Fundamental Equity Analysis & Analyst Recommendations - SX5E Eurostoxx 50 Index Components

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

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

Analyst Recommendations
Eurostoxx 50 Index Components
February 2013
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Currency
Market
Capitalization (in
mio USD)
Daily
Volume
(M)
Total
Preferred
Common Total Debt
Stock
Shares (M)
(USD)
(USD)
Total Revenue
Minority Cash and Enterprise

Interest Equivalents
Value
(USD)
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Rev. Growth
EBITDA Growth
Est. P/E
Est.
Est.
Est. Est.
Ratio - Tr.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
12M
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14121364
1907.672
1115
1115
203
220
220
101.35
110.66
110.66
15.03
15.03
13.77
13.77
18.69
Euro Stoxx 50 Pr
EUR
2622635
5772.872
4825
4825
811
833
833
186.71
323.03
323.03
25.21
16.93
14.57
14.57
21.45
NIKKEI 225
JPY
2425374
177.225
189
189
19
20
20
5.16
5.60
5.60
0.25
0.24
0.23
0.23
0.12
FTSE 100 INDEX
GBP
2721403
11808.59
9311
9311
1486
1673
1673
550.80
825.62
825.62
27.18
22.43
18.13
18.13
24.24
SWISS MARKET INDEX
CHF
1037093
11052.65
4174
4174
885
859
859
390.09
563.39
563.39
22.92
19.43
15.87
15.87
23.24
S&P/TSX COMPOSITE INDEX
CAD
1708660
17087.54
7873
7873
1881
2141
2141
808.30
897.53
897.53
15.25
15.25
13.74
13.74
24.97
S&P/ASX 200 INDEX
AUD
1418991
6771.435
2869
2869
582
700
700
249.20
340.41
340.41
21.64
16.73
15.84
15.84
21.87
HANG SENG INDEX
HKD
1753660
3458.521
1607
1607
359
408
408
250.93
265.84
265.84
1.54
1.63
1.46
1.46
3.13
MSCI EM
USD
7972857
1461.715
1037
1037
197
200
200
86.36
101.05
101.05
12.32
13.43
10.53
10.53
19.89
AIR LIQUIDE SA
EUR
37770
737
312
10
46.25
20465
20465
21835
23420
5064
5064
6.90
6.91
7.45
8.23
23.38
23.39
21.69
19.64
8.03
6.86
8.57
9.07
33.04
02.07.2007
ALLIANZ SE-REG
EUR
63501
1706
452
38
14
88.38
116683
125630
138147
141209
7.45
13.31
15.05
16.18
13.97
13.88
12.35
11.50
-3.51
4.95
AA
27.01.2012
Aa3
03.05.2004
ANHEUSER-BUSCH INBEV NV
EUR
149844
1725
1598
54
253.57
52138
52468
53048
59863
20426
20409
5912
5912
5.00
5.93
6.21
6.67
28.04
28.05
26.76
24.91
10.11
19.76
14.83
32.38
51.94
01.05.2012
A3
27.03.2012
ARCELORMITTAL
EUR
26585
9943
1549
34
68.65
112449
112449
117163
120913
9029
9721
2146
2146
0.01
-3.22
0.99
1.99
135.73
28.64
14.28
-13.87
-4.94
-42.31
-25.38
11.54
BB+
02.08.2012
Ba1
06.11.2012
ASML HOLDING NV
EUR
30862
1114
407
28.27
6318
6318
6493
8062
1794
1794
186
186
3.58
3.61
3.09
4.73
27.23
27.32
31.77
20.74
-21.73
25.07
-34.23
9.53
37.91
Baa2
11.11.2010
ASSICURAZIONI GENERALI
EUR
26942
5148
1541
29
34
33.06
98120
108842
98972
101882
1.56
1.02
1.38
1.78
22.56
16.70
12.99
-20.84
11.60
23.01.2013
Baa2 *-
18.12.2012
AXA SA
EUR
43703
6393
2374
22
41
36.82
131305
135495
131200
130828
1.51
1.54
2.42
2.56
15.84
31.76
10.11
9.54
-21.70
3.10
A-
18.12.2012
A2
19.03.2003
BANCO BILBAO VIZCAYA ARGENTA
EUR
55289
24949
5449
304
85
#VALUE!
28995
29724
31293
32941
1.00
0.42
1.01
1.19
32.37
20.67
13.40
11.43
-53.20
11.66
BBB-
16.10.2012
Baa3
24.10.2012
BANCO SANTANDER SA
EUR
82463
46728
10321
469
13
230
#VALUE!
58756
58302
59586
62359
0.41
0.32
0.81
0.94
32.85
13.71
12.83
11.11
-58.21
12.95
BBB
16.10.2012
(P)Baa2
24.10.2012
BASF SE
EUR
90904
2789
918
17
107.15
98140
103016
104132
106827
15830
17211
3647
3647
8.57
7.32
7.14
7.95
18.06
18.07
18.51
16.62
20.12
9.87
-0.54
4.11
22.31
A+
10.05.2011
A1
17.11.2010
BAYER AG-REG
EUR
80199
2207
827
16
89.31
48776
52195
52782
55336
11968
12751
2384
2384
7.16
3.99
7.24
7.92
32.44
16.40
17.90
16.35
5.48
6.30
0.95
16.44
32.62
A-
30.04.2008
A3
17.07.2006
BAYERISCHE MOTOREN WERKE AG
EUR
60524
1486
656
91
15
137.58
91896
99694
102240
106116
15570
15602
4194
4194
9.93
9.56
10.34
10.36
13.20
13.20
12.20
12.18
18.42
10.11
37.81
1.39
20.90
16.04.2012
A2
22.07.2011
BNP PARIBAS
EUR
73857
3700
1242
802
10
11
192
#VALUE!
92 K
130 K
54 K
55 K
7.41
6.89
6.82
7.72
11.52
10.71
11.64
10.28
-4.41
15.21
A+
25.10.2012
A2
21.06.2012
CARREFOUR SA
EUR
19688
2524
674
22
34.70
107431
106984
104141
106013
5200
3481
-1.00
-2.10
1.65
1.91
22.48
19.40
1.20
0.13
-14.82
1.53
4.34
BBB
15.03.2012
(P)Baa2
15.03.2012
COMPAGNIE DE SAINT-GOBAIN
EUR
22276
1825
526
15
35.94
56237
57192
57394
57955
6709
6563
3.51
2.59
3.14
3.44
21.62
19.96
17.86
16.29
6.65
0.23
6.67
0.54
15.32
BBB
24.07.2009
Baa2
31.07.2009
CRH PLC
EUR
15588
1039
728
21.11
24143
24707
25003
25645
2211
2203
1373
1373
1.02
1.15
0.98
1.15
24.85
37.24
29.27
24.95
7.06
-2.90
3.47
-10.60
11.91
BBB+
17.12.2007
DAIMLER AG-REGISTERED SHARES
EUR
64336
3559
1066
96
15
160.14
152620
152620
155983
165094
16312
16626
7.62
7.62
6.21
7.38
10.55
10.55
12.95
10.90
9.72
23.62
-9.22
14.64
A-
23.02.2012
A3
01.10.2007
DANONE
EUR
45568
2019
606
12
55.01
27866
27866
29439
31174
4655
4707
3.70
3.72
4.20
4.65
25.45
25.56
22.54
20.37
10.72
14.53
14.41
23.46
A-
25.07.2007
A3
06.11.2007
DEUTSCHE BANK AG-REGISTERED
EUR
44942
3571
929
380
238
#VALUE!
44842
62960
45467
46804
4.24
0.91
5.47
6.90
71.10
12.70
11.80
9.36
-48.38
-7.77
A+
25.01.2012
A2
21.06.2012
DEUTSCHE TELEKOM AG-REG
EUR
46947
21425
4321
65
107.62
78319
77945
77606
76899
26976
25806
5787
5787
0.66
-2.30
0.85
0.89
17.00
16.36
-8.06
-1.72
18.65
5.73
44.21
BBB+
19.05.2008
Baa1
22.12.2011
E.ON SE
EUR
34401
13142
1905
40
66.26
150827
167323
150300
147998
5700
6052
2721
2721
-0.01
-0.01
2.95
1.74
14.12
7.78
13.16
28.89
17.73
-89.70
-16.95
4.83
A-
27.07.2012
A3
05.10.2011
ENEL SPA
EUR
36413
23528
9403
87
21
136.56
103583
110101
105136
104852
22964
25842
5150
5150
0.59
0.49
0.49
0.48
10.58
10.55
10.88
10.45
24.26
3.42
22.44
31.34
BBB+
08.03.2012
Baa2
05.11.2012
ENI SPA
EUR
85796
8681
3634
33
11
112.38
169944
169944
161957
164874
32800
32800
10055
10055
2.58
3.20
2.67
2.87
9.86
11.08
11.82
10.99
21.54
7.91
-6.06
-1.40
25.77
17.01.2012
A3
16.07.2012
ESSILOR INTERNATIONAL
EUR
21189
577
209
22.34
5594
6222
6660
7176
1228
1367
3.34
3.53
3.75
4.15
37.38
37.19
35.14
31.77
10.22
15.47
2.84
12.10
29.34
FRANCE TELECOM SA
EUR
26740
18406
2633
52
11
70.58
58105
58105
56210
55370
20055
19007
4146
4146
0.98
0.41
1.49
1.47
32.56
10.51
9.07
9.19
-5.20
-4.77
-5.12
42.66
A-
10.02.2005
A3
23.06.2005
GDF SUEZ
EUR
46604
4026
2214
76
23
20
125.76
121075
127560
124907
110441
21459
22195
2.73
2.15
2.08
1.86
11.98
11.31
12.41
13.90
9.79
45.55
1.28
34.86
23.23
29.01.2013
A1
03.07.2012
IBERDROLA SA
EUR
30982
21885
6139
45
67.20
46402
46533
44358
45909
9605
9550
3056
3056
0.62
0.63
0.53
0.56
10.48
10.43
12.39
11.69
13.09
10.52
3.67
10.80
27.40
BBB
28.11.2012
(P)Baa1
05.11.2012
INDITEX
EUR
83774
1558
623
78.54
18417
20624
21373
23763
4292
5040
1563
1563
4.14
4.90
5.15
5.82
36.66
34.82
30.84
13.50
14.13
11.18
16.59
32.63
ING GROEP NV-CVA
EUR
33215
17985
3801
277
24
288.35
54457
56404
60617
62389
0.98
1.00
1.32
1.46
11.57
10.80
8.79
7.95
-30.37
-12.38
03.09.2009
A3
15.06.2012
INTESA SANPAOLO
EUR
29935
117426
16434
355
53
#VALUE!
33737
29857
23191
22437
0.19
-0.72
0.15
0.16
12.95
16.55
14.94
2.31
1.95
BBB+
10.02.2012
Baa2
16.07.2012
KONINKLIJKE PHILIPS ELECTRON
EUR
27676
2299
926
28.66
33099
33099
33107
34351
3289
3289
786
786
0.37
0.37
2.24
2.56
105.68
32.66
17.21
15.08
13.06
2.02
143.54
-4.73
13.27
A-
11.05.2005
A3
20.04.2006
L'OREAL
EUR
90741
491
598
88.64
29994
29994
31320
33158
5860
5860
6.33
6.41
6.83
7.40
31.10
31.12
29.18
26.95
13.91
7.72
14.65
6.38
26.09
LVMH MOET HENNESSY LOUIS VUI
EUR
89830
614
500
97.46
37526
37526
40278
43682
9267
9641
3771
3771
9.32
9.16
10.19
11.40
25.79
25.36
23.18
20.72
25.08
14.89
17.15
14.76
34.31
20.05.2011
MUENCHENER RUECKVER AG-REG
EUR
32341
541
178
37.11
81330
88314
77353
82094
5.26
24.02
21.22
21.70
10.02
9.59
11.35
11.10
12.27
AA-
22.12.2006
NOKIA OYJ
EUR
14282
21091
3711
13
10.86
40294
40294
39244
39704
-1305
-1305
192
192
-1.12
0.02
0.21
238.35
24.45
-29.30
-15.96
-31.68
-4.32
BB-
15.08.2012
Ba3
23.07.2012
REPSOL SA
EUR
26663
4722
1221
27
49.92
80280
80164
79252
81245
11362
10340
2254
2254
2.52
2.39
2.14
2.24
11.60
12.99
12.40
16.07
5.66
-38.20
-1.50
17.22
BBB-
19.04.2012
RWE AG
EUR
22850
2623
587
29
45.75
65634
66077
68182
69378
11064
10210
4.47
5.02
5.44
5.27
9.89
9.89
9.12
9.42
-4.13
8.52
-13.66
3.47
20.63
BBB+
27.07.2012
A3
19.07.2011
SANOFI
EUR
130651
2609
1326
19
141.71
46664
46664
47859
50367
16815
17603
6.29
5.02
8.03
8.94
26.20
21.68
16.38
14.72
6.23
6.40
4.60
50.81
AA-
18.02.2011
A2
18.02.2011
SAP AG
EUR
98375
2034
1229
101.88
21661
21662
24118
26589
6590
6109
1491
1491
3.17
3.16
4.66
5.30
33.79
33.86
22.93
20.18
18.66
12.95
0.73
14.35
37.66
SCHNEIDER ELECTRIC SA
EUR
41080
1551
540
11
49.56
29893
31325
31925
32804
5030
5200
4.71
4.73
5.12
5.53
20.89
19.60
19.29
17.87
19.14
9.76
7.17
12.32
22.16
A-
26.11.2008
A3
12.01.2009
SIEMENS AG-REG
EUR
92488
1732
856
28
15
107.93
104548
105047
104643
108627
12890
13822
2731
2731
7.48
7.58
8.20
10.08
18.48
18.70
17.10
13.90
9.15
0.15
-10.68
2.23
17.57
A+
05.06.2009
SOCIETE GENERALE
EUR
31955
4572
754
906
193
#VALUE!
58396
#VALUE!
32105
33061
1.83
1.30
4.87
5.80
41.92
14.82
11.24
9.42
-13.25
23.01.2012
A2
21.06.2012
TELEFONICA SA
EUR
58752
29612
4480
89
145.20
83906
83701
83298
80861
25894
27912
7419
7419
1.77
1.82
1.58
1.60
9.45
10.88
10.80
4.62
2.61
-33.08
0.37
44.53
BBB
20.12.2012
Baa2
18.10.2012
TOTAL SA
EUR
119908
4251
2258
44
23
143.33
243422
243422
239349
239885
43187
42652
11589
11589
6.30
6.32
7.03
7.15
10.71
10.74
9.62
9.46
12.63
6.01
-2.34
1.38
23.40
AA-
12.04.2011
Aa1
30.08.2005
UNIBAIL-RODAMCO SE
EUR
22123
268
92
16
40.07
2300
2300
2101
2337
1585
1585
23.66
21.08
13.56
14.72
14.77
13.10
22.95
21.15
-14.95
13.79
0.33
20.70
92.01
27.06.2007
WR
16.07.2010
UNICREDIT SPA
EUR
32715
63059
2930
447
75
#VALUE!
56040
35005
33964
33274
-0.04
-3.34
0.29
0.37
26.27
20.17
2.41
2.27
BBB+
10.02.2012
Baa2
16.07.2012
UNILEVER NV-CVA
EUR
120661
3602
2832
14
131.23
68533
68533
71410
75428
10933
10883
2.06
2.11
2.26
2.45
25.32
26.47
23.61
21.79
13.96
7.13
12.99
5.19
21.20
A+
05.10.2000
A1
11.07.2000
VINCI SA
EUR
27156
1541
536
27
46.40
51587
51587
51927
53173
7355
7282
4.70
4.78
4.68
4.92
13.15
13.25
13.41
12.77
3.50
5.68
1.52
4.97
18.85
BBB+
29.03.2007
Baa1
23.07.2002
VIVENDI
EUR
27340
3696
1287
21
50.86
38474
38101
38093
38382
11813
12537
2469
2469
3.21
1.56
2.68
2.57
17.71
13.40
10.28
10.72
-0.30
6.11
13.77
12.16
43.94
BBB
26.10.2012
Baa2
13.09.2005
VOLKSWAGEN AG-PREF
EUR
108335
540
465
125
33
235.48
212761
250079
256800
274030
28529
31192
44.09
63.57
47.00
31.65
5.07
5.08
6.86
10.18
34.16
18.99
37.72
16.71
16.66
A-
31.08.2009
A3
17.08.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
*-
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.11
2.11
1.94
1.73
2.11
1.37
1.37
1.30
1.25
1.37
9.72
9.72
9.44
8.65
9.72
8.66
8.66
7.98
7.45
8.66
13.77
13.77
12.33
11.15
13.77
2.26
2.26
2.41
2.59
2.26
1655.3
8.7%
Euro Stoxx 50 Pr
1.12
1.12
1.06
0.99
1.12
0.73
0.73
0.71
0.68
0.73
5.33
5.33
4.93
4.73
5.33
6.93
6.93
6.53
6.20
6.93
10.91
10.91
9.75
9.02
10.91
4.34
4.34
4.69
4.98
4.34
2872.5
8.8%
NIKKEI 225
1.39
1.39
1.31
1.22
1.39
0.65
0.65
0.61
0.61
0.65
8.61
8.61
7.51
7.01
8.61
8.93
8.93
7.87
7.39
8.93
21.89
21.89
17.85
13.63
21.89
1.80
1.80
1.79
2.09
1.80
11180.5
-2.5%
FTSE 100 INDEX
1.68
1.68
1.56
1.46
1.68
1.05
1.05
1.00
1.01
1.05
7.89
7.89
7.27
5.99
7.89
7.06
7.06
6.59
6.22
7.06
11.85
11.85
10.77
9.86
11.85
3.86
3.86
4.15
4.73
3.86
6644.4
3.9%
SWISS MARKET INDEX
2.35
2.35
2.18
2.00
2.35
1.98
1.98
1.88
1.80
1.98
12.06
12.06
11.03
9.99
12.06
12.86
12.86
11.93
11.16
12.86
14.66
14.66
13.15
11.97
14.66
3.29
3.29
3.65
4.13
3.29
7866.0
3.1%
S&P/TSX COMPOSITE INDEX
1.68
1.68
1.55
1.46
1.68
1.59
1.59
1.49
1.43
1.59
8.31
8.31
7.51
7.07
8.31
7.98
7.98
7.08
6.79
7.98
13.97
13.97
12.33
11.47
13.97
3.07
3.07
3.22
3.42
3.07
14382.7
12.8%
S&P/ASX 200 INDEX
1.92
1.92
1.82
1.71
1.92
1.83
1.83
1.72
1.63
1.83
11.24
11.24
10.17
9.25
11.24
9.67
9.67
8.53
7.89
9.67
15.40
15.40
13.75
12.62
15.40
4.29
4.29
4.61
4.97
4.29
5042.4
-1.1%
HANG SENG INDEX
1.40
1.40
1.29
1.22
1.40
1.87
1.87
1.73
1.56
1.87
7.53
7.53
6.96
6.69
7.53
8.47
8.47
7.70
7.23
8.47
11.31
11.31
10.26
9.46
11.31
3.38
3.38
3.69
4.54
3.38
24953.9
7.1%
MSCI EM
1.41
1.41
1.28
1.18
1.41
1.03
1.03
0.95
0.91
1.03
6.60
6.60
6.00
5.64
6.60
7.32
7.32
6.69
6.30
7.32
10.53
10.53
9.36
8.71
10.53
2.92
2.92
3.24
3.55
2.92
1196.7
12.5%
AIR LIQUIDE SA
2.63
2.44
2.28
2.13
1.90
1.85
1.73
1.61
1.51
1.48
9.80
9.04
8.44
8.51
7.22
9.18
8.45
7.79
7.31
7.01
17.68
16.25
14.71
13.50
12.59
2.78
2.99
3.26
3.56
3.47
101.60
12.1%
ALLIANZ SE-REG
1.07
0.92
0.86
0.81
0.77
0.48
0.46
0.45
0.44
0.43
15.94
9.25
8.61
8.25
8.39
4.19
4.41
4.70
4.93
5.05
114.40
9.7%
ANHEUSER-BUSCH INBEV NV
3.77
3.49
3.17
2.91
2.59
3.84
3.77
3.34
3.11
2.97
14.87
13.30
12.37
11.36
10.31
12.44
12.27
10.79
9.84
9.48
24.27
20.04
18.66
16.66
15.42
1.46
2.04
2.39
2.78
3.27
70.98
1.6%
ARCELORMITTAL
0.46
0.47
0.46
0.43
0.41
0.32
0.30
0.29
0.29
0.28
5.17
5.34
3.93
3.21
2.36
7.39
6.43
5.39
4.73
4.31
93.33
21.45
10.70
7.45
5.91
3.53
1.26
2.06
2.32
1.57
14.18
18.6%
ASML HOLDING NV
5.34
4.54
3.87
3.28
4.88
4.75
3.83
3.21
2.59
18.73
20.88
13.74
11.05
15.45
16.89
11.65
9.21
7.65
22.14
23.79
15.53
11.56
8.63
0.83
0.99
1.14
1.27
53.37
-3.1%
ASSICURAZIONI GENERALI
1.27
1.01
0.93
0.87
0.79
0.28
0.27
0.26
0.26
0.27
17.66
12.51
9.73
8.84
7.91
2.31
2.51
3.31
3.88
4.94
13.40
3.4%
AXA SA
0.69
0.69
0.66
0.62
0.55
0.38
0.33
0.33
0.32
0.30
8.13
7.57
7.15
6.63
6.59
5.12
5.32
5.67
6.05
6.48
15.85
15.7%
BANCO BILBAO VIZCAYA ARGENTA
1.00
0.95
0.90
0.85
1.81
1.77
1.68
1.62
3.29
3.30
3.17
21.41
10.04
8.56
7.53
5.53
5.54
5.74
6.46
7.62
0.3%
BANCO SANTANDER SA
0.77
0.78
0.77
0.74
1.40
1.38
1.32
1.30
2.23
2.30
2.15
10.50
9.61
8.32
7.82
10.05
10.29
9.90
8.53
6.23
6.2%
BASF SE
2.87
2.63
2.41
2.22
1.96
0.94
0.87
0.85
0.85
0.81
7.79
8.46
7.74
7.32
7.02
6.93
6.48
6.13
5.82
5.43
11.92
13.86
12.44
11.39
10.82
3.20
3.48
3.63
3.90
3.86
76.19
2.8%
BAYER AG-REG
3.00
3.00
2.72
2.45
2.15
1.65
1.52
1.45
1.38
1.32
11.74
10.38
9.07
8.46
7.64
8.73
8.46
7.64
7.15
6.66
15.04
13.40
12.24
11.15
10.38
2.28
2.50
2.78
3.06
3.27
75.10
3.4%
BAYERISCHE MOTOREN WERKE AG
1.66
1.49
1.34
1.22
1.16
0.66
0.59
0.57
0.54
0.55
5.02
5.47
5.26
4.99
3.71
7.61
7.82
7.80
7.60
7.44
9.21
9.14
9.12
8.95
8.82
3.36
3.68
3.91
4.14
4.11
77.86
10.0%
BNP PARIBAS
0.72
0.68
0.64
0.61
1.41
1.38
1.34
1.32
5.58
4.97
4.45
5.57
8.18
8.72
7.70
7.46
3.37
3.80
4.54
5.60
52.18
17.2%
CARREFOUR SA
1.57
1.89
1.79
1.64
1.53
0.18
0.19
0.19
0.18
0.18
5.38
6.10
5.19
4.86
4.50
6.70
6.98
6.69
6.32
6.12
14.79
16.83
14.53
12.94
11.39
3.86
2.53
2.84
3.14
3.71
21.62
4.0%
COMPAGNIE DE SAINT-GOBAIN
0.90
0.92
0.90
0.86
0.82
0.40
0.39
0.38
0.37
0.35
5.36
5.92
5.72
5.21
4.55
5.44
6.15
5.97
5.45
4.74
9.50
13.37
12.20
10.15
8.15
4.01
3.71
3.95
4.22
4.87
33.36
6.2%
CRH PLC
1.10
1.07
1.05
1.02
0.97
0.65
0.62
0.61
0.57
0.51
8.57
9.03
8.43
7.14
5.70
9.65
9.87
9.12
7.90
6.56
21.03
21.92
18.68
14.53
10.81
3.91
3.93
4.01
4.16
4.36
15.21
-5.3%
DAIMLER AG-REGISTERED SHARES
1.12
1.07
1.00
0.93
0.83
0.42
0.41
0.39
0.37
0.37
5.47
5.18
4.59
3.67
3.16
9.37
9.47
8.34
7.45
6.31
9.76
9.70
8.17
7.09
7.00
4.74
4.53
5.01
5.71
46.80
3.7%
DANONE
2.54
2.38
2.24
2.12
1.86
1.64
1.55
1.46
1.37
1.30
12.52
12.12
10.59
9.75
8.70
11.41
10.91
10.20
9.31
8.73
17.58
16.88
15.25
13.91
12.57
2.75
2.89
3.11
3.46
3.90
52.34
-1.4%
DEUTSCHE BANK AG-REGISTERED
0.60
0.59
0.55
0.51
0.47
1.00
0.99
0.96
0.93
0.84
6.39
5.38
4.63
10.11
8.84
7.01
5.67
5.20
2.08
2.10
2.62
3.14
2.97
39.51
9.1%
DEUTSCHE TELEKOM AG-REG
0.93
1.21
1.20
1.19
1.28
0.60
0.60
0.61
0.61
0.60
2.38
2.66
2.58
2.57
3.98
4.33
4.48
4.61
4.63
4.52
12.02
12.73
12.25
11.72
10.38
8.60
8.59
6.67
6.35
6.92
9.33
14.7%
E.ON SE
0.62
0.65
0.64
0.62
0.62
0.27
0.23
0.23
0.23
0.22
4.02
3.15
3.81
3.70
3.76
5.41
4.65
5.21
5.13
5.09
10.41
5.83
9.86
9.24
9.47
7.77
8.54
5.74
5.90
5.73
13.34
3.6%
ENEL SPA
0.69
0.67
0.64
0.61
0.58
0.37
0.35
0.35
0.34
0.32
2.52
3.09
2.99
2.70
3.72
5.82
6.18
6.24
6.13
5.94
6.68
7.90
8.15
7.63
7.29
9.00
5.17
5.21
5.52
5.66
3.28
13.2%
ENI SPA
1.07
1.01
0.95
0.91
0.53
0.53
0.52
0.50
3.85
3.47
3.22
3.06
2.86
2.92
2.79
2.72
8.80
8.85
8.23
7.93
9.61
6.10
6.24
6.37
6.55
6.79
19.87
12.4%
ESSILOR INTERNATIONAL
5.02
4.32
3.91
3.54
2.99
3.78
3.18
2.95
2.73
2.49
21.61
19.80
17.47
15.80
17.35
18.49
15.34
14.08
12.87
11.98
29.74
26.32
23.79
21.58
19.50
1.25
1.34
1.48
1.63
1.83
81.18
9.9%
FRANCE TELECOM SA
0.73
0.71
0.69
0.63
0.68
0.46
0.48
0.48
0.49
0.49
1.98
2.13
2.20
2.65
2.21
3.87
4.08
4.20
4.30
4.31
5.87
6.79
6.89
6.91
6.81
10.62
10.44
10.33
10.22
10.61
9.51
25.7%
GDF SUEZ
0.51
0.52
0.51
0.52
0.50
0.38
0.37
0.42
0.42
0.42
2.85
2.90
3.34
3.15
3.37
5.75
5.51
6.46
6.27
5.99
9.58
9.29
10.41
9.73
9.10
10.51
10.37
10.17
10.21
8.97
17.35
19.9%
IBERDROLA SA
0.64
0.63
0.62
0.59
0.74
0.70
0.67
0.66
0.68
3.90
4.24
4.26
3.97
6.49
6.63
6.34
6.13
5.83
8.08
9.28
8.75
9.05
9.05
8.45
7.96
7.99
7.77
8.39
4.39
18.7%
INDITEX
8.78
7.33
6.38
5.60
4.55
3.92
3.53
3.17
2.89
23.69
19.39
17.43
15.58
18.25
14.72
13.12
11.72
10.75
32.66
26.08
23.10
20.61
18.68
1.79
2.22
2.56
2.90
3.26
107.88
7.2%
ING GROEP NV-CVA
0.49
0.46
0.44
0.42
0.58
0.55
0.53
0.46
8.39
6.58
5.96
5.84
0.00
0.34
3.31
4.61
8.07
24.3%
INTESA SANPAOLO
0.38
0.46
0.45
0.43
0.42
1.36
1.29
1.33
1.30
1.26
3.13
2.87
2.90
2.78
9.23
12.40
11.19
8.49
7.52
4.36
3.78
4.14
5.31
5.38
1.45
5.1%
KONINKLIJKE PHILIPS ELECTRON
1.73
1.72
1.62
1.37
1.33
0.84
0.84
0.81
0.77
0.77
10.55
8.66
7.36
6.51
6.33
7.80
6.24
5.71
5.17
5.30
18.12
12.89
11.29
10.08
9.27
3.50
3.64
3.91
4.51
4.36
23.90
10.4%
L'OREAL
3.54
3.12
2.88
2.64
2.33
3.04
2.90
2.74
2.56
2.45
18.60
17.20
15.89
14.69
13.58
14.98
13.97
12.98
11.97
11.60
23.37
21.85
20.18
18.35
17.38
1.97
2.19
2.40
2.72
2.91
110.96
-0.8%
LVMH MOET HENNESSY LOUIS VUI
2.66
2.45
2.22
2.00
1.64
2.40
2.23
2.06
1.90
1.80
13.99
13.00
11.78
11.21
11.32
10.40
9.57
8.65
7.83
7.62
18.38
17.36
15.52
13.82
12.56
2.26
2.49
2.81
3.12
2.97
153.16
15.6%
MUENCHENER RUECKVER AG-REG
0.91
0.85
0.81
0.76
0.74
0.42
0.42
0.39
0.36
0.35
4.5%
NOKIA OYJ
1.41
1.45
1.39
1.34
1.30
0.35
0.36
0.36
0.35
0.35
136.00
10.98
4.87
2.44
11.46
5.41
3.79
2.87
2.27
REPSOL SA
0.75
0.74
0.71
0.68
0.61
0.31
0.34
0.33
0.32
0.29
3.99
3.91
3.63
3.56
4.44
5.31
5.20
4.84
4.52
RWE AG
0.94
1.07
0.99
0.95
0.90
0.32
0.34
0.33
0.32
0.32
2.81
2.87
2.93
2.78
2.97
4.15
3.97
3.90
3.89
3.87
6.51
6.83
SANOFI
1.69
1.66
1.59
1.51
1.40
2.81
2.73
2.59
2.46
2.37
10.48
10.49
9.66
8.06
7.59
7.90
8.05
7.43
6.90
6.66
11.92
12.26
SAP AG
5.06
4.34
3.64
3.03
2.55
4.52
4.08
3.70
3.39
3.14
18.60
14.88
13.08
11.51
10.69
13.79
11.92
10.52
9.47
8.42
19.43
17.17
SCHNEIDER ELECTRIC SA
1.94
1.79
1.68
1.57
1.40
1.29
1.25
1.19
1.12
13.20
11.29
10.37
9.58
9.34
10.25
9.80
9.21
8.41
8.16
15.06
SIEMENS AG-REG
2.11
2.14
1.94
1.76
0.89
0.88
0.85
0.82
0.79
9.40
10.50
8.57
7.77
7.90
8.15
8.49
7.08
6.56
6.81
SOCIETE GENERALE
0.55
0.52
0.49
0.46
1.04
1.00
0.97
0.94
4.68
4.19
3.80
4.76
TELEFONICA SA
2.00
1.91
1.73
1.61
0.70
0.71
0.73
0.73
2.91
3.02
3.02
2.89
2.65
5.16
5.13
5.27
5.25
TOTAL SA
1.16
1.08
0.99
0.91
0.50
0.50
0.50
0.51
3.92
3.78
3.66
3.42
3.24
3.18
3.22
3.10
3.04
UNIBAIL-RODAMCO SE
1.32
1.20
1.10
1.01
0.85
12.51
10.53
9.47
9.05
8.16
17.50
16.95
15.67
13.97
12.18
22.83
21.48
19.85
18.50
UNICREDIT SPA
0.25
0.39
0.39
0.38
0.42
0.97
0.96
0.98
0.95
0.93
1.02
2.41
2.31
2.10
UNILEVER NV-CVA
5.43
4.94
4.35
3.85
3.44
1.77
1.69
1.60
1.51
1.44
15.09
13.92
12.91
11.83
10.98
11.93
11.17
10.44
9.68
VINCI SA
1.45
1.37
1.30
1.22
1.03
0.53
0.52
0.51
0.50
0.47
5.15
5.03
4.83
4.59
4.30
6.35
6.28
6.09
5.84
VIVENDI
0.86
0.99
0.95
0.91
0.82
0.71
0.72
0.71
0.70
0.69
3.33
3.38
3.68
3.56
3.29
4.59
4.79
4.86
VOLKSWAGEN AG-PREF
1.41
1.10
0.99
0.87
0.81
0.52
0.42
0.40
0.38
0.36
4.42
3.84
4.19
3.79
3.44
8.99
8.08
7.04
4.88
1.37
1.40
0.72
14.30
7.64
3.29
8.50
8.31
8.48
9.13
5.02
5.14
5.27
5.59
5.37
141.18
178.50
18.31
11.70
11.42
1.65
1.12
1.09
2.21
5.25
2.99
4.8%
9.73
9.28
8.52
8.12
7.42
5.67
5.70
5.90
6.10
18.53
19.0%
7.06
7.19
7.58
7.37
7.27
7.14
7.17
6.95
31.61
13.6%
11.02
10.00
9.33
3.76
3.99
4.42
4.95
5.41
78.78
6.8%
15.11
13.38
12.52
1.40
1.59
1.85
2.08
2.00
65.15
8.6%
14.45
13.38
11.99
11.42
3.04
3.18
3.44
3.78
3.94
56.50
2.0%
12.81
12.81
10.41
9.63
8.85
3.90
4.00
4.34
4.61
4.87
84.77
7.8%
11.07
8.41
7.06
6.46
1.65
3.38
4.37
5.32
34.11
11.2%
6.25
8.15
8.09
7.87
7.28
15.92
1.24
6.99
7.74
8.24
11.42
18.1%
6.96
7.21
7.08
6.64
6.17
6.16
6.28
6.40
6.64
6.74
44.98
18.5%
18.38
17.19
15.84
14.49
13.00
4.81
5.06
5.43
5.83
6.13
181.38
3.9%
13.22
19.67
15.11
9.14
7.69
0.14
1.44
2.06
3.57
3.74
4.17
-1.5%
9.26
18.95
17.68
16.32
15.00
13.93
3.17
3.39
3.62
3.84
4.17
31.22
4.2%
5.46
10.21
10.04
9.56
8.92
7.99
5.07
5.14
5.38
5.77
5.96
43.63
23.8%
4.76
4.65
6.90
7.70
8.03
7.60
7.19
9.10
6.52
6.46
6.76
7.82
17.84
15.3%
6.35
5.65
9.58
5.13
7.62
6.71
6.49
1.68
2.14
2.66
3.14
4.14
200.83
11.1%
5.29
17.87
9.35
20.02.2013
Air Liquide SA
Air Liquide SA, through its subsidiaries, produces, markets, and sells
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Price/Volume
3.0 M
2.5 M
2.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.05.2012)
Daily Volume
Current Price (2/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 07.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AI FP EQUITY YTD Change
AI FP EQUITY YTD % CHANGE
12/2012
12/yy
100.00
83.45
736'929.00
90.6
-9.40%
8.56%
44.82%
312.2
28'285.98
7'273.70
0.0
232.6
1'154.20
34'638.08
1.5 M
40
1.0 M
20
.5 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
100
80
Valuation Analysis
31.12.2008
13'103.1
1.73x
2'941.8
7.71x
1'220.0
13.93x
120
31.12.2009
31.12.2010
11'976.1
13'488.0
2.25x
2.38x
2'969.0
3'374.3
9.08x
9.50x
1'230.0
1'403.6
17.67x
18.97x
Profitability
LTM-4Q
31.12.2011
14'456.9
2.25x
3'563.6
9.13x
1'534.9
17.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2012
15'326.3
2.35x
3'792.3
9.50x
1'609.4
18.38x
3'792.30
2'560.50
16.71%
14.63%
6.55%
16.12%
0.62%
24.7%
16.7%
10.5%
1.03
0.77
29.09%
71.23%
5.47
-
Price/ Cash Flow
09/yy
14'255.5
0.00x
0.0
0.00x
0.0
0.00x
LTM
12/yy
15'326.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
0.76
310.66
6.29%
-4.68%
0.764
35
3.486
1'140'082
753'002
637'984
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'352.3
17'539.3
3'960.0
3'939.5
2.10x
1.94x
4'098.5
4'447.1
8.45x
7.79x
1'737.6
1'918.9
16.25x
14.71x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
02.07.2007
A
POS
06.05.2004
A-1
14.00
7.11
1.61
1.92
71.2%
41.1%
0.62
1.23
66.93
-
Sales/Revenue/Turnover
14.00
18'000.0
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00
10'000.0
6.00
8'000.0
6'000.0
4.00
4'000.0
2.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Air Liquide SA
Holdings By:
All
Holder Name
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
THORNBURG INVESTMENT
BLACKROCK
AMUNDI
MASSACHUSETTS FINANC
DEUTSCHE BANK AG
BANK OF NEW YORK MEL
AIR LIQUIDE
MERCURY ASSET MANAGE
THREADNEEDLE ASSET M
ALLIANZ ASSET MANAGE
CAPITAL GROUP COMPAN
FMR LLC
THREADNEEDLE INVESTM
SCHRODER INVESTMENT
AMUNDI
HARTFORD INVESTMENT
LBPAM
ARTISAN PARTNERS HOL
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
THREADNEEDLE EUROPEA
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst
Landesbank Baden-Wuerttemberg
Exane BNP Paribas
Commerzbank Corporates & Markets
S&P Capital IQ
Main First Bank AG
AlphaValue
Societe Generale
Deutsche Bank
Credit Suisse
Independent Research GmbH
Banco Sabadell
Morgan Stanley
Jefferies
Sanford C. Bernstein & Co
HSBC
Berenberg Bank
Nomura
Barclays
Kepler Capital Markets
EVA Dimensions
Day by Day
Liberum Capital Ltd
JPMorgan
Macquarie
Hamburger Sparkasse
CM - CIC Securities(ESN)
CA Cheuvreux
Goldman Sachs
Alembic Global Advisors
Redburn Partners
Natixis
Canaccord Genuity Corp
DZ Bank AG
ULLE WORNER
HEIDI VESTERINEN
STEPHAN KIPPE
JOHNSON IMODE
THOMAS SWOBODA
FABRICE FARIGOULE
PETER CLARK
TIMOTHY JONES
CHRIS COUNIHAN
CHRISTOPH SCHOENDUBE
PATRICIA GARCIA SANCHEZ
PETER MACKEY
LAURENCE ALEXANDER
JEREMY REDENIUS
GEOFF HAIRE
JOHN PHILIPP KLEIN
JEAN DE WATTEVILLE
GUNTHER ZECHMANN
MARKUS MAYER
CRAIG STERLING
VALERIE GASTALDY
ADAM COLLINS
NEIL C TYLER
CHRISTIAN FAITZ
MARCO GUENTHER
ARI AGOPYAN
KLAUS RINGEL
RAKESH PATEL
HASSAN I AHMED
TONY JONES
FREDERIC WILLIAMS-GOBEAUX
PAUL W SATCHELL
PETER SPENGLER
Source
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
UT-UK
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
add
hold
outperform
add
hold
hold
outperform
hold
buy
Equalwt/In-Line
hold
outperform
overweight
hold
neutral
underweight
hold
underweight
hold
buy
neutral
outperform
hold
accumulate
outperform
neutral/neutral
neutral
buy
neutral
hold
buy
Amt Held
5'647'329
4'574'842
4'574'174
3'544'338
2'311'536
1'814'483
1'445'902
1'126'673
1'119'676
1'030'417
983'348
918'293
902'774
886'970
750'992
730'867
716'601
608'059
606'009
561'349
% Out
1.81
1.47
1.47
1.14
0.74
0.58
0.46
0.36
0.36
0.33
0.31
0.29
0.29
0.28
0.24
0.23
0.23
0.19
0.19
0.18
Weighting
Change
5
3
4
3
5
4
3
3
5
3
5
3
3
5
5
3
3
1
3
1
3
5
3
5
3
4
5
3
3
5
3
3
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
U
M
M
M
M
M
M
M
Latest Chg
119'140
6'156
229'303
(157'627)
47'020
(10'563)
1'125
23'544
(66'890)
(450'378)
(92'423)
21'023
308'898
(9'134)
(36'412)
(7'465)
11'929
Target Price
103
96
105
95
105
97
100
99
103
100
111
104
97
105
112
93
106
100
100
#N/A N/A
#N/A N/A
121
100
100
#N/A N/A
106
101
116
95
#N/A N/A
83
82
91
File Dt
31.12.2012
31.12.2012
31.12.2012
19.02.2013
30.11.2012
31.12.2012
31.12.2012
15.02.2013
31.12.2011
15.02.2013
31.10.2012
31.12.2012
31.12.2012
31.12.2012
31.10.2012
28.09.2012
28.09.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
6 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
20.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
04.02.2013
01.02.2013
15.01.2013
10.01.2013
13.12.2012
07.12.2012
21.11.2012
15.11.2012
05.11.2012
26.10.2012
17.10.2012
15.10.2012
08.10.2012
02.08.2012
18.05.2012
27.10.2011
20.02.2013
Allianz SE
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Price/Volume
120
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALV GY EQUITY YTD Change
ALV GY EQUITY YTD % CHANGE
12/2011
09/yy
108.65
68.50
1'705'546.00
104.3
-4.00%
52.26%
91.78%
456.0
47'555.59
28'411.00
0.0
2'338.0
10'492.00
66'187.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
94'767.0
2.57x
7'966.0
8.22x
40
31.12.2008
31.12.2009
76'195.0
82'711.0
0.69x
0.75x
(2'444.0)
4'297.0
8.51x
8.37x
Profitability
LTM-4Q
31.12.2010
89'740.0
0.67x
5'053.0
7.94x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
87'384.0
0.61x
2'545.0
13.13x
7.01%
5.45%
0.67%
9.30%
7.26%
0.14%
2.9%
4.43%
63.26%
-
Price/ Cash Flow
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13
LTM
FY+1
1.24
455.95
20.71%
-0.48%
1.238
42
4.310
1'488'619
1'520'056
1'530'919
FY+2
FQ+1
FQ+2
09/yy
87'402.0
2.77x
0.0
0.00x
3'188.0
9.98x
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
94'084.0 103'458.3 105'751.4
25'563.3
2.48x
0.60x
0.56x
0.0
0.00x
4'441.0
5'097.9
5'450.3
1'132.0
9.32x
9.25x
8.61x
S&P Issuer Ratings
27.01.2012
Long-Term Rating
AA
Long-Term Outlook
NEG
23.03.2009
Short-Term Rating
A-1+
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
63.3%
Total Debt/Capital
37.5%
Asset Turnover
0.14
Inventory Days
7.00
100'000.0
90'000.0
6.00
80'000.0
5.00
70'000.0
60'000.0
4.00
50'000.0
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
0.00
02.01.2009
10'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Allianz SE
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
UNION INVESTMENT GMB
MORGAN STANLEY
DB PLATINUM ADVISORS
HARRIS ASSOCIATES LP
ADIG INVESTMENT
DEKA INVESTMENT GMBH
AMUNDI
OPPENHEIMERFUNDS INC
FRANKFURT TRUST INVE
JP MORGAN
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JPMorgan
MICHAEL HUTTNER
STEFAN BONGARDT
Bankhaus Metzler
JOCHEN SCHMITT
Exane BNP Paribas
THOMAS JACQUET
Banco Sabadell
MARIO LODOS
DZ Bank AG
THORSTEN WENZEL
FABRIZIO CROCE
AlphaValue
DIETER HEIN
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
Helvea
DANIEL BISCHOF
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Berenberg Bank
PETER ELIOT
Credit Suisse
RICHARD BURDEN
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Oddo & Cie
NICOLAS JACOB
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
RBC Capital Markets
GORDON AITKEN
Mediobanca SpA
MARC THIELE
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Deutsche Bank
ROBIN BUCKLEY
Macquarie
HADLEY COHEN
Goldman Sachs
VINIT MALHOTRA
EVA Dimensions
AUSTIN BURKETT
HSBC
KAILESH MISTRY
WERNER SCHIRMER
Natixis
BENOIT VALLEAUX
Day by Day
VALERIE GASTALDY
THOMAS SEIDL
CA Cheuvreux
ATANASIO PANTARROTAS
Morgan Stanley
JON HOCKING
BEN COHEN
Hamburger Sparkasse
CHRISTIAN HAMANN
Nord/LB
VOLKER SACK
Nomura
MICHAEL KLIEN
Societe Generale
JASON KALAMBOUSSIS
National Bank AG
MANFRED JAISFELD
S&P Capital IQ
RODERICK WALLACE
Raymond James
DANNY JACQUES
Redburn Partners
PAUL GOODHIND
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE
Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
overweight
buy
sell
outperform
buy
buy
reduce
add
hold
accumulate
underperform
buy
neutral
buy
buy
overweight
outperform
outperform
neutral
buy
buy
outperform
Buy/Neutral
buy
overweight
hold
buy
buy
market perform
outperform
Equalwt/In-Line
buy
buy
buy
neutral
buy
buy
buy
market perform
buy
neutral
hold
Amt Held
32'047'039
8'563'293
8'000'572
6'365'290
4'770'085
4'519'378
4'513'764
3'746'308
3'598'771
3'381'128
2'337'600
2'232'924
2'116'731
1'904'355
1'843'650
1'490'728
1'483'920
1'455'112
1'212'611
961'909
% Out
7.03
1.88
1.75
1.4
1.05
0.99
0.99
0.82
0.79
0.74
0.51
0.49
0.46
0.42
0.4
0.33
0.33
0.32
0.27
0.21
Weighting
Change
5
5
1
5
5
5
2
4
3
4
1
5
3
5
5
5
5
5
3
5
5
5
5
5
5
3
5
5
3
5
3
5
5
5
3
5
5
5
3
5
3
3
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
175'318
(440'475)
(11'363)
(131'397)
546'507
972'739
(99'900)
(65'405)
64'334
388'780
(82'340)
8'661
Target Price
122
120
85
125
114
105
73
111
96
111
128
124
113
118
120
120
120
120
123
133
120
130
120
#N/A N/A
128
110
120
117
100
118
110
100
#N/A N/A
104
103
100
120
133
#N/A N/A
#N/A N/A
92
106
File Dt
15.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.09.2012
16.05.2012
31.01.2013
31.12.2012
31.12.2012
31.10.2012
30.11.2012
30.11.2012
31.12.2012
15.02.2013
30.12.2012
31.12.2012
30.11.2012
31.12.2012
Date
9 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Unclassified
Date
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
12.02.2013
11.02.2013
08.02.2013
06.02.2013
04.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
29.01.2013
24.01.2013
23.01.2013
18.01.2013
17.01.2013
16.01.2013
16.01.2013
10.01.2013
07.01.2013
13.12.2012
10.12.2012
05.12.2012
26.11.2012
14.11.2012
12.11.2012
12.11.2012
09.11.2012
09.11.2012
09.11.2012
03.08.2012
15.03.2012
11.11.2011
12.05.2011
20.02.2013
Anheuser-Busch InBev NV
Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Price/Volume
80
9.0 M
70
8.0 M
60
7.0 M
6.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.09.2012)
52-Week Low (24.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABI BB EQUITY YTD Change
ABI BB EQUITY YTD % CHANGE
12/2011
09/yy
71.05
48.77
1'724'592.00
69.84
-1.70%
43.22%
91.70%
1'606.8
112'218.04
40'165.00
0.0
3'552.0
5'423.00
189'902.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
19'780.6
2.84x
6'827.9
8.23x
3'013.0
15.83x
5.0 M
40
31.12.2008
31.12.2009
23'507.0
36'758.0
4.07x
3.57x
7'734.0
12'925.0
12.37x
10.15x
1'927.0
4'613.0
11.99x
17.92x
Profitability
LTM-4Q
31.12.2010
36'297.0
3.70x
13'768.0
9.76x
4'026.0
22.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
39'046.0
3.49x
15'297.0
8.91x
5'855.0
16.71x
15'297.00
12'607.00
32.29%
25.14%
6.19%
19.04%
13.22%
0.34%
57.4%
38.9%
32.0%
15.0%
0.63
0.49
35.73%
107.13%
6.16
Price/ Cash Flow
LTM
09/yy
38'645.0
0.00x
11'120.0
0.00x
4'973.0
16.23x
09/yy
39'345.0
7.65x
15'945.0
0.00x
7'338.0
18.54x
FY+1
.0 M
f-13
0.78
43.44%
6.24%
0.776
35
3.629
2'622'819
2'149'295
1'714'784
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
39'727.8
44'831.3
10'198.3
4.63x
4.17x
15'480.0
17'605.5
4'427.1
12.27x
10.79x
7'440.7
8'064.3
1'946.8
20.04x
18.66x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.05.2012
A
STABLE
01.05.2012
A-1
5.53
4.31
2.36
2.61
107.1%
49.5%
0.34
2.42
59.46
277.57
-183.39
14.00
45'000.0
12.00
40'000.0
35'000.0
10.00
30'000.0
8.00
25'000.0
6.00
20'000.0
15'000.0
4.00
10'000.0
2.00
0.00
02.01.2009
5'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Anheuser-Busch InBev NV
Holdings By:
All
Holder Name
STICHTING INBEV
EUGENIE PATRI SEBAST
BRC SARL
FMR LLC
VANGUARD GROUP INC
BLACKROCK
BNP PARIBAS INV PART
ANHEUSER-BUSCH INBEV
VOORZITTER VERHELST
INBEV-BAILLET LATOUR
T ROWE PRICE ASSOCIA
INVESCO LTD
AMUNDI
GRANTHAM MAYO VAN OT
THREADNEEDLE ASSET M
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Societe Generale
ANDREW HOLLAND
ABN Amro Bank N.V.
ROBERT JAN VOS
JPMorgan
MIKE J GIBBS
TREVOR STIRLING
HSBC
LAUREN E TORRES
Bank Degroof(ESN)
HANS D'HAESE
Natixis
OLIVIER DELAHOUSSE
S&P Capital IQ
CARL SHORT
Grupo Santander
ANTHONY J BUCALO
Jefferies
DIRK VAN VLAANDEREN
KBC Securities
WIM HOSTE
Berenberg Bank
PHILIP MORRISEY
ING Bank
MARCO GULPERS
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
AlphaValue
ISABELLE COMBEMALE
Nomura
IAN SHACKLETON
Goldman Sachs
MITCHELL COLLETT
Credit Suisse
SANJEET AUJLA
Petercam
KRIS KIPPERS
EDDY HARGREAVES
Rabobank International
KAREL ZOETE
Bryan Garnier & Cie
NIKOLAAS FAES
Redburn Partners
CHRIS PITCHER
RBC Capital Markets
JAMES EDWARDES JONES
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Kempen & Co
SANDER VAN OORT
LARS LUSEBRINK
ALEX SMITH
Nord/LB
WOLFGANG VASTERLING
Day by Day
VALERIE GASTALDY
Deutsche Bank
JONATHAN FELL
Barclays
SIMON HALES
Banco Sabadell
IGNACIO ROMERO
Shore Capital Stockbrokers
PHIL CARROLL
TEAM COVERAGE
Source
20F
20F
ULT-AGG
20F
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
20F
20F
20F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
reduce
not rated
outperform
overweight
hold
neutral
hold
buy
buy
hold
buy
hold
underperform
sell
reduce
sell/attractive
neutral
buy
buy
hold
buy
buy
outperform
buy
outperform
sell
hold
hold
neutral
hold
hold
restricted
suspended coverage
buy
not rated
buy
Amt Held
663'074'830
133'267'604
35'079'819
32'666'460
19'379'453
16'738'779
11'944'675
10'597'724
9'105'051
7'601'955
6'997'665
5'485'415
4'160'120
3'874'886
3'438'936
2'694'181
2'451'172
2'384'500
2'153'869
2'066'638
% Out
41.27
8.29
2.18
2.03
1.21
1.04
0.74
0.66
0.57
0.47
0.44
0.34
0.26
0.24
0.21
0.17
0.15
0.15
0.13
0.13
Weighting
Change
5
2
#N/A N/A
5
5
3
3
3
5
5
3
5
3
1
1
2
1
3
5
5
3
5
5
5
5
5
1
3
3
3
3
3
#N/A N/A
#N/A N/A
5
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
N
Latest Chg
(3'462'946)
(1'662'696)
(2'422'646)
258'591
(128'959)
(436'646)
89'672
17'505
1'647'249
311'764
1'136'735
166'567
46'278
Target Price
74
61
#N/A N/A
81
78
74
70
71
71
76
67
64
68
63
42
59
60
70
80
76
66
75
#N/A N/A
69
82
72
#N/A N/A
68
69
65
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
42
#N/A N/A
50
File Dt
Inst Type
29.08.2011
n/a
29.08.2011
Corporation
31.12.2012
Investment Advisor
29.08.2011
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
29.08.2011
Corporation
29.08.2011
Other
29.08.2011
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
15.02.2013
Investment Advisor
30.11.2012 Mutual Fund Manager
31.05.2012
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
25.01.2013
21.01.2013
17.01.2013
06.01.2013
31.10.2012
14.09.2012
10.09.2012
07.08.2012
29.06.2012
29.06.2012
05.03.2012
07.02.2012
27.09.2011
20.02.2013
ArcelorMittal
ArcelorMittal produces steel. The Company manufactures cold rolled,
electrogalvanized and coated steels, slabs, special quality bars, and wire
rods. Arcelor Mittal has steel making operations in Europe, the Americas,
Asia, and Africa.
Price/Volume
18
35.0 M
16
30.0 M
14
25.0 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MT NA EQUITY YTD Change
MT NA EQUITY YTD % CHANGE
12/2012
12/yy
16.85
10.60
9'943'193.00
11.955
-29.05%
12.84%
29.74%
1'665.4
19'909.76
25'752.00
0.0
3'474.0
4'398.00
51'409.53
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10.0 M
5.0 M
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
124'936.0
0.50x
24'436.0
2.57x
9'399.0
3.49x
10
31.12.2009
31.12.2010
61'021.0
78'025.0
1.52x
1.05x
3'656.0
8'014.0
25.37x
10.25x
157.0
2'916.0
308.59x
17.66x
Profitability
LTM-4Q
31.12.2011
93'973.0
0.58x
9'898.0
5.47x
2'263.0
15.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
84'213.0
0.61x
6'762.0
7.58x
(3'726.0)
6'762.00
1'809.00
2.15%
-6.85%
-3.15%
-6.87%
0.71%
6.1%
8.6%
2.8%
-4.4%
1.33
0.40
22.48%
49.79%
14.60
-
Price/ Cash Flow
LTM
12/yy
93'973.0
2.92x
10'448.0
5.18x
2'263.0
15.75x
12/yy
84'213.0
2.47x
7'280.0
7.04x
(3'726.0)
0.00x
FY+1
.0 M
f-13
1.47
976.79
-26.26%
-7.58%
1.475
42
3.500
7'005'059
9'497'878
7'627'378
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
87'743.3
90'551.9
20'688.8
22'234.8
0.55x
0.51x
2.43x
2.24x
7'995.0
9'529.1
1'607.3
2'168.3
6.43x
5.39x
6.76x
6.32x
1'250.1
2'590.7
33.8
557.0
21.45x
10.70x
24.63x
17.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.08.2012
BB+
NEG
02.08.2012
B
3.33
1.02
2.93
3.54
49.8%
31.8%
0.71
1.56
25.07
61.20
60.00
140'000.0
50.00
120'000.0
100'000.0
40.00
80'000.0
30.00
60'000.0
20.00
40'000.0
10.00
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
ArcelorMittal
Holdings By:
All
Holder Name
HSBC TRUSTEE CI LTD
STATE OF LUXEMBOURG
VANGUARD GROUP INC
BLACKROCK
ARCELOR MITTAL
ING INVESTMENT MANAG
AMUNDI
AVIVA PLC
DIMENSIONAL FUND ADV
LBPAM
HENDERSON GLOBAL INV
ACHMEA BELEGGINSFOND
BNP ASSET MANAGEMENT
ING INTERNATIONAL AD
SNS INVESTMENT FUND
FORTIS INVESTMENTS
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
RBC Capital Markets

TIMOTHY HUFF
Bankia Bolsa (ESN)
INIGO RECIO PASCUAL
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
Nomura
NEIL SAMPAT
AlphaValue
FABRICE FARIGOULE
Hamburger Sparkasse
INGO SCHMIDT
Societe Generale
ALAIN WILLIAM
Nord/LB
HOLGER FECHNER
Jefferies
SETH ROSENFELD
SVEN DIERMEIER
FRANK CLAASSEN
ROCHUS BRAUNEISER
RUI DIAS
S&P Capital IQ
JOHNSON IMODE
Exane BNP Paribas
LUC PEZ
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Morgan Stanley
ALEXANDER HAISSL
Goldman Sachs
STEPHEN BENSON
JPMorgan
ALESSANDRO ABATE
CESAR SANCHEZ-GRANDE
ING Bank
FILIP DE PAUW
Banesto Bolsa SA Sociedad
ROBERT JACKSON
ABN Amro Bank N.V.
MAARTEN BAKKER
VTB Capital
WIKTOR BIELSKI
Macquarie
JEFFREY LARGEY
HSBC
THORSTEN ZIMMERMANN
Grupo Santander
JUAN RAMON CORREAS
Theodoor Gilissen Securities
TOM MULLER
EVA Dimensions
CRAIG STERLING
Petercam
JUNIOR CUIGNIEZ
JENS MUENSTERMANN
BBVA
LUIS DE TOLEDO
Natixis
RAOUDHA BOUZEKRI
Davy
TIM CAHILL
Kempen & Co
DIRK VERBIESEN
La Caixa
ICIAR GOMEZ BOTAS
Day by Day
VALERIE GASTALDY
National Bank AG
EKKEHARD D LINK
Main First Bank AG
ALEXANDER HAUENSTEIN
Deutsche Bank
BASTIAN SYNAGOWITZ
Cyrrus
JIRI SIMARA
Dahlman Rose & Co
ANTHONY B RIZZUTO JR
SCOTT FINLAY
Source
Research
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
buy
buy
neutral
add
buy
buy
sell
buy
hold
buy
hold
sell
sell
neutral
hold
Equalwt/Cautious
neutral/neutral
overweight
sell
hold
Under Review
buy
buy
neutral
underweight
hold
buy
overweight
hold
buy
underperform
neutral
neutral
buy
overweight
hold
buy
underperform
hold
accumulate
buy
buy
Amt Held
637'338'263
38'965'330
34'288'654
18'860'993
14'036'932
12'923'790
11'807'964
8'527'735
6'157'177
5'391'818
3'648'408
3'040'188
3'022'839
2'965'210
2'897'046
2'858'279
2'745'413
2'539'528
2'019'861
1'908'313
% Out
38.27
2.34
2.06
1.13
0.84
0.78
0.71
0.51
0.37
0.32
0.22
0.18
0.18
0.18
0.17
0.17
0.16
0.15
0.12
0.11
Weighting
Change
5
5
5
3
4
5
5
1
5
3
5
3
1
1
3
3
3
3
5
1
3
#N/A N/A
5
5
3
1
3
5
5
3
5
1
3
3
5
5
3
5
1
3
4
5
5
U
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
U
M
D
M
M
M
M
M
M
N
Latest Chg
(1'268'600)
378'014
(572'353)
(458'274)
(35'853)
1'059'726
(2'720)
(511'043)
2'297'074
(190'655)
(67'376)
47'693
7'855
Target Price
14
16
15
12
14
#N/A N/A
16
10
16
14
15
13
10
9
15
13
13
12
15
12
13
#N/A N/A
19
21
15
12
17
18
#N/A N/A
14
15
15
13
#N/A N/A
17
13
#N/A N/A
15
9
13
18
#N/A N/A
30
File Dt
31.07.2012
17.05.2012
31.12.2012
31.12.2012
19.02.2013
31.12.2012
17.05.2012
31.12.2012
30.11.2012
31.01.2013
31.07.2012
31.12.2012
30.09.2012
31.12.2012
30.09.2012
15.02.2013
31.07.2012
29.06.2012
30.09.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
11.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
01.02.2013
30.01.2013
25.01.2013
22.01.2013
17.01.2013
14.01.2013
11.01.2013
10.01.2013
10.01.2013
10.01.2013
06.01.2013
23.11.2012
20.11.2012
02.11.2012
02.11.2012
26.10.2012
30.01.2012
17.10.2011
08.06.2011
20.02.2013
ASML Holding NV
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Price/Volume
60
18.0 M
16.0 M
50
14.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (06.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ASML NA EQUITY YTD Change
ASML NA EQUITY YTD % CHANGE
12/2012
12/yy
58.09
33.59
1'114'080.00
55.05
-5.23%
63.91%
87.76%
419.9
23'112.88
759.49
0.0
0.0
2'697.60
21'174.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
8.0 M
20
6.0 M
4.0 M
10
2.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'953.7
1.71x
406.2
12.42x
322.4
17.00x
12.0 M
30
31.12.2009
31.12.2010
1'596.1
4'507.9
6.29x
2.52x
(21.5)
1'402.1
8.11x
(150.9)
1'021.8
12.30x
Profitability
LTM-4Q
31.12.2011
5'651.0
2.02x
1'806.4
6.33x
1'467.0
9.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'731.6
3.72x
1'343.4
13.11x
1'146.3
17.78x
1'343.39
1'156.77
24.45%
24.32%
15.63%
30.52%
0.65%
42.4%
28.4%
24.4%
24.2%
2.80
1.58
10.25%
18.67%
6.37
1.57
Price/ Cash Flow
12/yy
5'651.0
7.30x
1'806.4
6.33x
1'467.0
9.41x
LTM
12/yy
4'731.5
12.93x
1'343.4
13.11x
1'146.3
17.78x
FY+1
.0 M
f-13
0.93
326.78
86.73%
14.69%
0.933
36
3.583
1'090'168
1'756'965
1'762'041
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'862.3
6'037.6
911.5
1'090.4
4.26x
3.31x
23.01x
19.49x
1'253.6
1'817.2
139.5
235.0
16.89x
11.65x
17.78x
14.10x
945.2
1'449.8
120.0
196.8
23.79x
15.53x
22.99x
19.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
58.97
51.43
-1.44
0.57
18.7%
15.7%
0.65
4.54
57.47
233.70
39.17
252.00
250.00
6'000.0
5'000.0
200.00
4'000.0
150.00
3'000.0
100.00
2'000.0
50.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
ASML Holding NV
Holdings By:
All
Holder Name
STICHTING ADM MAKTSJ
FMR LLC
BLACKROCK
STICHT ADM TSMC
ASML HOLDING NV
WADDELL & REED FINAN
VANGUARD GROUP INC
AMUNDI
HENDERSON GLOBAL INV
SARASIN
BESSEMER INVESTMENT
Firm Name
AlphaValue
JPMorgan
Exane BNP Paribas
ING Bank
EVA Dimensions
Day by Day
Deutsche Bank
Liberum Capital Ltd
ABN Amro Bank N.V.
Baader Bank
Bank of Valletta
Grupo Santander
Societe Generale
Morgan Stanley
Credit Suisse
CA Cheuvreux
Petercam
Natixis
S&P Capital IQ
Main First Bank AG
Barclays
Pacific Crest Securities
Piper Jaffray
Kempen & Co
Jefferies
Goldman Sachs
SNS Securities(ESN)
Redburn Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
OLD WESTBURY INTERNA
Analyst
LIONEL PELLICER
SANDEEP S DESHPANDE
JEROME RAMEL
MARC ZWARTSENBURG
PHILIP SCHOLTE
ANDREW S ZAMFOTIS
VALERIE GASTALDY
KAI KORSCHELT
JANARDAN MENON
ROBIN VAN DEN BROEK
GUENTHER MICHAEL HOLLFELDER
TEAM COVERAGE
CARLOS JAVIER TREVINO
PETER KNOX
FRANCOIS MEUNIER
SATYA KUMAR
PIERRE FERRAGU
WALTER SCHNEIDER
BERND LAUX
MARCEL ACHTERBERG
STEPHANE HOURI
JAMES CRAWSHAW
JUERGEN WAGNER
ANDREW M GARDINER
WESTON TWIGG
MARKUS FRIEBEL
PETER OLOFSEN
JAGADISH IYER
JOS VERSTEEG
THOMAS M BECKER
ERWIN DUT
LEE SIMPSON
SIMON F SCHAFER
VICTOR BARENO
SUMANT WAHI
Source
20F
ULT-AGG
ULT-AGG
ULT-AGG
20F
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-USA
Recommendation
reduce
overweight
neutral
hold
hold
underweight
buy
hold
hold
buy
hold
overweight
hold
hold
Overwt/Cautious
outperform
outperform
hold
outperform
hold
buy
buy
underperform
overweight
sector perform
sell
reduce
overweight
hold
reduce
hold
hold
not rated
suspended coverage
neutral
Amt Held
62'977'877
51'453'097
36'311'008
22'878'489
20'992'625
8'980'030
8'028'537
5'830'523
3'447'015
2'964'987
1'645'738
1'523'440
1'165'173
1'104'264
905'408
878'582
852'802
847'444
846'675
824'000
% Out
15
12.26
8.65
5.45
5
2.14
1.91
1.39
0.82
0.71
0.39
0.36
0.28
0.26
0.22
0.21
0.2
0.2
0.2
0.2
Weighting
Change
2
5
3
3
3
1
5
3
3
5
3
5
3
3
5
5
5
3
5
3
5
5
1
5
3
1
2
5
3
2
3
3
#N/A N/A
#N/A N/A
3
M
M
M
M
M
D
M
U
U
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
U
Latest Chg
191'077
28'372
(40'604)
1'901'140
39'872
(421'865)
516'501
(116'206)
(199'700)
(637'888)
(464'871)
824'000
Target Price
53
65
50
60
52
#N/A N/A
63
47
45
60
52
59
43
48
56
60
58
50
59
57
58
58
40
53
#N/A N/A
40
40
57
50
40
50
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
06.02.2013
Other
06.02.2013
Investment Advisor
06.02.2013
Investment Advisor
15.02.2013
Investment Advisor
06.02.2013
n/a
01.07.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
30.09.2012
Investment Advisor
30.11.2012
Investment Advisor
28.12.2012
Unclassified
31.10.2012
Investment Advisor
Date
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
14.02.2013
12.02.2013
04.02.2013
01.02.2013
31.01.2013
29.01.2013
28.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
15.01.2013
07.01.2013
06.01.2013
18.12.2012
23.11.2012
01.11.2012
11.07.2012
20.02.2013
Assicurazioni Generali SpA

Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance
throughout the world. The Company offers life, health, accident, automobile,
marine, aviation, transport, fire, general liability, and credit insurance and
reinsurance.
Price/Volume
16
30.0 M
14
25.0 M
12
20.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
G IM EQUITY YTD Change
G IM EQUITY YTD % CHANGE
12/2011
09/yy
14.65
8.16
5'148'329.00
12.96
-11.54%
58.92%
76.14%
1'556.9
20'177.08
21'346.20
0.0
2'635.0
25'559.90
24'761.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
10.0 M
4
5.0 M
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
80'164.7
0.66x
2'915.6
14.69x
15.0 M
31.12.2008
31.12.2009
62'298.4
85'790.6
0.61x
0.50x
860.9
1'309.1
30.45x
20.68x
Profitability
LTM-4Q
31.12.2010
87'072.1
0.40x
1'701.9
12.92x
31.12.2011
73'481.8
0.22x
856.1
20.77x
4.66%
2.46%
0.27%
6.64%
0.19%
1.2%
5.05%
137.85%
-
LTM
09/yy
79'976.9
0.85x
0.0
0.00x
3'825.2
0.00x
09/yy
81'511.6
0.46x
0.0
0.00x
1'163.8
14.58x
FY+1
.0 M
f-13
1.05
1'267.12
11.08%
-5.68%
1.045
30
2.600
5'846'905
7'229'142
6'852'000
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
74'120.1
76'299.8
14'345.0
0.30x
0.29x
1'564.8
2'055.4
454.0
12.51x
9.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
A
NEG
137.8%
54.1%
0.19
-
100'000.0
90'000.0
1.00
80'000.0
70'000.0
0.80
0.60
0.40
60'000.0
50'000.0
40'000.0
30'000.0
20'000.0
0.20
10'000.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Assicurazioni Generali SpA

Holdings By:
All
Holder Name
MEDIOBANCA SPA
BANCA D'ITALIA
DEA PARTICIPATIONS S
EFFETI SPA
DELFIN SARL
VANGUARD GROUP INC
BLACKROCK
COMPASS SPA
VIKING GLOBAL INVEST
VM 2006 SRL
PANTHEON 2000 SPA
CALTAGIRONE EDITORE
GAMMA SRL
B&D FINANCE SA
FINANZIARIA ITALIA 2
ARCA SGR SPA
AMUNDI
Firm Name
Banca Akros(ESN)
Mediobanca SpA
Exane BNP Paribas
AlphaValue
Credit Suisse
Oddo & Cie
Barclays
Main First Bank AG
Equita SIM SpA
Morgan Stanley
EVA Dimensions
Deutsche Bank
HSBC
Societe Generale
JPMorgan
S&P Capital IQ
Day by Day
Nomura
Natixis
CA Cheuvreux
Goldman Sachs
ICBPI
Banca IMI
Hamburger Sparkasse
Macquarie
Redburn Partners
DZ Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
MARCO CAVALLERI
GIANLUCA FERRARI
NICCOLO DALLA PALMA
JEROME CASSAGNE
RICHARD BURDEN
NICOLAS JACOB
CLAUDIA GASPARI
FEDERICO SALERNO
MATTEO GHILOTTI
DAVID ANDRICH
AUSTIN BURKETT
ROBIN BUCKLEY
KAILESH MISTRY
ABID HUSSAIN
ANDREAS VAN EMBDEN
RALPH HEBGEN
STEFAN BONGARDT
RODERICK WALLACE
VALERIE GASTALDY
MICHAEL KLIEN
BENOIT VALLEAUX
THOMAS SEIDL
WERNER SCHIRMER
COLIN L SIMPSON
ENRICO ESPOSTI
ELENA PERINI
CHRISTIAN HAMANN
GIANANTONIO VILLANI
HADLEY COHEN
PAUL GOODHIND
WERNER EISENMANN
TIM PROUDLOVE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
EXCH
Short
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
MF-AGG
Recommendation
hold
neutral
underperform
reduce
underperform
neutral
equalweight
outperform
buy
Underwt/In-Line
underweight
hold
neutral
buy
neutral
market perform
sell
sell
hold
reduce
neutral
underperform
sell
underperform
not rated
not rated
suspended coverage
hold
buy
neutral
neutral
sell
hold
Amt Held
% Out
194'048'687 12.46
69'420'980
4.46
35'185'336
2.26
33'488'344
2.15
31'168'603
2
21'969'315
1.41
17'248'637
1.11
14'198'684
0.91
(14'167'547) -0.91
6'196'356
0.4
5'321'220
0.34
4'134'095
0.27
3'502'965
0.23
3'144'884
0.2
2'958'059
0.19
2'833'608
0.18
2'693'391
0.17
2'646'685
0.17
2'543'127
0.16
2'540'642
0.16
Weighting
3
3
1
2
1
3
3
5
5
1
1
3
3
5
3
3
1
1
3
2
3
1
1
1
#N/A N/A
#N/A N/A
#N/A N/A
3
5
3
3
1
3
Change
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
460'550
79'470
(41'688)
(6'015)
(5'402)
409'970
Target Price
14
15
13
13
14
14
13
16
16
13
#N/A N/A
15
16
16
14
15
14
11
#N/A N/A
12
14
8
12
10
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
16
13
#N/A N/A
10
16
File Dt
Inst Type
20.11.2012
Bank
30.11.2012
Government
30.11.2012
Investment Advisor
30.11.2012
Corporation
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
30.11.2012
Corporation
01.11.2012 Hedge Fund Manager
30.11.2012
Other
31.01.2013
Investment Advisor
15.02.2013
Investment Advisor
30.11.2012
Other
30.11.2012
Corporation
30.11.2012
Holding Company
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
30.11.2012
Unclassified
Date
12 month
6 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
3 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
20.02.2013
18.02.2013
15.02.2013
14.02.2013
08.02.2013
04.02.2013
04.02.2013
25.01.2013
18.01.2013
17.01.2013
17.01.2013
16.01.2013
16.01.2013
15.01.2013
15.01.2013
15.01.2013
15.01.2013
15.01.2013
15.01.2013
14.01.2013
10.01.2013
09.01.2013
09.01.2013
09.01.2013
08.01.2013
08.01.2013
28.12.2012
11.12.2012
10.12.2012
13.11.2012
15.03.2012
21.12.2011
16.05.2011
20.02.2013
AXA SA
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Price/Volume
16
30.0 M
14
25.0 M
12
20.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CS FP EQUITY YTD Change
CS FP EQUITY YTD % CHANGE
12/2011
09/yy
13.98
8.65
6'393'273.00
13.7
-1.97%
58.38%
99.15%
2'389.0
32'729.28
16'693.00
6'059.0
2'371.0
31'072.00
27'574.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
4
5.0 M
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
115'035.0
0.57x
5'666.0
11.80x
15.0 M
31.12.2008
31.12.2009
51'235.0
122'704.0
0.62x
0.36x
923.0
3'606.0
51.67x
10.60x
Profitability
LTM-4Q
31.12.2010
117'414.0
0.29x
2'749.0
12.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
98'334.0
0.18x
4'324.0
5.88x
4.36%
5.58%
0.40%
6.27%
4.84%
0.14%
4.4%
2.29%
39.27%
-
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
1.50
2'042.80
17.24%
2.62%
1.500
35
4.029
6'333'995
6'017'706
5'980'836
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
98'255.7
97'977.1
0.45x
0.45x
4'445.6
4'724.0
7.57x
7.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.12.2012
ASTABLE
18.12.2012
A-2
39.3%
24.7%
0.14
-
3.00
140'000.0
2.50
120'000.0
100'000.0
2.00
80'000.0
1.50
60'000.0
1.00
40'000.0
0.50
20'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
AXA SA
Holdings By:
All
Holder Name
MUTUELLES AXA
AMUNDI
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
FMR LLC
LANSDOWNE UK EQUITY
AMUNDI
LBPAM
AVIVA PLC
AMUNDI
TEMPLETON INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Banco Sabadell
MARIO LODOS
AlphaValue
JEROME CASSAGNE
RALPH HEBGEN
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Helvea
DANIEL BISCHOF
Exane BNP Paribas
THOMAS JACQUET
Oddo & Cie
NICOLAS JACOB
Berenberg Bank
PETER ELIOT
FABRIZIO CROCE
Credit Suisse
RICHARD BURDEN
Raymond James
DANNY JACQUES
Main First Bank AG
FEDERICO SALERNO
Barclays
CLAUDIA GASPARI
Mediobanca SpA
MARC THIELE
Deutsche Bank
OLIVER STEEL
Macquarie
NEIL WELCH
Goldman Sachs
COLIN L SIMPSON
EVA Dimensions
AUSTIN BURKETT
HSBC
KAILESH MISTRY
Natixis
BENOIT VALLEAUX
WERNER SCHIRMER
Day by Day
VALERIE GASTALDY
CA Cheuvreux
Morgan Stanley
JON HOCKING
Redburn Partners
LANCE BURBIDGE
JPMorgan
ANDREAS VAN EMBDEN
PIERRE CHEDEVILLE
RBC Capital Markets
GORDON AITKEN
STEFAN BONGARDT
National Bank AG
MANFRED JAISFELD
S&P Capital IQ
RODERICK WALLACE
Hamburger Sparkasse
CHRISTIAN HAMANN
Nomura
MICHAEL KLIEN
DZ Bank AG
WERNER EISENMANN
JOY FERNEYHOUGH
TIM PROUDLOVE
CS Capital
CHRISTOPHER PARKINSON
BBVA
SILVIA RIGOL CARNEIRO
Source
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
outperform
buy
buy
outperform
buy
hold
hold
outperform
strong buy
underperform
underweight
outperform
buy
outperform
Buy/Neutral
hold
overweight
buy
buy
hold
outperform
Overwt/In-Line
neutral
underweight
buy
sector perform
hold
hold
buy
hold
buy
buy
buy
outperform
sell
outperform
Amt Held
% Out
342'767'775 14.35
91'682'238
3.84
79'994'391
3.35
65'131'985
2.73
50'254'088
2.1
44'905'493
1.88
35'536'058
1.49
33'349'652
1.4
29'871'758
1.25
21'618'306
0.9
(20'395'259) -0.85
14'093'406
0.59
12'758'066
0.53
11'629'095
0.49
10'727'164
0.45
7'008'017
0.29
6'232'941
0.26
5'917'236
0.25
5'835'130
0.24
5'477'948
0.23
Weighting
Change
5
5
5
5
5
5
5
3
3
5
5
1
1
5
5
5
5
3
5
5
5
3
5
5
3
1
5
3
3
3
5
3
5
5
5
5
1
5
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
(20'493'797)
76'406
2'125'718
(9'366)
4'798'856
464'500
730'180
(2'926'509)
(3'608'266)
(7'936'172)
(809'204)
255'752
(143'415)
(27'579)
210'749
(52'090)
(37'515)
Target Price
15
17
18
17
15
18
16
16
10
16
19
14
14
18
16
16
17
#N/A N/A
20
18
16
#N/A N/A
16
15
#N/A N/A
12
16
13
13
13
16
#N/A N/A
23
14
21
16
13
22
File Dt
31.12.2011
15.05.2012
30.10.2012
31.12.2012
31.12.2012
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
16.09.2011
30.11.2012
31.12.2012
31.12.2012
31.01.2013
28.09.2012
15.02.2013
31.07.2012
30.11.2012
30.11.2012
Date
12 month
6 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
15.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
04.02.2013
04.02.2013
30.01.2013
24.01.2013
23.01.2013
18.01.2013
17.01.2013
16.01.2013
10.01.2013
07.01.2013
07.01.2013
10.12.2012
05.12.2012
22.11.2012
08.11.2012
07.11.2012
05.11.2012
25.10.2012
25.10.2012
25.10.2012
08.10.2012
27.01.2012
20.12.2011
05.10.2011
06.06.2011
22.02.2011
17.02.2011
20.02.2013
Banco Bilbao Vizcaya Argentaria SA

Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
600.0 M
500.0 M
12/2012
12/yy
7.86
4.31
24'948'923.00
7.599
-3.28%
76.31%
94.16%
5'448.9
41'405.81
227'639.00
0.0
2'373.0
63'956.00
-
400.0 M
300.0 M
200.0 M
100.0 M
1
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
41'508.0
5'020.0
6.41x
700.0 M
8
7
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BBVA SQ EQUITY YTD Change
BBVA SQ EQUITY YTD % CHANGE
31.12.2009
31.12.2010
34'467.0
32'482.0
4'210.0
4'606.0
11.37x
6.46x
Profitability
LTM-4Q
31.12.2011
36'094.0
3'004.0
10.44x
31.12.2012
21'714.0
1'676.0
28.19x
13.57%
7.64%
0.27%
4.21%
0.88%
0.04%
7.7%
35.69%
549.44%
-
LTM
12/yy
19'967.0
0.00x
0.0
0.00x
3'004.0
10.33x
12/yy
22'260.0
0.00x
0.0
0.00x
1'676.0
22.20x
FY+1
1.23
5'283.94
14.94%
10.60%
1.226
43
3.326
42'000'220
66'786'530
66'306'900
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'435.5
24'669.5
5'931.0
6'071.0
4'436.5
5'175.4
1'169.0
1'168.0
10.04x
8.56x
11.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.10.2012
BBBNEG
16.10.2012
A-3
549.4%
83.9%
0.04
3.29
-
45'000.0
40'000.0
1.00
0.80
35'000.0
30'000.0
25'000.0
0.60
20'000.0
15'000.0
0.40
0.20
10'000.0
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Banco Bilbao Vizcaya Argentaria SA

Holdings By:
All
Holder Name
BNP PARIBAS SA
INVERAVANTE INVERSIO
VANGUARD GROUP INC
BLACKROCK
JANUS CAPITAL MANAGE
FMR LLC
UMB BANK N A
SANTANDER ASSET MGMT
CREDIT SUISSE ASSET
DEXIA ASSET MANAGEME
SWEDBANK ROBUR FONDE
UNION INVESTMENT LUX
AVIVA PLC
STATE STREET BANQUE
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Oddo & Cie

JULIE LEGRAND
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
BPI
CARLOS JOAQUIM PEIXOTO
Banco Sabadell
MARIO LODOS
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
AlphaValue
DAVID GRINSZTAJN
ALEJANDRO RUYRA DE ANDRADE
JUAN ALBERTO TUESTA VILANOVA
Morgan Stanley
ALVARO SERRANO
Interdin Bolsa
JAVIER RUIZ-CAPILLAS
JPMorgan
JAIME BECERRIL
Bankia Bolsa (ESN)
JAVIER BERNAT
IRMA GARRIDO
Hamburger Sparkasse
CHRISTIAN HAMANN
Macquarie
BENJIE CREELAN-SANDFORD
Mediobanca SpA
ANDREA FILTRI
RBC Capital Markets
PATRICK LEE
ANTONIO RAMIREZ
STEFAN BONGARDT
JUAN PABLO LOPEZ
Natixis
FREDERIC TESCHNER
Nomura
DARAGH QUINN
Credit Suisse
IGNACIO CEREZO
S&P Capital IQ
WILLIAM HOWLETT
Day by Day
VALERIE GASTALDY
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
INGO FROMMEN
EVA Dimensions
AUSTIN BURKETT
HSBC
CARLO DIGRANDI
Barclays
ROHITH CHANDRA-RAJAN
Grupo Santander
ARTURO DE FRIAS
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
CA Cheuvreux
ADRIAN ZUNZUNEGUI RUANO
Renta 4 SA SVB
NURIA ALVAREZ
Hammer Partners SA
ENRICO RACIOPPI
La Caixa
DAVID FERNANDEZ
DZ Bank AG
SABINE BOHN
Source
EXCH
13G
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
strong buy
strong buy
buy
underperform
buy
buy
overweight
Overwt/In-Line
buy
neutral
hold
hold
hold
underperform
neutral
sector perform
outperform
hold
neutral
neutral
buy
neutral
sell
hold
sell
Buy/Neutral
sell
hold
hold
hold
neutral
underweight
buy
neutral
hold
underperform
overweight
sell
buy
sell
Amt Held
184'725'823
160'934'820
102'566'942
79'084'536
46'618'211
38'166'132
31'913'193
18'107'206
17'956'906
14'935'793
13'489'332
9'664'220
8'602'312
7'718'009
7'291'005
6'508'112
6'211'936
5'965'807
5'954'507
5'947'119
% Out
3.39
2.95
1.88
1.45
0.86
0.7
0.59
0.33
0.33
0.27
0.25
0.18
0.16
0.14
0.13
0.12
0.11
0.11
0.11
0.11
Weighting
Change
5
5
5
5
1
5
5
5
5
5
3
3
3
3
1
3
3
5
3
3
3
5
3
1
3
1
5
1
3
3
3
3
1
5
3
3
1
5
1
5
1
M
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
22'455'188
(86'470'698)
3'027'039
9'573'440
(9'207'019)
587'169
(5'874'425)
(1'472'244)
(3'037'700)
(2'484'158)
8'602'312
(2'806'444)
141'375
2'342'287
725'981
7'394
66'787
Target Price
9
9
9
8
7
10
8
8
9
9
7
7
7
#N/A N/A
6
7
8
9
8
7
7
8
7
7
#N/A N/A
7
11
6
8
8
#N/A N/A
7
6
9
#N/A N/A
#N/A N/A
7
6
6
8
6
File Dt
Inst Type
07.01.2013
Bank
24.07.2012
Other
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.12.2012
Investment Advisor
15.02.2013
Investment Advisor
30.11.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
28.09.2012
Investment Advisor
31.08.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
6 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
18 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
07.02.2013
06.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
31.01.2013
28.01.2013
23.01.2013
22.01.2013
22.01.2013
17.01.2013
17.01.2013
10.01.2013
08.01.2013
04.01.2013
04.01.2013
23.10.2012
24.08.2012
31.07.2012
19.06.2012
16.03.2012
06.02.2012
20.02.2013
Banco Santander SA
Banco Santander SA attracts deposits and offers retail, commercial and private
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAN SQ EQUITY YTD Change
SAN SQ EQUITY YTD % CHANGE
12/2012
12/yy
6.68
3.98
46'728'212.00
5.86
-12.25%
47.38%
73.72%
10'538.7
61'756.68
350'972.00
0.0
9'672.0
172'273.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
700.0 M
600.0 M
500.0 M
400.0 M
300.0 M
200.0 M
100.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
70'114.3
8'876.4
5.74x
31.12.2009
31.12.2010
69'736.2
68'965.5
8'942.5
8'180.9
11.09x
8.39x
Profitability
LTM-4Q
31.12.2011
78'009.0
5'351.0
9.74x
31.12.2012
44'002.0
2'205.0
26.44x
24.76%
12.27%
0.17%
2.92%
0.66%
0.03%
5.0%
27.64%
470.13%
-
LTM
12/yy
44'219.0
0.00x
0.0
0.00x
5'351.0
9.70x
12/yy
43'662.0
0.00x
0.0
0.00x
2'205.0
25.61x
FY+1
1.17
10'341.20
1.03%
-1.66%
1.174
42
2.810
50'936'640
72'917'710
70'469'670
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
44'623.9
46'700.7
11'268.0
11'390.0
6'496.6
7'591.4
1'408.0
1'407.0
9.61x
8.32x
9.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.10.2012
BBB
NEG
30.04.2012
A-2
470.1%
80.6%
0.03
3.20
-
90'000.0
80'000.0
1.00
0.80
70'000.0
60'000.0
50'000.0
0.60
40'000.0
30'000.0
0.40
0.20
20'000.0
10'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Banco Santander SA
Holdings By:
All
Holder Name
STATE STREET
BNP PARIBAS SA
BARCLAYS PLC
VANGUARD GROUP INC
BLACKROCK
DE LOS RIOS EMILIO B
DODGE & COX
ASSICURAZIONI GENERA
BANCO SANTANDER SA
CARMIGNAC GESTION
FRANKLIN RESOURCES
AMUNDI
LBPAM
O'SHEA JAVIER BOTIN
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

FRANCISCO RIQUEL
Oddo & Cie
JULIE LEGRAND
BPI
CARLOS JOAQUIM PEIXOTO
Bankia Bolsa (ESN)
JAVIER BERNAT
Banco Sabadell
MARIO LODOS
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
AlphaValue
DAVID GRINSZTAJN
JUAN ALBERTO TUESTA VILANOVA
Morgan Stanley
ALVARO SERRANO
IRMA GARRIDO
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
Mediobanca SpA
ANDREA FILTRI
RBC Capital Markets
PATRICK LEE
Macquarie
STEFAN BONGARDT
JUAN PABLO LOPEZ
Natixis
FREDERIC TESCHNER
Nomura
DARAGH QUINN
Credit Suisse
IGNACIO CEREZO
ANTONIO RAMIREZ
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
EVA Dimensions
AUSTIN BURKETT
BBVA
IGNACIO ULARGUI
HSBC
CARLO DIGRANDI
Barclays
ROHITH CHANDRA-RAJAN
Redburn Partners
GEORGE KARAMANOS
Day by Day
VALERIE GASTALDY
Societe Generale
CARLOS GARCIA GONZALEZ
Nord/LB
MICHAEL SEUFERT
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
CA Cheuvreux
INGO FROMMEN
ALEJANDRO RUYRA DE ANDRADE
Renta 4 SA SVB
NURIA ALVAREZ
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
La Caixa
DAVID FERNANDEZ
Source
ULT-AGG
Co File
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
Recommendation
neutral
buy
buy
hold
buy
underperform
buy
restricted
Overwt/In-Line
hold
neutral
hold
underperform
underperform
underperform
hold
neutral
reduce
reduce
neutral
market perform
sell
sell
neutral/neutral
hold
outperform
neutral
underweight
neutral
hold
hold
hold
hold
underperform
sell
hold
hold
buy
sell
buy
Amt Held
865'848'021
555'448'975
341'264'391
302'742'257
227'263'557
219'115'525
153'423'579
79'310'301
53'673'238
50'134'290
43'495'798
42'192'066
39'143'000
34'013'342
28'023'412
25'685'427
23'883'311
16'712'670
16'280'026
15'945'626
% Out
8.22
5.27
3.24
2.87
2.16
2.08
1.46
0.75
0.51
0.48
0.41
0.4
0.37
0.32
0.27
0.24
0.23
0.16
0.15
0.15
Weighting
Change
3
5
5
3
5
1
5
#N/A N/A
5
3
3
3
1
1
1
3
3
2
2
3
3
1
1
3
3
5
3
1
3
3
3
3
3
1
1
3
3
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
Latest Chg
(48'939)
86'154'727
(151'165'601)
(56'807'364)
10'545'834
9'808'275
5'467
447'012
586'726
(1'681'830)
(1'830'191)
34'326
(436'850)
937
(305'761)
Target Price
7
9
7
6
7
5
9
#N/A N/A
7
6
6
#N/A N/A
4
6
5
7
6
5
6
6
7
5
6
8
#N/A N/A
8
6
4
#N/A N/A
#N/A N/A
5
#N/A N/A
6
7
5
5
6
6
4
8
File Dt
Inst Type
19.02.2013
Investment Advisor
31.12.2011
Investment Advisor
14.01.2013
Bank
31.12.2012
Investment Advisor
03.05.2011
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.01.2013
n/a
29.01.2013
Investment Advisor
01.10.2011
Insurance Company
31.12.2012
Investment Advisor
31.12.2011
Bank
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
n/a
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
18 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
12.02.2013
12.02.2013
11.02.2013
06.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
28.01.2013
23.01.2013
17.01.2013
14.01.2013
10.01.2013
08.01.2013
04.01.2013
07.11.2012
05.11.2012
23.10.2012
17.10.2012
24.08.2012
22.08.2012
02.08.2012
26.07.2012
28.06.2012
23.05.2012
16.03.2012
20.02.2013
BASF SE
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Price/Volume
80
8.0 M
50
40
12/2011
09/yy
76.17
51.13
2'788'580.00
74.12
-2.69%
44.96%
90.50%
918.5
68'077.64
13'004.00
0.0
1'246.0
2'067.00
80'247.64
6.0 M
30
4.0 M
20
2.0 M
10
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAS GY EQUITY YTD Change
BAS GY EQUITY YTD % CHANGE
31.12.2007
57'951.3
1.01x
10'480.0
5.59x
4'065.5
12.15x
12.0 M
70
31.12.2008
31.12.2009
62'304.0
50'693.0
0.62x
1.07x
10'238.0
8'500.0
3.74x
6.36x
2'912.0
1'410.0
8.86x
28.22x
Profitability
LTM-4Q
31.12.2010
63'873.0
1.09x
11'903.0
5.85x
4'557.0
12.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
73'497.0
0.84x
11'855.0
5.20x
6'188.0
8.00x
11'855.00
8'436.00
11.48%
12.20%
8.14%
21.53%
15.48%
1.25%
26.5%
16.7%
12.2%
8.4%
1.64
0.79
21.26%
53.87%
6.91
5.44
Price/ Cash Flow
LTM
09/yy
71'853.0
3.74x
12'468.0
4.41x
6'157.0
6.84x
09/yy
77'149.0
3.48x
12'889.0
5.63x
5'030.0
12.00x
FY+1
.0 M
f-13
1.07
854.55
19.24%
4.17%
1.066
41
3.951
2'555'583
2'343'481
2'447'186
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
77'984.1
80'002.7
19'127.2
21'903.0
1.02x
0.98x
4.12x
12'355.9
13'071.2
2'731.6
3'828.0
6.48x
6.13x
6.06x
5.81x
4'894.4
5'319.1
953.8
1'587.0
13.86x
12.44x
12.71x
12.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.05.2011
A+
STABLE
12.02.2009
A-1
15.54
11.07
0.85
0.99
53.9%
33.9%
1.25
4.33
52.95
67.26
32.56
83.15
12.00
80'000.0
70'000.0
10.00
60'000.0
8.00
50'000.0
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
0.00
02.01.2009
10'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
BASF SE
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
DEUTSCHE BANK AG
FMR LLC
AMUNDI
ADIG INVESTMENT
SEB
ETFLAB INVESTMENT GM
Firm Name
Bankhaus Lampe
Redburn Partners
Goldman Sachs
Banco Sabadell
AlphaValue
Bankhaus Metzler
Baader Bank
Nomura
Barclays
Credit Suisse
Morgan Stanley
DZ Bank AG
EVA Dimensions
CA Cheuvreux
HSBC
Jefferies
Exane BNP Paribas
Nord/LB
JPMorgan
Deutsche Bank
Main First Bank AG
M.M. Warburg Investment Research
Hamburger Sparkasse
Societe Generale
National Bank AG
Macquarie
Berenberg Bank
S&P Capital IQ
Day by Day
Gilford Securities
Silvia Quandt Research
Steubing AG
SRH AlsterResearch
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ULLE WORNER
HEIKO FEBER
LUTZ GRUETEN
NADESHDA DEMIDOVA
TONY JONES
RAKESH PATEL
JEREMY REDENIUS
GLEN SPENCER-CHAPMAN
MARTIN SCHNEE
LARS HETTCHE
NORBERT BARTH
JEAN DE WATTEVILLE
ANDREAS HEINE
MARKUS MAYER
CHRIS COUNIHAN
PAUL R WALSH
PETER SPENGLER
CRAIG STERLING
MARTIN ROEDIGER
GEOFF HAIRE
LAURENCE ALEXANDER
PAUL W SATCHELL
JAMES KNIGHT
THORSTEN STRAUSS
NEIL C TYLER
TIMOTHY JONES
RONALD KOEHLER
OLIVER SCHWARZ
MARCO GUENTHER
PETER CLARK
EKKEHARD D LINK
CHRISTIAN FAITZ
JAIDEEP PANDYA
JOHNSON IMODE
VALERIE GASTALDY
PAUL C CHRISTOPHERSON
HARALD GRUBER
TEAM COVERAGE
OLIVER DREBING
Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
Buy/Neutral
market perform
sell
reduce
buy
buy
buy
equalweight
hold
outperform
Overwt/In-Line
buy
overweight
buy
outperform
neutral
hold
sell
outperform
hold
neutral
buy
neutral
buy
buy
hold
hold
neutral
hold
buy
buy
hold
neutral
buy
buy
Amt Held
63'927'154
18'561'651
12'764'100
11'265'507
10'003'820
7'816'891
7'085'402
6'797'616
6'083'185
3'676'967
3'558'728
3'029'035
2'386'986
2'165'593
2'058'912
2'039'022
1'823'939
1'605'194
1'453'204
1'425'061
% Out
6.96
2.02
1.39
1.23
1.09
0.85
0.77
0.74
0.66
0.4
0.39
0.33
0.26
0.24
0.22
0.22
0.2
0.17
0.16
0.16
Weighting
Change
5
5
5
5
5
5
3
1
2
5
5
5
3
3
5
5
5
5
5
5
3
3
1
5
3
3
5
3
5
5
3
3
3
3
5
5
3
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
813'771
933'000
9'211
(1'484'793)
3'435
(812'972)
(294'573)
(1'176'953)
(221'248)
6'100
(189'000)
(7'282)
239'807
57'931
(18'792)
(1'208'057)
(13'586)
Target Price
81
80
83
85
#N/A N/A
77
73
71
76
72
85
88
80
75
78
85
86
#N/A N/A
84
78
76
73
45
72
71
60
79
65
75
#N/A N/A
61
64
63
60
78
76
#N/A N/A
65
81
60
File Dt
15.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.09.2012
31.01.2013
30.11.2012
31.01.2013
30.11.2012
31.10.2012
15.02.2013
30.11.2012
30.11.2012
28.09.2012
31.12.2012
19.02.2013
31.12.2012
31.12.2012
30.09.2012
Date
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
20.02.2013
20.02.2013
19.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
12.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
30.01.2013
25.01.2013
25.01.2013
17.01.2013
16.01.2013
14.01.2013
11.01.2013
04.01.2013
20.12.2012
18.12.2012
10.12.2012
07.12.2012
06.12.2012
20.11.2012
14.11.2012
29.10.2012
26.10.2012
26.10.2012
25.10.2012
25.10.2012
25.10.2012
03.10.2012
26.09.2012
27.02.2012
05.01.2012
29.10.2010
20.02.2013
Bayer AG
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Price/Volume
80
8.0 M
50
40
12/2011
09/yy
76.20
47.63
2'206'616.00
72.63
-4.69%
52.50%
84.57%
826.9
60'061.22
11'679.00
0.0
59.0
4'554.00
66'882.22
6.0 M
30
4.0 M
20
2.0 M
10
0
f-12 m-12
31.12.2008
31.12.2009
32'918.0
31'168.0
1.40x
1.80x
6'702.0
7'695.0
6.86x
7.30x
1'719.0
1'359.0
18.72x
32.92x
Profitability
LTM-4Q
31.12.2010
35'088.0
1.53x
8'900.0
6.04x
1'301.0
35.22x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
36'528.0
1.32x
8'963.0
5.36x
2'470.0
16.52x
8'963.00
6'194.00
16.96%
9.21%
4.71%
13.14%
0.75%
50.8%
24.4%
16.5%
6.8%
1.50
0.87
22.13%
60.79%
5.23
2.82
Price/ Cash Flow
j-12
LTM
09/yy
36'349.0
5.52x
9'386.0
4.41x
1'876.0
18.28x
j-12
09/yy
39'089.0
5.52x
9'549.0
6.52x
2'469.0
22.41x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
0.96
826.95
30.66%
1.03%
0.965
40
3.825
2'209'786
2'055'918
2'038'600
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
39'528.5
41'441.5
9'672.3
10'467.0
1.74x
1.61x
7'910.6
8'756.4
1'785.2
2'543.0
8.46x
7.64x
7.87x
7.64x
4'545.9
4'720.9
922.7
1'491.0
13.40x
12.24x
12.65x
12.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.04.2008
APOS
11.07.2006
A-2
9.98
8.18
0.71
1.02
60.8%
37.7%
0.75
4.08
69.98
129.61
67.72
122.42
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
02.01.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAYN GY EQUITY YTD Change
BAYN GY EQUITY YTD % CHANGE
31.12.2007
32'385.0
1.83x
6'665.0
8.90x
4'711.0
21.43x
12.0 M
70
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Bayer AG
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
DODGE & COX
MORGAN STANLEY
DEUTSCHE BANK AG
AMUNDI
ADIG INVESTMENT
TIAA CREF INVESTMENT
Firm Name
Credit Suisse
Exane BNP Paribas
Goldman Sachs
Jefferies
AlphaValue
Baader Bank
Macquarie
Hamburger Sparkasse
Nomura
Barclays
Bankhaus Metzler
Helvea
Bryan Garnier & Cie
EVA Dimensions
DZ Bank AG
Deutsche Bank
Day by Day
Morgan Stanley
Berenberg Bank
Redburn Partners
S&P Capital IQ
Main First Bank AG
JPMorgan
Societe Generale
Nord/LB
National Bank AG
CA Cheuvreux
Natixis
Banco Sabadell
Liberum Capital Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DANIEL WENDORFF
JOHANNA WALTON
FLORENT CESPEDES
RAKESH PATEL
JEFFREY HOLFORD
JEREMY REDENIUS
MARTIN SCHNEE
NORBERT BARTH
CHRISTIAN FAITZ
MARCO GUENTHER
JEAN DE WATTEVILLE
MARK PURCELL
SEBASTIAN FRERICKS
ODILE RUNDQUIST
ERIC LE BERRIGAUD
ANDREW S ZAMFOTIS
EDOUARD AUBERY
PETER SPENGLER
TIM RACE
VALERIE GASTALDY
PETER VERDULT
ALISTAIR CAMPBELL
ULLE WORNER
TEAM COVERAGE
ULRICH HUWALD
SHO MATSUBARA
RONALD KOEHLER
RICHARD VOSSER
FABIAN WENNER
STEPHEN MCGARRY
THORSTEN STRAUSS
STEFFEN MANSKE
CLAUDIA LAKATOS
LAURENT FLAMME
BEATRICE MUZARD
MARTA DIAZ
NARESH CHOUHAN
Source
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
neutral
neutral/neutral
hold
market perform
reduce
hold
outperform
hold
neutral
underweight
buy
accumulate
buy
hold
hold
accumulate
buy
buy
hold
Overwt/Attractive
buy
buy
neutral
hold
hold
outperform
overweight
buy
hold
sell
hold
neutral
outperform
buy
buy
overweight
Amt Held
99'286'793
64'193'338
17'541'075
15'159'999
11'899'870
9'396'803
8'564'198
7'412'616
6'165'224
6'048'177
5'943'255
5'668'209
5'520'569
5'159'156
3'953'890
3'647'992
2'990'138
2'725'226
2'555'851
2'321'752
% Out
12.01
7.76
2.12
1.83
1.44
1.14
1.04
0.9
0.75
0.73
0.72
0.69
0.67
0.62
0.48
0.44
0.36
0.33
0.31
0.28
Weighting
Change
5
5
3
3
3
3
2
3
5
3
3
1
5
4
5
3
3
4
5
5
3
5
5
5
3
3
3
5
5
5
3
1
3
3
5
5
5
5
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
M
M
D
M
N
M
Latest Chg
(3'516'978)
(577'156)
(349'533)
(694'567)
202'668
(2'524)
(40'739)
109'811
279'416
910'484
(421'158)
(1'503'851)
(446'817)
356'211
95'300
706
17'890
Target Price
90
83
73
77
79
66
71
66
83
#N/A N/A
83
66
80
73
75
#N/A N/A
76
75
80
86
#N/A N/A
60
78
77
#N/A N/A
68
70
80
80
76
66
60
65
63
73
77
#N/A N/A
76
File Dt
Inst Type
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
03.05.2012
Investment Advisor
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
19.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
12.02.2013
07.02.2013
04.02.2013
04.02.2013
25.01.2013
23.01.2013
17.01.2013
15.01.2013
10.01.2013
09.01.2013
19.12.2012
12.12.2012
11.12.2012
06.12.2012
30.11.2012
28.11.2012
26.11.2012
23.11.2012
21.11.2012
20.11.2012
16.11.2012
05.11.2012
31.10.2012
31.10.2012
31.10.2012
30.10.2012
12.10.2012
28.09.2012
05.03.2012
15.09.2010
20.02.2013
Bayerische Motoren Werke AG

Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BMW GY EQUITY YTD Change
BMW GY EQUITY YTD % CHANGE
12/2011
09/yy
76.16
53.16
1'485'880.00
70.76
-7.09%
33.11%
81.00%
602.0
45'326.30
67'977.00
0.0
65.0
11'527.00
103'032.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
70
7.0 M
60
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
f-12
31.12.2008
31.12.2009
53'197.0
50'681.0
1.19x
1.40x
11'231.0
9'311.0
5.64x
7.59x
324.0
204.0
44.10x
102.58x
Profitability
LTM-4Q
31.12.2010
60'477.0
1.49x
9'087.0
9.93x
3'227.0
11.94x
31.12.2011
68'821.0
1.31x
11'660.0
7.76x
4'881.0
6.95x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
11'660.00
8'006.00
11.63%
10.73%
3.77%
17.16%
5.63%
0.60%
21.1%
15.6%
10.6%
7.1%
1.04
0.31
55.07%
251.41%
27.97
5.55
Price/ Cash Flow
a-12 m-12
j-12
LTM
09/yy
67'218.0
5.25x
11'906.0
7.11x
5'211.0
6.26x
j-12
09/yy
74'661.0
5.05x
11'684.0
8.07x
4'693.0
7.98x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
1.08
320.86
1.54%
-2.98%
1.076
38
3.842
1'376'601
1'485'355
1'624'471
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
76'567.8
79'470.6
19'616.9
0.65x
0.60x
13'169.8
13'207.6
3'141.0
7.82x
7.80x
5'082.3
5'105.2
1'141.0
9.14x
9.12x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.04.2012
A
STABLE
16.04.2012
A-1
12.36
8.46
4.93
6.02
251.4%
71.5%
0.60
2.18
13.08
65.98
38.04
41.93
900.00
80'000.0
800.00
70'000.0
700.00
60'000.0
600.00
50'000.0
500.00
40'000.0
400.00
30'000.0
300.00
20'000.0
200.00
10'000.0
100.00
0.00
02.01.2009
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
56'018.0
1.18x
12'397.0
5.31x
3'126.0
8.94x
80
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Bayerische Motoren Werke AG

Holdings By:
All
Holder Name
QUANDT STEFAN
QUANDT JOHANNA
KLATTEN SUSANNE
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
DEUTSCHE BANK AG
SEB
WILLIAM BLAIR & COMP
Firm Name
Bankhaus Metzler
Bankhaus Lampe
AlphaValue
Redburn Partners
HSBC
Exane BNP Paribas
Macquarie
DZ Bank AG
JPMorgan
EVA Dimensions
Goldman Sachs
Oddo & Cie
Credit Suisse
National Bank AG
Nord/LB
Day by Day
Natixis
Morgan Stanley
Main First Bank AG
Hamburger Sparkasse
Societe Generale
CA Cheuvreux
Barclays
S&P Capital IQ
Cyrrus
Dr. Kalliwoda Equity Research
Deutsche Bank
Steubing AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MAX WARBURTON
JUERGEN PIEPER
CHRISTIAN LUDWIG
HANS-PETER WODNIOK
CHARLES WINSTON
DANIEL SCHWARZ
HORST SCHNEIDER
FRANK BILLER
RABIH FREIHA
ZAFER RUZGAR
MICHAEL RAAB
CHRISTIAN BREITSPRECHER
MICHAEL PUNZET
JOSE ASUMENDI
CRAIG STERLING
STEFAN BURGSTALLER
FRANCOIS MAURY
ERICH HAUSER
MANFRED JAISFELD
FRANK SCHWOPE
VALERIE GASTALDY
MARC-RENE TONN
GEORGES DIENG
STUART PEARSON
LOTHAR LUBINETZKI
TINA HECKING-VELTMAN
PHILIPPE BARRIER
THOMAS BESSON
TIM SCHULDT
KRISTINA CHURCH
MARNIE COHEN
JIRI SIMARA
ALBRECHT DENNINGHOFF
NORBERT KALLIWODA
JOCHEN GEHRKE
MICHAEL BROEKER
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
sell
buy
add
buy
add
neutral
hold
strong buy
neutral
buy
buy
neutral
sell
overweight
underweight
neutral/attractive
reduce
outperform
buy
sell
buy
buy
buy
Equalwt/In-Line
outperform
hold
buy
outperform
buy
overweight
strong buy
accumulate
not rated
buy
hold
buy
Amt Held
104'747'161
100'533'195
75'851'392
36'408'213
14'833'170
8'265'500
6'648'125
6'403'800
6'371'993
4'538'672
2'992'094
2'908'511
2'821'310
2'747'933
1'337'941
1'310'054
1'146'562
1'140'397
1'009'198
994'684
% Out
17.4
16.7
12.6
6.05
2.46
1.37
1.1
1.06
1.06
0.75
0.5
0.48
0.47
0.46
0.22
0.22
0.19
0.19
0.17
0.17
Weighting
Change
5
1
5
4
5
4
3
3
5
3
5
5
3
1
5
1
3
2
5
5
1
5
5
5
3
5
3
5
5
5
5
5
4
#N/A N/A
5
3
5
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
N
M
M
Latest Chg
364'581
113'170
(130'000)
(642'747)
289'797
2'560'111
120'402
(48'313)
283'793
(198'157)
(45'454)
28'645
237'400
6'167
-
Target Price
90
64
90
82
#N/A N/A
87
82
70
83
71
90
83
80
62
95
#N/A N/A
92
60
80
85
57
80
84
82
76
77
#N/A N/A
72
85
88
84
83
66
#N/A N/A
81
68
100
File Dt
Inst Type
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
Date
12 month
12 month
Not Provided
6 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
19.02.2013
19.02.2013
18.02.2013
14.02.2013
12.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
28.01.2013
28.01.2013
23.01.2013
21.01.2013
18.01.2013
17.01.2013
10.01.2013
10.01.2013
08.01.2013
02.01.2013
18.12.2012
14.12.2012
11.12.2012
10.12.2012
28.11.2012
26.11.2012
08.11.2012
07.11.2012
07.11.2012
07.11.2012
07.11.2012
06.11.2012
29.10.2012
16.10.2012
06.06.2012
26.03.2012
05.01.2012
20.02.2013
BNP Paribas SA
BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Price/Volume
60
18.0 M
16.0 M
50
14.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.01.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BNP FP EQUITY YTD Change
BNP FP EQUITY YTD % CHANGE
12/2012
12/yy
47.92
24.54
3'699'626.00
44.525
-7.08%
81.48%
90.21%
1'242.3
55'311.71
600'713.00
7'241.0
8'536.0
143'596.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
8.0 M
20
6.0 M
4.0 M
10
2.0 M
0
f-12 m-12
31.12.2009
31.12.2010
70'526.0
72'848.0
5'832.0
7'843.0
10.75x
7.52x
Profitability
31.12.2011
71'009.0
6'050.0
6.30x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
68'664.0
6'553.0
8.25x
22.58%
22.58%
0.34%
8.93%
0.77%
0.05%
14.3%
31.50%
763.83%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
11'685.0
0.00x
0.0
0.00x
6'050.0
6.02x
12/yy
9'395.0
0.00x
0.0
0.00x
6'553.0
7.78x
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
1.51
1'084.57
25.56%
4.56%
1.506
38
4.184
4'555'480
4'038'371
3'635'101
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
40'124.0
41'220.5
10'441.0
10'074.5
6'343.1
7'062.9
1'658.0
1'498.0
8.72x
7.70x
9.59x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.10.2012
A+
NEG
25.10.2012
A-1
763.8%
86.4%
0.05
4.07
-
4.00
90'000.0
3.50
80'000.0
3.00
70'000.0
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
78'052.0
3'021.0
9.85x
12.0 M
30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
BNP Paribas SA
Holdings By:
All
Holder Name
BELGIAN STATE
AXA
BLACKROCK
FMR LLC
VANGUARD GROUP INC
FRANKLIN RESOURCES
STATE OF LUXEMBOURG
AMUNDI
AMUNDI
AVIVA PLC
LBPAM
SCHRODER INVESTMENT
DODGE & COX
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
Deutsche Bank
FLORA BENHAKOUN
BENOIT PETRARQUE
Nomura
JON PEACE
Societe Generale
SEBASTIEN LEMAIRE
Morgan Stanley
THIBAULT NARDIN
RBC Capital Markets
ANKE REINGEN
JPMorgan
DELPHINE LEE
INGO FROMMEN
CA Cheuvreux
CYRIL MEILLAND
Hamburger Sparkasse
CHRISTIAN HAMANN
Banco Sabadell
MARIO LODOS
Natixis
ALEX KOAGNE
Redburn Partners
GEORGE KARAMANOS
Main First Bank AG
FEDERICO SALERNO
Credit Suisse
MAXENCE LE GOUVELLO
JEAN-PIERRE LAMBERT
STEFAN BONGARDT
PIERRE CHEDEVILLE
Oddo & Cie
JEAN SASSUS
S&P Capital IQ
WILLIAM HOWLETT
AlphaValue
CHRISTOPHE NIJDAM
Grupo Santander
AURELIA FAURE
Mediobanca SpA
ANTONIO GUGLIELMI
Day by Day
VALERIE GASTALDY
HSBC
ROBIN DOWN
ANDREW LIM
Macquarie
PIERS BROWN
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Berenberg Bank
JAMES CHAPPELL
EVA Dimensions
AUSTIN BURKETT
Barclays
JEREMY SIGEE
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
Source
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
hold
buy
buy
buy
Overwt/In-Line
outperform
neutral
hold
select list
hold
buy
buy
buy
outperform
outperform
outperform
buy
buy
buy
buy
reduce
buy
neutral
buy
hold
overweight
neutral
underperform
Buy/Neutral
sell
hold
overweight
hold
buy
buy
Amt Held
127'750'000
65'670'000
22'970'853
20'758'385
20'366'602
20'253'041
18'903'888
18'728'472
16'235'239
12'870'000
9'991'341
5'548'626
5'454'549
5'129'144
5'073'791
4'981'512
3'841'153
3'812'672
3'746'401
3'700'000
% Out
10.28
5.29
1.85
1.67
1.64
1.63
1.52
1.51
1.31
1.04
0.8
0.45
0.44
0.41
0.41
0.4
0.31
0.31
0.3
0.3
Weighting
Change
3
5
5
5
5
5
3
3
5
3
5
5
5
5
5
5
5
5
5
5
2
5
3
5
3
5
3
1
5
1
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
Latest Chg
(1'258'787)
(4'298'206)
476'466
267'400
(431'573)
(448'913)
760'566
215'029
(313'400)
(328'298)
(17'017)
11'613
(358'290)
304'820
(195'711)
(1'674'656)
-
Target Price
52
50
56
56
55
55
48
48
56
#N/A N/A
48
61
#N/A N/A
55
60
57
53
56
55
50
46
55
47
49
#N/A N/A
56
43
41
70
25
#N/A N/A
50
#N/A N/A
50
39
File Dt
31.12.2011
31.12.2011
15.02.2013
31.12.2012
31.12.2012
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2011
31.12.2012
31.12.2012
30.11.2012
28.09.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
29.01.2013
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
06.02.2013
06.02.2013
31.01.2013
30.01.2013
30.01.2013
29.01.2013
28.01.2013
28.01.2013
17.01.2013
23.11.2012
23.10.2012
19.06.2012
08.05.2012
20.02.2013
Carrefour SA
Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and
carry, and frozen food stores in Europe, the Americas, and Asia.
Price/Volume
25
16.0 M
14.0 M
20
12.0 M
10.0 M
15
8.0 M
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (30.01.2013)
52-Week Low (11.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CA FP EQUITY YTD Change
CA FP EQUITY YTD % CHANGE
12/2011
09/yy
21.63
12.87
2'524'373.00
20.79
-3.88%
61.54%
92.75%
709.2
14'744.57
16'573.00
0.0
1'009.0
4'760.00
25'990.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
2.0 M
0
f-12 m-12
31.12.2008
31.12.2009
86'341.0
84'763.0
0.36x
0.42x
4'044.0
4'599.0
7.62x
7.76x
1'269.0
276.0
14.82x
67.12x
Profitability
LTM-4Q
31.12.2010
79'737.0
0.44x
4'380.0
7.95x
433.0
61.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
80'455.0
0.31x
3'894.0
6.34x
371.0
3'894.00
2'182.00
2.71%
-1.46%
1.24%
9.48%
1.69%
19.3%
3.3%
2.6%
0.5%
0.74
0.29
34.58%
250.46%
31.35
10.19
Price/ Cash Flow
j-12
LTM
10/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
j-12
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
1.11
561.21
17.89%
7.47%
1.114
39
3.333
3'195'836
3'185'590
2'841'688
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
77'991.2
79'393.2
22'948.8
0.27x
0.26x
3'723.5
3'886.4
6.98x
6.69x
836.5
982.0
16.83x
14.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.03.2012
BBB
STABLE
16.04.2010
A-2
6.25
2.51
3.99
4.96
250.5%
68.5%
1.69
5.84
11.68
35.93
69.25
-39.59
9.00
100'000.0
8.00
90'000.0
7.00
80'000.0
70'000.0
6.00
60'000.0
5.00
4.00
50'000.0
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
02.01.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
82'148.5
0.61x
3'742.1
13.33x
2'299.4
20.00x
6.0 M
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Carrefour SA
Holdings By:
All
Holder Name
BLUE CAPITAL SARL
SOCIETE GENERALE
BLUE PARTICIPATIONS
AMUNDI SA
COLONY BLUE INVESTOR
FIRST EAGLE INVESTME
VANGUARD GROUP INC
AMUNDI
SOCIETE GEN GESTION
MACKENZIE FINANCIAL
MANNING & NAPIER ADV
BLACKROCK
CARREFOUR SA
AKO CAPITAL LLP
GROUPE ARNAULT SAS
FRANKLIN RESOURCES
INTERNATIONAL VALUE
LBPAM
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JPMorgan
JAIME VAZQUEZ
CAROLINE GULLIVER
Morgan Stanley
EDOUARD AUBIN
Banco Sabadell
MARTA DIAZ
AlphaValue
VIRGINIE BLIN
Baader Bank
VOLKER BOSSE
Commerzbank Corporates & Markets JUERGEN ELFERS
Jefferies
JAMES GRZINIC
Nomura
NICK COULTER
Oddo & Cie
LAURENCE HOFMANN
Cantor Fitzgerald
MICHAEL J DENNIS
Exane BNP Paribas
JOHN KERSHAW
Credit Suisse
XAVIER LE MENE
CHRISTIAN DEVISMES
ZAFER RUZGAR
Shore Capital Stockbrokers
CLIVE WILLIAM BLACK
Aurel - BGC
JEAN-MARIE L'HOME
S&P Capital IQ
WILLIAM MACK
Main First Bank AG
RICKIN THAKRAR
Barclays
NICOLAS CHAMP
EVA Dimensions
AUSTIN BURKETT
Hammer Partners SA
STEPHAN SEIP
Day by Day
VALERIE GASTALDY
Jyske Bank
ROBERT JAKOBSEN
FABIENNE CARON
Macquarie
SREEDHAR MAHAMKALI
HSBC
JEROME SAMUEL
Goldman Sachs
FRANKLIN WALDING
BARBARA AMBRUS
Raymond James
CEDRIC LECASBLE
Natixis
PIERRE-EDOUARD BOUDOT
Makor Capital
ALBERT SAPORTA
CA Cheuvreux
ARNAUD JOLY
Redburn Partners
MARC DE SPEVILLE
Deutsche Bank
JAMES G COLLINS
Hamburger Sparkasse
CHRISTIAN HAMANN
Nord/LB
WOLFGANG VASTERLING
DZ Bank AG
CHRISTIAN DOUGLAS
Equita SIM SpA
FABIO FAZZARI
Source
Co File
Research
Co File
Research
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
Co File
Short
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
overweight
buy
Overwt/In-Line
sell
add
sell
hold
hold
neutral
buy
buy
outperform
outperform
buy
hold
corporate
buy
sell
outperform
equalweight
sell
sell
hold
strong buy
buy
outperform
neutral
neutral/neutral
hold
market perform
buy
buy
underperform
neutral
hold
sell
sell
sell
hold
Amt Held
% Out
64'047'813
9.03
31'310'832
4.41
25'359'996
3.58
23'161'032
3.27
15'166'770
2.14
12'514'112
1.76
11'440'585
1.61
11'120'136
1.57
10'690'192
1.51
8'353'963
1.18
8'277'296
1.17
8'126'922
1.15
6'538'390
0.92
5'598'650
0.79
(5'531'875) -0.78
5'156'752
0.73
3'390'346
0.48
2'940'480
0.41
2'553'188
0.36
2'260'463
0.32
Weighting
5
5
5
1
4
1
3
3
3
5
5
5
5
5
3
#N/A N/A
5
1
5
3
1
1
3
5
5
5
3
3
3
3
5
5
1
3
3
1
1
1
3
Change
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
U
M
M
M
M
M
M
M
M
Latest Chg
(14'638'655)
1'806'945
853'582
454'748
(303'617)
20'200
84'289
290'035
(393'327)
(695'610)
25'590
1'018'888
Target Price
25
25
25
22
23
17
22
17
20
25
27
22
25
25
22
#N/A N/A
23
18
24
19
#N/A N/A
15
#N/A N/A
25
26
22
19
20
19
#N/A N/A
24
35
16
#N/A N/A
16
#N/A N/A
#N/A N/A
16
22
File Dt
31.12.2011
20.06.2012
31.12.2011
11.07.2011
31.12.2011
30.09.2012
31.12.2012
31.12.2012
28.09.2012
11.07.2011
30.11.2012
31.12.2012
19.02.2013
31.12.2011
17.01.2013
31.12.2011
31.12.2012
31.12.2012
30.06.2012
31.12.2012
Date
12 month
Not Provided
12 month
12 month
6 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Inst Type
Other
Bank
Holding Company
Other
Other
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
12.02.2013
04.02.2013
01.02.2013
01.02.2013
28.01.2013
25.01.2013
25.01.2013
21.01.2013
21.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
10.01.2013
09.01.2013
19.12.2012
12.12.2012
05.12.2012
26.11.2012
23.11.2012
01.11.2012
01.11.2012
29.10.2012
19.10.2012
12.10.2012
06.10.2012
03.09.2012
10.07.2012
31.01.2012
12.01.2012
20.02.2013
Cie de St-Gobain
Compagnie de Saint-Gobain manufactures glass products, high-performance
materials, and construction materials. The Company produces flat glass,
insulation, and glass containers, high-performance ceramics, plastics, and
abrasives, and building materials such as roofing, wall facings, mortars, and
ductile cast iron pipe. Saint-Gobain also retails building materials.
Price/Volume
40
8.0 M
25
20
12/2011
09/yy
37.63
23.90
1'825'125.00
31.41
-16.52%
31.42%
55.96%
531.1
16'682.66
11'044.00
0.0
403.0
2'949.00
26'915.66
6.0 M
15
4.0 M
10
2.0 M
5
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2012)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGO FP EQUITY YTD Change
SGO FP EQUITY YTD % CHANGE
31.12.2007
43'421.0
0.78x
5'751.0
5.92x
1'487.0
15.92x
12.0 M
35
31.12.2008
31.12.2009
43'800.0
37'786.0
0.56x
0.75x
5'263.0
3'821.0
4.68x
7.39x
1'378.0
202.0
9.15x
88.53x
Profitability
LTM-4Q
31.12.2010
40'119.0
0.69x
4'785.0
5.80x
1'129.0
17.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
42'116.0
0.57x
5'024.0
4.80x
1'284.0
12.16x
5'024.00
3'441.00
8.17%
4.79%
2.20%
5.75%
4.86%
0.92%
24.6%
11.5%
7.5%
3.0%
1.24
0.63
23.89%
61.99%
6.65
4.94
Price/ Cash Flow
LTM
09/yy
41'741.0
0.00x
0.0
0.00x
0.0
0.00x
09/yy
43'028.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
1.24
460.13
-11.68%
-2.51%
1.241
30
3.500
2'480'539
2'044'323
1'849'240
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
42'982.1
43'402.7
10'283.6
0.60x
0.57x
4'375.2
4'508.7
6.15x
5.97x
1'233.0
1'338.7
13.37x
12.20x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.07.2009
BBB
NEG
30.04.2004
A-2
8.99
5.36
2.00
2.71
62.0%
37.7%
0.92
3.10
55.05
74.02
68.60
49.80
12.00
50'000.0
45'000.0
10.00
40'000.0
35'000.0
8.00
30'000.0
6.00
25'000.0
20'000.0
4.00
15'000.0
10'000.0
2.00
0.00
02.01.2009
5'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Cie de St-Gobain
Holdings By:
All
Holder Name
WENDEL INVESTISSEMEN
FONDS DU PLAN D EPAR
AMUNDI SA
CAISSE DES DEPOTS ET
GROUPAMA SA
VANGUARD GROUP INC
COGEMA
AMUNDI
CIE DE SAINT GOBAIN
BLACKROCK
PREDICA
AVIVA PLC
SOCIETE GEN GESTION
FMR LLC
DODGE & COX
JP MORGAN
Firm Name
Aurel - BGC
Liberum Capital Ltd
Jefferies
AlphaValue
EVA Dimensions
Goldman Sachs
Redburn Partners
Oddo & Cie
S&P Capital IQ
HSBC
Berenberg Bank
Bryan Garnier & Cie
Natixis
Morgan Stanley
Exane BNP Paribas
Societe Generale
JPMorgan
Deutsche Bank
Credit Suisse
Day by Day
Raymond James
Davy
Banco Sabadell
CA Cheuvreux
Hamburger Sparkasse
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Source
Co File
Co File
Research
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
ULT-AGG
Co File
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
ERIC LEMARIE
buy
CHARLIE CAMPBELL
hold
MICHAEL F BETTS
buy
PHIL ROSEBERG
outperform
GAETAN DUPONT
buy
CRAIG STERLING
hold
WILL MORGAN
neutral/neutral
WILLIAM JONES
buy
VIRGINIE ROUSSEAU
neutral
JOSEP PUJAL
hold
JAWAHAR HINGORANI
sell
JOHN FRASER-ANDREWS
underweight
MICHAEL WATTS
buy
SVEN EDELFELT
neutral
RAFIC EL HADDAD
neutral
ALEJANDRA PEREDA
Equalwt/In-Line
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
accumulate
PAUL ROGER
underperform
MURIEL FELLOUS
buy
MICHAEL MORRIS
overweight
HANS-PETER KUHLMANN
hold
sell
LUIS PRIETO
buy
HARRY GOAD
neutral
VALERIE GASTALDY
buy
ARNAUD PALLIEZ
market perform
TIM CAHILL
outperform
buy
NABIL AHMED
suspended coverage
INGO SCHMIDT
sell
Amt Held
92'891'280
41'402'970
40'161'206
15'393'412
10'085'339
7'458'234
7'332'929
6'617'178
5'838'880
5'432'721
4'777'266
4'474'915
3'715'651
2'716'101
2'536'782
2'419'956
1'784'591
1'740'267
1'478'226
1'375'429
% Out
17.49
7.8
7.56
2.9
1.9
1.4
1.38
1.25
1.1
1.02
0.9
0.84
0.7
0.51
0.48
0.46
0.34
0.33
0.28
0.26
Weighting
Change
5
3
5
5
5
3
3
5
3
3
1
1
5
3
3
3
4
1
5
5
3
1
5
3
5
3
5
5
#N/A N/A
1
M
M
M
M
M
D
D
M
D
M
D
D
M
M
M
M
M
D
M
M
M
M
M
M
M
D
U
M
M
M
Latest Chg
17'861'078
180'416
(114'372)
(239'462)
32'319
203'000
61'591
(11'122)
-
Target Price
40
28
46
39
40
#N/A N/A
34
#N/A N/A
34
30
28
31
35
32
29
33
37
33
38
35
33
30
39
27
36
#N/A N/A
#N/A N/A
44
52
#N/A N/A
File Dt
Inst Type
31.12.2010
Investment Advisor
31.12.2010
n/a
27.06.2012
Other
31.12.2010
Government
31.12.2010
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2010
Corporation
31.12.2010
Corporation
19.02.2013
Investment Advisor
31.12.2010
Insurance Company
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Unclassified
15.02.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
Not Provided
12 month
12 month
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
19.02.2013
18.02.2013
18.02.2013
14.02.2013
14.02.2013
12.02.2013
08.02.2013
05.02.2013
04.02.2013
31.01.2013
29.01.2013
24.01.2013
23.01.2013
21.01.2013
18.01.2013
18.01.2013
18.01.2013
15.01.2013
15.01.2013
15.01.2013
15.01.2013
19.12.2012
17.12.2012
14.12.2012
30.10.2012
09.08.2012
30.07.2012
12.01.2012
09.03.2009
20.02.2013
CRH PLC
CRH plc manufactures cement, concrete products, aggregates, asphalt, clay
bricks, chemical lime, security fencing products, and roofing, insulation and
other building materials. The Group also operates some 136 builders merchant
locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19
countries, including Ireland, the US, Spain, Germany and the Netherlands.
Price/Volume
18
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
f-13
16
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.03.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CRH ID EQUITY YTD Change
CRH ID EQUITY YTD % CHANGE
12/2011
01/yy
16.93
12.81
1'038'849.00
16.069
-5.10%
25.44%
79.82%
726.5
11'673.50
4'982.00
1.0
74.0
1'324.00
15'809.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
20'992.0
0.87x
2'858.0
6.40x
1'430.0
9.08x
31.12.2008
31.12.2009
20'887.0
17'373.0
0.78x
1.01x
2'656.0
1'803.0
6.11x
9.69x
1'248.0
592.0
7.66x
21.54x
Profitability
31.12.2010
17'173.0
0.86x
1'614.0
9.18x
432.0
25.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
18'081.0
0.82x
1'656.0
9.01x
590.0
18.60x
1'656.00
871.00
4.82%
3.93%
2.91%
6.11%
5.28%
0.87%
27.1%
8.9%
4.7%
3.3%
1.70
0.94
23.29%
47.41%
5.52
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.89
1.43
682.70
1.99%
5.03%
1.428
31
2.581
1'537'401
1'310'172
1'239'614
FY+2
12/12 Y
12/13 Y
18'724.9
19'205.8
0.79x
0.77x
1'601.4
1'733.0
9.87x
9.12x
522.1
612.0
21.92x
18.68x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
17.12.2007
BBB+
STABLE
07.09.2001
A-2
6.32
4.12
2.48
3.18
47.4%
32.0%
0.87
2.17
66.36
83.04
62.07
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
CRH PLC
Holdings By:
All
Holder Name
BLACKROCK
UBS
LEGAL & GENERAL
NORGES BANK
FRANKLIN RESOURCES
GRWTH FUND OF AMERIC
VANGUARD GROUP INC
INVESCO LTD
MORGAN STANLEY
SCOTTISH WIDOWS
MACKAY SHIELDS LLC
LEGAL & GENERAL
INVESTEC ASSET MANAG
Firm Name
Goodbody Stockbrokers Ltd
AlphaValue
Goldman Sachs
Jefferies
Bryan Garnier & Cie
Oddo & Cie
Deutsche Bank
HSBC
Natixis
Exane BNP Paribas
EVA Dimensions
Numis Securities Ltd
Raymond James
Credit Suisse
Day by Day
Morgan Stanley
Societe Generale
S&P Capital IQ
JPMorgan
Berenberg Bank
Liberum Capital Ltd
Redburn Partners
Davy
Nord/LB
BB&T Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
HANS-PETER KUHLMANN
ROBERT EASON
PHIL ROSEBERG
GAETAN DUPONT
WILL MORGAN
MICHAEL F BETTS
SVEN EDELFELT
VIRGINIE ROUSSEAU
JOSEP PUJAL
LUIS PRIETO
JOHN FRASER-ANDREWS
ABDELKADER BENCHIHA
PAUL ROGER
CRAIG STERLING
HOWARD SEYMOUR
ARNAUD PALLIEZ
HARRY GOAD
VALERIE GASTALDY
YURI SEROV
MURIEL FELLOUS
JAWAHAR HINGORANI
MICHAEL MORRIS
ROBERT MUIR
CHARLIE CAMPBELL
WILLIAM JONES
BARRY DIXON
HEINO HAMMANN
JOHN F KASPRZAK JR
Source
ULT-AGG
ULT-AGG
ULT-AGG
RNS-MAJ
20F
20F
ULT-AGG
RNS-MAJ
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
sell
market perform
add
neutral/neutral
buy
neutral
reduce
hold
buy
underweight
reduce
neutral
underweight
sell
market perform
underperform
hold
Underwt/In-Line
hold
hold
neutral
hold
sell
hold
neutral
outperform
hold
hold
Amt Held
28'961'677
27'093'488
26'862'565
22'496'003
21'999'275
21'543'277
21'503'171
21'114'087
13'600'947
11'276'498
7'703'980
6'589'048
4'922'840
3'203'766
2'811'878
2'792'454
2'762'000
2'746'054
2'583'993
2'523'636
% Out
3.99
3.73
3.7
3.1
3.03
2.97
2.96
2.91
1.87
1.55
1.06
0.91
0.68
0.44
0.39
0.38
0.38
0.38
0.36
0.35
Weighting
Change
3
1
3
4
3
5
3
2
3
5
1
2
3
1
1
3
1
3
1
3
3
3
3
1
3
3
5
3
3
M
M
M
M
M
M
M
M
M
M
D
M
U
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(7'581'034)
5'121
318'307
1'580'407
3'376'460
(1'014'146)
(13'040)
27
92'614
(42'617)
342'000
850'506
89'230
7'304
Target Price
16
14
16
19
17
22
15
15
16
18
15
13
17
#N/A N/A
12
#N/A N/A
12
#N/A N/A
16
15
15
14
16
12
14
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
15.02.2013
Investment Advisor
21.01.2013
Investment Advisor
28.12.2012
Unclassified
04.01.2012
Investment Advisor
23.03.2012
Investment Advisor
23.03.2012
Government
30.06.2011
Investment Advisor
15.02.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
30.11.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
30.11.2012
Investment Advisor
Date
Not Provided
12 month
12 month
6 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
20.02.2013
19.02.2013
14.02.2013
12.02.2013
08.02.2013
08.02.2013
05.02.2013
04.02.2013
30.01.2013
29.01.2013
21.01.2013
18.01.2013
17.01.2013
07.01.2013
03.01.2013
17.12.2012
14.12.2012
13.12.2012
04.12.2012
23.11.2012
20.11.2012
14.11.2012
14.11.2012
09.11.2012
07.11.2012
19.10.2012
14.06.2012
04.05.2011
20.02.2013
Daimler AG
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2012)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DAI GY EQUITY YTD Change
DAI GY EQUITY YTD % CHANGE
12/2012
12/yy
48.95
32.86
3'558'783.00
45.13
-7.80%
37.36%
76.89%
1'067.6
48'181.42
71'860.00
0.0
1'713.0
10'910.00
119'926.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
95'873.0
0.87x
11'685.0
7.14x
1'348.0
15.61x
50
45
40
35
30
25
20
15
10
5
0
f-12 m-12
31.12.2009
31.12.2010
78'924.0
97'761.0
1.15x
1.10x
3'032.0
10'489.0
29.84x
10.26x
(2'640.0)
4'498.0
11.85x
Profitability
LTM-4Q
31.12.2011
106'540.0
0.93x
12'216.0
8.09x
5'667.0
6.38x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
114'297.0
6'095.0
7.24x
12'216.00
8'641.00
8.11%
7.93%
3.65%
14.09%
5.96%
0.74%
24.0%
11.0%
7.5%
5.3%
1.07
0.33
48.51%
181.35%
13.70
4.74
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
1.21
944.53
-1.97%
9.22%
1.210
39
3.564
3'429'256
4'027'904
4'048'258
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
106'540.0 114'297.0 116'815.7 123'639.1
3.70x
2.90x
0.47x
0.45x
12'265.0
9'551.0
12'663.8
14'372.6
8.06x
0.00x
9.47x
8.34x
5'667.0
6'095.0
4'978.5
5'974.7
6.38x
7.24x
9.70x
8.17x
S&P Issuer Ratings
23.02.2012
Long-Term Rating
ALong-Term Outlook
STABLE
26.02.2001
Short-Term Rating
A-2
Credit Ratios
52.66
34.73
Net Debt/EBITDA
5.64
Total Debt/EBITDA
6.82
Reference
Total Debt/Equity
181.4%
Total Debt/Capital
63.5%
Asset Turnover
0.74
2.67
26.72
Inventory Days
77.15
41.35
59.49
70.00
180'000.0
60.00
160'000.0
140'000.0
50.00
120'000.0
40.00
100'000.0
30.00
80'000.0
60'000.0
20.00
40'000.0
10.00
0.00
01.01.2010
20'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Daimler AG
Holdings By:
All
Holder Name
MORGAN STANLEY
BLACKROCK
KUWAIT INVESTMENT AU
AABAR INVESTMENTS PJ
NORGES BANK
VANGUARD GROUP INC
NISSAN MOTOR CO LTD
AMUNDI
ONTARIO TEACHERS PEN
GOLDMAN SACHS GROUP
Firm Name
Morgan Stanley
Banco Sabadell
AlphaValue
Goldman Sachs
Redburn Partners
Macquarie
DZ Bank AG
Barclays
Societe Generale
JPMorgan
HSBC
Bankhaus Lampe
Oddo & Cie
Bankhaus Metzler
S&P Capital IQ
Nord/LB
Credit Suisse
Hamburger Sparkasse
National Bank AG
Natixis
Exane BNP Paribas
EVA Dimensions
Day by Day
Main First Bank AG
Cyrrus
Deutsche Bank
CA Cheuvreux
Steubing AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
DANIEL SCHWARZ
STUART PEARSON
MAX WARBURTON
HANS-PETER WODNIOK
STEFAN BURGSTALLER
MICHAEL RAAB
CHARLES WINSTON
MICHAEL PUNZET
KRISTINA CHURCH
STEPHEN REITMAN
JOSE ASUMENDI
HORST SCHNEIDER
FRANK BILLER
CHRISTIAN LUDWIG
FRANCOIS MAURY
MARC-RENE TONN
JUERGEN PIEPER
TIM SCHULDT
JAWAHAR HINGORANI
FRANK SCHWOPE
ERICH HAUSER
ZAFER RUZGAR
MANFRED JAISFELD
GEORGES DIENG
RABIH FREIHA
CRAIG STERLING
VALERIE GASTALDY
LOTHAR LUBINETZKI
JIRI SIMARA
JOCHEN GEHRKE
ALEXANDER NEUBERGER
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Research
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
Research
ULT-AGG
Recommendation
buy
Equalwt/In-Line
market perform
buy
reduce
buy/attractive
reduce
sell
outperform
hold
equalweight
hold
neutral
overweight
buy
sell
neutral
hold
buy
hold
hold
buy
neutral
hold
buy
buy
neutral
outperform
hold
underweight
hold
outperform
neutral
hold
hold
select list
buy
Amt Held
112'329'268
93'355'634
73'577'854
50'908'791
33'056'717
32'355'918
20'484'066
16'448'378
12'048'083
10'511'692
10'428'300
7'647'982
6'339'832
5'657'505
3'548'162
3'244'839
3'239'157
3'200'000
2'719'961
2'350'394
% Out
10.52
8.74
6.89
4.77
3.1
3.03
1.92
1.54
1.13
0.98
0.98
0.72
0.59
0.53
0.33
0.3
0.3
0.3
0.25
0.22
Weighting
Change
5
3
3
5
2
5
2
1
5
3
3
3
3
5
5
1
3
3
5
3
3
5
3
3
5
5
3
5
3
1
3
5
3
3
3
5
5
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
14'642
(567'857)
(2'451'600)
361'219
7'881'332
3'324
1'095'300
(15'501)
6'700
165'016
(1'704'912)
(931'383)
Target Price
60
53
40
48
45
62
41
#N/A N/A
55
44
43
46
46
52
58
39
45
46
50
47
48
51
35
46
#N/A N/A
50
38
46
37
#N/A N/A
#N/A N/A
43
35
37
35
48
76
File Dt
31.12.2012
19.02.2013
06.02.2012
31.12.2012
06.02.2012
17.09.2012
31.12.2012
31.03.2012
31.01.2013
31.12.2012
31.12.2012
31.10.2012
30.09.2012
30.11.2012
28.09.2012
31.07.2012
15.02.2013
31.12.2011
05.10.2012
31.12.2012
Date
6 month
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Government
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Date
20.02.2013
20.02.2013
19.02.2013
15.02.2013
14.02.2013
13.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
05.02.2013
31.01.2013
17.01.2013
29.11.2012
26.11.2012
16.11.2012
29.10.2012
28.10.2012
26.10.2012
10.01.2011
20.02.2013
Danone SA
Danone is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.05.2012)
52-Week Low (23.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BN FP EQUITY YTD Change
BN FP EQUITY YTD % CHANGE
12/2012
12/yy
54.96
45.61
2'018'731.00
53.06
-3.46%
16.35%
80.65%
643.2
34'126.18
9'031.00
0.0
98.0
2'141.00
41'196.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
15'220.0
2.09x
2'796.0
11.35x
1'313.0
19.75x
60
31.12.2009
31.12.2010
14'982.0
17'010.0
2.20x
2.11x
2'844.0
3'194.0
11.61x
11.23x
1'361.0
1'875.0
17.77x
15.42x
Profitability
LTM-4Q
31.12.2011
19'318.0
1.89x
3'486.0
10.45x
1'671.0
17.53x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
20'869.0
1'672.0
17.93x
3'486.00
2'747.00
13.16%
12.84%
5.89%
14.55%
9.57%
0.70%
50.6%
17.6%
14.2%
8.0%
0.88
0.59
31.77%
74.64%
8.98
9.02
Price/ Cash Flow
LTM
12/yy
19'318.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
20'868.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
0.65
543.97
8.10%
6.32%
0.650
43
3.233
2'329'910
1'627'420
1'504'114
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
22'047.1
23'346.2
5'340.0
5'635.5
1.81x
1.67x
3'775.2
4'038.7
10.91x
10.20x
1'831.4
2'035.1
1'761.0
1'944.0
16.88x
15.25x
3.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.07.2007
ASTABLE
11.07.2007
A-2
14.46
10.79
1.99
2.78
74.6%
42.5%
0.70
5.03
40.74
40.58
107.35
-21.32
14.00
25'000.0
12.00
20'000.0
10.00
15'000.0
8.00
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Danone SA
Holdings By:
All
Holder Name
GROUPE DANONE
AMUNDI SA
EURAZEO
SOFINA & HENEX GROUP
VANGUARD GROUP INC
FCPE FONDS GROUPE DA
FMR LLC
BLACKROCK
TRIAN FUND MANAGEMEN
AMUNDI
MACKENZIE FINANCIAL
AMUNDI
AVIVA PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Grupo Santander
PEDRO GIL
Societe Generale
WARREN L ACKERMAN
Goldman Sachs
ALEXIS COLOMBO
FRANCIS PRETRE
Oddo & Cie
LAURENCE HOFMANN
Nomura
DAVID HAYES
Exane BNP Paribas
JEFF STENT
Helvea
ANDREAS VON ARX
Barclays
LIAM ROWLEY
Deutsche Bank
JAMES ISENWATER
Morgan Stanley
EILEEN KHOO
RBC Capital Markets
JPMorgan
CELINE PANNUTI
Jefferies
ALEX HOWSON
ANDREW WOOD
LARS LUSEBRINK
EDDY HARGREAVES
JON COX
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Banco Sabadell
IGNACIO ROMERO
AlphaValue
SOPHIE CABO-BROSETA
Redburn Partners
JEREMY FIALKO
EVA Dimensions
AUSTIN BURKETT
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Berenberg Bank
JAMES TARGETT
Credit Suisse
ALEX MOLLOY
ALEX SMITH
Equita SIM SpA
FABIO FAZZARI
Natixis
PIERRE TEGNER
Aurel - BGC
JEAN-MARIE L'HOME
S&P Capital IQ
CARL SHORT
Hamburger Sparkasse
HSBC
CEDRIC BESNARD
Mirabaud Securities
JULIAN LAKIN
DZ Bank AG
ROBERT CZERWENSKY
Day by Day
VALERIE GASTALDY
Nord/LB
WOLFGANG VASTERLING
BARBARA AMBRUS
Gabelli & Co
JOSEPH A GABELLI
Source
Research
Co File
Research
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
hold
Buy/Neutral
reduce
neutral
buy
neutral
accumulate
equalweight
hold
Underwt/In-Line
underperform
neutral
hold
market perform
hold
sell
buy
underperform
sell
buy
buy
underweight
buy
hold
outperform
sell
underperform
buy
buy
neutral
hold
buy
hold
overweight
hold
buy
buy
buy
hold
buy
Amt Held
39'168'842
35'825'460
28'864'287
16'433'370
13'584'541
11'688'114
11'254'856
11'161'518
9'939'780
9'120'390
8'804'680
8'060'999
6'829'126
6'431'620
5'778'204
4'324'592
4'032'934
3'963'386
2'595'770
2'209'019
% Out
6.09
5.57
4.49
2.56
2.11
1.82
1.75
1.74
1.55
1.42
1.37
1.25
1.06
1
0.9
0.67
0.63
0.62
0.4
0.34
Weighting
Change
1
3
5
2
3
5
3
4
3
3
1
1
3
3
3
3
1
5
1
1
5
5
1
5
3
5
1
1
5
5
3
3
5
3
5
3
5
5
5
3
5
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
M
M
M
Latest Chg
(3'844'941)
(418'650)
(450'547)
(112'541)
681'500
(1'998'562)
(41'689)
63'694
745'570
(234'718)
(265'402)
136'900
-
Target Price
46
53
65
47
54
60
54
61
51
45
45
43
56
48
53
55
43
59
49
56
62
#N/A N/A
#N/A N/A
56
#N/A N/A
53
46
44
56
55
56
50
56
#N/A N/A
55
49
56
53
#N/A N/A
51
#N/A N/A
File Dt
08.08.2012
31.12.2011
15.05.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2011
31.12.2012
15.02.2013
07.11.2012
31.12.2012
31.12.2012
30.11.2012
30.11.2012
28.09.2012
31.01.2013
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Corporation
Other
Investment Advisor
Other
Government
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
15.02.2013
14.02.2013
01.02.2013
30.01.2013
25.01.2013
25.01.2013
21.01.2013
21.01.2013
17.01.2013
08.01.2013
20.12.2012
14.12.2012
13.12.2012
13.12.2012
11.12.2012
06.11.2012
22.10.2012
22.10.2012
08.10.2012
10.09.2012
27.07.2012
01.11.2011
20.02.2013
Deutsche Bank AG
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DBK GY EQUITY YTD Change
DBK GY EQUITY YTD % CHANGE
12/2012
12/yy
39.51
22.11
3'570'701.00
36.21
-8.35%
63.77%
83.42%
929.5
33'657.18
284'516.00
0.0
1'270.0
177'928.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
40
16.0 M
35
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
f-12 m-12
31.12.2009
31.12.2010
45'167.0
46'151.0
4'973.0
2'310.0
6.24x
12.74x
Profitability
LTM-4Q
31.12.2011
52'660.0
4'132.0
6.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
33'582.0
611.0
50.69x
10.41%
4.16%
0.03%
1.13%
0.85%
0.02%
1.8%
0.00%
0.00%
-
Price/ Cash Flow
j-12
LTM
12/yy
50'925.0
0.00x
0.0
0.00x
4'132.0
6.64x
j-12
12/yy
47'151.0
0.00x
0.0
0.00x
611.0
48.46x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
1.34
889.66
7.61%
9.89%
1.342
42
3.429
4'524'794
6'270'139
5'928'350
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
34'050.1
35'051.7
8'657.0
8'714.0
2.07x
2.05x
3'981.2
5'115.3
8.84x
7.01x
7.75x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.01.2012
A+
NEG
19.12.2008
A-1
0.0%
83.9%
0.02
9.56
-
10.00
100'000.0
9.00
90'000.0
8.00
80'000.0
7.00
70'000.0
6.00
60'000.0
5.00
4.00
50'000.0
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
58'492.0
(3'835.0)
-
45
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Deutsche Bank AG
Holdings By:
All
Holder Name
BLACKROCK
DEUTSCHE BANK AG
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AG
VANGUARD GROUP INC
CREDIT AGRICOLE SA
DEUTSCHE BANK AG
COMMERZBANK AKTIENGE
CREDIT SUISSE GROUP
GOLDMAN SACHS GROUP
JP MORGAN
BANK OF AMERICA CORP
UBS
DEUTSCHE TELEKOM
AMUNDI
Firm Name
Portfolio Name
n/a
n/a
n/a
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AKTIEN
Multiple Portfolios
CREDIT AGRICOLE SA
n/a
n/a
GOLDMAN SACHS GROUP
Multiple Portfolios
Multiple Portfolios
n/a
BANK OF AMERICA
n/a
n/a
n/a
Multiple Portfolios
Analyst
Credit Suisse
AMIT GOEL
Banco Sabadell
MARIO LODOS
Redburn Partners
NICHOLAS WATTS
Exane BNP Paribas
DANIEL DAVIES
AlphaValue
DIETER HEIN
Barclays
JEREMY SIGEE
RBC Capital Markets
FIONA SWAFFIELD
Hamburger Sparkasse
CHRISTIAN HAMANN
ARUN MELMANE
DZ Bank AG
CHRISTOPH BAST
Mediobanca SpA
CHRISTOPHER J WHEELER
Commerzbank Corporates & Markets MICHAEL DUNST
INGO FROMMEN
CA Cheuvreux
CYRIL MEILLAND
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
PHILIPP HAESSLER
Morgan Stanley
HUW VAN STEENIS
Nord/LB
MICHAEL SEUFERT
JPMorgan
KIAN ABOUHOSSEIN
ANDREW STIMPSON
STEFAN BONGARDT
Oddo & Cie
JEAN SASSUS
M.M. Warburg Investment Research ANDREAS PLAESIER
Berenberg Bank
JAMES CHAPPELL
DIRK BECKER
S&P Capital IQ
FRANK BRADEN
Bankhaus Metzler
GUIDO HOYMANN
ANDREW LIM
Macquarie
PIERS BROWN
Goldman Sachs
JERNEJ OMAHEN
Societe Generale
DIRK HOFFMANN-BECKING
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
Grupo Santander
AURELIA FAURE
HSBC
ROBERT MURPHY
National Bank AG
DIRK GOJNY
Hammer Partners SA
ENRICO RACIOPPI
SRC Research
STEFAN SCHARFF
Source
ULT-AGG
ULT-AGG
Co File
13F
13F
MF-AGG
13F
RNS-MAJ
13F
Research
13F
MF-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
Research
MF-AGG
Recommendation
underperform
buy
buy
neutral
add
overweight
hold
sector perform
sell
buy
buy
neutral
add
hold
underperform
neutral
reduce
accumulate
Equalwt/In-Line
buy
neutral
market perform
hold
neutral
buy
sell
buy
hold
buy
sell
neutral
neutral/neutral
buy
underweight
hold
underweight
overweight
buy
buy
sell
Amt Held
74'111'824
42'222'206
24'888'999
24'458'657
16'957'871
16'884'847
16'648'807
15'177'158
14'797'901
9'379'275
8'557'620
7'720'001
6'864'207
5'993'512
5'677'666
4'653'686
4'067'133
3'906'432
3'832'262
3'784'496
% Out
7.97
4.54
2.68
2.63
1.82
1.82
1.79
1.63
1.59
1.01
0.92
0.83
0.74
0.64
0.61
0.5
0.44
0.42
0.41
0.41
Weighting
Change
1
5
5
3
4
5
3
3
1
5
5
3
4
3
1
3
2
4
3
5
3
3
3
3
5
1
5
3
5
1
3
3
5
1
3
1
5
5
5
1
M
M
M
M
D
M
M
M
M
N
M
U
M
M
M
M
M
D
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
1'076'843
(2'143'049)
(3'091'342)
5'959'356
384'651
3'630'244
10'133'323
3'906'478
9'901
164'636
(4'233'794)
(3'004'857)
(1'925'339)
2'278'827
176'476
(1'196'404)
Target Price
32
40
#N/A N/A
40
41
46
39
39
#N/A N/A
45
40
40
41
38
37
37
37
44
41
45
38
43
39
38
44
20
44
39
45
31
36
47
42
#N/A N/A
#N/A N/A
30
39
32
36
33
File Dt
Inst Type
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
17.12.2012
Investment Advisor
31.12.2012
Investment Advisor
08.06.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
13.11.2012
Unclassified
Date
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
19.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
12.02.2013
07.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
29.01.2013
28.01.2013
25.01.2013
17.01.2013
15.01.2013
14.12.2012
05.09.2012
25.07.2012
03.07.2012
08.02.2010
20.02.2013
Deutsche Telekom AG
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Price/Volume
12
45.0 M
40.0 M
10
35.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.09.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DTE GY EQUITY YTD Change
DTE GY EQUITY YTD % CHANGE
12/2011
09/yy
10.06
7.69
21'425'264.00
8.136
-19.13%
5.83%
26.10%
4'321.3
35'158.25
48'318.00
0.0
4'647.0
6'122.00
80'596.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-12 m-12
31.12.2008
31.12.2009
61'666.0
64'602.0
1.49x
1.46x
17'535.0
17'335.0
5.24x
5.46x
1'483.0
353.0
31.62x
128.63x
Profitability
LTM-4Q
31.12.2010
62'421.0
1.48x
17'726.0
5.20x
1'695.0
24.76x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
58'653.0
1.45x
20'202.0
4.22x
557.0
68.19x
20'202.00
6'806.00
11.60%
5.15%
-6.35%
-24.03%
0.50%
42.2%
33.1%
-10.0%
0.9%
0.65
0.52
39.43%
136.90%
36.51
Price/ Cash Flow
j-12
LTM
09/yy
59'219.0
6.31x
16'653.0
5.31x
1'315.0
28.48x
j-12
09/yy
58'373.0
5.83x
19'326.0
4.49x
(7'388.0)
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
0.77
2'938.38
-1.83%
-5.34%
0.769
41
3.171
18'327'030
12'930'560
12'751'440
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
58'119.4
57'589.8
14'602.0
14'165.0
1.35x
1.34x
5.35x
18'002.6
17'490.5
4'333.6
4'223.0
4.48x
4.61x
4.63x
4.70x
2'729.6
2'819.1
374.8
816.0
12.73x
12.25x
10.12x
9.14x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.05.2008
BBB+
STABLE
08.04.2002
A-2
7.79
5.26
2.11
2.36
136.9%
54.7%
0.50
1.64
10.02
51.52
-17.15
3.50
70'000.0
3.00
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
02.01.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
62'516.0
1.72x
16'466.0
6.52x
571.0
115.62x
30.0 M
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Deutsche Telekom AG
Holdings By:
All
Holder Name
KREDITANSTALT FUER W
FEDERAL REPUBLIC OF
BLACKROCK
BLACKSTONE GROUP LP
VANGUARD GROUP INC
AMUNDI
SCHRODER INVESTMENT
FMR LLC
EATON VANCE MANAGEME
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RBC Capital Markets

JONATHAN ATKIN
ROBIN BIENENSTOCK
Macquarie
GUY R PEDDY
DZ Bank AG
KARSTEN OBLINGER
Exane BNP Paribas
MATHIEU ROBILLIARD
Liberum Capital Ltd
LAWRENCE SUGARMAN
Bankhaus Lampe
WOLFGANG SPECHT
Commerzbank Corporates & Markets HEIKE PAULS
Banco Sabadell
ANDRES BOLUMBURU
Berenberg Bank
PAUL ANDREW MARSCH
AlphaValue
HEINZ STEFFEN
Morgan Stanley
NICK DELFAS
Nomura
FREDERIC BOULAN
M.M. Warburg Investment Research JOCHEN REICHERT
STEFAN BORSCHEID
Oddo & Cie
ALEXANDRE IATRIDES
JAVIER BORRACHERO
Goldman Sachs
TIMOTHY BODDY
Credit Suisse
JUSTIN FUNNELL
Barclays
JONATHAN DANN
Jefferies
ULRICH RATHE
National Bank AG
MANFRED JAISFELD
Deutsche Bank
MATTHEW BLOXHAM
Raymond James
STEPHANE BEYAZIAN
ADRIAN PEHL
EVA Dimensions
ANDREW S ZAMFOTIS
Steubing AG
TEAM COVERAGE
Day by Day
VALERIE GASTALDY
Hamburger Sparkasse
JPMorgan
HANNES C WITTIG
HSBC
DOMINIK KLARMANN
WILL DRAPER
S&P Capital IQ
ALEXANDER WISCH
Societe Generale
OTTAVIO ADORISIO
MARKUS FRIEBEL
Grupo Santander
JOHN DAVIES
Bankhaus Metzler
ULRICH TRABERT
JACQUES ABRAMOWICZ
Natixis
JACQUES DE GRELING
CA Cheuvreux
PETER KURT NIELSEN
Source
Research
Research
ULT-AGG
Research
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sector perform
outperform
underperform
sell
neutral
hold
sell
hold
sell
hold
add
restricted
buy
hold
buy
buy
buy
neutral/neutral
restricted
equalweight
sell
hold
hold
buy
outperform
accumulate
sell
buy
buy
hold
not rated
neutral
sell
sell
buy
hold
underweight
sell
buy
reduce
select list
Amt Held
734'624'287
648'197'900
251'134'733
191'700'000
55'113'797
52'043'505
27'700'000
23'201'816
17'377'690
14'524'559
11'716'763
11'491'425
10'751'485
9'818'199
9'211'450
7'630'916
7'183'559
6'968'882
6'826'154
5'213'828
% Out
17
15
5.81
4.44
1.28
1.2
0.64
0.54
0.4
0.34
0.27
0.27
0.25
0.23
0.21
0.18
0.17
0.16
0.16
0.12
Weighting
Change
3
5
1
1
3
3
1
3
1
3
4
#N/A N/A
5
3
5
5
5
3
#N/A N/A
3
1
3
3
5
5
4
1
5
5
3
#N/A N/A
3
1
1
5
3
1
1
5
2
5
M
M
M
M
M
N
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'038'985)
15'760'085
1'150'782
156'567
5'008'482
442'723
2'200'291
4'778'409
(1'985'242)
(3'302'086)
(7'472'121)
(5'219'615)
1'080'485
(696'430)
Target Price
10
12
8
8
9
8
8
9
10
11
10
#N/A N/A
11
10
10
11
11
9
#N/A N/A
10
8
8
9
10
11
10
#N/A N/A
#N/A N/A
10
#N/A N/A
#N/A N/A
9
8
8
11
9
8
9
11
8
11
File Dt
30.09.2012
30.09.2012
19.02.2013
03.08.2012
31.01.2013
31.12.2012
31.12.2011
15.02.2013
30.11.2012
28.09.2012
31.12.2012
31.12.2012
31.12.2012
15.02.2013
31.12.2012
31.12.2012
31.10.2012
19.02.2013
31.07.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
13.02.2013
11.02.2013
04.02.2013
30.01.2013
30.01.2013
30.01.2013
25.01.2013
24.01.2013
24.01.2013
23.01.2013
21.01.2013
17.01.2013
16.01.2013
15.01.2013
15.01.2013
15.01.2013
14.01.2013
10.01.2013
08.01.2013
14.12.2012
10.12.2012
10.12.2012
10.12.2012
07.12.2012
07.12.2012
06.12.2012
09.11.2012
08.11.2012
08.10.2012
21.02.2012
20.02.2013
E.ON SE
E.ON SE operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Price/Volume
25
50.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.09.2012)
52-Week Low (08.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EOAN GY EQUITY YTD Change
EOAN GY EQUITY YTD % CHANGE
12/2011
09/yy
19.74
12.42
13'142'179.00
12.875
-34.78%
3.66%
10.18%
2'001.0
25'762.88
29'914.00
0.0
3'876.0
6'931.00
49'621.88
15
40.0 M
10
30.0 M
20.0 M
10.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
20
Valuation Analysis
31.12.2007
68'731.0
1.64x
11'063.0
10.16x
7'204.0
13.80x
70.0 M
31.12.2008
31.12.2009
86'753.0
81'817.0
1.08x
1.11x
5'403.0
12'703.0
17.28x
7.18x
1'266.0
8'396.0
37.92x
6.50x
Profitability
LTM-4Q
31.12.2010
92'863.0
0.78x
13'006.0
5.56x
5'853.0
6.53x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
112'954.0
0.52x
4'269.0
13.73x
(2'219.0)
4'269.00
46.00
0.04%
-2.58%
0.00%
-0.01%
0.85%
3.6%
0.4%
-2.0%
1.10
0.54
19.57%
83.71%
-
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
1.10
1'787.19
-19.26%
-8.62%
1.102
38
2.474
12'325'970
12'976'930
11'354'840
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
105'888.0 129'077.0 112'559.6 110'835.4
29'586.7
2.46x
1.88x
0.46x
0.44x
6'579.0
6'892.0
10'690.1
9'527.5
2'038.0
8.68x
8.59x
4.65x
5.21x
3'195.0
(356.0)
3'950.0
2'504.6
113.0
7.49x
0.00x
5.83x
9.86x
S&P Issuer Ratings
27.07.2012
Long-Term Rating
ALong-Term Outlook
STABLE
27.07.2012
Short-Term Rating
A-2
Credit Ratios
1.37
-0.62
Net Debt/EBITDA
5.86
Total Debt/EBITDA
6.87
Reference
Total Debt/Equity
83.7%
Total Debt/Capital
43.0%
Asset Turnover
0.85
2.25
Inventory Days
7.00
120'000.0
6.00
100'000.0
5.00
80'000.0
4.00
60'000.0
3.00
40'000.0
2.00
20'000.0
1.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
E.ON SE
Holdings By:
All
Holder Name
BLACKROCK
GOVERNMENT OF NORWAY
E.ON AG
CREDIT SUISSE AG
VANGUARD GROUP INC
MORGAN STANLEY
PICTET ASSET MANAGEM
DEUTSCHE BANK AG
FRANKLIN RESOURCES
AMUNDI
ADIG INVESTMENT
Firm Name
RBC Capital Markets
S&P Capital IQ
Banco Sabadell
Grupo Santander
Goldman Sachs
AlphaValue
JPMorgan
Berenberg Bank
DZ Bank AG
Societe Generale
Deutsche Bank
Morgan Stanley
Nord/LB
HSBC
Macquarie
Hamburger Sparkasse
National Bank AG
Bankhaus Metzler
Natixis
Nomura
Day by Day
Exane BNP Paribas
Credit Suisse
Raymond James
Barclays
Main First Bank AG
EVA Dimensions
Redburn Partners
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JOHN MUSK
CLIVE ROBERTS
TANJA MARKLOFF
JORGE GONZALEZ SADORNIL
OSCAR NAJAR RIOS
DEBORAH WILKENS
EILEEN RYAN
VINCENT DE BLIC
ROBERT CHANTRY
ERKAN AYCICEK
STEPHAN WULF
MARC NETTELBECK
ALBERTO PONTI
ALEXANDER KARNICK
BOBBY CHADA
HEINO HAMMANN
ADAM DICKENS
ROBERT SCHRAMM-FUCHS
SVEN DIERMEIER
ANNEMARIE SCHLUETER
STEFFEN MANSKE
DANIEL SEIDENSPINNER
PHILIPPE OURPATIAN
MARTIN YOUNG
MICHAEL SCHAEFER
VALERIE GASTALDY
BENJAMIN LEYRE
VINCENT GILLES
EMMANUEL RETIF
PETER BISZTYGA
ANDREAS THIELEN
AUSTIN BURKETT
INGO BECKER
AHMED FARMAN
SEBASTIAN KAUFFMANN
SEBASTIAN ZANK
Source
ULT-AGG
Co File
Co File
Research
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
underperform
buy
hold
buy
hold
buy/attractive
buy
underweight
sell
buy
hold
buy
hold
hold
sell
Underwt/In-Line
hold
underweight
underperform
sell
hold
sell
sell
reduce
reduce
suspended coverage
hold
underperform
underperform
market perform
equalweight
outperform
sell
hold
neutral
underperform
not rated
Amt Held
170'331'307
118'276'492
95'529'865
46'680'225
32'966'723
25'888'854
13'832'519
11'346'412
11'102'820
9'927'496
8'696'670
7'750'555
7'475'000
6'594'401
6'187'963
5'535'987
4'279'858
4'232'836
3'863'245
3'692'926
% Out
8.51
5.91
4.77
2.33
1.65
1.29
0.69
0.57
0.55
0.5
0.43
0.39
0.37
0.33
0.31
0.28
0.21
0.21
0.19
0.18
Weighting
Change
1
5
3
5
3
5
5
1
1
5
3
5
3
3
1
1
3
1
1
1
3
1
1
2
2
#N/A N/A
3
1
1
3
3
5
1
3
3
1
#N/A N/A
M
M
U
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
(22'816)
719'330
(329'536)
(1'472'050)
(1'285'217)
(16'523'208)
(105'000)
141'034
1'263'252
(1'890'038)
(1'160'000)
254'908
(158'932)
Target Price
11
15
14
14
16
21
18
13
12
15
13
17
14
13
13
11
13
11
12
11
#N/A N/A
#N/A N/A
11
12
14
#N/A N/A
#N/A N/A
12
11
#N/A N/A
15
17
#N/A N/A
14
#N/A N/A
17
#N/A N/A
File Dt
Inst Type
15.02.2013
Investment Advisor
31.12.2011
Government
31.12.2011
Corporation
09.05.2012
Investment Advisor
31.12.2012
Investment Advisor
10.05.2012
Investment Advisor
28.09.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
19.02.2013
Investment Advisor
31.05.2012
Investment Advisor
30.11.2012
Investment Advisor
Date
12 month
12 month
6 month
12 month
Not Provided
12 month
6 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
19.02.2013
15.02.2013
15.02.2013
13.02.2013
13.02.2013
07.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
25.01.2013
23.01.2013
17.01.2013
08.01.2013
14.11.2012
14.08.2012
14.03.2012
20.02.2013
Enel SpA
Enel S.p.A. generates, transmits, distributes, and trades electricity. The
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Price/Volume
4
300.0 M
250.0 M
200.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ENEL IM EQUITY YTD Change
ENEL IM EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100.0 M
50.0 M
1
0
f-12 m-12
31.12.2008
31.12.2009
59'577.0
62'498.0
1.53x
1.85x
13'722.0
15'883.0
6.63x
7.29x
5'293.0
5'586.0
5.54x
5.90x
Profitability
LTM-4Q
31.12.2010
71'943.0
1.56x
16'768.0
6.68x
4'390.0
8.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
77'573.0
1.34x
17'198.0
6.03x
4'148.0
7.13x
17'198.00
11'366.00
14.65%
10.88%
2.01%
8.93%
0.48%
23.5%
12.8%
5.3%
0.88
0.46
38.56%
168.81%
6.11
-
Price/ Cash Flow
j-12
LTM
09/yy
75'827.0
5.88x
16'725.0
6.33x
4'433.0
7.05x
j-12
09/yy
82'455.0
4.88x
19'353.0
5.21x
3'464.0
7.52x
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
FY+1
0.97
6'465.37
3.25%
-7.58%
0.970
35
3.114
29'916'600
39'278'940
38'290'340
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
78'736.1
78'524.0
19'566.8
1.10x
1.08x
4.43x
16'561.4
16'393.5
3'856.5
6.18x
6.24x
3'482.8
3'372.4
992.5
7.90x
8.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
08.03.2012
BBB+
NEG
14.12.2007
A-2
6.25
3.72
3.03
3.40
168.8%
54.6%
0.48
0.82
59.86
-
4.00
90'000.0
3.50
80'000.0
3.00
70'000.0
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
02.01.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
42'734.0
2.76x
9'694.0
12.17x
3'916.0
13.46x
150.0 M
12/2011
09/yy
3.30
2.02
23'527'813.00
2.9
-12.12%
43.56%
72.03%
9'403.4
27'269.74
65'481.00
0.0
15'650.0
7'015.00
102'271.74
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Enel SpA
Holdings By:
All
Holder Name
MINISTERO DELL'ECONO
VANGUARD GROUP INC
BLACKROCK
AMUNDI
FMR LLC
ARCA SGR SPA
STATE STREET BANQUE
AVIVA PLC
CREDIT SUISSE ASSET
UBS
JOHN HANCOCK INVESTM
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Day by Day
VALERIE GASTALDY
AlphaValue
MYRIAM COHEN
FERNANDO GARCIA GARCIA
Exane BNP Paribas
PHILIP GOTTSCHALK
ICBPI
SIMONA PEDRAZZINI
Centrobanca
EDOARDO MONTALBANO
Nomura
JAVIER SUAREZ
Grupo Santander
OSCAR NAJAR RIOS
Banca IMI
ROBERTO RANIERI
SVEN DIERMEIER
Banca Akros(ESN)
DARIO MICHI
Berenberg Bank
ANDREW FISHER
S&P Capital IQ
CLIVE ROBERTS
Societe Generale
ALBERTO PONTI
Barclays
SUSANNA INVERNIZZI
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
VIRGINIA SANZ DE MADRID
CLAUDIA INTROVIGNE
Goldman Sachs
DARIO CARRADORI
Equita SIM SpA
ROBERTO LETIZIA
Credit Suisse
STEFANO BEZZATO
Morgan Stanley
ANNA MARIA SCAGLIA
HSBC
ADAM DICKENS
Natixis
PHILIPPE OURPATIAN
CA Cheuvreux
FRANCESCA PEZZOLI
Mediobanca SpA
MARIA BEATRICE GEROSA
Banco Sabadell
Raymond James
EMMANUEL RETIF
Nord/LB
HEINO HAMMANN
ERKAN AYCICEK
Hammer Partners SA
CHRIS MOORE
JPMorgan
JAVIER GARRIDO
DZ Bank AG
HASIM SENGUEL
Source
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
neutral
underperform
neutral
hold
reduce
buy
add
hold
hold
buy
hold
buy
buy
equalweight
overweight
hold
hold
neutral/attractive
hold
neutral
Equalwt/In-Line
underweight
neutral
underperform
neutral
sell
market perform
hold
hold
sell
neutral
hold
Amt Held
2'937'984'993
120'746'699
103'500'003
81'500'351
30'898'327
24'688'850
23'430'194
19'719'027
12'645'186
11'206'529
9'443'764
9'331'460
9'057'798
8'230'210
7'912'096
7'807'081
7'180'764
7'000'609
6'929'768
6'923'770
% Out
31.24
1.28
1.1
0.87
0.33
0.26
0.25
0.21
0.13
0.12
0.1
0.1
0.1
0.09
0.08
0.08
0.08
0.07
0.07
0.07
Weighting
Change
3
5
3
1
3
3
2
5
4
3
3
5
3
5
5
3
5
3
3
3
3
3
3
1
3
1
3
1
3
3
3
1
3
3
D
M
N
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
Latest Chg
2'529'990
726'273
(1'187'360)
16'652'294
13'243'042
(6'000'000)
510'545
782'984
309'230
137'675
(242'323)
(241'490)
2'075'741
(4'995'875)
57'724
45'616
288'821
Target Price
#N/A N/A
4
3
3
3
3
3
4
3
3
3
3
3
3
4
4
#N/A N/A
3
3
4
3
3
3
3
3
3
3
#N/A N/A
#N/A N/A
#N/A N/A
3
#N/A N/A
4
3
File Dt
20.11.2012
31.12.2012
15.02.2013
31.10.2012
30.11.2012
31.12.2012
31.01.2013
15.02.2013
28.12.2012
30.09.2012
31.12.2012
31.01.2013
28.12.2012
31.07.2012
28.09.2012
31.12.2012
30.09.2012
28.12.2012
31.12.2012
15.02.2013
Date
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Date
14.02.2013
14.02.2013
13.02.2013
13.02.2013
12.02.2013
08.02.2013
08.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
04.02.2013
25.01.2013
17.01.2013
07.01.2013
21.12.2012
18.12.2012
30.11.2012
22.11.2012
14.11.2012
14.11.2012
05.11.2012
26.09.2012
21.09.2012
03.08.2012
06.06.2012
05.06.2012
09.03.2012
08.03.2012
16.02.2012
18.11.2011
20.02.2013
Eni SpA
Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Price/Volume
25
60.0 M
50.0 M
15
40.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (18.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ENI IM EQUITY YTD Change
ENI IM EQUITY YTD % CHANGE
12/2012
12/yy
19.59
14.94
8'681'130.00
17.68
-9.75%
18.34%
62.37%
3'634.2
64'252.40
24'463.00
0.0
3'514.0
8'066.00
84'163.40
30.0 M
20.0 M
10.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
20
Valuation Analysis
31.12.2008
108'082.0
0.74x
26'939.0
2.98x
8'825.0
6.89x
80.0 M
31.12.2009
31.12.2010
83'227.0
98'523.0
1.10x
0.91x
20'817.0
24'992.0
4.39x
3.58x
4'367.0
6'318.0
14.71x
9.39x
Profitability
LTM-4Q
31.12.2011
109'589.0
0.83x
25'732.0
3.53x
6'860.0
8.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
127'271.0
0.68x
24'564.0
3.52x
8'673.0
7.66x
24'564.00
15'026.00
11.81%
13.04%
6.12%
15.13%
0.90%
19.3%
11.8%
6.8%
1.44
0.23
17.43%
41.32%
-
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
0.86
2'532.64
7.83%
-3.60%
0.858
37
4.027
12'423'000
12'818'300
11'387'400
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
108'740.0 127'271.0 121'289.6 123'474.0
32'752.0
31'600.7
3.31x
2.95x
0.67x
0.65x
2.49x
2.61x
25'213.0
24'564.0
28'813.8
30'201.0
7'530.0
7'527.0
3.60x
3.52x
2.92x
2.79x
2.80x
2.73x
6'860.0
8'673.0
7'204.6
7'866.4
1'871.0
1'838.0
8.45x
7.66x
8.85x
8.23x
9.17x
8.41x
S&P Issuer Ratings
17.01.2012
Long-Term Rating
A
Long-Term Outlook
NEG
19.05.2010
Short-Term Rating
A-1
Credit Ratios
27.91
15.26
Net Debt/EBITDA
0.67
Total Debt/EBITDA
1.00
Reference
Total Debt/Equity
41.3%
Total Debt/Capital
28.1%
Asset Turnover
0.90
1.86
Inventory Days
6.00
140'000.0
5.00
120'000.0
100'000.0
4.00
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Eni SpA
Holdings By:
All
Holder Name
CASSA DEPOSITI E PRE
MINISTERO DELL'ECONO
BLACKROCK
FMR LLC
VANGUARD GROUP INC
BNP PARIBAS ARBITRAG
BNP PARIBAS SA
ABERDEEN
FRANKLIN RESOURCES
BNP PARIBAS SEC SERV
JP MORGAN
Firm Name
RBC Capital Markets
Societe Generale
Mediobanca SpA
Banca IMI
Jefferies
Macquarie
Nomura
Exane BNP Paribas
Barclays
Grupo Santander
Investec
Goldman Sachs
Credit Suisse
Raymond James
Banco Sabadell
Banca Akros(ESN)
S&P Capital IQ
Day by Day
AlphaValue
Natixis
JPMorgan
EVA Dimensions
ICBPI
VTB Capital
Equita SIM SpA
Morgan Stanley
HSBC
Hamburger Sparkasse
Deutsche Bank
CA Cheuvreux
National Bank AG
Pareto Securities
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
PETER HUTTON
IRENE HIMONA
ANDREA SCAURI
ROBERTO RANIERI
IAIN REID
MARC B KOFLER
SVEN DIERMEIER
ENRICO COCO
THEEPAN JOTHILINGAM
ALEJANDRO DEMICHELIS
RAHIM KARIM
JASON KENNEY
STUART JOYNER
MICHELE DELLA VIGNA
KIM FUSTIER
OSWALD CLINT
BERTRAND HODEE
DARIO MICHI
GORDON GRAY
CHRISTINE TISCARENO
VALERIE GASTALDY
ALEXANDRE ANDLAUER
ANNE PUMIR
NITIN SHARMA
CRAIG STERLING
LUCA ARENA
COLIN SMITH
JENS MUENSTERMANN
DOMENICO GHILOTTI
MARTIJN P RATS
PAUL SPEDDING
INGO SCHMIDT
MARK BLOOMFIELD
DOMINIQUE PATRY
MANFRED JAISFELD
THOMAS AARRESTAD
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
sector perform
hold
outperform
add
buy
outperform
hold
hold
buy
neutral
overweight
Under Review
hold
Buy/Cautious
outperform
market perform
outperform
buy
buy
sell
buy
buy
reduce
neutral
overweight
buy
not rated
hold
buy
hold
Overwt/In-Line
neutral
hold
buy
outperform
hold
hold
Amt Held
958'298'322
142'968'850
64'627'091
51'132'349
50'558'786
44'489'000
41'175'319
28'455'671
16'682'332
15'721'526
12'165'115
12'114'762
11'484'026
9'392'579
8'818'449
7'363'500
6'429'858
5'215'817
5'172'282
5'137'062
% Out
26.37
3.93
1.78
1.41
1.39
1.22
1.13
0.78
0.46
0.43
0.33
0.33
0.32
0.26
0.24
0.2
0.18
0.14
0.14
0.14
Weighting
Change
3
3
5
4
5
5
3
3
5
3
5
#N/A N/A
3
5
5
3
5
5
5
1
5
5
2
3
5
5
#N/A N/A
3
5
3
5
3
3
5
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
U
M
M
D
N
Latest Chg
1'551'514
(1'982'479)
999'327
1'853'508
(116'700)
2'499'767
848'857
(10'744)
729'051
(923'913)
(10'621)
1'009'050
(199'897)
Target Price
20
19
22
19
22
21
20
18
19
20
21
#N/A N/A
16
21
21
20
21
20
22
17
23
20
18
18
22
#N/A N/A
#N/A N/A
21
20
21
20
19
#N/A N/A
21
21
17
#N/A N/A
File Dt
Inst Type
20.11.2012
Other
20.11.2012
Government
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
20.11.2012
Bank
31.01.2013
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Unclassified
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
3 month
6 month
Not Provided
3 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
07.02.2013
06.02.2013
17.01.2013
16.01.2013
16.01.2013
09.01.2013
30.11.2012
27.11.2012
14.11.2012
30.10.2012
29.08.2012
13.08.2012
24.05.2012
23.04.2010
20.02.2013
Cie Generale d'Optique Essilor International SA

Essilor International SA manufactures and sells plastic and glass ophthalmic
lenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and
Crizal lenses. Essilor sells its products internationally.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.01.2013)
52-Week Low (22.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EI FP EQUITY YTD Change
EI FP EQUITY YTD % CHANGE
12/2011
09/yy
78.55
57.96
576'686.00
73.9
-5.92%
27.50%
74.21%
214.7
15'868.11
915.73
0.0
132.9
397.77
16'727.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
80
8.0 M
70
7.0 M
60
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'908.1
3.05x
638.5
13.87x
366.7
24.52x
90
31.12.2008
31.12.2009
3'074.4
3'268.0
2.30x
2.68x
696.7
754.4
10.16x
11.63x
382.4
390.7
18.15x
22.09x
Profitability
LTM-4Q
31.12.2010
3'891.6
2.68x
900.2
11.58x
462.0
21.90x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'189.5
2.87x
919.3
13.09x
505.6
22.36x
919.35
724.97
17.30%
16.65%
9.12%
17.43%
13.69%
0.78%
55.4%
22.0%
17.3%
12.1%
1.26
0.21
14.87%
27.54%
4.32
2.77
Price/ Cash Flow
12/yy
2'427.6
0.00x
0.0
0.00x
0.0
0.00x
LTM
09/yy
4'194.7
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
0.55
197.12
28.82%
-2.79%
0.550
22
3.545
481'716
442'596
441'729
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
4'988.0
5'374.1
1'228.5
3.30x
3.02x
1'090.3
1'188.0
15.34x
14.08x
589.1
648.6
26.32x
23.79x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
66.12
51.40
0.59
1.15
27.5%
20.9%
0.78
5.02
84.68
132.29
132.66
-
25.00
4'500.0
4'000.0
20.00
3'500.0
3'000.0
15.00
2'500.0
2'000.0
10.00
1'500.0
1'000.0
5.00
500.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Cie Generale d'Optique Essilor International SA

Holdings By:
All
Holder Name
FCPE VALOPTEC INTERN
CIE GENERALE D'OPTIQ
FCPE GROUPE ESSILOR
VANGUARD GROUP INC
FMR LLC
BLACKROCK
CARMIGNAC GESTION
AMUNDI
TIAA CREF INVESTMENT
LBPAM
SCHRODER INVESTMENT
JUPITER ASSET MANAGE
SARASIN
Firm Name
Raymond James
Berenberg Bank
AlphaValue
Exane BNP Paribas
S&P Capital IQ
Bryan Garnier & Cie
Morgan Stanley
EVA Dimensions
Natixis
HSBC
Day by Day
Barclays
Societe Generale
BPI
Jefferies
Redburn Partners
Goldman Sachs
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARC WILLAUME
BASSEL CHOUGHARI
ARMELLE MOULIN
JULIEN DORMOIS
JACOB THRANE
CEDRIC ROSSI
MICHAEL K JUNGLING
ANDREW S ZAMFOTIS
STEPHANE SUMAR
SOPHIE DARGNIES
VALERIE GASTALDY
ALEXANDER KLEBAN
MARIE-LINE FORT
HUBERT D'AILLIERES
INGEBORG OIE
CLAIRE DERAY
PASCAL HAUTCOEUR
WILLIAM HUTCHINGS
THOMAS MESMIN
Source
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
hold
reduce
neutral
strong buy
buy
Underwt/Attractive
underweight
buy
overweight
buy
overweight
hold
buy
hold
sell
reduce
neutral
neutral/neutral
suspended coverage
Amt Held
6'263'487
5'363'126
5'269'233
5'142'831
4'201'430
3'780'077
3'548'248
2'921'838
2'844'588
1'753'915
1'415'758
1'027'416
938'921
871'599
862'001
830'196
675'667
659'008
619'321
608'800
% Out
2.92
2.5
2.45
2.4
1.96
1.76
1.65
1.36
1.32
0.82
0.66
0.48
0.44
0.41
0.4
0.39
0.31
0.31
0.29
0.28
Weighting
Change
5
3
2
3
5
5
1
1
5
5
5
5
3
5
3
1
2
3
3
#N/A N/A
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
(20'616)
228'537
(284'151)
(685'535)
(511'731)
(133'708)
(116'127)
80'908
74'350
(179'060)
(28'372)
(979)
(3'800)
Target Price
83
77
70
78
88
80
60
#N/A N/A
90
90
82
89
69
80
70
66
62
#N/A N/A
74
#N/A N/A
File Dt
Inst Type
31.12.2011
n/a
31.12.2011
Corporation
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
30.12.2012
Investment Advisor
28.12.2012
Unclassified
15.02.2013
Investment Advisor
31.10.2012
Investment Advisor
28.09.2012
Investment Advisor
Date
Not Provided
Not Provided
6 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
19.02.2013
15.02.2013
14.02.2013
13.02.2013
08.02.2013
31.01.2013
24.01.2013
17.01.2013
10.01.2013
09.01.2013
11.12.2012
07.12.2012
04.12.2012
12.11.2012
05.11.2012
31.10.2012
25.10.2012
25.06.2012
21.05.2012
15.03.2012
20.02.2013
France Telecom SA
France Telecom SA provides telecommunications services to residential,
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.
Price/Volume
12
30.0 M
25.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (23.02.2012)
52-Week Low (18.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FTE FP EQUITY YTD Change
FTE FP EQUITY YTD % CHANGE
12/2012
12/yy
11.79
7.43
18'405'987.00
7.56
-35.85%
1.71%
6.62%
2'648.9
20'025.57
39'214.00
0.0
2'078.0
8'462.00
52'855.57
20.0 M
15.0 M
10.0 M
2
5.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
Valuation Analysis
31.12.2008
46'712.0
1.92x
17'300.0
5.18x
4'073.0
14.20x
40.0 M
10
31.12.2009
31.12.2010
44'845.0
45'503.0
1.82x
1.64x
14'480.0
15'291.0
5.64x
4.89x
3'018.0
4'880.0
16.37x
10.83x
Profitability
LTM-4Q
31.12.2011
45'277.0
1.42x
15'019.0
4.29x
3'895.0
8.26x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
43'515.0
1.26x
820.0
26.90x
15'019.00
6'045.00
13.89%
5.37%
0.88%
3.16%
2.88%
0.47%
31.9%
13.9%
1.9%
0.65
0.53
43.58%
161.33%
9.12
-
Price/ Cash Flow
LTM
12/yy
45'277.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
43'515.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
10.32
0.85
2'277.13
-24.84%
-9.34%
0.854
35
2.829
9'571'507
10'497'500
8'969'291
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
42'095.6
41'466.7
10'817.4
1.23x
1.22x
12'942.8
12'588.0
3'105.2
4.08x
4.20x
2'991.0
2'899.3
6.79x
6.89x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.02.2005
ANEG
14.05.2003
A-2
7.27
4.02
2.23
2.75
161.3%
59.8%
0.47
1.84
40.12
-
3.50
60'000.0
3.00
50'000.0
2.50
40'000.0
2.00
30'000.0
1.50
20'000.0
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
France Telecom SA
Holdings By:
All
Holder Name
FRENCH STATE
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
VANGUARD GROUP INC
BLACKROCK
AMUNDI
FRANCE TELECOM SA
DNCA FINANCE
LBPAM
AVIVA PLC
AMUNDI
STATE STREET
MORGAN STANLEY
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
Grupo Santander
Societe Generale
STEPHANE SCHLATTER
Jefferies
JEREMY A DELLIS
ROBIN BIENENSTOCK
MARKUS FRIEBEL
Oddo & Cie
VINCENT MAULAY
Nomura
FREDERIC BOULAN
Berenberg Bank
STUART GORDON
Banco Sabadell
ANDRES BOLUMBURU
AlphaValue
JEAN-MICHEL SALVADOR
Macquarie
GUY R PEDDY
S&P Capital IQ
ALEXANDER WISCH
JAVIER BORRACHERO
Goldman Sachs
ANDREW LEE
JPMorgan
HANNES C WITTIG
HSBC
NICOLAS COTE-COLISSON
STEFAN BORSCHEID
Credit Suisse
JAKOB BLUESTONE
Barclays
JONATHAN DANN
Exane BNP Paribas
ANTOINE PRADAYROL
EVA Dimensions
ANDREW S ZAMFOTIS
Morgan Stanley
NICK DELFAS
Hamburger Sparkasse
JEAN-MICHEL KOSTER
Day by Day
VALERIE GASTALDY
Deutsche Bank
MATTHEW BLOXHAM
WILL DRAPER
Natixis
BENOIT MAYNARD
CA Cheuvreux
PETER KURT NIELSEN
Raymond James
STEPHANE BEYAZIAN
National Bank AG
MANFRED JAISFELD
Fincorp SAOG
GAURAV RAMAIYA
Source
Co File
Research
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
hold
hold
buy
underperform
buy
neutral
neutral
hold
sell
buy
outperform
sell
sell
hold
Sell/Neutral
underweight
overweight
buy
neutral
underweight
neutral
hold
Underwt/In-Line
hold
hold
hold
hold
buy
buy
underperform
market perform
sell
buy
Amt Held
356'194'433
132'135'951
129'217'007
39'956'515
38'053'493
30'658'099
27'549'306
21'101'112
15'456'045
13'910'873
7'761'976
7'460'542
5'987'536
5'931'576
5'174'475
4'642'622
4'580'800
3'776'349
3'631'219
3'542'207
% Out
13.45
4.99
4.88
1.51
1.44
1.16
1.04
0.8
0.58
0.53
0.29
0.28
0.23
0.22
0.2
0.18
0.17
0.14
0.14
0.13
Weighting
Change
3
3
5
1
5
3
3
3
1
5
5
1
1
3
1
1
5
5
3
1
3
3
1
3
3
3
3
5
5
1
3
1
5
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
D
M
Latest Chg
(27'339'807)
(3'894'321)
618'498
4'937'505
1'937'969
47'132
(23'738'395)
(368'000)
(527'072)
(2'123)
34'665
(26'670)
(9'177'060)
264'343
1'153'077
Target Price
14
9
12
7
10
11
8
8
11
20
12
7
7
9
8
8
11
11
9
9
10
#N/A N/A
9
#N/A N/A
9
#N/A N/A
10
13
14
12
14
#N/A N/A
15
File Dt
31.12.2011
16.05.2012
11.06.2012
31.12.2012
31.12.2012
31.12.2012
19.02.2013
30.11.2012
31.12.2011
28.09.2012
31.12.2012
31.01.2013
15.02.2013
30.09.2012
30.11.2012
31.07.2012
31.12.2012
28.09.2012
19.02.2013
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
18.02.2013
15.02.2013
14.02.2013
13.02.2013
12.02.2013
07.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
25.01.2013
24.01.2013
24.01.2013
21.01.2013
15.01.2013
14.01.2013
13.12.2012
26.11.2012
06.11.2012
26.10.2012
26.10.2012
26.10.2012
26.09.2012
07.09.2012
30.03.2012
23.10.2011
20.02.2013
GDF Suez
GDF Suez offers a full range of electricity, gas and associated energy and
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Price/Volume
25
45.0 M
40.0 M
20
35.0 M
30.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.08.2012)
52-Week Low (20.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSZ FP EQUITY YTD Change
GSZ FP EQUITY YTD % CHANGE
12/2011
09/yy
20.35
14.42
4'025'959.00
14.465
-28.92%
0.35%
4.37%
2'412.8
34'901.50
57'272.00
0.0
17'340.0
14'675.00
94'180.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10.0 M
5.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
47'475.4
1.46x
7'194.1
9.65x
3'923.5
12.35x
25.0 M
10
31.12.2008
31.12.2009
67'923.8
79'908.0
1.64x
1.32x
9'605.7
13'781.0
11.61x
7.63x
4'857.1
4'477.0
11.85x
14.77x
Profitability
LTM-4Q
31.12.2010
84'478.0
1.24x
15'918.0
6.59x
4'616.0
12.79x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
90'673.0
1.18x
16'071.0
6.64x
4'003.0
11.73x
16'071.00
8'978.00
9.90%
8.32%
1.71%
5.73%
5.67%
0.45%
17.4%
9.6%
4.4%
1.11
0.67
26.84%
91.01%
3.87
-
Price/ Cash Flow
LTM
06/yy
87'856.0
0.00x
0.0
0.00x
0.0
0.00x
09/yy
90'657.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
10.37
1.06
1'388.04
-21.03%
-7.13%
1.058
30
3.067
3'935'260
4'120'725
5'068'425
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
06/12 Q2 09/12 Q3
93'543.0
82'709.4
- 20'325.0
1.02x
1.07x
17'089.4
14'590.0
3'489.8
5.51x
6.46x
3'594.8
3'296.8
9.29x
10.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.01.2013
A *29.01.2013
A-1 *6.40
2.86
2.88
3.98
91.0%
41.6%
0.45
1.07
94.62
-
14.00
100'000.0
90'000.0
12.00
80'000.0
10.00
70'000.0
60'000.0
8.00
50'000.0
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
0.00
02.01.2009
10'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
GDF Suez
Holdings By:
All
Holder Name
FRENCH STATE
GROUPE BRUXELLES LAM
GDF SUEZ
CNP ASSURANCES
VANGUARD GROUP INC
FRANKLIN RESOURCES
BLACKROCK
AMUNDI
SOFINA SA
INTERNATIONAL VALUE
LBPAM
AVIVA PLC
Firm Name
Natixis
Exane BNP Paribas
Raymond James
Banco Sabadell
AlphaValue
Goldman Sachs
Morgan Stanley
Berenberg Bank
KBC Securities
S&P Capital IQ
Barclays
EVA Dimensions
JPMorgan
Day by Day
Nomura
Macquarie
Grupo Santander
HSBC
Deutsche Bank
Nord/LB
Credit Suisse
Societe Generale
Hamburger Sparkasse
DZ Bank AG
National Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PHILIPPE OURPATIAN
BENJAMIN LEYRE
EMMANUEL RETIF
MYRIAM COHEN
ANDREW MEAD
EMMANUEL TURPIN
ANDREW FISHER
DIETER FURNIERE
OLIVIER BAILS
CLIVE ROBERTS
JULIE ARAV
AUSTIN BURKETT
NATHALIE F CASALI
ERKAN AYCICEK
VALERIE GASTALDY
MARTIN YOUNG
ATALLAH ESTEPHAN
OSCAR NAJAR RIOS
ADAM DICKENS
MARTIN BROUGH
HEINO HAMMANN
SVEN DIERMEIER
MICHEL DEBS
ALBERTO PONTI
ANNEMARIE SCHLUETER
HASIM SENGUEL
TEAM COVERAGE
STEFFEN MANSKE
Source
Co File
ULT-AGG
Research
Co File
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
underperform
underperform
buy
buy
buy/attractive
Underwt/In-Line
sell
hold
hold
buy
hold
equalweight
overweight
underweight
hold
hold
neutral
outperform
underweight
underweight
hold
hold
sell
neutral
buy
hold
hold
not rated
buy
Amt Held
810'927'246
209'718'616
116'911'820
45'051'514
38'293'787
24'778'333
23'983'907
23'674'699
20'322'250
19'629'973
19'051'276
13'515'454
10'651'096
10'260'991
9'286'222
8'811'951
8'527'900
6'360'558
5'624'332
4'925'079
% Out
33.61
8.69
4.85
1.87
1.59
1.03
0.99
0.98
0.84
0.81
0.79
0.56
0.44
0.43
0.38
0.37
0.35
0.26
0.23
0.2
Weighting
Change
3
1
1
5
5
5
1
1
3
3
5
3
3
5
1
3
3
3
5
1
1
3
3
1
3
5
3
3
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
D
M
M
D
D
M
D
M
M
M
M
M
M
Latest Chg
(12'226'130)
639'284
126'008
(2'547'671)
(819'719)
(67'679)
350'943
(459'586)
282'671
134'083
(3'204'400)
(1'446)
350'659
-
Target Price
17
14
15
18
18
25
15
14
15
17
23
15
15
#N/A N/A
14
17
#N/A N/A
20
17
20
14
18
17
16
16
25
#N/A N/A
22
#N/A N/A
31
File Dt
Inst Type
31.12.2011
Government
31.12.2012
Investment Advisor
15.03.2012
Holding Company
31.12.2011
Government
31.12.2011
Corporation
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2011
Holding Company
31.10.2012
Investment Advisor
30.11.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Date
20.02.2013
19.02.2013
15.02.2013
15.02.2013
14.02.2013
08.02.2013
06.02.2013
05.02.2013
05.02.2013
31.01.2013
31.01.2013
28.01.2013
25.01.2013
17.01.2013
10.01.2013
20.12.2012
20.12.2012
12.12.2012
10.12.2012
07.12.2012
07.12.2012
06.12.2012
06.12.2012
06.12.2012
03.12.2012
26.11.2012
27.02.2012
01.11.2011
31.10.2011
13.04.2011
20.02.2013
Iberdrola SA
Iberdrola S.A. generates, distributes, trades, and markets electricity in
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IBE SQ EQUITY YTD Change
IBE SQ EQUITY YTD % CHANGE
12/2012
12/yy
4.59
2.63
21'885'017.00
3.694
-19.50%
40.46%
57.54%
6'281.2
23'202.69
33'373.00
0.0
325.0
6'575.00
50'325.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
25'891.9
30'431.0
2.39x
1.90x
6'197.0
6'857.9
10.00x
8.42x
2'824.3
2'870.9
12.54x
10.95x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
31'648.0
1.76x
7'000.4
7.95x
2'804.5
10.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
34'750.1
1.52x
7'193.0
7.35x
2'840.7
9.07x
7'193.00
4'377.00
12.60%
8.85%
2.93%
8.52%
0.36%
38.2%
20.5%
12.4%
8.2%
1.10
0.86
34.47%
98.85%
6.31
10.71
Price/ Cash Flow
LTM
12/yy
32'095.3
8.28x
7'004.8
7.94x
2'804.6
10.09x
12/yy
34'848.9
5.94x
7'151.9
7.39x
2'840.7
8.91x
FY+1
1.05
5'366.11
-15.18%
-8.88%
1.050
37
3.351
40'691'530
31'406'650
37'886'470
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'220.0
34'381.4
1.56x
1.47x
7'591.3
7'937.2
2'289.0
1'696.0
6.63x
6.34x
6.58x
2'456.1
2'690.7
916.0
440.0
9.28x
8.75x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.11.2012
BBB
STABLE
26.11.2007
A-2
4.73
2.00
3.75
4.67
98.9%
49.5%
0.36
58.03
34.18
104.73
-12.35
9.00
40'000.0
8.00
35'000.0
7.00
30'000.0
6.00
25'000.0
5.00
20'000.0
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
01.01.2010
a-12 m-12
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
24'889.3
2.53x
6'105.6
10.31x
2'553.7
11.20x
5
5
4
4
3
3
2
2
1
1
0
f-12 m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Iberdrola SA
Holdings By:
All
Holder Name
QATAR INVESTMENT AUT
ACS ACTIVIDADES CONS
BANCAJA (VALENCIA CA
BILBAO BIZKAIA KUTXA
NATIXIS
BLACKROCK
SOCIETE GENERALE
VANGUARD GROUP INC
AMUNDI
DEUTSCHE BANK AG
FMR LLC
DE URRUTIA VAL VICTO
INVERCAIXA GESTION S
MAINFIRST SICAV
MACQUARIE GROUP LTD
JP MORGAN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
ERKAN AYCICEK
SVEN DIERMEIER
FERNANDO LAFUENTE
Grupo Santander
BOSCO MUGUIRO
BPI
GONZALO SANCHEZ-BORDONA
Goldman Sachs
FRED BARASI
Bankia Bolsa (ESN)
VICTOR PEIRO PEREZ
Banco Sabadell
Nomura
JAVIER SUAREZ
Exane BNP Paribas
MANUEL PALOMO
Morgan Stanley
CAROLINA DORES
Credit Suisse
STEFANO BEZZATO
S&P Capital IQ
CLIVE ROBERTS
ANTONIO CRUZ
BBVA
ISIDORO DEL ALAMO
JPMorgan
JAVIER GARRIDO
Societe Generale
JORGE ALONSO SUILS
HSBC
ADAM DICKENS
Berenberg Bank
ANDREW FISHER
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
FERNANDO GARCIA GARCIA
La Caixa
FERNANDO MURILLO GUIRAO
Barclays
MONICA GIRARDI
Day by Day
VALERIE GASTALDY
EVA Dimensions
AUSTIN BURKETT
BCP Investimento
VANDA MESQUITA
Mirabaud Finanzas Sociedad de ValoresJOSE
S MARTIN-VIVAS
Deutsche Bank
VIRGINIA SANZ DE MADRID
Natixis
PHILIPPE OURPATIAN
Macquarie
SHAI HILL
Renta 4 SA SVB
NATALIA AGUIRRE
Nord/LB
HEINO HAMMANN
CA Cheuvreux
JOSE PORTA SAUDAN
Hamburger Sparkasse
ANNEMARIE SCHLUETER
National Bank AG
STEFFEN MANSKE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
hold
hold
neutral
buy
buy
neutral/attractive
buy
sell
reduce
underperform
Equalwt/In-Line
outperform
hold
buy
market perform
neutral
buy
neutral
hold
buy
buy
overweight
underweight
hold
overweight
buy
underweight
buy
neutral
underperform
hold
hold
select list
sell
hold
Amt Held
496'946'224
394'672'404
314'887'559
309'430'747
298'846'609
265'724'144
192'447'747
72'833'378
55'560'544
18'850'297
18'260'832
14'653'115
14'296'206
13'465'535
13'214'700
9'446'268
8'289'915
8'200'000
7'184'315
6'254'192
% Out
7.91
6.28
5.01
4.93
4.76
4.23
3.06
1.16
0.88
0.3
0.29
0.23
0.23
0.21
0.21
0.15
0.13
0.13
0.11
0.1
Weighting
Change
3
3
3
5
5
3
5
1
2
1
3
5
3
5
3
3
5
3
3
5
5
5
1
3
5
5
1
5
3
1
3
3
5
1
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
M
M
D
M
D
M
M
M
U
M
M
M
M
U
M
M
Latest Chg
(492'545'762)
(13'299'908)
(14'204'256)
25'674'073
1'993'873
2'388'677
8'920'353
(1'477'915)
2'045'672
(255'879)
464'328
7'602'990
(3'963'637)
1'796'471
8'200'000
10'895
247'007
Target Price
4
4
4
5
5
5
5
4
4
4
4
5
4
6
4
4
4
4
4
5
5
5
4
#N/A N/A
#N/A N/A
5
4
5
4
3
5
#N/A N/A
5
#N/A N/A
7
File Dt
Inst Type
31.12.2011
Government
13.07.2012
Corporation
31.12.2011
Bank
24.01.2013
Bank
28.08.2012
Investment Advisor
19.02.2013
Investment Advisor
10.01.2013
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
24.01.2013
n/a
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
Date
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
20.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
07.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
28.01.2013
25.01.2013
15.01.2013
15.01.2013
20.12.2012
30.10.2012
29.10.2012
25.10.2012
19.10.2012
21.09.2012
05.06.2012
07.05.2012
24.02.2012
10.03.2011
20.02.2013
Inditex SA
Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Price/Volume
120
35.0 M
100
30.0 M
25.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (19.12.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITX SQ EQUITY YTD Change
ITX SQ EQUITY YTD % CHANGE
01/2012
10/yy
111.80
63.97
1'557'920.00
100.65
-9.97%
57.34%
80.45%
623.3
62'738.21
25.11
0.0
40.8
3'517.44
58'819.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
15.0 M
40
10.0 M
20
5.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2008
9'434.7
2.10x
2'148.8
9.24x
1'250.3
16.70x
20.0 M
60
Valuation Analysis
31.01.2009
31.01.2010
10'407.0
11'083.5
1.68x
2.36x
2'186.9
2'353.1
7.97x
11.09x
1'253.5
1'314.4
14.82x
21.63x
Profitability
LTM-4Q
31.01.2011
12'526.6
2.48x
2'966.2
10.46x
1'731.8
19.86x
31.01.2012
13'792.6
2.76x
3'214.6
11.86x
1'932.3
21.51x
3'214.63
2'522.01
18.29%
18.55%
19.31%
31.43%
1.31%
59.3%
24.4%
19.6%
14.0%
2.01
1.50
0.23%
0.34%
20.30
3.60
LTM
10/yy
13'369.6
10.48x
3'121.2
12.14x
1'854.8
22.09x
10/yy
15'445.6
11.86x
3'774.6
15.22x
2'285.3
26.85x
FY+1
.0 M
f-13
0.70
216.72
48.40%
-4.60%
0.701
41
3.439
1'148'124
1'086'309
1'432'551
FY+2
FQ+1
FQ+2
01/13 Y
01/14 Y
01/13 Q4 04/13 Q1
16'005.9
17'795.8
4'591.6
3'809.0
3.64x
3.21x
3'997.1
4'484.4
1'170.3
882.0
14.72x
13.12x
13.52x
12.94x
2'406.8
2'717.7
733.2
503.0
26.08x
23.10x
24.71x
23.82x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
875.44
573.53
-1.05
0.00
0.3%
0.3%
1.31
3.60
18.03
101.74
213.24
-64.26
16'000.0
14'000.0
12'000.0
0.80
0.60
10'000.0
8'000.0
6'000.0
0.40
0.20
4'000.0
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Inditex SA
Holdings By:
All
Holder Name
GARTLER SL
PARTLER 2006 SL
ROSP CORUNNA
JP MORGAN
FMR LLC
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
UMB BANK N A
BAILLIE GIFFORD AND
PRUDENTIAL FINANCIAL
JENNISON ASSOCIATES
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

JAMIE MERRIMAN
Societe Generale
ANNE CRITCHLOW
FRANCISCO RIQUEL
BPI
JOSE RITO
BBVA
ISABEL CARBALLO
Banco Sabadell
IGNACIO ROMERO
Exane BNP Paribas
BEN SPRUNTULIS
Grupo Santander
REBECCA MCCLELLAN
AlphaValue
VIRGINIE BLIN
Telsey Advisory Group
DANA TELSEY
ISI Group
OMAR SAAD
Nomura
FRASER RAMZAN
Natixis
JEAN BAPTISTE TEISSIER
GERMAN GARCIA BOU
Credit Suisse
SIMON IRWIN
Morgan Stanley
GEOFFREY RUDDELL
Bankia Bolsa (ESN)
MARIA RIVAS RODRIGUEZ
EVA Dimensions
CRAIG STERLING
Bryan Garnier & Cie
PETER FARREN
Hamburger Sparkasse
CHRISTIAN HAMANN
S&P Capital IQ
WILLIAM MACK
HSBC
PAUL ROSSINGTON
FILIPE ROSA
Barclays
CHRISTODOULOS CHAVIARAS
Commerzbank Corporates & Markets ANNA RABEYA KHAN
La Caixa
ANTONIO JOSE CASTELL NEYRA
Interdin Bolsa
SOFIA REBUELTA VILLEGAS
JESUS DOMINGUEZ ANGULO
Raymond James
CEDRIC LECASBLE
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
Deutsche Bank
WARWICK OKINES
Day by Day
VALERIE GASTALDY
Goldman Sachs
FRANKLIN WALDING
ZAFER RUZGAR
CA Cheuvreux
DANIEL OVIN
NATALIA BOBO BJOERK
Renta 4 SA SVB
IVAN SAN FELIX
Redburn Partners
GEOFF LOWERY
Mirabaud Finanzas Sociedad de ValoresGONZALO
S
SANZ
Link Securities
PAULA SAMPEDRO
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
neutral
neutral
market perform
buy
outperform
buy
sell
no rating system
strong buy
buy
buy
sell
underperform
Equalwt/Cautious
hold
hold
sell
hold
hold
overweight
neutral
equalweight
buy
underweight
sell
neutral
market perform
hold
hold
buy
Buy/Neutral
sell
outperform
buy
hold
buy
underweight
accumulate
Amt Held
311'727'598
57'872'465
36'550'000
18'825'977
8'191'912
7'598'170
6'989'503
4'779'721
3'777'882
2'887'450
2'594'242
2'396'942
1'835'758
1'265'424
1'073'500
871'124
786'649
738'925
729'020
659'891
% Out
50.01
9.28
5.86
3.02
1.31
1.22
1.12
0.77
0.61
0.46
0.42
0.38
0.29
0.2
0.17
0.14
0.13
0.12
0.12
0.11
Weighting
Change
5
5
3
3
3
5
5
5
1
#N/A N/A
5
5
5
1
1
3
3
3
1
3
3
5
3
3
5
1
1
3
3
3
3
5
5
1
5
5
3
5
1
4
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
U
M
D
M
M
M
U
M
D
Latest Chg
(125)
(179'487)
759'500
86'426
893'049
(729'721)
(43'431)
(346'060)
(63'415)
61'061
56'242
(52'642)
(20'786)
496'579
(65'107)
8'902
Target Price
115
138
112
105
107
115
115
125
86
122
110
121
125
82
105
90
98
#N/A N/A
100
#N/A N/A
110
120
110
87
115
99
80
105
#N/A N/A
93
99
114
125
83
110
108
81
#N/A N/A
67
47
File Dt
Inst Type
31.01.2011
Unclassified
31.01.2011
Corporation
31.01.2011
Unclassified
31.10.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
3 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
20.02.2013
19.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
10.02.2013
07.02.2013
05.02.2013
01.02.2013
30.01.2013
28.01.2013
27.01.2013
17.01.2013
17.01.2013
16.01.2013
18.12.2012
18.12.2012
13.12.2012
13.12.2012
13.12.2012
12.12.2012
12.12.2012
12.12.2012
12.12.2012
04.12.2012
04.12.2012
30.11.2012
23.11.2012
07.11.2012
26.09.2012
20.09.2012
20.09.2012
12.09.2012
11.07.2012
21.03.2012
26.11.2009
20.02.2013
ING Groep NV
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Price/Volume
9
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INGA NA EQUITY YTD Change
INGA NA EQUITY YTD % CHANGE
12/2012
12/yy
7.91
4.44
17'984'799.00
6.492
-17.87%
46.22%
65.25%
3'831.6
24'874.49
207'649.00
0.0
1'081.0
17'657.00
215'947.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
40.0 M
30.0 M
20.0 M
10.0 M
1
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
64'680.0
4.40x
(729.0)
-
31.12.2009
31.12.2010
46'025.0
51'411.0
5.41x
4.99x
(935.0)
2'810.0
12.77x
Profitability
LTM-4Q
31.12.2011
52'787.0
4.38x
5'766.0
6.70x
31.12.2012
40'783.0
5.34x
3'894.0
10.31x
15.18%
8.66%
0.32%
7.33%
1.55%
0.03%
9.5%
17.77%
366.83%
-
LTM
12/yy
46'023.0
22.59x
0.0
0.00x
5'766.0
6.43x
12/yy
42'241.0
22.26x
0.0
0.00x
3'894.0
9.42x
FY+1
.0 M
f-13
1.77
-6.59%
-8.06%
1.771
30
3.833
18'033'430
18'075'770
16'247'150
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
45'396.2
46'723.3
1.55x
1.78x
3'708.7
4'100.2
6.58x
5.96x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.09.2009
A
NEG
31.03.2009
A-1
366.8%
78.3%
0.03
-
100'000.0
90'000.0
1.00
80'000.0
70'000.0
0.80
0.60
0.40
60'000.0
50'000.0
40'000.0
30'000.0
20'000.0
0.20
10'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
ING Groep NV
Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
FMR LLC
CARMIGNAC GESTION
DEUTSCHE BANK AG
SCHRODER INVESTMENT
ROYAL BANK OF CANADA
Firm Name
Morgan Stanley
Main First Bank AG
SNS Securities(ESN)
Day by Day
Societe Generale
Deutsche Bank
JPMorgan
Macquarie
Nomura
S&P Capital IQ
AlphaValue
Credit Suisse
Oddo & Cie
Exane BNP Paribas
ABN Amro Bank N.V.
HSBC
Berenberg Bank
Petercam
EVA Dimensions
Goldman Sachs
RBC Capital Markets
Barclays
Mediobanca SpA
CA Cheuvreux
Hamburger Sparkasse
DZ Bank AG
Natixis
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DAVID ANDRICH
FEDERICO SALERNO
STEFAN BONGARDT
LEMER SALAH
COR KLUIS
VALERIE GASTALDY
PHILIP RICHARDS
DAVID LOCK
MICHAEL HUTTNER
WILLIAM HAWKINS
THOMAS STOEGNER
DOMENICO SANTORO
RODERICK WALLACE
JEROME CASSAGNE
RICHARD BURDEN
NICOLAS JACOB
FRANCOIS BOISSIN
JAN WILLEM WEIDEMA
STEVEN HAYWOOD
JAMES CHAPPELL
MATTHIAS DE WIT
AUSTIN BURKETT
BENOIT PETRARQUE
MARTIN LEITGEB
GORDON AITKEN
KIRI VIJAYARAJAH
ALAIN TCHIBOZO
WERNER SCHIRMER
HANS PLUIJGERS
CHRISTIAN HAMANN
WERNER EISENMANN
TOM MULLER
TIM PROUDLOVE
BENOIT VALLEAUX
Source
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
Equalwt/In-Line
outperform
hold
buy
buy
hold
buy
hold
not rated
market perform
underperform
buy
hold
add
outperform
reduce
neutral
buy
neutral
buy
hold
overweight
reduce
Rating Suspended
outperform
equalweight
outperform
hold
outperform
hold
buy
hold
outperform
suspended coverage
Amt Held
246'973'598
156'283'553
90'073'181
40'930'087
39'943'572
31'337'900
30'654'369
30'275'998
29'191'916
25'314'880
23'645'980
23'087'088
23'055'437
19'699'641
18'894'298
18'175'184
15'020'303
13'099'026
12'727'018
9'741'760
% Out
6.45
4.08
2.35
1.07
1.04
0.82
0.8
0.79
0.76
0.66
0.62
0.6
0.6
0.51
0.49
0.47
0.39
0.34
0.33
0.25
Weighting
Change
3
5
3
5
5
3
5
3
#N/A N/A
3
1
5
3
4
5
2
3
5
3
5
3
5
2
#N/A N/A
5
3
5
3
5
3
5
3
5
#N/A N/A
M
U
M
M
M
D
M
M
M
M
M
M
M
U
M
M
M
M
M
N
D
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'190'681)
(1'525'614)
599'105
(35'661'908)
1'701'096
665'045
(22'538)
(1'469'145)
191'764
3'963'556
1'256'401
(6'597'312)
3'885'289
201'990
(143'690)
574'476
(549'162)
Target Price
7
7
7
9
10
#N/A N/A
9
7
#N/A N/A
8
7
9
8
8
9
7
8
10
7
8
8
#N/A N/A
7
#N/A N/A
8
7
9
7
8
#N/A N/A
8
10
9
#N/A N/A
File Dt
Inst Type
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
15.02.2013
Investment Advisor
28.09.2012
Bank
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
19.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
11.02.2013
28.01.2013
17.01.2013
17.01.2013
18.12.2012
07.12.2012
07.12.2012
23.11.2012
20.11.2012
08.11.2012
05.10.2012
21.08.2012
13.01.2012
27.10.2011
17.06.2011
17.03.2009
20.02.2013
Intesa Sanpaolo SpA

Intesa Sanpaolo attracts deposits and offers banking and financial services.
The Bank offers consumer credit, asset management, Internet banking, merchant
banking, securities brokerage, factoring, and lease financing services, and
manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
offices elsewhere in Europe, Asia, and the United States.
Price/Volume
2
2
1
1
1
1
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.03.2012)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ISP IM EQUITY YTD Change
ISP IM EQUITY YTD % CHANGE
12/2011
09/yy
1.59
0.85
117'425'614.00
1.376
-13.19%
61.22%
73.75%
15'501.5
22'418.30
266'182.00
0.0
718.0
39'926.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
0
0
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
32'566.0
7'250.0
21.37x
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13
31.12.2008
31.12.2009
33'216.0
27'022.0
2'553.0
2'805.0
23.67x
15.27x
Profitability
LTM-4Q
31.12.2010
24'836.0
2'705.0
12.90x
31.12.2011
25'266.0
(8'190.0)
4.75%
-54.51%
-1.26%
-15.80%
-2.50%
0.03%
-46.8%
41.64%
565.86%
-
LTM
09/yy
18'533.0
0.00x
0.0
0.00x
2'434.0
7.68x
09/yy
22'360.0
0.00x
0.0
0.00x
(8'431.0)
0.00x
FY+1
1.39
13'656.70
-7.60%
5.85%
1.387
35
3.000
#########
#########
#########
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
17'368.1
16'802.8
4'206.8
1'785.3
2'024.7
119.0
12.40x
11.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.02.2012
BBB+
NEG
10.02.2012
A-2
565.9%
84.8%
0.03
3.84
-
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Intesa Sanpaolo SpA

Holdings By:
All
Holder Name
COMPAGNIA DI SAN PAO
FOND CR PROVINCIE LO
FONDAZIONE CASSA RIS
ENTE CASSA DI RISP F
ALLEANZA TORO SPA
BLACKROCK
VANGUARD GROUP INC
ASSICURAZIONI GENERA
FRANKLIN RESOURCES
INA ASSITALIA SPA
GENERALI VIE SA
AMUNDI
MANDARINE GESTION
MAINFIRST SICAV
Firm Name
Banca Akros(ESN)
Nomura
Exane BNP Paribas
Day by Day
AlphaValue
Berenberg Bank
Goldman Sachs
RBC Capital Markets
Equita SIM SpA
Macquarie
ICBPI
Societe Generale
Morgan Stanley
Oddo & Cie
Deutsche Bank
EVA Dimensions
Credit Suisse
Centrobanca
JPMorgan
Grupo Santander
Barclays
HSBC
Mediobanca SpA
S&P Capital IQ
CA Cheuvreux
Nord/LB
Natixis
Hammer Partners SA
Banco Sabadell
Main First Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LUIGI TRAMONTANA
DOMENICO SANTORO
ANDREA VERCELLONE
VALERIE GASTALDY
DAVID GRINSZTAJN
ELENI PAPOULA
JEAN-FRANCOIS NEUEZ
PATRICK LEE
MATTEO GHILOTTI
STEFAN BONGARDT
LUCA COMI
CARLO TOMMASELLI
FRANCESCA TONDI
JEAN SASSUS
PAOLA SABBIONE
AUSTIN BURKETT
IGNACIO CEREZO
INGO FROMMEN
GUGLIELMO MARCO OPIPARI
ANNA MARIA BENASSI
MARTA BASTONI
TANIA GOLD
RONNY REHN
ANTONIO RIZZO
CARLO DIGRANDI
ANDREA FILTRI
FRANK BRADEN
ALDO COMI
MICHAEL SEUFERT
STEVEN GOULD
ENRICO RACIOPPI
MARIO LODOS
ALBERTO SEGAFREDO
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
accumulate
buy
neutral
hold
buy
hold
neutral/neutral
underperform
buy
underperform
hold
neutral
sell
Equalwt/In-Line
reduce
buy
overweight
outperform
hold
sell
buy
underweight
underweight
underperform
underweight
underweight
neutral
hold
outperform
hold
buy
sell
buy
neutral
Amt Held
1'532'766'787
725'460'008
647'953'597
523'633'314
422'874'979
286'308'683
220'531'825
212'362'489
205'236'977
193'171'300
146'583'704
85'877'104
82'931'860
61'718'552
43'225'303
39'418'514
38'348'489
38'026'097
37'525'547
37'116'000
% Out
9.89
4.68
4.18
3.38
2.73
1.85
1.42
1.37
1.32
1.25
0.95
0.55
0.53
0.4
0.28
0.25
0.25
0.25
0.24
0.24
Weighting
Change
4
5
3
3
5
3
3
1
5
1
3
3
1
3
2
5
5
5
3
1
5
1
1
1
1
1
3
3
5
3
5
1
5
3
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'876'036)
21'857'253
19'137'900
(1'857'397)
(15'000'000)
(73'707)
3'963'559
(4'773'898)
(363'082)
27'900'000
Target Price
1
2
2
#N/A N/A
2
2
2
1
2
1
2
1
1
2
1
2
#N/A N/A
2
1
1
2
1
1
1
1
1
1
1
2
#N/A N/A
1
1
#N/A N/A
2
File Dt
Inst Type
20.11.2012
Other
20.11.2012
Bank
20.11.2012
Bank
20.11.2012
Bank
20.11.2012
Other
20.11.2012
Insurance Company
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Insurance Company
20.11.2012
Other
31.01.2013
Investment Advisor
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
20.02.2013
20.02.2013
15.02.2013
14.02.2013
14.02.2013
08.02.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
24.01.2013
24.01.2013
22.01.2013
22.01.2013
18.01.2013
17.01.2013
17.01.2013
15.01.2013
15.01.2013
11.01.2013
09.01.2013
07.01.2013
11.12.2012
03.12.2012
30.11.2012
27.11.2012
14.11.2012
13.11.2012
06.11.2012
23.10.2012
02.10.2012
19.06.2012
06.02.2012
29.07.2011
20.02.2013
Koninklijke Philips Electronics NV

Koninklijke Philips Electronics N.V. manufactures medical systems, domestic
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Price/Volume
25
14.0 M
12.0 M
20
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (07.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PHIA NA EQUITY YTD Change
PHIA NA EQUITY YTD % CHANGE
12/2012
12/yy
23.44
13.57
2'299'047.00
21.655
-7.60%
59.58%
84.79%
957.1
20'726.71
4'534.00
0.0
34.0
3'834.00
21'460.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
10
6.0 M
4.0 M
2.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
26'385.0
0.51x
1'883.0
7.11x
(91.0)
-
15
31.12.2009
31.12.2010
20'092.0
22'287.0
0.95x
0.92x
2'055.0
3'436.0
9.30x
5.98x
410.0
1'446.0
41.36x
14.60x
Profitability
LTM-4Q
31.12.2011
22'579.0
0.70x
1'187.0
13.33x
(1'295.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
24'788.0
0.77x
2'463.0
7.78x
226.0
70.14x
2'463.00
1'030.00
4.16%
2.30%
0.78%
1.92%
2.46%
0.85%
38.0%
9.9%
4.2%
0.9%
1.26
0.85
15.59%
40.70%
5.65
4.32
Price/ Cash Flow
LTM
12/yy
22'582.0
3.02x
1'186.0
13.34x
(1'295.0)
0.00x
12/yy
24'788.0
2.76x
2'463.0
7.78x
226.0
72.71x
FY+1
.0 M
f-13
1.18
908.50
38.89%
8.85%
1.175
41
3.659
3'358'643
3'280'158
2'808'190
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
24'793.8
25'725.3
5'575.0
5'840.0
0.87x
0.80x
3.74x
3.76x
3'438.5
3'761.1
589.0
713.0
6.24x
5.71x
6.76x
8.29x
1'476.1
1'688.8
214.0
304.3
12.89x
11.29x
13.06x
12.25x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.05.2005
ANEG
26.02.2001
A-2
7.00
5.08
0.28
1.84
40.7%
28.9%
0.85
8.30
64.78
84.72
74.15
75.35
40.00
35'000.0
35.00
30'000.0
30.00
25'000.0
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Koninklijke Philips Electronics NV

Holdings By:
All
Holder Name
BLACKROCK
SOUTHEASTERN ASSET M
KONINKLIJKE PHILIPS
DODGE & COX
VANGUARD GROUP INC
FRANKLIN RESOURCES
FMR LLC
AMUNDI
FORTIS INVESTMENTS
BARCLAYS PLC
AMERICAN CENTURY COM
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Societe Generale
GAEL DE BRAY
RBC Capital Markets
ANDREW CARTER
Nomura
DANIEL CUNLIFFE
Banco Sabadell
Day by Day
VALERIE GASTALDY
AlphaValue
THOMAS PICHERIT
ABN Amro Bank N.V.
ROBIN VAN DEN BROEK
Exane BNP Paribas
OLIVIER ESNOU
JAMES STETTLER
EVA Dimensions
CRAIG STERLING
MARTIN PROZESKY
Credit Suisse
SIMON TOENNESSEN
Redburn Partners
PHILIP WILSON
VOLKER STOLL
CA Cheuvreux
ANTOINE AZAR
Hamburger Sparkasse
MARCO GUENTHER
HANS SLOB
Natixis
LUDOVIC DEBAILLEUX
Barclays
DAVID VOS
Deutsche Bank
MARTIN WILKIE
Kempen & Co
ERWIN DUT
Morgan Stanley
BEN UGLOW
JPMorgan
ANDREAS WILLI
MARKUS FRIEBEL
Petercam
MARCEL ACHTERBERG
S&P Capital IQ
JAMES CRAWSHAW
ING Bank
FABIAN SMEETS
PETER OLOFSEN
Goldman Sachs
AARON IBBOTSON
Berenberg Bank
WILLIAM MACKIE
HSBC
MICHAEL HAGMANN
ROB VIRDEE
Nord/LB
WOLFGANG VASTERLING
SNS Securities(ESN)
VICTOR BARENO
JOS VERSTEEG
DZ Bank AG
THOMAS MAUL
National Bank AG
STEFFEN MANSKE
Jyske Bank
ROBERT JAKOBSEN
Source
ULT-AGG
13G
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
Recommendation
hold
outperform
buy
sell
hold
add
buy
neutral
hold
hold
underweight
outperform
neutral
buy
hold
outperform
sell
buy
buy
equalweight
hold
buy
Equalwt/Cautious
neutral
hold
hold
hold
buy
buy
neutral/neutral
buy
neutral
buy
buy
hold
buy
buy
sell
sell
Amt Held
48'728'999
48'302'038
47'895'476
45'967'009
18'911'287
13'778'135
9'437'496
6'865'214
6'475'487
5'481'917
4'800'000
3'947'831
3'920'784
3'472'591
3'404'174
3'396'481
3'023'653
2'961'527
2'911'837
2'442'077
% Out
5.09
5.05
5
4.8
1.98
1.44
0.99
0.72
0.68
0.57
0.5
0.41
0.41
0.36
0.36
0.35
0.32
0.31
0.3
0.26
Weighting
Change
3
5
5
1
3
4
5
3
3
3
1
5
3
5
3
5
1
5
5
3
3
5
3
3
3
3
3
5
5
3
5
3
5
5
3
5
5
1
1
D
M
M
M
D
M
U
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
15'514'236
498'208
(5'093'449)
586'900
6'240
74'068
282'727
1'703'022
153'795
(768'340)
(95'303)
(339'267)
Target Price
24
27
25
20
#N/A N/A
26
28
25
20
23
#N/A N/A
27
23
#N/A N/A
25
25
#N/A N/A
26
26
21
23
23
24
24
24
23
23
27
23
23
25
22
24
22
15
23
17
#N/A N/A
23
File Dt
15.02.2013
31.12.2011
08.02.2013
29.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2011
30.11.2012
31.12.2012
30.11.2012
31.07.2012
31.12.2012
30.09.2012
15.02.2013
04.05.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
19.02.2013
19.02.2013
19.02.2013
15.02.2013
15.02.2013
14.02.2013
12.02.2013
11.02.2013
08.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
24.01.2013
17.01.2013
08.01.2013
29.11.2012
30.10.2012
23.10.2012
22.10.2012
04.09.2012
27.06.2012
03.04.2012
29.03.2010
20.02.2013
L'Oreal SA
L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Price/Volume
3.0 M
2.5 M
2.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (30.01.2013)
52-Week Low (21.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OR FP EQUITY YTD Change
OR FP EQUITY YTD % CHANGE
12/2012
12/yy
114.50
84.21
490'521.00
111.8
-2.36%
32.76%
90.76%
607.8
67'955.98
248.00
0.0
4.8
1'823.20
66'385.59
1.5 M
40
1.0 M
20
.5 M
0
f-12 m-12
31.12.2009
31.12.2010
17'472.6
19'495.8
2.72x
2.52x
3'368.7
3'757.5
14.12x
13.05x
1'792.2
2'239.7
25.41x
21.75x
Profitability
LTM-4Q
31.12.2011
20'343.1
2.33x
3'955.1
12.00x
2'438.4
19.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
22'462.7
2.72x
4'388.9
13.94x
2'867.7
21.90x
4'388.90
3'697.30
16.46%
17.25%
10.17%
14.87%
14.49%
0.80%
70.7%
19.5%
16.5%
12.8%
1.29
0.79
0.84%
1.18%
7.24
3.22
Price/ Cash Flow
j-12
LTM
12/yy
20'343.1
0.00x
0.0
0.00x
0.0
0.00x
j-12
12/yy
22'462.7
0.00x
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
0.69
232.04
33.47%
6.58%
0.690
39
3.308
514'963
546'444
505'204
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'455.6
24'831.7
5'755.0
5'663.0
2.79x
2.58x
4'753.3
5'114.3
13.97x
12.98x
3'090.7
3'347.2
21.85x
20.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.06.2006
A-1+
127.21
99.53
-0.36
0.06
1.2%
1.2%
0.80
7.69
50.55
113.50
182.89
-18.84
25.00
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
5'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
100
80
Valuation Analysis
31.12.2008
17'541.8
2.28x
3'441.7
11.63x
1'948.3
18.82x
120
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
L'Oreal SA
Holdings By:
All
Holder Name
BETTENCOURT FAMILY
NESTLE SA
L'OREAL SA
VANGUARD GROUP INC
OWEN-JONES LINDSAY
AMUNDI
BLACKROCK
BALYASNY ASSET MANAG
FMR LLC
LBPAM
AMUNDI
INVESCO LTD
NEW JERSEY DIVISION
AVIVA PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BERND MUELL
Nomura
GUILLAUME DELMAS
Main First Bank AG
GAEL COLCOMBET
ANDREW WOOD
Barclays
IAIN SIMPSON
AlphaValue
ARMELLE MOULIN
Grupo Santander
PEDRO GIL
Credit Suisse
ALEX MOLLOY
Raymond James
HERMINE DE BENTZMANN
Oddo & Cie
LEOPOLD AUTHIE
EDDY HARGREAVES
Bryan Garnier & Cie
LOIC MORVAN
Redburn Partners
WILLIAM HOUSTON
Exane BNP Paribas
EAMONN FERRY
Societe Generale
CHAS MANSO DE ZUNIGA
Commerzbank Corporates & Markets ANDREAS RIEMANN
Deutsche Bank
HAROLD THOMPSON
Goldman Sachs
ROSIE EDWARDS
JPMorgan
CELINE PANNUTI
Jefferies
ALEX HOWSON
LARS LUSEBRINK
Hamburger Sparkasse
CHRISTIAN HAMANN
CATHERINE ROLLAND
S&P Capital IQ
CARL SHORT
DAVID WU
RBC Capital Markets
Stifel Nicolaus
MARK S ASTRACHAN
Natixis
PIERRE TEGNER
Liberum Capital Ltd
PABLO ZUANIC
HSBC
CEDRIC BESNARD
EVA Dimensions
AUSTIN BURKETT
CA Cheuvreux
THOMAS MESMIN
Berenberg Bank
SETH PETERSON
Day by Day
VALERIE GASTALDY
Aurel - BGC
DAVID DA MAIA
Morgan Stanley
ERIK SJOGREN
ALEX SMITH
Banco Sabadell
IGNACIO ROMERO
DZ Bank AG
THOMAS MAUL
Source
Co File
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
Short
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
reduce
outperform
underperform
overweight
reduce
hold
neutral
outperform
buy
sell
buy
sell
outperform
hold
hold
hold
buy/attractive
overweight
buy
hold
buy
buy
hold
no rating system
outperform
hold
neutral
buy
overweight
underweight
suspended coverage
hold
hold
not rated
Underwt/In-Line
sell
sell
buy
Amt Held
% Out
185'661'879 30.54
178'381'021 29.35
8'597'659
1.41
7'596'479
1.25
5'729'800
0.94
4'487'451
0.74
4'446'174
0.73
3'029'005
0.5
2'579'205
0.42
2'537'853
0.42
(2'309'774) -0.38
1'482'647
0.24
1'392'163
0.23
1'068'868
0.18
1'056'948
0.17
828'949
0.14
796'394
0.13
737'576
0.12
725'628
0.12
511'365
0.08
Weighting
3
2
5
1
5
2
3
3
5
5
1
5
1
5
3
3
3
5
5
5
3
5
5
3
#N/A N/A
5
3
3
5
5
1
#N/A N/A
3
3
#N/A N/A
1
1
1
5
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
M
M
Latest Chg
95'322
(1'345'900)
(327'559)
(137'398)
(36'277)
729'403
(234'507)
(71'188)
51'217
306'745
29'230
2'736
-
Target Price
105
97
120
95
121
110
105
99
120
120
94
118
#N/A N/A
114
112
113
105
143
120
106
111
#N/A N/A
125
115
#N/A N/A
111
#N/A N/A
96
130
121
#N/A N/A
#N/A N/A
103
#N/A N/A
#N/A N/A
91
87
92
97
File Dt
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2011
30.11.2012
15.02.2013
30.01.2013
31.12.2012
31.12.2012
15.02.2013
31.12.2012
28.09.2012
19.02.2013
15.02.2013
30.06.2012
31.08.2012
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
n/a
Corporation
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
19.02.2013
18.02.2013
18.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
25.01.2013
17.01.2013
17.01.2013
14.01.2013
11.01.2013
14.12.2012
07.11.2012
06.11.2012
30.10.2012
30.07.2012
30.07.2012
20.02.2013
LVMH Moet Hennessy Louis Vuitton SA

LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Price/Volume
160
3.0 M
140
2.5 M
120
2.0 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MC FP EQUITY YTD Change
MC FP EQUITY YTD % CHANGE
12/2012
12/yy
143.40
111.00
613'914.00
132.5
-7.60%
19.37%
70.37%
507.7
67'273.39
6'812.00
0.0
1'102.0
2'196.00
72'991.39
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
40
.5 M
20
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
17'193.0
1.60x
4'323.0
6.34x
2'026.0
11.16x
1.5 M
60
31.12.2009
31.12.2010
17'053.0
20'320.0
2.41x
3.08x
4'055.0
5'106.0
10.13x
12.27x
1'755.0
3'032.0
21.13x
19.36x
Profitability
LTM-4Q
31.12.2011
23'659.0
2.56x
6'150.0
9.84x
3'065.0
17.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
28'103.0
2.67x
6'940.0
10.82x
3'424.0
20.23x
6'940.00
5'921.00
21.07%
20.39%
7.06%
14.57%
12.72%
0.58%
64.7%
25.7%
21.1%
12.2%
1.51
0.44
13.64%
27.73%
14.55
1.27
Price/ Cash Flow
LTM
12/yy
23'659.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
28'103.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
2.19
0.93
254.99
6.52%
-4.54%
0.931
38
4.316
649'343
700'863
674'585
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
30'163.9
32'713.6
2.35x
2.11x
7'630.7
8'433.8
9.57x
8.65x
3'854.9
4'295.5
17.36x
15.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
20.05.2011
A
POS
20.05.2011
A-1
41.81
31.51
0.64
0.94
27.7%
21.0%
0.58
3.35
25.15
287.68
106.20
206.64
20.00
30'000.0
18.00
25'000.0
16.00
14.00
20'000.0
12.00
15'000.0
10.00
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
LVMH Moet Hennessy Louis Vuitton SA

Holdings By:
All
Holder Name
GROUPE ARNAULT SAS
LVMH MOET HENNESSY L
VANGUARD GROUP INC
QATAR HOLDINGS LLC
FMR LLC
CARMIGNAC GESTION
BLACKROCK
AMUNDI
TRAPANI FRANCESCO
DEUTSCHE BANK AG
AVIVA PLC
LBPAM
AMUNDI
Firm Name
Aurel - BGC
Exane BNP Paribas
Banco Sabadell
Berenberg Bank
AlphaValue
Cantor Fitzgerald
Morgan Stanley
Goldman Sachs
Bryan Garnier & Cie
Credit Suisse
JPMorgan
Raymond James
Hamburger Sparkasse
National Bank AG
Oddo & Cie
Natixis
ISI Group
Nomura
S&P Capital IQ
Main First Bank AG
Barclays
Day by Day
HSBC
EVA Dimensions
Deutsche Bank
Equita SIM SpA
Renaissance Capital
Redburn Partners
CA Cheuvreux
Societe Generale
DZ Bank AG
Helvea
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Source
Research
Co File
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
DAVID DA MAIA
hold
LUCA GIUSEPPE SOLCA
neutral
IGNACIO ROMERO
buy
JOHN GUY
hold
VIRGINIE BLIN
buy
ALLEGRA PERRY
hold
DANA TELSEY
no rating system
LOUISE SINGLEHURST
Overwt/In-Line
WILLIAM HUTCHINGS
Buy/Neutral
CEDRIC ROSSI
buy
ROGERIO FUJIMORI
neutral
LARS LUSEBRINK
buy
strong buy
MELANIE A FLOUQUET
neutral
MARC WILLAUME
strong buy
CHRISTIAN HAMANN
buy
MANFRED JAISFELD
buy
LEOPOLD AUTHIE
buy
OLIVIER DELAHOUSSE
buy
OMAR SAAD
buy
CHRISTOPHER WALKER
buy
MICHAEL SOUERS
strong buy
MATTHIAS EIFERT
outperform
JULIAN EASTHOPE
overweight
CATHERINE ROLLAND
buy
VALERIE GASTALDY
buy
ANTOINE BELGE
neutral
CRAIG STERLING
sell
WARWICK OKINES
hold
FABIO FAZZARI
buy
REY WIUM
hold
ANNABEL GLEESON
buy
THOMAS MESMIN
outperform
BARBARA AMBRUS
buy
EMMANUEL BRULEY DES VARANNES
buy
THOMAS MAUL
buy
TIM DAWSON
suspended coverage
Amt Held
235'886'503
9'536'678
5'434'092
5'230'723
4'433'130
4'200'037
4'199'287
4'191'889
4'085'056
3'418'810
2'146'106
1'691'030
1'561'592
1'528'000
1'404'172
1'400'912
1'357'226
1'150'592
1'146'030
949'292
% Out
46.46
1.88
1.07
1.03
0.87
0.83
0.83
0.83
0.8
0.67
0.42
0.33
0.31
0.3
0.28
0.28
0.27
0.23
0.23
0.19
Weighting
Change
3
3
5
3
5
3
#N/A N/A
5
5
5
3
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
3
1
3
5
3
5
5
5
5
5
#N/A N/A
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
M
M
M
M
N
M
M
Latest Chg
(147'143)
134'015
161'263
4'700
157'656
(43'581)
(107'474)
(15'671)
(14'605)
17'725
43'392
(150'175)
(36'062)
Target Price
145
135
144
140
170
141
140
152
198
160
148
165
160
142
163
123
155
158
155
160
155
160
157
151
168
151
150
#N/A N/A
145
178
152
#N/A N/A
140
150
150
147
#N/A N/A
File Dt
01.10.2012
31.12.2011
31.12.2012
15.03.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
19.02.2013
30.11.2012
30.12.2012
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
30.11.2012
28.09.2012
Date
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Holding Company
Holding Company
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
20.02.2013
19.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
10.02.2013
08.02.2013
08.02.2013
08.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
28.01.2013
24.01.2013
17.01.2013
14.01.2013
10.12.2012
03.12.2012
19.10.2012
17.10.2012
30.07.2012
31.05.2012
02.05.2012
02.04.2012
20.02.2013
Muenchener Rueckversicherungs AG
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Price/Volume
160
3.5 M
140
3.0 M
120
2.5 M
100
Latest Fiscal Year:

LTM as of:
52-Week High (05.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MUV2 GY EQUITY YTD Change
MUV2 GY EQUITY YTD % CHANGE
12/2012
12/yy
139.75
95.85
540'878.00
135.05
-3.36%
40.90%
92.48%
179.3
24'220.03
5'562.00
0.0
247.0
2'490.00
27'793.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
60
40
1.0 M
20
.5 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
47'151.0
0.56x
1'555.0
14.34x
2.0 M
80
Valuation Analysis
31.12.2009
31.12.2010
53'891.0
59'111.0
0.44x
0.42x
2'521.0
2'422.0
8.39x
8.69x
Profitability
LTM-4Q
31.12.2011
60'908.0
0.33x
702.0
24.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'200.0
7.62x
0.74%
0.26%
1.32%
13.69%
12.08%
0.26%
1.2%
2.25%
0.00%
-
Price/ Cash Flow
LTM
12/yy
61'764.0
1.29x
0.0
0.00x
702.0
23.74x
12/yy
49'754.0
1.45x
0.0
0.00x
3'200.0
7.56x
FY+1
.0 M
f-13
0.95
178.94
28.24%
-0.70%
0.947
41
3.366
585'120
640'086
612'388
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
57'929.3
61'480.0
0.52x
2'825.2
2'880.4
8.50x
8.31x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AASTABLE
0.0%
19.3%
0.26
-
5.00
70'000.0
4.50
60'000.0
4.00
3.50
50'000.0
3.00
40'000.0
2.50
30'000.0
2.00
20'000.0
1.50
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Muenchener Rueckversicherungs AG
Holdings By:
All
Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
PEOPLES BANK OF CHIN
VANGUARD GROUP INC
CREDIT SUISSE AG
FRANKLIN RESOURCES
DEUTSCHE BANK AG
MACKENZIE FINANCIAL
TWEEDY BROWNE COMPAN
SARASIN
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Societe Generale
JASON KALAMBOUSSIS
CA Cheuvreux
FRANK KOPFINGER
Credit Suisse
ADAM MCINALLY
Day by Day
VALERIE GASTALDY
AlphaValue
DIETER HEIN
Raymond James
DANNY JACQUES
HSBC
THOMAS FOSSARD
Nord/LB
JULIA SIEKMANN
WERNER SCHIRMER
Hamburger Sparkasse
CHRISTIAN HAMANN
S&P Capital IQ
RODERICK WALLACE
Goldman Sachs
VINIT MALHOTRA
WILLIAM HAWKINS
STEFAN BONGARDT
Oddo & Cie
NICOLAS JACOB
FABRIZIO CROCE
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Nomura
MICHAEL KLIEN
PHILIPP HAESSLER
DZ Bank AG
THORSTEN WENZEL
Exane BNP Paribas
THOMAS JACQUET
Helvea
DANIEL BISCHOF
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
Morgan Stanley
MACIEJ WASILEWICZ
Mediobanca SpA
MARC THIELE
JPMorgan
MICHAEL HUTTNER
RBC Capital Markets
GORDON AITKEN
EVA Dimensions
AUSTIN BURKETT
Natixis
BENOIT VALLEAUX
BEN COHEN
Bankhaus Metzler
JOCHEN SCHMITT
THOMAS SEIDL
Macquarie
HADLEY COHEN
Berenberg Bank
TOM CARSTAIRS
National Bank AG
MANFRED JAISFELD
Redburn Partners
PAUL GOODHIND
JOY FERNEYHOUGH
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
Co File
MF-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
outperform
neutral
hold
reduce
market perform
underweight
hold
hold
buy
hold
Buy/Neutral
outperform
hold
reduce
buy
hold
sell
reduce
hold
buy
neutral
neutral
overweight
underperform
Overwt/In-Line
outperform
overweight
underperform
buy
neutral
buy
buy
underperform
neutral
hold
buy
neutral
neutral
outperform
Amt Held
18'292'803
17'592'856
5'380'236
3'304'459
3'097'431
2'375'402
2'243'480
1'798'228
1'606'533
1'583'488
1'155'674
1'059'394
953'106
909'100
836'088
674'788
638'641
619'738
571'730
549'131
% Out
10.2
9.81
3
1.84
1.73
1.32
1.25
1
0.9
0.88
0.64
0.59
0.53
0.51
0.47
0.38
0.36
0.35
0.32
0.31
Weighting
Change
3
5
3
3
2
3
1
3
3
5
3
5
5
3
2
5
3
1
2
3
5
3
3
5
1
5
5
5
1
5
3
5
5
1
3
3
5
3
3
5
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
(349'177)
75'261
(45'342)
(338'920)
263'657
(448)
62'941
1'135'418
698'268
2'470
(376'953)
4'122
(84'166)
6'554
195'044
6'600
Target Price
133
157
140
#N/A N/A
137
#N/A N/A
135
145
140
#N/A N/A
150
165
160
145
125
153
147
136
128
125
154
145
130
157
145
152
164
150
115
#N/A N/A
137
142
150
100
140
140
145
#N/A N/A
118
119
File Dt
Inst Type
31.12.2011
Investment Advisor
19.02.2013
Investment Advisor
31.12.2011
Unclassified
31.12.2012
Investment Advisor
25.04.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.03.2012
Investment Advisor
28.09.2012
Investment Advisor
31.07.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Unclassified
Date
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
9 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Date
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
29.01.2013
28.01.2013
17.01.2013
10.01.2013
09.01.2013
08.01.2013
13.12.2012
27.11.2012
09.11.2012
07.11.2012
15.03.2012
02.02.2012
10.05.2011
20.02.2013
Nokia OYJ
Nokia Oyj is a global mobile communications company that operates a network of
production facilities for mobile products and network infrastructure, as well
as a network of sales and customer service. The Company also operates research
and software development facilities worldwide.
Price/Volume
5
250.0 M
4
200.0 M
4
3
150.0 M
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.02.2012)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NOK1V FH EQUITY YTD Change
NOK1V FH EQUITY YTD % CHANGE
12/2012
12/yy
4.39
1.33
21'091'127.00
2.856
-34.88%
114.74%
53.34%
3'745.0
10'695.59
5'549.00
0.0
1'386.0
9'494.00
8'136.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50.0 M
1
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
50'710.0
0.81x
6'581.0
6.23x
3'988.0
10.42x
100.0 M
31.12.2009
31.12.2010
40'984.0
42'446.0
0.77x
0.58x
3'889.0
3'841.0
8.14x
6.37x
891.0
1'850.0
37.09x
15.52x
Profitability
LTM-4Q
31.12.2011
38'659.0
0.28x
1'579.0
6.90x
(1'164.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
30'176.0
0.28x
(977.0)
(3'106.0)
-977.00
-2'303.00
-7.63%
-8.76%
-9.39%
-31.16%
0.91%
27.8%
-3.2%
-7.6%
-10.3%
1.43
1.03
18.53%
68.84%
4.74
11.26
Price/ Cash Flow
LTM
12/yy
38'659.0
1.47x
1'579.0
6.90x
(1'164.0)
0.00x
12/yy
30'176.0
0.99x
(977.0)
0.00x
(3'106.0)
0.00x
FY+1
1.30
-25.96%
-2.39%
1.296
49
2.571
20'653'340
41'588'090
40'570'750
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
29'389.7
29'734.6
6'614.7
7'138.7
0.30x
0.28x
1.26x
1.16x
1'504.0
2'149.5
143.9
320.8
5.41x
3.79x
5.08x
4.37x
(31.3)
484.6
(199.7)
(55.1)
178.50x
18.31x
57.12x
25.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.08.2012
BBNEG
27.04.2012
B
6.19
3.85
-5.68
68.8%
37.0%
0.91
18.44
77.21
32.49
86.52
23.18
25.00
60'000.0
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Nokia OYJ
Holdings By:
All
Holder Name
DODGE & COX
VIKING GLOBAL INVEST
ILMARINEN MUTUAL PEN
VARMA MUTUAL PENSION
VANGUARD GROUP INC
FEST N.V.
BLUE RIDGE CAPITAL L
DISCOVERY CAPITAL MA
BLACKROCK
MAVERICK CAPITAL LTD
NOKIA OYJ
LONE PINE CAPITAL LL
FINLAND STATE PENSIO
MACKENZIE FINANCIAL
KEVA
FORE RESEARCH AND MA
SAC CAPITAL ADVISORS
SWISS NATIONAL BANK
Firm Name
Pohjola Bank Plc (ESN)
Societe Generale
Barclays
Exane BNP Paribas
Nordea Equity Research
AlphaValue
Grupo Santander
ABG Sundal Collier
Goldman Sachs
Credit Suisse
JPMorgan
SEB Enskilda
Carnegie
Oddo & Cie
Wunderlich Securities
Handelsbanken
Swedbank
FIM
Nomura
Evli Bank Plc
Main First Bank AG
Danske Markets
Morgan Stanley
Nord/LB
S&P Capital IQ
INDERES
EVA Dimensions
Jyske Bank
Berenberg Bank
Natixis
Day by Day
Liberum Capital Ltd
HSBC
Deutsche Bank
Pareto Securities
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
HANNU RAUHALA
ANDY PERKINS
ANDREW M GARDINER
ALEXANDER PETERC
SAMI SARKAMIES
MARKUS FRIEBEL
YOKO YAMADA
PER LINDBERG
SIMON F SCHAFER
KULBINDER GARCHA
SANDEEP S DESHPANDE
ARTEM BELETSKI
MATTI RIIKONEN
VINCENT MAULAY
MATTHEW S ROBISON
FREDRIK LITHELL
SEBASTIEN SZTABOWICZ
HAKAN WRANNE
MICHAEL SCHROEDER
STUART JEFFREY
MIKKO ERVASTI
JUERGEN WAGNER
ILKKA RAUVOLA
FRANCOIS MEUNIER
WOLFGANG DONIE
JAMES FAUCETTE
PIERRE FERRAGU
JAMES CRAWSHAW
MIKAEL RAUTANEN
ANDREW S ZAMFOTIS
MIRKO MAIER
ROBERT JAKOBSEN
ADNAAN AHMAD
ERIC BEAUDET
T MICHAEL WALKLEY
VALERIE GASTALDY
JANARDAN MENON
RICHARD DINEEN
KAI KORSCHELT
HELENA NORDMAN-KNUTSON
Source
ULT-AGG
MF-AGG
Short
Research
Research
MF-AGG
Short
Short
Short
ULT-AGG
Short
Research
Short
MF-AGG
Research
MF-AGG
Research
Short
Short
Research
Recommendation
reduce
buy
underweight
underperform
strong buy
buy
strong sell
sell
underperform
hold
buy
Sell/Neutral
underperform
underweight
buy
buy
neutral
hold
reduce
reduce
neutral
accumulate
neutral
accumulate
underperform
sell
Underwt/In-Line
sell
sector perform
underperform
strong sell
reduce
overweight
buy
buy
sell
reduce
hold
buy
buy
underweight
sell
buy
Amt Held
% Out
196'142'860
5.24
142'687'625
3.81
(102'611'796) -2.74
71'219'299
1.9
70'294'113
1.88
67'928'503
1.81
(61'417'279) -1.64
(56'174'341)
-1.5
(56'174'341)
-1.5
38'809'609
1.04
(34'828'091) -0.93
33'972'481
0.91
(31'457'631) -0.84
28'848'633
0.77
28'000'000
0.75
26'363'420
0.7
23'744'945
0.63
(23'593'223) -0.63
(22'469'736)
-0.6
21'956'277
0.59
Weighting
Change
2
5
1
1
5
5
1
1
1
3
5
1
1
1
5
5
3
3
2
2
3
4
3
4
1
1
1
1
3
1
1
2
5
5
5
1
2
3
5
5
1
1
5
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
D
M
M
U
M
M
M
M
M
U
M
M
M
Latest Chg
5'617'434
1'492'793
6'366'426
(3'744'956)
(1'497'983)
145'603
5'991'930
(4'868'443)
2'262'678
307'100
(3'744'956)
(1'123'486)
-
Target Price
3
5
3
2
4
6
3
2
3
6
5
3
3
2
4
#N/A N/A
4
3
3
3
3
4
3
4
3
2
3
2
#N/A N/A
1
3
3
#N/A N/A
4
4
2
3
3
4
4
2
2
3
File Dt
31.12.2012
29.01.2013
07.02.2013
31.12.2012
31.12.2012
31.12.2012
06.02.2013
10.01.2013
04.02.2013
15.02.2013
14.01.2013
30.09.2012
11.12.2012
31.12.2012
31.12.2012
30.11.2012
31.12.2012
25.01.2013
05.02.2013
31.12.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
3 month
Not Provided
Not Provided
Not Provided
18 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
Not Provided
Not Provided
12 month
6 month
Inst Type
Investment Advisor
Investment Advisor
Hedge Fund Manager
Insurance Company
Insurance Company
Investment Advisor
Other
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Corporation
Hedge Fund Manager
Investment Advisor
Government
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Government
Date
20.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
14.02.2013
04.02.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
15.01.2013
14.01.2013
11.01.2013
11.01.2013
11.01.2013
10.01.2013
04.01.2013
27.11.2012
06.11.2012
19.10.2012
19.10.2012
20.02.2013
Repsol SA
Repsol S.A., through subsidiaries, explores for and produces crude oil and
natural gas, refines petroleum, and transports petroleum products and liquefied
petroleum gas (LPG). The Company retails gasoline and other products through
its chain of gasoline filling stations. Repsol's petroleum reserves are in
Spain, Latin America, Asia, North Africa, and the Middle East and United States.
Price/Volume
25
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
REP SQ EQUITY YTD Change
REP SQ EQUITY YTD % CHANGE
12/2011
09/yy
21.09
10.90
4'721'905.00
15.57
-26.16%
42.84%
47.57%
1'282.4
19'967.72
20'122.00
0.0
3'505.0
3'351.00
37'386.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
f-12 m-12
31.12.2008
31.12.2009
58'475.0
45'827.0
0.48x
0.87x
8'009.0
6'686.0
3.49x
5.99x
2'555.0
1'559.0
7.19x
14.63x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2010
53'663.0
0.73x
11'919.0
3.30x
4'693.0
5.43x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
60'122.0
0.82x
8'509.0
5.79x
2'193.0
13.19x
8'509.00
4'990.00
8.30%
6.75%
3.12%
7.93%
0.90%
12.9%
8.1%
3.6%
1.19
0.58
28.36%
85.49%
6.97
-
Price/ Cash Flow
LTM
09/yy
42'544.0
3.06x
9'231.0
0.00x
4'229.0
0.00x
09/yy
60'035.0
2.74x
7'744.0
4.70x
2'088.0
8.42x
FY+1
1.06
976.27
-20.15%
1.53%
1.065
43
4.093
7'427'219
9'272'799
11'491'340
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
59'352.0
60'844.4
13'404.5
14'063.0
0.63x
0.60x
2.58x
2.38x
7'045.3
7'189.9
1'688.0
1'743.0
5.31x
5.20x
5.24x
5.15x
1'976.9
2'127.1
454.1
571.0
9.73x
9.28x
8.70x
8.42x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.04.2012
BBBSTABLE
19.04.2012
A-3
10.88
3.83
2.15
2.89
85.5%
42.7%
0.90
1.93
52.48
-
7.00
70'000.0
6.00
60'000.0
5.00
50'000.0
4.00
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
02.01.2009
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
52'098.0
0.75x
9'030.0
4.33x
3'188.0
9.34x
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
f-13
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Repsol SA
Holdings By:
All
Holder Name
CAIXABANK
SACYR VALLEHERMOSO S
PETROLEOS MEXICANOS
REPSOL YPF SA
BLACKROCK
BNP PARIBAS SA
VANGUARD GROUP INC
FMR LLC
FRANKLIN RESOURCES
DEUTSCHE BANK AG
AMUNDI
SOCIETE GENERALE
SCHRODER INVESTMENT
STATE STREET
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
RBC Capital Markets

PETER HUTTON
BPI
BRUNO ALMEIDA DA SILVA
Banco Sabadell
AlphaValue
ALEXANDRE ANDLAUER
EVA Dimensions
CRAIG STERLING
Tudor Pickering & Co
ANISH KAPADIA
Bankia Bolsa (ESN)
SONIA RUIZ DE GARIBAY CUBILLO
FERNANDO LAFUENTE
Exane BNP Paribas
Grupo Santander
JASON KENNEY
Natixis
ANNE PUMIR
JPMorgan
NITIN SHARMA
Macquarie
MARC B KOFLER
FILIPE ROSA
OSWALD CLINT
BBVA
LUIS DE TOLEDO
ROBERT JACKSON
Barclays
LYDIA RAINFORTH
Societe Generale
IRENE HIMONA
Mirabaud Finanzas Sociedad de ValoresJOSE
S MARTIN-VIVAS
Jefferies
BRENDAN MICHAEL WARN
Raymond James
BERTRAND HODEE
GORDON GRAY
Morgan Stanley
HAYTHEM RASHED
Day by Day
VALERIE GASTALDY
Credit Suisse
THOMAS YOICHI ADOLFF
Nomura
THEEPAN JOTHILINGAM
Goldman Sachs
HENRY MORRIS
JENS MUENSTERMANN
HSBC
PAUL SPEDDING
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
SVEN DIERMEIER
Investec
STUART JOYNER
NATALIA BOBO BJOERK
La Caixa
FERNANDO MURILLO GUIRAO
S&P Capital IQ
CHRISTINE TISCARENO
Deutsche Bank
MARK BLOOMFIELD
CA Cheuvreux
DOMINIQUE PATRY
Equita SIM SpA
MASSIMO BONISOLI
Intermoney Valores
ALVARO NAVARRO
Source
Research
EXCH
Research
Research
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
sector perform
neutral
buy
add
buy
hold
buy
strong buy
neutral
hold
neutral
neutral
underperform
buy
outperform
outperform
overweight
overweight
buy
overweight
hold
outperform
hold
Underwt/In-Line
buy
outperform
neutral
neutral/cautious
buy
overweight
buy
hold
hold
buy
buy
buy
hold
outperform
buy
buy
Amt Held
157'399'192
122'208'433
115'884'040
67'582'415
47'466'038
42'053'943
19'815'858
9'914'377
8'850'756
7'798'803
5'411'492
5'096'632
4'263'085
3'787'114
3'583'153
2'710'556
2'527'453
2'411'002
2'192'210
1'992'834
% Out
12.27
9.53
9.04
5.27
3.7
3.28
1.55
0.77
0.69
0.61
0.42
0.4
0.33
0.3
0.28
0.21
0.2
0.19
0.17
0.16
Weighting
Change
3
3
5
4
5
3
5
5
3
3
3
3
1
5
5
5
5
5
5
5
3
5
3
1
5
5
3
3
5
5
5
3
3
5
5
5
3
5
5
5
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
55'454
931'065
285'878
(683'303)
84'364
1'072'608
(15'141)
22'523
316'718
368'473
1'984'591
716'936
68'421
(990'531)
Target Price
16
19
19
17
#N/A N/A
22
20
21
18
19
17
16
14
20
21
19
19
20
19
20
16
19
18
16
18
19
16
18
17
19
22
18
15
20
20
20
16
18
18
19
File Dt
Inst Type
08.10.2012
Investment Advisor
17.01.2013
Corporation
08.10.2012
Unclassified
08.10.2012
Holding Company
19.02.2013
Investment Advisor
18.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.10.2012
Investment Advisor
28.09.2012
Bank
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
19.02.2013
Investment Advisor
31.07.2012
Investment Advisor
Date
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
19.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
13.02.2013
11.02.2013
11.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
04.02.2013
01.02.2013
01.02.2013
30.01.2013
29.01.2013
29.01.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
22.01.2013
21.01.2013
14.01.2013
11.01.2013
09.01.2013
27.12.2012
27.12.2012
21.12.2012
14.12.2012
26.11.2012
14.11.2012
08.11.2012
25.10.2012
23.10.2012
30.07.2012
06.06.2012
20.02.2013
RWE AG
RWE AG generates, distributes, and trades electricity to municipal, industrial,
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.
Price/Volume
40
14.0 M
35
12.0 M
30
10.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (20.03.2012)
52-Week Low (08.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RWE GY EQUITY YTD Change
RWE GY EQUITY YTD % CHANGE
12/2011
09/yy
37.12
26.36
2'623'377.00
27.84
-25.00%
5.63%
18.63%
575.7
17'112.21
21'923.00
0.0
1'344.0
7'004.00
34'259.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
15
10
4.0 M
2.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
41'053.0
1.35x
7'787.0
7.13x
2'667.0
18.45x
8.0 M
20
Valuation Analysis
31.12.2008
31.12.2009
47'500.0
46'191.0
0.88x
1.10x
7'903.0
9'655.0
5.30x
5.28x
2'558.0
3'571.0
10.69x
10.33x
Profitability
LTM-4Q
31.12.2010
50'722.0
0.85x
9'230.0
4.68x
3'308.0
8.05x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
49'153.0
0.65x
8'286.0
3.88x
1'806.0
8.10x
8'286.00
4'843.00
9.85%
6.15%
2.54%
15.27%
9.63%
0.55%
15.5%
8.6%
3.7%
0.93
0.46
23.66%
139.30%
6.96
-
Price/ Cash Flow
LTM
09/yy
50'324.0
2.96x
8'371.0
3.89x
2'087.0
7.12x
09/yy
49'485.0
2.92x
7'646.0
5.06x
2'270.0
9.32x
FY+1
.0 M
f-13
1.06
489.09
-12.42%
-10.88%
1.056
40
2.600
3'333'634
3'503'936
3'033'010
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
51'061.5
51'956.9
12'271.0
0.73x
0.69x
8'631.3
8'783.1
3.97x
3.90x
2'522.4
2'445.6
6.83x
7.06x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.07.2012
BBB+
STABLE
08.06.2011
A-2
7.79
1.82
2.04
2.73
139.3%
56.2%
0.55
1.41
52.61
-
6.00
100'000.0
90'000.0
5.00
80'000.0
70'000.0
4.00
60'000.0
3.00
50'000.0
40'000.0
2.00
30'000.0
20'000.0
1.00
0.00
02.01.2009
10'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
RWE AG
Holdings By:
All
Holder Name
RW ENERGIE-BETEILIGU
BLACKROCK
CREDIT SUISSE GROUP
MONDRIAN INVESTMENT
VANGUARD GROUP INC
AMUNDI
FMR LLC
DEKA INTERNATIONAL S
MACQUARIE GROUP LTD
MAINFIRST SICAV
BARCLAYS ASSET MANAG
Firm Name
RBC Capital Markets
Banco Sabadell
Day by Day
AlphaValue
HSBC
Morgan Stanley
Credit Suisse
National Bank AG
Berenberg Bank
Societe Generale
S&P Capital IQ
Barclays
Macquarie
Bankhaus Metzler
EVA Dimensions
JPMorgan
Steubing AG
Exane BNP Paribas
Deutsche Bank
Nord/LB
Goldman Sachs
Nomura
Hamburger Sparkasse
DZ Bank AG
Grupo Santander
Natixis
Redburn Partners
Main First Bank AG
CA Cheuvreux
Raymond James
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN MUSK
TANJA MARKLOFF
VALERIE GASTALDY
EILEEN RYAN
ADAM DICKENS
BOBBY CHADA
VINCENT GILLES
STEFFEN MANSKE
LAWSON STEELE
STEPHAN WULF
ALBERTO PONTI
CLIVE ROBERTS
PETER BISZTYGA
ERKAN AYCICEK
ROBERT SCHRAMM-FUCHS
SVEN DIERMEIER
DANIEL SEIDENSPINNER
AUSTIN BURKETT
VINCENT DE BLIC
MICHAEL BROEKER
BENJAMIN LEYRE
MICHAEL SCHAEFER
INGO BECKER
ALEXANDER KARNICK
HEINO HAMMANN
DEBORAH WILKENS
MARTIN YOUNG
ANNEMARIE SCHLUETER
MARC NETTELBECK
OSCAR NAJAR RIOS
PHILIPPE OURPATIAN
AHMED FARMAN
ANDREAS THIELEN
SEBASTIAN KAUFFMANN
EMMANUEL RETIF
SEBASTIAN ZANK
Source
Co File
ULT-AGG
Research
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sector perform
hold
sell
hold
buy
underweight
Equalwt/In-Line
underperform
hold
sell
buy
sell
hold
hold
underweight
sell
neutral
hold
sell
overweight
underweight
buy
neutral
hold
reduce
sell
hold
neutral/attractive
reduce
hold
buy
underweight
neutral
buy
neutral
outperform
market perform
not rated
Amt Held
86'361'823
48'692'024
28'008'409
17'188'015
9'058'752
5'726'000
3'859'917
3'670'703
2'919'473
2'866'610
2'395'739
1'545'363
1'514'247
1'381'508
1'336'324
1'136'118
928'678
853'442
786'597
774'677
% Out
15
8.46
4.86
2.99
1.57
0.99
0.67
0.64
0.51
0.5
0.42
0.27
0.26
0.24
0.23
0.2
0.16
0.15
0.14
0.13
Weighting
Change
3
3
1
3
5
1
3
1
3
1
5
1
3
3
1
1
3
3
1
5
1
5
3
3
2
1
3
3
2
3
5
1
3
5
3
5
3
#N/A N/A
M
U
M
M
M
D
M
M
M
N
M
M
M
M
M
D
D
M
M
M
D
M
D
M
M
D
D
M
D
M
M
M
M
M
M
D
M
M
Latest Chg
9'110
196'272
4'226'000
(55'956)
(1'745'321)
78'546
(51'980)
(2'133)
(5'801'852)
145'187
(7'910)
79'174
(7'746)
(6'600)
774'677
Target Price
30
29
37
#N/A N/A
38
26
33
28
30
25
34
25
34
34
27
26
30
30
27
#N/A N/A
28
60
32
35
29
27
31
40
32
#N/A N/A
38
41
34
#N/A N/A
37
38
#N/A N/A
#N/A N/A
File Dt
31.12.2011
15.02.2013
04.05.2012
16.05.2012
31.12.2012
31.12.2012
31.10.2012
28.09.2012
28.09.2012
28.09.2012
31.12.2012
31.01.2013
15.02.2013
31.01.2013
30.11.2012
19.02.2013
31.10.2012
31.12.2012
31.10.2012
30.12.2011
Date
12 month
6 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
20.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
08.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
30.01.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
24.01.2013
22.01.2013
17.01.2013
17.01.2013
17.01.2013
15.01.2013
14.01.2013
14.01.2013
11.01.2013
08.01.2013
07.01.2013
28.12.2012
18.12.2012
12.12.2012
27.11.2012
22.11.2012
14.11.2012
05.11.2012
24.10.2012
13.09.2012
14.06.2012
06.06.2012
06.03.2012
20.02.2013
Sanofi
Sanofi is a global pharmaceutical company that researches, develops and
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Price/Volume
80
12.0 M
70
10.0 M
60
8.0 M
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAN FP EQUITY YTD Change
SAN FP EQUITY YTD % CHANGE
12/2012
12/yy
74.29
53.20
2'608'715.00
73.77
-0.70%
38.67%
99.10%
1'326.3
97'844.31
14'531.00
0.0
134.0
6'381.00
106'128.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
20
2.0 M
10
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
27'568.0
2.22x
9'940.0
6.16x
3'851.0
15.94x
6.0 M
30
31.12.2009
31.12.2010
29'306.0
32'367.0
2.61x
1.99x
12'805.0
13'156.0
5.97x
4.90x
5'265.0
5'467.0
14.13x
11.42x
Profitability
LTM-4Q
31.12.2011
33'389.0
2.59x
12'593.0
6.88x
5'693.0
13.17x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
34'947.0
2.95x
4'967.0
18.99x
12'593.00
7'787.00
22.28%
17.94%
4.95%
8.75%
9.69%
0.35%
68.2%
38.1%
22.3%
14.2%
1.65
0.46
14.47%
25.34%
4.36
1.72
Price/ Cash Flow
LTM
12/yy
33'389.0
5.23x
2'463.0
0.00x
5'693.0
13.17x
12/yy
34'947.0
5.54x
2'704.0
0.00x
4'967.0
18.99x
FY+1
.0 M
f-13
0.76
1'152.78
38.37%
3.33%
0.759
39
4.000
2'714'785
2'576'065
2'280'068
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
35'841.5
37'719.8
8'383.5
8'718.8
2.87x
2.63x
13'185.5
14'275.7
8.05x
7.43x
7'959.4
8'760.6
1'813.0
1'792.3
12.26x
11.02x
12.49x
12.05x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.02.2011
AASTABLE
18.02.2011
A-1+
29.63
25.44
0.90
1.23
25.3%
20.2%
0.35
3.28
84.01
212.88
102.81
159.20
12.00
40'000.0
35'000.0
10.00
30'000.0
8.00
25'000.0
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Sanofi
Holdings By:
All
Holder Name
L'OREAL SA
TOTAL SA
FMR LLC
VANGUARD GROUP INC
BLACKROCK
SANOFI AVENTIS
DODGE & COX
AMUNDI
FRANKLIN RESOURCES
AVIVA PLC
MORGAN STANLEY
DEUTSCHE BANK AG
LBPAM
AMUNDI
Firm Name
Oddo & Cie
Bryan Garnier & Cie
Morgan Stanley
AlphaValue
Societe Generale
Jefferies
Banco Sabadell
National Bank AG
Berenberg Bank
Exane BNP Paribas
EVA Dimensions
JPMorgan
Helvea
Barclays
Leerink Swann & Co
Deutsche Bank
Credit Suisse
Nomura
S&P Capital IQ
Goldman Sachs
Natixis
Nord/LB
Day by Day
Redburn Partners
Hamburger Sparkasse
CA Cheuvreux
Liberum Capital Ltd
Main First Bank AG
Jyske Bank
Cyrrus
Mirabaud Securities
MP Advisors Pvt Ltd
DZ Bank AG
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SEBASTIEN MALAFOSSE
ERIC LE BERRIGAUD
PETER VERDULT
ARMELLE MOULIN
STEPHEN MCGARRY
JEFFREY HOLFORD
MARTA DIAZ
STEFFEN MANSKE
ALISTAIR CAMPBELL
VINCENT MEUNIER
ANDREW S ZAMFOTIS
RICHARD VOSSER
ODILE RUNDQUIST
MARK PURCELL
TIMOTHY M ANDERSON
SEAMUS FERNANDEZ
ARSENE GUEKAM
MARK CLARK
LUISA HECTOR
TIMO KUERSCHNER
FABIAN WENNER
AMIT ROY
SHO MATSUBARA
KEYUR PAREKH
PHILIPPE LANONE
THORSTEN STRAUSS
VALERIE GASTALDY
TEAM COVERAGE
MARCO GUENTHER
LAURENT FLAMME
NARESH CHOUHAN
TIM FRANKLIN
ROBERT JAKOBSEN
TOMAS MENCIK
NICHOLAS TURNER
VISHAL MANCHANDA
ELMAR KRAUS
Source
20F
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Recommendation
buy
buy
Overwt/Attractive
add
buy
buy
buy
buy
hold
outperform
hold
overweight
accumulate
equalweight
outperform
outperform
hold
buy
neutral
buy
hold
hold
buy
neutral
buy
neutral/neutral
buy
hold
buy
neutral
sell
outperform
underweight
suspended coverage
sell
hold
accumulate
market perform
buy
Amt Held
118'227'307
37'975'811
32'799'143
27'514'327
20'786'461
20'193'712
17'225'803
16'748'982
11'550'921
10'758'974
6'423'335
6'318'259
5'954'817
5'643'800
5'573'977
5'097'623
4'869'438
4'234'244
4'068'709
4'056'614
% Out
8.91
2.86
2.47
2.07
1.57
1.52
1.3
1.26
0.87
0.81
0.48
0.48
0.45
0.43
0.42
0.38
0.37
0.32
0.31
0.31
Weighting
Change
5
5
5
4
5
5
5
5
3
5
3
5
4
3
5
5
3
5
3
5
3
3
5
3
5
3
5
3
5
3
1
5
1
#N/A N/A
1
3
4
3
5
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
(29'735'080)
(222'743)
1'487'319
339'106
1'062'104
(524'353)
(1'906'737)
(25'407)
4'308'695
597'970
111'905
547'955
(67'746)
(345'054)
8'077
(101'144)
Target Price
82
80
81
81
88
83
80
78
76
85
#N/A N/A
80
82
77
76
#N/A N/A
66
82
78
78
75
73
81
65
81
73
84
#N/A N/A
78
#N/A N/A
#N/A N/A
77
65
#N/A N/A
57
60
63
52
55
File Dt
31.01.2012
15.02.2012
31.12.2012
31.12.2012
19.02.2013
31.12.2012
31.12.2011
29.01.2013
30.11.2012
31.12.2012
31.01.2013
31.12.2012
30.09.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.05.2012
31.12.2012
28.09.2012
Date
Not Provided
6 month
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
19.02.2013
19.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
28.01.2013
28.01.2013
11.12.2012
11.12.2012
10.12.2012
28.11.2012
29.10.2012
05.10.2012
20.07.2012
11.07.2012
05.04.2012
02.04.2012
08.02.2012
20.12.2011
20.02.2013
SAP AG
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Price/Volume
70
18.0 M
60
16.0 M
14.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAP GY EQUITY YTD Change
SAP GY EQUITY YTD % CHANGE
12/2012
12/yy
62.79
43.62
2'034'157.00
59.97
-4.49%
37.48%
84.40%
1'228.5
73'673.40
5'247.00
0.0
8.0
2'629.00
76'299.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
30
8.0 M
6.0 M
20
4.0 M
10
2.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
11'575.0
2.71x
3'300.0
9.49x
1'847.0
16.28x
12.0 M
40
31.12.2009
31.12.2010
10'672.0
12'464.0
3.65x
3.71x
3'301.0
4'125.0
11.81x
11.20x
1'748.0
1'811.0
22.45x
25.07x
Profitability
LTM-4Q
31.12.2011
14'233.0
3.31x
4'908.0
9.60x
3'438.0
14.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
16'222.0
4.76x
4'935.0
15.64x
2'826.0
25.61x
4'935.00
4'072.00
25.10%
23.56%
11.29%
21.05%
16.33%
0.65%
69.2%
28.2%
22.9%
17.4%
0.99
0.92
19.53%
37.04%
4.34
-
Price/ Cash Flow
LTM
12/yy
14'233.0
13.42x
4'892.0
9.63x
3'438.0
14.18x
12/yy
16'223.0
16.09x
4'575.0
16.87x
2'827.0
25.61x
FY+1
.0 M
f-13
0.82
902.18
23.74%
-1.19%
0.816
44
4.114
2'208'468
3'064'833
2'784'249
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'061.8
19'912.7
3'816.4
4'342.3
4.01x
3.49x
19.49x
17.16x
6'384.8
7'233.5
1'116.5
1'487.5
11.92x
10.52x
11.69x
11.69x
4'064.7
4'629.0
698.5
948.8
17.17x
15.11x
16.95x
16.66x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.20
25.10
0.57
1.15
37.0%
27.0%
0.65
9.95
84.26
-
25.00
18'000.0
16'000.0
20.00
14'000.0
12'000.0
15.00
10'000.0
8'000.0
10.00
6'000.0
4'000.0
5.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
SAP AG
Holdings By:
All
Holder Name
PLATTNER HASSO
TSCHIRA KLAUS
HOPP DIETMAR
BLACKROCK
SAP AG
FMR LLC
VANGUARD GROUP INC
DEUTSCHE BANK AG
MORGAN STANLEY
CREDIT SUISSE AG
AMUNDI
FRANKLIN RESOURCES
Firm Name
Banco Sabadell
Morgan Stanley
AlphaValue
Baader Bank
Bryan Garnier & Cie
Redburn Partners
EVA Dimensions
Exane BNP Paribas
Societe Generale
Nord/LB
Credit Suisse
JPMorgan
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Berenberg Bank
Barclays
Grupo Santander
Goldman Sachs
Jefferies
William Blair & Co
National Bank AG
Nomura
S&P Capital IQ
DZ Bank AG
Wells Fargo Securities, LLC
Natixis
Cross Research
Jyske Bank
Day by Day
Deutsche Bank
HSBC
Evercore Partners
CA Cheuvreux
FBR Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
ANDRES BOLUMBURU
ADAM WOOD
HEINZ STEFFEN
KNUT WOLLER
THOMAS M BECKER
GREGORY RAMIREZ
NEIL STEER
ANDREW S ZAMFOTIS
JOSEP BORI
RICHARD NGUYEN
WOLFGANG DONIE
PHILIP WINSLOW
STACY E POLLARD
BRAD A ZELNICK
MARCO GUENTHER
ULRICH TRABERT
DAUD KHAN
GERARDUS VOS
MOHAMMED MOAWALLA
ROSS MACMILLAN
BRENDAN BARNICLE
LAURA J LEDERMAN
MIRKO MAIER
MARKUS FRIEBEL
STEFFEN MANSKE
LAURENT DAURE
RICHARD G SHERLUND
JAMES CRAWSHAW
OLIVER FINGER
JASON MAYNARD
ANDREAS WOLF
GWENAEL GIARD
RICHARD T WILLIAMS
MARK L MOERDLER
ROBERT JAKOBSEN
VALERIE GASTALDY
KAI KORSCHELT
ANTONIN BAUDRY
STEWART KIRK MATERNE III
MICHAEL BEUCHER
DAVID M HILAL
Source
13G
Co File
Co File
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
Recommendation
buy
Overwt/In-Line
add
hold
add
buy
buy
underweight
neutral
buy
buy
outperform
overweight
outperform
buy
buy
buy
buy
equalweight
underweight
buy/attractive
hold
outperform
outperform
hold
hold
buy
buy
buy
buy
buy
market perform
buy
neutral
hold
outperform
reduce
buy
buy
neutral
equalweight
underperform
market perform
Amt Held
121'324'707
93'079'595
75'273'200
66'743'066
36'642'744
19'051'555
18'879'878
11'764'147
11'270'478
11'235'667
8'459'500
8'277'322
7'978'903
7'542'813
6'399'479
5'671'301
5'601'418
4'582'686
4'343'552
3'656'723
% Out
9.88
7.58
6.13
5.43
2.98
1.55
1.54
0.96
0.92
0.91
0.69
0.67
0.65
0.61
0.52
0.46
0.46
0.37
0.35
0.3
Weighting
Change
5
5
4
3
4
5
5
1
3
5
5
5
5
5
5
5
5
5
3
1
5
3
5
5
3
3
5
5
5
5
5
3
5
3
3
5
2
5
5
3
3
1
3
M
M
M
M
U
M
M
D
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'795'675)
35'104
(73'364)
(390'416)
972'000
(339'827)
222'509
1'699'948
547'634
328'729
(638'663)
Target Price
67
67
71
63
65
70
#N/A N/A
#N/A N/A
63
71
70
65
65
64
#N/A N/A
69
71
70
55
57
86
62
70
#N/A N/A
57
63
64
66
68
70
66
#N/A N/A
67
53
45
69
65
66
73
62
65
46
55
File Dt
Inst Type
31.12.2012
n/a
08.03.2012
n/a
08.03.2012
n/a
15.02.2013
Investment Advisor
12.06.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
06.06.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
6 month
12 month
6 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
3 month
12 month
Not Provided
12 month
Not Provided
12 month
Date
15.02.2013
14.02.2013
14.02.2013
11.02.2013
04.02.2013
01.02.2013
01.02.2013
29.01.2013
28.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
09.01.2013
09.01.2013
07.01.2013
29.10.2012
24.10.2012
02.02.2012
26.01.2012
20.02.2013
Schneider Electric SA
Schneider Electric SA manufactures power distribution and automation systems.
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.01.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SU FP EQUITY YTD Change
SU FP EQUITY YTD % CHANGE
Price/Volume
12/2011
09/yy
57.17
39.40
1'550'904.00
55.39
-3.11%
40.60%
90.38%
555.4
30'764.55
8'037.00
0.0
192.0
2'771.00
37'116.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
17'308.6
1.57x
3'075.4
8.84x
1'583.1
13.67x
60
31.12.2008
31.12.2009
18'311.0
15'793.0
0.95x
1.51x
3'321.0
2'575.0
5.24x
9.26x
1'682.0
824.0
7.55x
24.63x
Profitability
LTM-4Q
31.12.2010
19'580.0
1.68x
3'575.0
9.20x
1'720.0
17.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
22'387.0
1.22x
3'767.0
7.28x
1'820.0
12.00x
3'767.00
2'998.00
13.39%
11.02%
5.70%
12.63%
9.94%
0.70%
37.7%
16.6%
13.3%
8.1%
1.44
0.89
22.40%
50.55%
4.68
4.03
Price/ Cash Flow
LTM
09/yy
21'596.0
0.00x
0.0
0.00x
0.0
0.00x
09/yy
23'861.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
1.27
525.90
16.42%
1.02%
1.266
31
3.516
1'085'091
1'145'547
1'189'325
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
23'908.3
24'566.7
6'485.8
5'390.0
1.50x
1.41x
3'786.1
4'031.7
9.80x
9.21x
2'095.0
2'308.6
14.45x
13.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.11.2008
ASTABLE
14.03.2007
A-2
11.38
9.82
1.58
2.19
50.6%
33.3%
0.70
9.53
78.16
90.71
96.51
68.80
18.00
25'000.0
16.00
20'000.0
14.00
12.00
15'000.0
10.00
8.00
10'000.0
6.00
5'000.0
4.00
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Schneider Electric SA
Holdings By:
All
Holder Name
AMUNDI
VANGUARD GROUP INC
DODGE & COX
SCHNEIDER ELECTRIC S
BLACKROCK
FMR LLC
AMUNDI
ABERDEEN
JUPITER ASSET MANAGE
AVIVA PLC
LBPAM
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RBC Capital Markets

ANDREW CARTER
Banco Sabadell
MARIA CEBOLLERO
PIERRE BOUCHENY
JAMES STETTLER
AlphaValue
LIONEL PELLICER
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
Goldman Sachs
DANIELA COSTA
S&P Capital IQ
JAWAHAR HINGORANI
Exane BNP Paribas
OLIVIER ESNOU
ARI AGOPYAN
Morgan Stanley
BEN UGLOW
MARKUS FRIEBEL
EVA Dimensions
CRAIG STERLING
JPMorgan
ANDREAS WILLI
Day by Day
VALERIE GASTALDY
Berenberg Bank
WILLIAM MACKIE
Credit Suisse
SIMON TOENNESSEN
HSBC
MICHAEL HAGMANN
CA Cheuvreux
ALFRED GLASER
Nomura
DANIEL CUNLIFFE
ROB VIRDEE
VOLKER STOLL
Barclays
NICK WEBSTER
Redburn Partners
JAMES MOORE
Deutsche Bank
MARTIN WILKIE
Natixis
LUDOVIC DEBAILLEUX
Source
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
reduce
hold
add
buy
market perform
Buy/Neutral
hold
outperform
hold
hold
Equalwt/Cautious
hold
underweight
overweight
buy
hold
neutral
overweight
outperform
neutral
neutral
hold
equalweight
buy
hold
neutral
Amt Held
82'567'657
27'220'485
20'349'002
15'925'730
10'849'337
10'102'524
9'164'952
8'967'731
7'724'733
7'269'961
5'926'032
4'454'139
3'696'653
2'531'916
2'485'819
2'452'160
2'294'863
1'943'144
1'836'557
1'775'165
% Out
14.87
4.9
3.66
2.87
1.95
1.82
1.65
1.61
1.39
1.31
1.07
0.8
0.67
0.46
0.45
0.44
0.41
0.35
0.33
0.32
Weighting
Change
5
5
2
3
4
5
3
5
3
5
3
3
3
3
1
5
5
3
3
5
5
3
3
3
3
5
3
3
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
D
M
Latest Chg
(10'012'679)
(1'168'334)
477'308
(52'247)
95'500
1'005'966
960'863
(188'094)
185'126
56'751
(179'812)
(25'700)
551'587
(404'495)
(300'058)
(2'705)
(144'907)
Target Price
65
48
50
60
63
64
51
65
59
64
53
58
54
57
#N/A N/A
60
58
60
51
62
55
45
52
50
51
#N/A N/A
51
52
File Dt
Inst Type
31.12.2012
Investment Advisor
16.05.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
31.12.2011
Corporation
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
19.02.2013
15.02.2013
13.02.2013
08.02.2013
07.02.2013
04.02.2013
04.02.2013
30.01.2013
29.01.2013
25.01.2013
24.01.2013
21.01.2013
17.01.2013
17.01.2013
17.01.2013
14.01.2013
10.01.2013
08.01.2013
07.01.2013
29.11.2012
29.11.2012
27.11.2012
30.10.2012
29.10.2012
19.10.2012
08.10.2012
24.09.2012
02.08.2012
20.02.2013
Siemens AG
Siemens AG is an engineering and manufacturing company. The Company focuses on
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.
Price/Volume
90
14.0 M
80
12.0 M
70
10.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.01.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SIE GY EQUITY YTD Change
SIE GY EQUITY YTD % CHANGE
09/2012
12/yy
84.75
62.13
1'731'671.00
78.62
-7.23%
26.54%
74.58%
881.0
69'264.22
20'706.00
0.0
569.0
11'415.00
80'825.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
40
6.0 M
30
4.0 M
20
2.0 M
10
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
77'327.0
0.82x
8'175.0
7.77x
5'725.0
34.66x
50
LTM-4Q
30.09.2009
30.09.2010
76'651.0
68'978.0
0.81x
1.07x
9'196.0
9'544.0
6.77x
7.72x
2'292.0
3'899.0
24.49x
16.42x
Profitability
30.09.2011
73'275.0
0.89x
10'492.0
6.19x
6'145.0
8.24x
30.09.2012
78'296.0
0.98x
9'653.0
7.93x
4'458.0
13.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
9'653.00
6'909.00
8.82%
9.30%
4.00%
13.31%
9.71%
0.75%
28.4%
13.2%
9.7%
5.7%
1.22
0.62
19.12%
67.37%
4.95
3.49
Price/ Cash Flow
LTM
12/yy
73'702.0
4.28x
9'978.0
7.27x
5'793.0
9.79x
12/yy
78'670.0
3.87x
10'351.0
7.81x
4'215.0
14.47x
FY+1
.0 M
f-13
0.96
771.11
8.55%
-0.82%
0.960
42
3.286
2'183'711
2'407'760
2'287'993
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
78'366.8
81'351.0
18'915.5
19'281.4
1.01x
0.95x
4.38x
4.31x
9'509.1
11'396.4
2'045.0
2'134.7
8.49x
7.08x
8.53x
8.08x
5'186.8
6'438.8
1'218.2
1'148.2
12.81x
10.41x
12.14x
11.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.06.2009
A+
STABLE
18.04.2011
A-1+
21.45
16.55
1.07
2.14
67.4%
39.8%
0.75
7.41
73.95
104.73
44.53
120.05
14.00
100'000.0
90'000.0
12.00
80'000.0
10.00
70'000.0
60'000.0
8.00
50'000.0
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
0.00
02.10.2009
10'000.0
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Siemens AG
Holdings By:
All
Holder Name
BLACKROCK
SIEMENS FAMILY
QATAR HOLDINGS LLC
SIEMENS AG
VANGUARD GROUP INC
UBS
FMR LLC
FRANKLIN RESOURCES
AMUNDI
DEUTSCHE BANK AG
LBPAM
ADIG INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

MARTIN PROZESKY
RBC Capital Markets
ANDREW CARTER
JAMES STETTLER
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
AlphaValue
HEINZ STEFFEN
DZ Bank AG
JASKO TERZIC
HSBC
MICHAEL HAGMANN
VOLKER STOLL
Hamburger Sparkasse
MARCO GUENTHER
Day by Day
VALERIE GASTALDY
ULRICH SCHOLZ
Exane BNP Paribas
OLIVIER ESNOU
Societe Generale
GAEL DE BRAY
Credit Suisse
SIMON TOENNESSEN
CA Cheuvreux
ALFRED GLASER
Bankhaus Metzler
ULRICH TRABERT
Berenberg Bank
WILLIAM MACKIE
Natixis
LUDOVIC DEBAILLEUX
Spin-Off Research
TEAM COVERAGE
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Morgan Stanley
BEN UGLOW
Nord/LB
WOLFGANG DONIE
JPMorgan
ANDREAS WILLI
William Blair & Co
NICHOLAS P HEYMANN
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Redburn Partners
JAMES MOORE
SRH AlsterResearch
OLIVER DREBING
Goldman Sachs
DANIELA COSTA
EVA Dimensions
CRAIG STERLING
National Bank AG
EKKEHARD D LINK
Deutsche Bank
PETER REILLY
Nomura
DANIEL CUNLIFFE
EERIK KD BUDARZ
ROB VIRDEE
Langenberg & Co
BRIAN KEITH LANGENBERG
Source
ULT-AGG
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
sector perform
hold
buy
reduce
hold
hold
neutral
buy
buy
hold
hold
underperform
hold
outperform
outperform
buy
buy
reduce
hold
underperform
equalweight
hold
Equalwt/Cautious
hold
neutral
market perform
hold
hold
neutral
buy
neutral/neutral
hold
hold
sell
neutral
avoid
neutral
buy
Amt Held
58'408'768
54'852'206
27'758'338
26'820'674
18'817'904
9'880'200
6'389'139
5'755'800
5'391'186
5'108'440
5'061'910
4'815'059
4'116'900
3'941'987
3'090'203
2'906'549
2'741'396
2'013'201
1'782'339
1'640'151
% Out
6.63
6.23
3.15
3.04
2.14
1.12
0.73
0.65
0.61
0.58
0.57
0.55
0.47
0.45
0.35
0.33
0.31
0.23
0.2
0.19
Weighting
Change
3
3
3
5
2
3
3
3
5
5
3
3
1
3
5
5
5
5
2
3
1
3
3
3
3
3
3
3
3
3
5
3
3
3
1
3
1
3
5
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
(539'029)
(179'474)
(890'272)
7'991
(1'087'091)
(3'157'683)
(146'277)
203'444
(125'755)
(160'547)
(880)
(274'619)
(38'813)
(149'080)
(19'800)
Target Price
72
86
80
90
82
77
85
82
96
86
#N/A N/A
85
88
88
95
94
93
94
75
85
86
84
83
90
76
90
79
85
85
#N/A N/A
92
90
#N/A N/A
70
65
85
58
74
100
File Dt
15.02.2013
10.11.2011
07.05.2012
08.10.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
28.09.2012
31.12.2012
31.12.2012
30.11.2012
30.11.2012
31.01.2013
31.12.2012
30.12.2012
15.02.2013
31.12.2012
30.11.2012
31.10.2012
Date
12 month
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Government
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
20.02.2013
19.02.2013
19.02.2013
15.02.2013
07.02.2013
05.02.2013
04.02.2013
29.01.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
17.01.2013
17.01.2013
30.11.2012
20.11.2012
16.11.2012
08.11.2012
30.10.2012
12.10.2012
20.02.2013
Societe Generale SA
Societe Generale attracts deposits and offers commercial, retail, investment,
and private banking services. The Bank offers consumer credit, vehicle lease
financing, information technology equipment leasing, life and non-life
insurance, custodian services, trade and project financing, currency exchange,
treasury services, and financial and commodities futures brokerage services.
Price/Volume
12/2012
12/yy
34.40
15.10
4'571'762.00
30.67
-10.84%
103.11%
83.19%
780.3
23'931.00
678'631.00
0.0
4'288.0
144'795.00
-
Price/ Cash Flow
1.20
1.00
14.0 M
12.0 M
10.0 M
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
16.0 M
30
20
Latest Fiscal Year:

LTM as of:
52-Week High (14.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GLE FP EQUITY YTD Change
GLE FP EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
35
25
Valuation Analysis
31.12.2008
57'829.0
2'010.0
10.65x
40
31.12.2009
31.12.2010
43'984.0
45'306.0
678.0
3'917.0
108.78x
8.11x
Profitability
LTM-4Q
31.12.2011
48'549.0
2'385.0
5.38x
31.12.2012
43'733.0
774.0
44.28x
8.87%
6.13%
0.06%
1.69%
0.17%
3.1%
54.26%
1362.47%
-
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
2'385.0
5.37x
12/yy
0.0
#DIV/0!
0.0
0.00x
774.0
29.01x
FY+1
.0 M
f-13
1.82
729.50
26.92%
8.22%
1.824
37
3.432
6'252'020
5'035'328
4'402'980
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
24'043.5
24'759.7
6'068.0
5'887.0
2'792.1
3'378.4
675.0
679.0
8.41x
7.06x
9.29x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.01.2012
A
NEG
07.05.2009
A-1
1362.5%
92.6%
-
70'000.0
60'000.0
50'000.0
0.80
40'000.0
0.60
30'000.0
0.40
20'000.0
10'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Societe Generale SA
Holdings By:
All
Holder Name
LYXOR INTERNATIONAL
GROUPAMA SA
VANGUARD GROUP INC
MEIJI YASUDA LIFE IN
BLACKROCK
SOCIETE GENERALE
CNP ASSURANCES
AVIVA PLC
LBPAM
FMR LLC
BARCLAYS ASSET MANAG
AMUNDI
FRANKLIN RESOURCES
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
HSBC
ROBIN DOWN
AlphaValue
CHRISTOPHE NIJDAM
BENOIT PETRARQUE
JPMorgan
DELPHINE LEE
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
GUILLAUME TIBERGHIEN
Deutsche Bank
FLORA BENHAKOUN
Morgan Stanley
THIBAULT NARDIN
RBC Capital Markets
ANKE REINGEN
INGO FROMMEN
Natixis
ALEX KOAGNE
Nomura
JON PEACE
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Credit Suisse
MAXENCE LE GOUVELLO
JEAN-PIERRE LAMBERT
STEFAN BONGARDT
Oddo & Cie
JEAN SASSUS
S&P Capital IQ
WILLIAM HOWLETT
Main First Bank AG
FEDERICO SALERNO
CA Cheuvreux
CYRIL MEILLAND
Mediobanca SpA
ANTONIO GUGLIELMI
ANDREW LIM
Macquarie
PIERS BROWN
Berenberg Bank
JAMES CHAPPELL
Grupo Santander
AURELIA FAURE
EVA Dimensions
AUSTIN BURKETT
PIERRE CHEDEVILLE
Barclays
KIRI VIJAYARAJAH
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
Hamburger Sparkasse
CHRISTIAN HAMANN
Banco Sabadell
MARIO LODOS
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
Source
ULT-AGG
Research
Research
Co File
MF-AGG
MF-AGG
Co File
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
overweight
add
buy
overweight
hold
outperform
hold
Equalwt/In-Line
sector perform
sell
neutral
buy
neutral/neutral
outperform
outperform
buy
neutral
hold
underperform
underperform
hold
underperform
neutral
underperform
sell
buy
hold
accumulate
equalweight
buy
hold
hold
buy
buy
hold
Amt Held
73'717'333
50'619'422
22'148'418
19'567'063
13'637'274
12'867'036
11'069'312
9'171'044
8'987'016
8'976'936
6'418'786
4'317'513
3'648'601
3'086'419
2'714'129
2'612'606
2'609'967
2'540'017
2'401'374
2'359'115
% Out
9.45
6.49
2.84
2.51
1.75
1.65
1.42
1.18
1.15
1.15
0.82
0.55
0.47
0.4
0.35
0.33
0.33
0.33
0.31
0.3
Weighting
Change
5
4
5
5
3
5
3
3
3
1
3
5
3
5
5
5
3
3
1
1
3
1
3
1
1
5
3
4
3
5
3
3
5
5
3
U
U
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
N
M
M
M
M
M
M
M
M
M
M
Latest Chg
(479'358)
(8'266'079)
320'629
(994'135)
(992'476)
(1'842'824)
(11'097)
219'286
(3'557'123)
376'954
(2'581)
(5'263)
(250'313)
Target Price
40
35
41
37
#N/A N/A
38
31
35
36
29
37
36
42
41
44
38
34
34
31
35
20
28
31
29
16
36
#N/A N/A
38
28
#N/A N/A
#N/A N/A
#N/A N/A
32
36
18
File Dt
31.12.2012
26.09.2011
20.12.2012
31.12.2011
31.12.2012
31.12.2012
31.12.2011
15.02.2013
31.12.2011
31.12.2011
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.07.2012
31.03.2012
30.11.2012
31.12.2012
15.02.2013
31.12.2012
Date
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Insurance Company
Government
Investment Advisor
Mutual Fund Manager
Insurance Company
Investment Advisor
Bank
Insurance Company
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
19.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
07.02.2013
07.02.2013
06.02.2013
30.01.2013
29.01.2013
28.01.2013
17.01.2013
17.01.2013
16.01.2013
23.11.2012
16.11.2012
23.10.2012
27.08.2012
30.07.2012
19.06.2012
06.01.2012
20.02.2013
Telefonica SA
Telefonica S.A. provides telecommunications services mainly to countries in
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Price/Volume
14
600.0 M
12
500.0 M
10
400.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEF SQ EQUITY YTD Change
TEF SQ EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200.0 M
100.0 M
2
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
56'441.0
2.74x
22'824.0
6.77x
8'906.0
11.87x
300.0 M
12/2011
09/yy
12.98
7.90
29'612'018.00
9.668
-25.50%
22.38%
37.32%
4'551.0
43'999.31
66'311.00
0.0
5'747.0
6'760.00
108'738.31
31.12.2008
31.12.2009
57'946.0
56'731.0
2.10x
2.42x
22'919.0
22'603.0
5.31x
6.07x
7'592.0
7'776.0
9.72x
11.43x
Profitability
LTM-4Q
31.12.2010
60'737.0
2.29x
25'777.0
5.39x
10'167.0
7.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
62'837.0
1.99x
19'392.0
6.46x
5'402.9
11.18x
19'392.00
9'246.00
14.71%
10.32%
4.82%
31.55%
0.49%
33.3%
16.8%
8.6%
0.64
0.49
51.16%
306.48%
5.43
-
Price/ Cash Flow
LTM
09/yy
63'129.3
8.60x
23'357.5
5.42x
4'064.9
16.16x
09/yy
62'684.0
7.53x
20'903.0
5.36x
6'124.9
7.59x
FY+1
0.94
4'396.29
-21.07%
-5.12%
0.943
43
3.116
27'958'040
27'003'300
31'559'720
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
62'381.6
60'556.9
15'677.2
14'886.0
1.63x
1.62x
6.34x
21'180.0
20'637.6
5'555.8
5.13x
5.27x
5'307.0
5'428.6
1'430.5
8.15x
8.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
20.12.2012
BBB
NEG
20.12.2012
A-2
7.26
3.86
2.84
3.32
306.5%
70.8%
0.49
1.82
67.37
-
16.00
70'000.0
14.00
60'000.0
12.00
50'000.0
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Telefonica SA
Holdings By:
All
Holder Name
BANCO BILBAO VIZCAYA
CAIXABANK
BLACKROCK
BNP PARIBAS SA
TELEFONICA SA
VANGUARD GROUP INC
CHINA UNICOM HONG KO
FRANKLIN RESOURCES
AMUNDI
FMR LLC
CREDIT SUISSE ASSET
INVERCAIXA GESTION S
WELLCOME TRUST LIMIT
BBVA PATRIMONIOS GES
AVIVA PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

ROBIN BIENENSTOCK
Macquarie
GUY R PEDDY
Bankia Bolsa (ESN)
DAVID CABEZA JARENO
Nomura
FREDERIC BOULAN
JOSE RAMON OCINA
GERMAN GARCIA BOU
MARKUS FRIEBEL
Banco Sabadell
ANDRES BOLUMBURU
BPI
PEDRO OLIVEIRA
AlphaValue
Grupo Santander
NAHUM SANCHEZ DE LAMADRID
Interdin Bolsa
BORJA MIJANGOS BLANCO
S&P Capital IQ
ALEXANDER WISCH
MARTA GOMEZ
Morgan Stanley
LUIS PROTA
EVA Dimensions
ANDREW S ZAMFOTIS
BBVA
IVON LEAL
Oddo & Cie
ALEXANDRE IATRIDES
Credit Suisse
JUSTIN FUNNELL
Exane BNP Paribas
MATHIEU ROBILLIARD
Barclays
JONATHAN DANN
JPMorgan
TORSTEN ACHTMANN
Jefferies
JEREMY A DELLIS
Raymond James
STEPHANE BEYAZIAN
La Caixa
BORJA PAGOAGA
BCP Investimento
ALEXANDRA DELGADO
Hamburger Sparkasse
JAVIER BORRACHERO
NUNO MATIAS
National Bank AG
STEFFEN MANSKE
Berenberg Bank
PAUL ANDREW MARSCH
Goldman Sachs
TIMOTHY BODDY
Day by Day
VALERIE GASTALDY
CA Cheuvreux
Deutsche Bank
KEVAL KHIROYA
RALPH SZYMCZAK
Renta 4 SA SVB
IVAN SAN FELIX
HSBC
LUIGI MINERVA
Natixis
BENOIT MAYNARD
Mirabaud Finanzas Sociedad de ValoresJAVIER
S
MIELGO
DZ Bank AG
THORSTEN REIGBER
Source
Research
Research
ULT-AGG
EXCH
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
underperform
buy
reduce
buy
buy
sell
buy
reduce
buy
buy
buy
sell
buy
Equalwt/In-Line
overweight
outperform
reduce
neutral
underperform
underweight
neutral
underperform
underperform
buy
buy
hold
buy
sell
buy
sell
Sell/Neutral
hold
underperform
hold
buy
hold
neutral
neutral
overweight
buy
Amt Held
258'217'137
246'898'917
177'257'649
127'368'869
84'209'364
74'723'845
62'526'753
20'486'243
18'382'082
14'333'965
13'115'754
8'058'783
6'146'690
5'972'644
5'642'281
5'312'877
5'200'000
4'866'264
4'645'859
4'607'391
% Out
5.67
5.43
3.89
2.8
1.85
1.64
1.37
0.45
0.4
0.31
0.29
0.18
0.14
0.13
0.12
0.12
0.11
0.11
0.1
0.1
Weighting
Change
1
1
5
2
5
5
1
5
2
5
5
5
1
5
3
5
5
2
3
1
1
3
1
1
5
5
3
5
1
5
1
1
3
1
3
5
3
3
3
5
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(15'605'969)
2'181'969
(623'363)
3'582'987
7'266'063
(3'474'417)
(564'279)
(295'222)
189'186
748'202
(70'160)
(658'342)
-
Target Price
8
9
15
9
12
13
9
15
11
18
13
12
9
14
13
#N/A N/A
13
10
14
11
9
15
8
10
13
17
#N/A N/A
12
9
13
10
9
#N/A N/A
12
11
12
19
10
14
19
16
File Dt
Inst Type
19.10.2012
Bank
19.10.2012
Investment Advisor
15.02.2013
Investment Advisor
12.05.2011
Bank
31.12.2011
Corporation
31.12.2012
Investment Advisor
31.12.2011
Corporation
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
30.09.2012
Investment Advisor
28.09.2012
Investment Advisor
31.08.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
18.02.2013
18.02.2013
15.02.2013
14.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
31.01.2013
30.01.2013
24.01.2013
24.01.2013
24.01.2013
21.01.2013
21.01.2013
15.01.2013
27.11.2012
27.11.2012
26.11.2012
19.11.2012
08.11.2012
07.11.2012
07.11.2012
31.10.2012
03.10.2012
26.09.2012
07.09.2012
26.07.2012
23.07.2012
12.06.2012
14.05.2012
24.02.2012
15.11.2011
20.02.2013
Total SA
Total SA explores for, produces, refines, transports, and markets oil and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Price/Volume
30.0 M
25.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FP FP EQUITY YTD Change
FP FP EQUITY YTD % CHANGE
12/2012
12/yy
42.97
33.42
4'250'584.00
37.955
-11.67%
13.57%
51.10%
2'365.9
89'799.02
33'290.00
0.0
1'281.0
17'031.00
107'339.02
25
20.0 M
20
15.0 M
15
10.0 M
10
5.0 M
5
0
f-12 m-12
31.12.2009
31.12.2010
112'153.0
140'476.0
1.03x
0.74x
22'234.0
28'045.0
5.22x
3.72x
8'447.0
10'571.0
11.87x
8.38x
Profitability
LTM-4Q
31.12.2011
166'550.0
0.65x
32'919.0
3.28x
12'276.0
7.23x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
182'299.0
0.58x
32'343.0
3.27x
10'694.0
8.23x
32'343.00
21'862.00
11.99%
13.11%
6.37%
15.17%
10.66%
1.09%
17.5%
12.0%
5.9%
1.38
0.74
19.37%
45.66%
9.29
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
.0 M
f-13
6.17
0.89
2'033.04
-4.15%
-2.70%
0.890
36
4.056
5'769'023
4'317'463
4'154'487
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
166'550.0 182'299.0 179'248.7 179'649.8
45'141.7
45'995.0
2.49x
2.27x
0.61x
0.61x
2.37x
2.32x
32'919.0
31'942.0
33'338.2
34'580.9
8'679.0
9'163.0
3.28x
3.31x
3.22x
3.10x
2.96x
2.92x
12'276.0
10'694.0
12'035.8
12'444.4
2'587.0
2'917.0
7.25x
8.25x
7.21x
7.08x
7.29x
7.33x
S&P Issuer Ratings
12.04.2011
Long-Term Rating
AALong-Term Outlook
STABLE
13.09.1999
Short-Term Rating
A-1+
Credit Ratios
48.20
18.54
Net Debt/EBITDA
0.51
Total Debt/EBITDA
1.04
Reference
Total Debt/Equity
45.7%
Total Debt/Capital
31.0%
Asset Turnover
1.09
2.73
39.41
Inventory Days
8.00
200'000.0
7.00
180'000.0
160'000.0
6.00
140'000.0
5.00
120'000.0
4.00
100'000.0
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
40
35
Valuation Analysis
31.12.2008
160'331.0
0.62x
29'887.0
3.32x
10'590.0
8.21x
45
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Total SA
Holdings By:
All
Holder Name
TOTAL SA
GROUPE BRUXELLES LAM
AMUNDI
QATAR HOLDINGS LLC
NORGES BANK
VANGUARD GROUP INC
CIE NATIONALE A PORT
BLACKROCK
AMUNDI
FRANKLIN RESOURCES
AVIVA PLC
LBPAM
Firm Name
RBC Capital Markets
Banco Sabadell
AlphaValue
Societe Generale
Credit Suisse
JPMorgan
Jefferies
Macquarie
Nomura
Exane BNP Paribas
Barclays
Goldman Sachs
S&P Capital IQ
Tudor Pickering & Co
VTB Capital
Natixis
Day by Day
Grupo Santander
EVA Dimensions
Raymond James
Simmons & Company International
Deutsche Bank
Morgan Stanley
HSBC
Hamburger Sparkasse
Investec
CA Cheuvreux
National Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PETER HUTTON
OSWALD CLINT
ALEXANDRE ANDLAUER
IRENE HIMONA
KIM FUSTIER
NITIN SHARMA
IAIN REID
JASON D GAMMEL
JEAN-LUC ROMAIN
THEEPAN JOTHILINGAM
LYDIA RAINFORTH
MICHELE DELLA VIGNA
SVEN DIERMEIER
GORDON GRAY
CHRISTINE TISCARENO
ROBERT KESSLER
COLIN SMITH
ANNE PUMIR
VALERIE GASTALDY
JASON KENNEY
CRAIG STERLING
BERTRAND HODEE
JEFFREY A DIETERT
JENS MUENSTERMANN
LUCAS HERRMANN
MARTIJN P RATS
PAUL SPEDDING
INGO SCHMIDT
STUART JOYNER
DOMINIQUE PATRY
MANFRED JAISFELD
Source
Co File
Research
Research
Research
Research
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
outperform
buy
reduce
buy
neutral
overweight
buy
neutral
buy
neutral
outperform
underweight
Sell/Cautious
hold
hold
buy
accumulate
buy
buy
buy
buy
buy
buy
market perform
overweight
buy
buy
Equalwt/In-Line
overweight
buy
hold
outperform
buy
Amt Held
108'732'635
94'077'367
78'390'326
47'275'059
47'038'683
40'249'545
37'542'094
35'456'294
28'714'933
19'734'600
14'433'514
13'467'760
11'200'000
10'458'427
10'451'098
8'031'246
7'707'489
7'573'598
7'318'146
7'054'684
% Out
4.6
3.98
3.31
2
1.99
1.7
1.59
1.5
1.21
0.83
0.61
0.57
0.47
0.44
0.44
0.34
0.33
0.32
0.31
0.3
Weighting
Change
5
5
5
2
5
3
5
5
3
5
3
5
1
1
3
3
5
4
5
5
5
5
5
5
3
5
5
5
3
5
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
287'390
(1'584'992)
525'890
(2'024'000)
(81'020)
(210'659)
(194'792)
(9'605)
21'870
(194'720)
(6'360)
-
Target Price
44
51
47
38
47
44
49
48
42
54
40
48
44
41
42
39
48
40
50
47
49
45
46
#N/A N/A
#N/A N/A
#N/A N/A
45
44
42
45
#N/A N/A
38
44
46
File Dt
31.12.2011
15.03.2012
06.01.2012
14.03.2012
31.12.2011
31.12.2012
31.12.2012
31.12.2011
19.02.2013
31.12.2012
30.11.2012
31.12.2012
31.12.2011
15.02.2013
31.01.2013
31.05.2012
31.12.2012
31.12.2012
15.02.2013
30.09.2012
Date
12 month
12 month
12 month
6 month
12 month
Not Provided
3 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Corporation
Holding Company
Investment Advisor
Government
Government
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
19.02.2013
19.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
07.02.2013
06.02.2013
05.02.2013
17.01.2013
17.01.2013
15.01.2013
15.01.2013
09.01.2013
03.12.2012
27.11.2012
06.11.2012
01.08.2012
02.07.2012
30.04.2012
19.05.2010
20.02.2013
Unibail-Rodamco SE
Unibail-Rodamco leases and rents building space, finances real estate
investments, and renovates real estate for sale. The Company's properties,
mainly shopping centers, office buildings, and convention-exhibition centers,
are primarily located in city centers or near major access routes. The Company
opted for the SIIC legal status in 2003.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.12.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UL FP EQUITY YTD Change
UL FP EQUITY YTD % CHANGE
12/2012
01/yy
188.50
130.50
267'561.00
174.6
-7.37%
33.79%
80.17%
94.9
16'568.14
11'919.00
0.0
1'583.1
63.10
30'007.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'642.5
11.17x
1'309.7
14.01x
(1'116.0)
-
200
180
160
140
120
100
80
60
40
20
0
f-12 m-12
31.12.2009
31.12.2010
1'363.3
1'716.4
17.14x
14.60x
931.4
1'254.8
25.09x
19.97x
(1'467.8)
2'187.6
6.19x
Profitability
31.12.2011
1'939.9
12.81x
1'184.2
20.99x
1'327.8
9.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'722.7
17.56x
1'187.1
25.48x
1'458.6
11.52x
1'187.10
532.30
30.90%
105.67%
5.21%
11.89%
6.71%
0.06%
68.9%
84.7%
40.31%
92.38%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
f-13
0.89
94.52
25.61%
-4.04%
0.891
30
3.433
286'423
291'766
303'085
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'573.4
1'750.3
19.11x
17.44x
1'397.1
1'511.6
21.48x
19.85x
965.1
1'050.9
17.19x
15.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.06.2007
A
STABLE
27.06.2007
A-1
1.82
-0.27
9.99
10.04
92.4%
45.1%
0.06
-
20.00
2'500.0
18.00
2'000.0
16.00
14.00
1'500.0
12.00
10.00
1'000.0
8.00
6.00
500.0
4.00
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Unibail-Rodamco SE
Holdings By:
All
Holder Name
AMUNDI
COHEN & STEERS INC
BLACKROCK
SOCIETE GENERALE
UBS
VANGUARD GROUP INC
NATIXIS
COHEN & STEERS CAPIT
FMR LLC
STATE STREET
MORGAN STANLEY
LASALLE INVESTMENT M
ABN AMRO ASSET MGMT
EUROPEAN INVESTORS I
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Oddo & Cie

MARINE LAFITTE
Morgan Stanley
BART GYSENS
Banco Sabadell
IGNACIO ROMERO
MICHAEL BURT
AlphaValue
PIERRE-LOUP ETIENNE
Goldman Sachs
JULIAN LIVINGSTON-BOOTH
Jefferies
ROBERT DUNCAN
STEFAN BONGARDT
Petercam
STEPHAN VAN WEEREN
MARTIJN VAN DEN EIJNDEN
Societe Generale
MICHEL VARALDO
SAMUEL HENRY-DIESBACH
Exane BNP Paribas
NICK WEBB
Deutsche Bank
MARTIN ALLEN
HSBC
STEPHANIE DOSSMANN
Bank Degroof(ESN)
DRIES DURY
Berenberg Bank
KAI MALTE KLOSE
Natixis
SERGE DEMIRDJIAN
S&P Capital IQ
WILLIAM HOWLETT
ING Bank
JAAP KUIN
ABN Amro Bank N.V.
JAN WILLEM VAN KRANENBURG
EVA Dimensions
AUSTIN BURKETT
Kempen & Co
BOUDEWIJN SCHOON
Credit Suisse
STEVE BRAMLEY-JACKSON
JPMorgan
HARM M MEIJER
Day by Day
VALERIE GASTALDY
HANS-PETER KUHLMANN
Barclays
AARON GUY
CA Cheuvreux
BRUNO DUCLOS
Edge Capital Research
KONSTANTIN BOYCHINOV
Tradition Securities & Futures
LAETITIA D'EPREMESNIL
Source
Research
Co File
MF-AGG
ULT-AGG
Co File
Research
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Research
MF-AGG
Recommendation
neutral
Equalwt/Attractive
buy
buy
reduce
Buy/Neutral
hold
sell
hold
hold
buy
hold
underperform
buy
neutral
hold
buy
neutral
hold
hold
hold
underweight
neutral
outperform
overweight
buy
hold
equalweight
underperform
outperform
hold
Amt Held
4'248'948
3'642'122
2'943'120
2'911'422
2'585'395
2'351'985
2'148'338
1'896'330
1'858'269
1'323'509
1'273'033
1'014'174
990'860
960'011
929'896
830'851
823'883
798'051
777'640
631'232
% Out
4.48
3.84
3.1
3.07
2.72
2.48
2.26
2
1.96
1.39
1.34
1.07
1.04
1.01
0.98
0.88
0.87
0.84
0.82
0.67
Weighting
Change
3
3
5
5
2
5
3
1
3
3
5
3
1
5
3
3
5
3
3
3
3
1
3
5
5
5
3
3
1
5
3
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
M
Latest Chg
(2'990)
(27'121)
40'412
(3'161'695)
1'135
57'491
(160'832)
(255'982)
(438'874)
(1'638)
(14'564)
19'761
169'706
13'769
92'667
(186'289)
(124'346)
Target Price
194
163
141
209
162
208
167
165
184
190
210
178
164
206
183
180
185
164
180
185
163
#N/A N/A
175
186
195
190
175
176
145
160
150
File Dt
Inst Type
17.02.2012
Investment Advisor
01.03.2012
Corporation
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
01.03.2012
Investment Advisor
21.05.2012
Bank
28.12.2012
Unclassified
31.12.2012
Investment Advisor
01.03.2012
Investment Advisor
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
21.08.2012
Investment Advisor
17.07.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
9 month
3 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
19.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
12.02.2013
12.02.2013
08.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
14.01.2013
11.01.2013
09.01.2013
29.11.2012
06.11.2012
31.08.2012
02.02.2012
29.09.2011
06.07.2011
20.02.2013
UniCredit SpA
UniCredit SpA attracts deposits and offers commercial banking services. The
Bank offers consumer credit, mortgages, life insurance, business loan,
investment banking, asset management, and other services. UniCredit operates
worldwide.
Price/Volume
6
250.0 M
200.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (30.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UCG IM EQUITY YTD Change
UCG IM EQUITY YTD % CHANGE
12/2011
09/yy
4.88
2.25
63'058'562.00
4.23
-13.32%
87.67%
79.13%
5'787.1
24'500.59
334'658.25
0.0
3'318.2
56'215.54
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
100.0 M
50.0 M
1
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
55'285.3
5'901.3
10.65x
150.0 M
Valuation Analysis
31.12.2008
31.12.2009
65'266.9
47'278.6
4'011.8
1'702.3
5.74x
23.66x
Profitability
LTM-4Q
31.12.2010
41'223.4
1'323.3
24.19x
31.12.2011
41'968.2
(9'206.4)
10.75%
-23.82%
0.16%
2.67%
0.50%
0.03%
-33.1%
36.11%
650.08%
-
LTM
09/yy
25'850.5
0.00x
0.0
0.00x
(8'999.3)
0.00x
09/yy
26'215.4
0.00x
0.0
0.00x
1'531.9
0.00x
FY+1
1.47
4'387.84
-1.17%
14.14%
1.470
40
2.650
59'555'440
#########
97'651'660
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
25'435.7
24'919.2
5'949.0
6'466.0
1'196.7
1'574.4
113.5
19.67x
15.11x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.02.2012
BBB+
NEG
10.02.2012
A-2
650.1%
85.9%
0.03
2.17
-
70'000.0
60'000.0
50'000.0
0.80
40'000.0
0.60
30'000.0
0.40
20'000.0
10'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
UniCredit SpA
Holdings By:
All
Holder Name
BLACKROCK
AABAR LUX SARL
PGFF LUX SARL
PGFF LUX SARL
CARIMONTE HOLDING SP
CENTRAL BANK OF LIBY
DODGE & COX
DELFIN SARL
VANGUARD GROUP INC
FRANKLIN RESOURCES
ALLIANZ SPA
BLACKROCK LUXEMBOURG
ALLIANZ FINANCE IV L
CARMIGNAC GESTION
BLACKROCK ADVISORS L
Firm Name
Banca IMI
ICBPI
Nomura
Banca Akros(ESN)
Day by Day
Exane BNP Paribas
AlphaValue
Berenberg Bank
Mediobanca SpA
RBC Capital Markets
Goldman Sachs
Equita SIM SpA
Macquarie
Morgan Stanley
Societe Generale
Oddo & Cie
Deutsche Bank
EVA Dimensions
Credit Suisse
JPMorgan
DZ Bank AG
Grupo Santander
Barclays
HSBC
Hamburger Sparkasse
Natixis
S&P Capital IQ
CA Cheuvreux
Centrobanca
Redburn Partners
Nord/LB
Hammer Partners SA
Banco Sabadell
Portfolio Name
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
MANUELA MERONI
LUCA COMI
DOMENICO SANTORO
LUIGI TRAMONTANA
VALERIE GASTALDY
ANDREA VERCELLONE
DAVID GRINSZTAJN
ELENI PAPOULA
ANDREA FILTRI
ANKE REINGEN
JEAN-FRANCOIS NEUEZ
GIOVANNI RAZZOLI
FRANCESCA TONDI
STEFAN BONGARDT
CARLO TOMMASELLI
JULIE LEGRAND
PAOLA SABBIONE
AUSTIN BURKETT
IGNACIO CEREZO
ANNA MARIA BENASSI
MARTA BASTONI
CHRISTOPH BAST
TANIA GOLD
ANTONIO RIZZO
RONNY REHN
CARLO DIGRANDI
CHRISTIAN HAMANN
WERNER SCHIRMER
STEVEN GOULD
FRANK BRADEN
ALDO COMI
GUGLIELMO MARCO OPIPARI
GEORGE KARAMANOS
MICHAEL SEUFERT
ENRICO RACIOPPI
MARIO LODOS
Source
ULT-AGG
Research
ULT-AGG
EXCH
EXCH
Research
Research
Research
Research
MF-AGG
Research
MF-AGG
ULT-AGG
Research
Research
Research
MF-AGG
Research
MF-AGG
MF-AGG
Recommendation
hold
sell
neutral
hold
hold
neutral
add
hold
outperform
sell
underperform
Buy/Neutral
buy
outperform
Overwt/In-Line
hold
hold
reduce
buy
hold
neutral
hold
neutral
sell
underweight
equalweight
underperform
underweight
hold
sell
neutral
sell
underperform
sell
neutral
sell
sell
Under Review
Amt Held
473'528'375
376'220'171
292'971'557
290'000'000
289'992'198
204'516'549
173'381'885
152'258'925
145'082'905
126'635'987
116'031'602
109'307'635
104'076'572
68'982'379
55'961'376
42'130'178
41'185'296
19'271'084
18'946'908
18'229'636
% Out
8.18
6.5
5.06
5.01
5.01
3.53
3
2.63
2.51
2.19
2
1.89
1.8
1.19
0.97
0.73
0.71
0.33
0.33
0.32
Weighting
Change
3
1
3
3
3
3
4
3
5
1
1
5
5
5
5
3
3
2
5
3
3
3
3
1
1
3
1
1
3
1
3
1
1
1
3
1
1
#N/A N/A
M
M
M
M
D
M
M
M
M
N
M
U
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
(478'031)
(44'865'281)
14'322'490
386'064
(30'552'663)
(111'154)
583'732
Target Price
4
4
5
4
#N/A N/A
4
5
5
6
3
3
6
6
5
6
5
5
3
5
#N/A N/A
4
4
3
3
3
3
3
3
#N/A N/A
3
3
3
3
3
#N/A N/A
#N/A N/A
2
#N/A N/A
File Dt
20.02.2013
11.02.2013
11.02.2013
20.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
29.01.2013
11.02.2013
31.12.2012
31.12.2012
11.02.2013
11.02.2013
11.02.2013
31.12.2012
11.02.2013
30.11.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Other
Investment Advisor
Other
Other
Bank
Unclassified
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
20.02.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
08.02.2013
30.01.2013
30.01.2013
29.01.2013
28.01.2013
28.01.2013
25.01.2013
23.01.2013
22.01.2013
21.01.2013
18.01.2013
17.01.2013
17.01.2013
16.01.2013
10.01.2013
07.01.2013
12.12.2012
11.12.2012
10.12.2012
03.12.2012
27.11.2012
16.11.2012
15.11.2012
14.11.2012
13.11.2012
06.11.2012
05.11.2012
02.11.2012
23.10.2012
19.06.2012
05.03.2012
20.02.2013
Unilever NV
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Price/Volume
35
18.0 M
30
16.0 M
14.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.01.2013)
52-Week Low (13.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UNA NA EQUITY YTD Change
UNA NA EQUITY YTD % CHANGE
12/2012
12/yy
30.20
24.51
3'602'126.00
29.955
-0.81%
22.24%
93.42%
1'714.7
90'362.81
10'221.00
0.0
557.0
2'866.00
98'274.81
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
15
8.0 M
6.0 M
10
4.0 M
2.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
40'523.0
1.41x
6'793.0
8.39x
5'027.0
9.69x
12.0 M
20
31.12.2009
31.12.2010
39'823.0
44'262.0
1.77x
1.64x
6'887.0
7'620.0
10.25x
9.54x
3'370.0
4'244.0
18.80x
15.43x
Profitability
LTM-4Q
31.12.2011
46'467.0
1.82x
7'462.0
11.30x
4'252.0
17.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
51'324.0
1.75x
8'188.0
10.94x
4'480.0
18.25x
8'188.00
6'989.00
13.62%
13.02%
9.56%
30.42%
19.56%
1.10%
39.9%
15.9%
13.5%
8.7%
0.77
0.18
22.14%
67.43%
-
Price/ Cash Flow
LTM
12/yy
46'467.0
0.00x
0.0
0.00x
2'235.0
0.00x
12/yy
51'324.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-13
3.27
0.60
21.40%
4.75%
0.600
45
3.533
3'969'878
3'691'435
3'324'571
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'478.9
56'487.8
12'678.3
13'837.2
1.82x
1.69x
8'800.9
9'408.6
11.17x
10.44x
4'930.7
5'367.7
17.68x
16.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.10.2000
A+
STABLE
05.10.2000
A-1
15.57
11.49
0.90
1.25
67.4%
39.4%
1.10
5.63
-3.09
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Unilever NV
Holdings By:
All
Holder Name
FOUNDATION UNILEVER
UNILEVER NV
VANGUARD GROUP INC
BLACKROCK
FMR LLC
DEUTSCHE BANK AG
ELMA EN UNITED HOLDS
MORGAN STANLEY
MACKENZIE FINANCIAL
AMUNDI
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Banco Sabadell
IGNACIO ROMERO
Morgan Stanley
EILEEN KHOO
Day by Day
VALERIE GASTALDY
ANDREW WOOD
EDDY HARGREAVES
HSBC
CEDRIC BESNARD
BARBARA AMBRUS
Jefferies
ALEX HOWSON
Hamburger Sparkasse
ALEX SMITH
RBC Capital Markets
Berenberg Bank
JAMES TARGETT
Liberum Capital Ltd
PABLO ZUANIC
Societe Generale
WARREN L ACKERMAN
Deutsche Bank
HAROLD THOMPSON
Goldman Sachs
ALEXIS COLOMBO
SNS Securities(ESN)
RICHARD WITHAGEN
KAREL ZOETE
JON COX
Nomura
DAVID HAYES
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Helvea
ANDREAS VON ARX
ABN Amro Bank N.V.
ROBERT JAN VOS
Grupo Santander
PEDRO GIL
Credit Suisse
CHARLES MILLS
Aurel - BGC
JEAN-MARIE L'HOME
LARS LUSEBRINK
Petercam
FERNAND DE BOER
National Bank AG
MANFRED JAISFELD
S&P Capital IQ
CARL SHORT
Exane BNP Paribas
JEFF STENT
Barclays
IAIN SIMPSON
CA Cheuvreux
ERIC BOROIAN
Natixis
PIERRE TEGNER
ING Bank
MARCO GULPERS
EVA Dimensions
AUSTIN BURKETT
TOM MULLER
Kempen & Co
ERWIN DUT
JPMorgan
CELINE PANNUTI
Redburn Partners
JEREMY FIALKO
Mirabaud Securities
JULIAN LAKIN
DZ Bank AG
ROBERT CZERWENSKY
Source
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Research
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
Equalwt/In-Line
buy
outperform
hold
overweight
hold
hold
hold
neutral
underperform
buy
buy
sell
hold
Buy/Neutral
accumulate
buy
buy
reduce
outperform
accumulate
hold
buy
neutral
hold
hold
hold
hold
hold
hold
neutral
overweight
outperform
reduce
hold
overweight
buy
hold
overweight
neutral
hold
sell
Amt Held
1'268'224'230
141'560'629
33'770'000
30'880'146
20'911'044
16'489'726
11'633'435
9'447'002
8'231'402
8'028'108
7'244'584
7'200'000
6'428'550
6'163'468
5'845'234
5'815'114
5'428'364
5'387'703
5'184'198
4'296'381
% Out
73.96
8.26
1.97
1.8
1.22
0.96
0.68
0.55
0.48
0.47
0.42
0.42
0.37
0.36
0.34
0.34
0.32
0.31
0.3
0.25
Weighting
Change
1
3
5
5
3
5
3
3
3
3
1
5
5
1
3
5
4
5
5
2
5
4
3
5
3
3
3
3
3
3
3
3
5
5
2
3
5
5
3
5
3
3
1
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'842'700)
903'626
(333'696)
(247'678)
(188'682)
(57'347)
(23'642)
8'028'108
(2'441)
(789'445)
126'290
153'674
(623'877)
(537'200)
1'079'286
Target Price
26
27
30
34
31
35
32
32
#N/A N/A
29
25
35
37
28
30
37
35
34
33
30
36
33
30
33
30
26
32
30
30
30
31
30
34
30
27
29
#N/A N/A
33
29
30
#N/A N/A
28
22
File Dt
Inst Type
28.02.2011
Other
31.12.2011
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011 Pension Fund (ERISA)
19.10.2011
Other
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
15.02.2013
Investment Advisor
Date
12 month
12 month
3 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
15.02.2013
11.02.2013
11.02.2013
04.02.2013
01.02.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
21.01.2013
21.01.2013
21.01.2013
17.01.2013
15.01.2013
06.01.2013
26.10.2012
24.09.2012
06.09.2012
03.02.2012
20.02.2013
Vinci SA
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Price/Volume
45
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.03.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DG FP EQUITY YTD Change
DG FP EQUITY YTD % CHANGE
12/2012
09/yy
40.85
31.23
1'541'464.00
35.225
-13.76%
12.79%
47.63%
577.3
20'337.06
20'193.80
0.0
735.4
6'516.10
34'750.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
f-12 m-12
31.12.2009
31.12.2010
31'177.7
34'002.8
1.09x
1.07x
4'813.1
5'165.6
7.03x
7.01x
1'596.0
1'775.9
12.07x
12.14x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
37'646.1
0.86x
5'445.9
5.93x
1'904.3
9.59x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
38'633.6
0.87x
5'507.8
6.12x
1'916.7
10.07x
5'507.80
3'568.90
9.24%
7.75%
3.14%
14.62%
7.32%
0.63%
14.1%
9.3%
5.0%
0.87
0.46
32.79%
151.44%
6.49
-
Price/ Cash Flow
LTM
09/yy
33'699.5
0.00x
0.0
0.00x
0.0
0.00x
09/yy
37'494.5
0.00x
0.0
0.00x
0.0
0.00x
FY+1
3.12
1.10
504.12
-4.30%
-2.04%
1.098
31
4.323
1'506'225
1'503'842
1'452'926
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
38'887.8
39'821.3
10'174.8
0.86x
0.82x
5'533.1
5'706.6
6.28x
6.09x
1'929.3
2'031.8
10.04x
9.56x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.03.2007
BBB+
STABLE
24.04.2001
A-2
7.58
4.83
2.51
3.70
151.4%
58.9%
0.63
8.40
56.37
-
8.00
45'000.0
7.00
40'000.0
6.00
35'000.0
30'000.0
5.00
25'000.0
4.00
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
5'000.0
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
33'930.3
0.90x
5'009.2
6.09x
1'591.4
8.85x
15
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20.02.2013
Vinci SA
Holdings By:
All
Holder Name
VINCI SA
COMET LUXEMBOURG HLD
VANGUARD GROUP INC
ARTEMIS SA
FRANKLIN RESOURCES
BLACKROCK
FMR LLC
AMUNDI
AVIVA PLC
LBPAM
COHEN & STEERS CAPIT
DEUTSCHE BANK AG
DNCA FINANCE
Firm Name
Aurel - BGC
BPI
Banco Sabadell
Day by Day
AlphaValue
Raymond James
EVA Dimensions
Societe Generale
Hamburger Sparkasse
Natixis
S&P Capital IQ
Bryan Garnier & Cie
Exane BNP Paribas
Deutsche Bank
RBC Capital Markets
Barclays
Morgan Stanley
Goldman Sachs
HSBC
CA Cheuvreux
JPMorgan
DZ Bank AG
Oddo & Cie
Nord/LB
National Bank AG
Portfolio Name
n/a
#N/A N/A
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Source
Research
Research
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
ERIC LEMARIE
FILIPE MARTINS LEITE
MARIA CEBOLLERO
VALERIE GASTALDY
GAETAN DUPONT
ARNAUD PALLIEZ
CRAIG STERLING
MURIEL FELLOUS
INGO SCHMIDT
GREGOIRE THIBAULT
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
JAWAHAR HINGORANI
SVEN EDELFELT
NICOLAS MORA
LUIS PRIETO
OLIVIA PETERS
SUSANNA INVERNIZZI
JAIME ROWBOTHAM
WILL MORGAN
PIERRE BOSSET
NABIL AHMED
ELODIE RALL
MARC NETTELBECK
HANS-PETER KUHLMANN
OLIVIER BECKER
JOSEP PUJAL
HEINO HAMMANN
STEFFEN MANSKE
hold
accumulate
buy
hold
buy
outperform
sell
buy
buy
buy
hold
buy
strong buy
strong buy
buy
neutral
buy
sector perform
overweight
Overwt/In-Line
Buy/Neutral
neutral
outperform
overweight
buy
hold
buy
buy
buy
hold
Amt Held
40'940'297
31'714'315
13'142'000
9'091'318
8'072'735
7'751'826
7'426'360
5'094'544
4'648'541
3'963'458
2'633'758
2'225'496
1'945'486
1'697'463
1'663'965
1'622'179
1'566'679
1'457'470
1'325'000
1'201'107
% Out
7.09
5.49
2.28
1.57
1.4
1.34
1.29
0.88
0.81
0.69
0.46
0.39
0.34
0.29
0.29
0.28
0.27
0.25
0.23
0.21
Weighting
Change
3
4
5
3
5
5
1
5
5
5
3
5
5
5
5
3
5
3
5
5
5
3
5
5
5
3
5
5
5
3
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
2'679'200
176'206
194'046
(349'909)
(468'130)
997'150
(53'772)
(491)
(29'311)
19'058
(91'713)
133'200
(25'511)
53'000
(180'000)
(1'758)
Target Price
37
48
43
#N/A N/A
50
45
#N/A N/A
48
#N/A N/A
48
40
44
45
45
45
41
47
40
45
42
46
40
43
49
41
37
49
50
#N/A N/A
43
File Dt
Inst Type
31.12.2012
Corporation
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Holding Company
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
15.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
11.02.2013
11.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
01.02.2013
30.01.2013
29.01.2013
23.01.2013
15.01.2013
14.01.2013
04.01.2013
21.11.2012
17.09.2012
17.09.2012
01.08.2012
01.08.2012
01.08.2012
14.06.2012
27.07.2011
20.02.2013
Vivendi SA
Vivendi, through its subsidiaries, conducts operations ranging from music, games
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.12.2012)
52-Week Low (19.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VIV FP EQUITY YTD Change
VIV FP EQUITY YTD % CHANGE
12/2011
09/yy
17.44
12.01
3'696'099.00
15.465
-11.30%
28.72%
70.39%
1'324.0
20'475.08
15'710.00
0.0
2'623.0
3'782.00
38'090.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
25'392.0
27'132.0
1.55x
1.44x
6'774.0
7'682.0
5.82x
5.07x
2'603.0
830.0
10.43x
30.14x
Profitability
LTM-4Q
31.12.2010
28'878.0
1.29x
8'020.0
4.64x
2'198.0
11.35x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
28'813.0
1.24x
8'847.0
4.03x
2'681.0
7.83x
8'847.00
6'240.00
21.66%
17.72%
2.76%
7.87%
6.63%
0.51%
50.1%
32.9%
20.6%
9.3%
0.71
0.46
28.20%
80.78%
20.97
Price/ Cash Flow
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
09/yy
29'039.0
5.01x
8'081.0
4.31x
3'358.0
5.66x
09/yy
28'534.0
4.94x
9'389.0
4.01x
1'533.0
13.02x
FY+1
.0 M
f-13
0.83
1'147.24
3.83%
-8.76%
0.833
33
4.030
3'782'277
3'502'575
3'554'012
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
28'528.1
28'744.4
7'810.4
6'978.0
1.29x
1.25x
7'946.3
7'834.0
1'849.0
4.79x
4.86x
2'494.0
2'390.2
447.5
7.70x
8.03x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.10.2012
BBB
NEG
26.10.2012
A-2
16.72
10.36
1.59
1.97
80.8%
41.6%
0.51
3.17
17.46
314.48
-282.51
4.50
70'000.0
4.00
60'000.0
3.50
50'000.0
3.00
2.50
40'000.0
2.00
30'000.0
1.50
20'000.0
1.00
10'000.0
0.50
0.00
02.01.2009
35.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
21'657.0
2.01x
6'301.0
6.92x
2'625.0
13.89x
20
18
16
14
12
10
8
6
4
2
0
f-12 m-12
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Vivendi SA
Holdings By:
All
Holder Name
BLACKROCK
CIE DE CORNOUAILLE S
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
PEG VIVENDI
BAUPOST GROUP LLC
NORGES BANK INVESTME
QATAR HOLDINGS LLC
VANGUARD GROUP INC
AMUNDI
BANK OF AMERICA CORP
FMR LLC
UBS
CREDIT SUISSE SECURI
GROUPE BOLLORE
HSBC HOLDINGS PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst

CLAUDIO ASPESI
Credit Suisse
OMAR SHEIKH
Banco Sabadell
ANDRES BOLUMBURU
ERIC RAVARY
Oddo & Cie
BRUNO HARENG
Macquarie
ANGUS TWEEDIE
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
CHARLES BEDOUELLE
Goldman Sachs
RICHARD JONES
HSBC
NICOLAS COTE-COLISSON
AlphaValue
Barclays
JULIEN ROCH
Grupo Santander
CA Cheuvreux
ANDREA BENEVENTI
CONOR O'SHEA
Societe Generale
CHRISTOPHE CHERBLANC
EVA Dimensions
ANDREW S ZAMFOTIS
Morgan Stanley
PATRICK WELLINGTON
Nomura
MATTHEW WALKER
LARS LUSEBRINK
JPMorgan
FILIPPO PIETRO LO FRANCO
Jefferies
WILL SMITH
WILL DRAPER
S&P Capital IQ
ALEXANDER WISCH
Liberum Capital Ltd
IAN WHITTAKER
Raymond James
STEPHANE BEYAZIAN
MIRKO MAIER
Natixis
JEROME BODIN
National Bank AG
STEFFEN MANSKE
Hamburger Sparkasse
ANNEMARIE SCHLUETER
Deutsche Bank
PATRICK KIRBY
DZ Bank AG
HARALD HEIDER
Source
ULT-AGG
Research
Research
Research
Research
Co File
ULT-AGG
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Recommendation
market perform
outperform
buy
hold
buy
outperform
hold
neutral
neutral/neutral
neutral
buy
overweight
buy
outperform
buy
buy
overweight
Equalwt/Attractive
buy
hold
overweight
buy
buy
strong buy
buy
outperform
hold
buy
sell
hold
hold
buy
Amt Held
78'997'975
66'174'684
62'157'815
57'756'435
57'389'860
48'191'364
33'886'570
33'192'445
26'349'991
25'862'423
25'789'649
23'528'321
22'217'556
21'195'055
19'320'712
19'020'187
18'735'055
17'995'960
14'021'059
13'811'784
% Out
5.97
5
4.69
4.36
4.33
3.64
2.56
2.51
1.99
1.95
1.95
1.78
1.68
1.6
1.46
1.44
1.42
1.36
1.06
1.04
Weighting
Change
3
5
5
3
5
5
3
3
3
3
5
5
5
5
5
5
5
3
5
3
5
5
5
5
5
5
3
5
1
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U
D
M
D
D
M
M
Latest Chg
22'931
(36'465'062)
(5'812'102)
29'924'444
227'729
673'572
1'009'420
(397'584)
203'260
312'743
-
Target Price
18
19
18
17
19
17
#N/A N/A
19
19
18
24
18
22
16
19
17
#N/A N/A
17
18
18
20
19
18
18
20
19
17
22
16
#N/A N/A
16
23
File Dt
Inst Type
19.02.2013
Investment Advisor
14.11.2012
Unclassified
30.04.2012
Bank
14.05.2012
Investment Advisor
10.05.2012
Investment Advisor
31.12.2011
Government
31.12.2012
Investment Advisor
31.12.2011
Other
31.12.2011
Government
31.12.2011
Government
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Unclassified
31.12.2011
Investment Advisor
31.12.2011
Holding Company
31.12.2011
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
18.02.2013
15.02.2013
15.02.2013
08.02.2013
08.02.2013
05.02.2013
05.02.2013
05.02.2013
01.02.2013
31.01.2013
31.01.2013
24.01.2013
23.01.2013
23.01.2013
22.01.2013
21.01.2013
17.01.2013
08.01.2013
04.12.2012
03.12.2012
26.11.2012
15.11.2012
15.11.2012
14.11.2012
24.10.2012
22.10.2012
15.10.2012
21.09.2012
04.04.2012
08.03.2012
01.03.2012
06.12.2011
20.02.2013
Volkswagen AG
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VOW3 GY EQUITY YTD Change
VOW3 GY EQUITY YTD % CHANGE
12/2011
09/yy
187.40
115.95
540'029.00
180.7
-3.58%
55.84%
91.04%
170.1
81'131.92
93'533.00
0.0
5'815.0
24'437.00
176'349.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
108'897.0
0.89x
15'133.0
6.43x
4'120.0
14.94x
200
180
160
140
120
100
80
60
40
20
0
f-12 m-12
31.12.2008
31.12.2009
113'808.0
105'187.0
1.22x
0.97x
14'854.0
10'896.0
9.34x
9.35x
4'753.0
960.0
20.97x
32.35x
Profitability
LTM-4Q
31.12.2010
126'875.0
0.83x
16'659.0
6.29x
6'835.0
6.98x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
159'337.0
0.77x
21'365.0
5.76x
15'409.0
3.13x
21'365.00
11'032.00
6.92%
11.88%
8.24%
33.69%
0.70%
17.6%
12.5%
5.8%
9.7%
1.01
0.33
36.88%
162.56%
5.71
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
1.16
143.79
28.46%
4.97%
1.159
39
4.564
622'424
716'483
750'532
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
150'607.0 187'284.0 192'317.8 205'221.3
49'541.3
54'027.0
2.91x
2.94x
0.43x
0.39x
1.46x
20'601.0
23'360.0
21'827.0
25'036.4
4'387.0
5.06x
6.67x
8.08x
7.04x
16'363.0
22'166.0
17'629.9
10'963.5
2'539.7
2'360.0
2.65x
2.74x
5.13x
7.62x
9.31x
S&P Issuer Ratings
31.08.2009
Long-Term Rating
ALong-Term Outlook
POS
15.06.2004
Short-Term Rating
A-2
Credit Ratios
18.64
11.59
Net Debt/EBITDA
3.89
Total Debt/EBITDA
4.98
Reference
Total Debt/Equity
162.6%
Total Debt/Capital
59.6%
Asset Turnover
0.70
3.85
Inventory Days
64.15
36.84
45.36
14.00
180'000.0
12.00
160'000.0
140'000.0
10.00
120'000.0
8.00
100'000.0
6.00
80'000.0
60'000.0
4.00
40'000.0
2.00
0.00
02.01.2009
20'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
20.02.2013
Volkswagen AG
Holdings By:
All
Holder Name
QATAR HOLDINGS LLC
BLACKROCK
FMR LLC
VANGUARD GROUP INC
CARMIGNAC GESTION
DEUTSCHE BANK AG
BG MASTER FUND PLC
AMUNDI
ADIG INVESTMENT
INVESCO LTD
JP MORGAN
UBS
UMB BANK N A
Firm Name
Morgan Stanley
AlphaValue
Nord/LB
Redburn Partners
EVA Dimensions
Bankhaus Metzler
HSBC
Exane BNP Paribas
National Bank AG
Day by Day
Macquarie
DZ Bank AG
JPMorgan
Societe Generale
Bankhaus Lampe
Goldman Sachs
Oddo & Cie
Credit Suisse
Hamburger Sparkasse
Main First Bank AG
Barclays
Cyrrus
S&P Capital IQ
Hammer Partners SA
Natixis
Deutsche Bank
CA Cheuvreux
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
MAX WARBURTON
STUART PEARSON
FRANK BILLER
HANS-PETER WODNIOK
FRANK SCHWOPE
CHARLES WINSTON
CRAIG STERLING
MARC-RENE TONN
JUERGEN PIEPER
DANIEL SCHWARZ
HORST SCHNEIDER
RABIH FREIHA
MANFRED JAISFELD
MICHAEL RAAB
VALERIE GASTALDY
ZAFER RUZGAR
MICHAEL PUNZET
JOSE ASUMENDI
STEPHEN REITMAN
CHRISTIAN LUDWIG
STEFAN BURGSTALLER
FRANCOIS MAURY
ERICH HAUSER
LOTHAR LUBINETZKI
MICHAEL TYNDALL
TIM SCHULDT
JIRI SIMARA
MARNIE COHEN
ALBERTO ROLLA
GEORGES DIENG
JOCHEN GEHRKE
ALEXANDER NEUBERGER
Source
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
market perform
Overwt/In-Line
buy
reduce
buy
buy
hold
buy
buy
buy
buy
overweight
outperform
buy
buy
buy
buy
neutral
buy
overweight
buy
buy
buy/attractive
neutral
outperform
buy
outperform
neutral
overweight
buy
buy
buy
buy
buy
buy
outperform
Amt Held
% Out
26'355'116 15.49
6'739'221
3.96
6'373'641
3.75
5'769'375
3.39
4'851'809
2.85
2'664'085
1.57
2'561'075
1.51
1'823'701
1.07
1'646'609
0.97
(1'208'014) -0.71
1'186'836
0.7
992'796
0.58
898'792
0.53
768'556
0.45
689'434
0.41
546'260
0.32
527'752
0.31
466'852
0.27
445'028
0.26
442'029
0.26
Weighting
Change
3
5
5
2
5
5
3
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
3
5
5
5
3
5
5
5
5
5
5
5
5
M
M
M
M
U
M
D
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
527'001
(887'122)
592'800
(276'124)
(51'122)
1'011'201
7'303
(153'129)
187'225
492'492
(29'313)
31'000
6'943
(4'652)
313
82'856
19'646
Target Price
170
220
213
181
198
#N/A N/A
#N/A N/A
223
216
181
205
218
194
210
203
202
220
175
188
230
215
200
240
160
195
#N/A N/A
207
141
197
190
170
181
168
175
200
200
File Dt
Inst Type
10.03.2011
Government
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
07.11.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Unclassified
28.12.2012
Unclassified
15.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
19.02.2013
15.02.2013
14.02.2013
14.02.2013
12.02.2013
12.02.2013
12.02.2013
06.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
29.01.2013
28.01.2013
28.01.2013
25.01.2013
23.01.2013
23.01.2013
18.01.2013
14.01.2013
11.01.2013
10.01.2013
10.01.2013
08.01.2013
06.12.2012
30.11.2012
16.11.2012
13.11.2012
06.11.2012
29.10.2012
24.10.2012
18.10.2012
10.10.2012
02.08.2012
30.04.2012

Fundamental Equity Analysis &amp; Analyst Recommendations - SX5E Eurostoxx 50 Index Components

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Fundamental Equity Analysis &amp; Analyst Recommendations - SX5E Eurostoxx 50 Index Components

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This material does not constitute investment advice and should not be

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

Fundamental Analysis &

Valuation Measures I/II

Minority Cash and Enterprise

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

BANCO BILBAO VIZCAYA ARGENTA

BAYERISCHE MOTOREN WERKE AG

DAIMLER AG-REGISTERED SHARES

DEUTSCHE BANK AG-REGISTERED

DEUTSCHE TELEKOM AG-REG

ING GROEP NV-CVA

KONINKLIJKE PHILIPS ELECTRON

LVMH MOET HENNESSY LOUIS VUI

MUENCHENER RUECKVER AG-REG

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

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

BANCO BILBAO VIZCAYA ARGENTA

BAYERISCHE MOTOREN WERKE AG

DAIMLER AG-REGISTERED SHARES

DEUTSCHE BANK AG-REGISTERED

DEUTSCHE TELEKOM AG-REG

ING GROEP NV-CVA

KONINKLIJKE PHILIPS ELECTRON

LVMH MOET HENNESSY LOUIS VUI

MUENCHENER RUECKVER AG-REG

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

Latest Fiscal Year:

Fiscal Year Ended

Price/ Cash Flow

Long-Term Rating Date

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

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

Fiscal Year Ended

Price/ Cash Flow

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

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

Fiscal Year Ended

Price/ Cash Flow

Long-Term Rating Date

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

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

Fundamental Equity Analysis & Analyst Recommendations - SX5E Eurostoxx 50 Index Components

Fundamental Equity Analysis & Analyst Recommendations - SX5E Eurostoxx 50 Index Components