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Fundamental analysis & recommendations qms advisors flex index spi index - the swiss performance index is a total rate of return index of 300+ stocks issued by swiss companies.
1. Fundamental Analysis &
Analyst Recommendations
QMS Advisors FlexIndex SPI Top 100
The Swiss Performance Index is a total rate of return index of stocks issued by Swiss
companies whose shares are traded on the Electronic Bourse System.
October 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 |
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.
8. 27.09.2013
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.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (03.04.2013) 70.00
52-Week Low (16.11.2012) 58.30
Daily Volume
63.35
52-Week High % Change -9.50% Dividend Yield -
52-Week Low % Change 8.66% Beta 0.77
% 52 Week Price Range High/Low 43.59% Equity Float 3'218.97
Shares Out 30.06.2013 3'224.8 Short Int -
204'291.08 1 Yr Total Return 9.52%
Total Debt 27'416.00 YTD Return 9.62%
Preferred Stock 0.0 Adjusted BETA 0.770
Minority Interest 1'657.0 Analyst Recs 41
Cash and Equivalents 9'296.00 Consensus Rating 3.756
Enterprise Value 228'164.08
Average Volume 5 Day 4'037'156
NESN VX EQUITY YTD Change - Average Volume 30 Day 4'146'081
NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'393'399
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
103'086.0 100'579.0 88'015.0 83'770.0 89'931.0 85'516 93'257 94'773 99'553 24'109 25'353
1.64x 1.96x 2.08x 2.23x 2.33x 0.00x 0.00x 2.34x 2.21x - -
15'533.0 16'048.0 15'611.0 15'373.0 - 0.0 0.0 17'916.9 19'122.3 - -
10.89x 12.28x 11.72x 12.17x - 0.00x 0.00x 12.73x 11.92x - -
18'039.0 10'428.0 34'233.0 9'487.0 10'228.0 0.0 0.0 10'987.1 11'836.2 - -
20.80x 19.38x 21.06x 18.18x 18.57x 0.00x 0.00x 18.29x 16.95x - -
EBITDA - Long-Term Rating Date 16.08.2007
EBIT 13'388.00 Long-Term Rating AA
Operating Margin 14.89% Long-Term Outlook STABLE
Pretax Margin 15.50% Short-Term Rating Date 23.11.1981
Return on Assets 8.61% Short-Term Rating A-1+
Return on Common Equity 17.63%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 47.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 15.1% Total Debt/Equity 44.9%
Net Income Margin 11.4% Total Debt/Capital 30.4%
Asset Turnover 0.76
Current Ratio 0.90 Net Fixed Asset Turnover 3.65
Quick Ratio 0.24 Accounts receivable turnover-days -
Debt to Assets 21.82% Inventory Days 72.59
Tot Debt to Common Equity 44.94% Accounts Payable Turnover Day 101.58
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover 5.03
Fiscal Year Ended
Nestle SA
Price/Volume
Valuation Analysis
2'622'659.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
10
20
30
40
50
60
70
80
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
16.0 M
18.0 M
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
9. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 119'317'602 3.7 - 25.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 82'413'972 2.56 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 73'166'337 2.27 (8'914'860) 31.07.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 43'559'622 1.35 (706'405) 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 38'099'853 1.18 (286'474) 30.06.2013 Unclassified
UBS AG n/a ULT-AGG 35'568'651 1.1 (332'690) 26.09.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 29'540'987 0.92 1'921'300 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 22'256'091 0.69 (652'986) 31.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 18'952'159 0.59 (255'323) 30.08.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'210'070 0.56 (418'183) 30.08.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 14'542'915 0.45 3'878'565 30.04.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 13'738'810 0.43 1'149'170 28.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'012'758 0.4 2'709'903 30.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'851'701 0.37 (35'644) 30.06.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 10'626'606 0.33 284'489 31.07.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'051'508 0.31 (44'643) 28.03.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 8'153'102 0.25 197'400 31.07.2013 Hedge Fund Manager
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'312'412 0.23 (179'216) 30.06.2013 Investment Advisor
COVEA FINANCE SAS Multiple Portfolios MF-AGG 7'202'794 0.22 7'056'334 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'838'510 0.18 264'291 26.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 71 12 month 27.09.2013
JPMorgan CELINE PANNUTI overweight 5 M 72 12 month 27.09.2013
AlphaValue SOPHIE CABO-BROSETA add 4 M 69 6 month 26.09.2013
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 68 12 month 25.09.2013
Exane BNP Paribas JEFF STENT neutral 3 M 72 Not Provided 25.09.2013
SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 U 72 Not Provided 24.09.2013
Societe Generale WARREN L ACKERMAN buy 5 M 73 12 month 23.09.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013
First Global Stockbroking DEVINA MEHRA long-term outperform 5 M 82 Not Provided 18.09.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 17.09.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 17.09.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 78 12 month 13.09.2013
Goldman Sachs MITCHELL COLLETT neutral/neutral 3 M 64 12 month 12.09.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 67 Not Provided 12.09.2013
Natixis PIERRE TEGNER buy 5 M 70 Not Provided 12.09.2013
Bank am Bellevue MICHAEL HEIDER hold 3 M 65 Not Provided 05.09.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 69 12 month 05.09.2013
Nomura DAVID HAYES reduce 2 M 60 12 month 02.09.2013
Credit Suisse ALEX MOLLOY outperform 5 M 76 Not Provided 15.08.2013
Helvea ANDREAS VON ARX hold 3 M 67 12 month 15.08.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 14.08.2013
Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 12.08.2013
Investec MARTIN DEBOO hold 3 M 65 12 month 09.08.2013
Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 09.08.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 09.08.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 60 12 month 08.08.2013
Jefferies ALEX HOWSON buy 5 M 74 12 month 08.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 08.08.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 66 12 month 08.08.2013
Kepler Cheuvreux JON COX hold 3 M 60 Not Provided 08.08.2013
S&P Capital IQ CARL SHORT hold 3 M 66 12 month 08.08.2013
Barclays LIAM ROWLEY overweight 5 M 73 Not Provided 08.08.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 22.07.2013
UBS ALAN ERSKINE neutral 3 M 65 12 month 13.06.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 65 12 month 02.05.2013
HSBC CEDRIC BESNARD neutral 3 M 67 Not Provided 18.04.2013
Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 18.04.2013
National Bank AG STEFFEN MANSKE hold 3 M 64 Not Provided 24.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Holdings By:
Nestle SA
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
10. 27.09.2013
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.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 73.75
52-Week Low (20.11.2012) 55.20
Daily Volume
69.7
52-Week High % Change -5.49% Dividend Yield -
52-Week Low % Change 26.27% Beta 0.88
% 52 Week Price Range High/Low 79.25% Equity Float 2'423.83
Shares Out 30.06.2013 2'706.2 Short Int -
188'621.64 1 Yr Total Return 25.58%
Total Debt 19'726.00 YTD Return 25.80%
Preferred Stock 0.0 Adjusted BETA 0.882
Minority Interest 126.0 Analyst Recs 30
Cash and Equivalents 8'119.00 Consensus Rating 3.933
Enterprise Value 222'290.61
Average Volume 5 Day 2'962'546
NOVN VX EQUITY YTD Change - Average Volume 30 Day 3'283'748
NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 3'168'414
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 57'662.0 57'139.0 57'472.1 59'032.0 14'272.3 14'646.7
2.76x 2.72x 3.08x 2.61x 2.89x 10.61x 12.33x 3.77x 3.60x - -
12'109.0 12'318.0 15'866.0 17'818.0 16'714.0 16'889.0 16'476.0 16'751.8 17'582.2 - -
9.44x 9.79x 9.81x 8.58x 9.82x 8.96x 11.37x 13.26x 12.64x - -
8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 8'534.0 9'408.0 12'601.5 13'437.1 3'188.0 2'975.0
13.89x 14.73x 13.70x 14.94x 16.01x 15.87x 18.37x 15.00x 13.83x 14.97x 14.47x
EBITDA 16'714.00 Long-Term Rating Date 07.04.2008
EBIT 11'794.00 Long-Term Rating AA-
Operating Margin 20.81% Long-Term Outlook STABLE
Pretax Margin 19.84% Short-Term Rating Date 14.01.1997
Return on Assets 7.85% Short-Term Rating A-1+
Return on Common Equity 14.08%
Return on Capital 11.58% EBITDA/Interest Exp. 23.09
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 19.36
Net Debt/EBITDA 0.83
Gross Margin 66.9% Total Debt/EBITDA 1.15
EBITDA Margin 28.8%
EBIT Margin 20.1% Total Debt/Equity 28.5%
Net Income Margin 16.8% Total Debt/Capital 22.2%
Asset Turnover 0.48
Current Ratio 1.16 Net Fixed Asset Turnover 3.53
Quick Ratio 0.76 Accounts receivable turnover-days 67.96
Debt to Assets 15.88% Inventory Days 131.10
Tot Debt to Common Equity 28.55% Accounts Payable Turnover Day 88.33
Accounts Receivable Turnover 5.37 Cash Conversion Cycle 90.49
Inventory Turnover 2.78
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Novartis AG
Price/Volume
Valuation Analysis
1'788'344.00
Current Price (9/dd/yy) Market Data
0
10
20
30
40
50
60
70
80
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
16.0 M
18.0 M
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 124'079'873 4.59 (2'058'246) 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 114'286'957 4.22 4'207'764 25.09.2013 Investment Advisor
NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation
EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager
NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a
NORGES BANK Multiple Portfolios MF-AGG 60'347'393 2.23 - 31.12.2012 Government
DODGE & COX WORLDWID Multiple Portfolios MF-AGG 37'058'506 1.37 - 31.03.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 36'398'922 1.35 (534'812) 30.08.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 33'278'472 1.23 884'368 30.06.2013 Unclassified
UBS AG n/a ULT-AGG 30'276'362 1.12 (173'119) 26.09.2013 Unclassified
PICTET FUNDS n/a ULT-AGG 15'275'859 0.56 (182'751) 31.05.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'441 0.5 (145) 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'705'499 0.43 (294'812) 26.09.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 10'323'016 0.38 1'160'179 26.09.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'867'796 0.36 - 31.07.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'816'259 0.33 49'996 28.03.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 8'442'000 0.31 7'906'126 28.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'045'224 0.3 (224'496) 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 7'612'347 0.28 245'641 31.07.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'455'831 0.24 188'898 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 80 12 month 27.09.2013
Helvea ODILE RUNDQUIST buy 5 M 76 12 month 27.09.2013
AlphaValue ARMELLE MOULIN add 4 M 72 6 month 26.09.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 76 6 month 23.09.2013
Natixis BEATRICE MUZARD neutral 3 M 72 6 month 23.09.2013
Exane BNP Paribas FLORENT CESPEDES outperform 5 M 79 Not Provided 19.09.2013
Bank Vontobel AG ANDREW C WEISS reduce 2 M 60 Not Provided 16.09.2013
Barclays MARK PURCELL underweight 1 D 64 Not Provided 16.09.2013
Jefferies JEFFREY HOLFORD buy 5 M 80 12 month 10.09.2013
Deutsche Bank TIM RACE hold 3 M 74 12 month 04.09.2013
Credit Suisse MATTHEW WESTON outperform 5 M 79 Not Provided 29.08.2013
Societe Generale STEPHEN MCGARRY buy 5 M 82 12 month 28.08.2013
Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 20.08.2013
Liberum Capital Ltd NARESH CHOUHAN buy 5 M 85 Not Provided 16.08.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 83 Not Provided 26.07.2013
Bank am Bellevue BRUNO ESCHLI hold 3 M 70 Not Provided 23.07.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 22.07.2013
Kepler Cheuvreux FABIAN WENNER hold 3 M 66 Not Provided 19.07.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 75 Not Provided 17.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 17.07.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 17.07.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 12 month 17.07.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 69 12 month 17.07.2013
JPMorgan RICHARD VOSSER overweight 5 M 78 9 month 10.07.2013
Redburn Partners TEAM COVERAGE neutral 3 D #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 76 12 month 17.05.2013
UBS ANDREW WHITNEY buy 5 M 80 12 month 19.03.2013
Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012
National Bank AG STEFFEN MANSKE buy 5 M 64 Not Provided 21.10.2010
Holdings By:
Novartis AG
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12. 27.09.2013
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.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 258.60
52-Week Low (16.11.2012) 174.20
Daily Volume
243.6
52-Week High % Change -5.80% Dividend Yield -
52-Week Low % Change 39.84% Beta 0.96
% 52 Week Price Range High/Low 81.52% Equity Float 701.88
Shares Out 30.06.2013 702.6 Short Int -
209'944.28 1 Yr Total Return 41.32%
Total Debt 24'590.00 YTD Return 36.94%
Preferred Stock 0.0 Adjusted BETA 0.963
Minority Interest 2'234.0 Analyst Recs 32
Cash and Equivalents 13'991.00 Consensus Rating 4.500
Enterprise Value 225'683.27
Average Volume 5 Day 1'013'379
ROG VX EQUITY YTD Change - Average Volume 30 Day 910'162
ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 966'270
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 43'283.0 46'371.0 47'285.3 49'053.6 11'709.3 12'208.3
2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.62x 4.34x - -
16'673.0 18'936.0 18'358.0 17'894.0 19'400.0 0.0 0.0 20'096.4 21'180.6 - -
8.03x 9.38x 7.65x 8.68x 8.84x 0.00x 0.00x 11.22x 10.65x - -
8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'688.5 13'720.2 - -
15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 16.19x 15.08x - -
EBITDA 19'400.00 Long-Term Rating Date 17.09.2012
EBIT 16'979.00 Long-Term Rating AA
Operating Margin 37.32% Long-Term Outlook STABLE
Pretax Margin 27.08% Short-Term Rating Date 01.02.2006
Return on Assets 18.86% Short-Term Rating A-1+
Return on Common Equity 95.24%
Return on Capital 32.70% EBITDA/Interest Exp. 13.90
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 12.34
Net Debt/EBITDA 0.69
Gross Margin 73.8% Total Debt/EBITDA 1.09
EBITDA Margin 42.3%
EBIT Margin 37.1% Total Debt/Equity 169.7%
Net Income Margin 21.0% Total Debt/Capital 59.5%
Asset Turnover 0.78
Current Ratio 1.55 Net Fixed Asset Turnover 2.98
Quick Ratio 1.16 Accounts receivable turnover-days 75.45
Debt to Assets 37.94% Inventory Days 172.09
Tot Debt to Common Equity 169.66% Accounts Payable Turnover Day 50.98
Accounts Receivable Turnover 4.84 Cash Conversion Cycle 181.16
Inventory Turnover 2.12
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Roche Holding AG
Price/Volume
Valuation Analysis
593'725.00
Current Price (9/dd/yy) Market Data
0
50
100
150
200
250
300
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
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1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
3.5 M
4.0 M
4.5 M
5.0 M
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
13. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC n/a ULT-AGG 21'048'484 3 122'672 30.06.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 16'154'814 2.3 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 15'092'299 2.15 (1'202'673) 31.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'774'878 1.82 86'423 25.09.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'513'329 1.5 (85'966) 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 9'877'114 1.41 (142'317) 30.08.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 9'230'703 1.31 (674'837) 31.08.2013 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 9'115'734 1.3 101'592 31.08.2013 Investment Advisor
UBS AG n/a ULT-AGG 8'102'750 1.15 (84'788) 26.09.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 7'496'200 1.07 (220'000) 30.06.2013 Investment Advisor
DODGE & COX WORLDWID Multiple Portfolios MF-AGG 7'367'775 1.05 - 31.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'770'910 0.68 102'790 31.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'700'633 0.67 1'789 31.07.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'691'073 0.67 (5'018) 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 4'440'628 0.63 (50'098) 30.08.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'673'776 0.52 (16'576) 26.09.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'538'214 0.5 (347'600) 31.07.2013 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'973'460 0.42 230'399 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'644'689 0.38 (844'094) 30.04.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 2'368'760 0.34 (15'066) 31.08.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 273 12 month 27.09.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 252 6 month 27.09.2013
Societe Generale STEPHEN MCGARRY buy 5 M 312 12 month 26.09.2013
AlphaValue ARMELLE MOULIN add 4 M 252 6 month 26.09.2013
Natixis PHILIPPE LANONE buy 5 M 285 6 month 23.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.09.2013
Exane BNP Paribas VINCENT MEUNIER neutral 3 M 250 Not Provided 23.09.2013
Helvea ODILE RUNDQUIST buy 5 M 270 12 month 23.09.2013
JPMorgan RICHARD VOSSER overweight 5 M 280 9 month 19.09.2013
UBS ANDREW WHITNEY neutral 3 M 225 12 month 17.09.2013
Barclays MARK PURCELL overweight 5 M 258 Not Provided 16.09.2013
Jefferies JEFFREY HOLFORD buy 5 M 280 12 month 10.09.2013
Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 05.09.2013
Deutsche Bank TIM RACE buy 5 M 280 12 month 04.09.2013
Bank am Bellevue BRUNO ESCHLI buy 5 M 263 Not Provided 28.08.2013
Kepler Cheuvreux FABIAN WENNER buy 5 M 260 Not Provided 27.08.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 270 Not Provided 30.07.2013
Credit Suisse LUISA HECTOR outperform 5 M 270 Not Provided 26.07.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 295 12 month 26.07.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 26.07.2013
Bank Vontobel AG ANDREW C WEISS buy 5 M 263 Not Provided 26.07.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 290 Not Provided 25.07.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 284 12 month 25.07.2013
Liberum Capital Ltd NARESH CHOUHAN buy 5 U 250 Not Provided 28.06.2013
CM - CIC Securities(ESN) ARSENE GUEKAM buy 5 U 281 12 month 18.06.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013
EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013
Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 310 12 month 17.05.2013
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 262 12 month 10.05.2013
National Bank AG STEFFEN MANSKE hold 3 N 210 Not Provided 31.01.2013
Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011
Holdings By:
Roche Holding AG
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
14. 27.09.2013
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.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (19.09.2013) 19.60
52-Week Low (01.10.2012) 11.29
Daily Volume
18.77
52-Week High % Change -4.23% Dividend Yield -
52-Week Low % Change 66.27% Beta 1.34
% 52 Week Price Range High/Low 90.86% Equity Float 3'469.49
Shares Out 30.06.2013 3'839.2 Short Int -
72'061.63 1 Yr Total Return 62.98%
Total Debt 267'401.00 YTD Return 32.71%
Preferred Stock 0.0 Adjusted BETA 1.336
Minority Interest 4'353.0 Analyst Recs 43
Cash and Equivalents 66'383.00 Consensus Rating 3.628
Enterprise Value 220'592.63
Average Volume 5 Day 8'036'652
UBSN VX EQUITY YTD Change - Average Volume 30 Day 8'223'609
UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 8'596'575
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
67'219.0 44'658.0 46'526.0 40'880.0 37'754.0 37'651.0 38'698.0 29'144.9 29'630.2 6'908.0 7'276.0
8.31x 9.51x 8.39x 9.20x 6.86x 35.58x 25.76x 37.94x 33.37x - -
37'052.0 19'874.0 20'964.0 17'464.0 15'529.0 12'178.0 13'651.0 - - - -
15.08x 21.36x 18.62x 21.53x 16.67x 0.00x 0.00x - - - -
(21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 2'762.0 (2'384.0) 3'832.0 4'887.6 822.0 1'034.0
- - 7.71x 10.16x - 15.14x 0.00x 18.88x 14.51x 15.05x 13.90x
EBITDA 15'529.00 Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 5.80% Long-Term Outlook STABLE
Pretax Margin -4.70% Short-Term Rating Date 19.12.2008
Return on Assets -0.19% Short-Term Rating A-1
Return on Common Equity -4.68%
Return on Capital -0.63% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 582.6%
Net Income Margin -6.7% Total Debt/Capital 84.2%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover 6.44
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 21.24% Inventory Days -
Tot Debt to Common Equity 582.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
UBS AG
Price/Volume
Valuation Analysis
4'804'158.00
Current Price (9/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
5
10
15
20
25
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
15. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GIC PRIVATE LIMITED n/a ULT-AGG 245'596'591 6.4 - 12.09.2013 Government
UBS AG n/a ULT-AGG 216'603'351 5.64 (20'764'353) 26.09.2013 Unclassified
NORGES BANK n/a EXCH 116'490'210 3.03 - 27.09.2011 Government
FMR LLC n/a ULT-AGG 101'598'767 2.65 14'311'401 30.06.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 62'295'964 1.62 10'743'000 31.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 58'798'597 1.53 (1'640'766) 30.06.2013 Investment Advisor
CREDIT SUISSE AG n/a ULT-AGG 50'539'582 1.32 (401'100) 31.05.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 38'747'528 1.01 4'128'293 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 32'192'049 0.84 (5'110'753) 25.09.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 29'879'115 0.78 (14'305'536) 30.06.2013 Investment Advisor
ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 24'085'894 0.63 (2'534'077) 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 23'172'660 0.6 332'960 31.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 23'125'477 0.6 4'674'008 31.07.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 22'168'898 0.58 4'697'001 30.06.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 21'828'303 0.57 (263'056) 31.05.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'670'005 0.56 (2'974'135) 30.06.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 16'886'540 0.44 7'764'122 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 16'432'471 0.43 4'932'798 26.09.2013 Investment Advisor
AXA n/a ULT-AGG 15'645'128 0.41 3'097'530 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'105'719 0.39 752'938 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 20 12 month 27.09.2013
Nomura JON PEACE buy 5 M 20 12 month 27.09.2013
Exane BNP Paribas DANIEL DAVIES neutral 3 M 18 Not Provided 27.09.2013
AlphaValue DIETER HEIN sell 1 M 17 6 month 26.09.2013
Grupo Santander AURELIA FAURE underweight 1 M 16 12 month 25.09.2013
Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 19 12 month 25.09.2013
Macquarie PIERS BROWN outperform 5 M 21 12 month 19.09.2013
Main First Bank AG KILIAN MAIER underperform 1 M 18 12 month 18.09.2013
Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 21 12 month 16.09.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 15 month 11.09.2013
Oddo & Cie JEAN SASSUS neutral 3 M 19 Not Provided 06.09.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 02.09.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 20 Not Provided 02.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.08.2013
Bankhaus Lampe NEIL SMITH sell 1 M 16 12 month 20.08.2013
Kepler Cheuvreux DIRK BECKER hold 3 M 19 Not Provided 20.08.2013
Helvea TIM DAWSON buy 5 M 20 12 month 15.08.2013
Barclays KIRI VIJAYARAJAH overweight 5 M 22 Not Provided 14.08.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 20 12 month 13.08.2013
Bank am Bellevue MARC DEUSTER hold 3 M 20 Not Provided 08.08.2013
Credit Suisse AMIT GOEL neutral 3 M 16 Not Provided 07.08.2013
Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 18 6 month 06.08.2013
Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 22 Not Provided 06.08.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 20 12 month 05.08.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 24 12 month 01.08.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 19 Not Provided 01.08.2013
Mirabaud Securities Claudia von Turk Myers accumulate 4 M 21 12 month 01.08.2013
Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 U 19 12 month 31.07.2013
Natixis ANTOINE BURGARD buy 5 M 20 Not Provided 31.07.2013
Deutsche Bank MATT SPICK buy 5 M 21 12 month 30.07.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 14 12 month 30.07.2013
S&P Capital IQ FRANK BRADEN buy 5 M 20 12 month 30.07.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 26.07.2013
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 16.07.2013
HSBC ROBERT MURPHY overweight 5 M 20 Not Provided 17.06.2013
EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013
Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 23 Not Provided 05.06.2013
Societe Generale GEOFF DAWES sell 1 M 15 12 month 29.05.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013
Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 11 Not Provided 03.07.2012
Holdings By:
UBS AG
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
16. 27.09.2013
ABB Limited provides power and automation technologies. The Company operates
under segments that include power products, power systems, automation products,
process automation and robotics.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 22.10
52-Week Low (16.11.2012) 16.11
Daily Volume
21.5
52-Week High % Change -2.71% Dividend Yield -
52-Week Low % Change 33.43% Beta 1.31
% 52 Week Price Range High/Low 93.32% Equity Float 2'129.96
Shares Out 30.06.2013 2'314.7 Short Int -
49'766.98 1 Yr Total Return 24.27%
Total Debt 10'071.00 YTD Return 18.37%
Preferred Stock 0.0 Adjusted BETA 1.311
Minority Interest 540.0 Analyst Recs 40
Cash and Equivalents 8'481.00 Consensus Rating 3.625
Enterprise Value 58'918.54
Average Volume 5 Day 4'038'883
ABBN VX EQUITY YTD Change - Average Volume 30 Day 4'178'637
ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'042'708
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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 38'478.0 40'706.0 41'196.7 42'819.3 10'007.0 11'297.5
0.83x 1.18x 1.42x 1.10x 1.25x 4.40x 5.03x 1.38x 1.29x 5.68x 5.04x
5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'454.0 5'736.0 6'135.8 6'763.2 1'540.7 1'687.1
5.48x 7.67x 9.49x 7.37x 9.31x 7.67x 9.36x 9.61x 8.72x 9.27x 9.14x
3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 2'961.0 2'790.0 3'323.7 3'812.3 844.5 959.8
10.76x 15.27x 19.85x 13.65x 17.40x 12.71x 17.77x 16.37x 14.40x 15.82x -
EBITDA 5'294.00 Long-Term Rating Date 08.06.2010
EBIT 4'112.00 Long-Term Rating A
Operating Margin 10.45% Long-Term Outlook STABLE
Pretax Margin 9.76% Short-Term Rating Date 08.06.2010
Return on Assets 6.14% Short-Term Rating A-1
Return on Common Equity 17.59%
Return on Capital 12.54% EBITDA/Interest Exp. 18.07
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 13.66
Net Debt/EBITDA 0.60
Gross Margin 28.9% Total Debt/EBITDA 1.42
EBITDA Margin 14.1%
EBIT Margin 10.9% Total Debt/Equity 59.6%
Net Income Margin 6.9% Total Debt/Capital 36.6%
Asset Turnover 0.90
Current Ratio 1.48 Net Fixed Asset Turnover 7.28
Quick Ratio 0.88 Accounts receivable turnover-days -
Debt to Assets 20.52% Inventory Days 80.03
Tot Debt to Common Equity 59.57% Accounts Payable Turnover Day 60.35
Accounts Receivable Turnover - Cash Conversion Cycle 89.35
Inventory Turnover 4.56
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ABB Ltd
Price/Volume
Valuation Analysis
2'629'471.00
Current Price (9/dd/yy) Market Data
0
5
10
15
20
25
s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13 s-13
.0 M
5.0 M
10.0 M
15.0 M
20.0 M
25.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
17. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESTOR AB n/a Co File 182'030'142 7.86 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 89'890'147 3.88 30'384 25.09.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 53'617'789 2.32 - 31.12.2012 Government
CREDIT SUISSE AG n/a ULT-AGG 33'715'781 1.46 (536'391) 31.05.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 33'301'443 1.44 1'544'794 30.06.2013 Unclassified
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 29'672'514 1.28 14'183'006 30.06.2013 Investment Advisor
UBS AG n/a ULT-AGG 26'630'146 1.15 (151'716) 26.09.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 30.06.2013 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'834'513 0.99 (788'859) 30.08.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 15'192'696 0.66 (188'601) 31.05.2013 Investment Advisor
SEB n/a ULT-AGG 14'366'955 0.62 2'632'729 26.08.2013 Unclassified
AMF FONDER AB Multiple Portfolios MF-AGG 11'080'901 0.48 1'637'501 31.03.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 10'641'737 0.46 - 30.08.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'900'000 0.43 - 30.06.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 9'138'977 0.39 655'463 26.09.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 8'261'233 0.36 248'815 30.08.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 7'809'229 0.34 25'220 28.03.2013 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 7'750'666 0.33 1'685'882 31.03.2013 Investment Advisor
NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 5'905'912 0.26 5'427'446 31.07.2013 Insurance Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 5'368'860 0.23 463'740 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ANDREW CARTER sector perform 3 M 23 12 month 26.09.2013
AlphaValue HEINZ STEFFEN reduce 2 D 22 6 month 26.09.2013
Barclays JAMES STETTLER equalweight 3 M 21 Not Provided 18.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 D 23 Not Provided 09.09.2013
Exane BNP Paribas OLIVIER ESNOU underperform 1 M 22 Not Provided 09.09.2013
HSBC COLIN GIBSON underweight 1 D 20 Not Provided 28.08.2013
Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.08.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 D 21 12 month 01.08.2013
EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 30.07.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.07.2013
Societe Generale SEBASTIEN GRUTER buy 5 M 24 12 month 26.07.2013
Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 20 12 month 26.07.2013
Bank am Bellevue MICHAEL ROOST hold 3 M 20 Not Provided 26.07.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 26.07.2013
UBS FREDRIC STAHL buy 5 M 23 12 month 26.07.2013
JPMorgan ANDREAS WILLI underweight 1 M 22 15 month 26.07.2013
Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 26.07.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 26.07.2013
Nordea Equity Research ANDREAS BROCK buy 5 M 23 12 month 26.07.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 20 Not Provided 26.07.2013
Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 24 Not Provided 26.07.2013
Danske Markets CARL GUSTAFSSON buy 5 M 25 12 month 26.07.2013
Deutsche Bank MARTIN WILKIE hold 3 M 20 12 month 25.07.2013
ABG Sundal Collier ANDERS IDBORG buy 5 M 24 6 month 25.07.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 22 Not Provided 25.07.2013
SEB Enskilda DANIEL SCHMIDT buy 5 M 22 Not Provided 25.07.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.07.2013
Canaccord Genuity Corp ANDREW BELL hold 3 M 20 12 month 25.07.2013
Handelsbanken HAMPUS ENGELLAU buy 5 M 27 12 month 25.07.2013
Swedbank MATS LISS buy 5 M 23 12 month 25.07.2013
Natixis ARNAUD SCHMIT neutral 3 M 20 Not Provided 25.07.2013
Nomura DANIEL CUNLIFFE buy 5 M 27 12 month 25.07.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 22 12 month 25.07.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 25.07.2013
Baden Hill LLP NICHOLAS WOODIFIELD buy 5 M #N/A N/A Not Provided 09.07.2013
Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 22 Not Provided 15.05.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 17.04.2013
Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012
Holdings By:
ABB Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
18. 27.09.2013
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.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (14.08.2013) 96.15
52-Week Low (28.09.2012) 56.40
Daily Volume
91.65
52-Week High % Change -4.68% Dividend Yield -
52-Week Low % Change 62.50% Beta 1.42
% 52 Week Price Range High/Low 88.05% Equity Float 521.72
Shares Out 31.03.2013 522.0 Short Int -
52'625.43 1 Yr Total Return 61.38%
Total Debt 1'938.00 YTD Return 29.74%
Preferred Stock 0.0 Adjusted BETA 1.422
Minority Interest (1.0) Analyst Recs 37
Cash and Equivalents 5'155.00 Consensus Rating 3.919
Enterprise Value 39'748.66
Average Volume 5 Day 1'133'975
CFR VX EQUITY YTD Change - Average Volume 30 Day 1'016'041
CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'001'796
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2
5'418.0 5'176.0 6'892.0 8'868.0 10'150.0 6'430.0 9'697.0 11'034.6 12'075.7 - -
1.05x 2.82x 2.72x 2.56x 3.02x 0.00x 0.00x 3.52x 3.12x - -
1'345.0 1'259.0 1'669.0 2'387.0 2'817.0 0.0 0.0 3'087.4 3'455.9 - -
4.23x 11.59x 11.22x 9.50x 10.88x 0.00x 0.00x 12.89x 11.52x - -
1'075.0 599.0 1'090.0 1'544.0 2'013.0 0.0 0.0 2'246.9 2'507.9 - -
8.94x 26.38x 20.65x 16.70x 16.74x 0.00x 0.00x 18.71x 16.67x - -
EBITDA 2'817.00 Long-Term Rating Date -
EBIT 2'434.00 Long-Term Rating -
Operating Margin 23.98% Long-Term Outlook -
Pretax Margin 23.40% Short-Term Rating Date -
Return on Assets 15.33% Short-Term Rating -
Return on Common Equity 21.45%
Return on Capital - EBITDA/Interest Exp. 74.13
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 58.55
Net Debt/EBITDA -1.14
Gross Margin 64.2% Total Debt/EBITDA 0.69
EBITDA Margin 27.8%
EBIT Margin 24.0% Total Debt/Equity 19.0%
Net Income Margin 19.8% Total Debt/Capital 15.9%
Asset Turnover 0.77
Current Ratio 3.05 Net Fixed Asset Turnover 6.12
Quick Ratio 1.66 Accounts receivable turnover-days 19.01
Debt to Assets 13.37% Inventory Days 401.84
Tot Debt to Common Equity 18.97% Accounts Payable Turnover Day 112.06
Accounts Receivable Turnover 19.21 Cash Conversion Cycle 308.78
Inventory Turnover 0.91
Fiscal Year Ended
Cie Financiere Richemont SA
Price/Volume
Valuation Analysis
680'609.00
Current Price (9/dd/yy) Market Data
Net Income
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |