY neutral 3 M 38 9 month 26.02.2013
Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 43 12 month 26.02.2013
Stifel BLAIR ABERNETHY hold 3 M #N/A N/A Not Provided 26.02.2013
Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 26.02.2013
MKM Partners ISRAEL HERNANDEZ neutral 3 M 41 12 month 26.02.2013
Barclays RAIMO LENSCHOW equalweight 3 M 42 Not Provided 26.02.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 26.02.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 45 12 month 25.02.2013
Canaccord Genuity Corp RICHARD DAVIS JR hold 3 M 38 12 month 25.02.2013
Goldman Sachs HEATHER BELLINI Buy/Neutral 5 U 45 12 month 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 22.05.2009
Holdings By:
Autodesk Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 28
27.03.2013
Automatic Data Processing, Inc. is a global provider of business outsourcing
solutions. The Company's services include a wide range of human resource,
payroll, tax and benefits administration solutions. Automatic Data also
provides solutions to auto, truck, motorcycle, marine and recreational vehicle
dealers.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 65.05
52-Week Low (01.06.2012) 50.90
Daily Volume
64.8
52-Week High % Change -0.38% Dividend Yield 2.50
52-Week Low % Change 27.31% Beta 0.95
% 52 Week Price Range High/Low 98.23% Equity Float 483.63
Shares Out 31.01.2013 485.0 Short Int 7.22
31'429.12 1 Yr Total Return 19.65%
Total Debt 34.30 YTD Return 14.46%
Preferred Stock 0.0 Adjusted BETA 0.953
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 1'665.40 Consensus Rating 3.750
Enterprise Value 29'941.21
Average Volume 5 Day 749'128
ADP UW EQUITY YTD Change - Average Volume 30 Day 758'717
ADP UW EQUITY YTD % CHANGE - Average Volume 3 Month 737'152
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
8'776.5 8'838.4 8'927.7 9'879.5 10'665.2 10'326.0 10'945.0 11'314.5 12'147.6 3'105.8 2'817.9
2.25x 1.83x 2.02x 2.47x 2.37x 9.20x 9.49x 2.58x 2.37x 9.35x 10.26x
2'087.8 2'191.8 2'137.1 2'196.5 2'342.3 2'245.0 2'375.4 2'344.2 2'557.6 778.9 481.0
9.47x 7.38x 8.46x 11.09x 10.81x 11.14x 10.99x 12.77x 11.70x 12.33x 12.00x
1'235.7 1'332.6 1'211.4 1'254.2 1'388.5 1'343.3 1'407.0 1'411.6 1'533.8 474.2 282.2
19.40x 14.89x 16.78x 20.82x 20.31x 20.61x 20.41x 22.28x 20.42x 21.47x 20.88x
EBITDA 2'342.30 Long-Term Rating Date 29.10.1998
EBIT 1'959.00 Long-Term Rating AAA
Operating Margin 18.37% Long-Term Outlook STABLE
Pretax Margin 19.90% Short-Term Rating Date 27.03.2002
Return on Assets 4.28% Short-Term Rating A-1+
Return on Common Equity 22.37%
Return on Capital 22.36% EBITDA/Interest Exp. 304.19
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 286.00
Net Debt/EBITDA -0.63
Gross Margin 49.6% Total Debt/EBITDA 0.01
EBITDA Margin 21.7%
EBIT Margin 18.1% Total Debt/Equity 0.6%
Net Income Margin 13.0% Total Debt/Capital 0.6%
Asset Turnover 0.33
Current Ratio 1.08 Net Fixed Asset Turnover 15.41
Quick Ratio 0.13 Accounts receivable turnover-days 49.46
Debt to Assets 0.11% Inventory Days -
Tot Debt to Common Equity 0.56% Accounts Payable Turnover Day 9.19
Accounts Receivable Turnover 7.40 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Automatic Data Processing IncPrice/Volume
Valuation Analysis
725'089.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 29
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 25'296'439 5.22 294'033 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 24'859'646 5.13 2'903'272 26.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 24'301'584 5.01 470'727 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 24'184'018 4.99 811'385 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'150'291 4.15 (799'916) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 19'284'761 3.98 1'576'794 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 13'066'138 2.69 688'945 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 10'617'982 2.19 (479'675) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'045'478 1.66 (40'973) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 7'558'234 1.56 3'601'447 31.12.2012 Investment Advisor
CEDAR ROCK CAPITAL L CEDAR ROCK CAPITAL L 13F 6'495'027 1.34 (126'433) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'117'004 1.26 3'013'821 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 6'078'556 1.25 334'687 31.12.2012 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 6'042'415 1.25 30'902 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'977'288 1.03 165'701 31.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 4'647'529 0.96 (162'194) 31.12.2012 Unclassified
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 4'209'825 0.87 45'612 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 3'901'533 0.8 302'378 31.12.2012 Government
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'787'494 0.78 325'044 31.12.2012 Investment Advisor
JENSEN INVESTMENT MA JENSEN INVESTMENT MA 13F 3'640'609 0.75 176'733 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 62 12 month 27.03.2013
RBC Capital Markets DANIEL R PERLIN outperform 5 M 61 12 month 26.03.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 21.03.2013
BMO Capital Markets JEFFREY M SILBER outperform 5 M 68 Not Provided 18.03.2013
Goldman Sachs PAUL THOMAS Buy/Neutral 5 M 71 12 month 18.03.2013
Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 61 12 month 15.03.2013
Jefferies JASON KUPFERBERG underperform 1 M 55 12 month 12.03.2013
Robert W. Baird & Co MARK S MARCON outperform 5 M 66 12 month 08.03.2013
William Blair & Co TIMOTHY J MCHUGH market perform 3 M #N/A N/A Not Provided 08.03.2013
Stifel DAVID M GROSSMAN buy 5 M 65 12 month 07.03.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 28.02.2013
Argus Research Corp JOHN M EADE buy 5 M 68 Not Provided 15.02.2013
S&P Capital IQ DYLAN CATHERS buy 5 M 67 12 month 14.02.2013
Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 06.02.2013
Barclays GARY E BISBEE equalweight 3 M 60 Not Provided 06.02.2013
Credit Suisse GEORGE MIHALOS outperform 5 M 67 Not Provided 05.02.2013
First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M #N/A N/A Not Provided 05.02.2013
JPMorgan TIEN-TSIN HUANG neutral 3 M 63 9 month 05.02.2013
Raymond James MICHAEL J BAKER outperform 5 M 66 12 month 05.02.2013
Evercore Partners DAVID M TOGUT overweight 5 M 71 12 month 05.02.2013
Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 05.02.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 67 12 month 05.02.2013
Credit Agricole Securities (USA) CRAIG J MAURER underperform 1 M 62 Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 14.12.2012
Deutsche Bank BRYAN KEANE hold 3 M 58 12 month 25.01.2012
Holdings By:
Automatic Data Processing Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 30
27.03.2013
Avago Technologies Ltd. manufactures semiconductor products such as
optoelectronics, radio-frequency and microwave components, and
application-specific integrated circuits. The Company's products are used in
mobile phones, consumer electronics, enterprise and telecom networking gear,
optical mice, automotive electronics, and military and aerospace systems.
Latest Fiscal Year: 10/2012
LTM as of: 02/yy
52-Week High (30.03.2012) 39.21
52-Week Low (18.05.2012) 29.71
Daily Volume
35.78
52-Week High % Change -8.75% Dividend Yield 1.70
52-Week Low % Change 20.43% Beta 1.27
% 52 Week Price Range High/Low 63.89% Equity Float 243.97
Shares Out 03.02.2013 246.1 Short Int 2.30
8'805.09 1 Yr Total Return -5.93%
Total Debt 3.00 YTD Return 13.62%
Preferred Stock 0.0 Adjusted BETA 1.265
Minority Interest 0.0 Analyst Recs 20
Cash and Equivalents 1'084.00 Consensus Rating 4.700
Enterprise Value 7'657.09
Average Volume 5 Day 416'631
AVGO UW EQUITY YTD Change - Average Volume 30 Day 725'209
AVGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 720'103
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 02/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
1'699.0 1'484.0 2'093.0 2'336.0 2'364.0 2'349.0 2'377.0 2'391.8 2'661.8 556.6 605.2
- 2.46x 2.67x 3.18x 3.06x 12.82x 12.79x 3.11x 2.59x 13.74x 12.52x
331.0 300.0 629.0 745.0 744.0 732.0 740.0 775.5 895.9 173.1 195.4
- 12.19x 8.90x 9.99x 9.71x 10.20x 10.51x 9.88x 8.55x 9.35x 8.74x
83.0 (44.0) 415.0 552.0 563.0 558.0 563.0 672.9 782.6 148.3 174.8
- 57.69x 13.71x 14.93x 14.90x 15.17x 15.83x 13.64x 11.99x 13.16x 12.52x
EBITDA 744.00 Long-Term Rating Date -
EBIT 589.00 Long-Term Rating -
Operating Margin 24.92% Long-Term Outlook -
Pretax Margin 24.75% Short-Term Rating Date -
Return on Assets 21.10% Short-Term Rating -
Return on Common Equity 24.70%
Return on Capital 24.66% EBITDA/Interest Exp. 744.00
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 503.00
Net Debt/EBITDA -1.55
Gross Margin 48.4% Total Debt/EBITDA 0.00
EBITDA Margin 31.1%
EBIT Margin 24.4% Total Debt/Equity 0.1%
Net Income Margin 23.8% Total Debt/Capital 0.1%
Asset Turnover 0.89
Current Ratio 4.89 Net Fixed Asset Turnover 5.38
Quick Ratio 4.12 Accounts receivable turnover-days 44.79
Debt to Assets 0.10% Inventory Days 60.62
Tot Debt to Common Equity 0.12% Accounts Payable Turnover Day 62.43
Accounts Receivable Turnover 8.28 Cash Conversion Cycle 39.42
Inventory Turnover 6.12
Fiscal Year Ended
Avago Technologies LtdPrice/Volume
Valuation Analysis
232'485.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 31
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 66'208'020 26.9 5'086'800 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'247'507 4.98 (460'816) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'169'187 4.95 (5'174'982) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'160'304 4.94 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 11'336'064 4.61 747'847 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 9'684'318 3.94 5'361'238 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'305'417 2.97 257'060 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 5'692'111 2.31 (2'842'341) 31.12.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 5'275'181 2.14 (53'175) 31.12.2012 Unclassified
UBS n/a ULT-AGG 4'960'860 2.02 1'165'019 31.01.2013 Unclassified
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 4'551'860 1.85 3'680'860 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 4'162'501 1.69 224'927 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'124'830 1.68 (22'575) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'123'058 1.68 107'734 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'067'400 1.65 876'000 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'896'410 1.58 832'140 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'425'362 1.39 1'586'987 31.12.2012 Investment Advisor
RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 3'346'280 1.36 22'910 31.12.2012 Investment Advisor
WESTPAC BANKING CORP WESTPAC BANKING CORP 13F 3'167'358 1.29 3'155'858 31.12.2012 Bank
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'128'480 1.27 (517'499) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 25.03.2013
Jefferies MARK J LIPACIS buy 5 M 42 12 month 21.03.2013
Longbow Research JOANNE FEENEY buy 5 M 40 12 month 20.03.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 43 12 month 19.03.2013
Lazard Capital Markets IAN ING buy 5 M 44 12 month 15.03.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 42 12 month 14.03.2013
D.A. Davidson & Co AALOK K SHAH neutral 3 M 37 18 month 07.03.2013
Barclays BLAYNE CURTIS overweight 5 M 40 Not Provided 06.03.2013
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 44 12 month 05.03.2013
Credit Suisse JOHN W PITZER outperform 5 M 42 Not Provided 27.02.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 32 9 month 27.02.2013
Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 41 12 month 27.02.2013
Nomura ROMIT SHAH buy 5 M 40 12 month 27.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 27.02.2013
BNP Paribas Equity Research NITIN KUMAR hold 3 M 36 12 month 21.02.2013
Brean Murray Carret & Co MIKE BURTON buy 5 M 41 12 month 14.02.2013
Goldman Sachs JAMES SCHNEIDER buy/attractive 5 U 44 12 month 12.12.2012
Deutsche Bank ROSS C SEYMORE buy 5 M 40 12 month 30.11.2012
Williams Financial Group CODY G ACREE not rated #N/A N/A M #N/A N/A Not Provided 17.08.2012
Holdings By:
Avago Technologies Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 32
27.03.2013
Baidu, Inc. operates an Internet search engine. The Company offers algorithmic
search, enterprise search, pay for performance and news, MP3, and image
searches.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 154.15
52-Week Low (18.03.2013) 83.32
Daily Volume
86.07
52-Week High % Change -44.16% Dividend Yield 0.00
52-Week Low % Change 3.30% Beta 1.35
% 52 Week Price Range High/Low 3.88% Equity Float -
Shares Out 31.12.2012 272.0 Short Int 12.06
30'094.99 1 Yr Total Return -42.63%
Total Debt 11'941.23 YTD Return -14.18%
Preferred Stock 0.0 Adjusted BETA 1.351
Minority Interest 1'159.9 Analyst Recs 30
Cash and Equivalents 32'484.86 Consensus Rating 3.933
Enterprise Value 167'626.52
Average Volume 5 Day 668'576
BIDU UW EQUITY YTD Change - Average Volume 30 Day 849'616
BIDU UW EQUITY YTD % CHANGE - Average Volume 3 Month 878'141
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'198.3 4'447.8 7'915.1 14'500.8 22'306.0 14'500.8 22'306.0 30'383.9 39'327.5 6'017.6 7'491.7
8.68x 20.91x 26.99x 16.93x 8.93x 74.71x 44.23x 5.46x 3.86x 30.80x 24.60x
1'377.4 1'921.9 4'400.1 8'461.6 12'133.2 0.0 12'133.2 14'488.3 18'610.6 2'804.6 3'649.1
20.15x 48.38x 48.55x 29.02x 16.42x 0.00x 16.42x 11.57x 9.01x 11.38x 10.71x
1'048.1 1'485.1 3'525.2 6'638.6 10'456.0 6'638.6 10'456.0 11'836.3 14'911.6 2'267.9 2'955.9
29.52x 65.75x 62.98x 38.64x 20.96x 38.66x 20.97x 15.92x 12.75x 15.99x 15.17x
EBITDA 12'133.21 Long-Term Rating Date -
EBIT 11'051.32 Long-Term Rating -
Operating Margin 49.54% Long-Term Outlook -
Pretax Margin 53.64% Short-Term Rating Date -
Return on Assets 30.30% Short-Term Rating -
Return on Common Equity 50.58%
Return on Capital - EBITDA/Interest Exp. 112.49
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.69
Gross Margin 71.1% Total Debt/EBITDA 0.98
EBITDA Margin 54.4%
EBIT Margin 49.5% Total Debt/Equity 45.8%
Net Income Margin 46.9% Total Debt/Capital 30.5%
Asset Turnover 0.65
Current Ratio 4.21 Net Fixed Asset Turnover 6.66
Quick Ratio 4.10 Accounts receivable turnover-days 15.20
Debt to Assets 26.15% Inventory Days -
Tot Debt to Common Equity 45.83% Accounts Payable Turnover Day 180.27
Accounts Receivable Turnover 24.08 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Baidu IncPrice/Volume
Valuation Analysis
477'986.00
Current Price (3/dd/yy) Market Data
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10'000.0
15'000.0
20'000.0
25'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 33
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'247'850 10.38 2'611'797 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 25'076'338 9.22 1'671'900 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'925'723 6.96 (2'370'395) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11'512'523 4.23 3'352'541 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 8'773'726 3.23 1'165'777 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'955'010 2.92 440'190 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 7'601'344 2.79 5'567'325 28.02.2013 Unclassified
FMR LLC n/a ULT-AGG 7'595'841 2.79 (3'398'993) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 7'558'634 2.78 2'202'823 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 7'064'519 2.6 - 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6'746'927 2.48 1'581'606 31.12.2012 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 5'682'934 2.09 2'439'910 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'499'558 2.02 305'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'742'187 1.74 95'502 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'379'366 1.61 (2'602'940) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'209'633 1.55 (916'771) 31.12.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 3'549'170 1.3 (771'577) 31.12.2012 Corporation
MORGAN STANLEY n/a ULT-AGG 2'448'675 0.9 (353'048) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 2'416'560 0.89 (1'858'488) 31.12.2012 Investment Advisor
TRILOGY GLOBAL ADVIS TRILOGY GLOBAL ADVIS 13F 2'242'423 0.82 698'529 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oppenheimer & Co ANDY YEUNG market perform 3 M #N/A N/A Not Provided 26.03.2013
Morgan Stanley RICHARD W JI Equalwt/Attractive 3 M 105 12 month 25.03.2013
Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 22.03.2013
Nomura JIN YOON buy 5 M 128 Not Provided 20.03.2013
Brean Murray Carret & Co FAWNE JIANG buy 5 M 120 12 month 19.03.2013
Stifel GEORGE I ASKEW hold 3 M #N/A N/A Not Provided 18.03.2013
BOCOM International Holdings MA YUAN buy 5 M 132 Not Provided 06.03.2013
Goldman Sachs PIYUSH MUBAYI neutral/neutral 3 M 89 12 month 19.02.2013
Deutsche Bank ALAN HELLAWELL hold 3 M 119 12 month 06.02.2013
Macquarie JIONG SHAO outperform 5 M 132 12 month 06.02.2013
China International Capital Corp JIN YU buy 5 M 120 12 month 06.02.2013
Credit Suisse WALLACE CHEUNG underperform 1 M 80 Not Provided 05.02.2013
JPMorgan DICK WEI overweight 5 M 140 9 month 05.02.2013
Jefferies CYNTHIA JINHONG MENG hold 3 M 112 12 month 05.02.2013
Raymond James AARON M KESSLER market perform 3 D #N/A N/A Not Provided 05.02.2013
HSBC CHI TSANG overweight 5 M 131 Not Provided 05.02.2013
Bank of China International THOMAS CHONG buy 5 M 122 Not Provided 05.02.2013
CIMB WENDY HUANG outperform 5 M 133 12 month 05.02.2013
S&P Capital IQ SCOTT H KESSLER strong buy 5 M 120 12 month 05.02.2013
Maxim Group LLC ECHO HE sell 1 M 80 12 month 05.02.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 140 12 month 05.02.2013
Barclays ALICIA YAP equalweight 3 M 108 Not Provided 05.02.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 140 12 month 04.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
First Shanghai Securities Ltd TSOI HO buy 5 M 126 12 month 08.11.2012
Standard Chartered DON SEE outperform 5 M 180 12 month 31.10.2012
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2012
Guotai Junan DUNDAS DENG buy 5 N 200 Not Provided 27.03.2012
Holdings By:
Baidu Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 34
27.03.2013
Bed Bath & Beyond Inc. operates a nationwide chain of retail stores. The
Company, through its retail stores, sells a wide assortment of merchandise
principally including domestics merchandise and home furnishings as well as
food, giftware, health and beauty care items and infant and toddler
merchandise.
Latest Fiscal Year: 02/2012
LTM as of: 11/yy
52-Week High (19.06.2012) 75.83
52-Week Low (20.12.2012) 54.33
Daily Volume
64.66
52-Week High % Change -14.73% Dividend Yield 0.00
52-Week Low % Change 19.01% Beta 0.90
% 52 Week Price Range High/Low 48.05% Equity Float 219.45
Shares Out 24.11.2012 226.1 Short Int 11.13
14'621.93 1 Yr Total Return -4.02%
Total Debt 0.00 YTD Return 15.65%
Preferred Stock 0.0 Adjusted BETA 0.895
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 1'759.56 Consensus Rating 4.143
Enterprise Value 13'837.22
Average Volume 5 Day 687'744
BBBY UW EQUITY YTD Change - Average Volume 30 Day 731'883
BBBY UW EQUITY YTD % CHANGE - Average Volume 3 Month 721'148
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1
7'048.9 7'208.3 7'828.8 8'758.5 9'499.9 9'272.5 10'245.4 10'908.9 11'613.8 3'396.2 2'565.6
1.01x 0.67x 1.20x 1.17x 1.31x 4.95x 5.34x 1.24x 1.14x 3.99x 5.34x
995.8 849.5 1'164.9 1'472.3 1'752.2 1'659.2 1'782.2 1'846.4 1'959.9 655.0 388.1
7.14x 5.72x 8.08x 6.96x 7.11x 7.50x 7.19x 7.49x 7.06x 7.11x 7.03x
562.8 425.1 600.0 791.3 989.5 921.9 1'015.0 1'041.1 1'092.8 375.9 211.3
14.03x 12.99x 18.09x 15.59x 14.86x 15.56x 13.74x 14.13x 12.78x 13.16x 12.83x
EBITDA 1'752.24 Long-Term Rating Date 30.06.2011
EBIT 1'568.37 Long-Term Rating BBB+
Operating Margin 16.51% Long-Term Outlook STABLE
Pretax Margin 16.52% Short-Term Rating Date -
Return on Assets 16.58% Short-Term Rating -
Return on Common Equity 25.74%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.44
Gross Margin 41.4% Total Debt/EBITDA 0.00
EBITDA Margin 17.4%
EBIT Margin 15.5% Total Debt/Equity 0.0%
Net Income Margin 10.4% Total Debt/Capital 0.0%
Asset Turnover 1.67
Current Ratio 3.09 Net Fixed Asset Turnover 7.90
Quick Ratio 1.31 Accounts receivable turnover-days -
Debt to Assets 0.00% Inventory Days 153.10
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 57.25
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 2.38
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bed Bath & Beyond IncPrice/Volume
Valuation Analysis
459'214.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 35
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 23'381'935 10.34 (1'905'265) 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS n/a 13G 22'803'561 10.08 572'841 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'393'794 5.04 (1'346'419) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 10'416'242 4.61 516'584 26.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'190'717 4.51 60'752 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'309'436 2.79 (156'200) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 4'773'018 2.11 189'426 31.12.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 4'211'263 1.86 2'061'609 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 4'021'741 1.78 4'012'176 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'586'653 1.59 26'037 31.12.2012 Investment Advisor
EISENBERG WARREN n/a Form 4 3'470'639 1.53 - 31.12.2012 n/a
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'206'710 1.42 (1'007'536) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'084'372 1.36 (51'870) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'005'500 1.33 3'005'500 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'697'686 1.19 (584'935) 31.12.2012 Investment Advisor
WESTEND ADVISORS LLC WESTEND ADVISORS LLC 13F 2'156'877 0.95 36'927 31.12.2012 Investment Advisor
FEINSTEIN LEONARD n/a Form 4 2'150'887 0.95 - 31.12.2012 n/a
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'056'392 0.91 130'302 31.12.2012 Investment Advisor
GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 2'000'000 0.88 2'000'000 31.12.2012 Investment Advisor
PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 1'955'301 0.86 175'993 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID GOBER Underwt/In-Line 1 M 57 12 month 24.03.2013
ISI Group GREGORY MELICH neutral 3 M 62 12 month 24.03.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 80 12 month 22.03.2013
S&P Capital IQ MICHAEL SOUERS buy 5 M 77 Not Provided 21.03.2013
Oppenheimer & Co BRIAN NAGEL outperform 5 M 71 12 month 19.03.2013
Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 14.03.2013
Robert W. Baird & Co PETER S BENEDICT neutral 3 M 64 12 month 13.03.2013
BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 75 12 month 13.03.2013
Jefferies JOHN MARRIN buy 5 M 72 12 month 01.03.2013
Nomura ARAM RUBINSON neutral 3 M 65 12 month 01.03.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 70 Not Provided 10.02.2013
Credit Suisse GARY BALTER outperform 5 M 70 Not Provided 04.02.2013
Goldman Sachs MATTHEW J FASSLER Sell/Neutral 1 D 56 12 month 28.01.2013
Williams Capital Group MARC RIDDICK outperform 5 M 80 12 month 24.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank MICHAEL BAKER buy 5 M 63 12 month 09.01.2013
Canaccord Genuity Corp LAURA A CHAMPINE buy 5 M 74 12 month 07.01.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 80 Not Provided 20.12.2012
SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 75 12 month 20.12.2012
Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 20.12.2012
Wedbush JOAN L STORMS outperform 5 M 77 12 month 20.12.2012
William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 20.12.2012
JPMorgan CHRISTOPHER HORVERS neutral 3 M 65 9 month 19.12.2012
KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 19.12.2012
Raymond James BUDD BUGATCH strong buy 5 M 85 12 month 19.12.2012
Barclays ALAN M RIFKIN overweight 5 M 70 Not Provided 19.12.2012
GARP Research ROBERT J FURLONG neutral 3 M #N/A N/A Not Provided 16.12.2010
Holdings By:
Bed Bath & Beyond Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 36
27.03.2013
Biogen Idec Inc. develops, manufactures, and commercializes therapies,
focusing on neurology, oncology, and immunology. The Company's products
addresses diseases such as multiple sclerosis, non-Hodgkin's lymphoma,
rheumatoid arthritis, crohn's disease, and psoriasis.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 178.87
52-Week Low (16.04.2012) 124.23
Daily Volume
177.09
52-Week High % Change -1.00% Dividend Yield 0.00
52-Week Low % Change 42.55% Beta 0.94
% 52 Week Price Range High/Low 96.74% Equity Float 235.99
Shares Out 31.01.2013 236.3 Short Int 2.65
41'848.52 1 Yr Total Return 40.29%
Total Debt 1'140.80 YTD Return 20.74%
Preferred Stock 0.0 Adjusted BETA 0.944
Minority Interest 2.3 Analyst Recs 30
Cash and Equivalents 3'742.37 Consensus Rating 4.133
Enterprise Value 39'249.23
Average Volume 5 Day 356'022
BIIB UW EQUITY YTD Change - Average Volume 30 Day 416'743
BIIB UW EQUITY YTD % CHANGE - Average Volume 3 Month 462'976
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'097.5 4'377.3 4'716.4 5'048.6 5'516.5 5'048.6 5'516.5 6'412.0 7'509.5 1'413.1 1'537.7
3.19x 3.06x 3.27x 4.87x 5.81x 17.24x 22.83x 6.46x 5.19x - -
2'160.2 1'723.4 1'923.1 2'138.7 2'204.1 2'138.7 2'204.1 2'756.4 3'554.5 531.7 573.7
6.05x 7.77x 8.03x 11.50x 14.53x 11.50x 14.53x 14.24x 11.04x 15.11x -
783.2 970.1 1'005.3 1'234.4 1'380.0 1'234.4 1'380.0 1'842.8 2'290.3 376.9 430.8
13.34x 13.11x 13.82x 21.12x 25.54x 21.20x 25.54x 22.74x 18.39x 22.74x 20.53x
EBITDA 2'204.13 Long-Term Rating Date 04.12.2008
EBIT 1'838.48 Long-Term Rating BBB+
Operating Margin 33.33% Long-Term Outlook STABLE
Pretax Margin 33.55% Short-Term Rating Date -
Return on Assets 14.39% Short-Term Rating -
Return on Common Equity 20.62%
Return on Capital 18.05% EBITDA/Interest Exp. 35.61
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 31.50
Net Debt/EBITDA -1.18
Gross Margin 90.1% Total Debt/EBITDA 0.52
EBITDA Margin 40.0%
EBIT Margin 33.3% Total Debt/Equity 16.4%
Net Income Margin 25.0% Total Debt/Capital 14.1%
Asset Turnover 0.58
Current Ratio 1.96 Net Fixed Asset Turnover 3.33
Quick Ratio 1.44 Accounts receivable turnover-days 42.18
Debt to Assets 11.26% Inventory Days 259.73
Tot Debt to Common Equity 16.39% Accounts Payable Turnover Day 107.28
Accounts Receivable Turnover 8.68 Cash Conversion Cycle 194.63
Inventory Turnover 1.41
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Biogen Idec IncPrice/Volume
Valuation Analysis
438'340.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 37
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 23'263'262 9.84 362'835 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 20'849'653 8.82 (285'460) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'996'294 7.19 (296'806) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'806'982 5.42 (922'590) 25.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 11'609'895 4.91 884'978 31.12.2012 Unclassified
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'336'438 4.37 251'801 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'063'286 4.26 222'476 26.03.2013 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 9'638'356 4.08 (609'681) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'899'722 3.77 206'053 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'726'910 2.42 1'901'232 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'113'956 2.16 (1'159'058) 31.12.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 4'462'281 1.89 (94'247) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'442'767 1.88 (712'695) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'288'109 1.81 (983'499) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'800'651 1.61 384'184 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'351'094 1.42 (361'833) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'224'018 1.36 5'432 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'905'069 1.23 (22'800) 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 2'725'961 1.15 725'938 31.12.2012 Hedge Fund Manager
UBS n/a ULT-AGG 2'643'230 1.12 (208'543) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies THOMAS WEI buy 5 M 201 12 month 26.03.2013
BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 186 Not Provided 25.03.2013
Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 188 12 month 25.03.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 183 12 month 25.03.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS market perform 3 M #N/A N/A Not Provided 25.03.2013
Canaccord Genuity Corp RITU BARAL buy 5 M 187 12 month 24.03.2013
Guggenheim Securities LLC BRET HOLLEY neutral 3 M 158 12 month 22.03.2013
Credit Suisse RAVI MEHROTRA outperform 5 M 200 Not Provided 21.03.2013
Oppenheimer & Co DAVID FERREIRO market perform 3 M 152 12 month 21.03.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 180 Not Provided 21.03.2013
Argus Research Corp JOHN M EADE buy 5 M 195 Not Provided 20.03.2013
Leerink Swann & Co MARKO KOZUL outperform 5 M #N/A N/A Not Provided 20.03.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 180 12 month 19.03.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 05.03.2013
Stifel JOEL D SENDEK buy 5 M 184 12 month 01.03.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 160 12 month 28.02.2013
Goldman Sachs TERENCE FLYNN buy/attractive 5 M 190 12 month 14.02.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 159 12 month 12.02.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 170 12 month 07.02.2013
Brean Murray Carret & Co GENE MACK buy 5 M 187 12 month 07.02.2013
JPMorgan GEOFFREY MEACHAM neutral 3 M 155 9 month 06.02.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 06.02.2013
Lazard Capital Markets WILLIAM TANNER neutral 3 M #N/A N/A Not Provided 06.02.2013
Piper Jaffray M IAN SOMAIYA neutral 3 M 179 12 month 06.02.2013
Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ STEVEN SILVER hold 3 M 154 Not Provided 18.10.2012
First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 27.02.2012
Pareto Securities YILMAZ MAHSHID hold 3 M #N/A N/A Not Provided 10.01.2012
BWS Financial HAMED KHORSAND buy 5 M #N/A N/A Not Provided 11.12.2009
Holdings By:
Biogen Idec Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 38
27.03.2013
BMC Software, Inc. provides management solutions for mainframe and distributed
information technology systems. The Company's portfolio of software solutions
spans enterprise systems, applications, databases and IT process management.
BMC also provides maintenance and support for its products and performs software
implementation, integration and education services for its customers.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 47.89
52-Week Low (01.08.2012) 35.50
Daily Volume
45.78
52-Week High % Change -4.41% Dividend Yield 0.00
52-Week Low % Change 28.96% Beta 1.00
% 52 Week Price Range High/Low 82.97% Equity Float 140.97
Shares Out 24.01.2013 142.9 Short Int 9.55
6'541.46 1 Yr Total Return 14.59%
Total Debt 821.60 YTD Return 15.43%
Preferred Stock 0.0 Adjusted BETA 0.997
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 1'583.00 Consensus Rating 3.643
Enterprise Value 6'692.26
Average Volume 5 Day 666'740
BMC UW EQUITY YTD Change - Average Volume 30 Day 563'230
BMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 533'879
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'731.6 1'871.9 1'911.2 2'065.3 2'172.0 2'169.5 2'197.5 2'224.0 2'319.7 591.4 531.4
2.80x 2.84x 3.06x 3.61x 2.64x 11.81x 10.67x 2.86x 2.53x 10.74x 11.60x
524.3 584.1 684.9 722.8 768.5 796.1 701.7 831.0 878.7 222.0 203.5
9.25x 9.11x 8.54x 10.32x 7.46x 5.53x 8.27x 8.05x 7.62x 7.36x 7.29x
313.6 238.1 406.1 456.2 401.0 452.8 328.9 534.3 560.3 136.9 120.4
18.37x 17.19x 18.81x 21.72x 17.02x 13.38x 18.34x 13.39x 11.92x 12.06x 11.75x
EBITDA 768.50 Long-Term Rating Date 22.07.2010
EBIT 543.90 Long-Term Rating BBB+
Operating Margin 25.04% Long-Term Outlook STABLE
Pretax Margin 24.40% Short-Term Rating Date -
Return on Assets 7.82% Short-Term Rating -
Return on Common Equity 30.66%
Return on Capital 18.84% EBITDA/Interest Exp. 27.25
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 26.31
Net Debt/EBITDA 0.21
Gross Margin 73.8% Total Debt/EBITDA 1.90
EBITDA Margin 31.9%
EBIT Margin 21.2% Total Debt/Equity 56.8%
Net Income Margin 18.5% Total Debt/Capital 36.2%
Asset Turnover 0.52
Current Ratio 1.54 Net Fixed Asset Turnover 25.26
Quick Ratio 1.41 Accounts receivable turnover-days 54.04
Debt to Assets 16.89% Inventory Days -
Tot Debt to Common Equity 56.83% Accounts Payable Turnover Day 25.07
Accounts Receivable Turnover 6.77 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
BMC Software IncPrice/Volume
Valuation Analysis
370'595.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'500.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 39
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MACQUARIE GROUP n/a ULT-AGG 14'177'031 9.92 - 11.02.2013 Investment Advisor
ELLIOTT MANAGEMENT C n/a 13D 13'692'000 9.58 302'000 30.01.2013 Hedge Fund Manager
DODGE & COX DODGE & COX 13F 12'687'878 8.88 (556'400) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'242'657 6.47 128'721 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'922'917 5.54 (228'286) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 6'294'015 4.4 17'214 25.03.2013 Investment Advisor
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 5'600'796 3.92 (504'144) 31.12.2012 Investment Advisor
GLENVIEW CAPITAL MAN GLENVIEW CAPITAL MAN 13F 5'210'579 3.65 (102'900) 31.12.2012 Hedge Fund Manager
INVESCO LTD INVESCO LTD 13F 3'963'393 2.77 (102'651) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 3'861'878 2.7 (866'326) 28.02.2013 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'419'033 2.39 (125'847) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 3'382'300 2.37 129'500 31.12.2012 Hedge Fund Manager
BESSEMER GROUP INCOR BESSEMER GROUP INCOR 13F 2'703'247 1.89 (5'163) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'114'478 1.48 1'467'673 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'908'484 1.34 (36'314) 31.12.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 1'707'305 1.19 310'049 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'609'799 1.13 (73'169) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'342'552 0.94 39'488 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'336'072 0.94 81'326 31.12.2012 Government
HUSSMAN ECONOMETRICS HUSSMAN ECONOMETRICS 13F 1'250'000 0.87 500'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 25.03.2013
Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 25.03.2013
RBC Capital Markets MATTHEW HEDBERG outperform 5 M 47 12 month 21.03.2013
Jefferies AARON SCHWARTZ buy 5 M 48 12 month 21.03.2013
Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 21.03.2013
Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 46 12 month 21.03.2013
Longbow Research KEVIN M BUTTIGIEG buy 5 M 48 12 month 21.03.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 44 Not Provided 19.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 18.03.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 44 18 month 06.03.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 40 Not Provided 29.01.2013
JPMorgan JOHN DIFUCCI neutral 3 M 34 9 month 29.01.2013
Janney Montgomery Scott LLC YUN KIM buy 5 M 52 12 month 29.01.2013
Susquehanna Financial Group J DERRICK WOOD Positive 4 M 50 12 month 29.01.2013
Holdings By:
BMC Software Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 40
27.03.2013
Broadcom Corporation provides integrated silicon solutions that enable broadband
digital data transmission of voice, data, and video content to the home and
within the business enterprise. The Company designs, develops, and supplies
integrated circuits for cable set-top boxes, cable modems, high-speed
networking, direct satellite and digital broadcast, and digital subscriber line.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 39.66
52-Week Low (17.07.2012) 28.60
Daily Volume
34.46
52-Week High % Change -13.11% Dividend Yield 1.16
52-Week Low % Change 20.49% Beta 1.08
% 52 Week Price Range High/Low 52.98% Equity Float 516.69
Shares Out 31.12.2012 518.0 Short Int 8.10
19'604.90 1 Yr Total Return -10.43%
Total Debt 1'693.00 YTD Return 4.10%
Preferred Stock 0.0 Adjusted BETA 1.085
Minority Interest 0.0 Analyst Recs 49
Cash and Equivalents 3'722.00 Consensus Rating 4.551
Enterprise Value 17'575.90
Average Volume 5 Day 1'507'244
BRCM UW EQUITY YTD Change - Average Volume 30 Day 2'194'952
BRCM UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'032'107
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'658.1 4'490.3 6'818.3 7'389.0 8'006.0 7'389.0 8'006.0 8'442.9 9'303.0 1'914.1 2'052.9
1.37x 2.85x 2.95x 1.62x 2.11x 7.92x 8.93x 2.10x 1.75x 9.93x 9.16x
498.4 356.1 1'291.0 1'260.0 1'297.0 1'235.0 1'297.0 1'568.5 1'806.7 283.8 350.3
12.84x 35.95x 15.57x 9.52x 13.01x 9.71x 13.01x 11.21x 9.73x 11.94x 11.36x
214.8 65.3 1'081.8 927.0 719.0 927.0 719.0 1'666.4 1'876.1 334.2 398.8
20.45x 76.76x 20.94x 16.49x 22.90x 16.68x 23.06x 12.48x 11.33x 12.54x 12.13x
EBITDA 1'297.00 Long-Term Rating Date 11.08.2011
EBIT 852.00 Long-Term Rating A-
Operating Margin 10.64% Long-Term Outlook STABLE
Pretax Margin 8.19% Short-Term Rating Date -
Return on Assets 7.10% Short-Term Rating -
Return on Common Equity 10.01%
Return on Capital - EBITDA/Interest Exp. 43.23
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 35.10
Net Debt/EBITDA -1.56
Gross Margin 49.7% Total Debt/EBITDA 1.31
EBITDA Margin 16.2%
EBIT Margin 10.6% Total Debt/Equity 21.6%
Net Income Margin 9.0% Total Debt/Capital 17.8%
Asset Turnover 0.79
Current Ratio 2.25 Net Fixed Asset Turnover 18.77
Quick Ratio 1.85 Accounts receivable turnover-days 32.41
Debt to Assets 15.11% Inventory Days 43.08
Tot Debt to Common Equity 21.60% Accounts Payable Turnover Day 43.88
Accounts Receivable Turnover 11.29 Cash Conversion Cycle 31.61
Inventory Turnover 8.50
Fiscal Year Ended
Broadcom CorpPrice/Volume
Valuation Analysis
1'097'361.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 41
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 34'885'074 6.73 (1'518'740) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 33'275'931 6.42 2'364'108 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 32'676'043 6.31 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'937'805 4.43 834'084 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 21'611'182 4.17 4'111'018 31.12.2012 Unclassified
STATE STREET n/a ULT-AGG 21'343'957 4.12 979'113 26.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 17'606'581 3.4 2'511'764 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 15'680'788 3.03 (152'306) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'125'552 2.53 (862'301) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'011'561 2.32 1'756'103 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 9'533'071 1.84 (1'754'943) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'935'621 1.53 2'374'769 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'958'491 1.34 176'864 31.12.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 6'634'244 1.28 69'246 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 6'251'821 1.21 97'009 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'482'859 1.06 665'488 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'949'433 0.96 795'681 31.12.2012 Hedge Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'704'744 0.91 (10'611) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'551'715 0.88 46'990 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'676'030 0.71 1'700'682 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 12 month 26.03.2013
FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 42 12 month 26.03.2013
Lazard Capital Markets DANIEL L AMIR buy 5 M 45 12 month 26.03.2013
Exane BNP Paribas JEROME RAMEL underperform 1 M 32 Not Provided 26.03.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 38 12 month 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 25.03.2013
Evercore Partners PATRICK WANG overweight 5 M 40 12 month 24.03.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 43 12 month 22.03.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 45 Not Provided 21.03.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 39 12 month 21.03.2013
Stifel KEVIN E CASSIDY buy 5 M 43 12 month 18.03.2013
Cowen and Company TIMOTHY M ARCURI outperform 5 M #N/A N/A Not Provided 18.03.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 45 12 month 14.03.2013
D.A. Davidson & Co AALOK K SHAH buy 5 M 44 18 month 13.03.2013
Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 37 12 month 13.03.2013
Canaccord Genuity Corp ROBERT BURLESON buy 5 M 40 12 month 11.03.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 08.03.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 05.03.2013
Wedbush BETSY VAN HEES outperform 5 M 41 12 month 04.03.2013
ISI Group SUMIT DHANDA buy 5 M 39 12 month 04.03.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 50 12 month 01.03.2013
Benchmark Company LLC GARY W MOBLEY buy 5 M 40 12 month 01.03.2013
Mizuho Securities USA Inc RUBEN ROY buy 5 M 40 12 month 27.02.2013
Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 25.02.2013
JMP Securities ALEX GAUNA market outperform 4 M 42 12 month 25.02.2013
Nomura ROMIT SHAH buy 5 M 35 12 month 20.02.2013
Brean Murray Carret & Co MIKE BURTON buy 5 M 40 12 month 14.02.2013
Oppenheimer & Co RICHARD SCHAFER outperform 5 M 45 12 month 14.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 13.02.2013
Barclays BLAYNE CURTIS overweight 5 M 40 Not Provided 11.02.2013
Argus Research Corp JAMES KELLEHER buy 5 M 46 Not Provided 04.02.2013
JPMorgan HARLAN SUR overweight 5 M 45 9 month 31.01.2013
Societe Generale PETER KNOX hold 3 M 37 12 month 30.01.2013
Deutsche Bank ROSS C SEYMORE buy 5 M 39 12 month 30.01.2013
Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 39 12 month 30.01.2013
Credit Suisse JOHN W PITZER outperform 5 M 45 Not Provided 30.01.2013
Jefferies MARK J LIPACIS buy 5 M 40 12 month 30.01.2013
Needham & Co N QUINN BOLTON buy 5 M 39 12 month 30.01.2013
Macquarie SHAWN WEBSTER neutral 3 M 35 12 month 30.01.2013
Williams Financial Group CODY G ACREE buy 5 M 40 12 month 30.01.2013
Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 38 Not Provided 30.01.2013
Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 41 12 month 29.01.2013
Holdings By:
Broadcom Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 42
27.03.2013
CA, Inc. designs, develops, markets, licenses, and supports standardized
computer software products. The Company's products are used with mainframe
computers and in client/server environments. CA offers various enterprise
systems management, information management, and business applications solutions
to a variety of organizations.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 28.00
52-Week Low (16.11.2012) 21.49
Daily Volume
24.98
52-Week High % Change -10.79% Dividend Yield 4.00
52-Week Low % Change 16.27% Beta 1.06
% 52 Week Price Range High/Low 53.65% Equity Float 327.85
Shares Out 17.01.2013 455.9 Short Int 7.94
11'388.97 1 Yr Total Return -6.65%
Total Debt 1'301.00 YTD Return 14.79%
Preferred Stock 0.0 Adjusted BETA 1.056
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 2'679.00 Consensus Rating 3.429
Enterprise Value 10'141.97
Average Volume 5 Day 906'295
CA UW EQUITY YTD Change - Average Volume 30 Day 908'262
CA UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'069'077
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
4'277.0 4'271.0 4'227.0 4'429.0 4'814.0 4'754.0 4'680.0 4'637.0 4'676.8 1'145.0 1'144.2
2.63x 1.93x 2.58x 2.36x 2.38x 7.81x 9.01x 2.10x 1.94x 8.78x 8.67x
1'248.0 1'503.0 1'572.0 1'624.0 1'805.0 1'796.0 1'836.0 1'733.7 1'777.3 402.5 443.0
9.02x 5.49x 6.95x 6.45x 6.35x 4.72x 4.72x 5.85x 5.71x 5.65x 5.46x
500.0 671.0 771.0 827.0 951.0 928.0 924.0 1'109.7 1'130.9 252.9 279.9
18.29x 11.44x 16.19x 15.21x 14.51x 11.17x 11.05x 10.34x 9.84x 10.10x 9.82x
EBITDA 1'805.00 Long-Term Rating Date 11.04.2011
EBIT 1'404.00 Long-Term Rating BBB+
Operating Margin 29.16% Long-Term Outlook STABLE
Pretax Margin 28.13% Short-Term Rating Date -
Return on Assets 7.91% Short-Term Rating -
Return on Common Equity 16.59%
Return on Capital 13.88% EBITDA/Interest Exp. 28.20
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 27.08
Net Debt/EBITDA -0.68
Gross Margin 86.6% Total Debt/EBITDA 0.71
EBITDA Margin 39.2%
EBIT Margin 30.3% Total Debt/Equity 24.1%
Net Income Margin 19.8% Total Debt/Capital 19.4%
Asset Turnover 0.40
Current Ratio 1.06 Net Fixed Asset Turnover 12.89
Quick Ratio 0.95 Accounts receivable turnover-days 63.58
Debt to Assets 10.84% Inventory Days -
Tot Debt to Common Equity 24.11% Accounts Payable Turnover Day 46.18
Accounts Receivable Turnover 5.76 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
CA IncPrice/Volume
Valuation Analysis
635'557.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 43
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAREAL HOLDING AG n/a 13D 125'813'380 27.6 - 04.07.2012 Corporation
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 22'342'814 4.9 (5'173'367) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 19'880'570 4.36 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 15'856'480 3.48 274'826 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'410'711 3.16 (151'728) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'622'366 2.99 (943'896) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'833'656 1.94 1'477'711 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'990'175 1.75 3'604'277 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 6'430'928 1.41 342'966 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 6'086'388 1.33 (1'075'420) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 5'699'040 1.25 32'440 31.12.2012 Investment Advisor
AMERICAN INTERNATION n/a ULT-AGG 4'609'383 1.01 4'363'449 31.12.2012 Government
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'526'919 0.99 (64'061) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'417'122 0.97 3'890'100 31.12.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 4'295'400 0.94 (493'237) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3'715'551 0.81 (293'749) 31.12.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 3'704'282 0.81 862'627 31.12.2012 Investment Advisor
AJO, LP AJO, LP 13F 3'683'900 0.81 (329'700) 31.12.2012 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'564'380 0.78 (813'813) 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 3'535'206 0.78 185'925 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research KEVIN M BUTTIGIEG neutral 3 M #N/A N/A Not Provided 22.03.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 27 Not Provided 19.03.2013
JPMorgan JOHN DIFUCCI overweight 5 M 34 9 month 28.02.2013
Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 25.02.2013
RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 27 12 month 23.01.2013
Jefferies AARON SCHWARTZ hold 3 M 26 12 month 23.01.2013
Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 23.01.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 26 12 month 23.01.2013
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 28 12 month 23.01.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 22 Not Provided 22.01.2013
Sanford C. Bernstein & Co MARK L MOERDLER underperform 1 M 19 12 month 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 14.12.2012
Holdings By:
CA Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 44
27.03.2013
Catamaran Corporation provides pharmacy benefits management (PBM)
services and healthcare IT solutions to the healthcare benefits management
industry. The Company's product offerings and solutions combine a wide range of
software applications, application service provider (ASP) processing services,
and professional services.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (06.03.2013) 57.40
52-Week Low (28.03.2012) 35.89
Daily Volume
52.8
52-Week High % Change -8.01% Dividend Yield -
52-Week Low % Change 47.14% Beta 0.91
% 52 Week Price Range High/Low 78.62% Equity Float 204.57
Shares Out 28.02.2013 205.5 Short Int 2.46
10'848.46 1 Yr Total Return 46.02%
Total Debt 1'173.40 YTD Return 12.08%
Preferred Stock 0.0 Adjusted BETA 0.912
Minority Interest 2.8 Analyst Recs 26
Cash and Equivalents 370.78 Consensus Rating 4.346
Enterprise Value 11'653.84
Average Volume 5 Day 354'870
CTRX UW EQUITY YTD Change - Average Volume 30 Day 454'640
CTRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 408'810
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
862.9 1'438.6 1'948.4 4'975.5 9'940.1 4'975.5 9'940.1 14'511.3 16'280.9 3'524.3 3'583.1
0.50x 0.92x 1.19x 0.64x 1.05x 2.55x 3.23x 0.79x 0.68x 3.28x 3.22x
38.4 91.1 114.8 166.4 367.4 166.5 367.4 671.0 820.2 145.9 156.3
11.20x 14.52x 20.19x 19.06x 28.48x 19.06x 28.48x 17.37x 14.21x 17.68x 16.49x
15.1 46.1 64.7 91.8 116.7 91.8 116.7 391.7 499.5 85.9 92.9
20.76x 28.41x 41.60x 38.59x 54.05x 38.85x 54.05x 28.25x 22.42x 28.27x 26.27x
EBITDA 367.37 Long-Term Rating Date 22.05.2012
EBIT 217.02 Long-Term Rating BB
Operating Margin 2.18% Long-Term Outlook STABLE
Pretax Margin 1.91% Short-Term Rating Date -
Return on Assets 2.77% Short-Term Rating -
Return on Common Equity 4.42%
Return on Capital - EBITDA/Interest Exp. 13.77
Asset Turnover 2.36% (EBITDA-Capex)/Interest Exp. 12.26
Net Debt/EBITDA 2.18
Gross Margin 7.4% Total Debt/EBITDA 3.19
EBITDA Margin 3.7%
EBIT Margin 2.2% Total Debt/Equity 25.5%
Net Income Margin 1.2% Total Debt/Capital 20.3%
Asset Turnover 2.36
Current Ratio 1.25 Net Fixed Asset Turnover 156.71
Quick Ratio 0.88 Accounts receivable turnover-days 17.79
Debt to Assets 15.89% Inventory Days 0.39
Tot Debt to Common Equity 25.47% Accounts Payable Turnover Day 13.24
Accounts Receivable Turnover 20.57 Cash Conversion Cycle 4.94
Inventory Turnover 941.67
Fiscal Year Ended
Catamaran CorpPrice/Volume
Valuation Analysis
347'084.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Page 45
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 30'629'845 14.91 343'251 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 18'118'825 8.82 - 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 13'419'480 6.53 - 25.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'901'802 3.85 (2'132'436) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'640'808 3.72 4'044'482 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'722'589 2.3 (472'937) 31.12.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 3'664'716 1.78 274'344 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'584'630 1.74 10'232 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'101'723 1.51 2'929'645 31.12.2012 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 2'956'696 1.44 135'274 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'722'566 1.33 1'565'958 31.12.2012 Unclassified
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'474'818 1.2 (343'480) 28.02.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'470'131 1.2 (205'724) 31.01.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'187'503 1.06 246'729 31.12.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 2'154'069 1.05 866'943 31.12.2012 Bank
SUN LIFE FINANCIAL I n/a ULT-AGG 2'094'791 1.02 349'578 31.01.2013 Investment Advisor
TIGER CONSUMER MANAG TIGER CONSUMER MANAG 13F 2'082'583 1.01 333'985 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 2'028'935 0.99 74'871 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'988'509 0.97 (144'985) 31.12.2012 Investment Advisor
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 1'970'410 0.96 1'153'410 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse GLEN SANTANGELO outperform 5 M 61 Not Provided 26.03.2013
Jefferies BRIAN TANQUILUT buy 5 M 65 12 month 22.03.2013
Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 62 12 month 15.03.2013
ISI Group MICHAEL CHERNY strong buy 5 M 60 12 month 14.03.2013
Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 08.03.2013
Dougherty & Company LLC BROOKS O NEIL buy 5 M 75 12 month 01.03.2013
William Blair & Co AMANDA MURPHY outperform 5 M #N/A N/A Not Provided 01.03.2013
Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 01.03.2013
Paradigm Capital Inc GABRIEL LEUNG buy 5 M 64 12 month 01.03.2013
Oppenheimer & Co BRET D JONES market perform 3 M #N/A N/A Not Provided 01.03.2013
TD Securities LENNOX GIBBS buy 5 M 61 12 month 01.03.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 01.03.2013
Stonecap Securities Inc SCOTT RATTEE outperform 5 M 63 12 month 01.03.2013
BMO Capital Markets JENNIFER LYNCH market perform 3 M 59 Not Provided 28.02.2013
SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 62 12 month 28.02.2013
JPMorgan LISA C GILL overweight 5 M 62 9 month 28.02.2013
CIBC World Markets STEPHANIE PRICE sector perform 3 M 60 Not Provided 28.02.2013
Cantor Fitzgerald TOM LISTON buy 5 M 65 12 month 28.02.2013
Scotia Capital PAUL STEEP sector perform 3 M 58 12 month 28.02.2013
Cowen and Company CHARLES RHYEE outperform 5 M #N/A N/A Not Provided 28.02.2013
JMP Securities TIM MCDONOUGH market outperform 4 M 65 12 month 28.02.2013
Maxim Group LLC ANTHONY V VENDETTI buy 5 M 66 12 month 28.02.2013
Goldman Sachs ROBERT P JONES buy/attractive 5 M 62 12 month 22.01.2013
Holdings By:
Catamaran Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 46
27.03.2013
Celgene Corporation is a global biopharmaceutical company. The Company focuses
on the discovery, development, and commercialization of therapies designed to
treat cancer and immune-inflammatory related diseases.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 115.41
52-Week Low (21.06.2012) 58.53
Daily Volume
112.5
52-Week High % Change -2.52% Dividend Yield 0.00
52-Week Low % Change 92.21% Beta 0.75
% 52 Week Price Range High/Low 94.88% Equity Float 417.33
Shares Out 07.02.2013 418.7 Short Int 6.43
47'108.75 1 Yr Total Return 44.16%
Total Debt 3'079.79 YTD Return 42.91%
Preferred Stock 0.0 Adjusted BETA 0.754
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 3'900.27 Consensus Rating 4.606
Enterprise Value 46'288.27
Average Volume 5 Day 654'366
CELG UW EQUITY YTD Change - Average Volume 30 Day 932'472
CELG UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'014'648
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'254.8 2'689.9 3'625.7 4'842.1 5'506.7 4'842.1 5'506.7 6'111.7 7'015.8 1'465.9 1'525.0
10.27x 8.39x 7.30x 5.93x 5.83x 22.09x 22.51x 7.26x 6.05x - -
528.7 1'010.1 1'296.0 1'663.3 2'198.8 1'663.3 2'198.8 3'131.7 3'580.3 723.5 749.5
43.81x 22.35x 20.43x 17.27x 14.61x 17.27x 14.61x 14.78x 12.92x 15.52x -
(1'533.7) 776.7 880.5 1'318.2 1'456.2 1'318.2 1'456.2 2'432.2 2'852.0 580.3 605.8
35.21x 33.54x 25.83x 22.61x 19.57x 22.02x 20.12x 19.80x 16.42x 19.79x 18.90x
EBITDA 2'198.84 Long-Term Rating Date 04.10.2010
EBIT 1'915.39 Long-Term Rating BBB+
Operating Margin 34.78% Long-Term Outlook STABLE
Pretax Margin 30.54% Short-Term Rating Date 07.09.2011
Return on Assets 13.40% Short-Term Rating A-2
Return on Common Equity 25.99%
Return on Capital 18.78% EBITDA/Interest Exp. 34.79
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 32.25
Net Debt/EBITDA -0.37
Gross Margin 94.6% Total Debt/EBITDA 1.40
EBITDA Margin 39.9%
EBIT Margin 34.8% Total Debt/Equity 54.1%
Net Income Margin 26.4% Total Debt/Capital 35.1%
Asset Turnover 0.51
Current Ratio 3.27 Net Fixed Asset Turnover 10.16
Quick Ratio 2.88 Accounts receivable turnover-days 63.34
Debt to Assets 26.25% Inventory Days 274.73
Tot Debt to Common Equity 54.08% Accounts Payable Turnover Day 132.49
Accounts Receivable Turnover 5.78 Cash Conversion Cycle 205.59
Inventory Turnover 1.33
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Celgene CorpPrice/Volume
Valuation Analysis
681'830.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 47
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 24'465'445 5.84 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 18'961'055 4.53 (68'196) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 18'865'806 4.51 (5'121'865) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 17'736'780 4.24 122'374 26.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'321'174 2.94 (1'838'326) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'021'127 2.63 343'769 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'545'914 2.04 518'543 31.12.2012 Unclassified
INVESCO LTD INVESCO LTD 13F 7'344'888 1.75 (293'492) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'170'974 1.71 2'189'655 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6'951'282 1.66 (98'854) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'932'771 1.42 (127'088) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'659'738 1.35 (170'216) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'654'758 1.35 (213'700) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'006'788 1.2 (284'437) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'817'550 1.15 (938'919) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'689'500 1.12 - 31.12.2012 Investment Advisor
EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 4'472'808 1.07 (1'123'361) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'391'058 1.05 (808'227) 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 4'056'619 0.97 (151'870) 31.01.2013 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'736'273 0.89 336'096 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 26.03.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 115 12 month 24.03.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 107 12 month 20.03.2013
Cantor Fitzgerald MARA GOLDSTEIN buy 5 M 121 12 month 20.03.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 137 12 month 15.03.2013
JMP Securities MICHAEL G KING JR market outperform 4 M 130 12 month 07.03.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 128 12 month 07.03.2013
Cowen and Company ERIC SCHMIDT outperform 5 M #N/A N/A Not Provided 05.03.2013
BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 113 Not Provided 04.03.2013
Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 115 12 month 04.03.2013
Brean Murray Carret & Co GENE MACK buy 5 M 115 12 month 04.03.2013
Credit Suisse RAVI MEHROTRA neutral 3 M 110 Not Provided 04.03.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 04.03.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 04.03.2013
Stifel JOEL D SENDEK buy 5 M 116 12 month 04.03.2013
Oppenheimer & Co BORIS PEAKER market perform 3 M #N/A N/A Not Provided 04.03.2013
Guggenheim Securities LLC BRET HOLLEY buy 5 M 122 12 month 04.03.2013
Barclays YING HUANG overweight 5 M 113 Not Provided 04.03.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 126 12 month 03.03.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 115 9 month 28.02.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 95 12 month 28.02.2013
S&P Capital IQ STEVEN SILVER strong buy 5 M 125 12 month 20.02.2013
Jefferies THOMAS WEI buy 5 M 114 12 month 11.02.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 89 12 month 28.01.2013
Argus Research Corp JOHN M EADE hold 3 D #N/A N/A Not Provided 28.01.2013
Deutsche Bank ROBYN KARNAUSKAS hold 3 M 105 12 month 25.01.2013
Summer Street Research Partners CAROL A WERTHER buy 5 M 122 12 month 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Wallachbeth Capital LLC DIFEI YANG buy 5 M 99 12 month 08.01.2013
Holdings By:
Celgene Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 48
27.03.2013
Cerner Corporation is a worldwide supplier of healthcare solutions and
services. The Company's Solutions are designed to optimize clinical and
financial outcomes for healthcare organizations ranging from single-doctor
practices, to health systems, to entire countries, for the pharmaceutical and
medical device industries, and for the healthcare commerce system.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 93.88
52-Week Low (25.10.2012) 67.66
Daily Volume
93.24
52-Week High % Change -0.68% Dividend Yield 0.00
52-Week Low % Change 37.81% Beta 0.96
% 52 Week Price Range High/Low 97.56% Equity Float 152.13
Shares Out 01.02.2013 172.2 Short Int 9.61
16'056.65 1 Yr Total Return 22.43%
Total Debt 196.14 YTD Return 20.09%
Preferred Stock 0.0 Adjusted BETA 0.962
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 1'036.79 Consensus Rating 4.042
Enterprise Value 15'216.00
Average Volume 5 Day 208'386
CERN UW EQUITY YTD Change - Average Volume 30 Day 264'083
CERN UW EQUITY YTD % CHANGE - Average Volume 3 Month 269'010
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'676.0 1'671.9 1'850.2 2'203.2 2'665.4 2'203.2 2'665.4 3'005.0 3'383.1 709.2 730.3
1.80x 3.81x 4.04x 4.42x 4.60x 18.02x 18.80x 4.81x 4.10x - -
449.4 481.6 552.7 672.4 794.2 672.4 794.2 967.7 1'113.6 219.2 237.2
6.70x 13.22x 13.54x 14.48x 15.43x 14.48x 15.43x 15.72x 13.66x 15.71x -
188.7 193.5 237.3 306.6 397.2 306.6 397.2 494.3 583.5 110.8 119.2
18.93x 35.69x 34.08x 34.80x 33.66x 34.70x 33.66x 33.30x 28.32x 33.32x 32.05x
EBITDA 794.24 Long-Term Rating Date -
EBIT 571.66 Long-Term Rating -
Operating Margin 21.45% Long-Term Outlook -
Pretax Margin 22.05% Short-Term Rating Date -
Return on Assets 11.85% Short-Term Rating -
Return on Common Equity 15.44%
Return on Capital 14.66% EBITDA/Interest Exp. 156.72
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 120.52
Net Debt/EBITDA -1.06
Gross Margin 77.2% Total Debt/EBITDA 0.25
EBITDA Margin 29.8%
EBIT Margin 21.4% Total Debt/Equity 6.9%
Net Income Margin 14.9% Total Debt/Capital 6.5%
Asset Turnover 0.80
Current Ratio 3.09 Net Fixed Asset Turnover 5.04
Quick Ratio 2.78 Accounts receivable turnover-days 77.91
Debt to Assets 5.29% Inventory Days 14.06
Tot Debt to Common Equity 6.92% Accounts Payable Turnover Day 67.81
Accounts Receivable Turnover 4.67 Cash Conversion Cycle 24.16
Inventory Turnover 25.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cerner CorpPrice/Volume
Valuation Analysis
210'837.00
Current Price (3/dd/yy) Market Data
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1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 49
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 12'700'072 7.37 2'767'147 31.12.2012 Investment Advisor
PATTERSON NEAL L n/a Form 4 12'056'024 7 (1'500) 01.03.2013 n/a
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 9'374'174 5.44 1'320'072 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'609'866 5 212'583 31.12.2012 Investment Advisor
ILLIG CLIFFORD W n/a Form 4 7'544'562 4.38 - 01.03.2013 n/a
BLACKROCK n/a ULT-AGG 7'524'187 4.37 (1'469'240) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'945'448 3.45 224'327 25.03.2013 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 5'621'196 3.26 (84'988) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'600'000 3.25 (100'000) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4'266'715 2.48 34'300 31.12.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 4'202'633 2.44 (185'150) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'691'773 2.14 730'621 31.12.2012 Unclassified
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 3'162'947 1.84 (89'373) 31.01.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'539'177 1.47 (156'818) 31.12.2012 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 2'460'507 1.43 162'795 31.12.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 2'130'994 1.24 51'735 31.12.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 2'083'462 1.21 (165'178) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'047'600 1.19 (7'446) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'982'694 1.15 73'112 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'897'931 1.1 (127'039) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Leerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 21.03.2013
Lazard Capital Markets STEVEN P HALPER buy 5 M 101 12 month 20.03.2013
Wells Fargo Securities, LLC JAMIE STOCKTON market perform 3 M #N/A N/A Not Provided 18.03.2013
Raymond James ALEXANDER Y DRAPER outperform 5 M 100 18 month 13.03.2013
Avondale Partners LLC RICHARD CLOSE market outperform 4 M 97 18 month 12.03.2013
B Riley & Company, Inc EUGENE MANNHEIMER neutral 3 M 91 Not Provided 08.03.2013
Piper Jaffray SEAN W WIELAND overweight 5 M 100 12 month 08.03.2013
Jefferies DAVID H WINDLEY buy 5 M 97 12 month 07.03.2013
Robert W. Baird & Co ERIC W COLDWELL outperform 5 M 94 12 month 07.03.2013
William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 07.03.2013
Oppenheimer & Co BRET D JONES underperform 1 M 54 18 month 06.03.2013
Argus Research Corp DAVID H TOUNG buy 5 M 95 Not Provided 27.02.2013
First Analysis Corp FRANK SPARACINO overweight 5 M 97 12 month 25.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.02.2013
Morgan Stanley RICKY GOLDWASSER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013
Cowen and Company CHARLES RHYEE neutral 3 M #N/A N/A Not Provided 06.02.2013
Maxim Group LLC ANTHONY V VENDETTI hold 3 M #N/A N/A Not Provided 06.02.2013
Credit Suisse GLEN SANTANGELO neutral 3 M 88 Not Provided 05.02.2013
JPMorgan LISA C GILL overweight 5 M 93 9 month 05.02.2013
Sterne, Agee & Leach GREG T BOLAN buy 5 M 100 12 month 05.02.2013
ISI Group MICHAEL CHERNY neutral 3 M 95 12 month 05.02.2013
S&P Capital IQ JEFFREY LOO strong buy 5 M 92 12 month 23.01.2013
Holdings By:
Cerner Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 50
27.03.2013
C.H. Robinson Worldwide, Inc. provides multimodal transportation services and
logistics solutions. The Company operates a network of offices in North
America, Europe, Asia, South America, and the Middle East. C.H. Robinson
provides a variety of logistics services, such as fresh produce sourcing and
freight consolidation.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.01.2013) 67.93
52-Week Low (25.07.2012) 50.82
Daily Volume
59.01
52-Week High % Change -13.13% Dividend Yield 2.27
52-Week Low % Change 16.12% Beta 0.85
% 52 Week Price Range High/Low 47.87% Equity Float 156.98
Shares Out 11.03.2013 159.2 Short Int 5.31
9'395.82 1 Yr Total Return -7.59%
Total Debt 321.66 YTD Return -6.09%
Preferred Stock 0.0 Adjusted BETA 0.848
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 210.02 Consensus Rating 3.438
Enterprise Value 9'507.46
Average Volume 5 Day 449'598
CHRW UW EQUITY YTD Change - Average Volume 30 Day 532'824
CHRW UW EQUITY YTD % CHANGE - Average Volume 3 Month 559'868
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'578.6 7'577.2 9'274.3 10'336.3 11'359.1 10'336.3 11'359.1 12'978.5 14'118.8 2'967.9 3'368.6
1.05x 1.25x 1.40x 1.07x 0.91x 4.51x 3.44x 0.71x 0.65x 3.19x 2.81x
602.8 615.3 652.2 725.2 713.4 725.2 713.4 845.3 941.1 191.5 214.9
14.87x 15.45x 19.88x 15.30x 14.45x 15.30x 14.45x 11.25x 10.10x 11.29x 10.95x
359.2 360.8 387.0 431.6 593.8 431.6 593.8 490.0 547.5 110.4 124.8
26.46x 27.57x 34.42x 26.63x 22.91x 26.53x 23.07x 19.22x 16.94x 19.20x 18.56x
EBITDA 713.41 Long-Term Rating Date -
EBIT 675.32 Long-Term Rating -
Operating Margin 5.95% Long-Term Outlook -
Pretax Margin 8.44% Short-Term Rating Date -
Return on Assets 24.03% Short-Term Rating -
Return on Common Equity 43.14%
Return on Capital 37.86% EBITDA/Interest Exp. -
Asset Turnover 4.60% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 0.16
Gross Margin 8.4% Total Debt/EBITDA 0.45
EBITDA Margin 6.3%
EBIT Margin 5.9% Total Debt/Equity 21.4%
Net Income Margin 5.2% Total Debt/Capital 17.6%
Asset Turnover 4.60
Current Ratio 1.36 Net Fixed Asset Turnover 82.11
Quick Ratio 1.32 Accounts receivable turnover-days 41.92
Debt to Assets 11.47% Inventory Days -
Tot Debt to Common Equity 21.38% Accounts Payable Turnover Day 22.54
Accounts Receivable Turnover 8.73 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
CH Robinson Worldwide IncPrice/Volume
Valuation Analysis
370'730.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
6'000.0
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10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 51
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 9'609'274 6.04 139'500 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'920'704 5.6 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'388'906 5.27 149'590 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'414'398 4.66 (64'505) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'861'475 4.31 375'802 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 6'473'551 4.07 262'805 26.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'120'000 3.22 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'079'005 3.19 257'866 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'408'198 2.77 1'438'324 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'746'268 2.35 834'268 31.12.2012 Investment Advisor
MERCHANTS' GATE CAPI MERCHANTS' GATE CAPI 13F 2'791'765 1.75 (57'335) 31.12.2012 Hedge Fund Manager
PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 2'683'000 1.69 2'515 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'436'066 1.53 (26'610) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'117'531 1.33 30'963 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 2'029'264 1.27 475'964 31.12.2012 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 1'975'439 1.24 1'975'439 31.12.2012 Investment Advisor
JENSEN INVESTMENT MA JENSEN INVESTMENT MA 13F 1'962'668 1.23 (662'340) 31.12.2012 Investment Advisor
POLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 1'918'183 1.2 31'929 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'794'464 1.13 (185'129) 31.12.2012 Investment Advisor
CAPITAL COUNSEL LLC CAPITAL COUNSEL LLC 13F 1'480'315 0.93 (33'562) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research MATTHEW S BROOKLIER neutral 3 M #N/A N/A Not Provided 27.03.2013
Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 74 12 month 22.03.2013
Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.03.2013
Wolfe Trahan & Co SCOTT H GROUP outperform 5 M 78 12 month 15.03.2013
Macquarie KELLY A DOUGHERTY neutral 3 M 58 12 month 12.03.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 08.03.2013
RBC Capital Markets JOHN L BARNES III sector perform 3 M 63 12 month 07.03.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 94 12 month 05.03.2013
Jefferies H PETER NESVOLD hold 3 M 61 12 month 01.03.2013
Susquehanna Financial Group MATT TROY neutral 3 M 65 12 month 13.02.2013
Avondale Partners LLC RYAN BOUCHARD market perform 3 M 67 Not Provided 11.02.2013
Goldman Sachs TOM KIM neutral/attractive 3 M 66 12 month 06.02.2013
Credit Suisse CHRISTOPHER J CERASO neutral 3 M 65 Not Provided 06.02.2013
JPMorgan THOMAS R WADEWITZ neutral 3 M 62 9 month 06.02.2013
Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 73 12 month 06.02.2013
Stephens Inc JACK ATKINS equalweight 3 M 66 12 month 06.02.2013
Raymond James PATRICK TYLER BROWN market perform 3 M #N/A N/A Not Provided 06.02.2013
FBR Capital Markets JOHN R MIMS outperform 5 M 80 12 month 06.02.2013
Stifel JOHN G LARKIN sell 1 M #N/A N/A Not Provided 06.02.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 78 12 month 06.02.2013
Wunderlich Securities CHAZ G JONES hold 3 M 64 12 month 06.02.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER market perform 3 M #N/A N/A Not Provided 06.02.2013
BB&T Capital Markets THOMAS S ALBRECHT hold 3 M #N/A N/A Not Provided 06.02.2013
Cowen Securities LLC JASON H SEIDL hold 3 M #N/A N/A Not Provided 06.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 06.02.2013
William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 05.02.2013
Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 05.02.2013
Deutsche Bank JUSTIN B YAGERMAN buy 5 M 72 12 month 10.11.2012
S&P Capital IQ JAMES CORRIDORE buy 5 M 76 12 month 25.09.2012
Holdings By:
CH Robinson Worldwide Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 52
27.03.2013
Check Point Software Technologies Ltd. develops, markets and supports a range
of software and hardware products and services for information technology (IT)
security and offers its customers a network and gateway security solutions, data
and endpoint security solutions and management solutions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.04.2012) 64.99
52-Week Low (18.10.2012) 40.60
Daily Volume
46.5
52-Week High % Change -28.45% Dividend Yield 0.00
52-Week Low % Change 14.53% Beta 0.88
% 52 Week Price Range High/Low 24.19% Equity Float 159.71
Shares Out 31.12.2012 205.9 Short Int 6.37
9'574.02 1 Yr Total Return -26.74%
Total Debt 0.00 YTD Return -2.39%
Preferred Stock 0.0 Adjusted BETA 0.878
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 3'295.36 Consensus Rating 4.313
Enterprise Value 6'278.65
Average Volume 5 Day 623'078
CHKP UW EQUITY YTD Change - Average Volume 30 Day 487'155
CHKP UW EQUITY YTD % CHANGE - Average Volume 3 Month 515'189
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
808.5 924.4 1'097.9 1'247.0 1'342.7 1'247.0 1'342.7 1'422.8 1'516.8 328.3 346.9
3.18x 5.67x 6.58x 6.37x 4.61x 26.65x 22.26x 5.48x 4.73x 22.97x 21.54x
402.3 483.7 594.4 693.7 761.4 693.7 761.4 834.4 893.9 191.8 201.6
6.39x 10.83x 12.16x 11.44x 8.12x 11.44x 8.12x 7.52x 7.02x 7.52x 7.36x
324.0 357.5 452.8 544.0 620.0 544.0 620.0 688.1 737.2 158.5 166.8
11.37x 18.12x 21.72x 20.77x 16.20x 20.60x 16.09x 13.57x 12.38x 13.58x 13.25x
EBITDA 761.42 Long-Term Rating Date -
EBIT 746.54 Long-Term Rating -
Operating Margin 55.60% Long-Term Outlook -
Pretax Margin 58.60% Short-Term Rating Date -
Return on Assets 14.28% Short-Term Rating -
Return on Common Equity 19.32%
Return on Capital - EBITDA/Interest Exp. 21.34
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 21.11
Net Debt/EBITDA -4.33
Gross Margin 88.4% Total Debt/EBITDA 0.00
EBITDA Margin 56.7%
EBIT Margin 55.6% Total Debt/Equity 0.0%
Net Income Margin 46.2% Total Debt/Capital 0.0%
Asset Turnover 0.31
Current Ratio 2.21 Net Fixed Asset Turnover 36.48
Quick Ratio 2.15 Accounts receivable turnover-days 99.65
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 15.80
Accounts Receivable Turnover 3.67 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Check Point Software Technologies LtdPrice/Volume
Valuation Analysis
813'573.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200.0
400.0
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800.0
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1'200.0
1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 53
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHWED GIL n/a 20F 24'963'760 12.12 - 31.01.2013 n/a
NACHT MARIUS n/a 20F 21'214'986 10.3 - 31.01.2013 n/a
SUN LIFE FINANCIAL I n/a ULT-AGG 15'280'180 7.42 987'407 31.01.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 12'621'374 6.13 235'870 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'955'180 4.84 (8'911'572) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'768'144 4.26 4'046'942 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 7'995'556 3.88 572'741 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 6'439'019 3.13 - 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'399'218 3.11 2'901'491 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'390'445 2.62 1'253'232 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 5'040'047 2.45 (29'658) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 4'220'341 2.05 424'233 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 4'047'800 1.97 4'047'800 31.12.2012 Investment Advisor
FARALLON CAPITAL MAN FARALLON CAPITAL MAN 13F 2'672'000 1.3 1'181'000 31.12.2012 Hedge Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'392'593 1.16 794'584 31.12.2012 Investment Advisor
WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 2'183'420 1.06 (524'608) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'089'800 1.01 (1'196'313) 31.12.2012 Investment Advisor
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 1'850'161 0.9 1'850'161 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'846'238 0.9 (36'863) 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR BESSEMER GROUP INCOR 13F 1'748'270 0.85 543'420 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel TODD C WELLER buy 5 M 55 12 month 26.03.2013
Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 D #N/A N/A Not Provided 25.03.2013
BMO Capital Markets KARL KEIRSTEAD market perform 3 M 48 Not Provided 24.03.2013
Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 15.03.2013
Topeka Capital Markets Inc FREDERICK D ZIEGEL buy 5 M 68 12 month 11.03.2013
Nomura RICHARD G SHERLUND buy 5 M 55 12 month 10.03.2013
FBR Capital Markets DANIEL H IVES outperform 5 M 55 12 month 06.03.2013
Needham & Co SCOTT ZELLER hold 3 M #N/A N/A Not Provided 04.03.2013
Raymond James MICHAEL TURITS outperform 5 M 52 12 month 04.03.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 56 18 month 03.03.2013
Jefferies AARON SCHWARTZ buy 5 M 56 12 month 28.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 12.02.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 48 12 month 12.02.2013
First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 29.01.2013
Macquarie BRAD A ZELNICK outperform 5 M 55 12 month 24.01.2013
Wunderlich Securities BRIAN S FREED buy 5 M 60 18 month 24.01.2013
Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 23.01.2013
RBC Capital Markets ROBERT P BREZA sector perform 3 M 47 12 month 23.01.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 55 Not Provided 23.01.2013
JPMorgan STERLING AUTY overweight 5 M 53 9 month 23.01.2013
Pacific Crest Securities ROB D OWENS outperform 5 M 55 12 month 23.01.2013
Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 55 12 month 23.01.2013
William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 23.01.2013
Cowen and Company GREGG MOSKOWITZ neutral 3 M #N/A N/A Not Provided 23.01.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 60 12 month 23.01.2013
B Riley & Company, Inc DANIEL CUMMINS neutral 3 M 50 12 month 22.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank THOMAS ERNST JR hold 3 M 50 12 month 18.10.2012
Goldman Sachs GREG DUNHAM neutral/neutral 3 M 49 12 month 17.10.2012
Holdings By:
Check Point Software Technologies Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 54
27.03.2013
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol
(IP)-based networking and other products related to the communications and
information technology (IT) industry and provide services associated with these
products and their use. The Company provides products for transporting data,
voice, and video within buildings, across campuses, and globally.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (11.03.2013) 21.98
52-Week Low (25.07.2012) 14.97
Daily Volume
20.75
52-Week High % Change -5.60% Dividend Yield 2.12
52-Week Low % Change 38.66% Beta 0.99
% 52 Week Price Range High/Low 83.89% Equity Float 5'322.18
Shares Out 14.02.2013 5'332.0 Short Int 61.50
110'638.46 1 Yr Total Return 1.91%
Total Debt 16'328.00 YTD Return 5.60%
Preferred Stock 0.0 Adjusted BETA 0.989
Minority Interest 15.0 Analyst Recs 49
Cash and Equivalents 48'716.00 Consensus Rating 4.245
Enterprise Value 80'563.46
Average Volume 5 Day 8'847'501
CSCO UW EQUITY YTD Change - Average Volume 30 Day 9'486'852
CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'196'968
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4
39'540.0 36'117.0 40'040.0 43'218.0 46'061.0 44'844.0 47'252.0 48'708.3 51'403.4 12'204.0 12'524.3
2.86x 2.82x 2.64x 1.37x 1.10x 6.16x 5.76x 2.09x 1.74x 6.31x 6.00x
11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'018.0 13'372.0 15'215.0 15'696.1 3'802.0 4'002.0
10.09x 11.13x 9.46x 5.39x 3.91x 6.27x 6.17x 5.28x 5.12x 5.12x 5.02x
8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 6'998.0 9'317.0 10'665.0 11'156.2 2'630.9 2'720.4
16.14x 17.79x 16.96x 12.57x 10.12x 13.77x 13.06x 10.40x 9.84x 10.24x 10.07x
EBITDA 12'971.00 Long-Term Rating Date 10.02.2006
EBIT 10'369.00 Long-Term Rating A+
Operating Margin 22.51% Long-Term Outlook STABLE
Pretax Margin 22.06% Short-Term Rating Date 31.01.2011
Return on Assets 10.04% Short-Term Rating A-1+
Return on Common Equity 17.79%
Return on Capital 14.26% EBITDA/Interest Exp. 21.76
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 19.87
Net Debt/EBITDA -2.25
Gross Margin 61.2% Total Debt/EBITDA 1.22
EBITDA Margin 28.3%
EBIT Margin 22.7% Total Debt/Equity 31.8%
Net Income Margin 17.5% Total Debt/Capital 24.1%
Asset Turnover 0.51
Current Ratio 3.49 Net Fixed Asset Turnover 13.28
Quick Ratio 3.20 Accounts receivable turnover-days 60.78
Debt to Assets 17.79% Inventory Days 31.27
Tot Debt to Common Equity 31.84% Accounts Payable Turnover Day 16.63
Accounts Receivable Turnover 5.99 Cash Conversion Cycle 77.17
Inventory Turnover 11.64
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cisco Systems IncPrice/Volume
Valuation Analysis
2'102'008.00
Current Price (3/dd/yy) Market Data
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5'000.0
10'000.0
15'000.0
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25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 55
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 276'768'876 5.19 (27'443'381) 22.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 232'564'275 4.36 (1'696'027) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 225'135'431 4.22 (6'694'074) 25.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 183'794'312 3.45 65'261'717 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 144'509'645 2.71 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 112'982'877 2.12 4'376'292 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 98'235'021 1.84 12'991'203 31.12.2012 Unclassified
INVESCO LTD INVESCO LTD 13F 96'443'571 1.81 (10'116'927) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 86'751'700 1.63 19'583'032 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 82'170'687 1.54 (271'698) 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 77'496'020 1.45 2'085'888 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 70'428'507 1.32 6'196'339 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 69'820'447 1.31 (4'001'080) 31.12.2012 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'443'161 0.98 (52'225) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 47'768'835 0.9 (1'195'030) 28.02.2013 Unclassified
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 46'147'106 0.87 (540'834) 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 43'095'418 0.81 4'202'738 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 42'368'958 0.79 3'103'045 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 40'386'595 0.76 7'990'890 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 37'520'775 0.7 6'191'620 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies GEORGE C NOTTER hold 3 M 22 12 month 26.03.2013
Raymond James SIMON M LEOPOLD outperform 5 M 25 12 month 25.03.2013
FBR Capital Markets SCOTT S THOMPSON underperform 1 D 17 12 month 21.03.2013
Stifel SANJIV R WADHWANI buy 5 M 25 12 month 21.03.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 26 12 month 21.03.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 15.03.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 25 12 month 15.03.2013
RBC Capital Markets MARK SUE outperform 5 M 24 12 month 14.03.2013
Nomura STUART JEFFREY buy 5 M 25 12 month 14.03.2013
Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 25 12 month 13.03.2013
S&P Capital IQ JAMES G MOORMAN buy 5 M 26 12 month 08.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 24 Not Provided 06.03.2013
William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 05.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 14 Not Provided 05.03.2013
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 20 12 month 04.03.2013
Argus Research Corp JAMES KELLEHER buy 5 M 26 Not Provided 01.03.2013
ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 01.03.2013
BMO Capital Markets TIMOTHY P LONG outperform 5 M 25 Not Provided 27.02.2013
Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 25.02.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 24 12 month 25.02.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 14.02.2013
JPMorgan ROD HALL underweight 1 M 18 9 month 14.02.2013
Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 14.02.2013
Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 25 12 month 14.02.2013
Wedbush ROHIT CHOPRA outperform 5 M 24 12 month 14.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 14.02.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 24 12 month 14.02.2013
Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 14.02.2013
Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 14.02.2013
JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 14.02.2013
Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 14.02.2013
Piper Jaffray TROY D JENSEN overweight 5 M 25 12 month 14.02.2013
MKM Partners MICHAEL GENOVESE buy 5 M 25 12 month 14.02.2013
Northland Securities Inc CATHARINE TREBNICK outperform 5 N 26 12 month 14.02.2013
Barclays BENJAMIN A REITZES overweight 5 M 24 Not Provided 14.02.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 25 12 month 14.02.2013
Evercore Partners MARK A MCKECHNIE equalweight 3 M 23 12 month 13.02.2013
Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 04.02.2013
Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 25 12 month 09.12.2012
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 03.12.2012
BGC Partners COLIN W GILLIS buy 5 M 21 12 month 16.08.2012
Holdings By:
Cisco Systems Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 56
27.03.2013
Citrix Systems, Inc. designs, develops, and markets technology solutions that
allow applications to be delivered, supported, and shared on-demand. The Company
develops and markets comprehensive solutions across all dimensions of
application, server and desktop virtualization as well as application and
network optimization.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.04.2012) 87.98
52-Week Low (15.11.2012) 56.57
Daily Volume
70.99
52-Week High % Change -19.31% Dividend Yield 0.00
52-Week Low % Change 25.49% Beta 1.46
% 52 Week Price Range High/Low 45.91% Equity Float 184.83
Shares Out 15.02.2013 186.4 Short Int 2.51
13'232.81 1 Yr Total Return -10.55%
Total Debt 0.00 YTD Return 7.97%
Preferred Stock 0.0 Adjusted BETA 1.456
Minority Interest 0.0 Analyst Recs 38
Cash and Equivalents 928.63 Consensus Rating 4.184
Enterprise Value 12'304.18
Average Volume 5 Day 617'548
CTXS UW EQUITY YTD Change - Average Volume 30 Day 533'508
CTXS UW EQUITY YTD % CHANGE - Average Volume 3 Month 648'544
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'583.4 1'614.1 1'874.7 2'206.4 2'586.1 2'206.4 2'586.1 2'971.4 3'355.3 677.0 711.0
2.32x 4.34x 6.37x 4.78x 4.37x 21.29x 20.53x 4.07x 3.44x 18.08x 16.95x
294.8 364.7 459.8 576.2 605.7 576.2 605.7 934.2 1'050.9 188.2 214.8
12.44x 19.19x 25.97x 18.30x 18.66x 18.30x 18.66x 13.17x 11.71x 13.25x 12.65x
178.3 191.0 277.1 356.3 352.5 356.3 352.5 594.2 684.5 118.9 132.8
19.81x 30.37x 46.86x 32.47x 35.28x 32.30x 37.50x 22.59x 19.72x 22.62x 21.83x
EBITDA 605.65 Long-Term Rating Date 04.02.2005
EBIT 390.78 Long-Term Rating NR
Operating Margin 15.11% Long-Term Outlook -
Pretax Margin 15.86% Short-Term Rating Date -
Return on Assets 7.93% Short-Term Rating -
Return on Common Equity 12.05%
Return on Capital 12.05% EBITDA/Interest Exp. -
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.53
Gross Margin 84.4% Total Debt/EBITDA 0.00
EBITDA Margin 23.4%
EBIT Margin 15.1% Total Debt/Equity 0.0%
Net Income Margin 13.6% Total Debt/Capital 0.0%
Asset Turnover 0.58
Current Ratio 1.28 Net Fixed Asset Turnover 8.91
Quick Ratio 1.16 Accounts receivable turnover-days 78.93
Debt to Assets 0.00% Inventory Days 8.71
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 58.16
Accounts Receivable Turnover 4.64 Cash Conversion Cycle 29.47
Inventory Turnover 42.03
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Citrix Systems IncPrice/Volume
Valuation Analysis
823'223.00
Current Price (3/dd/yy) Market Data
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3'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 57
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 15'136'139 8.12 (6'151'934) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'851'019 6.36 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'355'023 4.48 104'224 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 7'734'370 4.15 (179'482) 26.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'506'574 3.49 1'043'984 31.12.2012 Unclassified
INVESCO LTD INVESCO LTD 13F 5'862'079 3.14 887'659 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 5'739'377 3.08 1'496'089 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'257'890 2.82 1'062'062 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'082'862 2.19 1'053'573 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'929'338 2.11 (83'316) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'874'190 2.08 (313'208) 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 3'768'917 2.02 2'291'404 31.12.2012 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'732'787 2 417'815 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'581'960 1.92 668'154 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 3'431'077 1.84 75'282 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'765'576 1.48 40'871 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'671'828 1.43 184'746 31.01.2013 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'436'445 1.31 170'063 31.12.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 2'367'537 1.27 82'767 31.12.2012 Investment Advisor
KEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 2'054'417 1.1 1'086'635 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 85 12 month 26.03.2013
Stifel BRAD REBACK buy 5 M 83 12 month 25.03.2013
Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 95 12 month 25.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013
Longbow Research KEVIN M BUTTIGIEG neutral 3 M #N/A N/A Not Provided 22.03.2013
FBN Securities SHEBLY SEYRAFI outperform 5 N 85 12 month 20.03.2013
Evercore Partners STEWART KIRK MATERNE III overweight 5 M 85 Not Provided 19.03.2013
Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 18.03.2013
Nomura RICHARD G SHERLUND neutral 3 M 85 12 month 10.03.2013
Oppenheimer & Co SHAUL EYAL market perform 3 M #N/A N/A Not Provided 07.03.2013
Berenberg Bank DAUD KHAN hold 3 M 76 Not Provided 06.03.2013
William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 05.03.2013
Needham & Co SCOTT ZELLER buy 5 M 85 12 month 04.03.2013
Raymond James MICHAEL TURITS outperform 5 M 78 12 month 04.03.2013
Drexel Hamilton LLC JAMES N GILMAN hold 3 M 72 12 month 04.03.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 102 12 month 26.02.2013
Jefferies ROSS MACMILLAN buy 5 M 85 12 month 25.02.2013
Pacific Crest Securities ROB D OWENS outperform 5 M 90 12 month 21.02.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 88 12 month 14.02.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 05.02.2013
Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 04.02.2013
Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 80 12 month 31.01.2013
RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 85 12 month 31.01.2013
Credit Suisse PHILIP WINSLOW neutral 3 M 73 Not Provided 31.01.2013
JPMorgan JOHN DIFUCCI underweight 1 M 56 9 month 31.01.2013
Robert W. Baird & Co STEVEN M ASHLEY outperform 5 M 80 12 month 31.01.2013
Stephens Inc JONATHAN B RUYKHAVER overweight 5 M 86 12 month 31.01.2013
FBR Capital Markets DANIEL H IVES outperform 5 M 100 12 month 31.01.2013
Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 31.01.2013
Susquehanna Financial Group J DERRICK WOOD Positive 4 M 95 12 month 31.01.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE outperform 5 M 82 Not Provided 31.01.2013
Barclays RAIMO LENSCHOW equalweight 3 M 76 Not Provided 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 95 12 month 14.06.2012
Noble Financial Group SUSAN BAUR buy 5 M 101 12 month 26.04.2012
Holdings By:
Citrix Systems Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 58
27.03.2013
Cognizant Technology Solutions Corporation provides custom Information
Technology (IT) consulting and technology services as well as outsourcing
services. The Company's core competencies include technology strategy
consulting, complex systems development, enterprise software package
implementation and maintenance, data warehousing and business intelligence.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 81.05
52-Week Low (12.07.2012) 53.93
Daily Volume
74.62
52-Week High % Change -7.93% Dividend Yield 0.00
52-Week Low % Change 38.36% Beta 1.18
% 52 Week Price Range High/Low 76.29% Equity Float 300.31
Shares Out 19.02.2013 301.8 Short Int 3.01
22'518.97 1 Yr Total Return -3.60%
Total Debt 0.00 YTD Return 0.77%
Preferred Stock 0.0 Adjusted BETA 1.182
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 2'863.76 Consensus Rating 4.621
Enterprise Value 19'655.21
Average Volume 5 Day 666'963
CTSH UW EQUITY YTD Change - Average Volume 30 Day 519'967
CTSH UW EQUITY YTD % CHANGE - Average Volume 3 Month 568'322
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'816.3 3'278.7 4'592.4 6'121.2 7'346.5 6'121.2 7'346.5 8'619.6 10'011.3 2'007.3 2'110.5
1.60x 3.68x 4.37x 2.79x 2.64x 12.47x 10.11x 2.27x 1.85x 9.72x 9.13x
591.5 707.9 972.0 1'260.6 1'518.1 1'260.6 1'518.1 1'745.3 2'033.8 405.4 423.8
7.62x 17.06x 20.63x 13.53x 12.80x 13.53x 12.80x 11.26x 9.66x 11.28x 10.84x
430.8 535.0 733.5 883.6 1'051.3 883.6 1'051.3 1'311.2 1'523.6 306.8 321.5
12.54x 25.47x 30.92x 22.56x 21.48x 22.56x 21.48x 17.35x 15.00x 17.32x 16.66x
EBITDA 1'518.08 Long-Term Rating Date -
EBIT 1'361.50 Long-Term Rating -
Operating Margin 18.53% Long-Term Outlook -
Pretax Margin 18.89% Short-Term Rating Date -
Return on Assets 17.48% Short-Term Rating -
Return on Common Equity 23.87%
Return on Capital 23.87% EBITDA/Interest Exp. -
Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.89
Gross Margin 41.8% Total Debt/EBITDA 0.00
EBITDA Margin 20.7%
EBIT Margin 18.5% Total Debt/Equity 0.0%
Net Income Margin 14.3% Total Debt/Capital 0.0%
Asset Turnover 1.22
Current Ratio 3.50 Net Fixed Asset Turnover 8.50
Quick Ratio 3.06 Accounts receivable turnover-days 62.89
Debt to Assets 0.00% Inventory Days 13.80
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 7.66
Accounts Receivable Turnover 5.82 Cash Conversion Cycle 69.03
Inventory Turnover 26.51
Fiscal Year Ended
Cognizant Technology Solutions CorpPrice/Volume
Valuation Analysis
367'892.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'000.0
2'000.0
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4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 59
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 17'371'723 5.76 1'260'736 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'558'747 5.49 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'391'893 4.44 229'104 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 12'081'543 4 400'238 26.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 11'426'637 3.79 196'560 31.12.2012 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 10'912'591 3.62 320'797 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'151'194 3.36 5'889'084 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 7'242'399 2.4 (629'607) 31.12.2012 Unclassified
INVESCO LTD INVESCO LTD 13F 7'054'287 2.34 (399'683) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'260'736 2.07 340'942 31.12.2012 Investment Advisor
EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 6'100'206 2.02 (167'623) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 5'913'487 1.96 1'901'297 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'568'034 1.85 223'113 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 5'319'826 1.76 116'916 31.12.2012 Investment Advisor
POLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 4'294'290 1.42 58'892 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'188'728 1.39 (35'135) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'994'216 1.32 (205'411) 31.12.2012 Investment Advisor
GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 3'404'286 1.13 3'404'286 31.12.2012 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 3'243'161 1.07 1'885'322 31.12.2012 Investment Advisor
CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 2'925'763 0.97 341'215 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 85 12 month 27.03.2013
RBC Capital Markets DANIEL R PERLIN outperform 5 M 85 12 month 26.03.2013
JPMorgan TIEN-TSIN HUANG overweight 5 M 86 9 month 25.03.2013
Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 90 12 month 25.03.2013
Nomura ASHWIN MEHTA buy 5 M 89 Not Provided 24.03.2013
Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 19.03.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 88 12 month 12.03.2013
Pacific Crest Securities JESSE HULSING sector perform 3 D #N/A N/A Not Provided 11.03.2013
Credit Suisse GEORGE MIHALOS outperform 5 M 85 Not Provided 07.03.2013
Berenberg Bank DAUD KHAN hold 3 M 61 Not Provided 06.03.2013
BMO Capital Markets KEITH F BACHMAN outperform 5 M 85 Not Provided 01.03.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M 72 12 month 08.02.2013
Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 75 12 month 08.02.2013
BNP Paribas Equity Research ARVIND RAMNANI buy 5 M 83 12 month 08.02.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 08.02.2013
Barclays DARRIN D PELLER overweight 5 M 86 Not Provided 08.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 08.02.2013
Jefferies JASON KUPFERBERG buy 5 M 80 12 month 07.02.2013
Needham & Co MAYANK TANDON buy 5 M 90 12 month 07.02.2013
Robert W. Baird & Co DAVID J KONING outperform 5 M 92 12 month 07.02.2013
William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 07.02.2013
Oppenheimer & Co GLENN GREENE outperform 5 M 88 18 month 07.02.2013
BB&T Capital Markets GEORGE A PRICE buy 5 M 86 12 month 07.02.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 86 12 month 07.02.2013
Deutsche Bank BRYAN KEANE buy 5 M 92 12 month 28.01.2013
Piper Jaffray MARK J ZGUTOWICZ overweight 5 M 73 12 month 23.11.2012
BOE Securities BINDAL PARIKH TOTLANI buy 5 M 77 12 month 22.08.2012
Centrum Broking Pvt Ltd GIRISH PAI hold 3 M 78 Not Provided 08.07.2011
Holdings By:
Cognizant Technology Solutions Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 60
27.03.2013
Comcast Corporation is a global media and technology company with two primary
businesses. The Company provides video, high-speed Internet and phone services
to residential and business customers. Comcast also operates news and
entertainment cable networks, a national and a Spanish broadcast network, TV
production operations, TV station groups, film studios, theme parks and resorts.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 42.00
52-Week Low (21.05.2012) 28.10
Daily Volume
41.56
52-Week High % Change -1.05% Dividend Yield 1.56
52-Week Low % Change 47.90% Beta 1.07
% 52 Week Price Range High/Low 97.95% Equity Float 2'120.37
Shares Out 31.12.2012 2'122.3 Short Int 30.95
108'404.07 1 Yr Total Return 39.63%
Total Debt 40'458.00 YTD Return 11.18%
Preferred Stock 0.0 Adjusted BETA 1.073
Minority Interest 17'438.0 Analyst Recs 32
Cash and Equivalents 12'415.00 Consensus Rating 4.563
Enterprise Value 153'885.07
Average Volume 5 Day 4'083'910
CMCSA UW EQUITY YTD Change - Average Volume 30 Day 4'155'336
CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'837'537
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 55'842.0 62'570.0 64'234.9 68'029.0 15'441.5 15'990.0
2.33x 2.14x 2.28x 2.12x 2.30x 8.52x 8.83x 2.62x 2.44x 11.23x 10.78x
13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 18'357.0 19'977.0 20'933.0 22'280.9 5'021.5 5'330.9
6.10x 5.58x 5.93x 6.44x 7.21x 6.44x 7.21x 7.36x 6.91x 7.33x 7.16x
2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'160.0 6'203.0 6'388.8 7'180.1 1'370.2 1'629.2
18.55x 15.19x 16.77x 15.01x 19.46x 15.01x 19.36x 17.38x 15.20x 17.57x 16.79x
EBITDA 19'977.00 Long-Term Rating Date 14.02.2013
EBIT 12'179.00 Long-Term Rating A-
Operating Margin 19.46% Long-Term Outlook POS
Pretax Margin 18.55% Short-Term Rating Date 25.05.2004
Return on Assets 3.84% Short-Term Rating A-2
Return on Common Equity 12.84%
Return on Capital 9.11% EBITDA/Interest Exp. 7.92
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 5.66
Net Debt/EBITDA 1.40
Gross Margin 68.1% Total Debt/EBITDA 2.03
EBITDA Margin 31.9%
EBIT Margin 19.5% Total Debt/Equity 82.0%
Net Income Margin 9.9% Total Debt/Capital 37.7%
Asset Turnover 0.39
Current Ratio 1.20 Net Fixed Asset Turnover 2.28
Quick Ratio 1.07 Accounts receivable turnover-days 28.87
Debt to Assets 24.52% Inventory Days -
Tot Debt to Common Equity 81.97% Accounts Payable Turnover Day 59.15
Accounts Receivable Turnover 12.68 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Comcast CorpPrice/Volume
Valuation Analysis
1'457'297.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 61
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 170'286'499 8.02 (15'203'842) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 152'232'792 7.17 (136'836) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 122'446'969 5.77 4'965'013 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 108'349'162 5.11 2'257'020 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 98'374'255 4.64 1'987'933 26.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 72'420'757 3.41 (11'233'339) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 63'251'006 2.98 (2'617'597) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 52'985'837 2.5 (6'273'501) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 39'427'371 1.86 6'577'191 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 33'384'322 1.57 6'326 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 30'125'878 1.42 (1'342'104) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 26'200'994 1.23 1'422'866 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'679'889 1.16 (1'113'877) 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 23'978'448 1.13 710'946 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 22'993'590 1.08 1'226'195 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 22'281'474 1.05 3'494'798 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 19'975'360 0.94 36'016 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 18'685'369 0.88 1'272'776 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 17'865'247 0.84 (1'760'635) 31.12.2012 Investment Advisor
GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 16'042'220 0.76 (436'600) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan PHILIP CUSICK overweight 5 M 49 Not Provided 25.03.2013
Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 47 12 month 24.03.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 12.03.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 48 12 month 06.03.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 04.03.2013
Macquarie AMY YONG neutral 3 D 45 12 month 22.02.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 42 12 month 19.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 19.02.2013
Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 19.02.2013
Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 45 18 month 19.02.2013
Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 48 12 month 19.02.2013
Evercore Partners BRYAN KRAFT overweight 5 M 46 12 month 15.02.2013
RBC Capital Markets JONATHAN ATKIN outperform 5 U 46 12 month 14.02.2013
Brean Murray Carret & Co TODD MITCHELL buy 5 M 48 12 month 14.02.2013
Raymond James FRANK G LOUTHAN outperform 5 M 44 12 month 14.02.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 47 18 month 14.02.2013
Guggenheim Securities LLC SHING YIN neutral 3 M 40 12 month 14.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 47 Not Provided 14.02.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 13.02.2013
Janney Montgomery Scott LLC TONY WIBLE buy 5 M 48 12 month 13.02.2013
Jefferies THOMAS O SEITZ buy 5 M 45 12 month 13.02.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 D #N/A N/A Not Provided 13.02.2013
Stifel CHRISTOPHER C KING buy 5 M 45 12 month 13.02.2013
Scotia Capital JEFFREY FAN sector outperform 5 M 46 12 month 13.02.2013
Nomura MICHAEL L MCCORMACK buy 5 M 48 12 month 13.02.2013
S&P Capital IQ TUNA AMOBI buy 5 M 46 12 month 13.02.2013
Maxim Group LLC JOHN TINKER buy 5 M 48 12 month 13.02.2013
New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013
ISI Group VIJAY JAYANT buy 5 M 47 12 month 12.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
BTIG LLC RICHARD GREENFIELD neutral 3 M #N/A N/A Not Provided 26.01.2011
Holdings By:
Comcast Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 62
27.03.2013
Costco Wholesale Corporation operates wholesale membership warehouses in
multiple countries. The Company sells all kinds of food, automotive supplies,
toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty
aids, as well as other goods.
Latest Fiscal Year: 08/2012
LTM as of: 02/yy
52-Week High (26.03.2013) 105.96
52-Week Low (08.05.2012) 76.56
Daily Volume
105.72
52-Week High % Change -0.23% Dividend Yield 7.89
52-Week Low % Change 38.08% Beta 0.74
% 52 Week Price Range High/Low 98.97% Equity Float 432.15
Shares Out 13.03.2013 436.4 Short Int 6.38
46'133.18 1 Yr Total Return 25.19%
Total Debt 1'382.00 YTD Return 7.33%
Preferred Stock - Adjusted BETA 0.745
Minority Interest 157.0 Analyst Recs 28
Cash and Equivalents 4'854.00 Consensus Rating 4.036
Enterprise Value 45'523.18
Average Volume 5 Day 715'834
COST UW EQUITY YTD Change - Average Volume 30 Day 739'957
COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 696'108
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4
72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 93'396.0 103'128.0 106'074.6 115'242.1 24'295.1 33'139.4
0.39x 0.30x 0.28x 0.34x 0.39x 1.38x 1.49x 0.43x 0.39x 1.92x 1.40x
2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'392.0 3'874.0 4'090.6 4'518.5 930.4 1'298.1
10.74x 8.39x 7.60x 9.28x 10.64x 9.91x 11.35x 11.14x 10.09x 10.78x 10.53x
1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'516.0 1'958.0 2'003.7 2'198.1 450.2 638.4
22.66x 20.46x 19.18x 23.33x 25.16x 24.48x 23.65x 23.24x 21.01x 22.46x 21.94x
EBITDA 3'667.00 Long-Term Rating Date 28.11.2012
EBIT 2'759.00 Long-Term Rating A+
Operating Margin 2.78% Long-Term Outlook STABLE
Pretax Margin 2.79% Short-Term Rating Date 28.11.2012
Return on Assets 6.92% Short-Term Rating A-1
Return on Common Equity 17.53%
Return on Capital 13.59% EBITDA/Interest Exp. 34.92
Asset Turnover 3.64% (EBITDA-Capex)/Interest Exp. 20.83
Net Debt/EBITDA -0.20
Gross Margin 12.4% Total Debt/EBITDA 1.26
EBITDA Margin 3.8%
EBIT Margin 2.9% Total Debt/Equity 11.2%
Net Income Margin 1.7% Total Debt/Capital 9.9%
Asset Turnover 3.64
Current Ratio 1.10 Net Fixed Asset Turnover 7.96
Quick Ratio 0.48 Accounts receivable turnover-days 4.30
Debt to Assets 5.09% Inventory Days 29.84
Tot Debt to Common Equity 11.18% Accounts Payable Turnover Day 28.11
Accounts Receivable Turnover 86.23 Cash Conversion Cycle 3.64
Inventory Turnover 12.43
Fiscal Year Ended
Costco Wholesale CorpPrice/Volume
Valuation Analysis
164'241.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 63
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 51'504'375 11.8 (1'398'958) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 21'671'006 4.97 (3'954'786) 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'469'354 4.46 612'041 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 17'510'444 4.01 163'599 26.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'318'718 3.51 (2'770'670) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 13'559'317 3.11 914'367 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'972'856 2.06 187'224 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'834'546 1.8 (52'440) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 6'028'756 1.38 716'763 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'846'843 1.34 (762'123) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'649'922 1.29 13'503 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 5'135'180 1.18 (571'875) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 4'427'681 1.01 1'674'312 31.12.2012 Government
JP MORGAN n/a ULT-AGG 4'378'833 1 1'416'393 31.12.2012 Unclassified
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'345'534 1 403'832 31.12.2012 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 4'333'363 0.99 - 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'196'949 0.96 1'112'363 31.12.2012 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 3'799'389 0.87 (109'758) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'546'132 0.81 (52'878) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'279'692 0.75 77'350 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Northcoast Research CHARLES E CERANKOSKY buy 5 M 115 12 month 25.03.2013
ISI Group GREGORY MELICH strong buy 5 M 116 12 month 24.03.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 22.03.2013
Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 20.03.2013
Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 113 12 month 19.03.2013
Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 108 Not Provided 15.03.2013
BMO Capital Markets KAREN SHORT outperform 5 M 115 Not Provided 13.03.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 115 Not Provided 13.03.2013
Robert W. Baird & Co PETER S BENEDICT outperform 5 M 117 12 month 13.03.2013
Stifel DAVID A SCHICK buy 5 M 107 12 month 13.03.2013
Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 13.03.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 110 12 month 13.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 13.03.2013
Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 12.03.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 12.03.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 113 9 month 12.03.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 12.03.2013
Jefferies DANIEL T BINDER hold 3 M 92 12 month 12.03.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 102 12 month 12.03.2013
Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 12.03.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 12.03.2013
Piper Jaffray SEAN NAUGHTON overweight 5 M 113 12 month 12.03.2013
Barclays ROBERT S DRBUL equalweight 3 M 105 Not Provided 12.03.2013
Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 04.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 27.02.2013
Deutsche Bank PAUL TRUSSELL buy 5 M 110 12 month 15.02.2013
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 102 12 month 11.10.2012
Holdings By:
Costco Wholesale Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 64
27.03.2013
Dell Inc. offers a wide range of computers and related products. The Company
sells personal computers, servers and networking products, storage systems,
mobility products, software and peripherals, and services. Dell serves
consumers and businesses in the Americas, Europe, the Middle East, Africa, and
the Asia Pacific region.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (02.04.2012) 16.84
52-Week Low (16.11.2012) 8.70
Daily Volume
14.5
52-Week High % Change -13.90% Dividend Yield 0.55
52-Week Low % Change 66.76% Beta 1.10
% 52 Week Price Range High/Low 71.27% Equity Float 1'470.39
Shares Out 06.03.2013 1'747.2 Short Int 38.47
25'334.70 1 Yr Total Return -11.08%
Total Debt 9'085.00 YTD Return 43.93%
Preferred Stock 0.0 Adjusted BETA 1.104
Minority Interest 21.0 Analyst Recs 30
Cash and Equivalents 12'777.00 Consensus Rating 3.133
Enterprise Value 21'663.69
Average Volume 5 Day 4'695'212
DELL UW EQUITY YTD Change - Average Volume 30 Day 4'447'010
DELL UW EQUITY YTD % CHANGE - Average Volume 3 Month 7'157'540
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 02/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
61'101.0 52'902.0 61'494.0 62'071.0 56'940.0 62'071.0 56'940.0 55'902.0 56'163.4 13'547.7 13'977.5
0.19x 0.35x 0.27x 0.41x 0.35x 1.52x 1.29x 0.36x 0.33x 1.63x 1.42x
3'961.0 3'024.0 4'403.0 5'367.0 4'156.0 5'367.0 4'156.0 4'312.7 4'727.9 973.6 1'154.7
2.87x 6.06x 3.83x 4.76x 4.82x 4.76x 4.82x 5.02x 4.58x 4.78x 4.53x
2'478.0 1'433.0 2'635.0 3'492.0 2'372.0 3'492.0 2'372.0 2'753.1 2'916.4 626.7 685.6
6.93x 13.58x 9.20x 8.87x 9.21x 8.83x 9.15x 9.25x 8.44x 9.29x 9.02x
EBITDA 4'156.00 Long-Term Rating Date 05.02.2013
EBIT 3'012.00 Long-Term Rating A- *-
Operating Margin 5.29% Long-Term Outlook -
Pretax Margin 4.99% Short-Term Rating Date 05.02.2013
Return on Assets 5.15% Short-Term Rating A-1 *-
Return on Common Equity 24.21%
Return on Capital 13.57% EBITDA/Interest Exp. 15.39
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 13.49
Net Debt/EBITDA -0.89
Gross Margin 21.4% Total Debt/EBITDA 2.19
EBITDA Margin 7.3%
EBIT Margin 5.3% Total Debt/Equity 85.1%
Net Income Margin 4.2% Total Debt/Capital 45.9%
Asset Turnover 1.24
Current Ratio 1.19 Net Fixed Asset Turnover 26.80
Quick Ratio 0.97 Accounts receivable turnover-days 62.79
Debt to Assets 19.11% Inventory Days 11.33
Tot Debt to Common Equity 85.07% Accounts Payable Turnover Day 94.54
Accounts Receivable Turnover 5.80 Cash Conversion Cycle -20.41
Inventory Turnover 32.13
Fiscal Year Ended
Dell IncPrice/Volume
Valuation Analysis
3'115'058.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 65
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DELL MICHAEL S n/a 13G 273'332'371 15.64 - 31.12.2012 n/a
SOUTHEASTERN ASSET M n/a 13D 121'514'858 6.95 (1'810'700) 14.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 82'129'627 4.7 5'586'760 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 67'817'664 3.88 (7'236'164) 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 63'098'665 3.61 139'595 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 62'291'737 3.57 3'390 26.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'607'204 1.87 22'548'224 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 31'497'454 1.8 370'700 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 28'739'667 1.64 8'722'100 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 25'888'998 1.48 4'511'397 28.02.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 23'983'550 1.37 (85'300) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 23'331'742 1.34 (9'214'269) 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 20'513'052 1.17 (248'673) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 19'112'269 1.09 369'712 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 18'760'153 1.07 843'092 31.12.2012 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 14'912'159 0.85 14'912'159 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 14'374'325 0.82 (2'616'894) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 14'050'626 0.8 9'838'823 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 12'735'099 0.73 (477'474) 31.12.2012 Government
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 12'677'923 0.73 (1'738'375) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 15 12 month 26.03.2013
Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 15 12 month 26.03.2013
Morgan Stanley KATHRYN HUBERTY restricted #N/A N/A M #N/A N/A Not Provided 25.03.2013
Brean Murray Carret & Co ANANDA BARUAH hold 3 M #N/A N/A Not Provided 25.03.2013
Sterne, Agee & Leach SHAW WU neutral 3 M #N/A N/A Not Provided 25.03.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 25.03.2013
S&P Capital IQ ANGELO ZINO hold 3 M 15 12 month 25.03.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 18 12 month 25.03.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.03.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 14 Not Provided 14.03.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 07.03.2013
Jefferies PETER J MISEK hold 3 M 14 12 month 07.03.2013
Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 06.03.2013
Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 28.02.2013
Mizuho Securities USA Inc ABHEY R LAMBA neutral 3 M 14 12 month 26.02.2013
Argus Research Corp JAMES KELLEHER sell 1 M #N/A N/A Not Provided 21.02.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 21.02.2013
Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 20.02.2013
Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 20.02.2013
Cowen and Company MATTHEW HOFFMAN neutral 3 M #N/A N/A Not Provided 20.02.2013
Maxim Group LLC ASHOK KUMAR hold 3 M #N/A N/A Not Provided 20.02.2013
Cross Research SHANNON S CROSS hold 3 M #N/A N/A Not Provided 20.02.2013
Credit Agricole Securities (USA) AVI SILVER underperform 1 M 14 Not Provided 20.02.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 M 14 12 month 20.02.2013
ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 19.02.2013
Deutsche Bank CHRISTOPHER WHITMORE hold 3 D 14 12 month 06.02.2013
Crowell, Weedon & Co JAMES D RAGAN neutral 3 D 14 12 month 06.02.2013
Goldman Sachs WILLIAM C SHOPE JR not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013
Credit Suisse KULBINDER GARCHA restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013
JPMorgan MARK A MOSKOWITZ restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013
Evercore Partners ROBERT CIHRA suspended coverage #N/A N/A M #N/A N/A Not Provided 05.02.2013
Barclays BENJAMIN A REITZES suspended coverage #N/A N/A M #N/A N/A Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 16.01.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 12 12 month 09.01.2013
Jyske Bank ROBERT JAKOBSEN strong buy 5 M 17 Not Provided 24.05.2012
Holdings By:
Dell Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 66
27.03.2013
DENTSPLY International Inc. manufactures and distributes dental supplies on a
worldwide basis. The Company's products include dental prosthetics, endodontic
instruments, dental sealants, ultrasonic scalers, dental x-ray equipment, and
intraoral cameras. DENTSPLY also provides impression materials, orthodontic
appliances, and dental operatory software systems, and other dental products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.02.2013) 43.50
52-Week Low (02.08.2012) 35.04
Daily Volume
41.9
52-Week High % Change -3.68% Dividend Yield 0.53
52-Week Low % Change 19.58% Beta 1.12
% 52 Week Price Range High/Low 81.09% Equity Float 142.51
Shares Out 14.02.2013 142.8 Short Int 7.16
5'985.41 1 Yr Total Return 5.27%
Total Debt 1'521.00 YTD Return 5.94%
Preferred Stock 0.0 Adjusted BETA 1.124
Minority Interest 40.7 Analyst Recs 17
Cash and Equivalents 80.13 Consensus Rating 3.471
Enterprise Value 7'467.02
Average Volume 5 Day 176'830
XRAY UW EQUITY YTD Change - Average Volume 30 Day 226'952
XRAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 227'401
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'193.7 2'159.4 2'221.0 2'537.7 2'928.4 2'537.7 2'928.4 3'051.4 3'186.6 735.0 797.4
2.06x 2.44x 2.25x 2.63x 2.43x 9.29x 9.79x 2.35x 2.19x 10.28x 9.41x
469.7 453.3 457.2 421.6 536.9 421.6 536.9 621.6 666.1 153.3 169.5
9.61x 11.61x 10.91x 15.85x 13.26x 15.85x 13.26x 12.01x 11.21x 11.75x -
283.9 274.3 265.7 244.5 314.2 244.5 314.2 347.3 382.3 79.9 95.4
15.02x 19.11x 18.08x 17.58x 20.01x 17.76x 20.31x 17.29x 15.59x 17.48x 17.16x
EBITDA 536.86 Long-Term Rating Date 02.09.2011
EBIT 407.66 Long-Term Rating BBB+
Operating Margin 13.92% Long-Term Outlook STABLE
Pretax Margin 11.18% Short-Term Rating Date 25.08.2011
Return on Assets 6.46% Short-Term Rating A-2
Return on Common Equity 15.49%
Return on Capital 10.05% EBITDA/Interest Exp. 9.44
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 7.82
Net Debt/EBITDA 2.68
Gross Margin 53.1% Total Debt/EBITDA 2.83
EBITDA Margin 18.3%
EBIT Margin 13.9% Total Debt/Equity 68.9%
Net Income Margin 10.7% Total Debt/Capital 40.3%
Asset Turnover 0.60
Current Ratio 1.20 Net Fixed Asset Turnover 4.86
Quick Ratio 0.56 Accounts receivable turnover-days 54.37
Debt to Assets 30.59% Inventory Days 101.99
Tot Debt to Common Equity 68.86% Accounts Payable Turnover Day 40.71
Accounts Receivable Turnover 6.73 Cash Conversion Cycle 115.66
Inventory Turnover 3.59
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
DENTSPLY International IncPrice/Volume
Valuation Analysis
160'617.00
Current Price (3/dd/yy) Market Data
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1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 67
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'763'768 15.24 2'267'669 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 12'383'186 8.67 329'154 31.01.2013 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 9'477'744 6.63 146'210 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'484'604 5.94 186'430 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'674'325 5.37 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'604'196 3.92 202'230 25.03.2013 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 4'708'489 3.3 443'308 31.12.2012 Hedge Fund Manager
ATLANTA CAPITAL MANA ATLANTA CAPITAL MANA 13F 3'696'111 2.59 43'840 31.12.2012 Investment Advisor
WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'008'167 2.11 106'680 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'847'602 1.99 (403'831) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'285'400 1.6 (200'000) 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 2'268'847 1.59 (9'049) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'100'664 1.47 2'218 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'090'500 1.46 441'000 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'984'283 1.39 (66'306) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'733'160 1.21 (55'406) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 1'681'810 1.18 69'982 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'576'984 1.1 (153'629) 31.12.2012 Investment Advisor
LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 1'501'637 1.05 225'220 31.12.2012 Investment Advisor
ASTER INVESTMENT MGM ASTER INVESTMENT MAN 13F 1'288'000 0.9 (163'890) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co JEFFREY D JOHNSON outperform 5 M 46 12 month 26.03.2013
Northcoast Research EDWIN SNYDER buy 5 M 48 12 month 19.03.2013
William Blair & Co JOHN C KREGER market perform 3 M #N/A N/A Not Provided 17.03.2013
Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M #N/A N/A Not Provided 01.03.2013
Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 26.02.2013
Jefferies BRANDON COUILLARD buy 5 M 44 12 month 25.02.2013
Barrington Research CHARLES R JONES outperform 5 M 45 12 month 25.02.2013
Stifel JONATHAN D BLOCK hold 3 M #N/A N/A Not Provided 25.02.2013
Morgan Stanley STEVE BEUCHAW Equalwt/In-Line 3 M #N/A N/A Not Provided 20.02.2013
Goldman Sachs ROBERT P JONES neutral/neutral 3 M 44 12 month 20.02.2013
Credit Suisse GLEN SANTANGELO neutral 3 M 43 Not Provided 20.02.2013
CL King & Associates ROSS TAYLOR buy 5 M 48 12 month 20.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ PHILLIP SELIGMAN buy 5 M 41 Not Provided 25.10.2012
Holdings By:
DENTSPLY International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 68
27.03.2013
DIRECTV provides digital television entertainment in the United States and
Latin America. The Company acquires, promotes, sells and distributes digital
entertainment programming via satellite to residential and commercial
subscribers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 57.00
52-Week Low (13.06.2012) 42.87
Daily Volume
56.84
52-Week High % Change -0.28% Dividend Yield 0.00
52-Week Low % Change 32.59% Beta 0.89
% 52 Week Price Range High/Low 98.87% Equity Float 544.49
Shares Out 13.02.2013 573.1 Short Int 13.44
32'576.07 1 Yr Total Return 17.93%
Total Debt 17'966.00 YTD Return 13.32%
Preferred Stock 0.0 Adjusted BETA 0.892
Minority Interest 400.0 Analyst Recs 25
Cash and Equivalents 1'902.00 Consensus Rating 4.000
Enterprise Value 49'040.07
Average Volume 5 Day 1'544'031
DTV UW EQUITY YTD Change - Average Volume 30 Day 1'943'783
DTV UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'474'898
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
19'693.0 21'565.0 24'102.0 27'226.0 29'740.0 27'226.0 29'740.0 31'929.7 34'147.5 7'529.2 7'770.8
1.40x 1.68x 1.72x 1.56x 1.54x 6.64x 6.19x 1.58x 1.51x 6.53x 6.38x
4'911.0 5'265.0 6'342.0 6'939.0 7'447.0 6'939.0 7'447.0 7'887.2 8'495.6 1'890.6 2'125.9
5.62x 6.88x 6.55x 6.11x 6.16x 6.11x 6.16x 6.22x 5.77x 6.22x 6.06x
1'521.0 942.0 2'198.0 2'609.0 2'949.0 2'609.0 2'949.0 2'725.5 2'916.2 645.0 784.0
16.85x 23.16x 16.10x 12.32x 11.10x 12.36x 11.05x 11.61x 9.86x 11.60x 10.92x
EBITDA 7'447.00 Long-Term Rating Date 25.02.2011
EBIT 5'085.00 Long-Term Rating BBB
Operating Margin 17.10% Long-Term Outlook STABLE
Pretax Margin 14.94% Short-Term Rating Date 19.11.2012
Return on Assets 15.13% Short-Term Rating A-2
Return on Common Equity -
Return on Capital 30.07% EBITDA/Interest Exp. 8.60
Asset Turnover 1.53% (EBITDA-Capex)/Interest Exp. 4.73
Net Debt/EBITDA 2.16
Gross Margin 47.6% Total Debt/EBITDA 2.41
EBITDA Margin 25.0%
EBIT Margin 17.1% Total Debt/Equity -
Net Income Margin 9.9% Total Debt/Capital 138.9%
Asset Turnover 1.53
Current Ratio 1.00 Net Fixed Asset Turnover 3.76
Quick Ratio 0.83 Accounts receivable turnover-days 31.81
Debt to Assets 87.40% Inventory Days 8.13
Tot Debt to Common Equity - Accounts Payable Turnover Day 27.99
Accounts Receivable Turnover 11.50 Cash Conversion Cycle 11.95
Inventory Turnover 45.03
Fiscal Year Ended
DIRECTVPrice/Volume
Valuation Analysis
1'649'497.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 69
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 53'171'004 9.28 (10'640'111) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 38'143'004 6.66 - 25.03.2013 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 34'037'500 5.94 4'481'900 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 29'320'520 5.12 (387'527) 26.03.2013 Investment Advisor
MALONE JOHN C n/a Form 4 27'717'717 4.84 26'100'639 16.06.2010 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 27'668'108 4.83 (410'119) 31.12.2012 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 25'794'847 4.5 (1'255'886) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 21'475'390 3.75 (1'593'165) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 11'804'878 2.06 (1'148'717) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'372'647 1.64 (2'371'987) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 8'896'992 1.55 (1'016'243) 31.01.2013 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'059'587 1.41 (368'428) 31.12.2012 Investment Advisor
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 7'579'945 1.32 (2'973'987) 31.12.2012 Hedge Fund Manager
GAMCO n/a ULT-AGG 7'166'238 1.25 (400'468) 31.12.2012 Unclassified
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'655'107 1.16 (159'295) 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 6'407'491 1.12 (370'220) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'262'271 1.09 (206'840) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'634'474 0.98 (22'895) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'566'742 0.97 (1'503'828) 31.12.2012 Unclassified
ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 5'486'422 0.96 728'393 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Brean Murray Carret & Co TODD MITCHELL buy 5 M 66 12 month 25.03.2013
Guggenheim Securities LLC SHING YIN buy 5 U 64 12 month 25.03.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 22.03.2013
Credit Suisse MICHAEL SENNO neutral 3 M 58 Not Provided 15.03.2013
Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 64 12 month 15.03.2013
Wells Fargo Securities, LLC MARCI RYVICKER market perform 3 M #N/A N/A Not Provided 06.03.2013
S&P Capital IQ TUNA AMOBI hold 3 M 52 Not Provided 06.03.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 64 12 month 06.03.2013
Nomura MICHAEL L MCCORMACK reduce 2 M 40 12 month 25.02.2013
JPMorgan PHILIP CUSICK neutral 3 M 55 9 month 19.02.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 53 12 month 17.02.2013
Morgan Stanley BENJAMIN SWINBURNE Overwt/In-Line 5 M 56 12 month 15.02.2013
Goldman Sachs JASON ARMSTRONG neutral/attractive 3 M 56 12 month 15.02.2013
Jefferies THOMAS O SEITZ buy 5 M 60 12 month 15.02.2013
Macquarie AMY YONG neutral 3 M 52 12 month 15.02.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 65 12 month 15.02.2013
Evercore Partners BRYAN KRAFT overweight 5 M 60 12 month 15.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 62 Not Provided 15.02.2013
Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 14.02.2013
ISI Group VIJAY JAYANT neutral 3 D 55 12 month 14.02.2013
New Street Research ANDREW ENTWISTLE buy 5 M 61 Not Provided 14.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 57 12 month 05.11.2012
Holdings By:
DIRECTV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 70
27.03.2013
Discovery Communications, Inc. provides non-fiction entertainment. The Company
operates a wide range of educational television channels as well as offers
consumer and educational products and services, and a diversified portfolio of
digital media services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 80.25
52-Week Low (05.06.2012) 48.03
Daily Volume
79.53
52-Week High % Change -0.90% Dividend Yield 0.00
52-Week Low % Change 65.58% Beta 1.00
% 52 Week Price Range High/Low 97.77% Equity Float 142.71
Shares Out 07.02.2013 145.1 Short Int 11.79
28'342.03 1 Yr Total Return 60.67%
Total Debt 5'243.00 YTD Return 25.28%
Preferred Stock 2.0 Adjusted BETA 0.999
Minority Interest 2.0 Analyst Recs 28
Cash and Equivalents 1'201.00 Consensus Rating 3.571
Enterprise Value 32'388.03
Average Volume 5 Day 340'878
DISCA UW EQUITY YTD Change - Average Volume 30 Day 492'667
DISCA UW EQUITY YTD % CHANGE - Average Volume 3 Month 434'755
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'443.0 3'516.0 3'773.0 4'168.0 4'487.0 4'204.0 4'521.0 5'545.3 6'087.4 1'186.0 1'437.6
2.21x 3.13x 5.42x 4.59x 5.20x 16.92x 17.78x 6.11x 5.63x 28.21x 23.36x
1'350.0 1'204.0 1'517.0 1'823.0 1'978.0 1'822.0 1'975.0 2'448.7 2'735.3 522.3 658.1
5.63x 9.14x 13.49x 10.50x 11.80x 10.50x 11.82x 13.23x 11.84x 13.21x 12.77x
317.0 560.0 653.0 1'132.0 943.0 1'132.0 943.0 1'229.9 1'456.0 249.5 332.3
14.60x 30.37x 24.10x 15.64x 25.19x 15.40x 25.29x 23.43x 18.88x 23.42x 21.93x
EBITDA 1'978.00 Long-Term Rating Date 09.03.2011
EBIT 1'861.00 Long-Term Rating BBB
Operating Margin 41.48% Long-Term Outlook STABLE
Pretax Margin 33.83% Short-Term Rating Date -
Return on Assets 7.59% Short-Term Rating -
Return on Common Equity 14.73%
Return on Capital 9.88% EBITDA/Interest Exp. 7.98
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 7.67
Net Debt/EBITDA 2.05
Gross Margin 72.9% Total Debt/EBITDA 2.65
EBITDA Margin 43.7%
EBIT Margin 41.1% Total Debt/Equity 83.4%
Net Income Margin 21.0% Total Debt/Capital 45.4%
Asset Turnover 0.36
Current Ratio 2.89 Net Fixed Asset Turnover 11.79
Quick Ratio 2.46 Accounts receivable turnover-days 87.92
Debt to Assets 40.55% Inventory Days -
Tot Debt to Common Equity 83.37% Accounts Payable Turnover Day 18.17
Accounts Receivable Turnover 4.16 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Discovery Communications IncPrice/Volume
Valuation Analysis
344'355.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 71
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 27'072'344 18.65 913'978 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 14'119'015 9.73 267'760 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'863'543 6.11 46'425 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'372'355 5.77 (13'621) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'118'371 2.84 621'142 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'171'565 2.19 1'508'900 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 2'890'950 1.99 (66'715) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'806'506 1.93 1'305'897 31.01.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'802'220 1.93 (13'148) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 2'664'481 1.84 424'082 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'640'394 1.82 1'143'456 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'454'004 1.69 (143'123) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'322'118 1.6 (50'824) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'309'576 1.59 498'261 31.12.2012 Investment Advisor
FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 2'018'003 1.39 (246'723) 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 1'965'867 1.35 (8'638) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'960'332 1.35 (214'110) 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 1'791'677 1.23 (107'385) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'691'786 1.17 (3'591'432) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'682'717 1.16 192'217 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
MKM Partners ERIC O HANDLER neutral 3 M 72 12 month 25.03.2013
Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 87 12 month 22.03.2013
Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 15.03.2013
Pivotal Research Group LLC BRIAN WIESER hold 3 M 73 12 month 15.03.2013
B Riley & Company, Inc DAVID W MILLER buy 5 M 90 Not Provided 06.03.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 90 12 month 25.02.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 80 12 month 19.02.2013
Goldman Sachs DREW BORST sell/attractive 1 M 62 12 month 15.02.2013
RBC Capital Markets DAVID BANK outperform 5 M 74 12 month 15.02.2013
Credit Suisse MICHAEL SENNO underperform 1 M 68 Not Provided 15.02.2013
Macquarie AMY YONG neutral 3 M 65 12 month 15.02.2013
Nomura MICHAEL NATHANSON neutral 3 M 65 12 month 15.02.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 15.02.2013
S&P Capital IQ TUNA AMOBI buy 5 M 78 Not Provided 15.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 82 Not Provided 15.02.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 73 12 month 14.02.2013
JPMorgan ALEXIA S QUADRANI neutral 3 M 74 9 month 14.02.2013
Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 14.02.2013
Evercore Partners ALAN GOULD equalweight 3 M 69 12 month 14.02.2013
Susquehanna Financial Group VASILY KARASYOV neutral 3 M 68 12 month 14.02.2013
Atlantic Equities LLP HAMILTON FABER neutral 3 M 51 12 month 14.02.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 70 Not Provided 14.02.2013
Piper Jaffray JAMES M MARSH JR neutral 3 M 40 12 month 11.02.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 78 12 month 28.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 10.10.2012
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 01.08.2012
BTIG LLC RICHARD GREENFIELD neutral 3 D 44 12 month 11.10.2010
Hudson Square Research MARLA S BACKER buy 5 M 36 Not Provided 15.09.2009
Holdings By:
Discovery Communications Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 72
27.03.2013
Dollar Tree, Inc. operates a discount variety store chain in the United States.
The Company sells an assortment of everyday general merchandise at the $1.00
price point.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (20.06.2012) 56.82
52-Week Low (09.11.2012) 37.13
Daily Volume
48.35
52-Week High % Change -14.90% Dividend Yield 0.00
52-Week Low % Change 30.24% Beta 0.77
% 52 Week Price Range High/Low 57.01% Equity Float 219.23
Shares Out 09.11.2012 227.2 Short Int 5.04
10'985.43 1 Yr Total Return 1.10%
Total Debt 271.30 YTD Return 19.21%
Preferred Stock 0.0 Adjusted BETA 0.771
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 399.90 Consensus Rating 4.040
Enterprise Value 10'856.83
Average Volume 5 Day 808'056
DLTR UW EQUITY YTD Change - Average Volume 30 Day 931'551
DLTR UW EQUITY YTD % CHANGE - Average Volume 3 Month 848'206
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
4'644.9 5'231.2 5'882.4 6'630.5 7'394.5 6'630.5 7'394.5 7'935.3 8'637.5 1'867.9 1'859.0
0.81x 0.77x 1.03x 1.47x 1.20x 5.09x 5.62x 1.36x 1.26x 5.80x 5.82x
527.5 670.6 816.0 946.0 1'095.4 946.0 1'095.4 1'177.7 1'319.4 254.3 252.2
7.17x 5.97x 7.44x 10.32x 8.11x 10.32x 8.11x 9.22x 8.23x 9.16x 8.93x
229.5 320.5 397.3 488.3 619.3 488.3 619.3 618.8 685.1 128.2 127.4
16.88x 13.91x 15.79x 21.00x 14.97x 20.85x 15.86x 17.39x 15.09x 17.36x 16.88x
EBITDA 1'095.40 Long-Term Rating Date -
EBIT 920.10 Long-Term Rating -
Operating Margin 12.44% Long-Term Outlook -
Pretax Margin 13.24% Short-Term Rating Date -
Return on Assets 24.38% Short-Term Rating -
Return on Common Equity 41.12%
Return on Capital 35.00% EBITDA/Interest Exp. 391.21
Asset Turnover 2.91% (EBITDA-Capex)/Interest Exp. 279.71
Net Debt/EBITDA -0.12
Gross Margin 35.9% Total Debt/EBITDA 0.25
EBITDA Margin 14.8%
EBIT Margin 12.4% Total Debt/Equity 16.3%
Net Income Margin 8.4% Total Debt/Capital 14.0%
Asset Turnover 2.91
Current Ratio 2.18 Net Fixed Asset Turnover 8.28
Quick Ratio 0.59 Accounts receivable turnover-days -
Debt to Assets 9.86% Inventory Days 71.95
Tot Debt to Common Equity 16.27% Accounts Payable Turnover Day 24.24
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 5.16
Fiscal Year Ended
Dollar Tree IncPrice/Volume
Valuation Analysis
892'166.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 73
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 14'931'182 6.57 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'657'132 6.01 153'153 31.12.2012 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 11'804'692 5.2 7'912'671 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'394'576 5.02 7'119'050 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'690'471 4.71 (797'605) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'359'549 3.68 (13'711'833) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 7'838'676 3.45 3'184'024 31.01.2013 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 6'500'000 2.86 1'870'000 31.12.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 5'285'877 2.33 (827'100) 31.12.2012 Investment Advisor
ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 4'500'000 1.98 4'500'000 31.12.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'949'867 1.74 2'395'188 31.01.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'621'416 1.59 1'017'576 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'480'399 1.53 1'772'662 31.12.2012 Investment Advisor
BROCK JR MACON F n/a Form 4 3'267'686 1.44 6'108 01.04.2012 n/a
LUXOR CAPITAL GROUP LUXOR CAPITAL GROUP 13F 3'203'362 1.41 3'203'362 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'123'498 1.37 503'260 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'043'869 1.34 (104'819) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'746'830 1.21 (488'100) 31.12.2012 Hedge Fund Manager
INVESCO LTD INVESCO LTD 13F 2'657'227 1.17 (1'788'861) 31.12.2012 Investment Advisor
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 2'391'153 1.05 2'391'153 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MARK WILTAMUTH Equalwt/In-Line 3 M #N/A N/A Not Provided 25.03.2013
Raymond James DANIEL R WEWER JR strong buy 5 M 53 12 month 14.03.2013
BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 60 12 month 13.03.2013
JPMorgan MATTHEW BOSS overweight 5 M 45 9 month 04.03.2013
Nomura ARAM RUBINSON neutral 3 M 48 12 month 01.03.2013
Deutsche Bank PAUL TRUSSELL hold 3 M 43 12 month 28.02.2013
Johnson Rice & Co DAVID M MANN equalweight 3 M #N/A N/A Not Provided 28.02.2013
FBR Capital Markets DUTCH FOX market perform 3 M 43 12 month 28.02.2013
Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 28.02.2013
Feltl & Company BRENT R RYSTROM strong buy 5 M 53 12 month 28.02.2013
MKM Partners PATRICK G MCKEEVER JR buy 5 M 50 12 month 28.02.2013
Barclays MEREDITH ADLER equalweight 3 M 42 Not Provided 28.02.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 48 12 month 28.02.2013
Northcoast Research NICHOLAS MITCHELL neutral 3 M #N/A N/A Not Provided 28.02.2013
BMO Capital Markets WAYNE HOOD outperform 5 M 60 Not Provided 27.02.2013
Goldman Sachs STEPHEN GRAMBLING Buy/Neutral 5 M 53 12 month 27.02.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 50 12 month 27.02.2013
Credit Suisse EDWARD J KELLY outperform 5 M 55 Not Provided 27.02.2013
Jefferies DANIEL T BINDER hold 3 M 41 12 month 27.02.2013
Wedbush JOAN L STORMS outperform 5 M 54 12 month 27.02.2013
Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 46 12 month 27.02.2013
Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 46 12 month 27.02.2013
Piper Jaffray PETER J KEITH neutral 3 M 47 12 month 27.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Morgan Stanley JOSEPH PARKHILL Equalwt/In-Line 3 M 40 12 month 07.01.2013
S&P Capital IQ JOSEPH AGNESE hold 3 M 48 12 month 16.08.2012
Holdings By:
Dollar Tree Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 74
27.03.2013
eBay Inc. operates an online trading community. The Company's service is used
by buyers and sellers for the exchange of products and services such as coins,
collectibles, computers, memorabilia, stamps and toys, as well as concert and
sporting tickets. eBay also offers, through a subsidiary, secure online
payment services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 57.26
52-Week Low (10.04.2012) 35.32
Daily Volume
51.78
52-Week High % Change -9.52% Dividend Yield 0.00
52-Week Low % Change 46.60% Beta 1.24
% 52 Week Price Range High/Low 72.88% Equity Float 1'172.15
Shares Out 28.01.2013 1'296.5 Short Int 10.89
67'133.41 1 Yr Total Return 35.98%
Total Debt 4'519.00 YTD Return 1.49%
Preferred Stock 0.0 Adjusted BETA 1.242
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 9'408.00 Consensus Rating 4.500
Enterprise Value 62'244.41
Average Volume 5 Day 3'578'202
EBAY UW EQUITY YTD Change - Average Volume 30 Day 3'002'050
EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'969'003
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 11'651.7 14'071.0 16'351.1 18'761.3 3'765.3 3'946.7
1.82x 2.93x 3.42x 3.02x 4.34x 12.60x 15.16x 3.76x 3.11x 16.34x 15.38x
2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'313.0 4'090.0 5'392.5 6'235.5 1'237.2 1'298.8
5.46x 11.10x 11.03x 10.62x 14.95x 10.62x 14.94x 11.57x 10.01x 11.57x 11.11x
1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'229.4 2'610.0 3'637.3 4'253.1 823.4 872.0
9.01x 15.90x 20.17x 17.23x 26.15x 17.33x 26.29x 18.79x 16.04x 18.82x 18.14x
EBITDA 4'088.00 Long-Term Rating Date 02.03.2010
EBIT 2'888.00 Long-Term Rating A
Operating Margin 20.52% Long-Term Outlook STABLE
Pretax Margin 21.92% Short-Term Rating Date 05.11.2010
Return on Assets 8.11% Short-Term Rating A-1
Return on Common Equity 13.46%
Return on Capital - EBITDA/Interest Exp. 64.89
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 44.94
Net Debt/EBITDA -1.20
Gross Margin 70.0% Total Debt/EBITDA 1.10
EBITDA Margin 29.1%
EBIT Margin 20.5% Total Debt/Equity 21.7%
Net Income Margin 18.5% Total Debt/Capital 17.8%
Asset Turnover 0.44
Current Ratio 1.96 Net Fixed Asset Turnover 6.29
Quick Ratio 0.94 Accounts receivable turnover-days 19.55
Debt to Assets 12.19% Inventory Days -
Tot Debt to Common Equity 21.66% Accounts Payable Turnover Day 25.36
Accounts Receivable Turnover 18.72 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
eBay IncPrice/Volume
Valuation Analysis
1'332'741.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
!
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16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 75
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OMIDYAR PIERRE M n/a Form 4 121'858'408 9.4 (30'000) 21.12.2012 n/a
FMR LLC n/a ULT-AGG 68'453'183 5.28 477'861 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 58'093'760 4.48 (32'761) 22.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 51'962'883 4.01 1'287'075 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 47'412'395 3.66 (847'963) 25.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 45'140'231 3.48 4'482'329 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 40'275'490 3.11 (5'193'294) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'968'767 2.54 - 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 31'965'970 2.47 (4'169'104) 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 30'626'146 2.36 (1'802'736) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 28'907'848 2.23 (10'212'918) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 20'441'029 1.58 (1'345'350) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 19'219'016 1.48 (2'197'523) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'984'285 1.39 (984'371) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 15'628'609 1.21 49'071 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 13'224'417 1.02 492'872 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 12'566'376 0.97 2'942'485 31.12.2012 Unclassified
UBS n/a ULT-AGG 11'689'306 0.9 522'751 31.01.2013 Unclassified
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 11'256'041 0.87 2'454'742 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 10'734'813 0.83 10'696'161 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 56 12 month 26.03.2013
JMP Securities RONALD V JOSEY III market outperform 4 M 67 12 month 26.03.2013
Compass Point Research & Trading LLC DOUGLAS GREINER neutral 3 M 50 12 month 26.03.2013
Topeka Capital Markets Inc VICTOR ANTHONY hold 3 M 54 12 month 26.03.2013
Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 65 12 month 25.03.2013
Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 62 12 month 25.03.2013
Stifel JORDAN ROHAN buy 5 M 63 12 month 25.03.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 57 12 month 24.03.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 56 9 month 22.03.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 60 12 month 22.03.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 22.03.2013
Wedbush GIL B LURIA outperform 5 M 64 12 month 22.03.2013
Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 22.03.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 66 12 month 22.03.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 63 12 month 21.03.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 62 12 month 20.03.2013
Jefferies BRIAN J PITZ buy 5 M 62 12 month 20.03.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 58 12 month 20.03.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 61 12 month 20.03.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 19.03.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 60 Not Provided 19.03.2013
Argus Research Corp DAVID RITTER buy 5 M 65 12 month 18.03.2013
Nomura BRIAN NOWAK buy 5 M 58 12 month 18.03.2013
Credit Agricole Securities (USA) JAMES LEE buy 5 M 64 Not Provided 18.03.2013
Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 56 12 month 14.03.2013
Evercore Partners KEN SENA overweight 5 U 64 12 month 14.03.2013
BMO Capital Markets EDWARD S WILLIAMS outperform 5 N 64 Not Provided 28.02.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 60 Not Provided 22.02.2013
Raymond James AARON M KESSLER outperform 5 M 61 12 month 22.01.2013
Credit Suisse STEPHEN JU neutral 3 M 50 Not Provided 17.01.2013
Needham & Co KERRY RICE buy 5 M 60 12 month 17.01.2013
B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 64 Not Provided 17.01.2013
BGC Partners COLIN W GILLIS buy 5 M 65 12 month 17.01.2013
Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 17.01.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 60 12 month 17.01.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 62 12 month 17.01.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 63 12 month 17.01.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 62 12 month 16.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 63 12 month 11.01.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 03.12.2012
Deutsche Bank ROSS SANDLER hold 3 N 55 12 month 20.09.2012
Holdings By:
eBay Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 76
27.03.2013
Equinix, Inc. provides core Internet exchange services to networks, Internet
infrastructure companies, enterprises, and content providers. The Company
operates Internet Business Exchange centers in several countries, where
customers can interconnect with the providers that serve Internet networks and
users for their peering, transit, and traffic exchange requirements.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.02.2013) 231.21
52-Week Low (21.05.2012) 146.52
Daily Volume
211.92
52-Week High % Change -8.34% Dividend Yield 0.00
52-Week Low % Change 44.64% Beta 1.15
% 52 Week Price Range High/Low 77.22% Equity Float 48.34
Shares Out 31.01.2013 48.8 Short Int 7.97
10'342.47 1 Yr Total Return 39.55%
Total Debt 3'010.75 YTD Return 2.77%
Preferred Stock 0.0 Adjusted BETA 1.148
Minority Interest 84.2 Analyst Recs 23
Cash and Equivalents 418.71 Consensus Rating 4.304
Enterprise Value 13'018.69
Average Volume 5 Day 140'846
EQIX UW EQUITY YTD Change - Average Volume 30 Day 240'961
EQIX UW EQUITY YTD % CHANGE - Average Volume 3 Month 201'845
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
704.7 882.5 1'220.3 1'569.8 1'895.7 1'588.3 1'913.7 2'215.6 2'543.7 522.1 543.7
4.18x 5.74x 4.27x 4.45x 6.72x 16.29x 23.94x 6.05x 5.17x 25.24x 24.19x
235.5 353.7 474.0 659.7 817.7 659.8 819.3 1'024.3 1'192.7 235.7 247.2
12.53x 14.32x 10.99x 10.59x 15.57x 10.59x 15.54x 12.71x 10.92x 12.86x 12.33x
107.9 69.4 36.9 94.0 144.7 94.0 144.7 200.0 283.4 42.3 47.7
18.60x 59.63x 65.53x 56.33x 68.96x 56.33x 68.96x 56.38x 40.30x 56.26x 50.48x
EBITDA 817.73 Long-Term Rating Date 28.02.2013
EBIT 419.44 Long-Term Rating BB
Operating Margin 22.13% Long-Term Outlook STABLE
Pretax Margin 10.36% Short-Term Rating Date -
Return on Assets 2.43% Short-Term Rating -
Return on Common Equity 6.75%
Return on Capital 5.40% EBITDA/Interest Exp. 4.08
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 0.27
Net Debt/EBITDA 3.16
Gross Margin 50.2% Total Debt/EBITDA 3.67
EBITDA Margin 42.8%
EBIT Margin 22.0% Total Debt/Equity 128.9%
Net Income Margin 7.6% Total Debt/Capital 55.4%
Asset Turnover 0.32
Current Ratio 1.19 Net Fixed Asset Turnover 0.54
Quick Ratio 1.08 Accounts receivable turnover-days 28.96
Debt to Assets 49.09% Inventory Days -
Tot Debt to Common Equity 128.92% Accounts Payable Turnover Day 55.69
Accounts Receivable Turnover 12.64 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Equinix IncPrice/Volume
Valuation Analysis
119'378.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 77
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 4'163'477 8.53 - 31.12.2012 Hedge Fund Manager
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 2'794'535 5.73 709'516 31.12.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 2'791'546 5.72 - 25.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'395'429 4.91 549'226 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'255'616 4.62 57'735 31.12.2012 Investment Advisor
PAULSON & CO PAULSON & CO 13F 2'100'000 4.3 - 31.12.2012 Hedge Fund Manager
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 1'984'857 4.07 112'178 31.12.2012 Investment Advisor
OZ MANAGEMENT LP OZ MANAGEMENT 13F 1'713'479 3.51 (124'775) 31.12.2012 Investment Advisor
FIR TREE INCORPORATE FIR TREE INCORPORATE 13F 1'484'582 3.04 79'954 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 1'476'908 3.03 10'974 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'317'763 2.7 267'873 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 1'201'665 2.46 (818'672) 31.12.2012 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 1'170'000 2.4 547'748 31.12.2012 Hedge Fund Manager
JAT CAPITAL MANAGEME JAT CAPITAL MANAGEME 13F 1'090'449 2.23 431'551 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 998'974 2.05 651'445 31.12.2012 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 955'463 1.96 177'197 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 937'081 1.92 431'500 31.12.2012 Hedge Fund Manager
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 889'814 1.82 235'618 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 847'955 1.74 (1'421'727) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 778'738 1.6 15'191 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC GRAY W POWELL outperform 5 M #N/A N/A Not Provided 26.03.2013
FBN Securities SHEBLY SEYRAFI outperform 5 N 270 12 month 20.03.2013
Stifel TODD C WELLER buy 5 M 265 12 month 15.03.2013
Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 265 12 month 12.03.2013
Oppenheimer & Co TIMOTHY K HORAN market perform 3 M #N/A N/A Not Provided 12.03.2013
Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 245 12 month 12.03.2013
Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 01.03.2013
Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 22.02.2013
RBC Capital Markets JONATHAN ATKIN outperform 5 M 250 12 month 14.02.2013
JPMorgan STERLING AUTY not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013
Jefferies THOMAS O SEITZ buy 5 M 250 12 month 14.02.2013
Stephens Inc BARRY MCCARVER equalweight 3 M 215 12 month 14.02.2013
Raymond James FRANK G LOUTHAN strong buy 5 M 245 12 month 14.02.2013
Canaccord Genuity Corp GREGORY MILLER buy 5 M 250 12 month 14.02.2013
Pacific Crest Securities MICHAEL BOWEN outperform 5 M 240 12 month 13.02.2013
William Blair & Co JAMES D BREEN JR outperform 5 M #N/A N/A Not Provided 13.02.2013
Nomura MICHAEL L MCCORMACK buy 5 M 235 12 month 13.02.2013
Deutsche Bank BRETT FELDMAN buy 5 M 270 12 month 15.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 205 12 month 02.11.2012
Goldman Sachs SCOTT GOLDMAN neutral/neutral 3 M 216 12 month 14.09.2012
Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 14.09.2012
Holdings By:
Equinix Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 78
27.03.2013
Expedia, Inc. provides branded online travel services for leisure and small
business travelers. The Company offers a wide range of travel shopping and
reservation services, providing real-time access to schedule, pricing and
availability information for airlines, hotels, and car rental companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (05.02.2013) 68.09
52-Week Low (16.04.2012) 30.71
Daily Volume
62.08
52-Week High % Change -8.83% Dividend Yield 1.55
52-Week Low % Change 102.12% Beta 1.03
% 52 Week Price Range High/Low 83.92% Equity Float 107.18
Shares Out 25.01.2013 122.6 Short Int 9.41
8'406.25 1 Yr Total Return 85.16%
Total Debt 1'249.35 YTD Return 1.23%
Preferred Stock 0.0 Adjusted BETA 1.028
Minority Interest 109.1 Analyst Recs 29
Cash and Equivalents 1'938.14 Consensus Rating 3.828
Enterprise Value 7'826.58
Average Volume 5 Day 596'728
EXPE UW EQUITY YTD Change - Average Volume 30 Day 633'597
EXPE UW EQUITY YTD % CHANGE - Average Volume 3 Month 641'175
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'937.0 2'955.4 3'033.6 3'449.0 4'030.3 3'449.0 4'030.3 4'677.5 5'252.9 966.5 1'221.4
0.67x 1.28x 2.33x 1.13x 1.92x 6.99x 5.90x 1.57x 1.29x 7.81x 5.90x
774.6 875.4 704.0 719.2 809.3 693.9 809.3 895.5 1'031.3 102.8 238.9
2.53x 4.31x 10.04x 5.41x 9.56x 5.61x 9.56x 8.74x 7.59x 8.67x 8.51x
(2'517.8) 299.5 421.5 472.3 280.2 472.3 280.2 487.7 579.1 32.0 131.6
- 19.06x 21.54x 11.89x 22.76x 6.58x 22.67x 17.94x 15.02x 18.02x 17.44x
EBITDA 809.30 Long-Term Rating Date 22.12.2011
EBIT 548.75 Long-Term Rating BBB-
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 8.69% Short-Term Rating Date -
Return on Assets 4.12% Short-Term Rating -
Return on Common Equity 12.51%
Return on Capital 9.91% EBITDA/Interest Exp. 9.22
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 6.53
Net Debt/EBITDA -0.85
Gross Margin 77.7% Total Debt/EBITDA 1.54
EBITDA Margin 20.1%
EBIT Margin 13.6% Total Debt/Equity 54.8%
Net Income Margin 7.0% Total Debt/Capital 34.3%
Asset Turnover 0.59
Current Ratio 0.88 Net Fixed Asset Turnover 11.05
Quick Ratio 0.80 Accounts receivable turnover-days 36.37
Debt to Assets 17.63% Inventory Days -
Tot Debt to Common Equity 54.79% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.06 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Expedia IncPrice/Volume
Valuation Analysis
689'640.00
Current Price (3/dd/yy) Market Data
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4'000.0
4'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 79
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIBERTY MEDIA CORP - n/a Form 4 10'277'576 8.38 467'672 28.02.2013 Corporation
JP MORGAN n/a ULT-AGG 9'279'710 7.57 2'902'924 31.12.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 8'301'519 6.77 (2'611'077) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'143'414 5.01 450'667 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'693'902 4.64 (2'341'833) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'860'232 3.96 (3'570'502) 31.12.2012 Investment Advisor
DILLER BARRY n/a Form 4 4'408'396 3.6 6'069 28.02.2013 n/a
STATE STREET n/a ULT-AGG 3'878'902 3.16 (672'878) 25.03.2013 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'746'816 3.06 2'770'516 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'117'727 2.54 (155'445) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'458'402 2.01 2'438'791 31.12.2012 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'347'269 1.91 312'750 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'311'184 1.89 546'800 31.12.2012 Hedge Fund Manager
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'310'848 1.89 979'605 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'121'920 1.73 160'188 31.12.2012 Investment Advisor
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 1'784'128 1.46 569'939 31.12.2012 Hedge Fund Manager
JANA PARTNERS LLC JANA PARTNERS LLC 13F 1'645'994 1.34 601'068 31.12.2012 Hedge Fund Manager
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'360'489 1.11 369'956 31.12.2012 Investment Advisor
BURGUNDY ASSET MANAG BURGUNDY ASSET MANAG 13F 1'300'692 1.06 6'266 31.12.2012 Investment Advisor
PAR CAPITAL MANAGEME PAR CAPITAL MANAGEME 13F 1'221'000 1 - 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Lazard Capital Markets JAKE FULLER buy 5 M 78 12 month 25.03.2013
Cantor Fitzgerald NAVED KHAN buy 5 M 77 12 month 22.03.2013
Evercore Partners KEN SENA equalweight 3 M 70 12 month 21.03.2013
Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 20.03.2013
JMP Securities RONALD V JOSEY III market perform 3 N #N/A N/A Not Provided 19.03.2013
Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.03.2013
Piper Jaffray MICHAEL J OLSON neutral 3 M 73 12 month 18.03.2013
Ascendiant Capital Markets EDWARD WOO buy 5 M 81 12 month 13.03.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 77 12 month 22.02.2013
Deutsche Bank ROSS SANDLER buy 5 M 80 12 month 06.02.2013
Morgan Stanley SCOTT W DEVITT Equalwt/Attractive 3 M #N/A N/A Not Provided 06.02.2013
Goldman Sachs HEATH P TERRY neutral/attractive 3 M 70 12 month 06.02.2013
RBC Capital Markets MARK S MAHANEY sector perform 3 D 73 12 month 06.02.2013
Credit Suisse STEPHEN JU neutral 3 M 72 Not Provided 06.02.2013
JPMorgan DOUGLAS ANMUTH neutral 3 M 67 9 month 06.02.2013
Janney Montgomery Scott LLC BRIAN MULLAN neutral 3 M 70 12 month 06.02.2013
Jefferies BRIAN P FITZGERALD hold 3 M 70 12 month 06.02.2013
Raymond James AARON M KESSLER outperform 5 M 77 12 month 06.02.2013
Macquarie THOMAS WHITE neutral 3 M 70 12 month 06.02.2013
Stifel MICHAEL B PURCELL hold 3 M #N/A N/A Not Provided 06.02.2013
Nomura BRIAN NOWAK neutral 3 M 62 12 month 06.02.2013
Millman Research Associates MICHAEL MILLMAN buy 5 M 70 12 month 06.02.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 80 12 month 06.02.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 72 Not Provided 06.02.2013
Pacific Crest Securities CHAD BARTLEY sector perform 3 M #N/A N/A Not Provided 05.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Knight TEAM COVERAGE buy 5 N 47 12 month 28.03.2012
Holdings By:
Expedia Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 80
27.03.2013
Expeditors International of Washington, Inc. is a global logistics company.
The Company provides air and ocean freight forwarding, vendor consolidation,
customs clearance, marine insurance, distribution, and other international
logistics services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.04.2012) 47.48
52-Week Low (10.10.2012) 34.20
Daily Volume
35.8
52-Week High % Change -24.60% Dividend Yield 1.56
52-Week Low % Change 4.68% Beta 1.11
% 52 Week Price Range High/Low 12.05% Equity Float 202.61
Shares Out 21.02.2013 206.5 Short Int 3.01
7'392.61 1 Yr Total Return -22.00%
Total Debt 0.00 YTD Return -9.48%
Preferred Stock 0.0 Adjusted BETA 1.108
Minority Interest 4.9 Analyst Recs 23
Cash and Equivalents 1'260.84 Consensus Rating 3.826
Enterprise Value 6'136.64
Average Volume 5 Day 880'764
EXPD UW EQUITY YTD Change - Average Volume 30 Day 775'821
EXPD UW EQUITY YTD % CHANGE - Average Volume 3 Month 619'559
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'633.9 4'092.3 5'967.6 6'150.5 5'980.9 6'150.5 5'980.9 6'380.3 6'951.2 1'470.8 1'592.5
1.12x 1.58x 1.76x 1.20x 1.15x 5.49x 4.75x 0.95x 0.86x 4.14x 3.83x
514.8 426.6 585.5 656.3 570.7 656.3 570.7 638.9 716.1 143.0 154.1
12.29x 15.13x 17.93x 11.27x 12.10x 11.27x 12.10x 9.61x 8.57x 9.77x 9.47x
301.0 240.2 344.2 385.7 333.4 385.7 333.4 371.1 417.4 82.8 90.3
24.28x 31.32x 34.34x 22.88x 25.19x 22.88x 25.19x 19.84x 17.44x 19.92x 19.31x
EBITDA 570.74 Long-Term Rating Date -
EBIT 530.80 Long-Term Rating -
Operating Margin 8.87% Long-Term Outlook -
Pretax Margin 9.20% Short-Term Rating Date -
Return on Assets 11.45% Short-Term Rating -
Return on Common Equity 16.54%
Return on Capital 16.51% EBITDA/Interest Exp. 456.23
Asset Turnover 2.05% (EBITDA-Capex)/Interest Exp. 418.16
Net Debt/EBITDA -2.21
Gross Margin 13.2% Total Debt/EBITDA 0.00
EBITDA Margin 9.5%
EBIT Margin 8.9% Total Debt/Equity 0.0%
Net Income Margin 5.6% Total Debt/Capital 0.0%
Asset Turnover 2.05
Current Ratio 2.80 Net Fixed Asset Turnover 10.92
Quick Ratio 2.72 Accounts receivable turnover-days 60.16
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 44.00
Accounts Receivable Turnover 6.08 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Expeditors International of Washington IncPrice/Volume
Valuation Analysis
828'056.00
Current Price (3/dd/yy) Market Data
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1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 81
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 16'713'579 8.09 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'745'095 5.2 181'667 31.12.2012 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 9'548'061 4.62 37'627 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'466'673 4.1 335'654 25.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 7'414'472 3.59 687'308 31.01.2013 Investment Advisor
MERCHANTS' GATE CAPI MERCHANTS' GATE CAPI 13F 5'932'567 2.87 (277'133) 31.12.2012 Hedge Fund Manager
INVESCO LTD INVESCO LTD 13F 5'198'445 2.52 619'357 31.12.2012 Investment Advisor
INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 4'872'939 2.36 (224'020) 31.12.2012 Investment Advisor
ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 4'200'000 2.03 4'200'000 31.12.2012 Investment Advisor
LATEEF INVESTMENT MA LATEEF INVESTMENT MA 13F 4'108'880 1.99 (118'507) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'512'183 1.7 329'426 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'205'897 1.55 (94'350) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 3'196'323 1.55 (19'047) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'930'404 1.42 99'104 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'854'140 1.38 (99'296) 31.12.2012 Investment Advisor
DF DENT & COMPANY D F DENT & COMPANY 13F 2'808'886 1.36 (85'903) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'744'167 1.33 551'707 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'734'305 1.32 (3'193'290) 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 2'688'000 1.3 (606'000) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'253'930 1.09 1'557'129 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel DAVID G ROSS buy 5 M 43 12 month 21.03.2013
Morgan Stanley WILLIAM J GREENE Underwt/Attractive 1 M #N/A N/A Not Provided 20.03.2013
Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 40 12 month 13.03.2013
Macquarie KELLY A DOUGHERTY neutral 3 M 38 12 month 12.03.2013
RBC Capital Markets JOHN L BARNES III sector perform 3 M 39 12 month 07.03.2013
Edward Jones LOGAN PURK buy 5 N #N/A N/A Not Provided 07.03.2013
Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 67 12 month 05.03.2013
Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 05.03.2013
Jefferies H PETER NESVOLD buy 5 M 44 12 month 01.03.2013
William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 28.02.2013
Credit Suisse CHRISTOPHER J CERASO outperform 5 M 44 Not Provided 27.02.2013
Raymond James PATRICK TYLER BROWN market perform 3 M #N/A N/A Not Provided 27.02.2013
FBR Capital Markets JOHN R MIMS market perform 3 M 34 12 month 27.02.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN buy 5 M 53 12 month 27.02.2013
Avondale Partners LLC RYAN BOUCHARD market outperform 4 U 46 12 month 27.02.2013
JPMorgan THOMAS R WADEWITZ neutral 3 M 36 9 month 26.02.2013
Stephens Inc JACK ATKINS equalweight 3 M 40 12 month 26.02.2013
BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 26.02.2013
Susquehanna Financial Group MATT TROY neutral 3 M 42 12 month 26.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs TOM KIM buy/attractive 5 M 51 12 month 10.01.2013
McAdams Wright Ragen Inc MICHAEL ROARKE hold 3 M #N/A N/A Not Provided 11.05.2012
Holdings By:
Expeditors International of Washington Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 82
27.03.2013
Express Scripts Holding Company. is a full service pharmacy benefit management
and specialty managed care company serving clients throughout North America.
The Company's customers include managed care organizations, insurance carriers,
third party administrators, employers, and union-sponsored benefit plans.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (05.10.2012) 66.00
52-Week Low (14.11.2012) 49.80
Daily Volume
58.43
52-Week High % Change -11.47% Dividend Yield 0.00
52-Week Low % Change 17.33% Beta 1.08
% 52 Week Price Range High/Low 53.27% Equity Float 816.05
Shares Out 31.01.2013 818.5 Short Int 11.45
47'824.90 1 Yr Total Return 9.81%
Total Debt 15'915.00 YTD Return 8.20%
Preferred Stock 0.0 Adjusted BETA 1.084
Minority Interest 10.7 Analyst Recs 27
Cash and Equivalents 2'793.90 Consensus Rating 4.444
Enterprise Value 60'956.70
Average Volume 5 Day 1'184'091
ESRX UW EQUITY YTD Change - Average Volume 30 Day 1'809'915
ESRX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'633'507
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
21'978.0 24'722.3 44'973.2 46'128.3 93'858.1 46'128.3 94'235.2 100'902.4 102'194.7 25'493.0 25'344.9
0.68x 0.59x 0.68x 0.52x 0.61x 2.31x 2.27x 0.57x 0.54x 2.34x 2.32x
1'378.2 1'604.2 2'315.6 2'567.8 4'657.1 2'566.7 4'672.2 6'617.4 7'290.3 1'543.8 1'637.6
10.77x 9.13x 13.18x 9.39x 12.31x 9.39x 12.27x 9.21x 8.36x 9.17x 8.93x
776.1 827.6 1'181.2 1'275.8 1'312.9 1'275.8 1'334.2 3'402.1 3'832.8 762.2 866.7
17.57x 26.27x 23.30x 16.31x 21.95x 16.80x 22.22x 13.70x 11.89x 13.66x 13.20x
EBITDA 4'657.10 Long-Term Rating Date 31.05.2012
EBIT 2'784.50 Long-Term Rating BBB+
Operating Margin 2.97% Long-Term Outlook NEG
Pretax Margin 2.33% Short-Term Rating Date -
Return on Assets 3.62% Short-Term Rating -
Return on Common Equity 10.32%
Return on Capital 6.91% EBITDA/Interest Exp. 7.52
Asset Turnover 2.56% (EBITDA-Capex)/Interest Exp. 7.26
Net Debt/EBITDA 2.81
Gross Margin 7.8% Total Debt/EBITDA 3.41
EBITDA Margin 5.0%
EBIT Margin 3.0% Total Debt/Equity 68.1%
Net Income Margin 1.4% Total Debt/Capital 40.5%
Asset Turnover 2.56
Current Ratio 0.82 Net Fixed Asset Turnover 91.91
Quick Ratio 0.63 Accounts receivable turnover-days 14.36
Debt to Assets 27.39% Inventory Days 4.29
Tot Debt to Common Equity 68.06% Accounts Payable Turnover Day 7.97
Accounts Receivable Turnover 25.48 Cash Conversion Cycle 10.73
Inventory Turnover 85.30
Fiscal Year Ended
Express Scripts Holding CoPrice/Volume
Valuation Analysis
909'724.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Page 83
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 51'799'425 6.33 140'545 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 36'089'956 4.41 1'081'676 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 34'950'626 4.27 21'078'481 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 32'371'271 3.95 1'103'409 26.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 29'035'082 3.55 2'274'019 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'497'371 2.5 (9'888'972) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 17'645'363 2.16 2'233'833 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 17'628'445 2.15 (7'879'281) 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 17'578'199 2.15 (3'465'126) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 16'454'404 2.01 871'282 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 14'192'525 1.73 (1'336'070) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'065'675 1.72 357'583 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'914'976 1.46 258'313 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 10'735'527 1.31 1'831'211 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 9'471'265 1.16 (626'400) 31.12.2012 Investment Advisor
GREEN VALLEY INVESTO GREEN VALLEY INVESTO 13F 9'050'000 1.11 9'050'000 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'820'756 1.08 (5'088'700) 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 8'291'195 1.01 (5'091'773) 31.12.2012 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 6'922'492 0.85 703'698 31.12.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 6'565'630 0.8 (2'173'623) 31.12.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Lazard Capital Markets THOMAS GALLUCCI buy 5 M 68 12 month 25.03.2013
Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 22.03.2013
Leerink Swann & Co DAVID LARSEN outperform 5 M #N/A N/A Not Provided 19.03.2013
Raymond James MICHAEL J BAKER outperform 5 M 65 12 month 18.03.2013
Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 64 12 month 15.03.2013
JPMorgan LISA C GILL overweight 5 M 68 9 month 15.03.2013
ISI Group ROSS MUKEN neutral 3 M 59 12 month 14.03.2013
SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 68 12 month 08.03.2013
Credit Suisse GLEN SANTANGELO outperform 5 M 65 Not Provided 07.03.2013
Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 28.02.2013
BMO Capital Markets JENNIFER LYNCH market perform 3 M 59 Not Provided 20.02.2013
RBC Capital Markets FRANK G MORGAN outperform 5 M 62 12 month 20.02.2013
William Blair & Co JOHN C KREGER outperform 5 M #N/A N/A Not Provided 20.02.2013
Macquarie DANE LEONE neutral 3 D 60 12 month 20.02.2013
Oppenheimer & Co BRET D JONES outperform 5 M 62 18 month 20.02.2013
Cowen and Company CHARLES RHYEE outperform 5 M #N/A N/A Not Provided 20.02.2013
Maxim Group LLC ANTHONY V VENDETTI buy 5 M 70 12 month 20.02.2013
Jefferies BRIAN TANQUILUT hold 3 M 56 12 month 19.02.2013
Mizuho Securities USA Inc ANN HYNES buy 5 M 63 12 month 19.02.2013
JMP Securities TIM MCDONOUGH market outperform 4 M 67 12 month 19.02.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 65 Not Provided 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs ROBERT P JONES buy/attractive 5 M 64 12 month 06.11.2012
Holdings By:
Express Scripts Holding Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 84
27.03.2013
F5 Networks, Inc. provides integrated Internet traffic management solutions
designed to improve the availability and performance of mission-critical
Internet-based servers and applications. The Company's software-based solutions
manage, control and optimize Internet traffic and content. F5's solutions
automatically deliver Internet content for service providers and e-businesses.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 139.46
52-Week Low (25.10.2012) 81.07
Daily Volume
87.57
52-Week High % Change -37.21% Dividend Yield 0.00
52-Week Low % Change 8.02% Beta 1.51
% 52 Week Price Range High/Low 11.13% Equity Float 78.29
Shares Out 01.02.2013 78.6 Short Int 5.22
6'882.21 1 Yr Total Return -34.70%
Total Debt 0.00 YTD Return -9.86%
Preferred Stock 0.0 Adjusted BETA 1.514
Minority Interest 0.0 Analyst Recs 39
Cash and Equivalents 532.15 Consensus Rating 4.103
Enterprise Value 6'364.47
Average Volume 5 Day 334'936
FFIV UW EQUITY YTD Change - Average Volume 30 Day 423'057
FFIV UW EQUITY YTD % CHANGE - Average Volume 3 Month 417'853
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
650.2 653.1 882.0 1'151.8 1'377.2 1'205.3 1'420.3 1'561.6 1'808.1 375.9 396.8
2.55x 4.27x 8.97x 4.41x 5.59x 24.10x 17.60x 3.62x 2.67x 15.34x 14.28x
128.2 152.7 253.8 371.5 461.4 392.1 474.8 620.1 741.3 141.8 153.8
12.94x 18.26x 31.17x 13.67x 16.70x 20.01x 14.99x 10.26x 8.59x 9.92x 9.32x
74.3 91.5 151.2 241.4 275.2 252.2 278.2 400.6 466.6 97.6 101.4
25.14x 33.72x 55.46x 24.00x 30.28x 34.01x 27.71x 17.43x 15.07x 16.75x 16.20x
EBITDA 461.44 Long-Term Rating Date -
EBIT 426.30 Long-Term Rating -
Operating Margin 30.95% Long-Term Outlook -
Pretax Margin 31.38% Short-Term Rating Date -
Return on Assets 14.89% Short-Term Rating -
Return on Common Equity 21.76%
Return on Capital 21.76% EBITDA/Interest Exp. -
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.09
Gross Margin 82.9% Total Debt/EBITDA 0.00
EBITDA Margin 33.4%
EBIT Margin 30.7% Total Debt/Equity 0.0%
Net Income Margin 20.0% Total Debt/Capital 0.0%
Asset Turnover 0.76
Current Ratio 1.67 Net Fixed Asset Turnover 25.16
Quick Ratio 1.54 Accounts receivable turnover-days 51.15
Debt to Assets 0.00% Inventory Days 27.45
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 48.86
Accounts Receivable Turnover 7.16 Cash Conversion Cycle 26.53
Inventory Turnover 13.33
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
F5 Networks IncPrice/Volume
Valuation Analysis
191'959.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 85
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 6'500'573 8.27 1'695'348 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'480'713 6.97 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'706'782 5.99 89'928 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'380'610 4.3 (9'620) 25.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'653'320 3.38 1'146'896 31.01.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'641'815 3.36 1'036'287 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'055'929 2.62 (225'686) 31.12.2012 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 1'900'382 2.42 (181'767) 31.12.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 1'702'180 2.17 36'040 31.12.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 1'638'455 2.08 448'354 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'621'830 2.06 (1'464'392) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'525'508 1.94 510'952 31.12.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 1'409'318 1.79 98'533 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'361'176 1.73 6'545 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'337'177 1.7 41'773 31.12.2012 Investment Advisor
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 1'281'547 1.63 459'877 31.12.2012 Investment Advisor
RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 1'281'144 1.63 94'505 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'251'721 1.59 35'154 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 959'270 1.22 400'186 31.12.2012 Investment Advisor
ZEVENBERGEN CAPITAL ZEVENBERGEN CAPITAL 13F 872'736 1.11 (14'050) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies GEORGE C NOTTER hold 3 M 92 12 month 26.03.2013
Sterne, Agee & Leach ALEX KURTZ buy 5 M 118 12 month 25.03.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 118 12 month 25.03.2013
JPMorgan ROD HALL neutral 3 M 90 9 month 22.03.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 125 12 month 20.03.2013
Daiwa Securities Co. Ltd. NACHI HOSHINO outperform 5 U 100 Not Provided 13.03.2013
William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 05.03.2013
ISI Group BRIAN MARSHALL buy 5 M 125 12 month 01.03.2013
BMO Capital Markets TIMOTHY P LONG outperform 5 M 120 Not Provided 27.02.2013
MKM Partners MICHAEL GENOVESE buy 5 M 120 12 month 27.02.2013
Stifel SANJIV R WADHWANI hold 3 M #N/A N/A Not Provided 26.02.2013
Oppenheimer & Co ITTAI KIDRON market perform 3 M #N/A N/A Not Provided 26.02.2013
Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 26.02.2013
Lazard Capital Markets RYAN HUTCHINSON buy 5 M 115 12 month 22.02.2013
Raymond James SIMON M LEOPOLD market perform 3 M #N/A N/A Not Provided 14.02.2013
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 98 12 month 12.02.2013
Northland Securities Inc CATHARINE TREBNICK market perform 3 M 95 12 month 11.02.2013
Barclays BENJAMIN A REITZES equalweight 3 M 90 Not Provided 11.02.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 M 110 12 month 25.01.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 125 12 month 24.01.2013
Goldman Sachs KENT SCHOFIELD Buy/Neutral 5 M 111 12 month 24.01.2013
RBC Capital Markets MARK SUE outperform 5 M 130 12 month 24.01.2013
Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 24.01.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 110 12 month 24.01.2013
FBR Capital Markets SCOTT S THOMPSON outperform 5 M 120 12 month 24.01.2013
Wunderlich Securities MATTHEW S ROBISON hold 3 M 105 18 month 24.01.2013
McAdams Wright Ragen Inc SID PARAKH hold 3 M 110 12 month 24.01.2013
Nomura STUART JEFFREY neutral 3 M 104 12 month 24.01.2013
JMP Securities ERIK SUPPIGER market outperform 4 M 130 12 month 24.01.2013
Piper Jaffray TROY D JENSEN overweight 5 M 107 12 month 24.01.2013
Wedbush ROHIT CHOPRA outperform 5 M 112 12 month 23.01.2013
Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 145 12 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank BRIAN T MODOFF buy 5 M 116 12 month 25.10.2012
Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 15.06.2012
Noble Financial Group SUSAN BAUR hold 3 M 126 Not Provided 19.04.2012
Holdings By:
F5 Networks Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 86
27.03.2013
Facebook Inc. operates a social networking website. The Company's website
allows people to communicate with their family, friends, and coworkers.
Facebook develops technologies that facilitate the sharing of information,
photographs, website links, and videos. Facebook users have the ability to share
and restrict information based on their own specific criteria.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.05.2012) 43.00
52-Week Low (04.09.2012) 17.55
Daily Volume
25.2
52-Week High % Change -41.40% Dividend Yield 0.00
52-Week Low % Change 43.59% Beta -
% 52 Week Price Range High/Low 30.06% Equity Float 1'630.82
Shares Out 29.01.2013 1'684.2 Short Int 32.24
60'041.69 1 Yr Total Return -
Total Debt 2'356.00 YTD Return -5.37%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 41
Cash and Equivalents 9'626.00 Consensus Rating 3.976
Enterprise Value 52'771.69
Average Volume 5 Day 4'914'341
FB UW EQUITY YTD Change - Average Volume 30 Day 7'963'358
FB UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'907'331
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
272.0 777.0 1'974.0 3'711.0 5'089.0 3'711.0 5'089.0 6'672.4 8'426.9 1'446.3 1'601.9
- - - - 10.98x 0.00x 29.55x 7.58x 5.81x 40.81x 36.77x
- 340.0 1'171.0 2'079.0 1'187.0 2'080.0 1'187.0 3'368.2 4'446.3 739.4 795.2
- - - - 47.07x 0.00x 47.07x 15.67x 11.87x 15.80x 15.32x
(56.0) 122.0 372.0 668.0 32.0 764.0 (15.0) 1'425.5 2'025.4 308.9 340.4
- - - - 2661.97x 0.00x 1330.98x 44.29x 32.56x 44.13x 41.86x
EBITDA 1'187.00 Long-Term Rating Date -
EBIT 538.00 Long-Term Rating -
Operating Margin 10.57% Long-Term Outlook -
Pretax Margin 9.71% Short-Term Rating Date -
Return on Assets -0.14% Short-Term Rating -
Return on Common Equity -0.19%
Return on Capital 0.59% EBITDA/Interest Exp. 23.27
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. -0.94
Net Debt/EBITDA -6.12
Gross Margin 73.2% Total Debt/EBITDA 1.98
EBITDA Margin 23.3%
EBIT Margin 10.6% Total Debt/Equity 20.0%
Net Income Margin 0.6% Total Debt/Capital 16.7%
Asset Turnover 0.47
Current Ratio 10.71 Net Fixed Asset Turnover 2.63
Quick Ratio 9.83 Accounts receivable turnover-days 45.53
Debt to Assets 15.60% Inventory Days -
Tot Debt to Common Equity 20.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.04 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Facebook IncPrice/Volume
Valuation Analysis
4'811'090.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 87
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 77'644'473 4.61 37'380'569 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 39'095'420 2.32 15'722'220 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 33'281'620 1.98 6'803'009 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33'193'967 1.97 13'789'661 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 26'797'536 1.59 9'685'751 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 26'311'904 1.56 12'411'139 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'992'371 1.37 6'546'408 25.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 22'376'854 1.33 9'675'216 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 21'438'888 1.27 4'888'178 31.01.2013 Unclassified
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 21'263'110 1.26 21'263'110 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 20'578'390 1.22 364'134 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 20'370'317 1.21 20'370'317 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 18'422'852 1.09 (20'142'720) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 18'204'867 1.08 17'235'166 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 18'122'565 1.08 17'425'168 31.12.2012 Investment Advisor
SANDBERG SHERYL KARA n/a Form 4 17'788'268 1.06 (176'452) 20.03.2013 n/a
ELEVATION MANAGEMENT ELEVATION MANAGEMENT 13F 16'989'027 1.01 16'989'027 31.12.2012 Investment Advisor
MERITECH CAPITAL ASS n/a ULT-AGG 16'268'858 0.97 16'268'858 31.12.2012 Venture Capital
ALLIANZ ASSET MANAGE n/a ULT-AGG 14'532'244 0.86 4'277'820 31.01.2013 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 14'165'900 0.84 308'300 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies BRIAN J PITZ hold 3 M 30 12 month 26.03.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 34 12 month 25.03.2013
Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 27 12 month 22.03.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 35 12 month 22.03.2013
Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 22.03.2013
Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 21.03.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 20.03.2013
JMP Securities RONALD V JOSEY III market perform 3 N #N/A N/A Not Provided 19.03.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 38 12 month 19.03.2013
Needham & Co LAURA A MARTIN buy 5 M 33 12 month 15.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 N 30 Not Provided 15.03.2013
Pivotal Research Group LLC BRIAN WIESER buy 5 M 36 12 month 15.03.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 32 Not Provided 11.03.2013
Nomura BRIAN NOWAK buy 5 M 32 12 month 11.03.2013
Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 11.03.2013
Wedbush MICHAEL PACHTER outperform 5 M 35 12 month 08.03.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 31 12 month 08.03.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 40 12 month 08.03.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 34 12 month 07.03.2013
Sterne, Agee & Leach ARVIND BHATIA buy 5 M 37 12 month 07.03.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 38 12 month 07.03.2013
Credit Agricole Securities (USA) JAMES LEE buy 5 M 40 Not Provided 07.03.2013
William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 05.03.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 01.03.2013
BTIG LLC RICHARD GREENFIELD sell 1 M 22 Not Provided 14.02.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 35 9 month 04.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 01.02.2013
Deutsche Bank ROSS SANDLER buy 5 M 37 12 month 31.01.2013
Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 40 12 month 31.01.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 32 12 month 31.01.2013
Credit Suisse STEPHEN JU neutral 3 M 31 Not Provided 31.01.2013
Raymond James AARON M KESSLER outperform 5 M 37 12 month 31.01.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 30 12 month 31.01.2013
Stifel JORDAN ROHAN hold 3 D #N/A N/A Not Provided 31.01.2013
Evercore Partners KEN SENA equalweight 3 M 32 12 month 31.01.2013
Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 33 12 month 31.01.2013
Barclays ANTHONY J DICLEMENTE equalweight 3 M 30 Not Provided 31.01.2013
Lazard Capital Markets WILLIAM BIRD neutral 3 M #N/A N/A Not Provided 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Battle Road Research TEAM COVERAGE hold 3 U 29 12 month 19.06.2012
Atlantic Equities LLP HAMILTON FABER not rated #N/A N/A M 45 12 month 14.05.2012
Holdings By:
Facebook Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 88
27.03.2013
Fastenal Company sell industrial and construction supplies in a wholesale and
retail fashion. The Company markets its products and services throughout the
United States, Canada, Mexico, Puerto Rico, Singapore, China, and The
Netherlands.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 54.40
52-Week Low (28.06.2012) 37.17
Daily Volume
50.48
52-Week High % Change -7.20% Dividend Yield 1.47
52-Week Low % Change 35.79% Beta 0.98
% 52 Week Price Range High/Low 77.25% Equity Float 271.83
Shares Out 31.12.2012 296.6 Short Int 17.77
14'970.57 1 Yr Total Return -5.01%
Total Debt 0.00 YTD Return 8.34%
Preferred Stock 0.0 Adjusted BETA 0.979
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 79.97 Consensus Rating 3.571
Enterprise Value 14'890.60
Average Volume 5 Day 393'332
FAST UW EQUITY YTD Change - Average Volume 30 Day 449'375
FAST UW EQUITY YTD % CHANGE - Average Volume 3 Month 536'213
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'340.4 1'930.3 2'269.5 2'766.9 3'133.6 2'766.9 3'133.6 3'471.0 3'909.5 814.0 885.2
2.17x 3.08x 3.81x 4.60x 4.39x 15.30x 17.16x 4.26x 3.73x 18.34x 16.90x
489.7 336.7 470.5 619.5 727.3 619.5 727.3 848.7 991.3 191.2 223.0
10.39x 17.65x 18.40x 20.55x 18.91x 20.55x 18.91x 17.54x 15.02x 17.39x 16.75x
279.7 184.4 265.4 357.9 420.5 357.9 420.5 485.8 570.9 109.1 127.8
18.25x 33.58x 33.28x 36.04x 32.85x 35.75x 32.85x 30.91x 26.43x 30.91x 29.73x
EBITDA 727.34 Long-Term Rating Date -
EBIT 673.29 Long-Term Rating -
Operating Margin 21.49% Long-Term Outlook -
Pretax Margin 21.51% Short-Term Rating Date -
Return on Assets 24.03% Short-Term Rating -
Return on Common Equity 27.86%
Return on Capital 27.86% EBITDA/Interest Exp. -
Asset Turnover 1.79% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.11
Gross Margin 51.5% Total Debt/EBITDA 0.00
EBITDA Margin 23.2%
EBIT Margin 21.5% Total Debt/Equity 0.0%
Net Income Margin 13.4% Total Debt/Capital 0.0%
Asset Turnover 1.79
Current Ratio 6.30 Net Fixed Asset Turnover 6.58
Quick Ratio 2.21 Accounts receivable turnover-days 41.51
Debt to Assets 0.00% Inventory Days 164.02
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 17.49
Accounts Receivable Turnover 8.82 Cash Conversion Cycle 188.04
Inventory Turnover 2.23
Fiscal Year Ended
Fastenal CoPrice/Volume
Valuation Analysis
244'273.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 89
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 40'926'610 13.8 5'306'940 31.12.2012 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 20'695'409 6.98 12'406 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 17'403'300 5.87 325'000 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'403'129 4.86 548'654 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'271'882 4.81 (3'867'384) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'623'011 4.59 93'478 25.03.2013 Investment Advisor
KIERLIN ROBERT A n/a Form 4 12'503'300 4.22 (207'500) 07.12.2012 n/a
STATE STREET n/a ULT-AGG 10'765'664 3.63 266'818 25.03.2013 Investment Advisor
SLAGGIE STEPHEN M n/a Form 5 10'251'188 3.46 (269'140) 31.12.2012 n/a
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7'645'531 2.58 1'268'350 31.12.2012 Investment Advisor
DF DENT & COMPANY D F DENT & COMPANY 13F 5'010'231 1.69 (116'399) 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 4'449'803 1.5 (10'310) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 4'396'422 1.48 862'477 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'322'152 1.46 3'705'974 31.12.2012 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 4'204'133 1.42 (22'590) 31.12.2012 Investment Advisor
ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 4'000'000 1.35 4'000'000 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'750'192 1.26 82'817 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'613'771 1.22 (5'256'552) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'836'458 0.96 338'364 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 2'414'245 0.81 234'738 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse HAMZAH MAZARI neutral 3 M 54 Not Provided 25.03.2013
Raymond James SAMUEL J DARKATSH market perform 3 M #N/A N/A Not Provided 25.03.2013
Longbow Research DEREK JOSE neutral 3 M #N/A N/A Not Provided 25.03.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 21.03.2013
Robert W. Baird & Co DAVID J MANTHEY outperform 5 M 54 12 month 06.03.2013
Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 43 12 month 05.03.2013
William Blair & Co RYAN MERKEL outperform 5 M #N/A N/A Not Provided 05.03.2013
Wunderlich Securities BRENT D RAKERS buy 5 M 59 18 month 05.03.2013
BB&T Capital Markets HOLDEN LEWIS hold 3 M #N/A N/A Not Provided 05.03.2013
Wells Fargo Securities, LLC ALLISON POLINIAK-CUSIC market perform 3 M #N/A N/A Not Provided 05.03.2013
Barclays SCOTT R DAVIS underweight 1 M 44 Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 18.01.2013
S&P Capital IQ MICHAEL JAFFE strong buy 5 M 60 Not Provided 17.01.2013
Holdings By:
Fastenal Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 90
27.03.2013
Fiserv, Inc. provides integrated information management and electronic commerce
systems and services. The Company's solutions include transaction processing,
electronic bill payment and presentment, business process outsourcing, document
distribution services, and software and systems solutions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 86.78
52-Week Low (21.05.2012) 64.48
Daily Volume
86.52
52-Week High % Change -0.30% Dividend Yield 0.00
52-Week Low % Change 34.18% Beta 0.98
% 52 Week Price Range High/Low 98.83% Equity Float 130.79
Shares Out 15.02.2013 133.5 Short Int 2.47
11'550.72 1 Yr Total Return 24.13%
Total Debt 3'230.00 YTD Return 9.48%
Preferred Stock 0.0 Adjusted BETA 0.979
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 358.00 Consensus Rating 3.667
Enterprise Value 14'422.72
Average Volume 5 Day 128'015
FISV UW EQUITY YTD Change - Average Volume 30 Day 232'197
FISV UW EQUITY YTD % CHANGE - Average Volume 3 Month 242'049
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'587.0 4'077.0 4'133.0 4'337.0 4'482.0 4'337.0 4'482.0 4'887.3 5'102.0 1'189.3 1'196.1
2.08x 2.63x 2.76x 2.60x 2.99x 10.46x 11.60x 2.98x 2.74x 12.86x 12.76x
1'258.0 1'279.0 1'346.0 1'345.0 1'410.0 1'345.0 1'410.0 1'600.4 1'696.0 373.4 393.3
7.59x 8.37x 8.47x 8.39x 9.51x 8.39x 9.51x 9.01x 8.50x 9.04x 8.93x
569.0 476.0 496.0 472.0 611.0 472.0 611.0 759.4 835.5 172.1 187.7
10.92x 13.32x 16.97x 14.95x 18.04x 14.87x 17.64x 14.50x 13.00x 14.49x 14.02x
EBITDA 1'410.00 Long-Term Rating Date 02.03.2010
EBIT 1'056.00 Long-Term Rating BBB-
Operating Margin 23.56% Long-Term Outlook STABLE
Pretax Margin 20.08% Short-Term Rating Date 26.09.2007
Return on Assets 7.17% Short-Term Rating A-3
Return on Common Equity 18.31%
Return on Capital 10.91% EBITDA/Interest Exp. 8.10
Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 6.98
Net Debt/EBITDA 2.04
Gross Margin 42.1% Total Debt/EBITDA 2.29
EBITDA Margin 31.5%
EBIT Margin 23.6% Total Debt/Equity 94.5%
Net Income Margin 13.6% Total Debt/Capital 48.6%
Asset Turnover 0.53
Current Ratio 1.28 Net Fixed Asset Turnover 17.68
Quick Ratio 0.92 Accounts receivable turnover-days 54.26
Debt to Assets 38.01% Inventory Days -
Tot Debt to Common Equity 94.53% Accounts Payable Turnover Day 109.93
Accounts Receivable Turnover 6.74 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Fiserv IncPrice/Volume
Valuation Analysis
100'496.00
Current Price (3/dd/yy) Market Data
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500.0
1'000.0
1'500.0
2'000.0
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3'000.0
3'500.0
4'000.0
4'500.0
5'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 91
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'479'666 10.85 3'754'321 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'774'796 7.32 949'400 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'529'325 6.39 83'298 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'971'332 5.22 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'912'133 4.43 45'049 25.03.2013 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 5'449'211 4.08 202'131 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'847'515 2.13 61'900 31.01.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'619'234 1.96 (99'329) 31.12.2012 Investment Advisor
MERITAGE GROUP LP MERITAGE GROUP LP 13F 2'072'806 1.55 (407) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'900'334 1.42 (7'517) 31.12.2012 Investment Advisor
PITTENGER & ANDERSON PITTENGER & ANDERSON 13F 1'898'286 1.42 - 31.12.2012 Investment Advisor
DILLON DONALD F n/a Form 4 1'891'654 1.42 - 07.09.2012 n/a
FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 1'755'042 1.31 1'042 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'716'266 1.29 (39'088) 31.12.2012 Investment Advisor
EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 1'705'366 1.28 1'011'066 31.12.2012 Hedge Fund Manager
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'422'001 1.07 (2'321) 31.12.2012 Investment Advisor
BRAVE WARRIOR ADVISO BRAVE WARRIOR ADVISO 13F 1'411'128 1.06 (299'954) 31.12.2012 Hedge Fund Manager
EMINENCE CAPITAL LLC EMINENCE CAPITAL LLC 13F 1'265'796 0.95 (3'090) 31.12.2012 Hedge Fund Manager
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 1'204'996 0.9 47'434 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 1'193'655 0.89 (172'514) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets DANIEL R PERLIN sector perform 3 M 85 12 month 26.03.2013
Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 26.03.2013
Stephens Inc BRETT HUFF equalweight 3 M 90 Not Provided 25.03.2013
Goldman Sachs JULIO C QUINTEROS JR neutral/neutral 3 M 88 12 month 18.03.2013
Evercore Partners DAVID M TOGUT overweight 5 M 107 12 month 18.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 05.03.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 28.02.2013
Sterne, Agee & Leach GREGORY SMITH buy 5 M 93 12 month 28.02.2013
First Analysis Corp LARRY BERLIN equalweight 3 M 85 12 month 11.02.2013
SunTrust Robinson Humphrey ANDREW W JEFFREY neutral 3 M #N/A N/A Not Provided 06.02.2013
JPMorgan TIEN-TSIN HUANG neutral 3 M 85 9 month 06.02.2013
Robert W. Baird & Co DAVID J KONING neutral 3 M 86 12 month 06.02.2013
William Blair & Co CHRISTOPHER SHUTLER outperform 5 M #N/A N/A Not Provided 06.02.2013
Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 06.02.2013
Barclays DARRIN D PELLER equalweight 3 M 87 Not Provided 06.02.2013
Credit Suisse GEORGE MIHALOS underperform 1 M 79 Not Provided 05.02.2013
Jefferies RAMSEY EL-ASSAL buy 5 M 94 12 month 05.02.2013
Avondale Partners LLC PETER J HECKMANN market perform 3 M 78 12 month 05.02.2013
Oppenheimer & Co GLENN GREENE outperform 5 M 89 12 month 05.02.2013
Argus Research Corp DAVID RITTER buy 5 M 95 12 month 07.01.2013
JMP Securities DAVID M SCHARF market perform 3 M #N/A N/A Not Provided 24.10.2012
Deutsche Bank BRYAN KEANE hold 3 M 71 12 month 10.10.2012
BOE Securities UNNATI BHAVEKAR buy 5 M 56 12 month 10.08.2010
Holdings By:
Fiserv Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 92
27.03.2013
Fossil, Inc. designs, develops, markets, and distributes consumer fashion
accessories. The Company's products include an extensive line of men's and
women's fashion watches and jewelry sold under proprietary and licensed brands,
handbags, small leather goods, belts, sunglasses, and apparel.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (05.04.2012) 139.20
52-Week Low (12.07.2012) 62.79
Daily Volume
95.46
52-Week High % Change -31.42% Dividend Yield 0.00
52-Week Low % Change 52.03% Beta 1.81
% 52 Week Price Range High/Low 42.76% Equity Float 49.38
Shares Out 21.02.2013 59.3 Short Int 2.82
5'664.96 1 Yr Total Return -28.75%
Total Debt 77.93 YTD Return 2.53%
Preferred Stock 0.0 Adjusted BETA 1.806
Minority Interest 6.9 Analyst Recs 14
Cash and Equivalents 177.36 Consensus Rating 3.429
Enterprise Value 5'572.46
Average Volume 5 Day 229'722
FOSL UW EQUITY YTD Change - Average Volume 30 Day 270'760
FOSL UW EQUITY YTD % CHANGE - Average Volume 3 Month 251'480
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'583.2 1'548.1 2'030.7 2'567.3 2'857.5 2'567.3 2'857.5 3'165.6 3'452.8 652.4 700.3
0.63x 1.19x 2.06x 1.82x 1.64x 8.80x 7.86x 1.75x 1.57x 8.64x 8.06x
243.4 253.0 417.0 523.9 554.4 523.9 554.4 606.5 664.6 105.0 111.1
4.07x 7.30x 10.01x 8.92x 8.44x 8.92x 8.44x 9.19x 8.38x 9.20x 9.04x
138.1 139.2 255.2 294.7 343.4 294.7 343.4 363.8 406.3 58.5 63.1
8.60x 16.11x 18.71x 17.27x 16.62x 17.18x 16.51x 15.76x 13.88x 15.62x 15.24x
EBITDA 554.38 Long-Term Rating Date -
EBIT 488.84 Long-Term Rating -
Operating Margin 17.11% Long-Term Outlook -
Pretax Margin 17.23% Short-Term Rating Date -
Return on Assets 19.71% Short-Term Rating -
Return on Common Equity 29.35%
Return on Capital 29.22% EBITDA/Interest Exp. 107.44
Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 85.66
Net Debt/EBITDA -0.18
Gross Margin 56.2% Total Debt/EBITDA 0.14
EBITDA Margin 19.4%
EBIT Margin 17.1% Total Debt/Equity 6.3%
Net Income Margin 12.0% Total Debt/Capital 5.9%
Asset Turnover 1.64
Current Ratio 2.81 Net Fixed Asset Turnover 9.26
Quick Ratio 1.33 Accounts receivable turnover-days 42.41
Debt to Assets 4.23% Inventory Days 144.81
Tot Debt to Common Equity 6.32% Accounts Payable Turnover Day 44.12
Accounts Receivable Turnover 8.58 Cash Conversion Cycle 143.10
Inventory Turnover 2.51
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Fossil IncPrice/Volume
Valuation Analysis
209'618.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 93
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 10'680'023 18 2'185'950 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'000'530 15.17 (7'979) 31.12.2012 Investment Advisor
KARTSOTIS KOSTA N n/a Form 4 6'413'039 10.81 - 19.01.2013 n/a
BROWN ADVISORY INC n/a ULT-AGG 3'266'860 5.5 (70'760) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'098'118 5.22 22'028 31.12.2012 Investment Advisor
KARTSOTIS TOM n/a 13D 2'873'079 4.84 - 20.04.2011 n/a
BLACKROCK n/a ULT-AGG 2'668'541 4.5 (120'991) 25.03.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 2'477'200 4.17 (7'400) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'153'231 3.63 82'508 26.03.2013 Investment Advisor
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 1'582'530 2.67 186'452 31.12.2012 Hedge Fund Manager
BAMCO INC BAMCO INC 13F 969'577 1.63 (171'996) 31.12.2012 Investment Advisor
EMINENCE CAPITAL LLC EMINENCE CAPITAL LLC 13F 953'770 1.61 68'723 31.12.2012 Hedge Fund Manager
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 872'645 1.47 300'800 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 864'288 1.46 304'093 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 726'639 1.22 (4'105) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 679'832 1.15 5'477 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 662'928 1.12 (73'635) 31.12.2012 Investment Advisor
SHROFF JAL S n/a Form 4 548'723 0.92 - 13.03.2013 n/a
SIGMA CAPITAL MANAGE SIGMA CAPITAL MANAGE 13F 530'000 0.89 180'000 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 490'448 0.83 31'190 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group OMAR SAAD neutral 3 M 110 12 month 24.03.2013
Brean Murray Carret & Co ERIC M BEDER sell 1 M 85 12 month 20.03.2013
FBR Capital Markets ANNA ANDREEVA suspended coverage #N/A N/A M #N/A N/A Not Provided 12.03.2013
