24.04.

2013

Company Analysis - Overview

Ticker:

Credit Suisse Group AG

CSGN VX

Sector: Financials

Benchmark:
SWISS MARKET INDEX (SMI)

SIX Swiss Ex: CSGN, Currency: CHF

Currency:

Industry: Capital Markets

Year:

Telephone
41-44-332-64-00
Revenue (M)
Website
www.credit-suisse.com
No of Employees
Address
Paradeplatz 8 Zurich, 8070 Switzerland
Share Price Performance in CHF
Price
26.41
1M Return
52 Week High
27.85
6M Return
52 Week Low
15.97
52 Wk Return
52 Wk Beta
1.61
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

38'313
46'900
3.0%
23.8%
16.5%
18.6%

HY1
A
(P)A2
A

Date
Date
Date

12/09
10.0x
1.2x
1.6x
3.9%

12/10
9.6x
0.9x
1.3x
3.5%

12/11
16.1x
0.6x
0.8x
3.4%

12/12
27.1x
0.7x
0.8x
3.4%

12/13E
9.9x
1.5x
1.0x
3.5%

12/14E
8.7x
1.5x
0.9x
4.2%

12/15E
7.9x
1.4x
0.9x
5.2%

12/09
Gross Margin
EBITDA Margin
Operating Margin
23.9
Profit Margin
20.3
Return on Assets
0.6
Return on Equity
19.3
Leverage and Coverage Ratios
12/09
Current Ratio
Quick Ratio
EBIT/Interest
Tot Debt/Capital
0.9
Tot Debt/Equity
8.2
Eff Tax Rate %
22.7

12/10
23.8
16.3
0.5
14.4

12/11
12.9
7.5
0.2
5.8

12/12
6.7
5.8
0.1
3.0

12/13E
24.8
15.8
0.5
10.8

12/14E
27.9
18.2
0.5
11.4

12/15E
29.2
20.0
0.6
11.4

12/10
0.9
9.3
20.7

12/11
0.9
9.9
19.4

12/12
0.9
7.8
22.7

19.12.2008
15.12.2011

Outlook
Outlook
Outlook

NEG
STABLE
STABLE

Business Segments in CHF

Investment Banking
Private Banking
Asset Management
Corporate Center
Reconciliation
Real Estate
Other Alternative Investment Strategies

Sales (M)
12558
11078
2463
-2493

Geographic Segments in CHF

Americas
Switzerland
Europe, Middle East & Africa
Asia Pacific
Corporate Center

Sales (M)
9507
7455
6749
2388
-2493

9%

9%
8%

9%

33%

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

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.

43%
24%
39%
26%

Investment Banking
Private Banking

Americas
Switzerland
Europe, Middle East & Africa

Asset Management
Asia Pacific
Corporate Center

Current Capitalization in CHF

Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

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

Corporate Center

1293.8
40661.3
59023.0
329966.0
0.0
0.0
7121.0
318725.3

Company Analysis - Analysts Ratings

Credit Suisse Group AG

30

100%
24%

24%

26%

24%

21%

21%

17%

12%

13%

10%

15%

10%

25

80%
48%

45%

60%
46%

46%

48%

52%

52%

52%

56%

61%

49%

62%

20
15

40%

10

20%
29%

29%

26%

24%

26%

26%

27%

27%

26%

avr.12

mai.12

juin.12

juil.12

aot.12

sept.12

oct.12

nov.12

dc.12

40%

43%

41%

janv.13

fvr.13

mars.13

0%

5
0

Buy

Hold

Sell

Price

Target Price

Date

Buy

Hold

Sell

Date

29-Mar-13
28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12

41%
43%
40%
26%
27%
27%
26%
26%
24%
26%
29%
29%

49%
48%
45%
62%
61%
56%
52%
52%
52%
48%
46%
46%

10%
10%
15%
13%
12%
17%
21%
21%
24%
26%
24%
24%

24-Apr-13
23-Apr-13
22-Apr-13
19-Apr-13
18-Apr-13
17-Apr-13
16-Apr-13
15-Apr-13
12-Apr-13
11-Apr-13
10-Apr-13
9-Apr-13
8-Apr-13
5-Apr-13
4-Apr-13
3-Apr-13
2-Apr-13
1-Apr-13
29-Mar-13
28-Mar-13
27-Mar-13
26-Mar-13
25-Mar-13
22-Mar-13
21-Mar-13
20-Mar-13
19-Mar-13
18-Mar-13
15-Mar-13
14-Mar-13

Price Target Price

26.41
26.45
26.24
25.53
25.27
25.74
26.45
26.26
26.10
26.31
26.07
24.89
24.35
24.49
24.44
25.09
25.49
24.91
24.91
24.91
25.35
25.33
24.95
25.65
25.31
25.69
25.55
26.24
26.89
26.86

27.86
28.09
28.05
28.04
28.04
27.90
28.01
28.01
28.01
28.01
28.19
28.19
28.19
28.19
28.26
28.26
28.26
28.53
28.53
28.53
28.53
28.53
28.53
28.53
28.53
28.53
28.53
28.53
28.53
28.53

Brokers' Target Price

40
35
30
25
20
15
10
5
0
Keefe, Bruyette & Woods
Oddo & Cie
Canaccord Genuity Corp
Nomura
AlphaValue
Deutsche Bank
Goldman Sachs
Commerzbank Corporates &
Bank Vontobel AG
Liberum Capital Ltd
Bankhaus Lampe
Exane BNP Paribas
Berenberg Bank
Day by Day
Redburn Partners
Bankhaus Metzler
RBC Capital Markets
Societe Generale
Grupo Santander
Helvea
Mediobanca SpA
Morgan Stanley
JPMorgan
CA Cheuvreux
Macquarie
DZ Bank AG
Barclays
Zuercher Kantonalbank
Main First Bank AG
Natixis
S&P Capital IQ
Independent Research GmbH
Kepler Capital Markets
Ahorro Corporacion Financiera
Espirito Santo Investment Bank
Landesbank BadenEVA Dimensions
HSBC
Nord/LB
Hammer Partners SA

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in CHF

Broker

Analyst

Keefe, Bruyette & Woods

Oddo & Cie
Canaccord Genuity Corp
Nomura
AlphaValue
Deutsche Bank
Goldman Sachs
Commerzbank Corporates & Markets
Bank Vontobel AG
Liberum Capital Ltd
Bankhaus Lampe
Exane BNP Paribas
Berenberg Bank
Day by Day
Redburn Partners
Bankhaus Metzler
RBC Capital Markets
Societe Generale
Grupo Santander
Helvea
Mediobanca SpA
Morgan Stanley
JPMorgan
CA Cheuvreux
Macquarie
DZ Bank AG
Barclays
Zuercher Kantonalbank
Main First Bank AG
Natixis

ANDREW STIMPSON
JEAN SASSUS
ARUN MELMANE
JON PEACE
DIETER HEIN
MATT SPICK
JERNEJ OMAHEN
MICHAEL DUNST
TERESA NIELSEN
CORMAC LEECH
NEIL SMITH
DANIEL DAVIES
JAMES CHAPPELL
VALERIE GASTALDY
NICHOLAS WATTS
GUIDO HOYMANN
FIONA SWAFFIELD
DIRK HOFFMANN-BECKING
AURELIA FAURE
TIM DAWSON
CHRISTOPHER J WHEELER
HUW VAN STEENIS
KIAN ABOUHOSSEIN
CHRISTIAN STARK
PIERS BROWN
CHRISTOPH BAST
JEREMY SIGEE
ANDREAS VENDITTI
KILIAN MAIER
ANTOINE BURGARD

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

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

Target

Date

34.40
28.00
29.00
32.00
24.80
29.00
30.80
27.00
27.00
25.00
24.50
32.00
13.00
30.58

24-Apr-13
24-Apr-13
24-Apr-13
24-Apr-13
23-Apr-13
22-Apr-13
22-Apr-13
18-Apr-13
18-Apr-13
18-Apr-13
17-Apr-13
17-Apr-13
11-Apr-13
10-Apr-13
8-Apr-13
5-Apr-13
4-Apr-13
3-Apr-13
2-Apr-13
27-Mar-13
25-Mar-13
15-Mar-13
11-Mar-13
11-Mar-13
5-Mar-13
19-Feb-13
12-Feb-13
11-Feb-13
11-Feb-13
8-Feb-13

22.20
30.00
33.00
20.40
27.00
31.00
30.00
34.00
30.00
30.00
24.00
27.00
30.00
24.00

24.04.2013

Credit Suisse Group AG

Company Analysis - Ownership

Ownership Type

Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

48%

52%

52.03%
47.78%
0.19%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in CHF

Top 20 Owners:
Holder Name
FRANKLIN RESOURCES
CRESCENT HOLDING GMB
QATAR INVESTMENT AUT
DODGE & COX
NORGES BANK
BLACKROCK
HARRIS ASSOCIATES LP
CAPITAL GROUP COMPAN
MORGAN STANLEY
AXA
VANGUARD GROUP INC
CREDIT SUISSE ASSET
T ROWE PRICE ASSOCIA
UBS FUND MANAGEMENT
PICTET & CIE
ONTARIO TEACHERS PEN
FMR LLC
CREDIT SUISSE
SWISSCANTO FONDSLEIT
TEMPLETON INVESTMENT

Geographic Ownership

Geographic Ownership Distribution

0%

1293.8
91.6%

United States
Austria
Qatar
Switzerland
Norway
France
Luxembourg
Others

54.37%
11.02%
10.19%
6.22%
5.04%
4.35%
3.02%
5.79%

Institutional Ownership Distribution

Investment Advisor
Government
Pension Fund (Erisa)
Individual
Others

83.63%
15.14%
0.56%
0.37%
0.30%

4%

3%

6%

5%
6%

55%

10%
11%

United States

Austria

Qatar

Switzerland

Norway

France

Luxembourg

Others

TOP 20 ALL

Position
88'790'736
88'475'201
81'886'795
66'037'738
39'815'613
39'622'643
39'622'643
39'396'381
32'818'874
32'002'938
18'487'508
18'009'256
10'920'531
10'430'028
6'196'536
4'500'000
4'473'231
4'287'758
4'158'113
4'030'117

Position Change
134'170
0
0
0
0
0
0
5'348'082
12'068'962
-26'636'525
2'658'228
-420'940
1'000'906
-17'909
57'768
0
2'840'511
-32'944'156
-2'604'905
-17'300

Market Value
2'344'963'338
2'336'630'058
2'162'630'256
1'744'056'661
1'051'530'339
1'046'434'002
1'046'434'002
1'040'458'422
866'746'462
845'197'593
488'255'086
475'624'451
288'411'224
275'457'039
163'650'516
118'845'000
118'138'031
113'239'689
109'815'764
106'435'390

% of Ownership
5.77%
5.75%
5.32%
4.29%
2.59%
2.57%
2.57%
2.56%
2.13%
2.08%
1.20%
1.17%
0.71%
0.68%
0.40%
0.29%
0.29%
0.28%
0.27%
0.26%

Report Date

Holder Name

Position

Position Change

Market Value

% of Ownership

Report Date

DOUGAN BRADY W
SHAFIR ROBERT S
KIELHOLZ WALTER B
ROHNER URS
THORNBURGH RICHARD E

906'929
387'544
292'424
244'422
218'456

31.12.2012
25.02.2013
31.12.2012
31.12.2012
12.03.2013
22.04.2013
31.12.2012
31.03.2013
28.06.2010
25.08.2009
31.03.2013
28.02.2013
31.03.2013
28.12.2012
31.01.2013
31.12.2011
28.02.2013
05.04.2013
28.02.2013
31.12.2012

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

Top 5 Insiders:

23'951'995
10'235'037
7'722'918
6'455'185
5'769'423

0.06%
0.03%
0.02%
0.02%
0.01%

Source
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

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

Co File
Co File
Co File
Co File
Co File

Country
UNITED STATES
AUSTRIA
QATAR
UNITED STATES
NORWAY
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
FRANCE
UNITED STATES
SWITZERLAND
UNITED STATES
SWITZERLAND
SWITZERLAND
CANADA
UNITED STATES
SWITZERLAND
SWITZERLAND
BRITAIN

Institutional Ownership
0%
1%

0%

15%

84%

Investment Advisor

Government

Individual

Others

Pension Fund (Erisa)

Company Analysis - Financials I/IV

Credit Suisse Group AG
Financial information is in CHF (M)
Periodicity:

Fiscal Year

Equivalent Estimates
12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

52'487

67'990

73'021

59'366

82'160

93'174

48'697

51'547

50'345

42'693

38'313

26'589

27'487

28'202

30'586

45'717

43'696

21'326

21'864

22'925

21'003

22'714

21'830

20'585

19'840

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

-3'658

3'456

8'387

7'106

14'432

13'491

-14'816

7'933

7'454

3'360

1'573

6'586

7'671

8'226

172

1'645

85

-295

132

-249

86

-144

-33

-101

-608

Pretax Income
- Income Tax Expense

-3'250
596

1'811
-3

8'302
1'441

7'401
927

14'300
2'389

13'740
1'248

-14'902
-4'596

8'077
1'835

7'487
1'548

3'461
671

2'181
496

6'115

7'147

7'931

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests

-3'846
-520
-17

1'814
1'075
-31

6'861
106
1'127

6'474
-1'324
1'948

11'911
-3'046
3'630

12'492
-6
4'738

-10'306
531
-2'619

6'242
-169
-313

5'939
19
822

2'790
0
837

1'685
0
336

0.63

4.75

3.90

7.19

6.95

(7.33)

5.01

3.91

1.36

0.81

-3'829
(3.22)
0.10

4'680
3.87

5'734
5.05
1.50
31.8

5'863
5.18
2.00
54.0

8'281
7.53
2.24
31.7

8'549
7.65
2.50
36.0

-7'687
(7.28)
0.10

6'555
5.15
2.00
36.2

5'117
3.93
1.30
29.7

2'406
1.69
0.75
46.9

3'054
2.39
0.75
92.9

4'208
2.66
0.92
0.35

5'012
3.05
1.11
0.36

5'633
3.35
1.36
0.41

1'190
1'190

1'130
1'179

1'111
1'209

1'125
1'186

1'062
1'152

1'021
1'115

1'164
1'057

1'169
1'210

1'174
1'201

1'220
1'207

1'294
1'286

Income Statement
Revenue
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

Diluted EPS Before XO Items

Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %
Total Shares Outstanding
Diluted Shares Outstanding
EBITDA

*Net income excludes extraordinary gains and losses and one-time charges.

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

Company Analysis - Financials II/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

2'551
342'341

24'799
418'736

25'648
467'123

27'577
525'573

29'040
446'407

38'459
480'414

90'035
283'208

51'857
329'515

65'467
379'226

110'573
318'227

61'763
259'588

32'876

15'352

20'550

19'157

19'077

23'273

22'232

17'074

9'026

7'361

7'001

5'273
81'423

7'819
100'348

7'231
112'418

8'328
194'322

6'577
219'552

6'149
271'383

6'350
261'688

6'436
178'689

6'725
130'752

7'193
133'163

5'618
162'687

Total Current Liabilities

+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

321'440
91'902

11'497
239'007

15'343
249'204

19'472
313'010

21'556
347'956

110'254
391'478

69'147
360'253

43'859
301'494

59'176
300'104

66'263
287'660

49'655
241'682

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

71'521
141'616

89'697
130'537

106'261
137'161

132'975
149'589

147'832
2'886

163'223
0

153'373
0

159'365
0

173'752
0

162'655
1'542

148'134
1'492

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

924'462
0
2'878
21'900
2'521

969'574

1'047'034

743
24'781
9'210

6'178
24'042
12'231

1'289'087
0
7'847
25'263
16'855

1'197'052
0
15'318
25'424
18'162

1'300'841
0
16'640
24'599
18'600

1'123'129
0
14'919
25'213
7'089

983'099
0
10'811
24'753
12'764

988'990
0
9'733
23'073
10'209

1'008'080
0
7'411
21'845
11'829

881'996
0
6'786
23'689
11'809

27'299

34'734

42'451

49'965

58'904

59'839

47'221

48'328

43'015

41'085

42'284

951'761

1'004'308

1'089'485

1'339'052

1'255'956

1'360'680

1'170'350

1'031'427

1'032'005

1'049'165

924'280

20.52
5.09

30.07
15.58

32.65
18.92

37.43
23.19

41.02
30.20

42.33
31.23

27.75
19.37

32.09
23.88

28.35
20.77

27.59
20.32

27.44
20.77

12/13E

12/14E

12/15E

27.38

29.24

30.88

Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

Total Shareholders Equity

Total Liabilities & Equity
Book Value Per Share
Tangible Book Value Per Share

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

Company Analysis - Financials III/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

-3'309
6'471
6'431
47'900

770
3'518
13'172
-33'456

5'628
2'104
5'158
-60'217

5'850
781
3'448
-30'921

11'327
779
-2'347
-58'342

7'760
1'127
-1'177
-65'654

-8'218
1'927
-4'327
140'489

6'724
1'620
677
-23'207

5'098
1'087
2'575
83

1'953
1'383
988
34'306

1'349
1'464
190
-15'677

4'401

5'171

5'711

Cash From Operating Activities

+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities

57'493
0
0
-133'808
131'909
-32'092

-15'996
240
-883
-117'687
104'798
-3'888

-47'327
81
-994
-52'960
61'843
-4'762

-20'842
54
-977
-14'280
9'667
-10'020

-48'583

-57'944

129'871

-14'186

-1'530
-2'980
8'391
85

-1'550
-928
8'961
-8'879

-1'473
-1'727
5'397
-5'136

-1'387
-2'189
7'059
-3'086

8'843
17
-1'689
-2'752
7'203
-1'399

38'630
11
-1'739
-1'542
11'364
-1'560

-12'674
26
-1'242
-480
5'666
1'644

Cash From Investing Activities

+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities

-110'282
0
10'002
41'848
-26'803
726
-2'548
-195

-33'310
-273
3'430
23'782
-26'255
6'932
-7'009
-1'849

-40'715
-609
24'412
43'087
-17'007
15'287
-17'950
-4'683

-80'183
-1'782
39'259
54'415
-34'739
10'756
-13'929
4'325

-9'700
-2'346
1'675
75'921
-51'295
17'333
-23'461
1'856

-30'034
-2'512
29'976
81'151
-65'306
36'338
-41'879
5'569

4'352
-2'946
-52'887
107'638
-86'567
29'111
-25'032
1'851

60'684
-375
-42'556
62'829
-72'472
17'674
-19'019
-3'054

-21'449
-2'800
3'837
57'910
-51'390
24'758
-26'846
-5'644

-25'972
-1'948
11'280
34'234
-37'127
12'980
-11'790
-3'116

42'955
-1'296
-47'798
38'405
-55'936
10'285
-8'859
-837

52'248

45'644

88'891

102'954

58'216

95'847

-84'120

-86'063

26'216

32'448

-79'091

-541

-3'662

849

1'929

-67

7'869

50'103

-39'565

13'610

45'106

-48'810

Free Cash Flow (CFO-CAPEX)

57'493

-16'879

-48'321

-21'819

-50'113

-59'494

128'398

-15'573

7'154

36'891

-13'916

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

82'540
48.31

-14.44

-42.53

-19.58

-23'812
-45.56

-13'673
-56.95

96'582
121.52

-67'772
-13.26

17'528
5.99

45'289
30.78

-79'219
-10.88

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital

Cash From Financing Activities

Net Changes in Cash

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

Company Analysis - Financials IV/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

28.6x

9.5x

16.8x

11.3x

9.2x

0.7x
1.5x
0.3%

0.8x
1.5x

0.7x
1.5x
3.1%

1.3x
1.8x
3.0%

1.1x
2.1x
2.6%

0.8x
1.6x
3.7%

-11.4%
-10.3%
-0.3%
-12.6%

6.7%
1.5%
0.1%
2.6%

15.5%
10.4%
0.5%
16.0%

23.6%
19.4%
0.5%
14.9%

37.5%
29.5%
0.9%
26.4%

0.94
14.39

0.91
9.73

0.89
8.51

0.90
9.25

0.05

0.07

0.07

17.4%

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

12/15E

10.0x

9.6x

16.1x

27.1x

9.9x

8.7x

7.9x

0.6x
1.0x
0.4%

1.2x
1.6x
3.9%

0.9x
1.3x
3.5%

0.6x
0.8x
3.4%

0.7x
0.8x
3.4%

1.5x
1.0x
3.5%

1.5x
0.9x
4.2%

1.4x
0.9x
5.2%

34.5%
19.9%
0.6%
17.9%

-159.4%
-88.4%
-0.6%
-21.8%

23.9%
20.3%
0.6%
19.3%

23.8%
16.3%
0.5%
14.4%

12.9%
7.5%
0.2%
5.8%

6.7%
5.8%
0.1%
3.0%

0.89
7.77

0.91
9.59

0.91
9.87

0.89
8.17

0.90
9.33

0.91
9.87

0.89
7.82

0.05

0.06

0.07

0.04

0.05

0.05

0.04

0.04

12.5%

16.7%

9.1%

22.7%

20.7%

19.4%

22.7%

Ratio Analysis
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate

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

24.8%
15.8%
0.5%
10.8%

27.9%
18.2%
0.5%
11.4%

29.2%
20.0%
0.6%
11.4%

Company Analysis - Peers Comparision

CREDIT SUISS-REG
Latest Fiscal Year:
52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

Current Price (4/dd/yy)

52-Week High % Change
52-Week Low % Change
Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value
Total Revenue

EV/Total Revenue

EBITDA

EV/EBITDA

EPS

P/E

Revenue Growth
EBITDA Growth
EBITDA Margin

LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2

UBS AG-REG

12/2012
27.85
07.02.2013
15.97
03.08.2012
3'867'467

12/2012
16.39
25.01.2013
9.69
24.07.2012
5'831'044

26.41
-5.2%
65.4%
1'293.8

DEUTSCHE BANKRG

CITIGROUP INC

JPMORGAN CHASE

BARCLAYS PLC

MORGAN STANLEY

GOLDMAN SACHS
GP

12/2012
24.47
20.02.2013
12.26
04.06.2012
23'443'270

12/2012
159.00
19.02.2013
90.43
26.06.2012
3'698'618

12/2012
741.20
14.03.2013
501.20
30.05.2012
7'372'125

12/2012
38.73
01.02.2013
22.11
26.07.2012
4'328'033

12/2012
47.92
11.03.2013
24.61
04.06.2012
28'839'907

12/2012
51.00
14.03.2013
30.83
04.06.2012
20'568'406

12/2012
330.05
13.02.2013
148.20
26.07.2012
42'158'639

15.39

31.71

46.46

48.17

292.65

21.61

142.94

-6.1%
58.9%
3'747.4

-18.1%
43.4%
929.2

-3.0%
88.8%
3'028.9

-5.5%
56.2%
3'804.0

-11.3%
97.5%
12'243.0

-11.7%
76.3%
1'974.0

-10.1%
58.1%
480.5

BANCO
SANTANDER

HSBC HLDGS PLC

NOMURA
HOLDINGS

MITSUBISHI UFJ F

MIZUHO
FINANCIAL

ING GROEP NV

12/2012
6.68
14.01.2013
3.98
23.07.2012
60'388'340

03/2012
795.00
12.04.2013
241.00
04.06.2012
54'890'400

03/2012
692.00
10.04.2013
328.00
04.06.2012
71'746'800

03/2012
225.00
05.04.2013
110.00
04.06.2012
182'845'800

692.60

5.53

753.00

646.00

-6.6%
38.2%
18'476.0

-17.2%
39.1%
10'321.0

-5.3%
212.4%
3'663.5

-6.6%
97.0%
14'145.0

TORONTO-DOM
BANK

12/2012
7.91
14.01.2013
4.44
04.06.2012
14'770'368

10/2012
86.20
25.02.2013
75.70
04.06.2012
2'259'805

214.00

6.20

80.88

-4.9%
94.5%
24'011.1

-21.6%
39.5%
3'801.4

-6.2%
6.8%
918.2

40'661

59'050

29'474

141'373

182'555

37'643

42'368

68'636

128'577

60'004

2'878'390

9'146'446

5'171'281

23'737

74'606

330'510.0
6'786.0
63'708.0

267'401.0
4'353.0
66'383.0

278'501.0
407.0
147'433.0

623'537.0
2'562.0
1'948.0
36'453.0

695'583.0
9'058.0
471'833.0

437'951.0
9'371.0
128'120.0

450'846.0
1'508.0
7'628.0
46'904.0

510'691.0
6'200.0
508.0
72'669.0

284'987.0
2'728.0
7'887.0
256'366.0

367'524.0
9'672.0
182'116.0

31'238'237.0
281'896.0
1'070'520.0

53'760'773.0
390'001.0
1'674'821.0
9'384'046.0

54'752'099.0
410'368.0
1'957'699.0
7'527'509.0

207'649.0
1'081.0
17'657.0

85'793.0
3'395.0
1'477.0
25'128.0

264'421

799'437

455'446
Valuation

513'366

36'366'838

214'810

108'184.0
106'713.0
99'662.3
102'507.3

38'837.0
38'837.0
29'278.7
30'109.3

88'382.0
69'265.0
68'573.2
72'313.1

43'575.0
43'575.0
44'058.6
46'116.8

4'536'724.0
4'296'873.0
3'548'294.1
3'455'446.5

2'453'016.0
2'633'625.0
2'143'031.7
2'053'211.1

38'313.0
39'068.0
26'588.8
27'486.8
35.2x
34.0x
2.26
1.59
2.66
3.05
16.6x
9.2x
9.9x
8.7x
(10.3%)
(5.2%)
-

37'754.0
37'758.0
26'834.9
27'871.0
6.9x
6.9x
15'529.0
15'530.0
16.7x
16.7x
0.52
-0.67
0.89
1.19
30.1x
17.3x
12.9x
(7.6%)
(10.1%)
(11.1%)
(31.3%)
41.1%
-

931.1%
88.7%
A
19.12.2008
(P)A2
21.06.2012

52'299.0
52'356.0
33'805.5
34'795.0
1.9x
1.9x
1.91
0.26
3.83
4.93
122.0x
17.2x
8.3x
6.4x
(0.7%)
3.8%
-

90'708.0
90'629.0
78'925.3
80'915.9
8.7x
8.7x
41'810.0
41'647.0
19.0x
17.1x
4.83
4.15
4.70
5.32
11.2x
11.2x
9.9x
8.7x
(11.6%)
(2.3%)
(21.9%)
(15.7%)
45.8%
-

582.6%
84.2%
17.218x
10.520x
-

515.7%
83.7%
-

A
29.11.2011
A2
21.06.2012

A+ *26.03.2013
A2
21.06.2012

6.04
5.97
5.63
5.94
8.1x
8.1x
8.6x
8.1x
(2.4%)
0.8%
-

-6.8x
-7.3x
0.45
-0.09
0.36
0.44
6.4x
8.0x
6.7x
1.1%
(1.3%)
-

334.4%
76.6%
14.972x
14.097x
-

356.7%
77.3%
-

817.3%
87.4%
-

A29.11.2011
Baa2
21.06.2012

A
29.11.2011
A2
21.06.2012

A
29.11.2011
(P)A3
21.06.2012

32'036.0
33'168.0
31'901.2
34'096.6
14.1x
13.9x
8'020.0
8'293.0
56.2x
54.4x
1.58
1.57
2.05
2.54
13.8x
13.8x
10.6x
8.5x
(18.1%)
3.1%
(44.3%)
(33.5%)
25.6%
-

41'664.0
41'636.0
34'266.2
35'053.0
12.1x
12.1x
20'446.0
20'446.0
24.7x
24.7x
15.03
15.25
14.31
15.25
9.4x
9.4x
10.0x
9.4x
13.2%
(6.8%)
27.6%
(19.6%)
49.1%
-

1.0x
0.4x
0.49
0.79
0.98
1.09
13.3x
10.8x
9.7x
(6.8%)
-

0.60
0.24
0.57
0.67
23.2x
8.8x
9.8x
8.3x
(44.1%)
9.5%
-

1'851'760.0
1'925'202.0
1'658'721.1
1'453'771.5
19.1x
18.4x
4.9x
5.7x
501'430.0
490'214.0
220'851.5
377'479.8
70.5x
72.1x
37.2x
22.1x
12.74
18.94
38.70
59.1x
39.8x
19.5x
33.7%
2341.5%
18.4%
(17.7%)
25.5%
13.3%
26.0%

734.6%
87.0%
24.978x
21.423x
-

165.2%
60.9%
-

492.3%
81.3%
-

A29.11.2011
A3
21.06.2012

A+
29.11.2011
Aa3
21.06.2012

BBB
16.10.2012
(P)Baa2
24.10.2012

48.70
51.79
51.83
13.3x
12.5x
12.5x
4.2%
(3.2%)
-

25.01
21.37
18.44
8.6x
10.0x
11.6x
0.1%
(1.9%)
-

39'304.0
42'241.0
45'826.3
47'228.2
5.5x
5.2x
0.68
0.75
1.00
1.11
8.3x
7.7x
6.2x
5.6x
(25.5%)
(9.3%)
-

30'334.0
30'552.0
24'459.3
25'844.8

1482.4%
92.9%
69.442x
67.769x
-

559.4%
82.2%
-

1216.4%
88.9%
-

366.8%
78.3%
-

194.4%
63.6%
-

BBB+
27.01.2009
Baa3
15.03.2012

A
30.09.2008
-

A
18.06.2007
-

A
03.09.2009
A3
15.06.2012

AA15.03.2007
Aa1
28.01.2013

7.13
7.55
7.84
8.38
10.7x
10.7x
10.3x
9.7x
4.9%
3.2%
-

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

744.0%
86.6%
54.365x
48.709x
-

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

A29.11.2011
Baa1
21.06.2012

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