This document provides an overview of analyst recommendations and fundamental analysis for various companies and market indices. It includes metrics such as market capitalization, revenue, earnings per share, price-to-earnings ratios, credit ratings, and revenue/earnings growth estimates for the past year and next few years. The metrics are presented in table format with estimates from analysts to aid in evaluating investment opportunities.
Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110
1. Fundamental Analysis &
Analyst Recommendations
QMS Advisors HDAX FlexIndex
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.
10. Currency
Price to
Book
Ratio
Positive
Net
Income
Positive
Operati
ng Cash
Flow
Increasi
ng ROA
Quality
of
Earning
s
Long
Term
Debt
vs.
Assets
Current
ratio
Shares
Out -
Same
or Dec.
Inc.
Gross
Margin
Inc.
Asset
Turnov
er
Pitroski
F Score
Tangiable
Assets
Working
Captial
Retained
Earnings
Trailing
12M
Operating
Inc (Loss)
Market Cap
Total
Liabilities
Net Sales
(T12M)
Total
Shareholder
s Equity
Altman Z
Score
Altman Z
Score
Bankruptcy
flag
PE PE < 40
Price to
Sales
Price To
Sales <
10
Price to
Book
Price to
Book <
10
Price to
Cash
Flow
Price to
Cash
Flow <
10
Dividen
d Yield
Div
Yield >
7%
Final
Score
PEG <
0.75
PE < 20
EPS
Growth >
15%
Relative
Strength
> 0
ROCE >
12%
Market
Cap >
20m
Market <
1000m
FINAL
SCORE
TAG IMMOBILIEN AG EUR 1.1 1 1 1 0 1 - 0 - 1 5 3798 - 265 188 1241 2644 396 1156 - - 5.1 1 2 1 1 1 52 0 2.633 0 3 - 1 1 1 - 1 1 5
THYSSENKRUPP AG EUR 2.4 0 0 0 1 1 0 1 0 1 4 33993 5266 -2442 1115 8571 33758 40124 4526 1.36 1.00 - - 0 1 2 1 - - 0 0 2 - - - 1 0 1 1 3
TALANX AG EUR 0.6 1 1 1 1 1 - 1 - 1 7 127461 - 5787 1760 4468 118611 26438 11643 - - 7.5 1 0 1 1 1 1 1 4.8883 0 4 - 1 0 1 - 1 1 4
TUI AG EUR 0.8 0 1 0 1 1 0 0 1 1 5 9275 -2937 480 560 1700 11146 18330 2067 1.77 1.00 - - 0 1 1 1 3 1 0 0 3 - - 0 1 - 1 1 3
UNITED INTERNET AG-REG SHARE EUR 16.8 1 1 0 1 1 0 0 0 1 5 600 -379 -52 251 3170 910 2397 198 7.80 1.00 29.1 1 1 1 17 0 12 0 1.8394 0 2 0 0 0 1 - 1 1 3
VOLKSWAGEN AG-PREF EUR 1.0 1 1 1 0 0 1 1 1 0 6 250486 3310 64815 11310 77316 227819 192676 81825 1.45 1.00 3.5 1 0 1 1 1 11 0 - - 3 1 1 1 1 1 1 1 7
WACKER CHEMIE AG EUR 0.9 1 1 0 1 0 0 1 0 0 4 6304 764 2181 335 2466 3712 4635 2618 1.76 1.00 21.9 1 1 1 1 1 7 1 1.2086 0 4 0 0 0 1 0 1 1 3
WIRECARD AG EUR 3.9 1 1 0 1 1 0 0 - 0 4 780 187 289 94 2087 586 395 542 4.01 1.00 27.8 1 5 1 4 1 22 0 0.5914 0 3 0 0 0 1 1 1 1 4
WINCOR NIXDORF AG EUR 2.8 1 1 0 1 0 1 1 0 0 5 1056 19 291 100 910 1074 2343 329 3.84 1.00 14.5 1 0 1 3 1 10 0 3.437 0 3 1 1 0 1 1 1 1 6
ELRINGKLINGER AG EUR 2.7 1 1 0 1 1 0 1 0 0 5 1133 190 428 136 1616 628 1127 640 3.46 1.00 18.8 1 1 1 3 1 14 0 1.7647 0 3 0 1 0 1 1 1 1 5
Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis
FUNDAMENTAL SCORING
Pitroski F Score
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11. 27.09.2013
Adidas AG manufactures sports shoes and sports equipment. The Company produces
products that include footwear, sports apparel, and golf clubs and balls. Adidas
sells its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (06.08.2013) 88.50
52-Week Low (16.11.2012) 62.60
Daily Volume
79.51
52-Week High % Change -10.16% Dividend Yield -
52-Week Low % Change 27.01% Beta 0.84
% 52 Week Price Range High/Low 64.13% Equity Float 209.22
Shares Out 30.06.2013 209.2 Short Int -
16'634.78 1 Yr Total Return 22.72%
Total Debt 1'487.00 YTD Return 20.00%
Preferred Stock 0.0 Adjusted BETA 0.837
Minority Interest (13.0) Analyst Recs 44
Cash and Equivalents 1'935.00 Consensus Rating 4.114
Enterprise Value 16'716.78
Average Volume 5 Day 1'630'456
ADS GY EQUITY YTD Change - Average Volume 30 Day 888'534
ADS GY EQUITY YTD % CHANGE - Average Volume 3 Month 829'117
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
10'799.0 10'381.0 11'990.0 13'322.0 14'883.0 14'326 14'676 14'698 15'794 4'000 3'480
0.69x 0.85x 0.87x 0.78x 0.92x 3.20x 4.23x 1.09x 0.99x - -
1'310.0 823.0 1'174.0 1'206.0 1'456.0 1'350.0 1'493.0 1'574.2 1'875.2 534.5 296.0
5.69x 10.72x 8.91x 8.64x 9.36x 9.02x 11.74x 10.63x 8.92x 9.36x 8.91x
642.0 245.0 567.0 613.0 526.0 718.0 552.0 871.1 1'074.4 340.8 50.9
8.35x 30.22x 18.04x 17.15x 26.72x 16.54x 31.71x 19.10x 15.66x 17.26x 16.22x
EBITDA 1'456.00 Long-Term Rating Date -
EBIT 1'185.00 Long-Term Rating -
Operating Margin 7.96% Long-Term Outlook -
Pretax Margin 5.72% Short-Term Rating Date -
Return on Assets 4.67% Short-Term Rating -
Return on Common Equity 10.06%
Return on Capital - EBITDA/Interest Exp. 15.01
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.13
Net Debt/EBITDA 0.06
Gross Margin 49.5% Total Debt/EBITDA 0.88
EBITDA Margin 10.2%
EBIT Margin 6.5% Total Debt/Equity 28.0%
Net Income Margin 3.5% Total Debt/Capital 21.9%
Asset Turnover 1.24
Current Ratio 1.57 Net Fixed Asset Turnover 13.81
Quick Ratio 0.83 Accounts receivable turnover-days 51.57
Debt to Assets 12.76% Inventory Days 129.40
Tot Debt to Common Equity 28.04% Accounts Payable Turnover Day 89.16
Accounts Receivable Turnover 7.08 Cash Conversion Cycle 72.10
Inventory Turnover 2.82
Fiscal Year Ended
Adidas AG
Price/Volume
Valuation Analysis
669'047.00
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
90
100
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 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
3.5 M
4.0 M
4.5 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
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 |
12. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 14'632'128 6.99 - 30.06.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 14'411'293 6.89 52'988 23.09.2013 Investment Advisor
THORNBURG INVESTMENT n/a Research 10'057'706 4.81 - 10.05.2013 Investment Advisor
ROYAL BANK OF SCOTLA n/a Research 9'347'766 4.47 - 23.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 4'886'922 2.34 - 31.12.2012 Government
DEUTSCHE BANK AG n/a ULT-AGG 3'827'742 1.83 9'596 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'592'510 1.72 (359'040) 30.06.2013 Unclassified
FMR LLC n/a ULT-AGG 3'542'843 1.69 144'194 31.07.2013 Investment Advisor
UBS AG n/a ULT-AGG 3'121'077 1.49 11'113 28.06.2013 Unclassified
INVESCO LTD n/a ULT-AGG 2'725'139 1.3 30'371 24.09.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'769'586 0.85 24'436 28.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'667'034 0.8 75'000 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'453'723 0.69 18'626 31.07.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'271'690 0.61 11'310 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'175'770 0.56 (69'440) 30.04.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'154'890 0.55 1'154'890 30.06.2013 Investment Advisor
LANSDOWNE PARTNERS n/a Short (1'025'159) -0.49 41'844 02.09.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 840'376 0.4 (140'000) 30.04.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 758'189 0.36 658'995 31.07.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 636'863 0.3 - 24.09.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Equinet Institutional Services(ESN) INGBERT FAUST accumulate 4 M 85 12 month 25.09.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 92 Not Provided 24.09.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 77 Not Provided 23.09.2013
Susquehanna Financial Group CHRISTOPHER SVEZIA Positive 4 M 100 12 month 23.09.2013
Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A Not Provided 23.09.2013
AlphaValue HANS-PETER WODNIOK reduce 2 M 83 6 month 23.09.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 96 6 month 20.09.2013
Deutsche Bank MICHAEL KUHN hold 3 M 82 12 month 20.09.2013
Nord/LB JULIA SIEKMANN buy 5 M 92 12 month 20.09.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 104 12 month 20.09.2013
Baader Bank VOLKER BOSSE buy 5 M 95 12 month 20.09.2013
UBS FRED SPEIRS buy 5 M 90 12 month 20.09.2013
JPMorgan CHIARA BATTISTINI overweight 5 M 90 15 month 20.09.2013
Raymond James CEDRIC LECASBLE outperform 5 M 87 12 month 20.09.2013
Independent Research GmbH ZAFER RUZGAR hold 3 M 85 12 month 20.09.2013
Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER buy 5 M 103 12 month 20.09.2013
National Bank AG MARKUS GLOCKENMEIER sell 1 M #N/A N/A Not Provided 20.09.2013
M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 85 12 month 20.09.2013
Kepler Cheuvreux JUERGEN KOLB buy 5 M 91 Not Provided 20.09.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 93 6 month 20.09.2013
Nomura CHRISTOPHER WALKER buy 5 M 95 12 month 20.09.2013
S&P Capital IQ WILLIAM MACK strong buy 5 M 98 12 month 20.09.2013
DZ Bank AG HERBERT STURM buy 5 M 87 Not Provided 20.09.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 105 12 month 20.09.2013
Exane BNP Paribas ANDREAS INDERST outperform 5 M 96 Not Provided 20.09.2013
Barclays JULIAN EASTHOPE overweight 5 M 95 Not Provided 20.09.2013
Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 90 Not Provided 20.09.2013
Robert W. Baird & Co MITCHEL J KUMMETZ outperform 5 M 90 12 month 19.09.2013
Berenberg Bank JOHN GUY buy 5 M 96 Not Provided 16.09.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.09.2013
Equita SIM SpA FABIO FAZZARI hold 3 M 80 Not Provided 13.09.2013
HSBC ERWAN RAMBOURG overweight 5 M 95 Not Provided 12.09.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 14.08.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 13.08.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 96 Not Provided 12.08.2013
ISI Group OMAR SAAD neutral 3 M 90 Not Provided 10.08.2013
Bankhaus Lampe MICHAEL GORNY hold 3 M 84 Not Provided 09.08.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 91 12 month 09.08.2013
SRH AlsterResearch NEIL SCHMODDE buy 5 M 108 12 month 09.08.2013
Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 73 12 month 08.08.2013
KochBank Research MARK JOSEFSON buy 5 N 94 Not Provided 25.06.2013
Hammer Partners SA STEPHAN SEIP buy 5 M 104 Not Provided 17.06.2013
Bank of Valletta TEAM COVERAGE overweight 5 N 97 Not Provided 16.04.2013
Holdings By:
Adidas AG
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
13. 27.09.2013
ADVA AG Optical Networking designs, develops, and manufactures optical
networking products. The Company's products include wave length division
multiplexing (WDM) communications systems, high-speed fiber optic converters,
EDFA modules, and all-optical switches. ADVA's products are used in high-speed
centralized data storage and disaster recovery.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (17.10.2012) 5.42
52-Week Low (29.04.2013) 3.45
Daily Volume
4.667
52-Week High % Change -13.85% Dividend Yield -
52-Week Low % Change 35.28% Beta 0.99
% 52 Week Price Range High/Low 61.57% Equity Float 38.68
Shares Out 02.09.2013 48.0 Short Int -
223.84 1 Yr Total Return -8.40%
Total Debt 29.03 YTD Return 17.26%
Preferred Stock 0.0 Adjusted BETA 0.994
Minority Interest 0.0 Analyst Recs 6
Cash and Equivalents 70.27 Consensus Rating 3.000
Enterprise Value 183.53
Average Volume 5 Day 226'289
ADV GY EQUITY YTD Change - Average Volume 30 Day 154'744
ADV GY EQUITY YTD % CHANGE - Average Volume 3 Month 132'053
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
217.7 232.8 291.7 310.9 330.1 330.3 317.9 325.3 350.3 88.8 -
0.18x 0.40x 0.86x 0.46x 0.45x 1.96x 1.97x 0.57x 0.50x - -
12.3 20.3 30.0 37.6 45.1 45.6 37.3 38.7 44.6 12.8 -
3.17x 4.64x 8.40x 3.77x 3.30x 3.36x 3.88x 4.74x 4.11x - -
(8.9) 1.3 7.0 16.9 16.7 27.6 8.5 6.3 10.1 - -
- 84.33x 39.07x 10.07x 11.37x 6.90x 22.29x 31.97x 21.61x - -
EBITDA 45.12 Long-Term Rating Date -
EBIT 18.83 Long-Term Rating -
Operating Margin 5.71% Long-Term Outlook -
Pretax Margin 5.61% Short-Term Rating Date -
Return on Assets 2.98% Short-Term Rating -
Return on Common Equity 5.59%
Return on Capital 5.11% EBITDA/Interest Exp. 34.15
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 27.19
Net Debt/EBITDA -1.08
Gross Margin 39.9% Total Debt/EBITDA 1.07
EBITDA Margin 11.7%
EBIT Margin 3.4% Total Debt/Equity 18.9%
Net Income Margin 5.1% Total Debt/Capital 15.9%
Asset Turnover 1.12
Current Ratio 1.90 Net Fixed Asset Turnover 14.24
Quick Ratio 1.37 Accounts receivable turnover-days 61.93
Debt to Assets 10.22% Inventory Days 74.44
Tot Debt to Common Equity 18.86% Accounts Payable Turnover Day 60.71
Accounts Receivable Turnover 5.89 Cash Conversion Cycle 68.79
Inventory Turnover 4.90
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
ADVA Optical Networking SE
Price/Volume
Valuation Analysis
113'926.00
Current Price (9/dd/yy) Market Data
0
1
2
3
4
5
6
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 M
1.0 M
1.5 M
2.0 M
2.5 M
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
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 |
14. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EGORA GROUP n/a Co File 8'655'909 18.05 - 31.12.2012 Unclassified
DEUTSCHE BANK AG n/a ULT-AGG 3'775'000 7.87 (225'000) 31.05.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'049'478 2.19 (33) 31.07.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 876'948 1.83 876'948 28.03.2013 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 761'697 1.59 34'662 31.05.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 482'788 1.01 (431) 30.06.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 450'000 0.94 - 28.03.2013 Investment Advisor
RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 395'500 0.82 (4'200) 28.06.2013 Investment Advisor
PROTIVA ERIC V n/a Co File 320'000 0.67 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 298'620 0.62 (5'063) 23.09.2013 Investment Advisor
PROTIVA BRIAN n/a Co File 294'030 0.61 - 31.12.2012 n/a
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 186'356 0.39 93 28.03.2013 Investment Advisor
DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 135'747 0.28 15'169 31.05.2013 Investment Advisor
UBS AG n/a ULT-AGG 109'745 0.23 (50'000) 31.05.2013 Unclassified
SKANDIA FONDER AB Multiple Portfolios MF-AGG 106'169 0.22 12'553 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 82'567 0.17 - 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 80'037 0.17 (63'310) 30.04.2013 Investment Advisor
KEPLER-FONDS KAGMBH Multiple Portfolios MF-AGG 66'118 0.14 2'666 28.03.2013 Investment Advisor
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 62'600 0.13 10'500 30.04.2012 Investment Advisor
ACOMEA SGR Multiple Portfolios MF-AGG 50'500 0.11 - 31.07.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Berenberg Bank ALI FARID KHWAJA hold 3 D 5 Not Provided 24.09.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 4 Not Provided 20.09.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH sell 1 M 3 12 month 20.09.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 01.08.2013
Deutsche Bank BENJAMIN KOHNKE hold 3 M 5 12 month 22.07.2013
Close Brothers Equity Markets VEYSEL TAZE buy 5 M 5 12 month 18.07.2013
WestLB Equity Markets THOMAS LANGER neutral 3 M #N/A N/A Not Provided 25.04.2012
Holdings By:
ADVA Optical Networking SE
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
15. 27.09.2013
Carl Zeiss Meditec AG provides complete system solutions in the field of
medical technology for ophthalmology. The Company's products include screening,
diagnostic, and therapeutic systems for the treatment of vision defects,
cataracts, glaucoma, and retinal disorders. Carl Zeiss Meditec operates
worldwide with subsidiaries in the USA and Japan.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (15.07.2013) 26.89
52-Week Low (26.09.2012) 18.84
Daily Volume
22.25
52-Week High % Change -17.24% Dividend Yield -
52-Week Low % Change 18.13% Beta 0.50
% 52 Week Price Range High/Low 42.05% Equity Float 28.46
Shares Out 14.08.2013 81.3 Short Int -
1'809.14 1 Yr Total Return 19.72%
Total Debt 30.91 YTD Return 4.03%
Preferred Stock 0.0 Adjusted BETA 0.502
Minority Interest 40.8 Analyst Recs 14
Cash and Equivalents 9.53 Consensus Rating 2.786
Enterprise Value 1'860.06
Average Volume 5 Day 56'087
AFX GY EQUITY YTD Change - Average Volume 30 Day 48'861
AFX GY EQUITY YTD % CHANGE - Average Volume 3 Month 41'660
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1
600.2 640.1 676.7 758.8 861.9 834.1 880.1 892.7 954.7 234.5 -
1.13x 1.17x 1.00x 1.26x 1.94x 5.93x 8.72x 1.77x 1.61x - -
80.9 92.4 107.7 122.5 140.8 135.4 143.8 149.3 163.7 42.0 -
8.40x 8.13x 6.29x 7.81x 11.90x 10.50x 14.73x 12.46x 11.36x - -
54.0 50.5 54.9 66.9 71.9 70.8 85.2 89.2 93.8 23.3 -
15.30x 17.74x 16.88x 16.27x 22.55x 21.61x 24.46x 20.34x 19.25x - -
EBITDA 140.80 Long-Term Rating Date -
EBIT 122.90 Long-Term Rating -
Operating Margin 14.26% Long-Term Outlook -
Pretax Margin 13.48% Short-Term Rating Date -
Return on Assets 9.10% Short-Term Rating -
Return on Common Equity 12.95%
Return on Capital 13.07% EBITDA/Interest Exp. 23.15
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 20.76
Net Debt/EBITDA 0.10
Gross Margin 53.5% Total Debt/EBITDA 0.13
EBITDA Margin 16.3%
EBIT Margin 14.4% Total Debt/Equity 4.7%
Net Income Margin 8.3% Total Debt/Capital 4.3%
Asset Turnover 0.94
Current Ratio 3.32 Net Fixed Asset Turnover 17.95
Quick Ratio 0.68 Accounts receivable turnover-days 51.90
Debt to Assets 3.21% Inventory Days 138.52
Tot Debt to Common Equity 4.72% Accounts Payable Turnover Day 25.56
Accounts Receivable Turnover 7.03 Cash Conversion Cycle 154.50
Inventory Turnover 2.63
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
Carl Zeiss Meditec AG
Price/Volume
Valuation Analysis
36'147.00
Current Price (9/dd/yy) Market Data
0
5
10
15
20
25
30
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
.1 M
.1 M
.2 M
.2 M
.3 M
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013
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 |
16. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CARL ZEISS AG n/a Co File 52'851'241 65 - 30.09.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 1'565'000 1.92 - 30.06.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'500'000 1.84 (600'000) 31.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 662'129 0.81 7'400 30.06.2013 Investment Advisor
ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 576'659 0.71 - 30.09.2012 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 471'552 0.58 - 31.12.2012 Government
SEB n/a ULT-AGG 461'827 0.57 5'829 28.03.2013 Unclassified
ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.37 - 28.03.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 269'630 0.33 269'630 31.12.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 235'266 0.29 35'435 30.08.2013 Investment Advisor
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 207'008 0.25 (10'000) 31.07.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 174'805 0.21 - 30.06.2013 Unclassified
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 163'830 0.2 - 28.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 163'107 0.2 (4'064) 23.09.2013 Investment Advisor
ECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 150'000 0.18 - 31.07.2013 Insurance Company
GROUPAMA ASSET MANAG Multiple Portfolios MF-AGG 145'234 0.18 10'984 28.03.2013 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 130'150 0.16 (437'918) 30.06.2013 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 122'190 0.15 - 30.06.2013 Investment Advisor
BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 79'145 0.1 (35'070) 30.03.2012 Investment Advisor
SEBINVEST A/S Multiple Portfolios MF-AGG 78'959 0.1 - 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 30.08.2013
Nord/LB HOLGER FECHNER buy 5 M 28 12 month 27.08.2013
EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 26.08.2013
DZ Bank AG SVEN OLAF KUERTEN sell 1 M 19 Not Provided 20.08.2013
Jefferies INGEBORG OIE underperform 1 D 20 12 month 16.08.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 27 12 month 15.08.2013
Kepler Cheuvreux OLIVER REINBERG reduce 2 M 21 Not Provided 15.08.2013
Montega THOMAS RAU buy 5 M 29 12 month 15.08.2013
Deutsche Bank GUNNAR ROMER hold 3 M 23 12 month 14.08.2013
JPMorgan DAVID J ADLINGTON neutral 3 M 24 9 month 14.08.2013
HSBC HENDRIK LOFRUTHE underweight 1 M 22 Not Provided 14.08.2013
Berenberg Bank SCOTT BARDO buy 5 M 26 Not Provided 14.08.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 24 Not Provided 14.05.2013
Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 25 6 month 07.05.2013
Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 16 12 month 09.12.2011
GSC Research MATTHIAS WAHLER sell 1 M #N/A N/A Not Provided 22.04.2010
Holdings By:
Carl Zeiss Meditec AG
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
17. 27.09.2013
Aixtron SE engineers and manufactures metal organic chemical vapor deposition
(MOCVD) equipment for the semiconductor industry. The Company's customers use
its equipment to produce compound semiconductor layer structures for use in
LED, laser, solar cell, transistor, telecommunications, and other applications.
Aixtron markets its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (31.05.2013) 13.89
52-Week Low (12.12.2012) 8.38
Daily Volume
13.005
52-Week High % Change -6.37% Dividend Yield -
52-Week Low % Change 55.28% Beta 0.99
% 52 Week Price Range High/Low 81.96% Equity Float 93.81
Shares Out 25.09.2013 102.2 Short Int -
1'329.52 1 Yr Total Return 20.19%
Total Debt 0.00 YTD Return 46.47%
Preferred Stock 0.0 Adjusted BETA 0.994
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 209.49 Consensus Rating 2.733
Enterprise Value 1'113.66
Average Volume 5 Day 356'652
AIXA GY EQUITY YTD Change - Average Volume 30 Day 380'821
AIXA GY EQUITY YTD % CHANGE - Average Volume 3 Month 426'185
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
274.4 302.9 783.8 611.0 227.8 318.1 225.3 226.3 373.4 57.4 71.1
1.30x 6.73x 3.03x 1.14x 3.01x 10.73x 15.69x 5.09x 3.07x 19.43x 15.61x
43.2 75.3 288.9 127.3 (108.6) (36.4) (166.2) (69.0) 50.3 (2.2) 2.4
8.24x 27.09x 8.23x 5.47x - 0.00x 0.00x - 22.04x 78.55x 36.01x
23.0 44.8 192.5 79.5 (145.4) (34.8) (209.3) (83.7) 27.5 (5.6) (0.6)
18.31x 47.96x 14.30x 12.47x - 0.00x 0.00x - 45.79x 684.47x 120.42x
EBITDA -108.64 Long-Term Rating Date -
EBIT -125.28 Long-Term Rating -
Operating Margin -54.99% Long-Term Outlook -
Pretax Margin -57.03% Short-Term Rating Date -
Return on Assets -34.88% Short-Term Rating -
Return on Common Equity -43.16%
Return on Capital - EBITDA/Interest Exp. -3746.07
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -4289.79
Net Debt/EBITDA -
Gross Margin 0.2% Total Debt/EBITDA 0.00
EBITDA Margin -73.8%
EBIT Margin -81.5% Total Debt/Equity 0.0%
Net Income Margin -63.8% Total Debt/Capital 0.0%
Asset Turnover 0.38
Current Ratio 4.38 Net Fixed Asset Turnover 2.32
Quick Ratio 2.79 Accounts receivable turnover-days 46.14
Debt to Assets 0.00% Inventory Days 176.18
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 39.96
Accounts Receivable Turnover 7.91 Cash Conversion Cycle 310.27
Inventory Turnover 2.07
Fiscal Year Ended
Aixtron SE
Price/Volume
Valuation Analysis
283'523.00
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
2
4
6
8
10
12
14
16
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 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
3.5 M
4.0 M
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
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 |
18. 27.09.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAMMA GMBH n/a 20F 7'650'000 7.48 - 28.02.2013 Corporation
ALLIANZ GLOBAL INVES n/a Research 5'102'037 4.99 - 17.07.2013 Investment Advisor
BAILLIE GIFFORD AND n/a Research 5'093'343 4.98 - 29.04.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'990'841 3.9 46'327 23.09.2013 Investment Advisor
VANGUARD GROUP INC n/a ULT-AGG 3'970'269 3.88 (486) 30.06.2013 Unclassified
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'460'000 3.38 (10'000) 31.05.2013 Investment Advisor
GENERATION INVESTMEN n/a 20F 3'089'151 3.02 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'818'556 2.76 - 31.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 2'379'360 2.33 - 31.12.2012 Government
UBS AG n/a ULT-AGG 2'157'086 2.11 - 16.08.2013 Unclassified
AQR CAPITAL MANAGEME n/a Short (1'921'736) -1.88 112'442 23.09.2013 Hedge Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'037'338 1.01 (142'747) 30.06.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'007'257 0.99 (116'049) 28.06.2013 Investment Advisor
FMR LLC n/a ULT-AGG 963'786 0.94 (76'512) 31.07.2013 Investment Advisor
OXFORD ASSET MANAGEM n/a Short (909'758) -0.89 91'998 16.09.2013 Hedge Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 895'479 0.88 (290'555) 30.06.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 873'820 0.85 (29'879) 31.08.2013 Investment Advisor
SCHINDELHAUER KIM n/a 20F 766'500 0.75 - 31.01.2013 n/a
SAEMOR CAPITAL BV n/a Short (643'986) -0.63 161'616 18.09.2013 Investment Advisor
BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 608'594 0.6 608'594 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bankhaus Lampe KARSTEN ILTGEN buy 5 M 16 12 month 23.09.2013
Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 17 12 month 11.09.2013
Exane BNP Paribas GERHARD ORGONAS outperform 5 M 15 Not Provided 10.09.2013
Natixis MAXIME MALLET buy 5 M 15 Not Provided 02.09.2013
Commerzbank Corporates & Markets THOMAS M BECKER hold 3 M 12 6 month 29.08.2013
Morgan Stanley ANDREW HUMPHREY Equalwt/Cautious 3 M 12 12 month 28.08.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 10 12 month 31.07.2013
Equinet Institutional Services(ESN) ADRIAN PEHL sell 1 M 7 12 month 30.07.2013
Deutsche Bank UWE SCHUPP buy 5 M 14 12 month 29.07.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 29.07.2013
Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 29.07.2013
Societe Generale PETER KNOX sell 1 M 9 12 month 26.07.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 13 12 month 26.07.2013
JPMorgan SANDEEP S DESHPANDE neutral 3 M 10 3 month 26.07.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 26.07.2013
Sterne, Agee & Leach ANDREW HUANG neutral 3 M #N/A N/A Not Provided 26.07.2013
Bankhaus Metzler STEPHAN BAUER sell 1 M 8 12 month 26.07.2013
Barclays ANDREW M GARDINER equalweight 3 M 12 Not Provided 26.07.2013
SRH AlsterResearch DANIEL PAWLOWSKI sell 1 M 10 12 month 26.07.2013
HSBC CHRISTIAN DOMINIK RATH neutral 3 M 13 Not Provided 25.07.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER sell 1 M 11 Not Provided 25.07.2013
Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 13 12 month 25.07.2013
M.M. Warburg Investment Research MALTE SCHAUMANN sell 1 M 9 12 month 25.07.2013
Berenberg Bank ALI FARID KHWAJA hold 3 M 9 Not Provided 25.07.2013
Kepler Cheuvreux BERND LAUX hold 3 U 12 Not Provided 25.07.2013
DZ Bank AG HARALD SCHNITZER sell 1 M 10 Not Provided 25.07.2013
UBS DAVID MULHOLLAND neutral 3 M 13 12 month 22.07.2013
Close Brothers Equity Markets VEYSEL TAZE sell 1 M 10 12 month 15.07.2013
Liberum Capital Ltd JANARDAN MENON buy 5 M 13 Not Provided 13.05.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
National Bank AG SVEN PAULSEN buy 5 M 35 Not Provided 28.07.2011
Holdings By:
Aixtron SE
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
19. 27.09.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (22.05.2013) 122.10
52-Week Low (11.10.2012) 90.36
Daily Volume
118
52-Week High % Change -3.36% Dividend Yield -
52-Week Low % Change 30.59% Beta 1.23
% 52 Week Price Range High/Low 88.03% Equity Float 448.87
Shares Out 30.06.2013 456.0 Short Int -
53'802.10 1 Yr Total Return 28.40%
Total Debt 19'574.00 YTD Return 16.91%
Preferred Stock 0.0 Adjusted BETA 1.231
Minority Interest 2'665.0 Analyst Recs 39
Cash and Equivalents 12'437.00 Consensus Rating 4.256
Enterprise Value 61'786.10
Average Volume 5 Day 2'136'566
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'676'291
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'680'870
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
76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 90'556.0 97'026.0 102'442.2 105'264.4 24'605.0 24'916.0
0.62x 0.64x 0.57x 0.50x 0.60x 2.07x 2.31x 0.67x 0.65x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'317.0 5'859.0 5'867.7 6'016.0 1'230.5 1'430.5
8.51x 8.37x 7.94x 13.13x 4.62x 10.58x 4.64x 9.02x 8.76x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 10.61% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 23.03.2009
Return on Assets 0.86% Short-Term Rating A-1+
Return on Common Equity 12.22%
Return on Capital 10.33% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 36.6%
Net Income Margin 5.4% Total Debt/Capital 25.8%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.82% Inventory Days -
Tot Debt to Common Equity 36.55% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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
Allianz SE
Price/Volume
Valuation Analysis
1'034'967.00
Current Price (9/dd/yy) Market Data
0
20
40
60
80
100
120
140
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
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
8.0 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
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 |