Cowen and Company JOHN KERNAN outperform 5 M #N/A N/A Not Provided 06.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 15.02.2013
JPMorgan SIMEON A SIEGEL neutral 3 M 95 9 month 13.02.2013
KeyBanc Capital Markets JANE THORN LEESON hold 3 M #N/A N/A Not Provided 13.02.2013
Macquarie LIZABETH DUNN neutral 3 D 115 12 month 13.02.2013
Benchmark Company LLC RONALD BOOKBINDER hold 3 M 110 12 month 13.02.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M 116 12 month 13.02.2013
Jefferies RANDAL J KONIK buy 5 M 125 12 month 12.02.2013
BB&T Capital Markets SCOTT D KRASIK buy 5 M 128 12 month 12.02.2013
Piper Jaffray NEELY J N TAMMINGA neutral 3 M 110 12 month 12.02.2013
Credit Agricole Securities (USA) BARBARA WYCKOFF outperform 5 D 130 Not Provided 12.02.2013
Holdings By:
Fossil Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 94
27.03.2013
Garmin Ltd. provides navigation, communications, and information devices, most
of which are enabled by Global Positioning System (GPS) technology. The Company
designs, develops, manufactures, and markets hand-held, portable, and fixed
mount GPS-enabled products and other navigation, communications, and information
products under its own brand name.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 50.64
52-Week Low (22.03.2013) 32.82
Daily Volume
33.29
52-Week High % Change -34.26% Dividend Yield 5.41
52-Week Low % Change 1.43% Beta 0.79
% 52 Week Price Range High/Low 2.64% Equity Float 116.15
Shares Out 29.12.2012 195.6 Short Int 13.03
6'511.25 1 Yr Total Return -27.05%
Total Debt 0.00 YTD Return -17.39%
Preferred Stock 0.0 Adjusted BETA 0.795
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 2'872.58 Consensus Rating 3.538
Enterprise Value 3'638.68
Average Volume 5 Day 359'301
GRMN UW EQUITY YTD Change - Average Volume 30 Day 495'422
GRMN UW EQUITY YTD % CHANGE - Average Volume 3 Month 468'374
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'494.1 2'946.4 2'689.9 2'758.6 2'715.7 2'758.6 2'715.7 2'554.9 2'507.7 517.1 669.3
0.83x 1.48x 1.43x 1.90x 1.82x 6.20x 8.08x - - - -
940.4 882.5 731.3 648.3 694.6 648.3 694.6 597.4 603.4 112.2 173.6
3.10x 4.93x 5.25x 8.10x 7.13x 8.10x 7.34x 6.09x 6.03x 5.85x 5.70x
732.8 704.0 584.6 520.9 542.4 520.9 542.4 469.1 475.8 81.4 132.6
6.04x 8.78x 10.73x 14.69x 14.49x 14.74x 14.30x 13.80x 13.54x 13.85x 13.70x
EBITDA 694.63 Long-Term Rating Date -
EBIT 604.16 Long-Term Rating -
Operating Margin 22.25% Long-Term Outlook -
Pretax Margin 23.00% Short-Term Rating Date -
Return on Assets 11.68% Short-Term Rating -
Return on Common Equity 15.98%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -4.14
Gross Margin 53.0% Total Debt/EBITDA 0.00
EBITDA Margin 25.6%
EBIT Margin 22.2% Total Debt/Equity 0.0%
Net Income Margin 20.0% Total Debt/Capital 0.0%
Asset Turnover 0.58
Current Ratio 2.79 Net Fixed Asset Turnover 6.57
Quick Ratio 2.19 Accounts receivable turnover-days 81.61
Debt to Assets 0.00% Inventory Days 112.86
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 42.57
Accounts Receivable Turnover 4.48 Cash Conversion Cycle 151.08
Inventory Turnover 3.24
Fiscal Year Ended
Garmin LtdPrice/Volume
Valuation Analysis
272'783.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 95
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KAO MIN H n/a Form 4 38'942'580 19.91 (45'000) 14.12.2012 n/a
BURRELL GARY L n/a Form 4 29'338'570 15 (225'000) 15.05.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 11'420'372 5.84 - 28.02.2013 Investment Advisor
RUEY-JENG KAO n/a 13G 10'377'962 5.31 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 9'394'082 4.8 1'444'130 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'693'746 3.42 1'759'198 31.12.2012 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 4'510'019 2.31 194'596 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 4'463'288 2.28 2'407'002 25.03.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'982'081 1.52 (209'401) 31.12.2012 Investment Advisor
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 2'728'330 1.39 421'770 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'665'523 1.36 22'091 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'290'419 1.17 1'414'677 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'955'792 1 593'095 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'953'297 1 (2'464'202) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'905'166 0.97 498'766 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'417'566 0.72 671'795 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'231'894 0.63 78'050 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'197'871 0.61 30'574 31.12.2012 Government
WESTWOOD MANAGEMENT WESTWOOD MANAGEMENT 13F 1'142'569 0.58 397'019 31.12.2012 Investment Advisor
DISCIPLINED GROWTH I DISCIPLINED GROWTH I 13F 1'126'958 0.58 32'380 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 08.03.2013
Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 45 12 month 01.03.2013
Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 22.02.2013
RBC Capital Markets MARK SUE sector perform 3 M 47 12 month 21.02.2013
D.A. Davidson & Co JB GROH neutral 3 M 40 18 month 21.02.2013
Dougherty & Company LLC CHARLIE ANDERSON neutral 3 M #N/A N/A Not Provided 21.02.2013
Wells Fargo Securities, LLC ANDREW SPINOLA outperform 5 M #N/A N/A Not Provided 21.02.2013
Goldman Sachs SIMONA JANKOWSKI Sell/Neutral 1 M 30 12 month 20.02.2013
JPMorgan PAUL T COSTER underweight 1 M 30 9 month 20.02.2013
Needham & Co RICHARD F VALERA hold 3 M #N/A N/A Not Provided 20.02.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 50 12 month 20.02.2013
William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 20.02.2013
Holdings By:
Garmin Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 96
27.03.2013
Gilead Sciences, Inc. is a research-based biopharmaceutical company that
discovers, develops, and commercializes therapeutics to advance the care of
patients suffering from life-threatening diseases. The Company's primary areas
of focus include HIV/AIDS, liver disease and serious cardiovascular and
respiratory conditions.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 46.37
52-Week Low (11.04.2012) 22.67
Daily Volume
45.48
52-Week High % Change -1.91% Dividend Yield 0.00
52-Week Low % Change 100.64% Beta 0.87
% 52 Week Price Range High/Low 94.16% Equity Float 1'509.35
Shares Out 15.02.2013 1'522.4 Short Int 58.09
69'238.41 1 Yr Total Return 92.63%
Total Debt 8'224.05 YTD Return 23.84%
Preferred Stock 0.0 Adjusted BETA 0.866
Minority Interest 241.1 Analyst Recs 31
Cash and Equivalents 2'582.09 Consensus Rating 4.677
Enterprise Value 75'121.50
Average Volume 5 Day 2'743'750
GILD UW EQUITY YTD Change - Average Volume 30 Day 2'509'634
GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'522'554
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 8'385.4 9'702.5 10'748.3 12'727.1 2'570.1 2'646.0
8.35x 5.18x 3.38x 3.41x 6.36x 14.21x 21.53x 6.42x 5.44x - -
2'845.0 3'857.3 4'227.7 4'092.1 4'288.4 4'094.7 4'288.4 4'741.4 6'491.6 1'115.5 1'129.0
15.67x 9.42x 6.35x 6.99x 14.38x 6.98x 14.38x 15.90x 11.61x 16.57x -
1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'803.6 2'591.6 3'226.3 4'427.6 782.8 791.0
24.71x 14.87x 10.50x 11.18x 21.60x 11.34x 21.60x 21.93x 15.69x 22.45x 19.79x
EBITDA 4'288.38 Long-Term Rating Date 23.03.2011
EBIT 4'010.18 Long-Term Rating A-
Operating Margin 41.33% Long-Term Outlook STABLE
Pretax Margin 37.23% Short-Term Rating Date -
Return on Assets 13.45% Short-Term Rating -
Return on Common Equity 32.30%
Return on Capital 17.56% EBITDA/Interest Exp. 11.88
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 10.78
Net Debt/EBITDA 1.32
Gross Margin 74.5% Total Debt/EBITDA 1.92
EBITDA Margin 44.2%
EBIT Margin 41.3% Total Debt/Equity 88.3%
Net Income Margin 26.7% Total Debt/Capital 46.3%
Asset Turnover 0.50
Current Ratio 1.44 Net Fixed Asset Turnover 10.35
Quick Ratio 0.85 Accounts receivable turnover-days 69.83
Debt to Assets 38.72% Inventory Days 232.14
Tot Debt to Common Equity 88.34% Accounts Payable Turnover Day 164.03
Accounts Receivable Turnover 5.24 Cash Conversion Cycle 137.94
Inventory Turnover 1.58
Fiscal Year Ended
Gilead Sciences IncPrice/Volume
Valuation Analysis
761'759.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 97
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 298'675'044 19.62 16'340'092 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 111'854'914 7.35 15'313'566 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 88'315'026 5.8 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 67'203'144 4.41 1'612'488 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 62'827'858 4.13 2'762'936 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 59'800'423 3.93 1'603'151 26.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 45'508'106 2.99 (6'740'462) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 29'696'606 1.95 9'207'940 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 25'991'274 1.71 (2'060'540) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'926'206 1.44 (2'486'034) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 21'623'634 1.42 (6'080'712) 31.01.2013 Unclassified
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 20'915'172 1.37 6'930'110 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 20'711'890 1.36 5'867'630 31.12.2012 Unclassified
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 19'501'542 1.28 9'988'298 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 18'205'634 1.2 3'621'978 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'314'578 1.07 (761'396) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 15'814'906 1.04 (1'905'270) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 14'721'904 0.97 (2'927'484) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 12'683'224 0.83 (892'748) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 12'538'366 0.82 12'538'366 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 53 Not Provided 26.03.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 50 12 month 26.03.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 26.03.2013
Stifel JOEL D SENDEK buy 5 M 49 12 month 26.03.2013
Oppenheimer & Co DAVID FERREIRO outperform 5 M 50 18 month 26.03.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 26.03.2013
Maxim Group LLC JASON KOLBERT buy 5 M 48 12 month 25.03.2013
Piper Jaffray M IAN SOMAIYA overweight 5 M 50 12 month 25.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 50 12 month 22.03.2013
Guggenheim Securities LLC BRET HOLLEY buy 5 M 50 12 month 22.03.2013
S&P Capital IQ STEVEN SILVER buy 5 M 50 Not Provided 22.03.2013
Jefferies THOMAS WEI hold 3 M 40 12 month 14.03.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 50 9 month 13.03.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 48 12 month 11.03.2013
Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 45 12 month 07.03.2013
Morgan Stanley MARSHALL URIST Overwt/In-Line 5 M 46 12 month 06.03.2013
Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 58 12 month 06.03.2013
Credit Suisse RAVI MEHROTRA outperform 5 M 55 Not Provided 26.02.2013
Cowen and Company PHILIP NADEAU outperform 5 M #N/A N/A Not Provided 20.02.2013
Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 20.02.2013
William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 19.02.2013
Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 06.02.2013
Needham & Co ALAN CARR buy 5 R 45 12 month 05.02.2013
Atlantic Equities LLP RICHARD J PURKISS neutral 3 D 41 12 month 05.02.2013
Barclays CHARLES ANTHONY BUTLER overweight 5 M 42 Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 04.02.2013
Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 43 12 month 01.02.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 48 12 month 30.01.2013
First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 09.02.2012
BWS Financial HAMED KHORSAND buy 5 M 24 12 month 21.04.2011
Holdings By:
Gilead Sciences Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 98
27.03.2013
Google Inc. is a global technology company that provides a web based search
engine through its website. The Company offers a wide range of search options,
including web, image, groups, directory, and news searches.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.03.2013) 844.00
52-Week Low (14.06.2012) 556.55
Daily Volume
811.4
52-Week High % Change -3.86% Dividend Yield 0.00
52-Week Low % Change 45.79% Beta 0.98
% 52 Week Price Range High/Low 88.05% Equity Float 266.48
Shares Out 23.01.2013 267.5 Short Int 4.39
268'688.22 1 Yr Total Return 24.96%
Total Debt 5'537.00 YTD Return 14.38%
Preferred Stock 0.0 Adjusted BETA 0.979
Minority Interest 0.0 Analyst Recs 45
Cash and Equivalents 49'557.00 Consensus Rating 4.222
Enterprise Value 224'668.22
Average Volume 5 Day 417'677
GOOG UW EQUITY YTD Change - Average Volume 30 Day 594'329
GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 622'068
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 37'905.0 51'379.0 47'959.4 56'129.7 11'262.5 11'591.7
3.72x 7.29x 5.42x 4.45x 3.77x 15.26x 13.87x 4.44x 3.51x 19.60x 18.70x
8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 13'593.0 15'684.0 22'088.2 25'902.6 5'178.4 5'293.7
9.96x 17.53x 13.48x 12.41x 12.05x 12.41x 12.08x 10.17x 8.68x 10.14x 9.76x
4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 9'737.0 10'737.0 15'493.8 18'396.8 3'573.1 3'650.7
18.44x 30.38x 22.58x 21.70x 20.79x 21.72x 20.97x 17.71x 15.08x 17.74x 17.07x
EBITDA 15'722.00 Long-Term Rating Date 19.11.2012
EBIT 12'760.00 Long-Term Rating AA
Operating Margin 25.43% Long-Term Outlook STABLE
Pretax Margin 26.68% Short-Term Rating Date 15.07.2010
Return on Assets 12.91% Short-Term Rating A-1+
Return on Common Equity 16.54%
Return on Capital 15.48% EBITDA/Interest Exp. 187.17
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 148.20
Net Debt/EBITDA -2.81
Gross Margin 58.9% Total Debt/EBITDA 0.35
EBITDA Margin 30.5%
EBIT Margin 24.8% Total Debt/Equity 7.7%
Net Income Margin 21.4% Total Debt/Capital 7.2%
Asset Turnover 0.62
Current Ratio 4.22 Net Fixed Asset Turnover 4.79
Quick Ratio 3.90 Accounts receivable turnover-days 47.41
Debt to Assets 5.90% Inventory Days 4.28
Tot Debt to Common Equity 7.72% Accounts Payable Turnover Day 21.55
Accounts Receivable Turnover 7.72 Cash Conversion Cycle 30.52
Inventory Turnover 85.42
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Google IncPrice/Volume
Valuation Analysis
115'590.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 99
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 18'215'530 6.81 (5'443) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 14'812'725 5.54 308'479 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 11'833'058 4.42 347'460 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'006'397 4.11 1'637'525 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'616'879 3.97 (388'122) 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'457'496 3.54 151'141 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'419'685 2.4 623'378 31.12.2012 Unclassified
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'586'974 1.71 27'119 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 4'016'989 1.5 (227'260) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'824'800 1.43 (23'714) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'207'437 1.2 (39'630) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'756'412 1.03 597'897 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'715'974 1.02 (130'698) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'501'395 0.94 (90'008) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 2'490'314 0.93 6'165 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 2'380'317 0.89 (21'961) 31.01.2013 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'222'539 0.83 (122'117) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'173'908 0.81 320'943 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'116'195 0.79 333'660 31.12.2012 Government
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 2'046'828 0.77 76'916 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 760 12 month 26.03.2013
Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 26.03.2013
Wedbush JAMES G DIX neutral 3 M 770 12 month 26.03.2013
Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 830 12 month 25.03.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 25.03.2013
Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 22.03.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 900 12 month 22.03.2013
Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 22.03.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 850 Not Provided 22.03.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 21.03.2013
Credit Agricole Securities (USA) JAMES LEE buy 5 M 1'000 Not Provided 20.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013
JMP Securities RONALD V JOSEY III market outperform 4 N 955 12 month 19.03.2013
Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 18.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 925 Not Provided 15.03.2013
Pivotal Research Group LLC BRIAN WIESER hold 3 M 820 12 month 15.03.2013
Sterne, Agee & Leach SHAW WU neutral 3 M #N/A N/A Not Provided 14.03.2013
Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 830 Not Provided 14.03.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 14.03.2013
Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 932 12 month 12.03.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 790 Not Provided 11.03.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 11.03.2013
Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 765 12 month 11.03.2013
Nomura BRIAN NOWAK buy 5 M 860 12 month 11.03.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 950 12 month 10.03.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 07.03.2013
William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 05.03.2013
Piper Jaffray EUGENE E MUNSTER overweight 5 M 938 12 month 01.03.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 875 Not Provided 28.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 22.02.2013
Deutsche Bank ROSS SANDLER buy 5 M 935 12 month 21.02.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 825 12 month 20.02.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 870 Not Provided 10.02.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 860 9 month 07.02.2013
Hilliard Lyons STEPHEN TURNER neutral 3 D #N/A N/A Not Provided 06.02.2013
Raymond James AARON M KESSLER outperform 5 M 825 12 month 05.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 800 12 month 24.01.2013
Credit Suisse STEPHEN JU outperform 5 M 847 Not Provided 23.01.2013
Needham & Co KERRY RICE buy 5 M 850 12 month 23.01.2013
Macquarie BENJAMIN A SCHACHTER outperform 5 M 795 12 month 23.01.2013
B Riley & Company, Inc SAMEET SINHA buy 5 M 846 Not Provided 23.01.2013
BGC Partners COLIN W GILLIS hold 3 M 760 12 month 23.01.2013
Holdings By:
Google Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 100
27.03.2013
Henry Schein, Inc. distributes healthcare products and services, including
practice management software, to office-based healthcare practitioners. The
Company has operations in North America and other countries. Henry Schein's
operations include direct marketing, telesales, and field sales.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 91.45
52-Week Low (01.06.2012) 71.97
Daily Volume
91.14
52-Week High % Change -0.34% Dividend Yield 0.00
52-Week Low % Change 26.64% Beta 0.97
% 52 Week Price Range High/Low 98.41% Equity Float 85.87
Shares Out 04.02.2013 87.6 Short Int 2.32
7'981.43 1 Yr Total Return 19.29%
Total Debt 533.28 YTD Return 13.27%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 437.5 Analyst Recs 18
Cash and Equivalents 122.08 Consensus Rating 3.444
Enterprise Value 8'830.09
Average Volume 5 Day 125'728
HSIC UW EQUITY YTD Change - Average Volume 30 Day 168'908
HSIC UW EQUITY YTD % CHANGE - Average Volume 3 Month 147'219
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'380.4 6'538.3 7'526.8 8'530.2 8'940.0 8'530.2 8'940.0 9'516.3 10'038.8 2'249.9 2'378.6
0.54x 0.73x 0.84x 0.76x 0.88x 3.18x 3.48x 0.90x 0.83x 3.95x 3.72x
520.7 548.6 634.6 698.0 759.5 698.0 759.5 805.9 862.9 185.3 202.7
6.61x 8.71x 9.95x 9.30x 10.37x 9.30x 10.37x 10.96x 10.23x 10.95x 10.76x
239.5 311.2 325.8 367.7 388.1 367.7 388.1 432.3 472.6 95.0 108.6
12.12x 16.57x 17.36x 16.23x 18.01x 16.23x 18.05x 18.71x 16.92x 18.69x 18.10x
EBITDA 759.48 Long-Term Rating Date -
EBIT 634.15 Long-Term Rating -
Operating Margin 7.09% Long-Term Outlook -
Pretax Margin 6.84% Short-Term Rating Date -
Return on Assets 7.70% Short-Term Rating -
Return on Common Equity 15.38%
Return on Capital 12.97% EBITDA/Interest Exp. 24.58
Asset Turnover 1.77% (EBITDA-Capex)/Interest Exp. 22.92
Net Debt/EBITDA 0.54
Gross Margin 28.0% Total Debt/EBITDA 0.70
EBITDA Margin 8.5%
EBIT Margin 7.1% Total Debt/Equity 20.4%
Net Income Margin 4.3% Total Debt/Capital 14.9%
Asset Turnover 1.77
Current Ratio 1.84 Net Fixed Asset Turnover 33.39
Quick Ratio 0.77 Accounts receivable turnover-days 38.75
Debt to Assets 10.00% Inventory Days 60.87
Tot Debt to Common Equity 20.40% Accounts Payable Turnover Day 38.35
Accounts Receivable Turnover 9.39 Cash Conversion Cycle 61.28
Inventory Turnover 5.98
Fiscal Year Ended
Henry Schein IncPrice/Volume
Valuation Analysis
89'280.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 101
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 6'472'168 7.39 192'973 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'403'492 7.31 115'400 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'191'730 5.93 - 25.03.2013 Investment Advisor
GENERATION INVESTMEN GENERATION INVESTMEN 13F 4'217'926 4.82 (33'416) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'169'622 4.76 42'683 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 3'434'959 3.92 230'374 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'325'469 3.8 43'407 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'038'459 3.47 72'379 28.02.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'107'791 2.41 103'082 31.01.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'991'253 2.27 366'839 31.12.2012 Investment Advisor
MEDICAL MUTUAL INSUR MEDICAL MUTUAL INSUR Sch-D 1'900'000 2.17 1'900'000 30.09.2012 Insurance Company
ATLANTA CAPITAL MANA ATLANTA CAPITAL MANA 13F 1'682'101 1.92 77'278 31.12.2012 Investment Advisor
FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 1'677'966 1.92 923 31.12.2012 Investment Advisor
TIVERTON ASSET MANAG TIVERTON ASSET MANAG 13F 1'580'369 1.8 1'580'369 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'567'500 1.79 (5'200) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'423'289 1.63 (431'584) 31.12.2012 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 1'371'758 1.57 (240'276) 31.12.2012 Hedge Fund Manager
WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'351'150 1.54 57'000 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 1'302'255 1.49 234'038 31.12.2012 Unclassified
ENTRUST CAPITAL INC ENTRUST CAPITAL INC 13F 1'300'000 1.48 - 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Robert W. Baird & Co JEFFREY D JOHNSON outperform 5 M 98 12 month 26.03.2013
Piper Jaffray KEVIN ELLICH neutral 3 M 92 12 month 26.03.2013
Northcoast Research EDWIN SNYDER buy 5 M 110 12 month 25.03.2013
Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 18.03.2013
William Blair & Co JOHN C KREGER outperform 5 M #N/A N/A Not Provided 17.03.2013
Leerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 26.02.2013
Jefferies BRANDON COUILLARD hold 3 M 80 12 month 25.02.2013
Stifel JONATHAN D BLOCK hold 3 M #N/A N/A Not Provided 25.02.2013
Credit Suisse GLEN SANTANGELO neutral 3 M 92 Not Provided 14.02.2013
JPMorgan LISA C GILL neutral 3 M 89 9 month 14.02.2013
Barrington Research CHARLES R JONES market perform 3 M #N/A N/A Not Provided 14.02.2013
CL King & Associates ROSS TAYLOR buy 5 M 100 12 month 14.02.2013
Wallachbeth Capital LLC GLEN M LOSEV hold 3 M 85 12 month 14.02.2013
Goldman Sachs ROBERT P JONES neutral/neutral 3 M 92 12 month 13.02.2013
ISI Group MICHAEL CHERNY neutral 3 M 88 12 month 13.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 04.02.2013
Holdings By:
Henry Schein Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 102
27.03.2013
Intel Corporation designs, manufactures, and sells computer components and
related products. The Company's major products include microprocessors,
chipsets, embedded processors and microcontrollers, flash memory products,
graphics products, network and communications products, systems management
software, conferencing products, and digital imaging products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 29.27
52-Week Low (21.11.2012) 19.23
Daily Volume
21.46
52-Week High % Change -26.68% Dividend Yield 4.05
52-Week Low % Change 11.60% Beta 1.01
% 52 Week Price Range High/Low 19.12% Equity Float 4'769.01
Shares Out 08.02.2013 4'946.0 Short Int 216.01
106'141.16 1 Yr Total Return -21.03%
Total Debt 13'448.00 YTD Return 5.13%
Preferred Stock 0.0 Adjusted BETA 1.014
Minority Interest 0.0 Analyst Recs 53
Cash and Equivalents 22'586.00 Consensus Rating 3.491
Enterprise Value 97'003.16
Average Volume 5 Day 7'926'692
INTC UW EQUITY YTD Change - Average Volume 30 Day 9'448'922
INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 9'479'995
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 53'999.0 53'341.0 53'942.2 56'526.9 12'663.6 12'920.5
1.81x 2.84x 2.16x 2.10x 1.70x 7.72x 8.56x 1.90x 1.81x 8.11x 7.98x
14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'541.0 22'160.0 20'993.2 22'865.8 4'601.8 4'574.9
4.76x 9.08x 4.65x 4.81x 4.10x 4.81x 4.10x 4.64x 4.26x 4.69x 4.54x
5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'942.0 11'005.0 10'397.5 11'205.2 2'241.9 2'265.2
12.66x 16.80x 10.37x 9.59x 9.50x 9.78x 9.50x 10.61x 9.83x 10.40x 10.04x
EBITDA 22'160.00 Long-Term Rating Date 17.02.1993
EBIT 14'638.00 Long-Term Rating A+
Operating Margin 27.44% Long-Term Outlook STABLE
Pretax Margin 27.88% Short-Term Rating Date 17.02.1993
Return on Assets 14.16% Short-Term Rating A-1+
Return on Common Equity 22.66%
Return on Capital 18.78% EBITDA/Interest Exp. 67.15
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 33.74
Net Debt/EBITDA -0.41
Gross Margin 62.1% Total Debt/EBITDA 0.61
EBITDA Margin 41.5%
EBIT Margin 27.4% Total Debt/Equity 26.3%
Net Income Margin 20.6% Total Debt/Capital 20.8%
Asset Turnover 0.69
Current Ratio 2.43 Net Fixed Asset Turnover 2.07
Quick Ratio 1.71 Accounts receivable turnover-days 25.53
Debt to Assets 15.94% Inventory Days 79.60
Tot Debt to Common Equity 26.26% Accounts Payable Turnover Day 52.25
Accounts Receivable Turnover 14.26 Cash Conversion Cycle 52.88
Inventory Turnover 4.57
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intel CorpPrice/Volume
Valuation Analysis
3'444'290.00
Current Price (3/dd/yy) Market Data
!
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20'000.0
30'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 103
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 275'299'132 5.57 (4'738'268) 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 224'362'465 4.54 4'358'835 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 212'941'059 4.31 5'216'553 26.03.2013 Investment Advisor
MOORE GORDON EARLE n/a Form 4 172'992'357 3.5 (1'255'200) 02.03.2005 n/a
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 107'648'009 2.18 7'796'302 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 76'183'909 1.54 231'840 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 73'349'858 1.48 (7'774'199) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 71'696'575 1.45 2'772'732 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 64'099'640 1.3 3'284'665 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 62'419'311 1.26 1'725'102 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 56'437'200 1.14 (1'073'550) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 42'262'952 0.85 2'352'168 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 40'574'173 0.82 14'347'374 28.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 40'236'837 0.81 3'652'891 31.12.2012 Government
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 39'078'900 0.79 (11'739'300) 31.12.2012 Insurance Company
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 38'661'945 0.78 9'367'763 31.12.2012 Investment Advisor
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 36'009'427 0.73 4'046'035 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 35'339'649 0.71 (2'267'980) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 34'886'904 0.71 9'192 30.09.2012 Insurance Company
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 33'702'161 0.68 (3'328'989) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 26.03.2013
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 25.03.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 26 12 month 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013
Piper Jaffray AUGUSTE P RICHARD neutral 3 M 21 12 month 25.03.2013
Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 22 12 month 25.03.2013
Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 18 12 month 24.03.2013
Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 24.03.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 24 12 month 22.03.2013
Argus Research Corp JAMES KELLEHER buy 5 M 25 Not Provided 21.03.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 19 9 month 21.03.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 24 Not Provided 21.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 23 12 month 21.03.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 21.03.2013
FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 23 12 month 20.03.2013
Longbow Research JOANNE FEENEY neutral 3 M #N/A N/A Not Provided 20.03.2013
Stifel KEVIN E CASSIDY buy 5 M 28 12 month 18.03.2013
Barclays BLAYNE CURTIS equalweight 3 M 20 Not Provided 18.03.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 15.03.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 11.03.2013
Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 11.03.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 06.03.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 06.03.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 05.03.2013
ISI Group SUMIT DHANDA buy 5 M 25 12 month 04.03.2013
JMP Securities ALEX GAUNA market outperform 4 M 26 12 month 27.02.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 24 12 month 26.02.2013
Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 26.02.2013
Lazard Capital Markets DANIEL L AMIR buy 5 M 26 12 month 26.02.2013
Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 25.02.2013
Nomura ROMIT SHAH reduce 2 M 19 12 month 25.02.2013
Jefferies MARK J LIPACIS hold 3 M 24 12 month 22.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 12.02.2013
Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 20 12 month 31.01.2013
Crowell, Weedon & Co JAMES D RAGAN buy 5 M 26 18 month 29.01.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 21 Not Provided 22.01.2013
Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 18.01.2013
Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 18.01.2013
Credit Suisse JOHN W PITZER outperform 5 M 28 Not Provided 18.01.2013
Macquarie SHAWN WEBSTER outperform 5 M 26 12 month 18.01.2013
Independent Research GmbH MARKUS FRIEBEL buy 5 M 27 12 month 18.01.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 18.01.2013
S&P Capital IQ ANGELO ZINO hold 3 M #N/A N/A Not Provided 18.01.2013
Holdings By:
Intel Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 104
27.03.2013
Intuit Inc. develops and markets business and financial management software
solutions for small and medium sized businesses, financial institutions,
consumers, and accounting professionals The Company provides software for small
business management and payroll processing, personal finance, and tax
preparation and filing.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (06.03.2013) 68.41
52-Week Low (21.05.2012) 53.49
Daily Volume
65.73
52-Week High % Change -3.92% Dividend Yield 0.97
52-Week Low % Change 22.88% Beta 0.92
% 52 Week Price Range High/Low 82.04% Equity Float 282.43
Shares Out 22.02.2013 296.4 Short Int 9.51
19'481.64 1 Yr Total Return 11.69%
Total Debt 499.00 YTD Return 10.78%
Preferred Stock 0.0 Adjusted BETA 0.922
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 744.00 Consensus Rating 3.952
Enterprise Value 19'321.64
Average Volume 5 Day 556'902
INTU UW EQUITY YTD Change - Average Volume 30 Day 655'323
INTU UW EQUITY YTD % CHANGE - Average Volume 3 Month 583'213
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y 04/13 Q3 07/13 Q4
3'071.0 3'109.0 3'455.0 3'772.0 4'151.0 3'995.0 4'211.0 4'594.0 5'016.9 2'245.9 732.5
2.93x 2.98x 3.44x 3.61x 4.07x 15.60x 16.35x 4.06x 3.59x 8.11x 25.43x
902.7 957.7 1'119.0 1'308.0 1'419.0 1'401.0 1'307.0 1'755.7 1'948.2 1'426.8 108.7
9.96x 9.67x 10.61x 10.41x 11.90x 11.90x 14.04x 11.01x 9.92x 10.41x 9.90x
476.8 447.0 574.0 634.0 792.0 685.0 790.0 1'041.4 1'146.0 913.9 37.8
19.80x 18.68x 23.80x 22.03x 23.21x 24.86x 26.43x 19.10x 17.40x 18.06x 17.37x
EBITDA 1'419.00 Long-Term Rating Date 29.05.2008
EBIT 1'177.00 Long-Term Rating BBB
Operating Margin 28.35% Long-Term Outlook STABLE
Pretax Margin 27.73% Short-Term Rating Date -
Return on Assets 15.72% Short-Term Rating -
Return on Common Equity 31.51%
Return on Capital 24.92% EBITDA/Interest Exp. 28.38
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 25.68
Net Debt/EBITDA -0.12
Gross Margin 81.7% Total Debt/EBITDA 0.40
EBITDA Margin 31.0%
EBIT Margin 25.8% Total Debt/Equity 18.2%
Net Income Margin 19.1% Total Debt/Capital 15.4%
Asset Turnover 0.84
Current Ratio 1.20 Net Fixed Asset Turnover 7.24
Quick Ratio 0.73 Accounts receivable turnover-days 49.24
Debt to Assets 10.65% Inventory Days -
Tot Debt to Common Equity 18.19% Accounts Payable Turnover Day 99.84
Accounts Receivable Turnover 7.43 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intuit IncPrice/Volume
Valuation Analysis
544'081.00
Current Price (3/dd/yy) Market Data
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1'000.0
1'500.0
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3'000.0
3'500.0
4'000.0
4'500.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 105
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 17'554'978 5.92 (89'700) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'418'092 5.54 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'070'100 4.75 7'978'400 31.12.2012 Investment Advisor
COOK SCOTT D n/a Form 4 13'201'868 4.45 - 31.12.2012 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'522'198 4.22 258'297 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'387'302 4.18 151'423 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 11'381'863 3.84 (426'676) 26.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 10'418'562 3.52 1'183'080 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 10'137'644 3.42 1'052'512 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 9'716'592 3.28 347'950 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 7'322'060 2.47 (532'809) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'639'811 2.24 (354'330) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 5'859'348 1.98 553'376 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 5'283'586 1.78 (480'314) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'239'299 1.77 (43'300) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 4'535'135 1.53 (1'174'672) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'987'428 1.35 (7'574) 31.12.2012 Investment Advisor
POLEN CAPITAL MANAGE POLEN CAPITAL MANAGE 13F 3'863'314 1.3 81'337 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'562'017 1.2 (543'447) 31.12.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'307'239 1.12 511'535 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
First Analysis Corp LARRY BERLIN equalweight 3 M #N/A N/A Not Provided 27.03.2013
Raymond James WAYNE JOHNSON outperform 5 M 68 12 month 26.03.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 26.03.2013
Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 26.03.2013
Morgan Stanley ADAM H HOLT Equalwt/In-Line 3 M #N/A N/A Not Provided 25.03.2013
Jefferies ROSS MACMILLAN hold 3 M 66 12 month 25.03.2013
Millman Research Associates MICHAEL MILLMAN hold 3 M 59 12 month 25.03.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 69 12 month 22.02.2013
Goldman Sachs GREG DUNHAM neutral/attractive 3 M 67 12 month 22.02.2013
JPMorgan STERLING AUTY overweight 5 M 65 9 month 22.02.2013
Janney Montgomery Scott LLC YUN KIM buy 5 M 80 12 month 22.02.2013
Macquarie BRAD A ZELNICK neutral 3 M 62 12 month 22.02.2013
Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 65 12 month 22.02.2013
Barclays RAIMO LENSCHOW equalweight 3 M 67 Not Provided 22.02.2013
Wedbush GIL B LURIA outperform 5 M 76 12 month 21.02.2013
Evercore Partners DAVID M TOGUT equalweight 3 M 64 12 month 21.02.2013
Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 06.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 29.04.2011
Holdings By:
Intuit Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 106
27.03.2013
Intuitive Surgical, Inc. design, manufactures and markets surgical systems. The
Company's surgical system controls Intuitive Surgical endoscopic instruments,
including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors,
scalpels, forceps/pickups, needle holders, endoscopic retractors,
electrocautery, ultrasonic cutters, and accessories during surgical procedures.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (18.04.2012) 594.62
52-Week Low (15.03.2013) 455.18
Daily Volume
497.25
52-Week High % Change -16.38% Dividend Yield 0.00
52-Week Low % Change 9.24% Beta 1.01
% 52 Week Price Range High/Low 30.17% Equity Float 39.97
Shares Out 25.02.2013 40.4 Short Int 2.26
20'081.32 1 Yr Total Return -8.98%
Total Debt 0.00 YTD Return 1.40%
Preferred Stock 0.0 Adjusted BETA 1.010
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 1'324.40 Consensus Rating 4.316
Enterprise Value 18'756.92
Average Volume 5 Day 136'012
ISRG UW EQUITY YTD Change - Average Volume 30 Day 144'332
ISRG UW EQUITY YTD % CHANGE - Average Volume 3 Month 125'361
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
874.9 1'052.2 1'413.0 1'757.3 2'178.8 1'757.3 2'178.8 2'562.9 2'957.1 583.1 632.1
5.17x 10.57x 6.45x 9.77x 8.44x 31.89x 35.98x 6.47x 5.43x 29.27x 26.76x
335.9 412.0 595.6 741.3 935.9 741.3 935.9 1'044.4 1'223.2 229.7 261.0
13.47x 27.01x 15.31x 23.16x 19.65x 23.16x 19.65x 17.96x 15.33x 17.96x 17.32x
204.3 232.6 381.8 495.1 656.6 495.1 656.6 726.6 849.1 165.2 180.1
24.80x 51.17x 27.22x 37.58x 30.69x 37.64x 30.72x 28.27x 24.08x 28.26x 27.18x
EBITDA 935.90 Long-Term Rating Date -
EBIT 878.10 Long-Term Rating -
Operating Margin 40.30% Long-Term Outlook -
Pretax Margin 41.03% Short-Term Rating Date -
Return on Assets 18.44% Short-Term Rating -
Return on Common Equity 21.09%
Return on Capital 21.09% EBITDA/Interest Exp. -
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.42
Gross Margin 72.1% Total Debt/EBITDA 0.00
EBITDA Margin 43.0%
EBIT Margin 40.3% Total Debt/Equity 0.0%
Net Income Margin 30.1% Total Debt/Capital 0.0%
Asset Turnover 0.61
Current Ratio 4.71 Net Fixed Asset Turnover 9.93
Quick Ratio 4.22 Accounts receivable turnover-days 56.12
Debt to Assets 0.00% Inventory Days 70.25
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 30.62
Accounts Receivable Turnover 6.52 Cash Conversion Cycle 95.75
Inventory Turnover 5.21
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intuitive Surgical IncPrice/Volume
Valuation Analysis
163'540.00
Current Price (3/dd/yy) Market Data
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2 9
3 9
4 9
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 107
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 5'776'094 14.3 482'400 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'300'257 5.7 (77'540) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'860'003 4.61 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'756'880 4.35 45'236 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 1'561'366 3.87 34'594 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'252'626 3.1 34'047 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 1'131'468 2.8 43'778 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 985'936 2.44 (300'639) 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 969'364 2.4 653'710 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 936'203 2.32 295'136 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 818'598 2.03 731'598 31.12.2012 Hedge Fund Manager
BROWN ADVISORY INC n/a ULT-AGG 748'303 1.85 74'215 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 727'270 1.8 441'507 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 646'802 1.6 (382'372) 31.12.2012 Investment Advisor
EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 575'597 1.43 66'396 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 572'264 1.42 (78'814) 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 567'682 1.41 (12'311) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 547'562 1.36 (8'043) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 522'564 1.29 7'272 31.01.2013 Unclassified
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 521'852 1.29 (494) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 21.03.2013
Janney Montgomery Scott LLC SPENCER NAM buy 5 M 670 12 month 21.03.2013
William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 21.03.2013
Cantor Fitzgerald JEREMY FEFFER buy 5 M 575 12 month 21.03.2013
Leerink Swann & Co RICHARD NEWITTER market perform 3 M #N/A N/A Not Provided 21.03.2013
Raymond James LAWRENCE S KEUSCH outperform 5 M 620 12 month 20.03.2013
Canaccord Genuity Corp JASON R MILLS buy 5 M 527 12 month 20.03.2013
Northland Securities Inc SURAJ KALIA underperform 1 M 400 12 month 20.03.2013
Mizuho Securities USA Inc MICHAEL S MATSON buy 5 M 636 12 month 18.03.2013
SunTrust Robinson Humphrey AMIT HAZAN buy 5 M 649 12 month 14.03.2013
JPMorgan TYCHO W PETERSON overweight 5 M 625 9 month 14.03.2013
Lazard Capital Markets SEAN D LAVIN buy 5 M 625 12 month 14.03.2013
JMP Securities J T HARESCO III market outperform 4 M 620 12 month 01.03.2013
Goldman Sachs DAVID H ROMAN Buy/Neutral 5 U 715 12 month 22.02.2013
Barrington Research CHARLES R JONES outperform 5 M 650 12 month 25.01.2013
Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 23.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 23.01.2013
Holdings By:
Intuitive Surgical Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 108
27.03.2013
KLA-Tencor Corporation manufactures yield management and process monitoring
systems for the semiconductor industry. The Company's systems are used to
analyze product and process quality at critical steps in the manufacture of
circuits and provide feedback so that fabrication problems can be identified.
KLA-Tencor operates sales, service, and application centers worldwide.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 57.95
52-Week Low (16.11.2012) 43.22
Daily Volume
52.05
52-Week High % Change -10.18% Dividend Yield 2.88
52-Week Low % Change 20.43% Beta 1.24
% 52 Week Price Range High/Low 59.95% Equity Float 165.91
Shares Out 10.01.2013 166.1 Short Int 5.24
8'647.83 1 Yr Total Return -1.41%
Total Debt 746.83 YTD Return 9.76%
Preferred Stock 0.0 Adjusted BETA 1.235
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 2'534.44 Consensus Rating 4.444
Enterprise Value 6'816.69
Average Volume 5 Day 446'447
KLAC UW EQUITY YTD Change - Average Volume 30 Day 573'765
KLAC UW EQUITY YTD % CHANGE - Average Volume 3 Month 636'107
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
2'521.7 1'520.2 1'820.8 3'175.2 3'171.9 3'165.5 3'126.7 2'884.6 3'312.9 725.9 764.2
2.50x 2.45x 2.14x 1.72x 2.02x 7.57x 8.34x 2.46x 1.91x 8.90x 8.40x
638.4 4.7 401.5 1'246.4 1'108.5 1'159.7 1'034.0 815.9 1'069.3 213.3 248.7
9.86x 800.84x 9.71x 4.39x 5.79x 5.70x 5.90x 8.35x 6.38x 6.54x 6.36x
359.1 (523.4) 212.3 794.5 756.0 757.6 695.2 549.1 765.6 147.2 160.3
14.64x - 17.99x 8.24x 10.61x 10.40x 11.24x 15.95x 11.52x 12.84x 11.93x
EBITDA 1'108.46 Long-Term Rating Date 28.04.2008
EBIT 1'016.33 Long-Term Rating BBB
Operating Margin 32.04% Long-Term Outlook STABLE
Pretax Margin 30.71% Short-Term Rating Date -
Return on Assets 14.23% Short-Term Rating -
Return on Common Equity 21.97%
Return on Capital 18.82% EBITDA/Interest Exp. 20.45
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 19.39
Net Debt/EBITDA -1.77
Gross Margin 58.1% Total Debt/EBITDA 0.72
EBITDA Margin 33.1%
EBIT Margin 30.1% Total Debt/Equity 22.5%
Net Income Margin 23.8% Total Debt/Capital 18.4%
Asset Turnover 0.64
Current Ratio 4.83 Net Fixed Asset Turnover 11.17
Quick Ratio 3.75 Accounts receivable turnover-days 67.32
Debt to Assets 14.64% Inventory Days 178.13
Tot Debt to Common Equity 22.52% Accounts Payable Turnover Day 31.28
Accounts Receivable Turnover 5.44 Cash Conversion Cycle 206.13
Inventory Turnover 2.05
Fiscal Year Ended
KLA-Tencor CorpPrice/Volume
Valuation Analysis
424'337.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Page 109
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 22'627'316 13.62 (370'332) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 15'847'397 9.54 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'207'414 6.14 (735'483) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 7'117'585 4.28 2'028'630 31.12.2012 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'915'022 4.16 337'635 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 6'903'570 4.16 126'226 25.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 5'050'800 3.04 (79'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'192'094 2.52 (1'402'932) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'012'005 1.81 (321'290) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'636'341 1.59 (2'104'992) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'625'824 1.58 100'118 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'528'135 1.52 (507'988) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'300'784 1.38 376'200 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'272'086 1.37 29'564 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'796'300 1.08 - 31.12.2012 Hedge Fund Manager
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 1'708'804 1.03 1'702'853 31.12.2012 Hedge Fund Manager
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 1'665'757 1 793'685 31.12.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 1'545'691 0.93 100'773 31.12.2012 Hedge Fund Manager
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'537'676 0.93 157'204 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 1'478'800 0.89 105'700 31.12.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Needham & Co EDWIN MOK buy 5 N 61 12 month 26.03.2013
Exane BNP Paribas JEROME RAMEL outperform 5 M 65 Not Provided 26.03.2013
B Riley & Company, Inc BEN PANG buy 5 M 66 Not Provided 21.03.2013
RBC Capital Markets MAHESH SANGANERIA outperform 5 M 60 12 month 15.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 62 12 month 15.03.2013
Stifel PATRICK J HO buy 5 M 58 12 month 26.02.2013
Pacific Crest Securities WESTON TWIGG outperform 5 M 61 12 month 25.02.2013
Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 50 12 month 13.02.2013
Goldman Sachs JAMES V COVELLO Sell/Neutral 1 M 50 12 month 07.02.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 N #N/A N/A Not Provided 04.02.2013
Deutsche Bank VISHAL SHAH hold 3 U 56 12 month 25.01.2013
Credit Suisse SATYA KUMAR outperform 5 M 63 Not Provided 25.01.2013
Credit Agricole Securities (USA) MARK HELLER buy 5 M 62 Not Provided 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ ANGELO ZINO buy 5 R 57 12 month 26.10.2012
First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 05.02.2011
Holdings By:
KLA-Tencor Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 110
27.03.2013
Kraft Foods Group, Inc. is a food company. The Company is focused on consumer
packaged food and beverages for North American Grocery stores. Kraft Foods
offers a wide range of branded beverages, cheese, grocery products and
convenient meals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 52.28
52-Week Low (01.10.2012) 42.29
Daily Volume
51.36
52-Week High % Change -1.76% Dividend Yield -
52-Week Low % Change 21.45% Beta -
% 52 Week Price Range High/Low 90.79% Equity Float 592.55
Shares Out 23.02.2013 593.4 Short Int 7.11
30'475.62 1 Yr Total Return -
Total Debt 35.00 YTD Return 14.05%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents - Consensus Rating 4.000
Enterprise Value 39'805.62
Average Volume 5 Day 942'294
KRFT UW EQUITY YTD Change - Average Volume 30 Day 1'218'622
KRFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 949'694
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
17'708.0 17'278.0 17'797.0 18'655.0 18'339.0 0.0 9'100.0 18'808.0 19'311.1 4'500.4 4'863.3
- - - - - #DIV/0! 3.93x 2.13x 2.03x 8.84x 8.22x
- 3'314.0 3'307.0 3'285.0 - 0.0 898.0 3'516.9 3'801.6 816.7 929.6
- - - - - 0.00x 0.00x 11.32x 10.47x 11.42x 11.18x
2'662.0 2'170.0 3'531.0 1'839.0 1'642.0 0.0 560.0 1'683.3 1'868.4 393.5 467.8
- - - - 15.26x 0.00x 0.00x 18.30x 16.45x 18.28x 17.78x
EBITDA 3'285.00 Long-Term Rating Date 19.07.2012
EBIT 2'811.00 Long-Term Rating BBB
Operating Margin 15.33% Long-Term Outlook NEG
Pretax Margin 13.38% Short-Term Rating Date 19.07.2012
Return on Assets - Short-Term Rating A-2
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 821.25
Asset Turnover - (EBITDA-Capex)/Interest Exp. 721.00
Net Debt/EBITDA -
Gross Margin 31.8% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.2%
Net Income Margin 9.0% Total Debt/Capital 0.2%
Asset Turnover -
Current Ratio 1.27 Net Fixed Asset Turnover -
Quick Ratio 0.35 Accounts receivable turnover-days -
Debt to Assets 0.16% Inventory Days -
Tot Debt to Common Equity 0.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 35.12
Inventory Turnover -
Fiscal Year Ended
Kraft Foods Group IncPrice/Volume
Valuation Analysis
659'166.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Page 111
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 41'134'579 6.93 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 29'803'464 5.02 29'803'464 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 26'976'162 4.55 26'976'162 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 14'309'447 2.41 14'309'447 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 11'362'096 1.91 11'362'096 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 10'420'868 1.76 10'370'973 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 9'340'994 1.57 9'258'122 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'573'100 1.44 8'573'100 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'191'727 1.38 23'929 26.03.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 7'588'295 1.28 7'588'295 31.12.2012 Investment Advisor
FEDERATED INVESTORS FEDERATED INVESTORS 13F 7'504'882 1.26 7'504'882 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 6'408'721 1.08 6'408'721 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'286'967 1.06 6'286'967 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'269'784 1.06 6'269'784 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 5'036'151 0.85 5'036'151 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 4'735'130 0.8 4'735'130 31.12.2012 Government
UBS n/a ULT-AGG 4'407'486 0.74 4'369'118 31.01.2013 Unclassified
STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 4'391'342 0.74 4'391'342 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 4'173'053 0.7 4'173'053 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'144'582 0.7 4'144'582 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp ALICIA FORRY buy 5 M 56 12 month 27.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 22.03.2013
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 54 Not Provided 20.03.2013
Goldman Sachs JASON ENGLISH neutral/neutral 3 M 51 12 month 17.03.2013
Sanford C. Bernstein & Co ALEXIA HOWARD market perform 3 M 47 12 month 14.03.2013
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 53 Not Provided 13.03.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 12.03.2013
RBC Capital Markets EDWARD AARON outperform 5 M 50 12 month 11.03.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013
Stifel CHRISTOPHER R GROWE buy 5 M 49 Not Provided 07.03.2013
Jefferies THILO WREDE buy 5 M 52 12 month 01.03.2013
Davenport & Co ANN H GURKIN buy 5 M 53 12 month 27.02.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 46 12 month 21.02.2013
CL King & Associates ERIC J LARSON buy 5 M 50 12 month 19.02.2013
Morgan Stanley MATTHEW GRAINGER Equalwt/In-Line 3 M 47 12 month 18.02.2013
Deutsche Bank ERIC R KATZMAN hold 3 M 46 12 month 16.02.2013
Credit Suisse ROBERT MOSKOW outperform 5 M 50 Not Provided 15.02.2013
JPMorgan KENNETH GOLDMAN neutral 3 M 49 9 month 15.02.2013
Barclays ANDREW LAZAR overweight 5 M 51 Not Provided 15.02.2013
S&P Capital IQ THOMAS GRAVES hold 3 M 46 12 month 16.10.2012
Holdings By:
Kraft Foods Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 112
27.03.2013
Liberty Global, Inc. owns interests in broadband, distribution, and content
companies operating outside the continental United States, principally in
Europe, Asia, and Latin America.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 71.83
52-Week Low (01.06.2012) 44.89
Daily Volume
71.6
52-Week High % Change -0.32% Dividend Yield 0.00
52-Week Low % Change 59.50% Beta 1.00
% 52 Week Price Range High/Low 99.15% Equity Float 130.15
Shares Out 08.02.2013 141.3 Short Int 26.19
17'842.89 1 Yr Total Return 41.84%
Total Debt 27'524.50 YTD Return 13.67%
Preferred Stock 0.0 Adjusted BETA 0.997
Minority Interest (124.9) Analyst Recs 12
Cash and Equivalents 2'038.90 Consensus Rating 4.667
Enterprise Value 43'203.59
Average Volume 5 Day 655'993
LBTYA UW EQUITY YTD Change - Average Volume 30 Day 720'674
LBTYA UW EQUITY YTD % CHANGE - Average Volume 3 Month 702'148
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
10'497.7 7'497.4 8'364.2 9'510.8 10'310.8 9'510.8 10'310.8 13'284.4 14'933.4 2'732.2 2'771.4
2.54x 4.24x 3.30x 3.63x 4.04x 13.73x 14.84x 3.19x 2.80x - -
4'361.8 3'203.0 3'770.7 4'351.0 4'757.2 4'262.9 4'757.2 5'731.6 6'476.4 1'306.0 1'328.0
6.12x 9.93x 7.32x 7.93x 8.76x 8.10x 8.76x 7.54x 6.67x 8.11x -
(788.9) (412.1) 388.2 (772.7) 322.8 (772.7) 322.8 596.6 935.2 76.7 63.2
- - - - - 0.00x 0.00x 37.62x 24.31x 35.69x -
EBITDA 4'757.20 Long-Term Rating Date 06.02.2013
EBIT 2'066.10 Long-Term Rating B+ *+
Operating Margin 20.04% Long-Term Outlook -
Pretax Margin -4.69% Short-Term Rating Date -
Return on Assets 0.86% Short-Term Rating -
Return on Common Equity 12.87%
Return on Capital - EBITDA/Interest Exp. 2.84
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 1.71
Net Debt/EBITDA 5.36
Gross Margin 64.9% Total Debt/EBITDA 5.79
EBITDA Margin 46.1%
EBIT Margin 20.0% Total Debt/Equity 1245.5%
Net Income Margin 3.1% Total Debt/Capital 93.0%
Asset Turnover 0.28
Current Ratio 0.81 Net Fixed Asset Turnover 0.78
Quick Ratio 0.66 Accounts receivable turnover-days 34.46
Debt to Assets 71.85% Inventory Days -
Tot Debt to Common Equity 1245.45% Accounts Payable Turnover Day 71.82
Accounts Receivable Turnover 10.62 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Liberty Global IncPrice/Volume
Valuation Analysis
684'623.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 113
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 10'240'573 7.25 - 25.03.2013 Investment Advisor
COATUE MANAGEMENT LL n/a 13G 8'584'691 6.07 1'720'594 05.02.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'102'429 5.73 3'593'100 31.12.2012 Investment Advisor
COMCAST CORP n/a 13G/PRXY 7'681'369 5.43 - 31.03.2012 Corporation
CASCADE INVESTMENT L n/a 13G 7'381'014 5.22 - 16.06.2011 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 3'900'000 2.76 - 31.12.2012 Hedge Fund Manager
DODGE & COX DODGE & COX 13F 3'758'684 2.66 (43'700) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'672'844 2.6 (1'999'643) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'626'082 2.57 1'474'161 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'605'167 2.55 (1'229'118) 25.03.2013 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 2'958'710 2.09 191'797 31.12.2012 Investment Advisor
MARATHON ASSET MANAG MARATHON ASSET MANAG 13F 2'655'038 1.88 (1'516'764) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2'635'034 1.86 57'469 31.12.2012 Investment Advisor
ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 2'471'200 1.75 - 31.12.2012 Hedge Fund Manager
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 2'385'018 1.69 897'807 31.12.2012 Hedge Fund Manager
TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 2'300'000 1.63 (3'950'000) 31.12.2012 Hedge Fund Manager
SLEEP, ZAKARIA & CO SLEEP, ZAKARIA & CO 13F 2'210'000 1.56 - 31.12.2012 Hedge Fund Manager
GATES FOUNDATION BILL & MELINDA FOUND 13F 2'119'515 1.5 - 31.12.2012 Endowment
NORGES BANK NORGES BANK 13F 2'056'197 1.45 (209'351) 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'872'138 1.32 187'404 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 84 18 month 26.03.2013
ISI Group VIJAY JAYANT strong buy 5 M 85 12 month 25.03.2013
Evercore Partners BRYAN KRAFT overweight 5 M 83 12 month 07.03.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 88 12 month 06.03.2013
Barclays MICHAEL BISHOP overweight 5 M 76 Not Provided 26.02.2013
HSBC NICOLAS COTE-COLISSON overweight 5 M 80 Not Provided 15.02.2013
Morgan Stanley BENJAMIN SWINBURNE not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013
Stifel CHRISTOPHER C KING buy 5 M 80 12 month 14.02.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013
JPMorgan DANIEL X MORRIS restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013
Credit Suisse JUSTIN FUNNELL outperform 5 M 65 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Nomura HENRIK NYBLOM buy 5 M 67 12 month 14.12.2012
Holdings By:
Liberty Global Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 114
27.03.2013
Liberty Interactive Corporation owns interests in video and Internet commerce
businesses. The Company owns interests in home shopping television networks
and lifestyle and travel services Internet websites.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.02.2013) 22.04
52-Week Low (04.06.2012) 14.06
Daily Volume
21.7
52-Week High % Change -1.54% Dividend Yield 0.00
52-Week Low % Change 54.30% Beta 1.06
% 52 Week Price Range High/Low 95.74% Equity Float 502.95
Shares Out 31.01.2013 512.7 Short Int 1.68
11'739.45 1 Yr Total Return 25.22%
Total Debt 7'884.00 YTD Return 10.26%
Preferred Stock 0.0 Adjusted BETA 1.061
Minority Interest 4'489.0 Analyst Recs 10
Cash and Equivalents 4'479.00 Consensus Rating 3.800
Enterprise Value 19'633.45
Average Volume 5 Day 772'739
LINTA UW EQUITY YTD Change - Average Volume 30 Day 960'771
LINTA UW EQUITY YTD % CHANGE - Average Volume 3 Month 853'674
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'079.0 8'305.0 8'932.0 9'616.0 10'054.0 9'616.0 10'054.0 10'401.9 10'929.0 2'383.2 2'443.8
0.91x 1.24x 1.53x 1.41x 1.85x 5.78x 6.15x 1.93x 1.89x - -
1'523.0 1'607.0 1'679.0 1'774.0 1'809.0 1'774.0 1'809.0 1'977.7 2'085.0 435.5 482.0
4.82x 6.40x 8.14x 7.63x 10.29x 7.63x 10.29x 9.93x 9.42x 9.91x 9.69x
(781.0) 258.0 1'892.0 912.0 1'530.0 1'332.0 1'530.0 591.1 659.1 114.0 139.5
- 28.53x 19.47x 20.79x - 27.48x 0.00x 18.74x 15.69x 18.77x 18.14x
EBITDA 1'809.00 Long-Term Rating Date 29.09.2011
EBIT 1'200.00 Long-Term Rating BB
Operating Margin 11.94% Long-Term Outlook STABLE
Pretax Margin 19.74% Short-Term Rating Date -
Return on Assets 7.02% Short-Term Rating -
Return on Common Equity 21.77%
Return on Capital 11.88% EBITDA/Interest Exp. 4.19
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.40
Net Debt/EBITDA 1.88
Gross Margin 36.4% Total Debt/EBITDA 4.36
EBITDA Margin 18.0%
EBIT Margin 11.9% Total Debt/Equity 104.3%
Net Income Margin 15.2% Total Debt/Capital 39.5%
Asset Turnover 0.46
Current Ratio 1.17 Net Fixed Asset Turnover 8.49
Quick Ratio 0.86 Accounts receivable turnover-days 41.04
Debt to Assets 30.03% Inventory Days 62.29
Tot Debt to Common Equity 104.26% Accounts Payable Turnover Day 37.50
Accounts Receivable Turnover 8.92 Cash Conversion Cycle 65.83
Inventory Turnover 5.88
Fiscal Year Ended
Liberty Interactive CorpPrice/Volume
Valuation Analysis
834'529.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
6'000.0
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10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 115
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 27'022'608 5.27 (2'943'360) 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 24'681'853 4.81 386'568 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 24'537'419 4.79 4'061'744 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 23'246'941 4.53 17'945'695 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 19'991'838 3.9 (508'478) 25.03.2013 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 19'739'481 3.85 306'458 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'730'463 3.85 551'860 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 14'068'260 2.74 (655'318) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'733'184 2.48 (365'600) 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 10'769'953 2.1 (626'635) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'459'416 2.04 159'159 31.12.2012 Investment Advisor
MERITAGE GROUP LP MERITAGE GROUP LP 13F 10'164'241 1.98 2'540'365 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'677'945 1.89 1'433'223 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'624'453 1.49 2'889'408 31.12.2012 Investment Advisor
UNITED STATES STEEL UNITED STATES STEEL 13F 6'752'704 1.32 - 31.12.2012 Pension Fund (ERISA)
PRINCIPAL FINANCIAL n/a ULT-AGG 6'387'620 1.25 444'143 31.12.2012 Investment Advisor
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 6'286'911 1.23 4'950'027 31.12.2012 Hedge Fund Manager
HORIZON KINETICS n/a ULT-AGG 6'114'848 1.19 1'036'740 31.12.2012 Investment Advisor
FPR PARTNERS LLC FPR PARTNERS LLC 13F 5'979'990 1.17 320'700 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 5'766'417 1.12 (586'668) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 25.03.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 24 12 month 12.03.2013
Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 05.03.2013
Stifel BENJAMIN MOGIL buy 5 M 23 12 month 05.03.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 28 18 month 28.02.2013
Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 28.02.2013
Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 25 12 month 28.02.2013
Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 27 12 month 28.02.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 07.11.2012
Holdings By:
Liberty Interactive Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 116
27.03.2013
Life Technologies Corporation develops biotechnology tools used by researchers.
The Company offers a broad range of products and services, including systems,
instruments, reagents, and custom services. Life's portfolio of products
includes technologies for capillary electrophoresis based sequencing,
sequencing, mass spectrometry sample preparation, and cell culture.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.01.2013) 65.84
52-Week Low (04.06.2012) 39.73
Daily Volume
64.04
52-Week High % Change -2.73% Dividend Yield 0.00
52-Week Low % Change 61.19% Beta 1.14
% 52 Week Price Range High/Low 93.11% Equity Float 169.33
Shares Out 25.02.2013 170.4 Short Int 2.38
10'911.58 1 Yr Total Return 31.36%
Total Debt 2'414.07 YTD Return 30.48%
Preferred Stock 0.0 Adjusted BETA 1.136
Minority Interest 0.8 Analyst Recs 25
Cash and Equivalents 261.27 Consensus Rating 3.640
Enterprise Value 13'065.16
Average Volume 5 Day 607'425
LIFE UW EQUITY YTD Change - Average Volume 30 Day 554'846
LIFE UW EQUITY YTD % CHANGE - Average Volume 3 Month 624'773
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'620.3 3'280.3 3'588.1 3'775.7 3'798.5 3'775.7 3'798.5 3'928.5 4'071.3 959.9 980.9
4.67x 3.89x 3.44x 2.34x 2.78x 10.90x 11.06x 3.28x 3.08x 13.60x 13.28x
431.5 912.2 1'130.1 1'160.6 1'166.9 1'216.4 1'166.9 1'387.3 1'458.3 298.7 302.3
17.52x 13.97x 10.94x 7.61x 9.04x 7.26x 9.04x 9.42x 8.96x 10.62x 10.32x
5.7 144.6 378.3 378.5 430.9 412.8 430.9 762.1 817.9 184.6 188.3
8.18x 17.18x 45.49x 16.84x 18.03x 15.50x 18.16x 14.65x 13.43x 14.65x 14.34x
EBITDA 1'166.86 Long-Term Rating Date 29.11.2012
EBIT 737.97 Long-Term Rating BBB+
Operating Margin 19.43% Long-Term Outlook STABLE
Pretax Margin 14.00% Short-Term Rating Date -
Return on Assets 4.83% Short-Term Rating -
Return on Common Equity 9.31%
Return on Capital 7.36% EBITDA/Interest Exp. 9.42
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 8.47
Net Debt/EBITDA 1.84
Gross Margin 56.2% Total Debt/EBITDA 2.07
EBITDA Margin 30.7%
EBIT Margin 19.4% Total Debt/Equity 51.9%
Net Income Margin 11.3% Total Debt/Capital 34.2%
Asset Turnover 0.43
Current Ratio 1.36 Net Fixed Asset Turnover 4.53
Quick Ratio 0.80 Accounts receivable turnover-days 64.28
Debt to Assets 27.95% Inventory Days 85.93
Tot Debt to Common Equity 51.89% Accounts Payable Turnover Day 39.53
Accounts Receivable Turnover 5.69 Cash Conversion Cycle 110.68
Inventory Turnover 4.26
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Life Technologies CorpPrice/Volume
Valuation Analysis
270'422.00
Current Price (3/dd/yy) Market Data
!
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 117
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 14'793'545 8.68 (35'709) 31.12.2012 Investment Advisor
PAULSON & CO PAULSON & CO 13F 14'000'000 8.22 486'200 31.12.2012 Hedge Fund Manager
GLENVIEW CAPITAL MAN GLENVIEW CAPITAL MAN 13F 11'195'648 6.57 (248'867) 31.12.2012 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 10'978'751 6.44 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'156'540 5.96 98'046 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 7'397'920 4.34 236'947 25.03.2013 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 4'031'469 2.37 407'632 31.12.2012 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 3'834'794 2.25 (474'879) 31.12.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 3'630'809 2.13 66'865 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'909'700 1.71 (537'311) 31.12.2012 Investment Advisor
SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 2'590'100 1.52 (102'116) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'380'152 1.4 (790'013) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'285'527 1.34 7'934 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'283'930 1.34 104'323 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'178'356 1.28 (109'790) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'131'565 1.25 (135'972) 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'028'205 1.19 562'723 31.12.2012 Investment Advisor
SECTORAL ASSET MANAG SECTORAL ASSET MANAG 13F 1'956'408 1.15 (50'585) 31.12.2012 Hedge Fund Manager
ORBIMED ADVISORS LLC ORBIMED ADVISORS LLC 13F 1'904'500 1.12 (25'800) 31.12.2012 Hedge Fund Manager
ARIEL INVESTMENTS LL ARIEL INVESTMENTS LL 13F 1'878'931 1.1 390'771 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cowen and Company DOUG SCHENKEL neutral 3 M #N/A N/A Not Provided 25.03.2013
Edward Jones MATTHEW D COLLINS hold 3 M #N/A N/A Not Provided 22.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 11.03.2013
Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 60 12 month 07.03.2013
Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 05.03.2013
William Blair & Co AMANDA MURPHY market perform 3 M #N/A N/A Not Provided 25.02.2013
Cantor Fitzgerald SUNG JI NAM hold 3 M 58 12 month 25.02.2013
Oppenheimer & Co DAVID FERREIRO outperform 5 M 67 18 month 24.02.2013
Piper Jaffray WILLIAM R QUIRK neutral 3 M 63 12 month 22.02.2013
Macquarie JONATHAN P GROBERG outperform 5 M 66 12 month 06.02.2013
Wallachbeth Capital LLC DIFEI YANG buy 5 M 74 12 month 06.02.2013
Morgan Stanley DANIEL BRENNAN Equalwt/In-Line 3 M #N/A N/A Not Provided 05.02.2013
Goldman Sachs ISAAC RO Sell/Neutral 1 M 48 12 month 05.02.2013
Credit Suisse VAMIL DIVAN outperform 5 M 69 Not Provided 05.02.2013
First Analysis Corp GREG CHODACZEK equalweight 3 M 45 12 month 05.02.2013
JPMorgan TYCHO W PETERSON neutral 3 M 64 9 month 05.02.2013
Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 66 12 month 05.02.2013
Maxim Group LLC BRYAN BROKMEIER buy 5 M 75 12 month 05.02.2013
Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 D 74 Not Provided 05.02.2013
Barclays CHARLES ANTHONY BUTLER equalweight 3 M 60 Not Provided 05.02.2013
ISI Group ROSS MUKEN neutral 3 U 65 12 month 04.02.2013
Jefferies JON WOOD buy 5 M 58 12 month 18.01.2013
S&P Capital IQ JEFFREY LOO buy 5 M #N/A N/A Not Provided 02.10.2012
Holdings By:
Life Technologies Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 118
27.03.2013
Linear Technology Corporation designs, manufactures, and markets a line of
linear integrated circuits. The Company's products include high performance
amplifiers, comparators, voltage references, monolithic filters, linear
regulators, DC-DC converters, battery chargers, data converters, communications
interface circuits, and RF signal conditioning circuits.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (07.03.2013) 38.80
52-Week Low (01.06.2012) 28.28
Daily Volume
37.9
52-Week High % Change -2.32% Dividend Yield 3.32
52-Week Low % Change 34.02% Beta 1.12
% 52 Week Price Range High/Low 91.44% Equity Float 229.91
Shares Out 25.01.2013 232.6 Short Int 8.16
8'814.23 1 Yr Total Return 16.78%
Total Debt 805.60 YTD Return 10.50%
Preferred Stock 0.0 Adjusted BETA 1.122
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 1'203.06 Consensus Rating 3.615
Enterprise Value 8'330.79
Average Volume 5 Day 589'471
LLTC UW EQUITY YTD Change - Average Volume 30 Day 885'074
LLTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 957'049
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
1'175.2 968.5 1'170.0 1'484.0 1'266.6 1'336.0 1'282.8 1'287.0 1'430.5 313.5 329.9
6.73x 5.82x 5.72x 5.04x 5.38x 20.77x 22.14x 6.36x 5.56x 26.23x 24.81x
616.8 464.0 608.9 817.4 638.0 706.1 636.2 630.7 723.8 151.0 162.9
12.83x 12.15x 10.98x 9.14x 10.67x 9.36x 11.54x 13.21x 11.51x 12.56x 11.92x
387.6 289.2 361.3 580.8 398.1 496.1 395.8 428.6 503.5 109.1 111.7
18.96x 18.96x 17.96x 13.32x 18.32x 13.90x 20.00x 21.20x 18.34x 19.46x 18.73x
EBITDA 637.97 Long-Term Rating Date -
EBIT 582.04 Long-Term Rating -
Operating Margin 45.95% Long-Term Outlook -
Pretax Margin 42.31% Short-Term Rating Date -
Return on Assets 21.70% Short-Term Rating -
Return on Common Equity 56.66%
Return on Capital 28.42% EBITDA/Interest Exp. 13.43
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 12.67
Net Debt/EBITDA -0.76
Gross Margin 75.3% Total Debt/EBITDA 1.28
EBITDA Margin 49.6%
EBIT Margin 45.2% Total Debt/Equity 109.4%
Net Income Margin 31.4% Total Debt/Capital 52.2%
Asset Turnover 0.70
Current Ratio 8.83 Net Fixed Asset Turnover 4.01
Quick Ratio 7.95 Accounts receivable turnover-days 40.36
Debt to Assets 43.52% Inventory Days 92.94
Tot Debt to Common Equity 109.38% Accounts Payable Turnover Day 12.83
Accounts Receivable Turnover 9.02 Cash Conversion Cycle 121.69
Inventory Turnover 3.92
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Linear Technology CorpPrice/Volume
Valuation Analysis
516'325.00
Current Price (3/dd/yy) Market Data
!2
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0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 119
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 28'051'250 12.06 (2'505'250) 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 17'490'900 7.52 - 31.12.2012 Insurance Company
VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'279'740 6.57 23'904 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 14'457'182 6.22 (1'018'036) 31.12.2012 Hedge Fund Manager
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 13'355'946 5.74 1'493 30.09.2012 Insurance Company
BLACKROCK n/a ULT-AGG 13'149'330 5.65 (19'937) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 9'811'143 4.22 101'134 25.03.2013 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'233'100 3.54 652'100 31.12.2012 Hedge Fund Manager
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 6'790'653 2.92 294'543 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'644'258 2.86 6'017'757 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 5'525'424 2.38 373'526 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'969'889 1.71 (3'419'188) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'918'427 1.68 475'836 31.12.2012 Unclassified
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'376'310 1.45 (62'075) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'328'502 1.43 83'206 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'833'058 1.22 (425'282) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'826'455 1.22 (97'291) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'714'529 1.17 1'073'440 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'524'415 1.09 412'780 31.01.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 1'861'718 0.8 251'633 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 35 Not Provided 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 33 12 month 22.03.2013
Longbow Research JOANNE FEENEY buy 5 M 42 12 month 20.03.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 36 12 month 12.03.2013
ISI Group SUMIT DHANDA strong buy 5 M 43 12 month 11.03.2013
Stifel TORE E SVANBERG buy 5 M 42 12 month 20.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 13.02.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 33 12 month 17.01.2013
Credit Suisse JOHN W PITZER outperform 5 M 40 Not Provided 17.01.2013
JPMorgan CHRISTOPHER DANELY underweight 1 M 25 9 month 17.01.2013
Raymond James J STEVEN SMIGIE underperform 1 M #N/A N/A Not Provided 17.01.2013
Macquarie SHAWN WEBSTER outperform 5 M 37 12 month 17.01.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 35 12 month 17.01.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 16.01.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 35 12 month 16.01.2013
Jefferies MARK J LIPACIS hold 3 M 38 12 month 16.01.2013
Pacific Crest Securities MICHAEL MCCONNELL underperform 1 M #N/A N/A Not Provided 16.01.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 34 Not Provided 16.01.2013
Oppenheimer & Co RICHARD SCHAFER outperform 5 M 43 18 month 16.01.2013
Nomura ROMIT SHAH neutral 3 M 30 12 month 16.01.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 39 12 month 16.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Linear Technology Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 120
27.03.2013
Mattel, Inc. designs, manufactures, and markets a broad variety of children's
toy products on a worldwide basis. The Company sells its products to retailers
and directly to consumers. Mattel's products include branded fashion dolls,
infant and preschool products, toy cars, and electrical vehicles, among others.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 43.99
52-Week Low (04.06.2012) 30.15
Daily Volume
43.56
52-Week High % Change -0.98% Dividend Yield 2.85
52-Week Low % Change 44.48% Beta 0.81
% 52 Week Price Range High/Low 96.89% Equity Float 343.14
Shares Out 15.02.2013 344.5 Short Int 6.02
15'006.96 1 Yr Total Return 31.32%
Total Debt 1'509.84 YTD Return 20.00%
Preferred Stock 0.0 Adjusted BETA 0.815
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 1'335.71 Consensus Rating 4.286
Enterprise Value 15'181.09
Average Volume 5 Day 709'740
MAT UW EQUITY YTD Change - Average Volume 30 Day 725'401
MAT UW EQUITY YTD % CHANGE - Average Volume 3 Month 846'019
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'918.0 5'430.8 5'856.2 6'266.0 6'420.9 6'266.1 6'420.9 6'833.8 7'142.3 983.4 1'223.1
1.02x 1.26x 1.50x 1.52x 1.98x 6.08x 7.90x 2.23x 2.13x - -
713.9 901.0 1'067.7 1'202.4 1'195.3 1'202.4 1'195.3 1'481.8 1'577.3 89.4 189.7
8.43x 7.62x 8.24x 7.94x 10.63x 7.94x 10.63x 10.25x 9.63x 10.33x -
379.6 528.7 684.9 768.5 776.5 768.5 776.5 967.3 1'042.7 30.5 109.1
15.24x 14.58x 14.05x 12.73x 14.83x 12.56x 14.65x 15.56x 14.21x 15.53x 15.39x
EBITDA 1'195.30 Long-Term Rating Date 04.04.2011
EBIT 1'021.02 Long-Term Rating BBB+
Operating Margin 15.90% Long-Term Outlook STABLE
Pretax Margin 14.72% Short-Term Rating Date 23.04.2010
Return on Assets 12.73% Short-Term Rating A-2
Return on Common Equity 27.24%
Return on Capital 19.43% EBITDA/Interest Exp. 13.46
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 10.99
Net Debt/EBITDA 0.15
Gross Margin 53.1% Total Debt/EBITDA 1.26
EBITDA Margin 18.6%
EBIT Margin 15.9% Total Debt/Equity 49.2%
Net Income Margin 12.1% Total Debt/Capital 33.0%
Asset Turnover 1.05
Current Ratio 2.07 Net Fixed Asset Turnover 11.50
Quick Ratio 1.49 Accounts receivable turnover-days 70.50
Debt to Assets 23.13% Inventory Days 57.85
Tot Debt to Common Equity 49.23% Accounts Payable Turnover Day 44.09
Accounts Receivable Turnover 5.19 Cash Conversion Cycle 84.25
Inventory Turnover 6.33
Fiscal Year Ended
Mattel IncPrice/Volume
Valuation Analysis
546'242.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 121
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 30'339'567 8.81 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'510'900 7.99 (862'000) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'552'139 6.26 (1'227'792) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 19'932'925 5.79 606'526 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 16'419'806 4.77 (1'588'071) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 15'622'302 4.53 209'910 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 13'796'644 4 488'774 25.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 9'035'305 2.62 (28'000) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'773'226 2.26 (409'088) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6'818'003 1.98 (153'300) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'423'432 1.86 (313'838) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'845'037 1.7 52'526 31.12.2012 Investment Advisor
CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 5'289'229 1.54 545'032 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 4'744'712 1.38 (600) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'802'167 1.1 (352'951) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'728'848 1.08 29'712 31.12.2012 Investment Advisor
EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 3'194'203 0.93 (50'725) 31.12.2012 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'103'095 0.9 (75'421) 31.12.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 2'953'635 0.86 182'402 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 2'838'342 0.82 342'408 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
MKM Partners ERIC O HANDLER buy 5 M 45 12 month 25.03.2013
B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 47 Not Provided 20.03.2013
Monness, Crespi, Hardt & Co JIM CHARTIER neutral 3 M 36 Not Provided 20.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 11.03.2013
Stifel DREW E CRUM hold 3 M #N/A N/A Not Provided 05.03.2013
BMO Capital Markets GERRICK L JOHNSON outperform 5 M 50 Not Provided 19.02.2013
SunTrust Robinson Humphrey MICHAEL A SWARTZ buy 5 M 45 12 month 19.02.2013
Wells Fargo Securities, LLC TIMOTHY A CONDER outperform 5 M #N/A N/A Not Provided 19.02.2013
Goldman Sachs MICHAEL KELTER neutral/cautious 3 M 40 12 month 14.02.2013
Longbow Research JAMES L HARDIMAN buy 5 M 45 12 month 11.02.2013
Needham & Co SEAN P MCGOWAN buy 5 M 42 12 month 04.02.2013
KeyBanc Capital Markets SCOTT W HAMANN buy 5 M 42 12 month 03.02.2013
Barclays FELICIA R KANTOR HENDRIX equalweight 3 M 39 Not Provided 01.02.2013
Holdings By:
Mattel Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 122
27.03.2013
Maxim Integrated Products, Inc. designs, develops, manufactures, and markets a
broad range of linear and mixed-signal integrated circuits. The Company also
provides a range of high-frequency design processes and capabilities that can be
used in custom design.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 33.66
52-Week Low (17.07.2012) 23.55
Daily Volume
32.17
52-Week High % Change -4.43% Dividend Yield 2.86
52-Week Low % Change 36.60% Beta 1.13
% 52 Week Price Range High/Low 85.26% Equity Float 288.85
Shares Out 18.01.2013 292.5 Short Int 4.47
9'409.02 1 Yr Total Return 15.14%
Total Debt 309.09 YTD Return 10.23%
Preferred Stock 0.0 Adjusted BETA 1.130
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 956.39 Consensus Rating 4.250
Enterprise Value 8'687.51
Average Volume 5 Day 608'001
MXIM UW EQUITY YTD Change - Average Volume 30 Day 835'056
MXIM UW EQUITY YTD % CHANGE - Average Volume 3 Month 905'496
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
2'052.8 1'646.0 1'997.6 2'472.3 2'403.5 2'460.6 2'404.5 2'464.7 2'685.5 595.9 630.8
2.69x 2.44x 2.36x 2.59x 2.85x 10.96x 12.26x 3.47x 3.07x 14.44x 13.54x
601.6 302.0 467.2 879.3 782.8 839.7 800.9 853.3 972.5 201.1 223.6
9.16x 13.31x 10.08x 7.30x 8.76x 8.44x 9.66x 10.18x 8.93x 9.68x 9.30x
317.7 10.5 125.1 489.0 386.7 483.4 369.7 528.4 629.6 123.6 141.8
20.79x 80.60x 32.24x 14.97x 20.19x 16.48x 18.54x 18.01x 15.27x 16.65x 15.97x
EBITDA 782.77 Long-Term Rating Date 09.05.2012
EBIT 571.68 Long-Term Rating BBB+
Operating Margin 23.78% Long-Term Outlook STABLE
Pretax Margin 22.16% Short-Term Rating Date -
Return on Assets 10.18% Short-Term Rating -
Return on Common Equity 14.54%
Return on Capital 13.16% EBITDA/Interest Exp. 379.25
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 251.17
Net Debt/EBITDA -0.90
Gross Margin 60.4% Total Debt/EBITDA 0.39
EBITDA Margin 33.3%
EBIT Margin 24.5% Total Debt/Equity 12.2%
Net Income Margin 16.1% Total Debt/Capital 10.9%
Asset Turnover 0.66
Current Ratio 2.25 Net Fixed Asset Turnover 1.76
Quick Ratio 1.69 Accounts receivable turnover-days 38.66
Debt to Assets 8.27% Inventory Days 94.28
Tot Debt to Common Equity 12.18% Accounts Payable Turnover Day 42.85
Accounts Receivable Turnover 9.42 Cash Conversion Cycle 91.09
Inventory Turnover 3.86
Fiscal Year Ended
Maxim Integrated Products IncPrice/Volume
Valuation Analysis
569'160.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 123
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 108'455'920 37.08 (10'800) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 23'693'247 8.1 (62'238) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 17'278'700 5.91 (1'395'900) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'893'017 4.75 830'470 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'687'449 4.34 (706'667) 25.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 9'109'810 3.11 23'440 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 7'632'685 2.61 (1'417'942) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 6'738'689 2.3 (919'402) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 5'842'288 2 88'475 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'830'315 1.99 3'523'668 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'222'341 1.44 (4'365'577) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'734'853 1.28 776'016 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'666'100 0.91 (484'200) 31.12.2012 Hedge Fund Manager
ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 2'598'638 0.89 1'358'506 31.12.2012 Hedge Fund Manager
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'514'342 0.86 (501'228) 31.01.2013 Investment Advisor
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 2'426'235 0.83 (566'875) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'414'380 0.83 269'489 31.12.2012 Government
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'156'890 0.74 215'797 31.12.2012 Hedge Fund Manager
EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 2'042'935 0.7 (3'169) 31.12.2012 Investment Advisor
FRONTIER CAPITAL MAN FRONTIER CAPITAL MAN 13F 2'019'368 0.69 529'010 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 30 Not Provided 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 25.03.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 37 12 month 25.03.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 35 12 month 22.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 36 12 month 21.03.2013
Longbow Research JOANNE FEENEY neutral 3 M #N/A N/A Not Provided 20.03.2013
Jefferies MARK J LIPACIS buy 5 M 38 12 month 18.03.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 36 Not Provided 15.03.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 33 12 month 11.03.2013
ISI Group SUMIT DHANDA buy 5 M 37 12 month 11.03.2013
Stifel TORE E SVANBERG buy 5 M 37 12 month 01.03.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 25.01.2013
Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 35 12 month 25.01.2013
Credit Suisse JOHN W PITZER neutral 3 M 31 Not Provided 25.01.2013
Needham & Co VERNON P ESSI JR buy 5 M 37 12 month 25.01.2013
Raymond James J STEVEN SMIGIE outperform 5 M 35 12 month 25.01.2013
Macquarie SHAWN WEBSTER neutral 3 M 34 12 month 25.01.2013
Barclays BLAYNE CURTIS equalweight 3 M 30 Not Provided 25.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 25.01.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 30 12 month 24.01.2013
SunTrust Robinson Humphrey WILLIAM STEIN buy 5 M 36 12 month 24.01.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 35 9 month 24.01.2013
Pacific Crest Securities MICHAEL MCCONNELL outperform 5 M 36 12 month 24.01.2013
Oppenheimer & Co RICHARD SCHAFER outperform 5 M 38 12 month 24.01.2013
Nomura ROMIT SHAH buy 5 M 34 12 month 24.01.2013
Holdings By:
Maxim Integrated Products Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 124
27.03.2013
Microchip Technology Incorporated designs, manufactures, and markets
microcontrollers, related mixed-signal and memory products, and application
development systems for high-volume embedded control applications. The Company
also designs, develops, and markets linear/mixed-signal, power management, and
thermal management products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (14.02.2013) 37.63
52-Week Low (16.11.2012) 28.93
Daily Volume
36.71
52-Week High % Change -2.43% Dividend Yield 3.82
52-Week Low % Change 26.89% Beta 1.06
% 52 Week Price Range High/Low 89.48% Equity Float 189.47
Shares Out 31.01.2013 195.4 Short Int 18.21
7'171.76 1 Yr Total Return 3.72%
Total Debt 355.05 YTD Return 13.71%
Preferred Stock 0.0 Adjusted BETA 1.058
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 1'459.01 Consensus Rating 3.789
Enterprise Value 6'520.87
Average Volume 5 Day 472'521
MCHP UW EQUITY YTD Change - Average Volume 30 Day 591'991
MCHP UW EQUITY YTD % CHANGE - Average Volume 3 Month 577'364
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'035.7 903.3 947.7 1'487.2 1'383.2 1'424.3 1'490.4 1'600.1 1'845.4 427.3 446.2
5.66x 3.12x 4.58x 4.24x 4.40x 16.38x 15.21x 4.06x 3.38x 15.11x 14.29x
428.7 335.8 336.3 582.7 496.8 528.1 405.4 459.3 553.0 109.5 125.1
13.66x 8.39x 12.92x 10.83x 12.24x 11.52x 14.10x 14.20x 11.79x 12.89x 12.14x
297.7 245.6 217.0 419.0 336.7 381.6 148.3 377.7 449.3 98.2 103.8
22.89x 19.44x 25.14x 17.44x 22.41x 19.80x 21.30x 19.96x 17.11x 17.96x 17.23x
EBITDA 496.78 Long-Term Rating Date -
EBIT 397.35 Long-Term Rating -
Operating Margin 28.73% Long-Term Outlook -
Pretax Margin 27.45% Short-Term Rating Date -
Return on Assets 4.32% Short-Term Rating -
Return on Common Equity 7.67%
Return on Capital 6.87% EBITDA/Interest Exp. 14.50
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 12.68
Net Debt/EBITDA -1.61
Gross Margin 57.3% Total Debt/EBITDA 2.40
EBITDA Margin 27.2%
EBIT Margin 16.2% Total Debt/Equity 17.8%
Net Income Margin 24.3% Total Debt/Capital 15.1%
Asset Turnover 0.43
Current Ratio 8.13 Net Fixed Asset Turnover 2.82
Quick Ratio 6.57 Accounts receivable turnover-days 40.12
Debt to Assets 11.51% Inventory Days 125.55
Tot Debt to Common Equity 17.84% Accounts Payable Turnover Day 23.19
Accounts Receivable Turnover 9.12 Cash Conversion Cycle 135.16
Inventory Turnover 2.92
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Microchip Technology IncPrice/Volume
Valuation Analysis
361'417.00
Current Price (3/dd/yy) Market Data
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400.0
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1'200.0
1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 125
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN LIFE FINANCIAL I n/a ULT-AGG 20'652'289 10.57 1'371'574 31.01.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 11'449'663 5.86 300'700 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 10'215'984 5.23 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 8'053'745 4.12 223'203 25.03.2013 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'958'920 4.07 (2'753'385) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'183'656 3.68 (1'131'696) 31.01.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'603'405 3.38 3'191'490 31.12.2012 Hedge Fund Manager
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'486'159 3.32 338'710 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'719'227 2.93 (551'987) 31.12.2012 Investment Advisor
SANGHI STEVE n/a Form 4 5'203'186 2.66 - 01.03.2013 n/a
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'536'082 1.81 (203'808) 31.12.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 3'440'055 1.76 213'301 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'410'255 1.75 94'169 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'241'640 1.66 (55'818) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 2'974'983 1.52 270'068 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'375'073 1.22 (503'649) 31.12.2012 Investment Advisor
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 2'237'470 1.15 2'237'470 31.12.2012 Investment Advisor
EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 2'230'888 1.14 7'909 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 2'216'560 1.13 (122'889) 31.12.2012 Investment Advisor
SANTA BARBARA ASSET SANTA BARBARA ASSET 13F 2'130'894 1.09 250'691 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 40 12 month 25.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 36 12 month 21.03.2013
Longbow Research JOANNE FEENEY buy 5 M 41 12 month 20.03.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 38 Not Provided 15.03.2013
ISI Group SUMIT DHANDA strong buy 5 M 42 12 month 13.03.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 38 12 month 12.03.2013
JPMorgan CHRISTOPHER DANELY neutral 3 M 34 9 month 08.02.2013
Jefferies MARK J LIPACIS buy 5 M 41 12 month 08.02.2013
Needham & Co RAJVINDRA S. GILL buy 5 M 40 12 month 08.02.2013
Stephens Inc HARSH KUMAR overweight 5 M 43 12 month 08.02.2013
Stifel KEVIN E CASSIDY buy 5 M 40 12 month 08.02.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 08.02.2013
Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 33 12 month 07.02.2013
Credit Suisse JOHN W PITZER outperform 5 M 40 Not Provided 07.02.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 07.02.2013
Mizuho Securities USA Inc RUBEN ROY neutral 3 M 40 12 month 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 16.01.2013
Nomura ROMIT SHAH not rated #N/A N/A M #N/A N/A Not Provided 21.02.2012
Holdings By:
Microchip Technology Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 126
27.03.2013
Micron Technology, Inc., through its subsidiaries, manufactures and markets
dynamic random access memory chips (DRAMs), very fast static random access
memory chips (SRAMs), Flash Memory, other semiconductor components, and
memory modules.
Latest Fiscal Year: 08/2012
LTM as of: 02/yy
52-Week High (22.03.2013) 10.27
52-Week Low (24.10.2012) 5.16
Daily Volume
9.92
52-Week High % Change -3.36% Dividend Yield 0.00
52-Week Low % Change 92.25% Beta 1.52
% 52 Week Price Range High/Low 93.24% Equity Float 1'009.96
Shares Out 28.02.2013 1'021.8 Short Int 83.50
10'136.06 1 Yr Total Return 15.69%
Total Debt 3'262.00 YTD Return 56.22%
Preferred Stock 0.0 Adjusted BETA 1.518
Minority Interest 717.0 Analyst Recs 28
Cash and Equivalents 2'559.00 Consensus Rating 4.286
Enterprise Value 11'742.06
Average Volume 5 Day 9'777'688
MU UW EQUITY YTD Change - Average Volume 30 Day 6'844'282
MU UW EQUITY YTD % CHANGE - Average Volume 3 Month 5'904'880
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 03/yy 02/yy 08/13 Y 08/14 Y 05/13 Q3 08/13 Q4
5'841.0 4'803.0 8'482.0 8'788.0 8'234.0 8'378.0 8'047.0 8'633.0 10'369.0 2'211.9 2'493.1
1.28x 1.95x 0.95x 0.79x 0.94x 4.13x 4.11x 1.39x 1.05x 5.60x 4.85x
1'243.0 1'241.0 3'584.0 2'860.0 1'523.0 2'134.0 1'467.0 2'125.8 3'140.6 599.1 740.6
6.03x 7.57x 2.24x 2.42x 5.06x 4.76x 6.93x 5.52x 3.74x 4.10x 3.89x
(1'619.0) (1'882.0) 1'850.0 167.0 (1'032.0) (529.0) (1'124.0) (441.7) 728.5 3.7 86.9
- - 4.35x 52.18x - 0.00x 0.00x - 13.16x 24.99x 17.59x
EBITDA 1'523.00 Long-Term Rating Date 30.06.2011
EBIT -618.00 Long-Term Rating BB-
Operating Margin -7.51% Long-Term Outlook NEG
Pretax Margin -12.73% Short-Term Rating Date -
Return on Assets -8.01% Short-Term Rating -
Return on Common Equity -14.77%
Return on Capital - EBITDA/Interest Exp. 8.51
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. -0.98
Net Debt/EBITDA 0.60
Gross Margin 11.8% Total Debt/EBITDA 2.49
EBITDA Margin 18.2%
EBIT Margin -6.4% Total Debt/Equity 42.4%
Net Income Margin -12.5% Total Debt/Capital 27.9%
Asset Turnover 0.57
Current Ratio 2.57 Net Fixed Asset Turnover 1.12
Quick Ratio 1.72 Accounts receivable turnover-days 55.80
Debt to Assets 22.77% Inventory Days 98.70
Tot Debt to Common Equity 42.36% Accounts Payable Turnover Day 63.05
Accounts Receivable Turnover 6.52 Cash Conversion Cycle 85.52
Inventory Turnover 3.69
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Micron Technology IncPrice/Volume
Valuation Analysis
5'504'563.00
Current Price (3/dd/yy) Market Data
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Page 127
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 125'476'301 12.28 4'582'077 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 60'550'589 5.93 2'317'884 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 50'499'416 4.94 (10'593'378) 25.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 42'218'703 4.13 831'587 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 39'840'863 3.9 866'623 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 33'406'492 3.27 (11'298'006) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 31'718'427 3.1 (15'600) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'790'003 2.82 8'389'121 31.12.2012 Investment Advisor
DONALD SMITH & CO IN DONALD SMITH & CO IN 13F 24'163'605 2.36 994'097 31.12.2012 Investment Advisor
STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 17'859'015 1.75 4'261'143 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 17'129'392 1.68 3'279'608 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'962'251 1.27 151'756 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 11'894'373 1.16 (1'121'455) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 10'214'814 1 (85'548) 31.12.2012 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 9'763'392 0.96 (1'357'681) 31.12.2012 Investment Advisor
CHILTON INVESTMENT C CHILTON INVESTMENT C 13F 9'115'178 0.89 (1'163'914) 31.12.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8'524'323 0.83 (31'653) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'349'036 0.82 7'171'600 31.12.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 8'278'733 0.81 4'191'821 31.12.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 7'017'746 0.69 (12'538'081) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 12 12 month 26.03.2013
Susquehanna Financial Group MEHDI HOSSEINI negative 2 M 7 12 month 26.03.2013
Robert W. Baird & Co TRISTAN GERRA outperform 5 M 12 12 month 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 15 12 month 25.03.2013
Deutsche Bank BOB GUJAVARTY hold 3 M 9 12 month 22.03.2013
Roth Capital Partners KRISHNA SHANKAR buy 5 M 12 12 month 22.03.2013
Credit Suisse JOHN W PITZER outperform 5 M 14 Not Provided 22.03.2013
JPMorgan HARLAN SUR neutral 3 M 11 9 month 22.03.2013
Jefferies SUNDEEP BAJIKAR buy 5 M 15 12 month 22.03.2013
Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 22.03.2013
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 11 12 month 22.03.2013
Wedbush BETSY VAN HEES outperform 5 M 11 12 month 22.03.2013
Raymond James HANS C MOSESMANN strong buy 5 M 12 12 month 22.03.2013
Macquarie DEEPON NAG neutral 3 M 10 12 month 22.03.2013
Stifel KEVIN E CASSIDY buy 5 M 14 12 month 22.03.2013
Nomura SIDNEY HO neutral 3 M 9 12 month 22.03.2013
JMP Securities ALEX GAUNA market outperform 4 M 10 12 month 22.03.2013
Lazard Capital Markets DANIEL L AMIR neutral 3 M #N/A N/A Not Provided 22.03.2013
Cross Research STEVEN B FOX buy 5 M 12 12 month 22.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 12 12 month 22.03.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 11 12 month 22.03.2013
Credit Agricole Securities (USA) RYAN GOODMAN outperform 5 M 11 Not Provided 22.03.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 12 12 month 21.03.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs JAMES SCHNEIDER not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012
Holdings By:
Micron Technology Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 128
27.03.2013
Microsoft Corporation develops, manufactures, licenses, sells, and supports
software products. The Company offers operating system software, server
application software, business and consumer applications software, software
development tools, and Internet and intranet software. Microsoft also develops
video game consoles and digital music entertainment devices.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (20.04.2012) 32.89
52-Week Low (05.12.2012) 26.26
Daily Volume
28.245
52-Week High % Change -14.11% Dividend Yield 3.04
52-Week Low % Change 7.56% Beta 0.91
% 52 Week Price Range High/Low 28.68% Equity Float 7'614.41
Shares Out 18.01.2013 8'376.2 Short Int 97.89
236'587.05 1 Yr Total Return -10.71%
Total Debt 11'944.00 YTD Return 6.53%
Preferred Stock 0.0 Adjusted BETA 0.915
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 63'040.00 Consensus Rating 4.273
Enterprise Value 182'463.04
Average Volume 5 Day 9'421'840
MSFT UW EQUITY YTD Change - Average Volume 30 Day 10'647'497
MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 11'226'720
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
60'420.0 58'437.0 62'484.0 69'943.0 73'723.0 72'052.0 72'930.0 79'389.8 85'800.8 20'595.4 21'270.2
3.77x 3.18x 2.70x 2.53x 2.78x 9.64x 10.89x 2.08x 1.68x 8.48x 8.00x
24'548.0 23'255.0 26'830.0 29'927.0 30'923.0 29'890.0 29'120.0 32'245.0 35'418.9 8'109.5 8'584.3
9.29x 8.00x 6.28x 5.91x 6.64x 5.95x 5.82x 5.67x 5.16x 5.33x 5.29x
17'681.0 14'569.0 18'760.0 23'150.0 16'978.0 23'468.0 15'459.0 23'860.5 26'104.8 6'444.0 6'550.7
14.48x 13.66x 10.96x 9.85x 11.21x 9.58x 10.43x 9.96x 9.00x 9.11x 9.16x
EBITDA 30'923.00 Long-Term Rating Date 22.09.2008
EBIT 27'956.00 Long-Term Rating AAA
Operating Margin 37.92% Long-Term Outlook STABLE
Pretax Margin 30.20% Short-Term Rating Date 09.03.2011
Return on Assets 12.83% Short-Term Rating NR
Return on Common Equity 22.62%
Return on Capital 19.36% EBITDA/Interest Exp. 81.38
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 75.31
Net Debt/EBITDA -1.86
Gross Margin 76.2% Total Debt/EBITDA 0.49
EBITDA Margin 39.9%
EBIT Margin 35.4% Total Debt/Equity 18.0%
Net Income Margin 23.0% Total Debt/Capital 15.3%
Asset Turnover 0.61
Current Ratio 2.60 Net Fixed Asset Turnover 8.73
Quick Ratio 2.41 Accounts receivable turnover-days 70.16
Debt to Assets 9.85% Inventory Days 30.66
Tot Debt to Common Equity 18.00% Accounts Payable Turnover Day 82.47
Accounts Receivable Turnover 5.22 Cash Conversion Cycle 13.98
Inventory Turnover 11.94
Fiscal Year Ended
Microsoft CorpPrice/Volume
Valuation Analysis
2'197'460.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 129
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 445'443'578 5.32 13'636'630 25.03.2013 Investment Advisor
GATES III WILLIAM HE n/a Form 4 421'411'775 5.03 (7'000'000) 06.02.2013 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 343'251'826 4.1 5'359'366 31.12.2012 Investment Advisor
BALLMER STEVEN ANTHO n/a PROXY 333'252'990 3.98 - 14.09.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 331'613'585 3.96 15'606'940 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 326'298'009 3.9 7'695'629 26.03.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 149'430'083 1.78 (12'969'628) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 134'373'549 1.6 1'319'949 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 120'328'290 1.44 (44'811'714) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 113'075'761 1.35 (109'672) 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 105'829'897 1.26 330'681 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 102'690'425 1.23 (36'166'932) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 84'045'210 1 1'827'246 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 75'890'832 0.91 3'691'748 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 73'457'901 0.88 (5'832'161) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 68'095'523 0.81 7'165'720 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 66'902'672 0.8 5'081'777 31.12.2012 Government
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 63'588'305 0.76 3'768'764 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 62'016'508 0.74 400'990 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 58'477'141 0.7 6'032'465 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KARL KEIRSTEAD market perform 3 M 30 Not Provided 25.03.2013
Stifel BRAD REBACK buy 5 M 36 12 month 25.03.2013
Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 25.03.2013
Longbow Research KEVIN M BUTTIGIEG buy 5 M 33 12 month 22.03.2013
JPMorgan JOHN DIFUCCI neutral 3 M 30 9 month 21.03.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 37 12 month 19.03.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 30 Not Provided 19.03.2013
Morgan Stanley KEITH WEISS Equalwt/In-Line 3 M #N/A N/A Not Provided 18.03.2013
Raymond James MICHAEL TURITS outperform 5 M 34 12 month 13.03.2013
Nomura RICHARD G SHERLUND buy 5 M 32 12 month 13.03.2013
Griffin Securities JAY VLEESCHHOUWER buy 5 M 38 12 month 12.03.2013
Cross Research RICHARD T WILLIAMS buy 5 M 37 12 month 12.03.2013
MKM Partners ISRAEL HERNANDEZ neutral 3 M 27 12 month 11.03.2013
Jyske Bank ROBERT JAKOBSEN buy 5 M 32 Not Provided 07.03.2013
Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 04.03.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 01.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 31 Not Provided 01.03.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 36 12 month 20.02.2013
Janney Montgomery Scott LLC YUN KIM neutral 3 M 28 12 month 05.02.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 29.01.2013
Hilliard Lyons STEPHEN TURNER buy 5 M 35 12 month 28.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 31 12 month 28.01.2013
Deutsche Bank THOMAS ERNST JR buy 5 M 31 12 month 25.01.2013
Goldman Sachs HEATHER BELLINI neutral/neutral 3 M 30 12 month 25.01.2013
RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 33 12 month 25.01.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 38 Not Provided 25.01.2013
Jefferies ROSS MACMILLAN hold 3 M 31 12 month 25.01.2013
FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 25.01.2013
BGC Partners COLIN W GILLIS buy 5 M 31 12 month 25.01.2013
S&P Capital IQ ANGELO ZINO strong buy 5 M 35 12 month 25.01.2013
Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 35 12 month 25.01.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE buy 5 M 36 Not Provided 25.01.2013
Barclays RAIMO LENSCHOW equalweight 3 M 29 Not Provided 25.01.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 24.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 03.12.2012
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.11.2012
McAdams Wright Ragen Inc SID PARAKH buy 5 M 36 12 month 23.07.2012
Crowell, Weedon & Co JAMES D RAGAN buy 5 M 36 12 month 20.07.2012
Holdings By:
Microsoft Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 130
27.03.2013
Mondelez International Inc. is a food and beverage company. The Company
manufactures and markets packaged food products, including snacks, beverages,
cheese, convenient meals and various packaged grocery products. Mondelez
International sells its products throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 30.30
52-Week Low (28.06.2012) 24.27
Daily Volume
30.08
52-Week High % Change -0.68% Dividend Yield 3.32
52-Week Low % Change 23.92% Beta -
% 52 Week Price Range High/Low 93.11% Equity Float 1'772.66
Shares Out 31.01.2013 1'778.3 Short Int 13.70
53'490.89 1 Yr Total Return -
Total Debt 19'425.00 YTD Return 18.10%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 140.0 Analyst Recs 25
Cash and Equivalents 4'475.00 Consensus Rating 4.200
Enterprise Value 68'580.89
Average Volume 5 Day 4'058'049
MDLZ UW EQUITY YTD Change - Average Volume 30 Day 3'802'666
MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'242'087
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 49'356.0 48'783.0 36'610.4 38'762.8 8'710.5 8'900.5
1.40x 1.47x 1.65x 2.54x 1.72x 7.42x 7.67x 1.90x 1.76x 7.73x 7.46x
5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 7'451.0 7'727.0 5'902.9 6'352.7 1'384.4 1'467.6
9.84x 9.44x 11.42x 18.30x 12.00x 12.23x 7.81x 11.62x 10.79x 11.58x 11.30x
2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'527.0 3'028.0 2'801.1 3'152.3 607.2 679.8
22.95x 14.61x 15.60x 38.92x 18.31x 18.68x 11.36x 19.21x 17.07x 19.21x 18.55x
EBITDA 5'028.00 Long-Term Rating Date 02.02.2010
EBIT 3'683.00 Long-Term Rating BBB
Operating Margin 10.52% Long-Term Outlook STABLE
Pretax Margin 5.07% Short-Term Rating Date 09.11.2007
Return on Assets 3.58% Short-Term Rating A-2
Return on Common Equity 8.98%
Return on Capital 7.71% EBITDA/Interest Exp. 4.00
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 2.72
Net Debt/EBITDA 1.93
Gross Margin 37.3% Total Debt/EBITDA 2.51
EBITDA Margin 15.8%
EBIT Margin 13.1% Total Debt/Equity 60.3%
Net Income Margin 8.6% Total Debt/Capital 37.5%
Asset Turnover 0.58
Current Ratio 1.05 Net Fixed Asset Turnover 4.10
Quick Ratio 0.71 Accounts receivable turnover-days 46.85
Debt to Assets 25.74% Inventory Days 55.81
Tot Debt to Common Equity 60.30% Accounts Payable Turnover Day 64.13
Accounts Receivable Turnover 7.81 Cash Conversion Cycle 50.93
Inventory Turnover 6.56
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mondelez International IncPrice/Volume
Valuation Analysis
1'073'854.00
Current Price (3/dd/yy) Market Data
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60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 131
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 102'147'087 5.74 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 86'286'877 4.85 (2'130'458) 26.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 76'313'212 4.29 673'079 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 58'752'824 3.3 (32'266'184) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 38'345'305 2.16 1'032'358 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 36'661'818 2.06 1'645'258 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 36'424'967 2.05 7'630'205 31.12.2012 Unclassified
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 34'530'900 1.94 34'530'900 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'145'937 1.92 (4'781'275) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 30'059'495 1.69 5'232'244 31.01.2013 Investment Advisor
SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 27'575'000 1.55 19'075'000 31.12.2012 Hedge Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 26'271'862 1.48 15'142'594 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 23'690'658 1.33 7'047'320 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 19'018'669 1.07 (3'638'274) 28.02.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 17'280'074 0.97 6'654'613 31.12.2012 Investment Advisor
MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 16'605'595 0.93 1'537'174 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 14'385'236 0.81 1'397'568 31.12.2012 Government
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 14'141'353 0.8 253'282 31.12.2012 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 12'840'450 0.72 (17'623'900) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 11'999'894 0.67 (1'027'779) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 32 12 month 25.03.2013
Credit Suisse ROBERT MOSKOW outperform 5 M 31 Not Provided 25.03.2013
Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 25.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 23.03.2013
Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 33 12 month 22.03.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 21.03.2013
Stifel CHRISTOPHER R GROWE buy 5 M 31 12 month 15.03.2013
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 29 Not Provided 13.03.2013
RBC Capital Markets EDWARD AARON outperform 5 M 31 12 month 11.03.2013
Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013
Jefferies THILO WREDE hold 3 M 29 12 month 01.03.2013
Davenport & Co ANN H GURKIN buy 5 M 32 12 month 27.02.2013
JPMorgan KENNETH GOLDMAN overweight 5 M 32 9 month 25.02.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 21.02.2013
CL King & Associates ERIC J LARSON buy 5 M 31 12 month 19.02.2013
S&P Capital IQ THOMAS GRAVES buy 5 M 31 12 month 15.02.2013
Deutsche Bank ERIC R KATZMAN hold 3 M 26 12 month 14.02.2013
Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 14.02.2013
Barclays ANDREW LAZAR overweight 5 M 31 Not Provided 14.02.2013
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 30 Not Provided 13.02.2013
Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 32 12 month 11.01.2013
Holdings By:
Mondelez International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 132
27.03.2013
Monster Beverage Corporation markets and distributes energy drinks, fruit
juices, fruit juice smoothies, juice cocktails, iced teas, lemonades, and still
water. The Company distributes its beverages in the United States and overseas.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.04.2012) 83.96
52-Week Low (08.11.2012) 40.00
Daily Volume
48.83
52-Week High % Change -41.84% Dividend Yield 0.00
52-Week Low % Change 22.08% Beta 0.70
% 52 Week Price Range High/Low 20.09% Equity Float 141.35
Shares Out 25.02.2013 165.5 Short Int 5.10
8'083.60 1 Yr Total Return -21.10%
Total Debt 0.00 YTD Return -7.66%
Preferred Stock 0.0 Adjusted BETA 0.705
Minority Interest 0.0 Analyst Recs 12
Cash and Equivalents 319.56 Consensus Rating 3.833
Enterprise Value 7'764.05
Average Volume 5 Day 516'077
MNST UW EQUITY YTD Change - Average Volume 30 Day 696'744
MNST UW EQUITY YTD % CHANGE - Average Volume 3 Month 583'046
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'033.8 1'143.3 1'303.9 1'703.2 2'060.7 1'703.2 2'060.7 2'323.4 2'611.6 502.1 659.4
2.65x 2.66x 6.68x 4.26x 4.10x 14.91x 18.89x 3.21x 2.79x 15.29x 11.56x
167.1 343.2 359.6 473.5 571.2 473.5 571.2 654.1 755.4 137.0 199.2
16.42x 8.85x 24.21x 15.33x 14.78x 15.33x 14.78x 11.87x 10.28x 11.82x 11.50x
108.0 208.7 212.0 286.2 340.0 286.2 340.0 388.4 452.3 80.1 119.7
30.21x 17.14x 22.88x 30.01x 28.41x 29.92x 28.41x 21.84x 18.33x 21.86x 21.10x
EBITDA 571.19 Long-Term Rating Date -
EBIT 550.62 Long-Term Rating -
Operating Margin 26.72% Long-Term Outlook -
Pretax Margin 26.65% Short-Term Rating Date -
Return on Assets 28.27% Short-Term Rating -
Return on Common Equity 41.89%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.71% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.56
Gross Margin 51.7% Total Debt/EBITDA 0.00
EBITDA Margin 27.7%
EBIT Margin 26.7% Total Debt/Equity 0.0%
Net Income Margin 16.5% Total Debt/Capital 0.0%
Asset Turnover 1.71
Current Ratio 2.89 Net Fixed Asset Turnover 36.06
Quick Ratio 1.93 Accounts receivable turnover-days 40.33
Debt to Assets 0.00% Inventory Days 65.97
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 42.26
Accounts Receivable Turnover 9.08 Cash Conversion Cycle 64.04
Inventory Turnover 5.55
Fiscal Year Ended
Monster Beverage CorpPrice/Volume
Valuation Analysis
387'474.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
!-!.!0!1!2!3!4!5!6!
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0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 133
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 12'441'554 7.52 770'514 31.12.2012 Investment Advisor
BRANDON LIMITED PART n/a 13D 9'815'648 5.93 - 18.03.2013 Corporation
BLACKROCK n/a ULT-AGG 9'661'796 5.84 (666'338) 25.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'244'888 5.58 2'641'030 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'968'648 5.42 (233'095) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'623'132 4 4'742'430 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 6'559'644 3.96 (1'389'887) 26.03.2013 Investment Advisor
HILROD HOLDINGS LP n/a 13D 6'305'140 3.81 - 18.03.2013 Holding Company
UBS n/a ULT-AGG 5'266'142 3.18 89'818 31.01.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 3'670'736 2.22 (1'583'768) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'796'061 1.69 2'170'108 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'513'470 1.52 (2'019'558) 31.12.2012 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'281'420 1.38 112'481 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'104'940 1.27 (1'169'502) 31.12.2012 Investment Advisor
BRANDON LIMITED PART n/a 13D 1'931'856 1.17 - 18.03.2013 Corporation
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'908'187 1.15 38'291 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 1'901'900 1.15 (1'443'000) 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 1'875'918 1.13 (2'250'646) 31.12.2012 Investment Advisor
STANDARD LIFE INVEST STANDARD LIFE INVEST 13F 1'712'802 1.03 1'706'545 31.12.2012 Investment Advisor
BROADWOOD PARTNERS BROADWOOD CAPITAL IN 13F 1'639'136 0.99 - 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 M 70 12 month 26.03.2013
Stifel MARK S ASTRACHAN buy 5 M 65 12 month 21.03.2013
Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 19.03.2013
Credit Agricole Securities (USA) CAROLINE S LEVY underperform 1 M 49 Not Provided 07.03.2013
JPMorgan JOHN A FAUCHER neutral 3 M 52 9 month 28.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 28.02.2013
S&P Capital IQ ESTHER KWON sell 1 M 45 Not Provided 15.02.2013
Goldman Sachs JUDY E HONG Buy/Neutral 5 M 61 12 month 12.12.2012
Gabelli & Co DAMIAN WITKOWSKI buy 5 M #N/A N/A Not Provided 08.11.2012
Canaccord Genuity Corp SCOTT VAN WINKLE suspended coverage #N/A N/A M #N/A N/A Not Provided 13.07.2012
Holdings By:
Monster Beverage Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 134
27.03.2013
Mylan Inc. is a global generic and specialty pharmaceuticals company. The
Company operates an active pharmaceutical ingredient manufacturer and runs a
specialty business focused on respiratory, allergy, and psychiatric therapies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.03.2013) 31.21
52-Week Low (09.05.2012) 20.22
Daily Volume
29.02
52-Week High % Change -7.02% Dividend Yield 0.00
52-Week Low % Change 43.52% Beta 1.18
% 52 Week Price Range High/Low 80.07% Equity Float 393.30
Shares Out 25.02.2013 395.6 Short Int 39.04
11'478.89 1 Yr Total Return 24.28%
Total Debt 5'734.23 YTD Return 5.60%
Preferred Stock 0.0 Adjusted BETA 1.177
Minority Interest 15.1 Analyst Recs 22
Cash and Equivalents 349.97 Consensus Rating 4.136
Enterprise Value 16'878.26
Average Volume 5 Day 1'347'624
MYL UW EQUITY YTD Change - Average Volume 30 Day 1'578'666
MYL UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'487'834
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
5'137.6 5'092.8 5'450.5 6'129.8 6'796.1 6'129.8 6'816.6 7'181.0 7'728.1 1'700.4 1'765.0
1.49x 2.05x 2.56x 2.29x 2.39x 9.25x 8.86x 2.22x 1.96x - -
1'124.8 1'150.2 1'271.4 1'564.7 1'718.5 1'564.7 1'831.4 2'004.9 2'107.8 465.1 490.7
6.83x 9.07x 10.99x 8.99x 9.45x 8.99x 8.87x 8.42x 8.01x 8.30x -
(181.2) 232.6 345.1 536.8 640.9 536.8 640.9 1'119.1 1'235.5 249.0 270.8
12.36x 17.89x 18.06x 14.90x 14.52x 15.11x 14.22x 10.14x 9.07x 10.13x 9.84x
EBITDA 1'718.52 Long-Term Rating Date 20.11.2012
EBIT 1'171.92 Long-Term Rating BBB-
Operating Margin 17.24% Long-Term Outlook STABLE
Pretax Margin 11.83% Short-Term Rating Date -
Return on Assets 5.45% Short-Term Rating -
Return on Common Equity 18.76%
Return on Capital 9.94% EBITDA/Interest Exp. 5.57
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 4.58
Net Debt/EBITDA 2.94
Gross Margin 43.8% Total Debt/EBITDA 3.13
EBITDA Margin 26.9%
EBIT Margin 18.8% Total Debt/Equity 171.6%
Net Income Margin 9.4% Total Debt/Capital 63.1%
Asset Turnover 0.58
Current Ratio 1.78 Net Fixed Asset Turnover 5.06
Quick Ratio 0.87 Accounts receivable turnover-days 80.02
Debt to Assets 48.06% Inventory Days 142.51
Tot Debt to Common Equity 171.65% Accounts Payable Turnover Day 69.85
Accounts Receivable Turnover 4.57 Cash Conversion Cycle 151.56
Inventory Turnover 2.57
Fiscal Year Ended
Mylan Inc/PAPrice/Volume
Valuation Analysis
1'253'909.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 135
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'913'067 8.32 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 26'070'166 6.59 (199'523) 31.12.2012 Investment Advisor
PAULSON & CO PAULSON & CO 13F 24'503'400 6.19 - 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 16'837'106 4.26 231'904 26.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 15'312'083 3.87 (1'137'294) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 13'800'890 3.49 (5'726'851) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'586'290 2.17 5'803'486 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'796'903 1.97 (2'095'891) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 7'713'324 1.95 (178'670) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'809'719 1.72 1'001'786 31.12.2012 Investment Advisor
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 6'653'628 1.68 592'892 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'489'507 1.39 (5'929'258) 31.12.2012 Unclassified
SECTORAL ASSET MANAG SECTORAL ASSET MANAG 13F 5'373'559 1.36 (754'301) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'252'682 1.33 (190'941) 31.12.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 5'216'268 1.32 (9'050'961) 31.12.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 4'914'411 1.24 (1'800'993) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 4'800'604 1.21 (456'156) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'683'078 1.18 3'592'653 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 4'184'968 1.06 648'669 31.12.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 3'754'328 0.95 211 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co AARON GAL market perform 3 M 33 12 month 27.03.2013
Susquehanna Financial Group GARY NACHMAN Positive 4 M 33 12 month 25.03.2013
Wells Fargo Securities, LLC MICHAEL K TONG market perform 3 M #N/A N/A Not Provided 22.03.2013
Guggenheim Securities LLC LOUISE CHEN neutral 3 M 30 12 month 22.03.2013
Leerink Swann & Co JASON M GERBERRY outperform 5 M #N/A N/A Not Provided 21.03.2013
RBC Capital Markets SHIBANI MALHOTRA outperform 5 M 31 12 month 12.03.2013
Canaccord Genuity Corp RANDALL STANICKY hold 3 D 33 12 month 11.03.2013
Needham & Co ELLIOT WILBUR strong buy 5 M 33 12 month 08.03.2013
Argus Research Corp JOHN M EADE buy 5 M 32 Not Provided 04.03.2013
Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M #N/A N/A Not Provided 01.03.2013
Buckingham Research Group DAVID G BUCK neutral 3 M 33 12 month 01.03.2013
Credit Agricole Securities (USA) KIM-LINH LINH VUKHAC underperform 1 M 32 Not Provided 01.03.2013
Goldman Sachs JAMI E RUBIN buy/attractive 5 M 33 12 month 28.02.2013
CRT Capital Group TIMOTHY CHIANG buy 5 M 34 Not Provided 28.02.2013
Cowen and Company KEN CACCIATORE neutral 3 M #N/A N/A Not Provided 28.02.2013
S&P Capital IQ HERMAN SAFTLAS buy 5 M 34 Not Provided 28.02.2013
Barclays DOUGLAS D TSAO overweight 5 M 33 Not Provided 28.02.2013
JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 33 9 month 27.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
BOE Securities SAMEER TENDULKAR buy 5 N 24 12 month 16.08.2010
Holdings By:
Mylan Inc/PA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 136
27.03.2013
NetApp, Inc. provides storage and data management solutions. The Company's
storage solutions include specialized hardware, software, and services that
provide storage management for open network environments. NetApp serves
enterprises, government agencies, and universities worldwide.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (03.04.2012) 46.80
52-Week Low (13.11.2012) 26.26
Daily Volume
33.31
52-Week High % Change -28.82% Dividend Yield 0.00
52-Week Low % Change 26.85% Beta 1.23
% 52 Week Price Range High/Low 34.32% Equity Float 357.32
Shares Out 19.02.2013 360.4 Short Int 17.68
12'005.16 1 Yr Total Return -27.68%
Total Debt 1'264.90 YTD Return -0.72%
Preferred Stock 0.0 Adjusted BETA 1.229
Minority Interest 0.0 Analyst Recs 40
Cash and Equivalents 5'398.50 Consensus Rating 3.800
Enterprise Value 7'518.86
Average Volume 5 Day 1'438'242
NTAP UW EQUITY YTD Change - Average Volume 30 Day 1'642'329
NTAP UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'504'303
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1
3'303.2 3'406.4 3'931.4 5'122.6 6'233.2 5'959.0 6'318.4 6'371.8 6'922.8 1'754.9 1'605.3
2.74x 1.36x 2.40x 2.97x 1.62x 8.48x 5.07x 1.57x 1.29x 4.55x 4.93x
458.2 272.1 617.0 997.4 1'049.4 1'005.4 967.0 1'203.6 1'354.2 369.1 305.3
19.78x 17.06x 15.26x 15.24x 9.62x 9.77x 8.82x 6.25x 5.55x 5.41x 5.23x
309.7 64.6 400.4 673.1 605.4 585.3 512.2 840.4 946.8 253.3 200.3
24.67x 26.61x 35.02x 30.47x 24.24x 24.37x 26.39x 14.63x 13.17x 13.50x 13.15x
EBITDA 1'049.40 Long-Term Rating Date 04.12.2012
EBIT 756.30 Long-Term Rating BBB+
Operating Margin 12.13% Long-Term Outlook STABLE
Pretax Margin 11.43% Short-Term Rating Date -
Return on Assets 5.20% Short-Term Rating -
Return on Common Equity 11.82%
Return on Capital 9.67% EBITDA/Interest Exp. 13.17
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 8.06
Net Debt/EBITDA -4.64
Gross Margin 59.6% Total Debt/EBITDA 2.31
EBITDA Margin 15.3%
EBIT Margin 10.0% Total Debt/Equity 29.5%
Net Income Margin 9.7% Total Debt/Capital 22.8%
Asset Turnover 0.64
Current Ratio 1.94 Net Fixed Asset Turnover 5.56
Quick Ratio 1.77 Accounts receivable turnover-days 38.00
Debt to Assets 13.27% Inventory Days 22.92
Tot Debt to Common Equity 29.46% Accounts Payable Turnover Day 30.74
Accounts Receivable Turnover 9.58 Cash Conversion Cycle 32.49
Inventory Turnover 15.88
Fiscal Year Ended
NetApp IncPrice/Volume
Valuation Analysis
983'927.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 137
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 25'316'785 7.02 4'166'750 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 18'068'905 5.01 (6'433'610) 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'105'941 4.47 288'602 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 15'906'576 4.41 (1'099'921) 31.01.2013 Unclassified
STATE STREET n/a ULT-AGG 14'739'931 4.09 61'481 26.03.2013 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12'668'343 3.52 (1'293'688) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10'536'649 2.92 4'143'189 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 10'297'917 2.86 196'764 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'380'176 2.33 449'955 31.12.2012 Investment Advisor
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 7'864'559 2.18 (1'108'135) 31.12.2012 Hedge Fund Manager
JP MORGAN n/a ULT-AGG 7'858'526 2.18 (1'606'615) 31.12.2012 Unclassified
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 7'619'214 2.11 297'742 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'208'661 2 3'924'854 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'535'127 1.81 5'771'479 31.12.2012 Hedge Fund Manager
CADIAN CAPITAL MANAG CADIAN CAPITAL MANAG 13F 6'252'194 1.73 1'169'984 31.12.2012 Hedge Fund Manager
INVESCO LTD INVESCO LTD 13F 5'616'427 1.56 (422'938) 31.12.2012 Investment Advisor
SCOPIA MANAGEMENT IN SCOPIA MANAGEMENT IN 13F 4'848'113 1.35 1'602'938 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'701'217 1.3 (4'218) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'368'261 1.21 165'300 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'308'936 1.2 (76'030) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 26.03.2013
William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 20.03.2013
Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.03.2013
Pacific Crest Securities BRENT A BRACELIN outperform 5 M 38 12 month 18.03.2013
Piper Jaffray ANDREW J NOWINSKI overweight 5 M 39 12 month 18.03.2013
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 15.03.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 15.03.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 41 Not Provided 14.03.2013
Longbow Research JOE WITTINE neutral 3 N #N/A N/A Not Provided 11.03.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 40 12 month 08.03.2013
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 38 12 month 04.03.2013
Raymond James BRIAN G ALEXANDER outperform 5 M 40 12 month 21.02.2013
Credit Suisse KULBINDER GARCHA neutral 3 M 35 Not Provided 20.02.2013
Lake Street Capital Markets LLC ERIC MARTINUZZI buy 5 M 43 12 month 20.02.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 14.02.2013
Argus Research Corp JAMES KELLEHER buy 5 M 42 Not Provided 14.02.2013
Brean Murray Carret & Co ANANDA BARUAH buy 5 M 45 12 month 14.02.2013
JPMorgan MARK A MOSKOWITZ overweight 5 M 41 9 month 14.02.2013
Jefferies PETER J MISEK hold 3 M 35 12 month 14.02.2013
Needham & Co GLENN HANUS buy 5 M 41 12 month 14.02.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 34 12 month 14.02.2013
Wedbush ROHIT CHOPRA neutral 3 M 35 12 month 14.02.2013
Stifel AARON C RAKERS buy 5 M 42 12 month 14.02.2013
Wunderlich Securities BRIAN S FREED buy 5 M 45 18 month 14.02.2013
Evercore Partners ROBERT CIHRA equalweight 3 M 38 12 month 14.02.2013
Lazard Capital Markets EDWARD PARKER neutral 3 M #N/A N/A Not Provided 14.02.2013
Craig-Hallum Capital Group LLC RAJESH GHAI hold 3 M 32 12 month 14.02.2013
Credit Agricole Securities (USA) LOUIS R MISCIOSCIA underperform 1 M 35 Not Provided 14.02.2013
Barclays BENJAMIN A REITZES overweight 5 M 45 Not Provided 14.02.2013
FBN Securities SHEBLY SEYRAFI outperform 5 M 40 12 month 14.02.2013
Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 48 12 month 14.02.2013
Sterne, Agee & Leach ALEX KURTZ neutral 3 M 37 12 month 13.02.2013
Oppenheimer & Co ITTAI KIDRON market perform 3 M #N/A N/A Not Provided 13.02.2013
ISI Group BRIAN MARSHALL buy 5 M 40 12 month 13.02.2013
Goldman Sachs WILLIAM C SHOPE JR neutral/neutral 3 M 32 12 month 15.11.2012
S&P Capital IQ JIM YIN hold 3 U 29 Not Provided 16.10.2012
Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 40 12 month 25.05.2012
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 03.05.2012
Holdings By:
NetApp Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 138
27.03.2013
News Corporation is a diversified global media company. The Company's
operations include the production and distribution of motion pictures and
television programming. The Company provides television, direct satellite, and
cable broadcasting and the publication of newspapers, magazines, books and
promotional inserts.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 30.76
52-Week Low (04.06.2012) 18.32
Daily Volume
30.25
52-Week High % Change -1.66% Dividend Yield 0.56
52-Week Low % Change 65.12% Beta 1.11
% 52 Week Price Range High/Low 95.74% Equity Float 1'525.49
Shares Out 04.02.2013 1'526.7 Short Int 34.92
70'530.86 1 Yr Total Return 50.77%
Total Debt 15'455.00 YTD Return 18.77%
Preferred Stock - Adjusted BETA 1.112
Minority Interest 1'142.0 Analyst Recs 27
Cash and Equivalents 9'626.00 Consensus Rating 4.667
Enterprise Value 80'683.86
Average Volume 5 Day 3'341'785
NWSA UW EQUITY YTD Change - Average Volume 30 Day 3'602'944
NWSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'879'994
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
32'996.0 30'423.0 32'778.0 33'405.0 33'706.0 34'152.0 34'333.0 35'612.9 38'023.8 8'988.8 9'132.4
1.49x 1.06x 1.12x 1.50x 1.78x 5.75x 7.24x 2.21x 2.05x 8.89x 8.72x
6'668.0 4'472.0 5'228.0 6'133.0 6'646.0 6'648.0 6'754.0 7'270.1 8'098.6 1'687.7 1'896.9
7.36x 7.23x 7.02x 8.17x 9.04x 7.73x 10.53x 11.11x 9.97x 10.50x 10.15x
5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'117.0 3'998.0 3'915.2 4'371.9 826.3 1'030.1
12.23x 11.11x 10.31x 14.16x 15.81x 13.52x 16.25x 18.03x 15.31x 17.14x 16.13x
EBITDA 6'646.00 Long-Term Rating Date 30.11.2012
EBIT 5'379.00 Long-Term Rating BBB+
Operating Margin 15.96% Long-Term Outlook STABLE
Pretax Margin 6.56% Short-Term Rating Date -
Return on Assets 6.52% Short-Term Rating -
Return on Common Equity 14.38%
Return on Capital 11.39% EBITDA/Interest Exp. 6.18
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 5.30
Net Debt/EBITDA 1.28
Gross Margin - Total Debt/EBITDA 2.44
EBITDA Margin 19.7%
EBIT Margin 15.9% Total Debt/Equity 62.6%
Net Income Margin 3.5% Total Debt/Capital 37.4%
Asset Turnover 0.56
Current Ratio 2.02 Net Fixed Asset Turnover 5.82
Quick Ratio 1.69 Accounts receivable turnover-days 79.48
Debt to Assets 27.28% Inventory Days -
Tot Debt to Common Equity 62.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.61 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
News CorpPrice/Volume
Valuation Analysis
830'503.00
Current Price (3/dd/yy) Market Data
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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. !!
1 !!
3 !!
