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This material does not constitute investment advice and should not be

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


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

Fundamental Analysis &


Analyst Recommendations
OEX Index - S&P100 Index
April 2013

Q M S Advisors
.

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II


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

Minority
Interest
(USD)

Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)

Tot. Rev. LFY

Est. Tot.
Rev. - Tr.
12M

EBITDA

Earnings Per Share

Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E
Ratio - Tr.
12M

Rev. Growth

EBITDA Growth

Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT
Credit
Rating -

S&P LT Credit
Rating Date

Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date

S&P 500 INDEX

USD

14281184

1923.576

1116

1116

204

220

220

101.41

110.54

110.54

15.38

15.38

14.11

14.11

18.80

Euro Stoxx 50 Pr

EUR

2553062

5424.032

4630

4630

739

775

775

229.96

307.93

307.93

19.02

16.41

14.21

14.21

19.70

NIKKEI 225

JPY

2554354

186.4402

188

188

19

20

20

5.28

5.50

5.50

0.27

0.27

0.25

0.25

0.12

FTSE 100 INDEX

GBP

2682474

11610.68

9614

9614

1447

1650

1650

531.79

820.72

820.72

27.64

17.91

17.91

22.24

SWISS MARKET INDEX

CHF

1031660

10946.31

4119

4119

844

836

836

408.77

551.74

551.74

21.20

18.86

15.71

15.71

21.93

S&P/TSX COMPOSITE INDEX

CAD

1675907

17151.75

7923

7923

1852

2088

2088

796.17

890.32

890.32

15.37

15.37

13.74

13.74

24.29

S&P/ASX 200 INDEX

AUD

1408237

6730.544

2878

2878

607

705

705

252.53

342.62

342.62

21.54

17.43

15.87

15.87

22.39

HANG SENG INDEX

HKD

1692248

3310.555

1659

1659

376

407

407

268.25

266.15

266.15

1.38

1.51

1.39

1.39

3.12

MSCI EM

USD

7658673

1544.178

1079

1079

201

220

220

86.99

95.05

95.05

11.75

13.38

10.76

10.76

20.03

3M CO

USD

73160

155

687

73.93

29904

29904

31485

33191

7771

7771

1985

1985

6.32

6.35

6.83

7.45

16.67

16.67

15.50

14.20

0.99

3.87

4.82

3.91

25.99

AA-

18.03.2009

Aa2

01.05.2009

ABBOTT LABORATORIES

USD

53466

406

1577

20

15

58.86

39874

39874

22713

24071

11156

11906

976

976

5.07

5.07

1.97

2.21

6.72

6.72

17.28

15.41

2.63

8.52

17.82

11.64

29.86

A+

26.10.2012

A1

22.09.2010

ABBVIE INC

USD

63425

570

1577

18

#VALUE!

#VALUE!

73.36

18380

#VALUE!

18407

18740

7255

1600

1600

3.47

3.10

3.18

12.98

12.67

5.37

30.36

26.10.2012

Baa1

05.11.2012

ACCENTURE PLC-CL A

USD

51816

167

677

46.62

29778

29857

29240

31130

4467

4542

1120

1120

3.84

3.94

4.28

4.70

18.84

18.84

17.34

15.79

8.87

5.15

12.08

8.55

15.21

A+

22.01.2002

ALLSTATE CORP

USD

23213

169

479

28.71

33315

33315

33587

34249

4.36

4.34

4.69

5.13

11.18

11.18

10.35

9.45

2.02

0.34

A-

29.01.2009

A3

29.01.2009

ALTRIA GROUP INC

USD

68616

420

2010

14

79.63

17500

17500

17693

18021

7539

7539

1749

1749

2.21

2.21

2.40

2.57

15.44

15.44

14.25

13.26

5.30

-8.61

15.22

-12.44

43.08

BBB

06.01.2009

Baa1

24.10.2006

AMAZON.COM INC

USD

118040

266

454

11

112.10

61093

61093

75720

92943

2835

2834

958

958

0.05

0.36

3.36

5.69

721.39

721.39

77.30

45.64

27.07

30.56

45.76

25.77

4.64

AA-

26.11.2012

Baa1

26.11.2012

AMERICAN ELECTRIC POWER

USD

23347

103

486

19

41.48

14945

14945

15787

16082

4874

4529

1132

1132

3.09

3.10

3.16

3.31

15.50

15.50

15.22

14.50

-1.13

2.01

3.42

4.80

30.30

BBB

07.03.2003

Baa2

14.09.2005

AMERICAN EXPRESS CO

USD

73990

275

1105

62

22

114.03

33808

33808

31945

35248

11658

11658

4.40

4.40

4.76

5.34

15.19

15.19

14.04

12.52

4.73

1.01

3.11

-4.80

34.48

BBB+

30.04.2009

A3

24.04.2009

AMGEN INC

USD

73226

417

756

27

24

75.71

17265

17265

18045

18399

6665

6665

1782

1782

6.00

5.96

7.19

8.23

16.43

16.43

13.61

11.90

10.80

3.45

24.07

2.92

38.60

A+

07.09.2007

Baa1

07.11.2011

ANADARKO PETROLEUM CORP

USD

44742

253

501

13

56.79

14060

14058

14968

16920

6950

6948

2241

2241

2.25

4.12

4.01

5.21

21.35

21.35

21.92

16.87

2.96

6.49

-5.48

4.50

49.42

BBB-

08.09.2006

Baa3

23.03.2012

APACHE CORP

USD

29228

149

392

12

42.64

16947

16947

17692

19159

12283

12283

3016

3016

9.63

9.56

9.33

10.31

7.78

7.78

7.97

7.22

0.81

12.13

-2.14

10.90

72.48

A-

26.01.2001

A3

29.11.2010

APPLE INC

USD

434671

1105

939

121

297.56

157 K

165 K

181 K

204 K

58518

59255

13978

13978

44.15

44.10

44.13

49.77

10.48

10.48

10.48

9.29

44.58

41.47

64.36

65.35

35.98

NR

16.04.2004

WR

31.03.2004

AT&T INC

USD

200883

1113

5581

70

266.19

127434

127434

129048

131526

31140

31140

10679

10679

2.31

2.33

2.52

2.70

15.69

15.69

14.52

13.53

0.56

1.44

2.08

-5.80

24.44

A-

06.12.2010

A3

29.01.2013

BAKER HUGHES INC

USD

20134

200

441

24.23

21361

21361

21475

23496

3760

3760

877

877

3.21

3.21

3.08

4.35

14.19

14.19

14.80

10.46

7.72

19.53

-11.24

6.08

17.60

05.05.2006

A2

25.01.1995

BANK OF AMERICA CORP

USD

132332

10594

10778

673

19

349

#VALUE!

100078

100130

90792

92022

1.13

0.92

1.01

1.33

13.29

13.29

12.08

9.19

-13.26

-2.06

A-

29.11.2011

Baa2

21.06.2012

BANK OF NEW YORK MELLON CORP

USD

32930

258

1163

62

145

#VALUE!

15089

15596

14719

15436

2.34

2.30

2.25

2.58

12.31

12.31

12.58

10.96

-4.52

-0.95

A+

29.11.2011

Aa3

08.03.2012

BAXTER INTERNATIONAL INC

USD

38629

130

546

41.33

14190

14190

15475

16933

3533

3533

938

938

4.52

4.52

4.69

5.21

15.72

15.72

15.14

13.65

2.14

4.57

-2.30

3.77

24.90

06.12.2012

BERKSHIRE HATHAWAY INC-CL B

USD

254778

318

#VALUE!

63

187

134.70

162463

162463

#VALUE!

#VALUE!

29524

29524

#VALUE!

#VALUE!

#VALUE!

#VALUE!

13.07

10.60

34.15

4.33

18.17

AA+

04.02.2010

Aa2

04.02.2010

BOEING CO/THE

USD

65567

492

756

10

14

62.52

81698

81698

84090

91513

8118

8118

1854

1854

5.11

5.11

6.34

7.15

16.91

16.91

13.63

12.09

18.86

7.71

8.53

2.21

9.94

29.07.2009

A2

15.03.2006

BRISTOL-MYERS SQUIBB CO

USD

66509

497

1630

67.57

17621

17621

16602

17869

4771

4771

942

942

1.82

1.88

1.84

2.18

21.54

21.54

21.98

18.60

-17.05

-1.91

-35.94

3.29

27.08

A+

06.09.2006

A2

12.09.2006

CAPITAL ONE FINANCIAL CORP

USD

32123

213

582

50

11

70.97

23177

23177

22297

22601

13429

13343

6.24

5.61

6.49

6.73

9.81

9.81

8.47

8.18

25.11

5.56

37.13

2.50

57.57

BBB

17.06.2009

Baa1

17.02.2012

CATERPILLAR INC

USD

56983

325

655

10

64.21

65875

65875

63303

68763

11966

11966

2102

2102

8.62

8.63

8.01

9.39

10.05

10.05

10.83

9.24

9.54

11.51

23.62

12.24

18.16

24.06.2003

A2

15.06.1995

CHEVRON CORP

USD

234872

316

1947

12

21

227.17

222580

222580

236505

232833

48426

48426

11331

11331

12.10

12.12

12.36

12.49

9.96

9.96

9.77

9.67

-5.80

-0.13

-5.44

7.12

21.76

AA

01.07.1987

Aa1

27.02.2009

CISCO SYSTEMS INC

USD

110638

2102

5298

16

49

80.56

46061

47252

48708

51403

12971

13372

3802

3802

1.55

1.62

2.00

2.11

12.79

12.79

10.39

9.83

6.58

4.44

18.36

5.10

28.30

A+

10.02.2006

A1

10.02.2006

CITIGROUP INC

USD

135620

2794

3029

624

36

727.21

90708

90853

78926

81179

41810

41647

4.83

3.97

4.64

5.31

11.23

11.23

9.61

8.40

-11.58

6.82

-21.93

-15.72

45.84

A-

29.11.2011

Baa2

21.06.2012

COCA-COLA CO/THE

USD

180542

1829

4469

33

17

196.98

48017

48017

49006

51308

12761

12761

3233

3233

2.01

2.00

2.14

2.33

20.25

20.25

18.90

17.37

3.17

10.26

5.23

8.68

26.58

AA-

13.09.2012

Aa3

16.08.2007

COLGATE-PALMOLIVE CO

USD

54659

174

468

59.21

17085

17085

17752

18762

4314

4319

1088

1088

5.36

5.33

5.73

6.35

21.88

21.88

20.36

18.39

2.10

3.41

1.22

7.63

25.28

AA-

04.05.2001

Aa3

18.06.2001

COMCAST CORP-CLASS A

USD

108404

1457

2639

40

17

12

153.89

62570

62570

64235

68029

19977

19977

5022

5022

1.92

1.93

2.39

2.74

21.49

21.49

17.34

15.16

12.05

16.15

8.82

11.13

31.93

A-

14.02.2013

A3

13.02.2013

CONOCOPHILLIPS

USD

73711

330

1220

22

92.26

57967

96888

52783

56815

19396

20383

5437

5437

5.37

6.09

5.47

6.08

9.90

9.90

11.01

9.91

-9.70

-13.33

-10.41

-8.76

21.04

07.02.2012

A1

26.04.2012

COSTCO WHOLESALE CORP

USD

46133

164

432

#VALUE!

45.52

99137

103128

106075

115242

3667

3874

930

930

3.89

4.32

4.55

5.03

24.46

24.46

23.22

21.01

11.50

8.06

11.02

10.87

3.76

A+

28.11.2012

A1

26.03.2012

CVS CAREMARK CORP

USD

68775

353

1231

10

77.22

123133

123133

125268

130061

8981

8981

2064

2064

3.20

3.20

3.97

4.41

17.44

17.44

14.08

12.67

14.97

7.65

13.71

8.81

7.29

BBB+

23.03.2007

Baa2

13.02.2007

DEVON ENERGY CORPORATION

USD

23162

98

406

12

27.83

9679

9651

9868

11106

5253

5225

1257

1257

3.30

3.27

3.54

5.00

17.39

17.39

16.06

11.38

-11.73

-3.07

-17.78

-6.57

54.14

BBB+

18.03.2008

Baa1

21.09.2007

DOW CHEMICAL CO/THE

USD

38672

481

1203

21

60.48

56786

56786

58995

61770

6645

6425

2158

2158

1.90

1.91

2.37

2.95

16.79

16.79

13.54

10.86

-5.33

0.57

-3.82

1.85

11.31

BBB

11.05.2011

Baa2

02.11.2012

EBAY INC

USD

67133

1333

1294

62.24

14072

14071

16351

18761

4088

4090

1237

1237

1.95

1.94

2.76

3.23

26.67

26.67

18.78

16.03

20.77

13.73

23.39

9.42

29.07

02.03.2010

A2

21.10.2010

DU PONT (E.I.) DE NEMOURS

USD

45472

523

933

12

53.13

34812

36951

36150

38367

4794

5069

2342

2342

3.33

3.51

3.92

4.38

13.88

13.88

12.41

11.11

3.36

1.58

-4.99

2.35

13.72

17.05.2011

A2

15.07.2011

ELI LILLY & CO

USD

63652

401

1144

63.51

22603

22603

23011

19909

6478

6477

1702

1702

3.82

3.39

3.89

2.80

16.52

16.52

14.38

20.03

-6.93

2.96

-15.78

2.06

28.66

AA-

19.08.2010

A2

08.11.2010

EMC CORP/MA

USD

49917

1034

2107

48.34

21714

21714

23482

25468

5602

5602

1624

1624

1.26

1.26

1.86

2.06

18.78

18.78

12.74

11.47

8.53

9.67

12.92

15.81

25.80

25.06.2012

WR

01.08.2000

EMERSON ELECTRIC CO

USD

40241

541

724

43.31

24412

24656

25244

26572

5155

5269

1132

1132

3.34

3.42

3.60

4.02

16.22

16.22

15.40

13.81

0.78

0.48

1.16

4.42

21.37

04.02.2002

A2

15.02.2002

EXELON CORP

USD

28909

260

855

20

47.41

23489

23489

25518

25376

6550

6550

1990

1990

2.85

2.55

2.49

2.30

13.23

13.23

13.56

14.66

23.22

8.12

-3.45

-0.89

27.89

BBB

22.07.2009

Baa2

08.11.2012

EXXON MOBIL CORP

USD

403509

960

4502

12

10

411.31

420714

426252

435719

444541

65769

67270

18691

18691

7.56

7.89

7.94

8.36

11.41

11.41

11.34

10.77

-2.96

2.37

-5.62

-1.21

15.78

AAA

16.12.1985

WR

16.08.1993

FEDEX CORP

USD

30974

294

317

29.84

42680

43860

44293

46686

5433

5393

1638

1638

6.59

6.17

6.10

7.59

15.79

15.79

15.98

12.84

8.59

3.44

22.36

1.60

12.30

BBB

11.02.2004

Baa1

13.01.2012

FORD MOTOR CO

USD

51143

1307

3946

14

24

41.38

134252

134252

134615

141475

12513

13404

3240

3240

1.40

1.31

1.40

1.68

10.12

10.12

9.45

7.88

-1.48

-1.81

-8.19

-0.09

9.98

BB+

21.10.2011

Baa3

22.05.2012

FREEPORT-MCMORAN COPPER

USD

30841

447

949

34.43

18010

18010

22571

23669

6934

6934

1912

1912

3.27

3.18

4.34

4.53

10.24

10.24

7.51

7.20

-13.75

15.34

-31.77

-2.37

38.50

BBB

29.07.2011

Baa3

13.10.2010

GENERAL DYNAMICS CORP

USD

24838

248

354

25.45

31513

31513

31614

31511

3447

1453

983

983

6.52

6.42

6.77

7.19

10.90

10.90

10.34

9.73

-3.56

1.73

-21.98

-0.51

4.61

09.07.1999

A2

07.08.2003

GENERAL ELECTRIC CO

USD

239568

3303

10406

17

16

246.90

144796

144796

149226

154898

25000

25000

5694

5694

1.54

1.52

1.68

1.85

15.14

15.14

13.74

12.44

1.81

-3.99

-0.16

-6.95

17.27

AA+

12.03.2009

Aa3

03.04.2012

GILEAD SCIENCES INC

USD

69238

762

1519

75.12

9703

9703

10748

12727

4288

4288

1116

1116

1.70

1.70

2.07

2.90

26.74

26.74

21.91

15.68

15.71

19.77

4.80

14.12

44.20

A-

23.03.2011

Baa1

23.03.2011

GOLDMAN SACHS GROUP INC

USD

70200

275

481

511

73

514.93

41664

41664

33559

34811

20446

20446

15.03

15.06

13.75

15.10

9.67

9.67

10.60

9.65

13.24

24.96

27.63

-19.57

49.07

A-

29.11.2011

A3

21.06.2012

GOOGLE INC-CL A

USD

268688

116

330

50

224.67

50175

51379

47959

56130

15722

15684

5178

5178

34.02

33.74

45.83

53.82

24.02

24.02

17.68

15.06

32.37

24.66

15.66

21.04

30.53

AA

19.11.2012

Aa2

16.05.2011

HALLIBURTON CO

USD

37151

592

929

39.51

28503

28503

29695

32786

5787

5787

1302

1302

3.02

3.08

3.02

3.95

12.93

12.93

13.16

10.07

14.80

14.53

-5.07

7.51

20.30

20.08.2007

A2

01.05.2007

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

A3

*-

04.12.2012

Valuation Measures I/II


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

Minority
Interest
(USD)

Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)

Tot. Rev. LFY

Est. Tot.
Rev. - Tr.
12M

EBITDA

Earnings Per Share

Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E
Ratio - Tr.
12M

Rev. Growth

EBITDA Growth

Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT
Credit
Rating -

S&P LT Credit
Rating Date

Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date

S&P 500 INDEX

USD

14281184

1923.576

1116

1116

204

220

220

101.41

110.54

110.54

15.38

15.38

14.11

14.11

18.80

Euro Stoxx 50 Pr

EUR

2553062

5424.032

4630

4630

739

775

775

229.96

307.93

307.93

19.02

16.41

14.21

14.21

19.70

NIKKEI 225

JPY

2554354

186.4402

188

188

19

20

20

5.28

5.50

5.50

0.27

0.27

0.25

0.25

0.12

FTSE 100 INDEX

GBP

2682474

11610.68

9614

9614

1447

1650

1650

531.79

820.72

820.72

27.64

17.91

17.91

22.24

SWISS MARKET INDEX

CHF

1031660

10946.31

4119

4119

844

836

836

408.77

551.74

551.74

21.20

18.86

15.71

15.71

21.93

S&P/TSX COMPOSITE INDEX

CAD

1675907

17151.75

7923

7923

1852

2088

2088

796.17

890.32

890.32

15.37

15.37

13.74

13.74

24.29

S&P/ASX 200 INDEX

AUD

1408237

6730.544

2878

2878

607

705

705

252.53

342.62

342.62

21.54

17.43

15.87

15.87

22.39

HANG SENG INDEX

HKD

1692248

3310.555

1659

1659

376

407

407

268.25

266.15

266.15

1.38

1.51

1.39

1.39

3.12

MSCI EM

USD

7658673

1544.178

1079

1079

201

220

220

86.99

95.05

95.05

11.75

13.38

10.76

10.76

20.03

HEWLETT-PACKARD CO

USD

45393

1507

28

11

61.43

120357

118680

113278

112119

14384

14026

3445

3445

0.31

0.21

3.45

3.59

111.43

111.43

6.78

6.51

-5.41

0.09

-12.15

3.69

11.82

BBB+

30.11.2011

Baa1

28.11.2012

HJ HEINZ CO

USD

23103

207

320

27.07

11649

11601

11707

12209

1794

1919

583

583

3.35

3.57

3.56

3.81

20.18

20.18

20.25

18.94

8.80

2.60

-7.85

0.93

16.54

BBB+ *-

14.02.2013

Baa2 *-

14.02.2013

HOME DEPOT INC

USD

104498

390

1495

11

112.80

74754

74754

76834

80173

9450

9450

2333

2333

3.10

3.07

3.52

4.08

22.76

22.76

19.88

17.11

6.19

1.22

13.27

0.65

12.64

A-

16.11.2011

A3

30.08.2011

HONEYWELL INTERNATIONAL INC

USD

59239

206

783

61.71

37665

37665

39436

41597

5082

5082

1628

1628

4.84

4.90

4.95

5.51

15.39

15.39

15.24

13.69

3.11

0.88

43.93

2.19

13.49

03.07.2001

A2

12.10.2001

INTEL CORP

USD

106141

3444

4944

13

23

97.00

53341

53341

53942

56527

22160

22160

4602

4602

2.13

2.13

2.02

2.18

10.06

10.06

10.59

9.82

-1.22

6.39

-5.87

10.34

41.54

A+

17.02.1993

A1

14.09.2011

INTL BUSINESS MACHINES CORP

USD

236532

175

1117

33

11

258.80

104507

104507

106289

109013

25119

25121

5695

5695

15.25

15.30

16.77

18.41

13.85

13.85

12.64

11.51

-2.25

0.39

0.07

6.06

24.04

AA-

30.05.2012

Aa3

23.11.2010

JOHNSON & JOHNSON

USD

224352

1146

2778

16

21

219.43

67224

67224

71233

74147

20698

20698

5851

5851

5.10

5.12

5.41

5.77

15.67

15.67

14.83

13.92

3.37

2.12

7.18

2.84

30.79

AAA

17.09.1987

Aaa

10.08.1987

JPMORGAN CHASE & CO

USD

186015

1216

3804

696

472

#VALUE!

108184

108184

100232

102736

6.04

5.93

5.49

5.86

8.19

8.19

8.85

8.29

-2.39

-1.15

29.11.2011

A2

21.06.2012

LOCKHEED MARTIN CORP

USD

30200

150

321

34.61

47182

47182

45190

44346

5470

5404

1206

1206

10.19

10.33

8.94

9.07

9.05

9.05

10.46

10.31

1.47

2.33

6.75

0.46

11.45

A-

27.04.2007

Baa1

26.01.2006

LOWE'S COS INC

USD

42180

360

1110

50.59

50521

50521

52401

54341

5183

5182

1424

1424

1.69

1.74

2.09

2.54

21.83

21.83

18.19

14.95

0.62

1.41

6.73

-3.42

10.26

A-

19.09.2012

A3

14.11.2011

MASTERCARD INC-CLASS A

USD

65719

102

123

60.73

7391

7391

8262

9281

4187

4187

1182

1182

22.04

22.05

25.42

30.17

24.19

24.19

20.99

17.69

10.08

12.15

13.87

27.78

56.65

A-

19.08.2011

MCDONALD'S CORP

USD

98766

424

1003

14

110.06

27567

27567

28846

30504

10101

10101

2318

2318

5.37

5.36

5.79

6.34

18.37

18.37

17.00

15.53

2.08

3.96

1.61

8.06

36.64

08.05.2003

A2

17.12.2010

MEDTRONIC INC

USD

46686

275

1037

11

55.64

16 K

16 K

17 K

17 K

5680

5616

1589

1589

3.38

3.60

3.69

3.86

12.81

12.81

12.49

11.94

4.36

3.47

5.69

5.58

34.19

A+

14.02.2012

A2

14.03.2013

MERCK & CO. INC.

USD

133649

932

3027

21

16

140.52

47267

47268

46227

46809

16855

17488

3885

3885

3.65

3.82

3.64

3.80

11.56

11.56

12.13

11.61

-1.62

16.18

-0.94

16.19

37.00

AA

24.11.2010

Aa3

05.11.2009

METLIFE INC

USD

41928

512

1092

27

16

55.35

68150

68150

69990

72091

5.28

5.27

5.25

5.63

7.27

7.27

7.30

6.80

-2.98

15.20

A-

06.08.2010

A3

16.12.2009

MICROSOFT CORP

USD

236587

2197

8381

12

63

182.46

73723

72930

79390

85801

30923

29120

8110

8110

2.73

2.56

2.84

3.14

11.00

11.00

9.93

8.97

5.40

5.66

3.33

9.15

39.93

AAA

22.09.2008

Aaa

11.05.2009

MONDELEZ INTERNATIONAL INC-A

USD

53491

1074

1778

19

68.58

35015

48783

36610

38763

5028

7727

1384

1384

1.39

2.24

1.57

1.76

13.44

13.44

19.22

17.08

-2.22

0.57

1.00

-0.96

15.84

BBB

02.02.2010

Baa2

02.02.2010

MONSANTO CO

USD

55232

235

534

52.57

13504

14016

14938

15913

3760

4021

2189

2189

3.70

4.27

4.56

5.18

24.13

24.13

22.58

19.91

14.23

10.98

20.67

14.20

28.69

A+

21.10.2008

A1

21.02.2012

MORGAN STANLEY

USD

43422

924

1974

451

47

456.50

32036

32333

32227

34216

8020

8293

1.58

1.67

2.09

2.56

13.22

13.22

10.56

8.64

-18.15

-5.67

-44.32

-33.50

25.65

A-

29.11.2011

Baa1

21.06.2012

NATIONAL OILWELL VARCO INC

USD

29976

481

427

29.92

20041

20041

22731

24347

4185

4185

1047

1047

5.91

5.90

5.97

6.85

11.89

11.89

11.76

10.25

36.72

18.90

19.85

13.13

20.88

25.04.2012

A2

14.05.2012

NEWS CORP-CL A

USD

70531

831

2383

15

#VALUE!

10

80.68

33706

34333

35613

38024

6646

6754

1688

1688

1.41

1.57

1.68

1.98

19.26

19.26

18.02

15.30

0.90

2.06

8.36

4.21

19.67

BBB+

30.11.2012

NIKE INC -CL B

USD

53617

506

916

49.90

24128

25281

25347

27465

3413

3390

994

994

2.39

2.54

2.67

3.05

23.36

23.36

22.21

19.45

15.66

6.51

8.35

7.28

13.59

A+

10.06.2005

A1

29.04.2008

NORFOLK SOUTHERN CORP

USD

23562

169

314

31.58

11040

11040

11304

12017

4046

4046

918

918

5.37

5.37

5.53

6.32

13.91

13.91

13.52

11.82

-1.18

2.52

-0.88

3.72

36.65

BBB+

18.07.2005

Baa1

06.05.1997

OCCIDENTAL PETROLEUM CORP

USD

62452

351

806

68.51

24172

24172

25667

27040

13701

13701

3715

3715

7.09

7.09

7.25

7.77

10.93

10.93

10.68

9.98

0.97

4.02

-3.30

6.01

56.68

23.06.2008

A1

19.04.2012

ORACLE CORP

USD

148244

3115

4905

16

31

135.03

37121

37149

37444

39560

16973

17286

5889

5889

2.00

2.16

2.69

2.93

14.61

14.61

11.73

10.76

4.21

11.70

9.33

18.51

46.53

A+

24.04.2012

A1

24.06.2011

PEPSICO INC

USD

121587

361

1544

28

143.47

65492

65492

68122

71288

11801

11801

2304

2304

4.10

4.09

4.39

4.77

19.28

19.28

17.97

16.52

-1.52

10.82

-4.60

6.54

18.02

17.03.2010

Aa3

24.02.2010

PFIZER INC

USD

204719

2617

7276

37

33

209.93

58986

59506

57533

56524

25602

26309

6656

6656

2.19

2.21

2.28

2.37

12.90

12.90

12.52

12.03

-9.61

3.95

-3.90

5.08

44.21

AA

16.10.2009

A1

15.10.2009

PHILIP MORRIS INTERNATIONAL

USD

150657

408

1654

23

172.14

31377

31377

32493

34410

14827

14827

3708

3708

5.22

5.20

5.77

6.41

17.57

17.57

15.85

14.25

0.90

5.99

2.72

8.64

47.25

05.03.2008

A2

11.09.2008

PROCTER & GAMBLE CO/THE

USD

211430

355

2748

30

240.01

83680

83320

84658

87723

18072

18023

4754

4754

3.85

3.96

4.06

4.37

19.53

19.53

19.05

17.69

1.36

1.14

-3.13

-0.55

21.63

AA-

10.05.2005

Aa3

01.07.2005

QUALCOMM INC

USD

113998

1090

1706

27

85.68

19121

20458

24134

26887

6579

7149

2345

2345

2.79

3.84

4.51

4.91

17.28

17.28

14.72

13.52

27.84

20.60

8.08

15.03

34.94

NR

19.12.2001

RAYTHEON COMPANY

USD

18834

113

328

19.68

24414

24414

23854

23526

3444

3444

750

750

6.20

6.22

5.33

5.56

9.28

9.28

10.82

10.37

-1.52

1.56

5.19

4.99

14.11

A-

04.09.2008

A3

17.10.2011

SCHLUMBERGER LTD

USD

98735

463

1328

12

104.20

42149

42841

46182

51561

11020

11055

2815

2815

4.16

4.19

4.72

5.79

17.67

17.67

15.69

12.80

14.04

14.70

12.52

5.53

25.80

A+

11.12.2002

A1

03.06.2003

SIMON PROPERTY GROUP INC

USD

49530

55

310

23

72.66

4880

4880

4951

5205

3491

3483

912

912

4.72

4.74

3.51

4.03

33.61

33.61

45.38

39.58

13.32

5.52

15.76

7.34

71.37

A-

10.05.2010

SOUTHERN CO/THE

USD

40025

381

868

22

62.91

16537

16537

17989

18705

6589

6589

1264

1264

2.65

2.66

2.76

2.91

17.31

17.31

16.69

15.84

-6.34

2.36

4.94

6.49

39.84

21.12.2000

Baa1

12.08.2010

STARBUCKS CORP

USD

42688

380

749

40.78

13300

13663

14921

16722

2367

2446

689

689

1.79

1.86

2.16

2.63

30.57

30.57

26.28

21.65

13.67

6.80

14.11

10.50

17.90

A-

24.02.2012

Baa3

13.05.2009

TARGET CORP

USD

43800

179

645

18

60.66

73301

73301

75502

80251

7352

7353

1716

1716

4.76

4.56

5.04

5.60

14.96

14.96

13.53

12.18

4.92

2.75

-1.36

1.19

10.03

A+

20.11.2007

A2

27.11.2007

TEXAS INSTRUMENTS INC

USD

38402

863

1108

40.12

12825

12825

12173

12983

3986

3988

719

719

1.91

1.79

1.71

2.16

19.40

19.40

20.27

16.11

-6.63

-1.58

-10.10

-2.68

31.10

A+

23.09.2010

A1

25.05.2011

TIME WARNER INC

USD

53003

336

932

20

70.03

28729

28729

29745

31086

7106

7106

1633

1633

3.29

3.34

3.68

4.25

16.96

16.96

15.41

13.33

-0.85

-5.96

3.33

-18.04

24.73

BBB

27.03.2009

Baa2

06.03.2006

UNION PACIFIC CORP

USD

65373

160

469

73.31

20926

20926

22077

23622

8505

8505

2046

2046

8.24

8.25

9.40

10.74

16.85

16.85

14.79

12.94

7.00

5.16

15.86

12.61

40.64

A-

23.04.2012

Baa1

26.10.2012

UNITED PARCEL SERVICE-CL B

USD

80344

107

953

13

85.37

54127

54127

56774

60188

3201

3201

2024

2024

4.53

4.53

5.02

5.71

18.71

18.71

16.89

14.83

1.92

1.83

-59.29

6.62

5.91

A+

21.09.2012

Aa3

16.01.2013

UNITED TECHNOLOGIES CORP

USD

85413

207

919

23

105.21

57708

57716

65093

68802

9208

9197

2389

2389

5.36

5.34

6.11

7.00

17.41

17.41

15.22

13.27

3.50

2.47

1.09

2.29

15.93

02.10.2003

A2

22.04.1993

UNITEDHEALTH GROUP INC

USD

56750

318

1019

17

11

64.19

110618

110618

123371

135925

10563

10563

2285

2285

5.28

5.28

5.51

5.99

10.51

10.51

10.07

9.27

8.60

9.00

10.17

4.09

9.55

24.09.2012

A3

21.07.2011

US BANCORP

USD

62740

499

1869

52

#VALUE!

22202

22202

20496

21214

2.87

2.87

3.07

3.21

11.72

11.72

10.97

10.49

3.58

1.70

A+

20.08.2012

A1

06.12.2012

VERIZON COMMUNICATIONS INC

USD

141485

588

2859

52

52

242.28

115846

115846

120735

125329

29620

29620

10027

10027

2.24

2.25

2.76

3.15

22.00

22.00

17.91

15.73

4.48

4.82

0.83

-0.97

25.57

A-

06.12.2010

A3

29.10.2008

VISA INC-CLASS A SHARES

USD

110416

526

811

104.23

10421

10720

11585

12931

6572

6769

1859

1859

6.20

6.52

7.34

8.52

25.55

25.55

22.70

19.56

13.42

13.86

14.28

37.44

63.14

A+

20.05.2008

WAL-MART STORES INC

USD

250023

610

3340

54

301.77

469162

469162

491790

514013

36302

36302

7881

7881

5.02

5.02

5.37

5.88

14.85

14.85

13.90

12.68

4.97

3.61

4.65

5.13

7.74

AA

09.07.1999

Aa2

06.03.1996

WALGREEN CO

USD

44713

584

944

48.64

71633

70788

72663

76019

4630

4516

1480

1480

2.53

2.41

3.25

3.69

19.71

19.71

14.62

12.88

-0.76

3.97

-8.48

3.89

6.38

BBB

02.08.2012

Baa1

02.08.2012

WALT DISNEY CO/THE

USD

102061

247

1780

14

118.66

42278

42840

45161

47977

10850

10959

2748

2748

3.08

3.06

3.45

3.89

18.43

18.43

16.36

14.50

3.39

1.83

12.76

5.45

25.58

22.12.2009

A2

23.05.2007

WELLS FARGO & CO

USD

195708

986

5266

185

13

159

#VALUE!

91247

91247

85453

86700

3.39

3.39

3.65

3.89

10.95

10.95

10.19

9.54

4.17

18.42

A+

29.11.2011

A2

21.09.2011

WILLIAMS COS INC

USD

25360

239

681

11

37.93

7486

7517

8222

9359

2368

2382

689

689

1.21

1.12

1.02

1.43

33.09

33.09

36.40

25.90

-5.60

-3.35

-31.97

-4.73

31.69

BBB

05.03.2012

Baa3

15.11.2007

1963

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

2.16

2.16

1.99

1.80

2.16

1.40

1.40

1.33

1.28

1.40

9.99

9.99

9.69

9.48

9.99

8.74

8.74

8.08

7.57

8.74

14.11

14.11

12.64

11.43

14.11

2.21

2.21

2.37

2.56

2.21

1681.4

7.8%

Euro Stoxx 50 Pr

1.14

1.14

1.08

1.02

1.14

0.73

0.73

0.71

0.69

0.73

5.32

5.32

4.97

4.74

5.32

7.00

7.00

6.62

6.30

7.00

11.05

11.05

9.90

9.06

11.05

4.35

4.35

4.68

4.98

4.35

2895.5

9.4%

NIKKEI 225

1.50

1.50

1.41

1.32

1.50

0.70

0.70

0.66

0.65

0.70

9.47

9.47

8.14

7.61

9.47

9.50

9.50

8.28

7.76

9.50

24.04

24.04

18.83

14.58

24.04

1.65

1.65

1.66

1.94

1.65

11916.4

-4.5%

FTSE 100 INDEX

1.68

1.68

1.56

1.35

1.68

1.01

1.01

0.97

0.99

1.01

7.91

7.91

7.28

5.26

7.91

7.04

7.04

6.59

6.32

7.04

11.82

11.82

10.72

9.82

11.82

3.89

3.89

4.18

4.61

3.89

6809.6

6.4%

SWISS MARKET INDEX

2.39

2.39

2.22

2.05

2.39

2.00

2.00

1.90

1.82

2.00

12.30

12.30

11.24

9.87

12.30

13.09

13.09

12.11

11.32

13.09

14.91

14.91

13.35

12.12

14.91

3.31

3.31

3.67

4.16

3.31

8026.2

2.8%

S&P/TSX COMPOSITE INDEX

1.68

1.68

1.55

1.45

1.68

1.57

1.57

1.48

1.42

1.57

8.40

8.40

7.54

7.00

8.40

8.22

8.22

7.27

6.88

8.22

13.98

13.98

12.32

11.33

13.98

3.14

3.14

3.29

3.49

3.14

14540.6

14.8%

S&P/ASX 200 INDEX

1.88

1.88

1.78

1.68

1.88

1.80

1.80

1.70

1.61

1.80

11.09

11.09

9.90

9.04

11.09

9.54

9.54

8.40

7.80

9.54

15.14

15.14

13.48

12.37

15.14

4.39

4.39

4.70

5.07

4.39

5152.0

4.1%

HANG SENG INDEX

1.33

1.33

1.23

1.15

1.33

1.73

1.73

1.60

1.49

1.73

7.12

7.12

6.60

6.21

7.12

8.13

8.13

7.39

6.84

8.13

10.80

10.80

9.91

9.02

10.80

3.57

3.57

3.85

4.37

3.57

24942.6

11.8%

MSCI EM

1.43

1.43

1.30

1.21

1.43

0.95

0.95

0.88

0.84

0.95

6.85

7.03

7.03

6.45

6.05

7.03

10.76

10.76

9.67

8.97

10.76

3.08

3.08

3.59

6.74

3.08

1183.8

15.8%

3M CO

4.21

3.77

3.34

2.98

2.45

2.32

2.20

2.10

9.51

8.95

8.32

7.81

16.76

15.53

14.23

13.17

2.24

2.39

2.57

2.60

110.67

4.4%

ABBOTT LABORATORIES

2.10

2.35

2.16

1.91

1.35

2.36

2.22

1.94

ABBVIE INC

23.19

13.02

8.75

7.10

3.46

3.45

3.39

ACCENTURE PLC-CL A

10.56

8.71

6.90

6.19

1.86

1.77

ALLSTATE CORP

1.15

1.05

0.96

0.87

0.70

0.69

ALTRIA GROUP INC

17.68

16.49

15.35

14.00

3.94

AMAZON.COM INC

15.45

12.12

9.86

7.53

AMERICAN ELECTRIC POWER

1.53

1.46

1.41

AMERICAN EXPRESS CO

3.87

3.64

3.34

AMGEN INC

3.83

3.19

ANADARKO PETROLEUM CORP

2.09

APACHE CORP
APPLE INC

6.85

6.85

6.30

5.89

14.29

12.83

11.46

9.64

1.96

5.95

12.00

10.94

9.04

12.76

4.69

9.55

8.69

6.37

5.34

6.73

17.26

15.40

12.43

12.09

2.29

1.66

1.85

2.11

2.32

35.12

3.2%

3.21

3.04

9.36

10.37

10.82

10.30

9.49

9.68

10.06

9.96

9.28

8.60

10.73

12.97

12.66

11.68

10.49

3.98

3.98

4.09

4.35

5.15

39.30

-2.3%

1.66

1.57

1.49

14.69

14.60

12.76

11.05

10.67

9.78

9.22

8.62

8.29

19.36

17.38

15.83

14.63

1.74

2.19

2.44

2.81

77.44

4.1%

0.68

0.67

13.14

10.37

9.47

8.88

1.81

2.03

2.13

2.16

49.53

1.9%

3.88

3.81

3.84

15.47

14.25

13.27

12.44

5.01

5.40

5.85

6.29

36.25

6.2%

1.90

1.56

1.27

1.05

318.97

22.8%

1.35

1.51

1.48

1.45

1.48

47.87

-0.4%

3.33

2.34

2.31

2.09

1.94

66.99

0.0%

2.79

2.29

4.26

4.06

3.98

3.96

3.94

11.88

13.12

12.09

13.38

21.66

10.21

10.11

9.17

9.26

1.91

1.70

1.49

3.35

2.99

2.64

2.41

2.33

5.93

5.56

4.96

4.01

4.36

6.79

5.98

5.19

4.59

0.94

0.85

0.76

0.74

1.71

1.65

1.52

1.40

3.01

2.94

2.65

2.47

3.48

3.40

3.10

3.02

3.71

3.01

2.42

1.94

1.53

2.78

2.40

2.13

1.88

1.78

8.43

8.37

7.85

7.55

5.09

4.95

4.42

AT&T INC

2.13

2.27

2.18

2.21

2.54

1.58

1.56

1.53

1.49

1.47

6.14

5.89

5.72

5.50

6.38

6.27

BAKER HUGHES INC

1.16

1.09

1.00

0.92

0.95

0.94

0.86

0.81

8.06

7.17

5.84

6.18

6.35

6.29

BANK OF AMERICA CORP

0.60

0.58

0.55

0.51

1.52

1.46

1.44

1.38

29.47

11.09

8.81

BANK OF NEW YORK MELLON CORP

0.92

0.88

0.83

0.78

2.27

2.23

2.13

2.02

12.31

10.95

BAXTER INTERNATIONAL INC

5.26

4.47

3.77

3.29

2.73

2.50

2.28

2.19

13.05

12.95

6.25

3.02

19.81

15.93

14.77

13.68

0.86

40.11

26.94

18.00

13.21

1.47

6.92

6.70

6.87

6.95

2.10

10.55

10.29

9.95

9.65

34.79

24.02

17.53

13.01

9.12

135.20

77.29

45.63

26.70

17.28

0.00

0.00

0.00

0.00

8.70

8.69

8.40

8.47

7.95

15.79

15.23

14.51

13.95

13.55

3.91

4.04

4.23

4.40

15.32

14.07

12.54

11.40

1.18

1.30

1.40

1.60

15.07

13.60

11.90

11.39

11.06

1.46

1.90

2.30

2.55

4.57

26.28

21.94

16.89

14.22

14.47

0.41

0.41

0.41

0.42

7.76

7.99

7.23

6.23

0.94

1.02

1.05

1.08

4.00

3.51

10.44

10.49

9.30

8.50

10.00

0.57

2.34

2.46

2.56

2.29

6.03

5.80

5.60

15.54

14.53

13.54

12.65

11.90

4.84

4.95

5.07

5.21

5.35

5.06

4.60

14.23

14.81

10.47

9.24

1.38

1.32

1.33

7.55

21.12

12.08

9.19

8.00

0.32

0.70

10.00

8.76

13.29

12.60

10.98

9.60

1.83

11.02

10.26

15.71

15.14

13.65

12.51

2.03

7.67

9.35

10.41

9.74

8.76

8.19

7.91

11.45

4.56

2.42

97.95

0.1%

105.80

20.2%

100.44

34.7%

600.48

29.7%

36.38

-0.5%

1.36

49.54

8.7%

1.77

2.71

12.67

3.6%

2.18

2.47

2.87

28.53

0.7%

2.38

2.50

2.70

74.14

4.3%

110.00

6.4%

3.25

BERKSHIRE HATHAWAY INC-CL B


BOEING CO/THE

7.97

7.52

6.92

5.34

0.80

0.78

0.71

0.70

0.66

12.58

10.50

8.63

9.40

7.86

7.70

6.82

6.50

5.02

17.24

13.68

12.13

10.91

10.15

2.04

2.17

2.41

2.56

BRISTOL-MYERS SQUIBB CO

4.23

4.44

4.22

4.09

3.77

3.99

3.71

3.67

3.49

14.55

16.87

14.78

15.69

12.84

16.03

13.40

14.04

12.16

20.68

22.05

18.66

19.02

17.24

3.37

3.45

3.53

3.60

CAPITAL ONE FINANCIAL CORP

0.79

0.74

0.69

0.65

1.50

1.44

1.42

1.37

8.89

8.49

8.20

7.55

0.36

1.65

2.56

CATERPILLAR INC

3.17

2.60

2.16

1.89

0.86

0.90

0.83

0.76

0.56

7.21

7.08

6.23

5.37

5.58

5.99

5.21

4.60

9.55

10.86

9.27

7.90

2.26

2.35

2.48

CHEVRON CORP

1.74

1.57

1.42

1.30

0.99

0.99

1.01

0.93

0.86

6.32

5.94

5.79

5.22

3.99

4.07

3.98

3.81

9.80

9.78

9.68

9.18

2.91

3.10

3.27

3.49

CISCO SYSTEMS INC

2.11

1.90

1.76

1.67

2.40

2.27

2.15

2.02

9.93

9.22

8.93

8.30

5.55

5.28

5.12

4.93

11.29

10.40

9.84

9.10

1.25

2.72

2.80

2.97

CITIGROUP INC

0.70

0.67

0.62

0.58

1.90

1.72

1.67

1.60

12.96

9.04

7.94

6.90

10.94

9.62

8.40

7.34

0.09

0.45

1.56

2.52

COCA-COLA CO/THE

5.63

5.28

4.99

4.75

3.75

3.68

3.52

3.34

3.14

16.67

15.49

14.57

13.27

14.67

13.96

13.04

12.13

11.21

20.23

18.90

17.37

16.03

14.66

2.53

2.77

3.01

3.32

3.54

42.27

4.3%

COLGATE-PALMOLIVE CO

9.76

25.21

23.89

16.17

3.19

3.08

2.91

2.75

2.57

18.46

16.97

15.60

14.22

13.40

12.88

11.82

11.06

9.82

21.80

20.38

18.41

16.81

15.27

2.05

2.28

2.44

2.67

3.11

116.07

-0.6%

COMCAST CORP-CLASS A

2.20

2.19

2.12

1.90

1.73

1.69

1.59

1.53

1.46

7.93

7.35

6.75

6.20

7.77

7.36

6.91

6.51

6.21

21.05

17.38

15.20

13.05

11.27

1.53

1.86

2.10

2.41

2.47

46.62

12.2%

CONOCOPHILLIPS

1.38

1.29

1.20

1.03

1.19

1.39

1.30

1.49

5.46

4.98

4.58

4.59

3.96

4.22

3.87

3.95

4.22

10.57

11.03

9.92

9.69

9.54

4.42

4.45

4.59

4.60

4.38

63.15

4.6%

COSTCO WHOLESALE CORP

3.51

4.13

3.73

3.13

0.47

0.43

0.40

0.38

0.35

13.66

14.11

12.94

12.40

11.14

10.09

9.55

8.60

27.30

23.24

21.01

19.28

17.33

0.94

7.82

1.19

1.31

1.24

108.00

2.2%

CVS CAREMARK CORP

1.88

1.78

1.69

1.60

0.56

0.55

0.53

0.52

0.49

11.69

10.14

9.22

8.40

8.61

7.92

7.48

7.22

6.50

16.40

14.09

12.68

11.34

10.34

1.16

1.54

1.83

2.39

58.39

4.5%

DEVON ENERGY CORPORATION

1.05

1.00

0.91

0.88

2.63

2.34

2.08

1.99

4.91

4.55

3.73

3.60

5.61

4.93

4.13

3.76

17.62

16.11

11.41

8.96

1.28

1.32

1.49

1.55

71.32

25.0%

DOW CHEMICAL CO/THE

1.72

1.80

1.66

1.53

0.68

0.65

0.63

0.60

0.57

8.00

7.76

6.24

5.65

EBAY INC

3.36

2.85

2.42

2.13

4.77

4.10

3.58

3.14

2.83

17.27

15.65

12.77

11.05

DU PONT (E.I.) DE NEMOURS

4.45

3.54

2.93

2.95

1.30

1.26

1.19

1.11

1.05

11.21

9.36

8.52

ELI LILLY & CO

4.02

3.67

3.56

3.32

2.83

2.76

3.19

3.10

2.91

12.72

10.81

EMC CORP/MA

2.22

1.94

1.75

1.47

2.29

2.12

1.96

1.77

1.62

EMERSON ELECTRIC CO

3.71

3.56

3.18

2.78

1.64

1.59

1.51

1.42

EXELON CORP

1.30

1.23

1.20

1.16

1.45

1.20

1.13

1.14

1.13

EXXON MOBIL CORP

2.46

2.25

2.07

1.81

1.67

0.87

0.93

0.91

FEDEX CORP

1.81

1.87

1.65

1.44

1.06

0.72

0.70

FORD MOTOR CO

2.62

2.28

1.87

1.43

1.29

0.41

FREEPORT-MCMORAN COPPER

1.71

1.41

1.23

1.13

1.71

GENERAL DYNAMICS CORP

1.71

1.96

1.81

1.66

GENERAL ELECTRIC CO

1.94

1.84

1.74

GILEAD SCIENCES INC

6.78

5.38

GOLDMAN SACHS GROUP INC

1.02

0.93

GOOGLE INC-CL A

3.76

HALLIBURTON CO

2.36

1.19

1.77

3.15

1.75

7.64

4.79

12.88

4.34

3.57

8.80

90.15

4.0%

36.83

-9.3%

3.16

64.67

17.2%

2.53

112.15

28.9%

3.77

3.56

129.16

6.8%

23.83

14.9%

51.87

16.2%

8.12

7.27

6.54

6.18

5.45

16.66

13.57

10.88

9.11

8.22

3.82

4.07

4.21

4.30

36.29

13.0%

13.49

11.57

10.01

8.53

7.60

21.99

18.79

16.04

13.85

12.35

0.00

0.00

0.00

0.00

60.97

17.8%

7.55

8.36

7.91

7.32

6.50

6.37

14.79

12.41

11.10

9.53

9.10

3.48

3.55

3.64

3.72

3.53

52.18

7.2%

14.69

13.46

10.18

9.53

12.67

11.83

12.32

16.84

14.41

20.07

17.72

15.39

3.50

3.50

3.51

3.55

3.50

55.19

-1.6%

8.19

0.00

0.00

0.00

0.00

30.00

26.5%

2.88

2.95

3.16

3.44

62.00

11.3%
-4.1%

10.65

8.67

7.81

7.00

7.39

7.68

6.93

6.40

5.99

13.98

12.77

11.50

10.27

12.32

11.64

10.60

9.77

8.96

8.59

7.94

7.61

16.60

15.48

13.87

12.65

0.99

5.56

5.96

6.03

5.38

6.20

7.56

7.58

7.74

7.48

7.16

11.78

13.58

14.68

14.22

13.32

6.22

4.55

4.09

4.14

4.95

32.40

0.92

0.93

7.61

7.32

6.80

6.17

5.06

4.71

5.06

4.97

4.68

4.55

11.44

11.34

10.77

9.70

8.41

2.41

2.63

2.81

3.05

3.26

95.00

5.5%

0.66

0.62

0.59

6.94

7.51

6.43

5.68

5.60

5.47

4.66

4.05

3.60

15.00

16.03

12.88

10.62

9.19

0.54

0.57

0.64

0.76

0.82

113.92

16.5%

0.38

0.36

0.34

0.33

7.94

6.56

5.57

4.75

4.07

3.76

3.30

2.65

2.41

9.88

9.46

7.89

6.70

6.05

1.67

2.85

2.90

3.19

3.58

15.01

13.1%

1.37

1.31

1.26

1.27

6.70

4.54

3.89

3.90

4.92

3.35

3.16

3.10

2.67

10.28

7.49

7.18

7.50

5.68

3.78

3.84

3.91

3.92

3.84

40.93

26.0%

0.77

0.78

0.79

0.79

0.78

8.35

8.17

7.70

7.79

5.79

6.14

5.99

5.89

5.44

10.08

10.36

9.75

9.18

9.13

2.85

3.02

3.39

3.66

74.71

6.5%

1.66

1.63

1.60

1.54

1.52

11.22

10.56

9.00

8.19

9.27

8.47

7.64

7.11

15.31

13.79

12.49

11.48

2.99

3.35

3.77

4.06

25.80

11.7%

4.22

3.37

7.24

6.44

5.44

4.53

21.51

20.26

12.44

7.52

16.10

15.90

11.61

8.07

22.75

21.93

15.69

11.20

0.00

0.00

0.00

0.00

49.35

8.5%

0.86

0.79

2.14

2.09

2.02

2.00

9.48

8.67

8.05

7.49

11.94

10.62

9.67

9.06

1.27

1.36

1.42

1.48

154.44

5.8%

3.17

2.69

2.22

6.44

5.60

4.78

4.34

16.77

14.15

11.99

11.00

20.40

17.71

15.08

13.04

0.00

0.00

0.00

0.00

866.85

6.8%

2.06

1.76

1.49

1.31

1.25

1.13

1.05

9.02

8.23

6.73

6.08

13.39

13.18

10.08

8.51

1.04

1.11

1.17

1.43

49.15

23.3%

1.90

3.90

3.86

4.21

10.08

12.22

10.17

8.68

7.48

6.56

6.38

5.23

4.56

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

6.46

9.05

11.73

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

2.16

2.16

1.99

1.80

2.16

1.40

1.40

1.33

1.28

1.40

9.99

9.99

9.69

9.48

9.99

8.74

8.74

8.08

7.57

8.74

14.11

14.11

12.64

11.43

14.11

2.21

2.21

2.37

2.56

2.21

1681.4

7.8%

Euro Stoxx 50 Pr

1.14

1.14

1.08

1.02

1.14

0.73

0.73

0.71

0.69

0.73

5.32

5.32

4.97

4.74

5.32

7.00

7.00

6.62

6.30

7.00

11.05

11.05

9.90

9.06

11.05

4.35

4.35

4.68

4.98

4.35

2895.5

9.4%

NIKKEI 225

1.50

1.50

1.41

1.32

1.50

0.70

0.70

0.66

0.65

0.70

9.47

9.47

8.14

7.61

9.47

9.50

9.50

8.28

7.76

9.50

24.04

24.04

18.83

14.58

24.04

1.65

1.65

1.66

1.94

1.65

11916.4

-4.5%

FTSE 100 INDEX

1.68

1.68

1.56

1.35

1.68

1.01

1.01

0.97

0.99

1.01

7.91

7.91

7.28

5.26

7.91

7.04

7.04

6.59

6.32

7.04

11.82

11.82

10.72

9.82

11.82

3.89

3.89

4.18

4.61

3.89

6809.6

6.4%

SWISS MARKET INDEX

2.39

2.39

2.22

2.05

2.39

2.00

2.00

1.90

1.82

2.00

12.30

12.30

11.24

9.87

12.30

13.09

13.09

12.11

11.32

13.09

14.91

14.91

13.35

12.12

14.91

3.31

3.31

3.67

4.16

3.31

8026.2

2.8%

S&P/TSX COMPOSITE INDEX

1.68

1.68

1.55

1.45

1.68

1.57

1.57

1.48

1.42

1.57

8.40

8.40

7.54

7.00

8.40

8.22

8.22

7.27

6.88

8.22

13.98

13.98

12.32

11.33

13.98

3.14

3.14

3.29

3.49

3.14

14540.6

14.8%

S&P/ASX 200 INDEX

1.88

1.88

1.78

1.68

1.88

1.80

1.80

1.70

1.61

1.80

11.09

11.09

9.90

9.04

11.09

9.54

9.54

8.40

7.80

9.54

15.14

15.14

13.48

12.37

15.14

4.39

4.39

4.70

5.07

4.39

5152.0

4.1%

HANG SENG INDEX

1.33

1.33

1.23

1.15

1.33

1.73

1.73

1.60

1.49

1.73

7.12

7.12

6.60

6.21

7.12

8.13

8.13

7.39

6.84

8.13

10.80

10.80

9.91

9.02

10.80

3.57

3.57

3.85

4.37

3.57

24942.6

11.8%

MSCI EM

1.43

1.43

1.30

1.21

1.43

0.95

0.95

0.88

0.84

0.95

6.85

6.85

6.30

5.89

6.85

7.03

7.03

6.45

6.05

7.03

10.76

10.76

9.67

8.97

10.76

3.08

3.08

3.59

6.74

3.08

1183.8

15.8%

HEWLETT-PACKARD CO

1.38

1.73

1.49

1.20

0.38

0.40

0.41

0.41

5.06

4.83

4.64

4.47

3.78

4.32

4.42

4.45

5.79

6.76

6.50

6.46

2.16

2.20

2.26

2.42

18.50

-20.7%

HJ HEINZ CO

6.80

7.29

6.48

5.76

1.98

1.97

1.89

1.80

1.73

17.37

15.71

14.48

13.51

13.42

13.17

12.36

11.62

11.29

21.59

20.24

18.94

17.54

16.01

2.66

2.86

3.03

3.26

70.67

-1.9%

HOME DEPOT INC

5.97

6.19

6.29

7.06

1.41

1.36

1.30

1.26

1.20

16.80

14.50

12.25

11.55

11.89

10.87

9.99

9.39

8.77

22.91

19.88

17.12

15.12

13.41

1.55

2.25

2.61

2.87

72.13

3.2%

HONEYWELL INTERNATIONAL INC

4.44

3.80

3.20

2.67

1.57

1.50

1.42

1.37

1.26

15.21

12.67

11.54

10.65

9.65

8.90

8.19

7.81

6.93

16.83

15.27

13.72

12.68

11.30

2.01

2.20

2.46

2.65

78.48

3.8%

INTEL CORP

2.18

1.93

1.76

1.74

1.98

1.96

1.88

1.83

1.85

6.07

5.94

5.53

5.39

4.46

4.64

4.26

4.23

4.07

9.65

10.61

9.83

10.38

4.06

4.26

4.38

4.68

23.39

9.0%

INTL BUSINESS MACHINES CORP

9.47

8.85

7.08

5.60

5.95

2.26

2.22

2.17

2.13

2.07

11.69

10.27

9.43

8.78

9.83

9.05

8.63

8.18

7.70

14.01

12.66

11.53

10.52

10.12

1.54

1.62

1.75

1.74

2.31

224.60

5.8%

JOHNSON & JOHNSON

3.43

3.03

2.71

2.47

2.17

3.33

3.15

3.03

2.92

2.80

13.07

11.46

10.85

10.41

10.27

9.62

9.03

8.50

8.23

15.75

14.83

13.92

13.05

12.16

2.93

3.10

3.28

3.61

4.01

79.20

-1.3%

9.77

8.86

8.30

7.79

2.45

2.90

3.29

3.68

54.86

12.9%

6.64

6.48

6.32

6.13

5.17

11.08

10.47

10.32

9.49

9.50

4.45

5.01

5.42

5.93

96.17

2.7%

9.79

8.95

8.30

7.56

6.91

21.93

18.20

14.96

12.06

10.12

1.62

1.85

2.04

2.56

40.35

6.2%

14.57

12.61

10.95

9.57

8.85

24.26

21.07

17.75

15.02

0.20

0.27

0.28

0.32

577.34

7.8%

11.05

10.50

9.87

9.17

8.51

18.53

17.00

15.53

14.07

12.48

2.91

3.20

3.51

3.83

102.48

4.0%

9.18

9.24

8.94

8.57

8.39

13.38

12.47

11.93

11.19

10.49

2.14

2.29

2.46

2.71

2.99

50.14

8.9%

11.61

12.15

11.63

11.05

10.07

3.80

3.86

3.93

3.99

4.41

48.69

10.1%

8.34

9.76

3.17

JPMORGAN CHASE & CO

0.95

0.87

0.81

0.76

1.89

1.85

1.81

1.73

9.81

8.72

8.16

7.14

LOCKHEED MARTIN CORP

12.75

37.92

20.57

12.58

0.65

0.67

0.68

0.69

0.67

7.98

8.00

7.90

7.61

LOWE'S COS INC

3.06

3.22

3.34

3.32

0.84

0.80

0.78

0.75

0.71

12.79

10.39

8.79

8.59

MASTERCARD INC-CLASS A

9.07

7.69

6.00

5.19

8.89

7.95

7.07

6.25

5.70

23.32

19.24

16.17

14.51

MCDONALD'S CORP

7.04

6.38

5.80

4.93

3.25

3.59

3.42

3.24

3.04

2.77

14.40

13.05

12.07

MEDTRONIC INC

2.68

2.53

2.21

1.96

1.87

2.87

2.83

2.74

2.66

2.58

10.65

10.11

9.82

9.13

MERCK & CO. INC.

2.36

2.26

2.12

1.98

2.84

2.89

2.85

2.79

2.71

9.38

9.54

9.23

7.86

6.93

8.16

8.08

7.43

METLIFE INC

0.72

0.67

0.62

0.55

0.62

0.60

0.58

0.56

7.35

7.30

6.81

6.25

2.03

2.67

3.04

3.37

44.26

15.4%

MICROSOFT CORP

3.37

2.87

2.32

1.89

3.20

2.97

2.75

2.59

2.66

8.40

7.60

6.84

6.41

5.92

5.67

5.16

4.78

4.97

10.49

9.96

9.00

8.22

2.74

3.21

3.42

3.75

32.90

16.5%

MONDELEZ INTERNATIONAL INC-A

1.61

1.59

1.49

1.47

1.52

1.46

1.38

1.30

1.23

114.45

15.38

12.40

11.62

12.24

11.62

10.79

10.18

9.22

21.03

19.21

17.07

15.29

13.20

1.71

1.77

1.95

2.33

30.13

0.1%

MONSANTO CO

4.61

4.12

3.64

3.17

4.03

3.70

3.47

3.27

3.25

20.89

18.85

16.60

14.51

14.03

12.15

10.99

10.00

9.83

27.72

22.59

19.92

17.68

16.35

1.11

1.25

1.35

1.35

112.45

9.1%

MORGAN STANLEY

0.71

0.68

0.64

0.61

1.58

1.34

1.27

1.21

35.61

9.44

7.87

6.76

16.30

10.59

8.66

7.69

0.93

0.95

1.26

1.42

25.07

13.2%

NATIONAL OILWELL VARCO INC

1.49

1.33

1.19

1.05

0.98

1.52

1.32

1.23

1.16

1.15

12.34

9.67

8.42

8.09

8.66

6.99

6.63

5.93

5.38

6.35

11.99

11.77

10.26

9.22

9.98

0.67

0.72

0.75

0.80

85.63

21.9%

NEWS CORP-CL A

2.72

2.62

2.40

2.16

1.86

2.07

1.98

1.86

1.78

1.70

16.93

12.24

12.58

11.01

10.36

11.96

11.11

9.97

9.11

8.42

21.54

18.03

15.31

12.93

11.23

0.56

0.57

0.57

0.57

32.35

6.9%

NIKE INC -CL B

5.34

4.74

4.38

3.98

4.93

2.21

2.11

1.95

1.82

1.70

23.42

20.10

17.45

14.92

14.26

13.52

12.03

10.86

10.11

24.06

22.27

19.50

16.98

15.00

1.18

1.36

1.54

1.70

61.72

3.7%

NORFOLK SOUTHERN CORP

2.38

2.27

2.06

1.87

2.13

2.08

1.96

1.85

1.72

8.03

7.90

6.95

6.78

7.82

7.67

7.02

6.55

5.95

14.18

13.56

11.85

10.53

9.11

2.52

2.76

2.93

3.18

77.71

3.7%

OCCIDENTAL PETROLEUM CORP

1.52

1.39

1.27

1.21

2.64

2.43

2.31

2.39

5.56

5.10

4.73

4.25

4.87

4.28

3.96

4.13

11.18

10.69

9.98

9.47

2.84

3.01

3.45

3.81

101.16

30.5%

ORACLE CORP

3.57

3.26

2.66

2.25

4.00

3.97

3.76

3.56

3.30

11.87

10.46

9.91

9.10

PEPSICO INC

5.71

5.33

5.21

5.10

1.86

1.79

1.71

1.63

1.56

14.40

12.67

11.65

10.54

PFIZER INC

2.62

2.50

2.46

2.32

3.51

3.56

3.62

3.63

3.54

11.18

9.63

9.07

4.78

4.63

4.37

4.16

4.01

14.97

13.30

3.74

PHILIP MORRIS INTERNATIONAL

10.38

9.00

3.35

2.29

0.71

7.30

7.40

6.76

6.27

13.03

11.70

10.73

9.82

0.76

0.93

0.82

0.93

37.88

20.4%

11.62

10.91

10.33

9.69

8.89

19.40

17.96

16.52

15.13

13.45

2.69

2.85

3.07

3.29

3.57

80.15

1.7%

8.51

7.19

7.59

7.61

7.85

7.85

13.17

12.51

12.03

11.61

10.92

3.08

3.33

3.52

3.67

3.95

30.30

6.4%

12.18

11.59

11.53

10.94

10.25

9.61

9.31

17.54

15.86

14.27

12.92

12.20

3.58

3.98

4.41

4.88

5.32

96.54

5.6%

10.11

20.29

19.06

17.71

16.21

14.70

2.73

2.94

3.17

3.38

3.76

79.29

2.4%

12.76

11.09

1.35

1.51

1.70

2.03

75.85

14.3%

9.32

3.40

3.82

4.21

4.60

56.67

-1.8%

1.48

1.65

1.77

1.89

91.33

23.1%
10.2%

8.46

PROCTER & GAMBLE CO/THE

3.32

3.33

3.24

3.02

2.52

2.50

2.41

2.30

2.20

16.85

15.22

14.83

12.79

12.89

12.45

11.66

10.93

QUALCOMM INC

3.46

3.00

2.63

2.34

6.03

4.72

4.24

4.05

3.96

16.64

13.60

12.83

12.51

11.65

9.38

8.57

7.89

18.24

14.72

13.52

RAYTHEON COMPANY

2.21

2.15

2.08

1.91

0.77

0.79

0.80

0.81

0.75

10.56

9.59

10.00

7.89

5.82

6.29

6.24

5.61

10.41

10.82

10.37

8.44

SCHLUMBERGER LTD

2.79

2.57

2.22

1.88

2.33

2.13

1.91

1.76

12.29

10.22

8.75

8.46

9.32

8.43

7.34

6.48

17.69

15.71

12.82

11.26

SIMON PROPERTY GROUP INC

8.11

2.53

8.66

8.16

10.29

10.00

9.51

9.01

23.72

22.16

19.46

17.10

20.33

18.83

17.72

16.07

37.73

45.51

39.69

16.59

2.60

2.95

3.18

3.58

3.95

176.06

SOUTHERN CO/THE

2.10

2.03

1.94

1.86

2.29

2.22

2.14

2.06

1.86

8.93

8.98

8.63

8.23

10.23

9.68

9.13

8.66

7.85

17.57

16.69

15.84

15.07

14.04

4.23

4.38

4.52

4.68

4.89

45.46

-1.3%

STARBUCKS CORP

8.01

7.44

6.60

5.41

3.74

3.20

2.86

2.55

2.26

2.00

22.55

18.31

15.90

13.54

15.93

13.45

11.37

9.73

8.89

32.00

26.33

21.69

18.09

15.79

1.22

1.50

1.78

2.16

63.88

12.1%

TARGET CORP

2.71

2.58

2.40

2.21

1.98

0.60

0.58

0.55

0.51

0.49

8.48

5.29

6.80

6.07

8.10

8.16

7.41

7.02

6.62

14.31

13.54

12.19

10.36

9.20

1.93

2.17

2.47

2.93

71.42

4.6%

TEXAS INSTRUMENTS INC

3.56

3.56

3.47

3.42

3.00

3.15

2.95

2.83

2.60

13.44

12.28

10.78

10.49

11.42

11.19

9.55

9.12

8.16

21.06

20.29

16.13

14.67

15.43

2.05

2.87

3.07

3.21

34.19

-1.6%

TIME WARNER INC

1.71

1.53

1.56

1.40

1.84

1.78

1.70

1.63

1.55

12.70

11.47

10.63

9.22

10.12

9.37

8.68

8.12

7.58

17.66

15.42

13.34

11.64

9.99

1.84

2.01

2.16

2.27

UNION PACIFIC CORP

3.30

2.99

2.69

2.37

3.11

2.96

2.76

2.61

2.49

10.93

9.79

8.71

8.32

8.59

7.90

7.20

6.61

6.17

16.87

14.82

12.97

11.47

10.33

1.76

2.00

2.23

2.61

UNITED PARCEL SERVICE-CL B

10.47

13.22

11.54

10.59

1.49

1.42

1.34

1.26

1.16

12.80

10.79

9.15

9.59

9.61

8.94

8.19

7.62

6.28

18.49

16.93

14.86

13.24

11.20

2.68

2.89

3.11

3.44

UNITED TECHNOLOGIES CORP

3.34

2.94

2.66

2.29

1.47

1.31

1.24

1.19

1.09

13.15

11.91

10.14

9.21

11.30

9.69

8.80

8.30

7.67

17.46

15.26

13.30

11.85

10.77

2.16

2.36

2.56

2.78

100.95

8.3%

UNITEDHEALTH GROUP INC

1.91

1.63

1.45

1.30

0.52

0.46

0.42

0.36

0.38

9.35

7.69

7.56

6.34

6.02

5.48

5.27

5.33

10.52

10.04

9.25

8.26

6.79

1.36

1.60

1.59

1.53

66.56

20.2%

US BANCORP

1.81

1.65

1.54

1.43

3.10

3.06

2.95

2.81

11.25

10.62

9.86

8.91

11.75

10.98

10.50

10.15

8.85

2.30

2.63

2.94

3.44

VERIZON COMMUNICATIONS INC

3.54

3.64

3.46

3.52

1.22

1.17

1.13

1.10

1.06

4.62

3.91

3.80

3.54

6.38

5.87

5.51

5.27

5.10

20.88

17.91

15.72

14.18

13.49

4.08

4.20

4.30

4.45

VISA INC-CLASS A SHARES

3.93

3.73

3.26

2.97

10.65

9.52

8.53

7.59

6.86

23.67

22.22

16.77

16.21

18.06

14.03

12.36

10.76

9.97

27.08

22.77

19.61

17.03

14.91

0.52

0.76

0.84

WAL-MART STORES INC

3.24

2.95

2.71

2.37

0.53

0.51

0.49

0.46

0.44

9.53

9.09

8.23

7.22

8.25

7.97

7.58

7.46

7.30

15.17

13.93

12.70

11.56

10.28

2.16

2.49

2.74

WALGREEN CO

2.56

2.27

2.09

1.98

0.63

0.62

0.59

0.57

0.46

11.49

12.70

11.80

9.08

10.05

8.67

7.88

7.59

5.02

18.38

14.56

12.83

11.84

10.00

1.97

2.27

WALT DISNEY CO/THE

2.49

2.40

2.23

2.01

2.39

2.26

2.12

1.98

1.88

12.90

11.45

10.31

9.19

10.55

9.65

8.83

8.07

7.70

18.33

16.40

14.53

12.69

11.45

1.06

WELLS FARGO & CO

1.37

1.24

1.14

1.06

2.29

2.29

2.26

2.18

10.40

9.72

9.07

8.12

11.13

10.19

9.54

8.96

8.54

WILLIAMS COS INC

4.88

3.96

4.26

3.30

3.34

3.07

2.70

2.64

14.23

14.35

10.94

11.16

33.33

36.55

26.00

23.46

22.19

1.51

4.35

2.08

2.17

5.56

6.56

8.36

15.02

14.13

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

11.09

10.88

10.24

2.70

3.83

60.80

7.2%

149.04

7.0%

90.68

6.8%

36.88

9.5%

48.84

-1.3%

0.89

173.91

4.1%

3.29

77.23

3.3%

2.50

2.91

47.71

0.8%

1.22

1.36

1.40

61.36

8.5%

2.37

2.81

3.16

3.62

39.64

6.8%

3.30

3.92

4.74

5.58

38.00

2.1%

4.53

1.86

5.50

26.03.2013

3M Co
3M Co. conducts operations in electronics, telecommunications, industrial,
consumer and office, health care, safety, and other markets. The Company's
businesses share technologies, manufacturing operations, brands, marketing
channels, and other resources. 3M serves customers in countries located around
the world.

Price/Volume

6.0 M
5.0 M
4.0 M

60

Latest Fiscal Year:


LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MMM UN EQUITY YTD Change
MMM UN EQUITY YTD % CHANGE

12/2012
12/yy
106.88
81.99
155'215.00
106.03
-0.80%
29.32%
93.13%
690.0
73'159.66
6'001.00
0.0
465.0
5'693.00
73'932.67

3.0 M

40

2.0 M

20

1.0 M

0
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 m-13

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

Fiscal Year Ended


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

7.0 M

100
80

Valuation Analysis

31.12.2008
25'269.0
1.76x
6'394.0
6.96x
3'460.0
11.13x

120

31.12.2009
31.12.2010
23'123.0
26'662.0
2.61x
2.33x
5'971.0
7'038.0
10.11x
8.84x
3'193.0
4'085.0
17.63x
15.01x
Profitability

LTM-4Q
31.12.2011
29'611.0
1.95x
7'414.0
7.80x
4'283.0
13.71x

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

31.12.2012
29'904.0
2.16x
7'771.0
8.31x
4'444.0
14.69x
7'771.00
6'483.00
21.68%
21.24%
13.57%
26.94%
20.56%
0.91%
47.5%
26.0%
21.7%
14.9%
2.20
1.39
17.71%
34.15%
7.54
4.33

Price/ Cash Flow

12/yy
29'611
8.30x
7'414.0
7.80x
4'283.0
13.71x

LTM
12/yy
29'904
8.52x
7'771.0
8.31x
4'444.0
14.62x

FY+1

2.23
0.98
689.13
9.77
22.11%
14.90%
0.985
21
3.857
751'874
785'913
784'801
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
31'485
33'191
7'814
7'955
2.40x
2.25x
9.80x
9.60x
8'259.3
8'881.1
1'985.0
2'108.5
8.95x
8.32x
8.89x
4'754.7
5'161.1
1'159.8
1'234.6
15.53x
14.23x
15.52x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

18.03.2009
AASTABLE
23.11.1981
A-1+
40.06
32.41
0.04
0.77
34.1%
25.0%
0.91
3.73
48.52
84.62
38.69
94.45

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

3M Co
Holdings By:

All

Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
SUN LIFE FINANCIAL I
T ROWE PRICE ASSOCIA
STATE FARM MUTUAL AU
NORTHERN TRUST CORPO
BANK OF AMERICA CORP
WELLS FARGO
BANK OF NEW YORK MEL
WELLINGTON MANAGEMEN
US BANCORP
FIDUCIARY MANAGEMENT
FMR LLC
JP MORGAN
FIRST EAGLE INVESTME
STATE FARM MUTUAL AU
NORGES BANK
UBS

Firm Name
Sanford C. Bernstein & Co
Goldman Sachs
Morgan Stanley
William Blair & Co
Edward Jones
Tigress Financial Partners
Argus Research Corp
S&P Capital IQ
JPMorgan
Deutsche Bank
Jefferies
FBR Capital Markets
Nomura
Barclays
Credit Suisse
Hilliard Lyons
EVA Dimensions
Langenberg & Co
McAdams Wright Ragen Inc

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
Multiple Portfolios
n/a
T ROWE PRICE ASSOCIA
STATE FARM MUTUAL AU
NORTHERN TRUST CORPO
BANK OF AMERICA
n/a
BANK OF NEW YORK MEL
WELLINGTON MANAGEMEN
US BANCORP
FIDUCIARY MANAGEMENT
n/a
n/a
FIRST EAGLE INVESTME
STATE FARM MUTUAL AU
NORGES BANK
n/a

Analyst
STEVEN E WINOKER
JOSEPH RITCHIE
NIGEL COE
JOHN C KREGER
MATT ARNOLD
IVAN FEINSETH
NATHANIEL GABRIEL
RICHARD TORTORIELLO
CHARLES STEPHEN TUSA
DAVID I BEGLEITER
LAURENCE ALEXANDER
AJAY K KEJRIWAL
SHANNON O'CALLAGHAN
SCOTT R DAVIS
JOHN P MCNULTY
STEPHEN A O'NEIL
CRAIG STERLING
BRIAN KEITH LANGENBERG
MICHAEL ROARKE

Source
ULT-AGG
ULT-AGG
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
Sch-D
13F
ULT-AGG

Recommendation
market perform
neutral/neutral
Overwt/In-Line
market perform
buy
buy
hold
buy
underweight
hold
buy
outperform
neutral
equalweight
neutral
long-term buy
buy
hold
focus list

Amt Held
51'923'138
41'038'740
34'373'821
23'813'084
19'002'823
13'771'070
11'131'700
9'940'996
8'915'016
7'874'449
7'575'863
7'380'783
7'363'661
7'094'958
6'497'093
6'488'876
5'714'251
5'420'390
5'326'652
4'327'212

% Out
7.53
5.95
4.98
3.45
2.75
2
1.61
1.44
1.29
1.14
1.1
1.07
1.07
1.03
0.94
0.94
0.83
0.79
0.77
0.63

Weighting

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

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

Latest Chg
81'909
810'598
(974'867)
(184'132)
33'100
(35'455)
2'510'797
(174'878)
(282'861)
87'111
(463'733)
37'123
1'596'070
723'798
60'000
(12'452)
169'424
(229'170)

Target Price
116
115
113
101
#N/A N/A
#N/A N/A
#N/A N/A
110
97
108
115
110
105
104
103
125
#N/A N/A
100
85

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

File Dt
Inst Type
25.03.2013
Investment Advisor
22.03.2013
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
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
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
Unclassified
31.12.2012 Hedge Fund Manager
30.09.2012
Insurance Company
31.12.2012
Government
31.01.2013
Unclassified

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

Date
22.03.2013
20.03.2013
17.03.2013
17.03.2013
08.03.2013
06.03.2013
13.02.2013
06.02.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
15.01.2013
23.10.2012
24.04.2009

26.03.2013

Abbott Laboratories
Abbott Laboratories discovers, develops, manufactures, and sells a broad and
diversified line of health care products and services. The Company's products
include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott
markets its products worldwide through affiliates and distributors.

Price/Volume
40

18.0 M

35

16.0 M

30

14.0 M
12.0 M

25

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (19.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ABT UN EQUITY YTD Change
ABT UN EQUITY YTD % CHANGE

12/2012
12/yy
35.28
28.25
405'908.00
34.04
-3.51%
20.50%
78.95%
1'570.7
53'465.85
20'475.96
0.0
92.3
15'173.98
58'860.10

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

8.0 M

15

6.0 M

10

4.0 M

2.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
29'527.6
3.02x
8'315.9
10.73x
4'880.7
16.08x

10.0 M

20

31.12.2009
31.12.2010
30'764.7
35'166.7
2.94x
2.49x
9'212.3
9'025.1
9.80x
9.71x
5'745.8
4'626.2
14.51x
11.49x
Profitability

LTM-4Q
31.12.2011
38'851.3
2.46x
9'468.3
10.11x
4'728.4
12.07x

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

31.12.2012
39'873.9
2.73x
11'155.7
9.74x
5'962.9
12.92x
11'155.72
8'372.52
21.00%
15.71%
9.35%
23.31%
14.96%
0.63%
62.1%
29.9%
22.9%
15.0%
2.36
1.72
30.45%
76.63%
5.21
4.24

Price/ Cash Flow

LTM

12/yy
38'850.8
9.37x
9'467.9
10.11x
4'728.8
11.86x

12/yy
39'874.0
10.95x
11'906.4
9.13x
5'962.5
12.92x

FY+1

4.91
0.68
1'565.64
18.55
19.94%
9.07%
0.683
26
3.846
1'810'552
2'025'673
2'573'562
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
22'713.3
24'070.8
5'415.1
5'637.5
2.31x
2.07x
9.79x
9.44x
6'164.6
6'774.2
975.5
1'040.5
9.55x
8.69x
13.14x
3'053.5
3'466.9
565.8
638.1
17.26x
15.40x
17.19x
16.57x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

26.10.2012
A+
STABLE
26.10.2012
A-1+
18.25
15.31
0.45
1.72
76.6%
43.3%
0.63
5.00
70.20
86.37
41.53
114.66

Sales/Revenue/Turnover

7.00

45'000.0

6.00

40'000.0
35'000.0

5.00

30'000.0

4.00

25'000.0

3.00

20'000.0
15'000.0

2.00

10'000.0

1.00
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

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

26.03.2013

Abbott Laboratories
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
FMR LLC
BANK OF AMERICA CORP
JP MORGAN
STATE FARM MUTUAL AU
GRANTHAM MAYO VAN OT
TIAA CREF INVESTMENT
WELLINGTON MANAGEMEN
NORGES BANK
GOLDMAN SACHS GROUP
UBS
GEODE CAPITAL MANAGE
STATE FARM MUTUAL AU
FRANKLIN RESOURCES

Firm Name
Edward Jones
Wells Fargo Securities, LLC
BMO Capital Markets
Leerink Swann & Co
Stifel
Morgan Stanley
Jefferies
William Blair & Co
Barclays
Sanford C. Bernstein & Co
JPMorgan
Argus Research Corp
RBC Capital Markets
Raymond James
Goldman Sachs
Hilliard Lyons
Cowen and Company
Atlantic Equities LLP
Deutsche Bank
S&P Capital IQ
First Global Stockbroking
Maxim Group LLC

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
n/a
BANK OF AMERICA
n/a
STATE FARM MUTUAL AU
GRANTHAM MAYO VAN OT
TIAA-CREF INVESTMENT
WELLINGTON MANAGEMEN
NORGES BANK
GOLDMAN SACHS GROUP
n/a
GEODE CAPITAL MANAGE
STATE FARM MUTUAL AU
n/a

Analyst
JEFF WINDAU
LAWRENCE BIEGELSEN
JOANNE K WUENSCH
DANIELLE ANTALFFY
FREDERICK A WISE
DAVID R LEWIS
JEFFREY HOLFORD
BENJAMIN C ANDREW
MATTHEW TAYLOR
DERRICK SUNG
MICHAEL N WEINSTEIN
DAVID H TOUNG
GLENN J NOVARRO
JAYSON BEDFORD
DAVID H ROMAN
STEPHEN A O'NEIL
DOUG SCHENKEL
STEPHAN B GASTEYGER
KRISTEN M STEWART
HERMAN SAFTLAS
KAVITA THOMAS
ANTHONY PETRONE

Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
Sch-D
ULT-AGG

Recommendation
buy
outperform
outperform
market perform
buy
Equalwt/In-Line
buy
outperform
equalweight
market perform
neutral
hold
outperform
market perform
neutral/neutral
long-term buy
neutral
neutral
hold
buy
long-term outperform
not rated

Amt Held
86'070'356
75'358'478
70'873'178
66'155'796
43'566'671
30'872'209
26'067'769
25'816'792
17'459'656
16'598'734
15'061'000
14'592'726
14'404'871
13'409'746
12'625'176
11'768'897
11'094'617
10'467'807
10'018'233
8'699'080

% Out
5.48
4.8
4.51
4.21
2.77
1.97
1.66
1.64
1.11
1.06
0.96
0.93
0.92
0.85
0.8
0.75
0.71
0.67
0.64
0.55

Weighting

Change

5
5
5
3
5
3
5
5
3
3
3
3
5
3
3
5
3
3
3
5
5
#N/A N/A

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

Latest Chg
1'796'533
(2'293'700)
2'103'611
2'584'292
1'606'179
(918'489)
1'555'575
(2'094'242)
(2'822'927)
156'217
(338'480)
(1'857'915)
1'276'928
261'139
(104'485)
(914'813)
3'796
(390'744)

Target Price
#N/A N/A
#N/A N/A
36
#N/A N/A
40
#N/A N/A
40
#N/A N/A
35
31
34
#N/A N/A
37
#N/A N/A
36
40
#N/A N/A
33
33
36
#N/A N/A
#N/A N/A

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

File Dt
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
30.09.2012
31.12.2012

Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
12 month
24 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Insurance Company
Investment Advisor

Date
22.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
14.03.2013
11.03.2013
21.02.2013
20.02.2013
19.02.2013
13.02.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
16.01.2013
14.01.2013
04.01.2013
29.11.2012
26.04.2012
27.01.2009

26.03.2013

AbbVie Inc
AbbVie Inc. researches and develops pharmaceutical products. The Company
produces pharmaceutical drugs for specialty therapeutic areas such as
immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and
neuroscience. AbbVie also offers treatments for diseases including Multiple
Sclerosis, Parkinson's, and Alzheimer's disease.

Price/Volume
45

12.0 M

40

10.0 M

35
30

8.0 M

25

12/2012
01/yy
40.25
32.51
570'439.00
40.21
0.00%
23.69%
97.15%
1'577.3
63'424.60
17'911.00
7'976.00
73'359.60

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

15

4.0 M

10

2.0 M

5
0
d-12

.0 M
j-13

f-13

m-13

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

Fiscal Year Ended


31.12.2008

6.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (17.12.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ABBV UN EQUITY YTD Change
ABBV UN EQUITY YTD % CHANGE

31.12.2009
31.12.2010
14'214.2
15'637.7
5'799.3
6'214.3
4'636.5
4'177.9
Profitability

31.12.2011
17'444.0
5'565.4
3'433.1
-

31.12.2012
18'380.0
3.47x
7'255.0
8.80x
5'275.0
9.84x
7'255.00
6'105.00
33.22%
31.15%
75.5%
28.7%
2.27
1.71
66.32%
532.59%
-

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1'576.67
12.48
19.10%
15
3.800
1'242'850
1'406'428
1'839'323
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'406.6
18'740.4
4'277.5
4'561.0
3.91x
3.80x
7'294.3
7'362.0
1'599.7
1'858.3
10.06x
9.96x
10.03x
4'920.5
5'032.0
1'046.5
1'240.7
12.97x
12.66x
13.00x
13.00x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

26.10.2012
A
POS
26.10.2012
A-1
86.37
82.40
532.6%
84.2%
-260.37

Sales/Revenue/Turnover

20'000.0
18'000.0

1.00

16'000.0
14'000.0

0.80
0.60
0.40

12'000.0
10'000.0
8'000.0
6'000.0
4'000.0

0.20

2'000.0
0.0

0.00

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

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

26.03.2013

AbbVie Inc
Holdings By:

All

Holder Name
BLACKROCK
STATE STREET
SUN LIFE FINANCIAL I
NORTHERN TRUST CORPO
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
CAPITAL GROUP COMPAN
EATON VANCE MANAGEME
PRINCIPAL FINANCIAL
FMR LLC
HEALTHCOR MANAGEMENT
BANK OF AMERICA CORP
OPPENHEIMERFUNDS INC
NUVEEN ASSET MANAGEM
WELLINGTON MANAGEMEN
HARDING LOEVNER LP
JOHN HANCOCK INVESTM
JP MORGAN
PIONEER INVESTMENT M
MONTAG & CALDWELL IN

Firm Name
Wells Fargo Securities, LLC
Edward Jones
Jefferies
BMO Capital Markets
Credit Suisse
Morgan Stanley
Goldman Sachs
Hilliard Lyons
JPMorgan
Barclays
Atlantic Equities LLP
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
NORTHERN TRUST CORPO
T ROWE PRICE ASSOCIA
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
HEALTHCOR MANAGEMENT
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
WELLINGTON MANAGEMEN
HARDING LOEVNER LP
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
MICHAEL K TONG
JUDSON CLARK
JEFFREY HOLFORD
ALEX ARFAEI
CATHERINE J ARNOLD
DAVID R RISINGER
JAMI E RUBIN
STEPHEN A O'NEIL
CHRISTOPHER T SCHOTT
CHARLES ANTHONY BUTLER
RICHARD J PURKISS
ANDREW S ZAMFOTIS

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

Recommendation
outperform
hold
buy
outperform
neutral
Equalwt/In-Line
buy/attractive
neutral
neutral
equalweight
neutral
buy

Amt Held
82'921'627
29'371'634
13'766'549
9'133'059
8'324'029
8'280'437
5'416'582
4'639'198
4'202'044
3'846'534
3'100'000
3'082'582
2'395'110
2'009'121
1'748'600
1'637'658
1'631'693
1'620'616
1'614'695
1'606'450

% Out
5.26
1.86
0.87
0.58
0.53
0.52
0.34
0.29
0.27
0.24
0.2
0.2
0.15
0.13
0.11
0.1
0.1
0.1
0.1
0.1

Weighting

Change
5
3
5
5
3
3
5
3
3
3
3
5

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

Latest Chg
(32'393)
13'757'785
9'133'059
8'324'029
8'260'623
5'416'582
4'639'198
17'457
3'846'534
3'100'000
3'082'582
2'395'110
439'299
1'748'600
1'637'658
1'631'693
1'620'616
1'614'695
(1'247'800)

Target Price
#N/A N/A
#N/A N/A
45
41
37
36
42
#N/A N/A
38
37
37
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Unclassified
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor

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

Date
22.03.2013
01.03.2013
15.02.2013
11.02.2013
07.02.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
17.01.2013
15.01.2013

26.03.2013

Accenture PLC
Accenture PLC provides management and technology consulting services and
solutions. The Company delivers a range of specialized capabilities and
solutions to clients across all industries on a worldwide basis. Accenture's
network of businesses provides consulting, technology, outsourcing, and
alliances.

Price/Volume

3.0 M
2.5 M

60

Latest Fiscal Year:


LTM as of:
52-Week High (08.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ACN UN EQUITY YTD Change
ACN UN EQUITY YTD % CHANGE

08/2012
11/yy
78.46
54.94
166'912.00
74.4
-5.14%
35.42%
78.53%
644.3
51'815.65
0.03
0.0
478.6
6'642.79
46'621.78

50

2.0 M

40

1.5 M

30

1.0 M

20

.5 M

10
0
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 m-13

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

Fiscal Year Ended


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

3.5 M

80
70

Valuation Analysis

31.08.2008
25'313.8
1.08x
3'525.9
7.76x
1'691.8
15.55x

90

31.08.2009
31.08.2010
23'171.0
23'094.1
0.85x
0.90x
3'391.7
3'399.1
5.79x
6.14x
1'590.0
1'780.7
12.36x
13.71x
Profitability

LTM-4Q
31.08.2011
27'352.9
1.19x
3'985.2
8.16x
2'277.7
15.76x

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

31.08.2012
29'778.0
1.19x
4'466.8
7.95x
2'553.5
16.04x
4'466.78
3'873.24
13.01%
13.11%
16.47%
63.10%
62.70%
1.88%
30.2%
15.2%
13.2%
8.6%
1.55
1.20
0.00%
0.00%
8.75
13.94

Price/ Cash Flow

LTM

11/yy
28'463.8
4.72x
4'152.1
8.55x
2'385.0
16.32x

11/yy
29'856.9
4.91x
4'541.7
9.05x
2'610.2
17.24x

FY+1

2.00
1.13
641.79
6.66
15.44%
11.88%
1.126
29
4.138
760'784
761'278
827'871
FY+2

FQ+1

FQ+2

08/13 Y
08/14 Y
02/13 Q2 05/13 Q3
29'240.5
31'130.1
7'074.9
7'580.8
1.54x
1.39x
6.72x
6.19x
4'766.3
5'053.9
1'119.6
1'305.6
9.78x
9.22x
9.51x
9.37x
2'974.2
3'202.0
678.1
814.3
17.38x
15.83x
16.96x
16.51x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

22.01.2002
A+
STABLE
296.58
271.88
-1.25
0.00
0.0%
0.0%
1.88
38.64
41.84
26.25
15.77
47.04

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00
0.00
04.09.2009

0.0
04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

26.03.2013

Accenture PLC
Holdings By:

All

Holder Name
SUN LIFE FINANCIAL I
BLACKROCK
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
FMR LLC
STATE STREET
MORGAN STANLEY
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
WELLINGTON MANAGEMEN
BANK OF NEW YORK MEL
THORNBURG INVESTMENT
NORTHERN TRUST CORPO
FIDUCIARY MANAGEMENT
AMERIPRISE FINANCIAL
LANSDOWNE PARTNERS L
CALAMOS ADVISORS LLC
TIAA CREF INVESTMENT
BROWN ADVISORY INC
LONGVIEW PARTNERS (G

Firm Name
JPMorgan
BMO Capital Markets
Janney Montgomery Scott LLC
Barclays
Robert W. Baird & Co
Sanford C. Bernstein & Co
Stifel
Cowen and Company
Susquehanna Financial Group
Edward Jones
Wells Fargo Securities, LLC
Jefferies
Deutsche Bank
Societe Generale
BB&T Capital Markets
Berenberg Bank
S&P Capital IQ
Evercore Partners
BNP Paribas Equity Research
EVA Dimensions
Goldman Sachs
Morgan Stanley
Argus Research Corp
Raymond James
Atlantic Equities LLP
Credit Agricole Securities (USA)
Credit Suisse

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
Multiple Portfolios
T ROWE PRICE ASSOCIA
WELLINGTON MANAGEMEN
BANK OF NEW YORK MEL
THORNBURG INVESTMENT
NORTHERN TRUST CORPO
FIDUCIARY MANAGEMENT
AMERIPRISE FINANCIAL
LANSDOWNE PARTNERS L
CALAMOS ADVISORS LLC
TIAA-CREF INVESTMENT
n/a
LONGVIEW PARTNERS (G

Analyst
TIEN-TSIN HUANG
KEITH F BACHMAN
JOSEPH D FORESI
DARRIN D PELLER
DAVID J KONING
RODERICK BOURGEOIS
DAVID M GROSSMAN
MOSHE KATRI
JAMES E FRIEDMAN
JOSH OLSON
EDWARD S CASO JR
JASON KUPFERBERG
BRYAN KEANE
RICHARD NGUYEN
GEORGE A PRICE
DAUD KHAN
DYLAN CATHERS
DAVID M TOGUT
ARVIND RAMNANI
ANDREW S ZAMFOTIS
JULIO C QUINTEROS JR
KATHRYN HUBERTY
JAMES KELLEHER
BRIAN GESUALE
CHRISTOPHER HICKEY
NIMISH JOSHI
GEORGE MIHALOS

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

Recommendation
overweight
market perform
buy
equalweight
neutral
outperform
buy
outperform
Positive
hold
outperform
hold
buy
hold
hold
hold
buy
overweight
hold
buy
neutral/neutral
Overwt/In-Line
buy
outperform
overweight
outperform
neutral

Amt Held
41'455'509
30'426'034
29'945'297
28'928'721
27'506'823
24'765'618
19'497'911
18'631'830
16'985'346
16'389'070
15'959'507
11'742'375
10'487'978
7'831'119
7'454'100
7'325'230
6'456'713
6'365'635
6'257'039
6'213'974

% Out
6.43
4.72
4.65
4.49
4.27
3.84
3.03
2.89
2.64
2.54
2.48
1.82
1.63
1.22
1.16
1.14
1
0.99
0.97
0.96

Weighting

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

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

Latest Chg
3'035'990
(1'642'075)
579'952
552'254
4'281'683
319'800
(259'970)
(301'242)
(2'143'379)
(569'635)
3'797'405
307'876
516'205
(978'608)
643'228
1'151'240
217'950
(389'821)
268'050

Target Price
77
72
83
74
78
79
80
#N/A N/A
88
#N/A N/A
#N/A N/A
73
87
74
#N/A N/A
69
79
86
71
#N/A N/A
72
77
80
76
76
70
70

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

File Dt
Inst Type
31.01.2013
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
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
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
11.03.2013
07.03.2013
07.03.2013
06.03.2013
27.02.2013
24.01.2013
17.01.2013
15.01.2013
09.01.2013
20.12.2012
20.12.2012
20.12.2012
20.12.2012
20.12.2012
19.12.2012

26.03.2013

Allstate Corp/The
The Allstate Corporation, through its subsidiaries, provides property-liability
insurance, as well as other types of insurance in the United States and Canada.
The Company primarily sells private passenger automobile and homeowners
insurance through independent and specialized brokers. Allstate also sells life
insurance, annuity, and group pension products through agents.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (12.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ALL UN EQUITY YTD Change
ALL UN EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
48.97
31.94
168'876.00
48.62
-0.71%
52.22%
97.12%
477.4
23'213.44
6'307.00
0.0
0.0
806.00
28'714.44

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

3.0 M

50

2.5 M

40

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0
m-12

31.12.2009
31.12.2010
32'013.0
31'400.0
0.67x
0.71x
854.0
928.0
8.63x
11.23x
Profitability

LTM-4Q
31.12.2011
32'654.0
0.59x
787.0
21.58x

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

31.12.2012
33'315.0
0.74x
2'306.0
9.21x
11.09%
9.92%
1.83%
11.86%
9.97%
0.26%
6.9%
4.97%
30.65%
-

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy
32'654.0
2.42x
0.0
0.00x
787.0
21.08x

a-12

12/yy
33'315.0
2.81x
0.0
0.00x
2'306.0
9.26x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.81
0.94
469.32
5.55
50.44%
21.70%
0.942
29
4.172
750'175
878'612
783'848
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'586.6
34'249.0
8'292.4
8'387.7
0.88x
0.85x
2'174.3
2'255.5
598.8
520.5
10.37x
9.47x
10.39x
10.16x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

ANEG
30.6%
23.5%
0.26
-

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00
5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00
0.00
01.01.2010

a-12

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

Fiscal Year Ended


31.12.2008
29'394.0
0.78x
(1'679.0)
10.17x

60

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

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

26.03.2013

Allstate Corp/The
Holdings By:

All

Holder Name
BLACKROCK
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
STATE STREET
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
INVESCO LTD
HOTCHKIS & WILEY CAP
ALLIANZ ASSET MANAGE
ARTISAN PARTNERS HOL
NORTHERN TRUST CORPO
NORTHERN TRUST CORPO
LSV ASSET MANAGEMENT
PZENA INVESTMENT MAN
AMERIPRISE FINANCIAL
MACQUARIE GROUP
BANK OF NEW YORK MEL
AMERICAN CENTURY COM
AJO, LP
DISCOVERY CAPITAL MA

Firm Name
Goldman Sachs
Credit Suisse
Keefe, Bruyette & Woods
FBR Capital Markets
William Blair & Co
Edward Jones
Sanford C. Bernstein & Co
Portales Partners
Raymond James
Drexel Hamilton LLC
Barclays
Macquarie
Wells Fargo Securities, LLC
Deutsche Bank
Morgan Stanley
Argus Research Corp
Sandler O'Neill & Partners, LP
RBC Capital Markets
SunTrust Robinson Humphrey
Janney Montgomery Scott LLC
Sterne, Agee & Leach
Evercore Partners
JMP Securities
MKM Partners
EVA Dimensions
S&P Capital IQ

Portfolio Name
n/a
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
INVESCO LTD
HOTCHKIS AND WILEY
n/a
ARTISAN PARTNERS LP
NORTHERN TRUST CORPO
n/a
LSV ASSET MANAGEMENT
PZENA INVESTMENT MAN
AMERIPRISE FINANCIAL
n/a
BANK OF NEW YORK MEL
AMERICAN CENTURY COM
AJO, LP
DISCOVERY CAPITAL MA

Analyst
MICHAEL S NANNIZZI
MICHAEL ZAREMSKI
MEYER SHIELDS
RANDY BINNER
ADAM KLAUBER
JIM SHANAHAN
JOSH STIRLING
NINA GUPTA
C GREGORY PETERS
GLORIA L VOGEL
JAY H GELB
RAYMOND IARDELLA
JOHN A HALL
JOSHUA D SHANKER
GREGORY W LOCRAFT
JOHN M EADE
J PAUL NEWSOME
MARK A DWELLE
MARK D HUGHES
ROBERT GLASSPIEGEL
DANIEL FARRELL
VINAY MISQUITH
MATTHEW J CARLETTI
HARRY FONG
AUSTIN BURKETT
CATHY SEIFERT

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

Recommendation
Buy/Neutral
outperform
market perform
market perform
outperform
buy
outperform
outperform
strong buy
hold
overweight
neutral
market perform
buy
Equalwt/In-Line
buy
buy
sector perform
neutral
buy
neutral
overweight
market perform
buy
buy
hold

Amt Held
23'639'690
22'671'855
22'292'659
20'105'714
19'984'076
13'274'104
12'957'795
10'485'305
8'487'084
7'389'120
7'163'891
7'163'891
6'584'538
6'486'248
6'104'700
5'864'695
5'668'651
4'714'744
4'545'300
4'353'350

% Out
4.95
4.75
4.67
4.21
4.19
2.78
2.71
2.2
1.78
1.55
1.5
1.5
1.38
1.36
1.28
1.23
1.19
0.99
0.95
0.91

Weighting

Change
5
5
3
3
5
5
5
5
5
3
5
3
3
5
3
5
5
3
3
5
3
5
3
5
5
3

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
(264'764)
(1'682'359)
382'527
529'373
(33)
(362'127)
(2'368'767)
(959'655)
80'488
(501'604)
(77'162)
(3'897'691)
(672'920)
(115'558)
(550'075)
(41'867)
(326'800)
2'484'100

Target Price
58
54
50
45
#N/A N/A
#N/A N/A
50
#N/A N/A
52
49
54
47
#N/A N/A
51
#N/A N/A
51
51
48
#N/A N/A
34
47
50
#N/A N/A
55
#N/A N/A
43

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

File Dt
Inst Type
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
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
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
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 Hedge Fund Manager

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

Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
19.03.2013
19.03.2013
06.03.2013
05.03.2013
04.03.2013
14.02.2013
12.02.2013
11.02.2013
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
07.02.2013
07.02.2013
15.01.2013
29.11.2012

26.03.2013

Altria Group Inc


Altria Group, Inc. is a holding company. The Company, through subsidiaries,
manufactures and sells cigarettes and other tobacco products, including cigars
and pipe tobacco. Altria holds an interest in a brewery company.

Price/Volume
40

12.0 M

35

10.0 M

30
8.0 M

25
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.08.2012)
52-Week Low (15.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MO UN EQUITY YTD Change
MO UN EQUITY YTD % CHANGE

12/2012
12/yy
36.29
30.01
420'428.00
34.14
-5.92%
13.76%
61.62%
2'009.9
68'616.46
13'878.00
0.0
36.0
2'900.00
79'630.46

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

4.0 M

10
2.0 M

5
0
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 m-13

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

Fiscal Year Ended


31.12.2008
15'957.0
1.92x
5'142.0
5.95x
4'930.0
9.13x

6.0 M

15

31.12.2009
31.12.2010
16'824.0
16'892.0
3.02x
3.63x
6'234.0
6'540.0
8.16x
9.38x
3'206.0
3'905.0
11.41x
12.96x
Profitability

LTM-4Q
31.12.2011
16'619.0
4.28x
6'543.0
10.86x
3'390.0
14.46x

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
17'500.0
4.24x
7'539.0
9.84x
4'180.0
14.23x
7'539.00
7'314.00
41.79%
37.01%
10.98%
115.22%
0.49%
54.6%
43.1%
41.8%
23.9%
0.77
0.37
39.28%
438.07%
75.92
4.50

Price/ Cash Flow

LTM

12/yy
16'619.0
16.04x
6'543.0
10.86x
3'390.0
14.61x

12/yy
17'500.0
17.62x
7'539.0
9.84x
3'958.0
14.23x

FY+1

4.98
0.56
2'003.17
19.50
17.29%
10.07%
0.561
18
4.222
2'139'005
2'411'810
2'355'401
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'693.1
18'021.3
4'025.8
4'614.5
4.52x
4.42x
19.86x
17.29x
7'742.0
8'008.6
1'749.0
2'025.8
10.29x
9.95x
10.33x
10.26x
4'787.6
5'079.7
1'061.7
1'258.3
14.25x
13.27x
14.25x
14.06x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

06.01.2009
BBB
STABLE
18.09.2003
A-2
6.66
6.55
1.46
1.84
438.1%
81.2%
0.49
8.11
4.82
81.27
22.09
64.01

Sales/Revenue/Turnover

30.00

80'000.0
70'000.0

25.00

60'000.0
20.00

50'000.0
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

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

26.03.2013

Altria Group Inc


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
BANK OF NEW YORK MEL
GOLDMAN SACHS GROUP
FMR LLC
NORTHERN TRUST CORPO
FAYEZ SAROFIM
BARROW HANLEY MEWHIN
JANUS CAPITAL MANAGE
BANK OF AMERICA CORP
ALLIANCE BERNSTEIN
TIAA CREF INVESTMENT
FRANKLIN RESOURCES
FEDERATED INVESTORS
GEODE CAPITAL MANAGE
UBS
WELLINGTON MANAGEMEN

Firm Name
Argus Research Corp
Barclays
Stifel
Wells Fargo Securities, LLC
Jefferies
Davenport & Co
Edward Jones
S&P Capital IQ
Morgan Stanley
Independent Research GmbH
Credit Agricole Securities (USA)
Goldman Sachs
JPMorgan
EVA Dimensions

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
BANK OF NEW YORK MEL
GOLDMAN SACHS GROUP
n/a
NORTHERN TRUST CORPO
FAYEZ SAROFIM
BARROW HANLEY MEWHIN
n/a
BANK OF AMERICA
n/a
TIAA-CREF INVESTMENT
n/a
FEDERATED INVESTORS
GEODE CAPITAL MANAGE
n/a
WELLINGTON MANAGEMEN

Analyst
NATHANIEL GABRIEL
MICHAEL J BRANCA
CHRISTOPHER R GROWE
BONNIE HERZOG
THILO WREDE
ANN H GURKIN
JACK P RUSSO
ESTHER KWON
DAVID J ADELMAN
LARS LUSEBRINK
MICHAEL LAVERY
JUDY E HONG
RAE MAILE
AUSTIN BURKETT

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

Recommendation
hold
equalweight
buy
outperform
hold
buy
hold
buy
Equalwt/In-Line
buy
outperform
neutral/neutral
overweight
overweight

Amt Held
189'243'365
102'783'191
92'033'546
84'866'537
59'231'879
37'188'704
32'029'388
30'862'258
26'701'157
22'025'357
21'782'979
18'565'911
18'083'698
17'274'733
16'006'213
14'995'935
14'319'182
13'325'870
11'505'105
11'089'326

% Out
9.42
5.11
4.58
4.22
2.95
1.85
1.59
1.54
1.33
1.1
1.08
0.92
0.9
0.86
0.8
0.75
0.71
0.66
0.57
0.55

Weighting

Change
3
3
5
5
3
5
3
5
3
5
5
3
5
5

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

Latest Chg
4'621'145
3'041'640
(83'630)
3'633'766
(6'418'885)
(930'685)
(48'776)
(2'738'787)
(2'350)
3'183'643
931'916
(1'483'236)
1'413'846
(191'900)
920'913
(1'381'488)
731'055
(498'624)

Target Price
#N/A N/A
31
36
#N/A N/A
34
37
#N/A N/A
37
34
40
36
36
45
#N/A N/A

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

File Dt
31.12.2012
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012

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

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

Date
18.03.2013
18.03.2013
15.03.2013
08.03.2013
01.03.2013
27.02.2013
26.02.2013
20.02.2013
19.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
21.01.2013

26.03.2013

Amazon.com Inc
Amazon.com, Inc. is an online retailer that offers a wide range of products.
The Company's products include books, music, videotapes, computers,
electronics, home and garden, and numerous other products. Amazon offers
personalized shopping services, Web-based credit card payment, and direct
shipping to customers.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (16.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AMZN UW EQUITY YTD Change
AMZN UW EQUITY YTD % CHANGE

12/2012
12/yy
284.68
183.66
265'757.00
259.685
-8.78%
41.39%
71.63%
454.6
118'040.09
5'510.00
0.0
0.0
11'448.00
112'102.09

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

6.0 M

250

5.0 M

200

4.0 M

150

3.0 M

100

2.0 M

50

1.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
19'166.0
0.98x
1'129.0
16.55x
645.0
36.89x

300

31.12.2009
31.12.2010
24'509.0
34'204.0
2.19x
2.15x
1'507.0
1'974.0
35.69x
37.21x
902.0
1'152.0
63.45x
71.15x
Profitability

LTM-4Q
31.12.2011
48'077.0
1.49x
1'945.0
36.75x
631.0
126.35x

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

31.12.2012
61'093.0
1.77x
2'835.0
38.08x
(39.0)
5017.40x
2'835.00
676.00
1.11%
0.64%
-0.14%
-0.50%
-0.42%
2.11%
24.8%
4.6%
1.1%
-0.1%
1.12
0.78
16.93%
67.26%
20.59
8.34

Price/ Cash Flow

LTM

12/yy
48'077.0
6.86x
1'945.0
36.75x
632.0
126.35x

12/yy
61'093.0
6.68x
2'834.0
38.09x
(40.0)
696.86x

FY+1

0.00
1.18
366.92
7.35
28.01%
3.40%
1.180
43
4.256
799'145
822'788
893'988
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
75'719.6
92'943.2
16'180.5
15'981.5
1.48x
1.16x
7.07x
7.11x
4'673.5
6'406.4
957.6
1'068.9
24.02x
17.53x
23.58x
22.38x
1'478.2
2'507.9
263.1
325.1
77.29x
45.63x
78.72x
70.28x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

26.11.2012
AASTABLE
13.06.2007
NR
30.82
-10.33
-2.10
1.94
67.3%
40.2%
2.11
10.65
17.78
43.88
95.23
-33.57

Sales/Revenue/Turnover

40.00

70'000.0

35.00

60'000.0

30.00

50'000.0

25.00

40'000.0

20.00

30'000.0

15.00

20'000.0

10.00

10'000.0

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

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

26.03.2013

Amazon.com Inc
Holdings By:

All

Holder Name
BEZOS JEFFREY P
CAPITAL GROUP COMPAN
T ROWE PRICE ASSOCIA
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
BAILLIE GIFFORD AND
VANGUARD GROUP INC
SANDS CAPITAL MANAGE
JP MORGAN
JENNISON ASSOCIATES
MORGAN STANLEY
INVESCO LTD
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
UBS
WELLINGTON MANAGEMEN
TORONTO DOMINION BAN
TIAA CREF INVESTMENT

Firm Name
Janney Montgomery Scott LLC
ISI Group
Sanford C. Bernstein & Co
William Blair & Co
Cantor Fitzgerald
Cowen and Company
Pacific Crest Securities
Barclays
JMP Securities
Evercore Partners
EVA Dimensions
BMO Capital Markets
JPMorgan
Canaccord Genuity Corp
Stifel
Piper Jaffray
Topeka Capital Markets Inc
Nomura
Daiwa Securities Co. Ltd.
Telsey Advisory Group
Robert W. Baird & Co
Morgan Stanley
Oppenheimer & Co
Argus Research Corp
Deutsche Bank
Goldman Sachs
RBC Capital Markets
Credit Suisse
Jefferies
Needham & Co
Raymond James
Macquarie
B Riley & Company, Inc
Wells Fargo Securities, LLC
Atlantic Equities LLP
Benchmark Company LLC
Credit Agricole Securities (USA)
Wedge Partners
McAdams Wright Ragen Inc
BGC Partners
S&P Capital IQ
Battle Road Research
First Global Stockbroking

Portfolio Name
n/a
n/a
T ROWE PRICE ASSOCIA
n/a
VANGUARD GROUP INC
n/a
n/a
BAILLIE GIFFORD & CO
Multiple Portfolios
SANDS CAPITAL MANAGE
n/a
JENNISON ASSOCIATES
n/a
INVESCO LTD
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
n/a
WELLINGTON MANAGEMEN
TORONTO DOMINION BAN
TIAA-CREF INVESTMENT

Analyst
SHAWN C MILNE
GREGORY MELICH
CARLOS KIRJNER
MARK R MILLER
YOUSSEF H SQUALI
JOHN BLACKLEDGE
CHAD BARTLEY
ANTHONY J DICLEMENTE
RONALD V JOSEY III
KEN SENA
CRAIG STERLING
EDWARD S WILLIAMS
DOUGLAS ANMUTH
MICHAEL GRAHAM
JORDAN ROHAN
EUGENE E MUNSTER
VICTOR ANTHONY
BRIAN NOWAK
KAZUYA NISHIMURA
THOMAS FORTE
COLIN SEBASTIAN
SCOTT W DEVITT
JASON S HELFSTEIN
JOSEPH F BONNER
ROSS SANDLER
HEATH P TERRY
MARK S MAHANEY
STEPHEN JU
BRIAN J PITZ
KERRY RICE
AARON M KESSLER
BENJAMIN A SCHACHTER
SCOTT TILGHMAN
MATTHEW NEMER
JAMES CORDWELL
DANIEL L KURNOS
JAMES LEE
BRIAN BLAIR
DAN GEIMAN
COLIN W GILLIS
MICHAEL SOUERS
TEAM COVERAGE
RITESH DOSHI

Source
Form 4
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F

Recommendation
buy
buy
outperform
outperform
buy
outperform
outperform
equalweight
market perform
overweight
sell
market perform
neutral
hold
buy
overweight
buy
buy
outperform
no rating system
outperform
Overwt/Attractive
outperform
hold
buy
buy/attractive
outperform
outperform
buy
hold
market perform
outperform
buy
outperform
overweight
buy
outperform
no rating system
hold
hold
hold
hold
market perform

Amt Held
86'970'020
43'940'459
20'211'207
18'170'531
15'967'446
15'535'787
13'840'922
11'864'837
10'047'138
7'730'515
6'405'541
6'217'693
5'456'857
5'407'626
5'046'581
4'778'512
4'522'854
4'405'355
4'260'200
3'037'780

% Out
19.13
9.67
4.45
4
3.51
3.42
3.04
2.61
2.21
1.7
1.41
1.37
1.2
1.19
1.11
1.05
1
0.97
0.94
0.67

Weighting

Change

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

M
M
M
M
M
M
M
M
N
M
D
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
M
M

Latest Chg
(195'151)
4'330'950
1'315'756
(211'684)
407'611
(672'592)
141'943
18'391
238'226
374'494
(801'059)
(186'717)
(822'311)
(13'747)
75'209
(623'769)
(179'692)
(100)
(14'891)

Target Price
310
320
320
#N/A N/A
300
#N/A N/A
346
260
#N/A N/A
330
#N/A N/A
260
300
300
335
329
360
300
295
370
325
325
325
#N/A N/A
335
330
330
334
330
#N/A N/A
#N/A N/A
305
341
#N/A N/A
325
330
290
#N/A N/A
#N/A N/A
220
250
#N/A N/A
#N/A N/A

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

File Dt
15.02.2013
31.12.2012
31.12.2012
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012

Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
18 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

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

Date
25.03.2013
24.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
16.03.2013
15.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
12.03.2013
06.03.2013
22.02.2013
20.02.2013
15.02.2013
13.02.2013
11.02.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
26.11.2012
26.10.2012
26.10.2012
26.10.2012
27.04.2012
27.07.2011

26.03.2013

American Electric Power Co Inc


American Electric Power Company, Inc.(AEP)is a public utility holding company.
The Company provides electric service, consisting of generation, transmission
and distribution, on an integrated basis to their retail customers. AEP serves
portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan,
Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.

Price/Volume

2.0 M
1.5 M

30

Latest Fiscal Year:


LTM as of:
52-Week High (25.03.2013)
52-Week Low (10.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AEP UN EQUITY YTD Change
AEP UN EQUITY YTD % CHANGE

12/2012
12/yy
48.23
36.98
103'197.00
48.06
-0.35%
29.96%
94.93%
485.8
23'347.09
18'738.00
0.0
0.0
603.00
41'482.09

1.0 M

20

.5 M

10
0
m-12

31.12.2009
31.12.2010
13'489.0
14'427.0
2.48x
2.41x
4'431.0
4'443.0
7.55x
7.83x
1'360.0
1'214.0
11.67x
11.87x
Profitability

LTM-4Q
31.12.2011
15'116.0
2.49x
4'713.0
7.98x
1'946.0
9.93x

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

31.12.2012
14'945.0
2.60x
4'874.0
7.97x
1'259.0
13.81x
4'874.00
2'956.00
19.78%
12.49%
2.36%
8.42%
5.78%
0.28%
64.7%
30.3%
17.5%
8.4%
0.67
0.36
34.47%
122.98%
8.07
3.76

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy
15'116.0
9.48x
4'709.0
7.99x
1'946.0
12.15x

a-12

12/yy
14'945.0
10.15x
4'529.0
8.58x
1'259.0
13.77x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

3.91
0.61
485.72
4.78
30.60%
13.79%
0.613
23
3.957
434'489
613'961
618'634
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
15'786.8
16'082.1
3'749.4
3'616.2
2.67x
2.68x
11.03x
11.51x
4'772.9
4'937.9
1'131.7
1'163.0
8.69x
8.40x
8.98x
8.92x
1'539.5
1'624.4
374.0
390.0
15.23x
14.51x
15.24x
15.16x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

07.03.2003
BBB
STABLE
07.03.2003
A-2
4.93
1.67
4.00
4.14
123.0%
55.2%
0.28
45.37
97.43
75.23
67.56

Sales/Revenue/Turnover

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00
01.01.2010

a-12

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

Fiscal Year Ended


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

2.5 M

50
40

Valuation Analysis

31.12.2008
14'440.0
2.18x
4'087.0
7.70x
1'383.0
10.30x

60

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

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

26.03.2013

American Electric Power Co Inc


Holdings By:

All

Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FRANKLIN RESOURCES
VANGUARD GROUP INC
FMR LLC
ALLIANZ ASSET MANAGE
T ROWE PRICE ASSOCIA
SUN LIFE FINANCIAL I
NORTHERN TRUST CORPO
LSV ASSET MANAGEMENT
BANK OF NEW YORK MEL
JP MORGAN
EATON VANCE MANAGEME
INVESCO LTD
MORGAN STANLEY
GOLDMAN SACHS GROUP
NORGES BANK
AMERIPRISE FINANCIAL
FEDERATED INVESTORS

Firm Name
Wolfe Trahan & Co
ISI Group
Edward Jones
Sanford C. Bernstein & Co
SunTrust Robinson Humphrey
EVA Dimensions
Wells Fargo Securities, LLC
Argus Research Corp
Deutsche Bank
BMO Capital Markets
Morgan Stanley
RBC Capital Markets
Credit Suisse
Hilliard Lyons
Jefferies
BGC Partners
Barclays
KeyBanc Capital Markets
Macquarie
Goldman Sachs
JPMorgan

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
n/a
n/a
T ROWE PRICE ASSOCIA
n/a
NORTHERN TRUST CORPO
LSV ASSET MANAGEMENT
BANK OF NEW YORK MEL
n/a
EATON VANCE MANAGEME
INVESCO LTD
n/a
GOLDMAN SACHS GROUP
NORGES BANK
AMERIPRISE FINANCIAL
FEDERATED INVESTORS

Analyst
STEVEN I FLEISHMAN
GREG GORDON
ANDREW B SMITH
HUGH WYNNE
ALI AGHA
AUSTIN BURKETT
NEIL A KALTON
GARY F HOVIS
JONATHAN ARNOLD
MICHAEL S WORMS
STEPHEN C BYRD
SHELBY G TUCKER
DANIEL EGGERS
DAVID B BURKS
PAUL B FREMONT
KIT KONOLIGE
DANIEL F FORD
PAUL T RIDZON
ANGIE STOROZYNSKI
MICHAEL J LAPIDES
CHRISTOPHER TURNURE

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

Recommendation
outperform
buy
hold
market perform
buy
hold
outperform
buy
hold
market perform
Equalwt/In-Line
sector perform
outperform
buy
buy
buy
overweight
buy
neutral
neutral/neutral
neutral

Amt Held
31'577'197
24'349'034
22'742'830
20'439'374
14'418'937
8'727'914
7'524'538
6'489'913
6'468'185
6'273'613
5'582'279
5'568'150
5'343'289
4'670'909
4'554'875
4'008'757
3'757'975
3'705'639
3'591'404
3'262'840

% Out
6.5
5.01
4.68
4.21
2.97
1.8
1.55
1.34
1.33
1.29
1.15
1.15
1.1
0.96
0.94
0.83
0.77
0.76
0.74
0.67

Weighting

Change
5
5
3
3
5
3
5
5
3
3
3
3
5
5
5
5
5
5
3
3
3

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

Latest Chg
(50'127)
(76'391)
(307'490)
765'779
(618'396)
(889'770)
654'352
73'373
(820'641)
(442'473)
(2'145'726)
65'686
265'191
(202'475)
(611'067)
555'640
(899'042)
(46'944)

Target Price
52
48
#N/A N/A
46
50
#N/A N/A
#N/A N/A
50
46
46
47
47
50
49
51
49
49
47
45
45
45

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

File Dt
22.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
9 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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor

Date
25.03.2013
21.03.2013
12.03.2013
11.03.2013
08.03.2013
05.03.2013
04.03.2013
25.02.2013
21.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
18.02.2013
16.02.2013
11.02.2013
23.01.2013

26.03.2013

American Express Co
American Express Company is a global payment and travel company. The Company's
principal products and services are charge and credit payment card products and
travel-related services offered to consumers and businesses around the world.

Price/Volume
80

6.0 M

70

5.0 M

60
4.0 M

50
40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (15.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AXP UN EQUITY YTD Change
AXP UN EQUITY YTD % CHANGE

12/2012
12/yy
67.06
53.02
274'752.00
66.98
-0.12%
26.33%
95.13%
1'104.7
73'989.53
62'287.00
0.0
0.0
22'250.00
114'026.53

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

2.0 M

20
1.0 M

10
0
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 m-13

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

Fiscal Year Ended


31.12.2008
31'920.0
2.19x
13'646.0
5.13x
2'699.0
6.82x

3.0 M

30

31.12.2009
31.12.2010
26'730.0
30'005.0
3.23x
3.49x
11'431.0
11'511.0
7.56x
9.11x
2'130.0
4'057.0
27.38x
12.59x
Profitability

LTM-4Q
31.12.2011
32'282.0
2.88x
11'306.0
8.23x
4'935.0
11.45x

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

31.12.2012
33'808.0
3.06x
11'658.0
8.88x
4'482.0
13.06x
11'658.00
20.43%
19.08%
2.92%
23.53%
5.50%
0.22%
34.5%
13.3%
40.67%
329.81%
-

Price/ Cash Flow

LTM

12/yy
32'282.0
11.96x
11'306.0
8.23x
4'935.0
11.48x

12/yy
33'808.0
12.05x
11'658.0
8.88x
4'482.0
13.06x

FY+1

1.19
1.06
1'101.41
13.16
15.75%
16.92%
1.064
32
3.469
1'079'531
1'210'471
1'245'457
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
31'945.3
35'248.3
8'011.7
8'313.8
4.05x
3.72x
5'168.8
5'506.6
1'254.1
1'333.9
14.07x
12.54x
14.05x
13.67x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.04.2009
BBB+
STABLE
30.04.2009
A-2
3.43
5.34
329.8%
76.7%
0.22
9.66
-

Sales/Revenue/Turnover

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

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

26.03.2013

American Express Co
Holdings By:

All

Holder Name
BERKSHIRE HATHAWAY I
CAPITAL GROUP COMPAN
BLACKROCK
STATE STREET
VANGUARD GROUP INC
DAVIS SELECTED ADVIS
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
BARROW HANLEY MEWHIN
FMR LLC
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
JP MORGAN
SUN LIFE FINANCIAL I
FIRST EAGLE INVESTME
GOLDMAN SACHS GROUP
FISHER INVESTMENTS I
FRANKLIN RESOURCES
TIAA CREF INVESTMENT
NORGES BANK

Firm Name
Sanford C. Bernstein & Co
Nomura
William Blair & Co
FBR Capital Markets
Portales Partners
RBC Capital Markets
Edward Jones
JPMorgan
Janney Montgomery Scott LLC
Jefferies
Keefe, Bruyette & Woods
Stifel
Buckingham Research Group
Evercore Partners
Wells Fargo Securities, LLC
Telsey Advisory Group
Drexel Hamilton LLC
Guggenheim Securities LLC
Susquehanna Financial Group
Credit Agricole Securities (USA)
S&P Capital IQ
Argus Research Corp
Credit Suisse
Morgan Stanley
Daiwa Securities Co. Ltd.
Sandler O'Neill & Partners, LP
Barclays
Piper Jaffray
Sterne, Agee & Leach
EVA Dimensions
Goldman Sachs
Meredith Whitney Advisory Group

Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
DAVIS SELECTED ADVIS
T ROWE PRICE ASSOCIA
Multiple Portfolios
BARROW HANLEY MEWHIN
n/a
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
n/a
n/a
FIRST EAGLE INVESTME
GOLDMAN SACHS GROUP
FISHER INVESTMENTS
n/a
TIAA-CREF INVESTMENT
NORGES BANK

Analyst
JOHN E MCDONALD
BILL CARCACHE
ROBERT P NAPOLI
SCOTT VALENTIN
WILLIAM H RYAN
JASON ARNOLD
JIM SHANAHAN
RICHARD SHANE JR
SAMEER GOKHALE
DANIEL FURTADO
SANJAY SAKHRANI
CHRISTOPHER C BRENDLER
DAVID HOCHSTIM
BRADLEY BALL
JOEL HOUCK
MICHAEL P TAIANO
DAVID B HILDER
DAVID W DARST
JAMES E FRIEDMAN
CRAIG J MAURER
SONIA PARECHANIAN
DAVID RITTER
MOSHE A ORENBUCH
BETSY L GRASECK
KAZUKI WATANABE
CHRISTOPHER R DONAT
MARK C DEVRIES
MICHAEL J GRONDAHL
HENRY J COFFEY JR
AUSTIN BURKETT
RYAN M. NASH
MEREDITH A WHITNEY

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

Recommendation
market perform
buy
outperform
market perform
underperform
underperform
hold
underweight
neutral
hold
outperform
hold
buy
equalweight
market perform
no rating system
buy
neutral
Positive
buy
strong buy
buy
underperform
Equalwt/Attractive
neutral
hold
overweight
neutral
not rated
hold
neutral/attractive
hold

Amt Held
151'610'700
130'599'060
56'275'995
45'858'708
44'869'932
42'336'064
31'925'151
27'981'563
24'810'206
17'491'143
17'395'732
14'866'352
14'681'773
10'061'053
10'012'262
9'837'471
9'010'348
8'712'468
8'428'533
7'962'831

% Out
13.72
11.82
5.09
4.15
4.06
3.83
2.89
2.53
2.25
1.58
1.57
1.35
1.33
0.91
0.91
0.89
0.82
0.79
0.76
0.72

Weighting

Change

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

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

Latest Chg
(2'488'800)
3'700'164
559'596
466'899
(4'985'213)
(1'263'930)
(331'152)
1'245'221
(516'181)
305'984
952'292
71'133
83'200
585'527
(2'592'399)
(687'878)
1'777'874
887'959

Target Price
65
73
#N/A N/A
62
#N/A N/A
53
#N/A N/A
63
69
58
70
#N/A N/A
73
63
#N/A N/A
70
70
63
72
78
76
75
59
68
64
62
68
61
#N/A N/A
#N/A N/A
65
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
25.03.2013
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
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government

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

Date
22.03.2013
20.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
08.03.2013
25.02.2013
19.02.2013
15.02.2013
15.02.2013
07.02.2013
07.02.2013
18.01.2013
15.01.2013
15.01.2013
13.01.2013
17.10.2012

26.03.2013

Amgen Inc
Amgen Inc. is an independent biotechnology medicines company that discovers,
develops, manufactures and markets medicines for grievous illnesses. The
Company focuses solely on human therapeutics and concentrates on innovating
novel medicines based on advances in cellular and molecular biology.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (16.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AMGN UW EQUITY YTD Change
AMGN UW EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
98.03
65.38
417'252.00
97.84
-0.19%
49.65%
97.85%
748.4
73'226.39
26'541.00
0.0
0.0
24'061.00
75'706.39

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

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
15'003.0
4.02x
6'287.0
9.59x
4'052.0
12.89x

120

31.12.2009
31.12.2010
14'642.0
15'053.0
3.65x
3.13x
6'728.0
6'679.0
7.94x
7.05x
4'605.0
4'627.0
11.71x
11.68x
Profitability

LTM-4Q
31.12.2011
15'582.0
3.33x
5'372.0
9.66x
3'683.0
12.87x

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

31.12.2012
17'265.0
3.92x
6'665.0
10.15x
4'345.0
14.37x
6'665.00
5'577.00
32.30%
29.01%
8.42%
22.81%
12.22%
0.33%
83.1%
38.6%
32.3%
25.2%
3.81
3.24
48.88%
139.25%
6.38
1.12

Price/ Cash Flow

LTM

12/yy
15'582.0
12.25x
5'372.0
9.66x
3'683.0
13.02x

12/yy
17'265.0
14.29x
6'665.0
10.15x
4'345.0
14.46x

FY+1

1.47
0.71
747.54
14.88
47.70%
13.97%
0.712
33
3.970
1'434'266
1'826'069
1'689'150
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'044.7
18'398.7
4'368.8
4'514.1
3.81x
3.54x
7'499.5
8'265.9
1'782.0
1'782.0
10.11x
9.17x
10.47x
5'527.7
6'219.2
1'427.9
1'356.4
13.60x
11.90x
13.61x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

07.09.2007
A+
STABLE
31.05.2012
A-1+
6.18
5.54
0.37
3.98
139.2%
58.2%
0.33
3.21
57.39
327.87
89.08
296.17

Sales/Revenue/Turnover

14.00

20'000.0
18'000.0

12.00

16'000.0

10.00

14'000.0
12'000.0

8.00

10'000.0
8'000.0

6.00

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

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

26.03.2013

Amgen Inc
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
FMR LLC
BLACKROCK
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
STATE STREET
WELLINGTON MANAGEMEN
VANGUARD GROUP INC
INVESCO LTD
FRANKLIN RESOURCES
NORTHERN TRUST CORPO
BANK OF AMERICA CORP
T ROWE PRICE ASSOCIA
AMERIPRISE FINANCIAL
BANK OF NEW YORK MEL
TIAA CREF INVESTMENT
CLEARBRIDGE INVESTME
NORGES BANK
LSV ASSET MANAGEMENT
SUSQUEHANNA INTERNAT

Firm Name
Edward Jones
Leerink Swann & Co
BMO Capital Markets
Morgan Stanley
Brean Murray Carret & Co
Robert W. Baird & Co
Sanford C. Bernstein & Co
William Blair & Co
Hamburger Sparkasse
Stifel
Guggenheim Securities LLC
Cowen and Company
S&P Capital IQ
RBC Capital Markets
Credit Suisse
Piper Jaffray
Argus Research Corp
Jefferies
Lazard Capital Markets
ISI Group
Oppenheimer & Co
Atlantic Equities LLP
Independent Research GmbH
JPMorgan
Barclays
EVA Dimensions
Goldman Sachs
Deutsche Bank
First Global Stockbroking
Cyrrus

Portfolio Name
n/a
n/a
n/a
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
n/a
WELLINGTON MANAGEMEN
Multiple Portfolios
INVESCO LTD
n/a
NORTHERN TRUST CORPO
BANK OF AMERICA
T ROWE PRICE ASSOCIA
AMERIPRISE FINANCIAL
BANK OF NEW YORK MEL
TIAA-CREF INVESTMENT
CLEARBRIDGE INVESTME
NORGES BANK
LSV ASSET MANAGEMENT
SUSQUEHANNA INTERNAT

Analyst
JUDSON CLARK
HOWARD LIANG
JIM BIRCHENOUGH
MARSHALL URIST
GENE MACK
CHRISTOPHER J RAYMOND
GEOFFREY C PORGES
JOHN S SONNIER
MARCO GUENTHER
JOEL D SENDEK
BRET HOLLEY
ERIC SCHMIDT
STEVEN SILVER
MICHAEL J YEE
RAVI MEHROTRA
M IAN SOMAIYA
JOHN M EADE
EUN K YANG
JOSHUA SCHIMMER
MARK J SCHOENEBAUM
BORIS PEAKER
RICHARD J PURKISS
CHRISTOPH SCHOENDUBE
GEOFFREY MEACHAM
CHARLES ANTHONY BUTLER
ANDREW S ZAMFOTIS
TERENCE FLYNN
ROBYN KARNAUSKAS
KAVITA THOMAS
TOMAS MENCIK

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

Recommendation
hold
market perform
market perform
Equalwt/In-Line
buy
neutral
market perform
market perform
sell
hold
neutral
outperform
buy
outperform
neutral
overweight
buy
buy
buy
buy
market perform
overweight
buy
neutral
equalweight
buy
neutral/attractive
buy
sector outperform
buy

Amt Held
76'142'906
58'002'657
44'895'140
42'036'924
34'391'769
31'108'145
21'832'328
21'617'591
15'651'522
11'669'900
11'487'213
11'107'530
10'496'023
8'561'832
8'520'399
7'581'069
7'120'455
6'263'455
5'365'370
5'306'546

% Out
10.17
7.75
6
5.62
4.6
4.16
2.92
2.89
2.09
1.56
1.53
1.48
1.4
1.14
1.14
1.01
0.95
0.84
0.72
0.71

Weighting

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

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
U
M
M

Latest Chg
2'810'500
3'329'190
(2'963'375)
648'331
313'883
(1'069'549)
706'375
(4'012'727)
(484'470)
3'592'934
(660'498)
1'929'023
(189'300)
734'423
(145'272)
5'419'529
(677'420)
1'981'232

Target Price
#N/A N/A
#N/A N/A
83
#N/A N/A
98
86
104
#N/A N/A
#N/A N/A
#N/A N/A
95
#N/A N/A
104
95
100
107
96
100
106
92
89
115
103
85
90
#N/A N/A
91
108
#N/A N/A
78

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

File Dt
31.12.2012
31.12.2012
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
22.03.2013
22.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
15.03.2013
12.03.2013
04.03.2013
01.03.2013
25.02.2013
25.02.2013
15.02.2013
07.02.2013
07.02.2013
15.01.2013
13.12.2012
22.10.2012
17.05.2012
05.04.2012

26.03.2013

Anadarko Petroleum Corp


Anadarko Petroleum Corporation is an independent oil and gas exploration and
production company with international operations. In the United States, the
Company operates in Texas and surrounding states, the Rocky Mountain region,
Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration
and/or production operations in Africa, Asia, South America, and the Caribbean.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 19.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
APC UN EQUITY YTD Change
APC UN EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
88.79
56.42
252'939.00
88.04
-0.83%
56.04%
95.37%
508.2
44'741.73
13'269.00
0.0
1'253.0
2'471.00
56'792.73

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

31.12.2009
31.12.2010
8'537.0
11'340.0
4.74x
4.22x
3'561.0
6'055.0
11.36x
7.91x
(135.0)
761.0
51.81x
Profitability

2.5 M
2.0 M
1.5 M
1.0 M
.5 M

a-12 m-12

LTM-4Q
31.12.2011
13'656.0
3.77x
7'353.0
7.00x
(2'649.0)
23.06x

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

31.12.2012
14'060.0
3.50x
6'950.0
7.09x
2'391.0
33.03x
6'950.00
2'986.00
21.24%
25.36%
4.58%
12.35%
8.52%
0.27%
43.9%
49.4%
21.2%
17.0%
1.70
0.99
25.23%
64.32%
10.25
40.73

Price/ Cash Flow

j-12

j-12

LTM

12/yy
13'966.0
13.85x
7'628.0
6.75x
(2'649.0)
22.65x

a-12

12/yy
14'058.0
13.90x
6'948.0
7.09x
2'391.0
18.04x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

0.41
1.35
498.91
7.52
11.35%
18.60%
1.353
34
4.706
821'744
854'829
807'784
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
14'968.4
16'919.5
3'454.6
3'635.8
3.82x
3.27x
16.50x
15.62x
9'509.7
10'947.9
2'241.0
2'323.0
5.98x
5.19x
5.90x
5.67x
2'019.7
2'706.8
447.9
457.4
21.94x
16.89x
22.33x
21.03x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

08.09.2006
BBBPOS
15.09.2009
NR
7.22
-0.30
1.55
1.91
64.3%
37.7%
0.27
0.37
35.69
8.99
146.64
-101.97

Sales/Revenue/Turnover

20.00

16'000.0

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00
10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00
0.00
01.01.2010

3.0 M

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

Fiscal Year Ended


31.12.2008
13'740.0
2.04x
7'596.0
3.70x
3'260.0
8.53x

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

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Anadarko Petroleum Corp


Holdings By:

All

Holder Name
BLACKROCK
WELLINGTON MANAGEMEN
FMR LLC
STATE STREET
VANGUARD GROUP INC
CARMIGNAC GESTION
VANGUARD GROUP INC
CLEARBRIDGE INVESTME
JP MORGAN
T ROWE PRICE ASSOCIA
INVESCO LTD
NEUBERGER BERMAN LLC
DEUTSCHE BANK AG
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
JENNISON ASSOCIATES
NORGES BANK
AMERIPRISE FINANCIAL
DIMENSIONAL FUND ADV
CREDIT SUISSE AG

Firm Name
Credit Suisse
Capital One Southcoast, Inc.
Deutsche Bank
Howard Weil Inc
Wells Fargo Securities, LLC
Sanford C. Bernstein & Co
Raymond James
Buckingham Research Group
Canaccord Genuity Corp
Tudor Pickering & Co
Societe Generale
Goldman Sachs
Guggenheim Securities LLC
Global Hunter Securities
RBC Capital Markets
Jefferies
Johnson Rice & Co
Barclays
Simmons & Company International
Stifel
Oppenheimer & Co
EVA Dimensions
Argus Research Corp
Credit Agricole Securities (USA)
Alembic Global Advisors
JPMorgan
Morgan Stanley
Macquarie
S&P Capital IQ
FBR Capital Markets

Portfolio Name
n/a
WELLINGTON MANAGEMEN
n/a
n/a
VANGUARD GROUP INC
Multiple Portfolios
Multiple Portfolios
CLEARBRIDGE INVESTME
n/a
T ROWE PRICE ASSOCIA
INVESCO LTD
NEUBERGER BERMAN GRO
DEUTSCHE BANK AKTIEN
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
JENNISON ASSOCIATES
NORGES BANK
AMERIPRISE FINANCIAL
DIMENSIONAL FUND ADV
CREDIT SUISSE AG

Analyst
ARUN JAYARAM
ELIOT JAVANMARDI
STEPHEN RICHARDSON
PETER KISSEL
DAVID R TAMERON
BOB BRACKETT
ANDREW COLEMAN
ROBERT L CHRISTENSEN JR
JOHN J GERDES
BRIAN LIVELY
JOHN HERRLIN
BRIAN SINGER
ROBERT CORDRAY
JOHN MALONE
SCOTT HANOLD
SUBASH CHANDRA
CHARLES MEADE
THOMAS R DRISCOLL
DAVID W KISTLER
AMIR ARIF
FADEL GHEIT
CRAIG STERLING
PHILIP H WEISS
JEB S ARMSTRONG
JAMES J SULLIVAN
JOSEPH D ALLMAN
J EVAN CALIO
JOSEPH MAGNER
MICHAEL KAY
REHAN RASHID

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

Recommendation
outperform
strong buy
buy
focus list
outperform
outperform
outperform
buy
buy
buy
buy
buy/attractive
buy
buy
outperform
buy
overweight
overweight
overweight
buy
outperform
hold
hold
buy
overweight
neutral
Overwt/Attractive
outperform
buy
market perform

Amt Held
36'093'242
33'766'711
30'419'482
22'756'586
21'854'326
15'580'800
13'760'632
12'911'593
12'651'184
10'138'557
9'446'141
7'053'263
6'990'611
6'982'181
6'592'195
5'423'262
5'375'346
5'277'034
4'717'115
4'151'875

% Out
7.1
6.64
5.99
4.48
4.3
3.07
2.71
2.54
2.49
2
1.86
1.39
1.38
1.37
1.3
1.07
1.06
1.04
0.93
0.82

Weighting

Change
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
3
5
5
3
5
5
5
3

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

Latest Chg
(923'642)
3'651'184
899'681
(136'936)
(96'300)
(122'383)
909'992
2'497'314
1'184'755
(109'435)
2'118'749
(43'187)
226'160
(149'144)
233'565
(764'838)
20'436
508'321

Target Price
109
138
101
112
#N/A N/A
97
100
110
125
117
95
101
105
110
100
96
#N/A N/A
102
126
95
100
#N/A N/A
#N/A N/A
103
108
89
95
97
86
90

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

File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
18 month
Not Provided
Not Provided
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month

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

Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
08.03.2013
27.02.2013
26.02.2013
20.02.2013
19.02.2013
07.02.2013
06.02.2013
06.02.2013
15.11.2012
24.10.2012

26.03.2013

Apache Corp
Apache Corporation is an independent energy company. The Company explores for,
develops, and produces natural gas, crude oil, and natural gas liquids. The
Company has operations in the United States, Canada, Egypt, Australia, offshore
the United Kingdom in the North Sea, and Argentina.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2012)
52-Week Low (04.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 14.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
APA UN EQUITY YTD Change
APA UN EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
103.15
72.21
148'880.00
74.56
-27.72%
3.25%
7.82%
392.0
29'227.52
12'346.00
1'227.0
0.0
160.00
42'640.52

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

3.0 M

100

2.5 M

80

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0
m-12

31.12.2009
31.12.2010
8'573.9
12'183.0
4.40x
4.50x
3'027.6
8'903.0
12.46x
6.16x
(284.4)
3'032.0
20.51x
13.34x
Profitability

LTM-4Q
31.12.2011
16'810.0
2.55x
12'551.0
3.42x
4'584.0
7.66x

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

31.12.2012
16'947.0
2.61x
12'283.0
3.60x
2'001.0
8.15x
12'283.00
5'174.00
30.53%
28.78%
3.55%
6.65%
5.53%
0.30%
33.7%
72.5%
30.5%
11.8%
0.90
0.59
20.33%
41.01%
5.50
14.39

Price/ Cash Flow

j-12

j-12

LTM

12/yy
16'810.0
11.67x
12'551.0
3.42x
4'584.0
7.55x

a-12

12/yy
16'947.0
10.83x
12'283.0
3.60x
2'001.0
8.21x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

0.91
1.44
390.02
5.60
-25.63%
-4.82%
1.442
33
4.152
529'699
811'099
716'051
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'692.2
19'158.8
4'262.6
4'296.6
2.49x
2.30x
10.61x
10.59x
12'529.8
13'733.3
3'015.6
2'973.1
3.40x
3.10x
3.46x
3.38x
3'730.7
4'352.7
884.9
868.7
7.99x
7.23x
8.11x
8.01x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

26.01.2001
ASTABLE
05.05.2000
A-2
14.57
3.26
0.99
1.01
41.0%
28.3%
0.30
0.34
66.57
25.44
34.07
57.95

Sales/Revenue/Turnover

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00
01.01.2010

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
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
12'327.8
2.27x
8'988.1
3.11x
712.0
35.66x

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

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

26.03.2013

Apache Corp
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
FRANKLIN RESOURCES
FMR LLC
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
HARRIS ASSOCIATES LP
NWQ INVESTMENT MANAG
EAGLE CAPITAL MANAGE
SUN LIFE FINANCIAL I
JP MORGAN
DEUTSCHE BANK AG
WELLINGTON MANAGEMEN
BANK OF AMERICA CORP
NORGES BANK
LAZARD ASSET MANAGEM

Firm Name
Capital One Southcoast, Inc.
Deutsche Bank
Tudor Pickering & Co
Sanford C. Bernstein & Co
Argus Research Corp
RBC Capital Markets
Edward Jones
Howard Weil Inc
Simmons & Company International
Wells Fargo Securities, LLC
Stifel
Oppenheimer & Co
Buckingham Research Group
Guggenheim Securities LLC
Raymond James
Credit Agricole Securities (USA)
Credit Suisse
Global Hunter Securities
Macquarie
Morgan Stanley
Goldman Sachs
Peters & Co Ltd
S&P Capital IQ
Barclays
Societe Generale
Johnson Rice & Co
EVA Dimensions
Alembic Global Advisors
JPMorgan
FBR Capital Markets

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
T ROWE PRICE ASSOCIA
Multiple Portfolios
n/a
n/a
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
HARRIS ASSOC LP
NWQ INVESTMENT MANAG
EAGLE CAPITAL MANAGE
n/a
n/a
DEUTSCHE BANK AKTIEN
WELLINGTON MANAGEMEN
BANK OF AMERICA
NORGES BANK
n/a

Analyst
ELIOT JAVANMARDI
STEPHEN RICHARDSON
MATTHEW PORTILLO
BOB BRACKETT
PHILIP H WEISS
LEO P MARIANI
BRIAN YOUNGBERG
PETER KISSEL
PEARCE W HAMMOND
DAVID R TAMERON
AMIR ARIF
FADEL GHEIT
ROBERT L CHRISTENSEN JR
ROBERT CORDRAY
JOHN FREEMAN
JEB S ARMSTRONG
ARUN JAYARAM
JOHN MALONE
JOSEPH MAGNER
J EVAN CALIO
BRIAN SINGER
KAM S SANDHAR
MICHAEL KAY
THOMAS R DRISCOLL
JOHN HERRLIN
CHARLES MEADE
CRAIG STERLING
JAMES J SULLIVAN
JOSEPH D ALLMAN
REHAN RASHID

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

Recommendation
add
hold
accumulate
outperform
hold
sector perform
hold
sector outperform
overweight
outperform
buy
outperform
buy
buy
outperform
buy
outperform
neutral
neutral
Equalwt/Attractive
neutral/attractive
sector perform
strong buy
overweight
buy
equalweight
buy
neutral
overweight
market perform

Amt Held
29'315'198
23'710'179
17'130'672
16'897'988
12'141'893
10'762'869
9'201'248
8'543'355
6'297'278
5'905'844
5'314'831
4'767'624
4'578'799
3'782'979
3'521'201
3'175'642
3'112'459
2'901'702
2'808'677
2'680'709

% Out
7.48
6.05
4.37
4.31
3.1
2.75
2.35
2.18
1.61
1.51
1.36
1.22
1.17
0.97
0.9
0.81
0.79
0.74
0.72
0.68

Weighting

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

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

Latest Chg
220'162
396'043
282'413
6'805'021
169'616
(2'878'610)
129'476
26'941
(3'411'669)
(535'856)
1'168'725
(58'177)
(171'966)
531'384
25'144
72'762
317'481
(194'515)

Target Price
118
90
103
101
#N/A N/A
95
#N/A N/A
96
130
#N/A N/A
90
95
119
93
100
116
100
88
96
81
92
90
116
113
103
#N/A N/A
#N/A N/A
92
90
100

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

File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
18 month
12 month
12 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
Not Provided
12 month
9 month
12 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
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified

Date
26.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
13.03.2013
12.03.2013
08.03.2013
07.03.2013
28.02.2013
25.02.2013
25.02.2013
19.02.2013
19.02.2013
16.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
15.01.2013
15.01.2013
14.01.2013
08.01.2013

26.03.2013

Apple Inc
Apple Inc. designs, manufactures, and markets personal computers and related
personal computing and mobile communication devices along with a variety of
related software, services, peripherals, and networking solutions. The Company
sells its products worldwide through its online stores, its retail stores, its
direct sales force, third-party wholesalers, and resellers.

Price/Volume

12.0 M

600

10.0 M
8.0 M

400

Latest Fiscal Year:


LTM as of:
52-Week High (21.09.2012)
52-Week Low (04.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AAPL UW EQUITY YTD Change
AAPL UW EQUITY YTD % CHANGE

09/2012
12/yy
705.07
419.00
1'105'317.00
462.88
-34.35%
10.47%
15.58%
939.1
434'671.16
0.00
0.0
0.0
121'251.00
297'559.17

6.0 M

300
200

4.0 M

100

2.0 M

0
m-12

30.09.2009
30.09.2010
42'905.0
65'225.0
3.03x
3.32x
12'474.0
19'412.0
10.43x
11.17x
8'235.0
14'013.0
20.08x
19.30x
Profitability

LTM-4Q
30.09.2011
108'249.0
2.72x
35'604.0
8.26x
25'922.0
14.61x

30.09.2012
156'508.0
3.23x
58'518.0
8.63x
41'733.0
15.11x

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

58'518.00
55'241.00
35.30%
35.63%
24.94%
38.41%
38.41%
0.98%
43.9%
36.0%
33.5%
26.7%
1.50
1.04
0.00%
0.00%
16.05
71.10

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

1.15
0.96
938.73
19.43
-22.62%
-12.67%
0.958
64
4.500
3'031'029
3'609'170
3'984'129
FY+2

FQ+1

FQ+2

12/yy
12/yy
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
127'841.0 164'687.0 181'210.6 204'263.1
42'751.1
39'983.9
8.29x
10.49x
1.72x
1.41x
6.86x
7.20x
45'482.0
59'255.0
60'120.6
67'410.2
13'977.7
12'754.9
6.16x
5.76x
4.95x
4.42x
4.81x
4.69x
32'982.0
41'747.0
41'526.6
47'056.9
9'599.0
8'992.3
11.54x
11.56x
10.49x
9.30x
10.27x
9.90x
S&P Issuer Ratings
Long-Term Rating Date
16.04.2004
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
-2.31
Total Debt/EBITDA
0.00
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
0.0%
Asset Turnover
0.98
Net Fixed Asset Turnover
14.17
Accounts receivable turnover-days
22.69
Inventory Days
5.12
Accounts Payable Turnover Day
84.69
Cash Conversion Cycle
-52.97
Sales/Revenue/Turnover

20.00

180'000.0

18.00

160'000.0

16.00

140'000.0

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0

6.00

40'000.0

4.00

20'000.0

2.00
0.00
02.10.2009

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
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


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

14.0 M

700
500

Valuation Analysis

30.09.2008
37'491.0
2.39x
8'823.0
10.14x
6'119.0
18.91x

800

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

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

26.03.2013

Apple Inc
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
SUSQUEHANNA INTERNAT
JP MORGAN
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
INVESCO LTD
JANUS CAPITAL MANAGE
MORGAN STANLEY
UBS
TIAA CREF INVESTMENT
CAPITAL GROUP COMPAN
NORGES BANK
CITIGROUP INCORPORAT
GOLDMAN SACHS GROUP
GEODE CAPITAL MANAGE

Firm Name
Piper Jaffray
Sanford C. Bernstein & Co
Scotia Capital
Oppenheimer & Co
Evercore Partners
EVA Dimensions
RBC Capital Markets
Edward Jones
Topeka Capital Markets Inc
Credit Suisse
Monness, Crespi, Hardt & Co
ABG Sundal Collier
Canaccord Genuity Corp
Barclays
BMO Capital Markets
Cowen and Company
Exane BNP Paribas
Tigress Financial Partners
Janney Montgomery Scott LLC
Jefferies
Stifel
Sterne, Agee & Leach
Nomura
Wells Fargo Securities, LLC
Credit Agricole Securities (USA)
Mizuho Securities USA Inc
ISI Group
BTIG LLC
Argus Research Corp
Wedge Partners
Robert W. Baird & Co
Raymond James
Societe Generale
Cross Research
William Blair & Co
Berenberg Bank
Pacific Crest Securities
JMP Securities
Needham & Co
S&P Capital IQ
Morgan Stanley
Telsey Advisory Group
JPMorgan

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
T ROWE PRICE ASSOCIA
SUSQUEHANNA INTERNAT
n/a
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
INVESCO LTD
n/a
n/a
n/a
TIAA-CREF INVESTMENT
n/a
NORGES BANK
CITIGROUP INCORPORAT
GOLDMAN SACHS GROUP
GEODE CAPITAL MANAGE

Analyst
EUGENE E MUNSTER
TONI SACCONAGHI
GUS PAPAGEORGIOU
ITTAI KIDRON
ROBERT CIHRA
ANDREW S ZAMFOTIS
AMIT DARYANANI
WILLIAM C KREHER
BRIAN J WHITE
KULBINDER GARCHA
JEFFREY FIDACARO
PER LINDBERG
T MICHAEL WALKLEY
BENJAMIN A REITZES
KEITH F BACHMAN
MATTHEW HOFFMAN
ALEXANDER PETERC
IVAN FEINSETH
WILLIAM CHOI
PETER J MISEK
AARON C RAKERS
SHAW WU
STUART JEFFREY
MAYNARD UM
AVI SILVER
ABHEY R LAMBA
BRIAN MARSHALL
WALTER P PIECYK JR
JAMES KELLEHER
BRIAN BLAIR
WILLIAM V POWER
TAVIS C MCCOURT
ANDY PERKINS
SHANNON S CROSS
ANIL K DORADLA
ADNAAN AHMAD
ANDY HARGREAVES
ALEX GAUNA
CHARLES WOLF
SCOTT H KESSLER
KATHRYN HUBERTY
THOMAS FORTE
MARK A MOSKOWITZ

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

Recommendation
overweight
outperform
sector perform
outperform
overweight
overweight
outperform
buy
buy
outperform
buy
sell
buy
overweight
outperform
outperform
outperform
strong buy
buy
hold
buy
buy
neutral
outperform
outperform
buy
strong buy
buy
buy
no rating system
neutral
outperform
buy
buy
outperform
sell
sector perform
market perform
buy
strong buy
Overwt/In-Line
no rating system
overweight

Amt Held
49'566'789
42'083'340
41'472'347
36'865'333
26'631'043
23'598'905
16'882'717
15'541'148
13'550'305
12'973'383
12'677'606
10'155'052
8'062'807
7'890'584
7'768'584
7'650'330
7'531'087
6'999'016
6'361'655
6'358'050

% Out
5.28
4.48
4.42
3.93
2.84
2.51
1.8
1.65
1.44
1.38
1.35
1.08
0.86
0.84
0.83
0.81
0.8
0.75
0.68
0.68

Weighting

Change

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

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

Latest Chg
136'948
1'096'729
(4'409'314)
43'752
118'759
804'173
(883'277)
90'528
293'843
(1'805'929)
974'700
932'696
(842'844)
(249'589)
(7'786'595)
677'078
6'601'182
(1'211'280)
(559'069)

Target Price
767
725
528
550
675
#N/A N/A
600
#N/A N/A
888
600
670
400
600
530
580
#N/A N/A
700
#N/A N/A
610
420
650
630
490
#N/A N/A
505
575
600
540
600
#N/A N/A
465
600
560
580
#N/A N/A
360
#N/A N/A
#N/A N/A
710
600
630
550
725

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

File Dt
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
23.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
26.02.2013
25.02.2013
22.02.2013
13.02.2013
12.02.2013

26.03.2013

AT&T Inc
AT&T Inc. is a communications holding company. The Company, through its
subsidiaries and affiliates, provides local and long-distance phone service,
wireless and data communications, Internet access and messaging, IP-based and
satellite television, security services, telecommunications equipment, and
directory advertising and publishing.

Price/Volume
40

20.0 M

25

12/2012
12/yy
38.58
29.95
1'113'120.00
36.58
-5.18%
22.14%
74.62%
5'491.6
200'883.08
69'844.00
0.0
333.0
4'868.00
266'192.09

15.0 M

15

10.0 M

10
5.0 M

5
0
m-12

31.12.2009
31.12.2010
122'513.0
124'280.0
1.91x
1.92x
40'515.0
39'037.0
5.78x
6.11x
12'138.0
19'864.0
13.54x
12.77x
Profitability

LTM-4Q
31.12.2011
126'723.0
1.82x
30'505.0
7.56x
3'944.0
14.82x

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
127'434.0
1.99x
31'140.0
8.14x
7'264.0
14.59x
31'140.00
12'997.00
10.20%
8.19%
2.68%
7.34%
6.02%
0.47%
56.7%
24.4%
10.2%
5.7%
0.71
0.55
25.65%
75.62%
9.85
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

4.84
0.75
5'487.56
90.54
21.09%
9.94%
0.751
39
3.308
4'595'189
5'277'244
5'650'454
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
126'723.0 127'434.0 129'047.5 131'526.3
31'740.3
31'933.1
7.53x
8.22x
2.13x
2.11x
8.44x
8.45x
30'505.0
31'140.0
42'474.3
44'145.9
10'679.4
11'251.5
7.56x
8.14x
6.27x
6.03x
6.28x
6.19x
3'944.0
7'264.0
13'804.0
14'526.7
3'556.4
3'901.1
13.87x
14.47x
14.53x
13.54x
14.56x
14.16x
S&P Issuer Ratings
Long-Term Rating Date
06.12.2010
Long-Term Rating
ALong-Term Outlook
STABLE
Short-Term Rating Date
06.12.2010
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
8.40
(EBITDA-Capex)/Interest Exp.
3.15
Net Debt/EBITDA
2.09
Total Debt/EBITDA
2.24
Reference
Total Debt/Equity
75.6%
Total Debt/Capital
43.0%
Asset Turnover
0.47
Net Fixed Asset Turnover
1.18
Accounts receivable turnover-days
37.18
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

7.00

140'000.0

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00
01.01.2010

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
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


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

25.0 M

30
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (10.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 20.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
T UN EQUITY YTD Change
T UN EQUITY YTD % CHANGE

31.12.2008
124'028.0
1.94x
42'946.0
5.62x
12'867.0
12.28x

30.0 M

35

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

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

26.03.2013

AT&T Inc
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
EVERCORE TRUST COMPA
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
T ROWE PRICE ASSOCIA
WELLINGTON MANAGEMEN
NORGES BANK
JP MORGAN
GEODE CAPITAL MANAGE
SUN LIFE FINANCIAL I
DIMENSIONAL FUND ADV
BANK OF AMERICA CORP
STATE FARM MUTUAL AU
BARROW HANLEY MEWHIN
UBS
FRANKLIN RESOURCES

Firm Name
Raymond James
Macquarie
Wells Fargo Securities, LLC
Tigress Financial Partners
Pacific Crest Securities
RBC Capital Markets
Evercore Partners
Piper Jaffray
Cowen and Company
Edward Jones
EVA Dimensions
JPMorgan
HSBC
Nomura
Oppenheimer & Co
Telsey Advisory Group
Independent Research GmbH
Guggenheim Securities LLC
Atlantic Equities LLP
Argus Research Corp
Deutsche Bank
Morgan Stanley
Hilliard Lyons
Jefferies
Robert W. Baird & Co
Stifel
Canaccord Genuity Corp
S&P Capital IQ
New Street Research
William Blair & Co
Scotia Capital
Daiwa Securities Co. Ltd.
Wedge Partners
Gabelli & Co
Goldman Sachs
FBR Capital Markets

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
EVERCORE TRUST COMPA
n/a
Multiple Portfolios
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
T ROWE PRICE ASSOCIA
WELLINGTON MANAGEMEN
NORGES BANK
n/a
GEODE CAPITAL MANAGE
n/a
DIMENSIONAL FUND ADV
BANK OF AMERICA
STATE FARM MUTUAL AU
BARROW HANLEY MEWHIN
n/a
n/a

Analyst
FRANK G LOUTHAN
KEVIN SMITHEN
JENNIFER M FRITZSCHE
IVAN FEINSETH
MICHAEL BOWEN
JONATHAN ATKIN
JONATHAN SCHILDKRAUT
CHRISTOPHER M LARSEN
COLBY SYNESAEL
DAVID HEGER
ANDREW S ZAMFOTIS
PHILIP CUSICK
RICHARD DINEEN
MICHAEL L MCCORMACK
TIMOTHY K HORAN
JAISON BLAIR
MARKUS FRIEBEL
SHING YIN
CHRISTOPHER WATTS
JOSEPH F BONNER
BRETT FELDMAN
SIMON FLANNERY
DAVID B BURKS
THOMAS O SEITZ
WILLIAM V POWER
CHRISTOPHER C KING
GREGORY MILLER
TODD ROSENBLUTH
JONATHAN CHAPLIN
JAMES D BREEN JR
JEFFREY FAN
NACHI HOSHINO
BRIAN BLAIR
SERGEY DLUZHEVSKIY
JASON ARMSTRONG
DAVID DIXON

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

Recommendation
market perform
underperform
outperform
underperform
sector perform
sector perform
equalweight
overweight
neutral
buy
underweight
overweight
overweight
buy
outperform
no rating system
sell
neutral
neutral
hold
hold
Overwt/In-Line
buy
hold
neutral
hold
hold
hold
neutral
market perform
sector underperform
underperform
no rating system
hold
neutral/neutral
outperform

Amt Held
319'268'420
255'585'884
241'131'927
236'591'214
172'536'775
158'231'635
83'364'487
78'531'043
75'934'975
72'522'164
41'221'593
38'091'495
37'606'981
34'575'958
32'596'443
32'340'952
29'793'395
29'566'054
29'045'444
28'788'510

% Out
5.81
4.65
4.39
4.31
3.14
2.88
1.52
1.43
1.38
1.32
0.75
0.69
0.68
0.63
0.59
0.59
0.54
0.54
0.53
0.52

Weighting

Change

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

M
M
M
N
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

Latest Chg
3'167'576
2'728'154
(1'339'232)
264'245
(35'791'594)
(9'242'810)
(425'820)
(5'965'540)
(6'438'791)
509'569
(4'273'947)
(4'202'874)
(1'599'808)
148'516
(366'392)
(473'418)
(363'784)
1'487'151

Target Price
#N/A N/A
35
#N/A N/A
#N/A N/A
#N/A N/A
36
37
40
#N/A N/A
#N/A N/A
#N/A N/A
37
39
38
42
36
32
34
37
#N/A N/A
34
37
38
38
35
#N/A N/A
35
36
33
#N/A N/A
34
32
#N/A N/A
#N/A N/A
36
38

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

File Dt
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
28.02.2013

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Investment Advisor

Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
21.03.2013
14.03.2013
12.03.2013
12.03.2013
01.03.2013
26.02.2013
25.02.2013
22.02.2013
20.02.2013
15.02.2013
11.02.2013
10.02.2013
30.01.2013
30.01.2013
30.01.2013
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
24.01.2013
24.01.2013
12.12.2012
26.11.2012
12.11.2012
24.10.2012
15.08.2012

26.03.2013

Baker Hughes Inc


Baker Hughes Incorporated supplies reservoir-centered products, services, and
systems to the worldwide oil and gas industry. The Company provides products
and services for oil and gas exploration, drilling, completion, and production.
Baker Hughes also manufactures and markets a variety of roller cutter bits and
fixed cutter diamond bits.

Price/Volume
60

3.0 M
2.5 M

30

Latest Fiscal Year:


LTM as of:
52-Week High (14.09.2012)
52-Week Low (26.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 27.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BHI UN EQUITY YTD Change
BHI UN EQUITY YTD % CHANGE

12/2012
12/yy
50.96
37.09
200'023.00
45.57
-10.58%
22.86%
56.24%
441.8
20'134.37
4'916.00
0.0
199.0
1'015.00
24'234.37

2.0 M
1.5 M

20

1.0 M
10

.5 M

0
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 m-13

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

Fiscal Year Ended


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

3.5 M

40

Valuation Analysis

31.12.2008
11'864.0
0.87x
3'075.0
3.35x
1'635.0
5.88x

4.0 M

50

31.12.2009
31.12.2010
9'664.0
14'414.0
1.33x
1.88x
1'461.0
2'620.0
8.78x
10.33x
421.0
812.0
21.19x
25.19x
Profitability

LTM-4Q
31.12.2011
19'831.0
1.24x
4'236.0
5.78x
1'739.0
11.58x

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

31.12.2012
21'361.0
1.04x
3'760.0
5.88x
1'311.0
12.73x
3'760.00
2'192.00
10.26%
9.28%
5.09%
7.99%
6.90%
0.83%
18.7%
17.6%
10.3%
6.1%
2.53
1.41
18.42%
28.80%
4.41
4.96

Price/ Cash Flow

LTM

12/yy
19'717.0
5.94x
4'197.0
5.84x
1'739.0
10.35x

12/yy
21'361.0
4.27x
3'760.0
5.88x
1'311.0
12.73x

FY+1

1.32
1.46
440.23
12.90
7.15%
11.96%
1.460
33
3.455
1'147'101
952'976
917'512
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
21'474.8
23'496.3
5'169.5
5'200.3
1.11x
0.99x
4.66x
4.61x
3'852.1
4'793.2
877.4
906.4
6.29x
5.06x
6.25x
5.95x
1'358.9
1'903.0
275.9
298.2
14.81x
10.47x
14.80x
13.66x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

05.05.2006
A
STABLE
05.05.2006
A-1
17.90
4.05
1.04
1.31
28.8%
22.2%
0.83
2.65
83.04
73.84
36.23
120.65

Sales/Revenue/Turnover

40.00

25'000.0

35.00

20'000.0

30.00
25.00

15'000.0

20.00

10'000.0

15.00
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

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

26.03.2013

Baker Hughes Inc


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
WELLINGTON MANAGEMEN
FRANKLIN RESOURCES
DODGE & COX
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
HARRIS ASSOCIATES LP
SKAGEN AS
BANK OF NEW YORK MEL
MANNING & NAPIER ADV
PZENA INVESTMENT MAN
GREENHAVEN ASSOCIATE
NORTHERN TRUST CORPO
T ROWE PRICE ASSOCIA
INVESCO LTD
JP MORGAN
BANK OF AMERICA CORP
TIAA CREF INVESTMENT

Firm Name
Howard Weil Inc
Raymond James
Guggenheim Securities LLC
Sanford C. Bernstein & Co
ISI Group
RS Platou Markets
Susquehanna Financial Group
Jefferies
Macquarie
EVA Dimensions
JPMorgan
Goldman Sachs
Wells Fargo Securities, LLC
Cowen Securities LLC
Global Hunter Securities
Tudor Pickering & Co
Sterne, Agee & Leach
Argus Research Corp
Societe Generale
Deutsche Bank
Capital One Southcoast, Inc.
Johnson Rice & Co
Barclays
BMO Capital Markets
Morgan Stanley
RBC Capital Markets
Credit Suisse
FBR Capital Markets
Credit Agricole Securities (USA)
S&P Capital IQ

Portfolio Name
n/a
WELLINGTON MANAGEMEN
n/a
DODGE & COX
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
HARRIS ASSOC LP
Multiple Portfolios
BANK OF NEW YORK MEL
MANNING & NAPIER ADV
PZENA INVESTMENT MAN
GREENHAVEN ASSOCIATE
NORTHERN TRUST CORPO
T ROWE PRICE ASSOCIA
INVESCO LTD
n/a
BANK OF AMERICA
TIAA-CREF INVESTMENT

Analyst
WILLIAM SANCHEZ
J MARSHALL ADKINS
MICHAEL K LAMOTTE
SCOTT GRUBER
JUDSON E BAILEY
TURNER HOLM
CHARLES P MINERVINO
BRAD HANDLER
NIGEL BROWNE
CRAIG STERLING
J DAVID ANDERSON
WAQAR SYED
MATTHEW D CONLAN
JAMES D CRANDELL
BRIAN UHLMER
BYRON POPE
STEPHEN D GENGARO
PHILIP H WEISS
EDWARD C MUZTAFAGO
MICHAEL W URBAN
LUKE M LEMOINE
DANIEL BURKE
JAMES C WEST
ALAN D LAWS
OLE SLORER
KURT HALLEAD
JAMES WICKLUND
ROBERT J MACKENZIE
DAVID S HAVENS
STEWART GLICKMAN

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

Recommendation
sector perform
market perform
neutral
outperform
strong buy
neutral
neutral
hold
neutral
underweight
neutral
neutral/attractive
market perform
hold
neutral
accumulate
neutral
hold
hold
buy
neutral
overweight
overweight
market perform
Equalwt/Attractive
sector perform
neutral
market perform
buy
hold

Amt Held
43'960'093
28'403'334
28'208'849
25'283'308
21'202'445
19'231'851
18'606'548
12'101'066
10'787'021
9'604'582
8'886'668
7'795'466
7'509'120
7'033'639
6'416'357
6'165'135
5'383'131
4'016'339
3'679'173
3'540'405

% Out
9.95
6.43
6.38
5.72
4.8
4.35
4.21
2.74
2.44
2.17
2.01
1.76
1.7
1.59
1.45
1.4
1.22
0.91
0.83
0.8

Weighting

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

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

Latest Chg
(3'037'575)
910'352
879'757
(508'506)
(685'215)
294'812
241'304
2'788'880
(11'057)
(28'716)
50'760
1'022'557
752'965
11'254
(521'016)
(354'486)
(317'368)
2'608'976
321'811

Target Price
49
#N/A N/A
50
64
52
49
46
48
48
#N/A N/A
53
55
#N/A N/A
50
41
#N/A N/A
#N/A N/A
#N/A N/A
49
59
47
#N/A N/A
54
43
50
48
40
48
54
48

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

File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
18.03.2013
01.03.2013
25.02.2013
19.02.2013
14.02.2013
13.02.2013
11.02.2013
07.02.2013
04.02.2013
27.01.2013
25.01.2013
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
15.01.2013

26.03.2013

Bank of America Corp


Bank of America Corporation accepts deposits and offers banking, investing,
asset management, and other financial and risk-management products and
services. The Company has a mortgage lending subsidiary, and an investment
banking and securities brokerage subsidiary.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BAC UN EQUITY YTD Change
BAC UN EQUITY YTD % CHANGE

12/2012
12/yy
12.94
6.72
10'594'457.00
12.23
-5.49%
81.99%
91.32%
10'820.3
132'331.95
673'162.00
18'768.0
0.0
349'370.00
-

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

70.0 M

12

60.0 M

10

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
113'106.0
4'008.0
24.70x

14

31.12.2009
31.12.2010
153'286.0
135'161.0
6'276.0
(2'238.0)
39.63x
10.76x
Profitability

LTM-4Q
31.12.2011
115'373.0
1'446.0
5.73x

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

31.12.2012
100'078.0
4'188.0
10.27x
3.69%
3.69%
0.19%
1.28%
0.46%
0.05%
5.0%
30.46%
308.52%
-

Price/ Cash Flow

LTM

12/yy
12/yy
115'373.0 100'130.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
1'446.0
4'188.0
5.73x
12.62x

FY+1

0.33
1.56
10'814.46
161.31
23.72%
5.52%
1.555
41
3.488
23'785'188
28'368'698
25'527'114
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
90'792.0
92'022.0
23'431.6
22'672.4
11'417.3
14'896.3
2'728.2
3'116.9
12.08x
9.19x
12.12x
11.32x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.11.2011
ANEG
29.11.2011
A-2
308.5%
74.0%
0.05
7.85
-

Sales/Revenue/Turnover

7.00

180'000.0

6.00

160'000.0
140'000.0

5.00

120'000.0

4.00

100'000.0

3.00

80'000.0
60'000.0

2.00

40'000.0

1.00
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

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

26.03.2013

Bank of America Corp


Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
JP MORGAN
CITIGROUP INCORPORAT
T ROWE PRICE ASSOCIA
CAPITAL GROUP COMPAN
WELLINGTON MANAGEMEN
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
DODGE & COX
FMR LLC
GOLDMAN SACHS GROUP
FAIRHOLME CAPITAL MA
NORGES BANK
KOREA INVESTMENT COR
UBS
GEODE CAPITAL MANAGE
BARROW HANLEY MEWHIN

Firm Name
HSBC
Sanford C. Bernstein & Co
JMP Securities
ISI Group
Rafferty Capital Markets
Edward Jones
Keefe, Bruyette & Woods
Robert W. Baird & Co
Raymond James
Evercore Partners
FBR Capital Markets
Sterne, Agee & Leach
Wells Fargo Securities, LLC
Portales Partners
Drexel Hamilton LLC
RBC Capital Markets
Scotia Capital
Morgan Stanley
Barclays
Credit Agricole Securities (USA)
Atlantic Equities LLP
Daiwa Securities Co. Ltd.
SunTrust Robinson Humphrey
Guggenheim Securities LLC
JPMorgan
Oppenheimer & Co
Independent Research GmbH
Credit Suisse
Buckingham Research Group
Nomura
S&P Capital IQ
EVA Dimensions
Sandler O'Neill & Partners, LP
Goldman Sachs
Deutsche Bank
Argus Research Corp
Meredith Whitney Advisory Group
Phillip Securities

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
n/a
CITIGROUP INCORPORAT
T ROWE PRICE ASSOCIA
n/a
WELLINGTON MANAGEMEN
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
DODGE & COX
n/a
GOLDMAN SACHS GROUP
FAIRHOLME CAPITAL MA
NORGES BANK
KOREA INVESTMENT COR
n/a
GEODE CAPITAL MANAGE
BARROW HANLEY MEWHIN

Analyst
ROBERT MURPHY
JOHN E MCDONALD
DAVID M TRONE
Ed Najarian
RICHARD X BOVE SR
SHANNON L STEMM
CHRISTOPHER M MUTASCIO
DAVID A GEORGE
ANTHONY J POLINI
ANDREW A MARQUARDT
PAUL J MILLER JR
TODD L HAGERMAN
MATTHEW H BURNELL
CHARLES W PEABODY
DAVID B HILDER
JOSEPH K MORFORD
KEVIN R CHOQUETTE
BETSY L GRASECK
JASON M GOLDBERG
MICHAEL L MAYO
RICHARD STAITE
KAZUKI WATANABE
ERIC WASSERSTROM
MARTY L MOSBY III
VIVEK JUNEJA
CHRISTOPHER M KOTOWSKI
STEFAN BONGARDT
MOSHE A ORENBUCH
JAMES F MITCHELL
GLENN P SCHORR
ERIK M OJA
AUSTIN BURKETT
JEFFERY HARTE
RICHARD N RAMSDEN
MATTHEW D O'CONNOR
DAVID RITTER
MEREDITH A WHITNEY
MAGDALENE CHOONG

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

Recommendation
underweight
market perform
market perform
buy
buy
buy
outperform
neutral
strong buy
overweight
market perform
neutral
market perform
underperform
buy
outperform
sector outperform
Equalwt/Attractive
equalweight
sell
overweight
underperform
neutral
buy
overweight
market perform
hold
neutral
buy
neutral
hold
sell
hold
neutral/attractive
hold
hold
hold
neutral

Amt Held
531'533'510
463'816'602
450'655'804
285'934'731
246'786'050
226'042'014
159'341'503
142'985'000
142'958'634
136'274'948
130'735'014
130'433'329
124'553'207
117'521'551
100'506'715
77'988'479
73'713'245
73'522'238
71'322'340
69'716'837

% Out
4.91
4.29
4.16
2.64
2.28
2.09
1.47
1.32
1.32
1.26
1.21
1.21
1.15
1.09
0.93
0.72
0.68
0.68
0.66
0.64

Weighting

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

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

Latest Chg
11'785'591
12'653'244
17'358'258
31'381'187
225'995'599
4'585'610
(6'000'000)
4'737'066
1'299'145
14'374'494
(2'686'520)
66'959'607
(58'896'556)
(1'708'540)
13'656'352
(13'600)
(4'514'627)
(6'444'529)
635'330

Target Price
10
13
#N/A N/A
14
15
#N/A N/A
14
12
14
13
12
12
#N/A N/A
#N/A N/A
14
14
15
12
10
10
15
10
13
15
14
#N/A N/A
13
12
15
11
13
#N/A N/A
13
13
11
#N/A N/A
#N/A N/A
#N/A N/A

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

File Dt
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012

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

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

Date
26.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
01.03.2013
25.02.2013
14.02.2013
08.02.2013
06.02.2013
05.02.2013
30.01.2013
23.01.2013
18.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
15.01.2013
11.01.2013
07.01.2013
04.01.2013
24.12.2012
17.10.2012
26.01.2011

26.03.2013

Bank of New York Mellon Corp/The


The Bank of New York Mellon Corporation (BNY Mellon) is a global financial
services company. The Company provides financial services for institutions,
corporations and high-net-worth individuals, providing asset management and
wealth management, asset servicing, issuer services, clearing services and
treasury services.

Price/Volume
35

6.0 M

30

5.0 M

25

4.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BK UN EQUITY YTD Change
BK UN EQUITY YTD % CHANGE

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

2.0 M

10

1.0 M

5
0
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 m-13

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

Fiscal Year Ended


31.12.2008
16'238.0
1'386.0
8.77x

3.0 M

15

12/2012
12/yy
29.11
19.31
257'536.00
28.34
-2.65%
46.76%
90.61%
1'162.0
32'929.72
62'098.00
1'068.0
1'011.0
145'340.00
-

31.12.2009
31.12.2010
8'279.0
14'920.0
(1'367.0)
2'518.0
13.07x
Profitability

LTM-4Q
31.12.2011
15'804.0
2'516.0
9.35x

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

31.12.2012
15'089.0
2'445.0
10.98x
26.53%
22.69%
0.71%
6.97%
2.62%
0.05%
16.8%
17.30%
175.60%
-

Price/ Cash Flow

LTM

12/yy
15'392.0
0.00x
0.0
0.00x
2'516.0
8.97x

12/yy
15'596.0
0.00x
0.0
0.00x
2'445.0
11.17x

FY+1

1.83
1.29
1'153.85
18.46
17.78%
10.80%
1.294
28
3.214
1'083'033
1'365'475
1'423'845
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
14'719.1
15'436.1
3'589.6
3'674.3
2'508.3
2'809.5
490.9
660.6
12.60x
10.98x
12.45x
11.99x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.11.2011
A+
NEG
29.11.2011
A-1
175.6%
62.4%
0.05
9.34
-

Sales/Revenue/Turnover

70.00

18'000.0

60.00

16'000.0
14'000.0

50.00

12'000.0

40.00

10'000.0

30.00

8'000.0
6'000.0

20.00

4'000.0

10.00
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

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

26.03.2013

Bank of New York Mellon Corp/The


Holdings By:

All

Holder Name
DAVIS SELECTED ADVIS
SUN LIFE FINANCIAL I
DODGE & COX
BLACKROCK
VANGUARD GROUP INC
STATE STREET
SOUTHEASTERN ASSET M
VANGUARD GROUP INC
FIDUCIARY MANAGEMENT
FIRST EAGLE INVESTME
BERKSHIRE HATHAWAY I
CI INVESTMENTS INC
LONGVIEW PARTNERS (G
NORTHERN TRUST CORPO
INVESCO LTD
ARTISAN PARTNERS HOL
BANK OF NEW YORK MEL
T ROWE PRICE ASSOCIA
THIRD AVENUE MANAGEM
MACQUARIE GROUP

Firm Name
ISI Group
Argus Research Corp
Rafferty Capital Markets
Portales Partners
Edward Jones
Sanford C. Bernstein & Co
S&P Capital IQ
Jefferies
Goldman Sachs
Barclays
Evercore Partners
JPMorgan
Sandler O'Neill & Partners, LP
Macquarie
Morgan Stanley
Credit Suisse
Guggenheim Securities LLC
Buckingham Research Group
Keefe, Bruyette & Woods
Nomura
RBC Capital Markets
Raymond James
Credit Agricole Securities (USA)
EVA Dimensions
Stifel

Portfolio Name
DAVIS SELECTED ADVIS
n/a
DODGE & COX
n/a
VANGUARD GROUP INC
n/a
SOUTHEASTERN ASSET M
Multiple Portfolios
FIDUCIARY MANAGEMENT
FIRST EAGLE INVESTME
n/a
CI INVESTMENTS INC
LONGVIEW PARTNERS (G
NORTHERN TRUST CORPO
INVESCO LTD
ARTISAN PARTNERS LP
BANK OF NEW YORK MEL
T ROWE PRICE ASSOCIA
THIRD AVENUE MANAGEM
n/a

Analyst
BRIAN BEDELL
DAVID RITTER
RICHARD X BOVE SR
CHARLES W PEABODY
JIM SHANAHAN
CHARLES BRADLEY HINTZ
SONIA PARECHANIAN
KENNETH M USDIN
ALEXANDER BLOSTEIN
JASON M GOLDBERG
ANDREW A MARQUARDT
VIVEK JUNEJA
JEFFERY HARTE
JOHN MORAN
BETSY L GRASECK
HOWARD H CHEN
MARTY L MOSBY III
JAMES F MITCHELL
ROBERT A LEE
GLENN P SCHORR
GERARD S CASSIDY
DAVID J LONG
MICHAEL L MAYO
AUSTIN BURKETT
J JEFFREY HOPSON

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

Recommendation
neutral
buy
buy
sector perform
hold
market perform
hold
hold
Sell/Neutral
overweight
equalweight
neutral
hold
neutral
Underwt/Attractive
neutral
neutral
buy
market perform
neutral
sector perform
outperform
underperform
buy
hold

Amt Held
94'886'202
69'389'487
61'860'295
60'716'360
52'196'129
50'748'970
45'007'723
32'294'845
26'669'956
24'408'690
19'633'915
19'385'000
17'217'841
16'126'130
16'104'634
13'151'547
11'518'565
11'184'513
10'290'830
10'245'217

% Out
8.17
5.97
5.32
5.23
4.49
4.37
3.87
2.78
2.3
2.1
1.69
1.67
1.48
1.39
1.39
1.13
0.99
0.96
0.89
0.88

Weighting

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

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

Latest Chg
(9'347'696)
478'678
(1'432'950)
(264'164)
2'109'116
2'863'838
(712'232)
(15'821)
231'000
773'015
(103'322)
(708'788)
2'081'341
(3'059'848)
(12'470)
116'950
(119'165)

Target Price
29
35
40
#N/A N/A
#N/A N/A
27
33
29
23
30
26
28
29
29
23
24
28
32
27
26
26
29
27
#N/A N/A
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
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
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor

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

Date
21.03.2013
19.03.2013
15.03.2013
15.03.2013
14.03.2013
08.03.2013
08.03.2013
04.03.2013
03.03.2013
01.03.2013
28.02.2013
25.02.2013
25.02.2013
19.02.2013
13.02.2013
13.02.2013
05.02.2013
04.02.2013
27.01.2013
18.01.2013
17.01.2013
17.01.2013
16.01.2013
15.01.2013
18.10.2012

26.03.2013

Baxter International Inc


Baxter International Inc. develops, manufactures, and markets products and
technologies related to hemophilia, immune disorders, infectious diseases,
kidney disease, trauma and other chronic and acute medical conditions. The
Company's products are used by hospitals, kidney dialysis centers, nursing
homes, rehabilitation centers, doctors' offices, and research laboratories.

Price/Volume
80

2.0 M

50
40

12/2012
12/yy
71.33
48.98
129'766.00
71.09
-0.34%
45.14%
97.63%
543.4
38'629.46
5'930.00
0.0
40.0
3'270.00
41'329.46

1.5 M

30

1.0 M

20
.5 M

10
0
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 m-13

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

Fiscal Year Ended


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

2.5 M

60

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (14.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BAX UN EQUITY YTD Change
BAX UN EQUITY YTD % CHANGE

31.12.2008
12'348.0
2.81x
3'195.0
10.84x
2'014.0
15.86x

3.0 M

70

31.12.2009
31.12.2010
12'562.0
12'843.0
2.93x
2.44x
3'515.0
2'821.0
10.49x
11.11x
2'205.0
1'420.0
15.44x
12.72x
Profitability

LTM-4Q
31.12.2011
13'893.0
2.18x
3'616.0
8.38x
2'224.0
11.48x

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

31.12.2012
14'190.0
2.76x
3'533.0
11.07x
2'326.0
14.75x
3'533.00
2'821.00
19.88%
20.36%
11.79%
34.40%
19.73%
0.72%
51.5%
24.9%
19.9%
16.4%
1.95
1.20
29.08%
85.47%
5.86
2.54

Price/ Cash Flow

LTM

12/yy
13'893.0
9.64x
3'616.0
8.38x
2'224.0
11.70x

12/yy
14'190.0
10.11x
3'533.0
11.07x
2'326.0
14.75x

FY+1

2.21
0.89
542.12
6.22
21.91%
7.33%
0.887
22
4.364
684'233
789'734
732'843
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
15'474.9
16'932.9
3'483.9
3'721.5
2.78x
2.48x
11.99x
12.25x
4'246.5
4'721.1
937.8
1'023.6
9.74x
8.76x
9.73x
9.22x
2'567.8
2'835.6
575.2
625.0
15.14x
13.65x
15.16x
14.78x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

06.12.2012
A
STABLE
24.10.2008
A-1
16.28
10.93
0.75
1.68
85.5%
45.9%
0.72
2.44
62.48
144.27
40.44
166.31

Sales/Revenue/Turnover

14.00

16'000.0

12.00

14'000.0
12'000.0

10.00

10'000.0
8.00

8'000.0
6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00
01.01.2010

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

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

26.03.2013

Baxter International Inc


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
BARROW HANLEY MEWHIN
VANGUARD GROUP INC
FMR LLC
STATE FARM MUTUAL AU
BROWN BROTHERS HARRI
T ROWE PRICE ASSOCIA
NORTHERN TRUST CORPO
BANK OF AMERICA CORP
INSTITUTIONAL CAPITA
BANK OF NEW YORK MEL
ABERDEEN
STATE FARM MUTUAL AU
JP MORGAN
TIAA CREF INVESTMENT
UBS
PUTNAM INVESTMENT MA

Firm Name
Morgan Stanley
Edward Jones
Raymond James
CL King & Associates
Cowen and Company
Mizuho Securities USA Inc
Sanford C. Bernstein & Co
BMO Capital Markets
EVA Dimensions
RBC Capital Markets
Barclays
Piper Jaffray
Leerink Swann & Co
Stifel
William Blair & Co
S&P Capital IQ
Credit Agricole Securities (USA)
JPMorgan
Deutsche Bank
Goldman Sachs
Argus Research Corp
Maxim Group LLC

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
BARROW HANLEY MEWHIN
Multiple Portfolios
n/a
STATE FARM MUTUAL AU
BROWN BROTHERS HARRI
T ROWE PRICE ASSOCIA
NORTHERN TRUST CORPO
BANK OF AMERICA
INSTITUTIONAL CAPITA
BANK OF NEW YORK MEL
n/a
STATE FARM MUTUAL AU
n/a
TIAA-CREF INVESTMENT
n/a
PUTNAM INVESTMENT MA

Analyst
DAVID R LEWIS
JEFF WINDAU
LAWRENCE S KEUSCH
ROBERT M GOLDMAN
JOSHUA JENNINGS
MICHAEL S MATSON
DERRICK SUNG
JOANNE K WUENSCH
ANDREW S ZAMFOTIS
GLENN J NOVARRO
MATTHEW TAYLOR
MATT MIKSIC
DANIELLE ANTALFFY
FREDERICK A WISE
BENJAMIN C ANDREW
HERMAN SAFTLAS
JONATHAN PALMER
MICHAEL N WEINSTEIN
KRISTEN M STEWART
DAVID H ROMAN
DAVID H TOUNG
ANTHONY PETRONE

Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Sch-D
ULT-AGG
13F
ULT-AGG
13F

Recommendation
Overwt/In-Line
buy
outperform
neutral
outperform
neutral
outperform
outperform
overweight
outperform
equalweight
overweight
outperform
hold
market perform
buy
outperform
not rated
hold
not rated
hold
not rated

Amt Held
56'167'155
27'389'435
25'271'906
25'153'116
19'834'801
15'892'696
13'214'861
13'167'494
12'154'926
10'341'473
8'497'226
8'388'340
7'956'219
7'344'642
6'799'752
6'718'327
6'235'941
5'981'412
5'371'812
5'353'132

% Out
10.34
5.04
4.65
4.63
3.65
2.92
2.43
2.42
2.24
1.9
1.56
1.54
1.46
1.35
1.25
1.24
1.15
1.1
0.99
0.99

Weighting

Change

5
5
5
3
5
3
5
5
5
5
3
5
5
3
3
5
5
#N/A N/A
3
#N/A N/A
3
#N/A N/A

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

Latest Chg
1'767'548
(127'324)
243'698
449'609
(397'384)
5'534'571
197'569
(845'032)
94'036
537'117
(266'282)
(473'290)
5'442'000
1'645
(136'727)
(43'557)
34'341
(734'256)

Target Price
84
#N/A N/A
75
#N/A N/A
#N/A N/A
67
82
75
#N/A N/A
72
70
76
#N/A N/A
#N/A N/A
#N/A N/A
76
77
#N/A N/A
71
#N/A N/A
#N/A N/A
#N/A N/A

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

File Dt
31.12.2012
31.01.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012

Date
12 month
Not Provided
12 month
Not Provided
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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Insurance Company
Unclassified
Investment Advisor
Unclassified
Investment Advisor

Date
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
18.03.2013
13.03.2013
07.03.2013
05.03.2013
26.02.2013
22.02.2013
27.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
22.01.2013
04.01.2013
04.12.2012
01.03.2012
16.10.2009

26.03.2013

Berkshire Hathaway Inc


Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety
of business sectors. The Company's principal operations are insurance business
conducted nationwide on a primary basis and worldwide on a reinsurance basis.
Berkshire's other operations include a railway company, a specialty chemical
company, and an international association of diversified businesses.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (31.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 06.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BRK/B UN EQUITY YTD Change
BRK/B UN EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
104.25
78.28
318'121.00
103.37
-0.84%
32.05%
92.88%
1'126.0
254'778.23
62'736.00
0.0
3'941.0
186'759.00
134'696.24

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

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

1.20

12.0 M

100

10.0 M

80

8.0 M

60

6.0 M

40

4.0 M

20

2.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
107'786.0
0.58x
11'708.0
5.38x
4'994.0
-

120

31.12.2009
31.12.2010
112'493.0
136'185.0
0.35x
0.78x
15'985.0
25'185.0
2.48x
4.23x
8'055.0
12'967.0
Profitability

LTM-4Q
31.12.2011
143'688.0
0.64x
22'008.0
4.15x
10'254.0
-

31.12.2012
162'463.0
0.62x
29'524.0
3.39x
14'824.0
29'524.00
24'378.00
15.01%
13.69%
3.62%
8.41%
6.94%
0.40%
23.5%
18.2%
15.0%
9.1%
1.49
1.43
14.68%
33.43%
4.81
13.33

LTM

12/yy
12/yy
143'688.0 162'463.0
2.56x
2.38x
22'008.0
29'524.0
4.15x
3.39x
10'254.0
14'824.0
0.00x
0.00x

0.87
1'032.76
12.22
25.54%
15.24%
0.874
3
3.000
1'210'057
1'591'718
1'513'609

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

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

AA+
NEG
13.78
9.22
-4.20
2.12
33.4%
24.7%
0.40
1.57
76.04
27.46
99.67
3.83

Sales/Revenue/Turnover

180'000.0
160'000.0

1.00
0.80

140'000.0
120'000.0
100'000.0

0.60

80'000.0
60'000.0

0.40
0.20

40'000.0
20'000.0
0.0

0.00

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

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

26.03.2013

Berkshire Hathaway Inc


Holdings By:

All

Holder Name
GATES FOUNDATION
GATES FOUNDATION
BLACKROCK
STATE STREET
VANGUARD GROUP INC
VANGUARD GROUP INC
NORTHERN TRUST CORPO
FMR LLC
BANK OF NEW YORK MEL
GEODE CAPITAL MANAGE
EAGLE CAPITAL MANAGE
TIAA CREF INVESTMENT
JP MORGAN
D E SHAW & COMPANY I
FIDUCIARY MANAGEMENT
MORGAN STANLEY
BANK OF AMERICA CORP
NEW YORK STATE COMMO
ALLIANCE BERNSTEIN
DEUTSCHE BANK AG

Firm Name
EVA Dimensions
Barclays
S&P Capital IQ

Portfolio Name
BILL & MELINDA FOUND
n/a
n/a
n/a
VANGUARD GROUP INC
Multiple Portfolios
NORTHERN TRUST CORPO
n/a
BANK OF NEW YORK MEL
GEODE CAPITAL MANAGE
EAGLE CAPITAL MANAGE
TIAA-CREF INVESTMENT
n/a
D E SHAW & CO
FIDUCIARY MANAGEMENT
n/a
BANK OF AMERICA
NEW YORK STATE COMMO
n/a
DEUTSCHE BANK AKTIEN

Analyst
AUSTIN BURKETT
JAY H GELB
CATHY SEIFERT

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

Recommendation
underweight
overweight
hold

Amt Held
87'081'373
87'081'373
77'074'322
75'440'675
54'930'572
30'660'470
20'791'931
18'336'741
17'876'029
12'060'161
10'466'779
9'289'649
8'703'898
7'645'865
7'063'428
6'634'655
6'104'157
6'007'207
5'696'660
5'672'149

% Out
7.73
7.73
6.84
6.7
4.88
2.72
1.85
1.63
1.59
1.07
0.93
0.83
0.77
0.68
0.63
0.59
0.54
0.53
0.51
0.5

Weighting

Change
1
5
3

U
M
M

Latest Chg
(6'250'000)
918'626
4'132'565
1'194'300
249'896
2'396'700
(173'106)
(1'241'696)
1'906'404
(896'170)
1'509'930
1'726'351
52'252
(89'373)
199'861
59'600
861'902
3'185'272

Target Price
#N/A N/A
119
101

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

File Dt
Inst Type
31.12.2012
Endowment
31.12.2012
Endowment
22.03.2013
Investment Advisor
25.03.2013
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
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
Not Provided
Not Provided
Not Provided

Date
05.03.2013
04.03.2013
16.01.2013

26.03.2013

Boeing Co/The
The Boeing Company, together with its subsidiaries, develops, produces, and
markets commercial jet aircraft, as well as provides related support services to
the commercial airline industry worldwide. The Company also researches,
develops, produces, modifies, and supports information, space, and defense
systems, including military aircraft, helicopters and space and missile systems.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BA UN EQUITY YTD Change
BA UN EQUITY YTD % CHANGE

12/2012
12/yy
86.83
66.84
491'545.00
86.71
-0.14%
29.73%
91.65%
756.2
65'567.11
10'409.00
0.0
100.0
13'558.00
62'518.11

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

8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

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

Fiscal Year Ended


31.12.2008
60'909.0
0.56x
5'437.0
6.26x
2'672.0
6.87x

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

31.12.2009
31.12.2010
68'281.0
64'306.0
0.60x
0.78x
3'786.0
6'692.0
10.86x
7.47x
1'312.0
3'307.0
28.64x
15.54x
Profitability

LTM-4Q
31.12.2011
68'735.0
0.81x
7'480.0
7.46x
4'018.0
15.35x

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

31.12.2012
81'698.0
0.66x
8'118.0
6.64x
3'900.0
14.75x
8'118.00
6'307.00
7.72%
7.23%
4.62%
83.14%
26.00%
0.97%
16.0%
9.9%
7.7%
4.8%
1.27
0.43
11.71%
177.42%
13.35
1.96

Price/ Cash Flow

LTM

12/yy
68'735.0
3.20x
7'481.0
7.46x
4'018.0
15.38x

12/yy
81'698.0
2.69x
8'118.0
6.64x
3'900.0
14.75x

FY+1

2.03
1.13
752.79
9.63
18.22%
15.81%
1.129
30
4.400
1'045'044
1'130'596
1'275'064
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
84'090.5
91'512.6
19'197.8
20'629.4
0.74x
0.66x
3.31x
3.09x
8'115.2
9'169.8
1'854.3
2'016.1
7.70x
6.82x
7.75x
4'856.0
4'974.6
1'038.4
1'049.4
13.68x
12.13x
14.01x
13.43x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.07.2009
A
STABLE
05.02.2002
A-1
15.12
11.95
-0.39
1.28
177.4%
63.6%
0.97
8.61
27.42
186.59
43.93
170.08

Sales/Revenue/Turnover

30.00

90'000.0
80'000.0

25.00

70'000.0
60'000.0

20.00

50'000.0
15.00

40'000.0
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

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

26.03.2013

Boeing Co/The
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
EVERCORE TRUST COMPA
BLACKROCK
STATE STREET
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
JENNISON ASSOCIATES
WELLINGTON MANAGEMEN
NORTHERN TRUST CORPO
NEUBERGER BERMAN LLC
TIAA CREF INVESTMENT
GOLDMAN SACHS GROUP
BANK OF NEW YORK MEL
FMR LLC
UBS
PRIMECAP MANAGEMENT
HARRIS ASSOCIATES LP
OPPENHEIMERFUNDS INC
ALLIANCE BERNSTEIN

Firm Name
Wells Fargo Securities, LLC
Jefferies
Sanford C. Bernstein & Co
RBC Capital Markets
Imperial Capital LLC
Societe Generale
Edward Jones
CRT Capital Group
Cowen and Company
Drexel Hamilton LLC
Stifel
Buckingham Research Group
Sterne, Agee & Leach
BB&T Capital Markets
Tigress Financial Partners
Deutsche Bank
Credit Suisse
D.A. Davidson & Co
EVA Dimensions
Argus Research Corp
JPMorgan
Barclays
Goldman Sachs
Oppenheimer & Co
S&P Capital IQ
EarlyBirdCapital Inc
Gabelli & Co
McAdams Wright Ragen Inc

Portfolio Name
n/a
EVERCORE TRUST COMPA
n/a
n/a
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
Multiple Portfolios
JENNISON ASSOCIATES
WELLINGTON MANAGEMEN
NORTHERN TRUST CORPO
NEUBERGER BERMAN GRO
TIAA-CREF INVESTMENT
GOLDMAN SACHS GROUP
BANK OF NEW YORK MEL
n/a
n/a
PRIMECAP MANAGEMENT
HARRIS ASSOC LP
OPPENHEIMER FUNDS IN
n/a

Analyst
SAMUEL J PEARLSTEIN
HOWARD A RUBEL
DOUGLAS S HARNED
ROBERT STALLARD
KEN HERBERT
ZAFAR KHAN
CHRISTIAN MAYES
MICHAEL W DERCHIN
CAI VON RUMOHR
RICHARD WHITTINGTON
STEPHEN E LEVENSON
RICHARD SAFRAN
PETER J ARMENT
F CARTER LEAKE
IVAN FEINSETH
MYLES WALTON
ROBERT M SPINGARN
JB GROH
CRAIG STERLING
NATHANIEL GABRIEL
JOSEPH B NADOL III
CARTER COPELAND
NOAH POPONAK
YAIR REINER
RICHARD TORTORIELLO
ALEX P HAMILTON
JAMES FOUNG
SID PARAKH

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

Recommendation
outperform
buy
outperform
outperform
in-line
sell
hold
buy
outperform
buy
buy
buy
buy
hold
neutral
buy
outperform
neutral
overweight
buy
overweight
overweight
buy/attractive
outperform
hold
buy
buy
buy

Amt Held
124'807'600
64'066'646
40'451'778
32'429'809
32'404'483
31'191'388
20'222'234
12'663'099
11'462'113
9'584'290
8'865'899
8'553'023
8'348'581
7'999'274
6'969'980
6'858'944
6'830'861
6'676'786
5'251'259
4'865'519

% Out
16.51
8.47
5.35
4.29
4.29
4.12
2.67
1.67
1.52
1.27
1.17
1.13
1.1
1.06
0.92
0.91
0.9
0.88
0.69
0.64

Weighting

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

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

Latest Chg
11'795'815
(5'838'781)
(318'726)
467'253
1'085'734
(146'171)
321'969
6'797'654
30'332
412'409
(337'665)
655'156
99'574
(351'746)
(255'578)
(734'500)
37'916
1'198'120
(122'715)

Target Price
#N/A N/A
87
98
94
82
70
#N/A N/A
87
#N/A N/A
90
100
99
100
#N/A N/A
#N/A N/A
90
88
83
#N/A N/A
88
94
95
88
90
82
88
#N/A N/A
60

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

File Dt
31.12.2012
31.12.2012
22.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
18 month
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
24 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
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
13.03.2013
13.03.2013
13.03.2013
07.03.2013
06.03.2013
26.02.2013
18.02.2013
01.02.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
17.01.2013
18.07.2012
17.05.2012
02.06.2009

26.03.2013

Bristol-Myers Squibb Co
Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company
develops, licenses, manufactures, markets, and sells pharmaceutical and
nutritional products. Bristol-Myers Squibb products and experimental therapies
address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis,
hepatitis, organ transplant rejection, and psychiatric disorders.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (15.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BMY UN EQUITY YTD Change
BMY UN EQUITY YTD % CHANGE

12/2012
12/yy
40.73
30.64
497'255.00
40.62
-0.27%
32.57%
97.86%
1'637.4
66'509.34
7'394.00
0.0
15.0
6'352.00
67'566.34

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

9.0 M

40

8.0 M

35

7.0 M

30

6.0 M

25

5.0 M

20

4.0 M

15

3.0 M

10

2.0 M

1.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
17'715.0
2.49x
4'382.0
10.08x
5'247.0
15.60x

45

31.12.2009
31.12.2010
18'808.0
19'484.0
2.10x
2.07x
5'646.0
6'722.0
7.01x
6.01x
10'612.0
3'102.0
13.65x
12.26x
Profitability

LTM-4Q
31.12.2011
21'244.0
2.50x
7'448.0
7.13x
3'709.0
14.93x

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

31.12.2012
17'621.0
3.07x
4'771.0
11.36x
1'960.0
17.91x
4'771.00
4'090.00
23.21%
13.28%
5.69%
13.25%
0.51%
73.8%
27.1%
23.2%
11.1%
1.15
0.71
20.60%
54.28%
5.16
3.03

Price/ Cash Flow

LTM

12/yy
21'244.0
8.72x
7'476.0
7.11x
3'709.0
15.73x

12/yy
17'621.0
12.50x
4'771.0
11.36x
1'960.0
17.34x

FY+1

3.37
0.62
1'634.01
40.32
25.91%
25.97%
0.619
25
3.400
2'354'593
2'165'513
2'151'073
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'601.9
17'869.1
3'910.8
4'143.9
4.33x
3.98x
4'218.7
5'048.1
942.0
968.0
16.03x
13.40x
17.51x
3'016.6
3'516.9
716.3
759.5
22.05x
18.66x
22.14x
21.24x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

06.09.2006
A+
STABLE
31.05.2012
A-1+
26.21
23.20
0.22
1.55
54.3%
35.2%
0.51
3.58
70.89
120.72
180.08
11.53

Sales/Revenue/Turnover

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

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

26.03.2013

Bristol-Myers Squibb Co
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
NORTHERN TRUST CORPO
AMERIPRISE FINANCIAL
BANK OF NEW YORK MEL
INVESCO LTD
MORGAN STANLEY
GOLDMAN SACHS GROUP
LOOMIS SAYLES & COMP
BANK OF AMERICA CORP
JENNISON ASSOCIATES
NORGES BANK
RENAISSANCE TECHNOLO
FEDERATED INVESTORS
T ROWE PRICE ASSOCIA
OPPENHEIMERFUNDS INC

Firm Name
Edward Jones
Wells Fargo Securities, LLC
Goldman Sachs
BMO Capital Markets
Barclays
Cowen and Company
Jefferies
Morgan Stanley
MKM Partners
Sanford C. Bernstein & Co
William Blair & Co
ISI Group
Leerink Swann & Co
Argus Research Corp
Credit Suisse
EVA Dimensions
Hilliard Lyons
JPMorgan
S&P Capital IQ
Atlantic Equities LLP
Credit Agricole Securities (USA)
Cyrrus
MP Advisors Pvt Ltd

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
WELLINGTON MANAGEMEN
NORTHERN TRUST CORPO
AMERIPRISE FINANCIAL
BANK OF NEW YORK MEL
INVESCO LTD
n/a
GOLDMAN SACHS GROUP
LOOMIS SAYLES & CO L
BANK OF AMERICA
JENNISON ASSOCIATES
NORGES BANK
RENAISSANCE TECHNOLO
FEDERATED INVESTORS
T ROWE PRICE ASSOCIA
OPPENHEIMER FUNDS IN

Analyst
JUDSON CLARK
MICHAEL K TONG
JAMI E RUBIN
ALEX ARFAEI
CHARLES ANTHONY BUTLER
STEVEN R SCALA
JEFFREY HOLFORD
DAVID R RISINGER
JON LECROY
TIMOTHY M ANDERSON
JOHN S SONNIER
MARK J SCHOENEBAUM
SEAMUS FERNANDEZ
JOHN M EADE
CATHERINE J ARNOLD
ANDREW S ZAMFOTIS
STEPHEN A O'NEIL
CHRISTOPHER T SCHOTT
HERMAN SAFTLAS
RICHARD J PURKISS
KIM-LINH LINH VUKHAC
TOMAS MENCIK
VISHAL MANCHANDA

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

Recommendation
hold
outperform
buy/attractive
market perform
equalweight
outperform
buy
Equalwt/In-Line
sell
market perform
outperform
hold
market perform
buy
neutral
hold
neutral
neutral
hold
neutral
outperform
sell
underperform

Amt Held
144'783'672
112'479'503
73'252'027
66'590'765
46'209'277
33'583'523
29'992'601
25'314'216
24'565'607
20'114'226
19'219'015
18'223'853
15'355'097
14'090'289
13'555'466
13'547'101
13'262'500
13'012'238
12'602'907
11'241'133

% Out
8.84
6.87
4.47
4.07
2.82
2.05
1.83
1.55
1.5
1.23
1.17
1.11
0.94
0.86
0.83
0.83
0.81
0.79
0.77
0.69

Weighting

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

M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
D
M
M
M
M
M
M
M

Latest Chg
(974'777)
562'642
1'299'230
1'724'358
(40'039)
8'154'571
283'223
(3'184'929)
(843'092)
(1'247'990)
183'535
3'273'194
(3'765'862)
1'094'169
737'400
1'007'516
57'630
(1'973'260)

Target Price
#N/A N/A
#N/A N/A
44
38
33
#N/A N/A
41
35
26
34
#N/A N/A
36
#N/A N/A
44
38
#N/A N/A
#N/A N/A
38
38
33
38
32
26

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

File Dt
Inst Type
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
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
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
22.03.2013
22.03.2013
21.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
27.02.2013
21.02.2013
31.01.2013
26.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
05.04.2012
31.01.2012

26.03.2013

Capital One Financial Corp


Capital One Financial Corporation is a diversified bank. The Bank, through its
subsidiaries, offers a broad spectrum of financial products and services to
consumers, small businesses and commercial clients both domestically and
internationally. Capital One has bank locations in Connecticut, Louisiana, New
Jersey, New York, and Texas.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
COF UN EQUITY YTD Change
COF UN EQUITY YTD % CHANGE

12/2012
12/yy
62.92
48.00
213'294.00
55.17
-12.32%
14.94%
44.17%
582.2
32'122.66
49'910.00
0.0
0.0
11'058.00
70'974.66

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

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
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 m-13

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

Fiscal Year Ended


31.12.2008
17'856.0
1.75x
11'282.7
2.77x
(46.0)
12.56x

70

31.12.2009
31.12.2010
15'950.0
19'067.0
1.87x
2.94x
9'335.0
11'715.0
3.19x
4.78x
884.0
2'743.0
16.31x
6.37x
Profitability

LTM-4Q
31.12.2011
18'525.0
2.87x
9'793.0
5.43x
3'147.0
6.02x

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
23'177.0
3.13x
13'429.0
5.40x
3'517.0
9.28x
13'429.00
22.96%
21.72%
1.36%
9.94%
4.41%
0.09%
57.6%
15.2%
15.95%
123.24%
-

Price/ Cash Flow

LTM

12/yy
18'525.0
11.33x
9'793.0
5.43x
3'147.0
6.00x

12/yy
23'177.0
10.15x
13'343.0
5.44x
3'517.0
10.33x

FY+1

0.36
1.26
577.16
8.06
-3.12%
-4.68%
1.259
34
4.441
799'109
1'423'534
1'291'198
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
22'296.7
22'600.8
5'583.2
5'563.5
3'812.3
3'908.3
973.4
962.2
8.49x
8.20x
8.61x
8.57x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

17.06.2009
BBB
NEG
2.91
3.74
123.2%
55.2%
0.09
7.32
-

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00
6.00

15'000.0

5.00
4.00

10'000.0

3.00

5'000.0

2.00
1.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Capital One Financial Corp


Holdings By:

All

Holder Name
DODGE & COX
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
BARROW HANLEY MEWHIN
VANGUARD GROUP INC
VIKING GLOBAL INVEST
CAPITAL GROUP COMPAN
T ROWE PRICE ASSOCIA
JP MORGAN
INSTITUTIONAL CAPITA
BANK OF NEW YORK MEL
HARRIS ASSOCIATES LP
NORTHERN TRUST CORPO
WADDELL & REED FINAN
ROBECO INVESTMENT MG
AMERIPRISE FINANCIAL
LORD ABBETT & CO LLC
PUTNAM INVESTMENT MA

Firm Name
Goldman Sachs
Portales Partners
Sanford C. Bernstein & Co
Oppenheimer & Co
Robert W. Baird & Co
William Blair & Co
FBR Capital Markets
RBC Capital Markets
Credit Suisse
JPMorgan
Janney Montgomery Scott LLC
Jefferies
Keefe, Bruyette & Woods
Stifel
Buckingham Research Group
Sterne, Agee & Leach
Evercore Partners
Nomura
Rafferty Capital Markets
Credit Agricole Securities (USA)
Telsey Advisory Group
Drexel Hamilton LLC
Edward Jones
Susquehanna Financial Group
S&P Capital IQ
Guggenheim Securities LLC
Barclays
Wells Fargo Securities, LLC
Morgan Stanley
EVA Dimensions
Argus Research Corp
Meredith Whitney Advisory Group

Portfolio Name
DODGE & COX
n/a
n/a
VANGUARD GROUP INC
n/a
BARROW HANLEY MEWHIN
Multiple Portfolios
VIKING GLOBAL INVEST
n/a
T ROWE PRICE ASSOCIA
n/a
INSTITUTIONAL CAPITA
BANK OF NEW YORK MEL
HARRIS ASSOC LP
NORTHERN TRUST CORPO
WADDELL & REED FINAN
ROBECO INVESTMENT MA
AMERIPRISE FINANCIAL
LORD ABBETT & CO LLC
PUTNAM INVESTMENT MA

Analyst
RYAN M. NASH
WILLIAM H RYAN
KEVIN ST PIERRE
CHRISTOPHER M KOTOWSKI
DAVID A GEORGE
ROBERT P NAPOLI
SCOTT VALENTIN
JASON ARNOLD
MOSHE A ORENBUCH
RICHARD SHANE JR
SAMEER GOKHALE
DANIEL FURTADO
SANJAY SAKHRANI
CHRISTOPHER C BRENDLER
DAVID HOCHSTIM
TODD L HAGERMAN
BRADLEY BALL
BILL CARCACHE
RICHARD X BOVE SR
CRAIG J MAURER
MICHAEL P TAIANO
DAVID B HILDER
JIM SHANAHAN
JAMES E FRIEDMAN
SONIA PARECHANIAN
DAVID W DARST
JASON M GOLDBERG
JOEL HOUCK
BETSY L GRASECK
AUSTIN BURKETT
DAVID RITTER
MEREDITH A WHITNEY

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

Recommendation
buy/attractive
sector perform
outperform
outperform
outperform
market perform
outperform
outperform
neutral
overweight
neutral
buy
outperform
buy
buy
neutral
overweight
neutral
buy
buy
no rating system
buy
buy
Positive
buy
neutral
overweight
outperform
Overwt/Attractive
overweight
hold
hold

Amt Held
48'554'603
35'086'243
32'180'834
24'775'376
23'535'602
20'624'985
15'415'265
13'668'594
11'815'098
11'019'492
9'797'743
9'350'499
8'305'575
8'040'323
7'550'047
6'291'144
6'094'557
6'021'078
5'935'613
5'034'320

% Out
8.34
6.03
5.53
4.26
4.04
3.54
2.65
2.35
2.03
1.89
1.68
1.61
1.43
1.38
1.3
1.08
1.05
1.03
1.02
0.86

Weighting

Change

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

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

Latest Chg
(1'542'400)
(851'720)
710'734
1'054'782
(134'860)
3'609'418
999'398
1'959'330
(3'012'386)
221'848
(424'293)
224'376
(19'998)
42'746
102'063
72'141
(824'229)
224'768

Target Price
65
#N/A N/A
64
68
65
#N/A N/A
63
67
60
58
58
60
65
65
68
60
63
56
62
68
64
70
#N/A N/A
69
68
57
68
#N/A N/A
70
#N/A N/A
#N/A N/A
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
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
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
22.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
07.03.2013
01.03.2013
19.02.2013
08.02.2013
04.02.2013
29.11.2012
18.10.2012

26.03.2013

Caterpillar Inc
Caterpillar Inc. designs, manufactures and markets construction, mining and
forestry machinery. The Company also manufactures engines and other related
parts for its equipment, and offers financing and insurance. Caterpillar
distributes its products through a worldwide organization of dealers.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.04.2012)
52-Week Low (12.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CAT UN EQUITY YTD Change
CAT UN EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
109.76
78.25
325'057.00
86.99
-20.75%
11.17%
26.63%
655.0
56'982.67
10'486.00
0.0
50.0
3'306.00
64'212.67

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

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
51'324.0
1.17x
6'428.0
9.38x
3'557.0
7.89x

120

31.12.2009
31.12.2010
32'396.0
42'588.0
1.28x
1.50x
2'913.0
6'259.0
14.19x
10.20x
895.0
2'700.0
26.14x
21.83x
Profitability

LTM-4Q
31.12.2011
60'138.0
1.10x
9'680.0
6.86x
4'928.0
11.63x

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

31.12.2012
65'875.0
1.00x
11'966.0
5.51x
5'681.0
10.40x
11'966.00
9'153.00
13.89%
12.52%
6.65%
37.36%
11.44%
0.77%
27.4%
18.2%
13.9%
8.6%
1.43
0.82
44.92%
228.97%
3.57
3.18

Price/ Cash Flow

LTM

12/yy
60'138.0
4.41x
9'680.0
6.86x
4'928.0
11.71x

12/yy
65'875.0
4.12x
11'966.0
5.51x
5'681.0
10.38x

FY+1

2.32
1.32
653.49
17.35
-18.20%
-2.89%
1.320
28
4.107
1'144'452
1'231'349
1'284'803
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
63'302.9
68'763.3
13'798.9
16'367.6
1.37x
1.13x
6.43x
5.38x
10'709.7
12'312.7
2'101.8
2'764.4
5.99x
5.21x
6.01x
5.61x
5'482.4
6'357.1
991.0
1'442.0
10.86x
9.27x
10.80x
9.96x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

24.06.2003
A
STABLE
04.04.1995
A-1
25.62
14.75
0.60
0.88
229.0%
69.5%
0.77
4.27
102.52
115.08
55.86
161.73

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00
0.00
01.01.2010

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

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

26.03.2013

Caterpillar Inc
Holdings By:

All

Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
STATE FARM MUTUAL AU
STATE FARM MUTUAL AU
GATES FOUNDATION
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
FMR LLC
BANK OF AMERICA CORP
WADDELL & REED FINAN
GOLDMAN SACHS GROUP
NORGES BANK
JP MORGAN
PRIMECAP MANAGEMENT
MORGAN STANLEY
GEODE CAPITAL MANAGE
DEUTSCHE BANK AG

Firm Name
Susquehanna Financial Group
BMO Capital Markets
William Blair & Co
Longbow Research
Jefferies
RBC Capital Markets
Credit Suisse
JPMorgan
Northcoast Research
Credit Agricole Securities (USA)
ISI Group
Tigress Financial Partners
Edward Jones
Piper Jaffray
Raymond James
Wells Fargo Securities, LLC
Barclays
Atlantic Equities LLP
Argus Research Corp
Robert W. Baird & Co
Macquarie
S&P Capital IQ
Goldman Sachs
EVA Dimensions

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
STATE FARM MUTUAL AU
STATE FARM MUTUAL AU
BILL & MELINDA FOUND
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
n/a
BANK OF AMERICA
WADDELL & REED FINAN
GOLDMAN SACHS GROUP
NORGES BANK
n/a
PRIMECAP MANAGEMENT
n/a
GEODE CAPITAL MANAGE
DEUTSCHE BANK AKTIEN

Analyst
TED GRACE
JOEL G TISS
LAWRENCE T DE MARIA
ELI S LUSTGARTEN
STEPHEN VOLKMANN
SETH R WEBER
JAMIE L COOK
ANN DUIGNAN
BRIAN M RAYLE
ASHISH GUPTA
DAVID RASO
IVAN FEINSETH
MATT ARNOLD
ALEXANDER E POTTER
THEONI PILARINOS
ANDREW M CASEY
ANDY KAPLOWITZ
RICHARD RADBOURNE
WILLIAM V SELESKY
MIRCEA DOBRE
SAMEER RATHOD
MICHAEL JAFFE
JERRY REVICH
CRAIG STERLING

Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
Sch-D
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F

Recommendation
Positive
outperform
outperform
neutral
hold
sector perform
outperform
neutral
neutral
buy
strong buy
underperform
hold
overweight
outperform
market perform
overweight
overweight
buy
outperform
outperform
buy
Buy/Neutral
buy

Amt Held
71'309'382
43'263'971
32'836'678
22'878'150
22'068'318
19'707'800
13'605'624
10'260'857
9'788'015
9'312'413
7'179'234
6'004'419
5'923'800
5'204'841
5'183'052
4'899'901
4'610'728
4'559'582
4'302'834
3'701'077

% Out
10.89
6.6
5.01
3.49
3.37
3.01
2.08
1.57
1.49
1.42
1.1
0.92
0.9
0.79
0.79
0.75
0.7
0.7
0.66
0.57

Weighting

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

M
M
M
M
M
M
M
M
M
M
M
N
M
M
U
M
M
M
M
M
M
M
M
M

Latest Chg
(1'562'459)
335'528
12'358'821
2'377
(405'144)
(139'073)
(572'787)
556'251
292'300
(390'036)
552'886
(538'358)
(507'100)
(253'929)
(398'594)
(12'500)

Target Price
109
130
115
#N/A N/A
95
104
123
100
#N/A N/A
115
119
#N/A N/A
#N/A N/A
113
105
#N/A N/A
118
115
126
110
112
117
116
#N/A N/A

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

File Dt
25.03.2013
22.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Insurance Company
Endowment
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
26.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
18.03.2013
17.03.2013
11.03.2013
08.03.2013
04.03.2013
22.02.2013
20.02.2013
08.02.2013
01.02.2013
31.01.2013
29.01.2013
29.01.2013
28.01.2013
22.01.2013
15.01.2013

26.03.2013

Chevron Corp
Chevron Corporation is an integrated energy company with operations in countries
located around the world. The Company produces and transports crude oil and
natural gas. Chevron also refines, markets, and distributes fuels as well as
is involved in chemical operations, mining operations, power generation and
energy services.

Price/Volume
140

8.0 M

120

7.0 M

100

6.0 M
5.0 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CVX UN EQUITY YTD Change
CVX UN EQUITY YTD % CHANGE

12/2012
12/yy
121.56
95.74
315'965.00
120.9
-0.54%
26.28%
94.66%
1'942.7
234'872.17
12'192.00
0.0
1'308.0
21'205.00
227'167.17

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

3.0 M

40

2.0 M

20

1.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
255'112.0
0.58x
44'538.0
3.32x
23'931.0
6.50x

4.0 M

60

31.12.2009
31.12.2010
159'293.0
189'607.0
0.99x
0.96x
26'432.0
38'438.0
5.94x
4.71x
10'483.0
19'024.0
13.53x
9.76x
Profitability

LTM-4Q
31.12.2011
236'286.0
0.87x
51'210.0
4.02x
26'895.0
7.92x

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

31.12.2012
222'580.0
0.91x
48'426.0
4.19x
26'179.0
8.94x
48'426.00
35'013.00
15.73%
20.82%
11.83%
20.30%
18.65%
1.01%
18.6%
21.8%
15.7%
11.8%
1.63
1.23
5.23%
8.93%
10.40
31.20

Price/ Cash Flow

LTM

FY+1

2.90
1.09
1'942.12
17.84
15.92%
12.67%
1.087
29
4.241
1'623'441
1'682'132
1'736'176
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
236'286.0 222'580.0 236'505.0 232'832.6
37'489.7
36'713.0
3.41x
3.70x
0.99x
1.03x
6.10x
6.26x
51'210.0
48'426.0
55'736.4
57'037.2
11'331.2
11'822.8
4.02x
4.19x
4.07x
3.98x
4.82x
4.48x
26'895.0
26'179.0
23'673.5
24'482.7
5'735.5
5'903.9
8.07x
8.92x
9.78x
9.68x
9.74x
9.77x
S&P Issuer Ratings
Long-Term Rating Date
01.07.1987
Long-Term Rating
AA
Long-Term Outlook
STABLE
Short-Term Rating Date
01.07.1987
Short-Term Rating
A-1+
Credit Ratios
EBITDA/Interest Exp.
200.11
(EBITDA-Capex)/Interest Exp.
72.26
Net Debt/EBITDA
-0.19
Total Debt/EBITDA
0.25
Reference
Total Debt/Equity
8.9%
Total Debt/Capital
8.1%
Asset Turnover
1.01
Net Fixed Asset Turnover
1.69
Accounts receivable turnover-days
35.18
Inventory Days
11.73
Accounts Payable Turnover Day
44.95
Cash Conversion Cycle
1.75
Sales/Revenue/Turnover

8.00

300'000.0

7.00

250'000.0

6.00

200'000.0

5.00
4.00

150'000.0

3.00

100'000.0

2.00

50'000.0
1.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Chevron Corp
Holdings By:

All

Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
FMR LLC
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
JP MORGAN
T ROWE PRICE ASSOCIA
FRANKLIN RESOURCES
BANK OF AMERICA CORP
NORGES BANK
STATE FARM MUTUAL AU
GEODE CAPITAL MANAGE
AMERIPRISE FINANCIAL
SUN LIFE FINANCIAL I
INVESCO LTD
TIAA CREF INVESTMENT

Firm Name
Raymond James
Cowen Securities LLC
Howard Weil Inc
Tudor Pickering & Co
Edward Jones
ISI Group
Societe Generale
Argus Research Corp
Independent Research GmbH
Morgan Stanley
Credit Suisse
JPMorgan
Macquarie
Canaccord Genuity Corp
Barclays
Jefferies
Oppenheimer & Co
VTB Capital
Simmons & Company International
S&P Capital IQ
EVA Dimensions
Goldman Sachs
Deutsche Bank
Phoenix Partners Group

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
WELLINGTON MANAGEMEN
n/a
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
n/a
T ROWE PRICE ASSOCIA
n/a
BANK OF AMERICA
NORGES BANK
STATE FARM MUTUAL AU
GEODE CAPITAL MANAGE
AMERIPRISE FINANCIAL
n/a
INVESCO LTD
TIAA-CREF INVESTMENT

Analyst
PAVEL MOLCHANOV
ASIT SEN
BLAKE FERNANDEZ
ROBERT KESSLER
BRIAN YOUNGBERG
DOUGLAS T TERRESON
JOHN HERRLIN
PHILIP H WEISS
SVEN DIERMEIER
J EVAN CALIO
EDWARD WESTLAKE
KATHERINE LUCAS MINYARD
JASON D GAMMEL
GORDON GRAY
PAUL Y CHENG
IAIN REID
FADEL GHEIT
COLIN SMITH
JEFFREY A DIETERT
MICHAEL KAY
CRAIG STERLING
ARJUN N MURTI
PAUL SANKEY
CHRIS KETTENMANN

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

Recommendation
outperform
buy
sector outperform
hold
buy
buy
hold
buy
hold
Overwt/Attractive
outperform
neutral
outperform
buy
overweight
buy
outperform
hold
overweight
strong buy
buy
neutral/attractive
buy
sell

Amt Held
120'184'057
106'697'609
94'551'138
80'759'338
60'948'303
36'837'320
35'044'572
30'460'395
30'377'532
24'102'252
23'715'705
18'756'936
16'772'113
16'404'385
16'281'400
12'946'149
12'743'283
12'095'417
11'831'726
10'424'281

% Out
6.19
5.49
4.87
4.16
3.14
1.9
1.8
1.57
1.56
1.24
1.22
0.97
0.86
0.84
0.84
0.67
0.66
0.62
0.61
0.54

Weighting

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

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

Latest Chg
1'278'894
2'881'411
2'117'681
(1'546'231)
(297'928)
(7'149'791)
2'418'713
437'694
2'042'905
(1'202'262)
365'313
374'539
2'165'560
(1'271'647)
642'835
(35'876)
(544'810)
(754'835)

Target Price
122
133
140
124
#N/A N/A
130
126
135
127
130
130
121
148
136
133
125
130
120
#N/A N/A
135
#N/A N/A
125
140
83

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

File Dt
22.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
18 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Government
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
12.03.2013
08.03.2013
01.03.2013
15.02.2013
01.02.2013
16.01.2013
13.12.2012
10.10.2012
24.07.2012

26.03.2013

Cisco Systems Inc


Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol
(IP)-based networking and other products related to the communications and
information technology (IT) industry and provide services associated with these
products and their use. The Company provides products for transporting data,
voice, and video within buildings, across campuses, and globally.

Price/Volume
25
20
15

Valuation Analysis

10

Latest Fiscal Year:


LTM as of:
52-Week High (11.03.2013)
52-Week Low (25.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 14.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CSCO UW EQUITY YTD Change
CSCO UW EQUITY YTD % CHANGE

07/2012
01/yy
21.98
14.97
2'102'008.00
20.75
-5.60%
38.66%
83.89%
5'332.0
110'638.46
16'328.00
0.0
15.0
48'716.00
80'563.46

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

0
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


31.07.2008
39'540.0
2.86x
11'189.0
10.09x
8'052.0
16.14x

50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
f-13 m-13

31.07.2009
31.07.2010
36'117.0
40'040.0
2.82x
2.64x
9'153.0
11'194.0
11.13x
9.46x
6'134.0
7'767.0
17.79x
16.96x
Profitability

LTM-4Q
31.07.2011
43'218.0
1.37x
10'959.0
5.39x
6'490.0
12.57x

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

31.07.2012
46'061.0
1.10x
12'971.0
3.91x
8'041.0
10.12x
12'971.00
10'369.00
22.51%
22.06%
10.04%
17.79%
14.26%
0.51%
61.2%
28.3%
22.7%
17.5%
3.49
3.20
17.79%
31.84%
5.99
11.64

Price/ Cash Flow

LTM

01/yy
44'844.0
6.16x
12'018.0
6.27x
6'998.0
13.77x

01/yy
47'252.0
5.76x
13'372.0
6.17x
9'317.0
13.06x

FY+1

2.12
0.99
5'322.18
61.50
1.91%
5.60%
0.989
49
4.245
8'847'501
9'486'852
9'196'968
FY+2

FQ+1

FQ+2

07/13 Y
07/14 Y
04/13 Q3 07/13 Q4
48'708.3
51'403.4
12'204.0
12'524.3
2.09x
1.74x
6.31x
6.00x
15'215.0
15'696.1
3'802.0
4'002.0
5.28x
5.12x
5.12x
5.02x
10'665.0
11'156.2
2'630.9
2'720.4
10.40x
9.84x
10.24x
10.07x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

10.02.2006
A+
STABLE
31.01.2011
A-1+
21.76
19.87
-2.25
1.22
31.8%
24.1%
0.51
13.28
60.78
31.27
16.63
77.17

Sales/Revenue/Turnover

25.00

50'000.0
45'000.0
40'000.0

20.00

35'000.0
15.00

30'000.0

10.00

25'000.0
20'000.0
15'000.0
10'000.0

5.00

5'000.0
0.00
31.07.2009

0.0
31.01.2010

31.07.2010

31.01.2011

31.07.2011

31.01.2012

31.07.2012

31.01.2013

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

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

26.03.2013

Cisco Systems Inc


Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
WELLINGTON MANAGEMEN
VANGUARD GROUP INC
BANK OF NEW YORK MEL
JP MORGAN
INVESCO LTD
FMR LLC
FRANKLIN RESOURCES
NORTHERN TRUST CORPO
GRANTHAM MAYO VAN OT
T ROWE PRICE ASSOCIA
YACKTMAN ASSET MANAG
LAZARD ASSET MANAGEM
FIRST EAGLE INVESTME
NORGES BANK
TIAA CREF INVESTMENT
AMERIPRISE FINANCIAL
DEUTSCHE BANK AG

Firm Name
Jefferies
Raymond James
FBR Capital Markets
Stifel
Topeka Capital Markets Inc
Edward Jones
Pacific Crest Securities
RBC Capital Markets
Nomura
Mizuho Securities USA Inc
S&P Capital IQ
Daiwa Securities Co. Ltd.
William Blair & Co
Berenberg Bank
Janney Montgomery Scott LLC
Argus Research Corp
ISI Group
BMO Capital Markets
Sterne, Agee & Leach
Oppenheimer & Co
Morgan Stanley
JPMorgan
Needham & Co
Robert W. Baird & Co
Wedbush
Independent Research GmbH
Davenport & Co
Wunderlich Securities
Wells Fargo Securities, LLC
JMP Securities
Lazard Capital Markets
Piper Jaffray
MKM Partners
Northland Securities Inc
Barclays
FBN Securities
Evercore Partners
Deutsche Bank
Wedge Partners
EVA Dimensions
Goldman Sachs
Tigress Financial Partners
BGC Partners

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
WELLINGTON MANAGEMEN
Multiple Portfolios
BANK OF NEW YORK MEL
n/a
INVESCO LTD
n/a
n/a
NORTHERN TRUST CORPO
GRANTHAM MAYO VAN OT
T ROWE PRICE ASSOCIA
YACKTMAN ASSET MANAG
n/a
FIRST EAGLE INVESTME
NORGES BANK
TIAA-CREF INVESTMENT
AMERIPRISE FINANCIAL
DEUTSCHE BANK AKTIEN

Analyst
GEORGE C NOTTER
SIMON M LEOPOLD
SCOTT S THOMPSON
SANJIV R WADHWANI
BRIAN J WHITE
WILLIAM C KREHER
BRENT A BRACELIN
MARK SUE
STUART JEFFREY
JOANNA MAKRIS
JAMES G MOORMAN
YOKO YAMADA
JASON NOAH ADER
ADNAAN AHMAD
WILLIAM CHOI
JAMES KELLEHER
BRIAN MARSHALL
TIMOTHY P LONG
ALEX KURTZ
ITTAI KIDRON
EHUD A GELBLUM
ROD HALL
ALEXANDER HENDERSON
JAYSON NOLAND SR
ROHIT CHOPRA
MARKUS FRIEBEL
F DRAKE JOHNSTONE
MATTHEW S ROBISON
JESS L LUBERT
ERIK SUPPIGER
RYAN HUTCHINSON
TROY D JENSEN
MICHAEL GENOVESE
CATHARINE TREBNICK
BENJAMIN A REITZES
SHEBLY SEYRAFI
MARK A MCKECHNIE
BRIAN T MODOFF
CHRISTOPHER J CRESPI
ANDREW S ZAMFOTIS
SIMONA JANKOWSKI
IVAN FEINSETH
COLIN W GILLIS

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

Recommendation
hold
outperform
underperform
buy
buy
hold
outperform
outperform
buy
buy
buy
outperform
outperform
sell
neutral
buy
cautious
outperform
buy
outperform
Overwt/Attractive
underweight
hold
outperform
outperform
hold
buy
buy
outperform
market perform
neutral
overweight
buy
outperform
overweight
outperform
equalweight
buy
no rating system
buy
Buy/Neutral
neutral
buy

Amt Held
276'768'876
232'564'275
225'135'431
183'794'312
144'509'645
112'982'877
98'235'021
96'443'571
86'751'700
82'170'687
77'496'020
70'428'507
69'820'447
52'443'161
47'768'835
46'147'106
43'095'418
42'368'958
40'386'595
37'520'775

% Out
5.19
4.36
4.22
3.45
2.71
2.12
1.84
1.81
1.63
1.54
1.45
1.32
1.31
0.98
0.9
0.87
0.81
0.79
0.76
0.7

Weighting

Change

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

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
N
M
M
M
M
M
M
M
N
M

Latest Chg
(27'443'381)
(1'696'027)
(6'694'074)
65'261'717
4'376'292
12'991'203
(10'116'927)
19'583'032
(271'698)
2'085'888
6'196'339
(4'001'080)
(52'225)
(1'195'030)
(540'834)
4'202'738
3'103'045
7'990'890
6'191'620

Target Price
22
25
17
25
26
#N/A N/A
25
24
25
25
26
24
#N/A N/A
14
20
26
#N/A N/A
25
26
24
24
18
#N/A N/A
25
24
24
24
24
#N/A N/A
#N/A N/A
#N/A N/A
25
25
26
24
25
23
24
#N/A N/A
#N/A N/A
25
#N/A N/A
21

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

File Dt
Inst Type
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012 Hedge Fund Manager
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
9 month
Not Provided
12 month
12 month
12 month
12 month
18 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month

Date
26.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
08.03.2013
06.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
01.03.2013
27.02.2013
25.02.2013
25.02.2013
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
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
04.02.2013
18.01.2013
15.01.2013
09.12.2012
03.12.2012
16.08.2012

26.03.2013

Citigroup Inc
Citigroup Inc. is a diversified financial services holding company that provides
a broad range of financial services to consumer and corporate customers around
the world. The Company's services include investment banking, retail brokerage,
corporate banking, and cash management products and services.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
C UN EQUITY YTD Change
C UN EQUITY YTD % CHANGE

12/2012
12/yy
47.91
24.61
2'794'283.00
44.63
-6.85%
81.35%
85.32%
3'038.8
135'619.80
623'537.00
2'562.0
1'948.0
36'453.00
727'213.80

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

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

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

Fiscal Year Ended


31.12.2008
104'349.0
8.56x
37'722.0
23.69x
(27'684.0)
-

50
45
40
35
30
25
20
15
10
5
0
m-12

31.12.2009
31.12.2010
108'006.0
111'697.0
7.34x
7.58x
61'666.0
66'021.0
12.86x
12.82x
(1'606.0)
10'602.0
13.32x
Profitability

LTM-4Q
31.12.2011
102'587.0
6.95x
53'554.0
13.31x
11'067.0
5.65x

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

31.12.2012
90'708.0
7.84x
41'810.0
17.02x
7'541.0
8.19x
41'810.00
11.31%
8.75%
0.40%
4.13%
0.94%
0.05%
45.8%
8.3%
33.44%
334.36%
-

Price/ Cash Flow

LTM

12/yy
102'587.0
32.05x
53'829.0
13.25x
11'067.0
5.07x

12/yy
90'853.0
33.09x
41'647.0
17.08x
7'541.0
9.96x

FY+1

0.09
1.77
2'919.71
35.28
19.38%
12.84%
1.765
37
4.270
6'243'292
6'652'080
6'373'754
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
78'926.2
81'178.6
20'199.4
19'622.8
14'032.6
15'906.7
3'496.6
3'339.4
9.62x
8.40x
9.66x
9.30x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.11.2011
ANEG
29.11.2011
A-2
14.10
14.97
334.4%
76.6%
0.05
-

Sales/Revenue/Turnover

120.00

180'000.0
160'000.0

100.00

140'000.0
120'000.0

80.00

100'000.0
60.00

80'000.0
60'000.0

40.00

40'000.0
20.00
0.00
01.01.2010

20'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Citigroup Inc
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
GOVT OF SINGAPORE IN
CAPITAL GROUP COMPAN
FMR LLC
VANGUARD GROUP INC
JP MORGAN
WELLINGTON MANAGEMEN
BANK OF NEW YORK MEL
INVESCO LTD
NORTHERN TRUST CORPO
FRANKLIN RESOURCES
AMERIPRISE FINANCIAL
NORGES BANK
ALLIANCE BERNSTEIN
TIAA CREF INVESTMENT
OPPENHEIMERFUNDS INC
UBS
BARROW HANLEY MEWHIN

Firm Name
Goldman Sachs
Sanford C. Bernstein & Co
JMP Securities
Buckingham Research Group
ISI Group
Portales Partners
Deutsche Bank
Keefe, Bruyette & Woods
Rafferty Capital Markets
S&P Capital IQ
Raymond James
Wells Fargo Securities, LLC
Edward Jones
Evercore Partners
Drexel Hamilton LLC
SunTrust Robinson Humphrey
Scotia Capital
Credit Suisse
JPMorgan
Atlantic Equities LLP
Credit Agricole Securities (USA)
Barclays
Guggenheim Securities LLC
RBC Capital Markets
Sterne, Agee & Leach
Oppenheimer & Co
Daiwa Securities Co. Ltd.
Argus Research Corp
Sandler O'Neill & Partners, LP
Morgan Stanley
Nomura
EVA Dimensions
HSBC
Meredith Whitney Advisory Group
Phillip Securities

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
WELLINGTON MANAGEMEN
BANK OF NEW YORK MEL
INVESCO LTD
NORTHERN TRUST CORPO
n/a
AMERIPRISE FINANCIAL
NORGES BANK
n/a
TIAA-CREF INVESTMENT
OPPENHEIMER FUNDS IN
n/a
BARROW HANLEY MEWHIN

Analyst
RICHARD N RAMSDEN
JOHN E MCDONALD
DAVID M TRONE
JAMES F MITCHELL
Ed Najarian
CHARLES W PEABODY
MATTHEW D O'CONNOR
FREDERICK CANNON
RICHARD X BOVE SR
ERIK M OJA
ANTHONY J POLINI
MATTHEW H BURNELL
TOM LEWANDOWSKI
ANDREW A MARQUARDT
DAVID B HILDER
ERIC WASSERSTROM
KEVIN R CHOQUETTE
MOSHE A ORENBUCH
VIVEK JUNEJA
RICHARD STAITE
MICHAEL L MAYO
JASON M GOLDBERG
MARTY L MOSBY III
GERARD S CASSIDY
TODD L HAGERMAN
CHRISTOPHER M KOTOWSKI
KAZUKI WATANABE
DAVID RITTER
JEFFERY HARTE
BETSY L GRASECK
GLENN P SCHORR
AUSTIN BURKETT
ROBERT MURPHY
MEREDITH A WHITNEY
MAGDALENE CHOONG

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

Recommendation
buy/attractive
outperform
market perform
buy
buy
underperform
buy
outperform
buy
buy
strong buy
outperform
buy
equalweight
buy
buy
focus stock
outperform
neutral
overweight
buy
overweight
buy
outperform
buy
outperform
underperform
sell
buy
Overwt/Attractive
buy
hold
underweight
hold
hold

Amt Held
166'395'164
125'758'538
120'364'801
112'095'403
96'681'349
92'961'172
77'791'586
59'434'946
48'819'333
38'375'309
37'941'648
36'731'980
34'897'440
26'897'918
25'563'949
23'234'562
21'631'059
20'120'093
20'090'187
19'528'829

% Out
5.48
4.14
3.96
3.69
3.18
3.06
2.56
1.96
1.61
1.26
1.25
1.21
1.15
0.89
0.84
0.76
0.71
0.66
0.66
0.64

Weighting

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

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

Latest Chg
165'155
3'130'241
4'195'229
(28'656'170)
10'998'079
9'976'674
10'321'269
6'582'043
538'406
506'791
(1'040'493)
14'651'933
(2'769'898)
(3'634'428)
1'677'535
5'652'735
(335'105)
57'528

Target Price
56
53
#N/A N/A
57
53
#N/A N/A
53
55
52
52
52
#N/A N/A
#N/A N/A
43
51
53
60
50
45
54
60
46
57
48
48
50
38
#N/A N/A
49
51
45
#N/A N/A
36
#N/A N/A
#N/A N/A

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

File Dt
22.03.2013
31.12.2012
25.03.2013
31.12.2009
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012

Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
18 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided

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

Date
24.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
01.03.2013
20.02.2013
19.02.2013
18.02.2013
12.02.2013
08.02.2013
01.02.2013
18.01.2013
17.01.2013
17.01.2013
15.01.2013
01.11.2012
16.10.2012
19.10.2011

26.03.2013

Coca-Cola Co/The
The Coca-Cola Company manufactures, markets, and distributes soft drink
concentrates and syrups. The Company also distributes and markets juice and
juice-drink products. Coca-Cola distributes its products to retailers and
wholesalers in the United States and internationally.

Price/Volume
45

70.0 M

40

60.0 M

35

50.0 M

30

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.07.2012)
52-Week Low (31.12.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KO UN EQUITY YTD Change
KO UN EQUITY YTD % CHANGE

12/2012
12/yy
40.66
35.58
1'828'561.00
40.51
-0.37%
13.86%
89.37%
4'456.7
180'541.64
32'610.00
0.0
378.0
16'551.00
196'978.64

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

40.0 M

20

30.0 M

15

20.0 M

10

10.0 M

5
0
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 m-13

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

Fiscal Year Ended


31.12.2008
31'944.0
3.42x
9'674.0
11.31x
5'807.0
14.33x

25

31.12.2009
31.12.2010
30'990.0
35'119.0
4.34x
4.65x
9'467.0
9'892.0
14.20x
16.49x
6'824.0
11'809.0
18.63x
18.85x
Profitability

LTM-4Q
31.12.2011
46'542.0
3.72x
12'127.0
14.28x
8'584.0
18.22x

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

31.12.2012
48'017.0
3.72x
12'761.0
13.98x
9'019.0
18.03x
12'761.00
10'779.00
22.45%
24.59%
10.86%
27.87%
14.88%
0.58%
60.3%
26.6%
22.4%
18.8%
1.09
0.77
37.84%
99.45%
9.92
6.00

Price/ Cash Flow

LTM

12/yy
46'542.0
14.52x
12'123.0
14.28x
8'581.0
18.27x

12/yy
48'017.0
15.38x
12'761.0
13.98x
9'019.0
18.13x

FY+1

2.52
0.70
4'018.71
30.52
15.83%
12.56%
0.703
27
4.111
4'706'156
4'350'879
4'136'143
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
49'006.3
51'307.8
11'028.9
13'335.5
4.04x
3.81x
18.17x
14.96x
14'105.8
15'102.6
3'233.3
4'144.1
13.96x
13.04x
13.89x
13.99x
9'641.0
10'338.8
2'026.7
2'933.7
18.90x
17.37x
18.95x
18.69x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

13.09.2012
AASTABLE
13.09.2012
A-1+
32.06
25.08
1.26
2.56
99.5%
49.6%
0.58
3.26
36.89
61.05
39.42
58.52

Sales/Revenue/Turnover

20.00

60'000.0

18.00

50'000.0

16.00
14.00

40'000.0

12.00

30'000.0

10.00
8.00

20'000.0

6.00
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

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

26.03.2013

Coca-Cola Co/The
Holdings By:

All

Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
VANGUARD GROUP INC
NORTHERN TRUST CORPO
CAPITAL GROUP COMPAN
BANK OF NEW YORK MEL
JP MORGAN
GRANTHAM MAYO VAN OT
NORGES BANK
BANK OF AMERICA CORP
GATES FOUNDATION
FAYEZ SAROFIM
SUNTRUST BANKS INC
TIAA CREF INVESTMENT
GEODE CAPITAL MANAGE
UBS
DEUTSCHE BANK AG

Firm Name
Sanford C. Bernstein & Co
Edward Jones
Stifel
Argus Research Corp
Credit Agricole Securities (USA)
Wells Fargo Securities, LLC
Davenport & Co
HSBC
Tigress Financial Partners
Daiwa Securities Co. Ltd.
Morgan Stanley
JPMorgan
Independent Research GmbH
Buckingham Research Group
Gabelli & Co
Barclays
S&P Capital IQ
EVA Dimensions
Goldman Sachs
Deutsche Bank
Hamburger Sparkasse

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
NORTHERN TRUST CORPO
n/a
BANK OF NEW YORK MEL
n/a
GRANTHAM MAYO VAN OT
NORGES BANK
BANK OF AMERICA
BILL & MELINDA FOUND
FAYEZ SAROFIM
n/a
TIAA-CREF INVESTMENT
GEODE CAPITAL MANAGE
n/a
DEUTSCHE BANK AKTIEN

Analyst
ALI DIBADJ
JACK P RUSSO
MARK D SWARTZBERG
JOHN D STASZAK
CAROLINE S LEVY
BONNIE HERZOG
ANN H GURKIN
LAUREN E TORRES
IVAN FEINSETH
TORU SUGIURA
DARA MOHSENIAN
JOHN A FAUCHER
LARS LUSEBRINK
ALICE BEEBE LONGLEY
DAMIAN WITKOWSKI
MICHAEL J BRANCA
ESTHER KWON
AUSTIN BURKETT
JUDY E HONG
WILLIAM G SCHMITZ
TINA HECKING-VELTMAN

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

Recommendation
outperform
buy
hold
hold
outperform
outperform
buy
overweight
neutral
neutral
Equalwt/In-Line
neutral
hold
buy
buy
overweight
strong buy
hold
neutral/neutral
buy
hold

Amt Held
400'000'000
218'615'030
198'616'069
172'446'080
166'523'204
132'950'987
76'608'964
76'528'590
57'228'169
47'803'813
38'761'718
35'967'061
34'645'733
34'002'000
33'439'754
29'923'359
28'196'392
25'555'429
25'510'804
25'003'368

% Out
8.98
4.91
4.46
3.87
3.74
2.98
1.72
1.72
1.28
1.07
0.87
0.81
0.78
0.76
0.75
0.67
0.63
0.57
0.57
0.56

Weighting

Change
5
5
3
3
5
5
5
5
3
3
3
3
3
5
5
5
5
3
3
5
3

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

Latest Chg
4'572'631
4'313'355
1'086'635
210'275
8'935'538
(254'538)
8'838'731
(1'563'107)
1'678'534
2'301'577
(2'970'705)
10'638'000
(9'040'358)
(14'210'334)
(950'662)
(2'600'433)
2'260'788
(5'664'077)

Target Price
43
#N/A N/A
#N/A N/A
#N/A N/A
43
#N/A N/A
42
44
#N/A N/A
39
#N/A N/A
43
42
43
#N/A N/A
41
43
#N/A N/A
41
42
#N/A N/A

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

File Dt
30.12.2012
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012

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

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

Date
22.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
13.03.2013
27.02.2013
25.02.2013
25.02.2013
21.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
15.01.2013
11.01.2013
17.10.2012
10.05.2012

26.03.2013

Colgate-Palmolive Co
Colgate-Palmolive Company is a consumer products company that markets its
products throughout the world. The Company's products include toothpaste,
toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid,
and laundry products, as well as pet nutrition products for cats and dogs.

Price/Volume
140

4.0 M

120

3.5 M

100

3.0 M
2.5 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (29.03.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CL UN EQUITY YTD Change
CL UN EQUITY YTD % CHANGE

12/2012
12/yy
116.88
95.53
174'140.00
116.8
-0.07%
22.27%
89.99%
468.0
54'658.86
5'230.00
0.0
201.0
884.00
59'205.86

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

1.5 M

40

1.0 M

20

.5 M

0
m-12

31.12.2009
31.12.2010
15'327.0
15'564.0
2.84x
2.75x
3'966.0
3'865.0
10.97x
11.09x
2'291.0
2'203.0
18.80x
16.61x
Profitability

LTM-4Q
31.12.2011
16'734.0
2.89x
4'262.0
11.36x
2'431.0
18.37x

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
17'085.0
3.13x
4'314.0
12.39x
2'472.0
19.49x
4'314.00
3'889.00
22.76%
22.67%
18.93%
108.33%
1.31%
58.1%
25.3%
22.8%
14.5%
1.22
0.68
39.05%
238.92%
10.22
5.31

Price/ Cash Flow

j-12

j-12

LTM

12/yy
16'734.0
11.06x
4'262.0
11.36x
2'431.0
18.37x

a-12

12/yy
17'085.0
12.49x
4'319.0
12.37x
2'472.0
19.60x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

2.09
0.63
464.92
5.80
23.53%
12.37%
0.627
29
3.276
517'705
607'680
550'765
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'751.6
18'762.3
4'298.3
4'429.1
3.35x
3.19x
13.75x
13.35x
4'592.4
5'004.7
1'088.3
1'153.0
12.88x
11.82x
12.74x
12.57x
2'676.2
2'917.4
625.2
664.2
20.38x
18.41x
20.39x
19.96x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

04.05.2001
AASTABLE
04.05.2001
A-1+
52.61
45.72
1.01
1.21
238.9%
68.6%
1.31
4.55
35.81
68.87
64.49
40.19

Sales/Revenue/Turnover

20.00

18'000.0

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00
0.00
01.01.2010

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
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
15'330.0
2.47x
3'449.0
10.99x
1'957.0
17.71x

2.0 M

60

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

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

26.03.2013

Colgate-Palmolive Co
Holdings By:

All

Holder Name
STATE STREET
VANGUARD GROUP INC
FMR LLC
BLACKROCK
VANGUARD GROUP INC
BANK OF NEW YORK MEL
SUN LIFE FINANCIAL I
GRANTHAM MAYO VAN OT
NORTHERN TRUST CORPO
CAPITAL GROUP COMPAN
UBS
JP MORGAN
OPPENHEIMERFUNDS INC
STATE FARM MUTUAL AU
MONTAG & CALDWELL IN
BANK OF AMERICA CORP
T ROWE PRICE ASSOCIA
NORGES BANK
SUNTRUST BANKS INC
MORGAN STANLEY

Firm Name
SunTrust Robinson Humphrey
B Riley & Company, Inc
Sanford C. Bernstein & Co
Stifel
Morgan Stanley
Wells Fargo Securities, LLC
RBC Capital Markets
William Blair & Co
Buckingham Research Group
Canaccord Genuity Corp
Edward Jones
BMO Capital Markets
EVA Dimensions
Tigress Financial Partners
Barclays
Credit Suisse
JPMorgan
Oppenheimer & Co
S&P Capital IQ
Credit Agricole Securities (USA)
Goldman Sachs
Janney Montgomery Scott LLC
Argus Research Corp
Daiwa Securities Co. Ltd.
Atlantic Equities LLP
Deutsche Bank

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
BANK OF NEW YORK MEL
n/a
GRANTHAM MAYO VAN OT
NORTHERN TRUST CORPO
n/a
n/a
n/a
OPPENHEIMER FUNDS IN
STATE FARM MUTUAL AU
MONTAG & CALDWELL IN
BANK OF AMERICA
T ROWE PRICE ASSOCIA
NORGES BANK
n/a
n/a

Analyst
WILLIAM CHAPPELL
LINDA BOLTON WEISER
ALI DIBADJ
MARK S ASTRACHAN
DARA MOHSENIAN
TIMOTHY A CONDER
JASON M GERE
JON R ANDERSEN
ALICE BEEBE LONGLEY
EDDY HARGREAVES
JACK P RUSSO
CONSTANCE M MANEATY
AUSTIN BURKETT
IVAN FEINSETH
LAUREN R LIEBERMAN
MICHAEL STEIB
JOHN A FAUCHER
JOSEPH ALTOBELLO
IAN GORDON
CAROLINE S LEVY
JASON ENGLISH
JOHN SAN MARCO
JOHN D STASZAK
TORU SUGIURA
VICTORIA COLLIN
WILLIAM G SCHMITZ

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

Recommendation
neutral
neutral
market perform
hold
Equalwt/In-Line
market perform
sector perform
market perform
buy
sell
hold
market perform
hold
neutral
underweight
outperform
neutral
market perform
hold
outperform
neutral/neutral
buy
buy
outperform
neutral
hold

Amt Held
35'483'331
24'879'457
24'356'253
23'087'076
17'437'792
12'217'559
9'256'826
7'018'424
6'379'505
6'232'525
5'116'414
5'018'292
4'365'670
4'225'500
3'998'025
3'819'518
3'813'050
3'808'948
3'658'362
3'440'368

% Out
7.58
5.32
5.2
4.93
3.73
2.61
1.98
1.5
1.36
1.33
1.09
1.07
0.93
0.9
0.85
0.82
0.81
0.81
0.78
0.74

Weighting

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

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

Latest Chg
(354'405)
477'557
(1'327'263)
91'991
198'469
498'305
(649'777)
(40'655)
(2'050)
(435'184)
(234'511)
6'190
130'700
346'056
(33'737)
1'818'470
251'195
(28'181)
164'815

Target Price
110
108
115
#N/A N/A
#N/A N/A
#N/A N/A
114
#N/A N/A
131
102
#N/A N/A
109
#N/A N/A
#N/A N/A
103
126
114
#N/A N/A
115
118
116
121
126
115
104
110

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

File Dt
25.03.2013
31.12.2012
31.12.2012
22.03.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Government
Bank
Investment Advisor

Date
26.03.2013
26.03.2013
22.03.2013
21.03.2013
15.03.2013
15.03.2013
11.03.2013
08.03.2013
08.03.2013
05.03.2013
27.02.2013
25.02.2013
25.02.2013
25.02.2013
15.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
10.02.2013
08.02.2013
05.02.2013
05.02.2013
25.10.2012
27.07.2012

26.03.2013

Comcast Corp
Comcast Corporation is a global media and technology company with two primary
businesses. The Company provides video, high-speed Internet and phone services
to residential and business customers. Comcast also operates news and
entertainment cable networks, a national and a Spanish broadcast network, TV
production operations, TV station groups, film studios, theme parks and resorts.

Price/Volume

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

12.0 M
10.0 M

30

12/2012
12/yy
42.00
28.10
1'457'297.00
41.56
-1.05%
47.90%
97.95%
2'122.3
108'404.07
40'458.00
0.0
17'438.0
12'415.00
153'885.07

25

8.0 M

20

6.0 M

15

4.0 M

10

2.0 M

5
0
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 m-13

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

Fiscal Year Ended


31.12.2008
34'423.0
2.33x
13'132.0
6.10x
2'547.0
18.55x

14.0 M

40
35

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (21.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CMCSA UW EQUITY YTD Change
CMCSA UW EQUITY YTD % CHANGE

45

31.12.2009
31.12.2010
35'756.0
37'937.0
2.14x
2.28x
13'714.0
14'596.0
5.58x
5.93x
3'638.0
3'635.0
15.19x
16.77x
Profitability

LTM-4Q
31.12.2011
55'842.0
2.12x
18'357.0
6.44x
4'160.0
15.01x

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

31.12.2012
62'570.0
2.30x
19'977.0
7.21x
6'203.0
19.46x
19'977.00
12'179.00
19.46%
18.55%
3.84%
12.84%
9.11%
0.39%
68.1%
31.9%
19.5%
9.9%
1.20
1.07
24.52%
81.97%
12.68
-

Price/ Cash Flow

LTM

12/yy
55'842.0
8.52x
18'357.0
6.44x
4'160.0
15.01x

12/yy
62'570.0
8.83x
19'977.0
7.21x
6'203.0
19.36x

FY+1

1.56
1.07
2'120.37
30.95
39.63%
11.18%
1.073
32
4.563
4'083'910
4'155'336
3'837'537
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
64'234.9
68'029.0
15'441.5
15'990.0
2.62x
2.44x
11.23x
10.78x
20'933.0
22'280.9
5'021.5
5'330.9
7.36x
6.91x
7.33x
7.16x
6'388.8
7'180.1
1'370.2
1'629.2
17.38x
15.20x
17.57x
16.79x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

14.02.2013
APOS
25.05.2004
A-2
7.92
5.66
1.40
2.03
82.0%
37.7%
0.39
2.28
28.87
59.15
-

Sales/Revenue/Turnover

8.00

70'000.0

7.00

60'000.0

6.00

50'000.0

5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00
0.00
01.01.2010

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

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

26.03.2013

Comcast Corp
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
DODGE & COX
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
INVESCO LTD
JP MORGAN
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
TIAA CREF INVESTMENT
T ROWE PRICE ASSOCIA
BROWN BROTHERS HARRI
NORGES BANK
AMERIPRISE FINANCIAL
DIMENSIONAL FUND ADV
ALLIANCE BERNSTEIN
GEODE CAPITAL MANAGE

Firm Name
JPMorgan
Goldman Sachs
Edward Jones
Pivotal Research Group LLC
Wells Fargo Securities, LLC
Macquarie
Morgan Stanley
Argus Research Corp
Credit Suisse
Oppenheimer & Co
Atlantic Equities LLP
Evercore Partners
RBC Capital Markets
Brean Murray Carret & Co
Raymond James
Wunderlich Securities
Guggenheim Securities LLC
Telsey Advisory Group
Deutsche Bank
Janney Montgomery Scott LLC
Jefferies
Pacific Crest Securities
Stifel
Scotia Capital
Nomura
S&P Capital IQ
Maxim Group LLC
New Street Research
ISI Group
EVA Dimensions
BTIG LLC

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
DODGE & COX
Multiple Portfolios
WELLINGTON MANAGEMEN
INVESCO LTD
n/a
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
TIAA-CREF INVESTMENT
T ROWE PRICE ASSOCIA
BROWN BROTHERS HARRI
NORGES BANK
AMERIPRISE FINANCIAL
DIMENSIONAL FUND ADV
n/a
GEODE CAPITAL MANAGE

Analyst
PHILIP CUSICK
JASON ARMSTRONG
DAVID HEGER
JEFFREY WLODARCZAK
MARCI RYVICKER
AMY YONG
BENJAMIN SWINBURNE
JOSEPH F BONNER
MICHAEL SENNO
TIMOTHY K HORAN
CHRISTOPHER WATTS
BRYAN KRAFT
JONATHAN ATKIN
TODD MITCHELL
FRANK G LOUTHAN
MATTHEW HARRIGAN
SHING YIN
JAISON BLAIR
DOUGLAS D MITCHELSON
TONY WIBLE
THOMAS O SEITZ
ANDY HARGREAVES
CHRISTOPHER C KING
JEFFREY FAN
MICHAEL L MCCORMACK
TUNA AMOBI
JOHN TINKER
CHARLES GAYNOR
VIJAY JAYANT
CRAIG STERLING
RICHARD GREENFIELD

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

Recommendation
overweight
buy/attractive
buy
buy
outperform
neutral
Equalwt/In-Line
hold
outperform
outperform
overweight
overweight
outperform
buy
outperform
buy
neutral
no rating system
buy
buy
buy
sector perform
buy
sector outperform
buy
buy
buy
neutral
buy
hold
neutral

Amt Held
170'286'499
152'232'792
122'446'969
108'349'162
98'373'145
72'420'757
66'340'464
63'251'006
52'985'837
39'427'371
33'384'322
30'125'878
26'200'994
24'679'889
23'978'448
22'993'590
22'281'474
19'975'360
18'685'369
17'865'247

% Out
8.02
7.17
5.77
5.11
4.64
3.41
3.13
2.98
2.5
1.86
1.57
1.42
1.23
1.16
1.13
1.08
1.05
0.94
0.88
0.84

Weighting

Change

5
5
5
5
5
3
3
3
5
5
5
5
5
5
5
5
3
#N/A N/A
5
5
5
3
5
5
5
5
5
3
5
3
3

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

Latest Chg
(15'203'842)
(136'836)
4'965'013
2'257'020
1'988'377
(11'233'339)
(2'617'597)
(6'273'501)
6'577'191
6'326
(1'342'104)
1'422'866
(1'113'877)
710'946
1'226'195
3'494'798
36'016
1'272'776
(1'760'635)

Target Price
49
47
#N/A N/A
48
#N/A N/A
45
42
#N/A N/A
48
45
48
46
46
48
44
47
40
47
48
48
45
#N/A N/A
45
46
48
46
48
40
47
#N/A N/A
#N/A N/A

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

File Dt
31.12.2012
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
25.03.2013
24.03.2013
12.03.2013
06.03.2013
04.03.2013
22.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
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
13.02.2013
13.02.2013
13.02.2013
12.02.2013
15.01.2013
26.01.2011

26.03.2013

ConocoPhillips
ConocoPhillips explores for, produces, transports and markets crude oil,
natural gas, natural gas liquids, liquefied natural gas and bitumen on a
worldwide basis.

Price/Volume
70

8.0 M

60

7.0 M
6.0 M

50

5.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
COP UN EQUITY YTD Change
COP UN EQUITY YTD % CHANGE

12/2012
12/yy
62.04
50.63
329'679.00
60.37
-2.69%
19.24%
83.96%
1'221.0
73'711.34
21'725.00
0.0
440.0
3'618.00
92'258.34

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

3.0 M

20

2.0 M

10

1.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
225'424.0
0.46x
35'740.0
2.92x
(16'998.0)
4.81x

4.0 M

30

31.12.2009
31.12.2010
136'016.0
175'752.0
0.77x
0.63x
17'606.0
22'655.0
5.94x
4.91x
4'414.0
11'358.0
15.52x
11.50x
Profitability

LTM-4Q
31.12.2011
64'196.0
1.72x
21'649.0
5.10x
12'436.0
12.65x

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

31.12.2012
57'967.0
1.54x
19'396.0
4.60x
8'428.0
10.80x
19'396.00
12'816.00
22.11%
26.61%
6.23%
14.89%
11.17%
0.72%
27.3%
21.0%
14.1%
14.5%
1.38
0.72
18.55%
45.27%
8.22
28.54

Price/ Cash Flow

LTM

12/yy
102'785.0
4.47x
22'315.0
4.95x
12'436.0
11.40x

12/yy
96'888.0
4.03x
20'383.0
4.38x
8'428.0
9.52x

FY+1

4.37
0.97
1'218.37
24.10
7.33%
5.29%
0.972
24
3.667
1'715'824
1'701'568
1'643'456
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
52'782.8
56'814.7
12'679.3
11'850.5
1.66x
1.56x
7.19x
7.12x
21'866.8
23'825.2
5'437.1
4'743.1
4.22x
3.87x
4.52x
4.43x
6'595.0
7'694.3
1'669.1
1'459.6
11.03x
9.92x
11.04x
10.90x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

07.02.2012
A
STABLE
07.02.2012
A-1
14.65
3.95
0.89
1.07
45.3%
31.0%
0.72
1.28
44.53
12.83
65.16
-30.26

Sales/Revenue/Turnover

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0
2.00

50'000.0

1.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

ConocoPhillips
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
BERKSHIRE HATHAWAY I
BANK OF NEW YORK MEL
BARROW HANLEY MEWHIN
WADDELL & REED FINAN
NORTHERN TRUST CORPO
JP MORGAN
ALLIANZ ASSET MANAGE
FRANKLIN RESOURCES
DIMENSIONAL FUND ADV
AMERIPRISE FINANCIAL
WELLINGTON MANAGEMEN
NORGES BANK
LSV ASSET MANAGEMENT
FIRST EAGLE INVESTME
FEDERATED INVESTORS

Firm Name
Tudor Pickering & Co
ISI Group
Wells Fargo Securities, LLC
RBC Capital Markets
Oppenheimer & Co
Edward Jones
Societe Generale
Argus Research Corp
JPMorgan
Macquarie
Barclays
Credit Suisse
Jefferies
Raymond James
Alembic Global Advisors
EVA Dimensions
Simmons & Company International
Morgan Stanley
S&P Capital IQ
Howard Weil Inc
Goldman Sachs
Deutsche Bank

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
n/a
BANK OF NEW YORK MEL
BARROW HANLEY MEWHIN
WADDELL & REED FINAN
NORTHERN TRUST CORPO
n/a
n/a
n/a
DIMENSIONAL FUND ADV
AMERIPRISE FINANCIAL
WELLINGTON MANAGEMEN
NORGES BANK
LSV ASSET MANAGEMENT
FIRST EAGLE INVESTME
FEDERATED INVESTORS

Analyst
ROBERT KESSLER
DOUGLAS T TERRESON
ROGER D READ
SCOTT HANOLD
FADEL GHEIT
BRIAN YOUNGBERG
JOHN HERRLIN
PHILIP H WEISS
KATHERINE LUCAS MINYARD
JASON D GAMMEL
PAUL Y CHENG
EDWARD WESTLAKE
IAIN REID
PAVEL MOLCHANOV
JAMES J SULLIVAN
CRAIG STERLING
JEFFREY A DIETERT
J EVAN CALIO
MICHAEL KAY
BLAKE FERNANDEZ
ARJUN N MURTI
PAUL SANKEY

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

Recommendation
hold
buy
outperform
outperform
outperform
buy
buy
buy
overweight
neutral
equalweight
neutral
hold
underperform
overweight
overweight
neutral
Underwt/Attractive
buy
restricted
neutral/attractive
hold

Amt Held
71'071'346
54'568'607
50'804'699
48'505'327
33'527'596
24'123'911
22'609'857
21'070'033
19'331'290
17'621'867
16'928'004
12'748'859
12'475'431
10'750'899
10'128'425
9'790'251
9'343'737
9'239'826
8'806'303
8'778'246

% Out
5.82
4.47
4.16
3.97
2.75
1.98
1.85
1.73
1.58
1.44
1.39
1.04
1.02
0.88
0.83
0.8
0.77
0.76
0.72
0.72

Weighting

Change

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

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

Latest Chg
463'990
39'681
3'348'467
2'660'967
(181'253)
(953'208)
(629'473)
4'791'486
(372'212)
(606'369)
(16'247)
(661'756)
31'163
115'546
(457'974)
104'400
54'000

Target Price
58
64
#N/A N/A
63
70
#N/A N/A
68
64
70
64
62
70
60
#N/A N/A
72
#N/A N/A
#N/A N/A
58
64
#N/A N/A
61
62

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

File Dt
Inst Type
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
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
31.12.2012
Unclassified
31.01.2013
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
Government
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor

Date
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month

Date
25.03.2013
20.03.2013
20.03.2013
19.03.2013
08.03.2013
06.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
22.02.2013
15.02.2013
31.01.2013
31.01.2013
07.01.2013
13.12.2012
10.10.2012

26.03.2013

Costco Wholesale Corp


Costco Wholesale Corporation operates wholesale membership warehouses in
multiple countries. The Company sells all kinds of food, automotive supplies,
toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty
aids, as well as other goods.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (08.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 13.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
COST UW EQUITY YTD Change
COST UW EQUITY YTD % CHANGE

08/2012
02/yy
105.96
76.56
164'241.00
105.72
-0.23%
38.08%
98.97%
436.4
46'133.18
1'382.00
157.0
4'854.00
45'523.18

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

3.0 M

100

2.5 M

80

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0
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 m-13

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

Fiscal Year Ended


31.08.2008
72'483.0
0.39x
2'622.1
10.74x
1'282.7
22.66x

120

31.08.2009
31.08.2010
71'422.0
77'946.0
0.30x
0.28x
2'522.0
2'880.0
8.39x
7.60x
1'086.0
1'303.0
20.46x
19.18x
Profitability

LTM-4Q
31.08.2011
88'915.0
0.34x
3'303.0
9.28x
1'462.0
23.33x

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

31.08.2012
99'137.0
0.39x
3'667.0
10.64x
1'709.0
25.16x
3'667.00
2'759.00
2.78%
2.79%
6.92%
17.53%
13.59%
3.64%
12.4%
3.8%
2.9%
1.7%
1.10
0.48
5.09%
11.18%
86.23
12.43

Price/ Cash Flow

LTM

FY+1

7.89
0.74
432.15
6.38
25.19%
7.33%
0.745
28
4.036
715'834
739'957
696'108
FY+2

FQ+1

FQ+2

02/yy
02/yy
08/13 Y
08/14 Y
05/13 Q3 08/13 Q4
93'396.0 103'128.0 106'074.6 115'242.1
24'295.1
33'139.4
1.38x
1.49x
0.43x
0.39x
1.92x
1.40x
3'392.0
3'874.0
4'090.6
4'518.5
930.4
1'298.1
9.91x
11.35x
11.14x
10.09x
10.78x
10.53x
1'516.0
1'958.0
2'003.7
2'198.1
450.2
638.4
24.48x
23.65x
23.24x
21.01x
22.46x
21.94x
S&P Issuer Ratings
Long-Term Rating Date
28.11.2012
Long-Term Rating
A+
Long-Term Outlook
STABLE
Short-Term Rating Date
28.11.2012
Short-Term Rating
A-1
Credit Ratios
EBITDA/Interest Exp.
34.92
(EBITDA-Capex)/Interest Exp.
20.83
Net Debt/EBITDA
-0.20
Total Debt/EBITDA
1.26
Reference
Total Debt/Equity
11.2%
Total Debt/Capital
9.9%
Asset Turnover
3.64
Net Fixed Asset Turnover
7.96
Accounts receivable turnover-days
4.30
Inventory Days
29.84
Accounts Payable Turnover Day
28.11
Cash Conversion Cycle
3.64
Sales/Revenue/Turnover

16.00

120'000.0

14.00

100'000.0

12.00

80'000.0

10.00
8.00

60'000.0

6.00

40'000.0

4.00

20'000.0
2.00
0.00
04.09.2009

0.0
04.03.2010

04.09.2010

04.03.2011

04.09.2011

04.03.2012

04.09.2012

04.03.2013

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

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

26.03.2013

Costco Wholesale Corp


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
DAVIS SELECTED ADVIS
FMR LLC
VANGUARD GROUP INC
JENNISON ASSOCIATES
NORTHERN TRUST CORPO
AMERICAN CENTURY COM
GOLDMAN SACHS GROUP
BANK OF NEW YORK MEL
INVESCO LTD
NORGES BANK
JP MORGAN
T ROWE PRICE ASSOCIA
BERKSHIRE HATHAWAY I
BANK OF AMERICA CORP
MONTAG & CALDWELL IN
WINSLOW CAPITAL MANA

Firm Name
Northcoast Research
ISI Group
William Blair & Co
Guggenheim Securities LLC
Morgan Stanley
Daiwa Securities Co. Ltd.
BMO Capital Markets
Argus Research Corp
Robert W. Baird & Co
Stifel
Cowen and Company
Telsey Advisory Group
EVA Dimensions
Credit Suisse
Edward Jones
JPMorgan
Janney Montgomery Scott LLC
Jefferies
Sanford C. Bernstein & Co
Raymond James
Oppenheimer & Co
Piper Jaffray
Barclays
Susquehanna Financial Group
Tigress Financial Partners
Deutsche Bank
McAdams Wright Ragen Inc

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
DAVIS SELECTED ADVIS
n/a
Multiple Portfolios
JENNISON ASSOCIATES
NORTHERN TRUST CORPO
AMERICAN CENTURY COM
GOLDMAN SACHS GROUP
BANK OF NEW YORK MEL
INVESCO LTD
NORGES BANK
n/a
T ROWE PRICE ASSOCIA
n/a
BANK OF AMERICA
MONTAG & CALDWELL IN
WINSLOW CAPITAL MANA

Analyst
CHARLES E CERANKOSKY
GREGORY MELICH
MARK R MILLER
JOHN HEINBOCKEL
MARK WILTAMUTH
KAHORI TAMADA
KAREN SHORT
CHRISTOPHER GRAJA
PETER S BENEDICT
DAVID A SCHICK
FAYE LANDES
JOSEPH I FELDMAN
AUSTIN BURKETT
MICHAEL B EXSTEIN
BRIAN YARBROUGH
CHRISTOPHER HORVERS
DAVID S STRASSER
DANIEL T BINDER
COLIN MCGRANAHAN
BUDD BUGATCH
BRIAN NAGEL
SEAN NAUGHTON
ROBERT S DRBUL
ROBERT SUMMERS
IVAN FEINSETH
PAUL TRUSSELL
DAN GEIMAN

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

Recommendation
buy
strong buy
outperform
neutral
Overwt/In-Line
neutral
outperform
buy
outperform
buy
neutral
no rating system
hold
outperform
hold
overweight
buy
hold
market perform
market perform
market perform
overweight
equalweight
negative
strong buy
buy
hold

Amt Held
51'504'375
21'671'006
19'469'354
17'509'689
15'318'718
13'559'317
12'240'111
8'972'856
7'834'546
6'028'756
5'846'843
5'649'922
5'135'180
4'427'681
4'378'833
4'345'534
4'333'363
4'196'949
3'799'389
3'546'132

% Out
11.8
4.97
4.46
4.01
3.51
3.11
2.8
2.06
1.8
1.38
1.34
1.29
1.18
1.01
1
1
0.99
0.96
0.87
0.81

Weighting

Change

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

M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
N
M
M

Latest Chg
(1'398'958)
(3'954'786)
612'041
163'901
(2'770'670)
914'367
187'224
(52'440)
716'763
(762'123)
13'503
(571'875)
1'674'312
1'416'393
403'832
1'112'363
(109'758)
(52'878)

Target Price
115
116
#N/A N/A
98
113
108
115
115
117
107
#N/A N/A
110
#N/A N/A
115
#N/A N/A
113
116
92
102
#N/A N/A
105
113
105
65
#N/A N/A
110
102

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

File Dt
31.12.2012
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
Not Provided
18 month
12 month
Not Provided
12 month
Not Provided
12 month
12 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
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
25.03.2013
24.03.2013
22.03.2013
20.03.2013
19.03.2013
15.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
04.03.2013
27.02.2013
15.02.2013
11.10.2012

26.03.2013

CVS Caremark Corp


CVS Caremark Corporation is an integrated pharmacy health care provider. The
Company's offerings include pharmacy benefit management services, mail order,
retail and specialty pharmacy, disease management programs, and retail clinics.
The company operates drugstores throughout the U.S., the District of Columbia,
and Puerto Rico.

Price/Volume

6.0 M
5.0 M
4.0 M

30

Latest Fiscal Year:


LTM as of:
52-Week High (26.03.2013)
52-Week Low (24.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CVS UN EQUITY YTD Change
CVS UN EQUITY YTD % CHANGE

12/2012
12/yy
56.07
43.09
352'838.00
55.86
-0.37%
29.64%
97.29%
1'231.2
68'774.52
9'828.00
0.0
0.0
1'380.00
77'222.51

3.0 M

20

2.0 M

10

1.0 M

0
m-12

31.12.2009
31.12.2010
98'729.0
95'778.0
0.56x
0.59x
7'827.0
7'606.0
7.02x
7.37x
3'696.0
3'427.0
12.29x
13.96x
Profitability

LTM-4Q
31.12.2011
107'100.0
0.57x
7'898.0
7.79x
3'461.0
15.75x

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

31.12.2012
123'133.0
0.55x
8'981.0
7.57x
3'877.0
15.11x
8'981.00
7'228.00
5.87%
5.14%
5.94%
10.24%
8.83%
1.89%
18.3%
7.3%
5.9%
3.1%
1.44
0.57
14.91%
26.07%
19.67
9.67

Price/ Cash Flow

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

1.16
0.78
1'228.62
10.98
24.23%
16.03%
0.781
25
4.760
1'756'631
1'496'818
1'404'915
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
107'100.0 123'133.0 125'267.7 130'060.8
30'356.6
31'233.3
2.13x
2.18x
0.62x
0.59x
2.55x
2.48x
7'898.0
8'981.0
9'760.0
10'336.3
2'063.9
2'354.7
7.79x
7.57x
7.92x
7.48x
7.94x
7.81x
3'461.0
3'877.0
4'735.6
5'031.6
959.5
1'124.9
15.62x
15.11x
14.09x
12.68x
14.11x
13.79x
S&P Issuer Ratings
Long-Term Rating Date
23.03.2007
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
Short-Term Rating Date
29.04.2004
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
15.22
(EBITDA-Capex)/Interest Exp.
11.78
Net Debt/EBITDA
0.94
Total Debt/EBITDA
1.09
Reference
Total Debt/Equity
26.1%
Total Debt/Capital
20.7%
Asset Turnover
1.89
Net Fixed Asset Turnover
14.40
Accounts receivable turnover-days
18.61
Inventory Days
37.84
Accounts Payable Turnover Day
17.05
Cash Conversion Cycle
39.40
Sales/Revenue/Turnover

14.00

140'000.0

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00
01.01.2010

a-12

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

Fiscal Year Ended


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

7.0 M

50
40

Valuation Analysis

31.12.2008
87'471.9
0.59x
7'320.4
7.10x
3'212.1
11.78x

60

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

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

26.03.2013

CVS Caremark Corp


Holdings By:

All

Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
DAVIS SELECTED ADVIS
WELLINGTON MANAGEMEN
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
FRANKLIN RESOURCES
ABERDEEN
NORTHERN TRUST CORPO
SUN LIFE FINANCIAL I
BANK OF NEW YORK MEL
LAZARD ASSET MANAGEM
T ROWE PRICE ASSOCIA
UBS
DIMENSIONAL FUND ADV
WINSLOW CAPITAL MANA
NORGES BANK
INVESCO LTD

Firm Name
Lazard Capital Markets
BMO Capital Markets
Morgan Stanley
ISI Group
Goldman Sachs
Raymond James
Edward Jones
Susquehanna Financial Group
RBC Capital Markets
Argus Research Corp
Macquarie
Cantor Fitzgerald
Guggenheim Securities LLC
Barclays
Credit Suisse
SunTrust Robinson Humphrey
JPMorgan
William Blair & Co
Mizuho Securities USA Inc
JMP Securities
S&P Capital IQ
EVA Dimensions

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
DAVIS SELECTED ADVIS
WELLINGTON MANAGEMEN
n/a
Multiple Portfolios
n/a
n/a
NORTHERN TRUST CORPO
n/a
BANK OF NEW YORK MEL
n/a
T ROWE PRICE ASSOCIA
n/a
DIMENSIONAL FUND ADV
WINSLOW CAPITAL MANA
NORGES BANK
INVESCO LTD

Analyst
THOMAS GALLUCCI
JENNIFER LYNCH
RICKY GOLDWASSER
ROSS MUKEN
MATTHEW J FASSLER
JOHN W RANSOM
JUDSON CLARK
ROBERT SUMMERS
FRANK G MORGAN
CHRISTOPHER GRAJA
DANE LEONE
AJAY JAIN
JOHN HEINBOCKEL
MEREDITH ADLER
EDWARD J KELLY
DAVID G MAGEE
LISA C GILL
MARK R MILLER
ANN HYNES
TIM MCDONOUGH
JOSEPH AGNESE
AUSTIN BURKETT

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

Recommendation
buy
outperform
Overwt/In-Line
buy
neutral/neutral
outperform
buy
Positive
outperform
buy
outperform
buy
buy
overweight
outperform
neutral
overweight
outperform
buy
market outperform
strong buy
buy

Amt Held
76'766'294
59'644'640
56'347'293
51'791'427
49'038'267
47'574'729
36'413'422
35'751'125
32'174'188
20'740'777
19'163'549
18'391'850
15'895'335
15'243'101
14'329'925
11'803'008
10'869'017
10'527'099
10'256'556
9'663'679

% Out
6.24
4.84
4.58
4.21
3.98
3.86
2.96
2.9
2.61
1.68
1.56
1.49
1.29
1.24
1.16
0.96
0.88
0.86
0.83
0.78

Weighting

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

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

Latest Chg
(2'342'171)
2'046'832
(253'210)
(9'508'072)
1'525'580
(14'617'578)
(2'467'377)
(27'300)
(116'523)
1'978'832
(566'014)
(2'244'339)
125'365
(4'742'655)
(32'206)
(156'583)
686'407
(4'367'748)

Target Price
64
59
60
59
57
58
#N/A N/A
60
59
58
56
57
60
57
55
#N/A N/A
59
#N/A N/A
56
58
62
#N/A N/A

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

File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
25.03.2013
20.03.2013
15.03.2013
14.03.2013
11.03.2013
08.03.2013
06.03.2013
04.03.2013
28.02.2013
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
16.01.2013

26.03.2013

Devon Energy Corp


Devon Energy Corporation is an independent energy company that is involved
primarily in oil and gas exploration, development and production, the
transportation of oil, gas, and NGLs and the processing of natural gas. The
Company also has marketing and midstream operations primarily in North America
that include gas, crude oil and NGLs.

Price/Volume

3.0 M

60

2.5 M
2.0 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (02.04.2012)
52-Week Low (31.12.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 06.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DVN UN EQUITY YTD Change
DVN UN EQUITY YTD % CHANGE

12/2012
12/yy
73.13
50.89
97'625.00
57.05
-21.99%
12.10%
27.56%
406.0
23'162.30
11'644.00
0.0
0.0
6'980.00
27'826.30

1.5 M

30
20

1.0 M

10

.5 M

0
m-12

31.12.2009
31.12.2010
8'136.0
10'017.0
4.85x
3.66x
4'391.0
5'936.0
8.99x
6.17x
(2'479.0)
4'550.0
22.41x
13.65x
Profitability

31.12.2011
10'965.0
2.53x
6'389.0
4.35x
4'704.0
24.70x

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

31.12.2012
9'679.0
2.66x
5'253.0
4.91x
(206.0)
15.77x
5'253.00
2'442.00
25.23%
-3.28%
-0.49%
-1.00%
0.23%
32.4%
54.1%
25.0%
-2.1%
1.49
1.37
26.88%
54.72%
7.36
61.75

Price/ Cash Flow

m-12

j-12

LTM-4Q

LTM

12/yy
10'783.0
12.04x
6'138.0
4.52x
4'704.0
10.16x

12/yy
9'651.0
11.76x
5'225.0
4.94x
(206.0)
15.91x

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.40
1.30
380.01
7.70
-20.35%
10.02%
1.296
32
4.094
566'513
785'380
717'389
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
9'867.5
11'105.8
2'216.2
2'357.4
3.28x
3.10x
14.36x
13.71x
5'642.8
6'733.2
1'257.0
1'352.6
4.93x
4.13x
4.85x
4.61x
1'454.2
2'087.9
269.2
315.5
16.11x
11.41x
16.18x
13.89x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

18.03.2008
BBB+
STABLE
29.08.2000
A-2
11.57
-6.55
0.89
2.23
54.7%
35.4%
0.23
0.37
49.76
5.93
81.60
-26.06

Sales/Revenue/Turnover

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00
01.01.2010

a-12

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

Fiscal Year Ended


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

3.5 M

70
50

Valuation Analysis

31.12.2008
13'615.0
2.56x
8'952.0
3.89x
(2'148.0)
8.59x

80

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Devon Energy Corp


Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
MITCHELL GEORGE PHYD
VANGUARD GROUP INC
STATE STREET
HARRIS ASSOCIATES LP
VANGUARD GROUP INC
FRANKLIN RESOURCES
FIDUCIARY MANAGEMENT
GOLDMAN SACHS GROUP
JP MORGAN
DAVIS SELECTED ADVIS
WELLINGTON MANAGEMEN
INTERNATIONAL VALUE
LAZARD ASSET MANAGEM
FIRST EAGLE INVESTME
NORTHERN TRUST CORPO
GREENHAVEN ASSOCIATE
BANK OF NEW YORK MEL
TWEEDY BROWNE COMPAN

Firm Name
Capital One Southcoast, Inc.
Deutsche Bank
Sanford C. Bernstein & Co
Susquehanna Financial Group
Jefferies
FBR Capital Markets
Oppenheimer & Co
Simmons & Company International
Argus Research Corp
Macquarie
Buckingham Research Group
Guggenheim Securities LLC
JPMorgan
Raymond James
EVA Dimensions
Morgan Stanley
RBC Capital Markets
Howard Weil Inc
Robert W. Baird & Co
Barclays
Societe Generale
Credit Suisse
Johnson Rice & Co
Peters & Co Ltd
Wells Fargo Securities, LLC
Tudor Pickering & Co
Alembic Global Advisors
Goldman Sachs

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
HARRIS ASSOC LP
Multiple Portfolios
n/a
FIDUCIARY MANAGEMENT
GOLDMAN SACHS GROUP
n/a
DAVIS SELECTED ADVIS
WELLINGTON MANAGEMEN
INTERNATIONAL VALUE
n/a
FIRST EAGLE INVESTME
NORTHERN TRUST CORPO
GREENHAVEN ASSOCIATE
BANK OF NEW YORK MEL
TWEEDY BROWNE COMPAN

Analyst
ELIOT JAVANMARDI
STEPHEN RICHARDSON
BOB BRACKETT
DUANE GRUBERT
BIJU Z PERINCHERIL
REHAN RASHID
FADEL GHEIT
DAVID W KISTLER
PHILIP H WEISS
JOSEPH MAGNER
ROBERT L CHRISTENSEN JR
ROBERT CORDRAY
JOSEPH D ALLMAN
ANDREW COLEMAN
CRAIG STERLING
J EVAN CALIO
SCOTT HANOLD
PETER KISSEL
HSULIN PENG
THOMAS R DRISCOLL
JOHN HERRLIN
ARUN JAYARAM
CHARLES MEADE
KAM S SANDHAR
DAVID R TAMERON
BRIAN LIVELY
JAMES J SULLIVAN
BRIAN SINGER

Source
ULT-AGG
ULT-AGG
13D
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F

Recommendation
neutral
hold
market perform
Positive
buy
outperform
outperform
overweight
hold
neutral
buy
buy
overweight
outperform
underweight
Equalwt/Attractive
outperform
sector outperform
outperform
equalweight
buy
outperform
equalweight
sector outperform
market perform
hold
overweight
buy/attractive

Amt Held
27'085'482
26'358'470
23'372'374
16'704'838
16'127'146
15'970'115
10'520'249
8'725'054
8'347'437
8'030'292
7'551'334
7'131'339
6'095'512
5'580'292
5'338'369
5'326'710
5'231'537
4'540'933
4'396'481
3'737'500

% Out
6.67
6.49
5.76
4.11
3.97
3.93
2.59
2.15
2.06
1.98
1.86
1.76
1.5
1.37
1.31
1.31
1.29
1.12
1.08
0.92

Weighting

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

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

Latest Chg
3'406'170
450'066
(74'208)
5'526'100
6'856'270
25'663
(941'086)
857'851
(2'772'487)
812'580
330'608
(50'957)
1'090'031
187'457
(119'365)
(262'635)
2'210'982

Target Price
84
66
67
74
71
77
67
92
#N/A N/A
61
78
74
62
69
#N/A N/A
60
72
69
68
61
65
75
#N/A N/A
75
#N/A N/A
83
70
69

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

File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
07.03.2012
n/a
31.12.2012
Investment Advisor
25.03.2013
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
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
26.03.2013
25.03.2013
22.03.2013
21.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
11.03.2013
07.03.2013
01.03.2013
28.02.2013
27.02.2013
25.02.2013
25.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
01.02.2013
08.01.2013
13.12.2012

26.03.2013

Dow Chemical Co/The


The Dow Chemical Company is a diversified chemical company that provides
chemical, plastic, and agricultural products and services to various essential
consumer markets. The Company serves customers in countries around the world in
markets such as food, transportation, health and medicine, personal care, and
construction.

Price/Volume
40

4.0 M

25

12/2012
12/yy
36.08
27.45
481'351.00
32.11
-11.00%
16.98%
56.08%
1'204.4
38'672.13
20'987.00
4'000.0
1'137.0
4'318.00
60'478.13

3.0 M

15

2.0 M

10
1.0 M

5
0
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 m-13

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

Fiscal Year Ended


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

5.0 M

30
20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.04.2012)
52-Week Low (16.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DOW UN EQUITY YTD Change
DOW UN EQUITY YTD % CHANGE

31.12.2008
57'361.0
0.41x
4'316.0
5.46x
579.0
25.58x

6.0 M

35

31.12.2009
31.12.2010
44'875.0
53'674.0
1.25x
1.14x
4'176.0
6'078.0
13.38x
10.11x
648.0
2'310.0
43.86x
17.42x
Profitability

LTM-4Q
31.12.2011
59'985.0
0.92x
6'909.0
7.99x
2'742.0
11.32x

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

31.12.2012
56'786.0
1.07x
6'645.0
9.14x
1'182.0
17.02x
6'645.00
3'947.00
6.95%
2.93%
1.70%
4.79%
4.40%
0.82%
15.0%
11.3%
6.6%
2.1%
2.06
0.82
30.15%
124.35%
11.39
6.01

Price/ Cash Flow

LTM

12/yy
59'985.0
3.94x
6'909.0
7.99x
2'742.0
11.23x

12/yy
56'786.0
4.23x
6'425.0
9.45x
1'182.0
16.93x

FY+1

3.77
1.42
1'199.15
18.05
-5.55%
0.34%
1.418
25
3.120
1'768'101
1'562'352
1'723'836
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
58'994.5
61'769.9
14'961.0
15'200.8
1.02x
0.96x
4.15x
4.10x
8'302.9
9'223.6
2'158.0
2'168.3
7.27x
6.54x
7.13x
6.85x
2'797.9
3'499.0
771.7
840.9
13.57x
10.88x
13.62x
12.47x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

11.05.2011
BBB
STABLE
11.05.2011
A-2
4.91
2.98
2.59
3.27
124.4%
48.8%
0.82
3.26
32.14
60.86
36.43
56.57

Sales/Revenue/Turnover

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00
0.00
01.01.2010

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

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

26.03.2013

Dow Chemical Co/The


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
WELLINGTON MANAGEMEN
FRANKLIN RESOURCES
VANGUARD GROUP INC
DODGE & COX
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
JP MORGAN
GLOBAL THEMATIC PART
UBS
TIAA CREF INVESTMENT
NORGES BANK
GEODE CAPITAL MANAGE
FMR LLC
CREDIT SUISSE AG
WADDELL & REED FINAN
LAZARD ASSET MANAGEM

Firm Name
Susquehanna Financial Group
Wells Fargo Securities, LLC
Monness, Crespi, Hardt & Co
Credit Suisse
Tigress Financial Partners
Jefferies
Macquarie
Edward Jones
Cowen Securities LLC
SunTrust Robinson Humphrey
Alembic Global Advisors
Argus Research Corp
RBC Capital Markets
Deutsche Bank
Morgan Stanley
Hilliard Lyons
JPMorgan
Credit Agricole Securities (USA)
Barclays
EVA Dimensions
Goldman Sachs
Gilford Securities

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
WELLINGTON MANAGEMEN
n/a
Multiple Portfolios
DODGE & COX
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
n/a
GLOBAL THEMATIC PART
n/a
TIAA-CREF INVESTMENT
NORGES BANK
GEODE CAPITAL MANAGE
n/a
CREDIT SUISSE AG
WADDELL & REED FINAN
n/a

Analyst
DONALD D CARSON
FRANK J MITSCH
HERBERT A HARDT
JOHN P MCNULTY
IVAN FEINSETH
LAURENCE ALEXANDER
COOLEY MAY
MATT ARNOLD
CHARLES NEIVERT
ANDREW W CASH
HASSAN I AHMED
WILLIAM V SELESKY
CHRIS NOCELLA
DAVID I BEGLEITER
VINCENT ANDREWS
STEPHEN A O'NEIL
JEFFREY J ZEKAUSKAS
MARK W CONNELLY
DUFFY FISCHER
CRAIG STERLING
ROBERT KOORT
PAUL C CHRISTOPHERSON

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

Recommendation
neutral
market perform
neutral
outperform
neutral
hold
outperform
sell
hold
reduce
overweight
hold
sector perform
hold
Equalwt/Attractive
neutral
neutral
underperform
equalweight
sell
buy/attractive
sell

Amt Held
206'669'684
64'551'940
53'273'239
50'117'719
44'215'462
34'641'883
34'001'200
29'819'338
16'678'443
13'758'775
12'934'391
10'019'816
8'237'734
7'946'302
7'892'282
7'881'697
7'876'069
7'307'654
7'277'441
6'944'090

% Out
17.16
5.36
4.42
4.16
3.67
2.88
2.82
2.48
1.38
1.14
1.07
0.83
0.68
0.66
0.66
0.65
0.65
0.61
0.6
0.58

Weighting

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

M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M

Latest Chg
(2'030'698)
1'487'720
1'409'446
(1'803'882)
2'675'646
22'392
289'327
(281'468)
5'471'693
860'998
(1'694'177)
438'661
1'240'403
(743'820)
1'194'837
1'323'515
4'374'725
(945'071)

Target Price
35
#N/A N/A
#N/A N/A
39
#N/A N/A
34
39
#N/A N/A
#N/A N/A
28
45
#N/A N/A
35
35
#N/A N/A
#N/A N/A
33
33
36
#N/A N/A
41
#N/A N/A

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

File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
24.03.2013
21.03.2013
20.03.2013
18.03.2013
13.03.2013
08.03.2013
05.03.2013
01.03.2013
28.02.2013
25.02.2013
19.02.2013
07.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
13.01.2013
18.09.2012

26.03.2013

eBay Inc
eBay Inc. operates an online trading community. The Company's service is used
by buyers and sellers for the exchange of products and services such as coins,
collectibles, computers, memorabilia, stamps and toys, as well as concert and
sporting tickets. eBay also offers, through a subsidiary, secure online
payment services.

Price/Volume
70

16.0 M

60

14.0 M
12.0 M

50

10.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (10.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EBAY UW EQUITY YTD Change
EBAY UW EQUITY YTD % CHANGE

12/2012
12/yy
57.26
35.32
1'332'741.00
51.78
-9.52%
46.60%
72.88%
1'296.5
67'133.41
4'519.00
0.0
0.0
9'408.00
62'244.41

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

6.0 M

20

4.0 M

10

2.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
8'541.3
1.82x
2'844.6
5.46x
1'779.5
9.01x

8.0 M

30

31.12.2009
31.12.2010
8'727.4
9'156.3
2.93x
3.42x
2'305.9
2'837.5
11.10x
11.03x
2'389.1
1'801.0
15.90x
20.17x
Profitability

LTM-4Q
31.12.2011
11'651.7
3.02x
3'313.0
10.62x
3'229.4
17.23x

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

31.12.2012
14'072.0
4.34x
4'088.0
14.95x
2'609.0
26.15x
4'088.00
2'888.00
20.52%
21.92%
8.11%
13.46%
0.44%
70.0%
29.1%
20.5%
18.5%
1.96
0.94
12.19%
21.66%
18.72
-

Price/ Cash Flow

LTM

12/yy
11'651.7
12.60x
3'313.0
10.62x
3'229.4
17.33x

12/yy
14'071.0
15.16x
4'090.0
14.94x
2'610.0
26.29x

FY+1

0.00
1.24
1'172.15
10.89
35.98%
1.49%
1.242
44
4.500
3'578'202
3'002'050
2'969'003
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'351.1
18'761.3
3'765.3
3'946.7
3.76x
3.11x
16.34x
15.38x
5'392.5
6'235.5
1'237.2
1'298.8
11.57x
10.01x
11.57x
11.11x
3'637.3
4'253.1
823.4
872.0
18.79x
16.04x
18.82x
18.14x
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

02.03.2010
A
STABLE
05.11.2010
A-1
64.89
44.94
-1.20
1.10
21.7%
17.8%
0.44
6.29
19.55
25.36
-

Sales/Revenue/Turnover

25.00

16'000.0
14'000.0

20.00

12'000.0
10'000.0

15.00

8'000.0
10.00

6'000.0
4'000.0

5.00

0.00
01.01.2010

2'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

eBay Inc
Holdings By:

All

Holder Name
OMIDYAR PIERRE M
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
T ROWE PRICE ASSOCIA
JANUS CAPITAL MANAGE
VANGUARD GROUP INC
INVESCO LTD
BAILLIE GIFFORD AND
WELLINGTON MANAGEMEN
OPPENHEIMERFUNDS INC
DODGE & COX
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
TIAA CREF INVESTMENT
JP MORGAN
UBS
WINSLOW CAPITAL MANA
CITIGROUP INCORPORAT

Firm Name

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
T ROWE PRICE ASSOCIA
n/a
Multiple Portfolios
INVESCO LTD
BAILLIE GIFFORD & CO
WELLINGTON MANAGEMEN
OPPENHEIMER FUNDS IN
DODGE & COX
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
TIAA-CREF INVESTMENT
n/a
n/a
WINSLOW CAPITAL MANA
CITIGROUP INCORPORAT

Analyst

Cantor Fitzgerald
YOUSSEF H SQUALI
JMP Securities
RONALD V JOSEY III
Compass Point Research & Trading LLC DOUGLAS GREINER
Topeka Capital Markets Inc
VICTOR ANTHONY
Janney Montgomery Scott LLC
SHAWN C MILNE
Keefe, Bruyette & Woods
SANJAY SAKHRANI
Stifel
JORDAN ROHAN
RBC Capital Markets
MARK S MAHANEY
JPMorgan
DOUGLAS ANMUTH
Robert W. Baird & Co
COLIN SEBASTIAN
Sanford C. Bernstein & Co
CARLOS KIRJNER
Wedbush
GIL B LURIA
Cowen and Company
JOHN BLACKLEDGE
Susquehanna Financial Group
JAMES E FRIEDMAN
Piper Jaffray
EUGENE E MUNSTER
Morgan Stanley
SCOTT W DEVITT
Jefferies
BRIAN J PITZ
Macquarie
BENJAMIN A SCHACHTER
Telsey Advisory Group
THOMAS FORTE
Edward Jones
JOSH OLSON
Barclays
ANTHONY J DICLEMENTE
Argus Research Corp
DAVID RITTER
Nomura
BRIAN NOWAK
Credit Agricole Securities (USA)
JAMES LEE
Canaccord Genuity Corp
MICHAEL GRAHAM
Evercore Partners
KEN SENA
BMO Capital Markets
EDWARD S WILLIAMS
Daiwa Securities Co. Ltd.
KAZUYA NISHIMURA
Raymond James
AARON M KESSLER
Credit Suisse
STEPHEN JU
Needham & Co
KERRY RICE
B Riley & Company, Inc
SCOTT TILGHMAN
BGC Partners
COLIN W GILLIS
Wells Fargo Securities, LLC
MATTHEW NEMER
S&P Capital IQ
SCOTT H KESSLER
Atlantic Equities LLP
JAMES CORDWELL
Benchmark Company LLC
DANIEL L KURNOS
Pacific Crest Securities
CHAD BARTLEY
EVA Dimensions
ANDREW S ZAMFOTIS
Goldman Sachs
HEATH P TERRY
Tigress Financial Partners
IVAN FEINSETH
Deutsche Bank
ROSS SANDLER

Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F

Recommendation
buy
market outperform
neutral
hold
buy
outperform
buy
outperform
overweight
outperform
outperform
outperform
neutral
Positive
overweight
Overwt/Attractive
buy
outperform
no rating system
buy
equalweight
buy
buy
buy
hold
overweight
outperform
outperform
outperform
neutral
buy
buy
buy
market perform
hold
overweight
buy
outperform
overweight
buy/attractive
buy
hold

Amt Held
121'858'408
68'453'183
58'093'760
51'962'883
47'412'395
45'140'231
40'275'490
32'968'767
31'965'970
30'626'146
28'907'848
20'441'029
19'219'016
17'984'285
15'628'609
13'224'417
12'566'376
11'689'306
11'256'041
10'734'813

% Out
9.4
5.28
4.48
4.01
3.66
3.48
3.11
2.54
2.47
2.36
2.23
1.58
1.48
1.39
1.21
1.02
0.97
0.9
0.87
0.83

Weighting

Change

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

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
N
M
M
M
M
M
M
M
M
M
M
M
M
M
N
N

Latest Chg
(30'000)
477'861
(32'761)
1'287'075
(847'963)
4'482'329
(5'193'294)
(4'169'104)
(1'802'736)
(10'212'918)
(1'345'350)
(2'197'523)
(984'371)
49'071
492'872
2'942'485
522'751
2'454'742
10'696'161

Target Price
56
67
50
54
65
62
63
57
56
60
66
64
#N/A N/A
66
63
62
62
58
61
#N/A N/A
60
65
58
64
56
64
64
60
61
50
60
64
65
#N/A N/A
60
62
63
62
#N/A N/A
63
#N/A N/A
55

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

File Dt
21.12.2012
31.12.2012
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012

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

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

Date
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
14.03.2013
14.03.2013
28.02.2013
22.02.2013
22.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
16.01.2013
15.01.2013
11.01.2013
03.12.2012
20.09.2012

26.03.2013

EI du Pont de Nemours & Co


E. I. du Pont de Nemours and Company is a global chemical and life sciences
company, with businesses that include agriculture and industrial biotechnology,
chemistry, biology, materials science and manufacturing. The Company operates
globally and offers a wide range of products and services for markets including
agriculture and food, building and construction, electronics and communications.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2012)
52-Week Low (16.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DD UN EQUITY YTD Change
DD UN EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
53.98
41.68
523'127.00
48.67
-9.84%
16.77%
60.41%
934.3
45'471.80
11'740.00
237.0
91.0
4'407.00
53'132.80

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
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 m-13

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

Fiscal Year Ended


31.12.2008
30'529.0
0.96x
2'904.0
10.14x
2'007.0
9.10x

60

31.12.2009
31.12.2010
26'109.0
31'505.0
1.38x
1.58x
3'086.0
4'419.0
11.67x
11.29x
1'755.0
3'031.0
16.59x
15.21x
Profitability

LTM-4Q
31.12.2011
33'681.0
1.53x
5'046.0
10.23x
3'474.0
12.90x

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
34'812.0
1.43x
4'794.0
10.35x
2'788.0
13.51x
4'794.00
3'081.00
8.85%
8.95%
5.68%
30.54%
14.60%
0.75%
26.5%
13.7%
9.1%
8.0%
1.56
0.73
23.60%
119.18%
6.44
3.70

Price/ Cash Flow

LTM

12/yy
35'779.0
6.27x
5'295.0
9.75x
3'474.0
12.14x

12/yy
36'951.0
6.19x
5'069.0
9.79x
2'788.0
12.83x

FY+1

3.49
1.15
932.67
36.96
-5.27%
9.21%
1.148
26
3.462
1'508'430
1'330'074
1'287'409
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
36'150.0
38'367.2
10'440.3
10'205.5
1.37x
1.24x
4.78x
4.88x
6'714.8
7'249.0
2'342.3
2'184.6
7.91x
7.32x
8.00x
7.77x
3'630.2
4'081.7
1'444.3
1'318.2
12.41x
11.10x
12.39x
11.51x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

17.05.2011
A
STABLE
17.05.2011
A-1
9.57
5.99
1.45
2.32
119.2%
53.6%
0.75
2.83
56.83
98.90
64.88
96.29

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0
30'000.0

10.00

25'000.0
8.00

20'000.0
6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

EI du Pont de Nemours & Co


Holdings By:

All

Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
FRANKLIN RESOURCES
JP MORGAN
FMR LLC
DUPONT CAPITAL MANAG
BANK OF AMERICA CORP
GOLDMAN SACHS GROUP
JANUS CAPITAL MANAGE
LAZARD ASSET MANAGEM
WILMINGTON TRUST COM
NORGES BANK
ALLIANZ ASSET MANAGE
STATE FARM MUTUAL AU
BARROW HANLEY MEWHIN

Firm Name
Jefferies
BGC Partners
Monness, Crespi, Hardt & Co
Hamburger Sparkasse
Susquehanna Financial Group
Wells Fargo Securities, LLC
RBC Capital Markets
Edward Jones
Alembic Global Advisors
Piper Jaffray
Barclays
Oppenheimer & Co
Morgan Stanley
Credit Suisse
Argus Research Corp
EVA Dimensions
Goldman Sachs
Deutsche Bank
JPMorgan
Macquarie
SunTrust Robinson Humphrey
S&P Capital IQ
Credit Agricole Securities (USA)

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
n/a
n/a
n/a
DUPONT CAPITAL MANAG
BANK OF AMERICA
GOLDMAN SACHS GROUP
n/a
n/a
WILMINGTON TRUST COM
NORGES BANK
n/a
STATE FARM MUTUAL AU
BARROW HANLEY MEWHIN

Analyst
LAURENCE ALEXANDER
MARK R GULLEY
HERBERT A HARDT
MARCO GUENTHER
DONALD D CARSON
FRANK J MITSCH
CHRIS NOCELLA
MATT ARNOLD
HASSAN I AHMED
MIKE J RITZENTHALER
DUFFY FISCHER
EDWARD H YANG
VINCENT ANDREWS
JOHN P MCNULTY
WILLIAM V SELESKY
CRAIG STERLING
ROBERT KOORT
DAVID I BEGLEITER
JEFFREY J ZEKAUSKAS
COOLEY MAY
ANDREW W CASH
LEO LARKIN
MARK W CONNELLY

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

Recommendation
hold
buy
neutral
hold
Positive
market perform
sector perform
buy
neutral
neutral
equalweight
market perform
Equalwt/Attractive
not rated
buy
hold
neutral/attractive
buy
neutral
outperform
reduce
hold
underperform

Amt Held
59'317'304
44'818'529
41'581'756
39'894'000
26'437'219
16'549'700
15'589'054
14'592'180
11'197'757
10'054'489
9'974'422
9'902'768
9'417'027
8'569'404
7'362'469
7'109'145
6'914'198
6'862'040
6'717'535
6'563'988

% Out
6.35
4.8
4.45
4.27
2.83
1.77
1.67
1.56
1.2
1.08
1.07
1.06
1.01
0.92
0.79
0.76
0.74
0.73
0.72
0.7

Weighting

Change

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

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

Latest Chg
722'433
(551'090)
503'318
(335'003)
4'288'437
(6'203'287)
(5'490'577)
1'920'348
1'631'539
(69'262)
(1'419'257)
(903'445)
1'562'855
(94'681)
(22'604)
266'865

Target Price
52
55
#N/A N/A
#N/A N/A
60
#N/A N/A
52
#N/A N/A
43
51
53
#N/A N/A
#N/A N/A
#N/A N/A
63
#N/A N/A
50
55
50
57
37
50
50

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

File Dt
22.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Insurance Company
Investment Advisor

Date
26.03.2013
26.03.2013
20.03.2013
19.03.2013
18.03.2013
07.03.2013
01.03.2013
01.03.2013
25.02.2013
12.02.2013
12.02.2013
10.02.2013
07.02.2013
01.02.2013
30.01.2013
30.01.2013
27.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013

26.03.2013

Eli Lilly & Co


Eli Lilly and Company discovers, develops, manufactures, and sells
pharmaceutical products for humans and animals. The Company's products are
sold in countries around the world. Eli Lilly's products include neuroscience
products, endocrine products, anti-infectives, cardiovascular agents, oncology
products, and animal health products.

Price/Volume

6.0 M
5.0 M
4.0 M

30

Latest Fiscal Year:


LTM as of:
52-Week High (26.03.2013)
52-Week Low (13.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LLY UN EQUITY YTD Change
LLY UN EQUITY YTD % CHANGE

12/2012
12/yy
56.68
39.16
401'088.00
56.11
-0.97%
43.28%
98.98%
1'134.4
63'651.84
5'531.30
0.0
8.7
5'684.30
63'507.54

3.0 M

20

2.0 M

10

1.0 M

0
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 m-13

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

Fiscal Year Ended


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

7.0 M

50
40

Valuation Analysis

31.12.2008
20'371.9
2.47x
6'650.5
7.57x
(2'071.9)
10.02x

60

31.12.2009
31.12.2010
21'836.0
23'076.0
1.98x
1.76x
7'667.8
8'100.4
5.63x
5.01x
4'328.8
5'069.5
8.08x
7.42x
Profitability

LTM-4Q
31.12.2011
24'286.5
1.98x
7'691.5
6.27x
4'347.7
9.53x

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

31.12.2012
22'603.4
2.49x
6'477.5
8.69x
4'088.6
12.91x
6'477.50
5'015.30
22.19%
23.93%
12.01%
28.89%
20.69%
0.66%
78.8%
28.7%
22.2%
18.1%
1.55
1.08
16.08%
37.46%
6.52
1.94

Price/ Cash Flow

LTM

12/yy
24'286.5
7.24x
7'691.5
6.27x
4'347.7
9.53x

12/yy
22'603.3
9.16x
6'477.4
8.69x
4'088.5
14.55x

FY+1

3.49
0.70
995.65
13.67
45.41%
14.81%
0.699
24
3.375
776'613
1'247'530
1'257'107
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'010.6
19'909.1
5'666.8
5'868.4
2.67x
2.97x
10.92x
10.50x
6'681.5
5'024.7
1'702.0
1'606.0
9.53x
12.67x
10.33x
4'275.8
2'984.4
1'148.6
1'103.3
14.41x
20.07x
14.41x
15.79x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

19.08.2010
AASTABLE
27.01.1987
A-1+
32.58
28.03
-0.02
0.85
37.5%
27.2%
0.66
2.91
56.14
188.61
82.36
162.39

Sales/Revenue/Turnover

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0
6.00

10'000.0
4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Eli Lilly & Co


Holdings By:

All

Holder Name
LILLY ENDOWMENT INCO
LILLY ENDOWMENT INCO
BLACKROCK
WELLINGTON MANAGEMEN
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
FMR LLC
STATE FARM MUTUAL AU
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
STATE FARM MUTUAL AU
INVESCO LTD
GOLDMAN SACHS GROUP
CAPITAL GROUP COMPAN
NORGES BANK
AMERIPRISE FINANCIAL
CI INVESTMENTS INC
RENAISSANCE TECHNOLO

Firm Name
Wells Fargo Securities, LLC
Sanford C. Bernstein & Co
Cowen and Company
Jefferies
Barclays
Edward Jones
ISI Group
Credit Suisse
EVA Dimensions
Leerink Swann & Co
Credit Agricole Securities (USA)
Morgan Stanley
BMO Capital Markets
Goldman Sachs
Hilliard Lyons
JPMorgan
MKM Partners
Argus Research Corp
Atlantic Equities LLP
S&P Capital IQ
Cyrrus
First Global Stockbroking
MP Advisors Pvt Ltd

Portfolio Name
LILLY ENDOWMENT INC
n/a
n/a
WELLINGTON MANAGEMEN
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
n/a
Multiple Portfolios
n/a
STATE FARM MUTUAL AU
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
STATE FARM MUTUAL AU
INVESCO LTD
GOLDMAN SACHS GROUP
n/a
NORGES BANK
AMERIPRISE FINANCIAL
CI INVESTMENTS INC
RENAISSANCE TECHNOLO

Analyst
MICHAEL K TONG
TIMOTHY M ANDERSON
STEVEN R SCALA
JEFFREY HOLFORD
CHARLES ANTHONY BUTLER
JUDSON CLARK
MARK J SCHOENEBAUM
CATHERINE J ARNOLD
ANDREW S ZAMFOTIS
SEAMUS FERNANDEZ
KIM-LINH LINH VUKHAC
DAVID R RISINGER
ALEX ARFAEI
JAMI E RUBIN
STEPHEN A O'NEIL
CHRISTOPHER T SCHOTT
JON LECROY
JOHN M EADE
RICHARD J PURKISS
HERMAN SAFTLAS
TOMAS MENCIK
KAVITA THOMAS
VISHAL MANCHANDA

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

Recommendation
market perform
outperform
neutral
underperform
equalweight
sell
hold
outperform
buy
outperform
sell
Underwt/In-Line
market perform
neutral/attractive
neutral
neutral
neutral
buy
overweight
hold
accumulate
moderate outperform
market perform

Amt Held
135'670'804
135'670'804
63'874'976
49'889'615
48'617'689
46'862'388
42'364'981
28'798'911
21'081'001
20'063'900
16'701'887
13'797'820
12'436'833
12'205'068
9'729'663
9'200'252
9'140'536
8'482'489
8'401'723
8'108'905

% Out
11.96
11.96
5.63
4.4
4.29
4.13
3.73
2.54
1.86
1.77
1.47
1.22
1.1
1.08
0.86
0.81
0.81
0.75
0.74
0.71

Weighting

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

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

Latest Chg
2'321'387
300'400
1'236'901
(775'660)
(3'726'028)
2'021'645
180'726
3'429
2'692'255
2'149'044
(3'999'748)
689'057
326'507
(217'400)
(995'500)

Target Price
#N/A N/A
61
#N/A N/A
43
52
#N/A N/A
55
68
#N/A N/A
#N/A N/A
47
48
52
56
#N/A N/A
55
53
60
60
54
45
#N/A N/A
36

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

File Dt
Inst Type
31.12.2012
Endowment
31.12.2012
Endowment
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager

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

Date
22.03.2013
21.03.2013
15.03.2013
14.03.2013
12.03.2013
28.02.2013
27.02.2013
26.02.2013
25.02.2013
20.02.2013
11.02.2013
07.02.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
04.01.2013
05.04.2012
29.02.2012
03.05.2011

26.03.2013

EMC Corp/MA
EMC Corporation provides enterprise storage systems, software, networks, and
services. The Company's products store, retrieve, manage, protect, and share
information from all major computing environments and mainframe platforms. EMC
operates offices around the world.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.03.2012)
52-Week Low (01.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EMC UN EQUITY YTD Change
EMC UN EQUITY YTD % CHANGE

12/2012
12/yy
30.00
22.76
1'033'648.00
23.72
-20.93%
4.22%
13.54%
2'104.4
49'917.09
3'420.25
0.0
1'166.6
6'167.12
48'336.86

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

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
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 m-13

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

Fiscal Year Ended


31.12.2008
14'876.2
1.24x
2'957.0
6.23x
1'275.1
14.75x

35

31.12.2009
31.12.2010
14'025.9
17'015.1
2.34x
2.72x
2'594.9
3'935.2
12.63x
11.75x
1'088.1
1'900.0
26.88x
24.11x
Profitability

LTM-4Q
31.12.2011
20'007.6
2.20x
4'961.4
8.85x
2'461.3
18.89x

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
21'713.9
2.38x
5'602.2
9.23x
2'732.6
20.08x
5'602.21
4'074.46
18.76%
17.52%
7.53%
13.12%
11.25%
0.60%
62.8%
25.8%
18.8%
12.6%
1.18
0.93
8.98%
15.30%
6.82
7.30

Price/ Cash Flow

LTM

12/yy
20'007.6
9.77x
4'961.4
8.85x
2'461.3
18.89x

12/yy
21'713.9
9.98x
5'602.2
9.23x
2'732.6
20.08x

FY+1

0.00
1.18
2'092.18
48.98
-19.89%
-6.25%
1.181
45
4.689
3'536'749
3'881'547
4'268'624
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'481.8
25'468.2
5'422.7
5'665.6
1.82x
1.52x
7.97x
7.51x
6'981.2
7'564.3
1'624.4
1'723.7
6.93x
6.40x
6.61x
6.57x
4'130.7
4'600.5
864.3
945.4
12.77x
11.50x
12.74x
12.38x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

25.06.2012
A
STABLE
71.00
60.62
-0.49
0.61
15.3%
12.7%
0.60
7.26
53.69
50.10
47.43
56.37

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00
10.00

15'000.0

8.00

10'000.0

6.00
4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

EMC Corp/MA
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
BANK OF NEW YORK MEL
T ROWE PRICE ASSOCIA
CAPITAL GROUP COMPAN
JENNISON ASSOCIATES
WELLINGTON MANAGEMEN
AMERIPRISE FINANCIAL
NORTHERN TRUST CORPO
JANUS CAPITAL MANAGE
JP MORGAN
FMR LLC
LAZARD ASSET MANAGEM
MANNING & NAPIER ADV
SUN LIFE FINANCIAL I
PRIMECAP MANAGEMENT
AMERICAN CENTURY COM
MORGAN STANLEY

Firm Name
JPMorgan
Credit Suisse
Stifel
William Blair & Co
Monness, Crespi, Hardt & Co
Hilliard Lyons
Piper Jaffray
Argus Research Corp
Wells Fargo Securities, LLC
Tigress Financial Partners
BMO Capital Markets
Morgan Stanley
Brean Murray Carret & Co
Edward Jones
Janney Montgomery Scott LLC
Jefferies
Needham & Co
Robert W. Baird & Co
Raymond James
FBR Capital Markets
Sterne, Agee & Leach
Evercore Partners
Lazard Capital Markets
Longbow Research
Credit Agricole Securities (USA)
Topeka Capital Markets Inc
RBC Capital Markets
Pacific Crest Securities
Mizuho Securities USA Inc
ISI Group
Barclays
FBN Securities
Oppenheimer & Co
Craig-Hallum Capital Group LLC
Daiwa Securities Co. Ltd.
Deutsche Bank
Goldman Sachs
Wunderlich Securities
S&P Capital IQ
EVA Dimensions
Sanford C. Bernstein & Co
Wedge Partners

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
BANK OF NEW YORK MEL
T ROWE PRICE ASSOCIA
n/a
JENNISON ASSOCIATES
WELLINGTON MANAGEMEN
AMERIPRISE FINANCIAL
NORTHERN TRUST CORPO
n/a
n/a
n/a
n/a
MANNING & NAPIER ADV
n/a
PRIMECAP MANAGEMENT
AMERICAN CENTURY COM
n/a

Analyst
MARK A MOSKOWITZ
KULBINDER GARCHA
AARON C RAKERS
JASON NOAH ADER
JEFFREY FIDACARO
STEPHEN TURNER
ANDREW J NOWINSKI
JAMES KELLEHER
MAYNARD UM
IVAN FEINSETH
KEITH F BACHMAN
KATHRYN HUBERTY
ANANDA BARUAH
WILLIAM C KREHER
WILLIAM CHOI
PETER J MISEK
GLENN HANUS
JAYSON NOLAND SR
BRIAN G ALEXANDER
DANIEL H IVES
ALEX KURTZ
ROBERT CIHRA
EDWARD PARKER
JOE WITTINE
LOUIS R MISCIOSCIA
BRIAN J WHITE
AMIT DARYANANI
BRENT A BRACELIN
ABHEY R LAMBA
BRIAN MARSHALL
BENJAMIN A REITZES
SHEBLY SEYRAFI
ITTAI KIDRON
RAJESH GHAI
YOKO YAMADA
CHRISTOPHER WHITMORE
WILLIAM C SHOPE JR
BRIAN S FREED
ANGELO ZINO
ANDREW S ZAMFOTIS
TONI SACCONAGHI
KIRK ADAMS

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

Recommendation
neutral
outperform
buy
market perform
buy
long-term buy
overweight
buy
outperform
strong buy
outperform
Equalwt/In-Line
buy
buy
buy
buy
buy
outperform
strong buy
outperform
buy
overweight
buy
buy
outperform
buy
outperform
sector perform
buy
buy
overweight
outperform
outperform
hold
outperform
buy
Buy/Neutral
buy
buy
overweight
market perform
no rating system

Amt Held
145'059'432
93'906'507
88'507'842
59'624'462
50'450'635
49'797'589
46'200'090
39'287'693
38'967'872
37'578'664
37'186'977
28'760'389
27'947'645
26'143'923
25'908'932
23'045'892
22'418'594
22'191'549
21'128'294
20'280'493

% Out
6.89
4.46
4.21
2.83
2.4
2.37
2.2
1.87
1.85
1.79
1.77
1.37
1.33
1.24
1.23
1.1
1.07
1.05
1
0.96

Weighting

Change

3
5
5
3
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
3
5
5
5
5
5
5
3
#N/A N/A

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
M
M
M
M
M
M
M
U
M
M

Latest Chg
2'355'534
1'296'856
2'176'076
(2'575'764)
(4'000'000)
(7'345'976)
4'734'114
(3'047'485)
888'760
(3'320'820)
2'953'072
366'237
(1'791'598)
469'133
2'959'281
(34'200)
(532'843)
7'124'280

Target Price
26
30
33
#N/A N/A
30
30
29
36
#N/A N/A
#N/A N/A
28
#N/A N/A
30
#N/A N/A
29
32
30
30
30
31
28
31
28
30
28
30
30
#N/A N/A
32
36
31
29
30
28
27
28
28
32
30
#N/A N/A
28
#N/A N/A

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

File Dt
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
9 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
18 month
12 month
Not Provided
12 month
12 month
18 month
12 month
Not Provided
12 month
Not Provided

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

Date
25.03.2013
22.03.2013
22.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
05.03.2013
05.03.2013
04.02.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
17.01.2013
19.09.2012
03.05.2012

26.03.2013

Emerson Electric Co
Emerson Electric Co. designs and manufactures electronic and electrical
equipment, software, systems and services for industrial, commercial and
consumer markets worldwide through its network power, process management,
industrial automation, climate technologies and tools & storage divisions.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (12.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EMR UN EQUITY YTD Change
EMR UN EQUITY YTD % CHANGE

09/2012
12/yy
58.66
43.59
541'444.00
55.73
-4.99%
27.85%
81.22%
722.1
40'241.11
5'293.00
0.0
147.0
2'367.00
43'308.11

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

3.5 M

60

3.0 M

50

2.5 M

40

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0
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 m-13

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

Fiscal Year Ended


30.09.2008
24'807.0
1.39x
4'789.0
7.18x
2'412.0
12.79x

70

30.09.2009
30.09.2010
20'102.0
21'039.0
1.66x
2.06x
3'871.0
4'325.0
8.60x
10.00x
1'724.0
2'164.0
15.84x
18.74x
Profitability

LTM-4Q
30.09.2011
24'222.0
1.40x
5'096.0
6.64x
2'480.0
12.75x

30.09.2012
24'412.0
1.56x
5'155.0
7.38x
1'968.0
14.45x

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

5'155.00
4'332.00
17.75%
12.76%
8.69%
19.85%
14.09%
1.04%
40.0%
21.4%
18.0%
8.1%
1.42
1.03
22.22%
51.41%
5.74
6.37

Price/ Cash Flow

LTM

12/yy
23'996.0
6.88x
4'930.0
7.69x
2'371.0
14.79x

12/yy
24'656.0
6.46x
5'269.0
7.85x
2'051.0
15.49x

FY+1

2.89
1.10
717.71
10.83
12.00%
5.97%
1.098
28
3.786
584'108
782'098
803'239
FY+2

FQ+1

FQ+2

09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
25'243.8
26'571.6
6'050.0
6'674.7
1.69x
1.57x
7.24x
6.52x
5'048.1
5'461.2
1'131.8
1'432.0
8.59x
7.94x
8.44x
8.26x
2'612.9
2'886.2
574.7
769.4
15.48x
13.87x
15.02x
14.57x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

04.02.2002
A
STABLE
04.02.2002
A-1
23.01
20.04
0.56
1.04
51.4%
33.6%
1.04
7.13
63.80
57.44
58.81
55.99

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00
8.00

15'000.0

6.00

10'000.0

4.00

5'000.0
2.00
0.00
02.10.2009

0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

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

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

26.03.2013

Emerson Electric Co
Holdings By:

All

Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
JP MORGAN
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
BARROW HANLEY MEWHIN
T ROWE PRICE ASSOCIA
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
BANK OF AMERICA CORP
INVESCO LTD
STATE FARM MUTUAL AU
WELLS FARGO
FMR LLC
NORGES BANK
UBS
US BANCORP
STATE FARM MUTUAL AU
GEODE CAPITAL MANAGE

Firm Name
RBC Capital Markets
Sanford C. Bernstein & Co
Wells Fargo Securities, LLC
Deutsche Bank
Goldman Sachs
Robert W. Baird & Co
FBR Capital Markets
Longbow Research
Cowen and Company
Edward Jones
Credit Suisse
Janney Montgomery Scott LLC
Nomura
Langenberg & Co
Barclays
Morgan Stanley
William Blair & Co
Oppenheimer & Co
Argus Research Corp
JPMorgan
Atlantic Equities LLP
Macquarie
MKM Partners
EVA Dimensions

Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
Multiple Portfolios
n/a
BARROW HANLEY MEWHIN
T ROWE PRICE ASSOCIA
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
BANK OF AMERICA
INVESCO LTD
STATE FARM MUTUAL AU
n/a
n/a
NORGES BANK
n/a
US BANCORP
STATE FARM MUTUAL AU
GEODE CAPITAL MANAGE

Analyst
JAMIE SULLIVAN
STEVEN E WINOKER
RICHARD M KWAS
JOHN G INCH
JOSEPH RITCHIE
MICHAEL HALLORAN
AJAY K KEJRIWAL
ELI S LUSTGARTEN
GAUTAM KHANNA
CHRISTIAN MAYES
JULIAN MITCHELL
JOHN A BALIOTTI II
SHANNON O'CALLAGHAN
BRIAN KEITH LANGENBERG
SCOTT R DAVIS
NIGEL COE
NICHOLAS P HEYMANN
CHRISTOPHER D GLYNN
NATHANIEL GABRIEL
CHARLES STEPHEN TUSA
RICHARD RADBOURNE
MICHAEL R WOOD
JOSHUA C POKRZYWINSKI
CRAIG STERLING

Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
Sch-D
13F

Recommendation
outperform
outperform
outperform
buy
neutral/neutral
outperform
market perform
neutral
neutral
hold
outperform
neutral
buy
hold
equalweight
Equalwt/In-Line
market perform
market perform
hold
neutral
overweight
neutral
neutral
buy

Amt Held
37'740'401
37'123'952
33'161'610
26'632'642
26'107'723
24'382'787
15'550'431
14'914'755
14'243'037
11'131'417
9'848'611
9'715'091
8'024'040
7'984'948
6'671'473
5'868'203
5'483'804
5'405'831
4'824'006
4'782'125

% Out
5.23
5.14
4.59
3.69
3.62
3.38
2.15
2.07
1.97
1.54
1.36
1.35
1.11
1.11
0.92
0.81
0.76
0.75
0.67
0.66

Weighting

Change
5
5
5
5
3
5
3
3
3
3
5
3
5
3
3
3
3
3
3
3
5
3
3
5

M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U

Latest Chg
695'149
1'285'398
3'661'951
(6'154'354)
3'161'686
(2'017'167)
1'571'839
(203'081)
(870'006)
(851'325)
324'800
(442)
(156'853)
494'983
56'205
(308'607)
1'978
(458'894)

Target Price
70
68
#N/A N/A
69
62
68
60
#N/A N/A
#N/A N/A
#N/A N/A
60
55
65
60
56
62
59
63
#N/A N/A
51
67
56
56
#N/A N/A

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

File Dt
31.12.2012
22.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
30.09.2012
31.12.2012

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Government
Unclassified
Investment Advisor
Insurance Company
Investment Advisor

Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
06.03.2013
23.02.2013
21.02.2013
21.02.2013
21.02.2013
15.02.2013
15.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
06.02.2013
06.02.2013
06.02.2013

26.03.2013

Exelon Corp
Exelon Corporation is a utility services holding company. The Company, through
its subsidiaries distributes electricity to customers in Illinois and
Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area
as well as operates nuclear power plants in states that include Pennsylvania and
New Jersey.

Price/Volume

6.0 M

30

5.0 M
4.0 M

20

Latest Fiscal Year:


LTM as of:
52-Week High (01.08.2012)
52-Week Low (23.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EXC UN EQUITY YTD Change
EXC UN EQUITY YTD % CHANGE

12/2012
12/yy
39.75
28.40
259'899.00
33.79
-14.99%
18.98%
45.02%
855.6
28'909.33
19'603.00
280.0
106.0
1'486.00
47'412.33

3.0 M

15
10

2.0 M

1.0 M

0
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 m-13

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

Fiscal Year Ended


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

7.0 M

35
25

Valuation Analysis

31.12.2008
18'859.0
2.57x
7'607.0
6.38x
2'737.0
13.24x

40

31.12.2009
31.12.2010
17'318.0
18'644.0
2.48x
2.08x
7'351.0
7'669.0
5.84x
5.07x
2'707.0
2'563.0
11.86x
10.26x
Profitability

LTM-4Q
31.12.2011
19'063.0
2.16x
6'784.0
6.08x
2'495.0
10.43x

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
23'489.0
1.87x
6'550.0
6.71x
1'160.0
10.44x
6'550.00
2'471.00
10.52%
7.65%
1.74%
6.48%
5.12%
0.35%
56.8%
27.9%
10.5%
4.9%
1.30
0.75
24.95%
91.47%
6.87
10.82

Price/ Cash Flow

LTM

12/yy
19'064.0
8.65x
6'783.0
6.08x
2'495.0
10.43x

12/yy
23'489.0
8.30x
6'550.0
6.71x
1'160.0
11.66x

FY+1

6.21
0.63
854.22
15.20
-8.17%
15.56%
0.633
26
3.308
1'403'120
1'525'943
1'462'401
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
25'517.9
25'375.7
5'206.7
6'611.8
1.83x
1.87x
8.97x
7.17x
6'258.9
6'129.9
1'990.0
1'728.0
7.58x
7.74x
6.56x
6.61x
2'134.7
1'992.0
612.5
485.0
13.58x
14.68x
13.57x
13.66x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

22.07.2009
BBB
STABLE
22.07.2009
A-2
7.06
0.59
2.75
2.99
91.5%
47.3%
0.35
53.28
33.84
72.66
14.46

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00
6.00

15'000.0

5.00
4.00

10'000.0

3.00

5'000.0

2.00
1.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Exelon Corp
Holdings By:

All

Holder Name
STATE STREET
CAPITAL GROUP COMPAN
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
WELLINGTON MANAGEMEN
JP MORGAN
NORTHERN TRUST CORPO
HOTCHKIS & WILEY CAP
BANK OF NEW YORK MEL
DEUTSCHE BANK AG
INVESCO LTD
GEODE CAPITAL MANAGE
PERKINS INVESTMENT M
TIAA CREF INVESTMENT
NORGES BANK
MORGAN STANLEY
LEGAL & GENERAL

Firm Name
Macquarie
Wolfe Trahan & Co
Sanford C. Bernstein & Co
Credit Suisse
Edward Jones
Wells Fargo Securities, LLC
SunTrust Robinson Humphrey
Drexel Hamilton LLC
Argus Research Corp
RBC Capital Markets
JPMorgan
Jefferies
Wunderlich Securities
BGC Partners
ISI Group
Barclays
EVA Dimensions
BMO Capital Markets
Atlantic Equities LLP
Morgan Stanley
KeyBanc Capital Markets
Tudor Pickering & Co
Deutsche Bank
Goldman Sachs

Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
Multiple Portfolios
T ROWE PRICE ASSOCIA
WELLINGTON MANAGEMEN
n/a
NORTHERN TRUST CORPO
HOTCHKIS AND WILEY
BANK OF NEW YORK MEL
DEUTSCHE BANK AKTIEN
INVESCO LTD
GEODE CAPITAL MANAGE
PERKINS INVESTMENT M
TIAA-CREF INVESTMENT
NORGES BANK
n/a
n/a

Analyst
ANGIE STOROZYNSKI
STEVEN I FLEISHMAN
HUGH WYNNE
DANIEL EGGERS
ANDREW PUSATERI
NEIL A KALTON
ALI AGHA
ANDREW L SMITH
GARY F HOVIS
SHELBY G TUCKER
CHRISTOPHER TURNURE
PAUL B FREMONT
JAMES L DOBSON
KIT KONOLIGE
GREG GORDON
DANIEL F FORD
AUSTIN BURKETT
MICHAEL S WORMS
NATHAN JUDGE
STEPHEN C BYRD
PAUL T RIDZON
NEEL MITRA
JONATHAN ARNOLD
MICHAEL J LAPIDES

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

Recommendation
neutral
peerperform
market perform
neutral
hold
market perform
neutral
hold
hold
outperform
neutral
hold
buy
hold
buy
equalweight
sell
market perform
neutral
Overwt/In-Line
hold
hold
buy
neutral/neutral

Amt Held
52'956'323
49'357'020
46'728'304
45'657'522
38'984'565
25'386'394
24'169'976
16'065'029
11'754'070
11'209'327
11'040'768
10'361'792
6'583'265
6'057'741
5'620'271
4'138'375
4'086'412
4'026'187
3'921'720
3'870'799

% Out
6.19
5.77
5.46
5.34
4.56
2.97
2.83
1.88
1.37
1.31
1.29
1.21
0.77
0.71
0.66
0.48
0.48
0.47
0.46
0.45

Weighting

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

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

Latest Chg
7'028
4'099'300
7'543'219
1'025'175
278'125
2'696'115
9'857'193
172'294
122'542
599'917
896'323
(2'041'265)
(513'854)
(550'549)
79'324
2'608'943
875'462
115'284

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

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

File Dt
25.03.2013
31.12.2012
31.12.2012
22.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
12 month
18 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month

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

Date
25.03.2013
25.03.2013
11.03.2013
07.03.2013
06.03.2013
04.03.2013
01.03.2013
20.02.2013
13.02.2013
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
01.02.2013
22.01.2013
09.01.2013
26.11.2012
21.11.2012

26.03.2013

Exxon Mobil Corp


Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a
worldwide basis. The Company's operations include exploration and production of
oil and gas, electric power generation, and coal and minerals operations.
Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.10.2012)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
XOM UN EQUITY YTD Change
XOM UN EQUITY YTD % CHANGE

12/2012
12/yy
93.60
77.13
959'852.00
90.06
-3.78%
16.76%
72.19%
4'480.5
403'509.28
11'581.00
0.0
5'797.0
9'582.00
411'305.28

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

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

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

Fiscal Year Ended


31.12.2008
425'071.0
0.89x
78'669.0
4.82x
45'220.0
9.46x

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

31.12.2009
31.12.2010
275'564.0
341'578.0
1.18x
1.10x
38'156.0
54'882.0
8.54x
6.87x
19'280.0
30'460.0
17.01x
11.76x
Profitability

LTM-4Q
31.12.2011
433'526.0
0.95x
69'687.0
5.91x
41'060.0
10.07x

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

31.12.2012
420'714.0
0.94x
65'769.0
6.04x
44'880.0
11.45x
65'769.00
49'881.00
11.86%
18.71%
13.50%
28.03%
26.52%
1.28%
15.6%
15.8%
12.1%
10.7%
1.01
0.69
3.47%
6.98%
11.58
24.02

Price/ Cash Flow

LTM

FY+1

2.42
0.99
4'469.54
35.38
6.23%
4.73%
0.993
29
3.759
3'148'456
3'915'583
3'932'984
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
433'526.0 426'252.0 435'718.8 444'541.0 114'045.8 110'504.8
3.70x
3.82x
0.96x
0.95x
3.64x
3.77x
69'687.0
67'270.0
81'318.3
82'738.0
18'690.6
16'479.2
5.91x
5.91x
5.06x
4.97x
5.69x
5.43x
41'060.0
44'880.0
35'040.6
36'480.1
8'847.9
8'531.6
10.07x
10.97x
11.34x
10.77x
11.30x
11.12x
S&P Issuer Ratings
Long-Term Rating Date
16.12.1985
Long-Term Rating
AAA
Long-Term Outlook
STABLE
Short-Term Rating Date
16.12.1985
Short-Term Rating
A-1+
Credit Ratios
EBITDA/Interest Exp.
78.95
(EBITDA-Capex)/Interest Exp.
37.81
Net Debt/EBITDA
0.03
Total Debt/EBITDA
0.17
Reference
Total Debt/Equity
7.0%
Total Debt/Capital
6.3%
Asset Turnover
1.28
Net Fixed Asset Turnover
1.93
Accounts receivable turnover-days
31.61
Inventory Days
15.24
Accounts Payable Turnover Day
34.96
Cash Conversion Cycle
12.30
Sales/Revenue/Turnover

12.00

500'000.0
450'000.0

10.00

400'000.0
350'000.0

8.00

300'000.0

6.00

250'000.0
200'000.0

4.00

150'000.0
100'000.0

2.00
0.00
01.01.2010

50'000.0
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

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

26.03.2013

Exxon Mobil Corp


Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
WELLINGTON MANAGEMEN
FMR LLC
JP MORGAN
BANK OF AMERICA CORP
STATE FARM MUTUAL AU
T ROWE PRICE ASSOCIA
NORGES BANK
GEODE CAPITAL MANAGE
GOLDMAN SACHS GROUP
TIAA CREF INVESTMENT
STATE FARM MUTUAL AU
UBS
FAYEZ SAROFIM
LEGAL & GENERAL

Firm Name
Raymond James
Cowen Securities LLC
Tudor Pickering & Co
ISI Group
Argus Research Corp
Oppenheimer & Co
Societe Generale
Morgan Stanley
Credit Suisse
Howard Weil Inc
JPMorgan
Macquarie
Independent Research GmbH
Canaccord Genuity Corp
Barclays
Edward Jones
Jefferies
VTB Capital
Simmons & Company International
S&P Capital IQ
EVA Dimensions
Goldman Sachs
Deutsche Bank
Phoenix Partners Group

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
WELLINGTON MANAGEMEN
n/a
n/a
BANK OF AMERICA
STATE FARM MUTUAL AU
T ROWE PRICE ASSOCIA
NORGES BANK
GEODE CAPITAL MANAGE
GOLDMAN SACHS GROUP
TIAA-CREF INVESTMENT
STATE FARM MUTUAL AU
n/a
FAYEZ SAROFIM
n/a

Analyst
PAVEL MOLCHANOV
ASIT SEN
ROBERT KESSLER
DOUGLAS T TERRESON
PHILIP H WEISS
FADEL GHEIT
JOHN HERRLIN
J EVAN CALIO
EDWARD WESTLAKE
BLAKE FERNANDEZ
KATHERINE LUCAS MINYARD
JASON D GAMMEL
SVEN DIERMEIER
GORDON GRAY
PAUL Y CHENG
BRIAN YOUNGBERG
IAIN REID
COLIN SMITH
JEFFREY A DIETERT
MICHAEL KAY
CRAIG STERLING
ARJUN N MURTI
PAUL SANKEY
CHRIS KETTENMANN

Source
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
Sch-D
ULT-AGG
13F
ULT-AGG

Recommendation
outperform
buy
hold
buy
hold
outperform
buy
Equalwt/Attractive
neutral
sector perform
neutral
neutral
hold
hold
equalweight
hold
hold
hold
overweight
strong buy
buy
neutral/attractive
hold
hold

Amt Held
249'252'886
214'431'789
191'510'091
136'107'252
73'336'300
68'501'396
61'732'474
56'507'048
48'959'055
43'177'050
37'062'400
36'485'931
36'257'449
30'181'103
24'684'328
23'519'845
21'414'352
20'976'359
20'676'316
20'348'094

% Out
5.56
4.79
4.27
3.04
1.64
1.53
1.38
1.26
1.09
0.96
0.83
0.81
0.81
0.67
0.55
0.52
0.48
0.47
0.46
0.45

Weighting

Change
5
5
3
5
3
5
5
3
3
3
3
3
3
3
3
3
3
3
5
5
5
3
3
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
N

Latest Chg
3'172'441
3'009'359
1'561'338
1'694'013
28'110
(2'806'001)
3'762'110
(790'504)
(645'464)
265'582
70'734
(3'238'014)
348'093
33'132
(16'829)
(1'258'002)
(778'742)
(225'351)

Target Price
96
100
84
95
#N/A N/A
100
103
90
90
97
96
99
93
95
93
#N/A N/A
85
90
#N/A N/A
104
#N/A N/A
97
96
77

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

File Dt
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.01.2013
31.12.2012
31.12.2012

Date
12 month
Not Provided
Not Provided
12 month
Not Provided
18 month
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Insurance Company
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Unclassified

Date
26.03.2013
26.03.2013
25.03.2013
20.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
01.03.2013
15.02.2013
01.02.2013
15.01.2013
13.12.2012
10.10.2012
24.07.2012

26.03.2013

FedEx Corp
FedEx Corp. delivers packages and freight to multiple countries and
territories through an integrated global network. The Company provides
worldwide express delivery, ground small-parcel delivery, less-than-truckload
freight delivery, supply chain management services, customs brokerage services,
and trade facilitation and electronic commerce solutions.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 19.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FDX UN EQUITY YTD Change
FDX UN EQUITY YTD % CHANGE

Price/Volume

05/2012
02/yy
109.66
83.80
294'170.00
97.75
-10.86%
16.65%
51.12%
316.9
30'973.94
1'667.00
0.0
0.0
2'843.00
29'843.94

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

3.0 M

100

2.5 M

80

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0
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 m-13

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

Fiscal Year Ended


31.05.2008
37'953.0
0.76x
4'903.0
5.91x
1'125.0
15.73x

120

31.05.2009
31.05.2010
35'497.0
34'734.0
0.50x
0.75x
3'926.0
3'974.0
4.48x
6.59x
98.0
1'184.0
19.66x
21.97x
Profitability

LTM-4Q
31.05.2011
39'304.0
0.74x
4'440.0
6.54x
1'452.0
19.11x

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

31.05.2012
42'680.0
0.63x
5'433.0
4.98x
2'032.0
13.53x
5'433.00
3'320.00
7.78%
7.36%
5.97%
11.06%
10.14%
1.45%
20.4%
12.3%
7.0%
4.8%
1.69
1.40
5.57%
11.32%
9.15
76.15

Price/ Cash Flow

LTM

02/yy
42'224.0
2.56x
5'288.0
5.32x
2'040.0
14.22x

02/yy
43'860.0
2.62x
5'393.0
5.99x
1'808.0
17.09x

FY+1

0.57
1.02
296.18
5.66
6.02%
6.71%
1.017
32
4.250
1'294'195
558'823
510'328
FY+2

FQ+1

FQ+2

05/13 Y
05/14 Y
05/13 Q4 08/13 Q1
44'293.0
46'686.3
11'496.8
11'127.3
0.67x
0.62x
2.57x
2.66x
5'454.1
6'409.7
1'638.2
1'461.3
5.47x
4.66x
4.77x
4.61x
1'920.1
2'411.6
615.1
518.7
16.03x
12.88x
13.58x
12.97x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

11.02.2004
BBB
STABLE
11.02.2004
A-2
39.66
10.41
-0.21
0.42
11.3%
10.2%
1.45
2.49
39.88
4.79
18.05
26.68

Sales/Revenue/Turnover

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
05.06.2009

5'000.0
0.0
05.12.2009

05.06.2010

05.12.2010

05.06.2011

05.12.2011

05.06.2012

05.12.2012

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

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

26.03.2013

FedEx Corp
Holdings By:

All

Holder Name
PRIMECAP MANAGEMENT
SMITH FREDERICK WALL
DODGE & COX
SOUTHEASTERN ASSET M
BLACKROCK
WELLINGTON MANAGEMEN
VANGUARD GROUP INC
HARRIS ASSOCIATES LP
STATE STREET
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
GREENHAVEN ASSOCIATE
FRANKLIN RESOURCES
NORTHERN TRUST CORPO
CAPITAL GROUP COMPAN
FMR LLC
GATES FOUNDATION
NEUBERGER BERMAN LLC
TIAA CREF INVESTMENT

Firm Name
Sanford C. Bernstein & Co
Macquarie
Atlantic Equities LLP
Deutsche Bank
Argus Research Corp
Credit Suisse
JPMorgan
Jefferies
Robert W. Baird & Co
Sterne, Agee & Leach
Oppenheimer & Co
BB&T Capital Markets
Cowen Securities LLC
Barclays
EVA Dimensions
Wolfe Trahan & Co
Morgan Stanley
RBC Capital Markets
Edward Jones
William Blair & Co
Raymond James
Stifel
Avondale Partners LLC
Wells Fargo Securities, LLC
S&P Capital IQ
Nomura
Thompson, Davis & Company
Goldman Sachs
Jyske Bank

Portfolio Name
PRIMECAP MANAGEMENT
n/a
DODGE & COX
SOUTHEASTERN ASSET M
n/a
WELLINGTON MANAGEMEN
VANGUARD GROUP INC
HARRIS ASSOC LP
n/a
Multiple Portfolios
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
GREENHAVEN ASSOCIATE
n/a
NORTHERN TRUST CORPO
n/a
n/a
BILL & MELINDA FOUND
NEUBERGER BERMAN GRO
TIAA-CREF INVESTMENT

Analyst
DAVID VERNON
KELLY A DOUGHERTY
RORRIE MARS
JUSTIN B YAGERMAN
NATHANIEL GABRIEL
CHRISTOPHER J CERASO
THOMAS R WADEWITZ
H PETER NESVOLD
BENJAMIN J HARTFORD
JEFFREY A KAUFFMAN
SCOTT A SCHNEEBERGER
KEVIN W STERLING
HELANE R BECKER
BRANDON OGLENSKI
CRAIG STERLING
SCOTT H GROUP
WILLIAM J GREENE
JOHN L BARNES III
LOGAN PURK
NATHAN J BROCHMANN
ARTHUR W HATFIELD
DAVID G ROSS
DONALD BROUGHTON
ANTHONY P GALLO
JAMES CORRIDORE
MARK MCVICAR
DAVID P CAMPBELL
TOM KIM
ROBERT JAKOBSEN

Source
13F
Form 4
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
MF-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F

Recommendation
market perform
outperform
neutral
buy
buy
neutral
overweight
hold
outperform
buy
outperform
hold
buy
overweight
hold
outperform
Overwt/Attractive
sector perform
buy
outperform
outperform
buy
market perform
market perform
strong buy
neutral
buy
buy/attractive
sell

Amt Held
20'106'485
19'700'471
17'927'289
16'295'086
14'104'631
13'186'892
13'087'419
13'014'034
11'854'914
8'233'428
7'700'507
5'762'364
4'514'239
4'246'738
3'911'036
3'648'632
3'128'686
3'024'999
2'888'618
2'720'292

% Out
6.35
6.22
5.66
5.14
4.45
4.16
4.13
4.11
3.74
2.6
2.43
1.82
1.42
1.34
1.23
1.15
0.99
0.95
0.91
0.86

Weighting

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

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
D

Latest Chg
(52'150)
(108'555)
(279'800)
(423'995)
(194'498)
(61'196)
309'727
243'959
403'454
(1'806'730)
(90'583)
(82'687)
(158'990)
5'891
47'258
2'737'837
(294'348)
163'544

Target Price
100
119
108
127
115
97
121
100
112
115
124
#N/A N/A
117
120
#N/A N/A
125
119
100
#N/A N/A
#N/A N/A
114
117
105
#N/A N/A
129
105
123
115
103

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

File Dt
31.12.2012
26.12.2012
31.12.2012
31.12.2012
22.03.2013
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

Inst Type
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Endowment
Investment Advisor
Investment Advisor

Date
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
05.03.2013
11.02.2013
29.01.2013

26.03.2013

Ford Motor Co
Ford Motor Company designs, manufactures, and services cars and trucks. The
Company also provides vehicle-related financing, leasing, and insurance through
its subsidiary.

Price/Volume
16

35.0 M

14

30.0 M

12

25.0 M

10

Latest Fiscal Year:


LTM as of:
52-Week High (15.01.2013)
52-Week Low (02.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
F UN EQUITY YTD Change
F UN EQUITY YTD % CHANGE

12/2012
12/yy
14.30
8.82
1'306'586.00
13.279
-7.14%
50.56%
81.57%
3'851.4
51'143.45
14'300.00
0.0
364.0
24'425.00
41'382.45

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

15.0 M

6
4

10.0 M

5.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
145'114.0
0.11x
64.0
238.63x
(14'766.0)
-

20.0 M

Valuation Analysis

31.12.2009
31.12.2010
116'283.0
128'954.0
0.36x
0.48x
6'438.0
15'383.0
6.54x
4.03x
2'717.0
6'561.0
111.11x
8.65x
Profitability

LTM-4Q
31.12.2011
136'264.0
0.23x
13'629.0
2.34x
20'213.0
7.13x

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

31.12.2012
134'252.0
0.31x
12'513.0
3.30x
5'665.0
9.25x
12'513.00
6'291.00
4.69%
5.75%
3.05%
36.58%
5.27%
0.72%
13.8%
10.0%
5.3%
4.2%
1.98
1.17
54.61%
658.79%
28.03
17.45

Price/ Cash Flow

LTM

FY+1

1.51
1.27
3'822.95
53.20
8.73%
3.28%
1.268
26
3.846
4'550'498
5'797'617
8'489'232
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
136'264.0 134'252.0 134'614.7 141'475.3
33'758.5
33'742.4
1.15x
1.01x
0.30x
0.27x
1.24x
1.28x
13'629.0
13'404.0
11'013.8
12'542.0
3'239.5
2'948.3
2.29x
3.08x
3.76x
3.30x
3.51x
3.41x
20'213.0
5'665.0
5'608.4
6'696.3
1'627.0
1'428.0
6.64x
9.89x
9.46x
7.89x
9.42x
8.78x
S&P Issuer Ratings
Long-Term Rating Date
21.10.2011
Long-Term Rating
BB+
Long-Term Outlook
POS
Short-Term Rating Date
10.06.2008
Short-Term Rating
NR
Credit Ratios
EBITDA/Interest Exp.
17.45
(EBITDA-Capex)/Interest Exp.
9.80
Net Debt/EBITDA
-0.76
Total Debt/EBITDA
1.07
Reference
Total Debt/Equity
658.8%
Total Debt/Capital
86.6%
Asset Turnover
0.72
Net Fixed Asset Turnover
5.71
Accounts receivable turnover-days
13.06
Inventory Days
20.98
Accounts Payable Turnover Day
56.43
Cash Conversion Cycle
-22.39
Sales/Revenue/Turnover

7.00

200'000.0
180'000.0

6.00

160'000.0

5.00

140'000.0
120'000.0

4.00

100'000.0
80'000.0

3.00

60'000.0

2.00

40'000.0
1.00
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

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

26.03.2013

Ford Motor Co
Holdings By:

All

Holder Name
EVERCORE TRUST COMPA
BLACKROCK
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
STATE STREET
VANGUARD GROUP INC
NORTHERN TRUST CORPO
CAPITAL GROUP COMPAN
BANK OF NEW YORK MEL
OPPENHEIMERFUNDS INC
FMR LLC
ALLIANCE BERNSTEIN
TIAA CREF INVESTMENT
NORGES BANK
GEODE CAPITAL MANAGE
AMERIPRISE FINANCIAL
JP MORGAN
T ROWE PRICE ASSOCIA
LORD ABBETT & CO LLC
LEGAL & GENERAL

Firm Name
Sterne, Agee & Leach
Wolfe Trahan & Co
Jefferies
Credit Agricole Securities (USA)
Tigress Financial Partners
RBC Capital Markets
Edward Jones
Guggenheim Securities LLC
Daiwa Securities Co. Ltd.
Argus Research Corp
Stifel
Morgan Stanley
Credit Suisse
JPMorgan
Buckingham Research Group
Craig-Hallum Capital Group LLC
Barclays
S&P Capital IQ
Deutsche Bank
EVA Dimensions
Goldman Sachs
KeyBanc Capital Markets
CRT Capital Group

Portfolio Name
EVERCORE TRUST COMPA
n/a
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
n/a
Multiple Portfolios
NORTHERN TRUST CORPO
n/a
BANK OF NEW YORK MEL
OPPENHEIMER FUNDS IN
n/a
n/a
TIAA-CREF INVESTMENT
NORGES BANK
GEODE CAPITAL MANAGE
AMERIPRISE FINANCIAL
n/a
T ROWE PRICE ASSOCIA
LORD ABBETT & CO LLC
n/a

Analyst
MICHAEL P WARD
TIMOTHY J DENOYER
H PETER NESVOLD
EMMANUEL ROSNER
IVAN FEINSETH
JOSEPH SPAK
CHRISTIAN MAYES
MATTHEW STOVER
TAKUO KATAYAMA
WILLIAM V SELESKY
JAMES J ALBERTINE
ADAM JONAS
CHRISTOPHER J CERASO
RYAN BRINKMAN
JOSEPH C AMATURO
STEVEN L. DYER
BRIAN A JOHNSON
EFRAIM LEVY
ROD LACHE
CRAIG STERLING
PATRICK ARCHAMBAULT
BRETT D HOSELTON
KIRK LUDTKE

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

Recommendation
buy
peerperform
buy
underperform
buy
outperform
hold
neutral
neutral
buy
hold
Overwt/In-Line
neutral
overweight
underperform
hold
equalweight
buy
hold
buy
buy/attractive
hold
Fairly Valued

Amt Held
253'467'529
192'681'999
159'154'214
145'150'035
142'539'769
98'078'962
47'409'620
47'153'420
40'757'668
40'728'175
32'627'640
32'391'079
31'915'843
29'655'538
25'299'010
24'618'432
23'006'496
21'760'957
18'891'909
18'169'677

% Out
6.58
5
4.13
3.77
3.7
2.55
1.23
1.22
1.06
1.06
0.85
0.84
0.83
0.77
0.66
0.64
0.6
0.57
0.49
0.47

Weighting

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

M
M
M
M
N
M
M
M
D
M
M
M
M
M
M
D
M
M
D
M
M
M
M

Latest Chg
(8'395'514)
5'539'888
30'923'869
3'887'846
698'720
(1'400)
(113'746)
2'745'659
12'406'374
16'194'051
5'499'929
2'675'285
(2'128'139)
3'804'420
3'574'044
2'872'280
(438'567)
752'101

Target Price
17
#N/A N/A
16
14
#N/A N/A
15
#N/A N/A
12
13
19
#N/A N/A
17
14
15
11
14
15
13
15
#N/A N/A
17
#N/A N/A
17

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

File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 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
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified

Date
25.03.2013
24.03.2013
18.03.2013
08.03.2013
08.03.2013
28.02.2013
23.02.2013
19.02.2013
06.02.2013
05.02.2013
04.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
23.01.2013
15.01.2013
10.01.2013
04.12.2012
31.10.2012

26.03.2013

Freeport-McMoRan Copper & Gold Inc


Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold
and molybdenum mining company. The Company primarily mines for copper and owns
mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also,
through a subsidiary, is involved in smelting and refining of copper
concentrates.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (06.12.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FCX UN EQUITY YTD Change
FCX UN EQUITY YTD % CHANGE

12/2012
12/yy
43.65
30.55
446'894.00
32.48
-25.59%
6.32%
15.57%
949.5
30'840.75
3'527.00
0.0
3'768.0
3'705.00
34'430.75

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
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 m-13

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

Fiscal Year Ended


31.12.2008
17'796.0
1.17x
6'154.0
3.40x
(11'067.0)
3.29x

45

31.12.2009
31.12.2010
15'040.0
18'982.0
2.84x
3.15x
7'736.0
10'196.0
5.52x
5.87x
2'749.0
4'336.0
13.27x
12.98x
Profitability

LTM-4Q
31.12.2011
20'880.0
1.75x
10'162.0
3.59x
4'560.0
7.62x

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
18'010.0
2.00x
6'934.0
5.20x
3'041.0
10.46x
6'934.00
5'755.00
31.95%
30.48%
9.01%
18.33%
17.54%
0.53%
35.8%
38.5%
32.0%
16.9%
3.08
1.39
9.95%
20.10%
19.80
2.74

Price/ Cash Flow

LTM

12/yy
20'880.0
8.33x
10'162.0
3.59x
4'560.0
7.49x

12/yy
18'010.0
8.33x
6'934.0
5.20x
3'041.0
10.75x

FY+1

3.85
1.54
940.97
38.41
-13.50%
-4.18%
1.543
21
4.143
1'949'579
2'275'280
2'319'928
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
22'570.6
23'669.3
4'780.7
5'515.6
1.87x
1.74x
7.24x
6.31x
10'300.6
10'918.5
1'912.1
2'439.3
3.35x
3.16x
3.35x
3.05x
4'184.4
4'440.8
752.4
982.6
7.49x
7.18x
7.36x
6.85x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.07.2011
BBB
NEG
25.97
12.88
-0.03
0.51
20.1%
14.2%
0.53
0.91
18.48
133.68
68.26
83.90

Sales/Revenue/Turnover

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

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

26.03.2013

Freeport-McMoRan Copper & Gold Inc


Holdings By:

All

Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
VANGUARD GROUP INC
NORTHERN CROSS LLC
JP MORGAN
HARBOR CAPITAL ADVIS
ALLIANZ ASSET MANAGE
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
DEUTSCHE BANK AG
GOLDMAN SACHS GROUP
SUSQUEHANNA INTERNAT
BARCLAYS PLC
BANK OF AMERICA CORP
PAULSON & CO
MORGAN STANLEY
FMR LLC
CAPITAL GROUP COMPAN
CITIGROUP INCORPORAT

Firm Name
Morgan Stanley
Goldman Sachs
Macquarie
Argus Research Corp
RBC Capital Markets
BMO Capital Markets
Canaccord Genuity Corp
BB&T Capital Markets
CRT Capital Group
Nomura
Cowen Securities LLC
EVA Dimensions
S&P Capital IQ
Credit Agricole Securities (USA)
Jefferies
Deutsche Bank
Tigress Financial Partners
Hamburger Sparkasse
Stifel
Credit Suisse
JPMorgan
Barclays

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
Multiple Portfolios
NORTHERN CROSS LLC
n/a
Multiple Portfolios
n/a
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
DEUTSCHE BANK AKTIEN
GOLDMAN SACHS GROUP
SUSQUEHANNA INTERNAT
n/a
BANK OF AMERICA
PAULSON & CO
n/a
n/a
n/a
CITIGROUP INCORPORAT

Analyst
PARETOSH MISRA
SAL THARANI
ALDO J MAZZAFERRO JR
WILLIAM V SELESKY
FRASER PHILLIPS
TONY ROBSON
GARY LAMPARD
GARRETT S. NELSON
KUNI M CHEN
CURTIS WOODWORTH
ANTHONY B RIZZUTO JR
CRAIG STERLING
LEO LARKIN
DAVID A LIPSCHITZ
PETER D WARD
JORGE M BERISTAIN
IVAN FEINSETH
INGO SCHMIDT
PAUL A MASSOUD
RICHARD GARCHITORENA
MICHAEL F GAMBARDELLA
DAVID GAGLIANO

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

Recommendation
Overwt/In-Line
Buy/Neutral
neutral
buy
sector perform
market perform
suspended coverage
buy
Fairly Valued
neutral
buy
overweight
sell
outperform
restricted
buy
strong buy
hold
buy
restricted
restricted
suspended coverage

Amt Held
84'022'739
43'076'321
42'234'673
26'926'242
22'073'413
20'975'066
20'100'711
17'824'702
14'829'852
14'011'243
12'266'280
11'507'752
9'882'071
9'694'489
9'435'612
9'000'000
7'602'014
7'199'028
6'766'762
6'416'339

% Out
8.85
4.54
4.45
2.84
2.32
2.21
2.12
1.88
1.56
1.48
1.29
1.21
1.04
1.02
0.99
0.95
0.8
0.76
0.71
0.68

Weighting

Change

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

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

Latest Chg
(519'936)
1'110'799
83'144
(8'455'600)
(1'288'861)
2'729'701
675'169
(669'802)
(2'321'040)
6'268'014
5'822'300
1'897'118
9'000'000
(164'820)
(6'016'914)
(759'228)
464'383

Target Price
50
42
41
52
37
30
#N/A N/A
44
40
36
45
#N/A N/A
29
41
#N/A N/A
40
#N/A N/A
#N/A N/A
47
#N/A N/A
#N/A N/A
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
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
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
25.03.2013
15.03.2013
07.03.2013
06.03.2013
04.03.2013
25.02.2013
19.02.2013
28.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
04.01.2013
20.12.2012
11.12.2012
10.12.2012
06.12.2012
05.12.2012
05.12.2012
05.12.2012

26.03.2013

General Dynamics Corp


General Dynamics Corporation is a diversified defense company. The Company
offers a broad portfolio of products and services in business aviation, combat
vehicles, weapons systems and munitions, shipbuilding design and construction,
and information systems, technologies and services.

Price/Volume
80

3.5 M

70

3.0 M

60

2.5 M

50

Latest Fiscal Year:


LTM as of:
52-Week High (02.04.2012)
52-Week Low (02.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 07.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GD UN EQUITY YTD Change
GD UN EQUITY YTD % CHANGE

12/2012
12/yy
74.49
61.09
248'487.00
70.16
-5.81%
14.85%
62.99%
354.0
24'838.01
3'912.00
0.0
0.0
3'296.00
25'454.01

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

1.5 M

30
20

1.0 M

10

.5 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
29'300.0
0.84x
4'100.0
6.02x
2'459.0
9.26x

2.0 M

40

Valuation Analysis

31.12.2009
31.12.2010
31'981.0
32'466.0
0.87x
0.83x
4'237.0
4'514.0
6.58x
5.99x
2'394.0
2'624.0
11.00x
10.40x
Profitability

LTM-4Q
31.12.2011
32'677.0
0.76x
4'418.0
5.65x
2'526.0
9.11x

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
31'513.0
0.80x
3'447.0
7.29x
(332.0)
10.62x
3'447.00
2'827.00
8.97%
1.72%
-0.96%
-2.70%
-2.64%
0.91%
16.2%
4.6%
2.6%
-1.1%
1.35
0.65
11.40%
34.35%
7.28
3.47

Price/ Cash Flow

LTM

12/yy
32'677.0
3.24x
4'418.0
5.65x
2'526.0
9.10x

12/yy
31'513.0
3.23x
1'453.0
17.28x
(332.0)
10.79x

FY+1

3.58
0.97
334.46
5.26
-2.17%
1.28%
0.970
22
4.091
443'435
616'428
641'340
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
31'614.1
31'511.2
7'611.9
7'869.3
0.78x
0.76x
3.32x
3.13x
4'142.3
4'246.3
983.4
1'020.3
6.14x
5.99x
6.12x
6.03x
2'368.0
2'448.7
560.5
578.8
10.36x
9.75x
10.36x
10.27x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

09.07.1999
A
STABLE
09.07.1999
A-1
20.52
17.84
0.42
2.69
34.3%
25.6%
0.91
9.43
50.27
105.45
36.80
118.91

Sales/Revenue/Turnover

12.00

35'000.0

10.00

30'000.0
25'000.0

8.00

20'000.0
6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

General Dynamics Corp


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
LONGVIEW ASSET MANAG
EVERCORE TRUST COMPA
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
HARRIS ASSOCIATES LP
WELLINGTON MANAGEMEN
CROWN FUND
BANK OF AMERICA CORP
HENRY CROWN AND CO
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
BERKSHIRE HATHAWAY I
AMERICAN CENTURY COM
SANDERS CAPITAL LLC
UBS
INVESCO LTD
ABRAMS BISON INVESTM

Firm Name
Stifel
Jefferies
Sanford C. Bernstein & Co
Buckingham Research Group
Edward Jones
Cowen and Company
Wells Fargo Securities, LLC
Goldman Sachs
EVA Dimensions
Sterne, Agee & Leach
CRT Capital Group
RBC Capital Markets
Drexel Hamilton LLC
Barclays
Argus Research Corp
Credit Suisse
JPMorgan
Oppenheimer & Co
Deutsche Bank
Gabelli & Co

Portfolio Name
n/a
LONGVIEW ASSET MANAG
EVERCORE TRUST COMPA
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
HARRIS ASSOC LP
WELLINGTON MANAGEMEN
n/a
BANK OF AMERICA
n/a
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
n/a
AMERICAN CENTURY COM
SANDERS CAPITAL LLC
n/a
INVESCO LTD
ABRAMS BISON INVESTM

Analyst
WILLIAM R LOOMIS
HOWARD A RUBEL
DOUGLAS S HARNED
RICHARD SAFRAN
CHRISTIAN MAYES
CAI VON RUMOHR
SAMUEL J PEARLSTEIN
NOAH POPONAK
CRAIG STERLING
PETER J ARMENT
BRIAN W RUTTENBUR
ROBERT STALLARD
RICHARD WHITTINGTON
CARTER COPELAND
NATHANIEL GABRIEL
ROBERT M SPINGARN
JOSEPH B NADOL III
YAIR REINER
MYLES WALTON
BRIAN BETTS

Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
Form 4
13F
Form 4
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F

Recommendation
hold
buy
market perform
neutral
buy
outperform
outperform
Sell/Neutral
buy
buy
sell
outperform
sell
overweight
buy
outperform
overweight
market perform
buy
hold

Amt Held
35'739'700
33'397'060
31'095'174
16'879'134
16'336'474
15'579'724
11'083'796
8'641'180
7'921'899
7'753'112
5'512'734
5'424'092
4'337'260
4'084'141
3'877'122
3'680'628
3'537'634
3'484'589
3'071'247
2'870'000

% Out
10.1
9.43
8.78
4.77
4.61
4.4
3.13
2.44
2.24
2.19
1.56
1.53
1.23
1.15
1.1
1.04
1
0.98
0.87
0.81

Weighting

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

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

Latest Chg
1'940'000
(254)
31'095'174
299'279
527'606
(202'750)
344'373
(357'633)
(7'048)
337'626
616'732
335'900
(250'871)
(96'268)
40'000

Target Price
#N/A N/A
82
73
70
#N/A N/A
#N/A N/A
#N/A N/A
61
#N/A N/A
82
54
77
55
87
79
83
73
#N/A N/A
80
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
06.03.2013
Unclassified
31.12.2012
Investment Advisor
06.03.2013
Holding Company
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
Unclassified
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager

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

Date
25.03.2013
22.03.2013
22.03.2013
22.03.2013
19.03.2013
11.03.2013
07.03.2013
06.03.2013
06.03.2013
28.02.2013
28.02.2013
20.02.2013
11.02.2013
06.02.2013
29.01.2013
23.01.2013
23.01.2013
23.01.2013
25.10.2012
06.03.2009

26.03.2013

General Electric Co
General Electric Company is a globally diversified technology and financial
services company. The Company's products and services include aircraft engines,
power generation, water processing, and household appliances to medical imaging,
business and consumer financing and industrial products.

Price/Volume
25

40.0 M
35.0 M

20

30.0 M
25.0 M

15

20.0 M

Valuation Analysis

10

Latest Fiscal Year:


LTM as of:
52-Week High (08.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GE UN EQUITY YTD Change
GE UN EQUITY YTD % CHANGE

12/2012
12/yy
23.90
18.03
3'303'089.00
23.1
-3.35%
28.12%
88.76%
10'370.9
239'568.38
17'469.00
0.0
5'444.0
15'583.00
246'898.38

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

10.0 M
5.0 M

0
m-12

31.12.2009
31.12.2010
154'272.0
148'442.0
1.12x
1.28x
20'435.0
23'747.0
8.45x
8.01x
11'025.0
11'644.0
12.50x
16.04x
Profitability

LTM-4Q
31.12.2011
142'224.0
1.37x
25'040.0
7.76x
14'151.0
12.88x

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

31.12.2012
144'796.0
1.56x
25'000.0
9.03x
13'641.0
13.63x
25'000.00
15'654.00
10.81%
12.02%
1.94%
11.39%
3.11%
0.21%
38.6%
17.3%
10.8%
9.4%
1.12
1.02
49.24%
274.31%
6.90
6.09

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

3.03
1.12
10'364.99
79.23
19.12%
10.95%
1.121
22
4.273
7'784'130
9'154'661
9'172'195
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
142'224.0 144'796.0 149'226.4 154'897.7
33'653.6
35'510.3
5.40x
6.34x
3.38x
3.16x
14.38x
13.61x
25'040.0
25'000.0
29'181.9
32'329.7
5'693.5
6'577.8
7.76x
9.03x
8.47x
7.64x
9.16x
14'151.0
13'641.0
17'028.7
18'524.7
3'597.1
4'136.2
13.27x
13.81x
13.79x
12.49x
13.75x
13.64x
S&P Issuer Ratings
Long-Term Rating Date
12.03.2009
Long-Term Rating
AA+
Long-Term Outlook
STABLE
Short-Term Rating Date
23.11.1981
Short-Term Rating
A-1+
Credit Ratios
EBITDA/Interest Exp.
18.10
(EBITDA-Capex)/Interest Exp.
7.15
Net Debt/EBITDA
0.08
Total Debt/EBITDA
0.70
Reference
Total Debt/Equity
274.3%
Total Debt/Capital
72.4%
Asset Turnover
0.21
Net Fixed Asset Turnover
2.14
Accounts receivable turnover-days
53.05
Inventory Days
60.06
Accounts Payable Turnover Day
64.90
Cash Conversion Cycle
48.22
Sales/Revenue/Turnover

9.00

200'000.0

8.00

180'000.0

7.00

160'000.0
140'000.0

6.00

120'000.0

5.00
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
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
180'929.0
0.99x
30'781.0
5.83x
17'410.0
8.39x

15.0 M

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

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

26.03.2013

General Electric Co
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
FMR LLC
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
T ROWE PRICE ASSOCIA
DODGE & COX
GENERAL ELECTRIC COM
INVESCO LTD
WELLINGTON MANAGEMEN
FRANKLIN RESOURCES
NORGES BANK
BANK OF AMERICA CORP
GEODE CAPITAL MANAGE
GOLDMAN SACHS GROUP
TIAA CREF INVESTMENT
UBS

Firm Name
Deutsche Bank
Sanford C. Bernstein & Co
Morgan Stanley
Nomura
Tigress Financial Partners
Edward Jones
Independent Research GmbH
William Blair & Co
S&P Capital IQ
Credit Suisse
Barclays
JPMorgan
Langenberg & Co
Hamburger Sparkasse
Argus Research Corp
Oppenheimer & Co
Hilliard Lyons
EVA Dimensions
Gabelli & Co

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
n/a
n/a
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
T ROWE PRICE ASSOCIA
DODGE & COX
GENERAL ELECTRIC COM
INVESCO LTD
WELLINGTON MANAGEMEN
n/a
NORGES BANK
BANK OF AMERICA
GEODE CAPITAL MANAGE
GOLDMAN SACHS GROUP
TIAA-CREF INVESTMENT
n/a

Analyst
JOHN G INCH
STEVEN E WINOKER
NIGEL COE
SHANNON O'CALLAGHAN
IVAN FEINSETH
CHRISTIAN MAYES
MARKUS FRIEBEL
NICHOLAS P HEYMANN
RICHARD TORTORIELLO
JULIAN MITCHELL
SCOTT R DAVIS
CHARLES STEPHEN TUSA
BRIAN KEITH LANGENBERG
MARCO GUENTHER
NATHANIEL GABRIEL
CHRISTOPHER D GLYNN
STEPHEN A O'NEIL
CRAIG STERLING
ZAHID SIDDIQUE

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

Recommendation
buy
market perform
Equalwt/In-Line
neutral
neutral
hold
buy
market perform
buy
outperform
overweight
overweight
buy
hold
buy
outperform
long-term buy
hold
buy

Amt Held
558'433'817
467'730'619
411'626'009
288'666'437
278'628'320
230'580'855
160'078'193
155'333'167
112'531'041
97'580'627
93'776'061
89'891'975
88'633'819
84'939'335
84'870'136
70'379'614
69'397'689
67'797'703
58'199'736
53'341'030

% Out
5.38
4.51
3.97
2.78
2.69
2.22
1.54
1.5
1.09
0.94
0.9
0.87
0.85
0.82
0.82
0.68
0.67
0.65
0.56
0.51

Weighting

Change
5
3
3
3
3
3
5
3
5
5
5
5
5
3
5
5
5
3
5

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

Latest Chg
12'306'785
10'800'337
3'757'785
(10'336'401)
(5'371'018)
26'355
(8'124'396)
(4'537'565)
(7'016'523)
(583'868)
(9'489'501)
(10'550'455)
(4'879'785)
7'264'656
7'653'656
(6'989'488)
(6'895'934)
1'474'442
(337'927)

Target Price
28
25
23
24
#N/A N/A
#N/A N/A
27
24
26
25
25
24
30
#N/A N/A
25
25
27
#N/A N/A
#N/A N/A

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

File Dt
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013

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

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

Date
25.03.2013
22.03.2013
20.03.2013
11.03.2013
06.03.2013
23.02.2013
14.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
05.02.2013
04.02.2013
29.01.2013
23.01.2013
22.01.2013
18.01.2013
15.01.2013
26.09.2011

26.03.2013

Gilead Sciences Inc


Gilead Sciences, Inc. is a research-based biopharmaceutical company that
discovers, develops, and commercializes therapeutics to advance the care of
patients suffering from life-threatening diseases. The Company's primary areas
of focus include HIV/AIDS, liver disease and serious cardiovascular and
respiratory conditions.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GILD UW EQUITY YTD Change
GILD UW EQUITY YTD % CHANGE

12/2012
12/yy
46.37
22.67
761'759.00
45.48
-1.91%
100.64%
94.16%
1'522.4
69'238.41
8'224.05
0.0
241.1
2'582.09
75'121.50

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

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

.0 M
f-13 m-13

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

Fiscal Year Ended


31.12.2008
5'335.8
8.35x
2'845.0
15.67x
1'978.9
24.71x

50
45
40
35
30
25
20
15
10
5
0
m-12

31.12.2009
31.12.2010
7'011.4
7'949.4
5.18x
3.38x
3'857.3
4'227.7
9.42x
6.35x
2'635.8
2'901.3
14.87x
10.50x
Profitability

LTM-4Q
31.12.2011
8'385.4
3.41x
4'092.1
6.99x
2'803.6
11.18x

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

31.12.2012
9'702.5
6.36x
4'288.4
14.38x
2'591.6
21.60x
4'288.38
4'010.18
41.33%
37.23%
13.45%
32.30%
17.56%
0.50%
74.5%
44.2%
41.3%
26.7%
1.44
0.85
38.72%
88.34%
5.24
1.58

Price/ Cash Flow

LTM

12/yy
8'385.4
14.21x
4'094.7
6.98x
2'803.6
11.34x

12/yy
9'702.5
21.53x
4'288.4
14.38x
2'591.6
21.60x

FY+1

0.00
0.87
1'509.35
58.09
92.63%
23.84%
0.866
31
4.677
2'743'750
2'509'634
2'522'554
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'748.3
12'727.1
2'570.1
2'646.0
6.42x
5.44x
4'741.4
6'491.6
1'115.5
1'129.0
15.90x
11.61x
16.57x
3'226.3
4'427.6
782.8
791.0
21.93x
15.69x
22.45x
19.79x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

23.03.2011
ASTABLE
11.88
10.78
1.32
1.92
88.3%
46.3%
0.50
10.35
69.83
232.14
164.03
137.94

Sales/Revenue/Turnover

25.00

12'000.0
10'000.0

20.00

8'000.0
15.00

6'000.0
10.00

4'000.0

5.00

0.00
01.01.2010

2'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Gilead Sciences Inc


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
FMR LLC
BLACKROCK
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
STATE STREET
WELLINGTON MANAGEMEN
NORTHERN TRUST CORPO
INVESCO LTD
BANK OF NEW YORK MEL
UBS
VANGUARD GROUP INC
MARSICO CAPITAL MANA
JP MORGAN
JENNISON ASSOCIATES
AMERIPRISE FINANCIAL
TIAA CREF INVESTMENT
JANUS CAPITAL MANAGE
GOLDMAN SACHS GROUP
FRANKLIN RESOURCES

Firm Name
BMO Capital Markets
RBC Capital Markets
Leerink Swann & Co
Stifel
Oppenheimer & Co
Wells Fargo Securities, LLC
Maxim Group LLC
Piper Jaffray
ISI Group
Guggenheim Securities LLC
S&P Capital IQ
Jefferies
JPMorgan
Sanford C. Bernstein & Co
Robert W. Baird & Co
Morgan Stanley
Lazard Capital Markets
Credit Suisse
Cowen and Company
Summer Street Research Partners
William Blair & Co
Argus Research Corp
Needham & Co
Atlantic Equities LLP
Barclays
EVA Dimensions
Goldman Sachs
Deutsche Bank
First Global Stockbroking
BWS Financial

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
n/a
WELLINGTON MANAGEMEN
NORTHERN TRUST CORPO
INVESCO LTD
BANK OF NEW YORK MEL
n/a
Multiple Portfolios
MARSICO CAPITAL MANA
n/a
JENNISON ASSOCIATES
AMERIPRISE FINANCIAL
TIAA-CREF INVESTMENT
n/a
GOLDMAN SACHS GROUP
n/a

Analyst
JIM BIRCHENOUGH
MICHAEL J YEE
HOWARD LIANG
JOEL D SENDEK
DAVID FERREIRO
BRIAN C ABRAHAMS
JASON KOLBERT
M IAN SOMAIYA
MARK J SCHOENEBAUM
BRET HOLLEY
STEVEN SILVER
THOMAS WEI
GEOFFREY MEACHAM
GEOFFREY C PORGES
BRIAN P SKORNEY
MARSHALL URIST
JOSHUA SCHIMMER
RAVI MEHROTRA
PHILIP NADEAU
CAROL A WERTHER
JOHN S SONNIER
JOHN M EADE
ALAN CARR
RICHARD J PURKISS
CHARLES ANTHONY BUTLER
ANDREW S ZAMFOTIS
TERENCE FLYNN
ROBYN KARNAUSKAS
KAVITA THOMAS
HAMED KHORSAND

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

Recommendation
outperform
outperform
outperform
buy
outperform
outperform
buy
overweight
buy
buy
buy
hold
overweight
outperform
outperform
Overwt/In-Line
buy
outperform
outperform
neutral
outperform
hold
buy
neutral
overweight
overweight
neutral/attractive
buy
market perform
buy

Amt Held
298'675'044
111'854'914
88'315'026
67'203'144
62'827'858
59'796'618
45'508'106
29'696'606
25'991'274
21'926'206
21'623'634
21'256'556
20'915'172
20'711'890
19'501'542
18'205'634
16'314'578
15'814'906
14'721'904
12'683'224

% Out
19.62
7.35
5.8
4.41
4.13
3.93
2.99
1.95
1.71
1.44
1.42
1.4
1.37
1.36
1.28
1.2
1.07
1.04
0.97
0.83

Weighting

Change
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
3
5
3
5
3
5
5
3
5
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
R
D
M
D
M
M
M
M

Latest Chg
16'340'092
15'313'566
1'612'488
2'762'936
1'604'673
(6'740'462)
9'207'940
(2'060'540)
(2'486'034)
(6'080'712)
6'930'110
5'867'630
9'988'298
3'621'978
(761'396)
(1'905'270)
(2'927'484)
(892'748)

Target Price
53
50
#N/A N/A
49
50
#N/A N/A
48
50
50
50
50
40
50
48
45
46
58
55
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
45
41
42
#N/A N/A
43
48
#N/A N/A
24

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

File Dt
31.12.2012
31.12.2012
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
14.03.2013
13.03.2013
11.03.2013
07.03.2013
06.03.2013
06.03.2013
26.02.2013
20.02.2013
20.02.2013
19.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
30.01.2013
09.02.2012
21.04.2011

26.03.2013

Goldman Sachs Group Inc/The


The Goldman Sachs Group, Inc., a bank holding company, is a global investment
banking and securities firm specializing in investment banking, trading and
principal investments, asset management and securities services. The Company
provides services to corporations, financial institutions, governments, and
high-net worth individuals.

Price/Volume
180
160
140
120
100
80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (26.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GS UN EQUITY YTD Change
GS UN EQUITY YTD % CHANGE

12/2012
12/yy
158.68
90.43
275'433.00
146
-7.99%
61.45%
81.58%
465.5
70'199.98
510'691.00
6'200.0
508.0
72'669.00
514'929.98

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

40
20
0
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


30.11.2008
53'579.0
8.34x
35'318.0
12.66x
2'322.0
17.67x

60

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 m-13

31.12.2009
31.12.2010
51'673.0
45'967.0
10.25x
12.69x
28'272.0
22'067.0
18.74x
26.44x
13'385.0
8'354.0
7.37x
11.05x
Profitability

LTM-4Q
31.12.2011
36'793.0
14.05x
16'020.0
32.28x
4'442.0
13.58x

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

31.12.2012
41'664.0
12.15x
20'446.0
24.75x
7'475.0
8.49x
20'446.00
32.80%
26.90%
0.80%
10.66%
1.27%
0.04%
49.1%
17.9%
54.41%
734.64%
-

Price/ Cash Flow

LTM

12/yy
36'793.0
60.32x
16'020.0
32.28x
4'442.0
13.91x

12/yy
41'664.0
50.23x
20'446.0
24.75x
7'475.0
8.47x

FY+1

1.21
1.24
428.80
6.46
15.91%
14.84%
1.243
32
3.469
697'949
797'984
823'136
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'559.2
34'810.9
9'185.0
8'371.3
6'791.4
7'130.6
1'859.8
1'525.4
10.62x
9.67x
10.58x
10.40x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.11.2011
ANEG
29.11.2011
A-2
21.42
24.98
734.6%
87.0%
0.04
4.93
-

Sales/Revenue/Turnover

30.00

100'000.0
90'000.0

25.00

80'000.0
70'000.0

20.00

60'000.0

15.00

50'000.0
40'000.0

10.00

30'000.0
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

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

26.03.2013

Goldman Sachs Group Inc/The


Holdings By:

All

Holder Name
BLACKROCK
GOLDMAN SACHS SHRHLD
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
STATE STREET
CITIGROUP INCORPORAT
SUN LIFE FINANCIAL I
DODGE & COX
VANGUARD GROUP INC
JP MORGAN
JENNISON ASSOCIATES
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
INVESCO LTD
ROYAL BANK OF CANADA
T ROWE PRICE ASSOCIA
WELLINGTON MANAGEMEN
GEODE CAPITAL MANAGE
FMR LLC
TIAA CREF INVESTMENT

Firm Name
Mediobanca SpA
JMP Securities
Buckingham Research Group
ISI Group
Rafferty Capital Markets
Susquehanna Financial Group
FBR Capital Markets
Wells Fargo Securities, LLC
Portales Partners
Barclays
JPMorgan
Sanford C. Bernstein & Co
RBC Capital Markets
EVA Dimensions
Nomura
S&P Capital IQ
Macquarie
Atlantic Equities LLP
Credit Suisse
Credit Agricole Securities (USA)
Daiwa Securities Co. Ltd.
SunTrust Robinson Humphrey
Deutsche Bank
Argus Research Corp
Oppenheimer & Co
Morgan Stanley
Sandler O'Neill & Partners, LP
Evercore Partners
HSBC
Meredith Whitney Advisory Group

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
CITIGROUP INCORPORAT
n/a
DODGE & COX
Multiple Portfolios
n/a
JENNISON ASSOCIATES
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
INVESCO LTD
n/a
T ROWE PRICE ASSOCIA
WELLINGTON MANAGEMEN
GEODE CAPITAL MANAGE
n/a
TIAA-CREF INVESTMENT

Analyst
CHRISTOPHER J WHEELER
DAVID M TRONE
JAMES F MITCHELL
Ed Najarian
RICHARD X BOVE SR
DOUGLAS C SIPKIN
STEVE STELMACH
MATTHEW H BURNELL
CHARLES W PEABODY
ROGER A FREEMAN
KIAN ABOUHOSSEIN
CHARLES BRADLEY HINTZ
FIONA SWAFFIELD
AUSTIN BURKETT
GLENN P SCHORR
KENNETH M LEON
EDWARD DITMIRE
RICHARD STAITE
HOWARD H CHEN
MICHAEL L MAYO
KAZUKI WATANABE
ERIC WASSERSTROM
MATTHEW D O'CONNOR
DAVID RITTER
CHRISTOPHER M KOTOWSKI
BETSY L GRASECK
JEFFERY HARTE
CHRISTOPHER J ALLEN
ROBERT MURPHY
MEREDITH A WHITNEY

Source
ULT-AGG
13D
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F

Recommendation
neutral
market perform
neutral
neutral
buy
Positive
outperform
market perform
sector perform
equalweight
underweight
outperform
sector perform
overweight
buy
hold
suspended coverage
neutral
outperform
buy
outperform
neutral
hold
hold
market perform
Equalwt/Attractive
hold
equalweight
underweight
hold

Amt Held
27'890'245
27'836'304
22'829'405
19'438'370
19'155'697
15'002'800
14'823'199
12'016'625
11'963'306
8'066'345
7'613'007
6'216'113
5'351'745
4'769'976
4'036'825
3'772'587
3'018'933
2'952'618
2'935'340
2'793'923

% Out
5.99
5.98
4.9
4.18
4.12
3.22
3.18
2.58
2.57
1.73
1.64
1.34
1.15
1.02
0.87
0.81
0.65
0.63
0.63
0.6

Weighting

Change

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

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

Latest Chg
2'753'217
(3'084'164)
253'774
361'587
(295'596)
166'690
(325'300)
(1'173'380)
(1'781'598)
(116'688)
38'165
396'208
285'653
(886'020)
(2'393'690)
(312'610)
657'450
(200'482)

Target Price
146
#N/A N/A
150
145
184
165
165
#N/A N/A
#N/A N/A
155
134
170
135
#N/A N/A
155
165
#N/A N/A
146
160
176
163
156
144
#N/A N/A
#N/A N/A
130
147
145
117
#N/A N/A

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

File Dt
31.12.2012
01.02.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

Inst Type
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
25.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
11.03.2013
08.03.2013
05.03.2013
05.03.2013
20.02.2013
20.02.2013
15.02.2013
14.02.2013
12.02.2013
12.02.2013
08.02.2013
06.02.2013
25.01.2013
24.01.2013
23.01.2013
17.01.2013
17.01.2013
16.01.2013
11.12.2012
16.10.2012

26.03.2013

Google Inc
Google Inc. is a global technology company that provides a web based search
engine through its website. The Company offers a wide range of search options,
including web, image, groups, directory, and news searches.

Price/Volume
900

4.0 M

800

3.5 M

700

3.0 M

600

2.5 M

500

Latest Fiscal Year:


LTM as of:
52-Week High (06.03.2013)
52-Week Low (14.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 23.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GOOG UW EQUITY YTD Change
GOOG UW EQUITY YTD % CHANGE

12/2012
12/yy
844.00
556.55
115'590.00
811.4
-3.86%
45.79%
88.05%
267.5
268'688.22
5'537.00
0.0
0.0
49'557.00
224'668.22

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

1.5 M

300
200

1.0 M

100

.5 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
21'795.6
3.72x
8'131.9
9.96x
4'226.9
18.44x

2.0 M

400

Valuation Analysis

31.12.2009
31.12.2010
23'650.6
29'321.0
7.29x
5.42x
9'836.5
11'777.0
17.53x
13.48x
6'520.4
8'505.0
30.38x
22.58x
Profitability

LTM-4Q
31.12.2011
37'905.0
4.45x
13'593.0
12.41x
9'737.0
21.70x

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

31.12.2012
50'175.0
3.77x
15'722.0
12.05x
10'737.0
20.79x
15'722.00
12'760.00
25.43%
26.68%
12.91%
16.54%
15.48%
0.62%
58.9%
30.5%
24.8%
21.4%
4.22
3.90
5.90%
7.72%
7.72
85.42

Price/ Cash Flow

LTM

12/yy
37'905.0
15.26x
13'593.0
12.41x
9'737.0
21.72x

12/yy
51'379.0
13.87x
15'684.0
12.08x
10'737.0
20.97x

FY+1

0.00
0.98
266.48
4.39
24.96%
14.38%
0.979
45
4.222
417'677
594'329
622'068
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
47'959.4
56'129.7
11'262.5
11'591.7
4.44x
3.51x
19.60x
18.70x
22'088.2
25'902.6
5'178.4
5'293.7
10.17x
8.68x
10.14x
9.76x
15'493.8
18'396.8
3'573.1
3'650.7
17.71x
15.08x
17.74x
17.07x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

19.11.2012
AA
STABLE
15.07.2010
A-1+
187.17
148.20
-2.81
0.35
7.7%
7.2%
0.62
4.79
47.41
4.28
21.55
30.52

Sales/Revenue/Turnover

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

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

26.03.2013

Google Inc
Holdings By:

All

Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
STATE STREET
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
JP MORGAN
BANK OF NEW YORK MEL
INVESCO LTD
NORTHERN TRUST CORPO
PRIMECAP MANAGEMENT
JENNISON ASSOCIATES
DAVIS SELECTED ADVIS
GOLDMAN SACHS GROUP
SANDS CAPITAL MANAGE
UBS
TIAA CREF INVESTMENT
WELLINGTON MANAGEMEN
NORGES BANK

Firm Name
Jefferies
Wedbush
Wedge Partners
Sanford C. Bernstein & Co
Cantor Fitzgerald
Cowen and Company
Barclays
Edward Jones
Credit Agricole Securities (USA)
Tigress Financial Partners
JMP Securities
Robert W. Baird & Co
Stifel
Daiwa Securities Co. Ltd.
Pivotal Research Group LLC
Sterne, Agee & Leach
Canaccord Genuity Corp
Wells Fargo Securities, LLC
Morgan Stanley
BMO Capital Markets
Pacific Crest Securities
Oppenheimer & Co
Nomura
RBC Capital Markets
Atlantic Equities LLP
William Blair & Co
Piper Jaffray
Argus Research Corp
EVA Dimensions
Deutsche Bank
S&P Capital IQ
Telsey Advisory Group
JPMorgan
Hilliard Lyons
Raymond James
Hamburger Sparkasse
Independent Research GmbH
Goldman Sachs
Credit Suisse
Needham & Co
Macquarie
B Riley & Company, Inc
BGC Partners

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
T ROWE PRICE ASSOCIA
Multiple Portfolios
n/a
BANK OF NEW YORK MEL
INVESCO LTD
NORTHERN TRUST CORPO
PRIMECAP MANAGEMENT
JENNISON ASSOCIATES
DAVIS SELECTED ADVIS
GOLDMAN SACHS GROUP
SANDS CAPITAL MANAGE
n/a
TIAA-CREF INVESTMENT
WELLINGTON MANAGEMEN
NORGES BANK

Analyst
BRIAN J PITZ
JAMES G DIX
MARTIN PYYKKONEN
CARLOS KIRJNER
YOUSSEF H SQUALI
JOHN BLACKLEDGE
ANTHONY J DICLEMENTE
JOSH OLSON
JAMES LEE
IVAN FEINSETH
RONALD V JOSEY III
COLIN SEBASTIAN
JORDAN ROHAN
KAZUYA NISHIMURA
BRIAN WIESER
SHAW WU
MICHAEL GRAHAM
JASON MAYNARD
SCOTT W DEVITT
DANIEL SALMON
EVAN S WILSON
JASON S HELFSTEIN
BRIAN NOWAK
MARK S MAHANEY
HAMILTON FABER
RALPH SCHACKART
EUGENE E MUNSTER
JOSEPH F BONNER
ANDREW S ZAMFOTIS
ROSS SANDLER
SCOTT H KESSLER
THOMAS FORTE
DOUGLAS ANMUTH
STEPHEN TURNER
AARON M KESSLER
MARCO GUENTHER
MARKUS FRIEBEL
HEATHER BELLINI
STEPHEN JU
KERRY RICE
BENJAMIN A SCHACHTER
SAMEET SINHA
COLIN W GILLIS

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

Recommendation
buy
neutral
no rating system
outperform
buy
outperform
overweight
buy
buy
strong buy
market outperform
outperform
hold
outperform
hold
neutral
buy
market perform
Overwt/Attractive
market perform
outperform
market perform
buy
outperform
overweight
outperform
overweight
buy
hold
buy
hold
no rating system
overweight
neutral
outperform
hold
hold
neutral/neutral
outperform
buy
outperform
buy
hold

Amt Held
18'215'530
14'812'725
11'833'058
11'006'397
10'616'454
9'457'496
7'472'695
6'419'685
4'586'974
4'016'989
3'824'800
3'207'437
2'756'412
2'715'974
2'501'395
2'490'314
2'380'317
2'222'539
2'173'908
2'116'195

% Out
6.81
5.54
4.42
4.11
3.97
3.54
2.79
2.4
1.71
1.5
1.43
1.2
1.03
1.02
0.94
0.93
0.89
0.83
0.81
0.79

Weighting

Change

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

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

Latest Chg
(5'443)
308'479
347'460
1'637'525
(387'952)
151'141
623'378
27'119
(227'260)
(23'714)
(39'630)
597'897
(130'698)
(90'008)
6'165
(21'961)
(122'117)
320'943
333'660

Target Price
1'000
770
#N/A N/A
1'000
900
#N/A N/A
850
#N/A N/A
1'000
#N/A N/A
955
830
#N/A N/A
925
820
#N/A N/A
830
#N/A N/A
932
790
980
765
860
950
1'000
#N/A N/A
938
875
#N/A N/A
935
825
870
860
#N/A N/A
825
#N/A N/A
800
700
847
850
795
846
760

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

File Dt
31.12.2012
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012

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

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

Date
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
07.03.2013
05.03.2013
01.03.2013
28.02.2013
22.02.2013
21.02.2013
20.02.2013
10.02.2013
07.02.2013
06.02.2013
05.02.2013
29.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013

26.03.2013

Halliburton Co
Halliburton Company provides energy services and engineering and construction
services, as well as manufactures products for the energy industry. The Company
offers services and products and integrated solutions to customers in the
exploration, development, and production of oil and natural gas.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (26.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HAL UN EQUITY YTD Change
HAL UN EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
43.95
26.29
591'789.00
39.87
-9.28%
51.65%
75.65%
931.8
37'151.39
4'820.00
0.0
25.0
2'484.00
39'512.39

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

12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

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

Fiscal Year Ended


31.12.2008
18'279.0
0.97x
4'686.0
3.79x
2'224.0
4.98x

50
45
40
35
30
25
20
15
10
5
0
m-12

31.12.2009
31.12.2010
14'675.0
17'973.0
1.93x
2.17x
2'920.0
4'118.0
9.71x
9.46x
1'145.0
1'835.0
22.29x
19.92x
Profitability

LTM-4Q
31.12.2011
24'829.0
1.36x
6'096.0
5.54x
2'839.0
10.21x

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

31.12.2012
28'503.0
1.21x
5'787.0
5.98x
2'635.0
11.49x
5'787.00
4'159.00
14.59%
13.41%
10.32%
18.20%
14.73%
1.12%
15.6%
20.3%
14.6%
9.2%
2.75
1.74
17.58%
30.57%
5.24
8.39

Price/ Cash Flow

LTM

12/yy
24'829.0
6.44x
6'096.0
5.54x
2'839.0
10.27x

12/yy
28'503.0
4.58x
5'787.0
5.98x
2'635.0
11.26x

FY+1

0.90
1.61
874.10
19.98
19.87%
15.29%
1.608
35
4.543
3'388'599
2'413'753
2'325'967
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
29'695.5
32'786.0
6'883.6
7'248.9
1.33x
1.16x
5.79x
5.51x
6'195.5
7'566.7
1'301.6
1'479.8
6.38x
5.23x
6.36x
6.00x
2'820.0
3'641.6
538.8
652.1
13.18x
10.08x
13.18x
12.19x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

20.08.2007
A
STABLE
20.08.2007
A-1
19.42
7.45
0.40
0.83
30.6%
23.4%
1.12
3.04
69.80
43.63
28.58
84.89

Sales/Revenue/Turnover

25.00

30'000.0
25'000.0

20.00

20'000.0
15.00

15'000.0
10.00

10'000.0

5.00

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

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

26.03.2013

Halliburton Co
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
VANGUARD GROUP INC
FRANKLIN RESOURCES
PUTNAM INVESTMENT MA
CAPITAL GROUP COMPAN
INVESCO LTD
WELLINGTON MANAGEMEN
CARMIGNAC GESTION
GOLDMAN SACHS GROUP
NORTHERN TRUST CORPO
VALUEACT HOLDINGS LP
BANK OF NEW YORK MEL
JP MORGAN
VAN ECK ASSOCIATES C
INSTITUTIONAL CAPITA
NORGES BANK
DEUTSCHE BANK AG

Firm Name
RBC Capital Markets
Howard Weil Inc
Raymond James
Guggenheim Securities LLC
Sanford C. Bernstein & Co
ISI Group
RS Platou Markets
Susquehanna Financial Group
FBR Capital Markets
Edward Jones
Jefferies
Capital One Southcoast, Inc.
Global Hunter Securities
EVA Dimensions
Stephens Inc
Macquarie
Wells Fargo Securities, LLC
Barclays
JPMorgan
Goldman Sachs
Sterne, Agee & Leach
Cowen Securities LLC
Societe Generale
Deutsche Bank
Argus Research Corp
Credit Suisse
Johnson Rice & Co
Fearnley Fonds
MLV & Co
BMO Capital Markets
Morgan Stanley
Credit Agricole Securities (USA)
S&P Capital IQ
Tudor Pickering & Co

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
n/a
PUTNAM INVESTMENT MA
n/a
INVESCO LTD
WELLINGTON MANAGEMEN
Multiple Portfolios
GOLDMAN SACHS GROUP
NORTHERN TRUST CORPO
VALUEACT HOLDINGS LP
BANK OF NEW YORK MEL
n/a
n/a
INSTITUTIONAL CAPITA
NORGES BANK
DEUTSCHE BANK AKTIEN

Analyst
KURT HALLEAD
WILLIAM SANCHEZ
J MARSHALL ADKINS
MICHAEL K LAMOTTE
SCOTT GRUBER
JUDSON E BAILEY
TURNER HOLM
CHARLES P MINERVINO
ROBERT J MACKENZIE
BRIAN YOUNGBERG
BRAD HANDLER
LUKE M LEMOINE
BRIAN UHLMER
CRAIG STERLING
MICHAEL MARINO
NIGEL BROWNE
MATTHEW D CONLAN
JAMES C WEST
J DAVID ANDERSON
WAQAR SYED
STEPHEN D GENGARO
JAMES D CRANDELL
EDWARD C MUZTAFAGO
MICHAEL W URBAN
PHILIP H WEISS
JAMES WICKLUND
DAVID C SMITH
TRULS OLSEN
WILLIAM C CONROY
ALAN D LAWS
OLE SLORER
DAVID S HAVENS
STEWART GLICKMAN
JEFF TILLERY

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

Recommendation
outperform
sector perform
market perform
buy
outperform
strong buy
buy
Positive
outperform
hold
buy
add
buy
hold
overweight
outperform
outperform
overweight
overweight
buy/attractive
buy
buy
hold
buy
buy
outperform
overweight
not rated
buy
outperform
Equalwt/Attractive
buy
hold
buy

Amt Held
54'894'649
41'597'051
39'189'393
29'011'110
26'750'301
24'307'522
21'448'534
19'317'328
18'537'096
17'809'477
15'733'400
13'805'580
12'843'234
12'821'400
11'983'201
11'510'894
11'200'505
10'747'140
8'078'564
7'819'416

% Out
5.89
4.46
4.21
3.11
2.87
2.61
2.3
2.07
1.99
1.91
1.69
1.48
1.38
1.38
1.29
1.24
1.2
1.15
0.87
0.84

Weighting

Change

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

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

Latest Chg
1'032'280
481'246
436'469
7'705'513
11'744'656
818'715
3'137'478
(710'735)
(450'000)
(2'064'747)
25'570
(184'500)
(134'801)
(1'255'755)
743'817
10'747'140
1'656'642
1'393'565

Target Price
45
47
#N/A N/A
48
52
50
48
48
55
#N/A N/A
47
48
45
#N/A N/A
56
49
#N/A N/A
63
52
60
45
50
44
54
48
44
#N/A N/A
#N/A N/A
52
52
39
45
40
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
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
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Unclassified
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor

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

Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
12.03.2013
07.03.2013
05.03.2013
04.03.2013
01.03.2013
21.02.2013
21.02.2013
19.02.2013
14.02.2013
11.02.2013
11.02.2013
30.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
20.09.2012
05.04.2011

26.03.2013

Hewlett-Packard Co
Hewlett-Packard Company provides imaging and printing systems, computing
systems, and information technology services for business and home. The
Company's products include laser and inkjet printers, scanners, copiers and
faxes, personal computers, workstations, storage solutions, and other computing
and printing systems. Hewlett-Packard sells its products worldwide.

Price/Volume
30
25
20
15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2012)
52-Week Low (20.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HPQ UN EQUITY YTD Change
HPQ UN EQUITY YTD % CHANGE

10/2012
01/yy
25.40
11.35
1'507'120.00
23.35
-8.07%
105.73%
83.63%
1'944.0
45'392.86
28'436.00
0.0
397.0
11'301.00
61'425.86

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

5
0
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


31.10.2008
118'364.0
0.85x
14'185.0
7.05x
8'329.0
10.55x

10

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

31.10.2009
31.10.2010
114'552.0
126'033.0
1.00x
0.83x
15'798.0
17'736.0
7.26x
5.88x
7'660.0
8'761.0
12.33x
10.30x
Profitability

LTM-4Q
31.10.2011
127'245.0
0.60x
16'373.0
4.64x
7'074.0
7.25x

31.10.2012
120'357.0
0.37x
14'384.0
3.11x
(12'650.0)
44.68x

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

14'384.00
9'289.00
7.72%
-9.91%
-11.05%
-41.53%
1.02%
23.2%
11.8%
7.6%
-10.5%
1.09
0.66
26.14%
126.74%
6.49
13.35

Price/ Cash Flow

LTM

FY+1

2.20
1.21
1'907.81
64.69
0.64%
64.89%
1.211
36
2.778
5'739'564
4'863'469
5'058'588
FY+2

FQ+1

FQ+2

01/yy
01/yy
10/13 Y
10/14 Y
04/13 Q2 07/13 Q3
124'979.0 118'680.0 113'277.7 112'118.8
28'217.1
27'946.4
2.68x
1.86x
0.51x
0.48x
2.14x
2.12x
14'944.0
14'026.0
14'184.1
13'881.9
3'445.2
3'476.7
5.26x
3.44x
4.32x
4.42x
4.35x
4.38x
5'937.0 (12'886.0)
6'698.4
6'948.7
1'585.3
1'642.3
7.93x
78.62x
6.76x
6.50x
6.73x
6.62x
S&P Issuer Ratings
Long-Term Rating Date
30.11.2011
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
Short-Term Rating Date
30.11.2011
Short-Term Rating
A-2
Credit Ratios
EBITDA/Interest Exp.
16.42
(EBITDA-Capex)/Interest Exp.
12.19
Net Debt/EBITDA
1.11
Total Debt/EBITDA
2.01
Reference
Total Debt/Equity
126.7%
Total Debt/Capital
55.5%
Asset Turnover
1.02
Net Fixed Asset Turnover
9.97
Accounts receivable turnover-days
56.38
Inventory Days
27.41
Accounts Payable Turnover Day
48.76
Cash Conversion Cycle
33.38
Sales/Revenue/Turnover

10.00

140'000.0

9.00

120'000.0

8.00
7.00

100'000.0

6.00

80'000.0

5.00

60'000.0

4.00
3.00

40'000.0

2.00

20'000.0

1.00
0.00
06.11.2009

0.0
06.05.2010

06.11.2010

06.05.2011

06.11.2011

06.05.2012

06.11.2012

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

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

26.03.2013

Hewlett-Packard Co
Holdings By:

All

Holder Name
DODGE & COX
STATE STREET
BLACKROCK
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
GRANTHAM MAYO VAN OT
FRANKLIN RESOURCES
STATE FARM MUTUAL AU
PZENA INVESTMENT MAN
HOTCHKIS & WILEY CAP
RELATIONAL INVESTORS
RELATIONAL INVESTORS
ALLIANCE BERNSTEIN
FMR LLC
JP MORGAN
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
STATE FARM MUTUAL AU
INVESCO LTD

Firm Name
RBC Capital Markets
Edward Jones
Jyske Bank
Topeka Capital Markets Inc
Monness, Crespi, Hardt & Co
Morgan Stanley
Jefferies
Wells Fargo Securities, LLC
Cross Research
BMO Capital Markets
ISI Group
Daiwa Securities Co. Ltd.
Pacific Crest Securities
Mizuho Securities USA Inc
Deutsche Bank
Goldman Sachs
Argus Research Corp
Brean Murray Carret & Co
Credit Suisse
JPMorgan
Needham & Co
Robert W. Baird & Co
Raymond James
Sterne, Agee & Leach
Evercore Partners
Credit Agricole Securities (USA)
Barclays
FBN Securities
Wedge Partners
Stifel
EVA Dimensions
S&P Capital IQ
Sanford C. Bernstein & Co
DZ Bank AG
Hamburger Sparkasse

Portfolio Name
DODGE & COX
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
GRANTHAM MAYO VAN OT
n/a
STATE FARM MUTUAL AU
PZENA INVESTMENT MAN
HOTCHKIS AND WILEY
RELATIONAL INVESTORS
n/a
n/a
n/a
n/a
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
STATE FARM MUTUAL AU
INVESCO LTD

Analyst
AMIT DARYANANI
WILLIAM C KREHER
ROBERT JAKOBSEN
BRIAN J WHITE
JEFFREY FIDACARO
KATHRYN HUBERTY
PETER J MISEK
MAYNARD UM
SHANNON S CROSS
KEITH F BACHMAN
BRIAN MARSHALL
YOKO YAMADA
BRENT A BRACELIN
ABHEY R LAMBA
CHRISTOPHER WHITMORE
WILLIAM C SHOPE JR
JAMES KELLEHER
ANANDA BARUAH
KULBINDER GARCHA
MARK A MOSKOWITZ
RICHARD J KUGELE
JAYSON NOLAND SR
BRIAN G ALEXANDER
SHAW WU
ROBERT CIHRA
AVI SILVER
BENJAMIN A REITZES
SHEBLY SEYRAFI
JUN ZHANG
AARON C RAKERS
ANDREW S ZAMFOTIS
ANGELO ZINO
TONI SACCONAGHI
MICHAEL BISSINGER
MARCO GUENTHER

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

Recommendation
sector perform
sell
strong buy
sell
neutral
Overwt/In-Line
underperform
market perform
hold
market perform
neutral
neutral
sector perform
underperform
sell
neutral/neutral
hold
hold
neutral
neutral
underperform
neutral
market perform
neutral
underweight
underperform
equalweight
sector perform
no rating system
hold
overweight
hold
outperform
buy
hold

Amt Held
156'597'738
106'309'773
92'930'917
85'110'416
63'618'500
53'291'373
53'006'612
50'688'948
42'070'800
41'107'891
38'023'270
34'534'517
34'534'517
34'335'793
31'517'640
28'480'999
28'171'328
25'976'745
22'521'188
22'072'964

% Out
8.06
5.47
4.78
4.38
3.27
2.74
2.73
2.61
2.16
2.11
1.96
1.78
1.78
1.77
1.62
1.47
1.45
1.34
1.16
1.14

Weighting

Change

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

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
R
M
M
M

Latest Chg
14'599'703
1'571'478
(7'619'732)
1'968'856
9'604'300
5'439'086
10'688'313
6'234'572
6'878'389
(2'472'350)
(23'243'182)
(759'633)
6'603'686
(376'536)
5'525
3'599'592

Target Price
23
#N/A N/A
29
12
#N/A N/A
27
14
#N/A N/A
19
20
#N/A N/A
21
#N/A N/A
14
12
16
#N/A N/A
#N/A N/A
20
22
#N/A N/A
20
#N/A N/A
#N/A N/A
15
17
19
20
#N/A N/A
#N/A N/A
#N/A N/A
16
39
#N/A N/A
#N/A N/A

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

File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Insurance Company
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Insurance Company
31.12.2012
Investment Advisor

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

Date
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
17.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
12.03.2013
08.03.2013
06.03.2013
26.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
22.01.2013
15.01.2013
04.10.2012
19.09.2012
16.08.2012
08.02.2011

26.03.2013

HJ Heinz Co
H.J. Heinz Company manufactures and markets processed food products throughout
the world. The Company's principal products include ketchup, condiments and
sauces, frozen food, soups, beans and pasta meals, infant nutrition and other
processed food products.

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 (22.02.2013)
52-Week Low (23.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 27.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HNZ UN EQUITY YTD Change
HNZ UN EQUITY YTD % CHANGE

04/2012
01/yy
72.70
51.91
206'992.00
72.05
-0.89%
38.80%
96.58%
320.7
23'102.91
5'026.69
0.1
166.0
1'330.44
27'065.31

30.04.2008
10'070.8
1.91x
1'857.9
10.38x
844.9
17.88x

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0
m-12

30.04.2009
30.04.2010
10'011.3
10'495.0
1.55x
1.78x
1'783.8
1'862.1
8.67x
10.06x
923.1
864.9
11.68x
16.23x
Profitability

LTM-4Q
30.04.2011
10'706.6
1.92x
1'946.9
10.55x
989.5
16.74x

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

30.04.2012
11'649.1
1.79x
1'794.0
11.64x
923.2
15.87x
1'793.96
1'451.17
12.46%
10.16%
8.31%
33.75%
15.45%
0.97%
34.3%
16.5%
13.5%
7.9%
1.47
0.81
41.95%
182.22%
12.96
5.04

Price/ Cash Flow

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

01/yy
11'410.3
7.37x
1'880.4
11.21x
971.7
16.15x

01/yy
11'601.4
7.64x
1'918.9
12.21x
992.4
17.01x

FY+1

2.81
0.59
317.78
5.67
40.18%
25.81%
0.590
18
3.222
753'804
1'251'482
830'300
FY+2

FQ+1

FQ+2

04/13 Y
04/14 Y
04/13 Q4 07/13 Q1
11'707.3
12'209.4
3'096.4
2'907.2
2.29x
2.17x
8.62x
9.27x
2'055.6
2'189.8
582.6
528.5
13.17x
12.36x
12.26x
12.33x
1'144.9
1'221.2
271.4
287.0
20.24x
18.94x
19.95x
19.16x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

14.02.2013
BBB+ *14.02.2013
A-2 *6.09
4.67
2.02
2.60
182.2%
63.2%
0.97
4.80
28.39
72.97
62.68
26.56

Sales/Revenue/Turnover

18.00

14'000.0

16.00

12'000.0

14.00

10'000.0

12.00
10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00
0.00
01.05.2009

a-12

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

Fiscal Year Ended


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

5.0 M

40

0.0
01.11.2009

01.05.2010

01.11.2010

01.05.2011

01.11.2011

01.05.2012

01.11.2012

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

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

26.03.2013

HJ Heinz Co
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
STATE STREET
BANK OF NEW YORK MEL
VANGUARD GROUP INC
NORTHERN TRUST CORPO
FEDERATED INVESTORS
CLEARBRIDGE INVESTME
SARASIN & PARTNERS L
UBS
LEGG MASON INC
MORGAN STANLEY
SCHAFER CULLEN CAPIT
MANAGED ACCOUNT ADVI
NORGES BANK
M&G INVESTMENT MANAG
BANK OF AMERICA CORP
INVESCO LTD
AMERIPRISE FINANCIAL

Firm Name
Edward Jones
Stifel
Sanford C. Bernstein & Co
RBC Capital Markets
Credit Agricole Securities (USA)
Jefferies
Morgan Stanley
Barclays
Janney Montgomery Scott LLC
Davenport & Co
S&P Capital IQ
Gabelli & Co
Deutsche Bank
Goldman Sachs
Credit Suisse
JPMorgan
EVA Dimensions
Argus Research Corp
McAdams Wright Ragen Inc

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
BANK OF NEW YORK MEL
Multiple Portfolios
NORTHERN TRUST CORPO
FEDERATED INVESTORS
CLEARBRIDGE INVESTME
SARASIN PARTNERS LLP
n/a
Multiple Portfolios
n/a
SCHAFER CULLEN CAPIT
MANAGED ACCOUNT ADVI
NORGES BANK
M&G INVESTMENT MANAG
BANK OF AMERICA
INVESCO LTD
AMERIPRISE FINANCIAL

Analyst
JACK P RUSSO
CHRISTOPHER R GROWE
ALEXIA HOWARD
EDWARD AARON
DIANE GEISSLER
THILO WREDE
MATTHEW GRAINGER
ANDREW LAZAR
JONATHAN P FEENEY
ANN H GURKIN
THOMAS GRAVES
SARAH DONNELLY
ERIC R KATZMAN
JASON ENGLISH
ROBERT MOSKOW
KENNETH GOLDMAN
AUSTIN BURKETT
JOHN D STASZAK
DAN GEIMAN

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

Recommendation
hold
hold
market perform
sector perform
outperform
hold
Equalwt/In-Line
equalweight
neutral
neutral
hold
hold
hold
neutral/neutral
restricted
restricted
hold
buy
focus list

Amt Held
23'659'766
15'000'600
14'670'623
13'232'476
12'267'339
8'946'000
5'783'978
5'233'995
4'696'787
3'528'176
2'888'698
2'844'350
2'838'035
2'710'922
2'632'387
2'587'791
2'573'206
2'567'050
2'511'594
2'504'553

% Out
7.38
4.68
4.58
4.13
3.83
2.79
1.8
1.63
1.46
1.1
0.9
0.89
0.89
0.85
0.82
0.81
0.8
0.8
0.78
0.78

Weighting

Change

3
3
3
3
5
3
3
3
3
3
3
3
3
3
#N/A N/A
#N/A N/A
3
5
5

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

Latest Chg
778'722
863'097
280'946
242'588
110'195
113'198
26'863
(82'649)
(196'145)
(375)
(35'605)
(66'205)
199'032
231'732
(109'300)
(116'751)
15'464
169'787

Target Price
#N/A N/A
#N/A N/A
73
73
62
73
73
73
73
#N/A N/A
72
#N/A N/A
73
61
#N/A N/A
#N/A N/A
#N/A N/A
64
44

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

File Dt
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
18.03.2013
15.03.2013
14.03.2013
11.03.2013
11.03.2013
01.03.2013
22.02.2013
22.02.2013
21.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
15.01.2013
30.05.2012
15.06.2009

26.03.2013

Home Depot Inc/The


The Home Depot, Inc. is a home improvement retailer that sells building
materials and home improvement products. The Company sells a wide assortment
of building materials, home improvement and lawn and garden products and
provide a number of services. Home Depot operates throughout the U.S.
(including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 13.11.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HD UN EQUITY YTD Change
HD UN EQUITY YTD % CHANGE

01/2013
02/yy
71.45
46.37
389'860.00
69.89
-2.18%
50.72%
92.11%
1'495.2
104'498.09
10'796.00
0.0
0.0
2'494.00
112'800.09

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
m-12

31.01.2010
31.01.2011
66'176.0
67'997.0
0.84x
1.01x
6'609.0
7'557.0
8.45x
9.10x
2'661.0
3'338.0
16.87x
18.08x
Profitability

LTM-4Q
31.01.2012
70'395.0
1.10x
8'343.0
9.32x
3'883.0
18.17x

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

31.01.2013
74'754.0
1.46x
9'450.0
11.53x
4'535.0
21.71x
9'450.00
7'766.00
10.39%
9.66%
11.11%
25.42%
17.23%
1.83%
34.6%
12.6%
10.4%
6.1%
1.34
0.34
26.28%
60.73%
56.63
4.65

Price/ Cash Flow

m-12

j-12

j-12

LTM

01/yy
70'395.0
3.88x
8'343.0
9.32x
3'883.0
18.24x

a-12

02/yy
74'754.0
5.12x
9'450.0
11.53x
4'535.0
21.92x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.66
0.96
1'476.28
13.43
42.37%
13.62%
0.960
31
3.839
1'425'910
1'712'209
1'601'574
FY+2

FQ+1

FQ+2

01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
76'834.3
80'172.8
18'547.6
21'674.9
1.49x
1.43x
6.07x
5.21x
10'381.2
11'291.9
2'333.4
3'317.8
10.87x
9.99x
10.85x
10.59x
5'092.5
5'632.6
1'119.4
1'732.2
19.88x
17.12x
19.84x
19.48x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

16.11.2011
ASTABLE
05.07.2007
A-2
14.95
12.88
0.88
1.14
60.7%
37.8%
1.83
3.08
6.55
79.78
38.50
47.82

Sales/Revenue/Turnover

18.00

90'000.0

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
05.02.2010

a-12

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

Fiscal Year Ended


31.01.2009
71'288.0
0.67x
6'261.0
7.57x
2'260.0
12.10x

80

0.0
05.08.2010

05.02.2011

05.08.2011

05.02.2012

05.08.2012

05.02.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

26.03.2013

Home Depot Inc/The


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
VANGUARD GROUP INC
JP MORGAN
NORTHERN TRUST CORPO
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
NORGES BANK
LANGONE KENNETH G
TIAA CREF INVESTMENT
JANUS CAPITAL MANAGE
AMERIPRISE FINANCIAL
BANK OF AMERICA CORP
CLEARBRIDGE INVESTME
GEODE CAPITAL MANAGE
FISHER INVESTMENTS I
DEUTSCHE BANK AG

Firm Name
Stifel
ISI Group
Raymond James
Canaccord Genuity Corp
Longbow Research
Barclays
Robert W. Baird & Co
Sanford C. Bernstein & Co
Goldman Sachs
Oppenheimer & Co
Nomura
Crowell, Weedon & Co
Daiwa Securities Co. Ltd.
Deutsche Bank
Argus Research Corp
Credit Suisse
JPMorgan
Landesbank Baden-Wuerttemberg
Gabelli & Co
Telsey Advisory Group
BMO Capital Markets
Morgan Stanley
RBC Capital Markets
Edward Jones
Janney Montgomery Scott LLC
Jefferies
S&P Capital IQ
Piper Jaffray
EVA Dimensions
First Global Stockbroking

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
n/a
NORTHERN TRUST CORPO
T ROWE PRICE ASSOCIA
BANK OF NEW YORK MEL
NORGES BANK
n/a
TIAA-CREF INVESTMENT
n/a
AMERIPRISE FINANCIAL
BANK OF AMERICA
CLEARBRIDGE INVESTME
GEODE CAPITAL MANAGE
FISHER INVESTMENTS
DEUTSCHE BANK AKTIEN

Analyst
DAVID A SCHICK
GREGORY MELICH
BUDD BUGATCH
LAURA A CHAMPINE
DAVID S MACGREGOR
ALAN M RIFKIN
PETER S BENEDICT
COLIN MCGRANAHAN
MATTHEW J FASSLER
BRIAN NAGEL
ARAM RUBINSON
JAMES D RAGAN
KAHORI TAMADA
MICHAEL BAKER
CHRISTOPHER GRAJA
GARY BALTER
CHRISTOPHER HORVERS
PER-OLA HELLGREN
ZAHID SIDDIQUE
JOSEPH I FELDMAN
WAYNE HOOD
DAVID GOBER
R SCOT CICCARELLI
ROBIN DIEDRICH
DAVID S STRASSER
DANIEL T BINDER
MICHAEL SOUERS
PETER J KEITH
CRAIG STERLING
RITESH DOSHI

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
13F
13F
13F
13F
Form 4
13F
ULT-AGG
13F
13F
13F
13F
13F
13F

Recommendation
hold
strong buy
market perform
hold
buy
overweight
outperform
market perform
neutral/neutral
outperform
neutral
buy
neutral
hold
buy
outperform
overweight
sell
hold
no rating system
market perform
Equalwt/In-Line
outperform
hold
neutral
hold
sell
overweight
overweight
market perform

Amt Held
259'169'876
85'768'123
69'817'390
69'173'068
44'561'903
43'129'635
32'669'622
24'129'181
19'734'437
19'504'921
17'480'869
16'521'656
12'513'691
12'038'677
11'864'087
10'600'560
10'430'336
9'930'641
8'283'318
7'878'954

% Out
17.33
5.74
4.67
4.63
2.98
2.88
2.18
1.61
1.32
1.3
1.17
1.1
0.84
0.81
0.79
0.71
0.7
0.66
0.55
0.53

Weighting

Change

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

M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'236'968)
5'080'031
814'069
6'942'036
462'447
(328'777)
5'640'924
(1'794'257)
513'100
1'928'136
347'500
(3'244'632)
(225'788)
(942'663)
(1'023'756)
105'170
4'391'342

Target Price
#N/A N/A
79
#N/A N/A
61
78
78
78
71
75
76
70
76
70
70
75
78
74
65
#N/A N/A
75
72
#N/A N/A
75
#N/A N/A
60
64
55
83
#N/A N/A
#N/A N/A

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

File Dt
31.12.2012
22.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
24.05.2007
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
18 month
12 month
18 month
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

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

Date
26.03.2013
24.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
13.03.2013
12.03.2013
10.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
15.01.2013
18.08.2011

26.03.2013

Honeywell International Inc


Honeywell International Inc. is a worldwide diversified technology and
manufacturing company providing aerospace products and services, control,
sensing and security technologies, turbochargers, automotive products, specialty
chemicals, electronic and advanced materials, process technology for refining
and petrochemicals, and energy efficient products and solutions.

Price/Volume

3.0 M
2.5 M

50

2.0 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (25.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HON UN EQUITY YTD Change
HON UN EQUITY YTD % CHANGE

12/2012
12/yy
75.75
52.21
205'512.00
75.58
-0.22%
44.76%
96.22%
783.8
59'238.69
7'496.00
0.0
240.0
5'265.00
61'709.69

1.5 M

30
20

1.0 M

10

.5 M

0
m-12

31.12.2009
31.12.2010
30'908.0
32'350.0
1.36x
1.40x
3'410.0
3'998.0
12.34x
11.33x
1'548.0
2'022.0
16.40x
17.49x
Profitability

LTM-4Q
31.12.2011
36'529.0
1.25x
3'531.0
12.91x
2'067.0
14.34x

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

31.12.2012
37'665.0
1.38x
5'082.0
10.26x
2'926.0
13.11x
5'082.00
4'156.00
11.03%
10.29%
7.17%
24.61%
16.32%
0.92%
24.9%
13.5%
11.0%
7.8%
1.35
0.97
17.91%
57.77%
5.14
6.66

Price/ Cash Flow

m-12

j-12

j-12

LTM

12/yy
36'529.0
5.06x
3'531.0
12.91x
2'067.0
12.91x

a-12

12/yy
37'665.0
5.30x
5'082.0
10.26x
2'926.0
12.95x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

2.02
1.20
782.50
8.67
25.51%
19.78%
1.203
28
4.571
809'552
846'561
810'026
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
39'435.6
41'596.9
9'446.5
9'809.4
1.52x
1.40x
6.58x
6.28x
6'934.2
7'536.8
1'628.1
1'722.9
8.90x
8.19x
8.90x
8.61x
3'941.4
4'392.8
900.2
968.1
15.27x
13.72x
15.28x
14.76x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

03.07.2001
A
STABLE
03.07.2001
A-1
13.77
11.38
0.44
1.48
57.8%
36.2%
0.92
7.68
71.21
54.98
61.35
64.84

Sales/Revenue/Turnover

20.00

40'000.0

18.00

35'000.0

16.00

30'000.0

14.00

25'000.0

12.00
10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00
0.00
01.01.2010

a-12

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

Fiscal Year Ended


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

3.5 M

70
60

Valuation Analysis

31.12.2008
36'556.0
0.83x
4'432.0
6.87x
2'792.0
7.08x

80

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Honeywell International Inc


Holdings By:

All

Holder Name
STATE STREET
BLACKROCK
SUN LIFE FINANCIAL I
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
EVERCORE TRUST COMPA
CAPITAL GROUP COMPAN
JP MORGAN
BARROW HANLEY MEWHIN
FMR LLC
PRIMECAP MANAGEMENT
BANK OF AMERICA CORP
INSTITUTIONAL CAPITA
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
AMERIPRISE FINANCIAL
TIAA CREF INVESTMENT
MORGAN STANLEY

Firm Name
Deutsche Bank
Jefferies
Sanford C. Bernstein & Co
RBC Capital Markets
Goldman Sachs
Sterne, Agee & Leach
Drexel Hamilton LLC
FBR Capital Markets
EVA Dimensions
JPMorgan
Morgan Stanley
William Blair & Co
Stifel
Oppenheimer & Co
Nomura
Cowen and Company
Atlantic Equities LLP
Barclays
Credit Suisse
Langenberg & Co
Edward Jones
Argus Research Corp
Buckingham Research Group
S&P Capital IQ
Gabelli & Co

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
T ROWE PRICE ASSOCIA
Multiple Portfolios
EVERCORE TRUST COMPA
n/a
n/a
BARROW HANLEY MEWHIN
n/a
PRIMECAP MANAGEMENT
BANK OF AMERICA
INSTITUTIONAL CAPITA
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
AMERIPRISE FINANCIAL
TIAA-CREF INVESTMENT
n/a

Analyst
JOHN G INCH
HOWARD A RUBEL
STEVEN E WINOKER
ROBERT STALLARD
JOSEPH RITCHIE
PETER J ARMENT
RICHARD WHITTINGTON
AJAY K KEJRIWAL
CRAIG STERLING
CHARLES STEPHEN TUSA
NIGEL COE
NICHOLAS P HEYMANN
JEFFREY D OSBORNE
CHRISTOPHER D GLYNN
SHANNON O'CALLAGHAN
GAUTAM KHANNA
RICHARD RADBOURNE
SCOTT R DAVIS
JULIAN MITCHELL
BRIAN KEITH LANGENBERG
CHRISTIAN MAYES
NATHANIEL GABRIEL
EDWARD WHEELER
RICHARD TORTORIELLO
JAMES FOUNG

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

Recommendation
buy
buy
outperform
outperform
Buy/Neutral
buy
buy
market perform
buy
overweight
Overwt/In-Line
market perform
buy
outperform
buy
outperform
overweight
overweight
neutral
hold
buy
buy
neutral
buy
buy

Amt Held
73'569'905
42'906'181
37'193'251
34'273'936
25'734'785
21'954'337
20'764'864
19'712'106
18'120'000
17'872'573
17'579'495
17'017'142
13'293'381
12'245'224
11'806'211
11'467'291
10'085'986
10'002'151
8'754'028
8'377'799

% Out
9.39
5.47
4.75
4.37
3.28
2.8
2.65
2.51
2.31
2.28
2.24
2.17
1.7
1.56
1.51
1.46
1.29
1.28
1.12
1.07

Weighting

Change
5
5
5
5
5
5
5
3
5
5
5
3
5
5
5
5
5
5
3
3
5
5
3
5
5

M
M
M
M
N
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'051'311)
811'926
2'228'106
1'259'529
2'301'749
1'482'734
(980'000)
(2'079'671)
(124'743)
298'914
(506'600)
2'371'782
(371'685)
1'119
(37'148)
1'285'650
(1'644'686)
(113'762)

Target Price
88
82
86
80
88
81
80
76
#N/A N/A
73
78
75
80
87
77
#N/A N/A
77
76
67
66
#N/A N/A
77
74
75
#N/A N/A

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

File Dt
25.03.2013
22.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
23.02.2013
19.02.2013
25.01.2013
25.01.2013
23.10.2012

26.03.2013

Intel Corp
Intel Corporation designs, manufactures, and sells computer components and
related products. The Company's major products include microprocessors,
chipsets, embedded processors and microcontrollers, flash memory products,
graphics products, network and communications products, systems management
software, conferencing products, and digital imaging products.

Price/Volume

30.0 M
25.0 M
20.0 M

15

Latest Fiscal Year:


LTM as of:
52-Week High (02.05.2012)
52-Week Low (21.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
INTC UW EQUITY YTD Change
INTC UW EQUITY YTD % CHANGE

12/2012
12/yy
29.27
19.23
3'444'290.00
21.46
-26.68%
11.60%
19.12%
4'946.0
106'141.16
13'448.00
0.0
0.0
22'586.00
97'003.16

15.0 M

10

10.0 M

5.0 M

0
m-12

31.12.2009
31.12.2010
35'127.0
43'623.0
2.84x
2.16x
10'994.0
20'226.0
9.08x
4.65x
4'369.0
11'464.0
16.80x
10.37x
Profitability

LTM-4Q
31.12.2011
53'999.0
2.10x
23'541.0
4.81x
12'942.0
9.59x

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
53'341.0
1.70x
22'160.0
4.10x
11'005.0
9.50x
22'160.00
14'638.00
27.44%
27.88%
14.16%
22.66%
18.78%
0.69%
62.1%
41.5%
27.4%
20.6%
2.43
1.71
15.94%
26.26%
14.26
4.57

Price/ Cash Flow

j-12

j-12

LTM

12/yy
53'999.0
7.72x
23'541.0
4.81x
12'942.0
9.78x

a-12

12/yy
53'341.0
8.56x
22'160.0
4.10x
11'005.0
9.50x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

4.05
1.01
4'769.01
216.01
-21.03%
5.13%
1.014
53
3.491
7'926'692
9'448'922
9'479'995
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'942.2
56'526.9
12'663.6
12'920.5
1.90x
1.81x
8.11x
7.98x
20'993.2
22'865.8
4'601.8
4'574.9
4.64x
4.26x
4.69x
4.54x
10'397.5
11'205.2
2'241.9
2'265.2
10.61x
9.83x
10.40x
10.04x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

17.02.1993
A+
STABLE
17.02.1993
A-1+
67.15
33.74
-0.41
0.61
26.3%
20.8%
0.69
2.07
25.53
79.60
52.25
52.88

Sales/Revenue/Turnover

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
01.01.2010

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
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

35.0 M

25
20

Valuation Analysis

31.12.2008
37'586.0
1.81x
14'280.0
4.76x
5'292.0
12.66x

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

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

26.03.2013

Intel Corp
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
MOORE GORDON EARLE
VANGUARD GROUP INC
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
INVESCO LTD
WELLINGTON MANAGEMEN
HARRIS ASSOCIATES LP
ALLIANZ ASSET MANAGE
CAPITAL GROUP COMPAN
BANK OF AMERICA CORP
FRANKLIN RESOURCES
NORGES BANK
STATE FARM MUTUAL AU
DEUTSCHE BANK AG
LOOMIS SAYLES & COMP
GOLDMAN SACHS GROUP
STATE FARM MUTUAL AU

Firm Name
Sanford C. Bernstein & Co
BMO Capital Markets
Wells Fargo Securities, LLC
Piper Jaffray
Drexel Hamilton LLC
Sterne, Agee & Leach
Evercore Partners
MKM Partners
Argus Research Corp
JPMorgan
B Riley & Company, Inc
Miller Tabak + Co., LLC
Susquehanna Financial Group
FBR Capital Markets
Longbow Research
Stifel
Barclays
Robert W. Baird & Co
Williams Financial Group
Cowen and Company
Maxim Group LLC
Pacific Crest Securities
Canaccord Genuity Corp
Edward Jones
ISI Group
JMP Securities
RBC Capital Markets
Needham & Co
Lazard Capital Markets
Raymond James
Nomura
Jefferies
Hamburger Sparkasse
Morgan Stanley
Crowell, Weedon & Co
Daiwa Securities Co. Ltd.
Deutsche Bank
Roth Capital Partners
Credit Suisse
Macquarie
Independent Research GmbH
Oppenheimer & Co
S&P Capital IQ

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
INVESCO LTD
WELLINGTON MANAGEMEN
HARRIS ASSOC LP
n/a
n/a
BANK OF AMERICA
n/a
NORGES BANK
STATE FARM MUTUAL AU
DEUTSCHE BANK AKTIEN
LOOMIS SAYLES & CO L
GOLDMAN SACHS GROUP
STATE FARM MUTUAL AU

Analyst
STACY A RASGON
AMBRISH SRIVASTAVA
DAVID M WONG
AUGUSTE P RICHARD
RICHARD WHITTINGTON
VIJAY R RAKESH
PATRICK WANG
DANIEL A BERENBAUM
JAMES KELLEHER
CHRISTOPHER DANELY
CRAIG ELLIS
BRENDAN FURLONG
CHRISTOPHER CASO
CHRISTOPHER ROLLAND
JOANNE FEENEY
KEVIN E CASSIDY
BLAYNE CURTIS
TRISTAN GERRA
CODY G ACREE
TIMOTHY M ARCURI
ASHOK KUMAR
MICHAEL MCCONNELL
ROBERT BURLESON
WILLIAM C KREHER
SUMIT DHANDA
ALEX GAUNA
DOUG FREEDMAN
N QUINN BOLTON
DANIEL L AMIR
HANS C MOSESMANN
ROMIT SHAH
MARK J LIPACIS
MARCO GUENTHER
JOSEPH MOORE
JAMES D RAGAN
YOKO YAMADA
ROSS C SEYMORE
KRISHNA SHANKAR
JOHN W PITZER
SHAWN WEBSTER
MARKUS FRIEBEL
RICHARD SCHAFER
ANGELO ZINO

Source
ULT-AGG
13F
ULT-AGG
Form 4
MF-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
Sch-D

Recommendation
underperform
market perform
outperform
neutral
hold
neutral
equalweight
buy
buy
neutral
neutral
hold
neutral
market perform
neutral
buy
equalweight
outperform
hold
neutral
buy
sector perform
hold
hold
buy
market outperform
sector perform
hold
buy
underperform
reduce
hold
buy
Underwt/In-Line
buy
neutral
buy
neutral
outperform
outperform
buy
market perform
hold

Amt Held
275'299'132
224'362'465
212'932'389
172'992'357
139'771'578
107'648'009
76'183'909
73'349'858
71'696'575
64'099'640
62'419'311
56'437'200
42'262'952
40'574'173
40'236'837
39'078'900
38'661'945
36'009'427
35'339'649
34'886'904

% Out
5.57
4.54
4.31
3.5
2.83
2.18
1.54
1.48
1.45
1.3
1.26
1.14
0.85
0.82
0.81
0.79
0.78
0.73
0.71
0.71

Weighting

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

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(4'738'268)
4'358'835
5'220'014
(1'255'200)
7'796'302
231'840
(7'774'199)
2'772'732
3'284'665
1'725'102
(1'073'550)
2'352'168
14'347'374
3'652'891
(11'739'300)
9'367'763
4'046'035
(2'267'980)
9'192

Target Price
18
21
#N/A N/A
21
22
18
22
24
25
19
24
23
21
23
#N/A N/A
28
20
26
#N/A N/A
#N/A N/A
29
#N/A N/A
20
#N/A N/A
25
26
24
#N/A N/A
26
#N/A N/A
19
24
#N/A N/A
20
26
21
26
20
28
26
27
#N/A N/A
#N/A N/A

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

File Dt
22.03.2013
31.12.2012
25.03.2013
02.03.2005
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012

Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided

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

Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
24.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
11.03.2013
11.03.2013
06.03.2013
06.03.2013
05.03.2013
04.03.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
12.02.2013
31.01.2013
29.01.2013
22.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013

26.03.2013

International Business Machines Corp


International Business Machines Corporation (IBM) provides computer solutions
through the use of advanced information technology. The Company's solutions
include technologies, systems, products, services, software, and financing. IBM
offers its products through its global sales and distribution organization, as
well as through a variety of third party distributors and resellers.

Price/Volume
250

8.0 M
200

6.0 M
5.0 M
4.0 M

100

Latest Fiscal Year:


LTM as of:
52-Week High (15.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IBM UN EQUITY YTD Change
IBM UN EQUITY YTD % CHANGE

12/2012
12/yy
215.90
181.87
174'681.00
212.23
-1.70%
16.69%
84.84%
1'114.5
236'532.41
33'269.00
0.0
124.0
11'129.00
258'796.40

3.0 M
2.0 M

50

1.0 M
0
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 m-13

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

Fiscal Year Ended


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

7.0 M

150

Valuation Analysis

31.12.2008
103'630.0
1.29x
21'388.0
6.25x
12'334.0
9.42x

9.0 M

31.12.2009
31.12.2010
95'759.0
99'870.0
1.91x
1.98x
22'009.0
22'981.0
8.32x
8.59x
13'425.0
14'833.0
13.08x
12.74x
Profitability

LTM-4Q
31.12.2011
106'916.0
2.18x
25'101.0
9.30x
15'855.0
13.68x

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
104'507.0
2.26x
25'119.0
9.41x
16'604.0
12.56x
25'119.00
20'443.00
19.56%
20.96%
14.09%
85.15%
32.66%
0.89%
48.1%
24.0%
19.6%
15.9%
1.13
0.91
27.91%
176.40%
3.68
22.21

Price/ Cash Flow

LTM

FY+1

1.55
0.90
1'113.11
13.42
3.91%
11.26%
0.904
33
3.879
952'469
1'061'460
1'006'498
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
106'915.0 104'507.0 106'288.6 109'013.2
24'671.1
26'180.6
8.38x
9.55x
2.43x
2.34x
10.50x
9.89x
25'100.0
25'121.0
28'609.1
30'016.2
5'694.7
6'994.5
9.30x
9.41x
9.05x
8.63x
8.94x
8.81x
15'856.0
16'604.0
18'371.7
19'292.9
3'435.9
4'384.7
13.63x
12.52x
12.66x
11.53x
12.63x
12.36x
S&P Issuer Ratings
Long-Term Rating Date
30.05.2012
Long-Term Rating
AALong-Term Outlook
STABLE
Short-Term Rating Date
30.05.2012
Short-Term Rating
A-1+
Credit Ratios
EBITDA/Interest Exp.
52.66
(EBITDA-Capex)/Interest Exp.
44.10
Net Debt/EBITDA
0.88
Total Debt/EBITDA
1.32
Reference
Total Debt/Equity
176.4%
Total Debt/Capital
63.7%
Asset Turnover
0.89
Net Fixed Asset Turnover
7.50
Accounts receivable turnover-days
99.44
Inventory Days
16.48
Accounts Payable Turnover Day
55.92
Cash Conversion Cycle
60.00
Sales/Revenue/Turnover

14.00

120'000.0

12.00

100'000.0

10.00

80'000.0

8.00

60'000.0
6.00

40'000.0
4.00

20'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

International Business Machines Corp


Holdings By:

All

Holder Name
BERKSHIRE HATHAWAY I
STATE STREET
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
STATE FARM MUTUAL AU
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
WELLINGTON MANAGEMEN
FMR LLC
STATE FARM MUTUAL AU
BANK OF AMERICA CORP
JP MORGAN
NORGES BANK
TIAA CREF INVESTMENT
NEUBERGER BERMAN LLC
GEODE CAPITAL MANAGE
CAPITAL GROUP COMPAN
GOLDMAN SACHS GROUP
FRANKLIN RESOURCES

Firm Name
Argus Research Corp
Topeka Capital Markets Inc
Janney Montgomery Scott LLC
Stifel
Sanford C. Bernstein & Co
Wells Fargo Securities, LLC
BMO Capital Markets
Societe Generale
Daiwa Securities Co. Ltd.
Morgan Stanley
RBC Capital Markets
Credit Suisse
Edward Jones
JPMorgan
Jefferies
Sterne, Agee & Leach
Evercore Partners
Cowen and Company
Credit Agricole Securities (USA)
ISI Group
Barclays
Tigress Financial Partners
Hamburger Sparkasse
Independent Research GmbH
Macquarie
S&P Capital IQ
EVA Dimensions
Deutsche Bank
Goldman Sachs

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
Multiple Portfolios
STATE FARM MUTUAL AU
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
WELLINGTON MANAGEMEN
n/a
STATE FARM MUTUAL AU
BANK OF AMERICA
n/a
NORGES BANK
TIAA-CREF INVESTMENT
NEUBERGER BERMAN GRO
GEODE CAPITAL MANAGE
n/a
GOLDMAN SACHS GROUP
n/a

Analyst
JAMES KELLEHER
BRIAN J WHITE
JOSEPH D FORESI
DAVID M GROSSMAN
TONI SACCONAGHI
MAYNARD UM
KEITH F BACHMAN
RICHARD NGUYEN
KAZUYA NISHIMURA
KATHRYN HUBERTY
AMIT DARYANANI
KULBINDER GARCHA
JOSH OLSON
MARK A MOSKOWITZ
PETER J MISEK
SHAW WU
ROBERT CIHRA
MOSHE KATRI
EDWARD MAGUIRE
BRIAN MARSHALL
BENJAMIN A REITZES
IVAN FEINSETH
MARCO GUENTHER
MARKUS FRIEBEL
BRAD A ZELNICK
JIM YIN
ANDREW S ZAMFOTIS
CHRISTOPHER WHITMORE
WILLIAM C SHOPE JR

Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
13F
13F
13F
ULT-AGG
Sch-D
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG

Recommendation
buy
buy
neutral
buy
market perform
market perform
market perform
hold
outperform
Equalwt/In-Line
sector perform
neutral
buy
neutral
hold
buy
overweight
outperform
outperform
cautious
overweight
neutral
hold
hold
neutral
buy
overweight
buy
Buy/Neutral

Amt Held
68'115'484
62'434'847
54'978'479
51'157'308
33'497'048
16'651'892
16'291'957
15'370'081
11'350'421
9'957'628
9'701'364
9'228'652
9'207'955
9'100'412
8'364'296
7'050'925
7'037'283
7'023'173
5'610'385
5'598'716

% Out
6.11
5.6
4.93
4.59
3.01
1.49
1.46
1.38
1.02
0.89
0.87
0.83
0.83
0.82
0.75
0.63
0.63
0.63
0.5
0.5

Weighting

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

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

Latest Chg
597'588
502'319
(41'582)
686'349
(210'207)
681'009
407'981
(4'922'594)
(16'134)
70'243
(523'631)
429'602
(98'584)
(315'214)
(762'456)
(733'364)
(184'705)
(112'134)

Target Price
235
251
209
241
225
#N/A N/A
233
201
230
#N/A N/A
215
200
#N/A N/A
198
225
230
235
#N/A N/A
225
#N/A N/A
240
#N/A N/A
#N/A N/A
215
215
227
#N/A N/A
240
233

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

File Dt
31.12.2012
25.03.2013
22.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
15.03.2013
14.03.2013
07.03.2013
06.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
20.02.2013
29.01.2013
25.01.2013
23.01.2013
23.01.2013
15.01.2013
29.09.2012
19.07.2012

26.03.2013

Johnson & Johnson


Johnson & Johnson manufactures health care products and provides related
services for the consumer, pharmaceutical, and medical devices and diagnostics
markets. The Company sells products such as skin and hair care products,
acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical
equipment in countries located around the world.

Price/Volume

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

12.0 M
10.0 M

60

12/2012
12/yy
80.39
61.71
1'145'911.00
80.26
-0.16%
30.06%
98.57%
2'795.3
224'352.31
16'165.00
0.0
0.0
21'089.00
219'428.32

50

8.0 M

40

6.0 M

30

4.0 M

20

2.0 M

10
0
m-12

31.12.2009
31.12.2010
61'897.0
61'587.0
2.79x
2.57x
19'550.0
19'466.0
8.82x
8.14x
12'266.0
13'334.0
13.91x
12.99x
Profitability

LTM-4Q
31.12.2011
65'030.0
2.55x
19'311.0
8.60x
9'672.0
13.12x

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
67'224.0
2.80x
20'698.0
9.09x
10'853.0
13.62x
20'698.00
17'032.00
25.34%
20.49%
9.24%
17.81%
13.83%
0.57%
67.8%
30.8%
25.3%
16.1%
1.90
1.34
13.32%
24.94%
6.14
3.14

Price/ Cash Flow

j-12

j-12

LTM

01/yy
65'030.0
10.10x
19'311.0
8.60x
9'672.0
13.12x

a-12

12/yy
67'224.0
10.84x
20'698.0
9.09x
10'853.0
13.57x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

2.99
0.66
2'793.74
102.97
27.58%
15.41%
0.656
27
3.963
2'093'762
2'656'677
2'565'268
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
71'233.2
74'146.8
17'455.2
17'825.6
2.99x
2.76x
12.74x
12.34x
22'830.0
24'341.3
5'851.3
5'858.5
9.62x
9.03x
9.66x
9.55x
15'312.6
16'204.1
4'014.9
3'967.7
14.83x
13.92x
14.79x
14.57x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

17.09.1987
AAA
STABLE
14.07.1987
A-1+
31.99
27.46
-0.24
0.78
24.9%
20.0%
0.57
4.36
59.26
115.80
91.97
83.09

Sales/Revenue/Turnover

16.00

80'000.0

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
08.01.2010

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
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
63'747.0
2.58x
19'001.0
8.67x
12'949.0
13.15x

14.0 M

80
70

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 19.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
JNJ UN EQUITY YTD Change
JNJ UN EQUITY YTD % CHANGE

90

0.0
08.07.2010

08.01.2011

08.07.2011

08.01.2012

08.07.2012

08.01.2013

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

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

26.03.2013

Johnson & Johnson


Holdings By:

All

Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
BANK OF NEW YORK MEL
FMR LLC
NORTHERN TRUST CORPO
CAPITAL GROUP COMPAN
STATE FARM MUTUAL AU
SUN LIFE FINANCIAL I
T ROWE PRICE ASSOCIA
JP MORGAN
FRANKLIN RESOURCES
GRANTHAM MAYO VAN OT
STATE FARM MUTUAL AU
NORGES BANK
ABERDEEN
BANK OF AMERICA CORP
GEODE CAPITAL MANAGE

Firm Name
Sanford C. Bernstein & Co
Edward Jones
Cowen and Company
Leerink Swann & Co
Morgan Stanley
Jefferies
S&P Capital IQ
Wells Fargo Securities, LLC
Independent Research GmbH
Credit Suisse
Barclays
CL King & Associates
Argus Research Corp
Piper Jaffray
RBC Capital Markets
JPMorgan
Raymond James
Hilliard Lyons
Stifel
Atlantic Equities LLP
EVA Dimensions
Deutsche Bank
Goldman Sachs
First Global Stockbroking

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
Multiple Portfolios
WELLINGTON MANAGEMEN
BANK OF NEW YORK MEL
n/a
NORTHERN TRUST CORPO
n/a
STATE FARM MUTUAL AU
n/a
T ROWE PRICE ASSOCIA
n/a
n/a
GRANTHAM MAYO VAN OT
STATE FARM MUTUAL AU
NORGES BANK
n/a
BANK OF AMERICA
GEODE CAPITAL MANAGE

Analyst
DERRICK SUNG
JUDSON CLARK
JOSHUA JENNINGS
DANIELLE ANTALFFY
DAVID R LEWIS
JEFFREY HOLFORD
HERMAN SAFTLAS
LAWRENCE BIEGELSEN
CHRISTOPH SCHOENDUBE
CATHERINE J ARNOLD
CHARLES ANTHONY BUTLER
ROBERT M GOLDMAN
DAVID H TOUNG
MATT MIKSIC
GLENN J NOVARRO
MICHAEL N WEINSTEIN
JAYSON BEDFORD
STEPHEN A O'NEIL
FREDERICK A WISE
RICHARD J PURKISS
ANDREW S ZAMFOTIS
KRISTEN M STEWART
JAMI E RUBIN
KAVITA THOMAS

Source
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
Sch-D
13F
ULT-AGG
13F
13F

Recommendation
outperform
buy
outperform
outperform
Equalwt/In-Line
hold
buy
outperform
sell
underperform
overweight
neutral
buy
neutral
sector perform
overweight
outperform
long-term buy
hold
overweight
overweight
buy
sell/attractive
short-term market perform

Amt Held
151'998'735
151'664'669
122'904'565
76'423'746
52'447'830
51'998'288
43'710'806
40'796'847
38'245'458
37'878'592
33'453'266
28'243'897
26'049'918
25'806'693
23'162'101
22'519'722
22'053'497
21'436'273
20'926'506
18'311'384

% Out
5.44
5.43
4.4
2.73
1.88
1.86
1.56
1.46
1.37
1.36
1.2
1.01
0.93
0.92
0.83
0.81
0.79
0.77
0.75
0.66

Weighting

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

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

Latest Chg
4'437'395
(1'424'457)
3'889'851
1'200'224
2'397'569
10'359'056
322'072
3'447'100
6'060'512
(1'320'794)
2'890'087
(36'200)
(1'886'750)
11'010
1'865'427
(18'900)
(541'513)
(1'617'668)

Target Price
78
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
79
88
#N/A N/A
67
73
85
#N/A N/A
80
78
71
77
78
90
#N/A N/A
77
#N/A N/A
82
72
#N/A N/A

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

File Dt
25.03.2013
22.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
30.09.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Government
Unclassified
Investment Advisor
Investment Advisor

Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
14.03.2013
14.03.2013
14.03.2013
08.03.2013
06.03.2013
07.02.2013
04.02.2013
28.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013
15.01.2013
04.01.2013
09.10.2012
23.04.2012

26.03.2013

JPMorgan Chase & Co


JPMorgan Chase & Co. provides global financial services and retail banking. The
Company provides services such as investment banking, treasury and securities
services, asset management, private banking, card member services, commercial
banking, and home finance. JP Morgan Chase serves business enterprises,
institutions, and individuals.

Price/Volume

30.0 M
25.0 M
20.0 M

30

Latest Fiscal Year:


LTM as of:
52-Week High (14.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
JPM UN EQUITY YTD Change
JPM UN EQUITY YTD % CHANGE

12/2012
12/yy
51.00
30.83
1'216'482.00
48.6
-4.71%
57.64%
87.70%
3'827.5
186'014.89
695'583.00
9'058.0
0.0
471'833.00
-

15.0 M

20

10.0 M

10

5.0 M

0
m-12

31.12.2009
31.12.2010
115'632.0
115'475.0
11'728.0
17'370.0
14.94x
8.52x
Profitability

LTM-4Q
31.12.2011
110'838.0
18'976.0
6.79x

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

31.12.2012
108'184.0
21'284.0
7.28x
33.19%
29.80%
0.92%
10.71%
2.42%
0.05%
21.9%
29.48%
356.69%
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

2.47
1.30
3'803.28
45.26
8.35%
11.27%
1.302
42
4.381
5'270'174
5'493'650
5'184'295
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
110'838.0 108'184.0 100'232.3 102'735.9
25'771.9
25'234.4
0.00x
0.00x
0.0
0.0
0.00x
0.00x
18'976.0
21'284.0
21'475.7
22'180.2
5'492.8
5'487.8
7.15x
7.41x
8.86x
8.30x
8.87x
8.81x
S&P Issuer Ratings
Long-Term Rating Date
29.11.2011
Long-Term Rating
A
Long-Term Outlook
NEG
Short-Term Rating Date
19.12.2008
Short-Term Rating
A-1
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
356.7%
Total Debt/Capital
77.3%
Asset Turnover
0.05
Net Fixed Asset Turnover
7.58
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

35.00

140'000.0

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

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
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

35.0 M

50
40

Valuation Analysis

31.12.2008
101'491.0
5'605.0
30.32x

60

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

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

26.03.2013

JPMorgan Chase & Co


Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
FMR LLC
T ROWE PRICE ASSOCIA
CAPITAL GROUP COMPAN
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
SUN LIFE FINANCIAL I
FRANKLIN RESOURCES
INVESCO LTD
AMERIPRISE FINANCIAL
BANK OF AMERICA CORP
BARROW HANLEY MEWHIN
GOLDMAN SACHS GROUP
UBS
NORGES BANK
MORGAN STANLEY

Firm Name
Mediobanca SpA
Sanford C. Bernstein & Co
JMP Securities
ISI Group
Rafferty Capital Markets
Edward Jones
Robert W. Baird & Co
Raymond James
SunTrust Robinson Humphrey
FBR Capital Markets
Sterne, Agee & Leach
Evercore Partners
Wells Fargo Securities, LLC
Portales Partners
Drexel Hamilton LLC
Scotia Capital
Goldman Sachs
Sandler O'Neill & Partners, LP
S&P Capital IQ
Guggenheim Securities LLC
RBC Capital Markets
HSBC
Barclays
Morgan Stanley
Macquarie
Oppenheimer & Co
Atlantic Equities LLP
Credit Agricole Securities (USA)
Credit Suisse
Buckingham Research Group
Nomura
Keefe, Bruyette & Woods
Daiwa Securities Co. Ltd.
Deutsche Bank
Argus Research Corp
Independent Research GmbH
EVA Dimensions
Meredith Whitney Advisory Group
Oriel Securities Ltd

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
WELLINGTON MANAGEMEN
n/a
T ROWE PRICE ASSOCIA
n/a
NORTHERN TRUST CORPO
BANK OF NEW YORK MEL
n/a
n/a
INVESCO LTD
AMERIPRISE FINANCIAL
BANK OF AMERICA
BARROW HANLEY MEWHIN
GOLDMAN SACHS GROUP
n/a
NORGES BANK
n/a

Analyst
CHRISTOPHER J WHEELER
JOHN E MCDONALD
DAVID M TRONE
Ed Najarian
RICHARD X BOVE SR
SHANNON L STEMM
DAVID A GEORGE
ANTHONY J POLINI
ERIC WASSERSTROM
PAUL J MILLER JR
TODD L HAGERMAN
ANDREW A MARQUARDT
MATTHEW H BURNELL
CHARLES W PEABODY
DAVID B HILDER
KEVIN R CHOQUETTE
RICHARD N RAMSDEN
JEFFERY HARTE
ERIK M OJA
MARTY L MOSBY III
GERARD S CASSIDY
ROBERT MURPHY
JASON M GOLDBERG
BETSY L GRASECK
THOMAS ALONSO
CHRISTOPHER M KOTOWSKI
RICHARD STAITE
MICHAEL L MAYO
MOSHE A ORENBUCH
JAMES F MITCHELL
GLENN P SCHORR
CHRISTOPHER M MUTASCIO
KAZUKI WATANABE
MATTHEW D O'CONNOR
DAVID RITTER
STEFAN BONGARDT
AUSTIN BURKETT
MEREDITH A WHITNEY
VIVEK RAJA

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

Recommendation
outperform
outperform
market perform
buy
buy
buy
outperform
outperform
buy
market perform
buy
equalweight
outperform
underperform
buy
sector outperform
buy/attractive
buy
buy
buy
outperform
neutral
overweight
Overwt/Attractive
outperform
outperform
overweight
underperform
outperform
buy
buy
outperform
neutral
buy
hold
buy
underweight
hold
not rated

Amt Held
238'966'530
169'760'876
165'152'668
104'272'213
104'126'743
94'239'399
73'182'828
70'456'808
58'295'410
53'874'791
51'117'348
48'681'008
48'071'251
39'671'589
38'706'660
30'298'369
30'224'093
29'498'925
29'412'458
25'869'156

% Out
6.24
4.44
4.31
2.72
2.72
2.46
1.91
1.84
1.52
1.41
1.34
1.27
1.26
1.04
1.01
0.79
0.79
0.77
0.77
0.68

Weighting

Change

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

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

Latest Chg
11'970'472
4'475'752
3'978'051
(3'886'885)
(1'910'070)
243'420
(6'969'630)
145'935
2'494'327
(463'400)
1'451'400
61'260
3'556'897
5'009'599
998'725
685'077
(626'412)
(2'185'085)
2'154'863

Target Price
60
56
#N/A N/A
55
61
#N/A N/A
57
50
55
46
52
48
#N/A N/A
#N/A N/A
55
62
56
56
55
61
52
54
56
58
54
64
54
50
54
61
52
54
50
53
#N/A N/A
54
#N/A N/A
43
#N/A N/A

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

File Dt
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012

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

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

Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
11.03.2013
08.03.2013
07.03.2013
05.03.2013
05.03.2013
01.03.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
08.02.2013
25.01.2013
25.01.2013
17.01.2013
15.01.2013
12.10.2012
11.05.2012

26.03.2013

Lockheed Martin Corp


Lockheed Martin Corporation is a global security company that primarily
researches, designs, develops, manufactures, and integrates advanced technology
products and services. The Company's businesses span space, telecommunications,
electronics, information and services, aeronautics, energy, and systems
integration. Lockheed Martin operates worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LMT UN EQUITY YTD Change
LMT UN EQUITY YTD % CHANGE

12/2012
12/yy
96.31
80.14
149'718.00
93.62
-2.79%
16.82%
75.26%
322.6
30'200.25
6'308.00
0.0
0.0
1'898.00
34'610.25

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

1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

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

Fiscal Year Ended


31.12.2008
42'731.0
0.81x
5'976.0
5.83x
3'217.0
11.14x

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

31.12.2009
31.12.2010
43'995.0
45'671.0
0.70x
0.58x
5'269.0
5'321.0
5.87x
4.97x
3'024.0
2'878.0
9.01x
8.38x
Profitability

LTM-4Q
31.12.2011
46'499.0
0.62x
5'124.0
5.63x
2'655.0
8.19x

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

31.12.2012
47'182.0
0.72x
5'470.0
6.22x
2'745.0
9.06x
5'470.00
4'482.00
9.50%
8.63%
7.17%
527.88%
43.50%
1.23%
11.2%
11.5%
9.4%
5.8%
1.14
0.70
16.32%
16174.36%
7.47
15.46

Price/ Cash Flow

LTM

12/yy
46'499.0
2.40x
5'279.0
5.46x
2'655.0
8.51x

12/yy
47'182.0
2.73x
5'404.0
6.30x
2'745.0
8.93x

FY+1

4.43
0.74
322.13
8.52
8.38%
2.76%
0.744
22
3.273
376'524
500'373
518'478
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
45'189.7
44'345.8
10'313.7
11'325.5
0.73x
0.74x
3.34x
3.03x
5'341.0
5'476.1
1'205.9
1'313.7
6.48x
6.32x
6.48x
6.32x
2'907.1
2'875.1
662.1
724.1
10.47x
10.32x
10.47x
10.39x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

27.04.2007
ANEG
18.04.2002
A-2
14.28
11.82
0.82
1.17
16174.4%
99.4%
1.23
10.16
48.98
23.68
18.62
54.03

Sales/Revenue/Turnover

25.00

50'000.0
45'000.0
40'000.0

20.00

35'000.0
15.00

30'000.0

10.00

25'000.0
20'000.0
15'000.0
10'000.0

5.00

5'000.0
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Lockheed Martin Corp


Holdings By:

All

Holder Name
STATE STREET
CAPITAL GROUP COMPAN
SUN LIFE FINANCIAL I
BLACKROCK
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
VANGUARD GROUP INC
BANK OF NEW YORK MEL
FIRST EAGLE INVESTME
VERITAS ASSET MANAGE
AMERIPRISE FINANCIAL
NORTHERN TRUST CORPO
ALLIANZ ASSET MANAGE
T ROWE PRICE ASSOCIA
HOTCHKIS & WILEY CAP
JP MORGAN
LSV ASSET MANAGEMENT
BANK OF AMERICA CORP
GEODE CAPITAL MANAGE
MANAGED ACCOUNT ADVI

Firm Name
Stifel
Jefferies
Sanford C. Bernstein & Co
Buckingham Research Group
CRT Capital Group
Goldman Sachs
Cowen and Company
RBC Capital Markets
Drexel Hamilton LLC
Argus Research Corp
Wells Fargo Securities, LLC
Barclays
Deutsche Bank
FBR Capital Markets
Sterne, Agee & Leach
Oppenheimer & Co
Credit Suisse
JPMorgan
EVA Dimensions

Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
Multiple Portfolios
BANK OF NEW YORK MEL
FIRST EAGLE INVESTME
VERITAS ASSET MANAGE
AMERIPRISE FINANCIAL
NORTHERN TRUST CORPO
n/a
T ROWE PRICE ASSOCIA
HOTCHKIS AND WILEY
n/a
LSV ASSET MANAGEMENT
BANK OF AMERICA
GEODE CAPITAL MANAGE
MANAGED ACCOUNT ADVI

Analyst
WILLIAM R LOOMIS
HOWARD A RUBEL
DOUGLAS S HARNED
RICHARD SAFRAN
BRIAN W RUTTENBUR
NOAH POPONAK
CAI VON RUMOHR
ROBERT STALLARD
RICHARD WHITTINGTON
NATHANIEL GABRIEL
SAMUEL J PEARLSTEIN
CARTER COPELAND
MYLES WALTON
PATRICK J MCCARTHY
PETER J ARMENT
YAIR REINER
ROBERT M SPINGARN
JOSEPH B NADOL III
CRAIG STERLING

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

Recommendation
hold
hold
outperform
neutral
Fairly Valued
neutral/neutral
neutral
outperform
sell
hold
market perform
equalweight
hold
outperform
neutral
market perform
neutral
neutral
buy

Amt Held
61'087'746
55'460'876
17'648'870
15'361'627
12'642'273
9'628'776
7'713'148
5'287'488
4'526'170
3'861'202
3'690'801
3'618'686
3'521'947
2'870'824
2'672'779
2'406'231
1'976'379
1'869'657
1'786'665
1'768'094

% Out
18.94
17.19
5.47
4.76
3.92
2.98
2.39
1.64
1.4
1.2
1.14
1.12
1.09
0.89
0.83
0.75
0.61
0.58
0.55
0.55

Weighting

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

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'206'487)
258'017
(28'981)
(47'400)
285'293
49'258
(186'163)
392'943
(49'000)
(359'666)
(11'066)
(245'594)
(259'285)
(582'028)
(99'543)
(119'761)
(24'981)
(168'115)
(161'060)

Target Price
#N/A N/A
95
111
91
#N/A N/A
93
#N/A N/A
100
75
#N/A N/A
#N/A N/A
95
96
110
#N/A N/A
#N/A N/A
93
92
#N/A N/A

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

File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2013
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 Hedge Fund Manager
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
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
25.03.2013
22.03.2013
22.03.2013
22.03.2013
11.03.2013
06.03.2013
25.02.2013
20.02.2013
15.02.2013
07.02.2013
06.02.2013
06.02.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
15.01.2013

26.03.2013

Lowe's Cos Inc


Lowe's Companies, Inc. is a home improvement retailer that distributes building
materials and supplies through stores in the United States. The Company offers
a complete line of products and services for home decorating, maintenance,
repair, remodeling, and property maintenance.

Price/Volume
45

12.0 M

40

10.0 M

35
30

8.0 M

25

01/2013
02/yy
39.98
24.77
359'589.00
38
-4.95%
53.41%
87.77%
1'110.0
42'180.00
9'077.00
0.0
0.0
666.00
50'591.00

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

15

4.0 M

10

2.0 M

5
0
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 m-13

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

Fiscal Year Ended


31.01.2009
48'230.0
0.67x
5'453.0
5.92x
2'195.0
12.26x

6.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (02.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LOW UN EQUITY YTD Change
LOW UN EQUITY YTD % CHANGE

31.01.2010
31.01.2011
47'220.0
48'815.0
0.75x
0.81x
4'845.0
5'244.0
7.35x
7.56x
1'783.0
2'010.0
17.89x
17.53x
Profitability

LTM-4Q
31.01.2012
50'208.0
0.80x
4'856.0
8.25x
1'839.0
16.09x

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

31.01.2013
50'521.0
1.01x
5'183.0
9.88x
1'959.0
22.82x
5'183.00
3'560.00
7.05%
6.21%
5.91%
12.83%
9.51%
1.53%
34.3%
10.3%
7.0%
3.9%
1.27
0.09
27.79%
65.50%
3.92

Price/ Cash Flow

LTM

02/yy
50'209.0
2.89x
4'856.0
8.25x
1'838.0
16.39x

02/yy
50'521.0
3.49x
5'182.0
9.88x
1'958.0
22.16x

FY+1

1.63
0.87
1'107.02
39.99
24.32%
7.45%
0.868
27
3.741
1'448'651
1'968'584
1'942'084
FY+2

FQ+1

FQ+2

01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
52'400.6
54'341.5
13'505.3
14'941.3
0.98x
0.98x
3.67x
3.39x
5'661.7
6'107.1
1'423.7
1'852.1
8.95x
8.30x
8.90x
8.72x
2'216.0
2'483.5
562.5
826.2
18.20x
14.96x
18.23x
17.55x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

19.09.2012
ANEG
15.11.2011
A-2
12.25
9.39
1.62
1.75
65.5%
39.6%
1.53
2.33
92.96
49.03
-

Sales/Revenue/Turnover

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
29.01.2010

0.0
29.07.2010

29.01.2011

29.07.2011

29.01.2012

29.07.2012

29.01.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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

26.03.2013

Lowe's Cos Inc


Holdings By:

All

Holder Name
WELLINGTON MANAGEMEN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
CAPITAL GROUP COMPAN
JP MORGAN
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
GOLDMAN SACHS GROUP
AMERIPRISE FINANCIAL
INVESCO LTD
MARSICO CAPITAL MANA
GREENHAVEN ASSOCIATE
GENERAL ELECTRIC COM
MANULIFE ASSET MANAG
NORGES BANK
AMERICAN CENTURY COM

Firm Name
Stifel
Nomura
ISI Group
Raymond James
Robert W. Baird & Co
Sanford C. Bernstein & Co
Goldman Sachs
Longbow Research
Deutsche Bank
Argus Research Corp
Edward Jones
JPMorgan
Telsey Advisory Group
EVA Dimensions
BMO Capital Markets
Morgan Stanley
RBC Capital Markets
Credit Suisse
Janney Montgomery Scott LLC
Jefferies
Canaccord Genuity Corp
Oppenheimer & Co
S&P Capital IQ
Piper Jaffray
Barclays
Gabelli & Co

Portfolio Name
WELLINGTON MANAGEMEN
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
T ROWE PRICE ASSOCIA
n/a
n/a
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
GOLDMAN SACHS GROUP
AMERIPRISE FINANCIAL
INVESCO LTD
MARSICO CAPITAL MANA
GREENHAVEN ASSOCIATE
GENERAL ELECTRIC COM
MANULIFE ASSET MANAG
NORGES BANK
AMERICAN CENTURY COM

Analyst
DAVID A SCHICK
ARAM RUBINSON
GREGORY MELICH
BUDD BUGATCH
PETER S BENEDICT
COLIN MCGRANAHAN
MATTHEW J FASSLER
DAVID S MACGREGOR
MICHAEL BAKER
CHRISTOPHER GRAJA
ROBIN DIEDRICH
CHRISTOPHER HORVERS
JOSEPH I FELDMAN
CRAIG STERLING
WAYNE HOOD
DAVID GOBER
R SCOT CICCARELLI
GARY BALTER
DAVID S STRASSER
DANIEL T BINDER
LAURA A CHAMPINE
BRIAN NAGEL
MICHAEL SOUERS
PETER J KEITH
ALAN M RIFKIN
PATRICK TODD

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

Recommendation
hold
buy
neutral
market perform
outperform
market perform
Buy/Neutral
buy
buy
buy
buy
neutral
no rating system
underweight
market perform
Overwt/In-Line
outperform
outperform
neutral
hold
sell
outperform
sell
neutral
equalweight
buy

Amt Held
82'361'574
73'307'137
60'066'366
49'718'698
41'521'954
41'364'669
31'778'608
31'005'900
20'993'613
17'043'334
15'343'793
14'947'601
14'209'504
13'914'264
13'130'326
12'040'454
9'865'393
9'494'338
9'197'191
8'971'699

% Out
7.42
6.6
5.41
4.48
3.74
3.73
2.86
2.79
1.89
1.54
1.38
1.35
1.28
1.25
1.18
1.08
0.89
0.86
0.83
0.81

Weighting

Change

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

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

Latest Chg
(3'257'304)
1'209'692
(769'281)
(1'185'350)
13'167'175
(11'575)
(4'476'723)
(2'008'862)
(426'607)
(868'843)
6'577'382
1'833'651
12'469'043
(476'910)
(1'254'239)
(1'576'716)
(2'680'099)
336'408

Target Price
#N/A N/A
44
40
#N/A N/A
45
43
42
45
41
44
#N/A N/A
40
43
#N/A N/A
37
43
43
44
33
35
27
46
32
41
35
#N/A N/A

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

File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
26.03.2013
25.03.2013
24.03.2013
21.03.2013
13.03.2013
12.03.2013
10.03.2013
08.03.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
07.03.2012

26.03.2013

Mastercard Inc
MasterCard, Inc. is a global payment solutions company that provides a variety
of services in support of the credit, debit and related payment programs of
financial institutions. The Company offers transaction processing services for
credit and debit cards, electronic cash, automated teller machines, and
travelers checks.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 07.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MA UN EQUITY YTD Change
MA UN EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
537.19
390.00
102'477.00
535.55
-0.31%
37.32%
89.87%
118.0
65'719.11
0.00
0.0
12.0
5'003.00
60'728.11

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

.6 M

500

.5 M

400

.4 M

300

.3 M

200

.2 M

100

.1 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
4'991.6
3.29x
2'060.3
7.96x
(253.9)
15.05x

600

31.12.2009
31.12.2010
5'098.7
5'539.0
6.26x
4.52x
2'408.2
2'905.0
13.25x
8.62x
1'462.5
1'846.0
21.55x
15.92x
Profitability

LTM-4Q
31.12.2011
6'714.0
6.38x
3'677.0
11.65x
1'906.0
19.92x

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

31.12.2012
7'391.0
7.52x
4'187.0
13.27x
2'759.0
22.29x
4'187.00
3'957.00
53.54%
53.20%
23.83%
43.16%
43.29%
0.64%
56.6%
53.5%
37.3%
1.91
1.21
0.00%
0.00%
8.53
-

Price/ Cash Flow

12/yy
6'714.0
21.02x
3'677.0
11.50x
1'906.0
19.91x

LTM
12/yy
7'391.0
27.46x
4'187.0
13.27x
2'759.0
22.28x

FY+1

0.20
1.00
105.66
1.52
23.24%
9.07%
0.995
42
4.381
172'261
175'345
205'003
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'261.5
9'280.9
1'935.0
2'024.9
7.29x
6.24x
31.56x
29.88x
4'823.1
5'555.6
1'181.7
1'203.5
12.61x
10.95x
12.62x
12.19x
3'123.6
3'625.4
765.0
782.0
21.07x
17.75x
21.07x
20.20x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

19.08.2011
APOS
13.10.2009
A-2
209.35
204.55
-1.19
0.00
0.0%
0.0%
0.64
16.05
42.91
-

Sales/Revenue/Turnover

35.00

8'000.0

30.00

7'000.0
6'000.0

25.00

5'000.0
20.00

4'000.0
15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00
01.01.2010

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

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

26.03.2013

Mastercard Inc
Holdings By:

All

Holder Name
MASTERCARD FOUNDATIO
BLACKROCK
FMR LLC
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
BANK OF NEW YORK MEL
VANGUARD GROUP INC
HARRIS ASSOCIATES LP
JP MORGAN
MORGAN STANLEY
NORTHERN TRUST CORPO
MACQUARIE GROUP
UBS
CAPITAL GROUP COMPAN
JANUS CAPITAL MANAGE
SUN LIFE FINANCIAL I
AMERIPRISE FINANCIAL
AMERICAN CENTURY COM

Firm Name
RBC Capital Markets
Tigress Financial Partners
Janney Montgomery Scott LLC
Jefferies
Pacific Crest Securities
Sanford C. Bernstein & Co
Wells Fargo Securities, LLC
BNP Paribas Equity Research
Evercore Partners
Nomura
Credit Agricole Securities (USA)
Edward Jones
Barclays
Keefe, Bruyette & Woods
Robert W. Baird & Co
Wedbush
Guggenheim Securities LLC
Argus Research Corp
Sterne, Agee & Leach
Stifel
S&P Capital IQ
Portales Partners
Daiwa Securities Co. Ltd.
Telsey Advisory Group
William Blair & Co
FBR Capital Markets
Macquarie
Cowen and Company
Credit Suisse
SunTrust Robinson Humphrey
JPMorgan
Raymond James
Buckingham Research Group
Oppenheimer & Co
Susquehanna Financial Group
EVA Dimensions
Deutsche Bank
Goldman Sachs
Meredith Whitney Advisory Group

Portfolio Name
n/a
n/a
n/a
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
BANK OF NEW YORK MEL
Multiple Portfolios
HARRIS ASSOC LP
n/a
n/a
NORTHERN TRUST CORPO
n/a
n/a
n/a
n/a
n/a
AMERIPRISE FINANCIAL
AMERICAN CENTURY COM

Analyst
DANIEL R PERLIN
IVAN FEINSETH
THOMAS C MCCROHAN
JASON KUPFERBERG
JAMES FAUCETTE
RODERICK BOURGEOIS
TIMOTHY W WILLI
ARVIND RAMNANI
DAVID M TOGUT
BILL CARCACHE
CRAIG J MAURER
JOSH OLSON
DARRIN D PELLER
SANJAY SAKHRANI
DAVID J KONING
GIL B LURIA
DAVID W DARST
DAVID RITTER
GREGORY SMITH
CHRISTOPHER C BRENDLER
SONIA PARECHANIAN
WILLIAM H RYAN
KAZUKI WATANABE
MICHAEL P TAIANO
ROBERT P NAPOLI
SCOTT VALENTIN
KEVIN MCVEIGH
MOSHE KATRI
MOSHE A ORENBUCH
ANDREW W JEFFREY
TIEN-TSIN HUANG
WAYNE JOHNSON
DAVID HOCHSTIM
GLENN GREENE
JAMES E FRIEDMAN
ANDREW S ZAMFOTIS
BRYAN KEANE
JULIO C QUINTEROS JR
MEREDITH A WHITNEY

Source
Form 4
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
MF-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F

Recommendation
outperform
strong buy
neutral
buy
outperform
market perform
market perform
hold
overweight
buy
buy
hold
overweight
outperform
neutral
neutral
buy
hold
buy
buy
hold
underperform
outperform
no rating system
outperform
outperform
outperform
outperform
outperform
buy
overweight
outperform
buy
outperform
neutral
overweight
buy
Buy/Neutral
outperform

Amt Held
12'153'057
7'459'378
7'087'843
6'685'766
4'855'179
4'103'481
3'780'665
3'078'923
3'049'117
2'752'857
2'124'748
1'579'412
1'508'956
1'469'788
1'459'888
1'319'372
1'305'613
1'296'437
1'291'394
1'287'490

% Out
10.3
6.32
6.01
5.67
4.12
3.48
3.2
2.61
2.58
2.33
1.8
1.34
1.28
1.25
1.24
1.12
1.11
1.1
1.09
1.09

Weighting

Change

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

M
R
M
M
M
M
M
N
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
U
M

Latest Chg
(16'639)
493'062
(296'141)
78'495
17'448
425'776
(26'962)
(20'073)
188'165
401'017
(5'795)
(58'439)
(20'474)
(178'745)
(17'192)
(34'558)
76'521

Target Price
608
#N/A N/A
425
552
600
496
#N/A N/A
560
613
611
625
#N/A N/A
575
623
575
460
625
#N/A N/A
600
630
560
#N/A N/A
590
560
#N/A N/A
575
600
#N/A N/A
600
620
612
550
630
575
548
#N/A N/A
590
575
485

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

File Dt
18.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012

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

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

Date
26.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
08.03.2013
07.03.2013
06.03.2013
28.02.2013
27.02.2013
27.02.2013
25.02.2013
15.02.2013
10.02.2013
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
28.01.2013
22.01.2013
09.01.2013
20.09.2012

26.03.2013

McDonald's Corp
McDonald's Corporation franchises and operates fast-food restaurants in the
global restaurant industry. The Company's restaurants serve a variety of
value-priced menu products in countries around the world.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (16.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MCD UN EQUITY YTD Change
MCD UN EQUITY YTD % CHANGE

12/2012
12/yy
99.70
83.32
423'547.00
98.491
-1.21%
18.21%
91.09%
1'002.8
98'765.96
13'632.50
0.0
0.0
2'336.10
110'062.36

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

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0
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 m-13

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

Fiscal Year Ended


31.12.2008
23'522.4
3.30x
7'656.7
10.12x
4'313.2
16.95x

120

31.12.2009
31.12.2010
22'744.7
24'074.6
3.34x
3.74x
7'996.1
8'778.4
9.51x
10.25x
4'551.0
4'946.3
15.69x
16.69x
Profitability

LTM-4Q
31.12.2011
27'006.0
4.17x
9'940.8
11.33x
5'503.1
19.04x

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
27'567.0
3.62x
10'101.1
9.87x
5'464.8
16.43x
10'101.10
8'612.60
31.24%
29.31%
15.98%
36.82%
20.83%
0.81%
56.3%
36.6%
31.2%
19.8%
1.45
1.09
38.52%
89.14%
20.34
130.80

Price/ Cash Flow

LTM

12/yy
27'006.0
14.77x
9'940.8
11.33x
5'503.1
19.00x

12/yy
27'567.0
15.00x
10'101.1
9.87x
5'464.8
16.46x

FY+1

2.91
0.65
1'001.97
14.18
4.93%
12.55%
0.652
33
4.061
1'095'779
1'327'471
1'368'653
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
28'846.4
30'504.3
6'600.9
7'269.9
3.85x
3.66x
16.70x
15.19x
10'481.1
11'150.6
2'318.0
2'637.8
10.50x
9.87x
10.51x
10.34x
5'757.4
6'161.3
1'273.0
1'439.7
17.00x
15.53x
17.03x
16.71x
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

08.05.2003
A
STABLE
29.10.2001
A-1
18.96
13.24
1.12
1.35
89.1%
47.1%
0.81
1.16
17.99
2.80
24.67
-10.34

Sales/Revenue/Turnover

16.00

30'000.0

14.00

25'000.0

12.00

20'000.0

10.00
8.00

15'000.0

6.00

10'000.0

4.00

5'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

McDonald's Corp
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
FMR LLC
NORTHERN TRUST CORPO
BANK OF AMERICA CORP
BANK OF NEW YORK MEL
DEUTSCHE BANK AG
SUN LIFE FINANCIAL I
GATES FOUNDATION
NORGES BANK
UBS
GRANTHAM MAYO VAN OT
JP MORGAN
GEODE CAPITAL MANAGE
AMERIPRISE FINANCIAL
TIAA CREF INVESTMENT
FRANKLIN RESOURCES
FAYEZ SAROFIM

Firm Name
BMO Capital Markets
Robert W. Baird & Co
Deutsche Bank
JPMorgan
Sanford C. Bernstein & Co
Telsey Advisory Group
Morgan Stanley
Goldman Sachs
Credit Suisse
Jefferies
Raymond James
Independent Research GmbH
Buckingham Research Group
Sterne, Agee & Leach
Davenport & Co
Oppenheimer & Co
Cowen and Company
S&P Capital IQ
Lazard Capital Markets
Susquehanna Financial Group
Piper Jaffray
Credit Agricole Securities (USA)
Barclays
Edward Jones
Atlantic Equities LLP
Argus Research Corp
RBC Capital Markets
Janney Montgomery Scott LLC
Wells Fargo Securities, LLC
EVA Dimensions
Tigress Financial Partners

Portfolio Name
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
n/a
NORTHERN TRUST CORPO
BANK OF AMERICA
BANK OF NEW YORK MEL
DEUTSCHE BANK AKTIEN
n/a
BILL & MELINDA FOUND
NORGES BANK
n/a
GRANTHAM MAYO VAN OT
n/a
GEODE CAPITAL MANAGE
AMERIPRISE FINANCIAL
TIAA-CREF INVESTMENT
n/a
FAYEZ SAROFIM

Analyst
PHILLIP JUHAN
DAVID E TARANTINO
JASON WEST
JOHN W IVANKOE
SARA H SENATORE
PETER SALEH
JOHN S GLASS
MICHAEL KELTER
KEITH SIEGNER
ANDREW M BARISH
BRYAN C ELLIOTT
LARS LUSEBRINK
MITCHELL J SPEISER
LYNNE COLLIER
JEFFREY F OMOHUNDRO
BRIAN J BITTNER
PAUL L WESTRA
JIM YIN
MATTHEW J DIFRISCO
RACHAEL ROTHMAN
NICOLE MILLER REGAN
DIANE GEISSLER
JEFFREY A BERNSTEIN
JACK P RUSSO
ALISTAIR M SCOBIE
JOHN D STASZAK
LARRY A MILLER
MARK D KALINOWSKI
JEFFREY D FARMER
CRAIG STERLING
IVAN FEINSETH

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

Recommendation
market perform
outperform
buy
overweight
market perform
no rating system
Equalwt/In-Line
neutral/neutral
outperform
hold
market perform
hold
neutral
buy
buy
market perform
neutral
buy
neutral
Positive
overweight
buy
overweight
buy
neutral
hold
outperform
buy
outperform
overweight
neutral

Amt Held
61'233'093
51'026'166
50'720'540
34'347'335
31'079'641
17'197'097
14'958'279
14'613'570
12'208'476
10'340'885
9'872'500
8'198'069
7'761'026
7'512'944
6'941'711
6'625'606
6'183'404
5'985'481
5'711'740
5'601'988

% Out
6.11
5.09
5.06
3.43
3.1
1.71
1.49
1.46
1.22
1.03
0.98
0.82
0.77
0.75
0.69
0.66
0.62
0.6
0.57
0.56

Weighting

Change

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

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

Latest Chg
2'699'048
888'229
1'481'178
(12'999'249)
(25'435)
1'452'933
2'902'349
1'387'592
4'004'304
608'347
(82'448)
484'550
(1'359'123)
(664'990)
(2'133'057)
(450'841)
46'649
(1'850'264)

Target Price
98
102
108
101
100
103
#N/A N/A
104
104
83
#N/A N/A
109
97
101
109
#N/A N/A
#N/A N/A
102
#N/A N/A
109
103
110
99
#N/A N/A
93
#N/A N/A
98
104
#N/A N/A
#N/A N/A
#N/A N/A

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

File Dt
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
19.03.2013
15.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
25.02.2013
13.02.2013
28.01.2013
23.01.2013
23.01.2013
23.01.2013
16.01.2013
06.11.2012

26.03.2013

Medtronic Inc
Medtronic, Inc. develops therapeutic and diagnostic medical products. The
Company's principal products include those for bradycardia pacing,
tachyarrhythmia management, atrial fibrillation management, heart failure
management, heart valve replacement, malignant and non-malignant pain, and
movement disorders. Medtronic's products are sold worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MDT UN EQUITY YTD Change
MDT UN EQUITY YTD % CHANGE

04/2012
01/yy
47.40
35.68
275'407.00
46.05
-2.85%
29.06%
85.75%
1'013.8
46'685.77
10'633.00
0.0
0.0
2'592.00
55'639.76

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

.0 M
f-13 m-13

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

Fiscal Year Ended


30.04.2008
13'515.0
4.51x
4'724.0
12.90x
2'231.0
19.01x

50
45
40
35
30
25
20
15
10
5
0
m-12

30.04.2009
30.04.2010
14'599.0
15'817.0
2.62x
3.40x
5'273.0
5'902.0
7.25x
9.10x
2'070.0
3'099.0
10.88x
13.91x
Profitability

LTM-4Q
30.04.2011
15'508.0
3.36x
5'374.0
9.69x
3'096.0
13.34x

30.04.2012
16'184.0
2.91x
5'680.0
8.30x
3'617.0
11.15x

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

5'680.00
4'847.00
29.95%
25.61%
10.44%
19.93%
13.27%
0.49%
76.0%
34.2%
29.4%
22.3%
1.62
1.09
32.14%
62.13%
4.56
2.18

Price/ Cash Flow

LTM

01/yy
16'054.0
11.96x
5'662.0
8.61x
3'403.0
12.31x

01/yy
16'427.0
12.30x
5'616.0
9.97x
3'489.0
12.89x

FY+1

2.22
0.86
1'010.54
10.74
18.03%
12.26%
0.865
27
3.963
932'001
1'236'574
1'216'684
FY+2

FQ+1

FQ+2

04/13 Y
04/14 Y
04/13 Q4 07/13 Q1
16'522.4
17'042.7
4'393.9
4'131.9
3.22x
3.10x
12.75x
13.47x
6'024.0
6'224.8
1'589.2
1'472.0
9.24x
8.94x
9.22x
9.10x
3'785.9
3'885.5
1'050.6
922.4
12.47x
11.93x
12.07x
11.92x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

14.02.2012
A+
STABLE
13.12.2001
A-1+
16.09
14.72
1.59
2.03
62.1%
38.3%
0.49
6.59
79.74
167.08
46.95
197.72

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
24.04.2009

2'000.0
0.0
24.10.2009

24.04.2010

24.10.2010

24.04.2011

24.10.2011

24.04.2012

24.10.2012

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

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

26.03.2013

Medtronic Inc
Holdings By:

All

Holder Name
BLACKROCK
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
STATE STREET
FRANKLIN RESOURCES
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
SUN LIFE FINANCIAL I
BARROW HANLEY MEWHIN
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
INVESCO LTD
CAPITAL GROUP COMPAN
UBS
HARRIS ASSOCIATES LP
DODGE & COX
ALLIANZ ASSET MANAGE
DEUTSCHE BANK AG
BANK OF AMERICA CORP
NORGES BANK

Firm Name
JPMorgan
Edward Jones
Leerink Swann & Co
Oppenheimer & Co
Morgan Stanley
Mizuho Securities USA Inc
Jefferies
BMO Capital Markets
Wells Fargo Securities, LLC
Lazard Capital Markets
Barclays
Credit Suisse
Sanford C. Bernstein & Co
Argus Research Corp
RBC Capital Markets
Stifel
Cowen and Company
Northland Securities Inc
William Blair & Co
Wunderlich Securities
Piper Jaffray
EVA Dimensions
Deutsche Bank
Goldman Sachs
McAdams Wright Ragen Inc
Maxim Group LLC

Portfolio Name
n/a
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
n/a
n/a
PRIMECAP MANAGEMENT
Multiple Portfolios
n/a
BARROW HANLEY MEWHIN
BANK OF NEW YORK MEL
NORTHERN TRUST CORPO
INVESCO LTD
n/a
n/a
HARRIS ASSOC LP
DODGE & COX
n/a
DEUTSCHE BANK AKTIEN
BANK OF AMERICA
NORGES BANK

Analyst
MICHAEL N WEINSTEIN
JEFF WINDAU
DANIELLE ANTALFFY
STEVEN LICHTMAN
DAVID R LEWIS
MICHAEL S MATSON
RAJ S DENHOY
JOANNE K WUENSCH
LAWRENCE BIEGELSEN
SEAN D LAVIN
MATTHEW TAYLOR
BRUCE NUDELL
DERRICK SUNG
DAVID H TOUNG
GLENN J NOVARRO
FREDERICK A WISE
JOSHUA JENNINGS
BRUCE D JACKSON
BENJAMIN C ANDREW
GREGORY SIMPSON
BROOKS E WEST
ANDREW S ZAMFOTIS
KRISTEN M STEWART
DAVID H ROMAN
MICHAEL ROARKE
ANTHONY PETRONE

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

Recommendation
neutral
hold
market perform
outperform
Equalwt/In-Line
buy
hold
outperform
outperform
neutral
equalweight
outperform
outperform
buy
sector perform
hold
outperform
market perform
market perform
hold
overweight
buy
hold
neutral/neutral
focus list
not rated

Amt Held
57'163'644
52'776'871
51'680'037
44'930'367
41'305'515
36'713'969
36'021'480
30'701'730
29'373'065
21'660'422
13'960'085
11'870'145
11'516'230
10'897'173
10'725'157
10'365'919
9'956'951
9'067'910
8'524'166
8'305'220

% Out
5.64
5.21
5.1
4.43
4.07
3.62
3.55
3.03
2.9
2.14
1.38
1.17
1.14
1.07
1.06
1.02
0.98
0.89
0.84
0.82

Weighting

Change

3
3
3
5
3
5
3
5
5
3
3
5
5
5
3
3
5
3
3
3
5
5
3
3
5
#N/A N/A

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
(1'208'497)
1'163'244
(766'827)
(990'392)
396'414
(2'349'030)
(332'323)
(214'689)
1'094'091
94'161
(979'233)
(300'000)
123'693
(199'113)
(617'200)
500'116
(513'246)
714'761
550'668

Target Price
49
#N/A N/A
#N/A N/A
49
#N/A N/A
52
48
52
#N/A N/A
#N/A N/A
48
50
55
54
47
#N/A N/A
#N/A N/A
46
#N/A N/A
46
50
#N/A N/A
46
46
45
#N/A N/A

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

File Dt
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012

Date
9 month
Not Provided
Not Provided
18 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
18 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided

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

Date
25.03.2013
22.03.2013
22.03.2013
22.03.2013
20.03.2013
18.03.2013
14.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
27.02.2013
26.02.2013
22.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
15.01.2013
04.01.2013
12.12.2012
19.05.2009
27.01.2009

26.03.2013

Merck & Co Inc


Merck & Co., Inc. is a global health care company that delivers health
solutions through its prescription medicines, vaccines, biologic therapies,
animal health, and consumer care products, which it markets directly and
through its joint ventures. The Company has operations in pharmaceutical,
animal health, and consumer care.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.10.2012)
52-Week Low (23.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MRK UN EQUITY YTD Change
MRK UN EQUITY YTD % CHANGE

12/2012
12/yy
48.00
37.02
931'881.00
44.22
-7.87%
19.45%
60.75%
3'022.4
133'649.09
20'569.00
0.0
2'443.0
16'141.00
140'520.10

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

31.12.2009
31.12.2010
27'428.3
45'987.0
4.52x
2.59x
7'314.7
11'166.0
16.96x
10.67x
12'901.3
861.0
11.31x
10.54x
Profitability

12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12 m-12

LTM-4Q
31.12.2011
48'047.0
2.49x
17'015.0
7.03x
6'272.0
10.13x

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

31.12.2012
47'267.0
2.77x
16'855.0
7.76x
6'168.0
11.22x
16'855.00
9'877.00
20.90%
18.49%
6.31%
12.39%
9.75%
0.45%
65.2%
37.0%
22.2%
13.0%
1.90
1.30
19.38%
38.79%
5.93
2.55

Price/ Cash Flow

j-12

j-12

LTM

12/yy
48'047.0
9.35x
17'296.0
6.92x
6'271.0
10.08x

a-12

12/yy
47'268.0
11.10x
17'488.0
7.48x
6'661.0
10.72x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

3.82
0.79
3'021.14
27.79
19.00%
9.05%
0.792
26
4.346
2'737'668
3'571'044
3'579'786
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
46'226.5
46'809.0
11'135.5
11'569.2
2.80x
2.63x
12.28x
11.74x
17'238.6
17'420.6
3'885.0
4'200.0
8.16x
8.08x
8.55x
11'057.7
11'408.7
2'479.7
2'775.8
12.15x
11.63x
12.19x
11.81x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

24.11.2010
AA
STABLE
23.11.1981
A-1+
23.61
20.87
0.25
1.18
38.8%
27.1%
0.45
2.92
61.69
143.60
46.53
157.88

Sales/Revenue/Turnover

30.00

60'000.0

25.00

50'000.0

20.00

40'000.0

15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00
01.01.2010

14.0 M

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

Fiscal Year Ended


31.12.2008
23'850.3
2.82x
8'070.3
8.33x
7'808.4
8.89x

50
45
40
35
30
25
20
15
10
5
0
m-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

Merck & Co Inc


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
STATE STREET
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
JP MORGAN
BANK OF NEW YORK MEL
DODGE & COX
T ROWE PRICE ASSOCIA
NORTHERN TRUST CORPO
INVESCO LTD
NORGES BANK
GEODE CAPITAL MANAGE
BANK OF AMERICA CORP
DEUTSCHE BANK AG
AMERIPRISE FINANCIAL
UBS

Firm Name
Cowen and Company
Wells Fargo Securities, LLC
BMO Capital Markets
Jefferies
Sanford C. Bernstein & Co
Morgan Stanley
Credit Suisse
JPMorgan
Leerink Swann & Co
ISI Group
Credit Agricole Securities (USA)
Edward Jones
Barclays
Argus Research Corp
MKM Partners
Hilliard Lyons
S&P Capital IQ
Atlantic Equities LLP
EVA Dimensions
Goldman Sachs
MP Advisors Pvt Ltd
Cyrrus
First Global Stockbroking
Crowell, Weedon & Co

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
WELLINGTON MANAGEMEN
n/a
n/a
n/a
Multiple Portfolios
n/a
BANK OF NEW YORK MEL
DODGE & COX
T ROWE PRICE ASSOCIA
NORTHERN TRUST CORPO
INVESCO LTD
NORGES BANK
GEODE CAPITAL MANAGE
BANK OF AMERICA
DEUTSCHE BANK AKTIEN
AMERIPRISE FINANCIAL
n/a

Analyst
STEVEN R SCALA
MICHAEL K TONG
ALEX ARFAEI
JEFFREY HOLFORD
TIMOTHY M ANDERSON
DAVID R RISINGER
CATHERINE J ARNOLD
CHRISTOPHER T SCHOTT
SEAMUS FERNANDEZ
MARK J SCHOENEBAUM
KIM-LINH LINH VUKHAC
JUDSON CLARK
CHARLES ANTHONY BUTLER
JOHN M EADE
JON LECROY
STEPHEN A O'NEIL
HERMAN SAFTLAS
RICHARD J PURKISS
ANDREW S ZAMFOTIS
JAMI E RUBIN
VISHAL MANCHANDA
TOMAS MENCIK
KAVITA THOMAS
DOUGLAS A CHRISTOPHER

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

Recommendation
neutral
outperform
outperform
hold
outperform
Underwt/In-Line
outperform
overweight
market perform
buy
buy
buy
overweight
buy
buy
neutral
buy
overweight
overweight
neutral/attractive
outperform
accumulate
market perform
buy

Amt Held
212'356'280
191'477'299
136'442'430
135'721'376
131'614'703
90'387'720
87'405'611
84'231'583
71'185'993
54'114'547
52'449'719
47'674'146
41'508'488
29'144'071
24'410'941
20'136'718
19'174'220
18'983'436
18'895'196
17'808'259

% Out
7.03
6.34
4.51
4.49
4.35
2.99
2.89
2.79
2.36
1.79
1.74
1.58
1.37
0.96
0.81
0.67
0.63
0.63
0.63
0.59

Weighting

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

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(9'714'379)
1'185'871
3'687'572
(1'638'084)
1'548'630
12'766'310
(3'021'094)
148'882
(4'629'942)
(2'111'630)
1'210'726
447'995
84'399
1'817'162
(1'917'960)
(487'816)
3'129'566
(6'323'733)
388'577

Target Price
#N/A N/A
#N/A N/A
47
46
48
#N/A N/A
52
52
#N/A N/A
46
54
#N/A N/A
45
50
52
#N/A N/A
51
49
#N/A N/A
46
50
43
#N/A N/A
48

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

File Dt
31.12.2012
22.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013

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

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

Date
26.03.2013
22.03.2013
14.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
04.03.2013
13.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
15.01.2013
11.01.2013
16.10.2012
05.04.2012
21.06.2011
19.11.2009

26.03.2013

MetLife Inc
MetLife, Inc. provides individual insurance, employee benefits and financial
services with operations throughout the United States and the regions of Latin
America, Europe, and Asia Pacific. The Company's products include life
insurance, annuities, automobile and homeowners insurance, retail banking and
other financial services to individuals as well as group insurance.

Price/Volume
45

12.0 M

40

10.0 M

35
30

8.0 M

25

12/2012
12/yy
40.64
27.65
512'033.00
38.34
-5.66%
38.66%
81.22%
1'093.6
41'928.25
26'550.00
2'100.0
505.0
15'738.00
55'345.25

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

15

4.0 M

10

2.0 M

5
0
m-12

31.12.2009
31.12.2010
41'057.0
52'265.0
1.07x
1.34x
(2'246.0)
2'790.0
12.32x
10.31x
Profitability

LTM-4Q
31.12.2011
70'241.0
0.82x
6'423.0
7.12x

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
68'150.0
0.72x
1'324.0
6.24x
6.85%
2.12%
0.16%
2.04%
2.86%
0.08%
1.9%
3.17%
42.58%
-

Price/ Cash Flow

j-12

j-12

LTM

12/yy
70'242.0
3.78x
0.0
0.00x
6'423.0
7.02x

a-12

12/yy
68'150.0
2.92x
0.0
0.00x
1'324.0
6.25x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.93
1.56
890.91
21.60
2.86%
16.97%
1.558
24
4.333
2'164'453
2'220'138
2'019'960
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
69'990.1
72'090.5
17'204.7
17'339.3
0.93x
5'810.0
6'263.3
1'407.3
1'422.9
7.30x
6.81x
7.31x
7.23x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

ASTABLE
42.6%
29.0%
0.08
-

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00
5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00
0.00
01.01.2010

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
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
50'984.0
0.53x
3'209.0
9.63x

6.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 19.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MET UN EQUITY YTD Change
MET UN EQUITY YTD % CHANGE

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

26.03.2013

MetLife Inc
Holdings By:

All

Holder Name
METLIFE POLICY HOLDE
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
JP MORGAN
SUN LIFE FINANCIAL I
VANGUARD GROUP INC
BANK OF NEW YORK MEL
FRANKLIN RESOURCES
T ROWE PRICE ASSOCIA
GOLDMAN SACHS GROUP
DEUTSCHE BANK AG
DODGE & COX
NORTHERN TRUST CORPO
ALLIANZ ASSET MANAGE
NORGES BANK
WELLINGTON MANAGEMEN
AMERIPRISE FINANCIAL
DIMENSIONAL FUND ADV

Firm Name
FBR Capital Markets
S&P Capital IQ
Sterne, Agee & Leach
Portales Partners
Evercore Partners
Deutsche Bank
Argus Research Corp
Janney Montgomery Scott LLC
Macquarie
Morgan Stanley
RBC Capital Markets
Credit Suisse
JPMorgan
Keefe, Bruyette & Woods
Raymond James
Sandler O'Neill & Partners, LP
Scotia Capital
Wells Fargo Securities, LLC
Barclays
EVA Dimensions
Goldman Sachs

Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
Multiple Portfolios
BANK OF NEW YORK MEL
n/a
T ROWE PRICE ASSOCIA
GOLDMAN SACHS GROUP
DEUTSCHE BANK AKTIEN
DODGE & COX
NORTHERN TRUST CORPO
n/a
NORGES BANK
WELLINGTON MANAGEMEN
AMERIPRISE FINANCIAL
DIMENSIONAL FUND ADV

Analyst
RANDY BINNER
CATHY SEIFERT
JOHN M NADEL
NINA GUPTA
MARK FINKELSTEIN
YARON KINAR
JOHN M EADE
LARRY GREENBERG
SEAN DARGAN
NIGEL P DALLY
ERIC N BERG
THOMAS GALLAGHER
JIMMY S BHULLAR
JEFFREY SCHUMAN
STEVEN D SCHWARTZ
EDWARD SHIELDS
JOANNE SMITH
JOHN A HALL
JAY H GELB
AUSTIN BURKETT
CHRISTOPHER GIOVANNI

Source
13D
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F

Recommendation
outperform
buy
buy
sector perform
overweight
hold
buy
neutral
outperform
Overwt/In-Line
sector perform
outperform
overweight
outperform
outperform
buy
focus stock
outperform
equalweight
underweight
buy/attractive

Amt Held
201'024'039
52'515'080
48'490'046
41'416'690
36'642'769
35'549'122
25'569'383
24'782'128
22'437'292
18'136'084
18'025'332
17'492'065
15'626'592
15'437'200
13'412'130
13'290'582
9'241'988
9'118'347
8'831'580
8'745'373

% Out
18.38
4.8
4.43
3.79
3.35
3.25
2.34
2.27
2.05
1.66
1.65
1.6
1.43
1.41
1.23
1.22
0.85
0.83
0.81
0.8

Weighting

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

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(2'552'799)
(1'885'712)
4'846'845
1'333'652
(5'204'712)
874'502
1'540'508
744'827
6'030'319
605'225
1'940'893
(1'360'601)
15'437'200
351'832
(482'007)
(3'327'696)
(1'067'997)
(4'077'272)
(19'860)

Target Price
50
46
48
#N/A N/A
40
40
46
#N/A N/A
45
45
50
44
41
42
44
44
47
#N/A N/A
37
#N/A N/A
45

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

File Dt
26.02.2013
22.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

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

Date
26.03.2013
19.03.2013
11.03.2013
06.03.2013
28.02.2013
21.02.2013
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
15.01.2013
08.01.2013

26.03.2013

Microsoft Corp
Microsoft Corporation develops, manufactures, licenses, sells, and supports
software products. The Company offers operating system software, server
application software, business and consumer applications software, software
development tools, and Internet and intranet software. Microsoft also develops
video game consoles and digital music entertainment devices.

Price/Volume
35
30
25
20

Valuation Analysis

15

Latest Fiscal Year:


LTM as of:
52-Week High (20.04.2012)
52-Week Low (05.12.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MSFT UW EQUITY YTD Change
MSFT UW EQUITY YTD % CHANGE

06/2012
12/yy
32.89
26.26
2'197'460.00
28.245
-14.11%
7.56%
28.68%
8'376.2
236'587.05
11'944.00
0.0
0.0
63'040.00
182'463.04

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

5
0
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


30.06.2008
60'420.0
3.77x
24'548.0
9.29x
17'681.0
14.48x

10

50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
f-13 m-13

30.06.2009
30.06.2010
58'437.0
62'484.0
3.18x
2.70x
23'255.0
26'830.0
8.00x
6.28x
14'569.0
18'760.0
13.66x
10.96x
Profitability

LTM-4Q
30.06.2011
69'943.0
2.53x
29'927.0
5.91x
23'150.0
9.85x

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

30.06.2012
73'723.0
2.78x
30'923.0
6.64x
16'978.0
11.21x
30'923.00
27'956.00
37.92%
30.20%
12.83%
22.62%
19.36%
0.61%
76.2%
39.9%
35.4%
23.0%
2.60
2.41
9.85%
18.00%
5.22
11.94

Price/ Cash Flow

LTM

12/yy
72'052.0
9.64x
29'890.0
5.95x
23'468.0
9.58x

12/yy
72'930.0
10.89x
29'120.0
5.82x
15'459.0
10.43x

FY+1

3.04
0.91
7'614.41
97.89
-10.71%
6.53%
0.915
44
4.273
9'421'840
10'647'497
11'226'720
FY+2

FQ+1

FQ+2

06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
79'389.8
85'800.8
20'595.4
21'270.2
2.08x
1.68x
8.48x
8.00x
32'245.0
35'418.9
8'109.5
8'584.3
5.67x
5.16x
5.33x
5.29x
23'860.5
26'104.8
6'444.0
6'550.7
9.96x
9.00x
9.11x
9.16x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

22.09.2008
AAA
STABLE
09.03.2011
NR
81.38
75.31
-1.86
0.49
18.0%
15.3%
0.61
8.73
70.16
30.66
82.47
13.98

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0
60'000.0

10.00

50'000.0
8.00

40'000.0
6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
03.07.2009

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

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

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

26.03.2013

Microsoft Corp
Holdings By:

All

Holder Name
BLACKROCK
GATES III WILLIAM HE
VANGUARD GROUP INC
BALLMER STEVEN ANTHO
CAPITAL GROUP COMPAN
STATE STREET
VANGUARD GROUP INC
INVESCO LTD
BANK OF NEW YORK MEL
FMR LLC
JP MORGAN
NORTHERN TRUST CORPO
WELLINGTON MANAGEMEN
MORGAN STANLEY
FRANKLIN RESOURCES
T ROWE PRICE ASSOCIA
DODGE & COX
NORGES BANK
PRIMECAP MANAGEMENT
BANK OF AMERICA CORP

Firm Name
BMO Capital Markets
Stifel
Cowen and Company
Longbow Research
JPMorgan
Sanford C. Bernstein & Co
Evercore Partners
Morgan Stanley
Raymond James
Nomura
Griffin Securities
Cross Research
MKM Partners
Jyske Bank
Pacific Crest Securities
Edward Jones
Daiwa Securities Co. Ltd.
Oppenheimer & Co
Janney Montgomery Scott LLC
Argus Research Corp
Hilliard Lyons
Independent Research GmbH
Deutsche Bank
Goldman Sachs
RBC Capital Markets
Credit Suisse
Jefferies
FBR Capital Markets
BGC Partners
S&P Capital IQ
Atlantic Equities LLP
Credit Agricole Securities (USA)
Barclays
Wells Fargo Securities, LLC
EVA Dimensions
Tigress Financial Partners
Hamburger Sparkasse
McAdams Wright Ragen Inc
Crowell, Weedon & Co

Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
Multiple Portfolios
INVESCO LTD
BANK OF NEW YORK MEL
n/a
n/a
NORTHERN TRUST CORPO
WELLINGTON MANAGEMEN
n/a
n/a
T ROWE PRICE ASSOCIA
DODGE & COX
NORGES BANK
PRIMECAP MANAGEMENT
BANK OF AMERICA

Analyst
KARL KEIRSTEAD
BRAD REBACK
GREGG MOSKOWITZ
KEVIN M BUTTIGIEG
JOHN DIFUCCI
MARK L MOERDLER
STEWART KIRK MATERNE III
KEITH WEISS
MICHAEL TURITS
RICHARD G SHERLUND
JAY VLEESCHHOUWER
RICHARD T WILLIAMS
ISRAEL HERNANDEZ
ROBERT JAKOBSEN
BRENDAN BARNICLE
JOSH OLSON
KAZUYA NISHIMURA
SHAUL EYAL
YUN KIM
JOSEPH F BONNER
STEPHEN TURNER
MARKUS FRIEBEL
THOMAS ERNST JR
HEATHER BELLINI
MATTHEW HEDBERG
PHILIP WINSLOW
ROSS MACMILLAN
DAVID M HILAL
COLIN W GILLIS
ANGELO ZINO
CHRISTOPHER HICKEY
EDWARD MAGUIRE
RAIMO LENSCHOW
JASON MAYNARD
ANDREW S ZAMFOTIS
IVAN FEINSETH
MARCO GUENTHER
SID PARAKH
JAMES D RAGAN

Source
ULT-AGG
Form 4
13F
PROXY
ULT-AGG
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F

Recommendation
market perform
buy
outperform
buy
neutral
outperform
equalweight
Equalwt/In-Line
outperform
buy
buy
buy
neutral
buy
sector perform
buy
outperform
outperform
neutral
hold
buy
hold
buy
neutral/neutral
sector perform
outperform
hold
market perform
buy
strong buy
overweight
buy
equalweight
market perform
buy
neutral
buy
buy
buy

Amt Held
445'443'578
421'411'775
343'251'826
333'252'990
331'613'585
326'288'139
215'734'462
149'430'083
134'373'549
120'328'290
113'075'761
105'829'897
102'690'425
84'045'210
75'890'832
73'457'901
68'095'523
66'902'672
63'588'305
62'016'508

% Out
5.32
5.03
4.1
3.98
3.96
3.9
2.58
1.78
1.6
1.44
1.35
1.26
1.23
1
0.91
0.88
0.81
0.8
0.76
0.74

Weighting

Change
3
5
5
5
3
5
3
3
5
5
5
5
3
5
3
5
5
5
3
3
5
3
5
3
3
5
3
3
5
5
5
5
3
3
5
3
5
5
5

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

Latest Chg
13'636'630
(7'000'000)
5'359'366
15'606'940
7'699'577
(12'969'628)
1'319'949
(44'811'714)
(109'672)
330'681
(36'166'932)
1'827'246
3'691'748
(5'832'161)
7'165'720
5'081'777
3'768'764
400'990

Target Price
30
36
#N/A N/A
33
30
37
30
#N/A N/A
34
32
38
37
27
32
#N/A N/A
#N/A N/A
31
36
28
#N/A N/A
35
31
31
30
33
38
31
30
31
35
35
36
29
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
36
36

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

File Dt
22.03.2013
06.02.2013
31.12.2012
14.09.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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