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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
SPI Index - The Swiss Performance Index
Top 100 Companies
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

14291609

1924.708

1113

1113

205

220

220

101.44

110.69

110.69

15.31

15.31

14.03

14.03

18.82

Euro Stoxx 50 Pr

EUR

2523313

5400.899

4693

4693

754

782

782

232.46

311.38

311.38

18.94

16.50

14.14

14.14

20.10

NIKKEI 225

JPY

2488565

181.8844

190

190

18

21

21

5.02

6.65

6.65

0.27

0.27

0.20

0.20

0.11

FTSE 100 INDEX

GBP

2654439

11577.88

9617

9617

1462

1668

1668

537.24

832.74

832.74

27.37

22.69

17.66

17.66

22.74

SWISS MARKET INDEX

CHF

1031265

10988.61

4155

4155

876

846

846

411.25

558.08

558.08

21.39

18.28

15.76

15.76

22.93

S&P/TSX COMPOSITE INDEX

CAD

1631195

16825.11

7918

7918

1846

2086

2086

799.64

888.01

888.01

14.90

14.90

13.42

13.42

24.28

S&P/ASX 200 INDEX

AUD

1381075

6618.416

2857

2857

601

701

701

250.89

341.32

341.32

21.11

17.15

15.51

15.51

22.16

HANG SENG INDEX

HKD

1647917

3137.031

1694

1694

372

404

404

270.66

268.15

268.15

1.33

1.43

1.34

1.34

2.97

MSCI EM

USD

7561015

1393.83

1030

1030

194

196

196

84.37

95.69

95.69

11.95

13.29

10.54

10.54

19.64

NESTLE SA-REG

CHF

233891

2016

3189

30

10

255.08

98763

98763

104452

110711

18065

18065

4.20

21.78

21.77

20.04

18.48

10.92

-2.98

10.41

-1.56

19.57

AA

16.08.2007

NOVARTIS AG-REG

CHF

195988

923

2421

21

223.70

60626

60626

61070

63542

17880

17613

4.28

4.19

5.54

6.11

19.90

20.06

15.06

13.67

-3.46

9.42

-6.63

11.29

31.08

AA-

07.04.2008

Aa3

08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN

CHF

207986

546

863

26

15

221.71

48672

48672

50986

52929

20753

20753

14.75

12.03

15.90

17.07

21.41

17.48

16.22

15.11

7.47

0.11

9.00

2.86

45.61

AA

17.09.2012

UBS AG-REG

CHF

61479

3882

3747

286

71

281.17

40387

40392

28419

29606

16612

16613

0.56

-0.72

0.93

1.27

31.37

18.44

13.51

-8.18

-10.78

-11.85

-33.52

44.00

29.11.2011

A2

21.06.2012

ABB LTD-REG

CHF

52644

1747

2296

11

59.00

42080

42080

44482

46874

5663

5798

1494

1494

1.28

1.25

1.62

1.85

20.94

19.94

16.14

14.20

3.79

5.54

-7.41

2.66

14.74

08.06.2010

CIE FINANCIERE RICHEMON-BR A

CHF

45424

741

522

34.00

9485

10440

10886

11805

2518

2868

2.95

3.75

3.60

4.18

18.53

18.85

19.31

16.61

30.66

17.60

43.91

18.30

29.39

ZURICH INSURANCE GROUP AG

CHF

39677

173

147

13

10

48.94

75359

75359

65695

67995

28.33

28.31

30.71

32.39

10.89

10.90

10.04

9.52

35.27

12.64

SYNGENTA AG-REG

CHF

38773

88

92

#VALUE!

43.66

15193

15193

16393

17363

3368

3368

1121

1121

24.35

21.85

26.63

29.22

21.96

19.71

18.02

16.42

7.53

11.85

9.59

10.96

23.71

15.06.2007

CREDIT SUISSE GROUP AG-REG

CHF

43151

1593

1294

354

68

#VALUE!

40985

40985

28408

29422

2.42

0.90

2.83

3.30

33.37

11.79

10.60

9.10

-10.97

32.31

19.12.2008

(P)A2

21.06.2012

SWISS RE AG

CHF

31467

760

343

21

12

44.80

35426

35426

34618

37276

11.83

12.94

8.71

9.08

7.56

8.09

11.23

10.77

20.47

0.91

TRANSOCEAN LTD

CHF

18469

76

#VALUE!

13

27.72

9837

10347

10602

11641

2959

3001

940

940

4.97

6.31

11.90

9.38

15.58

6.03

88.33

-4.12

31.02

SWATCH GROUP AG/THE-BR

CHF

30229

52

54

28.29

8340

8340

9515

10477

2402

2402

31.69

31.71

35.53

39.69

19.49

19.50

17.39

15.57

16.32

7.08

23.33

9.98

30.81

HOLCIM LTD-REG

CHF

25525

433

325

14

39.70

23 K

23 K

24 K

26 K

4262

4262

924

924

2.05

2.03

4.88

6.50

41.07

40.64

17.12

12.85

4.13

-4.69

0.70

-11.21

19.78

BBB

22.01.2009

Baa2

09.04.2009

SGS SA-REG

CHF

19590

20.01

5967

5967

6627

7235

1202

1202

77.57

78.06

101.42

117.66

34.32

34.54

26.42

22.77

17.42

5.82

11.49

4.71

21.56

SWISSCOM AG-REG

CHF

23446

43

52

32.25

12178

12178

12099

12122

4393

4393

36.09

36.20

34.32

34.69

13.38

13.38

14.11

13.96

-0.77

-0.33

-4.80

-0.21

38.59

30.06.2009

A2

27.06.2007

WEATHERFORD INTL LTD

CHF

9740

#VALUE!

19.44

16276

16285

17608

19177

2616

2762

736

736

0.96

1.44

15.29

10.20

18.34

14.76

0.09

1.98

18.14

GEBERIT AG-REG

CHF

9311

34

38

8.87

2053

2053

2436

2557

580

580

625

625

11.00

10.99

12.16

13.12

23.35

23.35

21.10

19.56

2.98

0.37

2.09

-3.22

30.23

A-

25.05.2010

GIVAUDAN-REG

CHF

11330

12.50

4554

4554

4764

4985

932

931

47.98

48.30

62.05

68.09

27.18

27.36

21.15

19.28

9.34

0.28

16.44

-0.10

21.86

JULIUS BAER GROUP LTD

CHF

8739

126

214

17

#VALUE!

2170

2170

2286

2731

2.28

1.59

2.24

2.93

26.22

27.13

18.64

14.23

-1.21

ADECCO SA-REG

CHF

10305

293

185

9.50

21968

21968

21736

23338

886

886

2.14

2.13

3.16

3.85

22.45

22.45

15.10

12.42

-0.05

0.13

-12.65

-7.15

4.31

BBB

12.10.2011

Baa3

20.10.2009

SCHINDLER HOLDING-PART CERT

CHF

17152

42

116

15.18

8834

8834

9383

9926

1181

1186

6.45

6.48

7.07

7.69

24.13

24.25

22.14

20.36

5.50

3.75

19.61

3.08

14.37

KUEHNE & NAGEL INTL AG-REG

CHF

13671

94

120

12.62

18314

18314

19073

20246

947

947

243

243

4.56

4.34

5.60

6.31

28.06

28.06

21.77

19.32

5.95

-0.68

-11.73

-3.26

5.53

ACTELION LTD-REG

CHF

7133

268

113

6.18

1842

1842

1820

1883

538

538

116

116

2.75

2.79

3.51

3.99

21.56

20.13

17.16

15.08

0.57

3.46

16.63

4.63

31.27

SONOVA HOLDING AG-REG

CHF

8002

43

67

8.05

1733

1850

1957

2118

392

446

3.97

4.71

5.31

6.04

27.23

27.29

24.12

21.21

0.21

9.02

-2.17

3.94

25.79

ARYZTA AG

CHF

5505

46

88

5.74

4501

4669

4784

5099

578

589

1.60

1.55

3.91

4.36

33.90

33.95

13.45

12.06

9.13

12.12

23.18

13.50

SWATCH GROUP AG/THE-REG

CHF

30229

31

54

28.29

8340

8340

9553

10355

2402

2402

2733

2733

31.69

31.71

7.17

7.88

3.38

3.38

14.94

13.58

16.32

7.68

23.33

9.98

30.81

SIKA AG-BR

CHF

6056

6.18

5166

5166

5437

5836

609

609

140.42

147.91

141.06

159.74

17.04

17.04

17.87

15.78

6.40

1.34

20.50

-2.42

12.60

A-

02.05.2000

SWISS PRIME SITE-REG

CHF

4953

45

60

9.15

617

617

550

563

363

363

2.91

6.13

3.75

3.84

14.41

28.75

23.53

22.96

0.95

29.12

-4.69

18.97

62.99

LINDT & SPRUENGLI AG-REG

CHF

9755

9.17

2856

2856

3076

3294

489

501

547

547

1269.68

1266.12

1454.50

1608.72

38.63

38.53

33.63

30.41

7.78

-1.26

9.00

0.62

18.77

BALOISE HOLDING AG - REG

CHF

4881

129

47

3.96

9984

9984

8775

8926

9.71

9.97

10.16

10.63

10.47

10.75

10.28

9.83

22.84

4.29

PARTNERS GROUP HOLDING AG

CHF

6764

18

25

6.51

604

604

561

658

316

316

163

163

10.61

10.86

12.63

14.76

24.96

25.54

21.45

18.37

27.50

18.98

26.88

1.89

56.04

CLARIANT AG-REG

CHF

4296

1383

296

6.32

6459

7868

6663

6949

826

876

211

211

1.02

0.78

1.15

1.37

19.90

14.93

13.55

11.35

-19.33

-5.87

-12.48

-0.08

11.91

BBB-

14.03.2011

Ba1

03.03.2009

SWISS LIFE HOLDING AG-REG

CHF

4873

70

32

0.94

20407

20407

19134

19547

18.95

3.08

19.75

21.42

52.68

8.58

8.23

7.59

11.04

6.38

BBB

03.05.2012

SULZER AG-REG

CHF

5927

40

34

6.04

4302

4302

4561

4847

591

591

645

645

9.61

9.66

10.79

12.46

19.16

19.26

17.15

14.85

13.27

2.98

15.59

2.71

14.68

LINDT & SPRUENGLI AG-PC

CHF

9755

9.17

2856

2856

3068

3289

489

501

144

144

1269.68

1266.12

140.25

154.50

3.31

3.30

29.88

27.12

7.78

-1.26

9.00

0.62

18.77

PSP SWISS PROPERTY AG-REG

CHF

4095

70

46

5.99

303

302

302

305

188

235

58

58

3.77

8.78

3.80

3.81

10.88

25.35

25.13

25.07

-0.34

-25.86

6.15

83.30

SCHINDLER HOLDING AG-REG

CHF

17152

11

116

15.18

8834

8834

9383

9926

1181

1186

6.45

6.48

7.07

7.69

23.78

23.90

21.82

20.06

5.50

3.75

19.61

3.08

14.37

GAM HOLDING AG

CHF

3276

168

165

#VALUE!

1069

1068

694

752

0.55

0.55

1.26

1.45

35.03

35.03

15.20

13.15

24.62

LONZA GROUP AG-REG

CHF

3317

142

53

5.87

4199

4199

4235

4423

574

641

3.74

3.77

4.98

5.90

17.81

17.91

13.47

11.37

49.00

6.78

0.61

18.50

GALENICA AG-REG

CHF

4169

24

4.93

3860

3860

3818

3961

461

461

42.56

41.90

42.61

43.96

16.37

16.44

16.10

15.61

3.92

7.84

8.39

18.85

12.79

DUFRY AG-REG

CHF

3812

75

29

4.97

3374

3374

3940

4433

475

475

110

110

4.72

4.86

8.68

11.37

28.30

28.61

15.83

12.09

20.92

30.98

13.49

15.06

BB+

15.10.2012

HELVETIA HOLDING AG-REG

CHF

3559

2.44

8523

8523

8210

8829

40.78

40.77

43.09

44.89

10.79

10.79

10.21

9.80

6.72

5.58

EMS-CHEMIE HOLDING AG-REG

CHF

6837

10

23

6.56

1877

1877

1985

2103

371

218

218

12.49

12.49

12.61

13.49

25.04

25.04

24.79

23.18

6.28

2.69

2.92

DKSH HOLDING LTD

CHF

5866

25

63

5.84

9450

9450

10729

11830

343

343

188

188

3.04

3.40

3.57

4.04

29.05

32.54

27.69

24.46

21.78

18.10

3.88

BARRY CALLEBAUT AG-REG

CHF

4906

5.97

5166

5075

5313

6337

472

49.59

48.61

52.84

59.26

20.88

20.97

19.21

17.13

8.87

-1.53

-3.96

0.32

BB+

28.03.2013

OC OERLIKON CORP AG-REG

CHF

3801

871

325

3.47

3109

3109

3099

3210

612

612

0.72

0.73

0.80

0.88

17.15

17.40

15.63

14.19

6.85

-12.21

17.14

-4.32

21.06

PARGESA HOLDING SA-BR

CHF

5860

18

85

10

17.27

5450

5231

5308

5508

979

1505

5.28

1.84

5.09

6.05

40.12

40.35

14.50

12.20

8.27

-1.03

-6.01

30.78

FLUGHAFEN ZUERICH AG-REG

CHF

2900

11

3.95

1015

1015

1034

1060

419

419

558

558

16.59

16.68

26.65

34.33

30.29

30.31

18.96

14.72

5.13

2.96

-20.59

-1.04

44.12

20.04.2012

FISCHER (GEORG)-REG

CHF

1721

2.09

3853

3853

3830

3963

384

384

387

387

39.80

31.77

39.79

43.63

14.13

11.43

11.28

10.29

2.77

-3.82

-4.02

-6.04

10.66

BANQUE CANTONALE VAUDOIS-REG

CHF

5119

#VALUE!

1413

1413

1098

1108

37.95

38.66

38.17

38.81

16.46

16.77

16.67

16.40

-2.41

-4.79

AA

05.12.2011

3.56

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

3.56

3.87

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

14291609

1924.708

1113

1113

205

220

220

101.44

110.69

110.69

15.31

15.31

14.03

14.03

18.82

Euro Stoxx 50 Pr

EUR

2523313

5400.899

4693

4693

754

782

782

232.46

311.38

311.38

18.94

16.50

14.14

14.14

20.10

NIKKEI 225

JPY

2488565

181.8844

190

190

18

21

21

5.02

6.65

6.65

0.27

0.27

0.20

0.20

0.11

FTSE 100 INDEX

GBP

2654439

11577.88

9617

9617

1462

1668

1668

537.24

832.74

832.74

27.37

22.69

17.66

17.66

22.74

SWISS MARKET INDEX

CHF

1031265

10988.61

4155

4155

876

846

846

411.25

558.08

558.08

21.39

18.28

15.76

15.76

22.93

S&P/TSX COMPOSITE INDEX

CAD

1631195

16825.11

7918

7918

1846

2086

2086

799.64

888.01

888.01

14.90

14.90

13.42

13.42

24.28

S&P/ASX 200 INDEX

AUD

1381075

6618.416

2857

2857

601

701

701

250.89

341.32

341.32

21.11

17.15

15.51

15.51

22.16

HANG SENG INDEX

HKD

1647917

3137.031

1694

1694

372

404

404

270.66

268.15

268.15

1.33

1.43

1.34

1.34

2.97

MSCI EM

USD

7561015

1393.83

1030

1030

194

196

196

84.37

95.69

95.69

11.95

13.29

10.54

10.54

19.64

BUCHER INDUSTRIES AG-REG

CHF

2367

10

2.43

2870

2963

326

326

16.41

17.35

18.83

15.06

15.07

14.24

13.12

12.50

18.47

1.49

12.51

TEMENOS GROUP AG-REG

CHF

1622

80

69

1.94

482

482

506

542

95

71

22

22

0.95

0.58

1.20

1.38

44.77

45.02

21.68

18.75

-5.26

2.42

16.58

15.95

KABA HOLDING AG-REG B

CHF

1523

1.51

1014

1015

1029

1055

164

161

84

84

23.70

23.86

24.77

26.34

17.91

17.91

17.24

16.22

0.26

-7.16

27.03

-3.57

16.94

ALLREAL HOLDING AG-REG

CHF

2266

16

3.91

929

929

300

316

184

184

212

212

6.96

6.90

7.63

8.52

22.04

21.86

19.93

17.84

4.73

83.00

-6.03

6.77

21.22

VALIANT HOLDING AG-REG

CHF

1441

16

#VALUE!

673

673

399

413

6.29

8.59

6.30

7.09

11.36

15.51

15.49

13.76

-9.88

-2.08

MOBIMO HOLDING AG-REG

CHF

1370

12

2.41

270

270

134

139

90

90

103

103

7.82

13.19

9.35

9.33

17.89

30.16

25.22

25.30

10.40

5.99

3.40

6.98

35.49

AMS AG

CHF

1632

44

14

1.33

415

415

477

532

126

126

30

30

6.48

6.81

8.00

9.29

14.51

15.22

12.35

10.64

43.43

14.21

73.47

20.28

32.53

LUZERNER KANTONALBANK AG-REG

CHF

3283

#VALUE!

733

733

457

467

20.80

21.17

23.37

24.05

19.51

19.81

17.67

17.18

-5.05

-4.40

AA+

12.09.2008

NOBEL BIOCARE HOLDING AG-REG

CHF

1246

163

123

0.96

621

621

608

629

108

108

26

26

0.40

0.40

0.42

0.48

22.32

22.32

20.96

18.56

2.12

-3.44

-3.95

-17.27

18.56

PANALPINA WELTTRANSPORT -REG

CHF

2299

24

1.89

7078

7078

7720

8113

39

39

22

22

-2.55

-3.19

2.98

4.37

34.79

23.72

1.93

-5.73

-88.53

-39.66

0.59

BERNER KANTONALBANK AG-REG

CHF

2562

#VALUE!

710

710

#VALUE!

#VALUE!

17.75

14.70

#VALUE!

#VALUE!

20.01

16.57

#VALUE!

#VALUE!

-4.10

-1.39

KUONI REISEN HLDG-REG(CAT B)

CHF

1271

1.17

6253

6253

6171

6401

183

183

-4.14

-3.81

25.68

33.75

13.25

10.08

15.37

5.50

2.69

-2.83

3.13

BURCKHARDT COMPRESSION HOLDI

CHF

1329

1.21

0K

0K

0K

0K

85

94

52

52

16.28

18.61

17.75

20.46

22.47

22.47

23.56

20.44

-8.04

-1.87

11.25

6.14

27.29

ST GALLER KANTONALBANK A-REG

CHF

2421

#VALUE!

761

761

536

546

27.81

29.18

32.29

32.76

15.92

16.70

14.39

14.18

1.31

-4.58

Aa1

02.12.2003

BELIMO HOLDING AG-REG

CHF

1430

1.34

476

476

514

555

98

98

110

110

107.77

107.77

122.05

133.99

23.07

23.07

20.38

18.56

7.37

4.59

13.22

6.11

22.11

TECAN GROUP AG-REG

CHF

1058

11

0.91

418

418

442

485

67

67

75

75

4.11

4.17

4.78

5.66

23.70

24.07

20.69

17.48

4.01

-0.77

3.89

-2.81

17.11

LOGITECH INTERNATIONAL-REG

CHF

1202

332

164

0.95

2478

2314

2270

2174

155

125

23

23

0.44

-1.12

0.31

0.49

25.62

16.22

-2.11

-3.08

-36.29

-12.64

5.77

STRAUMANN HOLDING AG-REG

CHF

1994

13

15

1.84

734

734

735

763

102

102

2.52

2.52

7.12

8.34

53.90

53.94

19.12

16.31

-1.13

-2.28

-19.41

-18.20

14.90

GRAUBUENDNER KANTONALBANK-PC

CHF

3380

#VALUE!

419

419

414

427

68.89

59.63

82.42

87.08

22.05

19.09

15.95

15.10

-24.74

-11.72

AA+

17.12.2010

FORBO HOLDING AG-REG

CHF

1475

1.20

1285

1285

1283

1305

220

174

174

95.25

58.78

48.90

54.73

11.93

11.94

14.35

12.82

-0.24

0.57

4.77

-2.96

ZUGER KANTONALBANK-BR

CHF

1551

#VALUE!

349

349

#VALUE!

#VALUE!

227.24

227.25

#VALUE!

#VALUE!

25.33

25.33

#VALUE!

#VALUE!

-3.59

-3.45

VONTOBEL HOLDING AG-REG

CHF

2176

63

10

7.19

968

968

888

963

238

238

2.16

2.19

2.45

2.83

16.33

16.58

14.65

12.68

1.71

-1.65

4.20

-12.38

26.28

30.03.2009

DAETWYLER HOLDING AG-BR

CHF

1950

16

2.01

1513

1513

1506

1606

217

217

231

231

8.80

8.80

8.45

9.58

13.93

13.93

14.52

12.80

10.25

6.20

22.12

1.54

15.36

VALORA HOLDING AG-REG

CHF

717

1.11

3047

3047

3139

3180

130

130

153

153

16.69

16.69

18.20

20.53

13.37

13.37

12.26

10.87

1.14

0.27

2.31

3.93

4.55

HUBER & SUHNER AG-REG

CHF

1006

20

0.92

747

747

814

879

82

33

96

96

1.20

1.20

2.42

2.88

44.46

44.46

21.99

18.49

-8.52

1.94

-6.67

5.01

INFICON HOLDING AG-REG

CHF

693

0.65

318

318

332

346

61

19.11

19.27

19.09

20.17

18.56

18.71

18.73

17.73

-5.10

3.48

-5.44

8.28

BASELLANDS KANTONALBANK-CERT

CHF

2519

#VALUE!

607

607

#VALUE!

#VALUE!

79.15

55.15

#VALUE!

#VALUE!

22.52

15.69

#VALUE!

#VALUE!

-3.08

-4.51

AAA

21.11.2001

IMPLENIA AG-REG

CHF

964

18

0.67

2884

2884

3020

3102

150

150

166

166

4.03

4.03

4.53

4.70

13.85

13.85

12.32

11.88

7.34

3.55

4.11

12.23

5.58

EMMI AG-REG

CHF

1632

2.27

3189

3189

3439

3508

267

268

289

289

21.22

21.25

20.65

22.06

15.36

15.38

15.80

14.80

10.22

5.30

12.09

12.08

8.97

BASLER KANTONALBK - PC

CHF

3098

30

#VALUE!

1029

1029

#VALUE!

714

7.71

8.54

#VALUE!

8.74

12.40

13.72

#VALUE!

12.11

2.99

-3.62

AA+

18.10.2001

EFG INTERNATIONAL AG

CHF

1820

18

147

#VALUE!

1254

1254

863

946

0.80

0.81

1.04

1.24

16.33

16.68

12.73

10.72

9.33

-12.65

BASILEA PHARMACEUTICA-REG

CHF

573

20

10

0.21

62

62

46

67

-50

-47

-47

-5.92

-5.92

-4.43

-3.18

#VALUE!

#VALUE!

-14.14

90.46

14.10

RIETER HOLDING AG-REG

CHF

767

0.67

950

950

990

1121

71

71

88

88

2.75

6.85

6.39

12.85

25.66

63.83

27.51

13.67

-11.99

-25.86

-58.20

-33.77

8.04

BKW AG

CHF

1765

47

2.34

3059

3059

2815

2918

152

198

493

493

4.44

2.74

3.68

4.09

13.07

8.06

9.72

8.74

15.26

3.04

-26.88

7.83

SCHWEIZERISCHE NATL-V AG-REG

CHF

1052

22

0.38

1698

1698

1742

1807

5.01

5.01

5.01

5.32

10.19

10.19

10.18

9.60

0.56

-3.56

NR

23.05.2006

GATEGROUP HOLDING AG

CHF

529

30

26

0.81

3201

3201

3310

3423

70

70

-2.39

-2.41

1.88

2.50

11.32

8.49

12.11

-64.86

2.35

BB

28.02.2012

SCHWEITER TECHNOLOGIES AG-BR

CHF

887

0.48

720

720

750

789

86

86

85

85

29.06

30.42

30.59

38.72

21.61

22.61

21.49

16.98

-3.76

74.74

-4.40

33.03

12.77

METALL ZUG AG-SHS B-REG

CHF

1052

0.85

916

916

883

883

154

113

113

146.33

146.33

142.33

165.04

17.60

17.60

18.09

15.60

1.77

8.57

3.82

ZEHNDER GROUP AG-BR

CHF

535

13

12

0.42

560

560

571

599

61

61

64

64

2.47

2.47

2.70

3.12

16.20

16.20

14.82

12.83

1.74

-18.94

0.19

11.58

LIECHTENSTEIN LANDESBANK-BR

CHF

1264

15

28

#VALUE!

594

609

410

394

3.55

3.55

3.33

3.68

12.37

12.37

13.19

11.93

-8.10

AFG ARBONIA-FORSTER HOLD-REG

CHF

533

15

18

0.67

1300

1300

1435

1476

117

117

128

128

-3.04

-3.04

2.15

2.80

14.56

11.18

-4.19

-4.62

8.86

-6.94

9.65

LEM HOLDING SA-REG

CHF

734

0.73

253

251

268

266

45

26.86

32.01

34.90

33.09

21.52

21.52

19.74

20.82

-21.62

10.92

-34.08

7.96

VZ HOLDING AG

CHF

1108

0.89

164

164

188

214

75

75

90

90

7.37

7.40

8.65

9.94

20.02

20.11

17.14

14.91

7.28

11.32

6.31

12.27

48.96

KUDELSKI SA-BR

CHF

668

15

54

0.85

903

903

937

964

106

106

0.32

0.32

1.02

1.14

41.17

41.17

13.08

11.75

-3.65

-1.35

11.98

-7.51

12.61

VETROPACK HOLDING AG-BR

CHF

807

0.76

647

647

656

678

124

143

143

157.80

171.16

13.35

12.31

2.72

-0.95

-10.16

-10.01

BOSSARD HOLDING AG-BR

CHF

623

0.84

504

504

619

652

62

62

81

81

14.17

14.17

15.40

15.52

11.76

11.76

10.82

10.74

3.14

-2.71

-3.59

-0.41

13.19

ZUG ESTATES HOLDING AG-B SHR

CHF

654

#VALUE!

0.82

48

48

80

96

24

24

39.75

50.15

35.61

28.23

53.08

INTERSHOP HOLDINGS-BR

CHF

714

1.26

96

96

91

98

74

74

75

75

25.88

28.59

22.20

24.31

12.72

14.05

16.38

14.96

-0.40

5.10

4.68

3.12

83.27

MEYER BURGER TECHNOLOGY AG

CHF

395

200

48

0.41

690

690

592

748

-35

-35

-2.49

-2.49

-1.36

-0.48

#VALUE!

#VALUE!

-54.49

41.14

-5.43

INTERNATIONAL MINERALS CORP

CHF

394

#VALUE!

0.34

#VALUE!

-8

-10

0.19

0.21

20.61

18.50

-33.94

2791

2791

16.39

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

1.39

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

S&P 500 INDEX

2.16

2.16

1.98

1.80

2.16

1.40

1.40

1.33

1.28

1.40

9.94

9.94

9.65

9.45

9.94

8.76

8.76

8.10

7.59

8.76

14.03

14.03

12.57

11.40

14.03

2.22

2.22

2.38

2.58

2.22

1688.6

8.7%

Euro Stoxx 50 Pr

1.13

1.13

1.06

1.00

1.13

0.72

0.72

0.70

0.68

0.72

5.24

5.24

4.89

4.66

5.24

6.91

6.91

6.54

6.22

6.91

10.87

10.87

9.75

8.93

10.87

4.42

4.42

4.75

5.08

4.42

2901.3

11.5%

NIKKEI 225

1.51

1.51

1.41

1.37

1.51

0.70

0.70

0.69

0.69

0.70

8.73

8.73

8.13

8.05

8.73

8.52

8.52

7.94

7.82

8.52

20.11

20.11

15.85

14.22

20.11

1.56

1.56

1.79

1.92

1.56

12101.0

-8.3%

FTSE 100 INDEX

1.65

1.65

1.54

1.33

1.65

1.00

1.00

0.96

0.97

1.00

8.10

8.10

7.38

5.27

8.10

6.94

6.94

6.51

6.25

6.94

11.53

11.53

10.48

9.63

11.53

3.98

3.98

4.28

4.71

3.98

6849.6

9.2%

SWISS MARKET INDEX

2.36

2.36

2.19

2.02

2.36

1.98

1.98

1.88

1.80

1.98

12.05

12.05

11.06

9.84

12.05

12.99

12.99

12.01

11.27

12.99

14.73

14.73

13.19

12.00

14.73

3.34

3.34

3.71

4.21

3.34

8060.0

4.9%

S&P/TSX COMPOSITE INDEX

1.64

1.64

1.52

1.42

1.64

1.53

1.53

1.44

1.39

1.53

8.17

8.17

7.34

6.81

8.17

8.07

8.07

7.17

6.80

8.07

13.65

13.65

12.07

11.06

13.65

3.22

3.22

3.37

3.58

3.22

14560.3

18.1%

S&P/ASX 200 INDEX

1.86

1.86

1.76

1.66

1.86

1.78

1.78

1.68

1.59

1.78

10.98

10.98

9.78

8.92

10.98

9.44

9.44

8.34

7.72

9.44

14.93

14.93

13.29

12.22

14.93

4.45

4.45

4.76

5.13

4.45

5156.3

5.1%

HANG SENG INDEX

1.29

1.29

1.19

1.09

1.29

1.65

1.65

1.53

1.41

1.65

6.92

6.92

6.41

6.05

6.92

7.77

7.77

7.10

6.53

7.77

10.43

10.43

9.59

8.60

10.43

3.69

3.69

3.97

4.49

3.69

24855.2

14.4%

MSCI EM

1.41

1.41

1.28

1.19

1.41

0.98

0.98

0.91

0.86

0.98

6.69

6.69

6.16

5.77

6.69

7.12

7.12

6.51

6.13

7.12

10.54

10.54

9.48

8.81

10.54

3.14

3.14

3.61

6.20

3.14

1180.3

17.1%

NESTLE SA-REG

3.56

3.38

3.15

2.89

2.77

2.38

2.24

2.11

2.00

1.90

16.31

15.12

13.93

12.38

12.03

13.69

12.83

11.98

11.23

10.46

19.90

18.73

17.28

16.08

14.96

3.06

3.24

3.46

3.68

4.05

68.72

1.4%

NOVARTIS AG-REG

2.51

2.43

2.30

2.20

1.95

3.50

3.46

3.32

3.20

3.11

12.23

11.95

11.27

10.14

9.68

12.28

12.49

11.67

10.88

10.61

13.92

14.08

12.78

11.65

11.16

3.35

3.41

3.63

3.84

4.20

67.90

0.3%

ROCHE HOLDING AG-GENUSSCHEIN

11.86

9.23

7.24

5.92

4.63

4.29

4.08

3.93

3.80

3.70

14.49

12.89

12.01

11.20

10.71

11.57

10.44

9.92

9.54

9.28

16.48

15.15

14.12

13.21

12.66

3.25

3.53

3.83

4.12

4.45

228.30

1.4%

UBS AG-REG

1.18

1.17

1.11

1.06

1.21

2.29

2.16

2.08

1.96

2.00

96.65

12.37

9.92

7.54

14.73

17.23

12.63

9.28

7.78

0.87

1.68

3.86

7.86

9.07

17.14

14.4%

ABB LTD-REG

3.16

2.86

2.56

2.31

1.35

1.28

1.21

1.14

1.05

14.01

11.71

10.69

9.67

9.66

10.29

8.79

7.93

7.36

7.45

17.52

15.09

13.27

12.20

10.91

3.10

3.34

3.55

3.77

4.10

23.30

9.6%

CIE FINANCIERE RICHEMON-BR A

4.10

3.30

2.81

2.44

2.03

7.33

3.42

5.73

2.89

2.61

21.19

16.60

13.94

12.73

13.20

14.42

11.37

10.38

9.43

8.62

25.21

18.05

15.53

14.00

12.58

0.78

1.02

1.20

1.36

1.50

86.31

16.7%

ZURICH INSURANCE GROUP AG

1.18

1.13

1.07

1.00

0.94

0.65

0.65

0.63

0.63

0.58

SYNGENTA AG-REG

4.62

3.94

3.52

2.85

2.74

2.55

2.41

2.29

2.22

15.80

14.20

13.02

12.46

12.79

11.68

10.76

10.11

9.78

CREDIT SUISSE GROUP AG-REG

0.96

0.95

0.90

0.84

0.70

1.65

1.52

1.47

1.44

1.35

16.38

6.89

7.26

6.63

SWISS RE AG

0.91

0.90

0.87

0.84

0.76

0.97

0.98

0.91

0.86

0.85

TRANSOCEAN LTD

1.20

1.12

1.04

0.97

1.92

1.88

1.71

1.65

1.64

7.27

6.49

5.64

4.99

SWATCH GROUP AG/THE-BR

3.20

2.82

2.46

2.14

3.65

3.18

2.89

2.63

2.49

20.34

15.65

13.78

12.54

HOLCIM LTD-REG

1.36

1.31

1.20

1.11

1.10

1.06

0.99

0.92

0.87

7.75

6.81

5.81

5.23

SGS SA-REG

8.54

7.91

6.96

5.93

3.31

2.96

2.71

2.50

2.46

19.98

16.93

14.68

SWISSCOM AG-REG

4.39

4.66

4.21

3.94

1.94

1.94

1.93

1.93

1.95

6.20

6.15

WEATHERFORD INTL LTD

1.05

1.02

0.92

0.81

0.65

0.60

0.55

0.50

0.45

6.28

4.73

GEBERIT AG-REG

6.14

5.46

5.02

4.75

3.98

3.82

3.64

3.51

3.51

17.26

GIVAUDAN-REG

2.88

2.84

2.79

2.72

2.51

2.38

2.27

2.17

2.18

15.08

JULIUS BAER GROUP LTD

1.55

1.57

1.50

1.44

1.60

4.68

3.82

3.20

2.90

2.85

ADECCO SA-REG

2.04

2.01

1.84

1.68

1.51

0.38

0.39

0.36

0.34

SCHINDLER HOLDING-PART CERT

5.12

4.82

4.17

3.62

1.92

1.83

1.73

KUEHNE & NAGEL INTL AG-REG

5.28

4.94

4.55

4.15

3.40

0.75

0.72

0.68

ACTELION LTD-REG

3.91

3.87

3.21

2.71

2.57

3.86

3.92

SONOVA HOLDING AG-REG

4.90

4.34

3.75

3.32

3.14

4.62

ARYZTA AG

1.80

1.71

1.58

1.47

SWATCH GROUP AG/THE-REG

2.73

2.34

2.04

SIKA AG-BR

2.87

2.62

2.38

SWISS PRIME SITE-REG

1.18

1.18

1.17

LINDT & SPRUENGLI AG-REG

5.65

5.14

BALOISE HOLDING AG - REG

0.99

PARTNERS GROUP HOLDING AG

12.09

9.39

8.90

8.50

7.94

6.87

6.81

6.95

7.11

7.42

268.38

7.3%

18.95

16.84

15.35

14.37

14.77

2.23

2.62

2.90

3.05

3.41

415.17

6.7%

10.62

9.91

8.50

7.68

7.04

2.72

3.51

4.21

5.28

4.84

28.19

7.6%

8.38

10.50

10.07

9.78

9.27

4.44

5.09

5.13

5.34

4.77

75.62

-4.7%

7.61

6.77

5.81

5.55

6.08

14.79

11.13

8.77

8.30

9.06

0.96

3.26

3.82

4.72

57.65

20.1%

12.36

10.36

9.26

8.26

8.21

19.63

16.26

14.56

13.05

12.80

1.26

1.45

1.65

1.86

2.00

596.10

10.4%

5.14

8.87

7.80

6.67

6.05

5.63

21.30

16.00

12.01

9.97

9.15

1.48

1.92

2.56

3.27

2.91

78.00

6.9%

13.38

14.68

16.07

13.64

11.88

10.80

11.00

28.54

24.69

21.28

19.00

18.72

2.70

2.62

2.94

3.18

4.22

2310.79

-1.3%

5.78

5.75

7.99

6.92

7.01

6.95

6.97

7.00

12.61

13.19

13.05

13.05

14.07

5.20

5.21

5.38

5.54

5.47

422.47

-0.1%

3.99

3.73

6.62

5.93

5.06

4.39

3.77

20.13

14.29

9.54

6.95

5.64

0.00

0.00

0.65

2.34

13.43

12.8%

16.30

15.21

14.41

15.27

14.18

13.22

12.55

11.79

21.68

19.72

18.28

17.23

16.49

2.93

3.25

3.46

3.57

2.73

221.40

-1.2%

13.20

12.46

11.65

13.54

12.31

11.53

10.90

10.72

21.05

19.77

18.02

17.00

15.19

2.25

3.49

3.87

4.26

3.05

1108.00

-3.4%

18.16

16.53

11.99

10.25

17.85

17.42

13.31

11.02

15.02

1.68

1.84

2.17

2.52

2.47

39.44

8.1%

0.31

12.35

11.99

10.68

9.22

1.62

1.58

19.68

17.49

15.03

13.73

0.62

0.66

17.94

15.58

14.27

12.83

13.90

3.79

3.77

4.01

15.34

13.49

11.98

10.68

4.09

3.78

3.52

3.30

22.25

19.35

16.71

14.80

1.02

0.94

0.89

0.85

0.83

9.86

9.08

7.90

7.40

3.65

3.16

2.92

2.11

1.18

1.12

1.04

0.97

0.91

13.13

11.62

10.64

9.74

1.16

10.96

9.01

8.80

8.57

9.10

22.27

21.20

20.14

18.96

4.62

4.06

3.41

3.17

2.96

2.75

27.08

24.43

21.27

17.77

0.90

0.85

0.81

0.50

0.56

0.55

0.55

0.58

9.99

8.00

6.62

5.44

14.89

12.07

10.28

9.25

8.59

23.75

25.08

CLARIANT AG-REG

1.37

1.35

1.27

1.21

0.54

0.64

0.62

0.59

0.54

9.12

6.89

SWISS LIFE HOLDING AG-REG

0.47

0.44

0.42

0.41

0.26

0.25

0.25

0.23

0.23

SULZER AG-REG

2.41

2.20

2.00

1.80

1.40

1.30

1.22

1.15

1.08

12.14

10.83

9.90

9.06

10.30

9.33

8.33

7.61

LINDT & SPRUENGLI AG-PC

5.10

4.11

3.81

3.45

3.40

3.41

3.17

2.96

2.75

2.58

23.91

22.23

18.52

14.10

16.51

18.61

16.92

15.48

14.14

PSP SWISS PROPERTY AG-REG

1.07

1.02

1.01

0.97

0.89

14.20

13.55

13.44

13.05

12.87

23.84

23.84

23.52

23.34

22.08

24.70

24.01

23.87

23.32

SCHINDLER HOLDING AG-REG

5.05

4.75

4.11

3.57

1.92

1.83

1.73

1.62

1.58

19.39

17.24

14.81

13.53

12.52

11.72

10.83

GAM HOLDING AG

1.38

1.29

1.17

1.07

5.42

4.72

4.36

4.06

4.11

18.76

14.21

12.19

10.74

LONZA GROUP AG-REG

1.26

1.26

1.17

1.10

0.80

0.78

0.75

0.73

0.70

4.94

5.27

4.97

4.16

8.35

7.77

GALENICA AG-REG

2.90

2.56

2.27

1.98

1.81

1.09

1.09

1.05

1.00

0.94

13.18

11.86

11.42

10.44

8.81

11.03

DUFRY AG-REG

2.76

2.64

2.25

1.89

1.70

1.12

0.97

0.86

0.79

0.74

9.92

9.26

7.70

7.08

6.42

9.67

HELVETIA HOLDING AG-REG

0.92

0.87

0.83

0.78

0.72

0.45

0.43

0.40

0.37

0.40

EMS-CHEMIE HOLDING AG-REG

5.64

4.79

4.36

4.55

3.64

3.44

3.25

3.13

2.83

23.66

18.95

16.99

18.93

DKSH HOLDING LTD

4.96

4.17

3.75

3.26

2.73

0.64

0.55

0.50

0.46

0.42

27.81

25.46

20.02

17.14

BARRY CALLEBAUT AG-REG

3.34

3.02

2.69

2.38

2.05

0.97

0.92

0.77

0.72

0.68

14.59

12.67

12.47

11.39

OC OERLIKON CORP AG-REG

1.92

1.76

1.60

1.52

1.25

1.23

1.18

1.10

0.83

8.20

8.83

8.52

8.00

PARGESA HOLDING SA-BR

0.70

0.66

0.62

0.65

0.94

1.10

1.06

1.86

16.00

13.81

12.50

FLUGHAFEN ZUERICH AG-REG

1.47

1.35

1.26

1.14

2.87

2.81

2.74

2.65

2.60

8.71

7.01

7.07

7.94

FISCHER (GEORG)-REG

1.28

1.24

1.14

1.07

0.44

0.45

0.43

0.42

0.40

5.14

4.60

4.93

4.75

BANQUE CANTONALE VAUDOIS-REG

1.37

1.37

1.35

1.39

4.74

4.66

4.62

4.46

4.33

12.29

12.32

12.12

11.81

1.02

3.48

0.73

0.40

6.13

5.67

%D to Spot

13.68

8.19

9.94

9.18

7.75

6.83

5.81

14.98

14.12

11.61

10.02

8.19

3.29

3.61

4.14

4.62

4.50

58.05

14.1%

12.52

11.72

10.83

10.14

9.84

23.21

20.70

19.03

17.71

16.04

1.63

1.77

1.93

2.13

1.98

147.04

7.6%

13.20

11.85

10.74

9.88

9.15

22.53

20.35

18.06

16.40

15.07

3.44

3.63

3.98

4.49

5.04

113.47

6.5%

12.09

11.33

11.36

10.41

9.69

12.01

14.23

16.04

14.10

12.36

12.92

1.47

1.84

1.97

2.20

1.88

55.17

4.9%

14.95

20.11

16.44

14.59

13.25

11.66

28.21

22.55

19.83

17.81

15.66

1.13

1.26

1.47

1.65

1.95

110.54

-1.3%

10.19

9.56

8.56

8.00

7.36

13.57

12.58

11.28

10.24

9.14

1.11

1.19

1.32

1.62

12.56

10.35

9.50

17.10

13.96

12.69

1.39

1.60

1.92

19.10

10.26

9.28

8.41

7.75

7.41

19.35

16.71

14.75

13.22

11.72

2.18

2.51

2.79

2.95

22.56

23.56

23.01

22.07

21.02

21.31

21.99

21.47

20.92

19.10

4.67

4.62

4.60

4.53

18.44

16.74

15.32

14.04

34.39

31.44

28.42

25.51

1.34

1.53

1.68

1.88

10.12

9.61

9.19

8.70

5.16

5.07

5.16

5.49

2.50

2.94

3.38

3.87

8.46

4.67

5.48

61.04

8.9%

120.00

28.3%

2425.00

10.1%

73.00

-5.4%

39442.86

-7.7%

96.25

5.5%

228.13

-3.7%

22.99

18.74

15.84

14.00

12.91

24.48

20.06

17.17

15.41

7.06

6.91

6.20

5.67

5.51

14.43

12.67

10.61

9.30

4.83

2.11

2.59

3.01

3.47

2.95

14.83

9.2%

7.86

7.69

7.09

6.38

5.91

3.22

3.29

3.47

3.58

4.93

164.25

15.7%

7.01

17.57

16.03

13.88

12.41

11.67

1.91

2.15

2.42

2.67

171.13

5.8%

12.95

30.50

27.93

25.36

22.92

19.72

1.53

1.76

1.95

2.15

2.38

3757.14

2.6%

21.71

23.66

23.49

23.43

22.89

22.02

3.66

3.79

3.85

3.89

4.03

89.09

6.8%

10.14

9.84

22.87

20.39

18.75

17.45

15.81

1.74

1.83

2.01

2.10

155.00

15.1%

19.28

14.21

12.29

10.58

2.99

3.41

3.88

4.31

17.76

6.4%

7.16

6.61

6.29

14.09

12.59

10.63

9.49

8.75

3.51

3.78

3.87

4.17

4.24

54.83

-6.4%

10.84

10.27

9.31

7.16

16.10

15.05

14.59

12.59

9.89

1.58

1.89

2.01

2.31

2.96

557.30

-7.0%

8.22

6.95

6.35

5.89

13.96

14.80

11.30

9.83

9.17

0.00

0.00

0.16

0.87

139.30

16.0%

9.98

9.54

9.16

8.60

8.24

4.42

4.53

4.70

4.96

16.75

15.49

14.52

13.89

11.95

24.91

23.17

21.67

20.78

17.23

2.76

3.34

3.49

3.64

18.10

17.06

14.50

12.76

11.23

10.60

31.31

25.88

22.86

20.07

17.39

0.98

1.19

1.41

1.49

11.12

12.96

11.99

10.47

9.46

9.07

18.68

17.96

16.01

13.62

12.96

1.60

1.85

2.09

2.28

6.17

6.29

5.77

5.49

16.17

14.61

13.26

12.78

2.15

2.46

2.73

3.03

41.73

38.05

33.03

30.82

41.61

13.55

11.40

9.43

3.53

4.24

4.48

7.29

7.09

6.89

6.63

6.23

15.26

17.72

13.76

13.19

2.00

2.31

2.60

5.45

5.40

5.08

4.81

4.34

10.82

10.55

9.62

8.56

3.04

3.55

3.74

4.24

15.83

15.58

15.33

14.86

5.76

5.76

5.86

5.97

5.43

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

7.50

4.94

416.50

8.3%

232.00

-15.1%

1.86

81.38

-5.8%

2.81

912.86

2.9%

13.71

25.8%

4.66

74.27

15.1%

2.83

451.36

2.2%

442.50

12.8%

493.75

-11.2%

4.59

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

S&P 500 INDEX

2.16

2.16

1.98

1.80

2.16

1.40

1.40

1.33

1.28

1.40

9.94

9.94

9.65

9.45

9.94

8.76

8.76

8.10

7.59

8.76

14.03

14.03

12.57

11.40

14.03

2.22

2.22

2.38

2.58

2.22

1688.6

8.7%

Euro Stoxx 50 Pr

1.13

1.13

1.06

1.00

1.13

0.72

0.72

0.70

0.68

0.72

5.24

5.24

4.89

4.66

5.24

6.91

6.91

6.54

6.22

6.91

10.87

10.87

9.75

8.93

10.87

4.42

4.42

4.75

5.08

4.42

2901.3

11.5%

NIKKEI 225

1.51

1.51

1.41

1.37

1.51

0.70

0.70

0.69

0.69

0.70

8.73

8.73

8.13

8.05

8.73

8.52

8.52

7.94

7.82

8.52

20.11

20.11

15.85

14.22

20.11

1.56

1.56

1.79

1.92

1.56

12101.0

-8.3%

FTSE 100 INDEX

1.65

1.65

1.54

1.33

1.65

1.00

1.00

0.96

0.97

1.00

8.10

8.10

7.38

5.27

8.10

6.94

6.94

6.51

6.25

6.94

11.53

11.53

10.48

9.63

11.53

3.98

3.98

4.28

4.71

3.98

6849.6

9.2%

SWISS MARKET INDEX

2.36

2.36

2.19

2.02

2.36

1.98

1.98

1.88

1.80

1.98

12.05

12.05

11.06

9.84

12.05

12.99

12.99

12.01

11.27

12.99

14.73

14.73

13.19

12.00

14.73

3.34

3.34

3.71

4.21

3.34

8060.0

4.9%

S&P/TSX COMPOSITE INDEX

1.64

1.64

1.52

1.42

1.64

1.53

1.53

1.44

1.39

1.53

8.17

8.17

7.34

6.81

8.17

8.07

8.07

7.17

6.80

8.07

13.65

13.65

12.07

11.06

13.65

3.22

3.22

3.37

3.58

3.22

14560.3

18.1%

S&P/ASX 200 INDEX

1.86

1.86

1.76

1.66

1.86

1.78

1.78

1.68

1.59

1.78

10.98

10.98

9.78

8.92

10.98

9.44

9.44

8.34

7.72

9.44

14.93

14.93

13.29

12.22

14.93

4.45

4.45

4.76

5.13

4.45

5156.3

5.1%

HANG SENG INDEX

1.29

1.29

1.19

1.09

1.29

1.65

1.65

1.53

1.41

1.65

6.92

6.92

6.41

6.05

6.92

7.77

7.77

7.10

6.53

7.77

10.43

10.43

9.59

8.60

10.43

3.69

3.69

3.97

4.49

3.69

24855.2

14.4%

MSCI EM

1.41

1.41

1.28

1.19

1.41

0.98

0.98

0.91

0.86

0.98

6.69

6.69

6.16

5.77

6.69

7.12

7.12

6.51

6.13

7.12

10.54

10.54

9.48

8.81

10.54

3.14

3.14

3.61

6.20

3.14

1180.3

17.1%

BUCHER INDUSTRIES AG-REG

2.35

2.11

1.87

1.69

0.85

0.82

0.80

0.76

0.80

9.44

8.30

7.68

7.03

8.28

7.58

7.06

6.73

6.29

6.59

14.14

13.29

12.26

11.61

11.60

2.15

2.44

2.65

2.95

3.27

231.17

7.1%

TEMENOS GROUP AG-REG

4.16

3.67

3.20

2.84

3.68

3.46

3.23

2.93

2.78

20.73

16.26

14.28

12.27

15.39

13.41

11.85

10.03

27.06

20.27

17.53

14.44

0.00

1.24

1.35

1.61

20.72

-1.6%

KABA HOLDING AG-REG B

2.82

2.36

2.15

1.96

1.49

1.48

1.44

1.39

1.35

12.02

11.74

11.22

10.90

9.03

9.11

8.49

8.02

16.87

16.12

15.16

14.04

2.07

2.30

2.46

2.57

ALLREAL HOLDING AG-REG

1.11

1.08

1.05

1.04

8.65

7.55

7.17

6.89

18.89

18.36

17.17

18.36

21.95

18.46

17.00

16.69

18.81

18.63

16.68

15.78

4.11

4.11

4.49

4.51

VALIANT HOLDING AG-REG

0.70

0.68

0.66

3.49

3.61

3.49

3.35

3.26

11.72

14.48

12.87

12.22

3.75

3.75

3.11

3.27

MOBIMO HOLDING AG-REG

1.07

1.05

1.04

1.05

10.40

10.21

9.87

9.48

8.83

21.22

17.71

22.90

22.29

23.36

23.39

23.21

22.21

19.74

25.86

23.57

23.65

23.18

4.37

4.37

4.36

4.37

AMS AG

2.74

2.29

1.94

1.66

3.21

2.81

2.52

2.33

1.99

10.53

9.28

7.85

7.20

10.06

8.94

7.77

7.19

6.39

13.52

11.55

9.95

8.87

1.34

2.08

2.45

2.86

LUZERNER KANTONALBANK AG-REG

1.45

1.39

1.33

1.28

7.20

7.19

7.02

6.86

16.47

15.92

15.10

14.63

16.72

16.52

16.06

15.53

3.05

3.05

3.32

3.32

NOBEL BIOCARE HOLDING AG-REG

3.15

2.69

2.46

2.02

1.65

1.68

1.63

1.55

1.45

12.02

13.02

10.93

9.91

6.43

8.94

9.14

8.41

7.72

7.59

21.74

19.59

17.35

14.76

11.61

1.90

2.16

2.40

2.73

PANALPINA WELTTRANSPORT -REG

2.58

2.66

2.45

2.30

0.33

0.30

0.28

0.28

0.29

37.87

19.38

16.27

14.76

266.18

12.80

13.16

9.90

8.14

6.40

30.57

32.52

22.18

17.25

15.82

1.43

1.86

2.14

2.61

KUONI REISEN HLDG-REG(CAT B)

1.46

1.42

1.30

1.26

0.20

0.21

0.20

0.19

0.23

7.14

8.53

6.04

5.14

6.11

5.34

4.60

4.10

3.82

12.97

12.38

9.42

8.29

7.90

1.29

1.44

2.41

2.98

329.36

10.8%

BURCKHARDT COMPRESSION HOLDI

4.15

3.83

3.47

3.22

3.57

3.21

2.96

2.79

2.67

23.44

17.57

15.76

15.93

17.38

13.74

12.18

11.29

9.36

29.07

22.03

19.11

17.53

14.52

1.29

2.23

2.57

2.87

321.60

-12.0%

ST GALLER KANTONALBANK A-REG

1.17

1.12

1.08

1.06

4.71

4.52

4.44

4.57

13.44

12.30

12.10

12.84

14.54

13.45

13.26

14.54

3.69

3.94

4.11

4.19

395.00

-2.7%

BELIMO HOLDING AG-REG

5.17

4.56

4.10

3.70

3.00

2.78

2.58

2.38

2.21

17.39

14.94

13.84

12.96

13.73

12.20

11.18

10.26

9.34

21.78

19.05

17.35

15.78

2.59

3.03

3.29

3.57

3.45

2150.00

-1.1%

TECAN GROUP AG-REG

3.17

2.83

2.55

2.26

2.51

2.39

2.18

1.98

1.82

26.34

13.90

11.87

9.91

13.47

12.07

10.28

8.69

7.20

21.18

19.34

16.34

13.56

1.51

1.75

1.96

2.29

2.74

97.24

12.5%

LOGITECH INTERNATIONAL-REG

1.02

1.42

1.31

1.18

0.52

0.57

0.60

0.58

0.54

8.19

9.51

8.13

6.89

5.91

8.20

6.16

5.12

14.04

23.95

15.17

11.39

0.00

6.75

0.00

0.00

6.56

1.1%

STRAUMANN HOLDING AG-REG

2.81

2.60

2.40

2.26

2.68

2.71

2.61

2.22

1.96

17.84

13.74

12.36

10.58

8.48

13.20

11.36

10.19

7.90

6.18

22.54

17.87

15.24

12.33

10.42

2.46

2.99

3.14

3.74

3.82

131.02

10.2%

GRAUBUENDNER KANTONALBANK-PC

1.37

1.26

1.20

8.19

8.16

7.92

1.60

1.64

1.57

15.02

14.91

14.12

3.31

3.66

3.66

FORBO HOLDING AG-REG

1.58

1.46

1.36

1.24

1.16

1.15

1.13

1.11

1.12

9.02

8.21

7.53

7.06

6.66

6.84

6.50

6.22

5.70

14.87

13.41

11.98

10.85

9.83

1.98

2.11

2.27

2.40

2.61

724.00

18.1%

VONTOBEL HOLDING AG-REG

1.27

1.26

1.17

1.16

2.63

2.45

2.26

2.16

2.04

11.90

11.06

9.95

8.99

15.44

13.69

11.85

11.26

3.73

4.29

4.67

4.91

30.67

-2.0%

DAETWYLER HOLDING AG-BR

2.47

2.62

2.28

2.00

1.32

1.29

1.21

1.14

12.06

7.33

7.82

7.22

9.62

8.68

7.90

7.34

15.52

13.57

11.96

11.03

2.17

2.52

2.79

3.01

125.00

16.6%

VALORA HOLDING AG-REG

1.19

1.11

1.06

1.03

0.23

0.23

0.23

0.22

6.52

5.56

5.16

4.84

9.19

7.27

6.94

6.58

11.86

11.46

10.16

9.11

5.25

6.38

6.74

7.75

180.67

-7.4%

HUBER & SUHNER AG-REG

1.56

1.49

1.42

1.34

1.35

1.24

1.14

1.09

18.81

13.02

11.18

10.39

12.84

9.48

8.48

7.94

39.28

20.55

17.29

15.87

1.18

1.93

2.24

2.38

45.00

-3.3%

INFICON HOLDING AG-REG

3.55

3.85

3.76

3.64

2.35

2.25

2.16

2.07

13.40

14.71

12.81

11.52

10.90

9.94

9.46

8.96

18.72

17.51

16.57

15.67

4.88

5.33

5.46

5.54

290.00

0.0%

IMPLENIA AG-REG

1.69

1.54

1.41

1.29

0.34

0.32

0.31

0.30

6.64

5.83

5.78

5.39

4.38

4.05

3.96

3.74

13.21

11.52

11.11

10.23

2.50

3.07

3.25

3.48

60.00

23.0%

EMMI AG-REG

1.57

1.37

1.27

1.24

0.51

0.47

0.47

0.46

6.58

6.60

6.41

6.20

8.40

7.86

7.67

7.47

15.89

14.77

13.83

13.04

1.26

1.33

1.42

1.43

277.50

-2.7%

4.35

4.23

4.10

4.36

13.63

17.5%

88.33

58.0%

20.55

7.21

12.22

20.55

2.49

4.37

4.18

%D to Spot

391.00

4.8%

150.00

12.9%

100.00

17.2%

216.67

5.1%

136.55

29.7%

8.74

-7.1%

84.78

-6.3%

BERNER KANTONALBANK AG-REG

11.01

ZUGER KANTONALBANK-BR

0.22

5.47

6.67

8.90

6.03

BASELLANDS KANTONALBANK-CERT

BASLER KANTONALBK - PC
EFG INTERNATIONAL AG

1.45

1.24

1.13

1.06

2.14

2.11

1.92

1.77

1.86

BASILEA PHARMACEUTICA-REG

1.25

7.11

12.15

5.27

9.39

12.33

8.58

5.15

2.07

RIETER HOLDING AG-REG

1.91

1.82

1.62

1.70

0.82

0.78

0.68

0.60

BKW AG

0.55

0.58

0.56

0.54

0.67

0.63

0.60

0.58

0.58

SCHWEIZERISCHE NATL-V AG-REG

1.13

1.05

0.99

0.91

0.61

0.60

0.58

0.57

0.54

GATEGROUP HOLDING AG

1.05

1.42

1.29

1.17

0.17

0.16

0.15

0.15

4.47

4.24

3.57

3.34

4.55

4.49

3.97

SCHWEITER TECHNOLOGIES AG-BR

1.25

1.28

1.28

1.22

1.15

1.18

1.12

1.08

9.83

9.80

9.04

9.93

5.72

5.72

4.99

METALL ZUG AG-SHS B-REG

1.33

1.32

1.25

1.18

1.19

1.19

7.65

7.50

6.98

ZEHNDER GROUP AG-BR

1.65

1.59

1.46

1.34

1.31

0.77

1.22

1.16

6.42

6.55

5.83

0.67

0.65

0.62

3.08

3.21

3.05

LIECHTENSTEIN LANDESBANK-BR

1.05

11.32

0.89

0.67

7.34

6.20

14.25

11.39

7.41

6.95

6.98

9.62

7.70

4.55

4.01

3.28

3.49

3.32

3.05

4.99

4.75

4.48

4.30

6.75

11.90

10.02

4.11

7.26

6.59

5.90

9.35

8.30

6.93

8.70

8.59

0.99

1.79

2.62

127.92

3.54

0.00

0.00

0.00

1.51

1.45

2.74

3.43

182.60

19.0%

32.00

2.4%

41.60

25.71

12.77

21.53

9.29

9.08

8.17

7.47

6.72

4.53

4.77

4.96

4.96

9.41

9.52

8.97

9.16

8.24

4.20

4.14

4.37

4.52

3.66

12.55

10.58

7.94

7.45

2.43

1.69

2.84

3.76

5.25

14.97

20.09

15.87

16.82

6.96

4.57

2.67

2.79

20.77

16.91

14.58

2.44

2.44

2.44

12.78

13.86

11.99

9.68

2.59

2.40

2.74

3.23

12.33

11.15

8.84

3.91

4.43

5.22

5.06

3.92

4.42

3.74

2.2%

22.75

22.6%

643.33

12.0%

2100.00

-6.7%

45.00

5.5%

1.16

1.07

0.99

0.39

0.37

0.36

0.35

5.22

4.95

4.33

4.08

5.98

5.25

4.69

4.29

29.96

13.61

10.45

8.53

0.00

1.20

2.51

3.31

30.75

12.4%

8.62

8.16

8.17

7.43

2.92

2.74

2.76

2.52

14.53

16.41

15.97

15.31

16.31

12.66

12.20

10.95

26.58

18.45

19.46

16.43

2.62

4.49

4.47

5.38

592.50

-1.6%

VZ HOLDING AG

4.47

3.82

3.17

2.88

7.00

5.91

5.18

4.55

18.96

14.29

12.64

11.16

12.75

9.88

8.45

7.24

20.20

16.02

13.94

12.08

1.96

2.32

2.66

3.05

133.00

2.7%

KUDELSKI SA-BR

1.45

1.32

1.20

1.10

1.28

0.71

1.23

0.67

6.08

6.10

5.66

5.22

8.47

6.41

6.06

5.79

15.39

12.22

10.98

9.91

0.95

1.46

1.69

2.34

11.87

1.9%

VETROPACK HOLDING AG-BR

1.19

1.12

1.04

0.97

1.25

1.23

3.23

1.14

6.43

5.85

5.39

4.92

6.03

5.34

5.05

4.78

14.59

12.48

11.51

11.15

2.50

1.97

2.12

2.26

1950.00

5.9%

BOSSARD HOLDING AG-BR

3.41

2.36

2.06

2.31

2.04

1.69

0.96

0.87

9.46

8.47

8.26

8.31

13.44

10.39

9.72

8.68

12.02

10.11

10.04

9.47

3.33

3.81

4.04

4.40

151.33

3.9%

ZUG ESTATES HOLDING AG-B SHR

1.14

1.08

1.01

0.95

6.76

8.21

6.83

6.97

32.53

33.29

26.39

23.30

0.97

1.21

1.37

INTERSHOP HOLDINGS-BR

1.23

1.21

1.20

1.17

7.57

7.83

7.30

7.21

15.12

15.31

13.98

14.24

6.14

6.14

6.29

6.29

MEYER BURGER TECHNOLOGY AG

0.57

0.64

0.68

0.72

0.60

0.67

0.53

0.49

29.50

0.00

0.00

0.00

6.52

-15.0%

INTERNATIONAL MINERALS CORP

1.19

1.25

1.21

1.12

117.84

3.85

3.86

4.72

50.8%

14.27

10.07

15.28

21.48

13.96

14.24

16.33

9.23

4.71

3343.77

8.16

7.84

6.10

16.98

39.93

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

15.58

16.47

5.59

4.12
5.58

7.97

2.47

8.71

19.27

17.29

7.44

8.44

8.22

3.86

3.91

45.60

1.18

7.22

7.70

5.09

LEM HOLDING SA-REG

1.46

4.15

7.88

5.86

AFG ARBONIA-FORSTER HOLD-REG

1132.90

0.35

8.59
2.98

4.74

11.04.2013

Nestle SA
Nestle SA is a multinational packaged food company that manufactures and markets
a wide range of food products. The Company's product line includes milk,
chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
pet foods.

Price/Volume
80

25.0 M

70

20.0 M

60
50

Latest Fiscal Year:


LTM as of:
52-Week High (03.04.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (4/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
NESN VX EQUITY YTD Change
NESN VX EQUITY YTD % CHANGE

12/2012
12/yy
70.00
53.80
2'016'424.00
67.8
-3.14%
26.02%
85.80%
3'224.8
218'641.45
27'577.00
0.0
1'657.0
9'425.00
238'450.45

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

10.0 M

30
20

5.0 M

10
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.0 M
a-13

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

Fiscal Year Ended


31.12.2008
103'086.0
1.64x
15'533.0
10.89x
18'039.0
20.80x

15.0 M

40

Valuation Analysis

31.12.2009
31.12.2010
100'579.0
88'015.0
1.96x
2.08x
16'048.0
15'611.0
12.28x
11.72x
10'428.0
34'233.0
19.38x
21.06x
Profitability

LTM-4Q
31.12.2011
83'770.0
2.23x
15'390.0
12.16x
9'487.0
18.18x

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
92'324.0
2.27x
16'887.0
12.43x
10'611.0
17.90x
16'887.00
13'903.00
15.06%
15.72%
8.83%
18.02%
13.46%
0.77%
47.6%
18.3%
15.1%
11.5%
0.91
0.50
21.85%
45.25%
9.49
5.27

Price/ Cash Flow

LTM

12/yy
83'642
0.00x
0.0
0.00x
0.0
0.00x

12/yy
92'186
0.00x
0.0
0.00x
0.0
0.00x

FY+1

0.75
3'218.97
26.57%
13.76%
0.750
42
3.714
6'159'088
5'392'331
4'997'303
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
97'642
103'493
22'687
24'370
2.42x
2.26x
18'582.2
19'901.3
12.83x
11.98x
11'427.4
12'370.0
18.73x
17.28x
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

16.08.2007
AA
STABLE
23.11.1981
A-1+
29.73
20.28
1.07
1.63
45.2%
30.6%
0.77
3.63
38.56
69.50
106.31
1.76

Sales/Revenue/Turnover

20.00

120'000.0

18.00

100'000.0

16.00
14.00

80'000.0

12.00

60'000.0

10.00
8.00

40'000.0

6.00
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 |

11.04.2013

Nestle SA
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
FMR LLC
VANGUARD GROUP INC
UBS FUND MANAGEMENT
SUN LIFE FINANCIAL I
MORGAN STANLEY
PICTET & CIE
CARMIGNAC GESTION
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
SWISSCANTO FONDSLEIT
T ROWE PRICE ASSOCIA
EATON VANCE MANAGEME
FIRST EAGLE INVESTME
ARTISAN PARTNERS HOL
THORNBURG INVESTMENT
ABERDEEN
GRANTHAM MAYO VAN OT

Firm Name

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

Analyst

Barclays
LIAM ROWLEY
AlphaValue
SOPHIE CABO-BROSETA
JPMorgan
CELINE PANNUTI
Espirito Santo Investment Bank Research
ALEX SMITH
Nomura
DAVID HAYES
Helvea
ANDREAS VON ARX
Canaccord Genuity Corp
EDDY HARGREAVES
Sanford C. Bernstein & Co
ANDREW WOOD
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Exane BNP Paribas
JEFF STENT
Kepler Capital Markets
JON COX
Grupo Santander
PEDRO GIL
Jefferies
ALEX HOWSON
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
Morgan Stanley
EILEEN KHOO
RBC Capital Markets
JAMES EDWARDES JONES
Credit Suisse
ALEX MOLLOY
Mirabaud Securities
JULIAN LAKIN
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Societe Generale
WARREN L ACKERMAN
Redburn Partners
JEREMY FIALKO
Berenberg Bank
JAMES TARGETT
Bank Vontobel AG
JEAN-PHILIPPE BERTSCHY
Deutsche Bank
JAMES ISENWATER
Goldman Sachs
ALEXIS COLOMBO
Independent Research GmbH
LARS LUSEBRINK
Hamburger Sparkasse
TINA HECKING-VELTMAN
SNS Securities(ESN)
RICHARD WITHAGEN
S&P Capital IQ
CARL SHORT
Natixis
PIERRE TEGNER
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Aurel - BGC
JEAN-MARIE L'HOME
Zuercher Kantonalbank
PATRIK SCHWENDIMANN
HSBC
CEDRIC BESNARD
Nord/LB
WOLFGANG VASTERLING
DZ Bank AG
ROBERT CZERWENSKY

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

Recommendation
overweight
reduce
overweight
neutral
reduce
neutral
hold
market perform
outperform
outperform
hold
buy
buy
underweight
buy
Overwt/In-Line
sector perform
outperform
hold
hold
buy
buy
hold
hold
hold
neutral/neutral
hold
buy
hold
hold
buy
hold
outperform
hold
market perform
neutral
buy
hold

Amt Held
167'442'192
73'718'620
44'301'606
37'448'212
35'232'885
28'766'107
24'511'040
18'332'115
17'812'640
12'537'390
11'887'345
10'524'876
10'132'121
9'789'155
8'804'392
7'902'742
5'524'912
5'320'763
5'162'265
4'693'232

% Out
5.19
2.29
1.37
1.16
1.09
0.89
0.76
0.57
0.55
0.39
0.37
0.33
0.31
0.3
0.27
0.25
0.17
0.16
0.16
0.15

Weighting

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

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

Latest Chg
114'290
2'250'900
(935'043)
3'333'269
(997'394)
(91'437)
1'245'596
319'679
88'163
22'050
(187'731)
(39'533)
(6'640'456)
3'003'499
(121'311)
11'764
121'371
(722'976)
(123'200)
(71'536)

Target Price
77
70
72
68
66
72
69
66
70
74
60
72
74
#N/A N/A
79
68
73
76
63
65
71
#N/A N/A
68
66
63
70
67
#N/A N/A
61
65
72
#N/A N/A
63
49
#N/A N/A
67
#N/A N/A
63

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

File Dt
09.04.2013
31.12.2012
28.02.2013
28.02.2013
31.12.2012
28.12.2012
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.01.2013
31.12.2012
28.02.2013
30.09.2012
31.12.2012
31.01.2013
28.03.2013
31.05.2012

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

Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor

Date
11.04.2013
11.04.2013
10.04.2013
10.04.2013
10.04.2013
10.04.2013
09.04.2013
08.04.2013
04.04.2013
02.04.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
18.03.2013
13.03.2013
11.03.2013
07.03.2013
26.02.2013
22.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
11.02.2013
25.01.2013
21.01.2013
18.10.2012
13.09.2012
12.09.2012
10.09.2012
16.08.2012

11.04.2013

Novartis AG
Novartis AG manufactures pharmaceutical and consumer healthcare products. The
Company produces pharmaceuticals for cardiovascular, respiratory and infectious
diseases, oncology, neuroscience, transplantation, dermatology,
gastrointestinal and urinary conditions, and arthritis, vaccines and
diagnostics, vision, and animal health products.

Price/Volume
16.0 M

60

14.0 M
12.0 M
10.0 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (03.04.2013)
52-Week Low (18.05.2012)
Daily Volume
Current Price (4/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
NOVN VX EQUITY YTD Change
NOVN VX EQUITY YTD % CHANGE

12/2012
12/yy
68.25
48.29
923'191.00
67.7
-0.73%
40.19%
95.74%
2'706.2
183'209.27
19'726.00
0.0
126.0
8'119.00
209'116.36

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0
a-12 m-12

31.12.2009
31.12.2010
44'267.0
50'624.0
2.72x
3.08x
12'318.0
15'866.0
9.79x
9.81x
8'400.0
9'794.0
14.73x
13.70x
Profitability

LTM-4Q
31.12.2011
58'566.0
2.61x
17'818.0
8.58x
9'113.0
14.94x

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
56'673.0
2.89x
16'714.0
9.82x
9'505.0
16.01x
16'714.00
11'794.00
20.81%
19.84%
7.86%
14.09%
11.69%
0.47%
66.9%
29.1%
20.3%
16.8%
1.16
0.76
15.88%
28.55%
5.56
2.96

Price/ Cash Flow

j-12

a-12

LTM

12/yy
58'566.0
10.66x
17'818.0
8.58x
9'113.0
14.94x

s-12

12/yy
56'673.0
11.16x
16'465.0
9.96x
9'505.0
16.05x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M
a-13

0.89
2'423.83
40.85%
22.19%
0.892
31
4.097
3'928'093
4'324'639
4'733'262
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
57'088.1
59'398.8
13'847.3
14'095.7
3.60x
3.36x
16'754.9
17'937.9
12.49x
11.67x
12'436.1
13'629.5
3'028.0
3'123.0
14.08x
12.78x
14.19x
14.08x
S&P Issuer Ratings

Long-Term Rating Date


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

07.04.2008
AASTABLE
14.01.1997
A-1+
23.09
19.36
0.70
1.20
28.5%
22.2%
0.47
3.48
65.79
123.66
98.95
90.49

Sales/Revenue/Turnover

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
01.01.2010

j-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

18.0 M

70
50

Valuation Analysis

31.12.2008
41'459.0
2.76x
11'978.0
9.55x
8'195.0
13.89x

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 |

11.04.2013

Novartis AG
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
NOVARTIS AG
BLACKROCK
EMASAN AG
NOVARTIS FOUNDATION
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
HARBOR CAPITAL ADVIS
THORNBURG INVESTMENT
BANK OF NEW YORK MEL
SWISSCANTO FONDSLEIT
FMR LLC
DB PLATINUM ADVISORS
DEUTSCHE BANK AG
INVESCO LTD
ABERDEEN
FRANKLIN RESOURCES
GRANTHAM MAYO VAN OT

Firm Name
AlphaValue
Societe Generale
Jefferies
Sanford C. Bernstein & Co
Exane BNP Paribas
Bryan Garnier & Cie
Bank Vontobel AG
Helvea
Zuercher Kantonalbank
Kepler Capital Markets
JPMorgan
Credit Suisse
Berenberg Bank
Day by Day
Barclays
Hamburger Sparkasse
Goldman Sachs
Landesbank Baden-Wuerttemberg
Morgan Stanley
Independent Research GmbH
S&P Capital IQ
Natixis
EVA Dimensions
Deutsche Bank
Redburn Partners
CM - CIC Securities(ESN)
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
CA Cheuvreux

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

Analyst
ARMELLE MOULIN
STEPHEN MCGARRY
JEFFREY HOLFORD
TIMOTHY M ANDERSON
FLORENT CESPEDES
ERIC LE BERRIGAUD
ANDREW C WEISS
ODILE RUNDQUIST
MICHAEL NAWRATH
FABIAN WENNER
ALEXANDRA M HAUBER-SCHUELE
MATTHEW WESTON
ALISTAIR CAMPBELL
VALERIE GASTALDY
MARK PURCELL
MARCO GUENTHER
KEYUR PAREKH
TIMO KUERSCHNER
PETER VERDULT
CHRISTOPH SCHOENDUBE
SHO MATSUBARA
BEATRICE MUZARD
ANDREW S ZAMFOTIS
TIM RACE
TEAM COVERAGE
ARSENE GUEKAM
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
MARCEL BRAND

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

Recommendation
add
buy
buy
outperform
outperform
buy
reduce
buy
outperform
hold
overweight
outperform
buy
buy
equalweight
hold
neutral/neutral
buy
Equalwt/Attractive
hold
hold
neutral
overweight
hold
buy
hold
overweight
suspended coverage
hold
accumulate
buy
underperform

Amt Held
120'887'981
109'194'165
104'436'234
87'859'938
78'926'882
37'005'617
30'677'414
23'791'974
14'689'249
13'520'586
13'144'896
11'014'479
8'789'894
8'745'923
8'280'608
7'544'235
6'827'292
5'933'597
5'456'801
5'416'994

% Out
4.47
4.03
3.86
3.25
2.92
1.37
1.13
0.88
0.54
0.5
0.49
0.41
0.32
0.32
0.31
0.28
0.25
0.22
0.2
0.2

Weighting

Change

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

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

Latest Chg
(515'205)
4'514'078
(720'001)
1'041'632
(56'673)
167'961
1'410'638
458'700
558'538
(5'809'746)
(1'660'551)
8'280'608
1'064'324
693'638
(14'500)
(621'833)
(237'271)

Target Price
75
72
81
76
74
70
60
68
#N/A N/A
59
78
70
72
69
65
#N/A N/A
60
70
61
63
63
62
#N/A N/A
63
#N/A N/A
55
70
#N/A N/A
52
61
56
48

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

File Dt
31.12.2012
09.05.2012
09.04.2013
31.12.2011
25.02.2013
28.02.2013
31.12.2012
28.12.2012
31.01.2013
31.12.2012
31.01.2013
10.04.2013
31.01.2013
28.02.2013
31.03.2013
28.02.2013
10.04.2013
28.03.2013
31.12.2012
30.11.2012

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

Inst Type
Investment Advisor
Corporation
Investment Advisor
Hedge Fund Manager
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor

Date
11.04.2013
10.04.2013
10.04.2013
10.04.2013
10.04.2013
08.04.2013
04.04.2013
02.04.2013
26.03.2013
18.03.2013
15.03.2013
14.03.2013
28.02.2013
28.02.2013
04.02.2013
29.01.2013
28.01.2013
25.01.2013
23.01.2013
23.01.2013
23.01.2013
18.01.2013
17.01.2013
12.12.2012
10.12.2012
25.10.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
30.01.2012
17.07.2009

11.04.2013

Roche Holding AG
Roche Holding AG develops and manufactures pharmaceutical and diagnostic
products. The Company produces prescription drugs in the areas of
cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
metabolic disorders, oncology, transplantation, and the central nervous system.

Price/Volume
250
200
150

Valuation Analysis

100

Latest Fiscal Year:


LTM as of:
52-Week High (11.04.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
ROG VX EQUITY YTD Change
ROG VX EQUITY YTD % CHANGE

12/2012
03/yy
226.70
148.40
546'362.00
225.2
-0.62%
51.75%
98.85%
702.6
194'425.11
24'590.00
0.0
2'234.0
13'991.00
207'258.11

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

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
45'617.0
2.93x
16'541.0
8.09x
8'969.0
15.58x

50

31.12.2009
31.12.2010
49'051.0
47'473.0
3.62x
2.96x
17'705.0
18'358.0
10.03x
7.65x
7'784.0
8'666.0
19.38x
13.51x
Profitability

LTM-4Q
31.12.2011
42'531.0
3.65x
17'894.0
8.68x
9'343.0
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
45'499.0
3.77x
19'400.0
8.84x
9'539.0
16.36x
19'400.00
16'979.00
37.32%
27.08%
15.10%
71.75%
26.33%
0.72%
73.8%
42.6%
37.3%
21.0%
1.55
1.16
37.94%
169.66%
4.72
2.25

Price/ Cash Flow

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-13

LTM

03/yy
42'438.0
0.00x
0.0
0.00x
0.0
0.00x

03/yy
46'061.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

0.93
701.88
50.96%
26.60%
0.927
32
4.281
1'147'216
1'440'583
1'423'665
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
47'661.3
49'477.8
11'851.5
11'691.5
4.26x
3.99x
19'861.3
20'887.5
10.44x
9.92x
12'592.2
13'608.2
15.15x
14.12x
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

17.09.2012
AA
STABLE
01.02.2006
A-1+
13.90
12.34
0.55
1.27
169.7%
59.5%
0.72
2.88
77.48
162.62
58.94
181.16

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00
8.00

30'000.0

6.00

20'000.0

4.00

10'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Roche Holding AG
Holdings By:

All

Holder Name
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
PRIMECAP MANAGEMENT
CREDIT SUISSE ASSET
FRANKLIN RESOURCES
BLACKROCK
DODGE & COX
FMR LLC
UBS FUND MANAGEMENT
HARBOR CAPITAL ADVIS
SUN LIFE FINANCIAL I
PICTET & CIE
PERPETUAL INVESTMENT
BANK OF NEW YORK MEL
DEUTSCHE BANK AG
ABERDEEN
SWISSCANTO FONDSLEIT
ALLIANZ ASSET MANAGE
INVESCO LTD
OPPENHEIMERFUNDS INC

Firm Name
Societe Generale
Deutsche Bank
Morgan Stanley
Jefferies
Sanford C. Bernstein & Co
CM - CIC Securities(ESN)
Bryan Garnier & Cie
Helvea
S&P Capital IQ
Barclays
Credit Suisse
Bank Vontobel AG
Exane BNP Paribas
Day by Day
EVA Dimensions
Kepler Capital Markets
JPMorgan
Zuercher Kantonalbank
Natixis
Hamburger Sparkasse
Berenberg Bank
Independent Research GmbH
Goldman Sachs
CA Cheuvreux
Landesbank Baden-Wuerttemberg
Redburn Partners
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
MP Advisors Pvt Ltd

Portfolio Name
Multiple Portfolios
n/a
PRIMECAP MANAGEMENT
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
STEPHEN MCGARRY
TIM RACE
PETER VERDULT
JEFFREY HOLFORD
TIMOTHY M ANDERSON
ARSENE GUEKAM
ERIC LE BERRIGAUD
ODILE RUNDQUIST
SHO MATSUBARA
MARK PURCELL
LUISA HECTOR
ANDREW C WEISS
VINCENT MEUNIER
VALERIE GASTALDY
ANDREW S ZAMFOTIS
FABIAN WENNER
ALEXANDRA M HAUBER-SCHUELE
MICHAEL NAWRATH
PHILIPPE LANONE
MARCO GUENTHER
ALISTAIR CAMPBELL
CHRISTOPH SCHOENDUBE
KEYUR PAREKH
MARCEL BRAND
TIMO KUERSCHNER
TEAM COVERAGE
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
VISHAL MANCHANDA

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

Recommendation
buy
buy
Overwt/Attractive
buy
outperform
hold
neutral
accumulate
buy
overweight
outperform
buy
neutral
hold
buy
buy
overweight
outperform
buy
hold
buy
hold
Buy/Neutral
outperform
buy
neutral
neutral
suspended coverage
accumulate
accumulate
buy
outperform

Amt Held
19'795'162
11'953'300
10'676'417
9'981'577
9'222'717
8'347'376
7'596'200
7'167'917
6'365'797
4'696'091
4'309'085
4'134'183
4'098'284
3'615'072
2'802'895
2'637'300
2'265'405
2'156'161
2'141'305
2'090'211

% Out
2.82
1.7
1.52
1.42
1.31
1.19
1.08
1.02
0.91
0.67
0.61
0.59
0.58
0.51
0.4
0.38
0.32
0.31
0.3
0.3

Weighting

Change

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

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

Latest Chg
336'935
102'700
(217'384)
(1'803'785)
231'044
(216'730)
(15'039)
336'221
106'912
(5'494)
2'411
50'800
(38'200)
(1'517'813)
202'439
40'596
4'665

Target Price
246
240
230
250
247
206
236
220
235
230
227
250
225
#N/A N/A
#N/A N/A
225
270
#N/A N/A
240
#N/A N/A
210
215
245
220
220
#N/A N/A
190
#N/A N/A
176
178
220
160

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
28.02.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
09.04.2013
Investment Advisor
29.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.03.2012
Investment Advisor
10.04.2013
Investment Advisor
28.02.2013
Investment Advisor
28.03.2013
Unclassified
31.01.2013 Mutual Fund Manager
31.03.2013
Investment Advisor
10.04.2013
Investment Advisor
28.02.2013
Investment Advisor

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

Date
11.04.2013
11.04.2013
11.04.2013
11.04.2013
11.04.2013
11.04.2013
11.04.2013
10.04.2013
09.04.2013
09.04.2013
05.04.2013
04.04.2013
04.04.2013
02.04.2013
21.03.2013
18.03.2013
15.03.2013
25.02.2013
25.02.2013
05.02.2013
01.02.2013
30.01.2013
28.01.2013
28.01.2013
11.12.2012
26.11.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
03.02.2012
14.11.2011

11.04.2013

UBS AG
UBS AG is a wealth management, investment banking, and asset management firm.
The Company provides a variety of financial services to individuals,
institutions, corporations, governments, and financial intermediaries around the
world.

Price/Volume
18

60.0 M

16

50.0 M

14
12

40.0 M

10

12/2012
12/yy
16.39
9.69
3'881'785.00
14.98
-8.66%
54.67%
77.48%
3'836.5
57'470.23
267'401.00
0.0
4'353.0
66'383.00
262'841.23

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

20.0 M

10.0 M

2
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
67'219.0
8.31x
37'052.0
15.08x
(21'292.0)
-

30.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (24.07.2012)
Daily Volume
Current Price (4/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
UBSN VX EQUITY YTD Change
UBSN VX EQUITY YTD % CHANGE

31.12.2009
31.12.2010
44'432.0
46'526.0
9.56x
8.39x
19'648.0
20'964.0
21.61x
18.62x
(2'736.0)
7'534.0
7.71x
Profitability

LTM-4Q
31.12.2011
40'880.0
9.20x
17'464.0
21.53x
4'159.0
10.16x

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

31.12.2012
37'754.0
6.86x
15'529.0
16.67x
(2'511.0)
15'529.00
5.80%
-4.70%
-0.19%
-5.05%
-0.60%
0.03%
41.1%
-6.7%
21.24%
582.62%
-

Price/ Cash Flow

LTM

12/yy
40'870.0
36.80x
17'455.0
21.54x
4'159.0
10.07x

12/yy
37'758.0
31.69x
15'530.0
16.67x
(2'510.0)
0.00x

FY+1

.0 M
a-13

1.38
3'466.72
29.71%
4.98%
1.382
41
3.805
8'652'679
11'693'250
11'331'920
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'566.1
27'675.3
6'554.0
6'657.0
3'355.5
4'655.5
563.0
786.0
17.23x
12.63x
13.02x
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
STABLE
19.12.2008
A-1
10.52
17.22
582.6%
84.2%
0.03
6.51
-

Sales/Revenue/Turnover

6.00

160'000.0
140'000.0

5.00

120'000.0
4.00

100'000.0
80'000.0

3.00

60'000.0

2.00

40'000.0
1.00
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 |

11.04.2013

UBS AG
Holdings By:

All

Holder Name
GOVT OF SINGAPORE IN
UBS
FMR LLC
NORGES BANK
FRANKLIN RESOURCES
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
WELLINGTON MANAGEMEN
BLACKROCK
HARBOR CAPITAL ADVIS
UBS FUND MANAGEMENT
ZURCHER KANTONALBANK
OPPENHEIMERFUNDS INC
PICTET & CIE
CREDIT AGRICOLE SA
ALLIANCE BERNSTEIN
BANK OF NEW YORK MEL
PZENA INVESTMENT MAN
SWISSCANTO FONDSLEIT
ONTARIO TEACHERS PEN

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
WELLINGTON MANAGEMEN
n/a
Multiple Portfolios
Multiple Portfolios
ZURCHER KANTONALBANK
Multiple Portfolios
Multiple Portfolios
CREDIT AGRICOLE SA
n/a
BANK OF NEW YORK MEL
PZENA INVESTMENT MAN
Multiple Portfolios
ONTARIO TEACHERS PEN

Analyst

Keefe, Bruyette & Woods


ANDREW STIMPSON
AlphaValue
DIETER HEIN
Day by Day
VALERIE GASTALDY
Bank Vontobel AG
TERESA NIELSEN
Redburn Partners
NICHOLAS WATTS
RBC Capital Markets
FIONA SWAFFIELD
Espirito Santo Investment Bank Research
ANDREW LIM
Grupo Santander
AURELIA FAURE
Barclays
KIRI VIJAYARAJAH
Mediobanca SpA
CHRISTOPHER J WHEELER
Liberum Capital Ltd
CORMAC LEECH
Canaccord Genuity Corp
ARUN MELMANE
Exane BNP Paribas
DANIEL DAVIES
Goldman Sachs
JERNEJ OMAHEN
JPMorgan
KIAN ABOUHOSSEIN
CA Cheuvreux
CHRISTIAN STARK
Bankhaus Metzler
GUIDO HOYMANN
Macquarie
PIERS BROWN
Oddo & Cie
JEAN SASSUS
DZ Bank AG
CHRISTOPH BAST
Credit Suisse
AMIT GOEL
Independent Research GmbH
STEFAN BONGARDT
Berenberg Bank
JAMES CHAPPELL
Kepler Capital Markets
DIRK BECKER
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
S&P Capital IQ
FRANK BRADEN
Helvea
TIM DAWSON
Main First Bank AG
KILIAN MAIER
Commerzbank Corporates & Markets MICHAEL DUNST
Societe Generale
DIRK HOFFMANN-BECKING
Morgan Stanley
HUW VAN STEENIS
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
MATT SPICK
HSBC
ROBERT MURPHY
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Hamburger Sparkasse
CHRISTIAN HAMANN
Zuercher Kantonalbank
ANDREAS VENDITTI
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI

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

Recommendation
market perform
reduce
buy
buy
buy
sector perform
buy
underweight
overweight
neutral
buy
buy
neutral
Buy/Neutral
overweight
outperform
sell
outperform
neutral
sell
neutral
hold
buy
reduce
buy
buy
buy
accumulate
outperform
hold
hold
Overwt/In-Line
sell
hold
overweight
hold
hold
outperform
hold
buy

Amt Held
245'633'960
197'615'442
134'865'238
116'490'210
69'300'732
51'818'019
51'122'783
40'980'253
37'476'630
34'619'235
31'564'456
25'446'748
22'595'830
21'246'924
16'622'115
16'537'648
14'956'720
14'066'648
11'805'375
9'167'333

% Out
6.4
5.15
3.52
3.04
1.81
1.35
1.33
1.07
0.98
0.9
0.82
0.66
0.59
0.55
0.43
0.43
0.39
0.37
0.31
0.24

Weighting

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

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

Latest Chg
(261'829)
(3'561'745)
12'874'066
(4'992'827)
6'015'804
(942'328)
1'928'515
3'141'604
217'405
269'733
435'986
1'715'141
225'605
1'350'143
4'242'564
1'002'642
(1'222'625)
(7'725'634)
5'013'106

Target Price
18
16
16
18
#N/A N/A
16
20
9
19
17
18
24
16
21
21
16
13
19
18
13
15
17
17
14
18
18
18
18
18
16
16
17
#N/A N/A
16
18
17
#N/A N/A
#N/A N/A
#N/A N/A
11

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

File Dt
31.12.2012
15.03.2013
31.12.2012
27.09.2011
31.12.2012
31.12.2012
28.02.2013
31.12.2012
09.04.2013
31.12.2012
28.12.2012
31.12.2012
28.02.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012

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

Inst Type
Government
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Pension Fund (ERISA)

Date
11.04.2013
11.04.2013
10.04.2013
09.04.2013
08.04.2013
04.04.2013
03.04.2013
02.04.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
14.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
05.03.2013
27.02.2013
22.02.2013
19.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
04.02.2013
25.01.2013
18.01.2013
17.01.2013
07.01.2013
20.12.2012
20.12.2012
07.11.2012
30.10.2012
23.10.2012
03.07.2012

11.04.2013

ABB Ltd
ABB Limited provides power and automation technologies. The Company operates
under segments that include power products, power systems, automation products,
process automation and robotics.

Price/Volume
25

35.0 M
30.0 M

20

25.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (15.06.2012)
Daily Volume
Current Price (4/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
ABBN VX EQUITY YTD Change
ABBN VX EQUITY YTD % CHANGE

12/2012
12/yy
21.90
14.45
1'747'267.00
21.26
-2.97%
47.13%
88.86%
2'314.7
49'211.44
10'071.00
0.0
540.0
8'481.00
55'148.72

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

20.0 M

10

15.0 M
10.0 M

5.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
34'912.0
0.83x
5'259.0
5.48x
3'118.0
10.76x

15

31.12.2009
31.12.2010
31'795.0
31'589.0
1.18x
1.42x
4'892.0
4'733.0
7.67x
9.49x
2'901.0
2'561.0
15.27x
19.85x
Profitability

LTM-4Q
31.12.2011
37'990.0
1.10x
5'688.0
7.37x
3'168.0
13.65x

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
39'336.0
1.25x
5'294.0
9.31x
2'704.0
17.40x
5'294.00
4'112.00
10.45%
9.76%
6.10%
16.55%
12.65%
0.89%
28.9%
13.8%
10.8%
6.9%
1.48
0.88
20.52%
59.57%
4.92
4.69

Price/ Cash Flow

LTM

12/yy
37'990.0
5.09x
5'688.0
7.37x
3'168.0
13.65x

12/yy
39'336.0
4.69x
5'420.0
9.09x
2'704.0
17.55x

FY+1

.0 M
a-13

1.30
2'145.67
23.23%
13.39%
1.296
40
3.975
5'554'768
5'098'051
5'794'510
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
41'581.8
43'818.0
9'552.9
10'309.3
1.30x
1.19x
5.75x
5.44x
6'281.3
6'961.6
1'396.6
1'574.9
8.79x
7.93x
8.79x
8.63x
3'456.4
3'928.1
734.1
854.6
15.09x
13.27x
15.26x
15.21x
S&P Issuer Ratings

Long-Term Rating Date


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

08.06.2010
A
STABLE
08.06.2010
A-1
18.07
13.66
0.29
1.86
59.6%
36.6%
0.89
7.24
74.36
78.02
63.02
89.35

Sales/Revenue/Turnover

25.00

45'000.0
40'000.0

20.00

35'000.0
30'000.0

15.00

25'000.0
20'000.0

10.00

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 |

11.04.2013

ABB Ltd
Holdings By:

All

Holder Name
INVESTOR AB
BLACKROCK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
NORDEA FONDER AB/SWE
UBS FUND MANAGEMENT
PICTET & CIE
SWEDBANK ROBUR FONDE
SEB
SKAGEN AS
AMF FONDER AB
INVESCO LTD
SWISSCANTO FONDSLEIT
HANDELSBANKEN FONDER
T ROWE PRICE ASSOCIA
CALAMOS ADVISORS LLC
FOLKSAM LO FOND AB
CAPITAL GROUP COMPAN
CARNEGIE FONDER AB/S

Firm Name

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

Analyst

AlphaValue
HEINZ STEFFEN
Exane BNP Paribas
OLIVIER ESNOU
JPMorgan
ANDREAS WILLI
ABG Sundal Collier
ANDERS IDBORG
RBC Capital Markets
ANDREW CARTER
Credit Suisse
SIMON TOENNESSEN
Goldman Sachs
DANIELA COSTA
Berenberg Bank
WILLIAM MACKIE
Canaccord Genuity Corp
JAMES STETTLER
Morgan Stanley
BEN UGLOW
Societe Generale
SEBASTIEN GRUTER
SEB Enskilda
DANIEL SCHMIDT
Bank Vontobel AG
TAKIS SPILIOPOULOS
Sanford C. Bernstein & Co
MARTIN PROZESKY
Nomura
DANIEL CUNLIFFE
HSBC
COLIN GIBSON
Kepler Capital Markets
CHRISTOPH LADNER
Espirito Santo Investment Bank Research
ROB VIRDEE
Landesbank Baden-Wuerttemberg
VOLKER STOLL
EVA Dimensions
CRAIG STERLING
Zuercher Kantonalbank
RICHARD FREI
Hamburger Sparkasse
MARCO GUENTHER
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Deutsche Bank
MARTIN WILKIE
Independent Research GmbH
MARKUS FRIEBEL
Carnegie
KENNETH TOLL JOHANSSON
Nordea Equity Research
ANDREAS BROCK
Helvea
STEFAN GAECHTER
Danske Markets
CARL GUSTAFSSON
Handelsbanken
HAMPUS ENGELLAU
S&P Capital IQ
JAWAHAR HINGORANI
Day by Day
VALERIE GASTALDY
Natixis
ARNAUD SCHMIT
Swedbank
MATS LISS
Redburn Partners
JAMES MOORE
Pareto Securities
DAVID JACOBSSON
Hammer Partners SA
ALBERTO ROLLA

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

Recommendation
reduce
outperform
underweight
buy
sector perform
outperform
Buy/Neutral
buy
hold
Underwt/Cautious
buy
buy
buy
outperform
buy
neutral
hold
buy
buy
sell
outperform
buy
outperform
overweight
sell
hold
buy
hold
buy
buy
buy
hold
hold
neutral
buy
neutral
hold
buy

Amt Held
166'330'142
88'556'051
34'306'593
29'262'198
25'109'683
24'899'512
21'511'709
14'648'213
14'044'104
12'263'226
10'421'737
9'443'400
8'510'615
7'967'960
7'122'022
6'861'907
6'085'300
6'064'784
5'600'000
4'098'114

% Out
7.19
3.83
1.48
1.26
1.08
1.08
0.93
0.63
0.61
0.53
0.45
0.41
0.37
0.34
0.31
0.3
0.26
0.26
0.24
0.18

Weighting

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

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

Latest Chg
689'136
(795'458)
107'985
1'143'030
39'466
(40'148)
(1'721'905)
156'729
1'877'700
(2'513'786)
(5'140'321)
129'754
5'064'054
24'000
1'403
505'000

Target Price
21
25
21
24
23
26
26
25
20
18
25
23
25
25
27
23
20
25
25
#N/A N/A
#N/A N/A
#N/A N/A
24
24
18
22
#N/A N/A
21
25
23
26
23
#N/A N/A
19
20
#N/A N/A
17
27

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

File Dt
04.01.2011
09.04.2013
28.02.2013
31.12.2012
31.12.2012
28.02.2013
28.12.2012
31.01.2013
31.12.2012
25.03.2013
27.03.2013
31.12.2012
10.04.2013
31.01.2013
31.03.2013
31.12.2012
28.03.2013
31.12.2012
31.12.2012
28.02.2013

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

Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
11.04.2013
10.04.2013
09.04.2013
08.04.2013
04.04.2013
04.04.2013
02.04.2013
02.04.2013
28.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
22.03.2013
13.03.2013
08.03.2013
08.03.2013
08.03.2013
20.02.2013
20.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
21.12.2012
11.12.2012
08.10.2012
27.07.2012
05.08.2010

11.04.2013

Cie Financiere Richemont SA


Compagnie Financiere Richemont SA, through subsidiaries, manufactures and
retails luxury goods. The Company produces jewelry, watches, leather goods,
writing instruments, and men's and women's wear.

Price/Volume
90

6.0 M

80

5.0 M

70
60

4.0 M

50

03/2012
12/yy
81.45
48.13
741'173.00
73.95
-9.21%
53.65%
72.09%
522.0
42'462.09
851.00
0.0
9.0
4'036.00
31'787.77

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

30

2.0 M

20

1.0 M

10
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


31.03.2008
5'290.0
3.53x
1'428.0
13.08x
1'565.0
20.48x

3.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (12.07.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.09.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CFR VX EQUITY YTD Change
CFR VX EQUITY YTD % CHANGE

31.03.2009
31.03.2010
5'418.0
5'176.0
1.05x
2.82x
1'345.0
1'259.0
4.23x
11.59x
1'075.0
599.0
8.94x
26.38x
Profitability

LTM-4Q
31.03.2011
6'892.0
2.72x
1'669.0
11.22x
1'090.0
20.65x

31.03.2012
8'867.0
2.41x
2'354.0
9.08x
1'544.0
16.70x

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

2'354.00
2'045.00
23.06%
20.35%
16.06%
22.64%
0.82%
63.7%
27.5%
24.1%
17.4%
3.16
1.66
7.24%
9.89%
0.95

Price/ Cash Flow

LTM

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

12/yy
7'515.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
a-13

1.31
521.77
32.83%
3.57%
1.308
38
4.079
1'710'387
1'588'086
1'499'005
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
10'176.5
11'035.6
2'316.2
3.05x
2.70x
2'791.6
3'057.5
11.37x
10.38x
1'937.5
2'176.2
18.05x
15.53x
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

78.47
63.03
-1.14
0.58
9.9%
9.0%
0.82
6.66
386.45
74.31
305.95

Sales/Revenue/Turnover

30.00

10'000.0
9'000.0

25.00

8'000.0
7'000.0

20.00

6'000.0

15.00

5'000.0
4'000.0

10.00

3'000.0
2'000.0

5.00
0.00
03.04.2009

1'000.0
0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

11.04.2013

Cie Financiere Richemont SA


Holdings By:

All

Holder Name
CARMIGNAC GESTION
HARBOR CAPITAL ADVIS
BLACKROCK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
WADDELL & REED FINAN
GARDNER RUSSO & GARD
JANUS CAPITAL MANAGE
UBS FUND MANAGEMENT
ALLIANZ ASSET MANAGE
FMR LLC
T ROWE PRICE ASSOCIA
SUN LIFE FINANCIAL I
PICTET & CIE
HARRIS ASSOCIATES LP
CAPITAL GROUP COMPAN
SWISSCANTO FONDSLEIT
PICTET ASSET MANAGEM
SWEDBANK ROBUR FONDE
ALLIANCE BERNSTEIN

Firm Name
AlphaValue
Deutsche Bank
Cantor Fitzgerald
Renaissance Capital
Bryan Garnier & Cie
Exane BNP Paribas
Credit Suisse
HSBC
Kepler Capital Markets
Investec
ISI Group
Day by Day
EVA Dimensions
Nomura
Aurel - BGC
Oddo & Cie
Societe Generale
Sanford C. Bernstein & Co
Independent Research GmbH
Berenberg Bank
Telsey Advisory Group
Barclays
Macquarie
S&P Capital IQ
Morgan Stanley
Goldman Sachs
JPMorgan
Zuercher Kantonalbank
Main First Bank AG
Raymond James
CA Cheuvreux
Bank Vontobel AG
Redburn Partners
BNP Paribas Cadiz Securities
Natixis
Avior Research

Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
GARDNER RUSSO & GARD
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
VIRGINIE BLIN
FRANCESCA DI PASQUANTONIO
ALLEGRA PERRY
REY WIUM
LOIC MORVAN
LUCA GIUSEPPE SOLCA
ROGERIO FUJIMORI
ERWAN RAMBOURG
JON COX
THANE DUFF
OMAR SAAD
VALERIE GASTALDY
CRAIG STERLING
CHRISTOPHER WALKER
DAVID DA MAIA
LEOPOLD AUTHIE
THIERRY COTA
MARIO ORTELLI
LARS LUSEBRINK
JOHN GUY
DANA TELSEY
HELEN NORRIS
WYNAND VAN ZYL
JASON ASAEDA
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
MELANIE A FLOUQUET
PATRIK SCHWENDIMANN
MATTHIAS EIFERT
MARC WILLAUME
THOMAS MESMIN
RENE WEBER
ANNABEL GLEESON
SHAMIL ISMAIL
JOSEPHINE CHEVALLIER
MATHEW MENEZES

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

Recommendation
reduce
buy
hold
hold
buy
outperform
outperform
neutral
buy
hold
strong buy
hold
underweight
buy
buy
buy
buy
outperform
buy
hold
no rating system
overweight
outperform
hold
Equalwt/In-Line
Buy/Neutral
neutral
market perform
outperform
strong buy
outperform
hold
buy
hold
neutral
neutral

Amt Held
12'427'709
9'166'906
9'116'627
7'764'653
7'315'297
7'162'235
6'983'477
5'275'767
4'732'868
3'633'281
3'164'074
3'073'903
2'873'721
2'734'006
1'978'900
1'666'800
1'502'298
1'291'101
1'110'872
1'072'724

% Out
2.38
1.76
1.75
1.49
1.4
1.37
1.34
1.01
0.91
0.7
0.61
0.59
0.55
0.52
0.38
0.32
0.29
0.25
0.21
0.21

Weighting

Change

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

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

Latest Chg
523'355
(1'002'480)
(144'379)
(5'806'400)
(43'763)
(49'746)
(16'995)
209'893
(86'695)
(123'534)
154'761
(4'415)
(809'000)
(362'873)
(955'271)
(2'744)
113'009
(198'517)

Target Price
76
86
74
77
82
105
85
82
90
87
80
#N/A N/A
#N/A N/A
83
86
93
95
100
90
72
84
86
90
80
74
114
72
#N/A N/A
83
90
88
80
#N/A N/A
64
60
70

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

File Dt
31.12.2012
31.12.2012
09.04.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
28.12.2012
28.02.2013
28.02.2013
31.12.2012
28.02.2013
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.12.2012
28.02.2013

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
11.04.2013
09.04.2013
08.04.2013
08.04.2013
08.04.2013
03.04.2013
27.03.2013
27.03.2013
26.03.2013
25.03.2013
24.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
21.02.2013
15.02.2013
10.02.2013
28.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
18.01.2013
14.01.2013
09.01.2013
07.01.2013
27.11.2012
02.11.2012
05.09.2012

11.04.2013

Zurich Insurance Group AG


Zurich Insurance Group AG provides insurance-based financial services. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.

Price/Volume
300

1.4 M

250

1.2 M
1.0 M

200

Latest Fiscal Year:


LTM as of:
52-Week High (03.04.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (4/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
ZURN VX EQUITY YTD Change
ZURN VX EQUITY YTD % CHANGE

12/2012
12/yy
253.21
180.20
173'270.00
250.1
-1.11%
38.79%
93.41%
148.3
37'089.86
12'521.00
0.0
2'368.0
9'098.00
45'751.85

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

.6 M

100

.4 M

50

.2 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
32'331.0
0.99x
3'039.0
9.86x

.8 M

150

Valuation Analysis

31.12.2009
31.12.2010
70'123.0
67'819.0
0.50x
0.64x
3'963.0
3'428.0
7.83x
10.92x
Profitability

LTM-4Q
31.12.2011
52'978.0
0.73x
3'750.0
8.80x

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
70'446.0
0.64x
3'878.0
10.08x
8.34%
7.48%
0.97%
11.74%
9.17%
0.18%
5.5%
3.06%
36.30%
-

Price/ Cash Flow

LTM

12/yy
52'980.0
3.11x
0.0
0.00x
3'750.0
8.80x

12/yy
70'446.0
2.48x
0.0
0.00x
3'872.0
10.07x

FY+1

.0 M
a-13

1.19
148.14
22.79%
9.77%
1.191
38
3.526
623'857
499'465
472'248
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
61'412.1
63'561.9
0.89x
4'350.4
4'584.8
1'175.0
945.0
9.39x
8.90x
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

36.3%
25.4%
0.18
-

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0
60'000.0

10.00

50'000.0
8.00

40'000.0
6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Zurich Insurance Group AG


Holdings By:

All

Holder Name
BLACKROCK
NORGES BANK
ABERDEEN
FMR LLC
CREDIT SUISSE
CREDIT SUISSE ASSET
VANGUARD GROUP INC
FRANKLIN RESOURCES
UBS FUND MANAGEMENT
PICTET & CIE
TWEEDY BROWNE COMPAN
SUN LIFE FINANCIAL I
SCHRODER INVESTMENT
SWISSCANTO FONDSLEIT
THORNBURG INVESTMENT
BANK OF NEW YORK MEL
UMB BANK N A
DIMENSIONAL FUND ADV
ALLIANZ ASSET MANAGE
MORGAN STANLEY

Firm Name

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

Analyst

AlphaValue
DIETER HEIN
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Oddo & Cie
NICOLAS JACOB
Sanford C. Bernstein & Co
THOMAS SEIDL
Raymond James
DANNY JACQUES
EVA Dimensions
AUSTIN BURKETT
Exane BNP Paribas
THOMAS JACQUET
Barclays
ANDREW BROADFIELD
RBC Capital Markets
GORDON AITKEN
Morgan Stanley
MARCUS RIVALDI
Bank Vontobel AG
STEFAN SCHUERMANN
Berenberg Bank
PETER ELIOT
Credit Suisse
RICHARD BURDEN
Independent Research GmbH
STEFAN BONGARDT
Zuercher Kantonalbank
GEORG MARTI
Keefe, Bruyette & Woods
RALPH HEBGEN
JPMorgan
MICHAEL HUTTNER
Macquarie
HADLEY COHEN
Bankhaus Metzler
JOCHEN SCHMITT
Kepler Capital Markets
FABRIZIO CROCE
Nomura
MICHAEL KLIEN
S&P Capital IQ
RODERICK WALLACE
Main First Bank AG
RENE LOCHER
Helvea
DANIEL BISCHOF
Banca Akros(ESN)
MARCO CAVALLERI
CA Cheuvreux
ATANASIO PANTARROTAS
Mediobanca SpA
MARC THIELE
Deutsche Bank
ROBIN BUCKLEY
HSBC
THOMAS FOSSARD
Day by Day
VALERIE GASTALDY
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Canaccord Genuity Corp
BEN COHEN
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Societe Generale
JASON KALAMBOUSSIS
Goldman Sachs
VINIT MALHOTRA
Redburn Partners
PAUL GOODHIND
DZ Bank AG
WERNER EISENMANN
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

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

Recommendation
buy
buy
buy
market perform
outperform
overweight
neutral
underweight
outperform
Equalwt/In-Line
hold
hold
outperform
hold
market perform
market perform
neutral
neutral
buy
hold
buy
sell
underperform
neutral
hold
select list
neutral
hold
neutral
buy
buy
buy
sell
hold
Buy/Neutral
neutral
buy
underperform

Amt Held
6'484'819
4'495'862
4'377'801
2'798'205
2'525'492
2'176'427
1'927'285
1'903'054
1'387'811
760'859
716'240
657'972
547'948
488'821
444'000
434'903
374'403
365'641
330'493
311'978

% Out
4.37
3.03
2.95
1.89
1.7
1.47
1.3
1.28
0.94
0.51
0.48
0.44
0.37
0.33
0.3
0.29
0.25
0.25
0.22
0.21

Weighting

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

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

Latest Chg
3'809
(23'819)
(730'654)
787
(46'620)
22'537
10
(26'296)
4'556
(13'585)
38'000
(33'596)
(314'834)
353'700
11'340
2'804
48'382
56'299

Target Price
301
320
300
269
297
#N/A N/A
245
247
290
261
270
290
282
270
#N/A N/A
300
263
270
290
213
290
230
265
255
245
300
292
265
254
270
300
260
200
252
292
#N/A N/A
240
216

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

File Dt
Inst Type
09.04.2013
Investment Advisor
23.06.2011
Government
31.01.2012
Unclassified
28.02.2013
Investment Advisor
23.03.2010
Investment Advisor
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.03.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.07.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor

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

Date
11.04.2013
08.04.2013
05.04.2013
27.03.2013
22.03.2013
21.03.2013
14.03.2013
13.03.2013
04.03.2013
26.02.2013
26.02.2013
21.02.2013
20.02.2013
19.02.2013
18.02.2013
17.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
13.02.2013
04.02.2013
30.01.2013
24.01.2013
16.01.2013
15.01.2013
08.01.2013
18.12.2012
30.11.2012
15.11.2012
11.10.2012
15.03.2012
05.12.2011
06.05.2011

11.04.2013

Syngenta AG
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.

Price/Volume
450
400
350
300
250
200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (4/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
SYNN VX EQUITY YTD Change
SYNN VX EQUITY YTD % CHANGE

12/2012
12/yy
416.00
295.30
88'047.00
389.2
-6.49%
31.80%
77.63%
93.1
36'244.70
3'348.00
11.0
1'599.00
40'808.79

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

100
50
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
11'624.0
1.68x
2'495.0
7.84x
1'385.0
12.86x

150

31.12.2009
31.12.2010
10'992.0
11'641.0
2.56x
2.45x
2'368.0
2'460.0
11.86x
11.60x
1'371.0
1'397.0
19.06x
19.37x
Profitability

LTM-4Q
31.12.2011
13'268.0
2.11x
2'889.0
9.69x
1'599.0
16.84x

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

31.12.2012
14'202.0
2.72x
3'148.0
12.26x
1'872.0
19.65x
3'148.00
2'550.00
17.96%
15.15%
10.22%
23.06%
0.78%
49.2%
22.2%
18.0%
13.2%
1.71
0.75
17.26%
38.28%
4.79
1.62

Price/ Cash Flow

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

LTM

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

12/yy
14'202.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

0.91
92.99
28.49%
6.16%
0.915
34
3.824
232'306
203'444
204'331
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
15'324.6
16'230.8
3'295.9
4'574.8
2.61x
2.42x
3'494.4
3'791.0
1'048.0
11.68x
10.76x
2'291.8
2'509.2
518.0
16.84x
15.35x
S&P Issuer Ratings

Long-Term Rating Date


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

15.06.2007
A
STABLE
15.06.2007
A-1
22.17
18.59
0.56
1.06
38.3%
27.7%
0.78
4.57
76.37
226.25
148.30
154.33

Sales/Revenue/Turnover

35.00

16'000.0

30.00

14'000.0
12'000.0

25.00

10'000.0
20.00

8'000.0
15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00
01.01.2010

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 |

11.04.2013

Syngenta AG
Holdings By:

All

Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
BANK OF NEW YORK
FMR LLC
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
CREDIT SUISSE ASSET
THORNBURG INVESTMENT
UBS FUND MANAGEMENT
WILLIAM BLAIR & COMP
JUPITER ASSET MANAGE
MANNING & NAPIER ADV
PICTET & CIE
THREADNEEDLE INVESTM
INVESCO LTD
DWS INVESTMENT S A
SCHRODER INVESTMENT
DEUTSCHE BANK AG
SWISSCANTO FONDSLEIT
FLEXSHARES TRUST

Firm Name
Exane BNP Paribas
AlphaValue
Deutsche Bank
Berenberg Bank
Day by Day
Liberum Capital Ltd
Sanford C. Bernstein & Co
HSBC
JPMorgan
Goldman Sachs
EVA Dimensions
Bank Vontobel AG
Redburn Partners
Equita SIM SpA
Barclays
Credit Suisse
Macquarie
CA Cheuvreux
Bankhaus Metzler
Nomura
Morgan Stanley
Jefferies
Hamburger Sparkasse
Kepler Capital Markets
DZ Bank AG
Main First Bank AG
Societe Generale
Zuercher Kantonalbank
S&P Capital IQ
Canaccord Genuity Corp

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

Analyst
JAMES KNIGHT
FABRICE FARIGOULE
VIRGINIE BOUCHER-FERTE
JOHN PHILIPP KLEIN
VALERIE GASTALDY
SOPHIE JOURDIER
JEREMY REDENIUS
GEOFF HAIRE
MARTIN EVANS
RAKESH PATEL
CRAIG STERLING
PATRICK RAFAISZ
TONY JONES
MASSIMO BONISOLI
ANDREAS HEINE
CHRIS COUNIHAN
CHRISTIAN FAITZ
MARTIN ROEDIGER
DANIEL SEIDENSPINNER
JEAN DE WATTEVILLE
AMY WALKER
LAURENCE ALEXANDER
MARCO GUENTHER
BETTINA EDMONDSTON
HEINZ MUELLER
RONALD KOEHLER
PETER CLARK
MARTIN SCHREIBER
JOHNSON IMODE
PAUL W SATCHELL

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

Recommendation
neutral
buy
buy
buy
hold
hold
underperform
neutral
neutral
Buy/Neutral
hold
hold
buy
hold
equalweight
outperform
outperform
select list
buy
neutral
Equalwt/In-Line
hold
sell
buy
buy
outperform
buy
market perform
hold
buy

Amt Held
5'198'082
4'634'983
3'907'159
2'382'197
1'756'149
1'664'500
1'378'471
932'280
855'337
645'945
589'988
536'300
496'141
388'585
376'119
351'053
342'747
258'588
227'421
207'704

% Out
5.58
4.98
4.2
2.56
1.89
1.79
1.48
1
0.92
0.69
0.63
0.58
0.53
0.42
0.4
0.38
0.37
0.28
0.24
0.22

Weighting

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

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

Latest Chg
42'023
129'843
74'818
(28'895)
(3'002)
13'889
(707)
(76'790)
7'247
75'179
6'630
13'067
91'656
17'274
(163'438)
46'216

Target Price
376
480
430
515
#N/A N/A
400
307
430
375
476
#N/A N/A
390
#N/A N/A
390
403
450
430
426
450
440
406
365
#N/A N/A
440
400
415
450
#N/A N/A
320
310

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

File Dt
09.04.2013
31.12.2012
26.02.2013
28.02.2013
31.12.2012
31.12.2012
28.02.2013
31.01.2013
28.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
10.04.2013
28.02.2013
31.12.2012
28.02.2013
31.01.2013
28.03.2013

Date
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
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
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor

Date
11.04.2013
11.04.2013
09.04.2013
08.04.2013
04.04.2013
02.04.2013
27.03.2013
27.03.2013
20.03.2013
27.02.2013
13.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
30.11.2012
20.11.2012
25.10.2012
19.09.2012
13.07.2012
18.05.2012

11.04.2013

Credit Suisse Group AG


Credit Suisse Group AG is an international financial services group. The Group
provides investment banking, private banking, and asset management services to
customers located around the world.

Price/Volume
30

35.0 M

25

30.0 M
25.0 M

20

Latest Fiscal Year:


LTM as of:
52-Week High (07.02.2013)
52-Week Low (03.08.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CSGN VX EQUITY YTD Change
CSGN VX EQUITY YTD % CHANGE

12/2012
12/yy
27.85
15.97
1'592'680.00
26.2
-6.10%
64.06%
85.02%
1'539.6
40'337.96
330'510.00
0.0
6'786.0
63'708.00
-

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

15.0 M

10

10.0 M

5.0 M

0
a-12 m-12

31.12.2009
31.12.2010
51'547.0
50'345.0
6'724.0
5'098.0
9.96x
9.59x
Profitability

LTM-4Q
31.12.2011
42'693.0
1'953.0
16.11x

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
38'313.0
1'349.0
27.15x
6.73%
9.34%
0.15%
3.78%
0.44%
0.04%
5.8%
35.76%
931.07%
-

Price/ Cash Flow

j-12

a-12

LTM

12/yy
42'715.0
0.00x
0.0
0.00x
1'953.0
16.85x

s-12

12/yy
38'313.0
0.00x
0.0
0.00x
1'483.0
26.50x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M
a-13

1.56
1'377.71
13.83%
17.70%
1.563
41
3.659
5'035'887
6'100'085
6'004'671
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'555.9
27'503.4
7'144.0
6'456.0
35.21x
33.99x
4'206.3
5'046.6
1'335.0
1'009.0
9.91x
8.50x
9.51x
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

19.12.2008
A
NEG
27.07.2012
NR
931.1%
88.7%
0.04
5.98
-

Sales/Revenue/Turnover

8.00

100'000.0

7.00

90'000.0
80'000.0

6.00

70'000.0

5.00

60'000.0

4.00

50'000.0
40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00
01.01.2010

j-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
48'697.0
(8'218.0)
-

20.0 M

15

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Credit Suisse Group AG


Holdings By:

All

Holder Name
FRANKLIN RESOURCES
CRESCENT HOLDING GMB
QATAR INVESTMENT AUT
DODGE & COX
NORGES BANK
BLACKROCK
HARRIS ASSOCIATES LP
CAPITAL GROUP COMPAN
CREDIT SUISSE
MORGAN STANLEY
AXA
VANGUARD GROUP INC
CREDIT SUISSE ASSET
T ROWE PRICE ASSOCIA
UBS FUND MANAGEMENT
PICTET & CIE
ONTARIO TEACHERS PEN
FMR LLC
TEMPLETON INVESTMENT
JANUS CAPITAL MANAGE

Firm Name

Portfolio Name
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst

Keefe, Bruyette & Woods


ANDREW STIMPSON
AlphaValue
DIETER HEIN
Day by Day
VALERIE GASTALDY
Redburn Partners
NICHOLAS WATTS
Bankhaus Metzler
GUIDO HOYMANN
RBC Capital Markets
FIONA SWAFFIELD
Societe Generale
DIRK HOFFMANN-BECKING
Grupo Santander
AURELIA FAURE
Helvea
TIM DAWSON
Mediobanca SpA
CHRISTOPHER J WHEELER
Exane BNP Paribas
DANIEL DAVIES
Morgan Stanley
HUW VAN STEENIS
Goldman Sachs
JERNEJ OMAHEN
JPMorgan
KIAN ABOUHOSSEIN
CA Cheuvreux
CHRISTIAN STARK
Macquarie
PIERS BROWN
Oddo & Cie
JEAN SASSUS
DZ Bank AG
CHRISTOPH BAST
Barclays
JEREMY SIGEE
Zuercher Kantonalbank
ANDREAS VENDITTI
Main First Bank AG
KILIAN MAIER
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
S&P Capital IQ
FRANK BRADEN
Commerzbank Corporates & Markets MICHAEL DUNST
Deutsche Bank
MATT SPICK
Independent Research GmbH
STEFAN BONGARDT
Berenberg Bank
JAMES CHAPPELL
Kepler Capital Markets
DIRK BECKER
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Canaccord Genuity Corp
ARUN MELMANE
Espirito Santo Investment Bank Research
ANDREW LIM
Liberum Capital Ltd
CORMAC LEECH
Landesbank Baden-Wuerttemberg
INGO FROMMEN
EVA Dimensions
AUSTIN BURKETT
Bank Vontobel AG
TERESA NIELSEN
HSBC
ROBERT MURPHY
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI

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

Recommendation
outperform
reduce
buy
neutral
sell
outperform
buy
hold
neutral
outperform
outperform
Overwt/In-Line
neutral/neutral
overweight
select list
outperform
neutral
sell
equalweight
market perform
outperform
neutral
buy
hold
hold
hold
buy
sell
buy
hold
hold
neutral
hold
hold
buy
hold
neutral
hold
sell

Amt Held
88'790'736
88'475'201
81'886'795
66'037'738
39'815'613
39'622'643
39'622'643
39'396'381
37'231'914
32'818'874
32'002'938
18'419'971
18'009'256
10'904'019
10'430'028
6'196'536
4'500'000
4'473'231
4'030'117
4'023'487

% Out
5.77
5.75
5.32
4.29
2.59
2.57
2.57
2.56
2.42
2.13
2.08
1.2
1.17
0.71
0.68
0.4
0.29
0.29
0.26
0.26

Weighting

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

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

Latest Chg
134'170
5'348'082
807'716
12'068'962
(26'636'525)
2'714'754
(420'940)
1'197'683
(17'909)
57'768
2'840'511
(17'300)
1'977'341

Target Price
34
25
31
#N/A N/A
22
30
33
20
27
31
32
30
30
34
30
30
28
24
27
#N/A N/A
30
24
32
28
27
29
32
13
30
23
29
25
25
27
#N/A N/A
23
24
#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
31.12.2012
Investment Advisor
25.02.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
12.03.2013
Government
09.04.2013
Investment Advisor
31.12.2012
Investment Advisor
17.01.2013
Investment Advisor
03.04.2013
Investment Advisor
28.06.2010
Investment Advisor
25.08.2009
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2011 Pension Fund (ERISA)
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
11.04.2013
11.04.2013
10.04.2013
08.04.2013
05.04.2013
04.04.2013
03.04.2013
02.04.2013
27.03.2013
25.03.2013
18.03.2013
15.03.2013
11.03.2013
11.03.2013
11.03.2013
05.03.2013
27.02.2013
19.02.2013
12.02.2013
11.02.2013
11.02.2013
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
04.02.2013
30.01.2013
23.01.2013
22.01.2013
17.01.2013
20.11.2012
07.11.2012
23.10.2012
03.07.2012

11.04.2013

Swiss Re AG
Swiss Re AG offers reinsurance, insurance and insurance linked financial
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.

Price/Volume

3.0 M
2.5 M

60

Latest Fiscal Year:


LTM as of:
52-Week High (03.04.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (4/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
SREN VX EQUITY YTD Change
SREN VX EQUITY YTD % CHANGE

12/2012
12/yy
80.45
52.00
760'280.00
79.35
-1.31%
52.60%
93.15%
370.7
29'415.59
19'898.00
1'102.0
24.0
10'837.00
41'878.35

50

2.0 M

40

1.5 M

30

1.0 M

20

.5 M

10
0
a-12

31.12.2009
31.12.2010
30'624.0
28'484.0
0.50x
1.13x
467.4
863.0
33.44x
21.30x
Profitability

LTM-4Q
31.12.2011
27'797.0
1.02x
2'626.0
6.64x

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

31.12.2012
33'116.0
1.06x
4'201.0
6.09x
17.37%
16.51%
1.89%
13.38%
9.38%
0.15%
12.7%
9.22%
60.48%
-

Price/ Cash Flow

j-12

j-12

a-12

LTM

12/yy
27'797.0
3.93x
0.0
0.00x
2'626.0
6.64x

s-12

12/yy
33'116.0
3.91x
0.0
0.00x
4'180.0
5.97x

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M
a-13

1.14
370.21
48.81%
20.41%
1.142
38
3.184
1'343'027
1'234'422
1'233'207
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
32'360.9
34'845.4
8'531.0
1.60x
2'927.9
3'075.8
754.0
696.0
10.50x
10.07x
10.55x
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

60.5%
36.9%
0.15
-

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

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

3.5 M

80
70

Valuation Analysis

31.12.2008
24'011.7
1.03x
(800.3)
-

90

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 |

11.04.2013

Swiss Re AG
Holdings By:

All

Holder Name
SWISS RE
FRANKLIN RESOURCES
BLACKROCK
DODGE & COX
BERKSHIRE HATHAWAY I
SUN LIFE FINANCIAL I
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SARASIN
SWISSCANTO FONDSLEIT
JP MORGAN
TEMPLETON INVESTMENT
DIMENSIONAL FUND ADV
ETHENEA INDEPENDENT
HARTFORD INVESTMENT
BESSEMER GROUP INCOR
FMR LLC
VONTOBEL ASSET MANAG

Firm Name

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

Analyst

AlphaValue
DIETER HEIN
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Oddo & Cie
NICOLAS JACOB
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Helvea
DANIEL BISCHOF
Raymond James
DANNY JACQUES
Sanford C. Bernstein & Co
THOMAS SEIDL
RBC Capital Markets
GORDON AITKEN
Macquarie
HADLEY COHEN
Bank Vontobel AG
STEFAN SCHUERMANN
Exane BNP Paribas
NICCOLO DALLA PALMA
Credit Suisse
ADAM MCINALLY
Zuercher Kantonalbank
GEORG MARTI
Kepler Capital Markets
FABRIZIO CROCE
Barclays
ANDREW BROADFIELD
Morgan Stanley
MACIEJ WASILEWICZ
S&P Capital IQ
RODERICK WALLACE
JPMorgan
MICHAEL HUTTNER
Hamburger Sparkasse
CHRISTIAN HAMANN
Bankhaus Metzler
JOCHEN SCHMITT
Nomura
MICHAEL KLIEN
Societe Generale
JASON KALAMBOUSSIS
Nord/LB
JULIA SIEKMANN
Goldman Sachs
VINIT MALHOTRA
Berenberg Bank
TOM CARSTAIRS
Main First Bank AG
RENE LOCHER
CA Cheuvreux
FRANK KOPFINGER
Day by Day
VALERIE GASTALDY
Mediobanca SpA
GIANLUCA FERRARI
EVA Dimensions
AUSTIN BURKETT
HSBC
THOMAS FOSSARD
Canaccord Genuity Corp
BEN COHEN
DZ Bank AG
THORSTEN WENZEL
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH

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

Recommendation
sell
sell
buy
underperform
hold
neutral
underperform
underperform
sector perform
neutral
buy
neutral
neutral
market perform
buy
overweight
Equalwt/In-Line
hold
overweight
buy
buy
reduce
buy
buy
neutral/neutral
sell
underperform
select list
hold
neutral
buy
neutral
buy
sell
neutral

Amt Held
27'282'124
25'006'821
15'680'554
12'639'368
11'262'000
11'187'692
10'371'485
5'370'620
2'873'019
2'201'596
1'654'462
1'474'942
1'368'475
1'267'120
1'151'295
1'070'000
855'734
819'676
690'848
636'379

% Out
7.36
6.75
4.23
3.41
3.04
3.02
2.8
1.45
0.78
0.59
0.45
0.4
0.37
0.34
0.31
0.29
0.23
0.22
0.19
0.17

Weighting

Change
1
1
5
1
3
3
1
1
3
3
5
3
3
3
5
5
3
3
5
5
5
2
5
5
3
1
1
5
3
3
5
3
5
1
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
U
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'396'672)
(655'411)
187'661
74'783
(222'639)
(101'051)
3'531
27'594
(340'418)
(704'971)
41'556
(41'419)
3'138
1'070'000
(169'771)
(66'202)
902

Target Price
70
80
82
79
78
75
63
55
80
67
85
68
69
#N/A N/A
83
77
76
83
74
#N/A N/A
82
67
75
84
75
66
72
86
#N/A N/A
75
#N/A N/A
75
70
58
48

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

File Dt
Inst Type
29.03.2012
Unclassified
31.12.2012
Investment Advisor
09.04.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
05.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
28.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Unclassified
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012
Investment Advisor

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

Date
11.04.2013
08.04.2013
05.04.2013
04.04.2013
03.04.2013
03.04.2013
28.03.2013
27.03.2013
21.03.2013
18.03.2013
15.03.2013
14.03.2013
04.03.2013
01.03.2013
01.03.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
18.02.2013
14.02.2013
30.01.2013
17.01.2013
16.01.2013
09.01.2013
10.09.2012
12.01.2012

11.04.2013

Transocean Ltd
Transocean Ltd. is an offshore drilling contractor. The Company owns or
operates mobile offshore drilling units, inland drilling barges, and other
assets utilized in the support of offshore drilling activities worldwide.
Transocean specializes in technically demanding segments of the offshore
drilling business, including deepwater and harsh environment drilling services.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
RIGN VX EQUITY YTD Change
RIGN VX EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
54.70
37.92
75'645.00
48.02
-12.32%
26.64%
59.12%
359.5
17'265.24
12'459.00
0.0
(15.0)
5'134.00
25'910.98

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

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

1.20
1.00

3.0 M

50

2.5 M

40

2.0 M

30

1.5 M

20

1.0 M

10

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
12'674.0
2.17x
6'430.0
4.27x
4'031.0
-

60

31.12.2009
31.12.2010
11'556.0
9'466.0
3.22x
3.17x
5'926.0
4'048.0
6.27x
7.42x
3'181.0
961.0
Profitability

LTM-4Q
31.12.2011
8'027.0
2.87x
1'515.0
15.22x
(5'754.0)
-

31.12.2012
9'196.0
2.54x
2'766.0
8.45x
(219.0)
2'766.00
1'685.00
18.32%
9.42%
-0.54%
-1.19%
1.83%
0.28%
21.4%
29.0%
16.5%
-2.4%
1.58
1.34
36.37%
79.13%
4.42
13.69

LTM

12/yy
8'602.0
12.44x
1'683.0
13.70x
(5'763.0)
0.00x

12/yy
9'672.0
10.47x
2'805.0
8.33x
(187.0)
0.00x

FY+1

.0 M
a-13

1.21
359.21
5.01%
19.04%
1.213
45
4.067
391'235
559'035
536'671
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
9'910.7
10'882.2
2'351.1
2'422.1
2.72x
2.43x
10.96x
10.87x
3'833.1
4'460.1
879.0
921.4
6.77x
5.81x
6.78x
6.56x
1'691.2
2'119.1
359.2
388.2
11.13x
8.77x
11.18x
10.54x
S&P Issuer Ratings

Long-Term Rating Date


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

3.56
1.88
2.61
4.44
79.1%
44.2%
0.28
0.46
82.80
26.73
44.76
67.67

Sales/Revenue/Turnover

14'000.0
12'000.0
10'000.0

0.80

8'000.0
0.60

6'000.0

0.40

4'000.0
2'000.0

0.20

0.0
0.00

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

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

11.04.2013

Transocean Ltd
Holdings By:

All

Holder Name
ICAHN ASSOCIATES COR
CAPITAL GROUP COMPAN
BLACKROCK
FMR LLC
FRANKLIN RESOURCES
UBS
WENTWORTH HAUSER AND
NORGES BANK
CREDIT SUISSE AG
ONTARIO TEACHERS PEN
DAVIS SELECTED ADVIS
CREDIT SUISSE ASSET
PRIMECAP MANAGEMENT
WELLINGTON MANAGEMEN
EARNEST PARTNERS LLC
OPPENHEIMERFUNDS INC
OMEGA ADVISORS
UBS FUND MANAGEMENT
DEUTSCHE BANK AG
SUN LIFE FINANCIAL I

Firm Name
Clarkson Capital Markets LLC
Sanford C. Bernstein & Co
Susquehanna Financial Group
Swedbank First Securities
Cowen Securities LLC
BMO Capital Markets
Fearnley Fonds
Stephens Inc
Iberia Capital Partners LLC
Jefferies
Credit Suisse
Edward Jones
Howard Weil Inc
Barclays
Guggenheim Securities LLC
ISI Group
Argus Research Corp
JPMorgan
Macquarie
Capital One Southcoast, Inc.
FBR Capital Markets
Global Hunter Securities
RBC Capital Markets
Nordea Equity Research
Raymond James
Johnson Rice & Co
HSBC
Zuercher Kantonalbank
Deutsche Bank
Pareto Securities
Bank Vontobel AG
Wells Fargo Securities, LLC
Gabelli & Co
DNB Markets
Credit Agricole Securities (USA)
Arctic Securities ASA
Goldman Sachs
Tudor Pickering & Co
Morgan Stanley
S&P Capital IQ
Main First Bank AG
RS Platou Markets

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
WENTWORTH HAUSER AND
NORGES BANK
CREDIT SUISSE AG
ONTARIO TEACHERS PEN
DAVIS SELECTED ADVIS
Multiple Portfolios
PRIMECAP MANAGEMENT
WELLINGTON MANAGEMEN
EARNEST PARTNERS LLC
OPPENHEIMER FUNDS IN
OMEGA ADVISORS INC
Multiple Portfolios
DEUTSCHE BANK AKTIEN
n/a

Analyst
TODD P SCHOLL
SCOTT GRUBER
CHARLES P MINERVINO
BJORN THORESEN
JAMES D CRANDELL
ALAN D LAWS
TRULS OLSEN
JOHN KELLER
TREY STOLZ
BRAD HANDLER
GREGORY LEWIS
BRIAN YOUNGBERG
DAVID T WILSON
JAMES C WEST
DARREN GACICIA
JUDSON E BAILEY
PHILIP H WEISS
J DAVID ANDERSON
NIGEL BROWNE
LUKE M LEMOINE
ROBERT J MACKENZIE
BRIAN UHLMER
#N/A N/A
DAVID BHATTI
J MARSHALL ADKINS
DAVID C SMITH
DAVID PHILLIPS
MARTIN SCHREIBER
MICHAEL W URBAN
FRANK HARESTAD
FABIAN HAECKI
MATTHEW D CONLAN
ANDREA SHARKEY
MARTIN HUSEBY KARLSEN
DAVID S HAVENS
KRISTOFFER RIIS IDEN
WAQAR SYED
BYRON POPE
OLE SLORER
STEWART GLICKMAN
BERND POMREHN
ANDERS BERGLAND

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

Recommendation
outperform
outperform
neutral
buy
buy
outperform
accumulate
equalweight
outperform
hold
neutral
hold
sector perform
overweight
buy
buy
buy
neutral
neutral
add
outperform
buy
outperform
buy
market perform
overweight
overweight
market perform
sell
buy
hold
outperform
buy
hold
outperform
buy
neutral/attractive
hold
restricted
hold
underperform
buy

Amt Held
20'154'035
19'705'570
18'706'254
9'864'072
9'859'604
7'833'107
7'766'454
7'568'140
6'814'946
6'052'901
5'329'402
5'111'925
3'541'200
3'253'063
3'132'117
3'118'313
3'115'545
3'025'881
2'971'472
2'898'845

% Out
5.61
5.48
5.2
2.74
2.74
2.18
2.16
2.1
1.9
1.68
1.48
1.42
0.98
0.9
0.87
0.87
0.87
0.84
0.83
0.81

Weighting

Change

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

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
14'315'649
1'297'393
650'155
947'753
129'526
5'829'006
(213'361)
1'298'746
4'749'073
774
(285'673)
(70'839)
3'079'100
42'582
27'922
7'420
72'400
297
(812'761)
(26'191)

Target Price
60
54
54
61
59
61
56
53
70
36
53
#N/A N/A
57
67
71
57
59
55
55
63
57
56
57
64
#N/A N/A
#N/A N/A
71
#N/A N/A
42
69
52
#N/A N/A
#N/A N/A
56
55
56
57
#N/A N/A
#N/A N/A
#N/A N/A
40
62

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

File Dt
29.01.2013
15.02.2013
09.04.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.12.2012
31.12.2012
31.12.2012

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

Inst Type
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
11.04.2013
10.04.2013
10.04.2013
10.04.2013
09.04.2013
08.04.2013
08.04.2013
05.04.2013
04.04.2013
01.04.2013
28.03.2013
28.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
14.02.2013
04.02.2013
29.01.2013
03.01.2013
06.11.2012
16.04.2012

11.04.2013

Swatch Group AG/The


Swatch Group AG manufactures watches, watch components, jewelry, miniature
batteries, LCD displays, and scoreboards. The Company produces watches under
various branded names. Swatch also operates retail boutiques.

Price/Volume
600
500
400
300

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (16.07.2012)
Daily Volume
Current Price (4/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
UHR VX EQUITY YTD Change
UHR VX EQUITY YTD % CHANGE

12/2012
01/yy
564.50
341.70
51'800.00
540
-4.25%
58.03%
84.74%
30.8
28'258.01
135.00
0.0
19.0
1'967.00
26'445.01

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

100
0
a-12

31.12.2009
31.12.2010
5'142.0
6'108.0
2.54x
3.33x
1'123.0
1'658.0
11.63x
12.26x
759.0
1'074.0
18.10x
20.56x
Profitability

31.12.2011
6'764.0
2.50x
1'843.0
9.17x
1'269.0
14.96x

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

31.12.2012
7'796.0
2.96x
2'245.0
10.29x
1'600.0
15.56x
2'245.00
1'984.00
25.45%
25.87%
15.22%
18.41%
0.74%
28.8%
25.4%
20.5%
6.50
2.51
1.20%
1.45%
7.98
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

Market Data

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.16
30.22
32.31%
17.09%
1.165
32
4.031
157'406
142'061
163'947
FY+2

12/13 Y
12/14 Y
8'894.6
9'794.3
3.00x
2.62x
2'552.0
2'856.7
10.36x
9.26x
1'798.7
2'002.2
16.26x
14.56x
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

FQ+1

FQ+2

748.33
602.33
-0.82
0.06
1.4%
1.4%
0.74
4.39
45.87
-

Sales/Revenue/Turnover

45.00

9'000.0

40.00

8'000.0

35.00

7'000.0

30.00

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

m-12

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

Fiscal Year Ended


31.12.2008
5'677.0
1.29x
1'421.0
5.17x
834.0
9.25x

200

.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
a-13

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Swatch Group AG/The


Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
SWATCH GROUP AG
VANGUARD GROUP INC
CREDIT SUISSE ASSET
BLACKROCK
FMR LLC
CALAMOS ADVISORS LLC
THORNBURG INVESTMENT
PICTET & CIE
UBS FUND MANAGEMENT
THREADNEEDLE INVESTM
WINTERGREEN ADVISERS
PICTET ASSET MANAGEM
SCHRODER INVESTMENT
ARTISAN PARTNERS HOL
BNP PARIBAS INV PART
ROYAL BANK OF CANADA
GRETHER ESTHER
NORDEA INV MANAGEMEN
DB PLATINUM ADVISORS

Firm Name
AlphaValue
Cantor Fitzgerald
Deutsche Bank
Bryan Garnier & Cie
Day by Day
Exane BNP Paribas
Societe Generale
Credit Suisse
HSBC
ISI Group
Morgan Stanley
Nomura
Oddo & Cie
Sanford C. Bernstein & Co
Renaissance Capital
Aurel - BGC
Raymond James
Bank Vontobel AG
Kepler Capital Markets
Main First Bank AG
Barclays
Goldman Sachs
Berenberg Bank
CA Cheuvreux
JPMorgan
S&P Capital IQ
EVA Dimensions
Zuercher Kantonalbank

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

Analyst
VERONIQUE CABIOC'H
ALLEGRA PERRY
FRANCESCA DI PASQUANTONIO
LOIC MORVAN
VALERIE GASTALDY
LUCA GIUSEPPE SOLCA
THIERRY COTA
PATRICK JNGLIN
ANTOINE BELGE
OMAR SAAD
LOUISE SINGLEHURST
CHRISTOPHER WALKER
LEOPOLD AUTHIE
MARIO ORTELLI
REY WIUM
DAVID DA MAIA
MARC WILLAUME
RENE WEBER
JON COX
MATTHIAS EIFERT
HELEN NORRIS
WILLIAM HUTCHINGS
JOHN GUY
THOMAS MESMIN
MELANIE A FLOUQUET
WILLIAM MACK
CRAIG STERLING
PATRIK SCHWENDIMANN

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

Recommendation
add
buy
buy
buy
hold
outperform
buy
outperform
neutral
strong buy
Overwt/In-Line
buy
buy
market perform
hold
hold
outperform
buy
buy
outperform
equalweight
Buy/Neutral
buy
select list
neutral
sell
underweight
outperform

Amt Held
1'445'313
505'000
463'841
439'248
363'130
291'023
268'255
255'065
246'404
230'404
196'392
184'025
178'394
174'820
154'414
144'672
124'236
114'000
108'442
85'850

% Out
4.69
1.64
1.5
1.42
1.18
0.94
0.87
0.83
0.8
0.75
0.64
0.6
0.58
0.57
0.5
0.47
0.4
0.37
0.35
0.28

Weighting

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

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
U

Latest Chg
(70'942)
63'157
(9'625)
13'203
(261'543)
(23'085)
(255'195)
15'790
(459)
(169)
(621)
30'488
(69'287)
(88'242)
11'596
(542)
85'850

Target Price
574
600
600
555
#N/A N/A
706
650
600
590
650
602
620
620
600
541
550
600
600
630
650
550
735
625
580
505
480
#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
31.12.2011
Corporation
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
09.04.2013
Investment Advisor
28.02.2013
Investment Advisor
28.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Bank
31.12.2011
n/a
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor

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

Date
11.04.2013
10.04.2013
09.04.2013
08.04.2013
04.04.2013
03.04.2013
28.03.2013
27.03.2013
27.03.2013
24.03.2013
21.03.2013
20.03.2013
19.03.2013
15.03.2013
14.03.2013
12.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
28.02.2013
15.02.2013
05.02.2013
04.02.2013
04.02.2013
17.01.2013
13.09.2012

11.04.2013

Holcim Ltd
Holcim Ltd. produces building materials. The Company produces and markets
ready-mixed concrete, cement, clinker, and admixtures. The Company also
provides consulting and engineering services in all areas of the cement
manufacturing process. Holcim, through subsidiaries, operates cement
manufacturing facilities around the world.

Price/Volume

3.0 M
2.5 M

60

Latest Fiscal Year:


LTM as of:
52-Week High (15.03.2013)
52-Week Low (14.06.2012)
Daily Volume
Current Price (4/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
HOLN VX EQUITY YTD Change
HOLN VX EQUITY YTD % CHANGE

12/2012
12/yy
78.25
49.00
432'685.00
72.95
-6.84%
48.88%
80.17%
327.1
23'860.95
13'507.00
0.0
2'889.0
3'146.00
37'110.95

50

2.0 M

40

1.5 M

30

1.0 M

20

.5 M

10
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


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

3.5 M

80
70

Valuation Analysis

31.12.2008
25'157.0
1.32x
5'333.0
6.23x
1'782.0
8.84x

90

31.12.2009
31.12.2010
21'132.0
21'653.0
2.02x
1.71x
4'630.0
4'513.0
9.20x
8.19x
1'471.0
1'182.0
16.33x
19.15x
Profitability

LTM-4Q
31.12.2011
20'744.0
1.47x
3'958.0
7.69x
275.0
58.43x

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
21'544.0
1.63x
3'984.0
8.79x
622.0
34.84x
3'984.00
1'816.00
8.43%
7.35%
1.48%
3.68%
4.29%
0.51%
40.8%
18.5%
8.4%
2.9%
1.00
0.70
32.60%
79.69%
7.93
6.18

Price/ Cash Flow

LTM

12/yy
20'744.0
6.51x
3'958.0
7.69x
275.0
58.43x

12/yy
21'544.0
6.27x
3'984.0
8.79x
622.0
35.21x

FY+1

.0 M
a-13

1.28
227.77
32.65%
9.04%
1.284
35
3.743
1'017'566
876'665
887'067
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
22'528.3
24'106.0
5'083.0
5'993.0
1.61x
1.45x
7.48x
6.40x
4'763.4
5'564.3
864.0
1'352.0
7.80x
6.67x
7.64x
1'494.0
1'985.0
74.0
515.0
16.00x
12.01x
15.73x
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

22.01.2009
BBB
STABLE
01.04.2005
A-2
5.84
3.29
2.60
3.39
79.7%
40.5%
0.51
0.96
46.17
59.24
70.03
35.39

Sales/Revenue/Turnover

10.00

30'000.0

9.00

25'000.0

8.00
7.00

20'000.0

6.00

15'000.0

5.00
4.00

10'000.0

3.00
2.00

5'000.0

1.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Holcim Ltd
Holdings By:

All

Holder Name
SCHMIDHEINY THOMAS
EUROCEMENT HOLDING A
CAPITAL GROUP COMPAN
HARBOR CAPITAL ADVIS
CREDIT SUISSE ASSET
VANGUARD GROUP INC
COMMONWEALTH BANK OF
HARRIS ASSOCIATES LP
BLACKROCK
TIAA CREF INVESTMENT
MANNING & NAPIER ADV
UBS FUND MANAGEMENT
DIMENSIONAL FUND ADV
SWISSCANTO FONDSLEIT
PICTET & CIE
DB PLATINUM ADVISORS
MORGAN STANLEY
SARASIN
THRIVENT FINANCIAL F
VONTOBEL ASSET MANAG

Firm Name
AlphaValue
Day by Day
Deutsche Bank
Bryan Garnier & Cie
Jefferies
Sanford C. Bernstein & Co
Exane BNP Paribas
Kepler Capital Markets
Oddo & Cie
Raymond James
CM - CIC Securities(ESN)
Bank Vontobel AG
Berenberg Bank
Liberum Capital Ltd
Credit Suisse
HSBC
Natixis
Morgan Stanley
JPMorgan
Bankhaus Metzler
Helvea
S&P Capital IQ
Main First Bank AG
Goldman Sachs
CA Cheuvreux
EVA Dimensions
Societe Generale
Equita SIM SpA
Aurel - BGC
Redburn Partners
DZ Bank AG
Davy
Zuercher Kantonalbank
Societe Generale

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

Analyst

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

Recommendation

GAETAN DUPONT
VALERIE GASTALDY
GLYNIS JOHNSON
SVEN EDELFELT
MICHAEL F BETTS
PHIL ROSEBERG
PAUL ROGER
JOSEP PUJAL
VIRGINIE ROUSSEAU
ARNAUD PALLIEZ
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
SERGE ROTZER
ROBERT MUIR
CHARLIE CAMPBELL
HARRY GOAD
JOHN FRASER-ANDREWS
RAFIC EL HADDAD
YURI SEROV
MICHAEL MORRIS
STEPHAN BAUER
PATRICK APPENZELLER
JAWAHAR HINGORANI
CHRISTIAN KORTH
WILL MORGAN
NABIL AHMED
CRAIG STERLING
MURIEL FELLOUS
GIUSEPPE MAPELLI
ERIC LEMARIE
JOHN MESSENGER
MARC NETTELBECK
TIM CAHILL
MARTIN HUESLER
MIKE BRIDGES

reduce
buy
hold
buy
buy
outperform
outperform
buy
buy
outperform
accumulate
hold
buy
buy
neutral
neutral
neutral
Equalwt/In-Line
overweight
sell
buy
hold
outperform
Buy/Neutral
underperform
sell
hold
hold
not rated
neutral
sell
outperform
outperform
hold

Amt Held
65'774'099
33'091'556
9'685'325
8'823'981
3'149'240
2'967'714
2'681'685
2'646'500
2'278'974
1'761'296
1'735'900
1'659'343
1'123'850
1'021'091
975'977
765'000
727'871
414'829
388'362
387'472

% Out
20.11
10.12
2.96
2.7
0.96
0.91
0.82
0.81
0.7
0.54
0.53
0.51
0.34
0.31
0.3
0.23
0.22
0.13
0.12
0.12

Weighting

Change

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

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

Latest Chg
(6'310'975)
(55'072)
98'616
51'437
(146'800)
412'215
(20'488)
221'420
(8'195)
(1'712)
(568'399)
(1'622)
765'000
21'313
(93'360)
58'263
(116'698)

Target Price
74
80
69
83
83
93
97
78
91
77
80
73
80
71
65
80
72
74
78
63
80
75
85
85
70
#N/A N/A
60
65
#N/A N/A
#N/A N/A
55
#N/A N/A
#N/A N/A
54

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

File Dt
Inst Type
31.12.2011
n/a
12.09.2011
Private Equity
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
30.11.2012
Bank
31.12.2012
Investment Advisor
09.04.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013 Mutual Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor

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

Date
11.04.2013
10.04.2013
08.04.2013
05.04.2013
04.04.2013
03.04.2013
28.03.2013
27.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
11.03.2013
07.03.2013
07.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
25.02.2013
12.02.2013
25.01.2013
17.01.2013
04.12.2012
09.11.2012
07.11.2012
07.11.2012
16.10.2012
08.10.2012
14.05.2012
30.11.2011

11.04.2013

SGS SA
SGS SA provides industrial inspection, analysis, testing, and verification
services. The Company inspects, samples, analyzes, and monitors raw materials,
petroleum, food, crops, chemicals, consumer goods, and production machinery for
compliance with industrial standards and local regulatory requirements,
including tax and duty. SGS serves business worldwide.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Current Price (4/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
SGSN VX EQUITY YTD Change
SGSN VX EQUITY YTD % CHANGE

Price/Volume

12/2012
01/yy
2'421.16
1'651.33
2'461.00
2341
-3.31%
41.76%
87.90%
7.8
18'312.32
1'323.00
0.0
58.0
989.00
18'704.32

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

.1 M

2500

.1 M

2000

.0 M

1500

.0 M

1000

.0 M

500

.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
4'818.0
1.66x
1'024.0
7.82x
692.0
12.08x

3000

31.12.2009
31.12.2010
4'712.0
4'757.0
2.06x
2.46x
1'223.0
1'286.0
7.93x
9.09x
566.0
588.0
17.90x
20.21x
Profitability

31.12.2011
4'797.0
2.48x
1'015.0
11.73x
534.0
22.05x

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

31.12.2012
5'578.0
2.84x
1'124.0
14.11x
556.0
27.76x
1'124.00
843.00
15.11%
14.49%
11.40%
27.42%
1.14%
20.2%
15.1%
10.0%
2.06
1.60
26.49%
64.22%
6.05
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.98
4.57
38.87%
18.45%
0.983
26
3.500
9'031
12'480
12'865
FY+2

12/13 Y
12/14 Y
6'195.2
6'763.7
3.02x
2.75x
1'371.7
1'575.0
13.64x
11.88x
725.9
855.7
24.69x
21.28x
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

.0 M
a-13

FQ+1

FQ+2

29.58
19.39
0.30
1.18
64.2%
38.4%
1.14
5.85
60.53
-

Sales/Revenue/Turnover

25.00

6'000.0
5'000.0

20.00

4'000.0
15.00

3'000.0
10.00

2'000.0

5.00

0.00
01.01.2010

1'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

SGS SA
Holdings By:

All

Holder Name
EXOR GROUP SA
VON FINCK AUGUST
VON FINCK AUGUST FRA
SGS INVESTMENT LTD
CAPITAL GROUP INTERN
BANK OF NEW YORK MEL
SGS GROUP
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
FMR LLC
VANGUARD GROUP INC
UBS FUND MANAGEMENT
JUPITER ASSET MANAGE
BLACKROCK
PICTET & CIE
WILLIAM BLAIR & COMP
T ROWE PRICE ASSOCIA
ALLIANZ ASSET MANAGE
THREADNEEDLE INVESTM
SCHRODER INVESTMENT

Firm Name
AlphaValue
HSBC
Helvea
EVA Dimensions
Oddo & Cie
Exane BNP Paribas
Credit Suisse
Barclays
Goldman Sachs
Main First Bank AG
Bank Vontobel AG
CA Cheuvreux
Zuercher Kantonalbank
Societe Generale
Jefferies
Kepler Capital Markets
Natixis
RBC Capital Markets
JPMorgan
Berenberg Bank
S&P Capital IQ
Redburn Partners
Deutsche Bank
Equita SIM SpA

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

Analyst
HEINZ STEFFEN
RAJESH KUMAR
CHRISTIAN BURGER
CRAIG STERLING
GUILLAUME RASCOUSSIER
LAURENT BRUNELLE
DAVID RIGBY
PAUL D A SULLIVAN
JOHN WOODMAN
MOURAD LAHMIDI
JEAN-PHILIPPE BERTSCHY
BEAT KEISER
DANIEL BUERKI
PATRICK JOUSSEAUME
WILLIAM KIRKNESS
BETTINA EDMONDSTON
OLIVIER LEBRUN
ANDREW BROOKE
ROBERT PLANT
KONRAD ZOMER
JOHNSON IMODE
PASCAL HAUTCOEUR
THOMAS SYKES
FABIO FAZZARI

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

Recommendation
sell
neutral
accumulate
hold
buy
neutral
neutral
equalweight
Buy/Neutral
outperform
buy
outperform
outperform
hold
hold
hold
neutral
underperform
neutral
hold
hold
buy
hold
not rated

Amt Held
1'173'360
1'171'013
439'515
235'364
234'342
234'021
228'873
200'461
87'406
73'004
54'801
54'377
48'082
44'603
43'264
38'389
34'848
28'792
25'779
21'301

% Out
15
14.97
5.62
3.01
3
2.99
2.93
2.56
1.12
0.93
0.7
0.7
0.61
0.57
0.55
0.49
0.45
0.37
0.33
0.27

Weighting

Change

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

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

Latest Chg
(40'224)
(1'646)
(30'048)
(16'153)
(1'353)
5'759
1'868
(54)
(64)
289
11'026
33'733
1'373
(65)
(6'609)

Target Price
1'882
2'400
2'450
#N/A N/A
2'800
2'400
2'250
2'700
2'800
2'550
2'550
2'325
#N/A N/A
2'240
2'000
2'000
2'200
1'500
1'860
1'740
2'040
#N/A N/A
1'799
1'426

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

File Dt
Inst Type
31.12.2011
Holding Company
31.12.2011
n/a
31.12.2011
n/a
29.03.2011
Holding Company
29.06.2011
Investment Advisor
20.03.2013
Investment Advisor
30.01.2012
Corporation
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
09.04.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
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

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

Date
11.04.2013
09.04.2013
08.04.2013
02.04.2013
26.03.2013
25.03.2013
15.03.2013
08.03.2013
06.03.2013
18.02.2013
07.02.2013
05.02.2013
30.01.2013
22.01.2013
18.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
14.01.2013
21.11.2012
15.05.2012
27.04.2012
21.05.2009

11.04.2013

Swisscom AG
Swisscom AG operates public telecommunications networks and offers network
application services. The Company provides local, long-distance, and mobile
telephone services, integrated voice and data digital services, network
solutions to national and international telecommunications operators, and
Internet access services, and owns and operates pay telephones.

Price/Volume
450

.4 M

400

.4 M

350

.3 M

300

.3 M

250

Latest Fiscal Year:


LTM as of:
52-Week High (03.04.2013)
52-Week Low (12.04.2012)
Daily Volume
Current Price (4/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
SCMN VX EQUITY YTD Change
SCMN VX EQUITY YTD % CHANGE

12/2012
12/yy
446.30
334.40
42'510.00
423.1
-5.15%
26.53%
79.18%
51.8
21'917.40
8'783.00
0.0
24.0
578.00
30'146.40

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

.2 M

150
100

.1 M

50

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
12'198.0
2.35x
4'496.0
6.37x
1'756.0
10.01x

.2 M

200

Valuation Analysis

31.12.2009
31.12.2010
12'001.0
11'988.0
2.53x
2.54x
4'402.0
4'348.0
6.89x
7.01x
1'926.0
1'813.0
10.64x
11.75x
Profitability

LTM-4Q
31.12.2011
11'467.0
2.35x
4'300.0
6.26x
683.0
26.98x

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

31.12.2012
11'384.0
2.51x
4'107.0
6.97x
1'755.0
11.62x
4'107.00
2'157.00
18.95%
19.04%
8.88%
41.77%
15.19%
0.58%
36.1%
18.9%
15.4%
0.91
0.72
43.71%
212.56%
4.54
-

Price/ Cash Flow

LTM

12/yy
11'467.0
10.03x
4'300.0
6.26x
683.0
27.00x

12/yy
11'384.0
9.90x
4'107.0
6.97x
1'755.0
11.64x

FY+1

.0 M
a-13

0.68
22.31
32.11%
13.16%
0.682
24
3.458
163'670
122'730
111'822
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
11'310.6
11'331.6
2.66x
2.63x
4'306.6
4'343.2
7.01x
6.95x
1'657.4
1'669.7
390.0
391.0
13.19x
13.05x
13.99x
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

30.06.2009
A
STABLE
15.38
5.79
2.00
2.14
212.6%
67.9%
0.58
1.36
80.65
-

Sales/Revenue/Turnover

6.00

16'000.0
14'000.0

5.00

12'000.0
4.00

10'000.0
8'000.0

3.00

6'000.0

2.00

4'000.0
1.00
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 |

11.04.2013

Swisscom AG
Holdings By:

All

Holder Name
SWISS CONFEDERATION
BLACKROCK
THORNBURG INVESTMENT
CREDIT SUISSE ASSET
VANGUARD GROUP INC
RUFFER LLP
FMR LLC
UBS FUND MANAGEMENT
PICTET & CIE
INVESCO LTD
SWISSCANTO FONDSLEIT
JOHN HANCOCK INVESTM
EPOCH INVESTMENT PAR
ALLIANCE BERNSTEIN
DJE INVESTMENT SA
VONTOBEL ASSET MANAG
MORGAN STANLEY
ALLIANZ ASSET MANAGE
DANSKE INVEST A/S
SCHRODER INVESTMENT

Firm Name

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

Analyst

AlphaValue
HEINZ STEFFEN
Exane BNP Paribas
MICHAEL ZORKO
Berenberg Bank
USMAN GHAZI
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
EVA Dimensions
ANDREW S ZAMFOTIS
Macquarie
ALEX GRANT
JPMorgan
HANNES C WITTIG
Bank Vontobel AG
SERGE ROTZER
Barclays
MICHAEL BISHOP
Goldman Sachs
TIMOTHY BODDY
Zuercher Kantonalbank
MICHAEL INAUEN
Natixis
JACQUES DE GRELING
Societe Generale
STEPHANE SCHLATTER
Morgan Stanley
LUIS PROTA
Nomura
VIKRAM KARNANY
S&P Capital IQ
ALEXANDER WISCH
New Street Research
JAKUB DUBANIEWICZ
Credit Suisse
JAKOB BLUESTONE
Deutsche Bank
CAROLA BARDELLI
HSBC
NICOLAS COTE-COLISSON
Espirito Santo Investment Bank Research
ANDREW HOGLEY
Gabelli & Co
EVAN D MILLER

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

Recommendation
reduce
outperform
hold
hold
hold
outperform
overweight
hold
overweight
Buy/Neutral
outperform
neutral
buy
Underwt/In-Line
neutral
hold
neutral
underperform
hold
overweight
sell
buy

Amt Held
29'475'281
386'958
334'000
321'027
231'550
192'800
187'180
184'804
117'897
117'339
105'497
79'409
71'755
66'382
63'903
61'280
60'296
58'916
55'482
44'937

% Out
56.9
0.75
0.64
0.62
0.45
0.37
0.36
0.36
0.23
0.23
0.2
0.15
0.14
0.13
0.12
0.12
0.12
0.11
0.11
0.09

Weighting

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

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

Latest Chg
(33'422)
57'600
(4'888)
9'902
429
(7'965)
(2'010)
14'518
(37'117)
(500)
65'770
11'150
(10'694)
56'467
19'210
(1'692)
(3'084)

Target Price
427
480
385
430
#N/A N/A
450
450
410
420
476
#N/A N/A
394
440
430
415
420
374
355
440
430
300
#N/A N/A

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

File Dt
31.12.2011
09.04.2013
31.01.2013
28.02.2013
31.12.2012
30.11.2012
28.02.2013
28.12.2012
31.01.2013
10.04.2013
31.01.2013
31.01.2013
31.01.2013
28.02.2013
31.01.2013
30.11.2012
31.12.2012
31.03.2013
28.02.2013
31.12.2012

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

Inst Type
Government
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
11.04.2013
08.03.2013
06.03.2013
27.02.2013
20.02.2013
19.02.2013
12.02.2013
12.02.2013
11.02.2013
10.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
24.01.2013
16.01.2013
09.11.2012
09.11.2012
14.10.2011

11.04.2013

Weatherford International Ltd/Switzerland


Weatherford International Ltd. is a Swiss-based, multinational oilfield
service company. The Company provides mechanical solutions, technology and
services for the drilling and production sectors of the oil and gas industry.

Price/Volume
16

1.2 M

14

1.0 M

12
.8 M

10
8

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2012)
52-Week Low (16.11.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 26.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
WFT SE EQUITY YTD Change
WFT SE EQUITY YTD % CHANGE

12/2012
12/yy
13.70
8.43
7'020.00
11.9
-13.14%
41.16%
63.95%
765.1
9'104.83
8'634.00
0.0
32.0
300.00
18'175.23

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

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

1.20
1.00

.4 M

4
.2 M

2
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
9'600.6
1.41x
2'710.4
5.00x
1'393.2
-

.6 M

31.12.2009
31.12.2010
8'833.0
10'221.0
2.22x
2.27x
1'596.8
1'829.0
12.28x
12.67x
170.1
(152.0)
Profitability

LTM-4Q
31.12.2011
12'988.0
1.40x
2'443.0
7.46x
189.0
-

31.12.2012
15'215.0
1.11x
2'445.0
6.90x
(778.0)
2'445.00
1'163.00
7.64%
-1.89%
-3.55%
-8.59%
0.69%
22.1%
17.0%
8.5%
-5.1%
1.58
0.73
37.88%
98.27%
4.28
3.57

LTM

12/yy
12'988.0
6.19x
2'489.0
7.32x
196.0
0.00x

12/yy
15'223.0
4.87x
2'582.0
6.54x
(778.0)
0.00x

FY+1

.0 M
a-13

1.44
678.93
-7.03%
22.68%
1.437
35
4.029
165'840
132'439
125'373
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'460.0
17'926.8
3'913.5
4'002.5
1.09x
0.98x
4.68x
4.56x
3'064.7
3'593.5
688.4
720.5
5.93x
5.06x
5.90x
5.62x
678.0
1'016.4
120.8
138.5
14.29x
9.54x
14.18x
12.45x
S&P Issuer Ratings

Long-Term Rating Date


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

5.03
0.55
3.23
3.34
98.3%
49.5%
0.69
1.95
85.57
102.39
52.89
136.67

Sales/Revenue/Turnover

16'000.0
14'000.0
12'000.0

0.80
0.60

10'000.0
8'000.0
6'000.0

0.40
0.20

4'000.0
2'000.0
0.0

0.00

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

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

11.04.2013

Weatherford International Ltd/Switzerland


Holdings By:

All

Holder Name
WEATHERFORD INTL LTD
INVESCO LTD
ORBIS HOLDINGS LIMIT
CLEARBRIDGE INVESTME
LEGG MASON INC
WENTWORTH HAUSER AND
BLACKROCK
LEGG MASON INC
MANNING & NAPIER ADV
VANGUARD GROUP INC
THRIVENT FINANCIAL F
TRADEWINDS GLOBAL IN
GAMCO
SAC CAPITAL ADVISORS
VAN ECK ASSOCIATES C
CREDIT SUISSE AG
SOUND SHORE MANAGEME
SKAGEN AS
MORGAN STANLEY
STATE STREET

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

Portfolio Name
n/a
INVESCO LTD
ORBIS HOLDINGS LIMIT
CLEARBRIDGE INVESTME
n/a
WENTWORTH HAUSER AND
n/a
Multiple Portfolios
MANNING & NAPIER ADV
VANGUARD GROUP INC
THRIVENT FINANCIAL F
TRADEWINDS GLOBAL IN
n/a
n/a
n/a
CREDIT SUISSE AG
SOUND SHORE MANAGEME
Multiple Portfolios
n/a
n/a

Analyst
SCOTT GRUBER
NIGEL BROWNE
ALAN D LAWS
OLE SLORER
MATTHEW D CONLAN
CHARLES P MINERVINO
BRAD HANDLER
JEFFREY SPITTEL
TREY STOLZ
WILLIAM SANCHEZ
J MARSHALL ADKINS
JAMES D CRANDELL
MICHAEL K LAMOTTE
JUDSON E BAILEY
J DAVID ANDERSON
WAQAR SYED
EDWARD C MUZTAFAGO
JAMES WICKLUND
DANIEL BURKE
ROBERT J MACKENZIE
ANDREA SHARKEY
JAMES C WEST
WILLIAM C CONROY
KURT HALLEAD
LUKE M LEMOINE
STEPHEN D GENGARO
BERND POMREHN
DAVID S HAVENS
BYRON POPE
MICHAEL W URBAN
STEWART GLICKMAN

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

Recommendation
market perform
outperform
underperform
Overwt/Attractive
outperform
neutral
hold
neutral
sector perform
sector perform
outperform
buy
buy
strong buy
overweight
neutral/attractive
hold
neutral
overweight
outperform
buy
overweight
hold
sector perform
add
buy
underperform
outperform
accumulate
buy
buy

Amt Held
73'798'060
70'260'824
59'832'806
43'812'158
41'878'236
29'637'156
24'843'166
20'857'160
20'543'910
16'923'373
12'752'738
11'350'283
11'304'015
9'932'643
9'147'212
7'792'969
7'703'688
7'598'130
7'329'206
7'300'358

% Out
9.65
9.18
7.82
5.73
5.47
3.87
3.25
2.73
2.69
2.21
1.67
1.48
1.48
1.3
1.2
1.02
1.01
0.99
0.96
0.95

Weighting

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

Latest Chg
3'776'223
15'620'630
(4'892)
(791'026)
(177'280)
267'171
572'877
232'600
1'527'444
1'817'833
977'438
4'958'363
(918'957)
(821'294)
489'723

Target Price
14
16
10
17
#N/A N/A
11
11
12
10
13
13
17
16
13
14
14
13
10
#N/A N/A
13
#N/A N/A
17
13
12
15
13
9
12
#N/A N/A
19
12

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

File Dt
Inst Type
23.03.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
12.07.2012
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
14.11.2012 Hedge Fund Manager
10.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
27.03.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
10.04.2013
Investment Advisor

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

Date
10.04.2013
09.04.2013
08.04.2013
08.04.2013
08.04.2013
02.04.2013
01.04.2013
01.04.2013
01.04.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
05.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
04.02.2013
17.01.2013
17.12.2012

11.04.2013

Geberit AG
Geberit AG manufactures and supplies water supply pipes and
fittings, installation systems, drainage and flushing systems such as visible
cisterns, and other sanitary systems for the commercial and residential
construction markets. The Company sells its products in Germany, Italy,
Switzerland, Austria, the Netherlands, France, and Belgium.

Price/Volume
250

1.6 M
200

1.2 M
1.0 M
.8 M

100

Latest Fiscal Year:


LTM as of:
52-Week High (03.04.2013)
52-Week Low (14.06.2012)
Daily Volume
Current Price (4/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
GEBN VX EQUITY YTD Change
GEBN VX EQUITY YTD % CHANGE

12/2012
12/yy
234.04
172.42
33'968.00
224.2
-4.25%
30.03%
80.63%
38.8
8'703.67
14.70
0.0
0.0
423.10
8'295.27

.6 M
.4 M

50

.2 M
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


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

1.4 M

150

Valuation Analysis

31.12.2008
2'179.0
1.95x
649.1
6.56x
466.3
9.50x

1.8 M

31.12.2009
31.12.2010
1'931.0
1'900.0
3.57x
4.23x
611.0
573.7
11.27x
14.01x
397.5
406.8
18.03x
20.95x
Profitability

LTM-4Q
31.12.2011
1'867.6
3.49x
532.0
12.24x
384.0
18.43x

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
1'919.6
3.73x
542.4
13.20x
392.3
19.57x
542.40
462.30
24.08%
23.71%
19.00%
27.52%
0.93%
28.3%
24.1%
20.4%
2.79
1.99
0.73%
1.03%
16.51
-

Price/ Cash Flow

12/yy
1'867.6
14.85x
536.3
12.14x
384.0
18.49x

LTM
12/yy
1'919.6
7.30x
542.4
13.20x
392.3
19.61x

FY+1

.0 M
a-13

0.97
35.40
27.86%
14.66%
0.968
14
2.429
111'158
109'573
103'524
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'277.6
2'390.5
3.61x
3.38x
584.6
627.0
14.18x
13.22x
426.0
456.8
19.72x
18.28x
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

25.05.2010
ASTABLE
91.93
77.36
-0.75
0.03
1.0%
1.0%
0.93
3.70
22.16
-

Sales/Revenue/Turnover

20.00

2'500.0

18.00

2'000.0

16.00
14.00

1'500.0

12.00
10.00

1'000.0

8.00
6.00

500.0

4.00
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Geberit AG
Holdings By:

All

Holder Name
CAPITAL GROUP COMPAN
BARCLAYS PLC
BLACKROCK
CAPITAL GROUP COS
GEBERIT AG
MARATHON ASSET MANAG
CREDIT SUISSE FUND A
VANGUARD GROUP INC
WILLIAM BLAIR & COMP
CREDIT SUISSE ASSET
PICTET & CIE
SUN LIFE FINANCIAL I
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
COLUMBIA WANGER ASSE
MARKETFIELD ASSET MA
VONTOBEL ASSET MANAG
INVESCO LTD
CARMIGNAC GESTION
UNION INVESTMENT GMB

Firm Name
EVA Dimensions
Berenberg Bank
Zuercher Kantonalbank
Bank Vontobel AG
Kepler Capital Markets
Helvea
Main First Bank AG
Goldman Sachs
HSBC
Credit Suisse
Morgan Stanley
Davy
CA Cheuvreux

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

Analyst
CRAIG STERLING
MICHAEL WATTS
MARTIN HUESLER
CHRISTIAN ARNOLD
CHRISTOPH LADNER
PATRICK APPENZELLER
CHRISTIAN KORTH
DANIELA COSTA
TOBIAS LOSKAMP
ANDRE KUKHNIN
ALEJANDRA PEREDA
FLORENCE O'DONOGHUE
OLIVER GIRAKHOU

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

Recommendation
hold
hold
market perform
hold
hold
neutral
underperform
neutral/neutral
overweight
underperform
Underwt/In-Line
underperform
outperform

Amt Held
3'773'401
2'095'110
1'815'774
1'720'160
1'234'508
1'189'345
1'164'630
940'161
709'879
626'098
580'309
520'138
331'822
277'029
265'665
183'003
145'158
109'671
105'775
100'400

% Out
9.72
5.4
4.68
4.43
3.18
3.06
3
2.42
1.83
1.61
1.49
1.34
0.85
0.71
0.68
0.47
0.37
0.28
0.27
0.26

Weighting

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

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

Latest Chg
6'854
(6'120)
11'686
4'743
(10'263)
619
14'044
(216)
(106'309)
(14'995)
183'003
(6'329)
175
8'282
11'700

Target Price
#N/A N/A
210
#N/A N/A
230
230
230
215
235
244
185
194
#N/A N/A
220

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
14.03.2007
Investment Advisor
09.04.2013
Investment Advisor
11.05.2006
Investment Advisor
31.12.2012
Corporation
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
28.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
10.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor

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

Date
25.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
25.02.2013
18.02.2013
29.01.2013
15.01.2013
29.11.2012
09.11.2012
13.03.2012

11.04.2013

Givaudan SA
Givaudan SA manufactures and markets fragrances and flavors from natural and
synthetic ingredients. The Company sells its products to manufacturers of
perfumes, beverages, prepared foods, and consumer goods. Givaudan operates
worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (18.05.2012)
Daily Volume
Current Price (4/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
GIVN VX EQUITY YTD Change
GIVN VX EQUITY YTD % CHANGE

12/2012
12/yy
1'203.00
823.11
7'740.00
1147
-4.74%
39.35%
80.78%
9.2
10'590.92
1'521.00
0.0
0.0
425.00
11'686.92

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

.1 M

1200

.1 M

1000

.1 M

800

.1 M

600

.1 M

400

.0 M

200

.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
4'087.0
2.20x
822.0
10.95x
111.0
53.20x

1400

31.12.2009
31.12.2010
3'959.0
4'239.0
2.31x
2.47x
758.0
866.0
12.04x
12.10x
199.0
340.0
32.97x
26.64x
Profitability

LTM-4Q
31.12.2011
3'915.0
2.44x
755.0
12.63x
252.0
32.30x

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

31.12.2012
4'257.0
2.32x
871.0
11.33x
411.0
21.33x
871.00
608.00
14.28%
12.07%
6.29%
11.46%
8.76%
0.65%
42.2%
20.4%
14.3%
9.7%
2.23
1.28
23.95%
41.33%
5.21
3.14

Price/ Cash Flow

12/yy
3'915.0
0.00x
0.0
0.00x
0.0
0.00x

LTM
12/yy
4'257.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
a-13

0.79
7.27
32.20%
22.80%
0.790
23
3.130
27'893
33'110
30'156
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'453.7
4'660.4
1'117.3
1'127.5
2.59x
2.43x
949.8
1'014.5
12.31x
11.53x
532.1
581.9
19.77x
18.02x
S&P Issuer Ratings

Long-Term Rating Date


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

12.10
9.93
1.26
1.75
41.3%
29.2%
0.65
3.09
70.20
116.39
55.72
130.87

Sales/Revenue/Turnover

25.00

4'500.0
4'000.0

20.00

3'500.0
3'000.0

15.00

2'500.0
2'000.0

10.00

1'500.0
1'000.0

5.00

500.0
0.00
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 |

11.04.2013

Givaudan SA
Holdings By:

All

Holder Name
GATES III WILLIAM HE
NESTLE SA
BLACKROCK
CAPITAL GROUP COMPAN
HARRIS ASSOCIATES LP
SUN LIFE FINANCIAL I
CREDIT SUISSE ASSET
HOFFMANN ANDRE SEREN
VANGUARD GROUP INC
NEW JERSEY DIVISION
UMB BANK N A
UBS FUND MANAGEMENT
SCHRODER INVESTMENT
FMR LLC
CAUSEWAY CAPITAL MAN
PICTET & CIE
SWISSCANTO FONDSLEIT
ARTISAN PARTNERS HOL
HIRTLE CALLAGHAN & C
VONTOBEL ASSET MANAG

Firm Name
AlphaValue
Deutsche Bank
Helvea
Morgan Stanley
HSBC
Exane BNP Paribas
Kepler Capital Markets
Goldman Sachs
EVA Dimensions
Liberum Capital Ltd
Credit Suisse
JPMorgan
CA Cheuvreux
Barclays
Zuercher Kantonalbank
Bank Vontobel AG
Nomura
Main First Bank AG
Berenberg Bank
Davy

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

Analyst
MARTIN SCHNEE
VIRGINIE BOUCHER-FERTE
ANDREAS VON ARX
ERIK SJOGREN
SEBASTIAN SATZ
HEIDI VESTERINEN
CHRISTOPH LADNER
RAKESH PATEL
CRAIG STERLING
ADAM COLLINS
PATRICK JNGLIN
CELINE PANNUTI
CHRISTOPH WIRTZ
GUNTHER ZECHMANN
DANIEL BUERKI
JEAN-PHILIPPE BERTSCHY
JEAN DE WATTEVILLE
BERND POMREHN
JAIDEEP PANDYA
JACK GORMAN

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

Recommendation
reduce
hold
neutral
Equalwt/In-Line
underweight
outperform
buy
Sell/Neutral
hold
buy
neutral
overweight
underperform
equalweight
market perform
hold
neutral
outperform
sell
neutral

Amt Held
950'137
926'130
281'272
211'326
152'660
141'280
118'379
86'929
84'457
80'000
72'247
72'140
46'275
45'751
36'210
34'162
29'341
27'339
26'036
24'772

% Out
10.29
10.03
3.05
2.29
1.65
1.53
1.28
0.94
0.91
0.87
0.78
0.78
0.5
0.5
0.39
0.37
0.32
0.3
0.28
0.27

Weighting

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

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

Latest Chg
9'981
4'960
5'901
(1'708)
3'566
(13'567)
55
(1'747)
8'960
3'845
(6'430)
(17'984)
(40'034)
(3'824)

Target Price
1'116
1'030
1'130
1'150
940
1'160
1'220
1'060
#N/A N/A
1'219
1'050
1'120
965
1'170
#N/A N/A
1'030
1'130
1'200
840
#N/A N/A

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

File Dt
31.12.2011
31.12.2011
09.04.2013
31.12.2012
31.12.2012
28.02.2013
28.02.2013
31.12.2011
31.12.2012
30.06.2012
28.02.2013
28.12.2012
31.12.2012
28.02.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
30.09.2011
30.11.2012

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

Inst Type
n/a
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
11.04.2013
10.04.2013
10.04.2013
28.03.2013
27.03.2013
26.03.2013
08.03.2013
27.02.2013
13.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
21.06.2012

11.04.2013

Julius Baer Group Ltd


Julius Baer Group Ltd. offers private banking services. The bank advises on
wealth management, financial planning and investments, and offers mortgage and
other lending, foreign exchange, securities trading, custody and execution
services.

Price/Volume
45

3.0 M

40

2.5 M

35
30

2.0 M

25

12/2012
01/yy
38.34
29.34
125'801.00
36.5
-4.72%
24.42%
80.12%
223.8
8'169.04
8'190.75
0.0
2.3
15'606.04
-

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

1.0 M

10

.5 M

5
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
2'480.1
356.9
-

1.5 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (06.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 24.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BAER VX EQUITY YTD Change
BAER VX EQUITY YTD % CHANGE

31.12.2009
31.12.2010
1'883.7
2'075.2
388.7
352.0
19.35x
25.61x
Profitability

31.12.2011
2'052.0
257.9
28.93x

31.12.2012
2'028.9
297.4
21.99x
19.37%
19.37%
0.55%
6.48%
2.21%
0.04%
15.4%
14.93%
168.13%
-

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.22
213.52
7.80%
12.90%
1.221
25
3.720
567'606
663'222
710'301
FY+2

12/13 Y
12/14 Y
2'136.7
2'552.6
-1.17x
-1.99x
449.9
592.1
17.42x
13.31x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

168.1%
62.7%
0.04
5.59
-

Sales/Revenue/Turnover

4'500.0
4'000.0

1.00
0.80

3'500.0
3'000.0
2'500.0

0.60

2'000.0
1'500.0

0.40
0.20

1'000.0
500.0
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 |

11.04.2013

Julius Baer Group Ltd


Holdings By:

All

Holder Name
SUN LIFE FINANCIAL I
DAVIS SELECTED ADVIS
BLACKROCK
THORNBURG INVESTMENT
HARRIS ASSOCIATES LP
BANK OF AMERICA CORP
BOFA MERRILL LYNCH
WELLINGTON MANAGEMEN
AXA
VANGUARD GROUP INC
CREDIT SUISSE ASSET
JULIUS BAER GROUP LT
INVESCO LTD
T ROWE PRICE ASSOCIA
UBS FUND MANAGEMENT
HARTFORD INVESTMENT
PICTET & CIE
UNITED SERVICES AUTO
SCHRODER INVESTMENT
CLERICAL MEDICAL INV

Firm Name
AlphaValue
Mediobanca SpA
Natixis
Macquarie
Bank Vontobel AG
Berenberg Bank
Main First Bank AG
Oddo & Cie
CA Cheuvreux
Barclays
EVA Dimensions
Zuercher Kantonalbank
Helvea
Nomura
Morgan Stanley
Credit Suisse
Keefe, Bruyette & Woods
Kepler Capital Markets
S&P Capital IQ
Deutsche Bank
JPMorgan
HSBC
Equita SIM SpA
Goldman Sachs

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

Analyst
DIETER HEIN
GIANLUCA FERRARI
ANTOINE BURGARD
JIA WANG
TERESA NIELSEN
ELENI PAPOULA
KILIAN MAIER
JEAN SASSUS
CHRISTIAN STARK
JEREMY SIGEE
AUSTIN BURKETT
ANDREAS BRUN
TIM DAWSON
JON PEACE
HUBERT LAM
GURJIT KAMBO
ANDREW STIMPSON
DIRK BECKER
FRANK BRADEN
MATT SPICK
KIAN ABOUHOSSEIN
ROBERT MURPHY
MATTEO GHILOTTI
MARTIN LEITGEB

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

Recommendation
add
neutral
buy
outperform
reduce
hold
outperform
buy
select list
equalweight
sell
market perform
neutral
buy
Equalwt/In-Line
outperform
market perform
reduce
strong buy
buy
overweight
neutral
reduce
not rated

Amt Held
21'985'820
18'333'412
12'544'658
11'095'398
8'776'634
8'148'183
7'375'149
6'696'246
6'132'638
3'386'002
2'824'558
2'599'046
2'489'856
2'242'726
2'170'567
1'794'854
1'658'124
1'240'011
1'000'300
871'961

% Out
9.82
8.19
5.61
4.96
3.92
3.64
3.3
2.99
2.74
1.51
1.26
1.16
1.11
1
0.97
0.8
0.74
0.55
0.45
0.39

Weighting

Change

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

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

Latest Chg
19'109
(291'680)
(2'711'160)
(36'537)
(19'677)
278'714
363'424
(4'576)
529'419
47'107
140'522
316'002
-

Target Price
43
40
44
41
26
39
40
44
44
39
#N/A N/A
#N/A N/A
41
39
39
40
39
29
43
43
41
35
31
#N/A N/A

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

File Dt
Inst Type
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
09.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
10.08.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
31.12.2012
Bank
10.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
11.04.2013
25.03.2013
22.03.2013
19.03.2013
13.03.2013
07.03.2013
06.03.2013
27.02.2013
22.02.2013
12.02.2013
12.02.2013
08.02.2013
06.02.2013
05.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
23.01.2013
23.01.2013
04.12.2012
03.10.2012
23.08.2012

11.04.2013

Adecco SA
Adecco SA is a personnel and temporary employment company. The Company supplies
personnel and temporary help, and offers permanent placement services for
professionals and specialists in a range of occupations. Adecco conducts its
placement services internationally.

Price/Volume
60

2.5 M

50

2.0 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (08.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
ADEN VX EQUITY YTD Change
ADEN VX EQUITY YTD % CHANGE

12/2012
12/yy
56.55
36.13
292'667.00
50.9
-9.90%
40.88%
72.82%
189.3
9'633.51
2'077.00
0.0
3.0
1'105.00
8'877.85

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

1.0 M

20

.5 M

10
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
19'965.0
0.24x
992.0
4.84x
495.0
8.51x

1.5 M

30

Valuation Analysis

31.12.2009
31.12.2010
14'797.0
18'656.0
0.46x
0.50x
380.0
809.0
17.88x
11.58x
8.0
423.0
959.73x
22.41x
Profitability

LTM-4Q
31.12.2011
20'545.0
0.31x
939.0
6.82x
519.0
11.89x

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
20'536.0
0.41x
828.0
10.05x
377.0
19.90x
828.00
673.00
3.28%
2.84%
3.98%
10.05%
7.76%
2.17%
17.9%
4.0%
3.3%
1.8%
1.27
1.19
21.60%
56.20%
5.69
-

Price/ Cash Flow

LTM

12/yy
20'545.0
1.57x
962.0
6.66x
519.0
11.89x

12/yy
20'536.0
1.59x
828.0
10.05x
377.0
20.00x

FY+1

.0 M
a-13

1.42
148.55
19.72%
5.95%
1.423
28
3.464
805'446
655'629
593'651
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
20'318.4
21'816.5
4'839.0
5'067.0
0.43x
0.39x
967.6
1'147.1
9.18x
7.75x
538.4
652.9
103.0
128.0
14.12x
11.61x
14.40x
S&P Issuer Ratings

Long-Term Rating Date


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

12.10.2011
BBB
STABLE
12.10.2011
A-2
10.89
9.74
1.17
2.51
56.2%
36.0%
2.17
68.00
64.31
-

Sales/Revenue/Turnover

35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00
15.00

10'000.0

10.00

5'000.0
5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Adecco SA
Holdings By:

All

Holder Name
JACOBS HOLDING
AKILA FINANCE SA
FRANKLIN RESOURCES
HARRIS ASSOCIATES LP
ARTISAN PARTNERS HOL
ADECCO SA
SUN LIFE FINANCIAL I
TIAA CREF INVESTMENT
MANNING & NAPIER ADV
VANGUARD GROUP INC
CREDIT SUISSE ASSET
FMR LLC
UBS FUND MANAGEMENT
PICTET & CIE
BLACKROCK
MFS FINANCIAL SERVIC
SEB
LITMAN/GREGORY FUND
AMERICAN CENTURY COM
THRIVENT FINANCIAL F

Firm Name

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

Analyst

Bryan Garnier & Cie


BRUNO DE LA ROCHEBROCHARD
AlphaValue
HEINZ STEFFEN
RBC Capital Markets
ANDREW BROOKE
Credit Suisse
ANDY GROBLER
Jefferies
KEAN MARDEN
Helvea
CHRISTIAN BURGER
EVA Dimensions
CRAIG STERLING
Rabobank International
DAVID TAILLEUR
S&P Capital IQ
CLIVE ROBERTS
Zuercher Kantonalbank
MARCO STRITTMATTER
Goldman Sachs
CHARLES WILSON
Exane BNP Paribas
LAURENT BRUNELLE
Kepler Capital Markets
MATTHIJS VAN LEIJENHORST
Berenberg Bank
KONRAD ZOMER
Bank Vontobel AG
MICHAEL FOETH
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Barclays
PAUL D A SULLIVAN
JPMorgan
ROBERT PLANT
ABN Amro Bank N.V.
TEUN TEEUWISSE
Day by Day
VALERIE GASTALDY
Natixis
OLIVIER LEBRUN
Deutsche Bank
THOMAS SYKES
Espirito Santo Investment Bank Research
GUY HEWETT
HSBC
MATTHEW LLOYD

Source
Co File
Co File
ULT-AGG
MF-AGG
EXCH
RNS-MAJ
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
sell
add
top pick
neutral
hold
neutral
hold
hold
sell
market perform
neutral/neutral
outperform
buy
buy
buy
outperform
equalweight
neutral
buy
hold
buy
buy
sell
overweight

Amt Held
34'824'485
10'163'580
7'950'134
7'100'800
6'284'378
5'808'211
5'694'349
2'555'669
2'236'720
1'802'324
1'712'980
1'479'327
1'359'579
1'076'663
1'052'400
456'467
445'090
428'200
420'541
387'400

% Out
18.4
5.37
4.2
3.75
3.32
3.07
3.01
1.35
1.18
0.95
0.91
0.78
0.72
0.57
0.56
0.24
0.24
0.23
0.22
0.2

Weighting

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

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

Latest Chg
(293'751)
(115'200)
689'034
19'900
366'925
678'600
31'328
(24'296)
(1'205)
(9'636)
(12'826)
(7'001)
75'100
(37'800)
150'065
(11'150)

Target Price
52
56
65
55
58
57
#N/A N/A
55
49
#N/A N/A
55
62
60
62
60
70
59
51
58
#N/A N/A
58
59
39
60

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

File Dt
Inst Type
31.12.2012
Private Equity
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
12.03.2013
Investment Advisor
13.03.2013
Corporation
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
28.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
09.04.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

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

Date
11.04.2013
11.04.2013
09.04.2013
09.04.2013
09.04.2013
08.04.2013
02.04.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
20.02.2013
07.02.2013
01.02.2013
18.10.2012
11.09.2012

11.04.2013

Schindler Holding AG
Schindler Holding AG manufactures and installs elevators, escalators, and moving
walkways internationally. The Company's products are used in airports, subway
stations, railroad terminals, shopping centers, cruise ships, hotels, and office
buildings. Schindler also offers maintenance services.

Price/Volume
160

.6 M

140

.5 M

120
.4 M

100
80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (27.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SCHP VX EQUITY YTD Change
SCHP VX EQUITY YTD % CHANGE

12/2012
12/yy
146.90
102.60
42'328.00
136.7
-6.88%
33.24%
73.36%
46.9
16'033.49
754.00
0.0
33.0
2'626.00
14'194.49

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

.2 M

40
.1 M

20
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
14'027.0
0.34x
1'018.0
4.70x
615.0
9.34x

.3 M

60

31.12.2009
31.12.2010
8'281.0
8'187.0
0.95x
1.35x
996.0
1'089.0
7.86x
10.16x
625.0
677.0
15.44x
20.11x
Profitability

LTM-4Q
31.12.2011
7'854.0
1.39x
933.0
11.68x
576.0
23.83x

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

31.12.2012
8'258.0
1.63x
1'104.0
12.16x
702.0
21.78x
1'104.00
985.00
11.93%
11.90%
9.12%
26.00%
1.07%
13.4%
12.0%
8.5%
1.55
1.22
9.64%
27.12%
5.86
-

Price/ Cash Flow

LTM

09/yy
5'699.0
0.00x
0.0
0.00x
679.0
17.74x

12/yy
8'258.0
0.00x
0.0
0.00x
730.0
22.26x

FY+1

.0 M
a-13

0.89
46.88
28.93%
5.20%
0.887
10
3.600
125'936
124'931
102'307
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'770.8
9'278.8
2'012.5
1.57x
1.44x
1'211.4
1'310.2
11.72x
10.83x
771.1
841.7
167.5
20.70x
19.03x
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

25.67
22.60
-1.69
0.68
27.1%
21.1%
1.07
16.43
62.49
-

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 |

11.04.2013

Schindler Holding AG
Holdings By:

All

Holder Name
FMR LLC
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
SUN LIFE FINANCIAL I
UBS FUND MANAGEMENT
PICTET & CIE
BLACKROCK
ROYAL BANK OF CANADA
VANGUARD GROUP INC
WINTERGREEN ADVISERS
BNP PARIBAS INV PART
SWISSCANTO FONDSLEIT
VONTOBEL ASSET MANAG
GAM INTERNATIONAL MA
ABERDEEN
INTERNATIONAL VALUE
MIRABAUD & CIE
NATCAN INVESTMENT MA
DEUTSCHE BANK AG
LOMBARD ODIER DARIER

Firm Name

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

Analyst

Helvea
VOLKAN GOCMEN
Goldman Sachs
AARON IBBOTSON
Zuercher Kantonalbank
MARTIN HUESLER
Canaccord Genuity Corp
JAMES STETTLER
Espirito Santo Investment Bank Research
ROB VIRDEE
Main First Bank AG
TOBIAS FAHRENHOLZ
Credit Suisse
ANDRE KUKHNIN
Bank Vontobel AG
SERGE ROTZER
Kepler Capital Markets
CHRISTOPH LADNER
Exane BNP Paribas
ALEXIS DENAUD
EVA Dimensions
TEAM COVERAGE

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

Recommendation
buy
neutral/neutral
market perform
buy
sell
outperform
outperform
hold
hold
outperform
underweight

Amt Held
1'961'212
1'675'337
1'285'046
1'268'399
634'645
594'244
589'716
541'264
526'259
522'668
515'300
472'159
268'240
213'841
203'900
168'524
164'000
152'994
123'135
119'716

% Out
4.18
3.57
2.74
2.7
1.35
1.27
1.26
1.15
1.12
1.11
1.1
1.01
0.57
0.46
0.43
0.36
0.35
0.33
0.26
0.26

Weighting

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

M
M
M
M
M
M
M
M
M
M
D

Latest Chg
(16'760)
(717'221)
7'956
43'334
(3'520)
12'818
16'285
(3'200)
14'704
(175'269)
(285'909)
(18'200)
9'368
(644)
43'000
(6'537)
(4'463)
-

Target Price
170
148
#N/A N/A
160
115
155
155
140
140
124
#N/A N/A

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

File Dt
28.02.2013
31.12.2012
28.02.2013
28.02.2013
28.12.2012
31.01.2013
09.04.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
30.11.2012
28.02.2013
28.03.2013
31.12.2012
31.12.2012
28.02.2013
28.02.2013
28.02.2013

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

Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Bank
Investment Advisor
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
10.04.2013
02.04.2013
28.03.2013
28.03.2013
08.03.2013
25.02.2013
20.02.2013
20.02.2013
20.02.2013
05.04.2012
05.03.2012

11.04.2013

Kuehne + Nagel International AG


Kuehne + Nagel International AG transports freight worldwide. The Company
operates sea, land, and rail freight transportation businesses and warehousing
and distribution facilities. Kuehne + Nagel also provides related special
services.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.04.2012)
52-Week Low (27.06.2012)
Daily Volume
Current Price (4/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
KNIN VX EQUITY YTD Change
KNIN VX EQUITY YTD % CHANGE

12/2012
12/yy
122.20
93.10
93'863.00
106.5
-13.01%
14.39%
43.64%
120.0
12'780.00
68.00
0.0
29.0
1'083.00
11'794.00

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

.7 M

120

.6 M

100

.5 M

80

.4 M

60

.3 M

40

.2 M

20

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
17'992.0
0.39x
1'038.0
6.80x
585.0
13.62x

140

31.12.2009
31.12.2010
14'336.0
16'858.0
0.77x
0.85x
905.0
1'038.0
12.26x
13.75x
467.0
601.0
25.44x
25.69x
Profitability

LTM-4Q
31.12.2011
16'218.0
0.73x
994.0
11.92x
601.0
20.93x

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
17'120.0
0.71x
885.0
13.77x
485.0
27.09x
885.00
665.00
3.88%
3.77%
7.81%
20.30%
2.76%
35.6%
5.2%
3.9%
2.8%
1.26
1.08
1.08%
2.84%
7.28
26.42

Price/ Cash Flow

LTM

12/yy
16'218.0
3.23x
978.0
12.11x
601.0
20.85x

12/yy
17'120.0
2.86x
885.0
13.77x
485.0
27.09x

FY+1

.0 M
a-13

0.98
55.01
-6.95%
-3.18%
0.978
29
3.034
185'845
196'357
177'884
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'829.6
18'925.7
4'572.7
4'455.0
0.66x
0.61x
2.53x
2.67x
999.7
1'102.3
227.3
242.5
11.85x
10.74x
12.14x
621.8
706.0
137.4
152.0
20.35x
18.06x
20.54x
S&P Issuer Ratings

Long-Term Rating Date


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

177.00
144.40
-1.15
0.08
2.8%
2.7%
2.76
15.02
50.30
13.86
44.51
19.72

Sales/Revenue/Turnover

30.00

20'000.0
18'000.0

25.00

16'000.0
14'000.0

20.00

12'000.0

15.00

10'000.0
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 |

11.04.2013

Kuehne + Nagel International AG


Holdings By:

All

Holder Name
KUEHNE KLAUS-MICHAEL
HARRIS ASSOCIATES LP
DAVIS SELECTED ADVIS
SUN LIFE FINANCIAL I
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
KUEHNE & NAGEL INTL
T ROWE PRICE ASSOCIA
PICTET & CIE
SWISSCANTO FONDSLEIT
FMR LLC
UBS FUND MANAGEMENT
VANGUARD GROUP INC
FIRST EAGLE INVESTME
BLACKROCK
SANFORD C BERNSTEIN
DANSKE INVEST MANAGE
THREADNEEDLE INVESTM
DANSKE INVEST A/S
NEW JERSEY DIVISION

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

Firm Name

Analyst

Nomura
Commerzbank Corporates & Markets
CA Cheuvreux
Berenberg Bank
Helvea
Deutsche Bank
Credit Suisse
RBC Capital Markets
Thompson, Davis & Company
Cantor Fitzgerald
Bankhaus Metzler
Main First Bank AG
Goldman Sachs
EVA Dimensions
HSBC
AlphaValue
Macquarie
Zuercher Kantonalbank
Stifel
Bank Vontobel AG
Kepler Capital Markets
Liberum Capital Ltd
JPMorgan
Davy
Equita SIM SpA
Barclays
Morgan Stanley

MARK MCVICAR
FRANK SKODZIK
BEAT KEISER
WILLIAM FOGGON
CHRISTIAN BURGER
JOSE FRANCISCO RUIZ SOLERA
NEIL GLYNN
DAMIAN BREWER
DAVID P CAMPBELL
ROBIN BYDE
GUIDO HOYMANN
TOBIAS SITTIG
OLIVER NEAL
CRAIG STERLING
JULIA WINARSO
HEINZ STEFFEN
ROBERT JOYNSON
MARCO STRITTMATTER
DAVID G ROSS
MICHAEL FOETH
BETTINA EDMONDSTON
PETER HYDE
CHRISTOPHER G COMBE
STEPHEN FURLONG
GIANMARCO BONACINA
DAVID E FINTZEN
PENNY BUTCHER

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

Recommendation
neutral
buy
outperform
buy
neutral
hold
underperform
sector perform
buy
sell
buy
outperform
neutral/neutral
underweight
underweight
buy
outperform
outperform
hold
hold
hold
hold
neutral
underperform
reduce
underweight
Underwt/In-Line

Amt Held
63'900'000
3'664'427
2'816'693
1'773'054
1'647'050
1'269'090
877'480
800'153
777'930
621'962
586'104
547'078
542'536
526'255
401'388
352'378
351'717
250'960
220'209
200'000

% Out
53.25
3.05
2.35
1.48
1.37
1.06
0.73
0.67
0.65
0.52
0.49
0.46
0.45
0.44
0.33
0.29
0.29
0.21
0.18
0.17

Weighting

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

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

Latest Chg
(120'080)
115'062
11'117
42'469
88'972
(391'615)
(1'134'878)
(12'826)
18'094
(46'025)
(129'942)
71'060
(744)
75'344

Target Price
115
125
118
123
112
106
102
110
178
95
134
115
119
#N/A N/A
87
128
120
#N/A N/A
#N/A N/A
110
105
#N/A N/A
119
#N/A N/A
103
105
100

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

File Dt
31.12.2010
21.06.2012
31.01.2013
28.02.2013
31.12.2012
28.02.2013
31.12.2010
31.12.2012
31.01.2013
31.01.2013
28.02.2013
28.12.2012
31.12.2012
30.09.2012
09.04.2013
30.11.2012
31.12.2012
31.12.2012
28.02.2013
30.06.2012

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

Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)

Date
11.04.2013
10.04.2013
10.04.2013
10.04.2013
10.04.2013
09.04.2013
09.04.2013
08.04.2013
08.04.2013
03.04.2013
03.04.2013
19.03.2013
15.03.2013
15.03.2013
11.03.2013
07.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
25.01.2013
22.01.2013
09.01.2013
03.12.2012

11.04.2013

Actelion Ltd
Actelion Ltd. is a pharmaceutical company that develops and markets synthetic
small-molecule drugs against diseases related to the endothelium. The Company's
drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary
conditions.

Price/Volume
60

4.5 M
4.0 M

50

3.5 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2013)
52-Week Low (23.04.2012)
Daily Volume
Current Price (4/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
ATLN VX EQUITY YTD Change
ATLN VX EQUITY YTD % CHANGE

12/2012
12/yy
53.00
31.24
268'493.00
52.6
-0.85%
68.36%
98.08%
126.8
6'668.26
235.43
0.0
0.0
1'123.02
5'780.67

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

2.5 M
2.0 M

20

1.5 M
1.0 M

10
0
a-12

.5 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
1'428.9
4.58x
414.2
15.80x
306.1
22.93x

3.0 M

30

31.12.2009
31.12.2010
1'698.0
1'826.3
3.32x
2.80x
403.4
536.1
13.98x
9.53x
311.3
390.6
21.07x
15.61x
Profitability

LTM-4Q
31.12.2011
1'713.0
1.56x
435.6
6.14x
(146.3)
-

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

31.12.2012
1'722.1
2.34x
503.4
8.00x
303.2
16.68x
503.36
421.47
24.47%
20.82%
11.18%
20.02%
17.85%
0.63%
88.6%
29.2%
24.5%
17.6%
3.54
3.34
8.74%
15.50%
3.63
3.27

Price/ Cash Flow

12/yy
1'713.0
9.02x
435.6
6.14x
(146.3)
0.00x

LTM
12/yy
1'722.1
9.55x
503.4
8.00x
303.2
16.68x

FY+1

.0 M
a-13

1.18
104.42
63.75%
20.84%
1.179
21
4.190
307'671
386'012
401'433
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'701.7
1'760.0
402.6
429.7
3.42x
3.14x
14.26x
13.14x
509.8
556.3
108.6
147.5
11.36x
10.41x
11.84x
353.3
397.1
80.4
110.5
16.04x
14.10x
16.74x
S&P Issuer Ratings

Long-Term Rating Date


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

6.02
5.56
-1.76
0.47
15.5%
13.4%
0.63
4.16
100.89
112.08
186.73
26.24

Sales/Revenue/Turnover

25.00

2'000.0
1'800.0
1'600.0

20.00

1'400.0
15.00

1'200.0

10.00

1'000.0
800.0
600.0
400.0

5.00

200.0
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Actelion Ltd
Holdings By:

All

Holder Name
ACTELION LTD
ORBIS INVESTMENT MAN
CLOZEL JEAN-PAUL
TRIDENT MERGER
BLACKROCK
MAAG RUDOLF
BB BIOTECH AG
LAZARD ASSET MANAGEM
CREDIT SUISSE ASSET
VANGUARD GROUP INC
PICTET & CIE
UBS FUND MANAGEMENT
ALLIANCE BERNSTEIN
FMR LLC
CAWTHORN ROBERT E
SANFORD C BERNSTEIN
LAZARD GLOBAL ACTIVE
EATON VANCE MANAGEME
LOMBARD ODIER DARIER
FROSTROW CAPITAL LLP

Firm Name
Deutsche Bank
Bank Vontobel AG
Helvea
AlphaValue
Exane BNP Paribas
Bryan Garnier & Cie
JPMorgan
Jefferies
Kepler Capital Markets
Barclays
S&P Capital IQ
Credit Suisse
Zuercher Kantonalbank
Berenberg Bank
Nomura Code Securities
Goldman Sachs
EVA Dimensions
Redburn Partners
Matrix

Portfolio Name
#N/A N/A
#N/A N/A
n/a
n/a
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
RICHARD J PARKES
ANDREW C WEISS
OLAV ZILIAN
FABRICE FARIGOULE
NICOLAS GUYON-GELLIN
ERIC LE BERRIGAUD
JAMES D GORDON
PETER WELFORD
FABIAN WENNER
MICHAEL LEUCHTEN
JACOB THRANE
RAVI MEHROTRA
SIBYLLE BISCHOFBERGER FRICK
ADRIAN HOWD
SAMIR DEVANI
KEYUR PAREKH
ANDREW S ZAMFOTIS
TEAM COVERAGE
ANNIE J CHENG

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

Recommendation
buy
buy
buy
add
neutral
buy
neutral
buy
buy
equalweight
buy
outperform
market perform
buy
buy
neutral/neutral
overweight
neutral
buy

Amt Held
12'677'300
6'338'650
5'262'883
4'083'119
3'815'481
3'803'190
3'803'190
3'803'190
1'926'213
1'280'249
1'170'222
1'039'111
933'336
541'177
507'552
497'770
448'169
419'119
387'938
347'200

% Out
10
5
4.15
3.22
3.01
3
3
3
1.52
1.01
0.92
0.82
0.74
0.43
0.4
0.39
0.35
0.33
0.31
0.27

Weighting

Change
5
5
5
4
3
5
3
5
5
3
5
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
N
M

Latest Chg
86'667
(48'199)
23'390
(13'174)
(15'882)
28'253
329'422
181'433
(61'407)
(107'546)
-

Target Price
60
69
72
57
50
57
52
56
53
47
53
50
#N/A N/A
57
55
44
#N/A N/A
#N/A N/A
54

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

File Dt
Inst Type
31.12.2012
Other
31.12.2012
Investment Advisor
31.12.2012
n/a
02.05.2012
Other
09.04.2013
Investment Advisor
31.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Unclassified
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
28.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
04.05.2012
n/a
30.11.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013 Mutual Fund Manager
30.11.2012
Unclassified

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

Date
10.04.2013
10.04.2013
10.04.2013
04.04.2013
02.04.2013
26.03.2013
22.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
28.01.2013
15.01.2013
18.04.2012
30.08.2011

11.04.2013

Sonova Holding AG
Sonova Holding AG provides hearing healthcare solutions. The Company develops
and manufactures hearing systems, such as wireless communication systems for
audio applications and cochlear implant systems. Sonova also provides solutions
for hearing protection.

Price/Volume
140
120
100
80

Valuation Analysis

60

Latest Fiscal Year:


LTM as of:
52-Week High (02.04.2013)
52-Week Low (22.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SOON VX EQUITY YTD Change
SOON VX EQUITY YTD % CHANGE

03/2012
01/yy
117.50
82.23
43'442.00
112
-4.68%
36.21%
82.71%
66.8
7'480.71
257.81
0.0
1.8
198.74
7'528.40

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

20
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


31.03.2008
1'204.8
4.75x
364.3
15.72x
274.5
22.29x

40

31.03.2009
31.03.2010
1'249.2
1'500.3
3.42x
5.84x
366.0
459.6
11.68x
19.05x
284.8
217.2
15.82x
39.46x
Profitability

31.03.2011
1'616.7
3.43x
373.7
14.82x
231.0
23.39x

31.03.2012
1'619.8
4.16x
366.1
18.39x
246.8
27.04x

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

366.11
287.80
17.77%
17.40%
13.13%
20.35%
0.78%
68.3%
24.1%
19.6%
15.2%
1.80
1.26
11.27%
17.49%
5.33
3.27

Price/ Cash Flow

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

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.84
48.19
14.01%
10.45%
0.838
23
3.304
166'433
161'044
137'775
FY+2

03/13 Y
03/14 Y
1'829.7
1'979.9
4.04x
3.64x
458.2
516.6
16.44x
14.59x
326.6
373.3
22.55x
19.83x
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

FQ+1

FQ+2

61.25
47.78
0.11
0.60
17.5%
14.9%
0.78
7.19
68.63
112.06
35.37
145.63

Sales/Revenue/Turnover

30.00

1'800.0
1'600.0

25.00

1'400.0
1'200.0

20.00

1'000.0
15.00

800.0
600.0

10.00

400.0
5.00
0.00
03.04.2009

200.0
0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

11.04.2013

Sonova Holding AG
Holdings By:

All

Holder Name
SUN LIFE FINANCIAL I
DIETHELM BEDA
RIHS ANDREAS E
RIHS HANS-UELI
CAPITAL GROUP COMPAN
BLACKROCK
AKO CAPITAL LLP
HARDING LOEVNER LP
CREDIT SUISSE FUND A
CREDIT SUISSE ASSET
T ROWE PRICE ASSOCIA
MACKENZIE FINANCIAL
OPPENHEIMERFUNDS INC
PICTET & CIE
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
VANGUARD GROUP INC
VONTOBEL ASSET MANAG
UNITED SERVICES AUTO
MFS FINANCIAL SERVIC

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Firm Name

Analyst

AlphaValue
Morgan Stanley
Bank Vontobel AG
Kepler Capital Markets
Exane BNP Paribas
HSBC
Credit Suisse
JPMorgan
Sanford C. Bernstein & Co
Main First Bank AG
Helvea
Barclays
Commerzbank Corporates & Markets
Goldman Sachs
EVA Dimensions
Deutsche Bank
Zuercher Kantonalbank
CA Cheuvreux
Jefferies
SEB Enskilda

FABRICE FARIGOULE
MICHAEL K JUNGLING
CARLA BAENZIGER
MAJA PATAKI
ROMAIN ZANA
HENDRIK LOFRUTHE
CHRISTOPH GRETLER
DAVID J ADLINGTON
LISA BEDELL CLIVE
STEPHAN VOLLERT
SIMON GOETSCHMANN
SALLY TAYLOR
OLIVER METZGER
VERONIKA DUBAJOVA
ANDREW S ZAMFOTIS
YI-DAN WANG
SIBYLLE BISCHOFBERGER FRICK
DANIEL JELOVCAN
INGEBORG OIE
NIELS GRANHOLM-LETH

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

Recommendation
reduce
Overwt/Attractive
buy
hold
underperform
neutral
outperform
overweight
underperform
underperform
neutral
equalweight
buy
neutral/neutral
underweight
hold
market perform
select list
hold
not rated

Amt Held
6'660'408
6'638'137
5'604'598
4'217'013
3'356'316
2'044'661
2'031'623
2'010'767
2'003'084
1'314'029
1'267'354
1'260'086
732'881
702'027
685'816
653'016
503'352
279'170
213'287
208'318

% Out
9.97
9.94
8.39
6.31
5.03
3.06
3.04
3.01
3
1.97
1.9
1.89
1.1
1.05
1.03
0.98
0.75
0.42
0.32
0.31

Weighting

Change

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

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

Latest Chg
(15'631)
85'401
28'323
143'626
(20'200)
27'330
223'961
(36'170)
(400'283)
21'785
(34'220)
4'217
-

Target Price
116
115
130
120
88
120
132
109
98
108
90
109
140
111
#N/A N/A
92
#N/A N/A
123
85
#N/A N/A

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

File Dt
Inst Type
28.02.2013
Investment Advisor
31.03.2012
n/a
31.03.2012
n/a
31.03.2012
n/a
31.12.2012
Investment Advisor
09.04.2013
Investment Advisor
05.02.2013
Investment Advisor
01.06.2012
Investment Advisor
04.04.2013
Investment Advisor
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
28.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
30.11.2012
Investment Advisor
28.02.2013
Investment Advisor

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

Date
11.04.2013
10.04.2013
10.04.2013
10.04.2013
10.04.2013
08.04.2013
05.04.2013
05.04.2013
02.04.2013
02.04.2013
18.03.2013
05.03.2013
04.03.2013
30.01.2013
17.01.2013
08.01.2013
15.11.2012
15.11.2012
30.07.2012
22.10.2010

11.04.2013

Aryzta AG
Aryzta AG produces and retails specialty bakery products. The Company produces
French breads, pastries, continental breads, confections, artisan breads,
homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and
sweet baked goods. Aryzta operates in North America, South America, Europe,
South East Asia, Australia and New Zealand.

Price/Volume

.6 M
.5 M
.4 M

30

Latest Fiscal Year:


LTM as of:
52-Week High (03.04.2013)
52-Week Low (11.04.2012)
Daily Volume
Current Price (4/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
ARYN SE EQUITY YTD Change
ARYN SE EQUITY YTD % CHANGE

07/2012
01/yy
56.95
41.21
46'035.00
56.05
-1.40%
36.01%
93.96%
91.8
5'145.98
1'591.57
0.0
86.2
547.47
5'362.77

.3 M

20

.2 M

10
0
a-12

.1 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


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

.7 M

50
40

Valuation Analysis

31.07.2008
2'660.9
232.4
129.8
-

60

31.07.2009
31.07.2010
3'212.3
3'009.7
0.83x
1.31x
342.7
340.5
7.74x
11.62x
54.0
151.7
35.77x
16.43x
Profitability

LTM-4Q
31.07.2011
3'876.9
1.10x
485.1
8.80x
212.7
14.81x

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

31.07.2012
4'207.7
1.11x
540.0
8.68x
146.3
26.80x
540.04
337.87
8.03%
4.45%
2.58%
5.87%
0.83%
28.1%
12.6%
7.9%
3.5%
1.11
0.88
28.64%
65.68%
11.15
9.34

Price/ Cash Flow

01/yy
3'894.1
0.00x
0.0
0.00x
0.0
0.00x

LTM
01/yy
4'364.2
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
a-13

0.90
86.71
34.57%
21.07%
0.901
13
4.154
164'922
225'741
213'383
FY+2

FQ+1

FQ+2

07/13 Y
07/14 Y
04/13 Q3 07/13 Q4
4'471.9
4'766.1
1'252.5
1'192.0
1.23x
1.10x
563.2
628.4
9.56x
8.56x
314.3
330.1
12.58x
11.28x
S&P Issuer Ratings

Long-Term Rating Date


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

1.93
2.89
65.7%
38.8%
0.83
4.36
32.83
39.17
88.32
-30.71

Sales/Revenue/Turnover

14.00

4'500.0

12.00

4'000.0
3'500.0

10.00

3'000.0

8.00

2'500.0

6.00

2'000.0
1'500.0

4.00

1'000.0

2.00
0.00
31.07.2009

500.0
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 |

11.04.2013

Aryzta AG
Holdings By:

All

Holder Name
FMR LLC
BLACKROCK
ARYZTA AG
ARI LTIP TRUSTEE LTD
INVESCO LTD
MASSACHUSETTS MUTUAL
OPPENHEIMERFUNDS INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
ODDO ASSET MANAGEMEN
SWISSCANTO FONDSLEIT
ROYAL BANK OF CANADA
PICTET & CIE
VANGUARD GROUP INC
KILLIAN OWEN
DWS INVESTMENT S A
INVESTEC ASSET MANAG
ALLIANZ ASSET MANAGE
TRIMARK INVESTMENT M
CI INVESTMENTS INC

Firm Name
EVA Dimensions
Goodbody Stockbrokers Ltd
Helvea
Credit Suisse
Goldman Sachs
Zuercher Kantonalbank
Main First Bank AG
Bank Vontobel AG
Kepler Capital Markets
Societe Generale
Davy
CA Cheuvreux

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

Analyst
AUSTIN BURKETT
LIAM IGOE
ANDREAS VON ARX
PATRICK JNGLIN
FULVIO CAZZOL
PATRIK SCHWENDIMANN
ALAIN-SEBASTIAN OBERHUBER
JEAN-PHILIPPE BERTSCHY
JON COX
ALEX SLOANE
JOHN O'REILLY
CHRISTOPH WIRTZ

Source
ULT-AGG
ULT-AGG
EXCH
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
RNS-DIR
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
overweight
buy
accumulate
outperform
Buy/Neutral
market perform
outperform
hold
buy
hold
outperform
underperform

Amt Held
5'111'659
3'828'063
3'772'859
3'772'859
2'733'026
2'683'776
2'457'817
2'383'314
1'775'797
1'246'090
1'171'420
1'150'144
976'543
907'460
823'731
800'438
720'759
544'462
542'568
520'000

% Out
5.57
4.17
4.11
4.11
2.98
2.92
2.68
2.6
1.93
1.36
1.28
1.25
1.06
0.99
0.9
0.87
0.79
0.59
0.59
0.57

Weighting

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

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

Latest Chg
(35'960)
(5'627)
(25'844)
(126'845)
86'497
38'355
(16'350)
(776'021)
(154'342)
(12'644)
38'556
1'942
23'126
(90'149)
(1'635'845)
(15'000)

Target Price
#N/A N/A
61
68
60
65
#N/A N/A
65
54
60
57
#N/A N/A
48

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

File Dt
05.04.2013
09.04.2013
21.11.2011
31.07.2012
20.11.2012
21.02.2013
28.02.2013
28.02.2013
28.12.2012
30.09.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2012
26.09.2011
28.02.2013
31.01.2013
31.03.2013
31.12.2012
31.12.2012

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

Inst Type
Investment Advisor
Investment Advisor
Corporation
Other
Investment Advisor
Insurance Company
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Bank
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor

Date
05.04.2013
04.04.2013
03.04.2013
13.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
11.03.2013
08.03.2013
31.10.2012
26.09.2012

11.04.2013

Swatch Group AG/The


Swatch Group AG manufactures watches, watch components, jewelry, miniature
batteries, LCD displays, and scoreboards. The Company produces watches under
various branded names. Swatch also operates retail boutiques.

Price/Volume
120

.7 M

100

.6 M
.5 M

80

Latest Fiscal Year:


LTM as of:
52-Week High (03.04.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
UHRN SE EQUITY YTD Change
UHRN SE EQUITY YTD % CHANGE

12/2011
01/yy
98.40
59.90
31'061.00
93.55
-4.78%
56.18%
83.64%
124.0
28'258.01
135.00
0.0
19.0
1'967.00
26'445.01

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

.3 M

40

.2 M

20

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
5'677.0
1.29x
1'421.0
5.17x
834.0
9.25x

.4 M

60

Valuation Analysis

31.12.2009
31.12.2010
5'142.0
6'108.0
2.54x
3.33x
1'123.0
1'658.0
11.63x
12.26x
759.0
1'074.0
18.10x
20.56x
Profitability

31.12.2011
6'764.0
2.50x
1'843.0
9.17x
1'269.0
14.96x

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

31.12.2012
7'796.0
2.96x
2'245.0
10.29x
1'600.0
15.56x
2'245.00
1'984.00
25.45%
25.87%
15.22%
18.41%
18.26%
0.74%
28.8%
25.4%
20.5%
6.50
2.51
1.20%
1.45%
7.98
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

7.22
1.17
51.20
31.80%
18.79%
1.168
2
5.000
128'233
137'366
178'943
FY+2

12/13 Y
12/14 Y
8'930.0
9'680.0
2.98x
2.65x
2'555.0
2'785.0
10.35x
9.50x
1'809.0
1'990.0
13.96x
12.69x
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

.0 M
a-13

FQ+1

FQ+2

748.33
602.33
-0.82
0.06
1.4%
1.4%
0.74
4.39
45.87
-

Sales/Revenue/Turnover

7.00

9'000.0

6.00

8'000.0
7'000.0

5.00

6'000.0

4.00

5'000.0

3.00

4'000.0
3'000.0

2.00

2'000.0

1.00
0.00
01.01.2010

1'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Swatch Group AG/The


Holdings By:

All

Holder Name
HAYEK SR NICOLAS G
GRETHER ESTHER
SWATCH GROUP AG
CREDIT SUISSE ASSET
CAPITAL GROUP COMPAN
SWISSCANTO FONDSLEIT
PICTET & CIE
UBS FUND MANAGEMENT
BNP PARIBAS INV PART
BLACKROCK
VANGUARD GROUP INC
LOMBARD ODIER DARIER
TIAA CREF INVESTMENT
WINTERGREEN ADVISERS
AMERIPRISE FINANCIAL
IST FUND MANAGERS
FMR LLC
MIRABAUD & CIE
JULIUS BAER MULTICOO
JULIUS BAER ASSET MA

Firm Name
Bank Vontobel AG
Zuercher Kantonalbank

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

Analyst
RENE WEBER
PATRIK SCHWENDIMANN

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

Recommendation
buy
outperform

Amt Held
55'704'144
10'963'000
5'487'745
1'494'864
918'909
768'574
705'214
666'062
512'237
511'957
453'081
324'133
299'366
288'249
256'001
207'516
191'515
190'000
178'939
137'557

% Out
44.91
8.84
4.42
1.21
0.74
0.62
0.57
0.54
0.41
0.41
0.37
0.26
0.24
0.23
0.21
0.17
0.15
0.15
0.14
0.11

Weighting

Change
5
5

M
U

Latest Chg
6'289
(478'484)
(482'383)
35'315
5'936
10'967
42'679
21'825
1'445
(7'431)
(469)
(935)
12'462
47'138
(5'154)
(1'093)

Target Price
120
#N/A N/A

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

File Dt
31.12.2011
31.12.2011
31.12.2011
28.02.2013
31.12.2012
31.01.2013
31.01.2013
28.12.2012
31.01.2013
09.04.2013
31.12.2012
28.02.2013
31.01.2013
31.12.2012
31.01.2013
28.02.2013
28.02.2013
31.12.2012
28.12.2012
31.01.2013

Date
Not Provided
Not Provided

Inst Type
n/a
n/a
Corporation
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager

Date
07.03.2013
13.09.2012

11.04.2013

Sika AG
Sika AG manufactures construction materials and offers related services. The
Company produces concrete and mixtures, mortar, sealants and adhesives, tooling
resins, anti-static industrial flooring, acoustic materials for automobiles,
and waterproof membranes. Sika also offers specialized contracting services.

Price/Volume
2500

.0 M
.0 M

2000

.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (4/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
SIK VX EQUITY YTD Change
SIK VX EQUITY YTD % CHANGE

12/2012
09/yy
2'403.00
1'704.00
2'423.00
2203
-8.24%
29.28%
70.24%
2.2
5'660.97
1'097.00
0.0
14.9
994.20
5'778.67

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

.0 M

1000

.0 M
.0 M

500

.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
4'624.5
0.59x
556.1
4.89x
266.7
8.41x

1500

31.12.2009
31.12.2010
4'154.9
4'416.0
1.89x
1.21x
560.0
576.7
14.00x
9.27x
225.9
310.5
17.74x
14.13x
Profitability

LTM-4Q
31.12.2011
4'556.4
1.05x
477.4
9.99x
213.3
17.84x

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

31.12.2012
4'828.9
1.13x
568.9
9.63x
279.5
16.08x
568.90
428.80
8.88%
8.14%
6.91%
14.64%
10.56%
1.19%
11.8%
8.9%
5.8%
2.39
1.79
25.74%
55.06%
5.53
-

Price/ Cash Flow

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

LTM
09/yy
2'516.4
0.00x
0.0
0.00x
153.4
0.00x

FY+1

.0 M
a-13

1.14
1.00
19.01%
4.41%
1.140
10
3.800
6'095
4'991
4'604
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'082.2
5'455.9
1'050.3
1'335.0
1.12x
1.02x
623.9
688.4
9.28x
8.41x
330.1
374.3
16.71x
14.75x
S&P Issuer Ratings

Long-Term Rating Date


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

02.05.2000
ASTABLE
02.05.2000
A-2
18.59
14.49
0.18
1.93
55.1%
35.3%
1.19
5.57
66.21
-

Sales/Revenue/Turnover

16.00

6'000.0

14.00

5'000.0

12.00

4'000.0

10.00
8.00

3'000.0

6.00

2'000.0

4.00

1'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Sika AG
Holdings By:

All

Holder Name
SCHENKER WINKLER HOL
THREADNEEDLE ASSET M
CREDIT SUISSE ASSET
THREADNEEDLE INVESTM
SWISSCANTO FONDSLEIT
OPPENHEIMERFUNDS INC
UBS FUND MANAGEMENT
FMR LLC
PICTET & CIE
ODDO ASSET MANAGEMEN
VANGUARD GROUP INC
BLACKROCK
BANQUE DE LUXEMBOURG
VONTOBEL ASSET MANAG
SARASIN
DEUTSCHE BANK AG
LOMBARD ODIER DARIER
JUPITER ASSET MANAGE
SUN LIFE FINANCIAL I
HARRIS ASSOCIATES LP

Firm Name
Helvea
Main First Bank AG
Goldman Sachs
EVA Dimensions
Credit Suisse
Kepler Capital Markets
Zuercher Kantonalbank
Bank Vontobel AG
CA Cheuvreux

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

Analyst
PATRICK APPENZELLER
BERND POMREHN
BENJAMIN MOORE
CRAIG STERLING
PATRICK LAAGER
CHRISTOPH LADNER
MARTIN HUESLER
SERGE ROTZER
OLIVER GIRAKHOU

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

Recommendation
neutral
outperform
Buy/Neutral
buy
neutral
buy
market perform
hold
underperform

Amt Held
1'140'136
129'571
54'813
44'590
39'119
38'182
37'798
30'390
24'893
20'663
19'971
19'681
17'507
15'305
12'842
11'579
11'364
10'640
10'583
10'350

% Out
53
6.02
2.55
2.07
1.82
1.77
1.76
1.41
1.16
0.96
0.93
0.91
0.81
0.71
0.6
0.54
0.53
0.49
0.49
0.48

Weighting

Change
3
5
5
5
3
5
3
3
1

M
M
M
U
M
M
M
M
M

Latest Chg
282
(17)
(16'722)
1'799
(197)
(4'851)
1'211
577
(1'217)
100
(765)
(2)
(108)
41
(300)
(1'100)

Target Price
2'300
2'600
3'100
#N/A N/A
2'200
2'650
#N/A N/A
2'300
1'720

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

File Dt
Inst Type
31.12.2011
Investment Advisor
03.11.2011
Investment Advisor
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
28.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
09.04.2013
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012
Investment Advisor
28.12.2012
Unclassified
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor

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

Date
10.04.2013
09.04.2013
03.04.2013
25.03.2013
08.03.2013
04.03.2013
01.03.2013
01.03.2013
17.09.2012

11.04.2013

Swiss Prime Site AG


Swiss Prime Site AG is a real estate investment company. The Company owns
business and mixed-use business/residential buildings in commercial centers in
Switzerland.

Price/Volume
90

3.0 M

80

2.5 M

70
60

2.0 M

50

12/2012
01/yy
82.23
70.93
45'300.00
77.15
-6.48%
8.77%
55.48%
60.0
4'629.90
4'125.09
0.0
0.0
199.36
8'555.63

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

30

1.0 M

20

.5 M

10
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
209.6
15.65x
158.8
20.65x
116.4
10.26x

1.5 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2012)
52-Week Low (21.11.2012)
Daily Volume
Current Price (4/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
SPSN VX EQUITY YTD Change
SPSN VX EQUITY YTD % CHANGE

31.12.2009
31.12.2010
293.7
601.1
25.04x
13.01x
171.5
357.9
42.87x
21.86x
187.4
235.0
9.52x
16.07x
Profitability

31.12.2011
571.6
13.78x
355.2
22.17x
355.1
10.80x

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
576.7
14.75x
339.6
25.05x
316.3
13.26x
339.59
316.80
34.64%
71.33%
3.54%
8.59%
4.04%
0.06%
58.9%
54.8%
44.61%
105.14%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

.0 M
a-13

0.57
54.80
7.51%
1.05%
0.568
6
2.333
110'924
120'171
113'783
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/10 Q2 09/10 Q3
514.0
526.0
15.78x
15.67x
363.3
371.8
23.56x
23.01x
219.5
223.3
21.99x
21.47x
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

2.90
0.53
11.56
12.15
105.1%
51.3%
0.06
-

Sales/Revenue/Turnover

200.00

700.0

180.00

600.0

160.00
140.00

500.0

120.00

400.0

100.00

300.0

80.00

200.0

60.00
40.00

100.0

20.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Swiss Prime Site AG


Holdings By:

All

Holder Name
BLACKROCK
CREDIT SUISSE FUND M
CREDIT SUISSE ASSET
WECKEN KLAUS RUDOLF
FUST WALTER
FRANKLIN RESOURCES
UBS FUND MANAGEMENT
SWISS FURNISHING INS
SWISSCANTO FONDSLEIT
SANLAM ASSET MANAGEM
STATE STREET
VANGUARD GROUP INC
JELMOLI HOLDING AG
BNP PARIBAS INV PART
PICTET & CIE
SCOTTISH WIDOWS
VONTOBEL ASSET MANAG
MIRABAUD & CIE
ING INTERNATIONAL AD
UBS ETF

Firm Name
EVA Dimensions
Bank Vontobel AG
ABN Amro Bank N.V.
Kempen & Co
Zuercher Kantonalbank

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

Analyst
AUSTIN BURKETT
STEFAN SCHUERMANN
RUUD VAN MAANEN
ROBERT WOERDEMAN
MARKUS WAEBER

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

Recommendation
underweight
hold
sell
neutral
market perform

Amt Held
4'769'868
3'301'716
2'860'044
2'070'000
1'619'979
1'596'908
1'548'912
861'000
757'761
717'074
671'712
539'707
532'478
318'050
291'561
212'696
169'810
157'826
152'500
144'136

% Out
7.95
5.5
4.77
3.45
2.7
2.66
2.58
1.43
1.26
1.19
1.12
0.9
0.89
0.53
0.49
0.35
0.28
0.26
0.25
0.24

Weighting

Change
1
3
1
3
3

D
M
M
M
M

Latest Chg
8'642
16'910
(717'875)
(381'457)
(215)
77'291
(18'179)
12'343
5'590
157'826
(3'300)
(6'171)

Target Price
#N/A N/A
74
68
77
#N/A N/A

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

File Dt
09.04.2013
31.12.2012
28.02.2013
31.12.2012
31.07.2012
04.01.2010
30.11.2012
29.09.2009
31.01.2013
28.03.2013
10.04.2013
31.12.2012
21.04.2010
31.01.2013
31.01.2013
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
n/a
n/a
Investment Advisor
Investment Advisor
Insurance Company
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
26.03.2013
20.03.2013
19.03.2013
13.01.2013
18.12.2012

11.04.2013

Lindt & Spruengli AG


Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery
products. The Company markets its products through its own specialty stores and
boutiques, as well as through retail outlets and catalog sales. Lindt operates
subsidiaries in Europe, North America and Asia and also sells its products
through various distributors in other world regions.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Current Price (4/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
LISN SE EQUITY YTD Change
LISN SE EQUITY YTD % CHANGE

Price/Volume

12/2012
01/yy
43'445.00
32'061.77
47.00
42745
-1.61%
33.32%
92.58%
0.1
9'118.86
12.00
0.0
0.0
555.00
8'575.86

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

31.12.2009
31.12.2010
2'524.8
2'579.3
2.03x
2.42x
382.5
423.3
13.41x
14.77x
193.1
241.9
29.86x
28.38x
Profitability

31.12.2011
2'488.6
2.68x
421.9
15.83x
246.5
28.95x

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

31.12.2012
2'669.5
2.70x
457.4
15.75x
271.9
28.80x
457.40
362.50
13.58%
13.55%
10.59%
16.25%
1.04%
17.5%
13.6%
10.2%
2.50
1.77
0.46%
0.69%
4.05
-

Price/ Cash Flow

.0 M
.0 M
.0 M
.0 M
.0 M

j-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

0.68
0.13
30.95%
23.84%
0.679
11
3.182
157
174
148
FY+2

12/13 Y
12/14 Y
2'875.2
3'079.5
2.99x
2.74x
511.2
558.7
16.74x
15.32x
306.7
338.4
31.44x
28.42x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

117.28
81.85
-1.16
0.03
0.7%
0.7%
1.04
3.53
90.29
-

Sales/Revenue/Turnover

35.00

3'500.0

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00
01.01.2010

.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
2'573.2
1.85x
466.1
10.21x
261.5
19.52x

50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
a-12 m-12

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Lindt & Spruengli AG


Holdings By:

All

Holder Name
TANNER ERNST
CREDIT SUISSE ASSET
AXA FUNDS MANAGEMENT
VANGUARD GROUP INC
SPRUENGLI RUDOLF K
BULGHERONI ANTONIO
SWISSCANTO FONDSLEIT
FIRST EAGLE INVESTME
BLACKROCK
WILLIAM BLAIR & COMP
UBS FUND MANAGEMENT
PICTET & CIE
FMR LLC
IAM INDEPENDENT ASSE
VONTOBEL ASSET MANAG
UBS ETF
JULIUS BAER MULTICOO
ZUERCHER KANTONALBAN
F&C FUND MANAGEMENT
HOTTINGER CAPITAL CO

Firm Name
EVA Dimensions
Berenberg Bank
Goldman Sachs
Bank Vontobel AG
Natixis
Kepler Capital Markets
HSBC
Zuercher Kantonalbank
GSC Research

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

Analyst
AUSTIN BURKETT
JAMES TARGETT
ALEXIS COLOMBO
JEAN-PHILIPPE BERTSCHY
NICOLAS LANGLET
JON COX
FLORENCE DOHAN
PATRIK SCHWENDIMANN
MATTHIAS SCHRADE

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

Recommendation
hold
hold
neutral/neutral
not rated
neutral
hold
underweight
outperform
hold

Amt Held
2'803
2'262
1'400
1'076
1'014
1'000
880
707
701
622
600
521
325
255
242
204
181
168
158
135

% Out
2.05
1.65
1.02
0.79
0.74
0.73
0.64
0.52
0.51
0.46
0.44
0.38
0.24
0.19
0.18
0.15
0.13
0.12
0.12
0.1

Latest Chg
-

Weighting

Change

Target Price

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

U
M
M
M
M
M
M
U
U

22
(563)
(20)
9
(9)
5
1
3
(11)
(8)
(6)
(14)
-

#N/A N/A
41'000
39'600
#N/A N/A
39'000
38'000
35'500
#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
31.12.2011
28.02.2013
30.06.2012
31.12.2012
31.12.2011
31.12.2011
31.01.2013
30.09.2012
09.04.2013
31.12.2012
28.12.2012
31.01.2013
28.02.2013
30.11.2012
30.11.2012
31.12.2012
28.12.2012
31.12.2012
28.02.2013
31.12.2012

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

Inst Type
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
n/a
n/a
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor

Date
02.04.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
17.03.2013
16.01.2013
15.01.2013
27.04.2012

11.04.2013

Baloise Holding AG
Baloise Holding AG offers group and individual life, health, accident, liability
property, and transportation insurance to customers in Europe. The Company also
offers private banking and asset management services.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (4/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
BALN VX EQUITY YTD Change
BALN VX EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
93.00
58.30
128'656.00
91.25
-1.88%
56.52%
91.50%
50.0
4'562.50
2'017.60
0.0
42.1
2'923.70
3'698.50

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

.6 M
.5 M
.4 M
.3 M
.2 M
.1 M

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
7'807.9
0.46x
358.3
10.70x

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

31.12.2009
31.12.2010
9'464.6
9'420.2
0.34x
0.37x
414.1
433.4
9.95x
9.95x
Profitability

LTM-4Q
31.12.2011
7'691.1
0.31x
60.8
49.68x

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
9'333.4
0.30x
436.6
8.42x
5.78%
5.30%
0.61%
10.05%
8.02%
0.13%
4.7%
2.74%
41.77%
-

Price/ Cash Flow

LTM

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

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

FY+1

.0 M
a-13

1.10
44.93
38.84%
16.24%
1.100
17
3.353
224'294
277'804
236'927
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'203.0
8'344.0
0.21x
0.20x
449.5
469.5
9.61x
9.19x
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

41.8%
29.3%
0.13
-

Sales/Revenue/Turnover

90.00

12'000.0

80.00

10'000.0

70.00

8'000.0

60.00
50.00

6'000.0

40.00

4'000.0

30.00
20.00

2'000.0

10.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Baloise Holding AG
Holdings By:

All

Holder Name
BLACKROCK
SIGNAL IDUNA GROUP
BALOISE HOLDING AG
CREDIT SUISSE GROUP
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
SWISSCANTO FONDSLEIT
PICTET & CIE
VANGUARD GROUP INC
DIMENSIONAL FUND ADV
KEMPEN CAPITAL MANAG
IG INVESTMENT MANAGE
DANSKE INVEST A/S
VONTOBEL ASSET MANAG
SARASIN
OEKOWORLD LUX SA
MIRABAUD & CIE
IST FUND MANAGERS
PRUDENTIAL FINANCIAL
UBS ETF

Firm Name
AlphaValue
Credit Suisse
EVA Dimensions
HSBC
Keefe, Bruyette & Woods
Zuercher Kantonalbank
Main First Bank AG
Goldman Sachs
Berenberg Bank
Bank Vontobel AG
Nomura
Helvea
Bankhaus Metzler
Kepler Capital Markets
JPMorgan
Mediobanca SpA

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

Analyst
DIETER HEIN
RICHARD BURDEN
AUSTIN BURKETT
DHRUV GAHLAUT
RALPH HEBGEN
GEORG MARTI
RENE LOCHER
WILLIAM ELDERKIN
PETER ELIOT
STEFAN SCHUERMANN
MICHAEL KLIEN
DANIEL BISCHOF
JOCHEN SCHMITT
FABRIZIO CROCE
MICHAEL HUTTNER
MARC THIELE

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

Recommendation
reduce
neutral
overweight
neutral
market perform
market perform
underperform
neutral/neutral
buy
hold
buy
accumulate
sell
buy
neutral
neutral

Amt Held
2'950'000
2'500'000
2'264'287
1'500'000
1'500'000
1'315'982
635'176
475'143
466'589
375'979
369'250
305'153
286'030
279'150
249'345
167'900
135'989
134'399
129'032
113'281

% Out
5.9
5
4.53
3
3
2.63
1.27
0.95
0.93
0.75
0.74
0.61
0.57
0.56
0.5
0.34
0.27
0.27
0.26
0.23

Weighting

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

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

Latest Chg
33'624
(399'143)
(18'564)
13'363
1'278
10'900
(35'240)
(10'000)
1'130
82'000
65'000
(514)
(4'500)
(5'500)

Target Price
78
91
#N/A N/A
98
100
#N/A N/A
95
95
107
95
100
98
80
93
93
96

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

File Dt
09.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.01.2013
31.01.2013
31.12.2012
31.07.2012
28.02.2013
31.01.2013
28.02.2013
30.11.2012
31.12.2012
30.11.2012
31.12.2012
28.02.2013
28.02.2013
31.12.2012

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

Inst Type
Investment Advisor
n/a
Insurance Company
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
11.04.2013
28.03.2013
28.03.2013
27.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
11.03.2013
30.01.2013

11.04.2013

Partners Group Holding AG


Partners Group Holding AG is a global private markets asset management firm
in private equity, private debt, private real estate and private
infrastructure. The firm manages a broad range of funds, structured products
and customized portfolios for an international clientele of institutional
investors, private banks and other financial institutions.

Price/Volume
250

.3 M

12/2012
01/yy
239.00
157.20
17'848.00
236.8
-0.84%
50.64%
95.72%
26.7
6'322.56
0.00
0.0
0.9
234.65
6'088.78

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

150

.2 M

100

.2 M
.1 M

50

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
270.7
6.16x
182.5
9.14x
170.8
10.90x

.3 M

200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.04.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
PGHN SE EQUITY YTD Change
PGHN SE EQUITY YTD % CHANGE

.4 M

31.12.2009
31.12.2010
329.4
447.3
9.30x
9.31x
231.9
320.8
13.21x
12.98x
204.8
296.3
15.75x
14.86x
Profitability

31.12.2011
448.8
9.06x
236.2
17.21x
202.1
20.51x

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
564.2
9.12x
295.5
17.42x
257.3
20.81x
295.53
48.95%
49.76%
32.37%
40.67%
40.63%
0.71%
52.4%
45.6%
0.00%
0.00%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.88
16.10
42.31%
12.12%
0.884
11
3.455
50'937
53'417
53'855
FY+2

12/13 Y
12/14 Y
524.0
615.2
11.61x
9.82x
325.9
385.7
18.74x
15.84x
307.9
359.0
20.06x
17.17x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

-0.79
0.00
0.0%
0.0%
0.71
31.03
-

Sales/Revenue/Turnover

35.00

600.0

30.00

500.0

25.00

400.0

20.00

300.0
15.00

200.0
10.00

100.0

5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

11.04.2013

Partners Group Holding AG


Holdings By:

All

Holder Name
GANTNER ALFRED
WIETLISBACH URS
ERNI MARCEL
BLACKROCK
PARTNERS GROUP
WILLIAM BLAIR & COMP
MEISTER STEFFEN
CREDIT SUISSE ASSET
ROYCE AND ASSOCIATES
HALDNER FELIX
COLUMBIA WANGER ASSE
FMR LLC
PICTET & CIE
ALLIANCE BERNSTEIN
SWISSCANTO FONDSLEIT
VANGUARD GROUP INC
WENGER JUERG
SCHAELI STEPHEN
UBS FUND MANAGEMENT
PRUDENTIAL FINANCIAL

Firm Name
Zuercher Kantonalbank
EVA Dimensions
Bank Vontobel AG
Main First Bank AG
Credit Suisse
Helvea
Morgan Stanley
Goldman Sachs
CA Cheuvreux

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

Analyst
GEORG MARTI
AUSTIN BURKETT
TERESA NIELSEN
KILIAN MAIER
GURJIT KAMBO
TIM DAWSON
BRUCE HAMILTON
CHRIS M. TURNER
CHRISTIAN STARK

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

Recommendation
market perform
overweight
hold
underperform
outperform
accumulate
Overwt/In-Line
Sell/Neutral
outperform

Amt Held
2'673'659
2'673'659
2'673'659
1'293'091
1'218'791
711'040
534'000
496'626
470'853
347'100
316'523
305'077
259'065
212'575
199'571
169'827
140'333
129'200
128'762
95'721

% Out
10.01
10.01
10.01
4.84
4.56
2.66
2
1.86
1.76
1.3
1.19
1.14
0.97
0.8
0.75
0.64
0.53
0.48
0.48
0.36

Weighting

Change
3
5
3
1
5
4
5
1
5

M
U
M
M
M
M
M
M
M

Latest Chg
50'820
(108'287)
1'995
(24'915)
(14'850)
3'021
38'455
4'933
(109'178)
44'942
22'896
4'201

Target Price
#N/A N/A
#N/A N/A
250
210
250
230
238
210
220

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

File Dt
Inst Type
31.12.2012
n/a
31.12.2012
n/a
31.12.2012
n/a
09.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
n/a
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
n/a
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
n/a
31.12.2012
n/a
28.12.2012
Investment Advisor
28.02.2013
Investment Advisor

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

Date
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
05.02.2013
24.01.2013
08.10.2012

11.04.2013

Clariant AG
Clariant, AG. develops, produces, markets and sales specialty chemical products.
The Company provides dyes and chemicals for the textile, leather and paper
industries, pigments for the use in paints, printing inks, decorative paints,
plastics, cosmetics, concentrated pigment and additive preparations for
engineering plastics, spin dyeing, and packaging.

Price/Volume

12.0 M

12

10.0 M
8.0 M

Latest Fiscal Year:


LTM as of:
52-Week High (07.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CLN VX EQUITY YTD Change
CLN VX EQUITY YTD % CHANGE

12/2012
12/yy
14.44
8.40
1'382'883.00
13.58
-6.09%
61.58%
80.79%
295.8
4'016.32
3'476.00
0.0
86.0
1'667.00
5'911.32

6.0 M

6
4

4.0 M

2.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


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

14.0 M

14
10

Valuation Analysis

31.12.2008
8'071.0
0.36x
746.0
3.85x
(45.0)
-

16

31.12.2009
31.12.2010
6'614.0
7'120.0
0.51x
0.71x
470.0
880.0
7.14x
5.76x
(206.0)
180.0
23.38x
Profitability

LTM-4Q
31.12.2011
7'370.0
0.60x
874.0
5.10x
227.0
10.78x

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

31.12.2012
6'038.0
0.92x
772.0
7.19x
217.0
17.64x
772.00
456.00
7.55%
4.07%
2.33%
7.37%
0.79%
28.9%
11.1%
6.8%
3.6%
1.55
0.80
36.49%
117.67%
7.39
5.19

Price/ Cash Flow

LTM

12/yy
7'370.0
2.71x
874.0
5.10x
227.0
10.11x

12/yy
7'355.0
2.89x
819.0
6.77x
217.0
16.92x

FY+1

.0 M
a-13

1.57
215.05
22.17%
12.71%
1.569
23
3.348
2'207'159
2'285'816
2'517'598
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'228.2
6'496.1
1'499.7
1'554.5
0.83x
0.77x
855.8
953.5
197.0
207.0
6.91x
6.20x
7.24x
327.1
405.3
74.8
87.9
12.67x
10.61x
12.52x
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

14.03.2011
BBBSTABLE
14.03.2011
A-3
4.98
2.97
2.21
4.24
117.7%
53.3%
0.79
3.20
49.54
70.48
91.10
33.53

Sales/Revenue/Turnover

18.00

12'000.0

16.00

10'000.0

14.00

8'000.0

12.00
10.00

6'000.0

8.00

4'000.0

6.00
4.00

2'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Clariant AG
Holdings By:

All

Holder Name
SHAREHOLDER GROUP
FMR LLC
AXA
CLARIANT AG
STOCKHAUSEN DOLF
WINTERSTEIN KONSTANT
TIAA CREF INVESTMENT
UBS FUND MANAGEMENT
AMUNDI
NORGES BANK
CREDIT SUISSE ASSET
SCHRODER INVESTMENT
PICTET & CIE
CREDIT SUISSE
SWISSCANTO FONDSLEIT
DIMENSIONAL FUND ADV
VANGUARD GROUP INC
VONTOBEL ASSET MANAG
SPARINVEST
BLACKROCK

Firm Name
Deutsche Bank
AlphaValue
HSBC
Exane BNP Paribas
EVA Dimensions
JPMorgan
Societe Generale
Kepler Capital Markets
Bank Vontobel AG
Nomura
Berenberg Bank
Goldman Sachs
Macquarie
Credit Suisse
Barclays
Morgan Stanley
Main First Bank AG
Zuercher Kantonalbank
CA Cheuvreux
Canaccord Genuity Corp

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst
TIMOTHY JONES
MARTIN SCHNEE
JESKO MAYER-WEGELIN
JAMES KNIGHT
CRAIG STERLING
MARTIN EVANS
PETER CLARK
MARKUS MAYER
PATRICK RAFAISZ
JEAN DE WATTEVILLE
JAIDEEP PANDYA
RAKESH PATEL
CHRISTIAN FAITZ
RHIAN O'CONNOR
GUNTHER ZECHMANN
PETER MACKEY
BERND POMREHN
MARTIN SCHREIBER
OLIVER GIRAKHOU
PAUL W SATCHELL

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

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

Amt Held
44'738'756
21'264'124
15'053'731
13'197'597
11'461'304
11'018'080
9'168'284
9'128'414
9'079'559
8'964'927
8'717'457
7'157'588
4'001'804
3'947'061
3'645'622
3'591'101
2'398'620
2'095'000
1'767'987
1'520'109

% Out
15.13
7.19
5.09
4.46
3.88
3.73
3.1
3.09
3.07
3.03
2.95
2.42
1.35
1.33
1.23
1.21
0.81
0.71
0.6
0.51

Weighting

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

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

Latest Chg
1'598'001
8'358'735
(2'155'824)
40'315
1'604'975
792'771
(1'390'804)
(2'284'078)
16'938
484'601
268'000
828'969

Target Price
12
14
13
13
#N/A N/A
12
13
19
18
15
16
14
18
12
16
15
14
#N/A N/A
10
9

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

File Dt
Inst Type
31.12.2011
Other
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
13.03.2013
Corporation
31.12.2011
n/a
14.01.2013
n/a
31.12.2011
Investment Advisor
17.11.2012
Investment Advisor
31.12.2011
Investment Advisor
18.02.2013
Government
28.02.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
03.04.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.03.2013
Investment Advisor
09.04.2013
Investment Advisor

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

Date
09.04.2013
04.04.2013
26.03.2013
26.03.2013
21.03.2013
20.03.2013
19.03.2013
13.03.2013
11.03.2013
08.03.2013
05.03.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
14.02.2013
07.02.2013
07.11.2012
20.08.2012
18.05.2012

11.04.2013

Swiss Life Holding AG


Swiss Life Holding is a financial services company. The Company provides life
and property insurance, institutional investment management, and private banking
services.

Price/Volume
180

.7 M

160

.6 M

140

.5 M

120

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Current Price (4/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
SLHN VX EQUITY YTD Change
SLHN VX EQUITY YTD % CHANGE

12/2012
09/yy
156.60
74.35
69'835.00
142
-9.32%
90.99%
80.91%
32.1
4'555.51
2'768.00
0.0
33.0
6'480.00
876.51

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

.4 M

80

.3 M

60

.2 M

40

.1 M

20
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
15'356.0
350.0
-

100

31.12.2009
31.12.2010
17'816.0
17'844.0
278.0
557.0
12.74x
7.74x
Profitability

LTM-4Q
31.12.2011
17'291.0
0.02x
605.0
4.55x

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

31.12.2012
19'076.0
0.01x
92.0
42.10x
4.99%
1.21%
0.06%
0.95%
1.16%
0.12%
0.5%
1.69%
27.00%
-

Price/ Cash Flow

LTM

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

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

FY+1

.0 M
a-13

1.45
32.02
45.50%
16.97%
1.453
19
3.526
148'944
188'637
166'178
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
17'886.6
18'272.3
-0.11x
-0.10x
590.0
632.0
7.69x
7.09x
S&P Issuer Ratings

Long-Term Rating Date


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

03.05.2012
BBB
STABLE
27.0%
21.2%
0.12
-

Sales/Revenue/Turnover

3.50

25'000.0

3.00

20'000.0

2.50

15'000.0

2.00
1.50

10'000.0

1.00

5'000.0
0.50
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Swiss Life Holding AG


Holdings By:

All

Holder Name
TALANX BETEILIGUNGSDODGE & COX
BLACKROCK
LETKO BROSSEAU & ASS
CREDIT SUISSE ASSET
DIMENSIONAL FUND ADV
SWISSCANTO FONDSLEIT
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
PICTET & CIE
LOMBARD ODIER DARIER
UBS FUND MANAGEMENT
ROYAL BANK OF CANADA
PRUDENTIAL FINANCIAL
VONTOBEL ASSET MANAG
MIRABAUD & CIE
HOTTINGER CAPITAL CO
IST FUND MANAGERS
SCHRODER INVESTMENT
UBS ETF

Firm Name
AlphaValue
Helvea
EVA Dimensions
HSBC
Zuercher Kantonalbank
Berenberg Bank
Mediobanca SpA
Goldman Sachs
Credit Suisse
JPMorgan
Main First Bank AG
Keefe, Bruyette & Woods
Bank Vontobel AG
Nomura
Kepler Capital Markets
Bankhaus Metzler
Morgan Stanley
CA Cheuvreux

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

Analyst
DIETER HEIN
DANIEL BISCHOF
AUSTIN BURKETT
DHRUV GAHLAUT
GEORG MARTI
PETER ELIOT
MARC THIELE
WILLIAM ELDERKIN
RICHARD BURDEN
MICHAEL HUTTNER
RENE LOCHER
RALPH HEBGEN
STEFAN SCHUERMANN
MICHAEL KLIEN
FABRIZIO CROCE
JOCHEN SCHMITT
DAVID ANDRICH
FRANK KOPFINGER

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

Recommendation
buy
buy
overweight
neutral
outperform
hold
neutral
neutral/neutral
underperform
overweight
outperform
market perform
buy
buy
hold
sell
Underwt/In-Line
suspended coverage

Amt Held
2'974'688
1'645'000
1'191'351
956'604
672'134
396'300
374'302
309'945
210'987
203'582
196'536
182'691
173'465
158'412
114'000
106'465
99'300
98'003
93'473
62'769

% Out
9.27
5.13
3.71
2.98
2.1
1.24
1.17
0.97
0.66
0.63
0.61
0.57
0.54
0.49
0.36
0.33
0.31
0.31
0.29
0.2

Weighting

Change

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

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

Latest Chg
30'633
(10'500)
(54'065)
374
(218'245)
16'050
(49)
(43'502)
735
(2'882)
163'656
1'588
2'600
62'465
99'300
1'263
21'263
(2'974)

Target Price
205
165
#N/A N/A
165
#N/A N/A
190
177
146
138
220
175
182
180
185
133
94
114
#N/A N/A

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

File Dt
22.10.2010
31.12.2010
09.04.2013
15.04.2011
28.02.2013
31.07.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013
28.02.2013
28.12.2012
31.01.2013
28.02.2013
30.11.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012

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

Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
11.04.2013
04.04.2013
26.03.2013
14.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
03.03.2013
01.03.2013
28.02.2013
28.02.2013
27.02.2013
08.01.2013
05.12.2012
24.01.2012

11.04.2013

Sulzer AG
Sulzer AG manufactures machinery and equipment, and operates in a surfacing
technology business. The Company provides pumping and surface technology
solution and services, services and repair of thermal turbo machinery, and
service for separation columns and static mixing.

Price/Volume
180

.3 M

160

.3 M

140
120

.2 M

100

12/2012
01/yy
169.20
105.70
40'370.00
161.7
-4.67%
52.98%
81.26%
34.3
5'540.23
609.00
0.0
6.8
513.10
5'642.93

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

60

.1 M

40

.1 M

20
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
3'713.5
0.47x
575.3
3.06x
322.9
6.26x

.2 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Current Price (4/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
SUN VX EQUITY YTD Change
SUN VX EQUITY YTD % CHANGE

31.12.2009
31.12.2010
3'350.4
3'183.7
0.62x
1.34x
471.2
508.0
4.38x
8.38x
270.4
300.4
10.06x
15.98x
Profitability

31.12.2011
3'577.9
1.04x
481.8
7.76x
279.8
12.17x

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

31.12.2012
4'021.6
1.25x
552.0
9.07x
307.1
15.96x
552.00
420.60
10.46%
10.30%
6.72%
13.98%
11.37%
0.88%
31.0%
13.7%
10.5%
7.6%
1.66
1.07
13.26%
26.51%
3.96
4.28

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.34
23.06
37.68%
14.46%
1.340
14
3.786
79'299
85'968
87'206
FY+2

12/13 Y
12/14 Y
4'263.8
4'531.0
1.27x
1.14x
602.9
675.1
9.33x
8.33x
334.8
387.1
16.03x
13.88x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

24.53
18.94
0.17
1.10
26.5%
20.9%
0.88
6.34
92.48
85.58
54.15
123.92

Sales/Revenue/Turnover

35.00

4'500.0

30.00

4'000.0
3'500.0

25.00

3'000.0

20.00

2'500.0

15.00

2'000.0
1'500.0

10.00

1'000.0

5.00
0.00
01.01.2010

500.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Sulzer AG
Holdings By:

All

Holder Name
LIWET HOLDING AG
BLACKROCK
THREADNEEDLE ASSET M
CREDIT SUISSE ASSET
PICTET & CIE
SULZER LTD
SWISSCANTO FONDSLEIT
DANSKE INVEST A/S
DANSKE INVEST MANAGE
NORDEA INV MANAGEMEN
UBS FUND MANAGEMENT
VONTOBEL ASSET MANAG
THREADNEEDLE INVESTM
VANGUARD GROUP INC
ODDO ASSET MANAGEMEN
DEUTSCHE BANK AG
NEUBERGER BERMAN LLC
SARASIN
ALLIANZ ASSET MANAGE
RAIFFEISEN SCHWEIZ L

Firm Name
Helvea
Goldman Sachs
HSBC
EVA Dimensions
CA Cheuvreux
Credit Suisse
Bank Vontobel AG
Berenberg Bank
Kepler Capital Markets
Main First Bank AG
Barclays
Zuercher Kantonalbank

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

Analyst
VOLKAN GOCMEN
WILLIAM WYMAN
JOERG-ANDRE FINKE
CRAIG STERLING
OLIVER GIRAKHOU
PATRICK LAAGER
FABIAN HAECKI
ALEXANDER VIRGO
CHRISTOPH LADNER
BERND POMREHN
RIZK MAIDI
ARMIN RECHBERGER

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

Recommendation
accumulate
Buy/Neutral
neutral
underweight
select list
neutral
buy
hold
buy
outperform
underweight
market perform

Amt Held
10'699'797
1'451'057
1'000'794
774'204
556'774
457'863
415'983
382'204
327'551
323'304
301'458
271'385
270'413
248'568
183'675
176'418
163'275
144'883
135'435
130'300

% Out
31.23
4.24
2.92
2.26
1.63
1.34
1.21
1.12
0.96
0.94
0.88
0.79
0.79
0.73
0.54
0.51
0.48
0.42
0.4
0.38

Weighting

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

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

Latest Chg
25'304
(27'416)
(3'432)
9'148
(189'367)
(35'468)
49'422
(123)
(2'488)
(23'605)
7'982
(15'821)
34'611
1'873
(13'429)
(2'130)

Target Price
195
210
175
#N/A N/A
190
160
180
152
185
170
125
#N/A N/A

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

File Dt
Inst Type
02.08.2011
Other
09.04.2013
Investment Advisor
02.02.2011
Investment Advisor
28.02.2013 Mutual Fund Manager
31.01.2013 Mutual Fund Manager
31.12.2011
Corporation
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Unclassified
31.03.2013
Investment Advisor
30.11.2012
Investment Advisor

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

Date
10.04.2013
03.04.2013
08.03.2013
25.02.2013
20.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
23.07.2012

11.04.2013

Lindt & Spruengli AG


Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery
products. The Company markets its products through its own specialty stores and
boutiques, as well as through retail outlets and catalog sales. Lindt operates
subsidiaries in Europe, North America and Asia and also sells its products
through various distributors in other world regions.

Price/Volume
4000

.0 M

2500

12/2011
01/yy
3'792.00
2'751.00
647.00
3662
-3.43%
33.12%
87.61%
0.9
9'118.86
12.00
0.0
0.0
555.00
8'575.86

.0 M

1500

.0 M

1000
.0 M

500
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


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

.0 M

3000
2000

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (30.05.2012)
Daily Volume
Current Price (4/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
LISP SE EQUITY YTD Change
LISP SE EQUITY YTD % CHANGE

31.12.2008
2'573.2
1.85x
466.1
10.21x
261.5
19.52x

.0 M

3500

31.12.2009
31.12.2010
2'524.8
2'579.3
2.03x
2.42x
382.5
423.3
13.41x
14.77x
193.1
241.9
29.86x
28.38x
Profitability

31.12.2011
2'488.6
2.68x
421.9
15.83x
246.5
28.95x

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

31.12.2012
2'669.5
2.70x
457.4
15.75x
271.9
28.80x
457.40
362.50
13.58%
13.55%
10.59%
16.25%
1.04%
17.5%
13.6%
10.2%
2.50
1.77
0.46%
0.69%
4.05
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.79
0.88
30.75%
22.89%
0.791
11
3.364
2'393
2'181
1'795
FY+2

12/13 Y
12/14 Y
2'867.6
3'074.1
2.99x
2.74x
505.9
552.9
16.92x
15.48x
303.7
335.0
27.93x
25.36x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

117.28
81.85
-1.16
0.03
0.7%
0.7%
1.04
3.53
90.29
-

Sales/Revenue/Turnover

3.00

3'500.0

2.50

3'000.0
2'500.0

2.00

2'000.0
1.50

1'500.0

1.00

1'000.0

0.50

500.0

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 |

11.04.2013

Lindt & Spruengli AG


Holdings By:

All

Holder Name
PICTET & CIE
CREDIT SUISSE ASSET
ALLIANZ ASSET MANAGE
UBS FUND MANAGEMENT
BLACKROCK
SWISSCANTO FONDSLEIT
PICTET ASSET MANAGEM
VANGUARD GROUP INC
VONTOBEL ASSET MANAG
VIRTUS INVESTMENT AD
LOMBARD ODIER DARIER
IST FUND MANAGERS
EVERETT HARRIS & COM
FIRST EAGLE INVESTME
VONTOBEL ASSET MANAG
TANNER ERNST
NATIXIS ASSET MANAGE
KLINGLER HANSJUERG
SARASIN
SOCIETE GENERALE

Firm Name
AlphaValue
Credit Suisse
Helvea
Bank Vontobel AG
Berenberg Bank
Deutsche Bank
Main First Bank AG
S&P Capital IQ
Zuercher Kantonalbank
Jefferies
CA Cheuvreux

Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
EVERETT HARRIS & COM
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
SOPHIE CABO-BROSETA
PATRICK JNGLIN
ANDREAS VON ARX
JEAN-PHILIPPE BERTSCHY
JAMES TARGETT
CATHERINE FARRANT
ALAIN-SEBASTIAN OBERHUBER
CARL SHORT
PATRIK SCHWENDIMANN
DIRK VAN VLAANDEREN
CHRISTOPH WIRTZ

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

Recommendation
sell
neutral
neutral
hold
buy
hold
outperform
hold
outperform
buy
underperform

Amt Held
22'444
18'535
17'510
14'017
13'198
11'933
10'421
8'604
6'710
5'941
5'432
5'072
4'351
4'175
3'671
3'580
3'000
2'650
2'571
2'520

% Out
2.51
2.07
1.96
1.57
1.48
1.33
1.16
0.96
0.75
0.66
0.61
0.57
0.49
0.47
0.41
0.4
0.34
0.3
0.29
0.28

Weighting

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

M
M
M
M
M
M
U
M
U
M
M

Latest Chg
1'042
208
868
(329)
403
(7'717)
20
127
60
507
43
682
212
690
30
328

Target Price
2'812
3'300
3'720
3'850
4'100
3'500
4'200
3'630
#N/A N/A
3'470
2'700

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

File Dt
31.01.2013
28.02.2013
28.02.2013
28.12.2012
09.04.2013
31.01.2013
31.01.2013
31.12.2012
30.11.2012
31.12.2012
28.02.2013
28.02.2013
31.12.2012
19.11.2009
30.11.2012
31.12.2010
28.02.2013
31.12.2010
31.12.2012
30.11.2012

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

Inst Type
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
n/a
Unclassified
Bank

Date
11.04.2013
04.04.2013
03.04.2013
28.03.2013
21.03.2013
19.03.2013
18.03.2013
15.03.2013
15.01.2013
31.10.2012
23.08.2012

11.04.2013

PSP Swiss Property AG


PSP Swiss Property AG owns and manages real estate. The Company owns a
portfolio of office and business premises at exclusive locations in
Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and
Lausanne.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.08.2012)
52-Week Low (16.04.2012)
Daily Volume
Current Price (4/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
PSPN SE EQUITY YTD Change
PSPN SE EQUITY YTD % CHANGE

12/2012
12/yy
89.95
78.50
69'779.00
83.45
-7.23%
6.31%
79.04%
45.9
3'827.68
1'808.29
0.0
0.0
33.60
5'602.36

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

.3 M
.3 M
.2 M
.2 M
.1 M
.1 M

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
205.7
20.75x
147.4
28.96x
224.0
9.96x

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

31.12.2009
31.12.2010
221.9
224.1
20.97x
23.15x
164.8
169.5
28.23x
30.61x
231.2
280.8
10.73x
11.52x
Profitability

LTM-4Q
31.12.2011
284.2
18.75x
231.3
23.04x
404.0
8.36x

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

31.12.2012
283.3
20.28x
175.4
32.75x
368.6
10.54x
175.39
174.82
47.81%
165.05%
5.94%
10.58%
6.88%
0.05%
77.9%
130.1%
28.46%
48.89%
-

Price/ Cash Flow

12/yy
236.7
90.82x
231.3
23.04x
404.0
8.34x

LTM
12/yy
282.1
79.79x
219.7
26.15x
368.6
10.55x

FY+1

.0 M
a-13

0.68
31.94
9.41%
0.12%
0.681
12
3.333
90'316
93'749
86'415
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
282.6
284.7
68.3
68.2
20.23x
20.29x
233.3
234.7
54.2
53.7
24.01x
23.87x
26.01x
155.2
155.2
23.49x
23.43x
23.38x
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

3.84
1.80
8.08
8.23
48.9%
32.8%
0.05
-

Sales/Revenue/Turnover

30.00

350.0

25.00

300.0
250.0

20.00

200.0
15.00

150.0

10.00

100.0

5.00

50.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

PSP Swiss Property AG


Holdings By:

All

Holder Name
HETZ NATHAN
ALONY HETZ PROPERTIE
BLACKROCK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
STATE STREET
SWISSCANTO FONDSLEIT
ING INVESTMENT MANAG
BNP PARIBAS INV PART
VANGUARD GROUP INC
SCOTTISH WIDOWS
IAM INDEPENDENT ASSE
MORGAN STANLEY
SNS INVESTMENT FUND
PICTET & CIE
ING INTERNATIONAL AD
T ROWE PRICE ASSOCIA
GABRIEL LUCIANO
AMUNDI
COHEN & STEERS CAPIT

Firm Name
Goldman Sachs
EVA Dimensions
Morgan Stanley
JPMorgan
Deutsche Bank
Zuercher Kantonalbank
Berenberg Bank
Exane BNP Paribas
ABN Amro Bank N.V.
Bank Vontobel AG
Kempen & Co

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

Analyst
JULIAN LIVINGSTON-BOOTH
AUSTIN BURKETT
BIANCA RIEMER
TIM LECKIE
MARKUS SCHEUFLER
MARKUS WAEBER
KAI MALTE KLOSE
VALERIE GUEZI
RUUD VAN MAANEN
STEFAN SCHUERMANN
ROBERT WOERDEMAN

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

Recommendation
Sell/Neutral
overweight
Equalwt/Attractive
overweight
hold
outperform
hold
neutral
hold
hold
neutral

Amt Held
7'000'000
6'685'000
2'295'800
1'530'736
602'544
439'960
439'367
365'597
325'299
262'129
219'364
213'111
193'798
168'533
161'793
152'428
143'262
143'251
131'000
124'428

% Out
15.26
14.57
5.01
3.34
1.31
0.96
0.96
0.8
0.71
0.57
0.48
0.46
0.42
0.37
0.35
0.33
0.31
0.31
0.29
0.27

Weighting

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

M
D
M
M
M
M
M
M
M
M
M

Latest Chg
(668'972)
47'146
17'437
(2'995)
(152)
(222'687)
18'300
(6'093)
14'585
(21'433)
7'254
4'108
1'161
100
18'184
(2'500)
38'047

Target Price
81
#N/A N/A
89
99
93
#N/A N/A
90
85
85
90
90

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

File Dt
31.12.2011
31.08.2012
09.04.2013
28.02.2013
28.12.2012
10.04.2013
31.01.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
30.11.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2011
30.11.2012
10.04.2013

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

Inst Type
n/a
Other
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor

Date
21.03.2013
21.03.2013
06.03.2013
06.03.2013
05.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
20.02.2013
13.01.2013

11.04.2013

Schindler Holding AG
Schindler Holding AG manufactures and installs elevators, escalators, and moving
walkways internationally. The Company's products are used in airports, subway
stations, railroad terminals, shopping centers, cruise ships, hotels, and office
buildings. Schindler also offers maintenance services.

Price/Volume
160
140
120
100
80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (27.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SCHN SE EQUITY YTD Change
SCHN SE EQUITY YTD % CHANGE

12/2011
12/yy
142.00
104.20
11'458.00
134.7
-5.28%
29.27%
75.13%
71.4
16'033.49
754.00
0.0
33.0
2'626.00
14'194.49

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

40
20
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
14'027.0
0.34x
1'018.0
4.70x
615.0
9.34x

60

31.12.2009
31.12.2010
8'281.0
8'187.0
0.95x
1.35x
996.0
1'089.0
7.86x
10.16x
625.0
677.0
15.44x
20.11x
Profitability

LTM-4Q
31.12.2011
7'854.0
1.39x
933.0
11.68x
576.0
23.83x

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

31.12.2012
8'258.0
1.63x
1'104.0
12.16x
702.0
21.78x
1'104.00
985.00
11.93%
11.90%
9.12%
26.00%
1.07%
13.4%
12.0%
8.5%
1.55
1.22
9.64%
27.12%
5.86
-

Price/ Cash Flow

.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
a-13

LTM

09/yy
5'699.0
0.00x
0.0
0.00x
679.0
17.74x

12/yy
8'258.0
0.00x
0.0
0.00x
730.0
22.26x

FY+1

0.84
19.00
29.51%
5.46%
0.839
7
3.143
38'168
38'662
32'110
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'770.8
9'278.8
2'012.5
1.57x
1.44x
1'211.4
1'310.2
11.72x
10.83x
771.1
841.7
167.5
20.39x
18.75x
S&P Issuer Ratings

Long-Term Rating Date


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

25.67
22.60
-1.69
0.68
27.1%
21.1%
1.07
16.43
62.49
-

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 |

11.04.2013

Schindler Holding AG
Holdings By:

All

Holder Name
SCHINDLER FAMILY
FMR LLC
SCHINDLER HOLDING AG
FRANKLIN RESOURCES
SWISSCANTO FONDSLEIT
VANGUARD GROUP INC
PICTET & CIE
CREDIT SUISSE ASSET
FIDELITY INVESTMENT
BLACKROCK
UBS FUND MANAGEMENT
ABERDEEN
ALLIANZ ASSET MANAGE
VONTOBEL ASSET MANAG
FIDELITY INVESTMENTS
IST FUND MANAGERS
CREDIT SUISSE ASSET
TWEEDY BROWNE COMPAN
PICTET ASSET MANAGEM
TINGGREN JUERGEN

Firm Name
AlphaValue
Exane BNP Paribas
Zuercher Kantonalbank
HSBC
EVA Dimensions
Bank Vontobel AG
Helvea
CA Cheuvreux

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

Analyst
EILEEN RYAN
ALEXIS DENAUD
MARTIN HUESLER
MICHAEL HAGMANN
CRAIG STERLING
SERGE ROTZER
VOLKAN GOCMEN
OLIVER GIRAKHOU

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

Recommendation
reduce
neutral
market perform
overweight
hold
hold
neutral
outperform

Amt Held
51'033'236
1'807'112
1'327'102
651'022
233'063
227'994
210'852
209'752
194'593
118'247
116'787
106'200
97'932
70'000
45'630
42'887
28'765
25'000
22'463
20'097

% Out
71.44
2.53
1.86
0.91
0.33
0.32
0.3
0.29
0.27
0.17
0.16
0.15
0.14
0.1
0.06
0.06
0.04
0.03
0.03
0.03

Weighting

Change
2
3
3
5
3
3
3
5

M
M
M
N
U
M
M
M

Latest Chg
(44'666)
(190'623)
(155'414)
12'741
4'464
(4'795)
(62)
80
(65'221)
8'000
2
(155)
500
-

Target Price
134
150
#N/A N/A
175
#N/A N/A
140
90
120

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

File Dt
31.12.2010
28.02.2013
31.12.2010
31.12.2012
31.01.2013
31.12.2012
31.01.2013
28.02.2013
31.12.2012
09.04.2013
28.12.2012
28.02.2013
28.02.2013
30.11.2012
31.12.2010
28.02.2013
30.11.2012
31.03.2012
31.01.2013
31.12.2010

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

Inst Type
n/a
Investment Advisor
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a

Date
11.04.2013
10.04.2013
28.03.2013
27.02.2013
26.02.2013
20.02.2013
16.12.2011
13.12.2011

11.04.2013

GAM Holding AG
GAM Holding AG is an independent, well-diversified asset management business,
with a focus on the manufacturing and distribution of investment products and
services.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.03.2013)
52-Week Low (25.05.2012)
Daily Volume
Current Price (4/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
GAM SE EQUITY YTD Change
GAM SE EQUITY YTD % CHANGE

Price/Volume

12/2012
01/yy
17.75
9.92
168'252.00
16.7
-5.92%
68.35%
85.31%
183.4
3'062.03
23.40
0.0
2.0
504.00
-

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

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
a-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
4'144.8
661.2
12.53x

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

31.12.2009
31.12.2010
1'020.2
964.9
3'636.9
10.2
0.96x
309.00x
Profitability

31.12.2011
812.2
(95.0)
-

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

31.12.2012
999.1
86.7
24.22x
11.87%
11.99%
3.67%
4.28%
4.30%
0.42%
8.7%
1.02%
1.20%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.36
143.00
36.41%
35.22%
1.356
10
3.400
880'179
758'465
716'866
FY+2

12/13 Y
12/14 Y
648.7
702.9
3.99x
3.49x
186.3
208.9
14.21x
12.29x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

1.2%
1.2%
0.42
40.91
-

Sales/Revenue/Turnover

40.00

6'000.0

35.00

5'000.0

30.00

4'000.0

25.00
20.00

3'000.0

15.00

2'000.0

10.00

1'000.0
5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

GAM Holding AG
Holdings By:

All

Holder Name
GAM HOLDING LTD
SILCHESTER INTL INVE
BLACKROCK
UBS
GLOBAL ASSET MANAGEM
FMR LLC
CREDIT SUISSE FUNDS
DAVIS SELECTED ADVIS
T ROWE PRICE ASSOCIA
LAZARD ASSET MANAGEM
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
FARALLON CAPITAL MAN
PICTET & CIE
VANGUARD GROUP INC
SWISSCANTO FONDSLEIT
DIMENSIONAL FUND ADV
THORNBURG INVESTMENT
FIDELITY INVESTMENT
GAMCO

Firm Name
Helvea
Bank Vontobel AG
RBC Capital Markets
Goldman Sachs
Main First Bank AG
Credit Suisse
Zuercher Kantonalbank
EVA Dimensions

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

Analyst
TIM DAWSON
TERESA NIELSEN
PETER K LENARDOS
CHRIS M. TURNER
KILIAN MAIER
GURJIT KAMBO
ANDREAS VENDITTI
AUSTIN BURKETT

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

Recommendation
buy
hold
outperform
neutral/neutral
underperform
outperform
market perform
hold

Amt Held
19'878'827
18'500'519
16'980'360
13'106'731
12'175'617
11'235'404
8'269'310
6'130'364
5'610'663
5'599'258
5'404'339
3'740'685
3'194'408
3'045'343
2'998'872
2'575'721
2'374'584
1'998'682
1'605'355
1'245'000

% Out
10.84
10.09
9.26
7.15
6.64
6.13
4.51
3.34
3.06
3.05
2.95
2.04
1.74
1.66
1.64
1.4
1.3
1.09
0.88
0.68

Weighting

Change
5
3
5
3
1
5
3
3

M
M
M
M
D
M
M
M

Latest Chg
2'084'614
(91'290)
(4'785'293)
577'897
40'827
156'988
133'137
(743'800)
(1'716'610)
1'848
334'682
(1'000)

Target Price
21
17
19
18
17
19
#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
08.03.2013
31.12.2012
09.04.2013
31.12.2012
27.06.2012
31.12.2012
31.12.2012
07.06.2011
31.12.2012
28.02.2013
28.02.2013
28.12.2012
23.04.2012
31.01.2013
31.12.2012
31.01.2013
31.07.2012
31.01.2013
31.12.2012
31.12.2012

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
10.04.2013
18.03.2013
15.03.2013
12.03.2013
07.03.2013
06.03.2013
06.03.2013
15.01.2013

11.04.2013

Lonza Group AG
Lonza Group AG produces organic fine chemicals, biocides, active ingredients,
and biotechnology products. The Company offers custom chemical manufacturing
and fermentation processing and manufactures its products for the life sciences,
pharmaceuticals, food processing, and agricultural products industries. Lonza
operates production sites in Europe, the United States, and China.

Price/Volume
70

1.6 M

60

1.4 M

50

1.2 M
1.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
LONN VX EQUITY YTD Change
LONN VX EQUITY YTD % CHANGE

12/2012
01/yy
63.15
32.81
141'563.00
58.6
-7.21%
78.60%
91.10%
52.9
3'101.12
2'815.00
0.0
(1.0)
431.00
5'484.12

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

31.12.2009
31.12.2010
2'690.0
2'680.0
1.91x
1.91x
517.0
647.0
9.91x
7.91x
162.0
291.0
22.88x
13.50x
Profitability

31.12.2011
2'692.0
2.10x
537.0
10.50x
154.0
18.62x

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
3'925.0
1.27x
182.0
14.02x
537.00
335.00
8.54%
5.63%
2.57%
7.64%
0.55%
25.6%
17.3%
8.5%
4.6%
1.48
0.31
39.26%
116.95%
-

Price/ Cash Flow

.4 M

10

.2 M

0
a-12

m-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

1.18
52.77
44.64%
23.08%
1.183
17
2.882
346'308
251'867
319'090
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
3'958.4
4'134.9
1.36x
1.28x
705.7
765.4
7.77x
7.16x
243.3
292.5
12.59x
10.63x
S&P Issuer Ratings

Long-Term Rating Date


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

5.90
3.12
4.36
4.82
117.0%
53.9%
0.55
1.01
159.95

Sales/Revenue/Turnover

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00

2'500.0

4.00

2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00
01.01.2010

.6 M

20

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

Fiscal Year Ended


31.12.2008
2'937.0
2.20x
691.0
9.36x
420.0
11.07x

.8 M

30

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Lonza Group AG
Holdings By:

All

Holder Name
FRANKLIN RESOURCES
MANNING & NAPIER ADV
HARDING LOEVNER LP
MANNING & NAPIER ADV
BLACKROCK
CREDIT SUISSE ASSET
SWISSCANTO FONDSLEIT
VANGUARD GROUP INC
UBS FUND MANAGEMENT
TIAA CREF INVESTMENT
TEMPLETON INVESTMENT
PICTET & CIE
PICTET ASSET MANAGEM
CI INVESTMENTS INC
MIRABAUD & CIE
FMR LLC
OPPENHEIMERFUNDS INC
VONTOBEL ASSET MANAG
DIMENSIONAL FUND ADV
UBS ETF

Firm Name
AlphaValue
Helvea
Commerzbank Corporates & Markets
Bank Vontobel AG
S&P Capital IQ
EVA Dimensions
Credit Suisse
Zuercher Kantonalbank
Main First Bank AG
Jefferies
Deutsche Bank
CA Cheuvreux
Kempen & Co
JPMorgan

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

Analyst
FABRICE FARIGOULE
OLAV ZILIAN
STEPHAN KIPPE
CARLA BAENZIGER
JACOB THRANE
ANDREW S ZAMFOTIS
LUISA HECTOR
MARTIN SCHREIBER
BERND POMREHN
PETER WELFORD
HOLGER BLUM
MARCEL BRAND
SACHIN SONI
RICHARD VOSSER

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

Recommendation
add
accumulate
hold
hold
sell
underweight
neutral
market perform
underperform
hold
hold
outperform
hold
neutral

Amt Held
5'307'444
2'801'813
2'658'885
2'642'891
2'048'625
1'130'041
735'761
521'867
354'944
304'521
276'233
229'793
172'103
172'000
162'619
151'560
144'892
126'900
124'387
111'229

% Out
10.03
5.29
5.02
4.99
3.87
2.14
1.39
0.99
0.67
0.58
0.52
0.43
0.33
0.33
0.31
0.29
0.27
0.24
0.24
0.21

Weighting

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

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

Latest Chg
(97'382)
(816'138)
745'936
(1'136)
9'101
(427'237)
14'898
(5'618)
208'334
1'980
20'832
1'555
147'000
162'619
39'575
(69'800)
33
(5'002)

Target Price
71
63
55
52
48
#N/A N/A
55
#N/A N/A
57
55
47
60
58
40

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

File Dt
02.04.2013
31.12.2012
09.07.2012
08.03.2013
09.04.2013
28.02.2013
31.01.2013
31.12.2012
28.12.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
28.02.2013
30.11.2012
31.07.2012
31.12.2012

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

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
11.04.2013
05.04.2013
04.02.2013
31.01.2013
30.01.2013
30.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
22.01.2013
18.01.2013
15.01.2013
10.08.2012

11.04.2013

Galenica AG
Galenica AG manufactures and distributes pharmaceuticals and offers related
services. The Company produces prescription and over-the-counter drugs,
toiletries and hygiene products, and operates pharmacies.

Price/Volume
700

.1 M

600

.1 M

500

.1 M

400

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.07.2012)
52-Week Low (16.11.2012)
Daily Volume
Current Price (4/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
GALN SE EQUITY YTD Change
GALN SE EQUITY YTD % CHANGE

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

.0 M

200

.0 M

100
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
3'128.1
0.94x
470.1
6.26x
188.2
11.80x

.1 M

300

12/2012
01/yy
626.00
479.25
24'206.00
599.5
-4.15%
25.09%
78.19%
6.5
3'896.75
1'038.04
0.0
32.3
356.88
4'610.22

31.12.2009
31.12.2010
3'279.1
3'446.6
1.14x
1.37x
401.6
443.7
9.28x
10.65x
210.2
230.4
11.55x
15.91x
Profitability

31.12.2011
3'480.6
1.26x
399.9
10.99x
223.1
15.89x

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
3'608.0
1.15x
431.3
9.62x
253.5
13.55x
431.34
355.28
9.85%
8.90%
8.10%
20.26%
1.15%
40.6%
12.0%
9.8%
7.0%
1.45
0.93
32.99%
77.14%
7.14
6.34

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.95
4.51
1.73%
13.01%
0.951
13
2.692
26'624
22'108
21'673
FY+2

12/13 Y
12/14 Y
3'569.0
3'702.5
1.24x
1.14x
425.5
448.7
10.84x
10.27x
257.1
274.9
15.05x
14.59x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

11.56
10.35
1.58
2.41
77.1%
43.0%
1.15
8.14
51.24
57.77
62.91
46.11

Sales/Revenue/Turnover

14.00

4'000.0

12.00

3'500.0
3'000.0

10.00

2'500.0
8.00

2'000.0
6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00
01.01.2010

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 |

11.04.2013

Galenica AG
Holdings By:

All

Holder Name
ALLIANCE BOOTS LTD
CREDIT SUISSE AG
PATINEX AG
ALECTA PENSIONSFORSA
CREDIT SUISSE ASSET
VONTOBEL ASSET MANAG
JORNOD ETIENNE
SWISSCANTO FONDSLEIT
LB SWISS INVESTMENT
UBS FUND MANAGEMENT
PICTET & CIE
IST FUND MANAGERS
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
LOMBARD ODIER DARIER
SARASIN
DWS INVESTMENTS SCHW
GALENICA AG
JULIUS BAER MULTICOO
BLACKROCK

Firm Name
AlphaValue
Helvea
Bank Vontobel AG
Main First Bank AG
Kepler Capital Markets
Credit Suisse
Zuercher Kantonalbank
Goldman Sachs
Berenberg Bank
EVA Dimensions
Deutsche Bank

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

Analyst
ARMELLE MOULIN
OLAV ZILIAN
CARLA BAENZIGER
MARCUS WIEPRECHT
FABIAN WENNER
CHRISTOPH GRETLER
SIBYLLE BISCHOFBERGER FRICK
VERONIKA DUBAJOVA
ADRIAN HOWD
ANDREW S ZAMFOTIS
HOLGER BLUM

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

Recommendation
reduce
buy
reduce
underperform
buy
neutral
market perform
Sell/Neutral
sell
overweight
buy

Amt Held
1'656'172
379'607
232'220
210'000
103'702
57'415
47'261
42'534
37'258
32'847
32'796
28'672
25'846
22'491
21'876
20'771
20'185
20'075
14'574
14'562

% Out
25.48
5.84
3.57
3.23
1.6
0.88
0.73
0.65
0.57
0.51
0.5
0.44
0.4
0.35
0.34
0.32
0.31
0.31
0.22
0.22

Weighting

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

M
M
M
M
M
M
M
M
M
M
M

Latest Chg
116'645
1'190
(5'912)
(27'534)
4'162
(101)
1'546
1
718
(470)
140
149
1'400
(348)
-

Target Price
521
720
527
500
650
600
#N/A N/A
454
500
#N/A N/A
660

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

File Dt
31.12.2012
12.03.2013
12.03.2013
31.12.2012
28.02.2013
30.11.2012
31.12.2012
31.01.2013
31.12.2012
28.12.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2012
28.02.2013
28.12.2012
28.02.2013
31.12.2012
28.12.2012
09.04.2013

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

Inst Type
Corporation
Investment Advisor
Private Equity
Pension Fund (ERISA)
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Corporation
Mutual Fund Manager
Investment Advisor

Date
11.04.2013
08.04.2013
28.03.2013
20.03.2013
18.03.2013
13.03.2013
12.03.2013
30.01.2013
17.01.2013
17.01.2013
12.01.2012

11.04.2013

Dufry AG
Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico,
France, Russia, the United Arab Emirates, Singapore, the Caribbean and the
United States.

Price/Volume
140

1.2 M

120

1.0 M

100

.8 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
DUFN SE EQUITY YTD Change
DUFN SE EQUITY YTD % CHANGE

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

.4 M

40

.2 M

20
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
2'113.5
0.79x
277.3
6.02x
95.0
8.62x

.6 M

60

12/2012
12/yy
133.20
101.60
74'817.00
120.1
-9.83%
18.21%
51.90%
29.7
3'563.83
1'385.30
0.0
128.4
434.00
4'643.53

31.12.2009
31.12.2010
2'378.7
2'610.2
0.95x
1.56x
288.1
328.0
7.85x
12.43x
38.5
116.6
34.88x
27.17x
Profitability

LTM-4Q
31.12.2011
2'637.7
1.43x
344.3
10.94x
111.9
20.78x

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

31.12.2012
3'153.6
1.45x
444.0
10.33x
122.4
26.82x
444.00
275.70
8.74%
6.26%
3.58%
11.61%
8.43%
0.92%
58.9%
14.1%
8.7%
3.9%
1.75
0.83
39.29%
111.83%
59.22
3.04

Price/ Cash Flow

12/yy
2'637.7
5.48x
344.0
10.95x
111.9
20.78x

LTM
12/yy
3'153.6
5.79x
444.0
10.33x
122.4
26.34x

FY+1

.0 M
a-13

1.07
24.09
10.69%
0.42%
1.065
14
4.143
182'106
224'279
231'931
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'682.7
4'144.0
771.0
935.0
1.35x
1.12x
564.6
668.2
103.0
142.0
8.22x
6.95x
7.95x
219.1
293.5
31.3
34.4
14.80x
11.30x
21.64x
S&P Issuer Ratings

Long-Term Rating Date


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

15.10.2012
BB+
STABLE
5.58
4.53
2.14
3.12
111.8%
50.3%
0.92
12.47
6.18
120.37
78.10
48.44

Sales/Revenue/Turnover

12.00

3'500.0

10.00

3'000.0
2'500.0

8.00

2'000.0
6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00
01.01.2010

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 |

11.04.2013

Dufry AG
Holdings By:

All

Holder Name
TRAVEL RETAIL INVEST
CREDIT SUISSE GROUP
HUDSON MEDIA INC
ARTIO GLOBAL MANAGEM
T ROWE PRICE ASSOCIA
COLUMBIA WANGER ASSE
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
HARTFORD INVESTMENT
FMR LLC
DEUTSCHE BANK AG
ROYAL BANK OF CANADA
OPPENHEIMERFUNDS INC
INVESTEC ASSET MANAG
SCHRODER INVESTMENT
SWISSCANTO FONDSLEIT
ALLIANZ ASSET MANAGE
JUPITER ASSET MANAGE
CARMIGNAC GESTION
FRANKLIN RESOURCES

Firm Name
Bank Vontobel AG
Goldman Sachs
Grupo Santander
Credit Suisse
Main First Bank AG
Deutsche Bank
Kepler Capital Markets
Exane BNP Paribas
EVA Dimensions
CA Cheuvreux
Natixis

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

Analyst
RENE WEBER
MAYAN UTHAYAKUMAR
REBECCA MCCLELLAN
PATRICK JNGLIN
GAEL COLCOMBET
CHARLIE MUIR-SANDS
JON COX
ROBERTA CIACCIA
CRAIG STERLING
MARCO BACCAGLIO
MATTHIEU DETROYAT

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

Recommendation
buy
Buy/Neutral
buy
outperform
outperform
hold
buy
neutral
underweight
underperform
buy

Amt Held
3'912'464
1'577'361
1'154'677
804'639
730'057
499'384
496'757
470'925
377'378
334'470
292'127
289'624
279'892
270'127
263'708
244'719
235'925
230'042
171'545
171'264

% Out
13.18
5.32
3.89
2.71
2.46
1.68
1.67
1.59
1.27
1.13
0.98
0.98
0.94
0.91
0.89
0.82
0.8
0.78
0.58
0.58

Weighting

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

M
M
M
M
M
D
M
M
M
M
M

Latest Chg
1'688'901
(492'317)
566'414
48'998
3'939
(11'308)
51'551
(199'580)
50'032
(12'037)
2'623
131'883
(150'349)
(4'769)
22'100
12'023

Target Price
135
170
141
135
140
130
140
123
#N/A N/A
114
140

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

File Dt
Inst Type
17.01.2013
Other
05.03.2013
Investment Advisor
31.12.2011
Other
20.03.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013 Mutual Fund Manager
28.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Bank
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor

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

Date
05.04.2013
03.04.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
17.03.2013
15.03.2013
17.01.2013
06.11.2012
31.07.2012

11.04.2013

Helvetia Holding AG
Helvetia Holding AG provides a broad range of life, casualty, liability,
accident and transportation insurance. The Company insures individuals,
property such as vehicles and buildings, and consumer goods and personal
belongings during transportation. Helvetia and subsidiaries operate in
Switzerland, in other European countries, and North America.

Price/Volume
450

.0 M

400

.0 M

350

.0 M

300

.0 M

250

Latest Fiscal Year:


LTM as of:
52-Week High (11.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
HELN SE EQUITY YTD Change
HELN SE EQUITY YTD % CHANGE

12/2012
01/yy
402.75
259.00
4'586.00
384.5
-4.78%
48.46%
83.83%
8.7
3'327.03
179.90
300.0
39.6
1'565.20
2'281.33

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

.0 M

150
100

.0 M

50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
5'559.2
0.35x
230.6
8.52x

.0 M

200

Valuation Analysis

31.12.2009
31.12.2010
7'279.3
7'366.2
0.36x
0.36x
323.4
339.0
8.54x
9.14x
Profitability

31.12.2011
7'496.2
0.24x
288.2
9.02x

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
7'967.0
0.24x
339.6
9.09x
5.50%
5.39%
0.83%
9.55%
8.58%
0.20%
4.3%
0.42%
4.78%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.25
6.04
24.46%
10.97%
1.253
11
3.727
14'353
16'557
14'617
FY+2

12/13 Y
12/14 Y
7'675.0
8'253.7
0.31x
0.29x
353.4
367.8
9.54x
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

.0 M
a-13

FQ+1

FQ+2

4.8%
4.2%
0.20
-

Sales/Revenue/Turnover

25.00

9'000.0
8'000.0

20.00

7'000.0
6'000.0

15.00

5'000.0
4'000.0

10.00

3'000.0
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 |

11.04.2013

Helvetia Holding AG
Holdings By:

All

Holder Name
PATRIA GENOSSENSCHAF
VONTOBEL BETEILIGUNG
RAIFFEISEN SWITZERLA
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
DIMENSIONAL FUND ADV
VANGUARD GROUP INC
SCHRODER INVESTMENT
SWISSCANTO FONDSLEIT
DJE INVESTMENT SA
VONTOBEL ASSET MANAG
BNP PARIBAS INV PART
PICTET & CIE
BLACKROCK
LB SWISS INVESTMENT
PRINCIPAL FINANCIAL
SCHRODER INVESTMENT
PRUDENTIAL FINANCIAL
DEUTSCHE BANK AG
LLB FONDSLEITUNG AG

Firm Name
Kepler Capital Markets
Goldman Sachs
Zuercher Kantonalbank
Bankhaus Metzler
Berenberg Bank
Nomura
Main First Bank AG
Helvea
Credit Suisse
Mediobanca SpA
EVA Dimensions
Bank Vontobel AG

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

Analyst
FABRIZIO CROCE
WILLIAM ELDERKIN
GEORG MARTI
JOCHEN SCHMITT
PETER ELIOT
MICHAEL KLIEN
RENE LOCHER
DANIEL BISCHOF
RICHARD BURDEN
MARC THIELE
AUSTIN BURKETT
STEFAN SCHUERMANN

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

Recommendation
buy
neutral/neutral
outperform
buy
buy
buy
underperform
neutral
underperform
neutral
buy
not rated

Amt Held
2'603'658
346'116
346'116
165'434
138'401
130'515
97'139
95'745
80'817
59'744
49'523
48'713
40'222
35'904
31'587
27'416
26'100
25'821
23'800
21'700

% Out
30.09
4
4
1.91
1.6
1.51
1.12
1.11
0.93
0.69
0.57
0.56
0.46
0.41
0.37
0.32
0.3
0.3
0.28
0.25

Weighting

Change

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

M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'066)
2'123
114
1'029
14'118
(52'748)
(485)
5'209
14'446
3'689
-

Target Price
403
400
#N/A N/A
446
470
430
400
412
371
404
#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
31.12.2011
31.12.2011
31.12.2011
28.12.2012
28.02.2013
31.07.2012
31.12.2012
31.12.2012
31.01.2013
28.12.2012
30.11.2012
31.01.2013
31.01.2013
09.04.2013
31.12.2012
28.02.2013
28.09.2012
28.02.2013
28.02.2013
31.12.2012

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

Inst Type
n/a
n/a
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
05.04.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
30.01.2013
17.01.2013
07.10.2011

11.04.2013

EMS-Chemie Holding AG
Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade
chemical intermediates, fine chemicals, and protective bonding, coating and
sealing products. The Company supplies its products to the automotive,
transportation, and textile industries.

Price/Volume
350

.6 M

300

.5 M

250

.4 M

200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (24.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EMSN SE EQUITY YTD Change
EMSN SE EQUITY YTD % CHANGE

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

31.12.2009
31.12.2010
1'197.7
1'595.6
2.02x
2.17x
272.2
351.4
8.91x
9.88x
216.1
225.9
12.82x
17.08x
Profitability

.1 M

50
0
a-12

m-12

LTM-4Q
31.12.2011
1'657.7
2.09x
347.3
9.98x
237.1
15.69x

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

31.12.2012
1'755.0
273.0
18.45x
347.27
295.26
17.81%
17.79%
14.33%
21.17%
0.97%
18.1%
15.6%
2.87
1.83
9.96%
15.63%
4.96
-

Price/ Cash Flow

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

j-12

j-12

a-12

LTM
03/yy
254.0
0.00x
0.0
0.00x
0.0
0.00x

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M
a-13

0.86
7.08
60.05%
26.86%
0.856
6
2.667
32'622
30'909
29'351
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
1'855.8
1'965.8
434.0
3.24x
3.03x
395.8
422.2
15.49x
14.52x
275.2
294.8
23.17x
21.67x
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

103.63
80.99
15.6%
13.3%
0.97
3.38
73.78
-

Sales/Revenue/Turnover

20.00

2'000.0

18.00

1'800.0

16.00

1'600.0

14.00

1'400.0

12.00

1'200.0

10.00
8.00

1'000.0
800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00
01.01.2010

.2 M

100

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

Fiscal Year Ended


31.12.2008
1'503.9
1.16x
283.2
6.15x
211.8
9.57x

.3 M

150

12/2012
03/yy
290.25
161.00
10'231.00
273.25
-5.86%
69.72%
86.85%
23.4
6'391.05
162.77
0.0
15.1
433.11
6'135.81

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 |

11.04.2013

EMS-Chemie Holding AG
Holdings By:

All

Holder Name
EMESTA HOLDING AG
BLOCHER MIRIAM
VANGUARD GROUP INC
LOMBARD ODIER DARIER
SWISSCANTO FONDSLEIT
IST FUND MANAGERS
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
BLACKROCK
ALLIANCE BERNSTEIN
PICTET & CIE
LUXEMBOURGER KAPITAL
DEXIA ASSET MANAGEME
BNP PARIBAS INV PART
DIGITAL FUNDS
RAIFFEISEN SCHWEIZ L
NATIXIS ASSET MANAGE
SKANDIA GLOBAL FUNDS
DIMENSIONAL FUND ADV
SEB

Firm Name
Bank Vontobel AG
Main First Bank AG
Zuercher Kantonalbank
Kepler Capital Markets
EVA Dimensions

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

Analyst
PATRICK RAFAISZ
BERND POMREHN
MARTIN SCHREIBER
BETTINA EDMONDSTON
CRAIG STERLING

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

Recommendation
reduce
underperform
market perform
reduce
overweight

Amt Held
14'225'190
2'079'282
89'374
81'323
70'340
67'329
65'163
59'096
54'325
45'927
38'213
27'000
18'070
16'708
15'413
13'300
12'133
11'657
10'298
9'750

% Out
60.82
8.89
0.38
0.35
0.3
0.29
0.28
0.25
0.23
0.2
0.16
0.12
0.08
0.07
0.07
0.06
0.05
0.05
0.04
0.04

Weighting

Change
2
1
3
2
5

M
D
M
M
M

Latest Chg
33'309
(45'495)
2
60
1'500
635
45'617
447
2'550
9'083
16'708
(14'200)
(60)
(334)
3'129

Target Price
200
265
#N/A N/A
200
#N/A N/A

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

File Dt
31.12.2011
31.12.2011
31.12.2012
28.02.2013
31.01.2013
28.02.2013
28.02.2013
28.12.2012
09.04.2013
28.02.2013
31.01.2013
31.01.2013
28.02.2013
31.01.2013
28.12.2012
30.11.2012
28.02.2013
31.01.2013
31.07.2012
31.12.2012

Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Corporation
n/a
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Unclassified

Date
10.04.2013
08.04.2013
11.02.2013
09.02.2013
15.01.2013

11.04.2013

DKSH Holding AG
DKSH Holding Limited is an international marketing and services group. The
Company offers a comprehensive package of services that includes organizing and
running the entire value chain for any product: from sourcing, research and
analysis, marketing, sales, distribution and logistics to after-sales services.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Current Price (4/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
DKSH SE EQUITY YTD Change
DKSH SE EQUITY YTD % CHANGE

12/2012
01/yy
89.50
46.75
25'050.00
86.35
-3.58%
84.71%
90.53%
63.5
5'483.22
199.40
0.0
33.4
253.60
5'462.42

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

.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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

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

31.12.2009
31.12.2010
6'356.4
7'295.4
168.3
241.6
72.7
128.4
Profitability

31.12.2011
7'340.0
274.3
147.1
-

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

31.12.2012
8'834.1
0.47x
320.7
12.98x
201.2
20.72x
320.70
278.00
3.15%
3.26%
6.26%
18.57%
16.03%
2.75%
3.6%
3.1%
2.3%
1.48
0.94
5.94%
17.03%
5.64
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.00
25.90
81.79%
31.03%
11
3.364
99'896
124'432
94'005
FY+2

12/13 Y
12/14 Y
10'029.2
11'058.5
0.54x
0.48x
378.1
429.6
14.50x
12.76x
214.3
243.7
25.88x
22.86x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

34.12
29.04
-0.17
0.62
17.0%
14.2%
2.75
60.61
64.95
-

Sales/Revenue/Turnover

30.00

10'000.0
9'000.0

25.00

8'000.0
7'000.0

20.00

6'000.0

15.00

5'000.0
4'000.0

10.00

3'000.0
2'000.0

5.00
0.00
01.01.2010

1'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

DKSH Holding AG
Holdings By:

All

Holder Name
DIETHELM KELLER HOLD
FFP INVEST SAS
FREY RAINER-MARC
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
RUFFER LLP
MATTHEWS INTERNATION
FMR LLC
PICTET & CIE
UBS FUND MANAGEMENT
LOMBARD ODIER DARIER
VIRTUS INVESTMENT AD
SWISSCANTO FONDSLEIT
DEUTSCHE BANK AG
JULIUS BAER MULTICOO
FIDELITY INVESTMENT
AMERICAN CENTURY COM
VONTOBEL ASSET MANAG
DEKA INVESTMENT GMBH
LOMBARD ODIER DARIER

Firm Name
Deutsche Bank
Credit Suisse
Kepler Capital Markets
Religare Capital Markets
Main First Bank AG
Helvea
Berenberg Bank
Bank Vontobel AG
CA Cheuvreux
Zuercher Kantonalbank

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

Analyst
ANDY CHU
ANDY GROBLER
BETTINA EDMONDSTON
PETER WILLIAMSON
ALAIN-SEBASTIAN OBERHUBER
CHRISTIAN BURGER
KONRAD ZOMER
JEAN-PHILIPPE BERTSCHY
BEAT KEISER
MARCO STRITTMATTER

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

Recommendation
hold
neutral
hold
buy
outperform
neutral
sell
hold
outperform
market perform

Amt Held
29'267'730
4'320'000
4'009'666
2'412'940
660'732
394'500
386'901
340'230
294'266
203'456
157'520
154'930
128'034
128'000
109'418
103'880
98'169
93'805
93'500
92'500

% Out
46.09
6.8
6.31
3.8
1.04
0.62
0.61
0.54
0.46
0.32
0.25
0.24
0.2
0.2
0.17
0.16
0.15
0.15
0.15
0.15

Weighting

Change
3
3
3
5
5
3
1
3
5
3

M
M
D
M
M
M
D
M
M
N

Latest Chg
(5'453)
386'901
332'248
10'810
7'540
1'970
6'280
(80'993)
(4'000)
(8'562)
7'631
(100)
25'000
2'500

Target Price
89
83
80
85
95
74
72
75
59
#N/A N/A

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

File Dt
30.06.2012
30.06.2012
30.06.2012
31.12.2012
28.02.2013
30.11.2012
31.12.2012
31.10.2012
31.01.2013
28.02.2013
28.02.2013
31.12.2012
31.01.2013
28.02.2013
28.12.2012
31.12.2012
31.12.2012
30.11.2012
28.12.2012
30.09.2012

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

Inst Type
Corporation
Corporation
n/a
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Insurance Company
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager

Date
09.04.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
09.08.2012
02.05.2012

11.04.2013

Barry Callebaut AG
Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products.
The Company markets to industrial food manufacturers, chocolatiers, pastry
chefs, bakers, and retailers globally. Barry Callebaut also offers product
development, processing, training, and marketing services.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.12.2012)
52-Week Low (06.06.2012)
Daily Volume
Current Price (4/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
BARN SE EQUITY YTD Change
BARN SE EQUITY YTD % CHANGE

08/2012
02/yy
932.34
806.52
3'577.00
887
-4.86%
9.98%
61.58%
5.2
4'585.79
997.47
0.0
4.7
54.56
5'583.99

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

.1 M
.1 M
.0 M
.0 M
.0 M
.0 M

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


31.08.2008
4'815.4
0.99x
422.6
11.30x
204.6
17.93x

1000
900
800
700
600
500
400
300
200
100
0
a-12 m-12

31.08.2009
31.08.2010
4'880.2
4'524.5
0.80x
0.99x
448.1
443.2
8.72x
10.15x
226.9
251.2
13.05x
15.32x
Profitability

LTM-4Q
31.08.2011
4'459.9
1.06x
458.3
10.34x
177.6
14.94x

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
4'829.5
1.16x
441.3
12.72x
142.1
19.40x
441.32
356.44
7.38%
5.76%
4.36%
12.05%
1.28%
13.9%
7.5%
2.9%
1.73
0.30
27.89%
73.50%
3.59

Price/ Cash Flow

02/yy
3'841.8
1.89x
176.8
0.00x
70.1
0.00x

LTM
02/yy
4'744.2
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
a-13

0.69
1.80
6.79%
2.54%
0.692
13
2.692
10'870
6'521
5'899
FY+2

FQ+1

FQ+2

08/13 Y
08/14 Y
05/13 Q3 08/13 Q4
4'966.8
5'923.8
1'072.0
1'239.0
1.09x
0.97x
465.6
533.3
11.99x
10.47x
251.3
292.7
17.96x
16.01x
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

28.03.2013
BB+
NEG
6.01
3.58
73.5%
42.3%
1.28
6.00
101.81
71.62

Sales/Revenue/Turnover

40.00

6'000.0

35.00

5'000.0

30.00

4'000.0

25.00
20.00

3'000.0

15.00

2'000.0

10.00

1'000.0
5.00
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 |

11.04.2013

Barry Callebaut AG
Holdings By:

All

Holder Name
JACOBS HOLDINGS AG
JACOBS RENATA
JACOBS NATHALIE
JACOBS NICOLAS
OPPENHEIMERFUNDS INC
CREDIT SUISSE ASSET
SWISSCANTO FONDSLEIT
VANGUARD GROUP INC
UBS FUND MANAGEMENT
BLACKROCK
PICTET & CIE
IST FUND MANAGERS
ABERDEEN
FMR LLC
ALLIANZ ASSET MANAGE
SCHMID ANDREAS
SARASIN
JULIUS BAER ASSET MA
MANNING & NAPIER ADV
KEMPEN CAPITAL MANAG

Firm Name
Helvea
Societe Generale
Bank Vontobel AG
Kepler Capital Markets
Main First Bank AG
Deutsche Bank
Goldman Sachs
Berenberg Bank
EVA Dimensions
Credit Suisse
Zuercher Kantonalbank
Equita SIM SpA
CA Cheuvreux
GSC Research

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

Analyst
ANDREAS VON ARX
ALEX SLOANE
JEAN-PHILIPPE BERTSCHY
JON COX
ALAIN-SEBASTIAN OBERHUBER
CATHERINE FARRANT
BENJAMIN MOORE
JAMES TARGETT
AUSTIN BURKETT
PATRICK JNGLIN
DANIEL BUERKI
FABIO FAZZARI
CHRISTOPH WIRTZ
MATTHIAS SCHRADE

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

Recommendation
neutral
hold
hold
hold
underperform
hold
neutral/neutral
hold
underweight
restricted
market perform
buy
underperform
sell

Amt Held
2'590'687
438'416
159'236
159'236
88'797
52'907
24'161
18'284
17'350
17'015
14'432
11'831
10'850
8'939
8'791
8'790
7'696
5'969
5'790
5'263

% Out
50.11
8.48
3.08
3.08
1.72
1.02
0.47
0.35
0.34
0.33
0.28
0.23
0.21
0.17
0.17
0.17
0.15
0.12
0.11
0.1

Weighting

Change

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

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

Latest Chg
7'612
540
(19'698)
(338)
(6'216)
(43)
(453)
750
(2'208)
(187)
104
(58)
-

Target Price
1'000
900
900
900
800
950
1'081
940
#N/A N/A
#N/A N/A
#N/A N/A
1'109
730
#N/A N/A

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

File Dt
31.08.2012
31.08.2012
31.08.2012
31.08.2012
28.02.2013
28.02.2013
31.01.2013
31.12.2012
28.12.2012
09.04.2013
31.01.2013
28.02.2013
28.03.2013
28.02.2013
31.12.2012
31.08.2012
28.12.2012
31.01.2013
31.12.2012
28.02.2013

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

Inst Type
Corporation
n/a
n/a
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Unclassified
Investment Advisor
Investment Advisor
n/a
Unclassified
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager

Date
10.04.2013
09.04.2013
09.04.2013
09.04.2013
09.04.2013
08.04.2013
06.02.2013
21.01.2013
17.01.2013
13.12.2012
13.12.2012
20.11.2012
06.07.2012
17.03.2011

11.04.2013

OC Oerlikon Corp AG
OC Oerlikon Corporation AG manufactures industrial equipment. The Company
produces vacuum pumps and solutions, equipment to supply PVD coatings for tools
and precision components, man-made textile machines and transmission driveline
equipment.

Price/Volume
14

9.0 M

12

8.0 M
7.0 M

10

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Current Price (4/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
OERL SE EQUITY YTD Change
OERL SE EQUITY YTD % CHANGE

12/2012
09/yy
13.05
7.38
871'341.00
10.9
-16.86%
47.70%
60.32%
326.0
3'553.01
322.00
0.0
24.0
654.00
3'245.01

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

5.0 M

4.0 M
3.0 M

2.0 M

2
0
a-12

1.0 M
m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
4'632.0
0.55x
512.0
4.97x
(425.0)
-

6.0 M

31.12.2009
31.12.2010
2'877.0
3'601.0
0.73x
0.53x
(71.0)
298.0
6.36x
(592.0)
3.0
490.00x
Profitability

LTM-4Q
31.12.2011
2'731.0
0.64x
493.0
3.55x
220.0
10.48x

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
2'906.0
1.05x
572.0
5.34x
382.0
15.22x
572.00
421.00
14.49%
11.49%
8.75%
22.18%
0.67%
28.5%
19.7%
14.5%
13.1%
1.75
0.83
7.74%
17.33%
5.24
4.29

Price/ Cash Flow

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

LTM
09/yy
957.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
a-13

1.27
168.24
41.52%
5.31%
1.274
10
4.100
2'421'871
2'387'538
1'697'814
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
2'896.5
3'001.0
968.3
936.8
0.87x
0.76x
513.1
559.8
6.29x
5.77x
242.9
258.0
62.0
14.61x
13.26x
S&P Issuer Ratings

Long-Term Rating Date


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

13.95
9.54
-0.58
0.56
17.3%
14.6%
0.67
3.56
69.84
85.38
72.23
82.99

Sales/Revenue/Turnover

160.00

6'000.0

140.00

5'000.0

120.00

4'000.0

100.00
80.00

3'000.0

60.00

2'000.0

40.00

1'000.0
20.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

OC Oerlikon Corp AG
Holdings By:

All

Holder Name
VEKSELBERG VIKTOR F
BLACKROCK
CREDIT SUISSE ASSET
PICTET & CIE
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
VONTOBEL ASSET MANAG
SCHRODER INVESTMENT
BARING FUND MANAGERS
MIRABAUD & CIE
VANGUARD GROUP INC
CAZENOVE UNIT TRUST
OC OERLIKON CORP
HOTTINGER CAPITAL CO
ACATIS
LOMBARD ODIER DARIER
PRINCIPAL FINANCIAL
DIMENSIONAL FUND ADV
MEAG MUNICH ERGO KAG
PRUDENTIAL FINANCIAL

Firm Name
AlphaValue
Bank Vontobel AG
Helvea
Credit Suisse
EVA Dimensions
Societe Generale
Kepler Capital Markets
Berenberg Bank
Zuercher Kantonalbank

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

Analyst
PIERRE-YVES GAUTHIER
MICHAEL FOETH
RETO AMSTALDEN
PATRICK LAAGER
CRAIG STERLING
JEAN-BAPTISTE ROUSSILLE
CHRISTOPH LADNER
BENJAMIN GLAESER
ARMIN RECHBERGER

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

Recommendation
add
buy
neutral
outperform
sell
hold
buy
buy
outperform

Amt Held
156'210'954
9'416'760
4'288'429
3'855'299
3'505'658
2'442'119
1'262'000
986'060
966'378
955'027
946'758
922'120
902'248
872'000
845'506
737'163
709'437
619'403
598'187
589'700

% Out
47.92
2.89
1.32
1.18
1.08
0.75
0.39
0.3
0.3
0.29
0.29
0.28
0.28
0.27
0.26
0.23
0.22
0.19
0.18
0.18

Weighting

Change
4
5
3
5
1
3
5
5
5

U
M
M
M
D
M
M
M
U

Latest Chg
(284'377)
(57'608)
(67'027)
(13'350)
(1'431'198)
(128'000)
479'024
164'601
443'582
6'680
4'414
872'000
2'080
555'822
128'577
(42'246)

Target Price
13
15
13
15
#N/A N/A
11
15
14
#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
09.04.2013
28.02.2013
31.01.2013
28.12.2012
31.01.2013
30.11.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
28.09.2012
28.02.2013
28.02.2013
31.07.2012
31.12.2012
28.02.2013

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

Inst Type
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
28.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
06.03.2013
06.03.2013
05.03.2013
02.05.2012

11.04.2013

Pargesa Holding SA
Pargesa Holding SA acquires, sells, operates and manages investments in the
financial, commercial, and industrial sectors in Switzerland and other European
countries. The Company has a portfolio of a limited number of major long-term
holdings. Pargesa seeks to exercise control over or influence the activities of
its holdings as a strategic shareholder.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 05.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PARG SE EQUITY YTD Change
PARG SE EQUITY YTD % CHANGE

12/2012
09/yy
68.95
51.05
18'360.00
64.5
-6.60%
26.35%
74.30%
77.2
5'478.38
4'983.40
0.0
8'970.5
1'846.70
16'146.58

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

.2 M

70

.1 M

60

.1 M

50

.1 M

40

.1 M

30

.1 M

20

.0 M

10

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
5'475.2
3.64x
799.9
24.95x
(520.8)
-

80

31.12.2009
31.12.2010
4'189.5
4'625.4
5.31x
4.21x
1'077.2
888.7
20.64x
21.93x
791.7
465.9
4.83x
14.44x
Profitability

LTM-4Q
31.12.2011
4'729.1
3.66x
915.2
18.92x
(64.9)
-

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

31.12.2012
5'094.8
417.9
12.69x
915.20
-193.40
-4.09%
5.92%
0.64%
1.92%
0.21%
28.8%
5.6%
8.2%
2.16
1.46
21.50%
66.61%
6.82
-

Price/ Cash Flow

03/yy
3'148.0
6.23x
0.0
0.00x
821.3
0.00x

LTM
09/yy
7'356.8
0.00x
0.0
0.00x
344.4
0.00x

FY+1

.0 M
a-13

1.17
37.40
10.61%
2.95%
1.174
7
3.714
67'606
72'769
62'703
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
4'962.0
5'149.0
3.35x
3.16x
424.5
489.0
38.05x
33.03x
403.7
479.3
13.55x
11.40x
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

4.79
3.25
1.44
3.09
66.6%
23.2%
0.21
2.26
53.63
-

Sales/Revenue/Turnover

4.50

6'000.0

4.00

5'000.0

3.50
3.00

4'000.0

2.50

3'000.0

2.00

2'000.0

1.50

1'000.0

1.00
0.50
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

-1'000.0

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 |

11.04.2013

Pargesa Holding SA
Holdings By:

All

Holder Name
PARJOINTCO NV
BNP PARIBAS SA
FIRST EAGLE INVESTME
ARTISAN PARTNERS HOL
CREDIT SUISSE ASSET
THIRD AVENUE MANAGEM
UBS FUND MANAGEMENT
BLACKROCK
PARGESA HOLDING SA
VANGUARD GROUP INC
TRANSAMERICA INVESTM
FRERE GERALD
AMUNDI LUXEMBOURG SA
SWISSCANTO FONDSLEIT
PICTET & CIE
LITMAN/GREGORY FUND
SCHRODER INVESTMENT
LUXEMBOURGER KAPITAL
UBS ETF
GARDNER RUSSO & GARD

Firm Name
AlphaValue
KBC Securities
Goldman Sachs
Zuercher Kantonalbank
Bank Vontobel AG
EVA Dimensions
Petercam
BMO Capital Markets

Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
GARDNER RUSSO & GARD

Analyst
PIERRE-YVES GAUTHIER
JAN-WILLEM BILLIET
MARKUS IWAR
DANIEL BUERKI
RENE WEBER
AUSTIN BURKETT
MARC DEBROUWER
JOHN REUCASSEL

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

Recommendation
add
hold
neutral/neutral
market perform
hold
overweight
not rated
not rated

Amt Held
39'301'000
9'586'556
6'109'439
1'351'855
586'296
469'645
450'901
374'992
297'800
252'046
227'716
216'654
208'884
185'003
118'098
116'444
111'274
89'000
52'166
29'150

% Out
50.9
12.42
7.91
1.75
0.76
0.61
0.58
0.49
0.39
0.33
0.29
0.28
0.27
0.24
0.15
0.15
0.14
0.12
0.07
0.04

Weighting

Change

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

M
M
M
M
M
M
M
M

Latest Chg
(2'620)
3'295
5'275
22'028
8'331
30'600
(118'423)
1'499
(192'482)
63'450
(4'500)
(2'726)
(275)

Target Price
69
68
85
#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
01.03.2013
14.03.2013
30.09.2012
31.12.2012
28.02.2013
31.01.2013
28.12.2012
09.04.2013
12.03.2012
31.12.2012
31.12.2012
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012

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

Inst Type
Holding Company
Bank
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager

Date
11.04.2013
15.03.2013
11.03.2013
07.03.2013
06.03.2013
17.01.2013
18.12.2012
22.02.2011

11.04.2013

Flughafen Zuerich AG
Flughafen Zuerich AG operates the Zurich Airport. The Company constructs,
leases, and maintains airport structures and equipment.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
FHZN SE EQUITY YTD Change
FHZN SE EQUITY YTD % CHANGE

12/2012
01/yy
444.75
316.00
10'774.00
441.5
-0.79%
39.72%
86.02%
6.1
2'710.98
1'354.22
0.0
0.0
368.71
3'696.48

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

31.12.2009
31.12.2010
820.2
863.0
3.56x
3.83x
402.9
437.1
7.24x
7.57x
190.6
138.5
9.98x
16.93x
Profitability

31.12.2011
905.4
3.48x
484.6
6.50x
169.8
11.78x

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
948.8
3.77x
391.3
9.15x
94.7
27.24x
391.32
171.94
18.12%
12.37%
2.40%
5.17%
4.54%
0.24%
41.2%
18.1%
10.0%
1.60
1.17
33.29%
72.82%
9.19
-

Price/ Cash Flow

.1 M
.1 M
.0 M
.0 M
.0 M
.0 M
m-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

0.93
3.61
33.50%
4.44%
0.932
18
3.778
15'378
13'237
13'332
FY+2

12/13 Y
12/14 Y
966.3
990.5
3.78x
3.63x
521.5
536.5
7.09x
6.89x
128.3
192.0
17.72x
13.76x
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

FQ+1

FQ+2

20.04.2012
A
STABLE
6.75
3.38
2.52
3.46
72.8%
42.1%
0.24
0.32
39.82
-

Sales/Revenue/Turnover

9.00

1'000.0

8.00

900.0

7.00

800.0
700.0

6.00

600.0

5.00
4.00

500.0
400.0

3.00

300.0

2.00

200.0

1.00

100.0

0.00
01.01.2010

.1 M

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

Fiscal Year Ended


31.12.2008
855.1
3.14x
421.0
6.37x
121.3
12.61x

500
450
400
350
300
250
200
150
100
50
0
a-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 |

11.04.2013

Flughafen Zuerich AG
Holdings By:

All

Holder Name
CANTON OF ZURICH
UNIVERSITIES SUPERAN
CITY OF ZURICH
CREDIT SUISSE AG
LAZARD ASSET MANAGEM
ARTIO GLOBAL MANAGEM
TAUBE HODSON STONEX
UBS FUND MANAGEMENT
COMMONWEALTH BANK OF
DIMENSIONAL FUND ADV
SWISSCANTO FONDSLEIT
CREDIT SUISSE ASSET
BLACKROCK
ZADIG GESTION (LUXEM
PICTET & CIE
FRANK RUSSELL TRUST
VONTOBEL ASSET MANAG
CAPITAL GROUP COMPAN
SCHRODER INVESTMENT
MIRABAUD & CIE

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

Firm Name

Analyst

Nomura
Commerzbank Corporates & Markets
Zuercher Kantonalbank
HSBC
EVA Dimensions
RBC Capital Markets
Credit Suisse
Bank Vontobel AG
Berenberg Bank
Kepler Capital Markets
Goldman Sachs
Morgan Stanley
Main First Bank AG
Barclays
CA Cheuvreux
JPMorgan
Silvia Quandt Research

PETER LARKIN
JOHANNES BRAUN
ARMIN RECHBERGER
JOSEPH P THOMAS
CRAIG STERLING
ANDREW JONES
PATRICK JNGLIN
JEAN-PHILIPPE BERTSCHY
WILLIAM FOGGON
RUXANDRA HARADAU-DOESER
NICK EDELMAN
DANIEL RUIVO
CHRISTIAN KORTH
SUSANNA INVERNIZZI
CRAIG ABBOTT
ELODIE RALL
STEFAN KICK

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

Recommendation
reduce
buy
outperform
overweight
sell
sector perform
outperform
hold
hold
reduce
neutral/neutral
Overwt/In-Line
outperform
underweight
outperform
overweight
buy

Amt Held
2'046'595
342'593
309'476
199'712
185'229
183'681
174'707
60'142
59'130
56'858
50'374
46'776
46'559
39'499
39'390
36'922
35'520
35'400
29'703
27'300

% Out
33.33
5.58
5.04
3.25
3.02
2.99
2.85
0.98
0.96
0.93
0.82
0.76
0.76
0.64
0.64
0.6
0.58
0.58
0.48
0.44

Weighting

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

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

Latest Chg
1'900
(122'936)
(104'647)
(225)
(1'568)
(32'189)
(3'133)
188
2'337
(3'746)
(2'900)
35'400
5'480
7'300

Target Price
437
530
#N/A N/A
490
#N/A N/A
410
500
440
458
374
466
440
520
430
455
470
410

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

File Dt
31.12.2012
19.07.2012
31.12.2012
21.11.2012
28.02.2013
22.02.2012
21.05.2008
28.12.2012
30.11.2012
31.07.2012
31.01.2013
28.02.2013
09.04.2013
30.11.2012
31.01.2013
31.05.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2012

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

Inst Type
Government
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
11.04.2013
05.04.2013
05.04.2013
03.04.2013
26.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
21.02.2013
05.02.2013
04.02.2013
23.01.2013
17.12.2012
27.11.2012
21.08.2012

11.04.2013

Georg Fischer AG
Georg Fischer AG produces automobile parts, piping systems, plastics processing
equipment, and tool and mold making machinery. The Company manufactures cast
and machined components for road vehicles and machinery, plastic and metal
pipes and fittings, electric discharge machines, milling centers, automation
equipment, and plastics factories and compounding systems.

Price/Volume
450

.1 M

400

.1 M

350
300

.0 M

250

12/2012
01/yy
424.27
291.28
7'416.00
392.25
-7.49%
34.66%
72.92%
4.1
1'608.58
640.00
0.0
44.0
338.00
1'954.58

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

150

31.12.2009
31.12.2010
2'906.0
3'447.0
0.53x
0.72x
111.0
357.0
13.90x
6.97x
(246.0)
99.0
21.98x
Profitability

31.12.2011
3'511.0
0.46x
373.0
4.34x
160.0
8.23x

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
3'602.0
0.52x
359.0
5.17x
121.0
9.95x
359.00
226.00
6.27%
5.25%
4.16%
10.00%
8.11%
1.24%
10.0%
6.3%
3.4%
1.89
1.03
22.08%
51.53%
6.87
-

Price/ Cash Flow

.0 M

50
0
a-12

m-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

1.50
4.07
3.15%
10.58%
1.503
10
3.200
23'266
22'691
21'744
FY+2

12/13 Y
12/14 Y
3'580.1
3'704.3
0.52x
0.48x
361.9
385.0
5.40x
5.08x
153.0
166.5
10.55x
9.62x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

10.56
6.68
0.84
1.78
51.5%
33.2%
1.24
3.71
53.29
-

Sales/Revenue/Turnover

10.00

5'000.0

9.00

4'500.0

8.00

4'000.0

7.00

3'500.0

6.00

3'000.0

5.00
4.00

2'500.0
2'000.0

3.00

1'500.0

2.00

1'000.0

1.00

500.0

0.00
01.01.2010

.0 M

100

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
4'465.0
0.34x
390.0
3.87x
56.0
17.14x

.0 M

200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (15.06.2012)
Daily Volume
Current Price (4/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
FI/N SE EQUITY YTD Change
FI/N SE 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 |

11.04.2013

Georg Fischer AG
Holdings By:

All

Holder Name
BLACKROCK
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
SWISSCANTO FONDSLEIT
SARASIN
RUFFER LLP
VONTOBEL ASSET MANAG
SWISSCANTO FONDSLEIT
NEW JERSEY DIVISION
IST FUND MANAGERS
PICTET & CIE
PRUDENTIAL FINANCIAL
LANDESBANK BERLIN IN
LOMBARD ODIER DARIER
SCHRODER INVESTMENT
VANGUARD GROUP INC
JULIUS BAER MULTICOO
KBC GROUP NV
PUTNAM INVESTMENT MA
PIONEER ASSET MANAGE

Firm Name
EVA Dimensions
Goldman Sachs
Credit Suisse
Zuercher Kantonalbank
Main First Bank AG
Bank Vontobel AG
Kepler Capital Markets
Helvea
CA Cheuvreux

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

Analyst
CRAIG STERLING
WILLIAM WYMAN
PATRICK LAAGER
ARMIN RECHBERGER
TOBIAS FAHRENHOLZ
FABIAN HAECKI
CHRISTOPH LADNER
VOLKAN GOCMEN
OLIVER GIRAKHOU

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

Recommendation
hold
neutral/neutral
outperform
market perform
underperform
hold
buy
neutral
underperform

Amt Held
220'384
123'905
93'448
74'961
59'728
34'158
34'000
33'997
31'189
30'869
27'968
25'816
23'848
23'205
21'378
20'774
18'897
14'525
12'121
12'088

% Out
5.37
3.02
2.28
1.83
1.46
0.83
0.83
0.83
0.76
0.75
0.68
0.63
0.58
0.57
0.52
0.51
0.46
0.35
0.3
0.29

Weighting

Change
3
3
5
3
1
3
5
3
1

D
M
M
M
M
U
M
M
D

Latest Chg
(4'317)
1'244
(28'121)
224
34'158
(7'800)
4
2'250
(500)
(15)
799
(62)
(317)
50
1'232
89

Target Price
#N/A N/A
400
510
#N/A N/A
415
400
450
370
320

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

File Dt
09.04.2013
11.02.2012
28.02.2013
31.01.2013
31.12.2012
30.11.2012
30.11.2012
31.01.2013
30.06.2012
28.02.2013
31.01.2013
28.02.2013
28.03.2013
28.02.2013
31.12.2012
31.12.2012
28.12.2012
28.02.2013
31.12.2012
31.01.2013

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

Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Unclassified
Hedge Fund Manager
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
21.03.2013
11.03.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
16.11.2012

11.04.2013

Banque Cantonale Vaudoise


Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private,
and corporate banking services. The Bank offers consumer loans, treasury
management, pension funds, and investment management services, trades in
commodities, advises on mergers and acquisitions, and offers securities
brokerage services. BCV operates primarily in the Canton of Vaud.

Price/Volume
600
500
400
300

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2013)
52-Week Low (15.05.2012)
Daily Volume
Current Price (4/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
BCVN SE EQUITY YTD Change
BCVN SE EQUITY YTD % CHANGE

12/2012
12/yy
556.00
457.25
8'530.00
556
-0.09%
21.60%
100.00%
8.6
4'785.04
8'415.00
0.0
1.0
6'742.00
-

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

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

1.20

100
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
1'565.7
356.3
7.68x

200

31.12.2009
31.12.2010
1'371.2
1'351.6
300.6
313.2
11.77x
13.49x
Profitability

LTM-4Q
31.12.2011
1'351.7
302.1
13.00x

31.12.2012
1'321.2
311.0
13.41x
36.52%
37.66%
0.80%
11.99%
2.88%
0.03%
29.1%
21.14%
322.41%
-

.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
a-13

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

LTM
12/yy
1'229.4
0.00x
0.0
0.00x
311.0
13.74x

FY+1

0.81
2.81
25.11%
14.70%
0.813
6
2.000
9'180
9'013
10'875
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'026.0
1'035.7
252.0
254.0
307.3
312.5
15.58x
15.33x
S&P Issuer Ratings

Long-Term Rating Date


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

05.12.2011
AA
NEG
02.12.2008
A-1+
322.4%
76.3%
0.03
2.12
-

Sales/Revenue/Turnover

2'000.0
1'800.0

1.00

1'600.0
1'400.0

0.80
0.60
0.40

1'200.0
1'000.0
800.0
600.0
400.0

0.20

200.0
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 |

11.04.2013

Banque Cantonale Vaudoise


Holdings By:

All

Holder Name
CANTON OF VAUD
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
THORNBURG INVESTMENT
BLACKROCK
VANGUARD GROUP INC
SWISSCANTO FONDSLEIT
SCHRODER INVESTMENT
NEW JERSEY DIVISION
PICTET & CIE
ALLIANZ ASSET MANAGE
VONTOBEL ASSET MANAG
BNP PARIBAS INV PART
JUPITER ASSET MANAGE
SCHRODER INVESTMENT
PRUDENTIAL FINANCIAL
BARING FUND MANAGERS
SARASIN
KIENER PASCAL
STEIMER OLIVIER

Firm Name
EVA Dimensions
Bank Vontobel AG
Zuercher Kantonalbank
Main First Bank AG
Helvea

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

Analyst
AUSTIN BURKETT
TERESA NIELSEN
ANDREAS VENDITTI
KILIAN MAIER
TIM DAWSON

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

Recommendation
sell
hold
market perform
underperform
neutral

Amt Held
5'766'154
95'138
45'974
44'400
39'802
30'913
28'924
24'900
24'618
23'928
20'887
19'650
18'118
17'256
16'170
14'918
12'574
9'201
8'355
8'074

% Out
67
1.11
0.53
0.52
0.46
0.36
0.34
0.29
0.29
0.28
0.24
0.23
0.21
0.2
0.19
0.17
0.15
0.11
0.1
0.09

Weighting

Change
1
3
3
1
3

D
M
M
M
M

Latest Chg
(3'124)
1'239
(16'080)
1'997
(22'010)
6'305
399
(1'855)
3'050
(343)
(8'913)
4'605
-

Target Price
#N/A N/A
530
#N/A N/A
490
525

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

File Dt
31.12.2012
28.12.2012
28.02.2013
31.01.2013
09.04.2013
31.12.2012
31.01.2013
31.12.2012
30.06.2012
31.01.2013
28.02.2013
30.11.2012
31.01.2013
31.12.2012
28.09.2012
28.02.2013
31.12.2012
28.12.2012
31.12.2012
31.12.2012

Date
Not Provided
Not Provided
Not Provided
12 month
12 month

Inst Type
Government
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Pension Fund (ERISA)
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
n/a

Date
20.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013

11.04.2013

Bucher Industries AG
Bucher Industries AG manufactures food processing machinery, vehicles, and
hydraulic components. The Company produces fruit and vegetable juice processing
machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers,
spreaders, tractors, street sweepers, and snow blowers. Bucher operates
worldwide.

Price/Volume
250

.1 M

12/2012
09/yy
229.50
142.70
5'529.00
215.9
-5.88%
51.30%
84.68%
10.3
2'212.97
499.70
0.0
35.4
480.30
2'267.77

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

150

.1 M

100

.1 M
.0 M

50

.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
2'788.9
0.42x
262.3
4.45x
143.3
7.30x

.1 M

200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Current Price (4/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
BUCN SE EQUITY YTD Change
BUCN SE EQUITY YTD % CHANGE

.1 M

31.12.2009
31.12.2010
2'142.1
2'033.7
0.58x
0.86x
113.1
151.6
11.08x
11.50x
(26.0)
95.4
18.33x
Profitability

LTM-4Q
31.12.2011
2'336.0
0.73x
260.1
6.57x
124.7
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
2'609.0
0.70x
305.0
5.95x
149.9
11.73x
305.00
229.80
8.81%
8.30%
6.66%
18.05%
1.16%
11.7%
8.8%
5.7%
1.68
0.98
22.15%
56.76%
6.28
-

Price/ Cash Flow

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

LTM
09/yy
550.5
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
a-13

1.22
7.79
18.54%
19.94%
1.216
9
3.778
19'862
19'094
16'732
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
2'682.8
2'769.9
575.0
0.84x
0.79x
320.9
336.8
7.06x
6.73x
163.8
173.8
67.4
13.29x
12.26x
S&P Issuer Ratings

Long-Term Rating Date


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

18.05
12.50
0.06
1.64
56.8%
35.3%
1.16
5.63
58.25
-

Sales/Revenue/Turnover

14.00

3'000.0

12.00

2'500.0

10.00

2'000.0

8.00

1'500.0
6.00

1'000.0
4.00

500.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Bucher Industries AG
Holdings By:

All

Holder Name
BUCHER INDUSTRIES AG
HAUSER MICHAEL
BUCHER BETEILIGUNGSHAUSER ANITA
BLACKROCK
UBS FUND MANAGEMENT
SARASIN
SWISSCANTO FONDSLEIT
HARRIS ASSOCIATES LP
LOMBARD ODIER DARIER
IST FUND MANAGERS
VONTOBEL ASSET MANAG
NEW JERSEY DIVISION
CREDIT SUISSE ASSET
NEUBERGER BERMAN LLC
SCHRODER INVESTMENT
MOSIMANN PHILIP
ODIN FORVALTNING AS
JULIUS BAER MULTICOO
VANGUARD GROUP INC

Firm Name
Helvea
Goldman Sachs
Kepler Capital Markets
Berenberg Bank
Bank Vontobel AG
Credit Suisse
Zuercher Kantonalbank
EVA Dimensions

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

Analyst
STEFAN GAECHTER
ESHAN TOORABALLY
CHRISTOPH LADNER
FREDERIK BITTER
FABIAN HAECKI
PATRICK LAAGER
ARMIN RECHBERGER
CRAIG STERLING

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

Recommendation
accumulate
neutral/neutral
buy
hold
hold
neutral
outperform
overweight

Amt Held
798'494
603'835
505'050
438'491
375'916
123'161
122'780
117'789
105'264
93'240
80'852
74'900
60'000
59'941
56'062
49'020
48'806
46'069
45'806
39'420

% Out
7.79
5.89
4.93
4.28
3.67
1.2
1.2
1.15
1.03
0.91
0.79
0.73
0.59
0.58
0.55
0.48
0.48
0.45
0.45
0.38

Weighting

Change
4
3
5
3
3
3
5
5

M
M
M
M
M
M
U
M

Latest Chg
(890)
(75'924)
(7'656)
383
(2'023)
600
13'317
(8'381)
14'344
38'558
(3'396)
1'407

Target Price
255
215
250
220
240
230
#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
31.12.2011
31.12.2011
31.12.2011
31.12.2011
09.04.2013
28.12.2012
28.12.2012
31.01.2013
31.12.2012
28.02.2013
28.02.2013
30.11.2012
30.06.2012
28.02.2013
31.01.2013
31.12.2012
31.12.2011
28.02.2013
28.12.2012
31.12.2012

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

Inst Type
Corporation
n/a
Corporation
n/a
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Pension Fund (ERISA)
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor

Date
04.04.2013
03.04.2013
27.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
17.01.2013

11.04.2013

Temenos Group AG
Temenos Group AG provides integrated software for the banking sector. The
Company develops, distributes, implements, and supports its process-oriented,
real-time enterprise software designed for the management of administrative
tasks at banks and financial services companies. Temenos operates offices in
Europe, North America, Asia, and the Middle East.

Price/Volume
25

8.0 M
20

6.0 M
5.0 M
4.0 M

10

Latest Fiscal Year:


LTM as of:
52-Week High (02.04.2013)
52-Week Low (12.07.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 26.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
TEMN SE EQUITY YTD Change
TEMN SE EQUITY YTD % CHANGE

12/2012
12/yy
22.70
9.96
79'510.00
21.05
-6.83%
111.35%
85.87%
72.0
1'516.09
260.51
0.0
0.0
154.95
1'809.74

3.0 M
2.0 M

1.0 M
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


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

7.0 M

15

Valuation Analysis

31.12.2008
406.9
2.23x
100.2
9.04x
64.7
11.83x

9.0 M

31.12.2009
31.12.2010
370.3
448.0
4.56x
6.65x
127.4
123.1
13.25x
24.19x
68.6
61.6
22.14x
42.37x
Profitability

LTM-4Q
31.12.2011
473.5
2.61x
88.5
13.95x
(28.3)
-

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

31.12.2012
450.2
24.2
19.71x
88.54
-2.05
-0.43%
-3.40%
-1.45%
-3.55%
-4.30%
0.50%
70.7%
14.9%
4.5%
5.4%
1.32
1.30
27.28%
74.82%
1.58
-

Price/ Cash Flow

12/yy
473.5
16.21x
44.7
27.62x
(28.3)
0.00x

LTM
12/yy
450.2
9.05x
49.4
0.00x
24.1
32.34x

FY+1

.0 M
a-13

1.54
62.96
34.50%
31.56%
1.536
15
3.267
273'468
426'131
365'523
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
472.6
506.5
101.7
112.5
3.52x
3.15x
17.61x
15.99x
134.7
152.4
20.3
30.4
13.41x
11.85x
12.28x
11.92x
70.5
85.5
7.5
16.1
20.27x
17.53x
18.77x
18.51x
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

12.82
12.03
2.67
3.77
74.8%
42.8%
0.50
30.79
231.33
-

Sales/Revenue/Turnover

35.00

500.0
450.0

30.00

400.0

25.00

350.0
300.0

20.00

250.0
200.0

15.00

150.0

10.00

100.0
5.00
0.00
01.01.2010

50.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Temenos Group AG
Holdings By:

All

Holder Name
MASSACHUSETTS MUTUAL
OPPENHEIMERFUNDS INC
PATINEX AG
ALKEN LUXEMBOURG SAR
ZADIG GESTION LUXEMB
TEMENOS GROUP AG
ODDO ASSET MANAGEMEN
UBS FUND MANAGEMENT
AVIVA PLC
CREDIT SUISSE ASSET
STANDARD LIFE INVEST
BLACKROCK
NORGES BANK
CLASSIC FUND MGMT AG
ZADIG GESTION (LUXEM
ZUERCHER KANTONALBAN
PICTET & CIE
SWISSCANTO FONDSLEIT
VONTOBEL ASSET MANAG
YORK CAPITAL MANAGME

Firm Name
Bankhaus Metzler
Goldman Sachs
Exane BNP Paribas
Berenberg Bank
Bryan Garnier & Cie
Helvea
Kepler Capital Markets
Morgan Stanley
Baader Bank
Barclays
Bank Vontobel AG
EVA Dimensions
CA Cheuvreux
Zuercher Kantonalbank

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

Analyst
ULRICH TRABERT
MOHAMMED MOAWALLA
JOSEP BORI
DAUD KHAN
GREGORY RAMIREZ
STEFAN GAECHTER
FELIX LEVIOUS
ADAM WOOD
KNUT WOLLER
GERARDUS VOS
TAKIS SPILIOPOULOS
ANDREW S ZAMFOTIS
OLIVER GIRAKHOU
ANDREAS MUELLER

Source
EXCH
MF-AGG
EXCH
RNS-RUL8
EXCH
EXCH
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
MF-AGG
MF-AGG
RNS-RUL8
MF-AGG
MF-AGG
MF-AGG
RNS-RUL8

Recommendation
sell
neutral/attractive
outperform
sell
buy
neutral
buy
Overwt/In-Line
sell
overweight
buy
sell
underperform
outperform

Amt Held
7'660'396
6'481'333
3'722'992
3'638'595
3'129'000
2'908'947
2'695'555
2'176'515
2'170'741
2'108'854
2'038'000
1'348'523
1'331'523
1'270'000
1'105'981
1'083'505
1'038'084
1'019'158
996'500
975'000

% Out
10.64
9
5.17
5.05
4.34
4.04
3.74
3.02
3.01
2.93
2.83
1.87
1.85
1.76
1.54
1.5
1.44
1.42
1.38
1.35

Weighting

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

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

Latest Chg
362'439
201'562
1'472'134
892'170
(546'000)
90'255
506'722
20'000
(94'634)
7'394
1'270'000
23'577
(6'000)
1'879
(717'217)
20'000
105'000

Target Price
17
25
22
12
26
22
24
24
16
22
23
#N/A N/A
13
#N/A N/A

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

File Dt
11.03.2013
28.02.2013
17.12.2012
18.07.2012
30.01.2013
27.02.2013
20.02.2012
15.11.2012
13.06.2012
09.03.2012
08.03.2012
09.04.2013
10.02.2012
28.09.2012
30.11.2012
28.02.2012
31.01.2013
31.01.2013
30.11.2012
09.02.2012

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

Inst Type
Insurance Company
Investment Advisor
Private Equity
Investment Advisor
Other
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Government
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager

Date
10.04.2013
09.04.2013
09.04.2013
27.03.2013
27.03.2013
27.03.2013
25.03.2013
22.03.2013
22.03.2013
27.02.2013
30.01.2013
17.01.2013
29.06.2012
24.04.2012

11.04.2013

Kaba Holding AG
Kaba Holding AG provides mechanical and electronic security systems. The
Company offers individually tailored "Total Access Control" including
high-security locking devices for heavy safes, modular access and time
management applications, as well as no-contact identification technology.

Price/Volume
450

.1 M

400

.1 M

350

.1 M

300

.1 M

250

Latest Fiscal Year:


LTM as of:
52-Week High (12.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/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
KABN SE EQUITY YTD Change
KABN SE EQUITY YTD % CHANGE

06/2012
01/yy
412.25
312.04
2'537.00
373.25
-9.46%
19.61%
59.83%
3.8
1'423.96
113.80
0.0
0.8
125.60
1'414.36

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

.0 M

150
100

.0 M

50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


30.06.2008
1'303.7
1.22x
206.3
7.73x
97.1
12.15x

.0 M

200

Valuation Analysis

30.06.2009
30.06.2010
1'166.1
952.1
0.94x
1.40x
174.6
166.8
6.25x
7.96x
70.7
86.9
10.86x
13.94x
Profitability

30.06.2011
945.2
1.50x
122.7
11.59x
221.6
25.54x

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

30.06.2012
947.5
1.43x
153.7
8.83x
88.2
16.00x
153.70
122.60
12.94%
12.38%
9.26%
16.65%
1.02%
15.8%
12.5%
9.3%
1.47
0.90
11.92%
20.60%
6.29
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.83
2.98
10.75%
-3.68%
0.833
7
3.286
7'981
14'103
10'059
FY+2

06/13 Y
06/14 Y
962.3
986.2
1.42x
1.32x
155.0
166.4
9.11x
8.49x
88.5
94.7
16.12x
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

.0 M
a-13

FQ+1

FQ+2

31.37
27.86
-0.07
0.83
20.6%
17.1%
1.02
5.97
58.16
-

Sales/Revenue/Turnover

16.00

1'400.0

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0

6.00

400.0

4.00

200.0

2.00
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 |

11.04.2013

Kaba Holding AG
Holdings By:

All

Holder Name
BLACKROCK
FORRER KARIN
GEKLA AG
BREMI ULRICH
KUENZLE CREED
HARRIS ASSOCIATES LP
NG KIN SHEK
COLLEGE RETIREMENT E
PICTET & CIE
SARASIN
SWISSCANTO FONDSLEIT
UBS FUND MANAGEMENT
DUBS-KUENZLE KARINA
CREDIT SUISSE ASSET
VONTOBEL ASSET MANAG
LOMBARD ODIER DARIER
IST FUND MANAGERS
OPPENHEIMERFUNDS INC
JULIUS BAER MULTICOO
VANGUARD GROUP INC

Firm Name
EVA Dimensions
Bank Vontobel AG
Credit Suisse
Main First Bank AG
Zuercher Kantonalbank
Helvea
CA Cheuvreux

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

Analyst
CRAIG STERLING
SERGE ROTZER
PATRICK LAAGER
TOBIAS FAHRENHOLZ
ANDREAS MUELLER
PATRICK APPENZELLER
OLIVER GIRAKHOU

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

Recommendation
hold
hold
neutral
outperform
market perform
neutral
underperform

Amt Held
176'186
153'020
140'000
138'228
127'452
113'000
112'815
101'785
95'153
67'350
56'814
51'161
35'744
34'505
32'500
31'562
27'845
24'983
16'654
15'818

% Out
4.62
4.01
3.67
3.62
3.34
2.96
2.96
2.67
2.49
1.77
1.49
1.34
0.94
0.9
0.85
0.83
0.73
0.65
0.44
0.41

Weighting

Change
3
3
3
5
3
3
1

U
M
M
M
D
D
M

Latest Chg
501
(60'274)
(15'539)
7'036
(34'258)
(22)
34
(1'000)
80
1
(1'611)
135

Target Price
#N/A N/A
380
360
425
#N/A N/A
420
410

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

File Dt
09.04.2013
30.06.2012
30.06.2012
30.06.2012
30.06.2012
07.09.2011
27.07.2009
08.10.2009
31.01.2013
28.12.2012
31.01.2013
28.12.2012
30.06.2012
28.02.2013
30.11.2012
28.02.2013
28.02.2013
28.02.2013
28.12.2012
31.12.2012

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

Inst Type
Investment Advisor
n/a
Corporation
n/a
n/a
Investment Advisor
n/a
Other
Mutual Fund Manager
Unclassified
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor

Date
21.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
13.03.2013
24.11.2011

11.04.2013

Allreal Holding AG
Allreal Holding AG develops and manages real estate. The Company operates as a
general contractor offering planning, architect, and construction management
services. Allreal also provides renovation services and manages a portfolio of
apartment, office, and commercial buildings.

Price/Volume
160

.1 M

140

.1 M

120
.1 M

100
80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.07.2012)
52-Week Low (11.02.2013)
Daily Volume
Current Price (4/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
ALLN SE EQUITY YTD Change
ALLN SE EQUITY YTD % CHANGE

12/2012
01/yy
137.43
126.57
8'455.00
132.9
-3.29%
5.00%
76.73%
15.9
2'118.64
1'563.60
0.0
0.0
26.10
3'656.14

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

31.12.2009
31.12.2010
215.8
656.0
13.28x
4.84x
137.9
170.3
20.78x
18.66x
88.6
116.4
15.75x
15.48x
Profitability

31.12.2011
831.8
4.16x
182.6
18.93x
146.8
12.93x

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
868.6
4.36x
172.3
21.97x
98.0
22.29x
172.30
171.20
15.75%
14.76%
2.57%
5.56%
2.90%
0.23%
19.8%
11.3%
39.81%
81.83%
-

Price/ Cash Flow

.0 M

20
0
a-12

m-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

0.56
15.30
-2.85%
-1.95%
0.562
4
2.500
18'121
20'463
19'740
FY+2

12/13 Y
12/14 Y
280.7
295.7
13.64x
13.04x
198.0
215.0
18.46x
17.00x
121.7
135.0
18.63x
16.68x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

3.92
-0.79
8.92
9.07
81.8%
45.0%
0.23
-

Sales/Revenue/Turnover

50.00

1'000.0

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00
20.00

500.0
400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00
01.01.2010

.0 M

40

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
207.9
12.02x
136.9
18.25x
90.7
13.39x

.1 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 |

11.04.2013

Allreal Holding AG
Holdings By:

All

Holder Name
HELVETIA PATRIA GRUP
BVK PERSONALVORSORGE
SCHWEIZERISCHE MOBIL
CREDIT SUISSE ASSET
BLACKROCK
DIMENSIONAL FUND ADV
SWISSCANTO FONDSLEIT
VONTOBEL ASSET MANAG
UBS FUND MANAGEMENT
PICTET & CIE
VANGUARD GROUP INC
IAM INDEPENDENT ASSE
RAIFFEISEN SCHWEIZ L
JULIUS BAER ASSET MA
SEI INVESTMENT MANAG
VONTOBEL ASSET MANAG
ALLREAL HOLDING AG
KBC GROUP NV
BETTONI BRUNO
HOTTINGER CAPITAL CO

Firm Name
Bank Vontobel AG
EVA Dimensions
Zuercher Kantonalbank

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

Analyst
STEFAN SCHUERMANN
AUSTIN BURKETT
MARKUS WAEBER

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

Recommendation
hold
sell
market perform

Amt Held
6'737'352
603'490
445'814
378'319
208'675
164'452
151'345
146'060
92'763
89'079
77'363
58'397
46'690
30'766
25'943
20'000
15'496
14'538
11'280
11'200

% Out
42.26
3.79
2.8
2.37
1.31
1.03
0.95
0.92
0.58
0.56
0.49
0.37
0.29
0.19
0.16
0.13
0.1
0.09
0.07
0.07

Weighting

Change
3
1
3

M
D
D

Latest Chg
382'059
(3'520)
118
956
(79'488)
(4'800)
(650)
8'835
3'391
17
3'000
5'067
(33'906)
3
-

Target Price
150
#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
20.09.2012
31.12.2009
11.05.2010
28.02.2013
09.04.2013
31.07.2012
31.01.2013
30.11.2012
28.12.2012
31.01.2013
31.12.2012
30.11.2012
30.11.2012
31.01.2013
31.03.2013
30.11.2012
16.05.2012
28.02.2013
31.12.2009
31.12.2012

Date
Not Provided
Not Provided
Not Provided

Inst Type
Other
Investment Advisor
Holding Company
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
n/a
Investment Advisor

Date
13.03.2013
12.03.2013
16.01.2013

11.04.2013

Valiant Holding
Valiant Holding AG, through its subsidiaries, provides financial services in
Switzerland. The company offers a range of products and services in the areas
of retail banking, business banking, private banking, and asset management.

Price/Volume
120

.5 M
.4 M

100

.4 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.05.2012)
52-Week Low (31.08.2012)
Daily Volume
Current Price (4/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
VATN SE EQUITY YTD Change
VATN SE EQUITY YTD % CHANGE

12/2012
01/yy
110.67
74.35
7'945.00
85.3
-22.74%
14.73%
31.11%
15.8
1'347.10
6'510.11
0.0
0.0
1'815.66
-

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

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

1.20
1.00

.3 M
.2 M

40

.2 M
.1 M

20

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
731.7
148.6
21.96x

.3 M

60

31.12.2009
31.12.2010
731.2
707.1
148.5
122.5
22.77x
16.88x
Profitability

31.12.2011
693.4
127.6
14.72x

31.12.2012
629.3
127.0
10.82x
27.12%
36.99%
0.50%
6.85%
1.53%
0.02%
32.3%
25.75%
343.98%
-

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.62
15.44
-19.75%
-1.84%
0.623
2
3.000
29'522
26'616
24'732
FY+2

12/13 Y
12/14 Y
373.0
386.0
92.0
104.0
14.48x
12.87x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

344.0%
77.5%
0.02
3.36
-

Sales/Revenue/Turnover

800.0
700.0
600.0

0.80
0.60

500.0
400.0
300.0

0.40
0.20

200.0
100.0
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 |

11.04.2013

Valiant Holding
Holdings By:

All

Holder Name
HIGHCLERE INTL INVES
UBS FUND MANAGEMENT
VALIANT HOLDING AG
PICTET & CIE
CREDIT SUISSE ASSET
VANGUARD GROUP INC
DIMENSIONAL FUND ADV
SWISSCANTO FONDSLEIT
BLACKROCK
VONTOBEL ASSET MANAG
HAEUSERRMANN MARKUS
STREIT KURT
BEYELER ROLF
HOBMEIER MICHAEL
UBS GLOBAL ASSET MAN
NYFFELER PAUL
PICTET ASSET MANAGEM
ZGRAGGEN EDUARD
GAFNER MARTIN
GERIFONDS SA

Firm Name
EVA Dimensions
Main First Bank AG

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

Analyst
AUSTIN BURKETT
KILIAN MAIER

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

Recommendation
sell
outperform

Amt Held
482'652
295'029
145'350
139'528
132'608
83'926
60'020
52'272
41'519
40'000
36'272
31'598
27'445
26'149
21'030
19'638
17'752
16'576
15'430
14'086

% Out
3.06
1.87
0.92
0.88
0.84
0.53
0.38
0.33
0.26
0.25
0.23
0.2
0.17
0.17
0.13
0.12
0.11
0.1
0.1
0.09

Weighting

Change
1
5

D
M

Latest Chg
35'256
67'505
2'645
(56'944)
37'000
17'752
4'406

Target Price
#N/A N/A
100

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

File Dt
27.03.2013
28.12.2012
28.06.2011
31.01.2013
28.02.2013
31.12.2012
31.07.2012
31.01.2013
09.04.2013
30.11.2012
31.12.2010
31.12.2010
31.12.2010
31.12.2010
28.12.2012
31.12.2010
31.01.2013
31.12.2010
31.12.2010
31.12.2012

Date
Not Provided
12 month

Inst Type
Investment Advisor
Investment Advisor
Corporation
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Mutual Fund Manager

Date
26.03.2013
06.03.2013

11.04.2013

Mobimo Holding AG
Mobimo Holding AG builds and renovates residential real estate and invests in
commercial real estate.

Price/Volume
250

.1 M

200

.1 M
.0 M

150

.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.08.2012)
52-Week Low (11.04.2013)
Daily Volume
Current Price (4/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
MOBN SE EQUITY YTD Change
MOBN SE EQUITY YTD % CHANGE

100

12/2012
01/yy
228.00
206.10
11'663.00
206.2
-9.65%
0.05%
48.84%
6.2
1'280.28
1'062.91
0.0
3.5
97.65
2'249.01

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

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
197.2
6.14x
69.3
17.48x
45.0
13.65x

.0 M

50

31.12.2009
31.12.2010
258.7
177.3
6.61x
10.81x
74.4
69.6
22.97x
27.52x
62.5
66.0
12.50x
15.35x
Profitability

31.12.2011
230.0
9.10x
81.1
25.80x
80.5
13.45x

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

31.12.2012
252.4
9.22x
83.7
27.78x
76.3
17.75x
83.72
81.44
21.39%
37.11%
3.05%
6.44%
3.38%
0.10%
33.2%
30.2%
42.20%
88.76%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.60
5.58
1.63%
-1.69%
0.605
5
2.600
11'681
13'677
12'731
FY+2

12/13 Y
12/14 Y
125.3
129.7
18.78x
19.25x
96.2
97.0
23.39x
23.21x
59.1
58.0
23.57x
23.65x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

3.05
-1.29
11.53
12.70
88.8%
47.0%
0.10
-

Sales/Revenue/Turnover

70.00

300.0

60.00

250.0

50.00

200.0

40.00

150.0
30.00

100.0
20.00

50.0

10.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Mobimo Holding AG
Holdings By:

All

Holder Name
PENSIONSKASSE DES KA
MIGROS COOPERATIVE A
BLACKROCK
CREDIT SUISSE ASSET
MEILI ALFRED
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
REICHMUTH & CO
VANGUARD GROUP INC
LEDERMANN URS
FMR LLC
IAM INDEPENDENT ASSE
DIMENSIONAL FUND ADV
PICTET & CIE
SARASIN
MIRABAUD & CIE
JULIUS BAER ASSET MA
KBC GROUP NV
ING INTERNATIONAL AD
IST FUND MANAGERS

Firm Name
Bank Vontobel AG
EVA Dimensions
Zuercher Kantonalbank
Kempen & Co

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

Analyst
STEFAN SCHUERMANN
AUSTIN BURKETT
MARKUS WAEBER
ROBERT WOERDEMAN

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

Recommendation
hold
sell
market perform
underweight

Amt Held
209'861
204'894
190'613
187'639
134'560
82'786
81'105
41'500
39'396
34'650
31'020
30'754
26'904
26'469
20'154
12'777
12'433
11'096
10'700
10'691

% Out
3.38
3.3
3.07
3.02
2.17
1.33
1.31
0.67
0.63
0.56
0.5
0.5
0.43
0.43
0.32
0.21
0.2
0.18
0.17
0.17

Weighting

Change
3
1
3
1

M
M
D
M

Latest Chg
3'943
(13'762)
188
(42'516)
2'196
2'118
390
119
20
(12'845)
286
(11)
2'029

Target Price
210
#N/A N/A
#N/A N/A
210

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

File Dt
31.12.2012
31.12.2012
09.04.2013
28.02.2013
01.02.2011
28.12.2012
31.01.2013
09.07.2010
31.12.2012
31.12.2012
31.12.2012
30.11.2012
31.07.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013
28.02.2013
31.12.2012
28.02.2013

Date
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Other
Other
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Unclassified
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
13.03.2013
17.01.2013
16.01.2013
13.01.2013

11.04.2013

ams AG
AMS AG develops and manufactures high-performance analog semiconductors. ams'
product range includes sensor, sensor interfaces, power management ICs and
wireless ICs for customers in the consumer, industrial, medical, mobile
communications and automotive markets. The Company is based in Austria.

Price/Volume
140

.4 M

120

.4 M
.3 M

100

.3 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (28.06.2012)
Daily Volume
Current Price (4/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
AMS SE EQUITY YTD Change
AMS SE EQUITY YTD % CHANGE

12/2012
12/yy
122.00
60.60
44'366.00
105.3
-13.52%
73.76%
72.64%
14.5
1'525.67
80.84
0.0
0.0
86.85
1'245.61

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

.2 M

40

.1 M

20

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
184.7
0.66x
48.2
2.52x
12.3
7.48x

.2 M

60

31.12.2009
31.12.2010
137.2
209.4
1.36x
1.77x
4.0
49.7
47.09x
7.45x
(16.7)
23.1
16.01x
Profitability

LTM-4Q
31.12.2011
275.7
1.65x
69.9
6.53x
35.3
10.38x

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

31.12.2012
387.6
2.96x
117.9
9.73x
81.9
12.74x
117.87
84.57
21.82%
21.51%
13.74%
22.09%
0.65%
52.3%
30.4%
21.8%
21.1%
2.43
1.60
12.75%
19.74%
9.47
3.21

Price/ Cash Flow

12/yy
275.7
6.50x
69.9
6.53x
35.3
9.96x

LTM
12/yy
387.6
9.75x
117.9
9.73x
81.9
12.74x

FY+1

.0 M
a-13

1.21
11.72
68.90%
7.45%
1.206
14
4.643
139'590
109'118
101'040
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
445.8
497.5
88.4
101.3
2.68x
2.20x
14.13x
12.44x
139.3
160.2
28.2
34.1
8.94x
7.77x
8.78x
8.33x
98.4
113.6
21.0
25.3
11.55x
9.95x
11.53x
10.63x
S&P Issuer Ratings

Long-Term Rating Date


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

22.24
16.61
-0.05
0.69
19.7%
16.5%
0.65
3.12
38.67
113.89
43.67
108.89

Sales/Revenue/Turnover

14.00

450.0

12.00

400.0
350.0

10.00

300.0

8.00

250.0

6.00

200.0
150.0

4.00

100.0

2.00
0.00
01.01.2010

50.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

ams AG
Holdings By:

All

Holder Name
TWILIGHT S LLC
PICTET & CIE
UBS FUND MANAGEMENT
DEUTSCHE BANK AG
OEKOWORLD LUX SA
SWISSCANTO FONDSLEIT
PIONEER INVESTMENTS
ODIN FORVALTNING AS
BLACKROCK
CREDIT SUISSE ASSET
KEMPEN CAPITAL MANAG
CI INVESTMENTS INC
VONTOBEL ASSET MANAG
MIRABAUD & CIE
WILLIAM BLAIR & COMP
LANDESBANK BERLIN IN
DWS INVESTMENT S A
ACTIVEST MUNICH
ZUERICH INVESTMENTGE
PRINCIPAL FINANCIAL

Firm Name
Kepler Capital Markets
Zuercher Kantonalbank
Raiffeisenbank AG
HSBC
Berenberg Bank
Goldman Sachs
Erste Group
Bank Vontobel AG
Natixis
Helvea
Baader Bank
Hauck & Aufhaeuser
EVA Dimensions

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

Analyst
CHRISTOPH LADNER
ANDREAS MUELLER
DANIEL DAMASKA
CHRISTIAN DOMINIK RATH
ALI FARID KHWAJA
SIMON F SCHAFER
DANIEL LION
MICHAEL FOETH
MAXIME MALLET
RETO AMSTALDEN
GUENTHER MICHAEL HOLLFELDER
TIM OLIVER WUNDERLICH
ANDREW S ZAMFOTIS

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

Recommendation
buy
outperform
buy
overweight
buy
Buy/Neutral
accumulate
buy
buy
neutral
buy
buy
hold

Amt Held
2'715'684
299'394
231'001
221'453
173'048
166'126
150'000
148'890
147'810
120'561
108'235
102'500
91'000
88'200
83'215
82'372
75'260
74'930
70'000
59'507

% Out
18.74
2.07
1.59
1.53
1.19
1.15
1.04
1.03
1.02
0.83
0.75
0.71
0.63
0.61
0.57
0.57
0.52
0.52
0.48
0.41

Weighting

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

M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(18'036)
30'172
29'177
84'319
(127'447)
359
(835)
(1'100)
5'343
95'000
(6'000)
(31'800)
83'215
6'254
47'583

Target Price
130
#N/A N/A
142
139
130
165
127
140
163
98
126
148
#N/A N/A

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

File Dt
31.12.2011
31.01.2013
28.12.2012
28.02.2013
30.11.2012
31.01.2013
31.05.2011
28.02.2013
09.04.2013
28.02.2013
28.02.2013
31.12.2012
30.11.2012
31.12.2012
31.12.2012
28.03.2013
28.02.2013
31.01.2013
28.02.2013
28.02.2013

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

Inst Type
Other
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
27.03.2013
08.03.2013
15.02.2013
13.02.2013
13.02.2013
05.02.2013
01.02.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
15.01.2013

11.04.2013

Luzerner Kantonalbank AG
Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans
including mortgage loans, investment counseling and asset management. Luzerner
Kantonalbank serves the Canton of Lucerne through numerous full and secondary
branches.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.04.2013)
52-Week Low (11.04.2012)
Daily Volume
Current Price (4/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
LUKN SE EQUITY YTD Change
LUKN SE EQUITY YTD % CHANGE

12/2012
12/yy
363.00
317.50
606.00
361
-0.34%
13.70%
95.60%
8.5
3'068.50
5'639.28
0.0
0.0
2'920.51
-

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

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
871.3
143.3
14.72x

400

31.12.2009
31.12.2010
754.2
730.0
140.7
149.4
16.61x
17.69x
Profitability

LTM-4Q
31.12.2011
719.4
158.6
16.73x

31.12.2012
685.4
168.3
16.92x
44.91%
43.49%
0.61%
11.18%
2.26%
0.02%
37.2%
20.11%
364.19%
-

12/yy
719.4
0.00x
0.0
0.00x
158.6
16.73x

LTM
12/yy
685.4
0.00x
0.0
0.00x
168.3
16.93x

FY+1

.0 M
a-13

0.47
3.25
16.44%
7.76%
0.467
2
2.000
1'800
1'620
1'605
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
427.0
437.0
184.0
189.0
16.52x
16.06x
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

12.09.2008
AA+
NEG
29.08.2002
A-1+
364.2%
78.5%
0.02
4.32
-

Sales/Revenue/Turnover

1'000.0
900.0

1.00

800.0
700.0

0.80
0.60
0.40

600.0
500.0
400.0
300.0
200.0

0.20

100.0
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 |

11.04.2013

Luzerner Kantonalbank AG
Holdings By:

All

Holder Name
CANTON OF LUCERNE
CREDIT SUISSE ASSET
SWISSCANTO FONDSLEIT
UBS FUND MANAGEMENT
PICTET & CIE
SCHRODER INVESTMENT
KOBLER BERNARD
DIMENSIONAL FUND ADV
FELDER JOSEF ANTON
SCHRODER INVESTMENT
HURSCHLER MARCEL
IST FUND MANAGERS
BACHMANN MARK
SWISSCANTO ANLAGESTI
SKANDIA GLOBAL FUNDS
SALZMANN DANIEL
HODEL BEAT
GRUETER LEO
JULIUS BAER ASSET MA
BESSEMER GROUP INCOR

Firm Name
Zuercher Kantonalbank
EVA Dimensions

Portfolio Name
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
ANDREAS VENDITTI
AUSTIN BURKETT

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

Recommendation
market perform
sell

Amt Held
5'225'800
26'136
20'092
17'877
14'104
9'092
5'740
4'536
4'155
3'240
2'688
2'200
2'167
2'147
2'030
2'014
1'723
1'629
1'567
1'434

% Out
61.48
0.31
0.24
0.21
0.17
0.11
0.07
0.05
0.05
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02

Weighting

Change
3
1

M
D

Latest Chg
(12'711)
(270)
294
35
(106)
284
(2)
-

Target Price
#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
28.02.2013
31.01.2013
28.12.2012
31.01.2013
28.09.2012
31.12.2012
31.07.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013

Date
Not Provided
Not Provided

Inst Type
Government
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
n/a
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
n/a
n/a
n/a
Mutual Fund Manager
Investment Advisor

Date
12.02.2013
12.02.2013

11.04.2013

Nobel Biocare Holding AG


Nobel Biocare Holding AG develops and produces dental implants and dental
prosthetics. The Company manufactures permanent replacements for tooth roots,
and dental crowns and bridges. Nobel Biocare sells under the brand names
Branemark System, Steri-Oss/Replace, and Procera on the global market.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2012)
52-Week Low (21.11.2012)
Daily Volume
Current Price (4/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
NOBN SE EQUITY YTD Change
NOBN SE EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
11.44
6.94
163'015.00
9.41
-17.57%
35.51%
51.73%
123.8
1'164.81
99.51
0.0
0.0
154.94
900.15

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

3.0 M

10

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
619.2
2.93x
161.1
11.26x
109.7
15.96x

12

31.12.2009
31.12.2010
581.4
576.6
4.95x
3.02x
169.4
114.5
16.98x
15.22x
105.8
45.7
27.21x
38.35x
Profitability

LTM-4Q
31.12.2011
569.2
1.97x
104.6
10.71x
39.8
28.05x

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

31.12.2012
580.5
1.26x
100.7
7.29x
45.8
17.37x
100.72
68.69
11.83%
10.51%
7.69%
15.12%
11.81%
0.97%
75.4%
17.4%
11.8%
7.9%
2.24
1.86
16.57%
30.61%
5.65
6.44

Price/ Cash Flow

12/yy
569.2
10.03x
104.6
10.71x
39.8
28.05x

LTM
12/yy
580.5
6.64x
100.7
7.29x
45.8
17.37x

FY+1

.0 M
a-13

1.39
107.96
-10.02%
23.84%
1.386
25
1.880
389'962
603'935
690'281
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
568.2
587.6
141.0
143.6
1.57x
1.45x
6.43x
6.33x
98.6
107.1
24.3
26.8
9.14x
8.41x
9.35x
9.15x
48.3
54.6
12.3
13.8
19.59x
17.35x
19.49x
19.11x
S&P Issuer Ratings

Long-Term Rating Date


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

19.81
18.32
-0.55
0.99
30.6%
23.4%
0.97
7.38
64.81
56.79
45.35
76.25

Sales/Revenue/Turnover

25.00

700.0
600.0

20.00

500.0
15.00

400.0
300.0

10.00

200.0
5.00

0.00
01.01.2010

100.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Nobel Biocare Holding AG


Holdings By:

All

Holder Name
FRANKLIN RESOURCES
SILCHESTER INTL INVE
GOVT OF SINGAPORE IN
INVESCO LTD
TRIMARK INVESTMENT M
GOVERNANCE FOR OWNER
NORGES BANK
CREDIT SUISSE ASSET
NEW JERSEY DIVISION
UNION INVESTMENT GMB
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
UNION INVESTMENT LUX
SWISSCANTO FONDSLEIT
NOBEL BIOCARE HOLDIN
UBS FUND MANAGEMENT
PICTET & CIE
SCHRODER INVESTMENT
VALIC CO I
SOCIETE GENERALE

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

Firm Name

Analyst

Deutsche Bank
HSBC
Sanford C. Bernstein & Co
Bank Vontobel AG
Morgan Stanley
Commerzbank Corporates & Markets
Northcoast Research
Zuercher Kantonalbank
Helvea
Jefferies
Barclays
Goldman Sachs
Credit Suisse
Berenberg Bank
Kepler Capital Markets
S&P Capital IQ
Main First Bank AG
Exane BNP Paribas
JPMorgan
Bryan Garnier & Cie
EVA Dimensions
CA Cheuvreux
Equita SIM SpA

YI-DAN WANG
HENDRIK LOFRUTHE
LISA BEDELL CLIVE
CARLA BAENZIGER
MICHAEL K JUNGLING
OLIVER METZGER
EDWIN SNYDER
SIBYLLE BISCHOFBERGER FRICK
SIMON GOETSCHMANN
INGEBORG OIE
ALEXANDER KLEBAN
VERONIKA DUBAJOVA
CHRISTOPH GRETLER
TOM JONES
MAJA PATAKI
JACOB THRANE
STEPHAN VOLLERT
JULIEN DORMOIS
DAVID J ADLINGTON
MATHIEU CHABERT
ANDREW S ZAMFOTIS
DANIEL JELOVCAN
FABIO FAZZARI

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

Recommendation
sell
underweight
market perform
hold
Underwt/Attractive
hold
sell
underperform
neutral
hold
underweight
neutral/neutral
neutral
buy
hold
sell
underperform
underperform
underweight
sell
underweight
underperform
not rated

Amt Held
14'021'473
12'626'019
6'808'148
6'189'225
5'366'762
3'961'104
3'768'834
2'529'746
2'183'120
2'000'000
1'625'796
1'350'000
1'323'847
1'315'503
981'139
686'496
528'050
520'683
400'272
342'345

% Out
11.33
10.2
5.5
5
4.34
3.2
3.04
2.04
1.76
1.62
1.31
1.09
1.07
1.06
0.79
0.55
0.43
0.42
0.32
0.28

Weighting

Change

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

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

Latest Chg
6'448'422
336'218
16'434
(232'723)
21'757
(865'489)
11'813
(1'628)
8'748
152'799
(12'566)

Target Price
6
9
9
9
7
9
7
#N/A N/A
10
9
7
9
11
12
9
9
9
9
7
9
#N/A N/A
7
26

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

File Dt
21.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
05.02.2013
28.02.2013
30.06.2012
28.09.2012
31.12.2012
31.12.2012
28.09.2012
31.01.2013
31.12.2012
28.12.2012
31.01.2013
31.12.2012
31.01.2013
30.11.2012

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

Inst Type
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Other
Government
Mutual Fund Manager
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Bank

Date
10.04.2013
08.04.2013
27.03.2013
27.03.2013
26.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
06.03.2013
05.03.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
23.01.2013
08.11.2012
21.05.2009

11.04.2013

Panalpina Welttransport Holding AG


Panalpina Welttransport Holding AG offers freight shipping and supply chain
management services. The Company transports freight by air and ship, and
offers warehousing and distribution services. Panalpina operates worldwide.

Price/Volume
120
100
80
60

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (13.07.2012)
Daily Volume
Current Price (4/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
PWTN SE EQUITY YTD Change
PWTN SE EQUITY YTD % CHANGE

12/2012
12/yy
106.30
75.74
7'471.00
90.5
-14.86%
19.49%
42.74%
23.8
2'149.38
1.87
0.0
9.2
393.06
1'767.42

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

20
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
8'877.6
0.12x
239.9
4.42x
112.7
12.55x

40

31.12.2009
31.12.2010
5'957.9
7'164.2
0.17x
0.33x
79.2
62.1
13.06x
37.55x
8.5
(27.4)
182.78x
Profitability

LTM-4Q
31.12.2011
6'499.6
0.26x
212.2
7.99x
126.3
18.02x

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
6'616.6
0.27x
36.6
49.57x
(70.5)
36.60
-19.25
-0.29%
-0.63%
-3.44%
-8.56%
3.23%
22.1%
0.6%
-0.3%
-1.1%
1.49
1.34
0.10%
0.25%
6.56
63.38

Price/ Cash Flow

.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
a-13

LTM

12/yy
6'499.6
1.13x
212.2
7.99x
126.3
24.92x

12/yy
6'616.6
1.00x
36.6
49.57x
(70.5)
0.00x

FY+1

0.90
9.82
0.91%
-2.53%
0.900
25
2.160
43'337
44'081
34'365
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
7'216.5
7'583.6
950.5
1'706.0
0.24x
0.23x
1.83x
0.98x
134.0
178.2
20.4
33.2
13.16x
9.90x
13.79x
62.6
92.6
4.8
15.8
32.52x
22.18x
37.55x
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

25.03
-9.66
-10.69
0.05
0.3%
0.2%
3.23
54.37
55.80
5.78
41.18
20.39

Sales/Revenue/Turnover

300.00

10'000.0
9'000.0

250.00

8'000.0
7'000.0

200.00

6'000.0

150.00

5'000.0
4'000.0

100.00

3'000.0
2'000.0

50.00
0.00
01.01.2010

1'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Panalpina Welttransport Holding AG


Holdings By:

All

Holder Name
ERNST GOEHNER FOUNDA
CEVIAN CAPITAL AB
ARTISAN PARTNERS HOL
BESTINVER GESTION SG
HARRIS ASSOCIATES LP
FRANKLIN RESOURCES
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
CREDIT SUISSE ASSET
FMR LLC
PANALPINA WELTTRANSP
VANGUARD GROUP INC
PICTET & CIE
ERIE INSURANCE GROUP
BRANDES INVESTMENT P
RIBAR MONIKA
JULIUS BAER MULTICOO
DEKA INVESTMENT GMBH
SENTINEL ASSET MANAG
JULIUS BAER ASSET MA

Firm Name
RBC Capital Markets
CA Cheuvreux
Deutsche Bank
Thompson, Davis & Company
Bank Vontobel AG
Cantor Fitzgerald
Helvea
Macquarie
Goldman Sachs
Main First Bank AG
EVA Dimensions
HSBC
Nomura
Credit Suisse
Stifel
Berenberg Bank
Kepler Capital Markets
Liberum Capital Ltd
Davy
Barclays
Morgan Stanley
Zuercher Kantonalbank

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

Analyst
DAMIAN BREWER
BEAT KEISER
JOSE FRANCISCO RUIZ SOLERA
DAVID P CAMPBELL
MICHAEL FOETH
ROBIN BYDE
CHRISTIAN BURGER
ROBERT JOYNSON
OLIVER NEAL
TOBIAS SITTIG
CRAIG STERLING
JULIA WINARSO
MARK MCVICAR
NEIL GLYNN
DAVID G ROSS
WILLIAM FOGGON
BETTINA EDMONDSTON
PETER HYDE
JOSHUA GOLDMAN
DAVID E FINTZEN
PENNY BUTCHER
MARCO STRITTMATTER

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

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

Amt Held
10'910'750
2'842'875
2'387'268
1'263'500
312'700
236'400
230'184
152'883
114'013
108'988
99'750
76'452
69'342
65'857
37'256
35'596
33'980
33'325
30'000
27'560

% Out
45.94
11.97
10.05
5.32
1.32
1
0.97
0.64
0.48
0.46
0.42
0.32
0.29
0.28
0.16
0.15
0.14
0.14
0.13
0.12

Weighting

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

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

Latest Chg
12'720
136'700
(29'130)
(2'529)
(91'970)
(20'372)
2'667
(13'147)
(180)
(576)
(108)
30'000
(381)

Target Price
95
72
73
143
96
80
90
58
91
80
#N/A N/A
70
65
64
#N/A N/A
107
77
94
#N/A N/A
95
90
#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
12.03.2013
31.12.2012
31.12.2012
31.12.2012
28.12.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.01.2013
31.12.2012
28.12.2012
28.12.2012
30.11.2012
31.01.2013

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

Inst Type
Other
Venture Capital
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Corporation
Investment Advisor
Mutual Fund Manager
Insurance Company
Investment Advisor
n/a
Mutual Fund Manager
Mutual Fund Manager
Insurance Company
Mutual Fund Manager

Date
10.04.2013
10.04.2013
09.04.2013
08.04.2013
04.04.2013
03.04.2013
03.04.2013
26.03.2013
20.03.2013
19.03.2013
12.03.2013
11.03.2013
11.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
25.01.2013
09.01.2013
03.12.2012
02.11.2012

11.04.2013

Berner Kantonalbank AG
Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional
banking services such as mortgage loans and various types of deposits. Berner
Kantonalbank operates through a network of branches.

Price/Volume
300

.0 M
.0 M

250

.0 M
200

Latest Fiscal Year:


LTM as of:
52-Week High (27.11.2012)
52-Week Low (25.07.2012)
Daily Volume
Current Price (4/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
BEKN SE EQUITY YTD Change
BEKN SE EQUITY YTD % CHANGE

12/2012
01/yy
258.75
247.00
941.00
257
-0.48%
4.05%
80.85%
9.3
2'395.24
1'661.67
0.0
0.0
2'671.52
-

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

.0 M
.0 M

100

.0 M
50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
829.2
112.7
18.51x

.0 M

150

Valuation Analysis

31.12.2009
31.12.2010
947.6
869.1
119.0
125.0
17.99x
18.05x
Profitability

31.12.2011
689.7
130.1
17.92x

31.12.2012
663.3
128.1
18.49x
38.82%
32.14%
0.50%
8.70%
4.04%
0.03%
25.3%
6.30%
109.74%
-

0.36
4.33
3.90%
1.18%
0.364
1
1.000
1'965
3'135
2'443

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+2
-

109.7%
52.3%
0.03
3.27
-

Sales/Revenue/Turnover

1'000.0
900.0

1.00

800.0
700.0

0.80
0.60
0.40

600.0
500.0
400.0
300.0
200.0

0.20

100.0
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 |

11.04.2013

Berner Kantonalbank AG
Holdings By:

All

Holder Name
KANTON BERN
BERNER KANTONALBANK
SWISSCANTO FONDSLEIT
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
NOBILI JEAN-CLAUDE
STARCAP AG
DIMENSIONAL FUND ADV
DJE INVESTMENT SA
JULIUS BAER ASSET MA
SWISSCANTO ANLAGESTI
IST FUND MANAGERS
RIEBEN JUERG
RUFER THOMAS
RUEFENACHT HANSPETER
WEHRLI RUDOLF
ANDEREGG-DIETRICH KA
GERBER STEFAN
HOPF JOHANNES

Firm Name
EVA Dimensions

Portfolio Name
#N/A N/A
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a

Analyst
AUSTIN BURKETT

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

Recommendation
sell

Amt Held
4'799'800
160'349
60'145
36'196
24'621
22'121
7'283
7'155
6'265
4'100
3'169
2'981
2'891
2'876
2'781
2'700
2'352
2'301
2'250
2'220

% Out
51.5
1.72
0.65
0.39
0.26
0.24
0.08
0.08
0.07
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02

Weighting

Change
1

Latest Chg
(35'522)
(400)
3
(1'385)
(98)
(125)
1
-

Target Price
#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
31.01.2013
28.02.2013
28.12.2012
31.01.2013
31.12.2012
30.12.2011
31.07.2012
31.01.2013
31.01.2013
31.01.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided

Inst Type
Government
Bank
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
n/a
n/a
n/a
n/a
n/a
n/a
n/a

Date
17.01.2013

11.04.2013

Kuoni Reisen Holding AG


Kuoni Reisen Holding AG operates travel agencies and provides travel planning
services. The Company provides leisure travel services as well as offers tours
and support services for overseas travelers in Europe. Kuoni Reisen operates
subsidiaries and affiliates around the world.

Price/Volume
400

.1 M

350

.1 M

300

.1 M

250

Latest Fiscal Year:


LTM as of:
52-Week High (03.05.2012)
52-Week Low (24.08.2012)
Daily Volume
Current Price (4/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
KUNN SE EQUITY YTD Change
KUNN SE EQUITY YTD % CHANGE

12/2012
12/yy
341.00
230.40
1'868.00
297.25
-12.76%
29.01%
59.54%
3.7
1'188.52
233.54
0.0
8.1
334.55
1'095.59

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

.0 M

150
100

.0 M

50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
4'855.0
0.14x
199.6
3.39x
150.7
7.26x

.0 M

200

Valuation Analysis

31.12.2009
31.12.2010
3'893.6
3'983.6
0.17x
0.24x
67.5
113.2
9.80x
8.54x
0.2
21.3
4362.50x
61.14x
Profitability

LTM-4Q
31.12.2011
5'111.3
0.16x
167.0
5.01x
31.8
24.40x

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

31.12.2012
5'845.5
0.17x
171.2
5.82x
(14.8)
171.19
53.66
0.92%
0.13%
-0.60%
-1.97%
2.38%
18.9%
2.9%
0.9%
-0.3%
0.60
0.48
9.69%
31.85%
15.17
-

Price/ Cash Flow

12/yy
5'298.2
0.13x
270.7
0.00x
254.7
0.00x

LTM
12/yy
5'338.4
0.12x
89.7
0.00x
87.4
0.00x

FY+1

.0 M
a-13

1.02
3.12
-4.76%
8.49%
1.024
17
3.824
7'692
10'944
9'052
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'769.1
5'983.6
0.22x
0.19x
205.2
238.4
5.34x
4.60x
72.5
110.9
12.38x
9.42x
S&P Issuer Ratings

Long-Term Rating Date


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

-0.59
1.36
31.8%
24.0%
2.38
30.34
24.13
-

Sales/Revenue/Turnover

30.00

7'000.0

25.00

6'000.0
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 |

11.04.2013

Kuoni Reisen Holding AG


Holdings By:

All

Holder Name
SILCHESTER INTL INVE
MIGROS GENOSSEN
UBS FUND MANAGEMENT
PICTET & CIE
KUONI REISEN HOLDING
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
VONTOBEL ASSET MANAG
SPARINVEST
PICTET ASSET MANAGEM
SWISSCANTO FONDSLEIT
SCHRODER INVESTMENT
BLACKROCK
CREDIT SUISSE ASSET
LOMBARD ODIER DARIER
JULIUS BAER MULTICOO
FMR LLC
IST FUND MANAGERS
JULIUS BAER ASSET MA
LLB FONDSLEITUNG AG

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

Firm Name

Analyst

AlphaValue
Goldman Sachs
Helvea
Commerzbank Corporates & Markets
Deutsche Bank
Credit Suisse
Zuercher Kantonalbank
Bank Vontobel AG
Kepler Capital Markets
Natixis
Main First Bank AG
Exane BNP Paribas
JPMorgan
EVA Dimensions
CA Cheuvreux

BERENICE LACROIX
NICK EDELMAN
CHRISTIAN BURGER
JOHANNES BRAUN
GEOF COLLYER
PATRICK JNGLIN
MARCO STRITTMATTER
JEAN-PHILIPPE BERTSCHY
JON COX
GEOFFREY D'HALLUIN
ALAIN-SEBASTIAN OBERHUBER
MATTHIAS DESMARAIS
JAAFAR MESTARI
CRAIG STERLING
CHRISTOPH WIRTZ

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

Recommendation
add
Buy/Neutral
accumulate
hold
buy
neutral
market perform
buy
buy
neutral
outperform
neutral
overweight
hold
underperform

Amt Held
755'062
474'014
156'556
146'240
136'791
101'423
84'511
75'960
65'188
61'663
61'516
52'947
45'877
31'019
24'932
24'740
24'414
20'842
15'361
13'000

% Out
20.14
12.65
4.18
3.9
3.65
2.71
2.25
2.03
1.74
1.65
1.64
1.41
1.22
0.83
0.67
0.66
0.65
0.56
0.41
0.35

Weighting

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

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

Latest Chg
(9'746)
81
(5'600)
(926)
(2'500)
(39'778)
17'723
12'702
51
(467)
1'609
183
(108)
-

Target Price
323
345
330
280
358
300
#N/A N/A
350
350
300
350
300
300
#N/A N/A
225

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

File Dt
31.12.2011
31.12.2011
09.11.2012
31.01.2013
31.12.2011
14.04.2009
31.12.2012
30.11.2012
31.03.2013
31.01.2013
31.01.2013
31.12.2012
09.04.2013
28.02.2013
28.02.2013
28.12.2012
31.10.2012
28.02.2013
31.01.2013
31.12.2012

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

Inst Type
Investment Advisor
Other
Investment Advisor
Mutual Fund Manager
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor

Date
11.04.2013
10.04.2013
05.04.2013
28.03.2013
27.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
14.03.2013
17.01.2013
16.07.2012

11.04.2013

Burckhardt Compression Holding AG


Burckhardt Compression Holding AG manufactures reciprocating compressors. The
Company produces compressors for oil refining, the chemical and petrochemical
industries, industrial gases, and gas transport and storage.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.09.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BCHN SE EQUITY YTD Change
BCHN SE EQUITY YTD % CHANGE

03/2012
01/yy
368.00
206.60
2'662.00
365.5
-0.68%
76.91%
99.51%
3.4
1'242.70
49.56
0.0
0.0
184.97
1'133.70

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

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


31.03.2008
368.0
2.70x
95.5
10.41x
68.0
15.85x

400

31.03.2009
31.03.2010
424.5
343.2
0.55x
1.83x
102.1
83.7
2.29x
7.50x
72.8
56.0
4.94x
12.47x
Profitability

31.03.2011
355.6
2.43x
71.7
12.06x
45.1
21.33x

31.03.2012
328.9
2.09x
79.3
8.67x
50.5
16.26x

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

79.26
68.67
20.88%
19.07%
11.07%
21.84%
0.66%
37.2%
25.5%
22.3%
15.4%
2.00
1.44
9.34%
17.53%
3.28
1.96

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.87
2.74
55.03%
21.83%
0.867
10
3.200
3'471
4'039
4'407
FY+2

03/13 Y
03/14 Y
387.6
420.5
2.83x
2.53x
83.1
93.7
13.74x
12.18x
54.8
63.0
22.03x
19.11x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

-1.24
0.47
17.5%
14.9%
0.66
2.73
111.74
186.80
226.21

Sales/Revenue/Turnover

60.00

450.0
400.0

50.00

350.0
300.0

40.00

250.0
30.00

200.0
150.0

20.00

100.0
10.00
0.00
03.04.2009

50.0
0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

11.04.2013

Burckhardt Compression Holding AG


Holdings By:

All

Holder Name
ING GROEP NV
ALLIANZ ASSET MANAGE
VOGT VALENTIN
COLLEGE RETIREMENT E
TIAA CREF INVESTMENT
BLACKROCK
DEUTSCHE BANK AG
THREADNEEDLE ASSET M
AMERIPRISE FINANCIAL
THREADNEEDLE INVESTM
UBS FUND MANAGEMENT
HARRIS ASSOCIATES LP
ROYCE & ASSOCIATES
WILLIAM BLAIR & COMP
BURCKHARDT COMPRESSI
KELLER LEONHARD
ROYCE AND ASSOCIATES
HELLER MARTIN
PAWLICEK MARCEL
JO HAMBRO CAPITAL MA

Firm Name
Berenberg Bank
CA Cheuvreux
Bank Vontobel AG
EVA Dimensions
Main First Bank AG
Goldman Sachs
Helvea
Zuercher Kantonalbank

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

Analyst
FREDERIK BITTER
OLIVER GIRAKHOU
FABIAN HAECKI
CRAIG STERLING
BERND POMREHN
WILLIAM WYMAN
VOLKAN GOCMEN
ARMIN RECHBERGER

Source
Co File
ULT-AGG
Co File
#N/A N/A
Co File
ULT-AGG
Co File
EXCH
Co File
MF-AGG
Co File
EXCH
EXCH
13F
Co File
Co File
MF-AGG
Co File
Co File
MF-AGG

Recommendation
hold
underperform
hold
hold
outperform
Buy/Neutral
neutral
market perform

Amt Held
241'400
217'049
202'633
176'332
166'600
154'728
112'200
109'610
108'800
107'501
102'000
99'988
99'450
97'640
76'255
71'563
65'300
57'500
52'045
50'073

% Out
7.1
6.38
5.96
5.19
4.9
4.55
3.3
3.22
3.2
3.16
3
2.94
2.92
2.87
2.24
2.1
1.92
1.69
1.53
1.47

Weighting

Change
3
1
3
3
5
5
3
3

M
M
M
M
M
M
M
M

Latest Chg
5'617
4'700
(5'475)
(3'468)
71'972
(11'150)
(1'270)

Target Price
350
300
270
#N/A N/A
360
450
240
#N/A N/A

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

File Dt
31.03.2012
31.03.2013
31.03.2012
30.04.2012
31.03.2012
09.04.2013
31.03.2012
30.03.2012
31.03.2012
31.12.2012
31.03.2012
30.04.2012
06.12.2011
31.12.2012
31.03.2012
31.03.2012
31.12.2012
31.03.2012
31.03.2012
30.06.2012

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

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

Date
03.04.2013
20.02.2013
18.01.2013
17.01.2013
05.12.2012
08.11.2012
07.11.2012
06.11.2012

11.04.2013

St Galler Kantonalbank AG
St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and
commercial banking as well as private and institutional banking. SGKB also
provides asset management and financial planning services. The Bank offers its
services in the Canton of St. Gall through a network of branches.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 21.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
SGKN SE EQUITY YTD Change
SGKN SE EQUITY YTD % CHANGE

12/2012
01/yy
414.00
320.75
394.00
406
-2.29%
26.58%
90.08%
5.6
2'262.81
5'469.21
0.0
0.0
2'748.50
-

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

.0 M

400

.0 M

350

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
928.6
171.1
12.44x

450

31.12.2009
31.12.2010
795.9
731.9
168.1
146.3
15.24x
17.82x
Profitability

31.12.2011
702.9
135.7
14.45x

31.12.2012
711.5
151.4
13.78x
34.63%
36.54%
0.56%
7.97%
2.11%
0.03%
29.2%
19.79%
282.78%
-

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.60
2.47
15.11%
7.98%
0.601
4
2.000
2'354
1'942
2'007
FY+2

12/13 Y
12/14 Y
501.0
510.0
168.0
170.0
13.45x
13.26x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

282.8%
73.9%
0.03
3.97
-

Sales/Revenue/Turnover

1'000.0
900.0

1.00

800.0
700.0

0.80
0.60
0.40

600.0
500.0
400.0
300.0
200.0

0.20

100.0
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 |

11.04.2013

St Galler Kantonalbank AG
Holdings By:

All

Holder Name
KANTON ST GALLEN
THORNBURG INVESTMENT
SWISSCANTO FONDSLEIT
ST GALLER KANTONALBA
CREDIT SUISSE ASSET
SCHRODER INVESTMENT
UBS FUND MANAGEMENT
VANGUARD GROUP INC
DIMENSIONAL FUND ADV
PICTET & CIE
SCHRODER INVESTMENT
VONTOBEL ASSET MANAG
LLB FONDSLEITUNG AG
LEDERGERBER ROLAND
IST FUND MANAGERS
OESCH FRANZ PETER
ZUERCHER KANTONALBAN
BUSCHOR FELIX
SKANDIA GLOBAL FUNDS
KOLLER ALBERT

Firm Name
EVA Dimensions
Bank Vontobel AG
Zuercher Kantonalbank
Helvea

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

Analyst
AUSTIN BURKETT
TERESA NIELSEN
ANDREAS BRUN
TIM DAWSON

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

Recommendation
underweight
hold
market perform
suspended coverage

Amt Held
3'054'223
78'741
35'749
27'867
20'165
14'030
13'424
13'176
10'572
10'445
9'100
8'100
5'553
4'757
2'475
2'465
2'400
2'084
1'783
1'721

% Out
54.8
1.41
0.64
0.5
0.36
0.25
0.24
0.24
0.19
0.19
0.16
0.15
0.1
0.09
0.04
0.04
0.04
0.04
0.03
0.03

Weighting

Change

1
3
3
#N/A N/A

U
M
M
M

Latest Chg
(21'440)
11'030
(290)
599
(2'222)
875
(141)
276
-

Target Price
#N/A N/A
430
#N/A N/A
#N/A N/A

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

File Dt
31.12.2010
31.01.2013
31.01.2013
31.12.2010
28.02.2013
31.12.2012
28.12.2012
31.12.2012
31.07.2012
31.01.2013
28.09.2012
30.11.2012
31.12.2012
31.12.2010
28.02.2013
31.12.2010
31.12.2012
31.12.2010
31.01.2013
31.12.2010

Date
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Government
Investment Advisor
Mutual Fund Manager
Bank
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
n/a
Mutual Fund Manager
n/a
Mutual Fund Manager
n/a

Date
21.03.2013
21.02.2013
15.02.2013
19.04.2012

11.04.2013

Belimo Holding AG
Belimo Holding AG manufactures heating, ventilation and air conditioning
equipment (HVAC). The Company develops and manufactures damper actuators for
general purposes, special motorized fire and smoke dampers and air-volume
controls for HVAC systems. Belimo offers sales and consulting services
worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (29.10.2012)
Daily Volume
Current Price (4/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
BEAN SE EQUITY YTD Change
BEAN SE EQUITY YTD % CHANGE

12/2012
01/yy
2'280.00
1'559.00
43.00
2173
-4.61%
39.38%
91.68%
0.6
1'336.40
21.20
0.0
0.0
105.69
1'251.91

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

.0 M

2000

.0 M

1500

.0 M

1000

.0 M

500

.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
403.8
1.15x
78.6
5.91x
46.1
9.88x

2500

31.12.2009
31.12.2010
385.9
426.4
1.76x
2.29x
74.9
96.6
9.08x
10.11x
49.3
61.3
14.14x
16.72x
Profitability

31.12.2011
416.0
2.35x
81.8
11.96x
51.6
20.03x

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

31.12.2012
444.6
2.23x
91.9
10.79x
61.4
17.50x
91.90
76.30
17.16%
16.86%
18.94%
24.96%
1.37%
20.7%
17.2%
13.8%
5.17
3.55
6.17%
8.11%
8.53
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.77
0.45
30.58%
26.66%
0.769
6
3.500
253
352
303
FY+2

12/13 Y
12/14 Y
480.8
518.6
2.60x
2.40x
102.6
112.0
12.20x
11.18x
69.3
76.1
19.05x
17.35x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

141.17
115.54
-0.92
0.23
8.1%
7.5%
1.37
4.88
42.88
-

Sales/Revenue/Turnover

25.00

500.0
450.0
400.0

20.00

350.0
15.00

300.0

10.00

250.0
200.0
150.0
100.0

5.00

50.0
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Belimo Holding AG
Holdings By:

All

Holder Name
GROUPE LINSI
CAPITAL GROUP COMPAN
RONER WERNER
LOMBARD ODIER DARIER
THREADNEEDLE INVESTM
AMERIPRISE FINANCIAL
MONTANARO ASSET MGMT
SARASIN
IST FUND MANAGERS
LINSI WALTER
VONTOBEL ASSET MANAG
PICTET & CIE
LOMBARD ODIER DARIER
LB SWISS INVESTMENT
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
SWISSCANTO FONDSLEIT
SCHRODER INVESTMENT
ALLIANZ ASSET MANAGE
STATE STREET

Firm Name
EVA Dimensions
Zuercher Kantonalbank
Bank Vontobel AG
Helvea
Main First Bank AG

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

Analyst
CRAIG STERLING
RICHARD FREI
SERGE ROTZER
PATRICK APPENZELLER
TOBIAS FAHRENHOLZ

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

Recommendation
hold
market perform
hold
accumulate
outperform

Amt Held
118'412
61'374
35'000
25'179
24'681
21'949
19'822
18'300
11'364
10'187
10'103
9'620
8'318
8'155
5'587
4'933
4'829
3'072
2'300
2'068

% Out
19.25
9.98
5.69
4.09
4.01
3.57
3.22
2.98
1.85
1.66
1.64
1.56
1.35
1.33
0.91
0.8
0.79
0.5
0.37
0.34

Weighting

Change
3
3
3
4
5

D
M
M
M
N

Latest Chg
(703)
(206)
(310)
497
(68)
(56)
(52)
(126)
214
450
-

Target Price
#N/A N/A
#N/A N/A
2'100
2'350
2'150

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

File Dt
22.04.2012
31.12.2012
31.12.2011
31.12.2011
31.12.2012
31.12.2011
07.01.2013
31.08.2012
28.02.2013
31.12.2011
30.11.2012
31.01.2013
28.02.2013
31.12.2012
28.12.2012
28.02.2013
31.01.2013
31.12.2012
31.03.2013
10.04.2013

Date
Not Provided
Not Provided
Not Provided
12 month
12 month

Inst Type
Other
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
21.03.2013
12.03.2013
12.03.2013
12.03.2013
25.02.2013

11.04.2013

Tecan Group AG
Tecan AG develops, manufactures and distributes laboratory automation
components and systems. The Company produces robotic sample processors,
stand-alone separation and detection devices, laser scanners, integrated
systems, and pumps and valves for high precision liquid handling. The products
are mainly used by research and diagnostic laboratories.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (06.06.2012)
Daily Volume
Current Price (4/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
TECN SE EQUITY YTD Change
TECN SE EQUITY YTD % CHANGE

Price/Volume

12/2012
12/yy
90.70
59.05
6'127.00
86.4
-4.74%
46.32%
89.73%
11.4
988.81
4.90
0.0
0.0
144.53
849.18

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

31.12.2009
31.12.2010
356.2
370.5
2.14x
2.11x
68.7
64.7
11.08x
12.07x
49.3
16.2
17.03x
17.33x
Profitability

.1 M
.1 M
.1 M
.0 M
.0 M

m-12

LTM-4Q
31.12.2011
377.0
1.50x
60.4
9.38x
47.6
15.19x

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
391.1
1.77x
62.6
11.09x
42.2
19.62x
62.57
52.31
13.37%
13.42%
10.39%
14.74%
0.96%
50.7%
16.0%
13.4%
10.8%
3.39
2.19
1.16%
1.62%
5.07
2.17

Price/ Cash Flow

09/yy
307.7
0.00x
0.0
0.00x
8.4
0.00x

j-12

j-12

a-12

LTM
12/yy
405.9
2.10x
0.0
0.00x
40.6
21.60x

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1

.0 M
a-13

0.59
10.47
34.75%
12.94%
0.586
9
4.111
25'729
35'239
35'008
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
413.6
453.5
1.98x
1.67x
70.3
82.6
12.07x
10.28x
49.0
58.4
19.34x
16.34x
S&P Issuer Ratings

Long-Term Rating Date


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

744.86
636.63
-2.23
0.08
1.6%
1.6%
0.96
21.38
72.20
168.30
17.93
222.57

Sales/Revenue/Turnover

450.00

450.0

400.00

400.0

350.00

350.0

300.00

300.0

250.00

250.0

200.00

200.0

150.00

150.0

100.00

100.0

50.00

50.0

0.00
01.01.2010

.1 M

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

Fiscal Year Ended


31.12.2008
396.0
0.93x
56.7
6.53x
25.6
16.60x

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

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Tecan Group AG
Holdings By:

All

Holder Name
ING GROEP NV
UBS FUND MANAGEMENT
TECAN GROUP AG
PICTET ASSET MANAGEM
PICTET & CIE
FMR LLC
CREDIT SUISSE ASSET
NORGES BANK
BLACKROCK
TIAA CREF INVESTMENT
CREDIT SUISSE ASSET
SWISSCANTO FONDSLEIT
VONTOBEL ASSET MANAG
SCHRODER INVESTMENT
MIRABAUD & CIE
NORDEA INV MANAGEMEN
ODDO ASSET MANAGEMEN
OPPENHEIMERFUNDS INC
KEMPEN CAPITAL MANAG
INVESCO LTD

Firm Name
HSBC
EVA Dimensions
Helvea
Zuercher Kantonalbank
Credit Suisse
Berenberg Bank
Bank Vontobel AG
Main First Bank AG

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

Analyst
JAN KEPPELER
ANDREW S ZAMFOTIS
SIMON GOETSCHMANN
SIBYLLE BISCHOFBERGER FRICK
CHRISTOPH GRETLER
SCOTT BARDO
CARLA BAENZIGER
STEPHAN VOLLERT

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

Recommendation
neutral
hold
buy
market perform
outperform
buy
hold
outperform

Amt Held
1'051'540
584'374
572'134
566'302
518'253
433'522
368'034
350'520
345'906
327'937
251'930
212'335
177'000
133'600
130'431
113'911
100'761
98'488
93'709
88'997

% Out
9.19
5.11
5
4.95
4.53
3.79
3.22
3.06
3.02
2.87
2.2
1.86
1.55
1.17
1.14
1
0.88
0.86
0.82
0.78

Weighting

Change
3
3
5
3
5
5
3
5

N
D
M
M
M
M
M
M

Latest Chg
(119'188)
(177'060)
(35'216)
26'922
(45'970)
(237'047)
823
(147'792)
3'000
55'900
31'431
60'505
32'056
17'649
88'791

Target Price
98
#N/A N/A
95
#N/A N/A
100
105
87
96

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

File Dt
31.12.2011
31.12.2011
11.12.2012
23.01.2013
31.01.2013
04.01.2013
13.03.2012
31.12.2011
09.04.2013
27.08.2012
28.02.2013
31.01.2013
30.11.2012
31.12.2012
31.12.2012
28.02.2013
30.09.2012
28.02.2013
28.02.2013
10.04.2013

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

Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor

Date
08.04.2013
02.04.2013
18.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
01.02.2013

11.04.2013

Logitech International SA
Logitech International S.A. manufactures personal computer input devices. The
Company produces computer mice which help the user move the cursor around the
computer screen quickly, trackballs, game controllers, keyboards, PC video
cameras, and multimedia speakers. The Company sells its products worldwide.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2012)
52-Week Low (01.02.2013)
Daily Volume
Current Price (4/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
LOGN SE EQUITY YTD Change
LOGN SE EQUITY YTD % CHANGE

03/2012
12/yy
9.91
6.03
332'468.00
6.49
-34.52%
7.63%
13.66%
173.1
1'123.46
0.00
0.0
0.0
478.37
888.43

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

12.0 M

10

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


31.03.2008
2'370.5
2.14x
335.9
15.09x
231.0
19.95x

12

31.03.2009
31.03.2010
2'208.8
1'966.7
0.61x
1.31x
182.4
151.0
7.44x
17.02x
107.0
65.0
17.19x
44.61x
Profitability

LTM-4Q
31.03.2011
2'362.9
1.17x
218.6
12.61x
128.5
24.74x

31.03.2012
2'316.2
0.35x
144.5
5.56x
71.5
19.02x

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

144.48
71.98
3.11%
3.94%
-9.42%
-16.72%
1.24%
33.5%
5.4%
-7.5%
3.1%
2.18
1.44
0.00%
0.00%
7.42
4.95

Price/ Cash Flow

12/yy
2'331.9
2.80x
119.5
8.15x
45.9
28.94x

LTM
12/yy
2'162.8
2.32x
116.7
8.50x
(163.9)
0.00x

FY+1

.0 M
a-13

1.19
146.02
-0.88%
-6.35%
1.190
16
2.688
448'960
652'680
1'047'193
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'121.8
2'032.6
475.7
442.5
0.42x
0.41x
1.88x
2.12x
108.8
144.9
21.9
(4.3)
8.20x
6.16x
11.18x
10.38x
58.6
80.6
8.0
(11.0)
23.95x
15.17x
S&P Issuer Ratings

Long-Term Rating Date


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

323.23
216.28
-2.76
0.00
0.0%
0.0%
1.24
25.87
49.35
73.95
93.63
36.24

Sales/Revenue/Turnover

18.00

2'500.0

16.00

2'000.0

14.00
12.00

1'500.0

10.00
8.00

1'000.0

6.00

500.0

4.00
2.00
0.00
03.04.2009

0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

11.04.2013

Logitech International SA
Holdings By:

All

Holder Name
LOGITECH INTERNATION
MORGAN STANLEY
BOREL DANIEL
CAPITAL GROUP COMPAN
FMR LLC
BLACKROCK
MARATHON ASSET MANAG
FRANKLIN RESOURCES
DNB NOR ASSET MANAGE
GOLDMAN SACHS GROUP
CREDIT SUISSE ASSET
OPPENHEIMERFUNDS INC
CREDIT AGRICOLE SA
ALLIANZ ASSET MANAGE
NEW JERSEY DIVISION
THOMPSON SIEGEL & WA
DEUTSCHE BANK AG
ARTISAN PARTNERS HOL
SWISSCANTO FONDSLEIT
ROYCE AND ASSOCIATES

Firm Name
JPMorgan
AlphaValue
Wedge Partners
Morgan Stanley
Credit Suisse
Exane BNP Paribas
Goldman Sachs
CA Cheuvreux
EVA Dimensions
Zuercher Kantonalbank
Avondale Partners LLC
Bank Vontobel AG
Helvea
Barclays
Pacific Crest Securities
Raymond James

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
GOLDMAN SACHS GROUP
Multiple Portfolios
Multiple Portfolios
CREDIT AGRICOLE SA
n/a
Multiple Portfolios
THOMPSON SIEGEL & WA
DEUTSCHE BANK AKTIEN
ARTISAN PARTNERS LP
Multiple Portfolios
ROYCE & ASSOCIATES L

Analyst
PAUL T COSTER
HEINZ STEFFEN
KIRK ADAMS
ANDREW HUMPHREY
FELIX REMMERS
ALEXANDER PETERC
ALEXANDER DUVAL
CHRISTOPH WIRTZ
ANDREW S ZAMFOTIS
ANDREAS MUELLER
JOHN F BRIGHT
MICHAEL FOETH
STEFAN GAECHTER
ANDREW M GARDINER
ANDY HARGREAVES
TAVIS C MCCOURT

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

Recommendation
underweight
add
no rating system
Equalwt/No Rating
underperform
outperform
neutral/neutral
underperform
hold
market perform
market perform
hold
neutral
underweight
sector perform
market perform

Amt Held
15'111'187
12'731'467
10'894'944
9'619'094
8'119'677
5'842'644
5'358'296
4'373'153
4'346'212
4'231'897
3'510'115
3'500'000
3'164'411
2'541'464
2'400'000
1'761'859
1'637'468
1'348'600
1'313'836
1'294'100

% Out
8.73
7.35
6.29
5.56
4.69
3.38
3.1
2.53
2.51
2.44
2.03
2.02
1.83
1.47
1.39
1.02
0.95
0.78
0.76
0.75

Weighting

Change

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

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

Latest Chg
(25'743)
(175'315)
(300'000)
(402'429)
(263'788)
254'806
38'831
676'059
1'309
(101'412)
1'162'647
900'000
(928'547)
(230'617)
(59'800)
(850'552)
7'000

Target Price
7
7
#N/A N/A
7
5
9
7
5
#N/A N/A
#N/A N/A
6
7
7
6
#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
04.01.2013
Unclassified
31.12.2012
Investment Advisor
03.04.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
09.04.2013
Investment Advisor
05.04.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor

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

Date
11.04.2013
11.04.2013
26.03.2013
14.03.2013
04.03.2013
28.02.2013
30.01.2013
30.01.2013
29.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013

11.04.2013

Straumann Holding AG
Straumann Holding AG develops, produces and sells dental implants. The Company
manufactures metal devices implantable in the jaw, in place of missing teeth,
to which prosthetic teeth are attached. Straumann has subsidiaries throughout
Europe and North America. The Company sells its products worldwide.

Price/Volume
180

.6 M

160

.5 M

140
120

.4 M

100

12/2012
12/yy
160.70
97.90
12'758.00
118.9
-26.14%
21.45%
32.96%
15.7
1'863.94
0.06
0.0
0.0
146.74
1'717.26

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

60

.2 M

40

.1 M

20
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
778.7
3.59x
101.0
27.70x
8.1
356.73x

.3 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.05.2012)
52-Week Low (16.11.2012)
Daily Volume
Current Price (4/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
STMN SE EQUITY YTD Change
STMN SE EQUITY YTD % CHANGE

31.12.2009
31.12.2010
736.4
737.6
5.86x
4.07x
217.9
211.3
19.81x
14.20x
146.4
131.1
31.18x
25.57x
Profitability

LTM-4Q
31.12.2011
693.6
3.07x
116.7
18.26x
71.0
35.70x

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
686.3
2.31x
95.6
16.56x
36.4
47.46x
95.56
60.97
8.88%
8.15%
4.60%
5.60%
0.87%
77.5%
13.9%
8.9%
5.3%
2.96
2.23
0.01%
0.01%
7.38
2.37

Price/ Cash Flow

03/yy
196.4
0.00x
0.0
0.00x
0.0
0.00x

LTM
12/yy
686.3
0.00x
0.0
0.00x
0.0
0.00x

FY+1

.0 M
a-13

1.05
7.40
-17.39%
9.53%
1.055
22
2.864
49'464
45'654
67'711
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
687.4
713.3
173.5
176.5
2.44x
2.26x
151.3
168.7
11.36x
10.19x
103.1
117.7
17.87x
15.24x
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

131.27
110.59
-1.53
0.00
0.0%
0.0%
0.87
6.60
49.57
154.51
57.56
146.52

Sales/Revenue/Turnover

25.00

900.0
800.0

20.00

700.0
600.0

15.00

500.0
400.0

10.00

300.0
200.0

5.00

100.0
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 |

11.04.2013

Straumann Holding AG
Holdings By:

All

Holder Name
STRAUMANN THOMAS
GOVT OF SINGAPORE IN
MAAG RUDOLF
DE MOURA CUNHA SIMON
STRAUMANN GABRIELLA
SPRUCEGROVE INVESTME
MANNING & NAPIER ADV
BAILLIE GIFFORD AND
PARVUS ASSET MANAGEM
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
HENDERSON GLOBAL INV
OPPENHEIMERFUNDS INC
SWISSCANTO FONDSLEIT
VONTOBEL ASSET MANAG
PICTET & CIE
JULIUS BAER MULTICOO
VANGUARD GROUP INC
MANNING & NAPIER ADV
MACKENZIE FINANCIAL

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

Firm Name

Analyst

HSBC
Northcoast Research
Exane BNP Paribas
Sanford C. Bernstein & Co
Commerzbank Corporates & Markets
Goldman Sachs
Helvea
Kepler Capital Markets
Jefferies
Morgan Stanley
Barclays
Berenberg Bank
Deutsche Bank
Credit Suisse
Bank Vontobel AG
Main First Bank AG
EVA Dimensions
CA Cheuvreux
Zuercher Kantonalbank

HENDRIK LOFRUTHE
EDWIN SNYDER
JULIEN DORMOIS
LISA BEDELL CLIVE
OLIVER METZGER
VERONIKA DUBAJOVA
SIMON GOETSCHMANN
MAJA PATAKI
INGEBORG OIE
MICHAEL K JUNGLING
ALEXANDER KLEBAN
TOM JONES
YI-DAN WANG
CHRISTOPH GRETLER
CARLA BAENZIGER
STEPHAN VOLLERT
ANDREW S ZAMFOTIS
DANIEL JELOVCAN
SIBYLLE BISCHOFBERGER FRICK

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

Recommendation
overweight
neutral
underperform
market perform
reduce
neutral/neutral
neutral
hold
hold
Underwt/Attractive
underweight
buy
buy
outperform
hold
underperform
sell
underperform
underperform

Amt Held
2'712'936
2'162'323
1'912'533
924'914
533'001
474'035
465'447
461'120
414'471
179'552
104'201
97'779
63'087
61'087
55'597
54'310
52'962
46'955
38'300
33'300

% Out
17.31
13.79
12.2
5.9
3.4
3.02
2.97
2.94
2.64
1.15
0.66
0.62
0.4
0.39
0.35
0.35
0.34
0.3
0.24
0.21

Weighting

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

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

Latest Chg
(1'566'749)
2'115'096
(4'939)
(390'276)
1'614
(4'192)
36'778
(48'580)
(20'860)
(9'165)
(731)
(31'931)
(210'450)
(25'600)

Target Price
150
#N/A N/A
125
120
109
122
139
125
128
93
127
154
146
155
121
115
#N/A N/A
95
#N/A N/A

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

File Dt
27.11.2012
27.11.2012
31.12.2011
31.12.2011
31.12.2011
23.08.2012
22.06.2012
18.01.2013
28.03.2013
28.02.2013
28.12.2012
31.12.2012
28.02.2013
31.01.2013
30.11.2012
31.01.2013
28.12.2012
31.12.2012
31.12.2012
30.11.2012

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

Inst Type
n/a
Government
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
08.04.2013
03.04.2013
02.04.2013
27.03.2013
21.03.2013
21.03.2013
18.03.2013
11.03.2013
06.03.2013
05.03.2013
05.03.2013
26.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
17.01.2013
22.08.2012
21.08.2012

11.04.2013

Graubuendner Kantonalbank
Graubuendner Kantonalbank is a Swiss bank which provides standard banking
services such as deposits and real estate mortgage loans, along with other
financial services. The Bank serves the Canton of Graubuenden through numerous
branches.

Price/Volume
1400

.0 M

1200

.0 M

1000

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.10.2012)
52-Week Low (15.03.2013)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 20.08.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GRKP SE EQUITY YTD Change
GRKP SE EQUITY YTD % CHANGE

12/2012
01/yy
1'203.00
1'127.00
8.00
1149
-4.49%
1.95%
22.37%
0.8
3'159.75
2'869.60
0.0
30.5
1'847.61
-

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

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

1.20
1.00

.0 M

600

.0 M

400
.0 M

200
0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
618.9
121.5
19.22x

800

31.12.2009
31.12.2010
548.9
509.9
141.6
149.5
20.45x
20.36x
Profitability

31.12.2011
509.8
149.6
19.59x

31.12.2012
391.9
153.3
20.69x
48.22%
38.42%
0.82%
18.74%
4.36%
0.02%
39.1%
14.82%
338.91%
-

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.37
0.75
2.52%
2.96%
0.373
2
4.000
205
372
331
FY+2

12/13 Y
12/14 Y
387.0
399.0
191.0
202.0
14.91x
14.12x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

17.12.2010
AA+
NEG
02.09.2002
A-1+
338.9%
76.6%
0.02
3.14
-

Sales/Revenue/Turnover

700.0
600.0
500.0

0.80

400.0
0.60

300.0

0.40

200.0
100.0

0.20

0.0
0.00

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

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

11.04.2013

Graubuendner Kantonalbank
Holdings By:

All

Holder Name
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
IST FUND MANAGERS
SWISSCANTO ANLAGESTI
SKANDIA GLOBAL FUNDS
JULIUS BAER ASSET MA
JULIUS BAER MULTICOO
UBS ETF
ANLAGESTIFTUNG WINTE
SWISSCANTO FONDSLEIT
KBC GROUP NV
LB SWISS INVESTMENT

Firm Name
EVA Dimensions
Zuercher Kantonalbank

Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
AUSTIN BURKETT
ANDREAS BRUN

Source
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
overweight
market perform

Amt Held
6'109
3'960
3'203
607
495
448
319
105
99
31
18
7
-

% Out
0.81
0.53
0.43
0.08
0.07
0.06
0.04
0.01
0.01
0
0
0
0

Weighting

Change
5
3

M
U

Latest Chg
(40)
22
(19)
74
1
(2)
(16)
(1'835)

Target Price
#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
28.02.2013
28.12.2012
31.01.2013
28.02.2013
31.01.2013
31.01.2013
31.01.2013
28.12.2012
28.12.2012
30.06.2011
31.01.2013
28.02.2013
31.12.2012

Date
Not Provided
Not Provided

Inst Type
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager

Date
17.01.2013
05.09.2012

11.04.2013

Forbo Holding AG
Forbo Holding AG produces floor coverings, adhesives, and belts for conveying
and power transmission. Forbo operates worldwide.

Price/Volume
700

.0 M

600

.0 M
.0 M

500

.0 M

400

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (24.08.2012)
Daily Volume
Current Price (4/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
FORN SE EQUITY YTD Change
FORN SE EQUITY YTD % CHANGE

12/2012
01/yy
658.50
522.50
1'728.00
613
-6.61%
17.32%
56.99%
2.3
1'379.25
135.10
0.0
0.0
393.40
1'120.95

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

.0 M

200

.0 M

100

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
1'918.7
0.44x
198.7
4.22x
16.0
28.43x

.0 M

300

31.12.2009
31.12.2010
1'782.4
1'291.2
0.58x
1.10x
188.2
227.7
5.45x
6.25x
76.1
163.3
10.10x
9.01x
Profitability

31.12.2011
1'203.8
0.94x
197.2
5.74x
146.5
8.37x

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
1'201.1
0.78x
206.0
4.58x
197.2
6.57x
206.00
162.60
13.54%
13.08%
13.91%
24.16%
0.85%
36.5%
13.5%
16.4%
2.12
1.43
10.13%
16.53%
7.76
3.48

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.15
1.25
1.53%
4.79%
1.153
7
4.714
3'965
5'242
4'789
FY+2

12/13 Y
12/14 Y
1'199.3
1'219.7
0.88x
0.84x
162.5
170.8
6.84x
6.50x
94.8
103.0
13.41x
11.98x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

16.5%
14.2%
0.85
3.36
47.14
105.07
41.01
111.20

Sales/Revenue/Turnover

16.00

2'500.0

14.00

2'000.0

12.00
10.00

1'500.0

8.00

1'000.0

6.00
4.00

500.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Forbo Holding AG
Holdings By:

All

Holder Name
PIEPER MICHAEL W
FORBO HOLDING AG
SCHNEIDER THIS E
UBS FUND MANAGEMENT
VANGUARD GROUP INC
SCHRODER INVESTMENT
SWISSCANTO FONDSLEIT
CREDIT SUISSE ASSET
DIMENSIONAL FUND ADV
RAIFFEISEN SCHWEIZ L
SARASIN
VONTOBEL ASSET MANAG
PUTNAM INVESTMENT MA
SWEDBANK ROBUR FONDE
PICTET & CIE
GNAEGI ALBERT
LORD ABBETT & CO LLC
UNION BANCAIRE PRIVE
INVERCAIXA GESTION S
ALLIANZ ASSET MANAGE

Firm Name
Credit Suisse
EVA Dimensions
Zuercher Kantonalbank
Bank Vontobel AG
Helvea
Main First Bank AG

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

Analyst
PATRICK LAAGER
CRAIG STERLING
MARTIN HUESLER
CHRISTIAN ARNOLD
PATRICK APPENZELLER
TOBIAS FAHRENHOLZ

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

Recommendation
outperform
overweight
outperform
buy
neutral
outperform

Amt Held
681'500
196'117
114'000
99'447
34'322
27'616
20'202
18'224
17'361
12'800
11'326
8'300
6'703
6'421
5'725
4'660
4'522
4'511
4'064
3'828

% Out
30.29
8.72
5.07
4.42
1.53
1.23
0.9
0.81
0.77
0.57
0.5
0.37
0.3
0.29
0.25
0.21
0.2
0.2
0.18
0.17

Weighting

Change
5
5
5
5
3
5

M
U
M
M
M
M

Latest Chg
(179'360)
126
10'237
(11'936)
(41)
138
(2'280)
(900)
300
1'421
(249)
1'219
468
1'264
-

Target Price
730
#N/A N/A
#N/A N/A
740
650
800

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

File Dt
Inst Type
31.12.2011
n/a
22.01.2013
Corporation
31.12.2011
n/a
03.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013 Mutual Fund Manager
31.07.2012
Investment Advisor
30.11.2012
Investment Advisor
28.12.2012
Unclassified
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor

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

Date
27.03.2013
26.03.2013
20.03.2013
20.03.2013
20.03.2013
14.03.2013

11.04.2013

Zuger Kantonalbank AG
Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking
and other financial services. Zuger Kantonalbank emphasizes mortgage lending
and corporate finance. The Bank operates through a number of branches in the
Canton Zug.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.04.2012)
52-Week Low (31.08.2012)
Daily Volume
Current Price (4/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
ZG SE EQUITY YTD Change
ZG SE EQUITY YTD % CHANGE

Price/Volume

12/2012
01/yy
5'225.00
4'650.00
36.00
5030
-4.02%
8.17%
66.09%
0.3
1'450.09
2'706.64
0.0
0.0
1'022.47
-

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

.0 M

5000

.0 M

4000

.0 M

3000

.0 M

2000

.0 M

1000

.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
376.5
61.3
17.40x

6000

31.12.2009
31.12.2010
336.9
334.9
61.4
61.1
19.96x
23.56x
Profitability

31.12.2011
338.0
61.0
23.81x

31.12.2012
326.6
61.2
22.62x
44.74%
33.87%
0.51%
11.95%
1.98%
0.03%
28.2%
21.98%
523.55%
-

0.49
0.14
0.05%
4.68%
0.491
1
1.000
32
48
58

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+2
-

523.6%
84.0%
0.03
3.15
-

Sales/Revenue/Turnover

450.0
400.0

1.00
0.80

350.0
300.0
250.0

0.60

200.0
150.0

0.40
0.20

100.0
50.0
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 |

11.04.2013

Zuger Kantonalbank AG
Holdings By:

All

Holder Name
KANTON ZUG
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
IST FUND MANAGERS
DIMENSIONAL FUND ADV
SWISSCANTO ANLAGESTI
JULIUS BAER ASSET MA
SKANDIA GLOBAL FUNDS
JULIUS BAER MULTICOO
PRINCIPAL FINANCIAL
BESSEMER GROUP INCOR
DIMENSIONAL FUND ADV
UBS ETF
ANLAGESTIFTUNG WINTE
FLEXSHARES TRUST
SWISSCANTO FONDSLEIT
DIMENSIONAL FUND ADV
JP MORGAN

Firm Name
EVA Dimensions

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

Analyst
AUSTIN BURKETT

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

Recommendation
underweight

Amt Held
144'438
1'164
756
601
151
149
95
70
63
42
31
31
31
18
8
4
4
3
-

% Out
50.1
0.4
0.26
0.21
0.05
0.05
0.03
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0
0
0
0
0

Weighting

Change
1

Latest Chg
(10)
(4)
16
31
3
(3)
(130)

Target Price
#N/A N/A

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

File Dt
31.12.2011
28.02.2013
28.12.2012
31.01.2013
28.02.2013
31.07.2012
31.01.2013
31.01.2013
31.01.2013
28.12.2012
31.12.2012
31.01.2013
31.12.2012
28.12.2012
30.06.2011
28.03.2013
31.01.2013
31.12.2012
30.06.2012

Date
Not Provided

Inst Type
Government
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
17.01.2013

11.04.2013

Vontobel Holding AG
Vontobel Holding AG offers wealth management services for private and
institutional clients, and investment banking services. The bank offers
portfolio management services, derivative and structured products, securities
brokerage, capital market transactions, custodian services, institutional asset
management and investment funds.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (28.06.2012)
Daily Volume
Current Price (4/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
VONN SE EQUITY YTD Change
VONN SE EQUITY YTD % CHANGE

12/2012
01/yy
33.40
17.80
4'874.00
31.3
-6.29%
75.84%
84.29%
65.0
2'034.50
8'900.30
0.0
0.0
4'216.70
6'718.10

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

.1 M

30

.1 M

25

.1 M

20

.1 M

15

.1 M

10

.0 M

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
931.8
8.69x
256.0
31.63x
112.8
12.36x

35

31.12.2009
31.12.2010
903.3
951.8
11.08x
10.99x
232.9
242.8
42.96x
43.08x
138.9
147.8
13.62x
15.41x
Profitability

31.12.2011
890.7
6.50x
213.9
27.06x
113.7
11.80x

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
904.9
7.15x
222.3
29.11x
130.6
13.76x
222.30
17.58%
17.27%
0.66%
8.51%
1.34%
0.05%
24.6%
14.4%
42.20%
565.60%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.10
20.74
49.34%
10.99%
1.099
10
2.800
37'189
43'854
45'335
FY+2

12/13 Y
12/14 Y
830.4
900.3
148.3
173.8
13.69x
11.85x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

30.03.2009
A
NEG
30.03.2009
A-1
21.07
40.04
565.6%
85.0%
0.05
4.75
-

Sales/Revenue/Turnover

6.00

1'400.0

5.00

1'200.0
1'000.0

4.00

800.0
3.00

600.0

2.00

400.0

1.00

200.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Vontobel Holding AG
Holdings By:

All

Holder Name
VONTOBEL HANS
RAIFFEISEN SCHWEIZ
VONTRUST AG
VONTOBEL FOUNDATION
DE LA COUR-VONTOBEL
PELLEGRINUS HOLDING
VONTOBEL HOLDING AG
FRANKLIN RESOURCES
SCHEIDT HERBERT JULI
CLASSIC FUND MGMT AG
ALLIANZ ASSET MANAGE
SWISSCANTO FONDSLEIT
CREDIT SUISSE ASSET
STAUB ZENO
VANGUARD GROUP INC
LLB FONDSLEITUNG AG
STUDER ROGER
UBS FUND MANAGEMENT
VONTOBEL ASSET MANAG
DIMENSIONAL FUND ADV

Firm Name
CA Cheuvreux
Berenberg Bank
Main First Bank AG
EVA Dimensions
Helvea
Keefe, Bruyette & Woods
Zuercher Kantonalbank
Goldman Sachs
Nomura

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

Analyst
CHRISTIAN STARK
ELENI PAPOULA
KILIAN MAIER
AUSTIN BURKETT
TIM DAWSON
ANDREW STIMPSON
ANDREAS VENDITTI
MARTIN LEITGEB
JON PEACE

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

Recommendation
underperform
hold
outperform
underweight
neutral
underperform
market perform
Buy/Neutral
reduce

Amt Held
11'765'000
8'125'000
8'125'000
7'085'000
3'575'000
2'730'000
1'625'000
844'812
618'025
587'406
258'800
182'146
176'339
167'453
143'955
140'000
138'583
114'241
111'500
108'460

% Out
18.1
12.5
12.5
10.9
5.5
4.2
2.5
1.3
0.95
0.9
0.4
0.28
0.27
0.26
0.22
0.22
0.21
0.18
0.17
0.17

Weighting

Change
1
3
5
1
3
1
3
5
2

M
U
M
D
M
M
M
M
N

Latest Chg
(81'010)
91'694
(109'120)
8'527
(2'200)
-

Target Price
28
25
33
#N/A N/A
31
30
#N/A N/A
38
33

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

File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Other
31.12.2012
Other
31.12.2012
n/a
31.12.2012
Other
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
n/a
28.09.2012 Mutual Fund Manager
28.02.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013 Mutual Fund Manager
31.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
n/a
28.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.07.2012
Investment Advisor

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

Date
09.04.2013
07.03.2013
06.03.2013
13.02.2013
08.02.2013
07.02.2013
07.02.2013
28.01.2013
16.12.2010

11.04.2013

Daetwyler Holding AG
Daetwyler Holding AG manufactures rubber components and sealing solutions
for the automotive, pharmaceutical and civil engineering industries. The
company also distributes electronic, automation, engineering and IT components
and accessories.

Price/Volume
120
100
80
60

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.01.2013)
52-Week Low (03.07.2012)
Daily Volume
Current Price (4/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
DAE SE EQUITY YTD Change
DAE SE EQUITY YTD % CHANGE

12/2012
01/yy
109.55
63.00
8'932.00
107.2
-1.96%
70.16%
95.60%
12.6
1'822.40
304.90
0.0
0.0
248.50
1'878.80

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

20
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
1'294.9
0.53x
197.3
3.50x
109.6
6.03x

40

31.12.2009
31.12.2010
1'122.2
1'319.5
0.76x
0.88x
134.0
176.6
6.35x
6.57x
63.7
98.2
14.04x
12.19x
Profitability

31.12.2011
1'290.5
0.60x
168.3
4.57x
96.2
8.96x

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

31.12.2012
1'414.2
0.99x
203.1
6.90x
127.5
10.49x
203.10
151.00
10.68%
10.37%
12.94%
21.35%
1.44%
24.1%
14.4%
10.7%
9.0%
2.18
1.47
28.26%
55.35%
8.83
-

Price/ Cash Flow

.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-13

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.95
6.43
42.38%
24.15%
0.946
4
4.500
11'115
15'140
14'051
FY+2

12/13 Y
12/14 Y
1'407.7
1'501.0
1.28x
1.14x
215.7
237.0
8.68x
7.90x
122.0
138.3
13.57x
11.96x
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

FQ+1

FQ+2

0.28
1.50
55.3%
35.6%
1.44
3.81
41.43
77.51

Sales/Revenue/Turnover

14.00

1'600.0

12.00

1'400.0
1'200.0

10.00

1'000.0
8.00

800.0
6.00

600.0

4.00

400.0

2.00

200.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Daetwyler Holding AG
Holdings By:

All

Holder Name
PEMA HOLDINGS AG
DAETWYLER HOLDING AG
SARASIN
TWEEDY BROWNE COMPAN
VONTOBEL ASSET MANAG
UBS FUND MANAGEMENT
DIMENSIONAL FUND ADV
CREDIT SUISSE ASSET
LB SWISS INVESTMENT
SWISSCANTO FONDSLEIT
BLACKROCK
LUXEMBOURGER KAPITAL
PICTET & CIE
OPPENHEIMERFUNDS INC
SCHRODER INVESTMENT
JULIUS BAER MULTICOO
JULIUS BAER ASSET MA
DEKA INVESTMENT GMBH
HAELG PAUL J
VONTOBEL ASSET MANAG

Firm Name
Bank Vontobel AG
Helvea
EVA Dimensions
Zuercher Kantonalbank

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

Analyst
SERGE ROTZER
STEFAN GAECHTER
CRAIG STERLING
RICHARD FREI

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

Recommendation
buy
buy
hold
outperform

Amt Held
4'550'000
1'534'600
500'700
343'783
275'980
179'438
157'434
98'560
93'184
88'066
78'113
66'000
64'186
53'569
52'211
42'539
28'345
23'971
21'200
21'000

% Out
36.11
12.18
3.97
2.73
2.19
1.42
1.25
0.78
0.74
0.7
0.62
0.52
0.51
0.43
0.41
0.34
0.22
0.19
0.17
0.17

Weighting

Change
5
5
3
5

M
M
M
U

Latest Chg
(4'148)
(7'500)
8'603
(23'700)
(48'885)
(3'880)
(6'000)
5'933
5'000
(4'071)
(215)
2'500
3'000

Target Price
125
125
#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
31.12.2011
31.12.2011
28.12.2012
31.03.2012
30.11.2012
28.02.2013
31.07.2012
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
28.02.2013
31.12.2012
28.12.2012
28.02.2013
28.12.2012
31.12.2011
30.11.2012

Date
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Holding Company
Corporation
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
n/a
Investment Advisor

Date
18.03.2013
18.03.2013
15.01.2013
30.10.2012

11.04.2013

Valora Holding AG
Valora Holding AG is a holding company. The company owns and operates kiosks,
self-service stores, food, coffee and snack shops and restaurants, and
wholesale outlets. Valora also owns and manages commercial real estate in
Switzerland.

Price/Volume
250

.1 M
.1 M

200

.1 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.04.2012)
52-Week Low (03.09.2012)
Daily Volume
Current Price (4/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
VALN SE EQUITY YTD Change
VALN SE EQUITY YTD % CHANGE

12/2012
01/yy
210.60
145.00
6'592.00
195
-7.26%
34.48%
71.04%
3.4
669.94
511.71
0.0
5.1
147.15
1'039.56

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

.0 M

100

.0 M
.0 M

50

31.12.2009
31.12.2010
2'897.0
2'877.7
0.24x
0.32x
101.7
122.8
6.87x
7.51x
54.0
63.4
13.46x
14.60x
Profitability

31.12.2011
2'817.9
0.21x
118.7
4.95x
56.3
9.71x

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
2'847.9
0.35x
121.2
8.22x
45.4
11.87x
121.23
65.78
2.31%
1.88%
3.36%
8.84%
2.11%
33.0%
4.3%
2.3%
1.6%
1.37
0.68
31.94%
89.73%
16.59
8.13

Price/ Cash Flow

m-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

0.95
2.53
1.66%
5.35%
0.948
9
2.000
12'860
8'250
7'994
FY+2

12/13 Y
12/14 Y
2'933.9
2'972.3
0.34x
0.33x
143.1
150.0
7.27x
6.94x
58.0
65.3
11.46x
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

FQ+1

FQ+2

3.01
4.22
89.7%
47.1%
2.11
12.67
22.06
45.03
53.74
13.36

Sales/Revenue/Turnover

20.00

3'200.0

18.00

3'100.0

16.00

3'000.0

14.00

2'900.0

12.00
10.00

2'800.0

8.00

2'700.0

6.00

2'600.0

4.00

2'500.0

2.00
0.00
01.01.2010

.0 M

0
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
2'931.1
0.15x
100.4
4.38x
38.6
19.90x

150

2'400.0
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 |

11.04.2013

Valora Holding AG
Holdings By:

All

Holder Name
DITSCH ERNST PETER
UBS FUND MANAGEMENT
CREDIT SUISSE AG
SILVER GRANT GROUP L
NORGES BANK
CREDIT SUISSE ASSET
BLACKROCK
LOMBARD ODIER DARIER
THREADNEEDLE ASSET M
PICTET & CIE
LOMBARD ODIER DARIER
VALORA HOLDING AG
DIMENSIONAL FUND ADV
IST FUND MANAGERS
VONTOBEL ASSET MANAG
WARBURG INVEST LUXEM
FRANKLIN RESOURCES
BENEDICK ROLANDO
VOLLMOELLER THOMAS
UBS GLOBAL ASSET MAN

Firm Name
EVA Dimensions
Berenberg Bank
Bank Vontobel AG
Kepler Capital Markets
Main First Bank AG
Credit Suisse
Zuercher Kantonalbank
CA Cheuvreux
GSC Research

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

Analyst
CRAIG STERLING
ALEXANDRA SCHLEGEL
RENE WEBER
CHRISTOPH LADNER
STEPHAN VOLLERT
PATRICK JNGLIN
MARCO STRITTMATTER
CHRISTOPH WIRTZ
MATTHIAS WAHLER

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

Recommendation
underweight
hold
hold
reduce
underperform
neutral
market perform
underperform
buy

Amt Held
635'599
184'297
143'763
137'757
120'741
91'002
90'646
85'250
83'993
82'205
66'325
53'130
40'824
39'753
35'000
27'500
26'400
22'709
22'269
18'611

% Out
18.5
5.36
4.18
4.01
3.51
2.65
2.64
2.48
2.44
2.39
1.93
1.55
1.19
1.16
1.02
0.8
0.77
0.66
0.65
0.54

Weighting

Change
1
3
3
2
1
3
3
1
5

D
M
M
M
M
M
D
U
N

Latest Chg
3'494
(1'272)
930
2'954
(53'334)
195
(85'899)
1
(350)
8'400
-

Target Price
#N/A N/A
179
200
180
180
175
#N/A N/A
148
#N/A N/A

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

File Dt
09.11.2012
31.12.2011
09.11.2012
08.08.2012
27.03.2013
28.02.2013
09.04.2013
02.04.2010
07.09.2011
22.08.2012
28.02.2013
24.09.2012
31.07.2012
28.02.2013
30.11.2012
31.01.2013
31.12.2012
31.12.2011
31.12.2011
28.12.2012

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

Inst Type
n/a
Investment Advisor
Investment Advisor
Corporation
Government
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
n/a
Investment Advisor

Date
02.04.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
04.10.2012
18.03.2009

11.04.2013

Huber & Suhner AG


Huber & Suhner AG manufactures telecommunications products and polymer systems.
The Company produces antenna systems, lightning protection, fiber optic cables
and connectors, and hybrid cables.

Price/Volume
60

.0 M
.0 M

50

.0 M
40

Latest Fiscal Year:


LTM as of:
52-Week High (28.01.2013)
52-Week Low (21.05.2012)
Daily Volume
Current Price (4/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
HUBN SE EQUITY YTD Change
HUBN SE EQUITY YTD % CHANGE

12/2012
01/yy
50.00
35.50
1'613.00
46.55
-6.90%
31.13%
78.28%
20.2
940.31
0.00
0.0
0.0
84.84
855.47

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

31.12.2009
31.12.2010
631.1
799.5
0.93x
1.32x
80.8
142.3
7.26x
7.40x
48.4
79.0
15.94x
15.80x
Profitability

31.12.2011
758.5
0.78x
76.4
7.73x
49.8
15.43x

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
698.1
1.14x
21.8
38.84x
76.36
24.46
3.50%
3.04%
3.02%
3.80%
3.09%
0.96%
30.7%
4.7%
3.5%
3.1%
3.97
2.22
0.00%
0.00%
4.96
2.90

Price/ Cash Flow

.0 M
.0 M

10

.0 M

0
a-12

m-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

0.96
12.94
21.41%
7.01%
0.959
4
2.250
6'911
10'651
10'592
FY+2

12/13 Y
12/14 Y
761.3
821.3
1.04x
0.96x
89.4
100.0
9.48x
8.48x
43.4
52.4
20.55x
17.29x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

1908.98
977.93
-4.79
0.02
0.0%
0.0%
0.96
3.98
73.74
126.05
146.81

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00
01.01.2010

.0 M

20

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

Fiscal Year Ended


31.12.2008
760.2
0.76x
114.3
5.06x
60.2
11.97x

.0 M

30

Valuation Analysis

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 |

11.04.2013

Huber & Suhner AG


Holdings By:

All

Holder Name
BODMER HENRY CARL MA
METROHM AG
HOFFMAN-SUHNER SYLVI
LODH SWISS CAP
HUBER & SUHNER AG
HUWA FINANZ UND BETE
EGS BETEILIGUNGEN AG
SARASIN
LOMBARD ODIER DARIER
IST FUND MANAGERS
LB SWISS INVESTMENT
SWISSCANTO FONDSLEIT
CREDIT SUISSE ASSET
MAINFIRST SICAV
ALLIANZ ASSET MANAGE
UBS FUND MANAGEMENT
VANGUARD GROUP INC
PICTET & CIE
ZUERCHER KANTONALBAN
KAUFMANN URS

Firm Name
Zuercher Kantonalbank
Helvea
EVA Dimensions
Bank Vontobel AG

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

Analyst
RICHARD FREI
RETO AMSTALDEN
CRAIG STERLING
ANDY SCHNYDER

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

Recommendation
market perform
accumulate
sell
not rated

Amt Held
2'399'760
2'145'240
1'268'560
959'500
746'663
640'340
607'195
580'170
348'689
336'299
205'739
145'888
115'024
111'198
108'650
80'022
73'392
70'883
47'000
45'800

% Out
11.88
10.62
6.28
4.75
3.7
3.17
3.01
2.87
1.73
1.66
1.02
0.72
0.57
0.55
0.54
0.4
0.36
0.35
0.23
0.23

Latest Chg
-

Weighting

Change

Target Price

3
4
1
#N/A N/A

M
M
M
M

73
1'122
(97'372)
(10'000)
(3'650)
(1'757)
648
(3'653)
(3'000)
-

#N/A N/A
50
#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
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
04.06.2012
31.12.2012
28.02.2013
28.02.2013
31.12.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2012
28.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2011

Date
Not Provided
12 month
Not Provided
Not Provided

Inst Type
n/a
Corporation
n/a
Other
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
n/a

Date
14.03.2013
12.03.2013
17.01.2013
27.09.2012

11.04.2013

Inficon Holding AG
Inficon Holding AG develops, manufactures and markets vacuum instruments used to
monitor and control production processes. The Company's products help
semiconductor manufacturers to monitor and control their manufacturing processes
and prepare computer chips for packaging. Inficon also manufactures
refrigerant and helium leak detectors, and vacuum control products.

Price/Volume
350

.0 M

300

.0 M
.0 M

250

.0 M

200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (16.05.2012)
Daily Volume
Current Price (4/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
IFCN SE EQUITY YTD Change
IFCN SE EQUITY YTD % CHANGE

12/2012
12/yy
290.00
178.20
1'760.00
290
0.00%
62.74%
98.66%
2.2
647.50
2.32
0.0
0.0
92.24
607.70

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

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

1.20
1.00

.0 M

100

.0 M

50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
256.5
0.53x
42.0
3.27x
24.3
7.33x

.0 M

150

31.12.2009
31.12.2010
181.7
265.4
1.18x
1.32x
12.9
48.4
16.60x
7.21x
2.3
27.1
106.96x
15.25x
Profitability

LTM-4Q
31.12.2011
312.1
0.92x
59.9
4.78x
40.3
8.90x

31.12.2012
297.2
1.51x
56.9
7.88x
39.9
13.32x
56.86
50.11
16.86%
17.90%
1.29%
1.66%
1.03%
49.5%
13.4%
4.12
3.21
1.08%
1.35%
6.43
-

12/yy
312.1
0.00x
0.0
0.00x
43.7
8.20x

LTM
12/yy
297.2
0.00x
0.0
0.00x
39.9
13.32x

FY+1

.0 M
a-13

1.04
1.40
51.10%
32.36%
1.040
5
4.200
3'952
4'921
5'276
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
310.3
323.5
73.6
1.94x
1.85x
61.1
64.2
9.94x
9.46x
40.4
42.6
8.8
8.2
17.51x
16.57x
18.49x
S&P Issuer Ratings

Long-Term Rating Date


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

1.4%
1.3%
1.03
6.71
56.75
107.02

Sales/Revenue/Turnover

350.0
300.0
250.0

0.80

200.0
0.60

150.0

0.40

100.0
50.0

0.20

0.0
0.00

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

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

11.04.2013

Inficon Holding AG
Holdings By:

All

Holder Name
KWE BETEILIGUNGEN AG
7 INDUSTRIES HOLDING
WETHMEIMER RUTH
UBS FUND MANAGEMENT
BLACKROCK
CREDIT SUISSE AG
PICTET ASSET MANAGEM
POLAR CAPITAL LLP
PICTET & CIE
LOMBARD ODIER DARIER
SWISSCANTO FONDSLEIT
CREDIT SUISSE ASSET
IST FUND MANAGERS
WIRZ GUSTAV A
VONTOBEL ASSET MANAG
ROYCE AND ASSOCIATES
FISCHER RICHARD
ALLIANZ ASSET MANAGE
SCHRODER INVESTMENT
SCOTIA ASSET MANAGEM

Firm Name
Helvea
EVA Dimensions
Bank Vontobel AG
Zuercher Kantonalbank

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

Analyst
RETO AMSTALDEN
ANDREW S ZAMFOTIS
MICHAEL FOETH
MICHAEL INAUEN

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

Recommendation
neutral
overweight
buy
market perform

Amt Held
436'482
226'752
111'458
110'303
84'032
67'713
60'676
59'066
51'547
51'516
33'873
30'193
29'478
24'988
23'500
21'775
21'000
18'558
15'214
12'900

% Out
19.55
10.16
4.99
4.94
3.76
3.03
2.72
2.65
2.31
2.31
1.52
1.35
1.32
1.12
1.05
0.98
0.94
0.83
0.68
0.58

Weighting

Change
3
5
5
3

M
U
M
N

Latest Chg
71'254
12'788
1'850
725
(21'480)
(400)
1
(2'350)
(3'725)
8'000
(3'353)
(2'500)

Target Price
270
#N/A N/A
310
#N/A N/A

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

File Dt
31.12.2011
20.09.2012
09.03.2011
19.02.2013
09.04.2013
04.10.2012
12.08.2011
14.08.2012
31.01.2013
28.02.2013
31.01.2013
28.02.2013
28.02.2013
31.12.2011
30.11.2012
31.12.2012
31.12.2011
31.12.2012
31.12.2012
31.01.2013

Date
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Other
Holding Company
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor

Date
10.04.2013
03.04.2013
18.03.2013
05.07.2012

11.04.2013

Basellandschaftliche Kantonalbank
Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts
deposits and offers universal banking services. The Bank offers mortgage
loans, consumer loans, and loans to small and medium-sized companies,
investment advice, asset management, securities brokerage, and financial
planning services.

Price/Volume

Latest Fiscal Year:


LTM as of:
52-Week High (23.04.2012)
52-Week Low (14.12.2012)
Daily Volume
Current Price (4/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
BLKB SE EQUITY YTD Change
BLKB SE EQUITY YTD % CHANGE

12/2012
01/yy
1'330.00
1'021.00
129.00
1085
-18.42%
6.27%
21.36%
0.6
2'354.45
3'711.32
0.0
0.0
775.55
-

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

1.20
1.00

.0 M
.0 M
.0 M

800

.0 M

600

.0 M
.0 M

400

.0 M

200

.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


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

.0 M

1200
1000

Valuation Analysis

31.12.2008
688.4
96.1
22.03x

1400

31.12.2009
31.12.2010
621.0
595.2
106.3
108.9
21.15x
25.51x
Profitability

31.12.2011
584.1
109.0
25.88x

31.12.2012
567.3
111.9
21.53x
47.06%
30.33%
0.59%
13.14%
2.47%
0.03%
30.3%
19.29%
427.56%
-

0.38
0.57
-15.12%
0.71%
0.379
1
5.000
214
326
275

LTM-4Q

LTM

FY+1

FY+2

FQ+1

01/yy

01/yy

12/13 Y

12/14 Y

S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+2
-

21.11.2001
AAA
NEG
21.11.2001
A-1+
427.6%
81.0%
0.03
3.49
-

Sales/Revenue/Turnover

800.0
700.0
600.0

0.80
0.60

500.0
400.0
300.0

0.40
0.20

200.0
100.0
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 |

11.04.2013

Basellandschaftliche Kantonalbank
Holdings By:

All

Holder Name
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
IST FUND MANAGERS
BAUMANN URS DANIEL
SKANDIA GLOBAL FUNDS
SCHENK DANIEL L
SWISSCANTO ANLAGESTI
JULIUS BAER ASSET MA
SCHUDEL HANS ULRICH
GREINER DORIS
SCHIRMER-MOSSET ELIS
BALLMER ADRIAN
JANIAK CLAUDE
HANSEN WILHELM
VOELLMIN DIETER
FORTUNA INVESTMENT A
UBS ETF
ANLAGESTIFTUNG WINTE
STATE STREET

Firm Name
EVA Dimensions

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

Analyst
AUSTIN BURKETT

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

Recommendation
overweight

Amt Held
4'535
3'147
2'809
700
410
385
380
376
294
290
260
240
227
160
140
130
100
71
35
15

% Out
0.8
0.55
0.49
0.12
0.07
0.07
0.07
0.07
0.05
0.05
0.05
0.04
0.04
0.03
0.02
0.02
0.02
0.01
0.01
0

Weighting

Change
5

Latest Chg
(50)
(89)
57
(17)
1
(2)
-

Target Price
#N/A N/A

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

File Dt
28.02.2013
28.12.2012
31.01.2013
28.02.2013
31.12.2011
31.01.2013
31.12.2011
31.01.2013
31.01.2013
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
28.03.2013
28.12.2012
30.06.2011
10.04.2013

Date
Not Provided

Inst Type
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
n/a
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
17.01.2013

11.04.2013

Implenia AG
Implenia AG provides construction, civil and underground engineering services.
The Company's projects include residential and industrial buildings, tunnels,
bridges and roads. Implenia also provides real estate and facilities management
and marketing services.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.03.2013)
52-Week Low (15.05.2012)
Daily Volume
Current Price (4/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
IMPN SE EQUITY YTD Change
IMPN SE EQUITY YTD % CHANGE

Price/Volume

12/2012
01/yy
54.03
27.55
4'855.00
48.8
-9.68%
77.12%
84.77%
18.5
901.43
212.90
0.0
12.5
500.95
625.85

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

.1 M

50

.1 M

40

.1 M

30

.1 M

20

.0 M

10

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
2'326.4
0.22x
85.2
5.88x
41.0
12.95x

60

31.12.2009
31.12.2010
2'279.8
2'388.4
0.18x
0.19x
100.4
105.4
4.11x
4.21x
45.9
51.5
11.33x
11.09x
Profitability

31.12.2011
2'522.6
0.10x
135.4
1.92x
60.3
7.15x

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

31.12.2012
2'695.8
0.17x
140.6
3.25x
69.1
10.58x
140.61
98.94
3.67%
3.45%
3.55%
12.34%
9.30%
1.38%
5.2%
3.7%
2.6%
1.42
0.86
10.60%
36.27%
5.81
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.60
9.88
72.23%
25.61%
0.598
4
5.000
31'317
33'590
28'972
FY+2

12/13 Y
12/14 Y
2'823.0
2'899.7
0.21x
0.19x
155.0
158.7
4.05x
3.96x
77.8
80.7
11.52x
11.11x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

70.66
52.40
-2.05
1.51
36.3%
26.2%
1.38
11.78
63.05
-

Sales/Revenue/Turnover

9.00

3'000.0

8.00

2'500.0

7.00

2'000.0

6.00
5.00

1'500.0

4.00

1'000.0

3.00
2.00

500.0

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 |

11.04.2013

Implenia AG
Holdings By:

All

Holder Name
PARMINO HOLDING AG
MAAG RUDOLF
AMMANN GROUP HOLDING
RUSSIAN LAND LTD
CAZENOVE CAPITAL MAN
CHIGRINSKIY SHALVA
BLACKROCK
VONTOBEL ASSET MANAG
CAZENOVE UNIT TRUST
DIMENSIONAL FUND ADV
SCHRODER INVESTMENT
IMPLENIA AG
AFFENTRANGER ANTON
SWISSCANTO FONDSLEIT
MIRABAUD & CIE
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
ZUERCHER KANTONALBAN
PICTET & CIE
JP MORGAN

Firm Name
EVA Dimensions
Bank Vontobel AG
Helvea
Zuercher Kantonalbank

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

Analyst
CRAIG STERLING
SERGE ROTZER
PATRICK APPENZELLER
MARTIN HUESLER

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

Recommendation
overweight
buy
buy
outperform

Amt Held
2'952'200
2'000'000
1'556'438
970'882
891'209
594'730
507'442
469'464
392'839
292'716
220'577
211'017
209'179
204'869
197'037
150'277
101'412
100'000
99'855
95'210

% Out
15.98
10.83
8.43
5.26
4.82
3.22
2.75
2.54
2.13
1.58
1.19
1.14
1.13
1.11
1.07
0.81
0.55
0.54
0.54
0.52

Weighting

Change
5
5
5
5

D
M
M
M

Latest Chg
(58'791)
(32'700)
4'800
479
1'244
(38'247)
(146'385)
(50'000)
2'878
39'634
10'731

Target Price
#N/A N/A
60
60
#N/A N/A

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

File Dt
31.12.2010
31.12.2010
18.12.2011
11.02.2008
05.04.2011
19.01.2009
09.04.2013
30.11.2012
28.02.2013
31.07.2012
31.12.2012
31.12.2010
31.12.2010
31.01.2013
31.12.2012
28.12.2012
28.02.2013
31.12.2012
31.01.2013
31.12.2012

Date
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Holding Company
n/a
Holding Company
Corporation
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor

Date
11.03.2013
27.02.2013
27.02.2013
26.02.2013

11.04.2013

Emmi AG
Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk,
cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also
produces a variety of fruit juices and iced tea.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2013)
52-Week Low (24.05.2012)
Daily Volume
Current Price (4/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
EMMN SE EQUITY YTD Change
EMMN SE EQUITY YTD % CHANGE

12/2012
01/yy
292.75
176.60
2'211.00
285.25
-2.56%
61.52%
90.74%
5.3
1'526.03
599.02
0.0
177.3
182.83
2'119.52

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

.0 M

300

.0 M

250

.0 M

200

.0 M

150

.0 M

100

.0 M

50

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
2'670.8
0.34x
188.7
4.85x
58.7
9.02x

350

31.12.2009
31.12.2010
2'619.3
2'683.7
0.38x
0.54x
211.8
231.9
4.67x
6.25x
75.3
86.1
9.13x
13.04x
Profitability

31.12.2011
2'721.3
0.55x
224.1
6.73x
83.0
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

31.12.2012
2'981.2
0.61x
249.4
7.31x
106.2
11.58x
249.42
145.48
4.88%
5.10%
4.97%
11.25%
1.40%
8.4%
4.9%
3.6%
1.51
0.94
25.79%
60.64%
7.28
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.70
1.94
47.73%
24.02%
0.699
6
2.500
6'396
4'891
3'876
FY+2

12/13 Y
12/14 Y
3'214.8
3'279.6
0.64x
0.60x
269.8
276.4
7.86x
7.67x
97.3
101.6
14.77x
13.83x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

17.28
8.61
1.66
2.40
60.6%
34.0%
1.40
3.40
50.28
-

Sales/Revenue/Turnover

8.00

3'500.0

7.00

3'000.0

6.00

2'500.0

5.00

2'000.0

4.00

1'500.0

3.00

1'000.0

2.00

500.0

1.00
0.00
01.01.2010

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 |

11.04.2013

Emmi AG
Holdings By:

All

Holder Name
ZMP
LOMBARD ODIER DARIER
ZENTRALSCHWEIZER MIL
LOMBARD ODIER ASSET
MIBA MILCHVERBAND NO
CAPITAL GROUP COMPAN
LOMBARD ODIER DARIER
IST FUND MANAGERS
DWS INVESTMENT S A
BLACKROCK
DIMENSIONAL FUND ADV
SWISSCANTO FONDSLEIT
RUFFER LLP
DJE INVESTMENT SA
EMMI WOHLFAHRTSFONDS
BAER STEPHAN
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SCHRODER INVESTMENT

Firm Name
Helvea
Zuercher Kantonalbank
Bank Vontobel AG
Kepler Capital Markets
EVA Dimensions

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

Analyst
ANDREAS VON ARX
PATRIK SCHWENDIMANN
RENE WEBER
JON COX
AUSTIN BURKETT

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

Recommendation
accumulate
underperform
hold
hold
underweight

Amt Held
2'899'592
267'490
251'441
244'646
192'593
164'100
113'095
107'923
57'596
52'304
42'250
42'059
35'280
32'700
32'099
30'000
16'499
15'984
9'709
8'500

% Out
54.2
5
4.7
4.57
3.6
3.07
2.11
2.02
1.08
0.98
0.79
0.79
0.66
0.61
0.6
0.56
0.31
0.3
0.18
0.16

Weighting

Change
4
1
3
3
1

M
D
M
D
M

Latest Chg
100
(12'030)
(37'465)
3'870
(576)
(32'553)
(6'441)
-

Target Price
315
#N/A N/A
260
275
#N/A N/A

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

File Dt
31.12.2011
31.12.2011
31.12.2011
01.10.2012
31.12.2011
31.12.2012
28.02.2013
28.02.2013
28.02.2013
31.12.2012
31.07.2012
31.01.2013
30.11.2012
31.01.2013
31.12.2011
31.12.2011
28.02.2013
28.02.2013
31.01.2013
28.09.2012

Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Unclassified
Investment Advisor
n/a
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Mutual Fund Manager
Corporation
n/a
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor

Date
09.04.2013
28.03.2013
28.03.2013
27.03.2013
17.01.2013

11.04.2013

Basler Kantonalbank
Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and
offers mortgage and other loans, portfolio management, foreign currency trading,
precious metals trading and other banking services. Basler Kantonalbank
operates through a network of branches in the Canton of Basel.

Price/Volume
120
100
80
60

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2012)
52-Week Low (11.04.2013)
Daily Volume
Current Price (4/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
BSKP SE EQUITY YTD Change
BSKP SE EQUITY YTD % CHANGE

12/2012
01/yy
113.60
92.30
5'690.00
92.5
-18.57%
0.22%
0.00%
5.9
2'896.34
8'006.26
0.0
346.0
5'276.57
-

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

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

1.20
1.00

20
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
1'154.9
145.6
23.63x

40

31.12.2009
31.12.2010
1'076.0
1'001.4
222.7
194.9
16.05x
21.86x
Profitability

31.12.2011
935.8
182.1
21.74x

31.12.2012
961.9
238.7
12.44x
39.24%
40.31%
0.61%
8.69%
2.43%
0.02%
33.6%
20.46%
286.67%
-

.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-13

LTM-4Q

LTM

FY+1

01/yy

01/yy

12/13 Y

0.34
5.57
-15.70%
-6.85%
0.344
1
5.000
4'769
5'291
4'332
FY+2

FQ+1

12/14 Y
667.0
208.0
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

FQ+2
-

18.10.2001
AA+
NEG
18.10.2001
A-1+
286.7%
71.8%
0.02
4.68
-

Sales/Revenue/Turnover

1'400.0
1'200.0
1'000.0

0.80

800.0
0.60

600.0

0.40

400.0
200.0

0.20

0.0
0.00

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

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

11.04.2013

Basler Kantonalbank
Holdings By:

All

Holder Name
BASLER KANTONALBANK
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
SKANDIA GLOBAL FUNDS
PICTET & CIE
DIMENSIONAL FUND ADV
VANGUARD GROUP INC
SWISSCANTO ANLAGESTI
BESSEMER GROUP INCOR
JULIUS BAER ASSET MA
SEI INVESTMENT MANAG
JULIUS BAER MULTICOO
DIMENSIONAL FUND ADV
CHARLES SCHWAB INVES
BAYERNINVEST KAPITAL
ALLSTATE CORP
UBS ETF
ANLAGESTIFTUNG WINTE
DIMENSIONAL FUND ADV
SWISSCANTO FONDSLEIT

Firm Name
EVA Dimensions
Main First Bank AG

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

Analyst
AUSTIN BURKETT
KILIAN MAIER

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

Recommendation
buy
suspended coverage

Amt Held
330'400
47'660
30'786
25'947
24'690
7'572
4'482
3'892
2'881
2'799
2'216
1'330
1'108
980
930
837
764
317
183
145

% Out
5.6
0.81
0.52
0.44
0.42
0.13
0.08
0.07
0.05
0.05
0.04
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0
0

Weighting

Change

5
#N/A N/A

M
M

Latest Chg
(250)
5
126
(164)
(252)
183
(210)
12
(18)
(125)

Target Price
#N/A N/A
#N/A N/A

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

File Dt
31.12.2010
28.02.2013
28.12.2012
31.01.2013
31.01.2013
31.07.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.03.2013
28.12.2012
31.12.2012
10.04.2013
28.01.2013
31.12.2012
28.12.2012
30.06.2011
31.12.2012
31.01.2013

Date
Not Provided
Not Provided

Inst Type
Bank
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
17.01.2013
30.08.2012

11.04.2013

EFG International AG
EFG International AG is a bank holding company. The Bank offers private
banking and asset management services.

Price/Volume
14

.6 M

12

.5 M

10

.4 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (24.07.2012)
Daily Volume
Current Price (4/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
EFGN SE EQUITY YTD Change
EFGN SE EQUITY YTD % CHANGE

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

.2 M

.1 M

2
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
1'621.3
221.9
14.06x

.3 M

12/2012
01/yy
13.25
4.77
17'762.00
11.6
-12.45%
143.19%
80.54%
146.7
1'701.37
2'075.10
0.0
104.3
4'757.70
-

31.12.2009
31.12.2010
1'106.6
596.9
101.1
(721.8)
25.09x
Profitability

31.12.2011
1'078.2
(294.1)
-

31.12.2012
1'172.2
111.0
11.71x
17.16%
14.99%
0.50%
10.10%
4.36%
0.05%
11.6%
8.78%
171.20%
-

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.59
44.41
39.69%
30.34%
1.592
13
3.462
35'770
88'304
74'157
FY+2

12/13 Y
12/14 Y
806.6
883.9
141.4
174.8
11.90x
10.02x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

171.2%
61.2%
0.05
32.93
-

Sales/Revenue/Turnover

1'800.0
1'600.0

1.00
0.80

1'400.0
1'200.0
1'000.0

0.60

800.0
600.0

0.40
0.20

400.0
200.0
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 |

11.04.2013

EFG International AG
Holdings By:

All

Holder Name
EFG BANK EUROPEAN FI
HOWELL LAWRENCE D
CUONI JEAN-PIERRE
NORGES BANK
CLASSIC FUND MGMT AG
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
DIMENSIONAL FUND ADV
BARING FUND MANAGERS
OPPENHEIMERFUNDS INC
THRIVENT FINANCIAL F
LORD ABBETT & CO LLC
LLB FONDSLEITUNG AG
PRUDENTIAL FINANCIAL
CREDIT SUISSE ASSET
VANGUARD GROUP INC
NOMURA
FMR LLC
MILLENNIUM BCP GFI S
PICTET & CIE

Firm Name
AlphaValue
Mediobanca SpA
Nomura
Bank Vontobel AG
Berenberg Bank
Helvea
CA Cheuvreux
Main First Bank AG
Deutsche Bank
Goldman Sachs
EVA Dimensions

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

Analyst
DIETER HEIN
GIANLUCA FERRARI
JON PEACE
TERESA NIELSEN
ELENI PAPOULA
TIM DAWSON
CHRISTIAN STARK
KILIAN MAIER
MATT SPICK
MARTIN LEITGEB
AUSTIN BURKETT

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

Recommendation
reduce
neutral
reduce
buy
buy
neutral
outperform
outperform
hold
neutral/neutral
sell

Amt Held
82'545'117
8'052'705
6'909'500
4'379'472
2'894'667
2'635'689
1'150'365
864'455
619'788
539'072
434'497
430'178
410'000
389'161
350'115
264'781
254'072
235'824
219'882
192'925

% Out
56.28
5.49
4.71
2.99
1.97
1.8
0.78
0.59
0.42
0.37
0.3
0.29
0.28
0.27
0.24
0.18
0.17
0.16
0.15
0.13

Weighting

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

M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'147'415)
(4'910)
(1'237'914)
73'597
134'316
142'687
(20'000)
(12'880)
(20'277)
6'269

Target Price
11
15
11
15
14
14
14
15
12
12
#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
02.02.2012
28.09.2012
28.12.2012
31.01.2013
31.07.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
28.02.2013
31.12.2012
15.05.2012
28.02.2013
31.12.2012
31.01.2013

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

Inst Type
Bank
n/a
n/a
Government
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager

Date
11.04.2013
25.03.2013
15.03.2013
13.03.2013
12.03.2013
12.03.2013
08.03.2013
06.03.2013
28.02.2013
28.01.2013
17.01.2013

11.04.2013

Basilea Pharmaceutica
Basilea Pharmaceutica AG is a biotechnology company conducting research into the
development of drugs for the treatment of infectious diseases and dermatological
problems. The Company develops anti-bacterial and anti-fungal compounds which
destroy infectious organisms.

Price/Volume
60

.4 M

50

.3 M
.3 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (21.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BSLN SE EQUITY YTD Change
BSLN SE EQUITY YTD % CHANGE

12/2012
01/yy
61.75
38.55
20'256.00
55.9
-9.47%
45.01%
88.79%
9.6
535.95
0.00
0.0
0.0
343.96
191.99

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

.2 M

20

.1 M

10

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
12.0
94.50x
(148.4)
(143.5)
-

.2 M

30

Valuation Analysis

31.12.2009
31.12.2010
26.8
116.2
2.93x
(116.2)
111.7
3.04x
(120.7)
107.6
5.79x
Profitability

31.12.2011
66.7
2.18x
(54.4)
(57.6)
-

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

31.12.2012
57.9
1.45x
(47.2)
(53.0)
-47.21
-50.85
-87.85%
-90.43%
-17.32%
-40.99%
0.19%
92.4%
-87.9%
-91.6%
6.14
6.00
0.00%
0.00%
6.43
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.27
7.28
26.22%
36.55%
1.274
4
4.500
39'683
32'791
34'081
FY+2

12/13 Y
12/14 Y
43.5
62.5
5.37x
3.84x
(44.2)
(30.7)
(48.0)
(34.4)
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

0.0%
0.0%
0.19
3.79
56.96
-1229.73

Sales/Revenue/Turnover

12.00

140.0

10.00

120.0
100.0

8.00

80.0
6.00

60.0

4.00

40.0

2.00

20.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Basilea Pharmaceutica
Holdings By:

All

Holder Name
HBM HEALTHCARE INVES
ROCHE HOLDING AG
MASSACHUSETTS MUTUAL
NEW JERSEY DIVISION
PICTET FUNDS EUROPE
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
BLACKROCK
IA CLARINGTON INVEST
SWISSCANTO FONDSLEIT
DEKA INVESTMENT GMBH
OPPENHEIMERFUNDS INC
TEMPLETON INVESTMENT
MASON STREET ADVISOR
DWS INVESTMENTS SCHW
BARING FUND MANAGERS
OPPENHEIM PRAMERICA
UBS FUND MANAGEMENT
PICTET & CIE
VANGUARD GROUP INC

Firm Name
Bank Vontobel AG
Helvea
EVA Dimensions
Kepler Capital Markets

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

Analyst
ANDREW C WEISS
OLAV ZILIAN
ANDREW S ZAMFOTIS
FABIAN WENNER

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

Recommendation
hold
buy
buy
buy

Amt Held
1'524'428
479'380
293'056
285'254
284'005
256'220
160'955
138'986
115'000
107'638
101'450
95'191
94'882
87'430
71'106
64'995
54'201
48'425
40'158
39'454

% Out
15.9
5
3.06
2.98
2.96
2.67
1.68
1.45
1.2
1.12
1.06
0.99
0.99
0.91
0.74
0.68
0.57
0.51
0.42
0.41

Latest Chg
-

Weighting

Change

Target Price

3
5
5
5

M
M
U
M

20
(15'870)
(73'205)
13'252
3'082
(4'100)
(500)
1'829
324

50
105
#N/A N/A
110

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

File Dt
31.12.2012
31.12.2012
06.06.2011
01.11.2010
29.08.2011
31.12.2012
28.02.2013
09.04.2013
31.12.2012
31.01.2013
28.12.2012
28.02.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
28.12.2012
28.12.2012
31.01.2013
31.12.2012

Date
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Venture Capital
Corporation
Insurance Company
Pension Fund (ERISA)
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor

Date
10.04.2013
07.03.2013
20.02.2013
08.02.2013

11.04.2013

Rieter Holding AG
Rieter Holding AG manufactures spinning systems and chemical fiber systems.
The Company's spinning and chemical fiber systems are used to process cotton
and man-made fibers. Rieter produces its products throughout Europe and sells
internationally.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Current Price (4/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
RIEN SE EQUITY YTD Change
RIEN SE EQUITY YTD % CHANGE

Price/Volume

12/2012
01/yy
191.80
121.20
8'203.00
153.5
-19.97%
26.65%
46.88%
4.7
717.21
256.30
0.0
5.0
351.90
626.61

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

31.12.2009
31.12.2010
1'882.7
812.1
0.58x
2.02x
(45.7)
115.6
14.19x
(223.9)
26.5
19.03x
Profitability

31.12.2011
1'000.7
0.50x
146.5
3.43x
267.2
5.46x

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
888.5
0.73x
66.8
9.67x
29.5
24.91x
66.80
33.60
3.78%
3.95%
2.70%
7.86%
0.81%
7.5%
3.8%
3.3%
2.33
1.44
23.95%
68.93%
10.14
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

.1 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-13

Market Data

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.45
3.02
10.55%
-3.70%
1.450
7
2.714
18'377
16'240
14'187
FY+2

12/13 Y
12/14 Y
925.0
1'048.3
0.65x
0.53x
81.8
138.3
7.70x
4.55x
24.0
62.2
25.71x
12.77x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

-1.43
3.84
68.9%
40.5%
0.81
3.66
36.09
-

Sales/Revenue/Turnover

100.00

4'000.0

90.00

3'500.0

80.00

3'000.0

70.00

2'500.0

60.00
50.00

2'000.0

40.00

1'500.0

30.00

1'000.0

20.00

500.0

10.00
0.00
01.01.2010

m-12

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

Fiscal Year Ended


31.12.2008
3'011.9
0.26x
281.9
2.79x
(405.9)
-

200
180
160
140
120
100
80
60
40
20
0
a-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 |

11.04.2013

Rieter Holding AG
Holdings By:

All

Holder Name
SPUHLER PETER
PIEPER MICHAEL W
SPARINVEST
CAZENOVE CAPITAL MAN
FIRST EAGLE INVESTME
NORGES BANK
CAZENOVE UNIT TRUST
VONTOBEL ASSET MANAG
NIHON TOKUSHU TORYO
KEMPEN CAPITAL MANAG
SCHRODER INVESTMENT
FMR LLC
CREDIT SUISSE ASSET
PICTET & CIE
BLACKROCK
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
LB SWISS INVESTMENT
CAZENOVE FUND MANAGE
DWS INVESTMENTS SCHW

Firm Name
Bank Vontobel AG
Kepler Capital Markets
Helvea
Credit Suisse
EVA Dimensions
Zuercher Kantonalbank

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

Analyst
FABIAN HAECKI
CHRISTOPH LADNER
VOLKAN GOCMEN
PATRICK LAAGER
CRAIG STERLING
ARMIN RECHBERGER

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

Recommendation
hold
hold
buy
neutral
sell
underperform

Amt Held
895'965
538'187
270'036
235'908
183'274
140'652
121'120
74'378
53'495
44'712
43'920
37'776
37'407
36'775
32'757
30'763
27'655
23'161
22'280
21'274

% Out
19.18
11.52
5.78
5.05
3.92
3.01
2.59
1.59
1.14
0.96
0.94
0.81
0.8
0.79
0.7
0.66
0.59
0.5
0.48
0.46

Weighting

Change
3
3
5
3
1
1

M
M
M
M
D
D

Latest Chg
30'104
1'700
2'133
43'920
8'215
6'977
8'715
(773)
(17'484)
4'869
(881)

Target Price
175
160
245
150
#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
31.12.2011
31.12.2011
31.03.2013
31.01.2013
31.12.2011
27.03.2013
28.02.2013
30.11.2012
31.03.2012
28.02.2013
31.12.2012
31.10.2012
28.02.2013
31.01.2013
09.04.2013
28.12.2012
31.01.2013
31.12.2012
28.02.2013
28.02.2013

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

Inst Type
n/a
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Government
Investment Advisor
Investment Advisor
Corporation
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
25.07.2012

11.04.2013

BKW AG
BKW AG is a Swiss producer of energy power from sources that
include photovoltaics, wind energy, small-scale hydropower and biomass.

Price/Volume
40

.1 M

35

.1 M

30

.1 M

25

Latest Fiscal Year:


LTM as of:
52-Week High (22.10.2012)
52-Week Low (18.07.2012)
Daily Volume
Current Price (4/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
BKW SE EQUITY YTD Change
BKW SE EQUITY YTD % CHANGE

12/2012
01/yy
36.35
27.05
6'232.00
31.25
-14.03%
15.53%
48.39%
52.8
1'650.00
1'256.90
0.0
43.9
720.70
2'184.10

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

.1 M

15
10

.0 M

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
3'391.5
471.3
137.8
-

.1 M

20

Valuation Analysis

31.12.2009
31.12.2010
3'131.1
2'677.5
504.0
502.0
298.4
226.8
Profitability

31.12.2011
2'503.0
0.92x
142.1
16.20x
(68.2)
-

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

31.12.2012
2'860.0
135.0
12.28x
142.10
-48.30
-1.93%
-6.68%
-0.67%
-1.70%
0.36%
7.3%
-1.0%
4.7%
2.39
1.66
17.75%
48.14%
4.42
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

.0 M
a-13

10.58
-0.51%
-0.48%
4
4.500
10'000
22'065
16'032
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
2'631.5
2'728.0
0.90x
0.85x
461.0
488.5
4.75x
4.48x
163.5
182.0
9.08x
8.17x
S&P Issuer Ratings

Long-Term Rating Date


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

1.56
-1.26
2.70
6.59
48.1%
32.1%
0.36
0.94
82.75
-

Sales/Revenue/Turnover

7.00

4'000.0

6.00

3'500.0
3'000.0

5.00

2'500.0
4.00

2'000.0
3.00

1'500.0

2.00

1'000.0

1.00

500.0

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 |

11.04.2013

BKW AG
Holdings By:

All

Holder Name
KANTON BERN
GROUPE E SA
BKW AG
EON ENERGIE AG
LOMBARD ODIER DARIER
IST FUND MANAGERS
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
UNIVERSAL INVESTMENT
VANGUARD GROUP INC
ZUERCHER KANTONALBAN
PICTET & CIE
JULIUS BAER ASSET MA
PICTET ASSET MANAGEM
FORWARD MANAGEMENT L
LB SWISS INVESTMENT
EASTSPRING INVESTMEN
CIBC GLOBAL ASSET MA
BOLUX CONSEIL SA

Firm Name
EVA Dimensions
Main First Bank AG
Zuercher Kantonalbank

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

Analyst
AUSTIN BURKETT
ANDREAS THIELEN
SVEN BUCHER

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

Recommendation
buy
buy
outperform

Amt Held
27'743'252
5'610'524
5'154'341
3'707'140
432'307
309'347
247'613
210'620
126'054
85'903
76'454
61'000
56'855
50'360
49'893
31'775
13'700
13'400
12'387
11'546

% Out
52.54
10.63
9.76
7.02
0.82
0.59
0.47
0.4
0.24
0.16
0.14
0.12
0.11
0.1
0.09
0.06
0.03
0.03
0.02
0.02

Latest Chg
-

Weighting

Change

Target Price

5
5
5

U
M
M

8
1'507
(108'077)
38'337
128
3'000
3'211
(1)
2'207
1'584
3'271

#N/A N/A
45
#N/A N/A

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

File Dt
31.12.2011
31.12.2011
31.12.2011
31.12.2011
28.02.2013
28.02.2013
28.02.2013
28.12.2012
31.01.2013
28.09.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
22.02.2013

Date
Not Provided
12 month
Not Provided

Inst Type
Government
Corporation
Holding Company
Corporation
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
26.03.2013
17.09.2012
14.09.2012

11.04.2013

Schweizerische National-Versicherungs-Gesellschaft AG
Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products
in Europe. The Company's products include reinsurance, health, transport,
legal, technical, life, accident, travel, automobile, fire and theft insurance.
Schweizerische National has a network of offices in Switzerland and
subsidiaries located throughout Europe.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NATN SE EQUITY YTD Change
NATN SE EQUITY YTD % CHANGE

12/2012
01/yy
47.70
31.20
3'354.00
44.6
-6.29%
42.95%
79.09%
22.1
983.43
0.00
0.0
7.5
601.58
358.43

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

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

31.12.2009
31.12.2010
1'585.5
1'653.6
0.18x
76.2
91.6
10.13x
8.81x
Profitability

31.12.2011
1'579.2
0.07x
167.3
4.39x

31.12.2012
1'587.5
103.0
8.65x

.1 M
.0 M
.0 M
.0 M
.0 M
m-12

j-12

12.82%
12.94%
2.72%
21.95%
21.61%
0.25%
6.5%
0.00%
0.00%
-

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

0.67
15.20
34.38%
10.12%
0.673
7
3.143
16'176
14'362
15'082
FY+2

12/13 Y
12/14 Y
1'628.3
1'689.5
103.4
109.7
9.52x
8.97x
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

FQ+1

FQ+2

NR
0.0%
0.0%
0.25
-

Sales/Revenue/Turnover

2'500.0

1.00

2'000.0

0.60

.1 M

LTM-4Q

1.20

0.80

.1 M

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

Fiscal Year Ended


31.12.2008
1'853.9
0.06x
64.5
9.31x

50
45
40
35
30
25
20
15
10
5
0
a-12

1'500.0
1'000.0

0.40

500.0
0.20

0.0
0.00

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

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

11.04.2013

Schweizerische National-Versicherungs-Gesellschaft AG
Holdings By:

All

Holder Name
HELVETIA HOLDING AG
SUED-KAPITAL-BETEILI
SCHWEIZERISCHE MOBIL
BASLER LEBENSVERSICH
VHV ALLGEMEINE VERSI
NUERNBERGER BETEILIG
GEBAUDEVERSICHERUNG
PATRIA
DIMENSIONAL FUND ADV
ODIN FORVALTNING AS
SWISSCANTO FONDSLEIT
LB SWISS INVESTMENT
PICTET & CIE
AMUNDI
ROYAL BANK OF CANADA
ALLIANZ ASSET MANAGE
CREDIT SUISSE ASSET
MULTIFINANCE SA
VONTOBEL ASSET MANAG
BARING FUND MANAGERS

Firm Name
Nomura
Helvea
Zuercher Kantonalbank
Kepler Capital Markets
Main First Bank AG
Bank Vontobel AG
EVA Dimensions

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

Analyst
MICHAEL KLIEN
DANIEL BISCHOF
GEORG MARTI
FABRIZIO CROCE
RENE LOCHER
STEFAN SCHUERMANN
AUSTIN BURKETT

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

Recommendation
reduce
neutral
market perform
buy
underperform
hold
buy

Amt Held
2'657'780
2'503'137
2'503'137
2'197'650
2'055'323
1'435'833
1'239'000
961'800
409'717
307'851
170'754
141'000
110'269
104'723
94'236
88'595
85'681
78'675
60'500
54'469

% Out
12.05
11.35
11.35
9.97
9.32
6.51
5.62
4.36
1.86
1.4
0.77
0.64
0.5
0.47
0.43
0.4
0.39
0.36
0.27
0.25

Weighting

Change
2
3
3
5
1
3
5

M
M
M
M
M
M
M

Latest Chg
66'001
(107'883)
39'500
342
8'716
3'015
10'500
-

Target Price
42
44
#N/A N/A
53
45
44
#N/A N/A

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

File Dt
29.08.2012
31.12.2011
29.08.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2011
07.12.2007
31.07.2012
28.02.2013
31.01.2013
31.12.2012
31.01.2013
30.11.2012
31.12.2012
31.12.2012
28.02.2013
31.10.2011
30.11.2012
31.12.2012

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

Inst Type
Insurance Company
Venture Capital
Holding Company
Other
Insurance Company
n/a
Insurance Company
Other
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Bank
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
28.03.2013
28.03.2013
27.03.2013
27.03.2013
22.03.2013
24.01.2013
17.01.2013

11.04.2013

Gategroup Holding AG
Gategroup Holding AG, through its subsidiaries, provides a wide range of
services for airlines. The Company specializes in catering and hospitality,
provisioning and logistics, and onboard solutions to companies that serve
people on the move. Gategroups customers include airlines, railroads and
hotels around the world.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.04.2012)
52-Week Low (03.04.2013)
Daily Volume
Current Price (4/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
GATE SE EQUITY YTD Change
GATE SE EQUITY YTD % CHANGE

12/2012
12/yy
31.67
16.80
29'927.00
18.55
-41.44%
10.42%
12.44%
26.7
494.69
429.10
0.0
8.2
170.60
761.39

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

.7 M

30

.6 M

25

.5 M

20

.4 M

15

.3 M

10

.2 M

.1 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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

35

31.12.2009
31.12.2010
2'712.3
2'700.0
0.42x
0.56x
158.5
188.1
7.15x
8.05x
35.5
49.5
18.52x
21.05x
Profitability

LTM-4Q
31.12.2011
2'688.1
0.28x
166.9
4.48x
49.6
12.04x

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
2'992.5
0.30x
65.7
13.58x
(58.8)
65.70
15.70
0.52%
-1.41%
-3.59%
-19.15%
1.83%
2.2%
0.5%
-2.0%
1.17
0.80
28.00%
174.15%
10.92
-

Price/ Cash Flow

12/yy
2'007.8
1.59x
83.4
0.00x
25.0
0.00x

LTM
12/yy
2'992.5
0.94x
73.3
0.00x
(58.8)
0.00x

FY+1

.0 M
a-13

1.11
22.35
-37.21%
-22.71%
1.106
7
3.286
87'542
91'872
92'912
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'093.9
3'200.0
726.0
809.0
0.22x
0.20x
169.4
191.6
4.49x
3.97x
30.8
47.0
10.58x
7.94x
S&P Issuer Ratings

Long-Term Rating Date


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

28.02.2012
BB
NEG
1.49
0.25
3.93
6.53
174.1%
62.8%
1.83
9.27
33.52
-

Sales/Revenue/Turnover

40.00

3'500.0

35.00

3'000.0

30.00

2'500.0

25.00

2'000.0

20.00

1'500.0

15.00

1'000.0

10.00

500.0

5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Gategroup Holding AG
Holdings By:

All

Holder Name
RAINER-MARC FREY
HARRIS ASSOCIATES LP
H21 GLOBAL OPPORTUNI
KEMPEN CAPITAL MANAG
UBS FUND MANAGEMENT
CREDIT SUISSE FUND M
SCHRODER INVESTMENT
VANGUARD GROUP INC
GATEGROUP HOLDING AG
JANUS CAPITAL MANAGE
SILVER POINT CAPITAL
CREDIT SUISSE ASSET
PICTET & CIE
PICTET ASSET MANAGEM
SWISSCANTO FONDSLEIT
SCHMID ANDREAS
FMR LLC
WARBURG INVEST LUXEM
LLB FONDSLEITUNG AG
VONTOBEL ASSET MANAG

Firm Name
Goldman Sachs
Kepler Capital Markets
EVA Dimensions
Bank Vontobel AG
Helvea
Credit Suisse
CA Cheuvreux

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

Analyst
MAYAN UTHAYAKUMAR
JON COX
CRAIG STERLING
RENE WEBER
ANDREAS VON ARX
PATRICK JNGLIN
BEAT KEISER

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

Recommendation
neutral/neutral
Under Review
underweight
hold
neutral
neutral
outperform

Amt Held
1'429'415
1'416'081
1'337'000
1'292'382
859'638
818'806
796'280
730'288
719'537
705'009
631'153
562'277
526'436
519'476
446'910
247'067
204'551
180'000
139'251
107'000

% Out
5.36
5.31
5.01
4.85
3.22
3.07
2.99
2.74
2.7
2.64
2.37
2.11
1.97
1.95
1.68
0.93
0.77
0.67
0.52
0.4

Weighting

Change

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

M
M
D
M
M
M
M

Latest Chg
306'482
(5'330)
20'000
(7'424)
2'001
(434'373)
(16'010)
(309'213)
(455'305)
49'345
2'000

Target Price
19
#N/A N/A
#N/A N/A
22
22
20
29

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

File Dt
31.12.2012
31.12.2012
26.03.2013
31.08.2012
28.12.2012
23.08.2012
04.01.2013
31.12.2012
31.12.2012
22.05.2012
04.01.2013
28.02.2013
31.01.2013
17.01.2013
31.01.2013
31.12.2012
31.10.2012
31.01.2013
31.12.2012
30.11.2012

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

Inst Type
n/a
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
03.04.2013
27.03.2013
26.03.2013
15.03.2013
15.03.2013
14.03.2013
19.11.2012

11.04.2013

Schweiter Technologies AG
Schweiter Technologies AG, through its wholly owned subsidiaries, is
a core material, composite construction company. The Company also manufactures
textile machinery used primarily in the production and treatment of yarn,
thread, and textile samples. Schweiter also produces machines for the
assembly and packaging of semiconductor devices.

Price/Volume
700
600
500
400

Valuation Analysis

300

Latest Fiscal Year:


LTM as of:
52-Week High (28.03.2013)
52-Week Low (07.09.2012)
Daily Volume
Current Price (4/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
SWTQ SE EQUITY YTD Change
SWTQ SE EQUITY YTD % CHANGE

12/2012
01/yy
587.00
440.50
239.00
574.5
-1.62%
30.42%
93.17%
1.4
829.39
5.59
0.0
0.0
382.60
452.37

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

100
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
147.8
16.9
450.7
-

200

31.12.2009
31.12.2010
129.9
932.1
3.53x
0.81x
(16.2)
100.3
7.55x
(20.4)
49.6
20.67x
Profitability

31.12.2011
698.0
0.57x
83.8
4.75x
47.5
16.51x

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
673.5
0.56x
80.4
4.70x
60.8
18.46x
80.37
52.02
7.72%
7.55%
6.98%
9.33%
0.77%
11.9%
7.7%
9.0%
5.47
4.19
0.63%
0.84%
7.84
-

Price/ Cash Flow

.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-13

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.82
0.71
21.03%
9.43%
0.816
5
4.200
1'006
1'171
1'434
FY+2

12/13 Y
12/14 Y
701.0
737.5
0.69x
0.67x
79.2
90.9
5.72x
4.99x
41.5
52.7
20.09x
15.87x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

29.88
23.31
-4.69
0.07
0.8%
0.8%
0.77
3.84
46.67
-

Sales/Revenue/Turnover

120.00

1'000.0
900.0

100.00

800.0
700.0

80.00

600.0

60.00

500.0
400.0

40.00

300.0
200.0

20.00
0.00
01.01.2010

100.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Schweiter Technologies AG
Holdings By:

All

Holder Name
KWE BETEILIGUNGEN AG
WIDMER HANS
CORISOL HOLDING AG
SCHWEITER TECHNOLOGI
SIEGRIST BEAT
GCIC LTD/CANADA
UBS FUND MANAGEMENT
CREDIT SUISSE FUNDS
SARASIN
VONTOBEL ASSET MANAG
CREDIT SUISSE ASSET
IST FUND MANAGERS
PICTET & CIE
SCHRODER INVESTMENT
LOMBARD ODIER DARIER
SWISSCANTO FONDSLEIT
LLB FONDSLEITUNG AG
SCOTIA ASSET MANAGEM
VANGUARD GROUP INC
MIRABAUD & CIE

Firm Name
Bank Vontobel AG
EVA Dimensions
Zuercher Kantonalbank
Helvea
Main First Bank AG

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

Analyst
PATRICK RAFAISZ
CRAIG STERLING
ANDREAS MUELLER
VOLKAN GOCMEN
BERND POMREHN

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

Recommendation
hold
hold
outperform
buy
suspended coverage

Amt Held
364'973
192'143
168'347
86'861
83'917
80'427
60'587
48'184
33'375
28'000
23'907
22'226
22'161
20'923
13'380
10'732
8'259
5'611
4'856
4'021

% Out
25.28
13.31
11.66
6.02
5.81
5.57
4.2
3.34
2.31
1.94
1.66
1.54
1.54
1.45
0.93
0.74
0.57
0.39
0.34
0.28

Weighting

Change

3
3
5
5
#N/A N/A

M
D
M
U
M

Latest Chg
(20'276)
9'372
(3'679)
2'000
(1'200)
430
550
(535)
11'980
(6'858)
366
(1'232)

Target Price
570
#N/A N/A
#N/A N/A
780
#N/A N/A

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

File Dt
27.07.2012
08.05.2012
14.05.2009
31.12.2011
31.12.2011
31.12.2011
03.01.2013
13.03.2012
28.12.2012
30.11.2012
28.02.2013
28.02.2013
31.01.2013
31.12.2012
28.02.2013
31.01.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012

Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Other
n/a
Venture Capital
Corporation
n/a
Investment Advisor
Investment Advisor
n/a
Unclassified
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
10.04.2013
03.04.2013
11.03.2013
04.03.2013
19.10.2012

11.04.2013

Metall Zug AG
Metall Zug AG operates as a holding company. The Company, through its
subsidiaries, manufactures appliances, sterilization equipment, wires and
cables, and operates resorts. Metall Zug provides its products in Switzerland.

Price/Volume
3000

.0 M

2500

.0 M
.0 M

2000

Latest Fiscal Year:


LTM as of:
52-Week High (20.04.2012)
52-Week Low (12.11.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
METN SE EQUITY YTD Change
METN SE EQUITY YTD % CHANGE

12/2012
01/yy
2'540.27
1'868.00
44.00
2250
-12.21%
20.45%
56.82%
0.3
983.27
282.34
0.0
0.0
470.24
795.37

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

.0 M

1000

.0 M

500

.0 M

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
787.8
0.86x
127.0
5.31x
31.8
28.34x

.0 M

1500

Valuation Analysis

31.12.2009
31.12.2010
770.1
832.1
1.15x
1.62x
104.7
153.0
8.48x
8.80x
71.7
92.3
15.23x
16.94x
Profitability

31.12.2011
842.5
1.72x
143.7
10.06x
63.4
25.78x

31.12.2012
856.4
61.5
14.19x
143.66
96.70
11.48%
9.08%
5.26%
8.14%
0.73%
9.6%
7.2%
3.95
3.06
20.46%
33.01%
-

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.87
0.19
-7.59%
15.92%
0.870
2
2.000
153
257
234
FY+2

12/13 Y
12/14 Y
825.0
825.0
0.65x
0.61x
106.0
114.0
7.50x
6.98x
58.8
68.2
16.91x
14.58x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

21.92
6.37
33.0%
24.8%
0.73
-

Sales/Revenue/Turnover

900.0
800.0

1.00
0.80

700.0
600.0
500.0

0.60

400.0
300.0

0.40
0.20

200.0
100.0
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 |

11.04.2013

Metall Zug AG
Holdings By:

All

Holder Name
WEBER WERNER O
STOECKLI URSULA
VONTOBEL ASSET MANAG
METALL ZUG AG
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
ALLIANZ ASSET MANAGE
DORMANN JUERGEN
PICTET & CIE
SCHRODER INVESTMENT
BUHOFER HEINZ M
LB SWISS INVESTMENT
WIPFLI MARTIN
DIMENSIONAL FUND ADV
DEKA INVESTMENT GMBH
JULIUS BAER ASSET MA
SWISSCANTO ANLAGESTI
NEXTAM PARTNERS SGR
GOLDMAN SACHS ASSET
DIMENSIONAL FUND ADV

Firm Name
Bank Vontobel AG
EVA Dimensions

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

Analyst
CHRISTIAN ARNOLD
CRAIG STERLING

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

Recommendation
hold
sell

Amt Held
41'600
17'006
6'799
5'950
3'304
1'986
1'587
1'364
835
614
301
300
266
188
176
175
135
131
85
75

% Out
16.31
6.67
2.66
2.33
1.29
0.78
0.62
0.53
0.33
0.24
0.12
0.12
0.1
0.07
0.07
0.07
0.05
0.05
0.03
0.03

Latest Chg
-

Weighting

Change

Target Price

3
1

M
M

50
(15)
(104)
(386)
30
(325)
10
85
-

2'100
#N/A N/A

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

File Dt
31.12.2011
31.12.2011
30.11.2012
31.12.2011
28.12.2012
28.02.2013
30.06.2012
31.12.2011
31.01.2013
31.12.2012
03.05.2012
31.12.2012
31.12.2011
31.07.2012
28.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided
Not Provided

Inst Type
n/a
n/a
Investment Advisor
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
04.04.2013
17.01.2013

11.04.2013

Zehnder Group AG
Zehnder Group AG, through its subsidiaries, manufactures a variety of
radiators. The Company produces bathroom radiators, electric and aluminum
radiators, as well as steel radiators. Zehnder sells its products to the
construction industry.

Price/Volume
70
60
50
40

Valuation Analysis

30

Latest Fiscal Year:


LTM as of:
52-Week High (04.05.2012)
52-Week Low (15.11.2012)
Daily Volume
Current Price (4/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
ZEH SE EQUITY YTD Change
ZEH SE EQUITY YTD % CHANGE

12/2012
01/yy
65.45
39.80
12'689.00
42.65
-34.84%
7.16%
11.70%
9.8
500.54
27.20
0.0
9.5
53.50
393.81

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

10
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
454.1
0.40x
34.3
5.32x
2.5
64.00x

20

31.12.2009
31.12.2010
436.5
475.9
0.60x
1.06x
62.0
68.0
4.23x
7.41x
32.8
37.4
8.35x
14.27x
Profitability

31.12.2011
515.4
0.92x
68.9
6.87x
40.0
12.38x

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

31.12.2012
523.8
0.78x
56.7
7.19x
27.1
15.78x
56.70
38.50
7.35%
7.24%
6.66%
11.63%
1.29%
10.8%
7.4%
5.2%
1.98
1.21
6.68%
11.42%
5.88
-

Price/ Cash Flow

.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
a-13

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.98
9.56
-30.55%
-3.07%
0.984
5
2.600
13'217
20'168
21'003
FY+2

12/13 Y
12/14 Y
534.0
559.8
0.74x
0.70x
60.0
67.3
6.55x
5.83x
29.7
34.2
13.86x
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

FQ+1

FQ+2

-0.46
0.48
11.4%
9.9%
1.29
3.25
62.29
-

Sales/Revenue/Turnover

16.00

600.0

14.00

500.0

12.00

400.0

10.00
8.00

300.0

6.00

200.0

4.00

100.0
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 |

11.04.2013

Zehnder Group AG
Holdings By:

All

Holder Name
ALECTA PENSIONSFORSA
BESTINVER GESTION SG
BLACKROCK
COLUMBIA WANGER ASSE
FMR LLC
IST FUND MANAGERS
SCHRODER INVESTMENT
UBS FUND MANAGEMENT
CREDIT SUISSE ASSET
MIRABAUD & CIE
LUXEMBOURGER KAPITAL
SWISSCANTO FONDSLEIT
VONTOBEL ASSET MANAG
ZEHNDER HANS-PETER
AMERIPRISE FINANCIAL
JULIUS BAER MULTICOO
VANGUARD GROUP INC
PICTET & CIE
UBS GLOBAL ASSET MAN
WIESENDANGER PETER

Firm Name
EVA Dimensions
Bank Vontobel AG
Helvea
Main First Bank AG
Zuercher Kantonalbank

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

Analyst
CRAIG STERLING
CHRISTIAN ARNOLD
PATRICK APPENZELLER
TOBIAS FAHRENHOLZ
MARTIN HUESLER

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

Recommendation
hold
hold
neutral
underperform
market perform

Amt Held
849'224
584'320
496'917
417'840
287'531
246'883
227'635
220'437
160'028
154'655
131'000
127'145
104'400
102'776
60'735
57'386
50'988
42'984
40'275
36'880

% Out
8.7
5.99
5.09
4.28
2.95
2.53
2.33
2.26
1.64
1.59
1.34
1.3
1.07
1.05
0.62
0.59
0.52
0.44
0.41
0.38

Weighting

Change
3
3
3
1
3

D
M
M
M
D

Latest Chg
(643)
(1'810)
5
75'500
(7'718)
(12'025)
20'655
30'000
(90'981)
(1'100)
(5'863)
-

Target Price
#N/A N/A
45
48
42
#N/A N/A

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

File Dt
31.12.2011
16.02.2011
09.04.2013
31.01.2013
28.02.2013
28.02.2013
31.12.2012
28.02.2013
28.02.2013
31.12.2012
31.01.2013
31.01.2013
30.11.2012
31.12.2011
31.01.2013
28.12.2012
31.12.2012
31.01.2013
28.12.2012
31.12.2011

Date
Not Provided
Not Provided
12 month
12 month
Not Provided

Inst Type
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a

Date
03.04.2013
02.04.2013
22.03.2013
25.02.2013
12.11.2012

11.04.2013

Liechtensteinische Landesbank AG
Liechtensteinische Landesbank AG attracts deposits and offers corporate and
private banking services. The Bank offers business start-up loans, corporate
financing, home mortgages, asset management services, and investment funds.
Liechtensteinische Landesbank operates in Liechtenstein and Switzerland.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2012)
52-Week Low (16.11.2012)
Daily Volume
Current Price (4/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
LLB SE EQUITY YTD Change
LLB SE EQUITY YTD % CHANGE

12/2012
01/yy
40.40
25.50
14'556.00
38.35
-4.95%
50.39%
80.54%
30.8
1'181.18
1'844.46
0.0
101.2
7'716.72
-

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

.2 M

40

.2 M

35

.1 M

30

.1 M

25

.1 M

20

.1 M

15

.1 M

10

.0 M

.0 M

0
a-12

31.12.2009
31.12.2010
720.4
605.5
174.2
102.8
11.27x
20.22x
Profitability

31.12.2011
555.0
11.0
109.21x

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

j-12

LTM-4Q

LTM

01/yy

01/yy

94.2
8.75x
3.94%
3.98%
0.18%
2.44%
0.84%
0.03%
2.4%
8.74%
119.73%
-

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

0.74
13.00
9.17%
32.01%
0.735
2
5.000
13'953
17'433
12'926
FY+2

12/13 Y
12/14 Y
383.0
368.0
88.5
97.8
12.33x
11.15x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

119.7%
52.9%
0.03
3.17
-

Sales/Revenue/Turnover

6.00

1'200.0

5.00

1'000.0

4.00

800.0

3.00

600.0

2.00

400.0

1.00

200.0

0.00
01.01.2010

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
980.8
144.7
9.94x

45

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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

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

11.04.2013

Liechtensteinische Landesbank AG
Holdings By:

All

Holder Name
PRINCIPALITY OF LIEC
THORNBURG INVESTMENT
LLB FONDSLEITUNG AG
SWISSCANTO FONDSLEIT
SCHRODER INVESTMENT
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SCHRODER INVESTMENT
IFM - INDEPENDENT FU
DIMENSIONAL FUND ADV
JULIUS BAER ASSET MA
FEHR JOSEF
VANGUARD GROUP INC
SWISSCANTO ANLAGESTI
MATT ROLAND
MUELLER URS
MAEDER KURT
FORTUNA INVESTMENT A
JULIUS BAER MULTICOO

Firm Name
Zuercher Kantonalbank
EVA Dimensions
Main First Bank AG

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

Analyst
ANDREAS VENDITTI
AUSTIN BURKETT
KILIAN MAIER

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

Recommendation
outperform
overweight
suspended coverage

Amt Held
17'771'600
1'377'064
205'296
153'730
94'670
85'600
56'585
46'567
30'715
25'300
19'264
11'974
8'844
7'448
7'442
5'768
4'860
4'275
4'150
3'500

% Out
57.7
4.47
0.67
0.5
0.31
0.28
0.18
0.15
0.1
0.08
0.06
0.04
0.03
0.02
0.02
0.02
0.02
0.01
0.01
0.01

Weighting

Change

5
5
#N/A N/A

U
D
M

Latest Chg
18'500
(98'334)
(750)
600
1'577
(53'108)
-

Target Price
#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
31.12.2011
31.12.2011
31.12.2012
31.01.2013
28.09.2012
28.02.2013
28.12.2012
31.01.2013
31.12.2012
28.02.2013
31.07.2012
31.01.2013
31.12.2011
31.12.2012
31.01.2013
31.12.2011
31.12.2011
31.12.2011
28.03.2013
28.12.2012

Date
Not Provided
Not Provided
Not Provided

Inst Type
Government
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
n/a
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Investment Advisor
Mutual Fund Manager

Date
26.03.2013
17.01.2013
30.03.2012

11.04.2013

AFG Arbonia-Forster Holding AG


AFG Arbonia-Forster Holding AG has positions as an integrated construction
industry supplier, and in selected areas of technology. The Company is
comprised of five divisions: Heating Technology and Sanitary Equipment,
Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface
Technology. AFG has a presence in countries worldwide.

Price/Volume
30
25
20
15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2013)
52-Week Low (23.07.2012)
Daily Volume
Current Price (4/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
AFGN SE EQUITY YTD Change
AFGN SE EQUITY YTD % CHANGE

12/2012
01/yy
27.35
15.30
15'470.00
27.35
-0.18%
78.76%
98.31%
18.2
498.47
395.19
0.0
0.8
264.06
630.38

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

5
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
1'570.6
0.44x
153.2
4.55x
48.0
5.31x

10

31.12.2009
31.12.2010
1'384.2
1'413.5
0.49x
0.49x
106.0
121.1
6.38x
5.77x
(22.5)
14.1
36.25x
Profitability

31.12.2011
1'265.0
0.38x
101.2
4.73x
(70.2)
-

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

31.12.2012
1'215.5
0.45x
109.6
4.94x
(74.5)
109.62
-17.80
-1.46%
-4.18%
-6.17%
-16.03%
1.01%
9.0%
-1.5%
-6.1%
2.04
1.29
34.56%
90.84%
11.44
-

Price/ Cash Flow

.2 M
.2 M
.2 M
.1 M
.1 M
.1 M
.1 M
.1 M
.0 M
.0 M
.0 M
a-13

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.66
13.76
35.40%
18.40%
1.658
6
4.000
31'079
39'272
42'735
FY+2

12/13 Y
12/14 Y
1'341.8
1'380.2
0.51x
0.47x
120.0
134.4
5.25x
4.69x
35.4
46.0
13.61x
10.45x
S&P Issuer Ratings

Long-Term Rating Date


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

FQ+1

FQ+2

5.98
2.94
1.20
3.61
90.8%
47.6%
1.01
2.53
32.00
-

Sales/Revenue/Turnover

12.00

1'800.0
1'600.0

10.00

1'400.0
1'200.0

8.00

1'000.0
6.00

800.0
600.0

4.00

400.0
2.00
0.00
01.01.2010

200.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

AFG Arbonia-Forster Holding AG


Holdings By:

All

Holder Name
OEHLER EDGAR
LOMBARD ODIER DARIER
AFG ARBONIA FORSTER
UBS FUND MANAGEMENT
LOMBARD ODIER DARIER
IST FUND MANAGERS
SWISSCANTO FONDSLEIT
DIMENSIONAL FUND ADV
VONTOBEL ASSET MANAG
PETERCAM SA
LLB FONDSLEITUNG AG
CREDIT SUISSE ASSET
IFM - INDEPENDENT FU
VANGUARD GROUP INC
ZUERCHER KANTONALBAN
PICTET & CIE
SIF SWISS INVESTMENT
JULIUS BAER ASSET MA
VONTOBEL ASSET MANAG
OPPENHEIM PRAMERICA

Firm Name
Bank Vontobel AG
EVA Dimensions
Main First Bank AG
Helvea
Zuercher Kantonalbank

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

Analyst
CHRISTIAN ARNOLD
CRAIG STERLING
TOBIAS FAHRENHOLZ
PATRICK APPENZELLER
MARTIN HUESLER

Source
EXCH
Co File
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
hold
underperform
buy
outperform

Amt Held
3'862'352
716'266
570'461
549'831
381'035
326'161
293'549
285'794
269'221
133'500
127'500
118'756
85'350
82'638
78'000
65'410
55'000
54'587
50'000
25'000

% Out
21.19
3.93
3.13
3.02
2.09
1.79
1.61
1.57
1.48
0.73
0.7
0.65
0.47
0.45
0.43
0.36
0.3
0.3
0.27
0.14

Latest Chg
-

Weighting

Change

Target Price

5
3
1
5
5

U
D
M
M
U

6
(188'725)
(6'000)
58'350
15'750
50'000
-

31
#N/A N/A
25
35
#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
31.12.2011
31.12.2011
11.03.2013
28.02.2013
28.02.2013
31.01.2013
31.07.2012
30.11.2012
31.12.2012
31.12.2012
28.02.2013
28.02.2013
31.12.2012
31.12.2012
31.01.2013
30.04.2012
28.02.2013
30.11.2012
28.12.2012

Date
Not Provided
Not Provided
12 month
12 month
Not Provided

Inst Type
n/a
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager

Date
02.04.2013
21.03.2013
06.03.2013
06.03.2013
22.05.2012

11.04.2013

LEM Holding SA
Lem Holding SA manufactures electrical components. The Company produces
transducers and sensors which measure high voltage currents, variable speed
drives, uninterrupted power supplies, and testers for semiconductors. Lem's
components are used in locomotives, trams, trolleys, and the French TGV
high-speed trains. The Company sells its products internationally.

Price/Volume
700

.0 M

600

.0 M
.0 M

500

.0 M

400

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (03.09.2012)
Daily Volume
Current Price (4/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LEHN SE EQUITY YTD Change
LEHN SE EQUITY YTD % CHANGE

03/2012
12/yy
604.00
451.00
1.00
602
-0.33%
33.48%
98.69%
1.1
686.28
3.00
0.0
0.0
21.12
678.89

31.03.2008
203.0
1.41x
35.1
8.19x
21.8
14.52x

.0 M

200

.0 M

100

.0 M

0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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


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

.0 M

300

31.03.2009
31.03.2010
196.8
185.5
0.74x
1.94x
38.8
24.1
3.73x
14.95x
23.8
10.5
7.17x
36.96x
Profitability

LTM-4Q
31.03.2011
296.2
2.09x
62.4
9.91x
39.6
16.43x

31.03.2012
236.3
2.30x
42.5
12.78x
28.5
19.69x

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

42.51
34.49
14.59%
13.76%
24.89%
48.47%
1.72%
40.8%
16.4%
12.1%
1.99
1.33
2.26%
3.77%
5.03
3.96

Price/ Cash Flow

12/yy
228.8
0.00x
0.0
0.00x
24.6
0.00x

LTM
12/yy
235.0
0.00x
0.0
0.00x
36.5
15.61x

FY+1

.0 M
a-13

0.75
0.66
34.58%
19.21%
0.755
3
3.000
1'373
608
584
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/11 Q4 06/11 Q1
250.3
248.3
68.5
2.68x
2.68x
53.6
55.6
12.66x
12.20x
37.2
40.0
18.45x
19.46x
S&P Issuer Ratings

Long-Term Rating Date


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

171.42
137.47
3.8%
3.6%
1.72
9.07
72.75
92.32
62.30
92.97

Sales/Revenue/Turnover

25.00

350.0
300.0

20.00

250.0
15.00

200.0
150.0

10.00

100.0
5.00

0.00
03.04.2009

50.0
0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

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 |

11.04.2013

LEM Holding SA
Holdings By:

All

Holder Name
WEBER WERNER O
7 INDUSTRIES HOLDING
SARASIN
STUDER ERWIN
MONTANARO GROUP
THREADNEEDLE ASSET M
THREADNEEDLE INVESTM
IMPAX ASSET MANAGEME
RUFFER LLP
KEMPEN CAPITAL MANAG
CREDIT SUISSE ASSET
BANQUE DE LUXEMBOURG
PARVEST INVESTMENT M
UBS FUND MANAGEMENT
PICTET & CIE
DIMENSIONAL FUND ADV
RUTISHAUSER PETER
VANGUARD GROUP INC
COLOMBEL LUC
BARCLAYS MULTI-MANAG

Firm Name
Berenberg Bank
Kepler Capital Markets
EVA Dimensions
Bank Vontobel AG

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

Analyst
FREDERIK BITTER
CHRISTOPH LADNER
ANDREW S ZAMFOTIS
ANDY SCHNYDER

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

Recommendation
hold
hold
hold
not rated

Amt Held
382'500
144'581
101'044
89'500
58'289
56'777
38'216
34'112
8'711
7'891
5'583
5'200
4'772
3'741
3'637
3'171
2'606
2'447
2'100
2'000

% Out
33.55
12.68
8.86
7.85
5.11
4.98
3.35
2.99
0.76
0.69
0.49
0.46
0.42
0.33
0.32
0.28
0.23
0.21
0.18
0.18

Weighting

Change

3
3
3
#N/A N/A

M
D
M
M

Latest Chg
3'038
98
(757)
35
179
-

Target Price
585
600
#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
31.03.2012
31.03.2012
31.03.2012
31.03.2012
15.10.2012
31.03.2012
31.12.2012
14.08.2012
30.11.2012
28.02.2013
28.02.2013
28.02.2013
31.10.2012
28.12.2012
31.01.2013
31.07.2012
31.03.2012
31.12.2012
31.03.2012
27.03.2013

Date
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
n/a
Holding Company
Unclassified
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor

Date
02.04.2013
15.02.2013
17.01.2013
27.09.2012

11.04.2013

VZ Holding AG
VZ Holding AG provides independent financial advice to private individuals and
companies. The Company consults on investment, tax and inheritance planning and
provides advice regarding insurance products and coverage.

Price/Volume
140

.0 M

120

.0 M
.0 M

100

.0 M

80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (26.07.2012)
Daily Volume
Current Price (4/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
VZN SE EQUITY YTD Change
VZN SE EQUITY YTD % CHANGE

12/2012
01/yy
133.00
85.00
413.00
129.5
-2.63%
52.35%
95.83%
8.0
1'036.00
29.87
0.0
0.1
233.24
832.76

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

31.12.2009
31.12.2010
110.3
133.1
2.37x
5.15x
49.0
63.9
5.35x
10.71x
37.6
49.3
16.50x
19.14x
Profitability

31.12.2011
143.8
2.76x
66.4
5.99x
51.0
14.89x

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
153.6
4.55x
70.3
9.95x
54.3
16.62x
70.30
43.52%
43.49%
5.18%
24.93%
23.25%
0.15%
45.8%
35.4%
2.88%
12.72%
-

Price/ Cash Flow

.0 M

20

.0 M

0
a-12

m-12

j-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13 m-13

FY+1
-

.0 M
a-13

0.72
2.27
28.70%
14.89%
0.721
5
3.200
2'895
3'034
2'780
FY+2

12/13 Y
12/14 Y
175.3
200.0
84.3
98.5
9.88x
8.45x
63.6
73.1
16.02x
13.94x
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

FQ+1

FQ+2

-2.89
0.42
12.7%
11.3%
0.15
24.46
-

Sales/Revenue/Turnover

200.00

180.0

180.00

160.0

160.00

140.0

140.00

120.0

120.00

100.0

100.00

80.0

80.00

60.0

60.00

40.0

40.00

20.0

20.00
0.00
01.01.2010

.0 M

40

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
104.7
0.50x
45.2
1.17x
34.3
9.29x

.0 M

60

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

11.04.2013

VZ Holding AG
Holdings By:

All

Holder Name
REINHART MATTHIAS
MIGROS GENOSSENSCHAF
FMR LLC
UBS FUND MANAGEMENT
DEUTSCHE BANK AG
DWS INVESTMENT GMBH
CAPITAL GROUP COMPAN
VZ HOLDING AG
PICTET & CIE
KINDLE FRED
VONTOBEL ASSET MANAG
STOCKER PETER
JUPITER ASSET MANAGE
SCHRODER INVESTMENT
BLACKROCK
FRIESS TOM
HEIM LORENZ
MAWER INVESTMENT MAN
CREDIT SUISSE ASSET
THURNHERR STEFAN

Firm Name
EVA Dimensions
Bank Vontobel AG
Zuercher Kantonalbank
Helvea

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

Analyst
AUSTIN BURKETT
TERESA NIELSEN
ANDREAS BRUN
TIM DAWSON

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

Recommendation
sell
hold
outperform
accumulate

Amt Held
4'860'415
337'600
291'930
266'400
245'000
244'800
240'000
147'490
114'186
90'960
81'500
80'943
72'721
60'091
53'077
50'825
50'373
43'210
41'397
31'639

% Out
60.76
4.22
3.65
3.33
3.06
3.06
3
1.84
1.43
1.14
1.02
1.01
0.91
0.75
0.66
0.64
0.63
0.54
0.52
0.4

Weighting

Change
1
3
5
4

D
M
U
M

Latest Chg
6'079
15'000
13'000
4'043
(1'000)
-

Target Price
#N/A N/A
140
#N/A N/A
121

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

File Dt
Inst Type
31.12.2012
n/a
31.12.2012
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
12.11.2010
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
n/a
31.01.2013 Mutual Fund Manager
31.12.2012
n/a
30.11.2012
Investment Advisor
31.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
n/a
31.12.2012
n/a
28.02.2013
Investment Advisor
28.02.2013 Mutual Fund Manager
31.12.2012
n/a

Date
Not Provided
Not Provided
Not Provided
12 month

Date
14.03.2013
13.03.2013
05.03.2013
05.03.2013

11.04.2013

Kudelski SA
Kudelski SA designs and manufactures digital security products. The Company
produces digital security systems for digital television operators and content
providers, smart cards for e-commerce, electronic voting and health cards,
software for pay-per-view and video-on-demand television, encryption technology
for digital television, digital recorders, and ticketing and access systems.

Price/Volume
14

.6 M

12

.5 M

10

.4 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (24.04.2012)
Daily Volume
Current Price (4/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
KUD SE EQUITY YTD Change
KUD SE EQUITY YTD % CHANGE

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

.2 M

.1 M

2
0
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
1'027.5
0.85x
100.6
8.72x
(14.6)
-

.3 M

12/2012
01/yy
13.05
6.08
14'584.00
11.65
-10.73%
91.73%
79.21%
49.0
624.70
268.76
0.0
9.4
110.09
792.79

31.12.2009
31.12.2010
1'052.3
1'035.2
1.46x
1.25x
139.6
177.2
11.02x
7.32x
49.0
65.7
25.33x
16.24x
Profitability

31.12.2011
873.9
0.79x
89.5
7.76x
(18.1)
-

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
844.1
0.80x
99.5
6.83x
16.3
31.48x
99.50
35.71
4.23%
2.76%
1.56%
3.84%
3.26%
0.81%
11.8%
4.2%
1.9%
1.82
1.29
29.50%
62.75%
3.98
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.45
34.53
87.76%
22.25%
1.446
8
3.250
92'293
141'626
129'744
FY+2

12/13 Y
12/14 Y
875.7
901.1
0.85x
0.78x
123.7
130.9
6.41x
6.06x
51.8
57.7
12.22x
10.98x
S&P Issuer Ratings

Long-Term Rating Date


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

.0 M
a-13

FQ+1

FQ+2

6.32
4.63
1.59
2.70
62.7%
38.0%
0.81
5.26
92.06
-

Sales/Revenue/Turnover

14.00

1'200.0

12.00

1'000.0

10.00

800.0

8.00

600.0
6.00

400.0
4.00

200.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

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 |

11.04.2013

Kudelski SA
Holdings By:

All

Holder Name
KUDELSKI ANDRE
CREDIT SUISSE ASSET
PICTET ASSET MANAGEM
DIMENSIONAL FUND ADV
VANGUARD GROUP INC
SWISSCANTO FONDSLEIT
UBS FUND MANAGEMENT
SALADINI MAURO
PICTET & CIE
DEKA INVESTMENT GMBH
DIGITAL FUNDS
FORWARD MANAGEMENT L
WEGELIN FONDSLEITUNG
VONTOBEL ASSET MANAG
BLACKROCK
STATE STREET
ROY PIERRE
JULIUS BAER ASSET MA
OPPENHEIM PRAMERICA
CIBC GLOBAL ASSET MA

Firm Name
Goldman Sachs
Credit Suisse
EVA Dimensions
Exane BNP Paribas
Helvea
Zuercher Kantonalbank
Bank Vontobel AG

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

Analyst
SIMON F SCHAFER
FELIX REMMERS
ANDREW S ZAMFOTIS
ALEXANDRE FAURE
RETO AMSTALDEN
ANDREAS MUELLER
MICHAEL FOETH

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

Recommendation
neutral/neutral
neutral
hold
neutral
buy
market perform
hold

Amt Held
14'234'423
276'681
243'570
232'125
209'050
191'557
178'112
159'783
158'232
141'000
130'579
121'427
84'750
80'000
66'737
65'201
52'880
41'219
40'000
34'833

% Out
29.05
0.56
0.5
0.47
0.43
0.39
0.36
0.33
0.32
0.29
0.27
0.25
0.17
0.16
0.14
0.13
0.11
0.08
0.08
0.07

Weighting

Change
3
3
3
3
5
3
3

M
M
D
M
U
M
M

Latest Chg
12'026
1'050
(129'453)
12'161
40'000
(8'315)
30'000
-

Target Price
12
11
#N/A N/A
12
14
#N/A N/A
12

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

File Dt
16.03.2013
28.02.2013
31.01.2013
31.07.2012
31.12.2012
31.01.2013
28.12.2012
31.12.2012
31.01.2013
28.12.2012
28.12.2012
31.01.2013
31.01.2013
30.11.2012
09.04.2013
10.04.2013
31.12.2012
31.01.2013
28.12.2012
31.12.2012

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

Inst Type
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor

Date
19.03.2013
11.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013

11.04.2013

Vetropack Holding AG
Vetropack Holding AG designs and manufactures glass bottles and containers.
The Company produces beverage bottles, jars, and other glass containers for the
food, chemical, and pharmaceutical industries. Vetropack also offers
production plant engineering, glass packaging design, and recycling services.

Price/Volume
2500
2000
1500

Valuation Analysis

1000

Latest Fiscal Year:


LTM as of:
52-Week High (25.02.2013)
52-Week Low (22.10.2012)
Daily Volume
Current Price (4/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
VET SE EQUITY YTD Change
VET SE EQUITY YTD % CHANGE

12/2012
01/yy
1'950.00
1'581.00
76.00
1841
-5.59%
16.45%
71.00%
0.2
754.51
14.80
0.0
4.5
58.90
714.91

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

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

1.20
1.00

0
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

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
697.8
0.86x
198.3
3.01x
78.5
6.85x

500

31.12.2009
31.12.2010
671.5
642.6
1.10x
1.11x
158.1
139.2
4.68x
5.13x
78.4
38.7
9.36x
19.45x
Profitability

31.12.2011
589.4
1.09x
128.5
4.99x
59.0
11.39x

31.12.2012
604.4
1.08x
116.3
5.60x
83.6
116.30
61.50
10.18%
17.80%
10.87%
13.94%
0.79%
10.2%
13.8%
3.18
1.68
1.92%
2.34%
6.18
-

.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
a-13

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.83
0.21
7.68%
9.19%
0.828
4
4.000
296
211
259
FY+2

12/13 Y
12/14 Y
613.3
634.0
1.14x
1.08x
134.0
141.7
5.34x
5.05x
61.2
65.2
12.48x
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

FQ+1

FQ+2

2.3%
2.3%
0.79
1.49
59.22
-

Sales/Revenue/Turnover

800.0
700.0
600.0

0.80
0.60

500.0
400.0
300.0

0.40
0.20

200.0
100.0
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 |

11.04.2013

Vetropack Holding AG
Holdings By:

All

Holder Name
CORNAZ LTD HOLDING O
THREADNEEDLE INVESTM
LB SWISS INVESTMENT
SWISSCANTO FONDSLEIT
ALLIANZ ASSET MANAGE
LUXEMBOURGER KAPITAL
CREDIT SUISSE ASSET
VONTOBEL ASSET MANAG
IST FUND MANAGERS
PIONEER INVESTMENTS
OPPENHEIM PRAMERICA
UBS FUND MANAGEMENT
JULIUS BAER MULTICOO
VANGUARD GROUP INC
ZUERCHER KANTONALBAN
PICTET & CIE
JULIUS BAER ASSET MA
WEGELIN FONDSLEITUNG
PEAR TREE ADVISORS I
PIONEER ASSET MANAGE

Firm Name
Bank Vontobel AG
Helvea
Zuercher Kantonalbank
EVA Dimensions

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

Analyst
CHRISTIAN ARNOLD
RETO AMSTALDEN
MARTIN HUESLER
CRAIG STERLING

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

Recommendation
hold
buy
market perform
buy

Amt Held
19'853
11'579
10'465
8'038
5'320
3'400
2'982
2'500
1'633
1'469
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