5 !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 139
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 106'117'879 6.95 566'560 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 85'939'439 5.63 531'944 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 81'642'663 5.35 (49'269'500) 31.12.2012 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 80'106'935 5.25 (449'404) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 78'438'973 5.14 4'133'923 26.03.2013 Investment Advisor
DODGE & COX DODGE & COX 13F 73'990'044 4.85 (9'828'325) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 50'745'635 3.32 1'242'647 31.12.2012 Investment Advisor
CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 34'348'479 2.25 (12'657'102) 31.12.2012 Hedge Fund Manager
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 34'295'229 2.25 3'537'977 31.12.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 31'740'887 2.08 1'713'651 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 29'665'850 1.94 25'400 31.12.2012 Investment Advisor
ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 28'100'000 1.84 9'100'000 31.12.2012 Hedge Fund Manager
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 27'945'300 1.83 (3'592'000) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 24'797'737 1.62 (375'426) 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 22'180'447 1.45 1'184'087 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 19'150'391 1.25 (668) 31.12.2012 Government
INVESCO LTD INVESCO LTD 13F 17'590'189 1.15 (3'322'085) 31.12.2012 Investment Advisor
EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 17'571'378 1.15 2'373'660 31.12.2012 Hedge Fund Manager
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 16'929'453 1.11 2'887'188 31.12.2012 Hedge Fund Manager
WADDELL & REED FINAN WADDELL & REED FINAN 13F 14'275'510 0.94 1'726'350 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MICHAEL NATHANSON buy 5 M 31 12 month 25.03.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 35 12 month 24.03.2013
Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 36 12 month 22.03.2013
Needham & Co LAURA A MARTIN buy 5 M 34 12 month 15.03.2013
Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 32 12 month 08.03.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 08.03.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 33 Not Provided 08.03.2013
Susquehanna Financial Group VASILY KARASYOV Positive 4 M 34 12 month 07.03.2013
Credit Suisse MICHAEL SENNO neutral 3 M 28 Not Provided 06.03.2013
Wedbush JAMES G DIX outperform 5 M 26 12 month 06.03.2013
Macquarie TIMOTHY W NOLLEN outperform 5 M 33 12 month 06.03.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 34 12 month 06.03.2013
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 36 18 month 06.03.2013
S&P Capital IQ TUNA AMOBI buy 5 M 31 Not Provided 06.03.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 34 Not Provided 06.03.2013
RBC Capital Markets DAVID BANK outperform 5 M 32 12 month 05.03.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 20.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 11.02.2013
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 08.02.2013
Evercore Partners ALAN GOULD overweight 5 M 30 12 month 07.02.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 07.02.2013
Atlantic Equities LLP HAMILTON FABER overweight 5 M 33 12 month 07.02.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 32 12 month 28.01.2013
Goldman Sachs DREW BORST not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012
BTIG LLC RICHARD GREENFIELD buy 5 M 30 Not Provided 27.06.2012
Holdings By:
News Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 140
27.03.2013
Nuance Communications, Inc. provides speech and imaging solutions for businesses
and consumers around the world. The Company's products include a speech
recognizer, call steering, and a product that converts text into speech.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (02.04.2012) 26.85
52-Week Low (01.03.2013) 18.00
Daily Volume
19.99
52-Week High % Change -25.55% Dividend Yield 0.00
52-Week Low % Change 11.06% Beta 1.31
% 52 Week Price Range High/Low 22.49% Equity Float 265.50
Shares Out 31.01.2013 316.3 Short Int 24.26
6'322.33 1 Yr Total Return -21.94%
Total Debt 2'115.91 YTD Return -10.44%
Preferred Stock 4.6 Adjusted BETA 1.314
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 1'129.76 Consensus Rating 3.789
Enterprise Value 7'700.87
Average Volume 5 Day 1'367'884
NUAN UW EQUITY YTD Change - Average Volume 30 Day 1'126'793
NUAN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'035'261
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
868.5 950.4 1'118.9 1'318.7 1'651.5 1'375.6 1'753.1 2'166.9 2'446.1 516.6 554.0
3.96x 4.71x 4.44x 5.05x 5.30x 20.25x 19.19x 3.41x 2.89x 14.79x 13.58x
141.4 212.9 238.6 268.2 380.4 287.0 379.8 869.2 967.6 193.4 223.0
24.32x 21.03x 20.85x 24.85x 23.02x 28.46x 22.20x 8.86x 7.96x 8.66x 8.21x
(30.1) (19.4) (19.1) 38.2 207.1 47.6 175.7 588.6 675.9 130.5 159.9
14.01x 39.37x 41.16x 38.38x 25.93x 46.59x 25.08x 11.07x 9.86x 10.62x 10.19x
EBITDA 380.38 Long-Term Rating Date 11.02.2011
EBIT 193.20 Long-Term Rating BB-
Operating Margin 11.70% Long-Term Outlook STABLE
Pretax Margin 3.95% Short-Term Rating Date -
Return on Assets 3.28% Short-Term Rating -
Return on Common Equity 6.71%
Return on Capital - EBITDA/Interest Exp. 4.46
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 3.72
Net Debt/EBITDA 3.62
Gross Margin 63.4% Total Debt/EBITDA 6.15
EBITDA Margin 21.7%
EBIT Margin 10.7% Total Debt/Equity 77.2%
Net Income Margin 12.5% Total Debt/Capital 43.5%
Asset Turnover 0.33
Current Ratio 1.76 Net Fixed Asset Turnover 15.48
Quick Ratio 1.57 Accounts receivable turnover-days 71.76
Debt to Assets 36.49% Inventory Days -
Tot Debt to Common Equity 77.16% Accounts Payable Turnover Day 112.46
Accounts Receivable Turnover 5.10 Cash Conversion Cycle 20.93
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nuance Communications IncPrice/Volume
Valuation Analysis
934'261.00
Current Price (3/dd/yy) Market Data
!
2
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- ! 9
. ! 9
0 ! 9
1 ! 9
2 ! 9
3 ! 9
4 ! 9
5 ! 9
0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
2 !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 141
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WARBURG PINCUS LLC WARBURG PINCUS LLC 13F 53'004'254 16.76 - 31.12.2012 Private Equity
WARBURG PINCUS LLC n/a 13D 43'058'531 13.61 (9'945'723) 14.03.2013 Private Equity
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 29'398'004 9.3 (6'904'115) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 17'827'119 5.64 2'746'103 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'852'538 3.75 (214'677) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 11'461'824 3.62 332'670 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 10'658'433 3.37 41'737 25.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'227'210 3.23 (715'000) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 8'690'776 2.75 (120'464) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 7'787'480 2.46 (258'843) 31.12.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'720'544 2.12 315'957 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 5'183'885 1.64 (66'250) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 4'322'359 1.37 122'473 31.12.2012 Investment Advisor
RICCI PAUL A n/a Form 4 4'014'898 1.27 - 01.02.2013 n/a
WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'948'645 1.25 338'110 31.12.2012 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 3'843'339 1.22 104'968 31.12.2012 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 3'545'481 1.12 593'927 31.12.2012 Investment Advisor
LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 2'994'953 0.95 (6'741) 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'812'375 0.89 58'903 31.12.2012 Investment Advisor
ING INV MANAGEMENT E ING INVESTMENT MANAG 13F 2'652'333 0.84 406'379 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 15.03.2013
Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 35 12 month 12.03.2013
Raymond James SHYAM PATIL strong buy 5 M 28 12 month 06.03.2013
Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 26 12 month 04.03.2013
B Riley & Company, Inc DANIEL CUMMINS neutral 3 N 21 Not Provided 20.02.2013
Morgan Stanley JENNIFER LOWE Overwt/In-Line 5 M 28 12 month 08.02.2013
Goldman Sachs GREG DUNHAM neutral/neutral 3 M 22 12 month 08.02.2013
Needham & Co SCOTT ZELLER hold 3 D #N/A N/A Not Provided 08.02.2013
FBR Capital Markets DANIEL H IVES outperform 5 M 28 12 month 08.02.2013
Stifel TOM RODERICK hold 3 D #N/A N/A Not Provided 08.02.2013
Oppenheimer & Co SHAUL EYAL outperform 5 M 30 12 month 08.02.2013
Craig-Hallum Capital Group LLC JEFF VAN RHEE hold 3 D 24 12 month 08.02.2013
Northland Securities Inc MICHAEL JAMES LATIMORE outperform 5 M 26 12 month 08.02.2013
Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 26 12 month 07.02.2013
Piper Jaffray MARK R MURPHY neutral 3 M 22 12 month 07.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank NANDAN AMLADI buy 5 M 30 12 month 15.11.2012
Wedbush SCOTT P SUTHERLAND underperform 1 M 19 12 month 07.08.2012
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2012
Holdings By:
Nuance Communications Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 142
27.03.2013
NVIDIA Corporation designs, develops, and markets three dimensional (3D)
graphics processors and related software. The Company's products provide
interactive 3D graphics to the mainstream personal computer market.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (30.03.2012) 15.49
52-Week Low (16.11.2012) 11.16
Daily Volume
12.5
52-Week High % Change -19.30% Dividend Yield 0.60
52-Week Low % Change 12.06% Beta 1.31
% 52 Week Price Range High/Low 31.03% Equity Float 586.94
Shares Out 08.03.2013 616.0 Short Int 21.61
7'699.75 1 Yr Total Return -14.59%
Total Debt 21.41 YTD Return 2.33%
Preferred Stock 0.0 Adjusted BETA 1.315
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 3'727.88 Consensus Rating 3.528
Enterprise Value 3'993.28
Average Volume 5 Day 1'972'336
NVDA UW EQUITY YTD Change - Average Volume 30 Day 2'714'679
NVDA UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'551'218
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
3'424.9 3'326.4 3'543.3 3'997.9 4'280.2 3'997.9 4'280.2 4'255.9 4'634.6 942.6 1'017.3
0.85x 2.09x 3.25x 1.51x 0.92x 7.01x 4.22x 0.85x 0.72x 4.17x 3.83x
141.2 97.7 385.7 852.5 874.5 852.5 874.5 795.8 907.4 128.1 167.4
20.69x 71.00x 29.86x 7.06x 4.51x 7.06x 4.51x 5.02x 4.40x 5.18x 4.81x
(30.0) (68.0) 253.1 581.1 562.5 581.1 562.5 539.5 611.8 82.2 116.6
25.70x - 64.22x 15.69x 13.20x 15.21x 13.64x 14.72x 12.89x 14.29x 13.44x
EBITDA 874.47 Long-Term Rating Date 07.05.2009
EBIT 648.24 Long-Term Rating NR
Operating Margin 15.15% Long-Term Outlook -
Pretax Margin 15.47% Short-Term Rating Date -
Return on Assets 9.40% Short-Term Rating -
Return on Common Equity 12.54%
Return on Capital - EBITDA/Interest Exp. 265.47
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 209.83
Net Debt/EBITDA -4.24
Gross Margin 52.0% Total Debt/EBITDA 0.02
EBITDA Margin 20.4%
EBIT Margin 15.1% Total Debt/Equity 0.4%
Net Income Margin 13.1% Total Debt/Capital 0.4%
Asset Turnover 0.72
Current Ratio 4.89 Net Fixed Asset Turnover 7.53
Quick Ratio 4.28 Accounts receivable turnover-days 33.61
Debt to Assets 0.33% Inventory Days 67.35
Tot Debt to Common Equity 0.44% Accounts Payable Turnover Day 59.00
Accounts Receivable Turnover 10.83 Cash Conversion Cycle 41.96
Inventory Turnover 5.40
Fiscal Year Ended
NVIDIA CorpPrice/Volume
Valuation Analysis
1'550'673.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 79'493'214 12.91 (9'978'177) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 37'668'172 6.12 1'164'492 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 32'149'359 5.22 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 25'512'316 4.14 609'454 25.03.2013 Investment Advisor
HUANG JEN-HSUN n/a Form 4 22'168'135 3.6 - 20.03.2013 n/a
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 17'973'300 2.92 (979'500) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'176'500 2.3 (12'739'300) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'701'670 1.9 3'158'033 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 11'551'047 1.88 7'413'768 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 8'945'165 1.45 645'257 31.12.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 8'041'269 1.31 6'139'523 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'938'442 1.29 108'110 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 7'745'598 1.26 (498'513) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'491'625 1.05 245'590 31.12.2012 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 5'915'747 0.96 786'088 31.12.2012 Investment Advisor
CONTRARIUS INVESTMEN CONTRARIUS INVESTMEN 13F 5'785'902 0.94 942'748 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 5'155'045 0.84 713'619 31.12.2012 Government
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'243'814 0.69 (1'293'529) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'076'221 0.66 (36'419) 31.12.2012 Investment Advisor
CHARLES SCHWAB INVES CHARLES SCHWAB INVES 13F 3'757'015 0.61 2'239'918 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 12 Not Provided 25.03.2013
Raymond James HANS C MOSESMANN strong buy 5 M 17 12 month 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013
Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M #N/A N/A Not Provided 24.03.2013
Evercore Partners PATRICK WANG underweight 1 M 11 12 month 24.03.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 14 12 month 22.03.2013
Wedbush BETSY VAN HEES outperform 5 M 17 12 month 20.03.2013
B Riley & Company, Inc CRAIG ELLIS neutral 3 M 13 Not Provided 20.03.2013
Stifel KEVIN E CASSIDY buy 5 M 18 12 month 20.03.2013
Nomura ROMIT SHAH buy 5 M 15 12 month 20.03.2013
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 20.03.2013
Longbow Research JOANNE FEENEY neutral 3 M #N/A N/A Not Provided 20.03.2013
Susquehanna Financial Group CHRISTOPHER CASO negative 2 M 11 12 month 20.03.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 12 12 month 19.03.2013
JPMorgan HARLAN SUR neutral 3 M 14 9 month 19.03.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 19.03.2013
Barclays BLAYNE CURTIS equalweight 3 M 13 Not Provided 18.03.2013
Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 18.03.2013
FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 14 12 month 04.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 17 12 month 20.02.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 20.02.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 13 12 month 14.02.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 14.02.2013
Brean Murray Carret & Co MIKE BURTON hold 3 M #N/A N/A Not Provided 14.02.2013
Roth Capital Partners KRISHNA SHANKAR buy 5 M 17 12 month 14.02.2013
Jefferies MARK J LIPACIS hold 3 M 14 12 month 14.02.2013
Needham & Co RAJVINDRA S. GILL hold 3 D #N/A N/A Not Provided 14.02.2013
Macquarie SHAWN WEBSTER neutral 3 M 14 12 month 14.02.2013
Lazard Capital Markets DANIEL L AMIR neutral 3 M #N/A N/A Not Provided 14.02.2013
Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 14 12 month 13.02.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 13.02.2013
Canaccord Genuity Corp ROBERT BURLESON buy 5 M 16 12 month 13.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Hudson Square Research DANIEL ERNST buy 5 U 18 Not Provided 10.05.2010
Holdings By:
NVIDIA Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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O'Reilly Automotive, Inc. retails and supplies automotive aftermarket parts,
tools, supplies, equipment, and accessories. The Company sells its products to
do-it-yourself customers and professional mechanics or service technicians.
O'Reilly operates stores throughout the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 107.13
52-Week Low (27.06.2012) 75.64
Daily Volume
103.59
52-Week High % Change -3.30% Dividend Yield 0.00
52-Week Low % Change 36.95% Beta 0.68
% 52 Week Price Range High/Low 88.76% Equity Float 107.96
Shares Out 25.02.2013 111.3 Short Int 6.00
11'530.07 1 Yr Total Return 13.50%
Total Debt 1'095.96 YTD Return 15.85%
Preferred Stock 0.0 Adjusted BETA 0.684
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 248.13 Consensus Rating 4.154
Enterprise Value 12'377.90
Average Volume 5 Day 241'559
ORLY UW EQUITY YTD Change - Average Volume 30 Day 312'719
ORLY UW EQUITY YTD % CHANGE - Average Volume 3 Month 363'412
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'576.6 4'847.1 5'397.5 5'788.8 6'182.2 5'788.8 6'182.2 6'659.6 7'074.7 1'611.6 1'696.7
1.35x 1.24x 1.64x 1.83x 1.77x 6.40x 7.07x 1.89x 1.82x 7.82x 7.43x
448.6 685.8 895.1 1'029.8 1'154.5 1'029.8 1'154.5 1'262.3 1'354.6 299.6 317.0
10.80x 8.75x 9.89x 10.30x 9.48x 10.30x 9.48x 9.81x 9.14x 10.00x 9.85x
186.2 307.5 419.4 507.7 585.7 507.7 585.7 636.8 682.5 154.6 163.4
18.86x 16.87x 19.81x 20.98x 18.83x 20.93x 18.83x 18.11x 15.98x 18.12x 17.79x
EBITDA 1'154.50 Long-Term Rating Date 18.01.2012
EBIT 977.39 Long-Term Rating BBB
Operating Margin 15.81% Long-Term Outlook STABLE
Pretax Margin 15.23% Short-Term Rating Date -
Return on Assets 10.41% Short-Term Rating -
Return on Common Equity 23.65%
Return on Capital 17.84% EBITDA/Interest Exp. 24.95
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 18.45
Net Debt/EBITDA 0.73
Gross Margin 50.1% Total Debt/EBITDA 0.95
EBITDA Margin 18.7%
EBIT Margin 15.8% Total Debt/Equity 52.0%
Net Income Margin 9.5% Total Debt/Capital 34.2%
Asset Turnover 1.10
Current Ratio 1.20 Net Fixed Asset Turnover 2.87
Quick Ratio 0.16 Accounts receivable turnover-days 7.64
Debt to Assets 19.06% Inventory Days 252.84
Tot Debt to Common Equity 51.98% Accounts Payable Turnover Day 173.95
Accounts Receivable Turnover 47.90 Cash Conversion Cycle 86.53
Inventory Turnover 1.45
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
O'Reilly Automotive IncPrice/Volume
Valuation Analysis
192'380.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'468'481 6.71 (303'624) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'108'025 6.39 206'740 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'109'760 5.49 (234'802) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 4'888'553 4.39 (40'817) 25.03.2013 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 3'658'781 3.29 (3'711) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'624'914 2.36 175'909 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 2'623'402 2.36 (1'360'800) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 2'201'413 1.98 87'264 31.12.2012 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 2'164'498 1.94 639'137 31.12.2012 Hedge Fund Manager
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'121'541 1.91 2'112'349 31.12.2012 Hedge Fund Manager
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 2'106'437 1.89 (846'503) 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'080'092 1.87 (43'557) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'769'464 1.59 323'143 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 1'762'790 1.58 61'805 31.12.2012 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'667'578 1.5 107'970 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'666'774 1.5 393'150 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'538'303 1.38 (30'510) 31.12.2012 Investment Advisor
O'REILLY DAVID E n/a Form 4 1'480'017 1.33 (502) 08.02.2013 n/a
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'414'240 1.27 459'235 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'350'050 1.21 (1'155'963) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stifel DAVID A SCHICK buy 5 M 102 12 month 26.03.2013
Piper Jaffray PETER J KEITH neutral 3 M 97 12 month 25.03.2013
ISI Group GREGORY MELICH neutral 3 M 106 12 month 24.03.2013
Northcoast Research NICHOLAS MITCHELL neutral 3 M #N/A N/A Not Provided 13.03.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 106 12 month 12.03.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 05.03.2013
Raymond James DANIEL R WEWER JR strong buy 5 M 112 12 month 05.03.2013
Nomura ARAM RUBINSON neutral 3 M 98 12 month 01.03.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 11.02.2013
Deutsche Bank MICHAEL BAKER hold 3 M 102 12 month 08.02.2013
Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 108 12 month 08.02.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 110 12 month 08.02.2013
JPMorgan CHRISTOPHER HORVERS neutral 3 M 106 9 month 08.02.2013
Stephens Inc JOHN R LAWRENCE overweight 5 M 115 12 month 08.02.2013
BB&T Capital Markets BRET D JORDAN buy 5 M 112 12 month 08.02.2013
Gabelli & Co BRIAN SPONHEIMER buy 5 M #N/A N/A Not Provided 08.02.2013
RBC Capital Markets R SCOT CICCARELLI outperform 5 M 113 12 month 07.02.2013
Credit Suisse GARY BALTER outperform 5 M 115 Not Provided 07.02.2013
Robert W. Baird & Co CRAIG R KENNISON neutral 3 M 110 12 month 07.02.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 92 18 month 07.02.2013
S&P Capital IQ MICHAEL SOUERS buy 5 M 112 Not Provided 07.02.2013
Barclays ALAN M RIFKIN overweight 5 M 120 Not Provided 07.02.2013
William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 06.02.2013
Holdings By:
O'Reilly Automotive Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 146
27.03.2013
Oracle Corporation supplies software for enterprise information management. The
Company offers databases and relational servers, application development and
decision support tools, and enterprise business applications. Oracle's software
runs on network computers, personal digital assistants, set-top devices, PCs,
workstations, minicomputers, mainframes, and massively parallel computers.
Latest Fiscal Year: 05/2012
LTM as of: 02/yy
52-Week High (15.03.2013) 36.43
52-Week Low (18.05.2012) 25.33
Daily Volume
31.47
52-Week High % Change -13.62% Dividend Yield 1.14
52-Week Low % Change 24.24% Beta 1.12
% 52 Week Price Range High/Low 53.33% Equity Float 3'596.05
Shares Out 15.03.2013 4'710.7 Short Int 38.20
148'244.41 1 Yr Total Return 9.19%
Total Debt 16'474.00 YTD Return -5.55%
Preferred Stock 0.0 Adjusted BETA 1.120
Minority Interest 399.0 Analyst Recs 45
Cash and Equivalents 30'676.00 Consensus Rating 4.356
Enterprise Value 135'031.40
Average Volume 5 Day 12'766'517
ORCL UW EQUITY YTD Change - Average Volume 30 Day 6'804'784
ORCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 6'093'292
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 02/yy 02/yy 05/13 Y 05/14 Y 05/13 Q4 08/13 Q1
22'430.0 23'252.0 26'820.0 35'622.0 37'121.0 36'980.0 37'149.0 37'444.0 39'559.5 11'143.6 8'561.6
5.25x 4.11x 4.10x 4.52x 3.13x 15.12x 14.54x 3.64x 3.25x 12.22x 15.45x
9'489.0 10'531.0 12'138.0 15'524.0 16'973.0 16'698.0 17'286.0 18'255.9 20'006.1 5'888.5 3'972.6
12.42x 9.08x 9.06x 10.37x 6.84x 7.85x 8.58x 7.40x 6.76x 7.02x 6.86x
5'521.0 5'593.0 6'135.0 8'547.0 9'981.0 9'739.0 10'570.0 13'054.0 13'948.9 4'203.5 2'773.0
18.27x 14.40x 16.60x 19.33x 13.24x 14.93x 15.85x 11.70x 10.73x 11.04x 10.73x
EBITDA 16'973.00 Long-Term Rating Date 24.04.2012
EBIT 14'057.00 Long-Term Rating A+
Operating Margin 37.87% Long-Term Outlook STABLE
Pretax Margin 34.92% Short-Term Rating Date 24.04.2012
Return on Assets 13.74% Short-Term Rating A-1+
Return on Common Equity 24.52%
Return on Capital 18.40% EBITDA/Interest Exp. 22.16
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 21.31
Net Debt/EBITDA -0.79
Gross Margin 78.8% Total Debt/EBITDA 1.14
EBITDA Margin 46.5%
EBIT Margin 38.6% Total Debt/Equity 37.7%
Net Income Margin 26.9% Total Debt/Capital 27.2%
Asset Turnover 0.48
Current Ratio 2.60 Net Fixed Asset Turnover 12.45
Quick Ratio 2.41 Accounts receivable turnover-days 43.35
Debt to Assets 21.03% Inventory Days 9.59
Tot Debt to Common Equity 37.71% Accounts Payable Turnover Day 19.99
Accounts Receivable Turnover 8.42 Cash Conversion Cycle 47.82
Inventory Turnover 38.07
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Oracle CorpPrice/Volume
Valuation Analysis
3'115'104.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ELLISON LAWRENCE JOS n/a Form 4 1'112'434'580 23.62 7'200'000 28.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 249'496'992 5.3 (12'392'864) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 222'486'587 4.72 (374'398) 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 171'937'103 3.65 1'391'323 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 159'352'080 3.38 6'018'875 26.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 78'316'425 1.66 1'366'222 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 77'278'005 1.64 (4'612'811) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 76'931'851 1.63 (1'872'445) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 75'285'789 1.6 15'270'822 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 65'680'186 1.39 (2'439'523) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 56'379'053 1.2 (610'493) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 49'190'816 1.04 (1'571'164) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 43'932'887 0.93 (11'533'565) 31.12.2012 Unclassified
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 39'724'493 0.84 4'197'117 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 38'397'212 0.82 1'152'929 31.12.2012 Government
JANUS CAPITAL MANAGE n/a ULT-AGG 32'702'179 0.69 (4'513'686) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 32'112'868 0.68 (1'663'800) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'440'138 0.6 (2'801'171) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 27'001'141 0.57 (120'100) 31.12.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 26'051'615 0.55 (6'302'603) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale RICHARD NGUYEN hold 3 M 37 12 month 26.03.2013
Jefferies ROSS MACMILLAN hold 3 M 36 12 month 26.03.2013
Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 34 12 month 26.03.2013
BMO Capital Markets KARL KEIRSTEAD outperform 5 M 43 Not Provided 25.03.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 39 12 month 25.03.2013
Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 25.03.2013
William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 25.03.2013
Raymond James MICHAEL TURITS outperform 5 M 36 12 month 25.03.2013
Macquarie BRAD A ZELNICK neutral 3 M 36 12 month 25.03.2013
Stifel BRAD REBACK buy 5 M 37 12 month 25.03.2013
Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 25.03.2013
Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 41 12 month 25.03.2013
Longbow Research KEVIN M BUTTIGIEG buy 5 M 38 12 month 25.03.2013
Barclays RAIMO LENSCHOW overweight 5 M 38 Not Provided 25.03.2013
Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 22.03.2013
FBR Capital Markets DAVID M HILAL outperform 5 M 39 12 month 22.03.2013
Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 22.03.2013
Deutsche Bank THOMAS ERNST JR hold 3 M 29 12 month 21.03.2013
RBC Capital Markets MATTHEW HEDBERG outperform 5 M 37 12 month 21.03.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 21.03.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 21.03.2013
JPMorgan JOHN DIFUCCI overweight 5 M 40 9 month 21.03.2013
Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 21.03.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 44 12 month 21.03.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 40 12 month 21.03.2013
Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 42 12 month 21.03.2013
Berenberg Bank DAUD KHAN buy 5 M 35 Not Provided 21.03.2013
Nomura RICHARD G SHERLUND buy 5 M 39 12 month 21.03.2013
Cowen and Company PETER GOLDMACHER neutral 3 M #N/A N/A Not Provided 21.03.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 21.03.2013
Susquehanna Financial Group J DERRICK WOOD Positive 4 M 40 12 month 21.03.2013
Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 21.03.2013
Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.03.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 38 12 month 21.03.2013
Credit Agricole Securities (USA) EDWARD MAGUIRE underperform 1 D 35 Not Provided 21.03.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 D 36 12 month 20.03.2013
Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 40 12 month 20.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 21.02.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.02.2013
Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 39 12 month 24.01.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 38 Not Provided 24.12.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 19.12.2012
Holdings By:
Oracle Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 148
27.03.2013
PACCAR Inc designs, develops, manufactures, and distributes light-, medium-, and
heavy-duty trucks, and related aftermarket distribution of parts. The Company
also offers finance and leasing services to its customers and dealers.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 51.38
52-Week Low (12.07.2012) 34.60
Daily Volume
50.15
52-Week High % Change -2.39% Dividend Yield 3.15
52-Week Low % Change 44.95% Beta 1.37
% 52 Week Price Range High/Low 92.67% Equity Float 346.08
Shares Out 31.01.2013 353.5 Short Int 10.33
17'726.44 1 Yr Total Return 9.87%
Total Debt 150.00 YTD Return 11.39%
Preferred Stock 0.0 Adjusted BETA 1.373
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 2'395.90 Consensus Rating 3.609
Enterprise Value 15'480.54
Average Volume 5 Day 640'740
PCAR UW EQUITY YTD Change - Average Volume 30 Day 624'679
PCAR UW EQUITY YTD % CHANGE - Average Volume 3 Month 638'992
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
14'972.5 8'086.5 10'292.9 16'355.2 17'050.5 16'355.2 17'050.5 16'095.7 17'674.6 3'761.0 3'920.6
0.56x 1.40x 1.82x 0.65x 0.81x 3.23x 2.99x 1.16x 1.22x 6.27x 6.11x
2'027.0 1'016.6 1'271.7 2'153.2 2'296.4 2'153.2 2'296.4 1'925.6 2'170.0 425.9 459.4
4.10x 11.13x 14.69x 4.93x 5.98x 4.93x 5.98x 8.04x 7.13x 7.98x 7.62x
1'017.9 111.9 457.6 1'042.3 1'111.6 1'042.3 1'111.6 1'120.5 1'259.6 242.4 272.0
10.29x 157.70x 46.62x 13.10x 14.49x 13.10x 14.49x 15.79x 14.04x 15.92x 15.08x
EBITDA 2'296.40 Long-Term Rating Date 29.04.2010
EBIT 1'595.50 Long-Term Rating A+
Operating Margin 9.36% Long-Term Outlook STABLE
Pretax Margin 9.55% Short-Term Rating Date 29.04.2010
Return on Assets 6.21% Short-Term Rating A-1
Return on Common Equity 19.83%
Return on Capital 9.50% EBITDA/Interest Exp. 13.21
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 2.83
Net Debt/EBITDA -0.98
Gross Margin 17.5% Total Debt/EBITDA 0.07
EBITDA Margin 13.5%
EBIT Margin 9.4% Total Debt/Equity 134.8%
Net Income Margin 6.5% Total Debt/Capital 57.4%
Asset Turnover 0.95
Current Ratio 0.74 Net Fixed Asset Turnover 7.96
Quick Ratio 0.56 Accounts receivable turnover-days 20.18
Debt to Assets 42.30% Inventory Days 19.42
Tot Debt to Common Equity 134.77% Accounts Payable Turnover Day 25.07
Accounts Receivable Turnover 18.14 Cash Conversion Cycle 14.53
Inventory Turnover 18.85
Fiscal Year Ended
PACCAR IncPrice/Volume
Valuation Analysis
400'022.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 149
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN n/a ULT-AGG 23'256'303 6.58 1'822'240 31.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 18'461'288 5.22 849'346 25.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 16'314'903 4.62 1'220'425 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'213'703 4.3 289'007 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 15'159'900 4.29 (2'646'713) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 13'607'825 3.85 499'538 26.03.2013 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 8'943'143 2.53 (506'101) 31.12.2012 Investment Advisor
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 5'994'403 1.7 5'994'403 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'801'832 1.36 (26'056) 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 4'668'942 1.32 (2'196'600) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'504'875 1.27 45'025 31.12.2012 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'228'702 1.2 (651'306) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'766'406 1.07 (407'964) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'580'078 1.01 (118'991) 31.12.2012 Investment Advisor
PIGOTT MARK CHARLES n/a Form 4 3'314'022 0.94 295 05.03.2013 n/a
NORGES BANK NORGES BANK 13F 3'001'169 0.85 489'739 31.12.2012 Government
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 2'892'300 0.82 726'600 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'792'880 0.79 1'838'017 31.12.2012 Investment Advisor
US BANCORP US BANCORP 13F 2'470'981 0.7 3'453 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'286'146 0.65 29'627 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Avondale Partners LLC KRISTINE KUBACKI market perform 3 M 44 12 month 26.03.2013
Robert W. Baird & Co DAVID LEIKER neutral 3 M 41 12 month 25.03.2013
Wolfe Trahan & Co TIMOTHY J DENOYER underperform 1 M 36 12 month 25.03.2013
BMO Capital Markets JOEL G TISS outperform 5 M 57 Not Provided 22.03.2013
Jefferies STEPHEN VOLKMANN buy 5 M 55 12 month 22.03.2013
Sterne, Agee & Leach JEFFREY A KAUFFMAN neutral 3 M #N/A N/A Not Provided 22.03.2013
Wells Fargo Securities, LLC ANDREW M CASEY outperform 5 M #N/A N/A Not Provided 22.03.2013
Piper Jaffray ALEXANDER E POTTER overweight 5 M 55 12 month 20.03.2013
Northcoast Research BRIAN M RAYLE buy 5 M 55 12 month 19.03.2013
D.A. Davidson & Co JB GROH buy 5 M 65 18 month 18.03.2013
Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 12.03.2013
RBC Capital Markets SETH R WEBER sector perform 3 M 50 12 month 04.03.2013
BB&T Capital Markets A RHEM WOOD JR hold 3 M #N/A N/A Not Provided 04.02.2013
Deutsche Bank PATRICK NOLAN hold 3 M 50 12 month 01.02.2013
Barclays ANDY KAPLOWITZ equalweight 3 M 44 Not Provided 01.02.2013
Credit Suisse JAMIE L COOK neutral 3 M 47 Not Provided 31.01.2013
JPMorgan ANN DUIGNAN neutral 3 M 47 9 month 31.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs JERRY REVICH neutral/neutral 3 M 48 12 month 04.01.2013
McAdams Wright Ragen Inc MICHAEL ROARKE hold 3 M 60 12 month 26.10.2012
Holdings By:
PACCAR Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 150
27.03.2013
Paychex, Inc. provides comprehensive payroll and integrated human resource and
employee benefits outsourcing solutions for small- to medium-sized businesses
in the United States. The Company's services range from calculating payroll and
filing tax payments to administering retirement plans and workers' compensation.
Latest Fiscal Year: 05/2012
LTM as of: 11/yy
52-Week High (26.03.2013) 34.90
52-Week Low (21.05.2012) 29.13
Daily Volume
34.84
52-Week High % Change -0.17% Dividend Yield 3.70
52-Week Low % Change 19.60% Beta 0.84
% 52 Week Price Range High/Low 98.96% Equity Float 325.46
Shares Out 30.11.2012 363.7 Short Int 19.70
12'671.88 1 Yr Total Return 14.12%
Total Debt 0.00 YTD Return 11.88%
Preferred Stock 0.0 Adjusted BETA 0.843
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 316.30 Consensus Rating 2.778
Enterprise Value 12'370.68
Average Volume 5 Day 742'796
PAYX UW EQUITY YTD Change - Average Volume 30 Day 769'279
PAYX UW EQUITY YTD % CHANGE - Average Volume 3 Month 807'219
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
2'066.3 2'082.8 2'000.8 2'084.3 2'229.8 2'162.8 2'268.6 2'324.9 2'465.1 592.6 585.2
5.84x 4.50x 4.97x 5.39x 4.73x 19.59x 19.67x 5.35x 4.96x 21.35x 21.61x
908.9 891.0 811.2 875.1 951.7 924.8 972.1 998.3 1'059.3 243.2 233.0
13.27x 10.52x 12.26x 12.83x 11.09x 10.96x 11.86x 12.39x 11.68x 12.19x 11.98x
576.1 533.5 477.0 515.3 548.0 538.8 559.7 579.1 619.4 142.4 136.0
22.15x 18.47x 21.08x 22.75x 19.85x 19.56x 21.13x 21.86x 20.47x 21.27x 20.87x
EBITDA 951.70 Long-Term Rating Date -
EBIT 853.90 Long-Term Rating -
Operating Margin 38.29% Long-Term Outlook -
Pretax Margin 38.58% Short-Term Rating Date -
Return on Assets 10.50% Short-Term Rating -
Return on Common Equity 34.37%
Return on Capital 34.37% EBITDA/Interest Exp. -
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.31
Gross Margin 69.5% Total Debt/EBITDA 0.00
EBITDA Margin 42.9%
EBIT Margin 38.5% Total Debt/Equity 0.0%
Net Income Margin 24.6% Total Debt/Capital 0.0%
Asset Turnover 0.43
Current Ratio 1.07 Net Fixed Asset Turnover 6.79
Quick Ratio 0.10 Accounts receivable turnover-days 31.52
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 26.62
Accounts Receivable Turnover 11.61 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Paychex IncPrice/Volume
Valuation Analysis
640'078.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 151
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOLISANO BLASE THOMA n/a Form 4 37'657'753 10.35 (21'975) 27.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 31'260'364 8.59 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 21'056'674 5.79 3'918'327 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'344'339 4.77 5'873'342 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'128'429 4.71 403'746 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'408'697 3.96 560'492 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 12'948'892 3.56 263'449 26.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 8'970'426 2.47 957'885 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 7'788'270 2.14 9'133 31.12.2012 Unclassified
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 6'532'589 1.8 (302'963) 31.12.2012 Corporation
INVESCO LTD INVESCO LTD 13F 5'640'812 1.55 (170'531) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'605'086 1.27 (27'271) 31.12.2012 Investment Advisor
PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 3'780'000 1.04 10'000 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'680'600 1.01 1'244'500 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 3'283'336 0.9 (812'816) 31.12.2012 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 3'166'795 0.87 (511'503) 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 2'970'094 0.82 320'357 31.12.2012 Government
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 2'915'069 0.8 179'459 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'819'076 0.78 114'620 31.12.2012 Unclassified
UBS n/a ULT-AGG 2'649'962 0.73 190'034 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 29 12 month 27.03.2013
RBC Capital Markets DANIEL R PERLIN sector perform 3 M 34 12 month 26.03.2013
Credit Agricole Securities (USA) CRAIG J MAURER sell 1 M 30 Not Provided 26.03.2013
Stifel DAVID M GROSSMAN hold 3 M #N/A N/A Not Provided 21.03.2013
Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 21.03.2013
Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 19.03.2013
BMO Capital Markets JEFFREY M SILBER market perform 3 M 34 Not Provided 18.03.2013
Goldman Sachs PAUL THOMAS neutral/neutral 3 M 36 12 month 18.03.2013
Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 33 12 month 15.03.2013
Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 13.03.2013
Jefferies JASON KUPFERBERG underperform 1 M 31 12 month 12.03.2013
Robert W. Baird & Co MARK S MARCON neutral 3 M 34 12 month 08.03.2013
William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 08.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
JPMorgan TIEN-TSIN HUANG underweight 1 M 34 9 month 11.01.2013
Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 21.12.2012
Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 21.12.2012
Barclays GARY E BISBEE underweight 1 M 30 Not Provided 21.12.2012
Credit Suisse GEORGE MIHALOS neutral 3 M 35 Not Provided 20.12.2012
First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M 37 12 month 20.12.2012
Evercore Partners DAVID M TOGUT equalweight 3 M 34 12 month 20.12.2012
Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 14.12.2012
S&P Capital IQ DYLAN CATHERS hold 3 M 35 12 month 20.09.2012
Deutsche Bank BRYAN KEANE hold 3 M 33 12 month 20.07.2012
Holdings By:
Paychex Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 152
27.03.2013
Perrigo Company is a global healthcare supplier that develops, manufactures and
distributes OTC and generic prescription pharmaceuticals, infant formulas,
nutritional products, active pharmaceutical ingredients and pharmaceutical and
medical diagnostic products. The Company's primary markets and locations of
manufacturing and logistics operations are the US, UK, Mexico, and Australia.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (05.10.2012) 120.72
52-Week Low (08.05.2012) 96.53
Daily Volume
117.54
52-Week High % Change -2.63% Dividend Yield 0.28
52-Week Low % Change 21.77% Beta 0.79
% 52 Week Price Range High/Low 86.85% Equity Float 87.99
Shares Out 07.03.2013 93.5 Short Int 2.74
10'995.51 1 Yr Total Return 14.74%
Total Debt 1'369.33 YTD Return 13.08%
Preferred Stock 0.0 Adjusted BETA 0.788
Minority Interest 1.6 Analyst Recs 18
Cash and Equivalents 602.49 Consensus Rating 3.722
Enterprise Value 11'909.85
Average Volume 5 Day 140'145
PRGO UW EQUITY YTD Change - Average Volume 30 Day 178'548
PRGO UW EQUITY YTD % CHANGE - Average Volume 3 Month 216'881
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
1'729.9 2'006.9 2'268.2 2'755.0 3'173.2 2'959.7 3'262.6 3'586.7 4'026.8 940.6 990.9
2.10x 1.56x 2.94x 3.10x 3.72x 12.24x 13.66x 3.28x 2.68x 12.19x 11.46x
269.2 332.4 438.5 594.2 713.3 629.1 774.3 898.5 1'035.1 237.8 250.6
13.50x 9.44x 15.19x 14.39x 16.53x 15.96x 13.59x 13.26x 11.51x 12.21x 11.83x
135.8 144.0 223.8 339.2 401.6 344.9 443.0 535.0 626.3 137.6 148.9
20.60x 14.86x 22.34x 23.52x 26.15x 24.02x 20.46x 20.69x 17.71x 19.07x 18.41x
EBITDA 713.30 Long-Term Rating Date -
EBIT 577.98 Long-Term Rating -
Operating Margin 18.21% Long-Term Outlook -
Pretax Margin 16.13% Short-Term Rating Date -
Return on Assets 10.76% Short-Term Rating -
Return on Common Equity 23.72%
Return on Capital 14.95% EBITDA/Interest Exp. 11.02
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 9.16
Net Debt/EBITDA 1.18
Gross Margin 34.5% Total Debt/EBITDA 1.77
EBITDA Margin 23.7%
EBIT Margin 19.5% Total Debt/Equity 74.0%
Net Income Margin 12.7% Total Debt/Capital 42.5%
Asset Turnover 0.79
Current Ratio 2.75 Net Fixed Asset Turnover 5.58
Quick Ratio 1.80 Accounts receivable turnover-days 62.15
Debt to Assets 34.03% Inventory Days 105.84
Tot Debt to Common Equity 73.98% Accounts Payable Turnover Day 54.52
Accounts Receivable Turnover 5.86 Cash Conversion Cycle 97.61
Inventory Turnover 3.44
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Perrigo CoPrice/Volume
Valuation Analysis
149'557.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 153
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'461'001 6.91 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'448'243 5.82 120'566 31.12.2012 Investment Advisor
ARKIN MOSHE n/a 13D 4'531'281 4.84 (463'579) 01.03.2012 n/a
FMR LLC n/a ULT-AGG 3'880'595 4.15 (834'279) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'834'248 4.1 (562'479) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'752'470 4.01 89'036 25.03.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 3'328'393 3.56 (241'297) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'161'232 3.38 456'270 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'861'196 1.99 (100'236) 31.12.2012 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 1'728'076 1.85 (13'319) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'290'980 1.38 (150'075) 31.12.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 1'283'048 1.37 (107'000) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'278'770 1.37 (161'001) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'239'862 1.33 (18'934) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'192'720 1.27 407'787 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'140'823 1.22 (86'938) 31.12.2012 Investment Advisor
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 1'041'325 1.11 18'786 31.12.2012 Hedge Fund Manager
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'025'163 1.1 (35'542) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'017'844 1.09 55'105 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 778'624 0.83 194'065 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Guggenheim Securities LLC LOUISE CHEN buy 5 M 130 12 month 22.03.2013
Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 125 12 month 21.03.2013
B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 133 Not Provided 20.03.2013
Buckingham Research Group DAVID G BUCK buy 5 M 145 12 month 18.03.2013
Canaccord Genuity Corp RANDALL STANICKY buy 5 M 128 12 month 18.03.2013
William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 08.03.2013
JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 108 9 month 19.02.2013
Deutsche Bank DAVID M STEINBERG hold 3 M 115 12 month 12.02.2013
CLAL Finance Betucha JONATHAN KREIZMAN market perform 3 M 106 Not Provided 12.02.2013
Goldman Sachs JAMI E RUBIN sell/attractive 1 M 112 12 month 11.02.2013
Needham & Co ELLIOT WILBUR hold 3 M #N/A N/A Not Provided 11.02.2013
Stifel ANNABEL SAMIMY buy 5 M 125 12 month 11.02.2013
Barrington Research CHARLES R JONES outperform 5 M 142 12 month 04.02.2013
RBC Capital Markets SHIBANI MALHOTRA sector perform 3 M 111 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
I.B.I. NATALI GOTLIEB reduce 2 M 89 Not Provided 09.05.2012
Holdings By:
Perrigo Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 154
27.03.2013
Priceline.com Incorporated enables consumers to use the Internet to save money
on a variety of products and services. The Company's product allows customers
to name their own price on products or services and communicates that demand
directly to participating sellers or to their private databases. Participants
include domestic and international airlines, and hotel chains.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (10.04.2012) 774.29
52-Week Low (09.08.2012) 553.54
Daily Volume
694.59
52-Week High % Change -10.29% Dividend Yield -
52-Week Low % Change 25.48% Beta 1.10
% 52 Week Price Range High/Low 63.90% Equity Float 49.47
Shares Out 20.02.2013 49.9 Short Int 2.48
34'639.82 1 Yr Total Return -4.70%
Total Debt 1'402.34 YTD Return 11.81%
Preferred Stock 0.0 Adjusted BETA 1.104
Minority Interest 160.3 Analyst Recs 30
Cash and Equivalents 5'183.19 Consensus Rating 4.500
Enterprise Value 31'019.26
Average Volume 5 Day 114'480
PCLN UW EQUITY YTD Change - Average Volume 30 Day 157'885
PCLN UW EQUITY YTD % CHANGE - Average Volume 3 Month 153'346
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'884.8 2'338.2 3'084.9 4'355.6 5'261.0 4'355.6 5'261.0 6'530.3 7'724.4 1'277.6 1'644.9
1.56x 4.00x 6.00x 4.90x 5.19x 20.66x 22.69x 4.78x 3.49x 24.92x 19.12x
332.5 510.0 837.3 1'452.7 1'894.9 1'452.7 1'894.9 2'477.4 2'995.5 339.7 616.1
8.86x 18.33x 22.09x 14.69x 14.42x 14.69x 14.42x 12.52x 10.36x 12.47x 12.08x
182.2 489.5 527.5 1'056.4 1'419.6 1'056.4 1'419.6 2'019.2 2'417.9 272.9 499.7
16.70x 30.68x 38.09x 22.94x 22.27x 22.92x 22.23x 17.92x 15.08x 17.95x 17.44x
EBITDA 1'894.93 Long-Term Rating Date 07.03.2012
EBIT 1'829.79 Long-Term Rating BBB
Operating Margin 34.78% Long-Term Outlook STABLE
Pretax Margin 33.49% Short-Term Rating Date -
Return on Assets 26.94% Short-Term Rating -
Return on Common Equity 43.51%
Return on Capital 33.54% EBITDA/Interest Exp. 30.53
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 29.64
Net Debt/EBITDA -2.00
Gross Margin 77.6% Total Debt/EBITDA 0.74
EBITDA Margin 36.0%
EBIT Margin 34.8% Total Debt/Equity 35.5%
Net Income Margin 27.0% Total Debt/Capital 25.4%
Asset Turnover 1.00
Current Ratio 3.89 Net Fixed Asset Turnover 68.51
Quick Ratio 3.80 Accounts receivable turnover-days 21.98
Debt to Assets 21.35% Inventory Days -
Tot Debt to Common Equity 35.49% Accounts Payable Turnover Day 51.53
Accounts Receivable Turnover 16.65 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
priceline.com IncPrice/Volume
Valuation Analysis
92'577.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 155
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'627'871 9.28 (287'074) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'812'408 7.64 - 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'501'932 5.02 130'868 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'185'936 4.38 52'433 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'106'662 4.22 97'425 26.03.2013 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 1'770'983 3.55 354'525 31.12.2012 Hedge Fund Manager
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 1'361'625 2.73 49'346 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'174'200 2.35 (142) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 1'169'858 2.35 28'824 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'115'144 2.24 561'028 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 988'269 1.98 286'848 31.12.2012 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 976'991 1.96 (74'602) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 924'834 1.85 8'264 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 872'997 1.75 (117'033) 31.01.2013 Unclassified
MACQUARIE GROUP n/a ULT-AGG 862'631 1.73 31'140 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 839'300 1.68 - 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 773'065 1.55 (8'975) 31.01.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 664'529 1.33 9'458 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 572'001 1.15 160'500 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 567'850 1.14 (10'002) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Cantor Fitzgerald NAVED KHAN buy 5 M 800 12 month 22.03.2013
Evercore Partners KEN SENA overweight 5 M 850 12 month 21.03.2013
Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 20.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013
JMP Securities RONALD V JOSEY III market outperform 4 N 850 12 month 19.03.2013
Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.03.2013
Piper Jaffray MICHAEL J OLSON overweight 5 M 800 12 month 18.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 745 Not Provided 05.03.2013
Lazard Capital Markets JAKE FULLER buy 5 U 859 12 month 01.03.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 900 12 month 28.02.2013
Deutsche Bank ROSS SANDLER hold 3 M 745 12 month 27.02.2013
Morgan Stanley SCOTT W DEVITT Equalwt/Attractive 3 M 750 12 month 27.02.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 825 12 month 27.02.2013
Credit Suisse STEPHEN JU outperform 5 M 895 Not Provided 27.02.2013
JPMorgan DOUGLAS ANMUTH overweight 5 M 835 9 month 27.02.2013
Janney Montgomery Scott LLC BRIAN MULLAN neutral 3 M 740 12 month 27.02.2013
Jefferies BRIAN P FITZGERALD buy 5 M 820 12 month 27.02.2013
Macquarie THOMAS WHITE outperform 5 M 820 12 month 27.02.2013
Stifel MICHAEL B PURCELL buy 5 M 860 12 month 27.02.2013
Nomura BRIAN NOWAK buy 5 M 850 12 month 27.02.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 875 12 month 27.02.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 840 12 month 27.02.2013
Benchmark Company LLC DANIEL L KURNOS buy 5 M 800 12 month 27.02.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 775 Not Provided 27.02.2013
Ascendiant Capital Markets EDWARD WOO buy 5 M 875 12 month 27.02.2013
Pacific Crest Securities CHAD BARTLEY outperform 5 M 879 12 month 26.02.2013
Raymond James AARON M KESSLER outperform 5 M 840 12 month 26.02.2013
Millman Research Associates MICHAEL MILLMAN hold 3 M 785 12 month 26.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
priceline.com Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 156
27.03.2013
QUALCOMM, Inc . manufactures digital wireless communications equipment. The
Company licenses its code division multiple access (CDMA) and orthogonal
frequency division multiplexing access intellectual property to other companies,
and produces CDMA-based integrated circuits, and produces equipment and software
used to track workers and assets, and software for wireless content enablement.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 68.87
52-Week Low (17.07.2012) 53.09
Daily Volume
66.35
52-Week High % Change -3.66% Dividend Yield 1.45
52-Week Low % Change 24.98% Beta 1.05
% 52 Week Price Range High/Low 79.72% Equity Float 1'696.72
Shares Out 28.01.2013 1'718.1 Short Int 14.00
113'997.91 1 Yr Total Return -1.69%
Total Debt 0.00 YTD Return 7.38%
Preferred Stock 0.0 Adjusted BETA 1.050
Minority Interest 22.0 Analyst Recs 48
Cash and Equivalents 26'837.00 Consensus Rating 4.625
Enterprise Value 85'678.92
Average Volume 5 Day 2'740'837
QCOM UW EQUITY YTD Change - Average Volume 30 Day 3'008'237
QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'116'196
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
11'142.0 10'416.0 10'982.0 14'957.0 19'121.0 16'291.0 20'458.0 24'133.8 26'886.5 6'063.1 5'862.4
5.80x 5.46x 4.96x 4.32x 4.17x 16.85x 15.34x 3.70x 3.03x 14.82x 15.17x
4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'487.0 7'149.0 9'143.4 10'007.7 2'345.0 2'067.0
15.44x 15.60x 12.41x 10.62x 12.12x 10.96x 10.59x 9.38x 8.57x 9.38x 9.20x
3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 4'491.0 6'614.0 7'894.7 8'768.4 2'050.0 1'825.8
21.73x 43.40x 18.96x 16.71x 22.39x 18.65x 15.79x 14.72x 13.52x 14.78x 14.57x
EBITDA 6'579.00 Long-Term Rating Date 19.12.2001
EBIT 5'682.00 Long-Term Rating NR
Operating Margin 29.72% Long-Term Outlook -
Pretax Margin 34.32% Short-Term Rating Date -
Return on Assets 16.04% Short-Term Rating -
Return on Common Equity 20.73%
Return on Capital 20.44% EBITDA/Interest Exp. 73.10
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 58.83
Net Debt/EBITDA -3.96
Gross Margin 62.9% Total Debt/EBITDA 0.00
EBITDA Margin 34.9%
EBIT Margin 30.4% Total Debt/Equity 0.0%
Net Income Margin 31.9% Total Debt/Capital 0.0%
Asset Turnover 0.50
Current Ratio 2.95 Net Fixed Asset Turnover 7.47
Quick Ratio 2.61 Accounts receivable turnover-days 24.32
Debt to Assets 0.00% Inventory Days 48.72
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 59.93
Accounts Receivable Turnover 15.26 Cash Conversion Cycle 13.58
Inventory Turnover 7.61
Fiscal Year Ended
QUALCOMM IncPrice/Volume
Valuation Analysis
1'089'535.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 157
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 97'445'750 5.67 (1'097'545) 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 76'175'417 4.43 1'586'995 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 70'105'195 4.08 2'748'797 26.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 65'989'412 3.84 (13'864'751) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 48'565'229 2.83 (1'402'853) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 39'259'157 2.28 1'723'682 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 28'145'539 1.64 (3'535'861) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 28'068'364 1.63 3'817'042 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'620'183 1.55 (44'394) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 20'000'786 1.16 (101'415) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 18'812'964 1.09 (894'092) 31.01.2013 Unclassified
JACOBS IRWIN MARK n/a Form 4 18'545'579 1.08 (66'379) 05.03.2012 n/a
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 18'055'113 1.05 (97'239) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 17'971'145 1.05 (245'290) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'861'913 0.98 1'737'652 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 16'431'203 0.96 (5'446'906) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 15'415'875 0.9 (4'025'353) 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 15'097'814 0.88 (2'711'518) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15'092'976 0.88 3'254'562 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 13'118'618 0.76 1'609'301 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas JEROME RAMEL outperform 5 M 75 Not Provided 26.03.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 83 12 month 25.03.2013
Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 73 12 month 22.03.2013
MKM Partners DANIEL A BERENBAUM buy 5 M 74 12 month 22.03.2013
Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 85 12 month 21.03.2013
Nomura ROMIT SHAH buy 5 M 75 12 month 19.03.2013
Evercore Partners MARK A MCKECHNIE overweight 5 M 85 12 month 18.03.2013
Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 18.03.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 18.03.2013
Lazard Capital Markets IAN ING buy 5 M 79 12 month 15.03.2013
RBC Capital Markets MARK SUE outperform 5 M 77 12 month 14.03.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 14.03.2013
Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 13.03.2013
BMO Capital Markets TIMOTHY P LONG outperform 5 M 80 Not Provided 10.03.2013
Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 08.03.2013
Societe Generale PETER KNOX hold 3 M 64 12 month 07.03.2013
D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 18 month 07.03.2013
Argus Research Corp JAMES KELLEHER buy 5 M 80 Not Provided 06.03.2013
Credit Suisse KULBINDER GARCHA outperform 5 M 85 Not Provided 05.03.2013
Raymond James TAVIS C MCCOURT outperform 5 M 80 12 month 05.03.2013
Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 81 12 month 05.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 50 Not Provided 05.03.2013
S&P Capital IQ JAMES G MOORMAN strong buy 5 M 84 12 month 05.03.2013
FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 04.03.2013
Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 83 12 month 03.03.2013
Oppenheimer & Co ITTAI KIDRON outperform 5 M 72 18 month 25.02.2013
JMP Securities ALEX GAUNA market outperform 4 M 75 12 month 25.02.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 22.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 80 12 month 13.02.2013
JPMorgan ROD HALL neutral 3 D 70 9 month 12.02.2013
Barclays BLAYNE CURTIS overweight 5 M 77 Not Provided 11.02.2013
Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 71 Not Provided 04.02.2013
Deutsche Bank BRIAN T MODOFF buy 5 M 78 12 month 31.01.2013
Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 80 12 month 31.01.2013
Brean Murray Carret & Co MIKE BURTON buy 5 M 80 12 month 31.01.2013
Macquarie SHAWN WEBSTER outperform 5 M 75 12 month 31.01.2013
Davenport & Co F DRAKE JOHNSTONE buy 5 M 72 12 month 31.01.2013
Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 31.01.2013
Atlantic Equities LLP JAMES CORDWELL overweight 5 M 80 12 month 31.01.2013
Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 74 Not Provided 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 31.01.2013
Pacific Crest Securities JAMES FAUCETTE outperform 5 M 70 12 month 30.01.2013
Holdings By:
QUALCOMM Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 158
27.03.2013
Randgold Resources Ltd. provides mining services. The Company offers
acquisition, development, and exploration of gold and other precious metal in
Africa.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (05.10.2012) 127.27
52-Week Low (15.05.2012) 72.93
Daily Volume
84.61
52-Week High % Change -33.52% Dividend Yield 0.00
52-Week Low % Change 16.02% Beta 0.64
% 52 Week Price Range High/Low 21.49% Equity Float -
Shares Out 28.02.2013 92.1 Short Int 0.87
7'793.93 1 Yr Total Return -4.72%
Total Debt 18.02 YTD Return -14.75%
Preferred Stock 0.0 Adjusted BETA 0.644
Minority Interest 166.1 Analyst Recs 8
Cash and Equivalents 390.76 Consensus Rating 4.500
Enterprise Value 7'587.30
Average Volume 5 Day 132'326
GOLD UW EQUITY YTD Change - Average Volume 30 Day 172'289
GOLD UW EQUITY YTD % CHANGE - Average Volume 3 Month 154'290
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
338.6 432.8 484.6 1'127.1 1'317.8 1'127.1 1'317.8 1'607.3 2'149.8 - -
9.01x 15.50x 14.79x 7.97x 6.59x 28.36x 26.72x 4.47x 3.05x - -
97.3 142.3 164.3 569.8 699.2 569.8 699.2 839.5 1'305.6 - -
31.34x 47.15x 43.62x 15.77x 12.43x 15.77x 12.43x 9.03x 5.81x - -
41.6 69.4 103.5 377.1 431.8 377.1 431.8 549.5 736.0 - -
78.87x 94.26x 72.03x 24.74x 20.57x 24.75x 20.57x 14.43x 10.31x 16.33x -
EBITDA 699.18 Long-Term Rating Date -
EBIT 567.44 Long-Term Rating -
Operating Margin 43.06% Long-Term Outlook -
Pretax Margin 43.12% Short-Term Rating Date -
Return on Assets 15.26% Short-Term Rating -
Return on Common Equity 17.98%
Return on Capital 20.11% EBITDA/Interest Exp. 582.65
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 114.09
Net Debt/EBITDA -0.53
Gross Margin 52.8% Total Debt/EBITDA 0.03
EBITDA Margin 53.1%
EBIT Margin 43.1% Total Debt/Equity 0.7%
Net Income Margin 32.8% Total Debt/Capital 0.6%
Asset Turnover 0.47
Current Ratio 4.10 Net Fixed Asset Turnover 0.87
Quick Ratio 1.66 Accounts receivable turnover-days -
Debt to Assets 0.58% Inventory Days -
Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 138.94
Inventory Turnover -
Fiscal Year Ended
Randgold Resources LtdPrice/Volume
Valuation Analysis
81'189.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Page 159
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 8'568'474 9.3 (1'044'783) 25.03.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 6'627'558 7.19 365'169 26.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'049'382 4.4 (992'666) 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'917'000 4.25 (633'099) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'652'413 1.79 (232'219) 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 (47'000) 31.12.2012 Hedge Fund Manager
AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'196'861 1.3 (132'195) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'013'740 1.1 (96'778) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 968'495 1.05 (224'221) 31.12.2012 Unclassified
TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 952'220 1.03 (175'960) 31.12.2012 Hedge Fund Manager
PAULSON & CO PAULSON & CO 13F 930'502 1.01 - 31.12.2012 Hedge Fund Manager
WELLS FARGO n/a ULT-AGG 850'000 0.92 - 31.01.2013 Unclassified
INVESCO LTD INVESCO LTD 13F 821'510 0.89 (72'716) 31.12.2012 Investment Advisor
GAMCO n/a ULT-AGG 818'535 0.89 1'320 31.12.2012 Unclassified
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 656'494 0.71 30'000 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 533'200 0.58 164'900 31.12.2012 Investment Advisor
ASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444'700 0.48 - 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 399'700 0.43 171'000 31.12.2012 Hedge Fund Manager
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385'000 0.42 (15'400) 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 321'000 0.35 (11'600) 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Scotia Capital TANYA M JAKUSCONEK sector perform 3 M 109 12 month 14.03.2013
BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 110 Not Provided 25.02.2013
HSBC PATRICK CHIDLEY overweight 5 M 125 Not Provided 31.01.2013
Clarus Securities NANA SANGMUAH buy 5 M 120 18 month 29.01.2013
Canaccord Genuity Corp TIM DUDLEY buy 5 M 145 12 month 17.12.2012
S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012
GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Randgold Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 160
27.03.2013
Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers,
develops, and commercializes pharmaceutical products for the treatment of
serious medical conditions. The Company has therapeutic candidates in clinical
trials for the potential treatment of cancer, eye diseases, and inflammatory
diseases, and has preclinical programs in other diseases and disorders.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (29.11.2012) 188.93
52-Week Low (28.06.2012) 107.33
Daily Volume
169.83
52-Week High % Change -10.11% Dividend Yield 0.00
52-Week Low % Change 58.23% Beta 0.79
% 52 Week Price Range High/Low 76.59% Equity Float 77.37
Shares Out 07.02.2013 95.4 Short Int 3.84
16'545.40 1 Yr Total Return 46.17%
Total Debt 455.95 YTD Return -0.72%
Preferred Stock 0.0 Adjusted BETA 0.791
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 579.33 Consensus Rating 4.111
Enterprise Value 16'422.02
Average Volume 5 Day 99'267
REGN UW EQUITY YTD Change - Average Volume 30 Day 193'540
REGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 217'256
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
238.5 379.3 459.1 445.8 1'378.5 445.8 1'378.5 1'881.2 2'291.6 423.4 457.1
4.39x 4.56x - 10.71x 11.98x 42.33x 38.30x 8.14x 6.23x - -
(75.0) (59.9) (77.8) (174.1) 494.7 (174.1) 494.7 758.0 1'156.0 168.0 189.7
- - - - 33.40x 0.00x 33.40x 21.66x 14.21x 20.59x -
(79.1) (67.8) (104.5) (221.8) 750.3 (221.8) 750.3 618.6 875.7 145.1 158.3
- - - - 25.34x 0.00x 25.88x 33.39x 25.00x 29.39x -
EBITDA 494.65 Long-Term Rating Date -
EBIT 457.71 Long-Term Rating -
Operating Margin 33.20% Long-Term Outlook -
Pretax Margin 30.06% Short-Term Rating Date -
Return on Assets 44.08% Short-Term Rating -
Return on Common Equity 86.68%
Return on Capital - EBITDA/Interest Exp. 10.92
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 9.83
Net Debt/EBITDA -0.25
Gross Margin 93.9% Total Debt/EBITDA 0.92
EBITDA Margin 35.9%
EBIT Margin 33.2% Total Debt/Equity 36.6%
Net Income Margin 54.4% Total Debt/Capital 26.8%
Asset Turnover 0.81
Current Ratio 7.37 Net Fixed Asset Turnover 3.69
Quick Ratio 6.12 Accounts receivable turnover-days 105.69
Debt to Assets 21.92% Inventory Days -
Tot Debt to Common Equity 36.61% Accounts Payable Turnover Day 144.46
Accounts Receivable Turnover 3.46 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Regeneron Pharmaceuticals IncPrice/Volume
Valuation Analysis
74'282.00
Current Price (3/dd/yy) Market Data
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1'400.0
1'600.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 161
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANOFI AVENTIS n/a Form 4 15'816'953 16.58 1'017'401 13.10.2010 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 14'536'840 15.24 (2'346'800) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'104'017 14.79 3'344'742 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 6'746'671 7.07 (618'760) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'977'244 6.27 - 25.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'857'640 4.04 (228'913) 31.12.2012 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 3'223'869 3.38 (610'504) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'119'564 3.27 36'747 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'525'132 2.65 460'591 31.12.2012 Unclassified
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'517'641 2.64 (1'010'842) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'477'586 2.6 (8'774) 25.03.2013 Investment Advisor
YANCOPOULOS GEORGE D n/a Form 4 1'122'864 1.18 50'846 19.12.2012 n/a
INVESCO LTD INVESCO LTD 13F 1'029'377 1.08 964'817 31.12.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 828'000 0.87 22'000 31.12.2012 Mutual Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 803'814 0.84 (153'262) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 795'113 0.83 (5'936) 31.12.2012 Investment Advisor
PINNACLE ASSOCIATES PINNACLE ASSOCIATES 13F 766'916 0.8 (154'017) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 765'640 0.8 70'587 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 747'954 0.78 (9'490) 31.12.2012 Investment Advisor
GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 599'800 0.63 9'100 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JASON KANTOR outperform 5 M 187 Not Provided 19.03.2013
Jefferies BIREN AMIN hold 3 M 179 12 month 19.03.2013
Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 03.03.2013
RBC Capital Markets ADNAN BUTT outperform 5 M 190 12 month 28.02.2013
Barclays YING HUANG overweight 5 N 194 Not Provided 28.02.2013
Roth Capital Partners JOSEPH PANTGINIS buy 5 M 200 12 month 19.02.2013
Leerink Swann & Co JOSEPH P SCHWARTZ outperform 5 M #N/A N/A Not Provided 19.02.2013
Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 205 12 month 15.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 15.02.2013
BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 192 Not Provided 14.02.2013
Goldman Sachs TERENCE FLYNN buy/attractive 5 M 196 12 month 14.02.2013
Brean Murray Carret & Co JONATHAN M ASCHOFF hold 3 M #N/A N/A Not Provided 14.02.2013
JPMorgan GEOFFREY MEACHAM neutral 3 M 150 9 month 14.02.2013
Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 14.02.2013
Piper Jaffray EDWARD A TENTHOFF neutral 3 M 140 12 month 14.02.2013
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 190 12 month 25.10.2012
Holdings By:
Regeneron Pharmaceuticals Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 162
27.03.2013
Ross Stores, Inc. operates two brands of off-price retail apparel and home
accessories stores. Ross offers name brand and designer apparel, accessories,
footwear, and home fashions at discount prices.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (20.08.2012) 70.82
52-Week Low (27.12.2012) 52.02
Daily Volume
59.43
52-Week High % Change -16.08% Dividend Yield 0.71
52-Week Low % Change 14.24% Beta 0.81
% 52 Week Price Range High/Low 39.41% Equity Float 215.88
Shares Out 15.11.2012 222.4 Short Int 2.49
13'216.08 1 Yr Total Return 1.70%
Total Debt 150.00 YTD Return 10.07%
Preferred Stock 0.0 Adjusted BETA 0.808
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 647.85 Consensus Rating 4.148
Enterprise Value 12'718.24
Average Volume 5 Day 841'292
ROST UW EQUITY YTD Change - Average Volume 30 Day 780'176
ROST UW EQUITY YTD % CHANGE - Average Volume 3 Month 762'241
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
6'486.1 7'184.2 7'866.1 8'608.3 9'721.1 8'608.3 9'721.1 10'266.2 10'979.2 2'513.9 2'505.0
0.55x 0.70x 0.90x 1.29x - 4.32x 4.22x 1.24x 1.17x 5.08x 5.09x
637.0 885.2 1'067.3 1'223.4 1'457.2 1'223.4 1'457.2 1'578.2 1'718.9 423.9 381.6
5.61x 5.68x 6.60x 9.07x - 9.07x 0.00x 8.06x 7.40x 8.01x 7.75x
305.4 442.8 554.8 657.2 786.8 657.2 786.8 834.3 909.0 227.1 199.7
12.63x 12.97x 14.14x 17.86x 16.84x 17.86x 16.84x 15.44x 13.73x 15.45x 14.92x
EBITDA 1'457.24 Long-Term Rating Date 08.06.2011
EBIT 1'271.75 Long-Term Rating BBB+
Operating Margin 13.08% Long-Term Outlook POS
Pretax Margin 13.01% Short-Term Rating Date -
Return on Assets 22.57% Short-Term Rating -
Return on Common Equity 48.27%
Return on Capital 44.44% EBITDA/Interest Exp. 210.98
Asset Turnover 2.79% (EBITDA-Capex)/Interest Exp. 149.53
Net Debt/EBITDA -0.34
Gross Margin 27.9% Total Debt/EBITDA 0.10
EBITDA Margin 15.0%
EBIT Margin 13.1% Total Debt/Equity 8.5%
Net Income Margin 8.1% Total Debt/Capital 7.8%
Asset Turnover 2.79
Current Ratio 1.43 Net Fixed Asset Turnover 7.11
Quick Ratio 0.50 Accounts receivable turnover-days 2.11
Debt to Assets 4.09% Inventory Days 61.89
Tot Debt to Common Equity 8.49% Accounts Payable Turnover Day 41.05
Accounts Receivable Turnover 176.00 Cash Conversion Cycle 22.94
Inventory Turnover 5.99
Fiscal Year Ended
Ross Stores IncPrice/Volume
Valuation Analysis
581'610.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 163
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 28'175'226 12.67 (501'655) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'672'005 7.5 1'851'549 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 11'478'180 5.16 (3'335'778) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'870'387 3.99 (28'658) 25.03.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'836'463 3.52 410'306 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'065'366 3.18 243'294 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 5'910'719 2.66 3'854'546 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 4'282'701 1.93 (765'265) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'849'624 1.73 (448'489) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'771'842 1.7 2'972'491 31.12.2012 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'661'156 1.65 (361'361) 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 3'258'732 1.47 (782'991) 31.01.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'977'172 1.34 13'659 31.12.2012 Investment Advisor
ORBAN GEORGE P n/a Form 4 2'756'802 1.24 16'000 28.12.2012 n/a
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'716'295 1.22 333'564 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'597'864 1.17 612'200 31.12.2012 Hedge Fund Manager
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 2'509'699 1.13 957'912 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 1'962'013 0.88 14'114 31.01.2013 Investment Advisor
AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 1'937'709 0.87 (10'813) 31.12.2012 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'711'027 0.77 (811'119) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group OMAR SAAD buy 5 M 70 12 month 24.03.2013
Morgan Stanley KIMBERLY GREENBERGER Equalwt/Cautious 3 M #N/A N/A Not Provided 22.03.2013
RBC Capital Markets HOWARD TUBIN sector perform 3 M 67 12 month 22.03.2013
William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 22.03.2013
Johnson Rice & Co DAVID M MANN overweight 5 M #N/A N/A Not Provided 22.03.2013
FBR Capital Markets DUTCH FOX outperform 5 M 69 12 month 22.03.2013
Buckingham Research Group DAVID J GLICK neutral 3 M 60 12 month 22.03.2013
Sterne, Agee & Leach IKE BORUCHOW neutral 3 M 60 12 month 22.03.2013
Avondale Partners LLC MARK K MONTAGNA market outperform 4 M 66 12 month 22.03.2013
Wells Fargo Securities, LLC EVREN DOGAN KOPELMAN market perform 3 M #N/A N/A Not Provided 22.03.2013
MKM Partners PATRICK G MCKEEVER JR buy 5 M 68 12 month 22.03.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 64 12 month 22.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 22.03.2013
Credit Suisse MICHAEL B EXSTEIN outperform 5 M 68 Not Provided 21.03.2013
Jefferies RANDAL J KONIK hold 3 M 55 12 month 21.03.2013
Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 21.03.2013
Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 65 12 month 21.03.2013
Piper Jaffray ALEX J FUHRMAN overweight 5 M 71 12 month 21.03.2013
Northcoast Research JEFFERY STEIN buy 5 M 65 12 month 21.03.2013
CL King & Associates MORRY BROWN buy 5 M 70 12 month 20.03.2013
S&P Capital IQ JASON ASAEDA buy 5 M 64 Not Provided 15.03.2013
BMO Capital Markets JOHN D MORRIS market perform 3 M 58 Not Provided 14.03.2013
Deutsche Bank MICHAEL BAKER buy 5 U 66 12 month 09.01.2013
JPMorgan BRIAN J TUNICK neutral 3 M 60 9 month 03.12.2012
Crowell, Weedon & Co SCOTT M SWANSON buy 5 M 70 18 month 16.11.2012
Holdings By:
Ross Stores Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 164
27.03.2013
SanDisk Corporation designs, develops, and manufactures data storage solutions
in a variety of form factors using our flash memory, proprietary controller and
firmware technologies. The Company's solutions include removable cards,
embedded products, universal serial bus, or USB, drives, digital media players,
wafers and components.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 56.48
52-Week Low (01.06.2012) 31.00
Daily Volume
55.27
52-Week High % Change -2.14% Dividend Yield 0.00
52-Week Low % Change 78.29% Beta 1.44
% 52 Week Price Range High/Low 95.25% Equity Float 237.91
Shares Out 01.02.2013 241.8 Short Int 7.88
13'366.90 1 Yr Total Return 10.28%
Total Debt 1'696.62 YTD Return 26.88%
Preferred Stock 0.0 Adjusted BETA 1.435
Minority Interest (4.3) Analyst Recs 36
Cash and Equivalents 5'711.44 Consensus Rating 4.306
Enterprise Value 9'347.79
Average Volume 5 Day 691'148
SNDK UW EQUITY YTD Change - Average Volume 30 Day 964'750
SNDK UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'022'413
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'351.4 3'566.8 4'826.8 5'662.1 5'052.5 5'662.1 5'052.5 5'607.5 6'170.0 1'292.9 1'333.2
0.15x 1.30x 1.69x 1.40x 1.24x 4.90x 5.24x 2.10x 1.81x 8.98x 8.66x
(610.0) 750.1 1'688.4 1'807.0 1'113.3 1'807.0 1'113.3 1'610.6 1'834.9 317.2 348.2
- 6.16x 4.83x 4.38x 5.65x 4.38x 5.65x 5.80x 5.09x 5.92x 5.71x
(1'986.6) 415.3 1'300.1 987.0 417.4 987.0 417.4 903.9 1'031.2 182.4 197.8
- 16.19x 9.17x 12.36x 25.11x 12.18x 25.25x 14.61x 13.10x 14.62x 14.15x
EBITDA 1'113.26 Long-Term Rating Date 20.12.2011
EBIT 696.10 Long-Term Rating BB
Operating Margin 13.78% Long-Term Outlook STABLE
Pretax Margin 12.41% Short-Term Rating Date -
Return on Assets 4.07% Short-Term Rating -
Return on Common Equity 5.83%
Return on Capital 5.64% EBITDA/Interest Exp. 9.30
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 5.22
Net Debt/EBITDA -3.61
Gross Margin 33.3% Total Debt/EBITDA 1.52
EBITDA Margin 22.0%
EBIT Margin 13.8% Total Debt/Equity 23.4%
Net Income Margin 8.3% Total Debt/Capital 18.9%
Asset Turnover 0.49
Current Ratio 2.45 Net Fixed Asset Turnover 10.00
Quick Ratio 1.84 Accounts receivable turnover-days 39.99
Debt to Assets 16.41% Inventory Days 77.16
Tot Debt to Common Equity 23.36% Accounts Payable Turnover Day 27.14
Accounts Receivable Turnover 9.10 Cash Conversion Cycle 90.02
Inventory Turnover 4.72
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
SanDisk CorpPrice/Volume
Valuation Analysis
506'902.00
Current Price (3/dd/yy) Market Data
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3'000.0
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5'000.0
6'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 165
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 17'359'506 7.18 519'757 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'144'750 5.85 273'650 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'772'396 5.69 (4'813'870) 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 10'649'095 4.4 173'278 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'770'368 4.04 (2'981'651) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 9'546'595 3.95 113'023 26.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 7'073'816 2.92 147'100 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'720'676 2.37 - 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'493'814 2.27 (297'990) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'819'428 1.99 389'070 31.12.2012 Investment Advisor
EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 4'511'060 1.87 (177'894) 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4'482'305 1.85 3'542'305 31.12.2012 Hedge Fund Manager
LEGG MASON INC Multiple Portfolios MF-AGG 4'451'294 1.84 41'763 31.12.2012 Investment Advisor
KENSICO CAPITAL MANA KENSICO CAPITAL MANA 13F 4'244'000 1.75 1'084'200 31.12.2012 Hedge Fund Manager
DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 3'585'900 1.48 2'131'900 31.12.2012 Hedge Fund Manager
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'510'069 1.45 (259'067) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'388'893 1.4 (38'398) 31.12.2012 Investment Advisor
HARARI ELI n/a Form 5 3'283'017 1.36 - 02.01.2011 n/a
NORGES BANK NORGES BANK 13F 2'897'220 1.2 (3'685'038) 31.12.2012 Government
INVESCO LTD INVESCO LTD 13F 2'626'387 1.09 (245'762) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Agricole Securities (USA) RYAN GOODMAN underperform 1 M 58 Not Provided 27.03.2013
Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 60 12 month 26.03.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 47 12 month 25.03.2013
Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 70 12 month 24.03.2013
Pacific Crest Securities MONIKA GARG outperform 5 M 56 12 month 22.03.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 22.03.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 43 12 month 22.03.2013
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 65 12 month 21.03.2013
Argus Research Corp JAMES KELLEHER buy 5 M 65 Not Provided 20.03.2013
Raymond James HANS C MOSESMANN outperform 5 M 62 12 month 18.03.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 67 Not Provided 18.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 60 12 month 15.03.2013
RBC Capital Markets DOUG FREEDMAN outperform 5 M 65 12 month 14.03.2013
Macquarie DEEPON NAG outperform 5 N 65 12 month 14.03.2013
Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 60 12 month 13.03.2013
Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 58 6 month 13.03.2013
Wedbush BETSY VAN HEES outperform 5 M 55 12 month 04.03.2013
Cross Research STEVEN B FOX buy 5 M 60 12 month 27.02.2013
Lazard Capital Markets DANIEL L AMIR buy 5 M 58 12 month 14.02.2013
Stifel KEVIN E CASSIDY buy 5 M 54 12 month 08.02.2013
Needham & Co RAJVINDRA S. GILL buy 5 M 60 12 month 04.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 01.02.2013
Nomura SIDNEY HO buy 5 M 55 12 month 31.01.2013
Deutsche Bank BOB GUJAVARTY hold 3 M 45 12 month 24.01.2013
JPMorgan HARLAN SUR neutral 3 M 56 9 month 24.01.2013
Jefferies SUNDEEP BAJIKAR buy 5 M 59 12 month 24.01.2013
S&P Capital IQ ANGELO ZINO buy 5 D 58 12 month 24.01.2013
Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 24.01.2013
Credit Suisse JOHN W PITZER outperform 5 M 55 Not Provided 23.01.2013
Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 02.11.2012
JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 17.10.2012
BOE Securities BINDAL PARIKH TOTLANI buy 5 M 46 12 month 01.08.2012
Holdings By:
SanDisk Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 166
27.03.2013
SBA Communications Corporation owns and operates wireless communications
infrastructure in the United States. The Company offers both site leasing and
site development services. SBA leases antenna space on its multi-tenant towers
to a variety of wireless service providers under long-term lease contracts. The
Company also offers site development consulting and construction.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.03.2013) 74.00
52-Week Low (18.05.2012) 49.37
Daily Volume
71.82
52-Week High % Change -2.95% Dividend Yield 0.00
52-Week Low % Change 45.47% Beta 0.80
% 52 Week Price Range High/Low 91.15% Equity Float 125.64
Shares Out 15.02.2013 127.0 Short Int 18.65
9'117.87 1 Yr Total Return 41.66%
Total Debt 5'356.10 YTD Return 1.13%
Preferred Stock 0.0 Adjusted BETA 0.803
Minority Interest 11.7 Analyst Recs 21
Cash and Equivalents 238.57 Consensus Rating 4.619
Enterprise Value 14'247.12
Average Volume 5 Day 415'883
SBAC UW EQUITY YTD Change - Average Volume 30 Day 593'632
SBAC UW EQUITY YTD % CHANGE - Average Volume 3 Month 529'956
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
475.0 555.5 626.6 698.2 954.1 698.2 954.1 1'221.8 1'310.2 301.8 301.8
8.91x 11.38x 11.93x 11.49x 14.82x 42.53x 47.67x 11.72x 11.11x 47.64x 47.97x
258.1 322.2 369.0 432.4 602.4 432.4 602.4 761.6 837.5 184.9 188.5
16.40x 19.62x 20.25x 18.56x 23.47x 18.56x 23.47x 18.71x 17.01x 18.70x 18.33x
(67.2) (140.9) (194.7) (126.5) (181.0) (126.5) (181.0) (125.6) (53.6) (32.2) (34.4)
- - - - - 0.00x 0.00x - - - -
EBITDA 602.43 Long-Term Rating Date 10.04.2012
EBIT 193.96 Long-Term Rating B+
Operating Margin 20.33% Long-Term Outlook STABLE
Pretax Margin -18.56% Short-Term Rating Date -
Return on Assets -3.55% Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 3.07
Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 2.49
Net Debt/EBITDA 8.49
Gross Margin 70.7% Total Debt/EBITDA 8.89
EBITDA Margin 63.1%
EBIT Margin 20.3% Total Debt/Equity 820.2%
Net Income Margin -19.0% Total Debt/Capital 89.0%
Asset Turnover 0.19
Current Ratio 0.43 Net Fixed Asset Turnover 0.45
Quick Ratio 0.32 Accounts receivable turnover-days 11.74
Debt to Assets 81.21% Inventory Days 27.04
Tot Debt to Common Equity 820.24% Accounts Payable Turnover Day 25.93
Accounts Receivable Turnover 31.18 Cash Conversion Cycle 12.85
Inventory Turnover 13.54
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
SBA Communications CorpPrice/Volume
Valuation Analysis
225'922.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 167
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 12'208'555 9.62 140'821 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6'338'878 4.99 81'285 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 6'263'342 4.93 (53'029) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'888'125 4.64 145'095 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'855'874 4.61 (4'426) 25.03.2013 Investment Advisor
TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 5'682'550 4.48 (617'000) 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 5'501'746 4.33 (178'257) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'253'590 4.14 1'508'618 31.12.2012 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 4'427'000 3.49 (30'000) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'204'203 3.31 1'134'458 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 3'516'522 2.77 (29'000) 31.01.2013 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 3'289'965 2.59 1'631'825 31.12.2012 Hedge Fund Manager
INVESCO LTD INVESCO LTD 13F 3'083'619 2.43 1'352'937 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'946'325 2.32 (875'071) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'928'535 2.31 404'165 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'740'060 2.16 (158'405) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 2'646'346 2.08 117'525 31.01.2013 Investment Advisor
POINTSTATE CAPITAL POINTSTATE CAPITAL L 13F 2'522'500 1.99 1'373'100 31.12.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 2'434'513 1.92 (461'740) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'375'509 1.87 136'640 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 15.03.2013
Macquarie KEVIN SMITHEN neutral 3 M 77 12 month 13.03.2013
Stifel BEN LOWE buy 5 M 83 12 month 13.03.2013
Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 83 12 month 12.03.2013
Pacific Crest Securities MICHAEL BOWEN outperform 5 M 98 12 month 07.03.2013
Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 06.03.2013
RBC Capital Markets JONATHAN ATKIN top pick 5 M 85 12 month 01.03.2013
Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 83 12 month 26.02.2013
Morgan Stanley SIMON FLANNERY Overwt/In-Line 5 M 77 12 month 24.02.2013
Canaccord Genuity Corp GREGORY MILLER buy 5 M 85 12 month 24.02.2013
JPMorgan PHILIP CUSICK overweight 5 M 80 9 month 22.02.2013
Raymond James RICHARD H PRENTISS JR strong buy 5 M 81 12 month 22.02.2013
Nomura MICHAEL L MCCORMACK buy 5 M 85 12 month 22.02.2013
Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 73 12 month 22.02.2013
New Street Research JONATHAN CHAPLIN buy 5 M 75 Not Provided 21.02.2013
Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 78 12 month 22.01.2013
Deutsche Bank BRETT FELDMAN buy 5 M 85 12 month 15.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ JAMES G MOORMAN buy 5 M 84 12 month 02.01.2013
Holdings By:
SBA Communications Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 168
27.03.2013
Seagate Technology PLC designs, manufactures, and markets hard disk drives for
enterprise applications, client compute applications, client non-compute
applications, personal data backup systems, portable external storage systems
and digital media systems. The Company also provides data storage services for
businesses, including online backup, data protection and recovery solutions.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (23.01.2013) 37.94
52-Week Low (01.06.2012) 21.62
Daily Volume
35.88
52-Week High % Change -5.43% Dividend Yield 4.24
52-Week Low % Change 65.96% Beta 1.32
% 52 Week Price Range High/Low 87.38% Equity Float 310.27
Shares Out 24.01.2013 358.9 Short Int 31.65
12'875.94 1 Yr Total Return 36.81%
Total Debt 2'863.00 YTD Return 17.72%
Preferred Stock 0.0 Adjusted BETA 1.324
Minority Interest 0.0 Analyst Recs 28
Cash and Equivalents 2'118.00 Consensus Rating 3.000
Enterprise Value 13'835.94
Average Volume 5 Day 1'242'354
STX UW EQUITY YTD Change - Average Volume 30 Day 1'427'760
STX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'921'287
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
12'708.0 9'805.0 11'395.0 10'971.0 14'939.0 11'560.0 16'332.0 14'137.3 13'697.0 3'386.7 3'357.1
0.81x 0.63x 0.54x 0.67x 0.71x 2.36x 2.89x 0.97x 0.95x 3.76x 3.74x
2'308.0 796.0 2'643.0 1'578.0 3'926.0 1'968.0 4'319.0 3'100.1 2'935.5 704.3 696.3
4.48x 7.82x 2.34x 4.63x 2.68x 4.23x 2.70x 4.46x 4.71x 4.59x 4.48x
1'262.0 (3'125.0) 1'609.0 511.0 2'862.0 915.0 3'233.0 1'976.6 1'821.5 425.9 429.7
7.46x - 4.12x 14.10x 3.80x 7.42x 3.96x 6.91x 6.64x 7.06x 6.79x
EBITDA 3'926.00 Long-Term Rating Date 07.03.2011
EBIT 3'112.00 Long-Term Rating BB+
Operating Margin 20.83% Long-Term Outlook STABLE
Pretax Margin 19.29% Short-Term Rating Date -
Return on Assets 36.10% Short-Term Rating -
Return on Common Equity 101.41%
Return on Capital 56.94% EBITDA/Interest Exp. 16.29
Asset Turnover 1.82% (EBITDA-Capex)/Interest Exp. 13.65
Net Debt/EBITDA 0.22
Gross Margin 31.4% Total Debt/EBITDA 0.65
EBITDA Margin 26.4%
EBIT Margin 21.1% Total Debt/Equity 81.9%
Net Income Margin 19.2% Total Debt/Capital 45.0%
Asset Turnover 1.82
Current Ratio 1.86 Net Fixed Asset Turnover 7.36
Quick Ratio 1.31 Accounts receivable turnover-days 36.50
Debt to Assets 28.33% Inventory Days 26.55
Tot Debt to Common Equity 81.87% Accounts Payable Turnover Day 51.46
Accounts Receivable Turnover 9.97 Cash Conversion Cycle 1.17
Inventory Turnover 13.71
Fiscal Year Ended
Seagate Technology PLCPrice/Volume
Valuation Analysis
2'574'079.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 169
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMSUNG ELECTRONICS n/a Form 3 45'239'490 12.61 - 27.01.2012 Corporation
FMR LLC n/a ULT-AGG 31'929'428 8.9 (771'386) 31.12.2012 Investment Advisor
LEGG MASON INC n/a RNS-MAJ 23'472'945 6.54 - 22.11.2010 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'855'845 6.37 (493'828) 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 19'056'988 5.31 (357'691) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 15'824'233 4.41 3'016'421 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'445'351 3.47 (1'069'926) 26.03.2013 Investment Advisor
ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 10'436'769 2.91 (11'717) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'947'957 2.77 (575'260) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'890'851 2.48 1'200'912 31.12.2012 Investment Advisor
GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 8'370'896 2.33 (8'217'244) 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 7'870'096 2.19 4'757'641 31.12.2012 Government
FIRST TRUST n/a ULT-AGG 6'463'432 1.8 (1'143) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 6'463'429 1.8 (907'092) 31.12.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 5'381'133 1.5 (866'533) 31.12.2012 Investment Advisor
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'189'394 1.17 3'049'571 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 4'022'832 1.12 2'460'369 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'744'195 1.04 (142'206) 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 3'325'324 0.93 2'707'096 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'306'052 0.92 (298'500) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Brean Murray Carret & Co ANANDA BARUAH buy 5 M 39 12 month 26.03.2013
Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 20.03.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 15.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 15.03.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 35 Not Provided 14.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 36 Not Provided 13.03.2013
Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 06.03.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 42 12 month 11.02.2013
Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 06.02.2013
Barclays BENJAMIN A REITZES underweight 1 D 29 Not Provided 31.01.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 30.01.2013
Deutsche Bank SHERRI SCRIBNER hold 3 M 40 12 month 29.01.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 29.01.2013
Goldman Sachs WILLIAM C SHOPE JR neutral/neutral 3 M 29 6 month 29.01.2013
RBC Capital Markets AMIT DARYANANI sector perform 3 M 35 12 month 29.01.2013
JPMorgan MARK A MOSKOWITZ underweight 1 M 20 9 month 29.01.2013
Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 29.01.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 35 12 month 29.01.2013
Evercore Partners ROBERT CIHRA equalweight 3 D 36 12 month 29.01.2013
Noble Financial Group MARK S MILLER hold 3 M 25 Not Provided 29.01.2013
S&P Capital IQ ANGELO ZINO sell 1 M 31 Not Provided 29.01.2013
Craig-Hallum Capital Group LLC CHRISTIAN SCHWAB buy 5 M 40 12 month 29.01.2013
Cross Research STEVEN B FOX hold 3 M 39 12 month 29.01.2013
Credit Agricole Securities (USA) AVI SILVER underperform 1 M 35 Not Provided 29.01.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 D 40 12 month 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 14.01.2013
Holdings By:
Seagate Technology PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 170
27.03.2013
Sears Holdings Corporation is a broadline retailer with full-line and specialty
retail stores in the United States and Canada. The Company retails home
appliances, as well as tools, lawn and garden products, home electronics, and
other products. Sears Holdings also provides automotive repair and maintenance.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (06.11.2012) 68.74
52-Week Low (28.12.2012) 38.40
Daily Volume
50.89
52-Week High % Change -25.97% Dividend Yield 0.00
52-Week Low % Change 32.53% Beta 1.59
% 52 Week Price Range High/Low 41.17% Equity Float 42.97
Shares Out 02.03.2013 106.4 Short Int 8.66
5'413.99 1 Yr Total Return -22.97%
Total Debt 3'120.00 YTD Return 23.04%
Preferred Stock 0.0 Adjusted BETA 1.593
Minority Interest 417.0 Analyst Recs 7
Cash and Equivalents 609.00 Consensus Rating 2.143
Enterprise Value 8'341.99
Average Volume 5 Day 100'719
SHLD UW EQUITY YTD Change - Average Volume 30 Day 228'157
SHLD UW EQUITY YTD % CHANGE - Average Volume 3 Month 277'303
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
46'770.0 44'043.0 42'664.0 41'567.0 39'854.0 41'567.0 39'854.0 36'896.3 36'739.0 8'156.0 8'477.0
0.21x 0.27x 0.24x 0.18x 0.20x 1.01x 0.88x 0.22x 0.22x - -
1'592.0 1'664.0 1'239.0 (63.0) (146.0) (63.0) (146.0) 605.0 678.0 - -
6.28x 7.14x 8.26x - - 0.00x 0.00x 13.79x 12.30x - -
53.0 235.0 133.0 (3'140.0) (930.0) (3'140.0) (930.0) (285.5) (235.5) - -
24.21x 83.42x 68.54x - - 0.00x 0.00x - - - -
EBITDA -146.00 Long-Term Rating Date 05.01.2012
EBIT -976.00 Long-Term Rating CCC+
Operating Margin -2.45% Long-Term Outlook STABLE
Pretax Margin -2.53% Short-Term Rating Date -
Return on Assets -4.57% Short-Term Rating -
Return on Common Equity -26.44%
Return on Capital - EBITDA/Interest Exp. -0.55
Asset Turnover 1.96% (EBITDA-Capex)/Interest Exp. -1.96
Net Debt/EBITDA -
Gross Margin 26.4% Total Debt/EBITDA -21.37
EBITDA Margin -0.4%
EBIT Margin -2.4% Total Debt/Equity 113.2%
Net Income Margin -2.3% Total Debt/Capital 49.6%
Asset Turnover 1.96
Current Ratio 1.10 Net Fixed Asset Turnover 6.31
Quick Ratio 0.15 Accounts receivable turnover-days 6.19
Debt to Assets 16.13% Inventory Days 100.94
Tot Debt to Common Equity 113.25% Accounts Payable Turnover Day 36.94
Accounts Receivable Turnover 59.93 Cash Conversion Cycle 70.19
Inventory Turnover 3.68
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sears Holdings CorpPrice/Volume
Valuation Analysis
128'265.00
Current Price (3/dd/yy) Market Data
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Page 171
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RBS PARTNERS L P RBS PARTNERS L P 13F 36'334'181 34.15 (5'939'961) 31.12.2012 Hedge Fund Manager
RBS PARTNERS L P n/a 13D 33'856'069 31.82 (2'478'112) 20.03.2013 Hedge Fund Manager
LAMPERT EDWARD S n/a 13D 25'041'046 23.54 - 20.03.2013 n/a
FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 18'146'573 17.06 1'212'493 31.12.2012 Investment Advisor
TISCH THOMAS J n/a PROXY 3'869'816 3.64 (58'140) 10.02.2012 n/a
HORIZON KINETICS n/a ULT-AGG 3'047'600 2.86 (84'798) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 2'515'679 2.36 106'510 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'722'598 1.62 52'457 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'446'408 1.36 (1'864) 25.03.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'114'743 1.05 (109'420) 31.12.2012 Investment Advisor
FINE CAPITAL PARTNER FINE CAPITAL PARTNER 13F 1'106'100 1.04 406'900 31.12.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 948'073 0.89 (10'500) 31.12.2012 Investment Advisor
OLD WEST INVESTMENT OLD WEST INVESTMENT 13F 905'445 0.85 905'445 31.12.2012 Investment Advisor
CHOU ASSOCIATES MANA CHOU ASSOCIATES MANA 13F 683'700 0.64 - 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 344'220 0.32 (54'262) 31.12.2012 Government
SOUTHPOINT CAPITAL A SOUTHPOINT CAPITAL A 13F 325'000 0.31 125'000 31.12.2012 Hedge Fund Manager
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 323'511 0.3 (241'439) 31.12.2012 Investment Advisor
UOB GLOBAL STRATEGIE Multiple Portfolios MF-AGG 306'600 0.29 3'400 28.02.2013 Mutual Fund Manager
BARCLAYS PLC n/a ULT-AGG 300'019 0.28 16'219 31.12.2012 Investment Advisor
AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 300'000 0.28 - 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group GREGORY MELICH sell 1 M 22 12 month 24.03.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 05.03.2013
Credit Suisse GARY BALTER underperform 1 M 20 Not Provided 04.03.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 01.03.2013
Longbow Research DAVID S MACGREGOR not rated #N/A N/A M #N/A N/A Not Provided 14.01.2013
S&P Capital IQ JASON ASAEDA hold 3 M 44 Not Provided 08.01.2013
Imperial Capital LLC MARY ROSS-GILBERT underperform 1 M #N/A N/A Not Provided 02.05.2012
Holdings By:
Sears Holdings Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 172
27.03.2013
Sigma-Aldrich Corporation develops, manufactures, purchases and distributes a
broad range of chemicals, biochemicals and equipment. The Company's chemical
products and kits are used in scientific research, including genomic and
proteomic, biotechnology, pharmaceutical development and as key components in
pharmaceutical, diagnostic and other high technology manufacturing.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.03.2013) 79.32
52-Week Low (25.07.2012) 66.52
Daily Volume
76.58
52-Week High % Change -3.45% Dividend Yield 1.04
52-Week Low % Change 15.12% Beta 1.07
% 52 Week Price Range High/Low 78.59% Equity Float 120.05
Shares Out 31.01.2013 120.4 Short Int 7.08
9'223.67 1 Yr Total Return 4.54%
Total Debt 683.00 YTD Return 4.37%
Preferred Stock 0.0 Adjusted BETA 1.071
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 724.00 Consensus Rating 3.118
Enterprise Value 9'182.67
Average Volume 5 Day 292'191
SIAL UW EQUITY YTD Change - Average Volume 30 Day 216'868
SIAL UW EQUITY YTD % CHANGE - Average Volume 3 Month 201'204
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'200.7 2'147.6 2'271.0 2'505.0 2'623.0 2'505.0 2'623.0 2'712.2 2'839.9 673.2 683.7
2.56x 2.96x 3.56x 2.96x 3.35x 12.45x 13.58x 3.30x 3.00x 13.54x 13.27x
602.4 601.2 675.0 761.0 809.0 761.0 809.0 833.2 885.3 199.2 206.1
9.35x 10.57x 11.99x 9.74x 10.86x 9.74x 10.86x 11.02x 10.37x 11.16x 10.95x
341.5 346.7 384.0 457.0 460.0 457.0 460.0 499.2 533.4 121.8 125.8
15.94x 17.74x 21.33x 16.61x 19.11x 16.61x 19.01x 18.51x 17.31x 18.52x 18.23x
EBITDA 809.00 Long-Term Rating Date 28.09.2011
EBIT 673.00 Long-Term Rating A+
Operating Margin 25.66% Long-Term Outlook STABLE
Pretax Margin 24.97% Short-Term Rating Date 04.02.2004
Return on Assets 12.96% Short-Term Rating A-1
Return on Common Equity 19.39%
Return on Capital 15.56% EBITDA/Interest Exp. 202.25
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 173.75
Net Debt/EBITDA -0.05
Gross Margin 51.4% Total Debt/EBITDA 0.84
EBITDA Margin 30.8%
EBIT Margin 25.7% Total Debt/Equity 26.8%
Net Income Margin 17.5% Total Debt/Capital 21.2%
Asset Turnover 0.74
Current Ratio 2.75 Net Fixed Asset Turnover 3.30
Quick Ratio 1.54 Accounts receivable turnover-days 47.09
Debt to Assets 17.88% Inventory Days 199.35
Tot Debt to Common Equity 26.83% Accounts Payable Turnover Day 41.69
Accounts Receivable Turnover 7.77 Cash Conversion Cycle 204.75
Inventory Turnover 1.84
Fiscal Year Ended
Sigma-Aldrich CorpPrice/Volume
Valuation Analysis
258'702.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Page 173
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 14'033'160 11.65 - 31.12.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 9'664'000 8.02 1'410'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'082'331 6.71 94'282 31.12.2012 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 6'628'173 5.5 - 30.09.2012 Insurance Company
BLACKROCK n/a ULT-AGG 6'362'714 5.28 - 25.03.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'162'455 5.12 102'546 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 6'110'994 5.07 249'486 25.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'280'000 2.72 (100'000) 31.12.2012 Investment Advisor
STATE FARM INSURANCE Multiple Portfolios MF-AGG 3'251'389 2.7 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'841'014 2.36 93'101 31.12.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'714'070 2.25 198'666 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 2'675'280 2.22 (10'687) 31.12.2012 Unclassified
INVESCO LTD INVESCO LTD 13F 2'317'018 1.92 (174'811) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'267'527 1.88 111'294 31.12.2012 Unclassified
SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 2'083'764 1.73 (591'966) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'817'182 1.51 (13'366) 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'173'300 0.97 38'300 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'150'995 0.96 (2'553) 28.02.2013 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 1'138'832 0.95 (26'160) 31.12.2012 Investment Advisor
CAPITAL COUNSEL LLC CAPITAL COUNSEL LLC 13F 1'136'232 0.94 9'630 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
First Analysis Corp TRACY MARSHBANKS equalweight 3 M #N/A N/A Not Provided 26.03.2013
Longbow Research DMITRY SILVERSTEYN neutral 3 M #N/A N/A Not Provided 26.03.2013
KeyBanc Capital Markets MICHAEL J SISON buy 5 M 86 12 month 25.03.2013
Wells Fargo Securities, LLC TIM EVANS market perform 3 M #N/A N/A Not Provided 25.03.2013
Jefferies JON WOOD hold 3 M 67 12 month 22.03.2013
Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 85 12 month 22.03.2013
Macquarie JONATHAN P GROBERG neutral 3 M 76 12 month 22.03.2013
JPMorgan TYCHO W PETERSON neutral 3 M 74 9 month 21.03.2013
Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 21.03.2013
Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 70 12 month 21.03.2013
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 14.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 01.03.2013
Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 M 89 Not Provided 07.02.2013
Goldman Sachs ISAAC RO neutral/neutral 3 M 72 12 month 16.01.2013
Holdings By:
Sigma-Aldrich Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 174
27.03.2013
Sirius XM Radio Inc. broadcasts various channels of audio from its satellites.
The Company provides its services throughout the continental United States for
a monthly subscription fee. Sirius delivers various streams of commercial-free
music in every genre, as well as streams of news, sports, weather, talk,
comedy, and public radio.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 3.25
52-Week Low (17.05.2012) 1.75
Daily Volume
3.085
52-Week High % Change -5.08% Dividend Yield 0.00
52-Week Low % Change 76.01% Beta 1.02
% 52 Week Price Range High/Low 88.98% Equity Float 3'258.62
Shares Out 01.02.2013 6'559.0 Short Int 399.79
20'234.47 1 Yr Total Return 39.48%
Total Debt 2'435.22 YTD Return 6.75%
Preferred Stock 0.0 Adjusted BETA 1.016
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 520.95 Consensus Rating 4.059
Enterprise Value 22'148.76
Average Volume 5 Day 4'832'309
SIRI UW EQUITY YTD Change - Average Volume 30 Day 8'801'510
SIRI UW EQUITY YTD % CHANGE - Average Volume 3 Month 7'508'776
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'664.0 2'472.6 2'817.0 3'014.5 3'402.0 3'014.5 3'402.0 3'811.3 4'176.9 910.0 940.0
1.97x 2.03x 3.21x 3.01x 5.03x 12.53x 15.43x 6.06x 5.80x 24.47x 23.65x
(57.5) 567.8 800.1 941.2 1'135.5 941.2 1'135.5 1'160.8 1'418.9 256.6 273.7
- 8.85x 11.30x 9.64x 15.08x 9.64x 15.08x 19.08x 15.61x 19.56x 18.18x
(5'313.3) (342.8) 43.1 427.0 3'472.7 427.0 3'472.7 606.3 746.1 151.7 166.5
- - 54.34x 26.00x 32.11x 26.00x 5.35x 31.16x 23.73x 30.54x 31.80x
EBITDA 1'135.54 Long-Term Rating Date 26.10.2011
EBIT 872.03 Long-Term Rating BB
Operating Margin 25.63% Long-Term Outlook STABLE
Pretax Margin 13.95% Short-Term Rating Date -
Return on Assets 41.96% Short-Term Rating -
Return on Common Equity 146.41%
Return on Capital - EBITDA/Interest Exp. 3.82
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 3.49
Net Debt/EBITDA 1.69
Gross Margin 63.9% Total Debt/EBITDA 2.14
EBITDA Margin 33.4%
EBIT Margin 25.6% Total Debt/Equity 60.3%
Net Income Margin 102.1% Total Debt/Capital 37.6%
Asset Turnover 0.41
Current Ratio 0.79 Net Fixed Asset Turnover 2.10
Quick Ratio 0.27 Accounts receivable turnover-days 11.18
Debt to Assets 26.89% Inventory Days 9.24
Tot Debt to Common Equity 60.28% Accounts Payable Turnover Day 169.91
Accounts Receivable Turnover 32.74 Cash Conversion Cycle -149.49
Inventory Turnover 39.63
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sirius XM Radio IncPrice/Volume
Valuation Analysis
4'587'365.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 175
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIBERTY RADIO LLC #N/A N/A Form 4 3'292'800'312 50.2 1'293'509'076 18.01.2013 Corporation
VANGUARD GROUP INC VANGUARD GROUP INC 13F 172'865'323 2.64 27'210 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 140'713'322 2.15 12'403'250 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 135'891'974 2.07 (8'464'407) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 127'023'677 1.94 42'264'166 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 124'012'478 1.89 124'012'478 31.12.2012 Investment Advisor
OMEGA ADVISORS OMEGA ADVISORS INC 13F 71'479'203 1.09 7'546'900 31.12.2012 Hedge Fund Manager
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 69'783'900 1.06 (61'592'700) 31.12.2012 Hedge Fund Manager
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 68'693'100 1.05 - 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 60'022'765 0.92 1'049'754 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 56'266'945 0.86 7'889'974 31.12.2012 Investment Advisor
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 45'794'813 0.7 (4'437'368) 31.12.2012 Hedge Fund Manager
ALGER MANAGEMENT INC FRED ALGER MANAGEMEN 13F 45'224'130 0.69 17'004'984 31.12.2012 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 43'300'000 0.66 (35'500'000) 31.12.2012 Hedge Fund Manager
SLATE PATH CAPITAL L SLATE PATH CAPITAL L 13F 36'750'000 0.56 36'750'000 31.12.2012 Hedge Fund Manager
COLUMBUS CIRCLE INVE COLUMBUS CIRCLE INVE 13F 32'879'946 0.5 30'945'906 31.12.2012 Hedge Fund Manager
SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 30'000'000 0.46 10'000'000 31.12.2012 Hedge Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 27'983'700 0.43 11'026'600 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'076'542 0.4 2'195'735 31.12.2012 Investment Advisor
HHR ASSET MANAGEMENT HHR ASSET MANAGEMENT 13F 25'068'700 0.38 (6'405'600) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Evercore Partners BRYAN KRAFT overweight 5 M 4 12 month 18.03.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 4 12 month 12.03.2013
Piper Jaffray JAMES M MARSH JR overweight 5 M 3 12 month 27.02.2013
Wunderlich Securities MATTHEW HARRIGAN hold 3 M 3 18 month 26.02.2013
ISI Group VIJAY JAYANT buy 5 M 4 12 month 20.02.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 18.02.2013
Barrington Research JAMES C GOSS outperform 5 M 4 12 month 11.02.2013
Macquarie AMY YONG neutral 3 D 3 12 month 06.02.2013
S&P Capital IQ TUNA AMOBI buy 5 M 4 Not Provided 06.02.2013
Gabelli & Co BRETT HARRISS sell 1 M #N/A N/A Not Provided 06.02.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 3 12 month 05.02.2013
RBC Capital Markets DAVID BANK sector perform 3 M 3 12 month 05.02.2013
Maxim Group LLC JOHN TINKER buy 5 M 4 12 month 05.02.2013
Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 4 12 month 05.02.2013
Goldman Sachs MATTHEW NIKNAM buy/attractive 5 N 4 12 month 17.12.2012
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 02.11.2012
Holdings By:
Sirius XM Radio Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 176
27.03.2013
Staples, Inc. retails office supplies, furniture, and technology. The Company's
customers include consumers and businesses in the United States, Canada, the
United Kingdom, and Germany. Staples serves its customers through office
superstores, mail order catalogs, the Internet, and a contract business.
Latest Fiscal Year: 01/2013
LTM as of: 02/yy
52-Week High (27.03.2012) 16.89
52-Week Low (28.08.2012) 10.57
Daily Volume
13.31
52-Week High % Change -21.20% Dividend Yield 3.31
52-Week Low % Change 25.92% Beta 1.08
% 52 Week Price Range High/Low 43.35% Equity Float 662.27
Shares Out 04.03.2013 668.4 Short Int 76.96
8'895.76 1 Yr Total Return -16.95%
Total Debt 1'989.10 YTD Return 17.81%
Preferred Stock 0.0 Adjusted BETA 1.085
Minority Interest 7.9 Analyst Recs 22
Cash and Equivalents 1'334.30 Consensus Rating 3.636
Enterprise Value 9'558.50
Average Volume 5 Day 1'519'834
SPLS UW EQUITY YTD Change - Average Volume 30 Day 3'398'408
SPLS UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'923'563
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 02/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
23'083.8 24'275.5 24'545.1 24'664.8 24'380.5 24'847.9 24'524.4 23'895.1 23'939.4 5'935.7 5'425.6
0.62x 0.76x 0.70x 0.48x 0.40x 2.11x 1.61x 0.37x 0.36x 1.63x 1.80x
2'094.4 2'019.0 2'130.1 2'115.8 2'015.4 2'106.6 2'000.0 1'917.0 1'936.9 418.3 322.4
6.82x 9.08x 8.09x 5.63x 4.81x 5.66x 4.85x 4.99x 4.93x 5.12x 5.00x
805.3 738.7 881.9 984.7 (210.7) 984.7 (210.7) 871.9 890.2 181.5 119.2
12.36x 20.76x 17.71x 11.44x 15.89x 11.69x 15.53x 10.03x 9.35x 9.94x 9.93x
EBITDA 2'015.39 Long-Term Rating Date 02.07.2008
EBIT 1'528.08 Long-Term Rating BBB
Operating Margin 6.27% Long-Term Outlook STABLE
Pretax Margin 1.09% Short-Term Rating Date 09.06.2008
Return on Assets -1.64% Short-Term Rating A-2
Return on Common Equity -3.21%
Return on Capital -3.75% EBITDA/Interest Exp. 12.40
Asset Turnover 1.91% (EBITDA-Capex)/Interest Exp. 10.25
Net Debt/EBITDA 0.33
Gross Margin 26.6% Total Debt/EBITDA 0.99
EBITDA Margin 8.2%
EBIT Margin 6.2% Total Debt/Equity 32.5%
Net Income Margin -0.9% Total Debt/Capital 24.5%
Asset Turnover 1.91
Current Ratio 1.40 Net Fixed Asset Turnover 12.13
Quick Ratio 0.71 Accounts receivable turnover-days 29.12
Debt to Assets 16.20% Inventory Days 48.87
Tot Debt to Common Equity 32.46% Accounts Payable Turnover Day 42.66
Accounts Receivable Turnover 12.74 Cash Conversion Cycle 35.53
Inventory Turnover 7.59
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Staples IncPrice/Volume
Valuation Analysis
1'165'910.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 177
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 56'637'268 8.47 - 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 43'906'031 6.57 6'485'929 31.12.2012 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 39'176'664 5.86 (2'969'235) 31.12.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 31'134'639 4.66 (715'650) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 29'294'133 4.38 339'748 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 28'893'250 4.32 (2'812'132) 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 21'366'148 3.2 63'620 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 20'406'686 3.05 (797'005) 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 19'929'275 2.98 815'780 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 19'007'702 2.84 2'079'444 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'292'484 2.59 7'918'900 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 15'647'400 2.34 (5'699'100) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 13'838'509 2.07 231'016 31.01.2013 Investment Advisor
INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 12'570'879 1.88 (539'530) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 12'213'457 1.83 10'034'655 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'927'474 1.63 1'485'386 31.12.2012 Investment Advisor
FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 9'822'560 1.47 3'125'563 31.12.2012 Investment Advisor
AMERICAN INTERNATION n/a ULT-AGG 9'014'859 1.35 8'648'346 31.12.2012 Government
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 6'428'000 0.96 (128'903) 31.12.2012 Hedge Fund Manager
HAWKINS CAPITAL LP HAWKINS CAPITAL LP 13F 6'222'400 0.93 - 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ISI Group GREGORY MELICH sell 1 M 12 12 month 24.03.2013
Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 17 12 month 18.03.2013
Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 13 12 month 12.03.2013
Jefferies DANIEL T BINDER hold 3 M 14 12 month 08.03.2013
Argus Research Corp CHRISTOPHER GRAJA buy 5 M 15 Not Provided 07.03.2013
JPMorgan CHRISTOPHER HORVERS overweight 5 M 14 9 month 07.03.2013
B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 18 Not Provided 07.03.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 14 12 month 07.03.2013
Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.03.2013
Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 13 12 month 06.03.2013
Credit Suisse GARY BALTER outperform 5 M 15 Not Provided 06.03.2013
Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 06.03.2013
KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 06.03.2013
Oppenheimer & Co BRIAN NAGEL market perform 3 M 12 18 month 06.03.2013
BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 16 12 month 06.03.2013
Nomura ARAM RUBINSON neutral 3 M 15 12 month 06.03.2013
S&P Capital IQ IAN GORDON buy 5 M 15 Not Provided 06.03.2013
Barclays ALAN M RIFKIN equalweight 3 M 13 Not Provided 06.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank MICHAEL BAKER hold 3 D 11 12 month 15.08.2012
Holdings By:
Staples Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 178
27.03.2013
Starbucks Corporation retails, roasts, and provides its own brand of specialty
coffee. The Company operates retail locations worldwide and sells whole bean
coffees through its sales group, direct response business, supermarkets, and on
the World Wide Web. Starbucks also produces and sells bottled coffee drinks and
a line of ice creams.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (16.04.2012) 62.00
52-Week Low (02.08.2012) 43.05
Daily Volume
56.97
52-Week High % Change -8.11% Dividend Yield 1.33
52-Week Low % Change 32.33% Beta 0.87
% 52 Week Price Range High/Low 71.98% Equity Float 728.61
Shares Out 23.01.2013 749.3 Short Int 10.66
42'687.62 1 Yr Total Return 3.42%
Total Debt 549.60 YTD Return 6.65%
Preferred Stock 0.0 Adjusted BETA 0.874
Minority Interest 5.5 Analyst Recs 32
Cash and Equivalents 2'037.00 Consensus Rating 4.438
Enterprise Value 40'783.22
Average Volume 5 Day 1'293'089
SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'521'363
SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'613'108
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
10'383.0 9'774.6 10'707.4 11'700.4 13'299.5 12'185.7 13'663.3 14'920.7 16'722.3 3'582.4 3'719.2
1.15x 1.50x 1.72x 2.25x 2.75x 9.39x 11.22x 2.81x 2.49x 11.60x 11.15x
1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'126.5 2'445.7 3'034.9 3'589.7 688.9 752.4
9.47x 10.94x 9.85x 12.67x 15.42x 15.47x 15.34x 13.45x 11.37x 12.81x 12.32x
315.5 390.8 945.6 1'245.7 1'383.8 1'281.3 1'434.2 1'644.3 1'983.0 366.6 408.0
21.07x 23.89x 20.11x 23.45x 28.33x 28.05x 28.30x 26.33x 21.69x 24.73x 23.66x
EBITDA 2'367.30 Long-Term Rating Date 24.02.2012
EBIT 1'786.70 Long-Term Rating A-
Operating Margin 13.43% Long-Term Outlook STABLE
Pretax Margin 15.48% Short-Term Rating Date 28.08.2009
Return on Assets 17.57% Short-Term Rating A-2
Return on Common Equity 28.85%
Return on Capital 26.35% EBITDA/Interest Exp. 65.94
Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. 42.09
Net Debt/EBITDA -0.78
Gross Margin 56.3% Total Debt/EBITDA 0.22
EBITDA Margin 17.9%
EBIT Margin 13.6% Total Debt/Equity 10.8%
Net Income Margin 10.4% Total Debt/Capital 9.7%
Asset Turnover 1.67
Current Ratio 1.90 Net Fixed Asset Turnover 5.40
Quick Ratio 1.14 Accounts receivable turnover-days 11.99
Debt to Assets 6.69% Inventory Days 67.96
Tot Debt to Common Equity 10.76% Accounts Payable Turnover Day 23.01
Accounts Receivable Turnover 30.36 Cash Conversion Cycle 53.00
Inventory Turnover 5.36
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Starbucks CorpPrice/Volume
Valuation Analysis
379'981.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 179
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 36'552'911 4.88 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 36'386'396 4.86 1'474'627 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 35'633'395 4.76 (2'111'027) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 34'345'408 4.58 (13'662'548) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 33'027'380 4.41 427'047 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 28'587'974 3.82 542'156 26.03.2013 Investment Advisor
SCHULTZ HOWARD D n/a Form 4 18'875'169 2.52 (1'050'000) 06.03.2013 n/a
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 12'738'762 1.7 (106'141) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 11'555'223 1.54 4'664'754 31.01.2013 Investment Advisor
SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 10'787'280 1.44 303'498 31.12.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 10'729'471 1.43 1'274'414 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 9'639'589 1.29 (104'731) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 9'401'174 1.25 (2'276'793) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'540'739 1.14 (1'398'536) 31.12.2012 Unclassified
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'369'222 1.12 2'216'565 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 7'623'782 1.02 7'567'551 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'680'224 0.89 (311'680) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'621'549 0.88 1'675'484 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 5'994'504 0.8 528'915 31.12.2012 Government
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'938'815 0.79 (5'544'671) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc WILL SLABAUGH overweight 5 M 66 Not Provided 25.03.2013
Piper Jaffray NICOLE MILLER REGAN overweight 5 M 65 12 month 25.03.2013
William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 22.03.2013
Jefferies ANDREW M BARISH buy 5 M 60 12 month 21.03.2013
BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 19.03.2013
Longbow Research ALTON K STUMP buy 5 M 65 12 month 19.03.2013
Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 17.03.2013
Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 65 12 month 15.03.2013
Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 65 12 month 11.03.2013
JPMorgan JOHN W IVANKOE overweight 5 M 62 9 month 08.03.2013
Oppenheimer & Co BRIAN J BITTNER outperform 5 M 62 12 month 07.03.2013
Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 61 12 month 04.03.2013
Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 28.02.2013
Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 25.02.2013
Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 Not Provided 10.02.2013
Argus Research Corp JOHN D STASZAK buy 5 M 64 Not Provided 29.01.2013
Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 65 12 month 25.01.2013
Buckingham Research Group MITCHELL J SPEISER buy 5 M 62 12 month 25.01.2013
McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 58 12 month 25.01.2013
Cowen and Company PAUL L WESTRA neutral 3 M #N/A N/A Not Provided 25.01.2013
Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 25.01.2013
Barclays JEFFREY A BERNSTEIN equalweight 3 M 56 Not Provided 25.01.2013
RBC Capital Markets LARRY A MILLER sector perform 3 M 63 12 month 24.01.2013
Credit Suisse KEITH SIEGNER outperform 5 M 66 Not Provided 24.01.2013
Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 69 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank JASON WEST buy 5 M 60 12 month 04.01.2013
Williams Capital Group MARC RIDDICK market perform 3 M 55 12 month 12.12.2012
S&P Capital IQ JIM YIN buy 5 M 58 Not Provided 14.11.2012
Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 62 12 month 08.10.2012
Holdings By:
Starbucks Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 180
27.03.2013
Stericycle, Inc. provides regulated medical waste management services. The
Company offers waste collection, transportation, treatment, and disposal to
customers in the United States, Canada, Mexico, Argentina, Chile, the United
Kingdom and Ireland.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 104.85
52-Week Low (18.05.2012) 81.18
Daily Volume
104.63
52-Week High % Change -0.21% Dividend Yield 0.00
52-Week Low % Change 28.89% Beta 0.80
% 52 Week Price Range High/Low 99.07% Equity Float 84.09
Shares Out 14.02.2013 86.1 Short Int 2.31
9'007.55 1 Yr Total Return 22.42%
Total Debt 1'356.08 YTD Return 12.18%
Preferred Stock 0.0 Adjusted BETA 0.801
Minority Interest 15.5 Analyst Recs 17
Cash and Equivalents 31.83 Consensus Rating 4.059
Enterprise Value 10'347.33
Average Volume 5 Day 143'876
SRCL UW EQUITY YTD Change - Average Volume 30 Day 182'820
SRCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 163'405
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'083.7 1'177.7 1'439.4 1'676.0 1'913.1 1'676.0 1'913.1 2'139.5 2'326.9 520.3 530.3
4.82x 4.80x 5.52x 4.77x 4.89x 20.13x 18.84x 4.70x 4.22x 19.74x 19.28x
308.9 365.2 424.6 490.4 545.1 510.2 556.3 644.6 718.1 155.7 158.9
16.91x 15.49x 18.70x 16.29x 17.17x 15.66x 16.83x 16.05x 14.41x 16.03x 15.63x
148.7 175.7 207.9 234.8 268.0 234.8 268.0 322.1 364.4 76.8 79.0
30.10x 25.90x 31.98x 27.53x 28.27x 27.44x 28.18x 28.31x 25.04x 28.32x 27.44x
EBITDA 545.12 Long-Term Rating Date 18.07.2007
EBIT 468.84 Long-Term Rating NR
Operating Margin 24.51% Long-Term Outlook -
Pretax Margin 21.81% Short-Term Rating Date -
Return on Assets 7.97% Short-Term Rating -
Return on Common Equity 19.56%
Return on Capital 10.98% EBITDA/Interest Exp. 10.55
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 9.29
Net Debt/EBITDA 2.38
Gross Margin 44.8% Total Debt/EBITDA 2.44
EBITDA Margin 29.1%
EBIT Margin 25.1% Total Debt/Equity 88.0%
Net Income Margin 14.0% Total Debt/Capital 46.5%
Asset Turnover 0.57
Current Ratio 1.33 Net Fixed Asset Turnover 6.08
Quick Ratio 1.07 Accounts receivable turnover-days 58.65
Debt to Assets 38.23% Inventory Days -
Tot Debt to Common Equity 87.95% Accounts Payable Turnover Day 24.42
Accounts Receivable Turnover 6.24 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Stericycle IncPrice/Volume
Valuation Analysis
97'061.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 181
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 8'000'000 9.29 (2'910'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'094'418 5.92 133'100 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'056'747 5.87 199'768 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'301'701 5 77'721 25.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'860'777 4.48 (106'937) 31.12.2012 Investment Advisor
BROWN ADVISORY INC n/a ULT-AGG 3'807'649 4.42 (563'164) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'510'378 4.08 137'464 25.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'223'645 2.58 (1'021'855) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'010'215 2.34 579'900 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'340'632 1.56 (7'119) 31.12.2012 Investment Advisor
SCHULER JACK W n/a Form 5 1'284'891 1.49 (419'965) 31.12.2012 n/a
BNP PARIBAS INV PART n/a ULT-AGG 1'188'539 1.38 (265'898) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'088'554 1.26 513'193 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 978'232 1.14 (94'366) 31.12.2012 Investment Advisor
RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 964'000 1.12 (54'400) 31.12.2012 Investment Advisor
MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 935'357 1.09 (8'350) 31.12.2012 Investment Advisor
IRONBRIDGE CAPITAL M IRONBRIDGE CAPITAL M 13F 920'001 1.07 (227'790) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 892'357 1.04 (13'642) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 847'832 0.98 93'050 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 825'400 0.96 50'821 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 115 12 month 25.03.2013
Robert W. Baird & Co DAVID J MANTHEY neutral 3 M 110 12 month 18.03.2013
Wedbush AL KASCHALK outperform 5 M 110 12 month 18.03.2013
Northcoast Research EDWIN SNYDER buy 5 M 110 12 month 18.03.2013
Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M 79 12 month 18.03.2013
William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 15.03.2013
Goldman Sachs ISAAC RO Buy/Neutral 5 M 115 6 month 13.03.2013
Avondale Partners LLC RICHARD CLOSE market perform 3 M 92 18 month 12.03.2013
Barrington Research KEVIN M STEINKE outperform 5 M 110 12 month 08.02.2013
Barclays GARY E BISBEE equalweight 3 M 103 Not Provided 08.02.2013
Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013
Raymond James WILLIAM H FISHER outperform 5 M 103 12 month 07.02.2013
Stifel SHLOMO H ROSENBAUM buy 5 M 117 12 month 07.02.2013
Wunderlich Securities MICHAEL E HOFFMAN hold 3 M 85 18 month 04.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ STEWART SCHARF buy 5 M 105 Not Provided 08.11.2012
Holdings By:
Stericycle Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 182
27.03.2013
Symantec Corporation provides security, storage and systems management
solutions to help businesses and consumers secure and manage their information.
The Company offers software and services that protect, manage and control
information risks related to security, data protection, storage, compliance and
management.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 24.90
52-Week Low (24.07.2012) 13.06
Daily Volume
24.57
52-Week High % Change -1.33% Dividend Yield 0.00
52-Week Low % Change 88.13% Beta 1.09
% 52 Week Price Range High/Low 97.21% Equity Float 685.02
Shares Out 25.01.2013 689.2 Short Int 14.58
16'933.37 1 Yr Total Return 32.24%
Total Debt 2'039.00 YTD Return 30.62%
Preferred Stock 0.0 Adjusted BETA 1.086
Minority Interest 78.0 Analyst Recs 34
Cash and Equivalents 3'211.00 Consensus Rating 3.971
Enterprise Value 15'757.37
Average Volume 5 Day 1'829'267
SYMC UW EQUITY YTD Change - Average Volume 30 Day 2'368'836
SYMC UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'244'524
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
5'874.4 6'150.0 5'985.0 6'190.0 6'730.0 6'722.0 6'839.0 6'885.5 7'004.8 1'727.1 1'698.6
2.38x 2.12x 2.04x 2.21x 1.85x 7.64x 6.52x 2.12x 1.91x 8.55x 8.79x
1'594.9 1'927.0 1'790.0 1'648.0 1'795.0 1'831.0 1'834.0 2'283.5 2'457.2 497.1 562.3
8.77x 6.76x 6.82x 8.31x 6.93x 6.09x 6.18x 6.90x 6.41x 6.88x 6.54x
463.9 (6'786.0) 714.0 597.0 1'172.0 781.0 1'136.0 1'210.2 1'332.9 266.9 306.4
22.13x - 19.96x 21.22x 15.58x 14.23x 14.65x 14.35x 12.76x 13.59x 12.82x
EBITDA 1'795.00 Long-Term Rating Date 13.09.2010
EBIT 1'139.00 Long-Term Rating BBB
Operating Margin 16.92% Long-Term Outlook STABLE
Pretax Margin 21.84% Short-Term Rating Date -
Return on Assets 8.69% Short-Term Rating -
Return on Common Equity 23.17%
Return on Capital 16.48% EBITDA/Interest Exp. 15.61
Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 13.12
Net Debt/EBITDA -0.64
Gross Margin 83.9% Total Debt/EBITDA 1.68
EBITDA Margin 26.8%
EBIT Margin 17.3% Total Debt/Equity 40.0%
Net Income Margin 17.4% Total Debt/Capital 28.3%
Asset Turnover 0.52
Current Ratio 1.03 Net Fixed Asset Turnover 6.27
Quick Ratio 0.92 Accounts receivable turnover-days 55.62
Debt to Assets 15.66% Inventory Days 8.20
Tot Debt to Common Equity 40.03% Accounts Payable Turnover Day 93.23
Accounts Receivable Turnover 6.54 Cash Conversion Cycle -35.84
Inventory Turnover 44.38
Fiscal Year Ended
Symantec CorpPrice/Volume
Valuation Analysis
2'021'781.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Page 183
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 58'417'616 8.48 (1'011'900) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 37'276'207 5.41 (4'449'595) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 35'181'951 5.1 3'230'389 26.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 32'536'487 4.72 581'145 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 31'667'369 4.59 (968'400) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 26'186'565 3.8 (1'447'720) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 25'051'948 3.63 2'109'501 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 20'962'410 3.04 (499'026) 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 19'069'170 2.77 (1'292'719) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 12'558'686 1.82 5'868'240 31.12.2012 Hedge Fund Manager
UBS n/a ULT-AGG 11'901'387 1.73 (150'292) 31.01.2013 Unclassified
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 10'723'533 1.56 (2'297'195) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'434'459 1.51 (1'237'789) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'851'837 1.28 18'506 31.12.2012 Investment Advisor
AJO, LP AJO, LP 13F 8'659'900 1.26 (876'600) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'646'838 1.25 (274'113) 31.12.2012 Investment Advisor
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 8'206'507 1.19 3'515'139 31.12.2012 Hedge Fund Manager
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 7'995'572 1.16 (2'355'921) 31.12.2012 Investment Advisor
THIRD POINT LLC THIRD POINT LLC 13F 6'700'000 0.97 700'000 31.12.2012 Hedge Fund Manager
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 6'523'851 0.95 179'760 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Longbow Research KEVIN M BUTTIGIEG neutral 3 M #N/A N/A Not Provided 22.03.2013
Oppenheimer & Co SHAUL EYAL market perform 3 D #N/A N/A Not Provided 20.03.2013
RBC Capital Markets ROBERT P BREZA outperform 5 M 30 12 month 18.03.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 28 Not Provided 18.03.2013
Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 15.03.2013
Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 28 12 month 12.03.2013
Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 12.03.2013
Cross Research RICHARD T WILLIAMS buy 5 M 23 12 month 12.03.2013
B Riley & Company, Inc DANIEL CUMMINS buy 5 M 27 Not Provided 04.03.2013
Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 01.03.2013
Jefferies AARON SCHWARTZ buy 5 M 25 12 month 28.02.2013
JPMorgan JOHN DIFUCCI overweight 5 M 27 9 month 22.02.2013
Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 13.02.2013
MKM Partners ISRAEL HERNANDEZ buy 5 M 27 12 month 12.02.2013
William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 01.02.2013
JMP Securities PATRICK WALRAVENS market outperform 4 M 26 12 month 01.02.2013
Argus Research Corp JOSEPH F BONNER buy 5 M 27 Not Provided 28.01.2013
Goldman Sachs GREG DUNHAM Sell/Neutral 1 M 17 12 month 24.01.2013
First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 24.01.2013
Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 23 12 month 24.01.2013
Stephens Inc JONATHAN B RUYKHAVER equalweight 3 M 19 12 month 24.01.2013
FBR Capital Markets DANIEL H IVES market perform 3 M 22 12 month 24.01.2013
Macquarie BRAD A ZELNICK outperform 5 M 24 12 month 24.01.2013
Stifel TODD C WELLER hold 3 D #N/A N/A Not Provided 24.01.2013
Wunderlich Securities BRIAN S FREED hold 3 D 22 18 month 24.01.2013
Barclays RAIMO LENSCHOW overweight 5 M 25 Not Provided 24.01.2013
Topeka Capital Markets Inc FREDERICK D ZIEGEL hold 3 M 23 12 month 24.01.2013
Pacific Crest Securities ROB D OWENS sector perform 3 M #N/A N/A Not Provided 23.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank THOMAS ERNST JR hold 3 M 17 12 month 14.06.2012
GARP Research BRETT CARSON neutral 3 M #N/A N/A Not Provided 30.01.2009
Holdings By:
Symantec Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 184
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Texas Instruments Incorporated is a global semiconductor company that designs
and supplies analog technologies, digital signal processing (DSP) and
microcontroller (MCU) semiconductors. The Company also operates materials and
controls, and educational and productivity solutions businesses. Texas
Instruments has manufacturing or sales operations in countries around the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 35.72
52-Week Low (17.07.2012) 26.06
Daily Volume
34.76
52-Week High % Change -2.69% Dividend Yield 2.07
52-Week Low % Change 33.38% Beta -
% 52 Week Price Range High/Low 87.16% Equity Float 1'099.97
Shares Out 31.01.2013 1'104.8 Short Int 26.36
38'402.41 1 Yr Total Return 4.87%
Total Debt 5'686.00 YTD Return 13.07%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 46
Cash and Equivalents 3'965.00 Consensus Rating 3.174
Enterprise Value 40'123.41
Average Volume 5 Day 2'286'008
TXN UW EQUITY YTD Change - Average Volume 30 Day 2'593'972
TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'347'963
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
12'501.0 10'427.0 13'966.0 13'735.0 12'825.0 13'736.0 12'825.0 12'172.7 12'982.7 2'855.4 3'040.6
1.38x 2.82x 2.50x 2.61x 2.80x 10.32x 11.26x 3.20x 3.00x 13.69x 12.84x
3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'434.0 3'988.0 3'586.7 4'202.7 719.1 888.4
4.61x 9.40x 6.56x 8.08x 9.02x 8.08x 9.02x 11.19x 9.55x 11.10x 10.42x
1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 2'237.0 1'759.0 1'907.8 2'381.2 344.9 456.7
9.82x 20.68x 12.70x 13.73x 16.17x 13.41x 17.26x 20.29x 16.13x 20.00x 18.40x
EBITDA 3'986.00 Long-Term Rating Date 23.09.2010
EBIT 2'687.00 Long-Term Rating A+
Operating Margin 20.95% Long-Term Outlook STABLE
Pretax Margin 15.09% Short-Term Rating Date 01.02.1986
Return on Assets 8.68% Short-Term Rating A-1
Return on Common Equity 16.05%
Return on Capital 11.06% EBITDA/Interest Exp. 46.89
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 41.07
Net Debt/EBITDA 0.43
Gross Margin 49.7% Total Debt/EBITDA 1.43
EBITDA Margin 31.1%
EBIT Margin 21.0% Total Debt/Equity 51.9%
Net Income Margin 13.7% Total Debt/Capital 34.2%
Asset Turnover 0.63
Current Ratio 2.40 Net Fixed Asset Turnover 3.08
Quick Ratio 1.51 Accounts receivable turnover-days 39.60
Debt to Assets 28.40% Inventory Days 100.45
Tot Debt to Common Equity 51.87% Accounts Payable Turnover Day 30.44
Accounts Receivable Turnover 9.24 Cash Conversion Cycle 109.62
Inventory Turnover 3.64
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Texas Instruments IncPrice/Volume
Valuation Analysis
863'060.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 185
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 193'119'021 17.48 14'033'650 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 61'637'232 5.58 - 25.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 57'763'753 5.23 (538'050) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 50'232'019 4.55 1'296'171 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 44'358'198 4.02 111'975 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 33'495'251 3.03 2'896'053 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 26'632'178 2.41 122'698 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 26'078'508 2.36 (608'552) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'542'986 1.95 352'635 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 21'461'930 1.94 2'656'532 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'877'608 1.44 (1'447'465) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 14'896'737 1.35 (1'266'900) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 14'882'074 1.35 (150'090) 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'143'612 1.1 2'472'433 31.12.2012 Hedge Fund Manager
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 11'142'097 1.01 36'568 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 9'910'097 0.9 (160'993) 31.01.2013 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'524'297 0.86 1'013'978 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 8'945'581 0.81 (350'053) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 7'922'648 0.72 740'405 31.12.2012 Government
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'538'362 0.68 (817'051) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas JEROME RAMEL underperform 1 M 26 Not Provided 26.03.2013
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 25.03.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 31 12 month 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 25.03.2013
Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 22.03.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 29 12 month 22.03.2013
Longbow Research JOANNE FEENEY underperform 1 M 27 12 month 20.03.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 37 9 month 19.03.2013
Williams Financial Group CODY G ACREE buy 5 M 41 Not Provided 18.03.2013
Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 18.03.2013
B Riley & Company, Inc CRAIG ELLIS buy 5 M 39 Not Provided 15.03.2013
RBC Capital Markets DOUG FREEDMAN sector perform 3 M 30 12 month 14.03.2013
Sanford C. Bernstein & Co STACY A RASGON market perform 3 D 38 12 month 13.03.2013
Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 12.03.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 31 12 month 11.03.2013
ISI Group SUMIT DHANDA buy 5 M 39 12 month 11.03.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 08.03.2013
Wedbush BETSY VAN HEES outperform 5 M 39 12 month 08.03.2013
FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 28 12 month 08.03.2013
Macquarie SHAWN WEBSTER neutral 3 M 37 12 month 08.03.2013
Stifel TORE E SVANBERG buy 5 M 40 12 month 08.03.2013
Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 08.03.2013
Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 08.03.2013
Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 08.03.2013
Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 30 12 month 08.03.2013
Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 34 Not Provided 08.03.2013
Barclays BLAYNE CURTIS equalweight 3 M 30 Not Provided 08.03.2013
Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 35 12 month 07.03.2013
Credit Suisse JOHN W PITZER neutral 3 M 35 Not Provided 07.03.2013
SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 07.03.2013
Jefferies MARK J LIPACIS buy 5 M 41 12 month 07.03.2013
Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 07.03.2013
Raymond James J STEVEN SMIGIE outperform 5 M 39 12 month 07.03.2013
Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 30 12 month 07.03.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 35 12 month 07.03.2013
Nomura ROMIT SHAH neutral 3 M 28 12 month 07.03.2013
Edward Jones WILLIAM C KREHER hold 3 D #N/A N/A Not Provided 06.03.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 25.02.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 14.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 32 12 month 13.02.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 34 Not Provided 28.01.2013
Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 28.01.2013
JMP Securities ALEX GAUNA market outperform 4 M 33 12 month 17.10.2012
Holdings By:
Texas Instruments Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 186
27.03.2013
Verisk Analytics, Inc. conducts risk assessment services and decision
analytics. The Company offers data, statistical, and actuarial services, as
well as standardized insurance policy programs, underwriting information, and
rating-integrity tools. Verisk Analytics provides data and software information
services to the property, casualty, and mortgage fields in the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 61.62
52-Week Low (25.10.2012) 45.18
Daily Volume
61.38
52-Week High % Change -0.39% Dividend Yield 0.00
52-Week Low % Change 35.86% Beta 0.61
% 52 Week Price Range High/Low 98.54% Equity Float 149.24
Shares Out 21.02.2013 168.1 Short Int 0.44
11'227.20 1 Yr Total Return 30.90%
Total Debt 1'461.43 YTD Return 20.35%
Preferred Stock 0.0 Adjusted BETA 0.614
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 94.70 Consensus Rating 4.071
Enterprise Value 12'593.92
Average Volume 5 Day 195'613
VRSK UW EQUITY YTD Change - Average Volume 30 Day 235'158
VRSK UW EQUITY YTD % CHANGE - Average Volume 3 Month 241'396
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
893.6 1'027.1 1'138.3 1'331.8 1'534.3 1'331.8 1'534.3 1'725.4 1'883.7 404.1 419.6
- 5.81x 5.78x 5.63x 6.46x 20.85x 24.44x 7.14x 6.37x 30.94x 29.73x
375.4 373.2 508.5 588.6 695.8 588.6 695.8 783.5 863.1 181.4 184.5
- 15.99x 12.93x 12.74x 14.25x 12.74x 14.25x 16.07x 14.59x 16.10x 15.72x
158.2 126.6 242.6 282.8 329.1 282.8 329.1 389.3 438.3 88.5 90.3
- 25.02x 26.02x 24.77x 26.55x 24.77x 26.55x 26.12x 23.23x 26.14x 25.31x
EBITDA 695.79 Long-Term Rating Date 29.03.2011
EBIT 591.59 Long-Term Rating BBB-
Operating Margin 38.56% Long-Term Outlook STABLE
Pretax Margin 33.84% Short-Term Rating Date -
Return on Assets 16.87% Short-Term Rating -
Return on Common Equity -
Return on Capital 27.54% EBITDA/Interest Exp. 9.60
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 8.57
Net Debt/EBITDA 1.96
Gross Margin 60.4% Total Debt/EBITDA 2.10
EBITDA Margin 45.3%
EBIT Margin 38.6% Total Debt/Equity 571.8%
Net Income Margin 21.5% Total Debt/Capital 85.1%
Asset Turnover 0.79
Current Ratio 0.67 Net Fixed Asset Turnover 11.22
Quick Ratio 0.47 Accounts receivable turnover-days 39.57
Debt to Assets 61.92% Inventory Days -
Tot Debt to Common Equity 571.78% Accounts Payable Turnover Day 105.68
Accounts Receivable Turnover 9.25 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Verisk Analytics IncPrice/Volume
Valuation Analysis
155'575.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Page 187
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GREATBANC TRUST CO GREATBANC TRUST CO 13F 17'040'371 10.13 (516'368) 31.12.2012 Investment Advisor
GREATBANC TRUST CO n/a Research 17'040'371 10.13 - 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 14'092'883 8.38 (3'122'010) 31.01.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'580'257 3.91 180'700 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 5'893'700 3.51 740'600 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'882'233 3.5 187'418 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 5'842'300 3.47 3'819'375 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'494'000 3.27 (491'000) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 5'069'940 3.02 10'898 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'866'200 2.89 110'100 31.12.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 4'642'699 2.76 14'880 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 4'239'140 2.52 (321'904) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 3'653'546 2.17 403'142 31.01.2013 Investment Advisor
INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 3'308'130 1.97 (106'343) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 3'205'152 1.91 711'010 31.12.2012 Investment Advisor
GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 2'994'350 1.78 - 31.12.2012 Insurance Company
STATE STREET n/a ULT-AGG 2'589'266 1.54 129'393 31.12.2012 Investment Advisor
TCW GROUP INC TCW GROUP INCORPORAT 13F 2'382'710 1.42 198'967 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'369'700 1.41 12'000 31.12.2012 Hedge Fund Manager
ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 2'294'945 1.36 (44'490) 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James WAYNE JOHNSON outperform 5 M 62 12 month 26.03.2013
William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 21.03.2013
Barclays MANAV PATNAIK overweight 5 M 62 Not Provided 11.03.2013
Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 63 12 month 08.03.2013
Keefe, Bruyette & Woods WILLIAM CLARK outperform 5 M 63 12 month 07.03.2013
Evercore Partners DAVID M TOGUT equalweight 3 M 59 12 month 07.03.2013
Wells Fargo Securities, LLC ERIC J BOYER outperform 5 M #N/A N/A Not Provided 07.03.2013
Macquarie KEVIN MCVEIGH neutral 3 M 64 12 month 01.03.2013
Morgan Stanley SUZANNE E STEIN Equalwt/In-Line 3 M 55 12 month 28.02.2013
Credit Suisse KELLY A FLYNN outperform 5 M 63 Not Provided 27.02.2013
SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 68 12 month 27.02.2013
JPMorgan ANDREW C STEINERMAN overweight 5 M 65 9 month 27.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Verisk Analytics Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 188
27.03.2013
Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes
novel, small molecule pharmaceuticals for the treatment of diseases for which
there are currently limited or no effective treatments. The Company is
developing drugs for the treatment of viral diseases, multidrug resistance in
cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.05.2012) 66.10
52-Week Low (16.04.2012) 35.26
Daily Volume
54.34
52-Week High % Change -17.79% Dividend Yield 0.00
52-Week Low % Change 54.11% Beta 0.84
% 52 Week Price Range High/Low 61.87% Equity Float 216.10
Shares Out 15.02.2013 218.2 Short Int 5.47
11'856.37 1 Yr Total Return 32.70%
Total Debt 428.88 YTD Return 29.57%
Preferred Stock 0.0 Adjusted BETA 0.840
Minority Interest 235.2 Analyst Recs 27
Cash and Equivalents 1'321.22 Consensus Rating 4.370
Enterprise Value 11'199.23
Average Volume 5 Day 429'241
VRTX UW EQUITY YTD Change - Average Volume 30 Day 498'143
VRTX UW EQUITY YTD % CHANGE - Average Volume 3 Month 507'491
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
175.5 101.9 143.4 1'410.6 1'527.0 1'410.6 1'527.0 1'160.0 1'047.1 308.5 296.9
23.08x 72.99x 46.28x 4.65x 5.53x 25.64x 25.90x 10.30x 11.46x 36.48x 37.97x
(426.2) (562.7) (664.1) 256.7 42.4 256.7 42.4 (117.5) (230.7) (14.6) (20.8)
- - - 25.55x 199.38x 25.55x 199.38x - - - -
(459.9) (642.2) (754.6) 29.6 (107.0) 29.6 (107.0) (101.1) (203.3) (10.0) (17.3)
- - - 37.31x 62.54x 50.32x 135.16x - - - -
EBITDA 42.37 Long-Term Rating Date -
EBIT 4.18 Long-Term Rating -
Operating Margin 0.27% Long-Term Outlook -
Pretax Margin -0.81% Short-Term Rating Date -
Return on Assets -4.31% Short-Term Rating -
Return on Common Equity -11.99%
Return on Capital - EBITDA/Interest Exp. 2.54
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. -1.73
Net Debt/EBITDA -21.06
Gross Margin 81.7% Total Debt/EBITDA 10.12
EBITDA Margin 2.8%
EBIT Margin 0.3% Total Debt/Equity 42.9%
Net Income Margin -7.0% Total Debt/Capital 25.8%
Asset Turnover 0.62
Current Ratio 3.67 Net Fixed Asset Turnover 5.39
Quick Ratio 3.39 Accounts receivable turnover-days 39.11
Debt to Assets 15.54% Inventory Days 93.43
Tot Debt to Common Equity 42.92% Accounts Payable Turnover Day 162.67
Accounts Receivable Turnover 9.36 Cash Conversion Cycle -30.13
Inventory Turnover 3.92
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Vertex Pharmaceuticals IncPrice/Volume
Valuation Analysis
394'139.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 189
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 21'497'754 9.85 6'434'175 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 17'766'754 8.14 2'436'793 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'027'587 7.8 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'112'270 4.63 445'927 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'925'186 4.55 4'089'468 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 7'855'731 3.6 282'156 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 7'156'935 3.28 134'750 25.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 7'054'536 3.23 (2'039'261) 31.12.2012 Unclassified
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'450'390 2.96 673'868 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'128'285 2.81 (7'215'596) 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 5'312'819 2.43 (41'873) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 5'015'968 2.3 3'457'379 28.02.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'857'111 2.23 891'004 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'738'088 1.71 1'110'564 31.12.2012 Investment Advisor
LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 3'632'636 1.66 (281'322) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 3'478'934 1.59 619'648 31.01.2013 Investment Advisor
SECTORAL ASSET MANAG SECTORAL ASSET MANAG 13F 3'397'168 1.56 (267'942) 31.12.2012 Hedge Fund Manager
WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'097'022 1.42 (57'718) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'093'350 1.42 1'332'387 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'700'464 1.24 (48'444) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 25.03.2013
JPMorgan GEOFFREY MEACHAM overweight 5 M 86 9 month 21.03.2013
JMP Securities LIISA A BAYKO market outperform 4 M 100 12 month 20.03.2013
ISI Group MARK J SCHOENEBAUM buy 5 M 58 12 month 18.03.2013
Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 66 12 month 11.03.2013
Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 11.03.2013
RBC Capital Markets MICHAEL J YEE outperform 5 M 70 12 month 06.03.2013
S&P Capital IQ STEVEN SILVER buy 5 M 60 Not Provided 05.03.2013
Morgan Stanley DAVID FRIEDMAN Equalwt/In-Line 3 M 45 12 month 04.03.2013
Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 53 12 month 04.03.2013
William Blair & Co Y KATHERINE XU outperform 5 M 69 12 month 04.03.2013
Maxim Group LLC JASON KOLBERT buy 5 M 60 12 month 04.03.2013
Credit Suisse RAVI MEHROTRA neutral 3 M 48 Not Provided 27.02.2013
Janney Montgomery Scott LLC KIMBERLY LEE buy 5 M 54 12 month 27.02.2013
Needham & Co ALAN CARR buy 5 M 65 12 month 27.02.2013
Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 27.02.2013
Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 27.02.2013
Piper Jaffray EDWARD A TENTHOFF neutral 3 M 57 12 month 27.02.2013
Summer Street Research Partners CAROL A WERTHER buy 5 M 56 12 month 27.02.2013
Barclays YING HUANG overweight 5 M 68 Not Provided 27.02.2013
Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 26.02.2013
Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 14.02.2013
Goldman Sachs TERENCE FLYNN sell/attractive 1 M 38 12 month 13.12.2012
Deutsche Bank ROBYN KARNAUSKAS buy 5 M 75 12 month 06.12.2012
Holdings By:
Vertex Pharmaceuticals Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 190
27.03.2013
Viacom Inc. produces media entertainment content. The Company creates and
acquires programming for television, the Internet, mobile devices, video games,
and other consumer electronics products. Viacom also produces, finances, and
distributes motion pictures to movie theaters and on DVDs, television, digital
and other platforms internationally.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (14.03.2013) 63.99
52-Week Low (03.08.2012) 44.85
Daily Volume
61.34
52-Week High % Change -4.13% Dividend Yield 1.75
52-Week Low % Change 36.77% Beta -
% 52 Week Price Range High/Low 86.18% Equity Float 441.47
Shares Out 15.01.2013 443.8 Short Int 7.34
30'441.84 1 Yr Total Return 31.44%
Total Debt 8'149.00 YTD Return 16.82%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 170.0 Analyst Recs 35
Cash and Equivalents 848.00 Consensus Rating 4.114
Enterprise Value 38'325.84
Average Volume 5 Day 665'123
VIAB UW EQUITY YTD Change - Average Volume 30 Day 869'900
VIAB UW EQUITY YTD % CHANGE - Average Volume 3 Month 946'932
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
14'625.0 13'619.0 - 14'914.0 13'887.0 15'038.0 13'249.0 13'796.3 14'411.7 3'200.6 3'590.6
1.30x 1.82x - 1.90x 2.49x 8.55x 10.00x 2.80x 2.73x 12.03x 10.78x
2'928.0 3'295.0 - 4'125.0 4'137.0 4'092.0 3'913.0 4'222.3 4'474.1 904.9 1'167.5
6.50x 7.52x - 6.88x 8.37x 7.78x 8.70x 9.08x 8.57x 8.74x 8.62x
1'251.0 1'611.0 - 2'136.0 1'981.0 1'738.0 2'239.0 2'315.1 2'460.9 476.0 651.5
8.01x 11.57x - 10.25x 12.73x 11.83x 12.56x 13.03x 11.40x 12.30x 11.93x
EBITDA 4'137.00 Long-Term Rating Date 29.07.2010
EBIT 3'901.00 Long-Term Rating BBB+
Operating Margin 28.09% Long-Term Outlook STABLE
Pretax Margin 24.99% Short-Term Rating Date 01.07.2009
Return on Assets 10.00% Short-Term Rating A-2
Return on Common Equity 29.50%
Return on Capital 16.24% EBITDA/Interest Exp. 9.73
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 9.37
Net Debt/EBITDA 1.97
Gross Margin 49.6% Total Debt/EBITDA 2.14
EBITDA Margin 29.5%
EBIT Margin 27.8% Total Debt/Equity 109.4%
Net Income Margin 14.3% Total Debt/Capital 51.7%
Asset Turnover 0.59
Current Ratio 1.27 Net Fixed Asset Turnover 12.65
Quick Ratio 0.88 Accounts receivable turnover-days 78.76
Debt to Assets 36.62% Inventory Days 46.09
Tot Debt to Common Equity 109.41% Accounts Payable Turnover Day 14.31
Accounts Receivable Turnover 4.65 Cash Conversion Cycle 94.98
Inventory Turnover 7.94
Fiscal Year Ended
Viacom IncPrice/Volume
Valuation Analysis
523'284.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 191
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 27'912'240 6.29 2'216'492 25.03.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 21'332'067 4.81 (1'023'522) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 20'456'391 4.61 (114'878) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 19'654'657 4.43 488'860 26.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 17'653'439 3.98 (4'250'834) 31.12.2012 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 14'671'342 3.31 1'311'187 28.02.2013 Unclassified
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'227'118 2.76 (394'750) 31.12.2012 Investment Advisor
YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 11'125'914 2.51 (919'049) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 8'696'805 1.96 (1'038'400) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'451'839 1.9 2'109'419 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'369'726 1.89 (410'113) 31.12.2012 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 7'607'200 1.71 - 31.12.2012 Investment Advisor
LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 7'477'711 1.68 7'477'711 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 7'150'598 1.61 (505'843) 31.12.2012 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 6'688'470 1.51 (1'049'307) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'645'993 1.5 246'859 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'259'248 1.41 (103'712) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 6'201'501 1.4 (58'140) 31.12.2012 Government
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'429'025 1.22 (555'990) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 5'227'927 1.18 125'147 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TODD JUENGER underperform 1 M 58 12 month 25.03.2013
Nomura MICHAEL NATHANSON buy 5 M 66 12 month 25.03.2013
Lazard Capital Markets BARTON CROCKETT buy 5 M 71 12 month 24.03.2013
Needham & Co LAURA A MARTIN buy 5 M 63 12 month 15.03.2013
Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 11.03.2013
Pivotal Research Group LLC BRIAN WIESER buy 5 M 77 12 month 08.03.2013
Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 64 12 month 07.03.2013
Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 04.03.2013
B Riley & Company, Inc DAVID W MILLER buy 5 M 68 Not Provided 04.03.2013
Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 04.03.2013
Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 21.02.2013
Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 72 Not Provided 10.02.2013
Wedbush JAMES G DIX neutral 3 D 63 12 month 07.02.2013
Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 05.02.2013
Evercore Partners ALAN GOULD equalweight 3 M 62 12 month 05.02.2013
Atlantic Equities LLP HAMILTON FABER neutral 3 M 66 12 month 05.02.2013
Stifel DREW E CRUM buy 5 M 65 12 month 04.02.2013
Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 65 12 month 01.02.2013
Credit Suisse MICHAEL SENNO neutral 3 M 58 Not Provided 01.02.2013
Macquarie TIMOTHY W NOLLEN neutral 3 M 62 12 month 01.02.2013
Wunderlich Securities MATTHEW HARRIGAN hold 3 M 56 12 month 01.02.2013
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 01.02.2013
Piper Jaffray JAMES M MARSH JR neutral 3 D 58 12 month 01.02.2013
EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 01.02.2013
RBC Capital Markets DAVID BANK outperform 5 M 64 12 month 31.01.2013
Janney Montgomery Scott LLC TONY WIBLE buy 5 M 65 12 month 31.01.2013
Davenport & Co MICHAEL C MORRIS buy 5 M 67 12 month 31.01.2013
S&P Capital IQ TUNA AMOBI buy 5 M 66 Not Provided 31.01.2013
Maxim Group LLC JOHN TINKER buy 5 M 68 12 month 31.01.2013
Susquehanna Financial Group VASILY KARASYOV Positive 4 M 65 12 month 31.01.2013
Barclays ANTHONY J DICLEMENTE overweight 5 M 68 Not Provided 31.01.2013
JPMorgan ALEXIA S QUADRANI overweight 5 M 66 9 month 29.01.2013
Goldman Sachs DREW BORST buy/attractive 5 U 68 12 month 22.01.2013
BTIG LLC RICHARD GREENFIELD buy 5 M 50 12 month 14.01.2011
Holdings By:
Viacom Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 192
27.03.2013
Virgin Media Inc. is a provider of broadband internet, television, mobile
telephony and fixed line telephony services that offer a variety of
entertainment and communications services to residential and commercial
customers throughout the U.K.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 48.18
52-Week Low (18.05.2012) 21.25
Daily Volume
48.11
52-Week High % Change -0.15% Dividend Yield 0.50
52-Week Low % Change 126.40% Beta 0.87
% 52 Week Price Range High/Low 99.74% Equity Float 268.38
Shares Out 04.02.2013 269.3 Short Int 28.26
12'958.01 1 Yr Total Return 97.85%
Total Debt 5'929.10 YTD Return 31.02%
Preferred Stock 0.0 Adjusted BETA 0.874
Minority Interest 0.0 Analyst Recs 18
Cash and Equivalents 206.30 Consensus Rating 3.333
Enterprise Value 14'288.38
Average Volume 5 Day 904'666
VMED UW EQUITY YTD Change - Average Volume 30 Day 1'254'359
VMED UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'523'579
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'776.8 3'663.9 3'875.8 3'991.8 4'100.5 3'991.8 4'100.5 4'255.4 4'389.1 1'053.0 1'068.0
1.88x 2.45x 2.88x 2.38x 2.88x 10.52x 10.33x 3.31x 3.19x - -
1'301.7 1'348.9 1'510.2 1'590.2 1'653.5 1'590.2 1'653.5 1'743.8 1'809.0 425.0 444.0
5.46x 6.67x 7.39x 5.98x 7.15x 5.98x 7.15x 8.19x 7.90x 8.02x -
(920.0) (357.8) (141.4) 75.9 2'852.6 75.9 2'852.6 408.3 498.3 38.5 118.0
- - - 29.33x 20.76x 29.97x 21.76x 20.67x 15.68x 22.21x -
EBITDA 1'653.50 Long-Term Rating Date 06.02.2013
EBIT 701.80 Long-Term Rating BB *-
Operating Margin 17.11% Long-Term Outlook -
Pretax Margin 6.37% Short-Term Rating Date -
Return on Assets 30.93% Short-Term Rating -
Return on Common Equity 150.28%
Return on Capital - EBITDA/Interest Exp. 4.15
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 2.18
Net Debt/EBITDA 3.46
Gross Margin 60.3% Total Debt/EBITDA 3.59
EBITDA Margin 40.3%
EBIT Margin 17.1% Total Debt/Equity 187.8%
Net Income Margin 69.6% Total Debt/Capital 65.3%
Asset Turnover 0.44
Current Ratio 0.67 Net Fixed Asset Turnover 0.90
Quick Ratio 0.53 Accounts receivable turnover-days 39.24
Debt to Assets 56.44% Inventory Days 1.47
Tot Debt to Common Equity 187.77% Accounts Payable Turnover Day 74.02
Accounts Receivable Turnover 9.33 Cash Conversion Cycle -33.31
Inventory Turnover 248.73
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Virgin Media IncPrice/Volume
Valuation Analysis
768'591.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 193
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 67'738'315 25.15 (10'701'700) 28.02.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 21'521'125 7.99 (8'373) 31.12.2012 Bank
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 17'425'463 6.47 (73'760) 31.12.2012 Investment Advisor
COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 16'109'508 5.98 - 31.12.2012 Hedge Fund Manager
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 10'948'447 4.06 1'467'296 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 10'865'101 4.03 (1'410'417) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'623'866 3.94 (77'084) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 9'548'492 3.55 (1'495'052) 31.12.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 9'532'507 3.54 (2'911'928) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'864'855 2.92 (423'785) 31.12.2012 Investment Advisor
TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 6'959'260 2.58 (2'051'750) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'425'839 2.39 (412'968) 25.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'616'796 2.09 (649'743) 31.01.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'550'366 2.06 (2'507'819) 31.12.2012 Investment Advisor
GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 4'920'000 1.83 - 31.12.2012 Hedge Fund Manager
STATE STREET n/a ULT-AGG 4'692'969 1.74 53'958 31.12.2012 Investment Advisor
BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 4'600'000 1.71 4'600'000 31.12.2012 Hedge Fund Manager
LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 4'093'694 1.52 3'629'865 31.12.2012 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'924'506 1.46 (1'269'016) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'870'260 1.44 574'260 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wunderlich Securities MATTHEW HARRIGAN buy 5 M 55 18 month 26.03.2013
Peel Hunt PATRICK YAU hold 3 M 46 Not Provided 25.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 45 12 month 13.03.2013
Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 49 Not Provided 08.03.2013
Berenberg Bank STUART GORDON hold 3 M 47 Not Provided 06.03.2013
Evercore Partners BRYAN KRAFT equalweight 3 D 47 12 month 12.02.2013
Deutsche Bank DAVID A WRIGHT hold 3 D 50 12 month 07.02.2013
Macquarie GUY R PEDDY neutral 3 D 46 12 month 07.02.2013
Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 D 46 Not Provided 07.02.2013
New Street Research FRANK KNOWLES Under Review #N/A N/A M #N/A N/A Not Provided 07.02.2013
Barclays MICHAEL BISHOP overweight 5 M 48 Not Provided 07.02.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 07.02.2013
Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 31 12 month 06.02.2013
Jefferies JEREMY A DELLIS hold 3 M 33 12 month 06.02.2013
Nomura HENRIK NYBLOM buy 5 M 40 12 month 06.02.2013
Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013
JPMorgan CARL MURDOCK-SMITH restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013
Credit Suisse PAUL SIDNEY restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013
HSBC ADAM M RUMLEY overweight 5 M 43 Not Provided 12.11.2012
Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 04.09.2012
Holdings By:
Virgin Media Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 194
27.03.2013
Vodafone Group Plc provides a range of mobile telecommunications services,
including voice and data communications. Vodafone has equity interests in 28
countries and Partner Networks in a further 7 countries with almost all the
Group's mobile subsidiaries operating principally under the brand name Vodafone.
In the United States their associated undertaking operates as Verizon Wireless.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (08.08.2012) 30.07
52-Week Low (21.02.2013) 24.42
Daily Volume
28.64
52-Week High % Change -4.76% Dividend Yield -
52-Week Low % Change 17.28% Beta 0.75
% 52 Week Price Range High/Low 74.69% Equity Float -
Shares Out 26.03.2013 4'892.3 Short Int 9.36
140'115.19 1 Yr Total Return 8.99%
Total Debt 34'706.00 YTD Return 13.70%
Preferred Stock 0.0 Adjusted BETA 0.752
Minority Interest 1'267.0 Analyst Recs 6
Cash and Equivalents 8'461.00 Consensus Rating 4.000
Enterprise Value -
Average Volume 5 Day 1'849'126
VOD UW EQUITY YTD Change - Average Volume 30 Day 3'209'056
VOD UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'548'405
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
35'478.0 41'017.0 44'472.0 45'884.0 46'417.0 46'525.0 44'447.0 45'079.4 45'316.5 - -
2.93x 2.36x 2.54x 2.67x 2.43x 0.00x 0.00x - - - -
13'123.0 14'520.0 14'820.0 14'668.0 18'214.0 0.0 0.0 13'309.2 13'290.1 - -
7.93x 6.67x 7.62x 8.35x 6.20x 0.00x 0.00x - - - -
6'660.0 3'078.0 8'645.0 7'968.0 6'957.0 0.0 0.0 8'142.2 8'548.0 - -
- - - - - 0.00x 0.00x 11.62x 11.15x - -
EBITDA 18'214.00 Long-Term Rating Date 30.05.2006
EBIT 10'355.00 Long-Term Rating A-
Operating Margin 22.31% Long-Term Outlook STABLE
Pretax Margin 20.57% Short-Term Rating Date 30.05.2006
Return on Assets -1.22% Short-Term Rating A-2
Return on Common Equity -2.22%
Return on Capital -3.81% EBITDA/Interest Exp. 9.43
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 6.96
Net Debt/EBITDA 1.51
Gross Margin 32.0% Total Debt/EBITDA 2.06
EBITDA Margin 31.1%
EBIT Margin 14.3% Total Debt/Equity 45.1%
Net Income Margin 15.0% Total Debt/Capital 30.7%
Asset Turnover 0.32
Current Ratio 0.83 Net Fixed Asset Turnover 2.41
Quick Ratio 0.51 Accounts receivable turnover-days 97.36
Debt to Assets 24.87% Inventory Days 6.89
Tot Debt to Common Equity 45.11% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.76 Cash Conversion Cycle -14.42
Inventory Turnover 53.11
Fiscal Year Ended
Vodafone Group PLCPrice/Volume
Valuation Analysis
1'846'399.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 195
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 45'364'547 0.93 1'801'302 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 30'692'969 0.63 (893'927) 31.12.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 29'093'934 0.59 (1'007'886) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 24'142'133 0.49 (816'942) 31.12.2012 Investment Advisor
BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 22'026'860 0.45 (229'054) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 18'034'949 0.37 (46'157) 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 16'309'108 0.33 678'457 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 15'551'430 0.32 3'409'811 25.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 15'077'867 0.31 999'300 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'781'495 0.26 (652'843) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'472'680 0.23 (705'862) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 10'689'113 0.22 (2'337'983) 31.12.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 9'732'151 0.2 345'250 31.01.2013 Investment Advisor
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 9'574'678 0.2 - 31.12.2012 Insurance Company
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 9'441'183 0.19 (360'362) 31.12.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 9'168'053 0.19 66'747 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 8'083'610 0.17 328'670 31.12.2012 Unclassified
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 7'608'755 0.16 - 30.09.2012 Insurance Company
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 7'016'978 0.14 (1'620'266) 31.12.2012 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 7'012'239 0.14 (2'793'264) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 33 12 month 26.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 21 12 month 14.03.2013
Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 13.03.2013
Robert W. Baird & Co WILLIAM V POWER outperform 5 M 30 12 month 13.03.2013
Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 07.02.2013
EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013
Holdings By:
Vodafone Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 196
27.03.2013
Western Digital Corporation is a global provider of solutions for the
collection, storage, management, protection and use of digital content,
including audio and video. The Company's products include hard drives,
solid-state drives, and home entertainment and networking products.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 50.89
52-Week Low (28.06.2012) 28.32
Daily Volume
48.66
52-Week High % Change -4.38% Dividend Yield 0.51
52-Week Low % Change 71.82% Beta -
% 52 Week Price Range High/Low 90.12% Equity Float 213.85
Shares Out 23.01.2013 240.7 Short Int 7.02
11'710.78 1 Yr Total Return -
Total Debt 2'185.00 YTD Return 15.11%
Preferred Stock - Adjusted BETA -
Minority Interest - Analyst Recs 28
Cash and Equivalents 3'208.00 Consensus Rating 3.571
Enterprise Value 10'022.78
Average Volume 5 Day 677'511
WDC UW EQUITY YTD Change - Average Volume 30 Day 716'869
WDC UW EQUITY YTD % CHANGE - Average Volume 3 Month 896'111
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
8'074.0 7'453.0 9'850.0 9'526.0 12'478.0 9'344.0 15'648.0 15'048.3 14'751.0 3'614.5 3'570.2
0.90x 0.62x 0.47x 0.56x 0.52x 1.87x 2.11x 0.62x 0.53x 2.65x 2.58x
1'419.0 1'106.0 2'035.0 1'383.0 2'890.0 1'549.0 3'716.0 3'326.3 3'131.2 757.0 764.0
5.11x 4.15x 2.28x 3.86x 2.24x 2.31x 2.23x 3.01x 3.20x 3.09x 3.01x
867.0 470.0 1'382.0 726.0 1'612.0 688.0 2'082.0 1'929.1 1'817.2 431.9 424.9
8.07x 11.06x 5.03x 11.17x 3.92x 7.64x 4.51x 6.11x 6.21x 6.37x 6.22x
EBITDA 2'890.00 Long-Term Rating Date 29.04.1999
EBIT 2'065.00 Long-Term Rating NR
Operating Margin 16.55% Long-Term Outlook -
Pretax Margin 14.08% Short-Term Rating Date -
Return on Assets 19.16% Short-Term Rating -
Return on Common Equity 29.39%
Return on Capital 25.65% EBITDA/Interest Exp. 111.15
Asset Turnover 1.44% (EBITDA-Capex)/Interest Exp. 83.58
Net Debt/EBITDA -0.45
Gross Margin 29.2% Total Debt/EBITDA 0.57
EBITDA Margin 23.7%
EBIT Margin 16.4% Total Debt/Equity 28.5%
Net Income Margin 12.9% Total Debt/Capital 22.2%
Asset Turnover 1.44
Current Ratio 1.77 Net Fixed Asset Turnover 5.19
Quick Ratio 1.38 Accounts receivable turnover-days 28.83
Debt to Assets 15.38% Inventory Days 27.76
Tot Debt to Common Equity 28.49% Accounts Payable Turnover Day 47.79
Accounts Receivable Turnover 12.62 Cash Conversion Cycle 5.90
Inventory Turnover 13.11
Fiscal Year Ended
Western Digital CorpPrice/Volume
Valuation Analysis
1'120'354.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HITACHI LTD n/a ULT-AGG 25'000'000 10.39 - 17.09.2012 Corporation
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'363'112 5.97 (303'477) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'722'308 4.87 (3'211'794) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 9'062'161 3.77 (764'673) 25.03.2013 Investment Advisor
ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 8'852'610 3.68 1'070'249 31.12.2012 Investment Advisor
FIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 6'662'900 2.77 (1'393'600) 31.12.2012 Investment Advisor
CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 6'319'955 2.63 1'584'764 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'689'830 2.36 (278'610) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 5'407'491 2.25 848'713 31.12.2012 Investment Advisor
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'620'895 1.92 (499'946) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'772'247 1.57 2'334'512 31.12.2012 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 3'448'194 1.43 101'212 31.12.2012 Investment Advisor
HERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 3'125'852 1.3 188'163 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'090'511 1.28 (56'703) 31.12.2012 Investment Advisor
COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 3'063'188 1.27 3'003'257 31.12.2012 Bank
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'019'274 1.25 525'076 31.12.2012 Investment Advisor
BRANDYWINE GLOBAL IN BRANDYWINE GLOBAL IN 13F 2'968'439 1.23 1'265'072 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'865'152 1.19 1'173'309 31.12.2012 Government
FMR LLC n/a ULT-AGG 2'743'512 1.14 1'071'930 31.12.2012 Investment Advisor
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 2'526'308 1.05 641'724 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets AMIT DARYANANI outperform 5 N 55 12 month 26.03.2013
Brean Murray Carret & Co ANANDA BARUAH buy 5 M 54 12 month 26.03.2013
Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 20.03.2013
Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 15.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 15.03.2013
BMO Capital Markets KEITH F BACHMAN market perform 3 M 45 Not Provided 14.03.2013
Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 51 Not Provided 13.03.2013
Lazard Capital Markets EDWARD PARKER buy 5 M 54 12 month 12.03.2013
Cross Research STEVEN B FOX hold 3 M 49 12 month 12.03.2013
Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 06.03.2013
Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 30.01.2013
Credit Agricole Securities (USA) AVI SILVER underperform 1 M 47 Not Provided 29.01.2013
Deutsche Bank SHERRI SCRIBNER buy 5 M 60 12 month 24.01.2013
Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 24.01.2013
Goldman Sachs WILLIAM C SHOPE JR neutral/neutral 3 M 40 6 month 24.01.2013
JPMorgan MARK A MOSKOWITZ neutral 3 M 40 9 month 24.01.2013
Needham & Co RICHARD J KUGELE strong buy 5 M 52 12 month 24.01.2013
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 50 12 month 24.01.2013
Stifel AARON C RAKERS buy 5 M 55 12 month 24.01.2013
Noble Financial Group MARK S MILLER buy 5 M 52 12 month 24.01.2013
Craig-Hallum Capital Group LLC CHRISTIAN SCHWAB buy 5 M 54 12 month 24.01.2013
Barclays BENJAMIN A REITZES equalweight 3 M 45 Not Provided 24.01.2013
FBN Securities SHEBLY SEYRAFI sector perform 3 M 50 12 month 24.01.2013
Evercore Partners ROBERT CIHRA overweight 5 M 55 12 month 23.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 14.01.2013
S&P Capital IQ JIM YIN sell 1 M 27 Not Provided 30.11.2012
Holdings By:
Western Digital Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 198
27.03.2013
Whole Foods Market, Inc. owns and operates a chain of natural food supermarkets
in the United States. The Company's stores provides full range of merchandise,
featuring products that are free of artificial flavors, sweeteners, colors,
preservatives, and added chemicals. Whole Foods also develops, produces, and
markets nutriceuticals and nutritional supplements.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (05.10.2012) 99.67
52-Week Low (05.04.2012) 79.38
Daily Volume
86.87
52-Week High % Change -12.84% Dividend Yield 3.02
52-Week Low % Change 9.43% Beta 0.96
% 52 Week Price Range High/Low 36.91% Equity Float 183.51
Shares Out 15.02.2013 185.3 Short Int 4.13
16'099.79 1 Yr Total Return 6.23%
Total Debt 24.12 YTD Return -4.67%
Preferred Stock 0.0 Adjusted BETA 0.964
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 1'220.23 Consensus Rating 3.969
Enterprise Value 15'198.79
Average Volume 5 Day 511'662
WFM UW EQUITY YTD Change - Average Volume 30 Day 727'010
WFM UW EQUITY YTD % CHANGE - Average Volume 3 Month 604'046
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
7'953.9 8'031.6 9'005.8 10'107.8 11'698.8 10'495.1 12'163.9 13'059.2 14'930.6 3'028.7 3'101.3
0.48x 0.59x 0.71x 1.14x 1.44x 4.35x 5.23x 1.16x 1.00x 4.97x 4.85x
485.5 551.0 762.8 883.9 1'111.8 934.2 1'170.5 1'214.5 1'413.1 298.5 304.8
7.82x 8.65x 8.42x 13.08x 15.17x 13.34x 13.57x 12.51x 10.76x 11.93x 11.43x
114.5 146.8 245.8 342.6 465.6 372.2 493.2 540.5 647.8 137.4 138.2
21.96x 29.06x 23.02x 32.32x 35.94x 32.46x 31.77x 30.23x 25.54x 28.86x 27.60x
EBITDA 1'111.84 Long-Term Rating Date 07.08.2012
EBIT 800.29 Long-Term Rating BBB-
Operating Margin 6.84% Long-Term Outlook STABLE
Pretax Margin 6.43% Short-Term Rating Date -
Return on Assets 10.27% Short-Term Rating -
Return on Common Equity 14.67%
Return on Capital 14.57% EBITDA/Interest Exp. 1314.23
Asset Turnover 2.53% (EBITDA-Capex)/Interest Exp. 774.93
Net Debt/EBITDA -0.77
Gross Margin 35.5% Total Debt/EBITDA 0.02
EBITDA Margin 9.6%
EBIT Margin 7.0% Total Debt/Equity 0.6%
Net Income Margin 4.0% Total Debt/Capital 0.6%
Asset Turnover 2.53
Current Ratio 2.15 Net Fixed Asset Turnover 5.75
Quick Ratio 1.45 Accounts receivable turnover-days 5.41
Debt to Assets 0.46% Inventory Days 18.41
Tot Debt to Common Equity 0.63% Accounts Payable Turnover Day 11.06
Accounts Receivable Turnover 68.57 Cash Conversion Cycle 11.54
Inventory Turnover 20.16
Fiscal Year Ended
Whole Foods Market IncPrice/Volume
Valuation Analysis
286'737.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 199
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'110'126 5.99 (59'264) 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 9'822'593 5.3 86'880 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'819'236 5.3 (64'386) 25.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'695'592 5.23 2'547'726 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 7'717'483 4.16 225'139 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 7'096'216 3.83 56'020 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'551'626 3.54 (961'753) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'417'783 2.38 285'109 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'158'633 2.24 381'633 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'689'977 1.99 439'586 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'094'554 1.67 (858'303) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'868'018 1.55 (289'568) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 2'822'000 1.52 (406'600) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'699'598 1.46 (144'121) 31.12.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'100'974 1.13 35'900 31.12.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 2'040'189 1.1 1'287'030 31.12.2012 Government
ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 1'941'788 1.05 582'564 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'557'922 0.84 14'611 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'540'444 0.83 (153'770) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'526'265 0.82 96'533 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray SEAN NAUGHTON neutral 3 D 89 12 month 25.03.2013
Northcoast Research CHARLES E CERANKOSKY buy 5 M 112 12 month 25.03.2013
Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 110 12 month 20.03.2013
Raymond James BENJAMIN BROWNLOW market perform 3 N #N/A N/A Not Provided 19.03.2013
Longbow Research PHILIP TERPOLILLI neutral 3 M #N/A N/A Not Provided 19.03.2013
SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 105 12 month 18.03.2013
Edward Jones BRIAN YARBROUGH buy 5 U #N/A N/A Not Provided 12.03.2013
Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 110 12 month 06.03.2013
Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.02.2013
BMO Capital Markets KAREN SHORT outperform 5 M 105 Not Provided 19.02.2013
Cantor Fitzgerald AJAY JAIN buy 5 M 104 12 month 19.02.2013
CL King & Associates ERIC J LARSON neutral 3 M 88 12 month 19.02.2013
Goldman Sachs STEPHEN GRAMBLING Buy/Neutral 5 M 103 12 month 18.02.2013
Deutsche Bank SHANE HIGGINS buy 5 M 100 12 month 15.02.2013
Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 15.02.2013
RBC Capital Markets EDWARD AARON outperform 5 M 100 12 month 14.02.2013
JPMorgan KENNETH GOLDMAN overweight 5 M 103 9 month 14.02.2013
William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 14.02.2013
Canaccord Genuity Corp SCOTT VAN WINKLE buy 5 M 112 12 month 14.02.2013
BB&T Capital Markets ANDREW P WOLF hold 3 M #N/A N/A Not Provided 14.02.2013
Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 105 12 month 14.02.2013
Cowen and Company PAUL L WESTRA outperform 5 M #N/A N/A Not Provided 14.02.2013
Barclays MEREDITH ADLER equalweight 3 M 88 Not Provided 14.02.2013
Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 105 12 month 14.02.2013
Credit Suisse EDWARD J KELLY neutral 3 M 90 Not Provided 13.02.2013
Williams Capital Group MARC RIDDICK market perform 3 M 99 12 month 13.02.2013
Wells Fargo Securities, LLC KATE WENDT outperform 5 M #N/A N/A Not Provided 13.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ JOSEPH AGNESE hold 3 D 99 12 month 08.11.2012
Gabelli & Co JUSTYN PUTNAM buy 5 N #N/A N/A Not Provided 28.11.2008
Holdings By:
Whole Foods Market Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 200
27.03.2013
Wynn Resorts Limited owns and operates luxury hotels and destination casino
resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest
rooms and suites, restaurants, a golf course, and an on-site luxury automotive
dealership.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 129.66
52-Week Low (26.07.2012) 84.49
Daily Volume
124.54
52-Week High % Change -3.95% Dividend Yield 7.63
52-Week Low % Change 47.40% Beta 1.28
% 52 Week Price Range High/Low 88.67% Equity Float 80.32
Shares Out 13.03.2013 100.9 Short Int 4.53
12'567.55 1 Yr Total Return 5.53%
Total Debt 5'810.76 YTD Return 11.61%
Preferred Stock 0.0 Adjusted BETA 1.284
Minority Interest 363.0 Analyst Recs 30
Cash and Equivalents 1'725.22 Consensus Rating 4.233
Enterprise Value 17'016.05
Average Volume 5 Day 306'871
WYNN UW EQUITY YTD Change - Average Volume 30 Day 353'823
WYNN UW EQUITY YTD % CHANGE - Average Volume 3 Month 398'978
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'987.3 3'045.6 4'184.7 5'269.8 5'154.3 5'269.8 5'154.3 5'388.8 5'665.5 1'364.5 1'349.0
2.64x 2.92x 3.61x 3.02x 3.06x 13.17x 12.59x 3.11x 3.01x 12.26x 12.37x
607.9 674.0 1'056.0 1'536.9 1'442.5 1'536.9 1'442.5 1'662.9 1'710.7 409.5 431.6
12.99x 13.18x 14.29x 10.36x 10.95x 10.36x 10.95x 10.23x 9.95x 10.17x 10.00x
210.5 20.7 160.1 613.4 502.0 613.4 502.0 611.4 675.6 153.5 158.8
16.84x 215.67x 48.75x 19.02x 21.55x 19.02x 21.35x 20.47x 18.52x 20.45x 20.10x
EBITDA 1'442.45 Long-Term Rating Date 10.06.2011
EBIT 1'069.25 Long-Term Rating BB+
Operating Margin 20.74% Long-Term Outlook STABLE
Pretax Margin 14.22% Short-Term Rating Date -
Return on Assets 7.08% Short-Term Rating -
Return on Common Equity -
Return on Capital 17.87% EBITDA/Interest Exp. 4.96
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 4.13
Net Debt/EBITDA 2.83
Gross Margin 36.9% Total Debt/EBITDA 4.03
EBITDA Margin 28.0%
EBIT Margin 20.7% Total Debt/Equity -
Net Income Margin 9.7% Total Debt/Capital 98.2%
Asset Turnover 0.73
Current Ratio 1.95 Net Fixed Asset Turnover 1.07
Quick Ratio 1.74 Accounts receivable turnover-days 16.94
Debt to Assets 79.86% Inventory Days 7.65
Tot Debt to Common Equity - Accounts Payable Turnover Day 18.98
Accounts Receivable Turnover 21.61 Cash Conversion Cycle 5.60
Inventory Turnover 47.87
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Wynn Resorts LtdPrice/Volume
Valuation Analysis
371'666.00
Current Price (3/dd/yy) Market Data
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5'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 201
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WADDELL & REED FINAN WADDELL & REED FINAN 13F 15'039'402 14.9 434'885 31.12.2012 Investment Advisor
WYNN STEPHEN A n/a PROXY 10'026'708 9.94 - 13.12.2012 n/a
WYNN ELAINE P n/a Form 4 9'659'355 9.57 (82'795) 04.02.2013 n/a
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'410'939 5.36 515'471 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'603'200 4.56 2'386'800 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'181'036 4.14 155'885 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'561'098 3.53 128'934 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'115'910 3.09 141'999 26.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 3'044'202 3.02 582'867 31.12.2012 Investment Advisor
LATEEF INVESTMENT MA LATEEF INVESTMENT MA 13F 2'552'192 2.53 63'898 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'781'415 1.77 55'727 31.12.2012 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'469'017 1.46 - 31.01.2013 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'374'520 1.36 179'320 31.12.2012 Investment Advisor
PACIFIC HEIGHTS ASSE PACIFIC HEIGHTS ASSE 13F 1'208'000 1.2 - 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'007'868 1 678'903 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 994'084 0.99 (12'807) 31.12.2012 Investment Advisor
SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 990'000 0.98 990'000 31.12.2012 Hedge Fund Manager
BAMCO INC BAMCO INC 13F 921'613 0.91 (87'840) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 798'333 0.79 17'786 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 794'161 0.79 107'904 31.12.2012 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets JOHN KEMPF outperform 5 M 133 12 month 26.03.2013
Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 146 12 month 26.03.2013
Cantor Fitzgerald ROBERT A LAFLEUR buy 5 M 151 12 month 25.03.2013
Lazard Capital Markets JAKE FULLER buy 5 M 145 12 month 25.03.2013
ISI Group IAN WEISSMAN buy 5 M 144 12 month 24.03.2013
Wells Fargo Securities, LLC CAMERON MCKNIGHT outperform 5 M #N/A N/A Not Provided 21.03.2013
Stifel STEVEN M WIECZYNSKI hold 3 M #N/A N/A Not Provided 12.03.2013
Compass Point Research & Trading LLC MICHAEL TURNER neutral 3 M 119 12 month 04.03.2013
JPMorgan JOSEPH R GREFF overweight 5 M 148 9 month 01.03.2013
Janney Montgomery Scott LLC BRIAN MCGILL buy 5 M 175 12 month 19.02.2013
Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 131 Not Provided 10.02.2013
Morgan Stanley THOMAS ALLEN Equalwt/In-Line 3 M 127 12 month 04.02.2013
Deutsche Bank CARLO SANTARELLI buy 5 M 146 12 month 01.02.2013
Macquarie CHAD BEYNON neutral 3 M 119 12 month 01.02.2013
Sterne, Agee & Leach DAVID BAIN neutral 3 M 120 12 month 01.02.2013
Nomura HARRY C CURTIS buy 5 M 141 12 month 01.02.2013
S&P Capital IQ ESTHER KWON buy 5 M 140 Not Provided 01.02.2013
Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 01.02.2013
Craig-Hallum Capital Group LLC BRYAN MAHER buy 5 M 150 12 month 01.02.2013
Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 130 12 month 01.02.2013
Credit Agricole Securities (USA) JON OH outperform 5 M 132 Not Provided 01.02.2013
Barclays FELICIA R KANTOR HENDRIX overweight 5 M 139 Not Provided 01.02.2013
Credit Suisse JOEL H SIMKINS outperform 5 M 144 Not Provided 31.01.2013
Union Gaming Research BILL LERNER buy 5 U 150 12 month 31.01.2013
Goldman Sachs STEVEN KENT Buy/Neutral 5 M 159 12 month 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Imperial Capital LLC GREGG M KLEIN outperform 5 M 145 12 month 07.01.2013
Phillip Securities MAGDALENE CHOONG neutral 3 N #N/A N/A Not Provided 18.07.2012
Holdings By:
Wynn Resorts Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 202
27.03.2013
Xilinx, Inc. designs, develops, and markets complete programmable logic
solutions. The Company's solutions include advanced integrated circuits,
software design tools, predefined system functions delivered as cores of logic,
and field engineering support. Xilinx sells its products through several
channels of distribution to customers in the United States and overseas.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (19.02.2013) 39.43
52-Week Low (24.07.2012) 30.25
Daily Volume
38.2
52-Week High % Change -3.12% Dividend Yield 2.23
52-Week Low % Change 26.28% Beta 1.17
% 52 Week Price Range High/Low 86.60% Equity Float 261.13
Shares Out 18.01.2013 261.6 Short Int 7.63
9'991.66 1 Yr Total Return 7.63%
Total Debt 906.57 YTD Return 7.05%
Preferred Stock 0.0 Adjusted BETA 1.173
Minority Interest 0.0 Analyst Recs 31
Cash and Equivalents 1'917.63 Consensus Rating 3.774
Enterprise Value 9'223.91
Average Volume 5 Day 516'817
XLNX UW EQUITY YTD Change - Average Volume 30 Day 992'947
XLNX UW EQUITY YTD % CHANGE - Average Volume 3 Month 915'216
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'841.4 1'825.2 1'833.6 2'369.4 2'240.7 2'269.6 2'195.5 2'169.5 2'305.0 529.6 556.0
3.38x 2.45x 3.30x 3.17x 3.84x 13.27x 15.02x 4.27x 3.87x 17.39x 16.48x
496.1 522.9 527.4 864.6 718.9 740.1 670.8 659.5 759.5 160.9 174.7
12.54x 8.56x 11.47x 8.69x 11.97x 10.22x 12.62x 13.99x 12.14x 12.94x 12.16x
374.0 361.7 357.5 641.9 530.1 567.7 479.3 484.4 550.5 123.8 127.5
17.90x 14.65x 19.91x 13.23x 18.33x 14.64x 19.62x 21.58x 19.13x 19.94x 19.02x
EBITDA 718.89 Long-Term Rating Date 04.04.2012
EBIT 646.54 Long-Term Rating BBB+u
Operating Margin 28.85% Long-Term Outlook STABLE
Pretax Margin 26.65% Short-Term Rating Date -
Return on Assets 10.70% Short-Term Rating -
Return on Common Equity 17.83%
Return on Capital 14.56% EBITDA/Interest Exp. 13.17
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 11.89
Net Debt/EBITDA -1.14
Gross Margin 64.9% Total Debt/EBITDA 1.37
EBITDA Margin 30.6%
EBIT Margin 27.2% Total Debt/Equity 33.5%
Net Income Margin 23.7% Total Debt/Capital 25.1%
Asset Turnover 0.49
Current Ratio 7.15 Net Fixed Asset Turnover 5.75
Quick Ratio 6.22 Accounts receivable turnover-days 36.76
Debt to Assets 20.31% Inventory Days 115.30
Tot Debt to Common Equity 33.48% Accounts Payable Turnover Day 49.58
Accounts Receivable Turnover 9.90 Cash Conversion Cycle 104.88
Inventory Turnover 3.16
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Xilinx IncPrice/Volume
Valuation Analysis
454'757.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 203
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 21'658'314 8.28 897'763 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 15'888'421 6.07 700'472 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 14'275'610 5.46 (1'972'440) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 13'174'040 5.04 773'804 31.12.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12'815'197 4.9 562'584 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'748'300 4.87 (1'375'000) 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'757'907 4.11 30'999 25.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 8'567'292 3.28 (1'748'957) 31.12.2012 Investment Advisor
ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 6'376'000 2.44 6'376'000 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 5'991'619 2.29 1'087'094 31.12.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'633'885 2.15 589'194 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'122'754 1.96 137'121 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'015'969 1.92 (1'708'902) 31.12.2012 Investment Advisor
PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 4'488'960 1.72 (105'305) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 4'488'952 1.72 160'666 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'142'451 1.58 (9'980) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'031'844 1.54 3'879'923 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'586'099 1.37 (285'572) 31.12.2012 Investment Advisor
ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 3'289'997 1.26 (1'220'960) 31.12.2012 Hedge Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 3'097'986 1.18 (96'421) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 41 Not Provided 25.03.2013
Robert W. Baird & Co TRISTAN GERRA neutral 3 M 35 12 month 25.03.2013
Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013
MKM Partners DANIEL A BERENBAUM neutral 3 M 34 12 month 22.03.2013
Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 36 12 month 21.03.2013
Macquarie SHAWN WEBSTER neutral 3 M 40 12 month 13.03.2013
Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 08.03.2013
Deutsche Bank ROSS C SEYMORE hold 3 M 37 12 month 06.03.2013
Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 06.03.2013
SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 38 12 month 06.03.2013
JPMorgan CHRISTOPHER DANELY overweight 5 M 41 9 month 06.03.2013
Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 06.03.2013
William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 06.03.2013
Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 06.03.2013
Piper Jaffray AUGUSTE P RICHARD overweight 5 M 43 12 month 06.03.2013
Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 44 Not Provided 06.03.2013
Barclays BLAYNE CURTIS equalweight 3 M 36 Not Provided 06.03.2013
Credit Suisse JOHN W PITZER outperform 5 M 42 Not Provided 05.03.2013
Jefferies MARK J LIPACIS hold 3 M 37 12 month 05.03.2013
Raymond James HANS C MOSESMANN outperform 5 M 42 12 month 05.03.2013
Mizuho Securities USA Inc RUBEN ROY neutral 3 M 39 12 month 05.03.2013
ISI Group SUMIT DHANDA buy 5 M 39 12 month 05.03.2013
Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 41 12 month 20.02.2013
Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 44 12 month 13.02.2013
Canaccord Genuity Corp ROBERT BURLESON hold 3 M 36 12 month 18.01.2013
Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013
Nomura ROMIT SHAH neutral 3 M 30 12 month 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
GARP Research SETH DADDS neutral 3 M #N/A N/A Not Provided 26.07.2012
Holdings By:
Xilinx Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 204
27.03.2013
Yahoo! Inc., is a global Internet media company that offers communications,
content, and a community platform that delivers consumer experiences and
advertising solutions across digitial screens. The Company's site includes a
hierarchical, subject-based directory of Web sites, which enables users to
locate and access information.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 23.88
52-Week Low (31.08.2012) 14.59
Daily Volume
23.58
52-Week High % Change -1.26% Dividend Yield 0.00
52-Week Low % Change 61.62% Beta 0.80
% 52 Week Price Range High/Low 96.77% Equity Float 910.37
Shares Out 15.02.2013 1'101.3 Short Int 25.59
25'968.54 1 Yr Total Return 52.82%
Total Debt 37.00 YTD Return 18.49%
Preferred Stock 0.0 Adjusted BETA 0.797
Minority Interest 45.4 Analyst Recs 36
Cash and Equivalents 6'022.38 Consensus Rating 3.611
Enterprise Value 20'028.57
Average Volume 5 Day 4'667'817
YHOO UW EQUITY YTD Change - Average Volume 30 Day 4'656'257
YHOO UW EQUITY YTD % CHANGE - Average Volume 3 Month 4'735'922
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
7'208.5 6'460.3 6'324.7 4'984.2 4'986.6 4'984.2 4'986.6 4'601.0 4'766.6 1'098.6 1'116.2
1.77x 2.96x 2.88x 3.36x 3.26x 12.98x 11.61x 4.58x 4.18x 19.46x 19.30x
1'397.4 1'252.4 1'513.0 1'473.0 1'457.1 1'473.0 1'457.1 1'656.2 1'738.6 360.8 394.1
9.14x 15.29x 12.04x 11.37x 11.15x 11.37x 11.15x 12.10x 11.53x 11.90x 11.75x
418.9 598.0 1'231.7 1'048.8 3'945.5 1'048.8 3'945.5 1'281.0 1'391.5 282.3 307.1
20.00x 39.02x 21.05x 19.43x 17.61x 19.43x 17.01x 20.38x 18.38x 20.52x 19.92x
EBITDA 1'457.14 Long-Term Rating Date 18.04.2008
EBIT 802.54 Long-Term Rating NR
Operating Margin 16.09% Long-Term Outlook -
Pretax Margin 118.13% Short-Term Rating Date -
Return on Assets 24.75% Short-Term Rating -
Return on Common Equity 29.12%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -4.11
Gross Margin 67.5% Total Debt/EBITDA 0.03
EBITDA Margin 29.2%
EBIT Margin 16.1% Total Debt/Equity 0.3%
Net Income Margin 79.1% Total Debt/Capital 0.3%
Asset Turnover 0.31
Current Ratio 4.38 Net Fixed Asset Turnover 2.92
Quick Ratio 4.02 Accounts receivable turnover-days 75.08
Debt to Assets 0.22% Inventory Days -
Tot Debt to Common Equity 0.25% Accounts Payable Turnover Day 39.68
Accounts Receivable Turnover 4.87 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Yahoo! IncPrice/Volume
Valuation Analysis
3'570'877.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Page 205
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
THIRD POINT LLC THIRD POINT LLC 13F 73'000'400 6.63 - 31.12.2012 Hedge Fund Manager
FILO DAVID n/a Form 4 71'361'390 6.48 (500'000) 27.08.2012 n/a
THIRD POINT LLC n/a Form 4 62'000'000 5.63 (11'000'400) 01.02.2013 Hedge Fund Manager
BLACKROCK n/a ULT-AGG 52'947'475 4.81 2'834'452 25.03.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 48'917'794 4.44 1'641'768 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 46'610'995 4.23 421'157 26.03.2013 Investment Advisor
YANG JERRY n/a Form 4 46'610'564 4.23 800'000 25.11.2011 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 35'693'952 3.24 (40'053'983) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 35'419'632 3.22 24'881'661 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 28'229'816 2.56 (3'381'146) 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 27'807'651 2.52 27'786'182 31.12.2012 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 15'898'615 1.44 14'394'332 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'005'513 1.27 2'372'881 31.12.2012 Investment Advisor
TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 14'000'000 1.27 (11'000'000) 31.12.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'830'883 1.26 (446) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 13'158'797 1.19 (8'208'344) 31.12.2012 Government
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 10'725'954 0.97 2'010'559 31.12.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 9'997'715 0.91 2'847'197 31.12.2012 Hedge Fund Manager
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 9'766'006 0.89 2'053'676 31.12.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 9'740'706 0.88 (153'900) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC PETER STABLER market perform 3 M #N/A N/A Not Provided 26.03.2013
Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 23 12 month 22.03.2013
Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 26 12 month 22.03.2013
Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 22.03.2013
Pivotal Research Group LLC BRIAN WIESER buy 5 M 23 12 month 21.03.2013
Oppenheimer & Co JASON S HELFSTEIN outperform 5 U 27 12 month 20.03.2013
BGC Partners COLIN W GILLIS hold 3 D 21 12 month 20.03.2013
JMP Securities RONALD V JOSEY III market perform 3 N #N/A N/A Not Provided 19.03.2013
Raymond James AARON M KESSLER outperform 5 N 26 12 month 18.03.2013
Needham & Co LAURA A MARTIN buy 5 M 26 12 month 15.03.2013
Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 23 Not Provided 15.03.2013
BMO Capital Markets DANIEL SALMON market perform 3 M 20 Not Provided 11.03.2013
RBC Capital Markets MARK S MAHANEY outperform 5 M 24 12 month 10.03.2013
Morgan Stanley JORDAN MONAHAN Equalwt/Attractive 3 M 23 12 month 05.03.2013
Piper Jaffray EUGENE E MUNSTER neutral 3 M 21 12 month 05.03.2013
Barclays ANTHONY J DICLEMENTE overweight 5 U 26 Not Provided 04.03.2013
Goldman Sachs HEATH P TERRY buy/attractive 5 M 26 12 month 01.03.2013
Stifel JORDAN ROHAN buy 5 M 25 12 month 01.03.2013
Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013
S&P Capital IQ SCOTT H KESSLER hold 3 M 22 12 month 07.02.2013
Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 01.02.2013
Macquarie BENJAMIN A SCHACHTER neutral 3 M 23 12 month 30.01.2013
Credit Suisse STEPHEN JU neutral 3 M 21 Not Provided 29.01.2013
JPMorgan DOUGLAS ANMUTH neutral 3 M 22 9 month 29.01.2013
Jefferies BRIAN J PITZ hold 3 M 20 12 month 29.01.2013
William Blair & Co RALPH SCHACKART market perform 3 M #N/A N/A Not Provided 29.01.2013
B Riley & Company, Inc SAMEET SINHA buy 5 M 26 12 month 29.01.2013
Nomura BRIAN NOWAK neutral 3 M 18 12 month 29.01.2013
Atlantic Equities LLP HAMILTON FABER neutral 3 M 21 12 month 29.01.2013
Credit Agricole Securities (USA) JAMES LEE underperform 1 M 21 Not Provided 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 29.01.2013
Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 28.01.2013
Evercore Partners KEN SENA equalweight 3 M 22 12 month 28.01.2013
Deutsche Bank LLOYD WALMSLEY hold 3 M 15 12 month 27.11.2012
Holdings By:
Yahoo! Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |