Fundamental Analysis & Analysts Recommendations - Eurostoxx 50 Index - SX5E Index

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
Eurostoxx 50 Index
March 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 |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 14368510 1931.296 1118 1118 205 221 221 101.29 110.63 110.63 15.41 15.41 14.11 14.11 18.78
Euro Stoxx 50 Pr EUR 2603016 5607.747 4687 4687 763 793 793 230.73 310.41 310.41 19.48 16.16 14.48 14.48 19.82
NIKKEI 225 JPY 2506820 186.1232 187 187 19 20 20 5.24 5.49 5.49 0.26 0.26 0.25 0.25 0.12
FTSE 100 INDEX GBP 2731129 11800.74 9677 9677 1464 1681 1681 535.25 824.01 824.01 27.50 - 17.87 17.87 22.82
SWISS MARKET INDEX CHF 1053334 11142.32 4121 4121 850 844 844 409.54 554.45 554.45 21.36 19.02 15.78 15.78 22.15
S&P/TSX COMPOSITE INDEX CAD 1686600 17095.62 7864 7864 1837 2074 2074 792.65 884.95 884.95 15.44 15.44 13.83 13.83 24.20
S&P/ASX 200 INDEX AUD 1412156 6837.547 2860 2860 599 696 696 250.45 340.52 340.52 21.58 17.19 15.87 15.87 22.04
HANG SENG INDEX HKD 1666231 3317.668 1628 1628 359 409 409 259.32 265.58 265.58 1.41 1.51 1.38 1.38 3.07
MSCI EM USD 7822323 1539.533 1068 1068 200 216 216 86.76 95.39 95.39 12.01 13.55 10.93 10.93 20.05
AIR LIQUIDE SA EUR 38606 389 312 9 0 0 1 46.83 19850 19850 21143 22677 4912 4912 - - 6.70 6.70 7.23 7.99 23.87 23.89 22.14 20.03 7.79 6.65 8.31 8.80 32.05 A 02.07.2007 - -
ALLIANZ SE-REG EUR 64457 2003 452 37 0 3 14 88.59 137806 125359 136358 140373 - - - - 14.79 14.79 15.72 16.43 12.38 12.29 11.65 11.14 28.18 4.76 - - - AA 27.01.2012 Aa3 03.05.2004
ANHEUSER-BUSCH INBEV NV EUR 153426 1022 1602 57 0 6 18 243.30 51493 51493 58294 63091 20010 20010 - - 5.78 5.87 6.42 7.24 27.24 27.61 24.89 22.06 2.36 19.37 1.30 22.98 50.33 A 01.05.2012 A3 27.03.2012
ARCELORMITTAL EUR 23964 6421 1549 33 0 4 6 63.12 109070 109070 112036 116925 8758 9260 1948 1948 0.01 -3.12 0.92 1.88 - 118.42 26.07 12.78 -13.45 -4.79 -41.04 -24.62 11.00 BB+ 02.08.2012 Ba1 06.11.2012
ASML HOLDING NV EUR 28854 911 407 1 0 0 3 26.34 6128 6128 6293 7865 1740 1740 181 181 3.47 3.50 2.96 4.58 26.04 26.13 30.72 19.87 -21.07 24.32 -33.20 9.24 36.77 - - Baa2 11.11.2010
ASSICURAZIONI GENERALI EUR 25407 6016 1541 30 0 4 28 31.32 105467 105402 99411 100735 - - - - 0.93 0.11 1.69 1.86 191.02 - 12.51 11.35 14.01 11.72 - - - A 23.01.2013 Baa2 *- 18.12.2012
AXA SA EUR 43534 6505 2389 14 8 3 40 20.83 148542 148542 129564 131529 - - - - 2.37 2.30 2.55 2.71 10.28 9.97 9.23 8.69 21.54 77.07 - - - A- 18.12.2012 A2 19.03.2003
BANCO BILBAO VIZCAYA ARGENTA EUR 52604 32785 5433 293 0 3 83 #VALUE! 45618 29609 30226 31843 - - - - 0.77 0.33 1.00 1.14 37.76 38.19 12.52 11.00 8.52 12.57 - - - BBB- 16.10.2012 Baa3 24.10.2012
BANCO SANTANDER SA EUR 78743 32490 10321 476 0 13 236 #VALUE! 56437 56437 57737 60400 - - - - 0.78 0.31 0.76 0.89 31.37 11.91 12.77 10.89 -57.17 12.35 - - - BBB 16.10.2012 (P)Baa2 24.10.2012
BASF SE EUR 87637 1626 918 17 0 2 2 104.19 101967 101967 105878 105024 16297 16297 4542 4542 6.48 6.88 7.77 8.36 17.97 19.08 15.89 14.79 9.22 8.50 7.95 4.82 20.70 A+ 10.05.2011 A1 17.11.2010
BAYER AG-REG EUR 83070 990 827 12 0 0 3 92.24 51496 51496 53737 56367 11658 11145 3258 3258 7.24 3.83 7.63 8.40 33.94 19.66 17.04 15.49 11.46 5.61 0.55 8.02 28.03 A- 30.04.2008 A3 17.07.2006
BAYERISCHE MOTOREN WERKE AG EUR 57619 971 656 88 0 0 15 132.36 99531 99531 103088 107606 15102 15133 - - 9.88 10.06 10.09 10.36 11.61 11.82 11.58 11.28 15.11 8.38 - 1.35 20.27 A 16.04.2012 A2 22.07.2011
BNP PARIBAS EUR 68058 4046 1240 1312 9 11 181 #VALUE! 126 K 126 K 52 K 53 K - - - - 7.09 6.90 6.60 7.48 10.28 9.78 10.74 9.48 48.36 14.76 - - - A+ 25.10.2012 A2 21.06.2012
CARREFOUR SA EUR 19726 1915 709 21 0 1 9 33.38 99455 99455 102558 105799 5043 3377 - - 0.28 0.30 1.86 2.11 120.03 44.78 19.38 17.04 -5.90 -3.27 - 1.49 4.21 BBB 15.03.2012 (P)Baa2 15.03.2012
COMPAGNIE DE SAINT-GOBAIN EUR 21325 976 531 16 0 1 5 32.85 55949 55949 55700 57603 3415 3415 - - 1.29 1.89 3.16 3.82 27.54 40.36 16.43 13.62 3.33 0.25 -61.54 -18.70 7.91 BBB 24.07.2009 Baa2 31.07.2009
CRH PLC EUR 16540 768 726 6 0 0 2 20.62 24167 24167 24701 26066 2124 2124 766 766 0.65 0.99 1.10 1.41 29.75 45.27 26.89 20.83 4.14 -2.39 -1.25 -13.62 11.38 BBB+ 17.12.2007 - -
DAIMLER AG-REGISTERED SHARES EUR 62661 2311 1068 110 0 2 19 154.90 148034 148034 151591 160611 15721 15792 - - 7.35 7.40 6.05 7.17 10.28 10.28 12.56 10.60 9.43 22.91 -0.83 -6.71 13.82 A- 23.02.2012 A3 01.10.2007
DANONE EUR 45073 986 606 12 0 0 3 54.23 27029 27029 28586 30352 4515 4565 - - 3.59 3.61 4.08 4.50 25.52 25.63 22.56 20.44 10.40 14.09 - 13.98 22.75 A- 25.07.2007 A3 06.11.2007
DEUTSCHE BANK AG-REGISTERED EUR 40028 4393 929 368 0 2 230 #VALUE! 43494 61069 43818 45103 - - - - 4.12 0.88 5.08 6.55 63.33 11.31 10.97 8.51 -46.92 -7.54 - - - A+ 25.01.2012 A2 21.06.2012
DEUTSCHE TELEKOM AG-REG EUR 47528 9737 4319 58 0 6 8 103.47 75339 75339 74835 74596 22961 22935 5604 5604 1.30 -1.59 0.92 0.95 - 6.73 15.56 15.05 -1.07 -1.80 -15.86 1.93 39.43 BBB+ 19.05.2008 Baa1 22.12.2011
E.ON SE EUR 33458 6242 1907 34 0 5 8 64.17 171083 171083 143633 146139 10935 10935 12339 12339 2.34 1.48 1.69 1.81 14.67 9.24 12.84 11.99 21.95 21.20 126.63 -6.82 8.28 A- 27.07.2012 A3 05.10.2011
EADS NV EUR 44911 3926 822 6 0 0 14 36.78 73151 73151 76062 81126 5086 5164 1396 1396 1.88 1.94 3.48 4.68 36.23 36.21 20.15 15.01 19.38 14.92 30.83 29.92 9.14 A- 22.09.2010 (P)A2 06.12.2012
ENEL SPA EUR 31617 29573 9403 86 0 21 13 126.21 107109 107109 103472 104835 20917 20917 - - 0.12 0.12 0.43 0.46 37.36 - 10.04 9.47 8.56 11.83 -7.89 13.92 25.29 BBB+ 08.03.2012 Baa2 05.11.2012
ENI SPA EUR 84442 8295 3634 32 0 5 10 110.23 164837 164837 155883 158771 31815 31815 9753 9753 0.85 3.10 2.53 2.69 9.71 10.91 11.89 11.20 20.90 7.67 -5.88 -1.36 25.00 A 17.01.2012 A3 16.07.2012
ESSILOR INTERNATIONAL EUR 23906 811 215 1 0 0 1 24.56 6461 6461 6941 7520 1419 1419 - - 3.63 3.64 4.01 4.42 39.64 39.70 35.96 32.60 24.71 15.05 24.80 14.76 28.44 - - - -
FRANCE TELECOM SA EUR 28791 8284 2627 51 0 3 11 71.31 56359 56359 54511 53700 16026 16026 4022 4022 0.95 0.40 1.42 1.38 35.06 14.76 9.88 10.17 -5.04 -4.62 -22.81 -10.95 36.83 A- *- 27.02.2013 A3 23.06.2005
GDF SUEZ EUR 45750 2573 2357 75 0 15 15 120.39 125681 125681 105001 105183 23832 23832 - - 1.73 0.92 1.75 1.82 26.60 14.20 13.99 13.48 9.09 9.27 18.78 26.76 24.56 A *- 29.01.2013 A1 03.07.2012
IBERDROLA SA EUR 32760 14892 6053 43 0 0 9 67.26 44296 45135 43243 44726 9296 9954 2965 2965 0.60 0.61 0.52 0.54 11.09 11.04 13.01 12.41 10.45 10.20 3.28 10.42 28.56 BBB 28.11.2012 (P)Baa1 05.11.2012
INDITEX EUR 82185 508 623 0 0 0 5 76.92 20653 20653 22951 25486 5067 5068 1073 1073 4.91 4.90 5.54 6.23 34.82 - 30.81 27.40 20.22 13.41 28.10 16.49 31.78 - - - -
ING GROEP NV-CVA EUR 30390 18374 3801 269 0 1 23 277.86 52821 54709 58796 60515 - - - - 0.95 0.97 1.27 1.40 10.58 9.88 8.06 7.35 -29.45 -12.01 - - - A 03.09.2009 A3 15.06.2012
INTESA SANPAOLO EUR 25253 144138 16434 149 0 1 52 #VALUE! 23071 22905 21730 22293 - - - - 0.12 0.17 0.15 0.20 11.92 17.00 13.47 10.05 -38.21 -15.28 - - - BBB+ 10.02.2012 Baa2 16.07.2012
KONINKLIJKE PHILIPS ELECTRON EUR 28320 1496 915 6 0 0 5 29.27 32105 32105 32284 33302 3190 3190 763 763 0.37 0.35 2.14 2.43 108.14 77.68 17.88 15.79 12.67 1.96 139.68 -4.59 12.87 A- 11.05.2005 A3 20.04.2006
L'OREAL EUR 94431 275 598 0 0 0 2 92.40 29093 29093 30365 32145 5684 5684 - - 6.14 6.22 6.62 7.17 32.55 32.57 30.57 28.23 13.49 7.49 14.21 6.18 25.31 - - - -
LVMH MOET HENNESSY LOUIS VUI EUR 87910 458 500 9 0 1 3 95.32 36398 36398 39150 42501 8988 9351 3658 3658 9.04 8.88 9.80 11.00 25.24 24.82 22.88 20.39 24.33 14.44 16.64 14.31 33.27 A 20.05.2011 - -
MUENCHENER RUECKVER AG-REG EUR 34238 537 179 8 0 0 4 38.95 85346 85656 72293 75043 - - - - 23.29 23.29 21.10 21.58 10.62 10.62 11.72 11.46 10.61 9.32 - - - AA- 22.12.2006 - -
REPSOL SA EUR 27838 2130 1256 25 0 1 8 45.38 76317 80745 79059 79776 9088 9472 2318 2318 2.13 2.26 2.14 2.24 12.42 - 13.12 12.55 20.41 9.10 27.18 -6.37 15.19 BBB- 19.04.2012 - -
RWE AG EUR 22628 1619 615 26 0 2 7 43.72 65757 65757 68685 69658 11728 11917 - - 2.52 2.76 5.03 4.60 17.36 17.36 9.52 10.41 4.26 5.31 12.02 3.97 23.47 BBB+ 27.07.2012 A3 19.07.2011
SANOFI EUR 129027 1058 1323 19 0 0 8 139.76 45262 45262 46385 48966 16039 16441 - - 5.65 4.87 7.78 8.68 25.87 22.31 16.19 14.51 6.04 6.21 -2.15 3.97 47.05 AA- 18.02.2011 A2 18.02.2011
SAP AG EUR 101895 1316 1229 7 0 0 3 105.30 21010 21012 23336 25720 6392 5925 1446 1446 3.08 3.07 4.52 5.13 35.00 35.07 23.78 20.95 18.10 12.56 0.71 13.92 36.52 - - - -
SCHNEIDER ELECTRIC SA EUR 42262 701 547 11 0 0 5 48.18 31014 31014 31586 33196 4970 4970 - - 4.61 4.39 5.37 5.98 22.45 21.40 18.37 16.48 9.28 10.29 3.89 5.86 20.75 A- 26.11.2008 A3 12.01.2009
SIEMENS AG-REG EUR 95300 2117 856 27 0 1 15 110.27 101407 101891 101313 105182 12502 13406 2649 2649 7.25 7.36 7.91 9.81 19.04 19.27 17.70 14.28 8.87 0.14 -10.36 2.16 17.04 A+ 05.06.2009 - -
SOCIETE GENERALE EUR 28943 5081 754 960 7 6 143 #VALUE! 56642 #VALUE! 30992 32057 - - - - 5.21 1.23 4.70 5.61 38.91 13.49 10.22 8.55 -12.85 - - - - A 23.01.2012 A2 21.06.2012
TELEFONICA SA EUR 65781 11397 4551 87 0 9 15 146.51 80762 80762 77022 77338 26985 27031 - - 1.06 1.15 1.48 1.54 16.34 - 12.68 12.17 -0.99 2.55 9.64 -2.34 43.35 BBB 20.12.2012 Baa2 18.10.2012
TOTAL SA EUR 118174 2899 2258 43 0 2 22 140.89 236108 236108 235632 233593 41890 41370 11241 11241 6.11 6.13 6.80 6.86 10.56 10.58 9.50 9.43 12.25 5.83 -2.27 1.34 22.69 AA- 12.04.2011 Aa1 30.08.2005
UNIBAIL-RODAMCO SE EUR 22300 165 92 15 0 2 0 39.71 2231 2231 2044 2237 1537 1537 - - 22.95 20.45 13.13 14.25 14.88 13.21 23.18 21.35 -14.50 13.38 0.32 20.08 89.25 A 27.06.2007 WR 16.07.2010
UNICREDIT SPA EUR 27323 82047 5789 374 0 5 106 #VALUE! 32444 32630 32032 33137 - - - - -0.04 0.25 0.30 0.54 24.20 - 20.07 11.28 -52.21 -4.52 - - - BBB+ 10.02.2012 Baa2 16.07.2012
UNILEVER NV-CVA EUR 121499 2195 2832 13 0 1 4 131.75 66473 66473 69273 73104 10605 10605 - - 1.97 2.05 2.18 2.37 25.36 26.33 23.78 21.91 13.54 6.92 12.60 5.04 20.66 A+ 05.10.2000 A1 11.07.2000
VINCI SA EUR 26533 907 536 26 0 1 8 45.20 50749 50037 50380 51402 7134 7063 - - 4.56 4.63 4.55 4.81 12.80 12.90 13.04 12.32 5.29 5.51 1.47 4.82 18.28 BBB+ 29.03.2007 Baa1 23.07.2002
VIVENDI EUR 26922 2705 1323 23 0 4 5 48.72 37552 37552 37315 37772 5798 8459 - - 0.37 0.18 2.34 2.50 142.62 54.64 11.23 10.54 0.81 9.04 -63.98 -8.56 29.17 BBB 26.10.2012 Baa2 13.09.2005
VOLKSWAGEN AG-PREF EUR 92472 805 465 152 0 6 34 216.88 249548 373079 263745 276989 31633 47755 5682 5682 59.94 84.84 28.88 32.83 3.14 3.14 9.22 8.11 27.10 73.12 18.54 13.01 16.58 A- 31.08.2009 A3 17.08.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.33 1.28 1.40 9.96 9.96 9.70 8.86 9.96 8.75 8.75 8.08 7.57 8.75 14.11 14.11 12.65 11.44 14.11 2.21 2.21 2.36 2.57 2.21 1675.7 7.4%
Euro Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.74 0.74 0.72 0.70 0.74 5.40 5.40 5.02 4.79 5.40 7.07 7.07 6.69 6.33 7.07 11.18 11.18 10.02 9.16 11.18 4.29 4.29 4.62 4.91 4.29 2898.3 8.2%
NIKKEI 225 1.48 1.48 1.38 1.30 1.48 0.69 0.69 0.65 0.64 0.69 9.24 9.24 7.98 7.47 9.24 9.54 9.54 8.34 7.83 9.54 23.45 23.45 18.44 14.35 23.45 1.69 1.69 1.69 1.97 1.69 11810.1 -3.4%
FTSE 100 INDEX 1.68 1.68 1.56 1.24 1.68 1.01 1.01 0.97 1.00 1.01 7.88 7.88 7.26 5.27 7.88 7.02 7.02 6.58 6.29 7.02 11.81 11.81 10.72 9.79 11.81 3.89 3.89 4.18 4.64 3.89 6790.8 5.6%
SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.83 2.00 12.22 12.22 11.19 9.89 12.22 13.21 13.21 12.21 11.40 13.21 14.88 14.88 13.33 12.12 14.88 3.30 3.30 3.65 4.14 3.30 8025.9 3.2%
S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.44 1.59 8.49 8.49 7.64 7.15 8.49 8.24 8.24 7.29 6.88 8.24 14.16 14.16 12.47 11.46 14.16 3.09 3.09 3.24 3.43 3.09 14548.4 13.4%
S&P/ASX 200 INDEX 1.90 1.90 1.80 1.70 1.90 1.82 1.82 1.71 1.62 1.82 11.21 11.21 10.00 9.13 11.21 9.82 9.82 8.63 8.00 9.82 15.29 15.29 13.61 12.48 15.29 4.34 4.34 4.64 5.00 4.34 5136.0 2.4%
HANG SENG INDEX 1.32 1.32 1.22 1.16 1.32 1.75 1.75 1.61 1.49 1.75 6.98 6.98 6.46 6.07 6.98 8.11 8.11 7.36 6.86 8.11 10.71 10.71 9.80 9.02 10.71 3.59 3.59 3.90 4.63 3.59 25103.6 13.7%
MSCI EM 1.46 1.46 1.33 1.24 1.46 0.98 0.98 0.91 0.87 0.98 6.95 6.95 6.40 6.01 6.95 7.13 7.13 6.54 6.18 7.13 10.93 10.93 9.82 9.13 10.93 5.38 5.38 6.64 8.72 5.38 1190.5 14.2%
AIR LIQUIDE SA 2.77 2.57 2.40 2.24 2.00 1.95 1.83 1.70 1.59 1.55 10.32 9.51 8.89 8.41 7.60 9.57 8.82 8.13 7.57 7.31 18.62 17.10 15.47 14.13 13.25 2.64 2.83 3.10 3.43 3.30 101.44 6.3%
ALLIANZ SE-REG 0.96 0.91 0.87 0.83 0.75 0.48 0.47 0.46 0.45 0.44 9.68 8.99 8.60 8.53 7.93 4.21 4.48 4.71 4.79 5.04 118.03 8.1%
ANHEUSER-BUSCH INBEV NV 3.56 3.31 3.07 2.84 2.43 3.85 3.40 3.14 2.99 2.92 13.59 12.67 11.76 10.93 9.62 12.09 10.66 9.63 8.99 8.84 20.37 19.22 17.04 15.27 14.18 2.00 2.42 2.77 3.34 3.78 75.39 2.3%
ARCELORMITTAL 0.42 0.42 0.41 0.39 0.37 0.28 0.28 0.26 0.26 0.25 4.65 4.93 3.59 2.98 2.12 6.99 6.31 5.20 4.63 4.07 83.94 20.13 9.87 6.79 5.32 3.93 1.49 2.17 2.58 1.74 13.89 25.0%
ASML HOLDING NV 5.27 4.54 3.87 3.14 4.70 4.58 3.67 3.07 2.50 18.47 21.31 13.78 11.30 14.79 16.36 11.14 8.61 7.32 21.84 23.72 15.34 11.37 8.51 0.84 1.01 1.15 1.32 53.78 -0.9%
ASSICURAZIONI GENERALI 0.98 0.92 0.86 0.78 0.25 0.26 0.25 0.26 0.23 14.82 9.66 8.76 7.74 7.92 2.27 3.46 3.98 4.65 4.52 13.55 7.6%
AXA SA 0.70 0.66 0.63 0.57 0.33 0.34 0.33 0.30 7.71 7.13 6.71 6.45 5.18 5.58 5.90 6.27 16.21 15.2%
BANCO BILBAO VIZCAYA ARGENTA 0.98 0.92 0.88 0.83 1.78 1.74 1.65 1.60 3.23 3.21 3.07 21.00 9.67 8.50 7.57 5.63 5.63 5.74 6.23 7.86 5.5%
BANCO SANTANDER SA 0.75 0.78 0.76 0.78 0.90 1.38 1.36 1.30 1.26 1.25 2.20 2.18 2.06 10.34 9.86 8.41 8.19 8.49 10.21 10.49 10.18 9.36 10.40 6.15 6.7%
BASF SE 2.60 2.53 2.35 2.19 1.88 0.87 0.83 0.83 0.80 0.80 8.41 7.98 7.37 7.20 6.16 6.50 6.12 5.83 5.53 5.18 13.57 12.27 11.42 10.72 10.05 3.50 3.71 3.89 4.10 4.14 76.71 4.1%
BAYER AG-REG 3.21 2.97 2.68 2.43 2.15 1.62 1.55 1.47 1.41 1.35 11.48 9.94 9.17 8.10 7.58 8.61 8.09 7.56 7.04 6.69 14.31 13.16 11.96 10.83 10.08 2.34 2.65 2.92 3.16 3.31 78.50 1.2%
BAYERISCHE MOTOREN WERKE AG 1.47 1.33 1.22 1.14 1.05 0.58 0.56 0.54 0.54 0.51 5.39 5.16 4.92 3.65 3.57 7.79 7.75 7.61 7.38 6.95 8.96 8.94 8.71 8.68 8.35 3.75 4.00 4.27 4.18 3.59 79.09 13.6%
BNP PARIBAS 0.68 0.64 0.61 0.58 1.34 1.31 1.27 1.24 5.30 4.72 4.22 5.29 7.77 8.29 7.32 6.81 3.55 4.11 4.98 5.89 52.18 23.4%
CARREFOUR SA 1.95 1.83 1.68 1.59 1.56 0.20 0.19 0.19 0.18 0.18 6.43 5.48 5.04 5.51 4.64 6.96 6.65 6.26 6.01 5.67 17.11 14.97 13.16 11.71 10.67 2.44 2.85 3.26 3.75 3.73 22.87 6.5%
COMPAGNIE DE SAINT-GOBAIN 0.91 0.91 0.87 0.82 0.38 0.38 0.37 0.35 0.35 5.84 5.83 5.33 4.68 5.79 5.72 5.27 4.77 4.32 13.19 12.69 10.52 8.48 7.16 3.76 4.27 4.29 4.47 33.45 7.9%
CRH PLC 1.17 1.16 1.13 1.07 0.68 0.67 0.63 0.59 0.50 9.87 8.84 7.81 6.56 9.94 9.23 8.06 6.93 5.64 23.93 20.76 16.09 12.43 10.21 3.59 3.64 3.73 4.01 15.75 -10.3%
DAIMLER AG-REGISTERED SHARES 1.13 1.08 1.00 0.91 0.84 0.43 0.41 0.39 0.37 0.37 5.50 5.17 4.59 3.66 3.17 9.34 9.41 8.30 7.38 6.29 9.80 9.70 8.18 7.11 7.03 4.72 4.52 4.98 5.59 47.17 4.1%
DANONE 2.63 2.48 2.34 2.17 1.90 1.68 1.58 1.49 1.39 1.32 12.94 12.51 10.78 9.51 9.14 11.59 11.09 10.34 9.54 8.75 18.18 17.42 15.78 14.50 13.06 2.66 2.76 3.02 3.33 3.83 54.08 -1.4%
DEUTSCHE BANK AG-REGISTERED 0.55 0.54 0.51 0.48 0.43 0.92 0.91 0.89 0.86 0.77 5.86 5.10 4.47 4.45 9.29 8.47 6.57 5.40 4.78 2.26 2.32 2.90 3.26 3.23 39.12 17.6%
DEUTSCHE TELEKOM AG-REG 1.29 1.29 1.24 1.22 1.36 0.63 0.64 0.64 0.63 0.63 2.75 2.88 2.83 3.37 3.90 4.43 4.60 4.59 4.49 4.42 13.23 12.01 11.62 10.87 10.59 8.23 6.30 6.03 6.14 6.88 9.20 8.3%
E.ON SE 0.65 0.65 0.63 0.61 0.61 0.23 0.23 0.23 0.22 0.20 3.16 3.87 3.87 3.72 3.64 4.59 5.20 5.10 5.12 4.88 5.76 9.92 9.26 9.49 8.89 8.47 5.69 5.90 5.66 6.04 13.30 3.0%
EADS NV 3.47 3.46 2.77 2.37 2.02 0.63 0.59 0.55 0.53 0.52 11.34 8.80 7.87 5.82 7.00 6.43 5.13 4.38 4.02 3.89 21.67 15.56 11.59 9.56 8.86 1.47 2.29 3.08 3.46 3.61 42.96 2.7%
ENEL SPA 0.60 0.59 0.57 0.54 0.52 0.30 0.31 0.30 0.30 0.29 2.71 2.66 2.42 2.57 2.72 5.87 6.02 5.94 5.77 5.67 7.07 7.75 7.31 6.74 6.78 5.78 5.39 5.55 6.12 5.89 3.09 18.9%
ENI SPA 1.09 1.04 0.98 0.92 0.88 0.54 0.54 0.53 0.52 0.56 3.90 3.57 3.33 3.17 3.71 2.89 2.97 2.86 2.73 2.78 8.93 9.18 8.65 8.06 9.57 6.01 6.10 6.24 6.47 6.35 20.11 12.1%
ESSILOR INTERNATIONAL 5.03 4.53 4.14 3.56 3.70 3.44 3.18 2.90 2.70 23.03 19.92 18.21 17.21 21.27 17.33 16.20 14.81 13.31 12.47 30.62 27.76 25.18 23.01 20.86 1.15 1.20 1.31 1.43 1.50 82.08 -4.5%
FRANCE TELECOM SA 0.81 0.84 0.82 0.79 0.81 0.51 0.53 0.54 0.54 0.55 2.20 2.26 2.33 2.41 2.38 4.03 4.27 4.39 4.48 4.50 6.52 7.63 7.85 7.72 7.47 9.57 9.27 8.96 8.67 9.14 9.60 14.4%
GDF SUEZ 0.52 0.52 0.53 0.54 0.51 0.38 0.44 0.43 0.43 0.40 2.93 3.27 3.19 3.43 3.15 5.45 6.59 6.52 6.35 5.84 9.39 10.80 10.41 9.83 8.49 10.25 9.96 9.99 9.10 9.64 16.47 12.5%
IBERDROLA SA 0.69 0.69 0.68 0.66 0.80 0.76 0.73 0.71 0.74 4.26 4.58 4.66 4.23 6.70 6.83 6.56 6.30 6.01 8.81 10.03 9.59 9.72 9.86 7.75 7.31 7.28 7.21 7.70 4.40 9.1%
INDITEX 7.45 6.81 5.92 5.15 3.87 3.97 3.58 3.22 2.92 2.64 19.67 17.90 15.97 14.25 14.96 13.49 12.04 10.85 9.68 26.58 23.76 21.17 18.94 16.96 2.23 2.47 2.81 3.13 3.58 108.25 6.3%
ING GROEP NV-CVA 0.46 0.44 0.41 0.40 0.55 0.52 0.50 0.44 7.91 6.23 5.68 5.26 6.38 0.00 0.28 3.35 4.48 7.96 30.1%
INTESA SANPAOLO 0.40 0.39 0.38 0.36 1.12 1.16 1.13 1.11 2.49 2.52 2.39 2.60 12.20 10.39 7.77 6.39 7.47 4.26 4.52 5.77 6.69 7.53 1.43 20.0%
KONINKLIJKE PHILIPS ELECTRON 1.83 1.82 1.71 1.47 1.40 0.88 0.88 0.85 0.81 0.81 11.13 9.13 7.77 6.77 6.68 8.20 6.60 6.04 5.51 5.58 19.12 13.80 12.19 10.94 9.78 3.32 3.45 3.71 3.97 4.14 24.07 5.4%
L'OREAL 3.82 3.34 3.08 2.85 2.38 3.26 3.11 2.94 2.75 2.63 20.07 18.58 17.21 16.05 15.22 16.09 15.06 14.02 13.10 12.32 25.22 23.60 21.80 19.89 18.81 1.83 2.03 2.21 2.48 2.64 113.27 -6.1%
LVMH MOET HENNESSY LOUIS VUI 2.69 2.48 2.25 2.04 1.65 2.42 2.25 2.07 1.91 1.78 14.12 13.11 11.87 11.20 11.36 10.47 9.65 8.73 7.91 7.60 18.55 17.67 15.75 14.08 12.56 2.24 2.45 2.77 3.08 3.24 152.43 14.0%
MUENCHENER RUECKVER AG-REG 0.99 0.93 0.88 0.82 0.81 0.47 0.47 0.46 0.44 0.38 8.34 9.05 8.85 8.90 9.78 4.61 4.75 4.88 5.13 5.31 145.93 -1.0%
REPSOL SA 0.79 0.75 0.72 0.68 0.59 0.36 0.35 0.35 0.38 0.40 4.30 4.20 4.00 4.09 4.11 4.98 4.74 4.59 4.47 4.15 10.67 10.13 9.69 9.50 8.83 5.29 5.52 5.68 5.83 5.92 18.75 11.9%
RWE AG 1.09 1.11 1.06 1.03 0.90 0.34 0.33 0.32 0.32 0.30 2.93 3.06 3.04 3.34 2.82 3.85 3.85 3.92 3.96 4.00 7.02 7.35 8.04 8.41 8.05 7.07 6.90 6.62 6.26 6.43 30.18 5.7%
SANOFI 1.72 1.69 1.62 1.53 1.43 2.86 2.78 2.63 2.50 2.40 10.67 10.67 9.82 8.20 7.73 8.02 8.20 7.57 6.95 6.68 12.13 12.50 11.20 10.15 9.40 3.69 3.91 4.34 4.84 5.37 79.78 6.2%
SAP AG 5.41 4.62 3.88 3.23 2.72 4.82 4.37 3.96 3.63 3.36 19.86 15.97 14.08 12.21 11.42 14.72 12.77 11.27 10.12 8.98 20.75 18.36 16.18 14.36 13.37 1.31 1.49 1.73 1.92 1.87 65.32 2.0%
SCHNEIDER ELECTRIC SA 1.90 1.82 1.69 1.59 1.36 1.34 1.27 1.19 11.97 11.45 10.18 9.70 9.82 9.14 8.38 7.81 15.32 14.18 12.72 11.69 2.99 3.29 3.59 3.91 59.26 0.9%
SIEMENS AG-REG 2.24 2.27 2.06 1.87 1.46 0.95 0.94 0.91 0.87 0.84 9.98 11.15 9.07 8.26 8.39 8.59 8.94 7.45 6.90 7.18 13.61 13.67 11.02 10.26 9.40 3.68 3.75 4.05 4.30 4.59 86.31 3.3%
SOCIETE GENERALE 0.51 0.48 0.46 0.43 0.97 0.93 0.90 0.87 4.37 3.91 3.55 4.44 10.34 7.89 6.61 5.90 1.76 3.55 4.67 6.00 33.99 18.7%
TELEFONICA SA 2.22 2.12 1.99 1.81 1.75 0.82 0.85 0.85 0.85 0.84 3.49 3.62 3.54 3.45 4.59 5.34 5.55 5.52 5.53 5.54 9.19 9.79 9.39 8.86 9.19 1.15 6.70 7.08 6.67 8.60 11.27 1.0%
TOTAL SA 1.18 1.10 1.01 0.93 0.93 0.51 0.50 0.51 0.52 0.52 3.99 3.83 3.73 3.47 3.31 3.22 3.22 3.15 3.06 2.71 7.07 7.34 7.28 6.84 6.33 6.06 6.15 6.28 6.57 6.74 45.69 18.5%
UNIBAIL-RODAMCO SE 1.37 1.24 1.15 1.05 0.88 13.00 10.91 9.97 9.38 8.49 18.19 17.61 16.28 14.52 12.66 23.31 21.89 20.22 18.78 18.15 19.10 17.90 16.49 15.08 13.75 4.63 4.87 5.23 5.62 5.94 182.08 0.3%
UNICREDIT SPA 0.34 0.34 0.33 0.32 0.83 0.85 0.82 0.80 2.08 2.04 1.85 1.66 25.47 15.50 8.71 6.05 1.59 2.09 3.60 4.59 4.08 12.1%
UNILEVER NV-CVA 5.60 5.12 4.51 3.99 3.55 1.83 1.75 1.66 1.56 1.49 15.58 14.32 13.28 12.05 11.34 12.34 11.58 10.83 9.98 9.58 19.57 18.36 16.91 15.55 14.38 3.07 3.27 3.49 3.72 4.03 31.48 1.8%
VINCI SA 1.45 1.37 1.30 1.22 1.04 0.53 0.53 0.52 0.50 0.47 5.17 5.01 4.88 4.61 4.32 6.38 6.30 6.13 5.86 5.48 10.24 10.07 9.51 8.95 8.01 5.06 5.11 5.32 5.81 5.94 43.76 23.8%
VIVENDI 1.00 1.03 0.99 0.98 1.00 0.73 0.72 0.71 0.70 0.69 3.44 3.71 3.58 3.48 3.46 4.73 4.83 4.71 4.65 4.45 7.82 8.68 8.13 8.06 8.24 6.38 6.29 6.55 6.98 8.91 17.84 13.6%
VOLKSWAGEN AG-PREF 0.95 0.87 0.78 0.71 0.66 0.37 0.35 0.33 0.32 0.31 3.33 3.35 2.99 3.02 2.95 7.67 6.95 6.22 5.50 5.18 7.40 7.12 6.26 5.22 4.85 2.43 2.88 3.51 4.84 4.13 193.08 21.6%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 20.03.2013
Air Liquide SA
Air Liquide SA, through its subsidiaries, produces, markets, and sells Price/Volume
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
120 3.5 M
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
100 3.0 M
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia. 2.5 M
80
2.0 M
60
Valuation Analysis 1.5 M
Latest Fiscal Year: 12/2012 40
1.0 M
LTM as of: 12/yy 20 .5 M
52-Week High (21.09.2012) 100.00
0 .0 M
52-Week Low (18.05.2012) 83.45 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 388'658.00
Current Price (3/dd/yy) 95.4 Market Data
52-Week High % Change -4.61% Dividend Yield -
52-Week Low % Change 14.32% Beta 0.76
% 52 Week Price Range High/Low 77.46% Equity Float 310.90
Shares Out 08.03.2013 312.5 Short Int -
Market Capitalization 29'808.03 1 Yr Total Return 7.57%
Total Debt 7'273.70 YTD Return 0.37%
Preferred Stock 0.0 Adjusted BETA 0.760
Minority Interest 232.6 Analyst Recs 35
Cash and Equivalents 1'154.20 Consensus Rating 3.600
Enterprise Value 36'160.13 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 858'291
AI FP EQUITY YTD Change - Average Volume 30 Day 913'021
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 747'406
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
Total Revenue 13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'255.5 15'326.0 16'324.5 17'508.7 3'964.3 3'952.3
TEV/Revenue 1.73x 2.25x 2.38x 2.25x 2.35x 0.00x 0.00x 2.20x 2.03x - 9.11x
EBITDA 2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'096.0 4'445.7 - 1'976.0
TEV/EBITDA 7.71x 9.08x 9.50x 9.13x 9.50x 0.00x 0.00x 8.82x 8.13x - -
Net Income 1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'738.4 1'922.1 - 879.0
P/E 13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 17.10x 15.47x - -
Profitability S&P Issuer Ratings
EBITDA 3'792.30 Long-Term Rating Date 02.07.2007
EBIT 2'560.50 Long-Term Rating A
Operating Margin 16.71% Long-Term Outlook POS
Pretax Margin 14.63% Short-Term Rating Date 06.05.2004
Return on Assets 6.55% Short-Term Rating A-1
Return on Common Equity 16.12% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 14.00
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11
Margin Analysis Net Debt/EBITDA 1.61
Gross Margin - Total Debt/EBITDA 1.92
EBITDA Margin 24.7% Reference
EBIT Margin 16.7% Total Debt/Equity 71.2%
Net Income Margin 10.5% Total Debt/Capital 41.1%
Structure Asset Turnover 0.62
Current Ratio 1.03 Net Fixed Asset Turnover 1.23
Quick Ratio 0.77 Accounts receivable turnover-days 66.93
Debt to Assets 29.09% Inventory Days -
Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.47 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
14.00 18'000.0
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00 10'000.0
6.00
8'000.0
6'000.0
4.00
4'000.0
2.00 2'000.0
0.00
0.0
01.01.2010 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 |

5. 20.03.2013
Air Liquide SA
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'647'329 1.81 119'140 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.46 - 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'548'431 1.46 85'185 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 3'524'993 1.13 4'486 14.03.2013 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (1'936'514) -0.62 (343'575) 11.03.2013 Hedge Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 1'892'286 0.61 89'844 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'445'602 0.46 (836) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'185'320 0.38 58'091 15.03.2013 Investment Advisor
AIR LIQUIDE n/a Co File 1'119'676 0.36 - 31.12.2011 Corporation
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 967'645 0.31 (15'196) 14.03.2013 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 965'341 0.31 (422) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 921'742 0.3 (6'180) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 731'181 0.23 308'898 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 696'712 0.22 (19'889) 31.10.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 629'057 0.2 9'691 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 589'606 0.19 (121'484) 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 522'156 0.17 (44'516) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JEAN DE WATTEVILLE neutral 3 M 108 12 month 18.03.2013
AlphaValue FABRICE FARIGOULE add 4 M 99 6 month 07.03.2013
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 05.03.2013
Day by Day VALERIE GASTALDY buy 5 U 107 3 month 05.03.2013
Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 102 Not Provided 04.03.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 108 12 month 27.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 25.02.2013
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 22.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 95 12 month 18.02.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013
Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013
Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 15.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 15.02.2013
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013
Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 14.02.2013
HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 14.02.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013
Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012
JPMorgan NEIL C TYLER neutral 3 M 100 9 month 07.12.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 100 12 month 21.11.2012
CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012
CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012
DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 20.03.2013
Allianz SE
Allianz SE, through subsidiaries, offers insurance and financial services. The Price/Volume
Company offers property and casualty, life and health, credit, motor vehicle and
120 7.0 M
travel insurance, and fund management services.
100 6.0 M
5.0 M
80
4.0 M
60
Valuation Analysis 3.0 M
Latest Fiscal Year: 12/2012 40
2.0 M
LTM as of: 12/yy 20 1.0 M
52-Week High (14.03.2013) 114.05
0 .0 M
52-Week Low (04.06.2012) 68.50 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 2'003'149.00
Current Price (3/dd/yy) 109.15 Market Data
52-Week High % Change -4.30% Dividend Yield -
52-Week Low % Change 59.34% Beta 1.24
% 52 Week Price Range High/Low 96.05% Equity Float 451.47
Shares Out 31.12.2012 456.0 Short Int -
Market Capitalization 49'766.94 1 Yr Total Return 22.65%
Total Debt 28'411.00 YTD Return 4.15%
Preferred Stock 0.0 Adjusted BETA 1.244
Minority Interest 2'338.0 Analyst Recs 43
Cash and Equivalents 10'492.00 Consensus Rating 4.326
Enterprise Value 68'398.94 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 2'226'497
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'941'754
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'702'487
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
Total Revenue 76'195.0 82'711.0 89'740.0 87'384.0 106'400.0 87'384.0 96'790.0 105'282.2 108'382.1 - -
TEV/Revenue 0.69x 0.75x 0.67x 0.61x - 2.70x 1.86x 0.58x 0.56x - -
EBITDA - - - - - 0.0 0.0 - - - -
TEV/EBITDA - - - - - 0.00x 0.00x - - - -
Net Income (2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 2'545.0 5'169.0 5'444.5 5'676.8 - -
P/E 8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.99x 8.60x - -
Profitability S&P Issuer Ratings
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 7.01% Long-Term Outlook NEG
Pretax Margin 5.45% Short-Term Rating Date 23.03.2009
Return on Assets 0.67% Short-Term Rating A-1+
Return on Common Equity 9.30% Credit Ratios
Return on Capital 7.26% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 4.9% Total Debt/Capital 37.5%
Structure Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.43% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
7.00 120'000.0
6.00 100'000.0
5.00
80'000.0
4.00
60'000.0
3.00
40'000.0
2.00
20'000.0
1.00
0.00
0.0
01.01.2010 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 |

7. 20.03.2013
Allianz SE
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 14.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'563'293 1.88 175'318 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'736'439 1.26 (2'666'263) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'764'728 1.05 4'899 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'712'687 1.03 1'113'916 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'513'764 0.99 546'507 28.09.2012 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'475'337 0.98 - 28.02.2013 Unclassified
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'451'739 0.98 (153'349) 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'028'939 0.66 (352'189) 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'263'956 0.5 135'754 28.12.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 1'843'650 0.4 - 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'630'559 0.36 (602'365) 30.11.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'516'111 0.33 303'500 28.12.2012 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'441'075 0.32 433'235 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'399'861 0.31 (22'011) 14.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'000'446 0.22 48'589 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 14.03.2013
Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 95 12 month 08.03.2013
AlphaValue DIETER HEIN add 4 M 112 6 month 07.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 05.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 05.03.2013
Berenberg Bank PETER ELIOT buy 5 M 132 Not Provided 05.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 135 12 month 03.03.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 122 12 month 01.03.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 27.02.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 105 12 month 26.02.2013
Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 26.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 25.02.2013
Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 25.02.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 120 12 month 25.02.2013
Nord/LB VOLKER SACK buy 5 M 113 12 month 22.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 125 12 month 21.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 21.02.2013
Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 Not Provided 20.02.2013
Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013
Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013
Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013
Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013
Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013
Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013
Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013
Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012
Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012
Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012
Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012
Espirito Santo Investment Bank Research FERNEYHOUGH
JOY neutral 3 M 92 Not Provided 11.11.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |