Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)

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
E100 Index - FTSE Eurotop 100 Index
April 2013
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14392574
1935.593
1116
1116
204
220
220
101.42
110.55
110.55
15.42
15.42
14.14
14.14
18.80
Euro Stoxx 50 Pr
EUR
2529002
5372.293
4595
4595
733
768
768
228.31
305.59
305.59
18.52
15.97
13.84
13.84
19.53
NIKKEI 225
JPY
2558234
186.6975
188
188
19
20
20
5.28
5.51
5.51
0.27
0.27
0.26
0.26
0.12
FTSE 100 INDEX
GBP
2682024
11608.24
9587
9587
1446
1647
1647
530.70
818.94
818.94
27.31
17.70
17.70
22.54
SWISS MARKET INDEX
CHF
1032475
10951.8
4099
4099
841
833
833
406.58
549.07
549.07
20.92
18.53
15.49
15.49
21.83
S&P/TSX COMPOSITE INDEX
CAD
1677743
17146.39
7904
7904
1848
2081
2081
794.29
887.81
887.81
15.43
15.43
13.80
13.80
24.27
S&P/ASX 200 INDEX
AUD
1414577
6699.644
2865
2865
604
702
702
251.37
341.05
341.05
21.63
17.51
15.94
15.94
22.29
HANG SENG INDEX
HKD
1702834
3309.148
1659
1659
376
407
407
268.13
266.04
266.04
1.39
1.52
1.40
1.40
3.12
MSCI EM
USD
7697940
1533.773
1085
1085
201
216
216
87.02
95.19
95.19
11.82
13.40
10.81
10.81
20.03
NESTLE SA-REG
CHF
229014
2740
3189
29
10
249.79
96847
96847
103068
109004
17714
17714
3.49
3.49
3.82
4.14
21.33
21.32
19.50
18.01
10.71
AA
16.08.2007
HSBC HOLDINGS PLC
GBp
193779
9945
18476
430
12
387
#VALUE!
127870
121335
103439
109654
0.74
1.17
1.47
1.65
20.46
16.22
14.51
-16.15
A+
29.11.2011
Aa3
21.06.2012
NOVARTIS AG-REG
CHF
189771
1999
2421
21
211.30
59449
59449
59823
62222
17533
17272
4.20
4.11
5.44
6.01
18.76
18.90
14.18
12.83
-3.39
9.23
-6.50
11.07
30.48
AA-
07.04.2008
Aa3
08.02.2013
ROCHE HOLDING AG-GENUSSCHEIN
CHF
197900
547
863
26
15
211.36
47728
47728
50014
51848
17357
17357
11.71
11.80
15.63
16.75
20.39
20.56
15.40
14.37
7.32
0.11
4.80
-0.57
38.15
AA
17.09.2012
VODAFONE GROUP PLC
GBp
137178
53383
49646
52
13
170.49
70106
67478
66991
68359
27509
21004
0.29
-0.05
0.23
0.25
18.33
17.09
1.75
8.15
36.51
11.89
47.01
A-
30.05.2006
A3
03.08.2011
BP PLC
GBp
133414
6511
19136
74
30
246.63
567256
560136
519122
532825
30874
33312
14010
14010
0.33
0.92
1.29
1.44
17.26
31.03
12.35
11.03
0.03
7.69
-83.62
-17.29
8.98
24.09.2010
SANOFI
EUR
132008
1829
1323
19
142.58
44621
44621
45780
48319
15812
16208
5.57
4.80
7.68
8.57
26.47
22.82
16.56
14.84
5.96
6.12
-2.12
3.91
46.38
AA-
18.02.2011
A2
18.02.2011
ROYAL DUTCH SHELL PLC-A SHS
GBp
208579
1009
6331
57
28
346.16
705563
705563
691755
703368
78710
78710
15643
15643
6.21
6.42
6.34
6.43
11.49
11.92
11.63
11.47
-0.97
5.17
-10.34
-1.03
16.85
AA
03.09.2009
Aa1
20.07.2005
GLAXOSMITHKLINE PLC
GBp
112485
3295
4904
28
135.10
39920
39920
40677
42251
12803
12803
3385
3385
1.59
1.40
1.74
1.92
24.69
19.17
19.92
18.03
-5.27
4.88
-20.99
-0.84
48.44
A+
18.02.2008
TOTAL SA
EUR
112784
3771
2258
43
22
135.18
232762
232762
231214
229795
41296
40784
11081
11081
6.03
6.04
6.72
6.78
10.08
10.10
9.06
8.98
12.07
5.75
-2.23
1.32
22.37
AA-
12.04.2011
Aa1
30.08.2005
BRITISH AMERICAN TOBACCO PLC
GBp
101852
758
2026
16
115.32
22942
22942
24307
25379
9278
9278
10049
10049
3.09
2.99
3.48
3.81
26.68
25.81
22.91
20.95
-2.05
12.58
-4.14
19.71
61.08
A-
09.11.2012
SIEMENS AG-REG
EUR
95040
1373
856
26
15
109.80
99969
100447
99877
103691
12325
13216
2611
2611
7.15
7.25
7.78
9.62
18.99
19.22
17.71
14.32
8.75
0.14
-10.21
2.13
16.80
A+
05.06.2009
ROYAL DUTCH SHELL PLC-B SHS
GBp
208579
2012
6331
57
28
346.16
706 K
706 K
692 K
703 K
78710
78710
15643
15643
6.21
6.42
6.34
6.43
11.83
12.28
11.98
11.81
-0.97
5.17
-10.34
-1.03
16.85
AA
03.09.2009
Aa1
20.07.2005
BAYER AG-REG
EUR
83656
1360
827
12
92.70
50766
50766
53040
55707
11493
10987
3212
3212
7.13
3.78
7.52
8.31
34.18
19.80
17.17
15.54
11.30
5.53
0.54
7.91
27.63
A-
30.04.2008
A3
17.07.2006
BASF SE
EUR
79863
2681
918
17
96.18
100522
100522
102988
102391
16066
16066
4478
4478
6.39
6.78
7.62
8.21
16.37
17.38
14.56
13.53
9.09
8.38
7.84
4.76
20.41
A+
10.05.2011
A1
17.11.2010
ANHEUSER-BUSCH INBEV NV
EUR
155540
1217
1602
57
18
243.01
50764
50764
57383
62292
19727
19727
5.70
5.78
6.36
7.19
27.29
27.65
24.83
21.95
2.33
19.10
1.28
22.65
49.62
01.05.2012
A3
27.03.2012
DIAGEO PLC
GBp
76655
1198
2531
13
90.03
16254
16680
17328
18529
5779
6082
2654
2654
1.24
1.53
1.56
1.73
30.10
35.11
29.66
26.61
12.56
10.95
27.76
14.74
55.07
A-
01.09.2005
A3
17.10.2005
SAP AG
EUR
96938
1889
1192
100.29
20714
20714
22993
25341
6387
5841
1420
1420
3.04
3.03
4.42
5.02
33.29
33.37
22.77
20.09
17.85
12.38
9.28
14.11
36.01
NOVO NORDISK A/S-B
DKK
91104
417
543
88.43
13369
13369
14353
15641
5491
5491
1325
1325
6.70
7.90
8.76
4.16
3.53
3.18
3.02
2.41
4.95
3.74
7.04
A+
24.06.2011
BANCO SANTANDER SA
EUR
69527
60243
10321
469
12
233
#VALUE!
55637
55637
56775
59544
0.76
0.30
0.75
0.88
27.69
10.52
11.20
9.62
-56.36
12.18
BBB
16.10.2012
(P)Baa2
24.10.2012
RIO TINTO PLC
GBp
92521
2284
1847
41
17
12
185.58
76978
76978
88228
93800
24018
24018
15420
15420
7.06
-2.44
9.02
10.26
15.16
11.86
10.42
-23.88
16.85
-60.94
13.11
47.12
A-
18.04.2011
LVMH MOET HENNESSY LOUIS VUI
EUR
85724
1065
500
93.03
35882
35882
38632
41941
8861
9219
3606
3606
8.91
8.76
9.68
10.86
24.61
24.20
22.28
19.86
23.98
14.24
16.40
14.11
32.80
20.05.2011
UNILEVER NV-CVA
EUR
122220
2388
2832
13
132.32
65531
65531
68321
72206
10455
10455
1.94
2.02
2.16
2.35
25.50
26.49
23.82
21.92
13.35
6.82
12.42
4.97
20.37
A+
05.10.2000
A1
11.07.2000
BHP BILLITON PLC
GBp
173058
2925
5298
43
308.87
109086
101118
102833
113273
51149
42726
24709
24709
5.50
2.76
3.86
4.59
24.24
17.00
17.29
14.57
1.03
10.20
-16.76
12.56
63.82
A+
15.11.2010
(P)A1
15.11.2010
SABMILLER PLC
GBp
82615
496
1664
29
153.26
25242
25857
37002
39254
7784
8197
2.91
4.22
3.62
4.08
27.96
35.14
32.55
28.90
15.64
0.93
15.23
7.70
47.88
BBB+
04.08.2003
Baa1
27.10.2005
ALLIANZ SE-REG
EUR
61156
1705
453
37
16
85.26
122600
122598
132985
136660
14.95
14.58
15.48
16.21
11.75
11.55
11.06
10.57
12.62
3.84
AA
27.01.2012
Aa3
03.05.2004
ENI SPA
EUR
81481
8111
3634
31
10
106.90
162501
162501
150431
154689
31364
31364
9022
9022
0.84
3.06
2.50
2.65
9.37
10.52
11.46
10.81
20.60
7.56
-5.80
-1.34
24.64
17.01.2012
A3
16.07.2012
ASTRAZENECA PLC
GBp
60919
1083
1247
16
13
95.02
42249
42249
39798
38670
16097
17552
3583
3583
9.15
7.54
8.23
7.93
14.76
12.22
13.52
14.04
-25.26
-2.91
-29.78
-0.72
62.75
AA-
27.07.2007
A1
30.07.2007
STANDARD CHARTERED PLC
GBp
61739
1192
2413
171
184
#VALUE!
40640
40640
31312
34405
3.20
3.08
3.59
3.96
18.95
18.23
16.23
14.73
15.91
6.22
A+
01.12.2011
A2
26.11.2010
TELEFONICA SA
EUR
60781
20155
4551
85
15
140.37
79617
79617
75980
76315
26602
26648
5844
5844
1.05
1.13
1.45
1.51
15.10
11.76
11.29
-0.98
2.51
9.50
-2.31
42.74
BBB
20.12.2012
Baa2
18.10.2012
DAIMLER AG-REGISTERED SHARES
EUR
59121
2162
1068
108
19
150.05
145936
145936
149351
158434
15498
15568
7.24
7.29
5.94
7.03
9.70
9.70
11.91
10.06
9.30
22.58
-0.82
-6.62
13.62
A-
23.02.2012
A3
01.10.2007
UBS AG-REG
CHF
58636
6342
3747
281
70
274.07
39603
39608
27916
29031
16290
16291
0.55
-0.70
0.92
1.25
29.92
17.47
12.83
-8.02
-10.57
-11.62
-32.87
43.15
29.11.2011
A2
21.06.2012
BG GROUP PLC
GBp
57351
2733
3402
23
103.42
28595
32722
30416
34615
15403
15951
4161
4161
1.95
1.55
1.99
2.36
24.86
19.01
19.34
16.31
-15.34
10.37
2.59
9.25
73.62
BNP PARIBAS
EUR
62184
5738
1240
1293
11
178
#VALUE!
87671
124521
51201
52836
6.99
6.81
6.40
7.32
9.39
8.93
10.00
8.75
-4.22
14.55
A+
25.10.2012
A2
21.06.2012
UNILEVER PLC
GBp
122245
998
2832
15
156.52
77517
77517
80817
85413
12655
12655
2.35
2.39
2.56
2.78
30.92
31.49
28.93
26.63
15.79
8.07
8.73
6.57
24.66
A+
05.10.2000
A1
11.07.2000
BARCLAYS PLC
GBp
55349
32713
12243
661
14
194
#VALUE!
58657
51741
44395
45545
0.69
-0.13
0.56
0.67
9.48
11.69
9.75
1.61
-9.26
29.11.2011
(P)A3
21.06.2012
ABB LTD-REG
CHF
52205
2742
2296
11
56.98
41263
41263
43679
45976
5553
5686
1479
1479
1.26
1.23
1.60
1.81
20.21
19.25
15.55
13.72
3.72
5.43
-7.27
2.61
14.45
08.06.2010
RECKITT BENCKISER GROUP PLC
GBp
51516
556
734
55.12
14449
14449
15269
16004
4105
4105
3.99
3.81
4.01
4.24
28.47
27.02
27.08
25.62
1.31
19.53
4.23
24.47
42.91
A+
16.12.2003
BANCO BILBAO VIZCAYA ARGENTA
EUR
46495
37524
5433
289
82
#VALUE!
44972
29189
29794
31392
0.63
0.33
0.99
1.12
33.37
33.75
10.97
9.73
8.40
12.39
BBB-
16.10.2012
Baa3
24.10.2012
TESCO PLC
GBp
45711
7554
8032
18
57.97
97476
98230
99944
104232
7713
7470
0.57
0.53
0.48
0.50
16.25
16.29
18.01
17.04
10.20
11.24
6.22
12.48
11.49
A-
29.07.2008
Baa1
20.04.2012
L'OREAL
EUR
92167
381
598
#VALUE!
90.16
28681
28681
29935
31689
5604
5604
6.05
6.13
6.54
7.08
31.77
31.79
29.77
27.49
13.30
7.38
14.00
6.10
24.95
DANONE
EUR
43203
978
593
12
51.59
26646
26646
28210
29955
4625
4625
3.56
3.56
4.03
4.45
24.40
24.45
21.57
19.54
10.25
13.89
4.98
14.49
22.16
A-
25.07.2007
A3
06.11.2007
NATIONAL GRID PLC
GBp
41596
2242
3701
35
73.21
20891
20548
21787
22598
7215
7538
0.77
0.96
0.81
0.83
17.84
20.87
21.27
20.69
-5.38
12.97
-2.12
11.35
55.41
A-
24.08.2007
Baa1
12.01.2007
ZURICH INSURANCE GROUP AG
CHF
40851
242
147
13
10
48.91
73897
73897
64482
66754
27.78
27.76
30.10
31.81
10.92
10.92
10.07
9.53
34.59
12.40
CIE FINANCIERE RICHEMON-BR A
CHF
44633
717
522
33.45
9301
10237
10679
11585
2469
2812
2.90
3.67
3.64
4.11
18.23
18.54
18.39
16.29
30.06
17.26
43.05
17.94
28.82
PRUDENTIAL PLC
GBp
40555
3035
2557
10
43.22
83788
83788
87446
89651
1.19
1.31
1.21
1.34
18.34
20.18
19.85
17.92
78.48
A+
17.08.2010
A2
20.12.2002
AXA SA
EUR
41087
5052
2389
14
39
18.71
146436
146436
128390
130665
2.33
2.26
2.52
2.69
9.70
9.41
8.72
8.18
21.24
75.98
A-
18.12.2012
A2
19.03.2003
SCHNEIDER ELECTRIC SA
EUR
39855
1225
547
10
45.69
30575
30575
31092
32698
4899
4899
4.54
4.33
5.27
5.87
21.17
20.18
17.40
15.60
9.15
10.14
3.84
5.78
20.46
A-
26.11.2008
A3
12.01.2009
SYNGENTA AG-REG
CHF
38626
181
92
#VALUE!
42.35
14898
14898
16074
17008
3302
3302
1099
1099
23.87
21.43
26.23
28.72
21.29
19.11
17.39
15.89
7.38
11.62
9.40
10.75
23.25
15.06.2007
AIR LIQUIDE SA
EUR
37345
605
311
45.46
19569
19569
20847
22349
4842
4842
6.64
6.61
7.11
7.87
23.09
23.21
21.45
19.40
7.68
6.56
8.19
8.68
31.59
02.07.2007
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
-2.93
10.20
-1.53
19.19
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14392574
1935.593
1116
1116
204
220
220
101.42
110.55
110.55
15.42
15.42
14.14
14.14
18.80
Euro Stoxx 50 Pr
EUR
2529002
5372.293
4595
4595
733
768
768
228.31
305.59
305.59
18.52
15.97
13.84
13.84
19.53
NIKKEI 225
JPY
2558234
186.6975
188
188
19
20
20
5.28
5.51
5.51
0.27
0.27
0.26
0.26
0.12
FTSE 100 INDEX
GBP
2682024
11608.24
9587
9587
1446
1647
1647
530.70
818.94
818.94
27.31
17.70
17.70
22.54
SWISS MARKET INDEX
CHF
1032475
10951.8
4099
4099
841
833
833
406.58
549.07
549.07
20.92
18.53
15.49
15.49
21.83
CAD
1677743
17146.39
7904
7904
1848
2081
2081
794.29
887.81
887.81
15.43
15.43
13.80
13.80
24.27
S&P/ASX 200 INDEX
AUD
1414577
6699.644
2865
2865
604
702
702
251.37
341.05
341.05
21.63
17.51
15.94
15.94
22.29
HANG SENG INDEX
HKD
1702834
3309.148
1659
1659
376
407
407
268.13
266.04
266.04
1.39
1.52
1.40
1.40
3.12
MSCI EM
USD
7697940
1533.773
1085
1085
201
216
216
87.02
95.19
95.19
11.82
13.40
10.81
10.81
20.03
ERICSSON LM-B SHS
SEK
41171
3661
3220
34.03
35026
35026
36245
37852
4880
4933
900
900
0.28
0.79
0.94
6.93
2.42
2.04
0.06
0.75
1.08
-0.02
2.17
BBB+
15.06.2007
XSTRATA PLC
GBp
48662
2061
3003
26
99.78
47754
47754
51372
54842
12267
12267
6878
6878
1.90
0.60
1.88
2.36
61.17
19.46
19.64
15.63
-10.07
5.24
-45.72
-8.64
38.80
BBB+ *-
29.11.2012
DEUTSCHE BANK AG-REGISTERED
EUR
36043
8534
929
363
227
#VALUE!
42878
60203
43189
44464
4.06
0.87
4.93
6.39
57.02
10.18
10.04
7.75
-46.26
-7.43
26.03.2013
A2
21.06.2012
ANGLO AMERICAN PLC
GBp
36005
1303
1391
25
14
75.21
43439
43439
51703
54057
11602
11602
8034
8034
3.91
-1.70
3.50
4.25
15.42
16.84
13.85
-8.98
20.36
-49.07
-8.82
40.34
BBB+
18.04.2011
Baa1
23.02.2009
DEUTSCHE TELEKOM AG-REG
EUR
45122
12767
4319
57
100.27
74271
74271
73742
73470
22635
22610
5525
5525
1.28
-1.57
0.91
0.94
10.56
14.71
14.21
-1.05
-1.77
-15.64
1.90
38.87
BBB+
19.05.2008
Baa1
22.12.2011
GDF SUEZ
EUR
45980
3045
2357
73
15
15
119.56
123899
123899
103673
103865
23495
23495
1.70
0.91
1.74
1.82
26.74
14.28
13.95
13.39
8.96
9.13
18.51
26.38
24.21
29.01.2013
A1
03.07.2012
IMPERIAL TOBACCO GROUP PLC
GBp
33095
942
990
14
46.70
22160
22160
12241
12664
6810
6810
2282
2282
2.49
1.03
3.21
3.46
49.69
20.55
15.92
14.78
-5.11
90.21
57.87
35.89
46.42
BBB
20.05.2008
NORDEA BANK AB
SEK
45368
2522
4023
38
#VALUE!
2684
2684
1606
1673
0.12
0.12
0.13
0.14
1.74
1.74
1.64
1.47
0.71
0.23
AA-
29.11.2005
Aa3
24.05.2012
CREDIT SUISSE GROUP AG-REG
CHF
34708
3185
1294
347
67
#VALUE!
40190
40190
27876
28844
2.37
0.88
2.77
3.25
31.28
11.05
9.96
8.48
-10.76
31.68
19.12.2008
(P)A2
21.06.2012
VOLKSWAGEN AG-PREF
EUR
88396
632
465
150
33
211.04
246011
246011
260904
274584
31185
31185
5601
5601
59.09
59.46
27.69
31.99
4.23
4.24
9.07
7.86
26.72
15.52
18.28
12.83
16.19
A-
31.08.2009
A3
17.08.2009
MUENCHENER RUECKVER AG-REG
EUR
33237
444
179
37.88
84137
84442
71290
73811
22.96
22.96
20.92
21.42
10.31
10.31
11.31
11.05
10.46
9.19
AA-
22.12.2006
E.ON SE
EUR
34389
7246
1907
33
64.66
168658
168658
142657
145127
10780
10780
12203
12203
2.31
1.46
1.67
1.78
15.08
9.50
13.14
12.34
21.63
20.90
124.84
-6.72
8.16
A-
27.07.2012
A3
05.10.2011
PERNOD-RICARD SA
EUR
32720
208
263
13
44.69
10 K
11 K
11 K
12 K
2930
3127
5.61
5.80
6.35
7.19
27.16
26.34
24.81
21.89
9.56
7.79
11.13
8.86
36.75
BBB-
03.10.2011
Baa3
08.09.2011
BT GROUP PLC
GBp
32360
7145
8151
16
45.24
29160
27348
27396
26802
9349
8882
2469
2469
0.36
0.41
0.38
0.38
15.05
16.97
16.36
16.17
-5.79
-4.81
7.80
2.85
49.05
BBB
19.07.2011
INDITEX
EUR
79667
429
623
74.48
20360
20360
22619
25079
4995
4996
1058
1058
4.84
4.83
5.46
6.12
33.76
29.90
26.67
19.93
13.22
27.70
16.25
31.33
ROLLS-ROYCE HOLDINGS PLC
GBp
31209
863
1872
29.40
18367
18367
22921
24220
2548
2548
1800
1800
1.41
1.86
0.99
1.08
13.47
17.76
25.34
23.15
14.08
17.11
21.12
30.05
20.95
13.04.2012
STATOIL ASA
NOK
76950
2019
3180
20
14
83.79
120612
120618
109172
111813
45360
45503
10657
10657
3.70
2.85
2.94
1.11
1.45
1.40
1.59
-0.50
0.23
1.46
6.45
AA-
03.08.2007
Aa2
23.06.2005
LLOYDS BANKING GROUP PLC
GBp
51378
130418
70424
287
168
#VALUE!
54989
54989
27562
27462
0.03
-0.03
0.06
0.08
41.55
18.68
13.00
2.65
A-
29.11.2011
A3
21.06.2012
SWISS RE AG
CHF
29846
452
343
21
11
40.83
34738
34738
33946
36553
11.60
12.69
8.46
8.90
6.98
7.47
10.47
9.95
20.07
0.89
CENTRICA PLC
GBp
28558
5725
5199
35.19
36161
36161
36902
38476
5585
5585
5958
5958
0.39
0.37
0.42
0.47
22.40
21.13
19.81
17.83
7.40
15.93
17.70
12.24
23.33
A-
29.05.2009
A3
21.06.2006
KONINKLIJKE PHILIPS ELECTRON
EUR
28126
1953
915
29.06
31650
31650
31635
32711
3145
3145
752
752
0.36
0.35
2.09
2.42
107.40
77.15
17.94
15.52
1.93
137.70
-4.53
12.69
A-
11.05.2005
A3
20.04.2006
GLENCORE INTERNATIONAL PLC
GBp
38301
7912
7099
54
111.82
323873
323873
329179
346254
6949
6949
0.27
0.22
0.90
1.12
56.50
45.48
13.71
11.02
22.95
25.78
6.08
-5.44
3.24
BBB
29.11.2012
ING GROEP NV-CVA
EUR
27514
17221
3801
265
23
271.48
50184
53934
49386
54358
0.87
0.96
1.28
1.42
9.58
8.94
7.18
6.48
-32.61
-11.84
03.09.2009
A3
15.06.2012
BAYERISCHE MOTOREN WERKE AG
EUR
56219
1031
656
89
17
128.53
98121
98121
101739
106644
15340
15340
9.92
9.92
9.96
10.26
11.31
11.31
11.26
10.94
14.89
8.26
3.68
-0.80
19.96
16.04.2012
A2
22.07.2011
LINDE AG
EUR
33937
228
185
13
45.08
19510
19510
21865
23306
4396
4396
1234
1234
8.84
8.98
10.91
12.35
26.06
26.45
21.44
18.95
13.83
6.89
14.08
10.24
28.77
25.05.2012
A3
28.04.2010
VIVENDI
EUR
26811
2579
1323
23
48.30
37020
37020
36818
37223
5716
8339
0.37
0.18
2.28
2.42
142.03
54.41
11.35
10.68
0.80
8.91
-63.07
-8.44
28.76
BBB
26.10.2012
Baa2
13.09.2005
VINCI SA
EUR
25817
1351
536
26
44.22
50030
49328
49722
50734
7032
6963
4.49
4.57
4.49
4.75
12.45
12.55
12.67
11.97
5.21
5.43
1.45
4.75
18.02
BBB+
29.03.2007
Baa1
23.07.2002
ENEL SPA
EUR
30256
29170
9403
85
21
13
123.51
105591
105591
102703
103573
20621
20621
0.11
0.11
0.43
0.45
35.75
9.63
9.17
8.44
11.67
-7.78
13.72
24.93
BBB+
08.03.2012
Baa2
05.11.2012
HEINEKEN NV
EUR
43641
401
576
17
60.75
23472
23472
26187
27416
4432
4497
5843
5843
6.31
6.55
4.18
4.71
14.77
14.80
23.17
20.55
9.40
14.80
3.32
14.85
24.46
BBB+
02.10.2012
Baa1
07.03.2012
RWE AG
EUR
22458
1822
615
25
43.25
64825
#VALUE!
68265
69250
11562
2.49
4.99
4.54
9.39
10.33
4.20
5.24
11.85
3.91
BBB+
27.07.2012
A3
19.07.2011
IBERDROLA SA
EUR
29273
16726
6053
42
63.28
43669
44496
42630
44012
9165
9813
2923
2923
0.59
0.60
0.51
0.54
9.91
9.86
11.55
11.03
10.30
10.06
3.23
10.27
28.16
BBB
28.11.2012
(P)Baa1
05.11.2012
HENNES & MAURITZ AB-B SHS
SEK
58841
1034
1655
55.93
18575
18661
19818
21931
3915
3872
1226
1226
1.54
1.65
1.85
3.55
3.31
2.95
1.51
1.20
1.18
0.73
3.19
EADS NV
EUR
41946
2481
822
14
33.93
72114
72114
74984
79977
5014
5091
1376
1376
1.85
1.91
3.43
4.60
33.84
33.82
18.83
14.04
19.11
14.71
30.39
29.50
9.01
A-
22.09.2010
(P)A2
06.12.2012
ASML HOLDING NV
EUR
26706
818
407
24.23
6041
6041
6205
7753
1715
1715
178
178
3.42
3.45
2.92
4.52
24.10
24.19
28.44
18.38
-20.78
23.97
-32.73
9.11
36.25
Baa2
11.11.2010
VOLVO AB-B SHS
SEK
30859
4467
2028
20
46.88
46692
46692
45484
48770
4981
4981
836
836
0.84
0.96
1.38
2.66
2.31
1.61
-0.33
-0.23
-3.68
-0.13
1.64
BBB
15.04.2011
FRANCE TELECOM SA
EUR
26665
8343
2627
50
11
68.58
55561
55561
53748
52963
15799
15799
3965
3965
0.94
0.40
1.40
1.37
32.47
13.67
9.18
9.41
-4.97
-4.56
-22.49
-10.80
36.31
27.02.2013
A3
23.06.2005
COMPAGNIE DE SAINT-GOBAIN
EUR
19470
1902
531
16
30.84
55156
55156
54911
56787
3367
3367
1.27
1.86
3.12
3.76
25.15
36.85
15.00
12.43
3.28
0.25
-60.66
-18.44
7.79
BBB
24.07.2009
Baa2
31.07.2009
ATLAS COPCO AB-A SHS
SEK
33319
2077
1213
34.65
13921
13921
13726
14320
3366
3366
775
775
1.76
1.74
1.87
2.45
2.48
2.31
1.77
0.98
1.40
1.45
3.72
24.02.2011
A2
15.11.2012
SWATCH GROUP AG/THE-BR
CHF
29909
96
54
28.01
8178
8178
9333
10275
2355
2355
31.07
31.09
34.63
38.69
19.22
19.23
17.25
15.44
16.00
6.94
22.88
9.79
30.21
TELENOR ASA
NOK
34046
1410
1560
41.63
17385
17385
17612
18137
6787
6787
1442
1442
0.76
1.04
1.72
1.94
3.59
2.17
1.92
0.56
0.56
2.67
1.11
6.67
A-
12.04.2010
A3
27.01.2009
INTESA SANPAOLO
EUR
23079
169232
16434
361
51
#VALUE!
22744
22580
21457
21995
0.12
0.16
0.14
0.19
10.97
15.68
12.62
9.30
-37.66
-15.07
BBB+
10.02.2012
Baa2
16.07.2012
HENKEL AG & CO KGAA VORZUG
EUR
36989
321
434
40.56
21080
21080
21812
22880
3552
3394
4.68
4.43
5.14
5.67
27.25
27.25
23.47
21.29
7.40
6.21
17.66
12.24
20.56
18.05.2011
A2
01.06.2011
TELIASONERA AB
SEK
30735
4317
4330
14
40.84
16130
16130
15971
16127
5376
5376
1316
1316
0.70
0.64
0.67
1.55
1.70
1.63
0.08
0.28
-0.79
0.37
5.13
A-
28.10.2005
A3
30.10.2007
ARCELORMITTAL
EUR
21657
7524
1549
33
59.36
107524
107524
110480
115362
8634
9129
1846
1846
0.01
-3.08
0.87
1.83
105.76
24.49
11.56
-13.26
-4.73
-40.45
-24.27
10.84
BB+
02.08.2012
Ba1
06.11.2012
FRESENIUS MEDICAL CARE AG &
EUR
20478
487
307
11
28.60
17620
17620
18778
19850
3602
3602
935
935
4.94
4.97
5.01
5.44
21.97
22.08
21.76
20.08
12.49
10.02
9.18
9.88
26.10
BB+
19.09.2012
AP MOELLER-MAERSK A/S-B
DKK
33590
19
52.37
58608
58608
57584
62566
12490
12490
3037
3037
849.50
849.94
750.85
935.29
1.57
1.57
1.78
1.43
1.04
0.69
-1.22
0.40
3.65
CHRISTIAN DIOR
EUR
29712
68
179
11
20
58.29
37412
#VALUE!
38336
42022
8001
9.69
11.91
14.21
17.52
14.69
24.23
13.59
HENKEL AG & CO KGAA
EUR
36989
56
434
40.56
21080
21080
21812
22880
3552
3394
4.68
4.43
5.14
5.67
22.39
22.39
19.28
17.49
7.40
6.21
17.66
12.24
20.56
18.05.2011
A2
01.06.2011
ATLAS COPCO AB-B SHS
SEK
33319
358
1213
34.65
13921
13921
13726
14320
3366
3366
775
775
1.76
1.74
1.87
2.18
2.21
2.06
1.77
0.98
1.40
1.45
3.72
24.02.2011
A2
15.11.2012
TENARIS SA
EUR
23605
776
1181
30.71
13833
13833
14480
15275
3734
3770
912
912
1.84
1.84
2.13
2.14
17.72
17.74
15.34
15.25
11.03
8.28
24.77
-4.31
34.80
12
12.49
A+
*-
*-
A-
*-
A3
10.06.2011
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
S&P 500 INDEX
2.17
2.17
1.99
1.81
2.17
1.40
1.40
1.34
1.28
1.40
10.02
10.02
9.72
9.51
10.02
8.80
8.80
8.13
7.62
8.80
14.14
14.14
12.67
11.44
14.14
2.20
2.20
2.36
2.56
2.20
1682.0
7.6%
Euro Stoxx 50 Pr
1.12
1.12
1.06
1.00
1.12
0.72
0.72
0.70
0.68
0.72
5.22
5.22
4.87
4.64
5.22
7.00
7.00
6.62
6.30
7.00
10.84
10.84
9.70
8.88
10.84
4.44
4.44
4.77
5.08
4.44
2896.5
11.7%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.71
0.71
0.66
0.65
0.71
9.49
9.49
8.15
7.62
9.49
9.50
9.50
8.28
7.76
9.50
24.08
24.08
18.86
14.60
24.08
1.65
1.65
1.65
1.93
1.65
11916.4
-4.6%
FTSE 100 INDEX
1.67
1.67
1.55
1.34
1.67
1.00
1.00
0.97
0.98
1.00
7.84
7.84
7.22
5.21
7.84
7.05
7.05
6.60
6.33
7.05
11.72
11.72
10.63
9.74
11.72
3.92
3.92
4.22
4.66
3.92
6826.8
7.5%
SWISS MARKET INDEX
2.37
2.37
2.20
2.03
2.37
1.98
1.98
1.88
1.80
1.98
12.18
12.18
11.13
9.77
12.18
13.15
13.15
12.16
11.37
13.15
14.77
14.77
13.22
12.00
14.77
3.34
3.34
3.70
4.21
3.34
8029.4
3.9%
1.69
1.69
1.56
1.46
1.69
1.58
1.58
1.48
1.43
1.58
8.44
8.44
7.58
7.00
8.44
8.24
8.24
7.29
6.91
8.24
14.05
14.05
12.39
11.38
14.05
3.12
3.12
3.28
3.48
3.12
14554.2
14.5%
S&P/ASX 200 INDEX
1.90
1.90
1.79
1.69
1.90
1.82
1.82
1.71
1.62
1.82
11.19
11.19
9.99
9.12
11.19
9.54
9.54
8.40
7.80
9.54
15.28
15.28
13.60
12.48
15.28
4.35
4.35
4.66
5.03
4.35
5152.0
3.1%
HANG SENG INDEX
1.34
1.34
1.24
1.15
1.34
1.74
1.74
1.61
1.50
1.74
7.17
7.17
6.65
6.25
7.17
8.13
8.13
7.39
6.84
8.13
10.88
10.88
9.98
9.08
10.88
3.54
3.54
3.83
4.34
3.54
24942.6
11.0%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.95
0.95
0.88
0.84
0.95
6.89
6.89
6.34
5.94
6.89
7.09
7.09
6.50
6.11
7.09
10.81
10.81
9.72
9.01
10.81
3.07
3.07
3.57
6.08
3.07
1184.9
15.2%
NESTLE SA-REG
3.56
3.34
3.16
2.89
2.77
2.37
2.22
2.10
1.98
1.89
16.28
15.12
14.04
12.49
12.01
13.64
12.71
11.85
11.07
10.30
19.87
18.59
17.17
15.94
14.87
3.06
3.27
3.48
3.71
4.04
67.89
0.3%
HSBC HOLDINGS PLC
1.14
1.07
1.02
0.96
0.88
2.83
2.83
2.67
2.54
11.46
10.33
8.92
8.32
11.86
10.74
9.61
8.53
7.28
4.11
4.69
5.19
6.01
5.44
776.75
11.9%
NOVARTIS AG-REG
2.41
2.33
2.21
2.09
1.86
3.36
3.33
3.20
3.07
2.98
11.76
11.63
10.83
9.41
9.26
11.81
11.95
11.15
10.23
9.89
13.38
13.52
12.23
11.12
10.64
3.48
3.56
3.79
4.04
4.37
67.13
0.4%
ROCHE HOLDING AG-GENUSSCHEIN
11.51
9.08
7.00
5.70
4.48
4.16
3.95
3.81
3.67
3.63
14.07
12.48
11.69
10.77
10.46
11.23
10.13
9.65
9.28
9.11
15.99
14.68
13.70
12.89
12.46
3.35
3.63
3.94
4.22
4.45
218.30
-0.2%
VODAFONE GROUP PLC
1.09
1.21
1.16
1.14
1.13
1.96
2.05
2.01
1.98
1.97
7.25
6.95
6.70
6.38
7.74
7.76
8.54
8.48
8.35
8.27
11.90
12.13
11.32
10.67
10.09
7.27
5.60
5.71
5.82
6.03
191.96
3.4%
BP PLC
1.12
1.08
1.01
0.95
0.85
0.37
0.39
0.38
0.38
0.46
5.18
4.64
4.22
4.05
3.90
4.36
4.24
3.93
4.00
3.86
7.65
8.18
7.30
6.85
6.47
4.87
5.11
5.47
5.89
6.36
481.53
4.5%
SANOFI
1.79
1.75
1.68
1.59
1.47
2.97
2.88
2.73
2.59
2.49
11.08
11.06
10.15
8.70
7.94
8.30
8.50
7.84
7.25
6.93
12.60
12.97
11.62
10.56
9.74
3.56
3.77
4.19
4.65
5.18
79.45
1.9%
ROYAL DUTCH SHELL PLC-A SHS
1.09
1.01
0.95
0.93
0.83
0.44
0.46
0.45
0.45
0.40
4.57
4.51
4.43
4.28
4.16
3.86
3.74
3.67
3.54
3.32
7.72
7.70
7.59
7.34
7.07
5.33
5.55
5.70
5.93
6.22
2516.79
17.6%
GLAXOSMITHKLINE PLC
10.49
12.25
10.90
8.89
6.87
2.81
2.77
2.66
2.55
2.45
12.69
10.85
9.95
9.07
8.08
9.15
9.32
8.86
8.50
8.03
13.68
13.19
11.94
10.96
10.17
4.89
5.14
5.43
5.85
6.15
1502.74
-0.9%
TOTAL SA
1.15
1.07
0.98
0.90
0.90
0.50
0.49
0.49
0.50
0.51
3.86
3.71
3.61
3.35
3.21
3.13
3.14
3.07
2.90
2.64
6.84
7.10
7.03
6.61
6.13
6.26
6.39
6.51
6.77
6.96
45.78
22.6%
BRITISH AMERICAN TOBACCO PLC
8.25
8.86
8.33
8.35
8.05
4.39
4.19
4.01
3.85
3.64
14.97
13.81
12.94
11.66
10.04
12.52
11.48
10.75
10.07
9.55
16.98
15.17
13.87
12.67
11.39
3.83
4.31
4.72
5.16
5.71
3705.01
5.9%
SIEMENS AG-REG
2.27
2.30
2.08
1.89
1.47
0.96
0.95
0.92
0.88
0.85
10.10
10.84
9.18
8.35
8.49
8.67
9.03
7.53
7.01
7.25
13.77
13.87
11.21
10.36
9.51
3.63
3.71
4.01
4.25
4.53
86.64
2.5%
ROYAL DUTCH SHELL PLC-B SHS
1.12
1.04
0.98
0.96
0.85
0.44
0.46
0.45
0.45
0.40
4.71
4.65
4.56
4.41
4.28
3.86
3.74
3.67
3.54
3.32
7.95
7.93
7.82
7.56
7.28
5.17
5.39
5.57
5.72
5.88
2463.93
11.8%
BAYER AG-REG
3.28
3.10
2.79
2.55
2.20
1.65
1.58
1.50
1.42
1.37
11.73
10.16
9.31
8.45
7.92
8.76
8.24
7.67
7.14
6.80
14.63
13.45
12.17
11.03
10.27
2.29
2.62
2.87
3.13
3.34
79.46
0.3%
BASF SE
2.41
2.34
2.18
2.03
1.74
0.80
0.78
0.78
0.74
0.74
7.77
7.50
6.92
6.71
5.69
6.09
5.91
5.60
5.29
5.16
12.55
11.41
10.59
9.84
9.23
3.79
4.01
4.20
4.42
4.48
77.17
13.3%
ANHEUSER-BUSCH INBEV NV
3.62
3.39
3.17
2.88
2.53
3.92
3.46
3.19
3.02
2.97
13.81
12.78
11.79
10.81
9.48
12.28
10.81
9.74
9.06
8.92
20.70
19.45
17.19
15.48
14.34
1.97
2.40
2.75
3.27
3.87
75.39
-0.6%
DIAGEO PLC
8.49
6.88
5.63
4.60
3.58
4.72
4.42
4.14
3.87
3.68
21.84
18.47
16.09
14.52
12.89
16.90
15.18
14.02
13.07
12.68
21.96
19.64
17.62
15.93
14.75
2.19
2.34
2.56
2.77
3.08
2064.79
2.1%
SAP AG
5.22
4.45
3.74
3.12
2.63
4.66
4.22
3.83
3.50
3.24
19.16
15.27
13.54
11.79
11.02
14.20
12.21
10.82
9.56
8.67
20.02
17.84
15.73
13.85
12.90
1.36
1.54
1.79
1.98
1.94
65.60
6.2%
NOVO NORDISK A/S-B
13.29
11.74
10.51
8.96
9.64
6.82
6.35
5.83
5.41
5.06
22.78
19.13
17.32
15.29
13.77
16.21
15.01
13.55
12.33
11.58
24.93
20.59
18.58
16.50
14.60
1.81
2.22
2.50
2.74
2.95
1019.38
7.4%
BANCO SANTANDER SA
0.68
0.70
0.68
0.70
0.80
1.23
1.22
1.17
1.13
1.12
1.97
1.95
1.84
2.20
9.26
8.77
7.53
7.32
7.60
11.40
11.71
11.24
10.55
11.61
6.15
19.1%
RIO TINTO PLC
1.66
1.48
1.29
1.15
0.96
1.82
1.58
1.49
1.45
1.40
7.56
5.29
4.99
4.46
4.46
6.78
5.59
5.09
4.88
4.62
9.45
7.85
6.90
6.89
6.62
3.34
3.80
4.20
4.50
4.26
4043.26
30.2%
LVMH MOET HENNESSY LOUIS VUI
2.66
2.45
2.22
2.02
1.63
2.40
2.22
2.04
1.89
1.76
13.96
12.91
11.71
10.90
11.24
10.36
9.48
8.58
7.81
7.51
18.35
17.45
15.55
13.92
12.42
2.26
2.49
2.80
3.11
3.28
152.67
15.4%
UNILEVER NV-CVA
5.72
5.15
4.60
4.15
3.62
1.87
1.79
1.69
1.60
1.52
15.90
14.57
13.50
12.37
11.57
12.57
11.78
11.01
10.21
9.75
19.96
18.65
17.17
15.78
14.67
3.01
3.21
3.43
3.64
3.95
31.70
0.4%
BHP BILLITON PLC
2.28
2.11
1.85
1.64
1.47
2.41
2.54
2.31
2.21
2.12
6.53
7.73
6.52
6.17
5.78
6.11
7.02
5.95
5.60
5.34
9.20
11.45
9.65
8.87
8.64
3.89
4.10
4.40
4.63
4.75
2279.16
17.5%
SABMILLER PLC
3.42
3.06
2.82
2.57
2.25
4.94
3.37
3.18
3.01
2.86
19.55
17.16
16.05
14.11
12.59
19.10
15.80
14.44
13.56
11.77
24.70
21.55
19.13
17.20
15.62
1.72
1.97
2.22
2.50
2.62
3283.07
-4.1%
ALLIANZ SE-REG
0.92
0.88
0.83
0.79
0.74
0.46
0.46
0.45
0.44
0.43
9.32
8.67
8.28
8.09
7.57
4.38
4.65
4.89
5.01
5.36
117.71
12.0%
ENI SPA
1.06
1.01
0.96
0.90
0.86
0.53
0.54
0.53
0.51
0.55
3.82
3.53
3.30
3.13
3.63
2.85
2.92
2.81
2.70
2.73
8.74
8.98
8.47
7.85
9.36
6.15
6.26
6.40
6.61
6.50
20.11
14.5%
ASTRAZENECA PLC
2.60
2.46
2.33
2.20
1.98
2.17
2.31
2.38
2.43
2.50
7.89
7.69
8.27
7.95
8.01
5.76
6.38
6.57
6.65
6.95
7.87
8.96
9.30
9.36
9.65
6.01
5.76
5.80
5.82
5.62
3046.57
-5.7%
STANDARD CHARTERED PLC
1.43
1.29
1.20
1.11
1.06
3.23
2.98
2.71
2.47
2.33
11.47
9.84
8.65
7.77
11.69
10.75
9.75
8.97
8.12
3.20
3.60
3.95
4.38
4.52
1900.72
12.2%
TELEFONICA SA
2.08
1.99
1.87
1.71
1.64
0.76
0.80
0.80
0.79
0.79
3.27
3.37
3.32
3.47
4.30
5.19
5.40
5.37
5.36
5.38
8.61
9.22
8.84
8.45
8.61
1.22
7.15
7.56
7.12
9.18
11.29
7.9%
DAIMLER AG-REGISTERED SHARES
1.08
1.03
0.96
0.87
0.80
0.41
0.40
0.37
0.35
0.36
5.26
4.99
4.39
3.63
3.04
9.19
9.29
8.16
7.27
6.18
9.38
9.33
7.88
6.81
6.73
4.94
4.70
5.17
5.84
UBS AG-REG
1.15
1.14
1.08
1.04
1.18
2.23
2.10
2.02
1.91
1.95
94.00
12.04
9.65
7.34
14.33
16.65
12.23
8.92
7.58
0.90
1.74
3.81
7.97
BG GROUP PLC
1.72
1.56
1.40
1.24
1.29
2.54
2.85
2.50
2.01
1.60
7.07
7.38
6.22
5.26
12.38
12.81
10.80
8.48
6.63
1.53
1.64
1.79
BNP PARIBAS
0.63
0.60
0.57
0.54
1.25
1.21
1.18
1.14
1.14
4.92
4.38
3.92
3.64
7.21
7.82
6.85
6.27
3.82
4.49
5.43
UNILEVER PLC
5.87
5.29
4.72
4.26
3.72
1.87
1.79
1.69
1.60
1.52
16.33
14.97
13.87
12.70
20.50
19.16
17.64
16.21
15.07
3.00
3.14
BARCLAYS PLC
0.65
0.64
0.60
0.56
0.49
1.26
1.25
1.22
1.18
1.29
2.98
3.00
2.64
2.34
8.12
7.74
6.46
5.57
6.30
2.25
ABB LTD-REG
3.11
2.81
2.52
2.27
1.33
1.25
1.19
1.13
1.03
13.79
11.51
10.47
9.50
9.51
10.10
8.59
7.76
7.23
7.31
17.25
14.82
13.08
12.00
10.74
RECKITT BENCKISER GROUP PLC
5.50
5.20
4.57
4.14
3.57
3.37
3.22
3.02
2.90
17.62
16.37
15.44
14.72
13.03
13.73
13.16
12.49
11.63
10.54
19.23
17.94
16.96
15.78
14.38
BANCO BILBAO VIZCAYA ARGENTA
0.88
0.82
0.78
0.73
1.60
1.56
1.48
1.43
2.90
2.84
2.75
2.86
18.83
8.59
7.62
6.74
TESCO PLC
1.69
1.63
1.53
1.45
0.46
0.46
0.44
0.42
0.40
8.04
7.89
7.29
6.83
7.24
7.72
7.33
6.88
9.87
11.45
11.93
11.28
10.52
9.94
L'OREAL
3.78
3.30
3.05
2.80
2.35
3.23
3.08
2.91
2.73
2.60
19.87
18.39
17.04
15.92
15.07
15.92
14.87
13.84
12.96
12.19
24.97
23.32
21.53
19.74
DANONE
2.56
2.42
2.29
2.12
1.84
1.63
1.53
1.44
1.36
1.29
12.59
12.34
10.85
9.75
8.89
11.18
10.67
9.93
9.20
8.44
17.68
16.89
15.29
NATIONAL GRID PLC
2.72
2.67
2.57
2.42
2.30
1.91
1.91
1.84
1.78
1.70
8.07
7.77
7.58
7.30
7.13
10.04
9.53
8.96
8.55
8.40
14.95
14.07
13.70
ZURICH INSURANCE GROUP AG
1.21
1.15
1.09
1.01
0.97
0.66
0.66
0.64
0.65
0.59
CIE FINANCIERE RICHEMON-BR A
4.12
3.31
2.82
2.45
2.04
4.04
3.42
3.16
2.90
4.75
21.25
16.65
13.99
12.78
13.25
14.45
11.38
10.36
9.46
8.64
PRUDENTIAL PLC
2.73
2.38
2.12
2.10
1.58
0.54
0.46
0.45
AXA SA
0.67
0.63
0.60
0.55
0.53
0.32
0.32
0.31
0.29
SCHNEIDER ELECTRIC SA
1.82
1.74
1.62
1.52
1.31
1.28
1.22
1.15
11.45
10.95
9.73
9.29
9.43
8.78
8.06
7.53
SYNGENTA AG-REG
4.57
3.89
3.47
2.83
2.68
2.71
2.52
2.38
2.27
2.24
15.62
13.80
12.64
12.03
11.83
12.67
11.49
10.60
10.03
9.69
AIR LIQUIDE SA
2.72
2.53
2.36
2.20
1.97
1.91
1.79
1.67
1.57
1.53
10.13
9.34
8.72
8.22
7.46
9.42
8.69
8.01
7.47
7.17
3.30
5.17
11.89
6.13
12.57
6.34
11.78
5.31
11.01
4.25
10.21
4.27
9.75
%D to Spot
47.46
9.4%
9.32
17.37
19.2%
2.04
2.28
1390.14
24.6%
6.36
6.62
52.31
33.4%
3.40
3.73
4.12
2785.50
1.6%
2.53
3.23
4.49
3.76
365.84
28.4%
3.15
3.38
3.61
3.85
4.17
23.30
8.4%
2.71
2.88
3.05
3.25
3.58
4410.93
-7.3%
6.28
6.33
6.36
6.96
7.87
17.8%
4.02
3.91
4.10
4.42
4.74
388.11
3.3%
18.62
1.85
2.06
2.24
2.50
2.67
113.41
-5.1%
14.09
12.70
2.74
2.85
3.11
3.41
3.94
54.56
2.3%
13.14
13.19
5.23
5.44
5.56
5.74
5.80
723.88
-3.7%
12.35
9.60
9.08
8.54
8.12
6.72
6.67
6.83
7.00
7.26
269.00
2.4%
25.29
17.53
15.53
14.04
12.63
0.78
1.02
1.19
1.36
1.50
86.12
16.2%
15.13
13.14
11.86
10.89
2.53
2.88
3.08
3.35
3.52
1116.89
6.4%
7.38
6.83
6.40
6.11
5.41
5.82
6.15
6.49
16.38
21.6%
14.66
13.62
12.22
11.18
3.13
3.44
3.76
4.10
59.03
5.0%
18.74
16.58
15.14
14.29
14.61
2.25
2.64
2.91
3.07
3.14
408.11
3.2%
18.27
16.80
15.19
13.91
12.96
2.69
2.89
3.14
3.41
3.40
101.28
8.2%
5.63
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
S&P 500 INDEX
2.17
2.17
1.99
1.81
2.17
1.40
1.40
1.34
1.28
1.40
10.02
10.02
9.72
9.51
10.02
8.80
8.80
8.13
7.62
8.80
14.14
14.14
12.67
11.44
14.14
2.20
2.20
2.36
2.56
2.20
1682.0
7.6%
Euro Stoxx 50 Pr
1.12
1.12
1.06
1.00
1.12
0.72
0.72
0.70
0.68
0.72
5.22
5.22
4.87
4.64
5.22
7.00
7.00
6.62
6.30
7.00
10.84
10.84
9.70
8.88
10.84
4.44
4.44
4.77
5.08
4.44
2896.5
11.7%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.71
0.71
0.66
0.65
0.71
9.49
9.49
8.15
7.62
9.49
9.50
9.50
8.28
7.76
9.50
24.08
24.08
18.86
14.60
24.08
1.65
1.65
1.65
1.93
1.65
11916.4
-4.6%
FTSE 100 INDEX
1.67
1.67
1.55
1.34
1.67
1.00
1.00
0.97
0.98
1.00
7.84
7.84
7.22
5.21
7.84
7.05
7.05
6.60
6.33
7.05
11.72
11.72
10.63
9.74
11.72
3.92
3.92
4.22
4.66
3.92
6826.8
7.5%
SWISS MARKET INDEX
2.37
2.37
2.20
2.03
2.37
1.98
1.98
1.88
1.80
1.98
12.18
12.18
11.13
9.77
12.18
13.15
13.15
12.16
11.37
13.15
14.77
14.77
13.22
12.00
14.77
3.34
3.34
3.70
4.21
3.34
8029.4
3.9%
1.69
1.69
1.56
1.46
1.69
1.58
1.58
1.48
1.43
1.58
8.44
8.44
7.58
7.00
8.44
8.24
8.24
7.29
6.91
8.24
14.05
14.05
12.39
11.38
14.05
3.12
3.12
3.28
3.48
3.12
14554.2
14.5%
S&P/ASX 200 INDEX
1.90
1.90
1.79
1.69
1.90
1.82
1.82
1.71
1.62
1.82
11.19
11.19
9.99
9.12
11.19
9.54
9.54
8.40
7.80
9.54
15.28
15.28
13.60
12.48
15.28
4.35
4.35
4.66
5.03
4.35
5152.0
3.1%
HANG SENG INDEX
1.34
1.34
1.24
1.15
1.34
1.74
1.74
1.61
1.50
1.74
7.17
7.17
6.65
6.25
7.17
8.13
8.13
7.39
6.84
8.13
10.88
10.88
9.98
9.08
10.88
3.54
3.54
3.83
4.34
3.54
24942.6
11.0%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.95
0.95
0.88
0.84
0.95
6.89
6.89
6.34
5.94
6.89
7.09
7.09
6.50
6.11
7.09
10.81
10.81
9.72
9.01
10.81
3.07
3.07
3.57
6.08
3.07
1184.9
15.2%
ERICSSON LM-B SHS
1.82
1.83
1.73
1.58
1.50
1.18
1.14
1.09
1.05
1.07
16.61
11.55
9.80
9.16
7.09
8.83
7.09
6.33
5.66
5.72
18.85
15.78
13.27
11.65
10.71
3.19
3.45
3.71
3.99
4.19
85.03
4.7%
XSTRATA PLC
1.02
0.97
0.91
0.94
1.59
1.43
1.34
1.19
7.07
6.93
6.00
5.06
8.62
6.82
5.98
4.81
13.92
13.00
10.35
7.35
2.47
2.73
3.05
3.72
1267.50
18.1%
DEUTSCHE BANK AG-REGISTERED
0.50
0.49
0.47
0.44
0.84
0.83
0.81
0.79
0.71
5.36
4.66
4.08
3.83
8.48
7.86
6.07
5.08
4.36
2.48
2.54
3.20
3.74
3.54
38.64
27.2%
ANGLO AMERICAN PLC
0.80
0.79
0.76
0.74
1.28
1.05
1.01
0.96
0.85
6.14
4.61
4.31
4.00
6.23
5.03
4.62
4.42
5.64
13.45
11.15
9.17
8.31
15.01
2.93
3.31
3.51
4.02
5.46
2026.32
18.5%
DEUTSCHE TELEKOM AG-REG
1.24
1.25
1.19
1.17
1.31
0.61
0.61
0.61
0.61
0.61
2.65
2.54
2.57
2.67
2.56
4.35
4.52
4.51
4.45
4.35
12.74
11.52
11.13
10.80
10.20
8.55
6.55
6.27
6.46
7.14
9.16
12.1%
GDF SUEZ
0.53
0.53
0.54
0.55
0.52
0.39
0.44
0.44
0.44
0.41
2.99
3.33
3.23
3.51
3.21
5.49
6.66
6.56
6.40
5.88
9.57
10.93
10.49
9.98
8.66
10.05
9.83
9.86
8.92
9.46
16.67
11.7%
IMPERIAL TOBACCO GROUP PLC
2.82
3.55
3.41
3.32
3.12
2.76
2.70
2.61
2.53
2.44
9.99
9.12
8.81
8.10
7.37
9.14
8.97
8.60
8.26
7.95
11.24
10.55
9.79
9.10
8.47
4.67
5.18
5.72
6.32
6.88
2637.15
17.7%
NORDEA BANK AB
1.27
1.19
1.12
1.06
3.50
3.40
3.27
3.13
11.03
11.47
8.95
6.83
11.71
10.67
9.57
8.63
3.39
4.38
5.08
5.78
CREDIT SUISSE GROUP AG-REG
0.92
0.91
0.86
0.82
0.66
1.36
1.25
1.20
1.18
1.11
15.66
6.59
6.94
6.34
10.16
9.50
8.08
7.35
6.73
2.85
3.72
4.41
5.39
VOLKSWAGEN AG-PREF
0.93
0.85
0.76
0.66
0.63
0.36
0.34
0.32
0.31
0.30
3.23
3.29
2.93
3.01
7.18
7.11
6.15
5.56
5.16
2.50
2.86
3.50
MUENCHENER RUECKVER AG-REG
0.98
0.91
0.87
0.82
0.80
0.47
0.47
0.45
0.44
0.37
8.22
8.86
8.65
8.70
9.63
4.69
4.86
5.00
E.ON SE
0.68
0.68
0.67
0.64
0.61
0.24
0.24
0.24
0.23
0.21
3.29
4.05
4.02
3.82
3.55
4.69
5.29
5.18
5.16
5.02
6.01
10.29
9.67
9.52
9.12
8.12
5.48
0.39
2.59
7.57
6.88
6.16
5.75
4.97
%D to Spot
79.33
8.9%
5.06
28.53
13.9%
4.42
4.26
192.58
24.9%
5.26
5.39
147.33
1.5%
5.64
5.68
5.94
13.34
-0.9%
PERNOD-RICARD SA
2.59
2.22
2.04
1.85
1.72
3.12
2.91
2.74
2.56
2.41
19.20
18.09
15.83
14.18
13.11
15.29
13.97
12.93
11.95
10.91
21.01
19.43
17.14
15.05
13.30
1.64
1.76
1.98
2.23
2.72
101.00
4.6%
BT GROUP PLC
11.57
12.36
7.49
5.48
3.50
1.11
1.18
1.21
1.21
1.21
4.40
4.71
4.90
4.80
5.70
4.97
4.91
4.94
4.89
4.90
11.93
10.83
10.70
10.03
9.78
3.09
3.53
3.97
4.52
4.82
267.95
-1.5%
INDITEX
7.33
6.70
5.83
5.09
3.80
3.91
3.52
3.18
2.87
2.60
19.34
17.66
15.76
14.11
14.69
13.28
11.87
10.66
9.52
26.14
23.42
20.88
18.64
16.69
2.27
2.50
2.85
3.24
3.64
108.25
8.1%
ROLLS-ROYCE HOLDINGS PLC
3.62
2.95
2.55
2.27
1.96
1.68
1.36
1.29
1.19
1.11
17.87
14.54
11.69
9.71
10.69
8.77
8.16
7.52
6.44
19.15
16.78
15.33
14.14
13.07
1.79
2.00
2.26
2.59
2.76
1055.28
-4.0%
STATOIL ASA
1.41
1.28
1.17
1.09
1.02
0.63
0.70
0.69
0.69
0.71
3.69
3.76
3.61
3.61
1.88
2.01
1.97
1.95
2.05
LLOYDS BANKING GROUP PLC
0.75
0.77
0.73
0.69
0.63
1.85
1.86
1.87
1.85
12.06
8.77
7.09
6.10
SWISS RE AG
0.86
0.85
0.82
0.77
0.71
0.91
0.92
0.86
0.81
0.80
CENTRICA PLC
3.13
3.02
2.79
2.52
2.16
0.81
0.77
0.74
0.71
0.67
10.13
7.40
6.91
6.53
KONINKLIJKE PHILIPS ELECTRON
1.84
1.84
1.73
1.59
1.42
0.89
0.89
0.86
0.82
0.82
11.22
9.16
7.76
7.33
GLENCORE INTERNATIONAL PLC
1.19
1.07
0.95
0.87
0.19
0.18
0.17
0.16
0.20
10.27
8.18
6.70
5.96
ING GROEP NV-CVA
0.43
0.39
0.37
0.36
0.50
0.56
0.51
0.50
BAYERISCHE MOTOREN WERKE AG
1.45
1.33
1.21
1.09
1.03
0.57
0.55
0.53
0.50
0.50
5.33
5.16
4.92
4.74
LINDE AG
1.92
1.92
1.78
1.65
1.49
1.74
1.55
1.46
1.38
1.32
9.55
8.73
8.05
VIVENDI
1.01
1.05
1.00
0.99
1.01
0.74
0.73
0.72
0.71
0.70
3.47
3.74
VINCI SA
1.44
1.35
1.28
1.17
1.02
0.53
0.52
0.51
0.50
0.46
5.10
ENEL SPA
0.58
0.58
0.56
0.53
0.54
0.29
0.29
0.29
0.29
0.28
2.63
HEINEKEN NV
3.19
2.84
2.54
2.18
2.07
1.87
1.67
1.59
1.51
1.43
RWE AG
1.10
1.12
1.07
1.02
0.91
0.34
0.33
0.32
0.32
IBERDROLA SA
0.63
0.62
0.61
0.60
0.61
0.73
0.69
0.66
HENNES & MAURITZ AB-B SHS
8.49
8.32
7.73
7.06
6.66
3.16
2.97
EADS NV
3.29
3.26
2.62
2.23
1.91
0.60
0.56
ASML HOLDING NV
4.95
4.26
3.64
2.94
4.42
VOLVO AB-B SHS
2.18
2.21
1.97
1.82
FRANCE TELECOM SA
0.76
0.78
0.77
0.74
COMPAGNIE DE SAINT-GOBAIN
0.84
0.84
0.81
0.76
ATLAS COPCO AB-A SHS
6.30
5.47
4.69
SWATCH GROUP AG/THE-BR
3.22
2.84
TELENOR ASA
2.56
INTESA SANPAOLO
3.49
8.55
8.48
8.21
8.31
8.55
4.73
4.88
5.01
5.17
5.33
159.51
13.0%
20.10
12.36
8.61
7.42
5.67
0.00
0.41
2.07
4.15
3.32
53.63
11.2%
7.89
9.98
9.49
9.23
8.72
4.72
5.43
5.45
5.61
5.06
75.80
-1.2%
0.9%
6.43
5.91
5.62
5.33
4.98
13.51
13.12
11.80
11.47
10.27
4.50
4.71
4.99
5.32
5.81
368.25
8.24
6.65
6.06
5.49
5.44
19.26
14.05
12.15
10.89
9.49
3.30
3.40
3.68
3.93
4.02
24.23
5.3%
13.08
10.20
8.13
7.59
11.64
9.08
7.29
6.23
11.23
2.75
3.14
3.84
4.25
434.00
21.5%
7.27
5.62
5.07
4.86
5.86
0.00
0.30
3.36
4.94
7.98
41.9%
3.31
7.67
7.91
7.63
7.88
6.64
8.86
8.82
8.57
8.20
8.10
3.80
4.00
4.29
4.46
3.92
79.43
15.4%
7.44
6.80
10.09
8.90
8.23
7.56
7.12
18.39
16.79
14.84
13.37
12.31
1.85
2.05
2.26
2.49
2.82
152.10
6.0%
3.62
3.41
3.50
4.75
4.86
4.73
4.65
4.51
7.90
8.89
8.37
7.97
7.95
6.31
6.21
6.43
6.82
8.17
17.84
12.5%
4.95
4.81
4.53
4.26
6.33
6.25
6.07
5.85
5.44
10.11
9.92
9.38
8.93
7.91
5.12
5.18
5.39
5.78
6.02
43.76
25.4%
2.60
2.39
2.54
2.64
5.83
5.99
5.93
5.80
5.67
6.87
7.54
7.18
6.76
6.79
5.95
5.52
5.67
6.11
5.91
3.04
20.7%
11.88
10.02
9.23
8.31
7.83
12.28
10.40
9.68
9.02
8.75
20.94
18.14
16.09
14.45
13.04
1.48
1.66
1.87
2.07
2.25
55.12
-7.1%
0.30
2.95
3.07
3.12
3.36
2.84
3.87
3.84
3.93
3.99
4.01
7.07
7.36
8.08
8.38
8.11
7.03
6.88
6.59
6.31
6.38
30.15
4.9%
0.65
0.68
3.86
4.14
4.21
3.78
6.39
6.52
6.27
6.02
5.86
8.00
9.06
8.64
8.75
9.23
8.55
8.05
8.03
7.98
8.23
4.33
18.6%
2.68
2.43
2.18
18.80
17.54
15.77
14.18
13.25
14.22
13.59
12.16
10.92
9.70
22.79
21.51
19.22
17.31
15.45
4.14
4.20
4.47
4.86
5.53
219.50
-5.1%
0.52
0.50
0.49
10.75
8.34
7.46
5.39
6.63
6.03
4.82
4.11
3.75
3.65
20.53
14.75
11.00
9.08
8.46
1.55
2.42
3.25
3.95
3.81
42.96
8.4%
4.30
3.44
2.89
2.35
17.34
20.00
12.94
10.50
13.86
15.34
10.43
8.02
6.86
20.50
22.28
14.40
10.73
7.99
0.89
1.07
1.23
1.40
53.78
5.5%
0.66
0.68
0.63
0.60
0.59
11.10
7.07
6.24
5.76
9.34
9.12
7.42
6.52
7.15
15.27
15.03
10.48
8.65
8.76
3.08
3.41
4.02
4.63
104.41
10.7%
0.48
0.50
0.50
0.51
0.51
2.07
2.12
2.19
2.27
3.93
4.16
4.28
4.37
4.39
6.12
7.19
7.37
7.27
7.01
10.19
9.87
9.54
9.23
9.63
22.1%
0.35
0.35
0.34
0.33
0.32
5.41
5.40
4.93
4.31
5.52
5.46
5.02
4.52
4.12
12.22
11.76
9.74
7.85
6.63
4.06
4.61
4.63
4.86
33.03
15.0%
4.04
2.40
2.43
2.33
2.20
2.14
15.03
13.86
13.51
13.10
10.30
10.43
9.87
9.24
9.44
15.95
16.10
15.02
13.82
3.16
3.23
3.45
3.66
190.61
4.4%
2.48
2.16
3.68
3.20
2.91
2.65
2.51
20.45
15.90
13.97
12.56
12.48
10.48
9.36
8.33
8.29
19.74
16.45
14.72
13.08
12.87
1.25
1.45
1.64
1.85
1.99
594.56
9.5%
2.50
2.36
2.17
1.96
1.93
1.88
1.83
1.73
9.58
7.26
6.93
6.79
7.52
6.86
6.53
6.25
5.90
15.50
12.72
11.26
10.21
9.04
4.46
5.32
6.05
6.87
10.56
132.04
3.4%
0.37
0.36
0.35
0.34
1.04
1.08
1.05
1.03
2.31
2.33
2.21
2.11
11.30
9.89
7.28
5.96
6.92
4.61
4.69
6.23
7.22
8.13
1.41
27.5%
HENKEL AG & CO KGAA VORZUG
3.29
3.04
2.72
2.45
1.75
1.70
1.62
1.53
1.48
15.94
14.58
13.62
12.62
11.50
11.76
11.11
10.29
9.45
8.85
19.95
18.38
16.68
15.14
13.97
1.25
1.38
1.53
1.72
1.93
70.86
-4.3%
TELIASONERA AB
1.70
1.68
1.62
1.70
1.91
1.92
1.91
1.90
1.85
5.94
6.90
6.92
6.73
5.97
7.42
7.52
7.29
7.16
6.86
11.21
11.03
10.58
10.35
9.77
6.71
7.22
7.31
7.58
8.83
47.08
2.0%
ARCELORMITTAL
0.38
0.39
0.38
0.36
0.33
0.26
0.25
0.24
0.24
0.23
4.22
4.52
3.27
3.08
1.92
6.68
6.11
4.99
4.48
3.89
76.06
19.18
9.05
6.42
4.82
4.34
1.65
2.39
2.70
1.92
13.80
35.5%
FRESENIUS MEDICAL CARE AG &
2.33
2.10
1.89
1.69
1.52
1.49
1.39
1.32
1.23
1.14
11.74
11.00
10.05
9.29
9.06
9.93
9.31
8.80
8.21
7.40
18.02
17.05
15.72
13.99
12.16
1.34
1.43
1.53
1.65
2.18
AP MOELLER-MAERSK A/S-B
0.93
0.89
0.82
0.75
0.57
0.58
0.54
0.51
0.44
4.41
4.06
3.52
3.19
4.07
4.05
3.62
3.37
10.83
10.37
8.32
6.68
5.33
2.33
2.63
2.81
2.95
CHRISTIAN DIOR
2.78
1.67
1.50
1.18
0.97
0.78
0.71
0.65
6.94
5.45
4.76
3.94
1.78
2.55
3.03
3.48
HENKEL AG & CO KGAA
2.71
2.50
2.23
2.01
1.75
1.70
1.62
1.53
1.48
13.09
11.98
11.19
10.37
1.53
1.71
1.86
2.07
ATLAS COPCO AB-B SHS
5.61
4.88
4.18
3.61
2.40
2.43
2.33
2.20
2.14
13.40
12.36
12.04
TENARIS SA
1.99
1.86
1.68
1.51
2.18
2.08
1.97
1.89
9.83
8.50
9.14
2.46
2.58
2.70
2.66
0.76
2.43
2.11
1.73
6.73
2.23
5.39
7.68
6.15
5.46
4.89
18.24
13.72
11.50
10.81
11.76
11.11
10.29
9.45
8.85
16.39
15.10
13.70
12.44
11.68
10.30
10.43
9.87
9.24
9.44
14.22
14.36
13.39
12.32
9.98
8.36
7.84
7.38
7.03
13.54
12.01
11.94
11.23
9.45
11.48
9.73
2.37
56.70
8.2%
50965.00
12.2%
146.57
14.5%
60.54
-0.5%
15.66
0.0%
27.03.2013
Nestle SA
Nestle SA is a multinational packaged food company that manufactures and markets
a wide range of food products. The Company's product line includes milk,
chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
pet foods.
Price/Volume
80
25.0 M
70
20.0 M
60
50
Latest Fiscal Year:

LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.12.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NESN VX EQUITY YTD Change
NESN VX EQUITY YTD % CHANGE
12/2012
12/yy
69.00
53.80
2'739'821.00
67.7
-1.88%
25.84%
91.45%
3'224.8
218'318.95
27'577.00
0.0
1'657.0
9'425.00
238'127.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
30
20
5.0 M
10
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

31.12.2008
103'086.0
1.64x
15'533.0
10.89x
18'039.0
20.80x
15.0 M
40
Valuation Analysis
31.12.2009
31.12.2010
100'579.0
88'015.0
1.96x
2.08x
16'048.0
15'611.0
12.28x
11.72x
10'428.0
34'233.0
19.38x
21.06x
Profitability
LTM-4Q
31.12.2011
83'770.0
2.23x
15'390.0
12.16x
9'487.0
18.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2012
92'324.0
2.27x
16'887.0
12.43x
10'611.0
17.90x
16'887.00
13'903.00
15.06%
15.72%
8.83%
18.02%
13.46%
0.77%
47.6%
18.3%
15.1%
11.5%
0.91
0.50
21.85%
45.25%
9.49
5.27
Price/ Cash Flow
LTM
12/yy
83'642
0.00x
0.0
0.00x
0.0
0.00x
12/yy
92'186
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.74
3'219.39
23.49%
13.59%
0.742
42
3.762
4'421'169
5'384'823
4'693'481
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
98'254
103'914
22'959
24'414
2.42x
2.26x
18'692.3
20'056.7
12.71x
11.85x
11'457.7
12'394.8
18.59x
17.17x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
16.08.2007
AA
STABLE
23.11.1981
A-1+
29.73
20.28
1.07
1.63
45.2%
30.6%
0.77
3.63
38.56
69.50
106.31
1.76
Sales/Revenue/Turnover
20.00
120'000.0
18.00
100'000.0
16.00
14.00
80'000.0
12.00
60'000.0
10.00
8.00
40'000.0
6.00
4.00
20'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nestle SA
Holdings By:
All
Holder Name
BLACKROCK
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
FMR LLC
VANGUARD GROUP INC
UBS FUND MANAGEMENT
SUN LIFE FINANCIAL I
MORGAN STANLEY
PICTET & CIE
SWISSCANTO FONDSLEIT
CARMIGNAC GESTION
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
T ROWE PRICE ASSOCIA
EATON VANCE MANAGEME
FIRST EAGLE INVESTME
ARTISAN PARTNERS HOL
THORNBURG INVESTMENT
ABERDEEN
GRANTHAM MAYO VAN OT
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Sanford C. Bernstein & Co

ANDREW WOOD
Kepler Capital Markets
JON COX
Grupo Santander
PEDRO GIL
Jefferies
ALEX HOWSON
AlphaValue
SOPHIE CABO-BROSETA
EVA Dimensions
AUSTIN BURKETT
Exane BNP Paribas
JEFF STENT
Day by Day
VALERIE GASTALDY
JPMorgan
CELINE PANNUTI
Morgan Stanley
EILEEN KHOO
RBC Capital Markets
JAMES EDWARDES JONES
Credit Suisse
ALEX MOLLOY
Canaccord Genuity Corp
EDDY HARGREAVES
Mirabaud Securities
JULIAN LAKIN
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Societe Generale
WARREN L ACKERMAN
Redburn Partners
JEREMY FIALKO
Berenberg Bank
JAMES TARGETT
Bank Vontobel AG
JEAN-PHILIPPE BERTSCHY
Nomura
DAVID HAYES
Helvea
ANDREAS VON ARX
Barclays
LIAM ROWLEY
Deutsche Bank
JAMES ISENWATER
Goldman Sachs
ALEXIS COLOMBO
Independent Research GmbH
LARS LUSEBRINK
Hamburger Sparkasse
TINA HECKING-VELTMAN
SNS Securities(ESN)
RICHARD WITHAGEN
S&P Capital IQ
CARL SHORT
Natixis
PIERRE TEGNER
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Aurel - BGC
JEAN-MARIE L'HOME
Espirito Santo Investment Bank Research
ALEX SMITH
Zuercher Kantonalbank
PATRIK SCHWENDIMANN
HSBC
CEDRIC BESNARD
Nord/LB
WOLFGANG VASTERLING
DZ Bank AG
ROBERT CZERWENSKY
Source
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
market perform
hold
buy
buy
reduce
underweight
outperform
buy
overweight
Overwt/In-Line
sector perform
outperform
buy
hold
hold
outperform
buy
buy
hold
hold
reduce
neutral
overweight
hold
neutral/neutral
hold
buy
hold
hold
buy
hold
outperform
hold
neutral
market perform
neutral
buy
hold
Amt Held
167'423'934
73'718'620
45'239'182
37'264'088
35'232'885
28'857'544
23'431'160
18'332'115
17'812'640
16'719'546
12'537'390
11'887'345
10'560'011
9'789'155
8'899'608
7'902'742
5'524'912
5'320'763
5'162'265
4'693'232
% Out
5.19
2.29
1.4
1.16
1.09
0.89
0.73
0.57
0.55
0.52
0.39
0.37
0.33
0.3
0.28
0.25
0.17
0.16
0.16
0.15
Weighting
Change
3
3
5
5
2
1
5
5
5
5
3
5
5
3
3
5
5
5
3
3
2
3
5
3
3
3
5
3
3
5
3
5
3
3
3
3
5
3
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
D
M
D
Latest Chg
145'091
2'250'900
(902'542)
2'976'375
(997'394)
(56'440)
524'947
319'679
88'163
6'474'868
22'050
(187'731)
(110'988)
3'003'499
(63'233)
11'764
121'371
(722'976)
(118'700)
(71'536)
Target Price
66
60
72
74
70
#N/A N/A
74
79
72
68
73
76
69
63
65
70
71
#N/A N/A
68
66
66
65
70
63
70
67
#N/A N/A
61
65
72
#N/A N/A
63
49
58
#N/A N/A
67
#N/A N/A
63
File Dt
25.03.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
30.11.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.01.2013
30.09.2012
31.12.2012
31.01.2013
28.02.2013
31.05.2012
Date
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
3 month
9 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
11.03.2013
07.03.2013
05.03.2013
26.02.2013
22.02.2013
22.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
11.02.2013
25.01.2013
21.01.2013
18.10.2012
14.09.2012
13.09.2012
12.09.2012
10.09.2012
16.08.2012
27.03.2013
HSBC Holdings PLC

HSBC Holdings plc is the holding company for the HSBC Group. The Company
provides a variety of international banking and financial services, including
retail and corporate banking, trade, trusteeship, securities, custody, capital
markets, treasury, private and investment banking, and insurance. The Group
operates worldwide.
Price/Volume
12/2012
12/yy
741.20
501.20
9'945'450.00
694.1
-6.35%
38.49%
82.21%
18'484.5
128'300.92
284'987.00
2'728.0
7'887.0
256'366.00
-
Price/ Cash Flow
1.20
1.00
70.0 M
60.0 M
50.0 M
40.0 M
300
30.0 M
200
20.0 M
100
10.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
80.0 M
600
400
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HSBA LN EQUITY YTD Change
HSBA LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
90.0 M
700
500
Valuation Analysis
31.12.2008
126'036.0
5'728.0
19.90x
800
31.12.2009
31.12.2010
97'533.0
91'171.0
5'834.0
13'159.0
31.93x
13.43x
Profitability
LTM-4Q
31.12.2011
94'799.0
16'797.0
8.03x
31.12.2012
84'663.0
14'027.0
13.58x
15.34%
31.46%
0.53%
8.37%
3.38%
0.03%
21.4%
10.58%
165.20%
-
LTM
12/yy
85'228.0
0.00x
0.0
0.00x
16'797.0
8.03x
12/yy
80'336.0
0.00x
0.0
0.00x
14'027.0
13.58x
FY+1
4.29
1.09
18'474.42
28.80%
9.09%
1.090
44
4.045
27'755'540
22'664'280
20'333'180
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
68'487.3
72'601.7
0.93x
0.40x
18'363.5
20'694.4
10.74x
9.61x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2011
A+
NEG
29.11.2011
A-1
165.2%
60.9%
0.03
7.49
-
160'000.0
140'000.0
120'000.0
0.80
0.60
100'000.0
80'000.0
60'000.0
0.40
0.20
40'000.0
20'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
HSBC Holdings PLC

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
LEGAL & GENERAL
NORGES BANK INVESTME
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
VANGUARD GROUP INC
DZ BANK AG
STANDARD LIFE INVEST
ABERDEEN
UBS
M&G INVESTMENT MANAG
STATE STREET
HSBC INVESTMENTS UK
AVIVA INVESTORS
BNP PARIBAS INV PART
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Macquarie
THOMAS STOEGNER
Mediobanca SpA
CHRISTOPHER J WHEELER
Credit Suisse
AMIT GOEL
Day by Day
VALERIE GASTALDY
AlphaValue
DAVID GRINSZTAJN
Investec
IAN GORDON
Shore Capital Stockbrokers
GARY GREENWOOD
CHIRANTAN BARUA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
BNP Paribas Equity Research
DOMINIC CHAN
Oriel Securities Ltd
VIVEK RAJA
Goldman Sachs
FREDERIK THOMASEN
Numis Securities Ltd
MICHAEL J TRIPPITT
Societe Generale
JAMES INVINE
Deutsche Bank
JASON NAPIER
Morgan Stanley
CHRISTOPHER MANNERS
RBC Capital Markets
PATRICK LEE
DBS Vickers
ALEXANDER LEE
STEFAN BONGARDT
Citic Securities Co., Ltd
STEVEN CHAN
BOCOM International Holdings
LI SHANSHAN
GARETH HUNT
S&P Capital IQ
FRANK BRADEN
CCB International Securities Ltd
ADAM CHAN
JPMorgan
RAUL SINHA
Keefe, Bruyette & Woods
MARK J PHIN
WERNER SCHIRMER
Redburn Partners
FAHED KUNWAR
SHAILESH RAIKUNDLIA
Berenberg Bank
JAMES CHAPPELL
Barclays
ROHITH CHANDRA-RAJAN
EVA Dimensions
AUSTIN BURKETT
Daniel Stewart & Co
SIMON WILLIS
Liberum Capital Ltd
CORMAC LEECH
JF Apex Securities Bhd
TEAM COVERAGE
AMTD Financial Planning Limited
KENNY TANG SING HING
Mizuho Securities
JIM ANTOS
Grupo Santander
ARTURO DE FRIAS
China International Capital Corp
SALLY NG
Redburn Partners
JON KIRK
Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
Recommendation
outperform
outperform
outperform
hold
sell
add
buy
outperform
buy
outperform
buy
buy
Buy/Neutral
hold
buy
buy
Equalwt/In-Line
sector perform
buy
hold
buy
neutral
buy
buy
neutral
overweight
outperform
hold
buy
buy
buy
overweight
sell
hold
buy
neutral
buy
buy
hold
accumulate
buy
Amt Held
1'324'583'860
1'110'172'768
681'507'879
476'556'585
440'954'225
332'844'458
324'698'913
224'222'452
209'856'599
200'499'704
199'869'719
198'426'753
193'573'011
187'959'754
181'870'790
180'568'727
174'085'246
141'993'045
127'868'417
125'817'709
% Out
7.17
6.01
3.69
2.58
2.39
1.8
1.76
1.21
1.14
1.08
1.08
1.07
1.05
1.02
0.98
0.98
0.94
0.77
0.69
0.68
Weighting
Change
5
5
5
3
1
4
5
5
5
5
5
5
5
3
5
5
3
3
5
3
5
3
5
5
3
5
5
3
5
5
5
5
1
3
5
3
5
5
3
4
5
M
M
M
D
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
U
M
M
N
Latest Chg
(13'049'021)
2'537'898
79'539'775
40'654'991
50'440'600
(2'646'000)
5'636'526
10'505'716
5'126'341
27'428'625
21'768'714
2'568'947
(14'593'182)
2'029'272
(3'241'674)
19'292'369
(3'893'625)
Target Price
800
835
790
#N/A N/A
610
735
#N/A N/A
860
900
825
856
860
940
652
790
760
777
700
820
750
854
746
825
785
692
755
800
720
#N/A N/A
800
680
730
#N/A N/A
650
665
#N/A N/A
676
709
632
668
#N/A N/A
File Dt
12.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
28.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
28.02.2013
01.02.2013
01.02.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013
Date
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
26.02.2013
08.02.2013
04.02.2013
31.01.2013
29.01.2013
28.01.2013
22.01.2013
17.01.2013
09.01.2013
07.12.2012
06.12.2012
06.12.2012
19.11.2012
18.09.2012
12.07.2012
27.01.2011
27.03.2013
Novartis AG
Novartis AG manufactures pharmaceutical and consumer healthcare products. The
Company produces pharmaceuticals for cardiovascular, respiratory and infectious
diseases, oncology, neuroscience, transplantation, dermatology,
gastrointestinal and urinary conditions, and arthritis, vaccines and
diagnostics, vision, and animal health products.
Price/Volume
16.0 M
60
14.0 M
12.0 M
10.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (20.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NOVN VX EQUITY YTD Change
NOVN VX EQUITY YTD % CHANGE
12/2012
12/yy
67.70
48.29
1'999'225.00
66.85
-1.18%
38.43%
98.45%
2'706.2
180'909.00
19'726.00
0.0
126.0
8'119.00
201'431.69
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
31.12.2009
31.12.2010
44'267.0
50'624.0
2.72x
3.08x
12'318.0
15'866.0
9.79x
9.81x
8'400.0
9'794.0
14.73x
13.70x
Profitability
LTM-4Q
31.12.2011
58'566.0
2.61x
17'818.0
8.58x
9'113.0
14.94x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
56'673.0
2.89x
16'714.0
9.82x
9'505.0
16.01x
16'714.00
11'794.00
20.81%
19.84%
7.86%
14.09%
11.69%
0.47%
66.9%
29.1%
20.3%
16.8%
1.16
0.76
15.88%
28.55%
5.56
2.96
Price/ Cash Flow
j-12
j-12
LTM
12/yy
58'566.0
10.66x
17'818.0
8.58x
9'113.0
14.94x
a-12
12/yy
56'673.0
11.16x
16'465.0
9.96x
9'505.0
16.05x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.89
2'423.83
38.36%
20.66%
0.889
33
4.061
3'613'293
4'881'864
4'700'765
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
57'028.9
59'316.4
13'699.0
13'948.0
3.46x
3.23x
16'838.1
18'056.5
11.95x
11.15x
12'485.7
13'748.1
3'028.0
3'123.0
13.52x
12.23x
13.68x
13.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
07.04.2008
AASTABLE
14.01.1997
A-1+
23.09
19.36
0.70
1.20
28.5%
22.2%
0.47
3.48
65.79
123.66
98.95
90.49
14.00
70'000.0
12.00
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
70
50
Valuation Analysis
31.12.2008
41'459.0
2.76x
11'978.0
9.55x
8'195.0
13.89x
80
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Novartis AG
Holdings By:
All
Holder Name
NOVARTIS AG
BLACKROCK
EMASAN AG
NOVARTIS FOUNDATION
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
BANK OF NEW YORK MEL
FMR LLC
INVESCO LTD
DEUTSCHE BANK AG
ABERDEEN
FRANKLIN RESOURCES
Firm Name
Helvea
Exane BNP Paribas
AlphaValue
JPMorgan
Credit Suisse
Jefferies
Berenberg Bank
Day by Day
Societe Generale
Bryan Garnier & Cie
Barclays
Hamburger Sparkasse
Goldman Sachs
Bank Vontobel AG
Morgan Stanley
S&P Capital IQ
Natixis
Nomura
EVA Dimensions
Deutsche Bank
Redburn Partners
CM - CIC Securities(ESN)
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
TIMOTHY M ANDERSON
ODILE RUNDQUIST
FLORENT CESPEDES
ARMELLE MOULIN
ALEXANDRA M HAUBER-SCHUELE
MATTHEW WESTON
JEFFREY HOLFORD
MICHAEL NAWRATH
ALISTAIR CAMPBELL
VALERIE GASTALDY
STEPHEN MCGARRY
ERIC LE BERRIGAUD
MARTIN VOEGTLI
MARK PURCELL
MARCO GUENTHER
KEYUR PAREKH
TIMO KUERSCHNER
ANDREW C WEISS
PETER VERDULT
CHRISTOPH SCHOENDUBE
SHO MATSUBARA
BEATRICE MUZARD
AMIT ROY
ANDREW S ZAMFOTIS
TIM RACE
TEAM COVERAGE
ARSENE GUEKAM
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
MARCEL BRAND
Source
ULT-AGG
EXCH
ULT-AGG
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
outperform
add
overweight
outperform
buy
outperform
buy
buy
buy
buy
hold
equalweight
hold
neutral/neutral
buy
reduce
Equalwt/Attractive
hold
hold
neutral
buy
overweight
hold
buy
hold
overweight
suspended coverage
hold
accumulate
buy
underperform
Amt Held
120'887'981
109'194'165
104'449'586
87'859'938
78'926'882
37'728'226
30'677'414
23'848'647
14'689'249
14'545'038
13'520'586
13'144'896
10'929'652
8'481'470
6'826'249
6'478'481
5'933'597
5'456'801
5'092'802
3'857'938
% Out
4.47
4.03
3.86
3.25
2.92
1.39
1.13
0.88
0.54
0.54
0.5
0.49
0.4
0.31
0.25
0.24
0.22
0.2
0.19
0.14
Weighting
Change
5
5
5
4
5
5
5
5
5
5
5
5
3
3
3
3
5
2
3
3
3
3
5
5
3
5
3
5
#N/A N/A
3
4
5
1
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
(515'205)
4'817'320
(769'427)
1'041'632
(37'179)
167'961
5'670'224
1'410'638
458'700
590'222
223'606
693'638
63'525
(9'500)
(621'833)
(237'271)
219'112
Target Price
71
68
71
75
78
70
78
#N/A N/A
72
69
72
70
59
65
#N/A N/A
60
70
53
61
63
63
62
65
#N/A N/A
63
#N/A N/A
55
70
#N/A N/A
52
61
56
48
File Dt
31.12.2012
09.05.2012
25.03.2013
31.12.2011
25.02.2013
31.01.2013
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2012
31.01.2013
26.03.2013
31.01.2013
21.03.2013
28.02.2013
28.02.2013
31.12.2012
31.05.2012
31.12.2012
Date
12 month
12 month
Not Provided
6 month
15 month
Not Provided
12 month
Not Provided
Not Provided
3 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Corporation
Investment Advisor
Hedge Fund Manager
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
28.02.2013
28.02.2013
25.02.2013
25.02.2013
14.02.2013
04.02.2013
29.01.2013
28.01.2013
25.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
18.01.2013
18.01.2013
17.01.2013
12.12.2012
10.12.2012
25.10.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
30.01.2012
17.07.2009
27.03.2013
Roche Holding AG
Roche Holding AG develops and manufactures pharmaceutical and diagnostic
products. The Company produces prescription drugs in the areas of
cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
metabolic disorders, oncology, transplantation, and the central nervous system.
Price/Volume
250
200
150
Valuation Analysis
100
Latest Fiscal Year:

LTM as of:
52-Week High (06.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ROG VX EQUITY YTD Change
ROG VX EQUITY YTD % CHANGE
12/2012
12/yy
220.40
148.40
547'262.00
218.7
-0.77%
47.37%
99.17%
702.6
188'658.45
24'590.00
0.0
2'234.0
13'991.00
201'491.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
45'617.0
2.93x
16'541.0
8.09x
8'969.0
15.58x
50
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
f-13 m-13
31.12.2009
31.12.2010
49'051.0
47'473.0
3.62x
2.96x
17'705.0
16'038.0
10.03x
8.76x
7'784.0
8'666.0
19.38x
13.51x
Profitability
LTM-4Q
31.12.2011
42'531.0
3.65x
15'822.0
9.81x
9'343.0
14.46x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
45'499.0
3.77x
16'546.0
10.37x
9'539.0
16.36x
16'546.00
14'125.00
31.04%
27.08%
15.10%
71.75%
26.33%
0.72%
73.2%
36.4%
31.0%
21.0%
1.55
1.16
37.94%
169.66%
4.72
2.30
Price/ Cash Flow
LTM
12/yy
42'531.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
45'499.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.93
701.88
42.81%
22.94%
0.930
34
4.206
1'099'551
1'526'519
1'411'135
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
47'678.3
49'426.5
11'542.0
11'641.0
4.12x
3.86x
19'871.2
20'849.1
10.13x
9.65x
12'622.3
13'615.4
14.68x
13.70x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.09.2012
AA
STABLE
01.02.2006
A-1+
11.85
10.30
0.64
1.49
169.7%
59.5%
0.72
2.88
77.48
159.36
57.80
179.03
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Roche Holding AG
Holdings By:
All
Holder Name
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
CREDIT SUISSE ASSET
FRANKLIN RESOURCES
BLACKROCK
DODGE & COX
FMR LLC
UBS FUND MANAGEMENT
PICTET & CIE
PERPETUAL INVESTMENT
DEUTSCHE BANK AG
ABERDEEN
INVESCO LTD
ALLIANZ ASSET MANAGE
OPPENHEIMERFUNDS INC
Firm Name
Helvea
Day by Day
Exane BNP Paribas
EVA Dimensions
JPMorgan
Jefferies
Bryan Garnier & Cie
Societe Generale
Natixis
Nomura
Morgan Stanley
S&P Capital IQ
Hamburger Sparkasse
Deutsche Bank
Barclays
Berenberg Bank
Credit Suisse
Bank Vontobel AG
Goldman Sachs
CA Cheuvreux
Redburn Partners
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
MP Advisors Pvt Ltd
Portfolio Name
Multiple Portfolios
n/a
PRIMECAP MANAGEMENT
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ODILE RUNDQUIST
VALERIE GASTALDY
VINCENT MEUNIER
ANDREW S ZAMFOTIS
JEFFREY HOLFORD
ERIC LE BERRIGAUD
TIMOTHY M ANDERSON
STEPHEN MCGARRY
MICHAEL NAWRATH
PHILIPPE LANONE
AMIT ROY
PETER VERDULT
SHO MATSUBARA
MARTIN VOEGTLI
MARCO GUENTHER
TIM RACE
MARK PURCELL
ALISTAIR CAMPBELL
LUISA HECTOR
ARSENE GUEKAM
ANDREW C WEISS
KEYUR PAREKH
MARCEL BRAND
TIMO KUERSCHNER
TEAM COVERAGE
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
VISHAL MANCHANDA
Source
MF-AGG
ULT-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
accumulate
hold
neutral
buy
overweight
buy
neutral
outperform
buy
outperform
buy
neutral
Overwt/Attractive
buy
buy
hold
buy
overweight
buy
outperform
hold
buy
hold
Buy/Neutral
outperform
buy
neutral
neutral
suspended coverage
accumulate
accumulate
buy
outperform
Amt Held
19'795'162
11'953'300
10'676'417
10'199'888
9'222'286
8'033'131
7'596'200
7'169'150
6'380'836
4'696'091
4'213'722
4'134'183
4'098'284
3'770'320
3'587'836
2'812'095
2'637'300
2'141'039
2'119'017
2'085'546
% Out
2.82
1.7
1.52
1.45
1.31
1.14
1.08
1.02
0.91
0.67
0.6
0.59
0.58
0.54
0.51
0.4
0.38
0.3
0.3
0.3
Weighting
Change
4
3
3
5
5
5
3
5
5
5
5
3
5
5
5
3
5
5
5
5
3
5
3
5
5
5
3
3
#N/A N/A
4
4
5
5
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
336'935
102'700
(179'381)
(1'803'044)
731'500
(416'685)
(11'698)
336'221
(246'469)
(5'494)
1'486'953
117'690
24'010
(57'400)
40'852
179'622
108'630
Target Price
220
#N/A N/A
213
#N/A N/A
270
230
208
222
246
#N/A N/A
240
140
230
222
225
#N/A N/A
215
230
210
227
206
225
215
245
220
220
#N/A N/A
190
#N/A N/A
176
178
220
160
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
29.01.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2012
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Unclassified
21.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
15 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
25.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
08.03.2013
05.03.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
21.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
28.01.2013
28.01.2013
11.12.2012
26.11.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
03.02.2012
14.11.2011
27.03.2013
Vodafone Group PLC

Vodafone Group PLC is a mobile telecommunications company providing a range of
services, including voice and data communications. The Company operates in
Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa
and the Middle East through its subsidiaries, associates, and investments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.08.2012)
52-Week Low (31.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VOD LN EQUITY YTD Change
VOD LN EQUITY YTD % CHANGE
03/2012
12/yy
191.75
154.20
53'382'949.00
185.65
-3.10%
20.40%
89.35%
48'922.9
90'825.36
34'706.00
0.0
1'267.0
8'461.00
112'879.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
35'478.0
2.93x
13'123.0
7.93x
6'660.0
12.01x
200
180
160
140
120
100
80
60
40
20
0
m-12 a-12 m-12
31.03.2009
31.03.2010
41'017.0
44'472.0
2.36x
2.54x
14'520.0
14'820.0
6.67x
7.62x
3'078.0
8'645.0
21.03x
9.25x
Profitability
LTM-4Q
31.03.2011
45'884.0
2.67x
14'668.0
8.35x
7'968.0
11.61x
31.03.2012
46'417.0
2.43x
18'214.0
6.20x
6'957.0
12.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
18'214.00
10'355.00
22.31%
20.57%
-1.22%
-2.22%
-3.81%
0.32%
32.0%
31.1%
14.3%
15.0%
0.83
0.51
24.87%
45.11%
3.76
53.11
Price/ Cash Flow
LTM
12/yy
46'525.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
44'447.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
5.25
0.68
48'897.09
13.03%
20.20%
0.680
33
3.939
86'407'620
#########
#########
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
44'355.0
45'260.8
2.66x
2.59x
13'211.3
13'305.3
8.54x
8.48x
7'536.1
7'856.3
12.13x
11.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.05.2006
ASTABLE
30.05.2006
A-2
9.43
6.96
1.51
2.06
45.1%
30.7%
0.32
2.41
97.36
6.89
-14.42
7.00
50'000.0
45'000.0
6.00
40'000.0
5.00
35'000.0
30'000.0
4.00
25'000.0
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
0.00
03.04.2009
5'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Vodafone Group PLC

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
FRANKLIN RESOURCES
SCOTTISH WIDOWS
FMR LLC
UBS
ABERDEEN
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
STATE STREET
JP MORGAN
DODGE & COX
DODGE & COX
AXA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Credit Suisse
JUSTIN FUNNELL
Grupo Santander
JOHN DAVIES
Goldman Sachs
TIMOTHY BODDY
Morgan Stanley
NICK DELFAS
Jefferies
JEREMY A DELLIS
JOHN KARIDIS
RALPH SZYMCZAK
AlphaValue
JEAN-MICHEL SALVADOR
Societe Generale
OTTAVIO ADORISIO
ROBIN BIENENSTOCK
NICK BROWN
Barclays
MAURICE PATRICK
Macquarie
GUY R PEDDY
New Street Research
JAMES RATZER
Exane BNP Paribas
ANTOINE PRADAYROL
Berenberg Bank
PAUL ANDREW MARSCH
Nomura
JAMES BRITTON
JPMorgan
AKHIL DATTANI
Oddo & Cie
VINCENT MAULAY
Banca Akros(ESN)
ANDREA DEVITA
Hamburger Sparkasse
Deutsche Bank
DAVID A WRIGHT
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
LAWRENCE SUGARMAN
EVA Dimensions
ANDREW S ZAMFOTIS
HSBC
STEPHEN HOWARD
Natixis
BENOIT MAYNARD
DZ Bank AG
JOERI SELS
Northland Capital Partners Ltd
DAVID JOHNSON
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
Recommendation
outperform
hold
Buy/Neutral
Overwt/In-Line
hold
buy
hold
add
sell
underperform
buy
overweight
outperform
buy
underperform
hold
neutral
overweight
buy
hold
hold
hold
sell
buy
buy
buy
buy
overweight
neutral
buy
not rated
Amt Held
3'213'888'547
1'840'749'892
1'829'029'872
1'307'796'665
1'168'679'699
1'115'035'830
905'655'588
890'918'812
835'280'974
785'130'474
628'261'806
619'899'347
526'399'681
517'367'935
514'956'230
508'998'599
463'624'918
413'470'000
409'583'000
402'114'002
% Out
6.57
3.76
3.74
2.67
2.39
2.28
1.85
1.82
1.71
1.6
1.28
1.27
1.08
1.06
1.05
1.04
0.95
0.85
0.84
0.82
Weighting
Change
5
3
5
5
3
5
3
4
1
1
5
5
5
5
1
3
3
5
5
3
3
3
1
5
5
5
5
5
3
5
#N/A N/A
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(25'141'828)
(28'812'480)
141'890'605
(11'916'154)
(52'316'656)
105'084'426
(52'366'577)
19'552'525
100'485'000
72'066'899
99'016'155
(24'829'446)
44'104'574
(15'517'805)
(96'292'120)
(60'869'430)
15'508'600
2'613'000
(2'762'350)
Target Price
180
200
220
205
174
225
172
215
100
135
200
210
205
250
178
185
195
220
200
184
#N/A N/A
173
150
190
188
210
#N/A N/A
205
190
190
#N/A N/A
File Dt
25.03.2013
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.01.2013
31.01.2013
31.01.2013
28.02.2013
31.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
26.03.2013
03.12.2012
31.01.2013
03.12.2012
29.01.2013
31.01.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
15.03.2013
15.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
26.02.2013
14.02.2013
14.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
28.01.2013
18.01.2013
17.01.2013
07.12.2012
02.10.2012
08.11.2011
13.04.2010
27.03.2013
BP PLC
BP plc is an oil and petrochemicals company. The Company explores for and
produces oil and natural gas, refines, markets, and supplies petroleum
products, generates solar energy, and manufactures and markets chemicals. BP's
chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and
polyethylene.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BP/ LN EQUITY YTD Change
BP/ LN EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
484.45
389.50
6'511'273.00
461
-4.83%
18.36%
77.36%
19'161.2
88'333.14
48'797.00
0.0
1'206.0
20'114.00
163'294.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
361'143.0
0.47x
41'761.0
4.05x
21'157.0
6.81x
500
450
400
350
300
250
200
150
100
50
0
m-12 a-12 m-12
31.12.2009
31.12.2010
239'272.0
297'107.0
0.87x
0.53x
33'392.0
38'497.0
6.24x
4.06x
16'578.0
(3'719.0)
10.95x
Profitability
LTM-4Q
31.12.2011
375'517.0
0.44x
45'796.0
3.63x
25'700.0
5.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
375'580.0
0.43x
20'442.0
7.92x
11'582.0
11.34x
20'442.00
7'961.00
2.12%
5.01%
3.90%
10.08%
7.70%
1.25%
11.6%
5.9%
2.4%
3.1%
1.37
0.59
16.26%
41.21%
13.76
12.20
Price/ Cash Flow
LTM
FY+1
4.88
1.04
19'158.33
2.79%
9.96%
1.044
38
3.579
29'512'860
25'806'140
23'933'670
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
375'517.0 370'866.0 343'710.7 352'783.7
84'754.3
84'530.7
1.71x
1.79x
0.46x
0.45x
1.83x
1.79x
45'796.0
22'056.0
38'524.8
41'496.8
9'276.0
9'646.5
3.63x
7.34x
4.24x
3.93x
3.99x
3.74x
25'700.0
11'582.0
16'230.9
18'510.6
3'897.7
4'034.0
5.25x
11.33x
8.18x
7.30x
8.41x
7.77x
S&P Issuer Ratings
24.09.2010
Long-Term Rating
A
Long-Term Outlook
POS
24.09.2010
Short-Term Rating
A-1
Credit Ratios
13.60
-1.75
Net Debt/EBITDA
1.30
Total Debt/EBITDA
2.21
Reference
Total Debt/Equity
41.2%
Total Debt/Capital
29.0%
Asset Turnover
1.25
3.09
26.60
Inventory Days
30.00
33.14
23.17
12.00
400'000.0
350'000.0
10.00
300'000.0
8.00
250'000.0
200'000.0
6.00
150'000.0
4.00
100'000.0
2.00
0.00
01.01.2010
50'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BP PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
FRANKLIN RESOURCES
UBS
KUWAIT INVESTMENT AU
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
STATE STREET
AVIVA INVESTORS
AXA
GOVT OF SINGAPORE IN
HSBC INVESTMENTS UK
Firm Name
Grupo Santander
Raymond James
Exane BNP Paribas
AlphaValue
EVA Dimensions
Goldman Sachs
Deutsche Bank
Liberum Capital Ltd
Societe Generale
VTB Capital
Morgan Stanley
VSA Capital Ltd
Macquarie
Day by Day
RBC Capital Markets
Simmons & Company International
HSBC
Credit Suisse
Jefferies
Ahorro Corporacion Financiera SA
Natixis
Nomura
Barclays
Investec
S&P Capital IQ
JPMorgan
Tudor Pickering & Co
Jyske Bank
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
JASON KENNEY
SVEN DIERMEIER
BERTRAND HODEE
GORDON GRAY
RICHARD GRIFFITH
ALEJANDRO DEMICHELIS
ALEXANDRE ANDLAUER
CRAIG STERLING
MICHELE DELLA VIGNA
OSWALD CLINT
LUCAS HERRMANN
JENS MUENSTERMANN
ANDREW WHITTOCK
IRENE HIMONA
COLIN SMITH
MARTIJN P RATS
DOUGIE YOUNGSON
JASON D GAMMEL
VALERIE GASTALDY
PETER HUTTON
JEFFREY A DIETERT
PAUL SPEDDING
KIM FUSTIER
IAIN REID
VIRGINIA PEREZ REPES
ANNE PUMIR
THEEPAN JOTHILINGAM
RAHIM KARIM
STUART JOYNER
CHRISTINE TISCARENO
FREDERICK G LUCAS
ROBERT KESSLER
ROBERT JAKOBSEN
DOMINIQUE PATRY
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
hold
buy
market perform
hold
hold
outperform
reduce
hold
neutral/cautious
market perform
buy
buy
hold
hold
hold
Underwt/In-Line
sell
outperform
hold
sector perform
overweight
overweight
neutral
hold
hold
neutral
neutral
underweight
buy
hold
overweight
accumulate
buy
outperform
buy
Amt Held
1'027'123'894
715'298'081
609'649'091
507'765'071
432'628'420
369'828'759
354'793'433
328'143'792
321'514'948
303'860'650
258'130'496
241'527'129
204'110'697
195'306'957
193'700'712
178'132'910
166'069'621
150'610'225
147'434'500
139'991'616
% Out
5.36
3.73
3.18
2.65
2.26
1.93
1.85
1.71
1.68
1.59
1.35
1.26
1.07
1.02
1.01
0.93
0.87
0.79
0.77
0.73
Weighting
Change
3
5
3
3
3
5
2
3
3
3
5
5
3
3
3
1
1
5
3
3
5
5
3
3
3
3
3
1
5
3
5
4
5
5
5
M
M
M
M
M
M
U
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
19'032'430
44'846'385
4'845'711
21'912'486
10'873'302
(277'008)
(1'973'558)
(10'962'271)
5'646'262
7'261'934
(698'478)
12'878'131
(5'019'297)
(592'855)
(6'919'062)
6'546'014
Target Price
530
540
#N/A N/A
500
#N/A N/A
575
425
#N/A N/A
490
510
520
520
445
500
490
442
400
550
#N/A N/A
530
#N/A N/A
550
475
450
6
490
455
480
495
595
525
500
520
500
602
File Dt
25.03.2013
01.11.2012
31.12.2012
30.11.2012
01.11.2012
31.12.2012
31.01.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
01.11.2012
31.12.2012
01.11.2012
26.03.2013
31.01.2013
01.11.2012
31.01.2013
01.11.2012
01.11.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
13.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
01.03.2013
27.02.2013
25.02.2013
22.02.2013
20.02.2013
19.02.2013
15.02.2013
08.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
19.12.2012
15.10.2012
19.09.2012
10.08.2012
16.04.2012
27.03.2013
Sanofi
Sanofi is a global pharmaceutical company that researches, develops and
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Price/Volume
90
12.0 M
80
10.0 M
70
60
8.0 M
50
12/2012
12/yy
79.18
53.20
1'829'058.00
77.95
-1.52%
46.52%
97.00%
1'326.3
103'388.43
14'531.00
0.0
134.0
6'381.00
111'672.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
4.0 M
20
2.0 M
10
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
27'568.0
2.22x
9'940.0
6.16x
3'851.0
15.94x
6.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAN FP EQUITY YTD Change
SAN FP EQUITY YTD % CHANGE
31.12.2009
31.12.2010
29'306.0
32'367.0
2.61x
1.99x
12'805.0
13'156.0
5.97x
4.90x
5'265.0
5'467.0
14.13x
11.42x
Profitability
LTM-4Q
31.12.2011
33'389.0
2.59x
12'593.0
6.88x
5'693.0
13.17x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
34'947.0
2.94x
12'384.0
8.30x
4'967.0
18.99x
12'384.00
7'787.00
22.28%
17.94%
4.94%
8.75%
7.62%
0.35%
68.2%
36.3%
22.3%
14.2%
1.65
1.00
14.47%
25.34%
4.50
1.79
Price/ Cash Flow
LTM
12/yy
33'389.0
5.23x
2'463.0
0.00x
5'693.0
13.17x
12/yy
34'947.0
5.54x
2'704.0
0.00x
4'967.0
18.99x
FY+1
0.75
1'187.62
40.43%
9.19%
0.751
39
3.974
3'251'278
2'890'639
2'595'836
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
35'854.9
37'843.3
8'383.8
8'735.3
3.02x
2.77x
13'111.6
14'230.3
8.50x
7.84x
7'943.2
8'778.0
1'862.0
1'851.8
12.97x
11.62x
13.14x
12.68x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.02.2011
AASTABLE
18.02.2011
A-1+
29.70
25.83
0.64
1.14
25.3%
20.2%
0.35
3.28
81.42
204.60
101.89
184.13
14.00
40'000.0
12.00
35'000.0
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sanofi
Holdings By:
All
Holder Name
L'OREAL SA
FMR LLC
BLACKROCK
VANGUARD GROUP INC
SANOFI EMP SAVINGS P
DODGE & COX
NATIXIS ASSET MANAGE
FRANKLIN RESOURCES
MORGAN STANLEY
AVIVA PLC
DEUTSCHE BANK AG
WADDELL & REED FINAN
LBPAM
AMUNDI
WILLIAM BLAIR & COMP
AMUNDI
Firm Name
Deutsche Bank
Oddo & Cie
Helvea
Mirabaud Securities
Exane BNP Paribas
AlphaValue
JPMorgan
Jefferies
EVA Dimensions
Societe Generale
Bryan Garnier & Cie
Morgan Stanley
Banco Sabadell
Berenberg Bank
Barclays
Leerink Swann & Co
Credit Suisse
Nomura
S&P Capital IQ
Goldman Sachs
Natixis
Nord/LB
Day by Day
Redburn Partners
Hamburger Sparkasse
CA Cheuvreux
Liberum Capital Ltd
Main First Bank AG
Jyske Bank
Cyrrus
MP Advisors Pvt Ltd
DZ Bank AG
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARK CLARK
TIMOTHY M ANDERSON
SEBASTIEN MALAFOSSE
ODILE RUNDQUIST
NICHOLAS TURNER
VINCENT MEUNIER
ARMELLE MOULIN
RICHARD VOSSER
JEFFREY HOLFORD
ANDREW S ZAMFOTIS
STEPHEN MCGARRY
ERIC LE BERRIGAUD
PETER VERDULT
MARTA DIAZ
ALISTAIR CAMPBELL
MARK PURCELL
SEAMUS FERNANDEZ
ARSENE GUEKAM
LUISA HECTOR
TIMO KUERSCHNER
FABIAN WENNER
AMIT ROY
SHO MATSUBARA
KEYUR PAREKH
PHILIPPE LANONE
THORSTEN STRAUSS
VALERIE GASTALDY
TEAM COVERAGE
MARCO GUENTHER
LAURENT FLAMME
NARESH CHOUHAN
TIM FRANKLIN
ROBERT JAKOBSEN
TOMAS MENCIK
VISHAL MANCHANDA
ELMAR KRAUS
Source
20F
ULT-AGG
ULT-AGG
MF-AGG
20F
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
accumulate
neutral
outperform
add
overweight
buy
hold
buy
buy
Overwt/Attractive
buy
hold
equalweight
outperform
hold
neutral
buy
hold
hold
buy
neutral
buy
neutral/neutral
buy
hold
buy
neutral
sell
outperform
underweight
suspended coverage
sell
hold
market perform
buy
Amt Held
118'227'307
33'173'565
20'826'782
18'032'467
17'191'116
16'748'982
13'821'204
10'580'043
6'697'049
6'413'305
5'954'817
5'830'361
5'643'800
5'093'172
4'869'438
4'547'746
4'234'244
4'068'709
4'037'006
3'880'397
% Out
8.91
2.5
1.57
1.36
1.3
1.26
1.04
0.8
0.5
0.48
0.45
0.44
0.43
0.38
0.37
0.34
0.32
0.31
0.3
0.29
Weighting
Change
5
5
5
4
3
5
4
5
5
3
5
5
5
5
3
3
5
3
3
5
3
3
5
3
5
3
5
3
5
3
1
5
1
#N/A N/A
1
3
3
5
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
325'750
(6'850)
1'487'319
1'647'107
(1'806'061)
490'404
(10'030)
249'926
597'970
630'744
(67'746)
(42'392)
(345'054)
8'077
(16'108)
347'156
Target Price
89
76
82
82
83
85
83
99
85
#N/A N/A
92
80
81
80
76
77
#N/A N/A
66
78
78
75
73
81
65
81
73
84
#N/A N/A
78
#N/A N/A
#N/A N/A
77
65
#N/A N/A
57
60
52
55
File Dt
31.01.2013
31.01.2013
25.03.2013
31.12.2012
31.01.2013
29.01.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.09.2012
28.02.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.05.2012
31.12.2012
31.10.2012
26.03.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
15 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
19.02.2013
18.02.2013
15.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
28.01.2013
28.01.2013
11.12.2012
11.12.2012
10.12.2012
28.11.2012
29.10.2012
05.10.2012
20.07.2012
11.07.2012
05.04.2012
08.02.2012
20.12.2011
27.03.2013
Royal Dutch Shell PLC

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Price/Volume
2500
2000
1500
Valuation Analysis
1000
Latest Fiscal Year:

LTM as of:
52-Week High (30.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RDSA LN EQUITY YTD Change
RDSA LN EQUITY YTD % CHANGE
12/2012
12/yy
2'323.50
1'956.50
1'009'475.00
2141
-7.85%
9.43%
54.63%
3'772.4
138'099.92
37'754.00
0.0
1'433.0
18'550.00
229'195.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
m-12 a-12 m-12
31.12.2009
31.12.2010
278'188.0
368'056.0
0.76x
0.65x
29'079.0
41'839.0
7.28x
5.69x
12'518.0
20'127.0
14.87x
10.16x
Profitability
LTM-4Q
31.12.2011
470'171.0
0.55x
55'943.0
4.60x
30'918.0
7.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
467'153.0
0.51x
52'114.0
4.58x
26'592.0
8.12x
52'114.00
37'499.00
8.03%
10.76%
7.54%
14.86%
12.75%
1.32%
15.2%
11.2%
8.0%
5.7%
1.18
0.61
10.48%
20.03%
10.56
13.25
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
5.32
1.03
3'770.78
1.39%
2.25%
1.030
31
3.742
2'639'057
3'382'676
3'002'002
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
470'171.0 467'153.0 458'011.3 465'699.7 110'420.5 113'829.0
2.10x
2.05x
0.51x
0.50x
2.04x
1.98x
55'943.0
52'114.0
61'207.0
62'495.8
10'357.0
10'835.0
4.60x
4.58x
3.74x
3.67x
5.14x
5.04x
30'918.0
26'592.0
26'655.6
27'485.2
6'859.0
7'011.0
7.38x
8.11x
7.70x
7.59x
7.62x
7.59x
S&P Issuer Ratings
03.09.2009
Long-Term Rating
AA
Long-Term Outlook
STABLE
06.03.1990
Short-Term Rating
A-1+
Credit Ratios
22.42
8.41
Net Debt/EBITDA
0.37
Total Debt/EBITDA
0.72
Reference
Total Debt/Equity
20.0%
Total Debt/Capital
16.6%
Asset Turnover
1.32
2.88
34.68
Inventory Days
27.61
40.16
22.13
10.00
500'000.0
9.00
450'000.0
8.00
400'000.0
7.00
350'000.0
6.00
300'000.0
5.00
4.00
250'000.0
200'000.0
3.00
150'000.0
2.00
100'000.0
1.00
50'000.0
0.00
01.01.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
458'361.0
0.37x
57'301.0
2.98x
26'277.0
6.16x
500
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
UBS
VANGUARD GROUP INC
FRANKLIN RESOURCES
STATE STREET
BP INVESTMENT MANAGE
ABERDEEN
JP MORGAN
NORTHERN TRUST GLOBA
SOCIETE GENERALE PRO
Firm Name
Credit Suisse
Raymond James
EVA Dimensions
Jefferies
Day by Day
AlphaValue
JPMorgan
ING Bank
Macquarie
CA Cheuvreux
Hamburger Sparkasse
Investec
HSBC
Barclays
RBC Capital Markets
VSA Capital Ltd
Deutsche Bank
Theodoor Gilissen Securities
VTB Capital
Morgan Stanley
S&P Capital IQ
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
KIM FUSTIER
BERTRAND HODEE
CRAIG STERLING
OSWALD CLINT
IAIN REID
VALERIE GASTALDY
ALEXANDRE ANDLAUER
FREDERICK G LUCAS
QUIRIJN MULDER
ROBERT KESSLER
GORDON GRAY
JEFFREY A DIETERT
JASON D GAMMEL
DOMINIQUE PATRY
INGO SCHMIDT
STUART JOYNER
PAUL SPEDDING
SVEN DIERMEIER
RAHIM KARIM
RICHARD GRIFFITH
PETER HUTTON
JENS MUENSTERMANN
DOUGIE YOUNGSON
LUCAS HERRMANN
JOS VERSTEEG
COLIN SMITH
TEAM COVERAGE
MARTIJN P RATS
CHRISTINE TISCARENO
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
Recommendation
outperform
market perform
buy
market perform
buy
hold
reduce
underweight
buy
buy
buy
overweight
outperform
outperform
buy
hold
neutral
hold
equalweight
buy
hold
sector perform
buy
not rated
hold
buy
hold
hold
not rated
hold
Amt Held
190'130'247
148'916'543
77'887'769
52'066'121
50'156'944
47'208'897
41'114'969
39'669'849
38'832'374
34'834'706
26'147'686
25'767'455
22'400'138
19'530'183
19'189'183
16'493'284
16'292'959
16'129'705
14'890'316
12'949'057
% Out
5.04
3.95
2.06
1.38
1.33
1.25
1.09
1.05
1.03
0.92
0.69
0.68
0.59
0.52
0.51
0.44
0.43
0.43
0.39
0.34
Weighting
Change
5
3
5
3
5
3
2
1
5
5
5
5
5
5
5
3
3
3
3
5
3
3
5
#N/A N/A
3
5
3
3
#N/A N/A
3
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
D
Latest Chg
13'987'593
2'525'344
16'866'612
9'274'558
3'594'333
2'242'231
1'675'222
1'602'657
(1'443'858)
5'779'775
188'418
(1'313'970)
288'938
161'883
5'377'967
(4'117'735)
35'052
12'387'795
(803'892)
2'215'390
Target Price
2'525
#N/A N/A
#N/A N/A
2'410
2'450
#N/A N/A
2'114
2'400
2'843
2'800
2'650
#N/A N/A
2'500
2'431
#N/A N/A
2'168
2'520
2'433
2'550
#N/A N/A
2'567
2'580
2'580
#N/A N/A
2'475
2'722
2'500
2'272
#N/A N/A
2'315
File Dt
25.03.2013
01.01.2013
01.01.2013
31.01.2013
01.01.2013
31.01.2013
31.12.2012
01.01.2013
31.01.2013
01.01.2013
31.12.2012
26.03.2013
01.01.2013
28.02.2013
31.01.2013
31.01.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
28.02.2013
27.02.2013
21.02.2013
15.02.2013
13.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
29.01.2013
24.01.2013
09.01.2013
04.12.2012
03.12.2012
02.10.2012
27.09.2012
18.05.2012
03.05.2012
03.10.2011
27.03.2013
GlaxoSmithKline PLC
GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company
develops, manufactures, and markets vaccines, prescription, and over-the-counter
medicines, as well as health-related consumer products. GlaxoSmithKline
provides products for infections, depression, skin conditions, asthma, heart &
circulatory disease, and cancer.
Price/Volume
1800
25.0 M
1600
20.0 M
1400
1200
15.0 M
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (19.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSK LN EQUITY YTD Change
GSK LN EQUITY YTD % CHANGE
12/2012
12/yy
1'539.50
1'314.00
3'294'624.00
1517
-1.46%
15.45%
86.03%
4'909.5
74'476.63
18'302.00
0.0
937.0
4'265.00
89'450.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400
5.0 M
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
24'352.0
3.17x
9'115.0
8.47x
4'602.0
14.50x
10.0 M
600
31.12.2009
31.12.2010
28'368.0
28'392.0
2.77x
2.61x
11'117.0
6'932.0
7.08x
10.70x
5'531.0
1'634.0
12.09x
38.59x
Profitability
LTM-4Q
31.12.2011
27'387.0
3.07x
9'845.0
8.54x
5'261.0
14.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
26'431.0
3.04x
8'477.0
9.49x
4'565.0
14.36x
8'477.00
7'392.00
27.97%
25.32%
11.06%
65.96%
21.91%
0.64%
70.1%
32.1%
28.0%
17.3%
0.99
0.31
44.13%
315.01%
2.01
Price/ Cash Flow
LTM
12/yy
27'387.0
11.22x
9'455.0
8.89x
5'261.0
14.06x
12/yy
26'431.0
12.29x
8'477.0
9.49x
4'565.0
14.38x
FY+1
4.88
0.66
4'637.64
12.27%
15.31%
0.664
36
3.361
7'702'526
6'841'365
6'725'407
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'931.9
27'974.3
6'353.6
6'529.0
3.30x
3.15x
9'594.4
10'101.6
2'241.0
2'467.0
9.32x
8.86x
9.15x
5'555.5
5'997.1
1'263.3
1'367.5
13.19x
11.94x
13.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.02.2008
A+
STABLE
18.02.2008
A-1
10.49
9.19
1.66
2.16
315.0%
73.1%
0.64
3.02
181.79
137.13
25.00
30'000.0
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
GlaxoSmithKline PLC
Holdings By:
All
Holder Name
BLACKROCK
INVESCO LTD
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
UBS
NEWTON INV MGMT
VANGUARD GROUP INC
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
AXA
STATE STREET
Firm Name
AlphaValue
JPMorgan
Jefferies
EVA Dimensions
Deutsche Bank
Credit Suisse
Day by Day
Berenberg Bank
Panmure Gordon & Co Limited
Bryan Garnier & Cie
Societe Generale
Exane BNP Paribas
Barclays
Leerink Swann & Co
Helvea
Morgan Stanley
Hamburger Sparkasse
S&P Capital IQ
Nomura
Goldman Sachs
Cenkos Securities Ltd
Redburn Partners
Liberum Capital Ltd
CA Cheuvreux
Natixis
Main First Bank AG
Cyrrus
Mirabaud Securities
MP Advisors Pvt Ltd
DZ Bank AG
First Global Stockbroking
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
BRIAN WHITE
ARMELLE MOULIN
JAMES D GORDON
JEFFREY HOLFORD
TIMOTHY M ANDERSON
ANDREW S ZAMFOTIS
MARK CLARK
KERRY HOLFORD
VALERIE GASTALDY
ALISTAIR CAMPBELL
SAVVAS NEOPHYTOU
ERIC LE BERRIGAUD
STEPHEN MCGARRY
FLORENT CESPEDES
MARK PURCELL
SEAMUS FERNANDEZ
FABIAN WENNER
ODILE RUNDQUIST
PETER VERDULT
MARCO GUENTHER
SHO MATSUBARA
AMIT ROY
KEYUR PAREKH
NAVID MALIK
TEAM COVERAGE
NARESH CHOUHAN
MARCEL BRAND
PHILIPPE LANONE
TIMO KUERSCHNER
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
VISHAL MANCHANDA
ELMAR KRAUS
KAVITA THOMAS
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
Recommendation
buy
reduce
underweight
hold
market perform
overweight
hold
neutral
hold
buy
buy
neutral
buy
underperform
overweight
market perform
buy
hold
neutral
Equalwt/Attractive
hold
sell
neutral
neutral/neutral
buy
neutral
underweight
underperform
neutral
hold
suspended coverage
hold
buy
outperform
buy
market perform
Amt Held
271'061'000
188'613'112
153'140'293
143'097'310
137'148'963
134'440'074
115'229'583
88'648'845
85'255'473
72'136'226
71'507'300
60'081'894
55'750'486
53'010'281
52'720'290
51'503'238
51'301'508
49'644'084
44'610'398
43'934'496
% Out
5.52
3.84
3.12
2.91
2.79
2.74
2.35
1.81
1.74
1.47
1.46
1.22
1.14
1.08
1.07
1.05
1.04
1.01
0.91
0.89
Weighting
Change
5
2
1
3
3
5
3
3
3
5
5
3
5
1
5
3
5
3
3
3
3
1
3
3
5
3
1
1
3
3
#N/A N/A
3
5
5
5
3
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
U
R
Latest Chg
9'906'677
24'341'047
30'057'500
13'668'350
21'497
(2'215'605)
(1'180'943)
(1'728'888)
9'684'880
385'845
(188'352)
(9'956'056)
(5'398'021)
73'324
1'468'137
(43'379)
497'126
Target Price
#N/A N/A
1'461
1'550
1'550
1'497
#N/A N/A
1'530
1'450
#N/A N/A
1'530
1'525
1'580
1'810
1'400
1'610
#N/A N/A
1'680
1'560
1'520
1'370
#N/A N/A
1'200
1'340
1'415
1'603
#N/A N/A
1'380
1'250
1'450
1'450
#N/A N/A
1'420
1'640
#N/A N/A
1'500
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
01.01.2013
Investment Advisor
28.02.2013
Unclassified
01.01.2013
Unclassified
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
01.01.2013
Government
28.02.2013
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Unclassified
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
31.07.2012
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
Date
Not Provided
6 month
15 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
25.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
06.03.2013
05.03.2013
01.03.2013
26.02.2013
26.02.2013
20.02.2013
13.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
04.02.2013
28.01.2013
30.11.2012
26.11.2012
05.10.2012
11.09.2012
06.09.2012
03.08.2012
20.07.2012
05.04.2012
02.04.2012
13.01.2012
28.10.2011
23.08.2011
27.03.2013
Total SA
Total SA explores for, produces, refines, transports, and markets oil and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Price/Volume
30.0 M
25.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (14.09.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FP FP EQUITY YTD Change
FP FP EQUITY YTD % CHANGE
12/2012
12/yy
42.00
33.42
3'771'023.00
37.335
-11.08%
11.71%
49.91%
2'365.9
88'332.13
33'290.00
0.0
1'281.0
17'031.00
105'872.13
25
20.0 M
20
15.0 M
15
10.0 M
10
5.0 M
5
0
m-12
31.12.2009
31.12.2010
112'153.0
140'476.0
1.03x
0.74x
22'234.0
28'045.0
5.22x
3.72x
8'447.0
10'571.0
11.87x
8.38x
Profitability
LTM-4Q
31.12.2011
166'550.0
0.65x
32'919.0
3.28x
12'276.0
7.23x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
182'299.0
0.58x
32'343.0
3.27x
10'694.0
8.23x
32'343.00
21'862.00
11.99%
13.11%
6.37%
15.17%
10.66%
1.09%
17.5%
12.0%
5.9%
1.38
0.74
19.37%
45.66%
9.29
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
6.27
0.88
2'033.04
2.84%
-2.84%
0.883
36
4.111
4'986'432
5'047'408
4'418'447
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
166'550.0 182'299.0 181'086.9 179'975.2
45'543.3
46'396.7
2.49x
2.27x
0.59x
0.60x
2.32x
2.27x
32'919.0
31'942.0
33'666.7
34'402.9
8'679.0
9'163.0
3.28x
3.31x
3.14x
3.07x
2.92x
2.88x
12'276.0
10'694.0
12'042.0
12'327.5
2'587.0
2'917.0
7.25x
8.25x
7.10x
7.03x
7.18x
7.20x
S&P Issuer Ratings
12.04.2011
Long-Term Rating
AALong-Term Outlook
STABLE
13.09.1999
Short-Term Rating
A-1+
Credit Ratios
48.20
18.54
Net Debt/EBITDA
0.51
Total Debt/EBITDA
1.04
Reference
Total Debt/Equity
45.7%
Total Debt/Capital
31.0%
Asset Turnover
1.09
2.73
39.41
Inventory Days
8.00
200'000.0
7.00
180'000.0
160'000.0
6.00
140'000.0
5.00
120'000.0
4.00
100'000.0
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
40
35
Valuation Analysis
31.12.2008
160'331.0
0.62x
29'887.0
3.32x
10'590.0
8.21x
45
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Total SA
Holdings By:
All
Holder Name
TOTAL SA
GROUPE BRUXELLES LAM
AMUNDI
QATAR HOLDINGS LLC
NORGES BANK
CIE NATIONALE A PORT
BLACKROCK
VANGUARD GROUP INC
FRANKLIN RESOURCES
ONTARIO TEACHERS PEN
AVIVA PLC
AMUNDI
LBPAM
Firm Name
Raymond James
Barclays
Jefferies
Day by Day
Grupo Santander
Goldman Sachs
Exane BNP Paribas
AlphaValue
VTB Capital
HSBC
RBC Capital Markets
Banco Sabadell
Societe Generale
Credit Suisse
JPMorgan
Macquarie
Hamburger Sparkasse
Nomura
S&P Capital IQ
Natixis
EVA Dimensions
Deutsche Bank
Morgan Stanley
Investec
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
OSWALD CLINT
BERTRAND HODEE
ROBERT KESSLER
LYDIA RAINFORTH
IAIN REID
VALERIE GASTALDY
JASON KENNEY
MICHELE DELLA VIGNA
ALEXANDRE ANDLAUER
COLIN SMITH
PAUL SPEDDING
GORDON GRAY
PETER HUTTON
JORGE GONZALEZ SADORNIL
IRENE HIMONA
KIM FUSTIER
NITIN SHARMA
JASON D GAMMEL
INGO SCHMIDT
JEAN-LUC ROMAIN
THEEPAN JOTHILINGAM
SVEN DIERMEIER
CHRISTINE TISCARENO
ANNE PUMIR
CRAIG STERLING
JEFFREY A DIETERT
JENS MUENSTERMANN
LUCAS HERRMANN
MARTIJN P RATS
STUART JOYNER
DOMINIQUE PATRY
Source
Co File
Research
Research
Research
Research
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
market perform
accumulate
underweight
buy
buy
buy
Sell/Cautious
outperform
reduce
buy
overweight
buy
outperform
buy
buy
neutral
overweight
neutral
buy
buy
neutral
hold
buy
buy
buy
buy
overweight
buy
buy
Equalwt/In-Line
hold
outperform
Amt Held
108'732'635
94'077'367
78'390'326
47'275'059
47'038'683
35'456'294
27'588'144
23'623'504
23'417'298
19'734'600
13'367'024
11'200'000
10'726'773
10'451'098
9'555'009
8'031'246
7'707'489
7'573'598
7'054'684
6'889'834
% Out
4.6
3.98
3.31
2
1.99
1.5
1.17
1
0.99
0.83
0.56
0.47
0.45
0.44
0.4
0.34
0.33
0.32
0.3
0.29
Weighting
Change
5
3
4
1
5
5
5
1
5
2
5
5
5
5
5
5
3
5
3
5
5
3
3
5
5
5
5
5
5
5
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
(683'332)
(1'631'999)
287'390
(2'024'000)
(298'176)
256'626
(23'778)
21'870
(194'720)
(6'360)
(38'409)
Target Price
51
#N/A N/A
47
44
48
40
45
42
48
37
50
46
45
44
47
47
44
49
42
#N/A N/A
54
40
42
48
47
49
#N/A N/A
#N/A N/A
45
44
42
38
44
File Dt
31.12.2011
15.03.2012
06.01.2012
14.03.2012
31.12.2011
31.12.2011
25.03.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2011
26.03.2013
28.02.2013
31.12.2012
31.05.2012
31.12.2012
31.12.2012
30.09.2012
28.02.2013
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
3 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Corporation
Holding Company
Investment Advisor
Government
Government
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
07.03.2013
01.03.2013
27.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
07.02.2013
06.02.2013
17.01.2013
15.01.2013
09.01.2013
03.12.2012
27.11.2012
02.07.2012
30.04.2012
27.03.2013
British American Tobacco PLC

British American Tobacco PLC is the holding company for a group of companies
that manufacture, market and sell cigarettes and other tobacco products,
including cigars and roll-your-own tobacco.
Price/Volume
4000
9.0 M
3500
8.0 M
3000
7.0 M
6.0 M
2500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (24.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BATS LN EQUITY YTD Change
BATS LN EQUITY YTD % CHANGE
12/2012
12/yy
3'631.00
2'986.50
758'136.00
3499.5
-3.61%
17.18%
79.05%
1'927.0
67'436.33
10'719.00
0.0
307.0
2'107.00
76'355.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
14'208.0
14'883.0
3.52x
3.90x
5'091.0
5'881.0
9.82x
9.88x
2'713.0
2'879.0
14.72x
16.97x
Profitability
3.0 M
1000
2.0 M
500
1.0 M
0
m-12
a-12 m-12
LTM-4Q
31.12.2011
15'399.0
4.56x
6'316.0
11.12x
3'095.0
19.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
15'190.0
4.73x
6'143.0
11.71x
3'841.0
15.69x
6'143.00
5'668.00
37.31%
37.18%
14.11%
49.12%
24.11%
0.56%
40.4%
37.3%
25.3%
1.13
0.52
39.22%
143.46%
7.70
-
Price/ Cash Flow
j-12
j-12
LTM
12/yy
9'866.0
8.70x
873.0
0.00x
2'130.0
18.69x
12/yy
12'122.0
7.34x
0.0
0.00x
2'457.0
14.60x
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
3.85
0.72
1'925.34
13.66%
15.10%
0.723
28
3.964
2'338'294
2'547'987
2'499'984
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'093.4
16'803.5
4.75x
4.53x
6'653.4
7'098.9
11.48x
10.75x
4'410.9
4'743.7
15.17x
13.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
09.11.2012
ASTABLE
16.05.2003
A-2
12.16
10.85
1.40
1.74
143.5%
57.9%
0.56
4.86
47.40
-
20.00
18'000.0
18.00
16'000.0
16.00
14'000.0
14.00
12'000.0
12.00
10'000.0
10.00
8'000.0
8.00
6'000.0
6.00
4'000.0
4.00
2'000.0
2.00
0.00
01.01.2010
4.0 M
1500
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
12'122.0
3.84x
3'978.0
11.69x
2'457.0
14.60x
5.0 M
2000
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
British American Tobacco PLC

Holdings By:
All
Holder Name
BLACKROCK
REINET INVESTMENTS S
LEGAL & GENERAL
INVESCO LTD
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
CREDIT SUISSE PRIVAT
ABERDEEN
MORGAN STANLEY INVES
VANGUARD GROUP INC
UBS
MORGAN STANLEY
Northern Cross Inter
VANGUARD GROUP INC
ALLAN GRAY UNIT TRUS
NEWTON INV MGMT
Firm Name
AlphaValue
Day by Day
Deutsche Bank
Investec
Nomura
Jefferies
Goldman Sachs
Avior Research
Redburn Partners
Societe Generale
Morgan Stanley
Natixis
Exane BNP Paribas
Barclays
Credit Suisse
JPMorgan
Renaissance Capital
Berenberg Bank
S&P Capital IQ
EVA Dimensions
Afrifocus Securities
Imara
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ISABELLE COMBEMALE
VALERIE GASTALDY
JONATHAN FELL
THANE DUFF
DAVID HAYES
CHRIS WICKHAM
DIRK VAN VLAANDEREN
FULVIO CAZZOL
DAMIAN MCNEELA
RICHARD TESSENDORF
EDDY HARGREAVES
LARS LUSEBRINK
CHRISTIAN DE ROUALLE
CHAS MANSO DE ZUNIGA
MATTHEW GRAINGER
NICOLAS LANGLET
JAMES BUSHNELL
SIMON HALES
ROGERIO FUJIMORI
RAE MAILE
REY WIUM
ERIK BLOOMQUIST
CARL SHORT
AUSTIN BURKETT
TANUJA CHITRE
RICHARD CLARKE
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
REG
Recommendation
add
hold
buy
hold
buy
hold
buy
buy/attractive
buy
neutral
hold
hold
neutral
hold
Equalwt/Attractive
neutral
outperform
overweight
outperform
overweight
hold
buy
hold
overweight
hold
sell
Amt Held
132'891'526
81'313'066
70'617'321
67'664'399
62'241'180
51'036'377
44'677'384
44'654'616
37'965'898
35'672'165
26'280'778
24'636'075
24'361'035
23'128'725
22'521'571
22'218'678
21'639'256
20'358'179
17'404'651
16'928'208
% Out
6.9
4.22
3.66
3.51
3.23
2.65
2.32
2.32
1.97
1.85
1.36
1.28
1.26
1.2
1.17
1.15
1.12
1.06
0.9
0.88
Weighting
Change
4
3
5
3
5
3
5
5
5
3
3
3
3
3
3
3
5
5
5
5
3
5
3
5
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
M
N
Latest Chg
(3'000'000)
(2'766'594)
1'948'246
3'856'239
(4'619'821)
(2'144'127)
(376'548)
1'305'019
5'499'279
(427'111)
562'275
(1'102'251)
1'491'898
245'915
1'824'714
260'794
892'088
(202'468)
Target Price
3'801
#N/A N/A
3'700
3'577
4'087
3'700
4'000
4'420
3'900
3'761
3'100
3'600
#N/A N/A
3'550
3'450
3'600
3'800
3'725
3'600
4'209
3'550
3'500
3'540
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Bank
28.02.2013
Unclassified
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
21.03.2013
18.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
08.03.2013
07.03.2013
06.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
17.01.2013
18.04.2012
17.05.2011
27.03.2013
Siemens AG
Siemens AG is an engineering and manufacturing company. The Company focuses on
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SIE GY EQUITY YTD Change
SIE GY EQUITY YTD % CHANGE
09/2012
12/yy
88.25
62.13
1'373'315.00
84.49
-4.23%
35.99%
89.24%
881.0
74'435.69
20'706.00
0.0
569.0
11'415.00
85'996.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
77'327.0
0.82x
8'175.0
7.77x
5'725.0
34.66x
100
90
80
70
60
50
40
30
20
10
0
m-12
30.09.2009
30.09.2010
76'651.0
68'978.0
0.81x
1.07x
9'196.0
9'544.0
6.77x
7.72x
2'292.0
3'899.0
24.49x
16.42x
Profitability
LTM-4Q
30.09.2011
73'275.0
0.89x
10'492.0
6.19x
6'145.0
8.24x
30.09.2012
78'296.0
0.98x
9'653.0
7.93x
4'458.0
13.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
9'653.00
6'909.00
8.82%
9.30%
4.00%
13.31%
9.71%
0.75%
28.4%
13.2%
9.7%
5.7%
1.22
0.62
19.12%
67.37%
4.95
3.49
Price/ Cash Flow
LTM
12/yy
73'702.0
4.28x
9'978.0
7.27x
5'793.0
9.79x
12/yy
78'670.0
3.87x
10'351.0
7.81x
4'215.0
14.47x
FY+1
0.96
771.11
13.97%
6.58%
0.959
43
3.465
3'169'356
2'601'423
2'427'125
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
78'224.0
81'211.0
18'927.1
19'267.1
1.08x
1.01x
4.65x
4.58x
9'514.8
11'411.5
2'045.0
2'134.7
9.03x
7.53x
9.07x
8.60x
5'148.9
6'465.0
1'193.3
1'117.5
13.87x
11.21x
13.25x
12.71x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.06.2009
A+
STABLE
18.04.2011
A-1+
21.45
16.55
1.07
2.14
67.4%
39.8%
0.75
7.41
73.95
104.73
44.53
120.05
14.00
100'000.0
90'000.0
12.00
80'000.0
10.00
70'000.0
60'000.0
8.00
50'000.0
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
0.00
02.10.2009
10'000.0
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Siemens AG
Holdings By:
All
Holder Name
BLACKROCK
SIEMENS FAMILY
QATAR HOLDINGS LLC
SIEMENS AG
VANGUARD GROUP INC
UBS
UNION INVESTMENT GMB
FRANKLIN RESOURCES
FMR LLC
DEKA INVESTMENT GMBH
DEUTSCHE BANK AG
MERCURY ASSET MANAGE
LBPAM
FRANKFURT TRUST INVE
ADIG INVESTMENT
ETFLAB INVESTMENT GM
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

JAMES STETTLER
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
Morgan Stanley
BEN UGLOW
Day by Day
VALERIE GASTALDY
AlphaValue
HEINZ STEFFEN
VOLKER STOLL
Hamburger Sparkasse
MARCO GUENTHER
Baader Bank
GUENTHER MICHAEL HOLLFELDER
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
ROB VIRDEE
RBC Capital Markets
ANDREW CARTER
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
DZ Bank AG
JASKO TERZIC
ULRICH SCHOLZ
Credit Suisse
SIMON TOENNESSEN
CA Cheuvreux
ALFRED GLASER
Bankhaus Metzler
ULRICH TRABERT
Berenberg Bank
WILLIAM MACKIE
Natixis
LUDOVIC DEBAILLEUX
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Nord/LB
WOLFGANG DONIE
JPMorgan
ANDREAS WILLI
William Blair & Co
NICHOLAS P HEYMANN
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Redburn Partners
JAMES MOORE
SRH AlsterResearch
OLIVER DREBING
Goldman Sachs
DANIELA COSTA
EVA Dimensions
CRAIG STERLING
Deutsche Bank
PETER REILLY
Nomura
DANIEL CUNLIFFE
Silvia Quandt Research
EERIK KD BUDARZ
Langenberg & Co
BRIAN KEITH LANGENBERG
Source
ULT-AGG
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
market perform
Overwt/Cautious
buy
reduce
buy
buy
buy
underperform
neutral
neutral
sector perform
buy
hold
hold
hold
outperform
outperform
buy
buy
reduce
underperform
equalweight
hold
hold
neutral
market perform
hold
hold
neutral
buy
neutral/neutral
hold
sell
neutral
avoid
buy
Amt Held
57'388'502
54'852'206
27'758'338
26'820'674
12'302'553
9'880'200
6'246'478
5'386'486
5'203'888
4'877'843
4'583'145
4'175'468
3'641'584
3'543'486
2'963'579
2'464'495
2'013'201
1'647'039
1'634'951
1'570'015
% Out
6.51
6.23
3.15
3.04
1.4
1.12
0.71
0.61
0.59
0.55
0.52
0.47
0.41
0.4
0.34
0.28
0.23
0.19
0.19
0.18
Weighting
Change
3
3
3
5
5
2
5
5
5
1
3
3
3
5
3
3
3
5
5
5
5
2
1
3
3
3
3
3
3
3
3
5
3
3
1
3
1
5
M
M
M
M
U
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(569'646)
(179'474)
(890'272)
(142'559)
(1'084'091)
(551'912)
(330'620)
(417'782)
70'846
152'571
452'193
57'030
(38'813)
(87'700)
(5'200)
-
Target Price
80
88
73
99
92
84
96
86
88
88
87
81
86
90
77
85
85
95
94
93
94
75
86
84
83
76
90
79
85
85
#N/A N/A
92
90
#N/A N/A
65
85
58
100
File Dt
Inst Type
25.03.2013
Investment Advisor
10.11.2011
n/a
07.05.2012
Government
08.10.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
30.11.2012
Investment Advisor
26.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
3 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
15.03.2013
14.03.2013
08.03.2013
08.03.2013
19.02.2013
15.02.2013
05.02.2013
04.02.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
17.01.2013
17.01.2013
20.11.2012
16.11.2012
08.11.2012
12.10.2012
27.03.2013

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Price/Volume
2500
14.0 M
12.0 M
2000
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RDSB LN EQUITY YTD Change
RDSB LN EQUITY YTD % CHANGE
12/2011
12/yy
2'374.50
2'020.00
2'011'897.00
2204.5
-7.16%
9.13%
56.42%
2'600.7
138'099.92
37'754.00
0.0
1'433.0
18'550.00
229'195.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
1000
6.0 M
4.0 M
500
2.0 M
0
m-12 a-12 m-12
31.12.2009
31.12.2010
278'188.0
368'056.0
0.76x
0.65x
29'079.0
41'839.0
7.28x
5.69x
12'518.0
20'127.0
14.87x
10.16x
Profitability
LTM-4Q
31.12.2011
470'171.0
0.55x
55'943.0
4.60x
30'918.0
7.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
467'153.0
0.51x
52'114.0
4.58x
26'592.0
8.12x
52'114.00
37'499.00
8.03%
10.76%
7.54%
14.86%
12.75%
1.32%
15.2%
11.2%
8.0%
5.7%
1.18
0.61
10.48%
20.03%
10.56
13.25
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
5.17
1.01
2'599.25
3.48%
2.69%
1.006
19
3.105
4'486'656
4'445'420
3'719'687
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
470'171.0 467'153.0 458'011.3 465'699.7 110'420.5 113'829.0
2.10x
2.05x
0.51x
0.50x
2.04x
1.98x
55'943.0
52'114.0
61'207.0
62'495.8
10'357.0
10'835.0
4.60x
4.58x
3.74x
3.67x
5.14x
5.04x
30'918.0
26'592.0
26'655.6
27'485.2
6'859.0
7'011.0
7.38x
8.11x
7.93x
7.82x
7.84x
7.82x
S&P Issuer Ratings
03.09.2009
Long-Term Rating
AA
Long-Term Outlook
STABLE
06.03.1990
Short-Term Rating
A-1+
Credit Ratios
22.42
8.41
Net Debt/EBITDA
0.37
Total Debt/EBITDA
0.72
Reference
Total Debt/Equity
20.0%
Total Debt/Capital
16.6%
Asset Turnover
1.32
2.88
34.68
Inventory Days
27.61
40.16
22.13
10.00
500'000.0
9.00
450'000.0
8.00
400'000.0
7.00
350'000.0
6.00
300'000.0
5.00
4.00
250'000.0
200'000.0
3.00
150'000.0
2.00
100'000.0
1.00
50'000.0
0.00
01.01.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
458'361.0
0.37x
57'301.0
2.98x
26'277.0
6.16x
1500
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
CREDIT SUISSE PRIVAT
VANGUARD GROUP INC
QATAR INVESTMENT AUT
PEOPLES REPUBLIC OF
UBS
FRANKLIN RESOURCES
VANGUARD GROUP INC
AXA
ABERDEEN
FMR LLC
BREWIN DOLPHIN LIMIT
JP MORGAN
STATE STREET
THREADNEEDLE ASSET M
Firm Name
Grupo Santander
Goldman Sachs
Exane BNP Paribas
JPMorgan
Liberum Capital Ltd
VTB Capital
Societe Generale
Morgan Stanley
Nomura
RBC Capital Markets
HSBC
Natixis
Barclays
EVA Dimensions
VSA Capital Ltd
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
OSWALD CLINT
JASON KENNEY
MICHELE DELLA VIGNA
FREDERICK G LUCAS
ANDREW WHITTOCK
COLIN SMITH
IRENE HIMONA
MARTIJN P RATS
THEEPAN JOTHILINGAM
GORDON GRAY
PETER HUTTON
PAUL SPEDDING
ANNE PUMIR
RAHIM KARIM
CRAIG STERLING
DOUGIE YOUNGSON
LUCAS HERRMANN
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
market perform
underweight
Sell/Cautious
underperform
underweight
hold
hold
buy
Overwt/In-Line
buy
buy
sector perform
neutral
buy
equalweight
buy
not rated
hold
Amt Held
176'509'095
92'965'731
91'962'723
84'449'282
74'947'205
49'588'750
48'224'986
44'703'170
39'898'819
37'871'476
35'090'143
34'738'840
33'594'566
33'060'303
31'402'252
28'774'373
27'392'377
25'480'564
23'787'695
21'990'967
% Out
6.79
3.57
3.54
3.25
2.88
1.91
1.85
1.72
1.53
1.46
1.35
1.34
1.29
1.27
1.21
1.11
1.05
0.98
0.91
0.85
Weighting
Change
3
1
1
1
1
3
3
5
5
5
5
3
3
5
3
5
#N/A N/A
3
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(2'451'432)
10'540'709
(526'247)
(2'440'260)
1'120'225
1'669'724
3'975'234
932'195
(3'039'278)
1'176'245
(185'589)
(2'304'800)
(766'521)
(1'060'121)
(626'439)
4'342'844
2'600'938
1'154'509
Target Price
2'410
2'409
2'280
2'350
2'400
2'310
2'500
2'700
2'500
2'500
2'650
2'580
2'450
2'600
2'550
#N/A N/A
#N/A N/A
2'475
File Dt
25.03.2013
01.01.2013
08.03.2013
01.01.2013
01.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
31.01.2013
28.02.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
31.01.2013
01.01.2013
31.01.2013
26.03.2013
01.01.2013
Date
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Bank
Investment Advisor
Investment Advisor
Government
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
22.03.2013
20.03.2013
20.03.2013
18.03.2013
15.03.2013
14.03.2013
01.03.2013
27.02.2013
27.02.2013
27.02.2013
21.02.2013
19.02.2013
01.02.2013
01.02.2013
01.02.2013
17.01.2013
04.12.2012
03.12.2012
27.03.2013
Bayer AG
Bayer AG produces and markets healthcare and agricultural products, and
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Price/Volume
90
12.0 M
80
10.0 M
70
60
8.0 M
50
12/2012
12/yy
80.71
47.63
1'360'350.00
79.23
-1.87%
66.36%
96.74%
826.9
65'519.08
9'532.00
0.0
100.0
2'551.00
72'600.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
4.0 M
20
2.0 M
10
0
m-12
31.12.2009
31.12.2010
31'168.0
35'088.0
1.80x
1.53x
7'695.0
8'900.0
7.30x
6.04x
1'359.0
1'301.0
32.92x
35.22x
Profitability
LTM-4Q
31.12.2011
36'528.0
1.32x
8'963.0
5.36x
2'470.0
16.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
39'760.0
1.67x
9'001.0
7.39x
2'446.0
24.29x
9'001.00
6'041.00
15.19%
8.17%
4.70%
12.98%
0.76%
52.1%
21.6%
14.2%
6.2%
1.45
0.76
18.57%
51.61%
5.49
2.86
Price/ Cash Flow
j-12
j-12
LTM
12/yy
36'528.0
5.33x
8'963.0
5.36x
2'470.0
16.52x
a-12
12/yy
39'760.0
5.89x
8'605.0
7.73x
2'446.0
24.29x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.96
826.95
51.98%
10.21%
0.964
38
3.816
2'352'729
2'436'012
2'190'764
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
41'540.8
43'629.9
10'500.3
10'590.3
1.72x
1.58x
8'798.2
9'453.7
2'515.5
2'276.0
8.24x
7.67x
8.21x
4'673.7
5'191.6
1'466.5
1'294.0
13.45x
12.17x
13.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.04.2008
APOS
11.07.2006
A-2
12.11
9.52
0.81
1.11
51.6%
33.9%
0.76
4.04
66.70
128.16
75.11
119.75
18.00
45'000.0
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
32'918.0
1.40x
6'702.0
6.86x
1'719.0
18.72x
6.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAYN GY EQUITY YTD Change
BAYN GY EQUITY YTD % CHANGE
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bayer AG
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
MORGAN STANLEY
DEUTSCHE BANK AG
DB PLATINUM ADVISORS
CI INVESTMENTS INC
ADIG INVESTMENT
TIAA CREF INVESTMENT
Firm Name
Helvea
DZ Bank AG
Exane BNP Paribas
AlphaValue
Commerzbank Corporates & Markets
Baader Bank
Jefferies
Berenberg Bank
Natixis
Equinet Institutional Services(ESN)
S&P Capital IQ
JPMorgan
EVA Dimensions
CA Cheuvreux
Societe Generale
Hamburger Sparkasse
Nomura
Day by Day
Nord/LB
Credit Suisse
Macquarie
Bankhaus Metzler
Barclays
M.M. Warburg Investment Research
Bryan Garnier & Cie
Goldman Sachs
Deutsche Bank
Redburn Partners
Main First Bank AG
Banco Sabadell
Liberum Capital Ltd
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEREMY REDENIUS
ODILE RUNDQUIST
PETER SPENGLER
FLORENT CESPEDES
MARTIN SCHNEE
DANIEL WENDORFF
NORBERT BARTH
JEFFREY HOLFORD
ALISTAIR CAMPBELL
BEATRICE MUZARD
MARIETTA MIEMIETZ
SHO MATSUBARA
RICHARD VOSSER
ANDREW S ZAMFOTIS
LAURENT FLAMME
STEPHEN MCGARRY
ULLE WORNER
MARCO GUENTHER
JEAN DE WATTEVILLE
VALERIE GASTALDY
THORSTEN STRAUSS
JOHANNA WALTON
CHRISTIAN FAITZ
SEBASTIAN FRERICKS
MARK PURCELL
ULRICH HUWALD
ERIC LE BERRIGAUD
RAKESH PATEL
FABIAN WENNER
TIM RACE
TEAM COVERAGE
RONALD KOEHLER
CLAUDIA LAKATOS
MARTA DIAZ
NARESH CHOUHAN
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
accumulate
buy
neutral
reduce
buy
hold
hold
buy
buy
accumulate
hold
overweight
buy
outperform
hold
buy
hold
neutral
hold
sell
outperform
outperform
buy
underweight
hold
hold
buy
neutral/neutral
buy
buy
neutral
outperform
neutral
buy
overweight
Amt Held
99'286'793
63'637'479
15'106'150
11'899'870
11'028'402
8'812'434
8'564'198
7'534'779
7'532'781
6'298'907
5'937'955
5'795'523
5'770'395
5'155'727
3'647'992
3'035'802
3'035'138
2'450'000
2'406'227
2'182'662
% Out
12.01
7.7
1.83
1.44
1.33
1.07
1.04
0.91
0.91
0.76
0.72
0.7
0.7
0.62
0.44
0.37
0.37
0.3
0.29
0.26
Weighting
Change
3
4
5
3
2
5
3
3
5
5
4
3
5
5
5
3
5
3
3
3
1
5
5
5
1
3
3
5
3
5
5
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
(3'516'978)
(349'638)
12'931
(349'533)
(518'224)
118'983
2'307'304
129'068
279'716
(211'094)
227'355
(1'063'440)
356'211
(32'100)
45'000
(149'624)
(242'500)
Target Price
75
82
80
76
81
90
66
79
85
90
75
79
95
#N/A N/A
82
74
85
#N/A N/A
84
#N/A N/A
65
83
83
90
68
76
75
75
82
76
86
#N/A N/A
80
63
#N/A N/A
76
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
03.05.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
26.03.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
6 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
15 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
15.03.2013
07.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
25.02.2013
12.12.2012
26.11.2012
20.11.2012
30.10.2012
05.03.2012
15.09.2010
27.03.2013
BASF SE
BASF SE is a chemical company. The Company operates in six segments: Chemicals,
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Price/Volume
80
8.0 M
50
12/2012
12/yy
76.20
51.13
2'681'045.00
68.1
-10.62%
33.19%
73.75%
918.5
62'548.40
13'355.00
0.0
1'224.0
1'800.00
75'327.40
6.0 M
30
4.0 M
20
2.0 M
10
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
60
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.02.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAS GY EQUITY YTD Change
BAS GY EQUITY YTD % CHANGE
31.12.2008
62'304.0
0.62x
10'238.0
3.74x
2'912.0
8.86x
12.0 M
70
31.12.2009
31.12.2010
50'693.0
63'873.0
1.07x
1.09x
8'500.0
11'903.0
6.36x
5.85x
1'410.0
4'557.0
28.22x
12.04x
Profitability
LTM-4Q
31.12.2011
73'497.0
0.84x
11'855.0
5.20x
6'188.0
8.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
78'729.0
0.99x
12'583.0
6.21x
4'879.0
13.40x
12'583.00
9'022.00
11.46%
10.72%
7.78%
20.03%
14.67%
1.25%
26.3%
16.0%
11.5%
6.2%
1.66
0.69
20.76%
54.33%
7.49
5.81
Price/ Cash Flow
LTM
12/yy
73'497.0
3.54x
11'855.0
5.20x
6'188.0
8.00x
12/yy
78'729.0
3.62x
12'583.0
6.21x
4'879.0
13.40x
FY+1
1.07
854.55
5.41%
-4.29%
1.067
40
3.800
3'756'319
3'118'220
2'658'043
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
80'660.5
80'192.8
21'598.8
20'076.0
0.93x
0.91x
3.44x
3.75x
12'750.8
13'452.7
3'507.0
3'438.0
5.91x
5.60x
5.92x
5'369.0
5'824.2
1'618.0
1'469.0
11.41x
10.59x
11.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.05.2011
A+
STABLE
12.02.2009
A-1
16.73
11.22
0.92
1.06
54.3%
34.1%
1.25
4.36
48.87
63.04
31.03
80.88
12.00
90'000.0
80'000.0
10.00
70'000.0
60'000.0
8.00
50'000.0
6.00
40'000.0
30'000.0
4.00
20'000.0
2.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BASF SE
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
DEUTSCHE BANK AG
FMR LLC
ADIG INVESTMENT
UNION INVESTMENT LUX
SEB
SWEDBANK ROBUR FONDE
DEKA INTERNATIONAL S
Firm Name
Redburn Partners
HSBC
Exane BNP Paribas
Nord/LB
Jefferies
AlphaValue
JPMorgan
DZ Bank AG
Baader Bank
CA Cheuvreux
Credit Suisse
Bankhaus Lampe
S&P Capital IQ
Societe Generale
Goldman Sachs
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Morgan Stanley
Nomura
Banco Sabadell
Barclays
EVA Dimensions
Deutsche Bank
Main First Bank AG
Berenberg Bank
Day by Day
Gilford Securities
Steubing AG
SRH AlsterResearch
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEREMY REDENIUS
TONY JONES
GEOFF HAIRE
JAMES KNIGHT
THORSTEN STRAUSS
LAURENCE ALEXANDER
MARTIN SCHNEE
MARTIN EVANS
PAUL W SATCHELL
PETER SPENGLER
OLIVER SCHWARZ
NORBERT BARTH
MARTIN ROEDIGER
LUTZ GRUETEN
CHRIS COUNIHAN
HEIKO FEBER
JOHNSON IMODE
PETER CLARK
RAKESH PATEL
CHRISTIAN FAITZ
ULLE WORNER
MARCO GUENTHER
LARS HETTCHE
NADESHDA DEMIDOVA
PAUL R WALSH
JEAN DE WATTEVILLE
GLEN SPENCER-CHAPMAN
ANDREAS HEINE
MARKUS MAYER
CRAIG STERLING
TIMOTHY JONES
RONALD KOEHLER
JAIDEEP PANDYA
VALERIE GASTALDY
PAUL C CHRISTOPHERSON
HARALD GRUBER
TEAM COVERAGE
OLIVER DREBING
Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
buy
neutral
outperform
hold
hold
add
neutral
sell
buy
hold
buy
outperform
buy
outperform
buy
hold
hold
Buy/Neutral
neutral
buy
buy
buy
sell
accumulate
Overwt/In-Line
buy
sell
equalweight
hold
overweight
buy
neutral
hold
buy
hold
neutral
buy
buy
Amt Held
63'927'154
12'764'100
11'343'571
11'072'038
7'816'891
7'728'029
7'464'197
6'827'084
3'833'502
3'562'928
3'382'359
2'723'078
2'394'986
2'052'900
2'000'933
1'827'520
1'605'194
1'494'928
1'446'357
1'361'517
% Out
6.96
1.39
1.24
1.21
0.85
0.84
0.81
0.74
0.42
0.39
0.37
0.3
0.26
0.22
0.22
0.2
0.17
0.16
0.16
0.15
Weighting
Change
3
5
3
5
3
3
4
3
1
5
3
5
5
5
5
5
3
3
5
3
5
5
5
1
4
5
5
1
3
3
5
5
3
3
5
3
3
5
5
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
933'000
813'771
(195'542)
3'435
(1'894'889)
1'313'530
(273'418)
150'348
4'200
(16'216)
(1'000)
251'750
85'942
(18'792)
95'786
(1'093'863)
(143'697)
Target Price
75
#N/A N/A
75
74
73
73
79
75
60
86
78
85
80
83
78
80
78
72
87
66
81
84
#N/A N/A
68
85
85
88
71
80
75
#N/A N/A
79
65
60
76
#N/A N/A
65
81
60
File Dt
25.03.2013
31.12.2012
31.12.2012
28.02.2013
28.09.2012
31.01.2013
28.02.2013
28.02.2013
28.12.2012
30.11.2012
31.01.2013
25.03.2013
31.01.2013
28.09.2012
31.01.2013
26.03.2013
31.12.2012
31.12.2012
31.01.2013
28.12.2012
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
27.03.2013
27.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
20.03.2013
20.03.2013
13.03.2013
07.03.2013
05.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
15.02.2013
04.02.2013
01.02.2013
17.01.2013
06.12.2012
20.11.2012
25.10.2012
03.10.2012
26.09.2012
27.02.2012
05.01.2012
29.10.2010
27.03.2013
Anheuser-Busch InBev NV
Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABI BB EQUITY YTD Change
ABI BB EQUITY YTD % CHANGE
12/2012
12/yy
77.13
52.11
1'216'571.00
75.81
-1.70%
45.48%
99.23%
1'606.9
121'818.72
44'341.00
0.0
4'299.0
13'878.00
190'324.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
80
8.0 M
70
7.0 M
60
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
23'507.0
4.07x
7'734.0
12.37x
1'927.0
11.99x
90
31.12.2009
31.12.2010
36'758.0
36'297.0
3.57x
3.70x
12'925.0
13'768.0
10.15x
9.76x
4'613.0
4'026.0
17.92x
22.61x
Profitability
LTM-4Q
31.12.2011
39'046.0
3.49x
15'297.0
8.91x
5'855.0
16.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
39'758.0
4.37x
15'450.0
11.25x
7'243.0
19.15x
15'450.00
12'765.00
32.11%
28.05%
6.16%
18.42%
13.08%
0.34%
58.6%
38.9%
32.1%
18.2%
1.01
0.88
36.16%
107.78%
9.76
6.62
Price/ Cash Flow
LTM
12/yy
39'046.0
3.49x
15'297.0
8.91x
5'855.0
16.71x
12/yy
39'758.0
4.14x
11'768.0
0.00x
7'244.0
19.04x
FY+1
0.76
41.56%
15.32%
0.758
34
3.794
2'037'504
2'061'876
1'952'703
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
44'942.6
48'787.4
9'508.0
10'382.0
4.33x
3.89x
17'593.5
19'517.3
10.81x
9.74x
8'019.2
9'005.7
1'593.0
1'700.0
19.45x
17.19x
20.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.05.2012
A
STABLE
01.05.2012
A-1
7.48
5.90
1.97
2.87
107.8%
49.4%
0.34
2.45
37.49
55.25
306.82
-214.08
14.00
45'000.0
12.00
40'000.0
35'000.0
10.00
30'000.0
8.00
25'000.0
6.00
20'000.0
15'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Anheuser-Busch InBev NV
Holdings By:
All
Holder Name
STICHTING INBEV
EUGENIE PATRI SEBAST
BRC SARL
FMR LLC
BLACKROCK
VANGUARD GROUP INC
ANHEUSER-BUSCH INBEV
VOORZITTER VERHELST
INBEV-BAILLET LATOUR
INVESCO LTD
THREADNEEDLE INVESTM
WELLCOME TRUST LIMIT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst

TREVOR STIRLING
AlphaValue
ISABELLE COMBEMALE
Jefferies
DIRK VAN VLAANDEREN
Bank Degroof(ESN)
HANS D'HAESE
Grupo Santander
ANTHONY J BUCALO
RBC Capital Markets
Liberum Capital Ltd
PABLO ZUANIC
Credit Suisse
SANJEET AUJLA
ING Bank
MARCO GULPERS
EDDY HARGREAVES
KBC Securities
WIM HOSTE
JPMorgan
MIKE J GIBBS
Societe Generale
ANDREW HOLLAND
HSBC
LAUREN E TORRES
Nomura
IAN SHACKLETON
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Kempen & Co
SANDER VAN OORT
LARS LUSEBRINK
Petercam
KRIS KIPPERS
S&P Capital IQ
CARL SHORT
ABN Amro Bank N.V.
ROBERT JAN VOS
Rabobank International
KAREL ZOETE
Natixis
OLIVIER DELAHOUSSE
Berenberg Bank
PHILIP MORRISEY
Goldman Sachs
MITCHELL COLLETT
Bryan Garnier & Cie
NIKOLAAS FAES
Redburn Partners
CHRIS PITCHER
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
ALEX SMITH
Nord/LB
WOLFGANG VASTERLING
Deutsche Bank
JONATHAN FELL
Barclays
SIMON HALES
Banco Sabadell
IGNACIO ROMERO
PHIL CARROLL
TEAM COVERAGE
Source
20F
20F
ULT-AGG
20F
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
20F
20F
20F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
Recommendation
outperform
sell
buy
hold
buy
outperform
buy
outperform
hold
buy
hold
not rated
buy
overweight
neutral
buy
underperform
hold
hold
buy
hold
reduce
buy
neutral
buy
sell/attractive
buy
buy
outperform
sell
neutral
hold
restricted
suspended coverage
buy
not rated
buy
Amt Held
663'074'830
133'267'604
35'079'819
32'666'460
16'638'410
11'870'001
10'597'724
10'426'752
10'415'186
7'601'955
6'997'665
5'485'415
4'279'114
4'160'120
3'438'936
2'771'955
2'203'582
2'153'869
2'031'936
1'850'000
% Out
41.26
8.29
2.18
2.03
1.04
0.74
0.66
0.65
0.65
0.47
0.44
0.34
0.27
0.26
0.21
0.17
0.14
0.13
0.13
0.12
Weighting
Change
5
1
5
3
5
5
5
5
3
5
3
#N/A N/A
5
5
3
5
1
3
3
5
3
2
5
3
5
1
5
5
5
1
3
3
#N/A N/A
#N/A N/A
5
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(3'462'946)
(2'268'325)
346'574
(128'959)
(349'398)
(2'422'646)
410'748
89'672
1'647'249
343'435
166'567
39'854
-
Target Price
82
46
89
74
83
90
82
90
68
85
71
#N/A N/A
74
78
70
74
63
68
73
80
73
61
76
70
64
60
75
#N/A N/A
72
#N/A N/A
65
#N/A N/A
#N/A N/A
#N/A N/A
42
#N/A N/A
50
File Dt
29.08.2011
29.08.2011
31.12.2012
29.08.2011
31.01.2013
25.03.2013
31.12.2012
31.01.2013
31.12.2012
29.08.2011
29.08.2011
29.08.2011
31.01.2013
31.12.2012
31.12.2012
21.03.2013
25.03.2013
31.05.2012
31.12.2012
31.01.2013
Date
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Corporation
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.03.2013
21.03.2013
18.03.2013
18.03.2013
12.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
25.02.2013
15.02.2013
14.02.2013
04.02.2013
01.02.2013
01.02.2013
21.01.2013
17.01.2013
14.09.2012
10.09.2012
29.06.2012
29.06.2012
05.03.2012
07.02.2012
27.09.2011
27.03.2013
Diageo PLC
Diageo plc produces, distills and markets alcoholic beverages. The Company
offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,
gins, and beer.
Price/Volume
2500
16.0 M
14.0 M
2000
12.0 M
10.0 M
1500
8.0 M
Valuation Analysis
1000
Latest Fiscal Year:

LTM as of:
52-Week High (20.03.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DGE LN EQUITY YTD Change
DGE LN EQUITY YTD % CHANGE
06/2012
01/yy
2'054.00
1'475.00
1'198'087.00
2022.5
-1.56%
37.12%
94.99%
2'509.4
50'753.25
8'629.00
0.0
1'223.0
1'076.00
59'608.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
2.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
8'090.0
3.78x
2'516.0
12.17x
1'521.0
15.85x
6.0 M
500
30.06.2009
30.06.2010
9'311.0
9'780.0
3.27x
3.57x
2'777.0
2'984.0
10.96x
11.70x
1'605.0
1'629.0
13.51x
15.99x
Profitability
30.06.2011
9'936.0
3.98x
3'232.0
12.24x
1'900.0
16.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
10'762.0
4.68x
3'826.0
13.16x
1'942.0
21.00x
3'826.00
3'415.00
31.73%
29.00%
11.04%
44.10%
19.93%
0.48%
60.4%
36.5%
32.8%
18.0%
1.52
0.59
38.61%
154.42%
3.84
1.09
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.22
0.71
2'506.64
35.38%
14.23%
0.707
35
4.286
4'597'891
3'961'409
3'834'203
FY+2
06/13 Y
06/14 Y
11'472.6
12'267.9
5.18x
4.76x
3'926.4
4'252.3
15.18x
14.02x
2'578.3
2'854.1
19.64x
17.62x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
01.09.2005
ASTABLE
01.09.2005
A-2
5.94
5.19
1.92
2.11
154.4%
55.9%
0.48
3.74
95.26
334.29
294.76
25.00
12'000.0
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
0.00
03.07.2009
2'000.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Diageo PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
Cascade Investment C
STATE STREET
FRANKLIN RESOURCES
DIAGEO PLC ESOP
AXA
CI INVESTMENTS INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst

TREVOR STIRLING
Nomura
IAN SHACKLETON
Stifel
MARK D SWARTZBERG
AlphaValue
ISABELLE COMBEMALE
Jefferies
DIRK VAN VLAANDEREN
PHIL CARROLL
CHRIS WICKHAM
RBC Capital Markets
JPMorgan
MATTHEW WEBB
Barclays
SIMON HALES
Credit Suisse
CHARLES MILLS
Raymond James
HERMINE DE BENTZMANN
EDDY HARGREAVES
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
Investec
MARTIN DEBOO
Societe Generale
NICOLAS CERON
LAETITIA DELAYE
Natixis
OLIVIER DELAHOUSSE
Redburn Partners
CHRIS PITCHER
LARS LUSEBRINK
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Grupo Santander
ANTHONY J BUCALO
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
MITCHELL COLLETT
Deutsche Bank
JAMES ISENWATER
Berenberg Bank
PHILIP MORRISEY
ALEX SMITH
HSBC
ERWAN RAMBOURG
Davy
BARRY GALLAGHER
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
Recommendation
market perform
buy
buy
reduce
buy
buy
buy
sector perform
neutral
overweight
outperform
outperform
hold
buy
neutral
hold
hold
buy
buy
buy
hold
buy
buy
buy
outperform
buy
hold
buy/attractive
buy
buy
buy
neutral
outperform
Amt Held
170'818'263
166'780'393
103'629'142
93'430'267
72'210'629
60'345'332
53'076'191
36'365'999
32'768'036
31'592'406
31'254'191
26'868'931
26'133'318
25'516'958
23'796'416
20'723'095
20'432'541
19'857'996
19'645'452
19'387'391
% Out
6.81
6.65
4.13
3.72
2.88
2.4
2.12
1.45
1.31
1.26
1.25
1.07
1.04
1.02
0.95
0.83
0.81
0.79
0.78
0.77
Weighting
Change
3
5
5
2
5
5
5
3
3
5
5
5
3
5
3
3
3
5
5
5
3
5
5
5
5
5
3
5
5
5
5
3
5
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
32'500
19'483'465
(2'633'373)
116'442
(3'259'491)
21'978'145
751'700
1'138'390
490'603
162'750
7'155'385
1'303'879
(6'773'960)
1'347'040
(262'901)
443'832
(847'762)
2'364'575
(655'760)
Target Price
2'100
2'040
2'400
1'912
1'915
#N/A N/A
2'100
2'100
1'915
2'150
2'350
2'060
1'670
2'460
1'980
1'970
1'900
2'100
2'100
#N/A N/A
1'900
1'900
2'100
2'300
1'850
2'100
#N/A N/A
2'220
2'000
1'760
1'860
1'800
#N/A N/A
File Dt
31.12.2012
25.03.2013
31.01.2013
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.01.2013
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.12.2012
03.12.2012
26.03.2013
31.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
Date
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
19.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
07.03.2013
05.03.2013
28.02.2013
22.02.2013
15.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
25.01.2013
21.01.2013
18.01.2013
17.01.2013
09.01.2013
10.11.2012
29.10.2012
02.10.2012
08.08.2012
25.08.2011
27.03.2013
SAP AG
SAP AG is a multinational software company. The Company develops business
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Price/Volume
70
18.0 M
60
16.0 M
14.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAP GY EQUITY YTD Change
SAP GY EQUITY YTD % CHANGE
12/2012
12/yy
65.00
43.62
1'889'120.00
61.8
-4.92%
41.68%
85.78%
1'228.5
75'921.56
5'248.00
0.0
8.0
2'631.00
78'546.56
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
30
8.0 M
6.0 M
20
4.0 M
10
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
11'575.0
2.71x
3'300.0
9.49x
1'847.0
16.28x
12.0 M
40
31.12.2009
31.12.2010
10'672.0
12'464.0
3.65x
3.71x
3'301.0
4'125.0
11.81x
11.20x
1'748.0
1'811.0
22.45x
25.07x
Profitability
LTM-4Q
31.12.2011
14'233.0
3.31x
4'663.0
10.10x
3'438.0
14.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
16'223.0
4.62x
5'002.0
14.99x
2'823.0
25.61x
5'002.00
4'139.00
25.51%
23.57%
11.29%
21.05%
16.33%
0.65%
68.8%
28.2%
22.9%
17.4%
1.00
0.94
19.56%
37.05%
4.30
-
Price/ Cash Flow
LTM
12/yy
14'233.0
13.42x
4'663.0
10.10x
3'438.0
14.13x
12/yy
16'223.0
15.96x
4'575.0
16.39x
2'827.0
25.61x
FY+1
0.82
912.18
19.18%
1.83%
0.815
44
4.114
2'963'242
2'827'586
2'922'148
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'008.1
19'847.1
3'814.2
4'343.7
4.15x
3.62x
20.08x
17.68x
6'414.2
7'242.4
1'112.5
1'483.0
12.21x
10.82x
12.07x
12.08x
3'999.0
4'574.2
672.2
919.8
17.84x
15.73x
17.78x
17.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.58
25.49
0.57
1.15
37.1%
27.0%
0.65
9.96
85.19
-
25.00
18'000.0
16'000.0
20.00
14'000.0
12'000.0
15.00
10'000.0
8'000.0
10.00
6'000.0
4'000.0
5.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
SAP AG
Holdings By:
All
Holder Name
PLATTNER HASSO
TSCHIRA KLAUS
BLACKROCK
HOPP DIETMAR
SAP AG
FMR LLC
VANGUARD GROUP INC
DEUTSCHE BANK AG
MORGAN STANLEY
CREDIT SUISSE AG
ADIG INVESTMENT
Firm Name
Morgan Stanley
Jefferies
Baader Bank
Credit Suisse
AlphaValue
Bryan Garnier & Cie
JMP Securities
Day by Day
Nomura
Societe Generale
Deutsche Bank
HSBC
William Blair & Co
Berenberg Bank
Pacific Crest Securities
Banco Sabadell
Redburn Partners
EVA Dimensions
Exane BNP Paribas
Nord/LB
JPMorgan
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Barclays
Grupo Santander
Goldman Sachs
S&P Capital IQ
DZ Bank AG
Wells Fargo Securities, LLC
Natixis
Cross Research
Jyske Bank
Evercore Partners
CA Cheuvreux
FBR Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
ADAM WOOD
MARK L MOERDLER
ROSS MACMILLAN
MARKUS FRIEBEL
KNUT WOLLER
PHILIP WINSLOW
HEINZ STEFFEN
GREGORY RAMIREZ
PATRICK WALRAVENS
VALERIE GASTALDY
RICHARD G SHERLUND
RICHARD NGUYEN
KAI KORSCHELT
ANTONIN BAUDRY
LAURA J LEDERMAN
DAUD KHAN
BRENDAN BARNICLE
ANDRES BOLUMBURU
THOMAS M BECKER
NEIL STEER
ANDREW S ZAMFOTIS
JOSEP BORI
WOLFGANG DONIE
STACY E POLLARD
BRAD A ZELNICK
MARCO GUENTHER
ULRICH TRABERT
GERARDUS VOS
CARLOS JAVIER TREVINO
MOHAMMED MOAWALLA
MIRKO MAIER
LAURENT DAURE
JAMES CRAWSHAW
OLIVER FINGER
JASON MAYNARD
ANDREAS WOLF
GWENAEL GIARD
RICHARD T WILLIAMS
ROBERT JAKOBSEN
STEWART KIRK MATERNE III
MICHAEL BEUCHER
DAVID M HILAL
Source
13G
Co File
ULT-AGG
13G
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
Recommendation
Overwt/In-Line
outperform
hold
hold
hold
outperform
add
buy
market perform
buy
buy
buy
buy
overweight
outperform
buy
outperform
buy
add
buy
underweight
neutral
buy
overweight
outperform
buy
buy
buy
equalweight
underweight
buy/attractive
hold
buy
buy
buy
market perform
buy
neutral
hold
reduce
equalweight
underperform
market perform
Amt Held
121'324'707
93'079'595
66'743'066
65'273'200
36'642'744
16'796'313
11'671'329
11'235'667
11'142'018
11'106'305
8'459'500
8'270'322
7'820'713
7'081'368
6'576'011
5'863'076
5'264'797
4'582'686
4'476'891
3'685'764
% Out
9.88
7.58
5.43
5.31
2.98
1.37
0.95
0.91
0.91
0.9
0.69
0.67
0.64
0.58
0.54
0.48
0.43
0.37
0.36
0.3
Weighting
Change
5
5
3
3
3
5
4
5
3
5
5
5
5
5
5
5
5
5
4
5
1
3
5
5
5
5
5
5
3
1
5
3
5
5
5
3
5
3
3
2
3
1
3
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
D
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'035'409)
35'104
(632'162)
(155'226)
972'000
(346'827)
(171'398)
(461'445)
176'532
337'221
(406'504)
(928'049)
75'391
Target Price
73
68
62
69
63
65
72
70
#N/A N/A
66
68
71
70
74
#N/A N/A
71
70
67
65
#N/A N/A
#N/A N/A
63
70
65
64
#N/A N/A
69
70
55
57
86
57
66
70
66
#N/A N/A
67
53
45
65
65
46
55
File Dt
Inst Type
31.12.2012
n/a
08.03.2012
n/a
25.03.2013
Investment Advisor
31.12.2012
n/a
12.06.2012
Corporation
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
06.06.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
6 month
Not Provided
3 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
24.02.2013
15.02.2013
04.02.2013
01.02.2013
29.01.2013
28.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
17.01.2013
16.01.2013
16.01.2013
09.01.2013
24.10.2012
02.02.2012
26.01.2012
27.03.2013
Novo Nordisk A/S

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The
Company focuses on diabetes care and offers insulin delivery systems and other
diabetes products. Novo Nordisk also works in areas such as haemostatis
management, growth disorders, and hormone replacement therapy. The Company
offers educational and training materials. Novo Nordisk markets worldwide.
Price/Volume
6.0 M
5.0 M
4.0 M
600
Latest Fiscal Year:

LTM as of:
52-Week High (07.02.2013)
52-Week Low (30.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NOVOB DC EQUITY YTD Change
NOVOB DC EQUITY YTD % CHANGE
12/2012
12/yy
1'100.00
763.50
416'675.00
949.5
-13.68%
24.36%
55.13%
452.5
531'720.00
500.00
0.0
0.0
16'105.00
516'114.99
3.0 M
400
2.0 M
200
0
m-12
1.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
1000
800
Valuation Analysis
31.12.2008
45'553.0
3.45x
14'815.0
10.60x
9'645.0
17.30x
1200
31.12.2009
31.12.2010
51'078.0
60'776.0
3.47x
5.98x
17'484.0
21'358.0
10.13x
17.02x
10'768.0
14'403.0
18.47x
25.35x
Profitability
LTM-4Q
31.12.2011
66'346.0
5.52x
24'864.0
14.73x
17'097.0
21.83x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
78'026.0
6.38x
32'047.0
15.53x
21'432.0
23.45x
32'047.00
29'474.00
37.77%
35.64%
32.88%
54.90%
1.20%
82.7%
41.1%
37.8%
27.5%
1.86
1.19
0.76%
1.23%
8.22
1.42
Price/ Cash Flow
LTM
12/yy
66'346.0
19.15x
24'864.0
14.08x
17'097.0
21.82x
12/yy
78'026.0
23.42x
32'047.0
15.03x
21'432.0
23.44x
FY+1
1.09
25.27%
5.59%
1.093
37
3.568
1'015'880
786'775
783'653
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
83'767.0
91'288.4
19'420.5
20'952.0
6.16x
5.62x
34'393.3
38'100.4
7'730.3
8'612.3
15.01x
13.55x
15.21x
14.93x
24'935.7
27'111.7
5'745.4
6'486.2
20.59x
18.58x
20.64x
20.60x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.06.2011
A+
STABLE
13.06.2007
A-1
552.53
494.40
-0.49
0.02
1.2%
1.2%
1.20
3.67
44.53
257.90
96.39
206.05
30.00
90'000.0
80'000.0
25.00
70'000.0
60'000.0
20.00
50'000.0
15.00
40'000.0
30'000.0
10.00
20'000.0
5.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Novo Nordisk A/S

Holdings By:
All
Holder Name
NOVO AS
NOVO-NORDISK A/S
FMR LLC
BLACKROCK
VANGUARD GROUP INC
CARMIGNAC GESTION
CALAMOS ADVISORS LLC
JUPITER ASSET MANAGE
NORDEA INV MANAGEMEN
MANNING & NAPIER ADV
DANSKE INVEST A/S
HANDELSBANKEN FONDER
SEB
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Firm Name
Analyst
EVA Dimensions
ABG Sundal Collier
Jyske Bank
Exane BNP Paribas
AlphaValue
Societe Generale
SEB Enskilda
Carnegie
Nordea Equity Research
Bryan Garnier & Cie
Helvea
Barclays
Danske Markets
JPMorgan
Deutsche Bank
Jefferies
DNB Markets
CA Cheuvreux
Handelsbanken
Credit Suisse
Nomura
Berenberg Bank
S&P Capital IQ
Morgan Stanley
Alm Brand Markets
Goldman Sachs
Natixis
Redburn Partners
Mirabaud Securities
Swedbank
NYKREDIT
Main First Bank AG
Cyrrus
Sydbank
MP Advisors Pvt Ltd
ANDREW S ZAMFOTIS
PETER HUGREFFE
FRANK HOERNING ANDERSEN
VINCENT MEUNIER
KAMLA SINGH
STEPHEN MCGARRY
LARS HEVRENG
CARSTEN LONBORG MADSEN
MICHAEL NOVOD
ERIC LE BERRIGAUD
OLAV ZILIAN
BRIAN BOURDOT
MARTIN PARKHOI
RICHARD VOSSER
TIM RACE
JEFFREY HOLFORD
RUNE MAJLUND DAHL
LAURENT FLAMME
PETER SEHESTED
LUISA HECTOR
AMIT ROY
ALISTAIR CAMPBELL
MARTIN VOEGTLI
JACOB THRANE
PETER VERDULT
MICHAEL FRIIS JORGENSEN
KEYUR PAREKH
PHILIPPE LANONE
DANIEL WENDORFF
TEAM COVERAGE
NICHOLAS TURNER
JOHAN UNNERUS
KRESTEN JOHNSEN
TIM FRANKLIN
TOMAS MENCIK
SOEREN LONTOFT HANSEN
VISHAL MANCHANDA
Source
ULT-AGG
20F
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
Recommendation
hold
buy
buy
neutral
add
sell
buy
buy
strong buy
neutral
accumulate
underweight
buy
underweight
sell
hold
buy
underperform
buy
neutral
buy
hold
hold
hold
Equalwt/Attractive
neutral
Buy/Neutral
neutral
buy
neutral
reduce
strong buy
outperform
suspended coverage
sell
overweight
market perform
Amt Held
79'419'633
35'312'800
18'962'215
14'691'275
7'777'930
5'639'111
5'109'427
5'094'371
4'367'549
2'512'028
1'806'460
1'729'312
1'569'603
1'321'823
1'174'866
1'163'920
994'564
936'874
860'779
738'979
% Out
17.55
7.8
4.19
3.25
1.72
1.25
1.13
1.13
0.97
0.56
0.4
0.38
0.35
0.29
0.26
0.26
0.22
0.21
0.19
0.16
Weighting
Change
3
5
5
3
4
1
5
5
5
3
4
1
5
1
1
3
5
1
5
3
5
3
3
3
3
3
5
3
5
3
2
5
5
#N/A N/A
1
5
3
D
M
M
M
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
D
U
M
M
M
U
M
Latest Chg
(2'007'633)
(5'100'000)
(358'846)
(74'744)
618'921
207'091
6'991
(161'621)
758'793
43'470
(102'150)
(127'123)
(1'321)
(54'015)
1'109'960
(121'792)
21'995
(2'666)
(13'497)
Target Price
#N/A N/A
1'200
1'100
950
1'031
753
1'180
#N/A N/A
1'250
920
1'100
870
1'100
800
890
900
1'100
965
1'112
1'040
1'000
920
920
985
1'040
1'015
1'200
1'010
1'400
#N/A N/A
819
1'150
#N/A N/A
#N/A N/A
627
#N/A N/A
648
File Dt
31.12.2012
31.01.2013
08.03.2013
31.01.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.11.2012
28.02.2013
28.02.2013
31.12.2012
28.02.2013
31.12.2012
28.02.2013
31.01.2013
Date
Not Provided
6 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Holding Company
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
27.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
12.03.2013
06.03.2013
04.03.2013
28.02.2013
21.02.2013
12.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
04.02.2013
26.11.2012
23.11.2012
09.11.2012
23.07.2012
20.07.2012
05.04.2012
02.02.2012
15.04.2011
27.03.2013
Banco Santander SA
Banco Santander SA attracts deposits and offers retail, commercial and private
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAN SQ EQUITY YTD Change
SAN SQ EQUITY YTD % CHANGE
12/2012
12/yy
6.68
3.98
60'242'578.00
5.167
-22.72%
29.95%
48.56%
10'538.7
54'453.38
367'524.00
0.0
9'672.0
182'116.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
700.0 M
600.0 M
500.0 M
400.0 M
300.0 M
200.0 M
100.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
70'114.3
8'876.4
5.74x
31.12.2009
31.12.2010
69'736.2
68'965.5
8'942.5
8'180.9
11.09x
8.39x
Profitability
LTM-4Q
31.12.2011
78'009.0
5'351.0
9.74x
31.12.2012
43'575.0
2'205.0
26.44x
24.02%
12.39%
0.17%
2.92%
0.65%
0.03%
5.1%
28.95%
492.30%
-
LTM
12/yy
44'219.0
0.00x
0.0
0.00x
5'351.0
9.70x
12/yy
43'575.0
0.00x
0.0
0.00x
2'205.0
25.61x
FY+1
1.17
10'341.22
-0.86%
-13.29%
1.171
42
2.857
85'873'060
75'163'500
75'605'770
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
44'466.5
46'635.0
11'268.0
11'390.0
6'311.5
7'521.8
1'408.0
1'407.0
8.77x
7.53x
8.01x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.10.2012
BBB
NEG
30.04.2012
A-2
492.3%
81.3%
0.03
3.19
-
90'000.0
80'000.0
1.00
0.80
70'000.0
60'000.0
50'000.0
0.60
40'000.0
30'000.0
0.40
0.20
20'000.0
10'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Banco Santander SA
Holdings By:
All
Holder Name
STATE STREET
BNP PARIBAS SA
BARCLAYS PLC
BLACKROCK
VANGUARD GROUP INC
DE LOS RIOS EMILIO B
DODGE & COX
ASSICURAZIONI GENERA
HARRIS ASSOCIATES LP
BANCO SANTANDER SA
CARMIGNAC GESTION
FRANKLIN RESOURCES
FMR LLC
LBPAM
O'SHEA JAVIER BOTINPUENTEPUMAR SL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
Mediobanca SpA
ANDREA FILTRI
IRMA GARRIDO
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Natixis
FREDERIC TESCHNER
La Caixa
DAVID FERNANDEZ
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
Bankia Bolsa (ESN)
JAVIER BERNAT
ALEJANDRO RUYRA DE ANDRADE
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
ANTONIO RAMIREZ
JUAN PABLO LOPEZ
BPI
CARLOS JOAQUIM PEIXOTO
AlphaValue
DAVID GRINSZTAJN
Oddo & Cie
JULIE LEGRAND
Day by Day
VALERIE GASTALDY
EVA Dimensions
AUSTIN BURKETT
Banco Sabadell
MARIO LODOS
Banesto Bolsa SA Sociedad
JUAN ALBERTO TUESTA VILANOVA
Morgan Stanley
ALVARO SERRANO
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
RBC Capital Markets
PATRICK LEE
Macquarie
BENJIE CREELAN-SANDFORD
STEFAN BONGARDT
Nomura
DARAGH QUINN
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
BBVA
IGNACIO ULARGUI
HSBC
CARLO DIGRANDI
Barclays
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
CA Cheuvreux
ADRIAN ZUNZUNEGUI RUANO
INGO FROMMEN
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
Source
ULT-AGG
Co File
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
Recommendation
underperform
hold
neutral
reduce
overweight
underperform
hold
hold
hold
hold
neutral
market perform
neutral
buy
buy
buy
hold
buy
buy
restricted
Overwt/In-Line
neutral
hold
underperform
underperform
hold
reduce
sell
sell
neutral/neutral
outperform
neutral
underweight
neutral
hold
underperform
sell
buy
sell
Amt Held
866'053'147
555'448'975
341'264'391
243'314'406
227'263'557
151'622'409
138'161'167
79'215'379
53'673'238
50'134'290
43'495'798
42'192'066
39'437'973
39'143'000
30'578'576
27'695'932
19'224'262
16'712'670
16'280'026
13'757'649
% Out
8.22
5.27
3.24
2.31
2.16
1.44
1.31
0.75
0.51
0.48
0.41
0.4
0.37
0.37
0.29
0.26
0.18
0.16
0.15
0.13
Weighting
Change
1
3
3
2
5
1
3
3
3
3
3
3
3
5
5
5
3
5
5
#N/A N/A
5
3
3
1
1
3
2
1
1
3
5
3
1
3
3
1
1
5
1
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
28'365
86'154'727
(56'807'364)
2'825'886
10'545'834
30'908
447'012
586'726
(3'428'192)
(2'001'686)
1'930'244
(436'850)
937
-
Target Price
4
6
7
5
6
5
6
6
5
6
6
7
6
7
9
9
#N/A N/A
#N/A N/A
7
#N/A N/A
7
6
#N/A N/A
6
5
7
6
5
6
8
8
6
4
#N/A N/A
#N/A N/A
7
5
6
4
File Dt
Inst Type
26.03.2013
Investment Advisor
31.12.2011
Investment Advisor
14.01.2013
Bank
31.12.2012
Investment Advisor
03.05.2011
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
11.03.2013
n/a
29.01.2013
Investment Advisor
01.10.2011
Insurance Company
31.12.2012
Investment Advisor
31.12.2011
Bank
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
n/a
11.07.2011
Corporation
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
20.03.2013
19.03.2013
14.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
08.03.2013
07.03.2013
07.03.2013
27.02.2013
27.02.2013
26.02.2013
15.02.2013
13.02.2013
12.02.2013
11.02.2013
06.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
28.01.2013
23.01.2013
14.01.2013
10.01.2013
08.01.2013
04.01.2013
23.10.2012
24.08.2012
22.08.2012
28.06.2012
23.05.2012
27.03.2013
Rio Tinto PLC

Rio Tinto PLC is an international mining company. The Company has interests in
mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,
uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.
Dually-listed company with RIO AU.
Price/Volume
4000
25.0 M
3500
20.0 M
3000
2500
Latest Fiscal Year:

LTM as of:
52-Week High (14.02.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIO LN EQUITY YTD Change
RIO LN EQUITY YTD % CHANGE
12/2012
06/yy
3'838.00
2'649.50
2'284'379.00
3106
-19.09%
17.23%
36.68%
1'411.9
61'258.42
26'819.00
0.0
11'156.0
7'615.00
122'872.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
1500
1000
5.0 M
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
54'264.0
1.53x
18'964.0
4.38x
3'676.0
6.19x
15.0 M
2000
Valuation Analysis
31.12.2009
31.12.2010
41'825.0
55'171.0
5.29x
2.71x
10'920.0
22'752.0
20.24x
6.57x
4'872.0
14'238.0
18.14x
9.63x
Profitability
LTM-4Q
31.12.2011
60'537.0
1.80x
26'657.0
4.09x
5'826.0
16.07x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
50'967.0
2.67x
15'902.0
8.55x
(2'990.0)
15'902.00
11'461.00
22.49%
-5.04%
-2.52%
-6.02%
5.92%
0.43%
31.2%
22.5%
-5.9%
1.46
0.94
22.81%
57.23%
11.32
-
Price/ Cash Flow
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
06/yy
46'038.0
8.17x
13'532.0
0.00x
9'402.0
0.00x
FY+1
3.56
1.51
1'227.54
-5.21%
-9.96%
1.511
31
4.194
4'419'226
4'934'840
4'259'480
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
58'416.0
62'104.9
2.09x
1.94x
21'990.1
24'140.2
5.59x
5.09x
10'986.9
12'212.8
7.85x
6.90x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.04.2011
ANEG
08.07.2009
A-2
22.98
-2.25
1.21
1.69
57.2%
31.6%
0.43
0.73
32.07
-
12.00
70'000.0
10.00
60'000.0
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Rio Tinto PLC

Holdings By:
All
Holder Name
SHINING PROSPECT PTE
BLACKROCK
AXA
LEGAL & GENERAL
SCOTTISH WIDOWS
ABERDEEN
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
AVIVA INVESTORS
VANGUARD GROUP INC
JP MORGAN
SCHRODER INVESTMENT
FMR LLC
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
Morgan Stanley
MENNO SANDERSE
Credit Suisse
PAUL MCTAGGART
SVEN DIERMEIER
EVA Dimensions
CRAIG STERLING
Jefferies
Christopher LaFemina
AlphaValue
SACHIN KUMAR
PAUL GAIT
Goldman Sachs
MICHELE DELLA VIGNA
JPMorgan
FRASER JAMIESON
SBG Securities
PETER DAVEY
Macquarie
JEFFREY LARGEY
RBC Capital Markets
DES KILALEA
NICK MELLOR
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
LUC PEZ
BMO Capital Markets
TONY ROBSON
Societe Generale
ABHISHEK SHUKLA
Deutsche Bank
ROBERT CLIFFORD
Natixis
RAOUDHA BOUZEKRI
PETER MALLIN-JONES
Nomura
SAM CATALANO
S&P Capital IQ
JOHNSON IMODE
HSBC
ANDREW KEEN
Redburn Partners
SIMON TOYNE
Barclays
DAVID BUTLER
Liberum Capital Ltd
RICHARD KNIGHTS
Standard Chartered
SUBRAMANIAM VARADA
Axiom Capital
GORDON L JOHNSON
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
Recommendation
Equalwt/In-Line
outperform
hold
hold
buy
add
outperform
Sell/Neutral
overweight
buy
neutral
outperform
sell
hold
outperform
outperform
buy
buy
neutral
buy
buy
strong buy
overweight
buy
overweight
buy
outperform
sell
Amt Held
182'550'329
128'626'019
59'271'193
53'306'336
41'031'494
32'751'832
29'783'762
28'183'471
27'888'087
22'584'269
20'784'742
20'134'091
15'566'865
14'972'836
14'066'647
13'772'088
13'345'435
13'197'558
13'004'093
10'894'531
% Out
12.93
9.11
4.2
3.78
2.91
2.32
2.11
2
1.98
1.6
1.47
1.43
1.1
1.06
1
0.98
0.95
0.93
0.92
0.77
Weighting
Change
3
5
3
3
5
4
5
1
5
5
3
5
1
3
5
5
5
5
3
5
5
5
5
5
5
5
5
1
M
M
D
D
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
N
Latest Chg
605'414
(30'895)
10'311'357
275'493
5'058'654
(363'260)
2'505'810
864'625
(1'535'852)
777'762
559'905
(18'708)
509'965
812'987
(667'279)
3'648'560
49'517
Target Price
3'870
4'000
3'400
#N/A N/A
4'100
3'796
4'575
2'800
4'400
4'300
4'050
4'300
2'910
#N/A N/A
4'700
4'500
3'900
4'720
3'500
4'200
3'700
4'200
4'180
#N/A N/A
4'000
#N/A N/A
3'430
2'059
File Dt
03.12.2012
25.03.2013
03.12.2012
28.02.2013
19.02.2013
03.12.2012
28.02.2013
31.01.2013
31.01.2013
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.01.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
15.03.2013
11.03.2013
08.03.2013
04.03.2013
04.03.2013
04.03.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
07.02.2013
21.01.2013
14.01.2013
30.11.2012
22.11.2012
30.07.2012
27.03.2013
LVMH Moet Hennessy Louis Vuitton SA

LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Price/Volume
160
3.0 M
140
2.5 M
120
2.0 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MC FP EQUITY YTD Change
MC FP EQUITY YTD % CHANGE
12/2012
12/yy
143.40
111.00
1'065'020.00
132.25
-7.78%
19.14%
62.65%
507.7
67'139.34
6'812.00
0.0
1'102.0
2'196.00
72'857.34
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
40
.5 M
20
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
17'193.0
1.60x
4'323.0
6.34x
2'026.0
11.16x
1.5 M
60
31.12.2009
31.12.2010
17'053.0
20'320.0
2.41x
3.08x
4'055.0
5'106.0
10.13x
12.27x
1'755.0
3'032.0
21.13x
19.36x
Profitability
LTM-4Q
31.12.2011
23'659.0
2.56x
6'150.0
9.84x
3'065.0
17.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
28'103.0
2.67x
6'940.0
10.82x
3'424.0
20.23x
6'940.00
5'921.00
21.07%
20.39%
7.06%
14.57%
12.72%
0.58%
64.7%
25.7%
21.1%
12.2%
1.51
0.44
13.64%
27.73%
14.55
1.27
Price/ Cash Flow
LTM
12/yy
23'659.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
28'103.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.19
0.93
254.93
3.83%
-4.72%
0.927
39
4.282
877'732
801'760
724'368
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
30'256.3
32'847.9
2.34x
2.10x
7'668.5
8'473.9
9.48x
8.58x
3'849.2
4'301.9
17.45x
15.55x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
20.05.2011
A
POS
20.05.2011
A-1
41.81
31.51
0.64
0.94
27.7%
21.0%
0.58
3.35
25.15
287.68
106.20
206.64
20.00
30'000.0
18.00
25'000.0
16.00
14.00
20'000.0
12.00
15'000.0
10.00
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
LVMH Moet Hennessy Louis Vuitton SA

Holdings By:
All
Holder Name
GROUPE ARNAULT SAS
LVMH MOET HENNESSY L
QATAR HOLDINGS LLC
CARMIGNAC GESTION
FMR LLC
BLACKROCK
VANGUARD GROUP INC
TRAPANI FRANCESCO
DEUTSCHE BANK AG
AVIVA PLC
LBPAM
AMUNDI
AMUNDI
Firm Name
ISI Group
Nomura
Exane BNP Paribas
Oddo & Cie
Day by Day
Societe Generale
Renaissance Capital
AlphaValue
Cantor Fitzgerald
Aurel - BGC
Main First Bank AG
Banco Sabadell
Berenberg Bank
Telsey Advisory Group
Morgan Stanley
Goldman Sachs
Bryan Garnier & Cie
Credit Suisse
JPMorgan
Raymond James
Hamburger Sparkasse
Natixis
S&P Capital IQ
Barclays
HSBC
EVA Dimensions
Deutsche Bank
Equita SIM SpA
Redburn Partners
CA Cheuvreux
DZ Bank AG
Helvea
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
OMAR SAAD
MARIO ORTELLI
CHRISTOPHER WALKER
LUCA GIUSEPPE SOLCA
LEOPOLD AUTHIE
VALERIE GASTALDY
THIERRY COTA
REY WIUM
VIRGINIE BLIN
ALLEGRA PERRY
DAVID DA MAIA
MATTHIAS EIFERT
IGNACIO ROMERO
JOHN GUY
DANA TELSEY
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
CEDRIC ROSSI
ROGERIO FUJIMORI
LARS LUSEBRINK
MELANIE A FLOUQUET
MARC WILLAUME
CHRISTIAN HAMANN
OLIVIER DELAHOUSSE
MICHAEL SOUERS
JULIAN EASTHOPE
CATHERINE ROLLAND
ANTOINE BELGE
CRAIG STERLING
WARWICK OKINES
FABIO FAZZARI
ANNABEL GLEESON
THOMAS MESMIN
BARBARA AMBRUS
THOMAS MAUL
TIM DAWSON
Source
Research
Co File
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
neutral
buy
hold
hold
hold
buy
hold
hold
outperform
buy
hold
no rating system
Overwt/In-Line
Buy/Neutral
buy
neutral
buy
strong buy
neutral
strong buy
buy
buy
strong buy
overweight
buy
neutral
sell
hold
buy
buy
outperform
buy
buy
suspended coverage
Amt Held
235'886'503
9'536'678
5'230'723
4'275'828
4'200'037
4'085'056
3'878'869
3'387'828
3'326'140
2'724'161
1'969'710
1'732'620
1'561'592
1'528'000
1'422'781
1'387'002
1'355'126
1'150'592
1'042'404
925'639
% Out
46.46
1.88
1.03
0.84
0.83
0.8
0.76
0.67
0.66
0.54
0.39
0.34
0.31
0.3
0.28
0.27
0.27
0.23
0.21
0.18
Weighting
Change
5
5
5
3
5
3
3
3
5
3
3
5
5
3
#N/A N/A
5
5
5
3
5
5
3
5
5
5
5
5
5
3
1
3
5
5
5
5
5
#N/A N/A
M
M
M
M
M
D
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
M
M
M
M
M
Latest Chg
(147'143)
74'218
4'700
(478'859)
(45'143)
134'015
49'222
(230'217)
41'590
19'742
(18'102)
(2'100)
43'392
(14'807)
(20'403)
Target Price
160
165
155
135
160
#N/A N/A
145
152
172
141
145
157
144
140
140
152
198
160
148
165
160
142
163
123
155
160
151
168
150
#N/A N/A
145
178
#N/A N/A
140
150
147
#N/A N/A
File Dt
01.10.2012
31.12.2011
15.03.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
25.03.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2011
31.12.2012
31.01.2013
28.02.2013
28.02.2013
31.12.2012
31.12.2012
31.10.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
Holding Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Date
24.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
14.03.2013
07.03.2013
22.02.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
10.02.2013
08.02.2013
08.02.2013
08.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
24.01.2013
17.01.2013
14.01.2013
10.12.2012
19.10.2012
17.10.2012
30.07.2012
02.05.2012
02.04.2012
27.03.2013
Unilever NV
Unilever NV manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Price/Volume
35
18.0 M
30
16.0 M
14.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (13.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UNA NA EQUITY YTD Change
UNA NA EQUITY YTD % CHANGE
12/2012
12/yy
32.00
24.51
2'388'116.00
31.56
-1.36%
28.79%
95.33%
1'714.7
95'722.40
10'221.00
0.0
557.0
2'866.00
103'634.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
15
8.0 M
6.0 M
10
4.0 M
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
40'523.0
1.41x
6'793.0
8.39x
5'027.0
9.69x
12.0 M
20
31.12.2009
31.12.2010
39'823.0
44'262.0
1.77x
1.64x
6'887.0
7'620.0
10.25x
9.54x
3'370.0
4'244.0
18.80x
15.43x
Profitability
LTM-4Q
31.12.2011
46'467.0
1.82x
7'462.0
11.30x
4'252.0
17.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
51'324.0
1.75x
8'188.0
10.94x
4'480.0
18.25x
8'188.00
6'989.00
13.62%
13.02%
9.56%
30.42%
19.56%
1.10%
40.2%
16.0%
13.6%
8.7%
0.77
0.36
22.14%
67.43%
18.04
-
Price/ Cash Flow
LTM
12/yy
46'467.0
0.00x
0.0
0.00x
2'235.0
0.00x
12/yy
51'324.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
3.01
0.60
27.93%
10.36%
0.597
45
3.533
4'038'600
4'167'800
3'752'298
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'508.8
56'551.8
12'678.3
13'837.2
1.91x
1.78x
8'790.1
9'406.3
11.78x
11.01x
4'919.9
5'363.3
1'120.0
1'140.0
18.65x
17.17x
18.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.10.2000
A+
STABLE
05.10.2000
A-1
15.57
11.81
0.90
1.25
67.4%
39.4%
1.10
5.63
20.29
-8.85
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Unilever NV
Holdings By:
All
Holder Name
FOUNDATION UNILEVER
UNILEVER NV
BLACKROCK
VANGUARD GROUP INC
FMR LLC
DEUTSCHE BANK AG
ACHMEA BELEGGINSFOND
ELMA EN UNITED HOLDS
ING INVESTMENT MANAG
MORGAN STANLEY
MACKENZIE FINANCIAL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

ANDREW WOOD
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
Mirabaud Securities
JULIAN LAKIN
RBC Capital Markets
JON COX
Credit Suisse
CHARLES MILLS
EDDY HARGREAVES
KAREL ZOETE
Banco Sabadell
IGNACIO ROMERO
Day by Day
VALERIE GASTALDY
HSBC
CEDRIC BESNARD
BARBARA AMBRUS
Jefferies
ALEX HOWSON
Hamburger Sparkasse
ALEX SMITH
Berenberg Bank
JAMES TARGETT
Liberum Capital Ltd
PABLO ZUANIC
Societe Generale
WARREN L ACKERMAN
Deutsche Bank
HAROLD THOMPSON
Goldman Sachs
ALEXIS COLOMBO
SNS Securities(ESN)
RICHARD WITHAGEN
Nomura
DAVID HAYES
Main First Bank AG
Helvea
ANDREAS VON ARX
ABN Amro Bank N.V.
ROBERT JAN VOS
Grupo Santander
PEDRO GIL
Aurel - BGC
JEAN-MARIE L'HOME
LARS LUSEBRINK
Petercam
FERNAND DE BOER
S&P Capital IQ
CARL SHORT
Barclays
IAIN SIMPSON
CA Cheuvreux
ERIC BOROIAN
Natixis
PIERRE TEGNER
ING Bank
MARCO GULPERS
EVA Dimensions
AUSTIN BURKETT
TOM MULLER
Kempen & Co
ERWIN DUT
JPMorgan
CELINE PANNUTI
Redburn Partners
JEREMY FIALKO
DZ Bank AG
ROBERT CZERWENSKY
Equita SIM SpA
FABIO FAZZARI
Source
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
neutral
Equalwt/In-Line
hold
underperform
buy
neutral
hold
buy
sell
buy
overweight
hold
hold
hold
neutral
buy
buy
sell
hold
Buy/Neutral
accumulate
reduce
outperform
accumulate
hold
buy
hold
hold
hold
hold
hold
overweight
outperform
reduce
hold
overweight
buy
hold
overweight
neutral
sell
buy
Amt Held
1'268'224'230
141'560'629
33'770'000
20'884'073
18'128'239
16'626'505
11'633'435
9'447'002
8'028'108
7'857'215
7'200'000
7'180'977
6'428'550
6'122'561
5'839'034
5'794'474
5'439'055
5'387'993
5'281'693
4'660'599
% Out
73.96
8.26
1.97
1.22
1.06
0.97
0.68
0.55
0.47
0.46
0.42
0.42
0.37
0.36
0.34
0.34
0.32
0.31
0.31
0.27
Weighting
Change
5
3
3
3
1
5
3
3
5
1
5
5
3
3
3
3
5
5
1
3
5
4
2
5
4
3
5
3
3
3
3
3
5
5
2
3
5
5
3
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'842'700)
(740'454)
903'626
498'559
(188'682)
(57'347)
8'028'108
(382'184)
(63'607)
(32'935)
126'890
153'674
(100'074)
(102'210)
5'249'645
-
Target Price
34
33
27
32
31
33
34
31
34
26
30
35
32
32
#N/A N/A
29
35
37
28
30
37
35
30
36
33
30
33
26
32
30
30
31
34
30
27
29
#N/A N/A
33
29
30
#N/A N/A
22
28
File Dt
Inst Type
28.02.2011
Other
31.12.2011
Other
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2011 Pension Fund (ERISA)
19.10.2011
Other
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
25.03.2013
19.03.2013
13.03.2013
12.03.2013
11.03.2013
10.03.2013
07.03.2013
05.03.2013
25.02.2013
15.02.2013
11.02.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
21.01.2013
21.01.2013
21.01.2013
17.01.2013
15.01.2013
06.01.2013
26.10.2012
24.09.2012
03.02.2012
10.06.2011
27.03.2013
BHP Billiton PLC

BHP Billiton Plc is an international resources company. The Company's principal
business lines are mineral exploration and production, including coal, iron ore,
gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum
exploration and production. Dually-listed company with BHP AU.
Price/Volume
2500
18.0 M
16.0 M
2000
14.0 M
12.0 M
1500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BLT LN EQUITY YTD Change
BLT LN EQUITY YTD % CHANGE
06/2012
01/yy
2'251.50
1'650.50
2'925'491.00
1939.5
-13.88%
17.51%
47.92%
2'111.3
114'581.44
28'330.00
0.0
1'215.0
5'063.00
204'499.88
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2009
30.06.2010
50'211.0
52'798.0
2.97x
2.83x
21'761.0
24'590.0
6.86x
6.07x
5'877.0
12'722.0
21.26x
11.48x
Profitability
30.06.2011
71'739.0
3.00x
38'093.0
5.65x
23'648.0
9.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
72'226.0
2.42x
33'866.0
5.15x
15'417.0
9.78x
33'866.00
27'458.00
38.02%
31.87%
7.60%
14.89%
10.90%
0.52%
42.3%
32.2%
21.3%
0.93
0.44
21.91%
43.01%
8.49
-
Price/ Cash Flow
6.0 M
4.0 M
500
2.0 M
0
m-12 a-12 m-12
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
FY+1
-
3.89
1.41
2'012.24
4.61%
-7.26%
1.408
32
3.656
7'247'555
6'583'069
5'560'194
FY+2
06/13 Y
06/14 Y
68'085.9
74'998.4
2.98x
2.68x
29'120.2
34'351.7
7.02x
5.95x
13'271.3
16'822.1
11.45x
9.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.11.2010
A+
STABLE
06.02.2008
A-1
26.69
10.27
1.07
1.25
43.0%
29.7%
0.52
0.72
43.13
-
18.00
80'000.0
16.00
70'000.0
14.00
60'000.0
12.00
50'000.0
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
03.07.2009
8.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
59'473.0
3.90x
28'137.0
8.24x
15'390.0
13.88x
10.0 M
1000
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BHP Billiton PLC

Holdings By:
All
Holder Name
BLACKROCK
GEPF EQUITY
LEGAL & GENERAL
NORGES BANK
ABERDEEN
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
INDUSTRIAL DEVELOPME
PEOPLES REPUBLIC OF
BAILLIE GIFFORD AND
VANGUARD GROUP INC
SCHRODER INVESTMENT
STATE STREET
ALECTA INVESTMENT MA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Exane BNP Paribas

SYLVAIN BRUNET
AlphaValue
SACHIN KUMAR
Jefferies
Goldman Sachs
MICHELE DELLA VIGNA
NICK MELLOR
Day by Day
VALERIE GASTALDY
Credit Suisse
PAUL MCTAGGART
JPMorgan
FRASER JAMIESON
PAUL GAIT
RBC Capital Markets
DES KILALEA
Macquarie
JEFFREY LARGEY
Macquarie
KIERAN DALY
Nomura
SAM CATALANO
Morgan Stanley
MENNO SANDERSE
SBG Securities
PETER DAVEY
PETER MALLIN-JONES
Barclays
DAVID BUTLER
Societe Generale
ABHISHEK SHUKLA
SVEN DIERMEIER
Natixis
RAOUDHA BOUZEKRI
Avior Research
CLINTON DUNCAN
BMO Capital Markets
TONY ROBSON
S&P Capital IQ
JOHNSON IMODE
HSBC
ANDREW KEEN
Deutsche Bank
GRANT SPORRE
EVA Dimensions
CRAIG STERLING
Investec
ALBERT MINASSIAN
Redburn Partners
SIMON TOYNE
Liberum Capital Ltd
RICHARD KNIGHTS
Standard Chartered
SUBRAMANIAM VARADA
Source
ULT-AGG
20F
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
20F
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
MF-AGG
Recommendation
neutral
reduce
buy
neutral/neutral
sell
hold
neutral
neutral
outperform
outperform
neutral
neutral
buy
Overwt/In-Line
buy
hold
overweight
sell
hold
buy
outperform
outperform
hold
neutral
buy
overweight
hold
neutral
buy
in-line
Amt Held
168'784'326
87'131'000
85'921'147
63'635'068
61'007'128
49'811'488
38'877'200
37'588'249
35'795'273
33'804'582
29'045'618
24'697'602
23'459'843
22'369'418
21'902'436
20'415'622
19'780'635
19'545'000
19'266'422
18'688'842
% Out
7.99
4.13
4.07
3.01
2.89
2.36
1.84
1.78
1.7
1.6
1.38
1.17
1.11
1.06
1.04
0.97
0.94
0.93
0.91
0.89
Weighting
Change
3
2
5
3
1
3
3
3
5
5
3
3
5
5
5
3
5
1
3
5
5
5
3
3
5
5
3
3
5
3
M
M
M
D
N
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
2'333'522
387'315
3'056'099
5'468'533
1'513'376
8'992'566
(1'247'628)
(1'256'810)
819'531
1'376'028
(1'063'116)
(920'460)
85'032
(4'850'000)
529'365
-
Target Price
2'000
1'894
2'550
2'200
1'703
#N/A N/A
2'400
2'300
2'450
2'300
2'175
2'146
2'400
2'310
2'500
2'155
2'300
1'585
2'300
2'400
3'042
2'500
2'200
2'250
2'380
#N/A N/A
2'306
#N/A N/A
#N/A N/A
2'000
File Dt
25.03.2013
24.08.2012
28.02.2013
05.02.2013
28.02.2013
30.11.2012
31.01.2013
31.12.2012
31.12.2012
24.08.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
26.03.2013
01.11.2012
01.11.2012
01.11.2012
31.12.2012
Date
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
n/a
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Date
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
15.03.2013
15.03.2013
15.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
28.02.2013
28.02.2013
26.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
07.02.2013
30.01.2013
17.01.2013
20.12.2012
06.12.2012
20.09.2012
08.09.2012
27.03.2013
SABMiller PLC
SABMiller plc is an international beer company. The Company bottles and
distributes beer through breweries worldwide. SABMiller also bottles and
distributes a number of soft drinks.
Price/Volume
4000
25.0 M
3500
20.0 M
3000
2500
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAB LN EQUITY YTD Change
SAB LN EQUITY YTD % CHANGE
03/2012
01/yy
3'514.50
2'342.00
495'550.00
3425
-2.53%
46.24%
93.90%
1'597.1
54'699.35
19'226.00
0.0
940.0
746.00
101'475.96
31.03.2008
17'057.0
2.50x
4'569.0
9.35x
2'023.0
16.26x
31.03.2009
31.03.2010
14'883.0
14'195.0
2.25x
4.08x
3'663.0
4'212.0
9.13x
13.74x
1'881.0
1'910.0
11.84x
23.94x
Profitability
31.03.2011
15'145.0
4.42x
4'682.0
14.30x
2'408.0
23.21x
31.03.2012
16'713.0
5.16x
5'154.0
16.73x
4'221.0
15.05x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
5'154.00
3'972.00
23.77%
33.52%
9.47%
18.88%
15.36%
0.37%
31.7%
24.4%
25.3%
0.68
0.32
34.55%
76.68%
8.96
-
Price/ Cash Flow
1000
5.0 M
500
0
m-12 a-12 m-12
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
FY+1
-
1.81
0.96
802.58
36.16%
21.24%
0.961
37
3.459
1'608'823
1'994'878
1'925'772
FY+2
03/13 Y
03/14 Y
24'499.3
25'989.8
4.07x
3.76x
6'424.3
7'025.7
15.80x
14.44x
3'831.8
4'326.8
21.55x
19.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
04.08.2003
BBB+
POS
16.10.2006
A-2
4.72
3.37
3.29
3.43
76.7%
42.5%
0.37
1.91
40.84
-
18.00
18'000.0
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
03.04.2009
10.0 M
1500
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
2000
Valuation Analysis
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
SABMiller PLC
Holdings By:
All
Holder Name
ALTRIA GROUP INC
BEVCO INTERNATIONAL
PUBLIC INVESTMENT CO
KULCZYK HOLDING
KULCZYK INVESTMENT H
LEGAL & GENERAL
BLACKROCK
FMR LLC
ABERDEEN
SCOTTISH WIDOWS
ALLAN GRAY UNIT TRUS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
GARDNER RUSSO & GARD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
HSBC
LAUREN E TORRES
Credit Suisse
SANJEET AUJLA
Macquarie
WYNAND VAN ZYL
Renaissance Capital
REY WIUM
CHRIS WICKHAM
SBG Securities
BRENDAN GRUNDLINGH
Morgan Stanley
VIKHYAT SHARMA
Nomura
IAN SHACKLETON
TREVOR STIRLING
AlphaValue
ISABELLE COMBEMALE
JPMorgan
MATTHEW WEBB
Grupo Santander
ANTHONY J BUCALO
RBC Capital Markets
EDDY HARGREAVES
Berenberg Bank
PHILIP MORRISEY
Barclays
SIMON HALES
Exane BNP Paribas
Investec
MARTIN DEBOO
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
PABLO ZUANIC
ALEX SMITH
Natixis
OLIVIER DELAHOUSSE
Societe Generale
ANDREW HOLLAND
Deutsche Bank
JONATHAN FELL
Jefferies
DIRK VAN VLAANDEREN
PHIL CARROLL
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
MITCHELL COLLETT
Redburn Partners
CHRIS PITCHER
Avior Research
DE WET SCHUTTE
Afrifocus Securities
TANUJA CHITRE
Source
RNS-MAJ
Co File
Co File
Co File
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
REG
REG
MF-AGG
REG
13F
ULT-AGG
Recommendation
neutral
outperform
outperform
sell
add
hold
Equalwt/In-Line
neutral
market perform
sell
overweight
buy
sector perform
hold
buy
equalweight
outperform
buy
hold
sell
neutral
neutral
hold
hold
buy
hold
neutral
hold
outperform
sell
buy/attractive
buy
underperform
hold
Amt Held
430'000'000
225'000'000
67'663'248
60'000'000
60'000'000
35'298'676
34'866'303
32'037'348
29'568'406
21'708'108
21'361'342
19'161'032
15'304'821
12'499'774
12'259'520
10'980'964
10'028'599
9'864'730
9'330'377
8'204'566
% Out
26.92
14.09
4.24
3.76
3.76
2.21
2.18
2.01
1.85
1.36
1.34
1.2
0.96
0.78
0.77
0.69
0.63
0.62
0.58
0.51
Weighting
Change
3
5
5
1
4
3
3
3
3
1
5
5
3
3
5
3
5
5
3
1
3
3
3
3
5
3
3
3
5
1
5
5
1
3
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(844'858)
(1'720'544)
654'378
(755'600)
(34'200)
(4'245'434)
(1'824'542)
2'453'239
(324'670)
(1'401'802)
182'666
265'826
77'255
Target Price
3'600
4'000
3'698
3'400
3'760
3'200
3'300
2'840
3'180
3'033
3'645
3'675
3'500
2'750
3'800
3'350
3'333
2'950
#N/A N/A
2'600
2'860
3'000
2'970
2'900
3'200
#N/A N/A
2'633
3'100
2'950
#N/A N/A
3'520
#N/A N/A
2'641
#N/A N/A
File Dt
Inst Type
29.06.2012
Corporation
08.06.2012
Corporation
08.06.2012
Government
08.06.2012
Holding Company
01.11.2012
Investment Advisor
28.02.2013
Unclassified
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Government
31.12.2012
Investment Advisor
28.02.2013
Unclassified
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
15 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
19.03.2013
12.03.2013
11.03.2013
05.03.2013
01.03.2013
25.02.2013
22.02.2013
15.02.2013
11.02.2013
25.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
17.01.2013
09.01.2013
10.12.2012
19.10.2012
24.08.2012
27.03.2013
Allianz SE
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.
Price/Volume
120
7.0 M
100
6.0 M
5.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALV GY EQUITY YTD Change
ALV GY EQUITY YTD % CHANGE
12/2012
12/yy
114.05
68.50
1'705'242.00
105.05
-7.89%
53.36%
87.38%
456.0
47'897.55
28'651.00
0.0
2'665.0
12'437.00
66'776.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
40
2.0 M
20
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
76'195.0
0.69x
(2'444.0)
8.51x
4.0 M
60
Valuation Analysis
31.12.2009
31.12.2010
82'711.0
89'740.0
0.75x
0.67x
4'297.0
5'053.0
8.37x
7.94x
Profitability
LTM-4Q
31.12.2011
87'384.0
0.61x
2'545.0
13.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
96'020.0
0.69x
5'169.0
9.18x
10.61%
8.95%
0.77%
10.50%
8.01%
0.14%
5.4%
4.12%
53.50%
-
Price/ Cash Flow
LTM
FY+1
1.25
451.47
19.99%
0.24%
1.251
43
4.279
1'529'462
1'985'001
1'707'504
FY+2
FQ+1
FQ+2
12/yy
87'384.0
2.70x
0.0
0.00x
2'545.0
12.79x
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
96'019.0 104'153.5 107'032.0
31'251.0
26'139.0
2.56x
0.57x
0.55x
0.0
0.00x
5'169.0
5'445.0
5'688.9
1'157.0
1'361.0
9.18x
8.67x
8.28x
8.93x
S&P Issuer Ratings
27.01.2012
Long-Term Rating
AA
Long-Term Outlook
STABLE
23.03.2009
Short-Term Rating
A-1+
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
53.5%
Total Debt/Capital
33.8%
Asset Turnover
0.14
Inventory Days
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
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Allianz SE
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
SOCIETE GENERALE SA
DEUTSCHE BANK AG
MORGAN STANLEY
ADIG INVESTMENT
JP MORGAN
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Mediobanca SpA
MARC THIELE
THOMAS SEIDL
Oddo & Cie
NICOLAS JACOB
Bryan Garnier & Cie
OLIVIER PAUCHAUT
PHILIPP HAESSLER
DZ Bank AG
WERNER EISENMANN
Main First Bank AG
MICHAEL HAID
Helvea
DANIEL BISCHOF
Macquarie
HADLEY COHEN
AlphaValue
DIETER HEIN
Exane BNP Paribas
THOMAS JACQUET
Bank of Valletta
MALCOLM ABDILLA CASTILLO
Bankhaus Metzler
JOCHEN SCHMITT
JPMorgan
MICHAEL HUTTNER
Berenberg Bank
PETER ELIOT
WILLIAM HAWKINS
S&P Capital IQ
RODERICK WALLACE
RBC Capital Markets
GORDON AITKEN
Hamburger Sparkasse
CHRISTIAN HAMANN
FABRIZIO CROCE
Nord/LB
VOLKER SACK
STEFAN BONGARDT
Nomura
MICHAEL KLIEN
Bankhaus Lampe
ANDREAS SCHAEFER
Banco Sabadell
MARIO LODOS
Credit Suisse
RICHARD BURDEN
Barclays
ANDREW BROADFIELD
Deutsche Bank
ROBIN BUCKLEY
Goldman Sachs
VINIT MALHOTRA
EVA Dimensions
AUSTIN BURKETT
HSBC
KAILESH MISTRY
WERNER SCHIRMER
Natixis
BENOIT VALLEAUX
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ATANASIO PANTARROTAS
Morgan Stanley
JON HOCKING
BEN COHEN
Societe Generale
JASON KALAMBOUSSIS
Raymond James
DANNY JACQUES
Redburn Partners
PAUL GOODHIND
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE
Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
market perform
buy
buy
hold
buy
outperform
accumulate
outperform
reduce
outperform
hold
sell
overweight
buy
market perform
buy
outperform
buy
reduce
buy
buy
neutral
buy
buy
neutral
overweight
buy
buy
Buy/Neutral
buy
overweight
hold
buy
buy
outperform
Equalwt/In-Line
buy
buy
market perform
buy
neutral
hold
Amt Held
32'047'039
6'365'290
5'727'664
4'983'892
4'764'728
4'712'687
4'511'170
4'475'337
4'451'056
3'746'308
3'028'939
2'337'600
2'263'956
1'843'650
1'630'559
1'533'611
1'483'920
1'441'075
1'340'179
1'000'446
% Out
7.03
1.4
1.26
1.09
1.05
1.03
0.99
0.98
0.98
0.82
0.66
0.51
0.5
0.4
0.36
0.34
0.33
0.32
0.29
0.22
Weighting
Change
3
3
5
5
3
5
5
4
5
2
5
3
1
5
5
3
5
5
5
2
5
5
3
5
5
3
5
5
5
5
5
5
3
5
5
5
3
5
5
3
5
3
3
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'672'871)
175'318
4'899
1'113'916
549'507
(153'836)
(352'189)
135'754
(602'365)
17'500
433'235
48'589
Target Price
123
103
120
118
105
120
125
111
130
114
125
117
95
122
132
135
122
130
#N/A N/A
73
113
125
103
122
114
113
120
133
120
120
#N/A N/A
128
110
120
117
118
110
100
100
#N/A N/A
#N/A N/A
92
106
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Unclassified
28.02.2013
Investment Advisor
16.05.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Unclassified
Date
6 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Date
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
22.03.2013
21.03.2013
18.03.2013
12.03.2013
08.03.2013
05.03.2013
05.03.2013
03.03.2013
01.03.2013
27.02.2013
25.02.2013
25.02.2013
22.02.2013
21.02.2013
21.02.2013
20.02.2013
15.02.2013
08.02.2013
04.02.2013
29.01.2013
24.01.2013
18.01.2013
17.01.2013
16.01.2013
16.01.2013
10.01.2013
07.01.2013
10.12.2012
05.12.2012
26.11.2012
09.11.2012
03.08.2012
15.03.2012
11.11.2011
12.05.2011
27.03.2013
Eni SpA
Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Price/Volume
25
60.0 M
50.0 M
15
40.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (18.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ENI IM EQUITY YTD Change
ENI IM EQUITY YTD % CHANGE
12/2012
12/yy
19.59
14.94
8'111'118.00
17.56
-10.41%
17.54%
61.94%
3'634.2
63'816.29
24'463.00
0.0
3'514.0
8'066.00
83'727.29
30.0 M
20.0 M
10.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
20
Valuation Analysis
31.12.2008
108'082.0
0.74x
26'939.0
2.98x
8'825.0
6.89x
80.0 M
31.12.2009
31.12.2010
83'227.0
98'523.0
1.10x
0.91x
20'817.0
24'992.0
4.39x
3.58x
4'367.0
6'318.0
14.71x
9.39x
Profitability
LTM-4Q
31.12.2011
109'589.0
0.83x
25'732.0
3.53x
6'860.0
8.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
127'271.0
0.68x
24'564.0
3.52x
7'788.0
16.38x
24'564.00
15'026.00
11.81%
13.04%
6.12%
15.13%
0.90%
19.3%
11.8%
6.1%
1.44
0.23
17.43%
41.32%
-
Price/ Cash Flow
LTM
FY+1
0.86
2'532.64
5.11%
-4.25%
0.856
38
4.053
11'853'020
13'085'840
12'503'840
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
108'740.0 127'271.0 117'817.6 121'152.2
32'632.7
31'508.3
3.31x
2.95x
0.68x
0.66x
2.51x
2.62x
25'213.0
24'564.0
28'660.3
29'774.6
7'066.0
7'108.0
3.60x
3.52x
2.92x
2.81x
2.96x
2.89x
6'860.0
8'673.0
7'070.0
7'593.9
1'777.0
1'748.0
8.45x
7.66x
8.98x
8.47x
9.43x
8.65x
S&P Issuer Ratings
17.01.2012
Long-Term Rating
A
Long-Term Outlook
NEG
19.05.2010
Short-Term Rating
A-1
Credit Ratios
27.91
15.26
Net Debt/EBITDA
0.67
Total Debt/EBITDA
1.00
Reference
Total Debt/Equity
41.3%
Total Debt/Capital
28.1%
Asset Turnover
0.90
1.86
Inventory Days
6.00
140'000.0
5.00
120'000.0
100'000.0
4.00
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Eni SpA
Holdings By:
All
Holder Name
CASSA DEPOSITI E PRE
MINISTERO DELL'ECONO
BLACKROCK
FMR LLC
BNP PARIBAS ARBITRAG
VANGUARD GROUP INC
BNP PARIBAS SA
ABERDEEN
FRANKLIN RESOURCES
BNP PARIBAS SEC SERV
JP MORGAN
Firm Name
Banca IMI
HSBC
AlphaValue
Grupo Santander
Day by Day
Credit Suisse
Exane BNP Paribas
Societe Generale
Mediobanca SpA
Raymond James
Macquarie
Equita SIM SpA
Banca Akros(ESN)
Natixis
Barclays
RBC Capital Markets
Jefferies
Nomura
JPMorgan
S&P Capital IQ
VTB Capital
Investec
Goldman Sachs
Banco Sabadell
EVA Dimensions
Morgan Stanley
Hamburger Sparkasse
Deutsche Bank
CA Cheuvreux
Pareto Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ROBERTO RANIERI
PAUL SPEDDING
ALEXANDRE ANDLAUER
JASON KENNEY
VALERIE GASTALDY
KIM FUSTIER
IRENE HIMONA
ANDREA SCAURI
BERTRAND HODEE
MARC B KOFLER
SVEN DIERMEIER
ROBERTO LETIZIA
DARIO MICHI
GORDON GRAY
ANNE PUMIR
RAHIM KARIM
PETER HUTTON
IAIN REID
OSWALD CLINT
THEEPAN JOTHILINGAM
NITIN SHARMA
CHRISTINE TISCARENO
COLIN SMITH
ENRICO COCO
STUART JOYNER
MICHELE DELLA VIGNA
CRAIG STERLING
JENS MUENSTERMANN
MARTIJN P RATS
INGO SCHMIDT
MARK BLOOMFIELD
DOMINIQUE PATRY
THOMAS AARRESTAD
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
add
neutral
reduce
buy
hold
outperform
neutral
hold
outperform
outperform
outperform
hold
buy
buy
sell
neutral
overweight
sector perform
buy
market perform
buy
overweight
buy
hold
hold
hold
Buy/Cautious
buy
buy
buy
Overwt/In-Line
hold
buy
outperform
hold
Amt Held
958'298'322
142'968'850
64'342'107
52'398'608
44'489'000
41'175'319
30'369'401
28'455'671
15'842'800
12'165'115
11'763'842
11'484'026
10'514'761
9'054'715
7'927'747
6'754'973
5'925'800
5'679'489
5'385'693
5'120'940
% Out
26.37
3.93
1.77
1.44
1.22
1.13
0.84
0.78
0.44
0.33
0.32
0.32
0.29
0.25
0.22
0.19
0.16
0.16
0.15
0.14
Weighting
Change
4
3
2
5
3
5
3
3
5
5
5
3
5
5
1
3
5
3
5
3
5
5
5
3
3
3
5
5
5
5
5
3
5
5
3
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
U
M
M
N
Latest Chg
1'052'103
(1'337'435)
1'853'508
999'327
(245'000)
848'857
(368'082)
(24'451)
250'401
1'643'290
(1'437'700)
463'987
996'578
1'015'630
Target Price
#N/A N/A
19
18
21
#N/A N/A
21
20
19
22
21
21
20
22
23
17
20
21
21
22
20
19
22
23
19
18
16
21
20
#N/A N/A
20
20
#N/A N/A
21
21
#N/A N/A
File Dt
Inst Type
20.11.2012
Other
20.11.2012
Government
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Bank
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
25.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
12.03.2013
01.03.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
17.01.2013
09.01.2013
27.11.2012
30.10.2012
29.08.2012
13.08.2012
23.04.2010
27.03.2013
AstraZeneca PLC
AstraZeneca PLC is a holding company. The Company, through its subsidiaries,
researches, manufactures, and sells pharmaceutical and medical products.
AstraZeneca focuses its operations on eight therapeutic areas:
Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous
System, Pain Control, Anaesthesia, and Infection.
Price/Volume
3500
12.0 M
3000
10.0 M
2500
8.0 M
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AZN LN EQUITY YTD Change
AZN LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
32'804.0
33'269.0
2.02x
1.84x
13'235.0
14'170.0
5.00x
4.31x
7'521.0
8'053.0
9.05x
8.14x
Profitability
2.0 M
500
0
m-12 a-12 m-12
LTM-4Q
31.12.2011
33'591.0
1.71x
13'276.0
4.32x
9'983.0
6.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
27'973.0
2.18x
10'658.0
5.72x
6'297.0
9.46x
10'658.00
8'140.00
29.10%
27.59%
11.84%
26.81%
21.21%
0.53%
80.7%
41.5%
32.5%
22.5%
1.35
1.02
19.26%
43.43%
4.54
2.76
Price/ Cash Flow
j-12
j-12
LTM
12/yy
33'591.0
7.33x
15'415.0
3.72x
9'983.0
6.31x
a-12
12/yy
27'973.0
8.49x
11'621.0
5.24x
6'297.0
9.47x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
5.74
0.75
1'246.05
21.16%
15.66%
0.752
37
2.703
3'766'305
2'535'952
2'340'425
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'350.5
25'603.1
6'532.8
6'360.8
2.35x
2.37x
9'855.8
9'574.7
2'372.5
2'303.0
6.38x
6.57x
6.49x
6'692.7
6'369.7
1'668.0
1'607.0
8.96x
9.30x
8.34x
8.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.07.2007
AASTABLE
27.07.2007
A-1+
11.13
10.42
0.15
0.89
43.4%
30.1%
0.53
4.47
80.64
132.78
150.40
63.02
10.00
40'000.0
9.00
35'000.0
8.00
30'000.0
7.00
25'000.0
6.00
5.00
20'000.0
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
01.01.2010
4.0 M
1000
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
31'601.0
2.11x
11'657.0
5.72x
6'101.0
9.74x
6.0 M
1500
12/2012
12/yy
3'273.00
2'578.50
1'082'642.00
3231.5
-1.24%
25.32%
97.62%
1'248.2
40'334.16
10'310.00
0.0
215.0
8'524.00
62'915.67
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
AstraZeneca PLC
Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
AXA
INVESTOR AB
LEGAL & GENERAL
SCOTTISH WIDOWS
VANGUARD GROUP INC
SCHRODER INVESTMENT
UBS
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
STATE STREET
GMO LLC
ALLIANCE BERNSTEIN
Firm Name
Morgan Stanley
Bryan Garnier & Cie
Redburn Partners
Exane BNP Paribas
Barclays
Societe Generale
Deutsche Bank
ABG Sundal Collier
Credit Suisse
Jefferies
Carnegie
Natixis
Danske Markets
S&P Capital IQ
AlphaValue
Helvea
JPMorgan
Swedbank
Nomura
Day by Day
Berenberg Bank
Pareto Securities
SEB Enskilda
Goldman Sachs
EVA Dimensions
Liberum Capital Ltd
Main First Bank AG
Mirabaud Securities
DZ Bank AG
MP Advisors Pvt Ltd
Edward Jones
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
PETER VERDULT
BRIAN WHITE
ERIK HULTGARD
ERIC LE BERRIGAUD
TEAM COVERAGE
NICOLAS GUYON-GELLIN
MARK PURCELL
STEPHEN MCGARRY
MARK CLARK
PETER HUGREFFE
LUISA HECTOR
JEFFREY HOLFORD
TIMOTHY M ANDERSON
KRISTOFER LILJEBERG
FABIAN WENNER
BEATRICE MUZARD
SAVVAS NEOPHYTOU
MATTIAS HAGGBLOM
SHO MATSUBARA
ARMELLE MOULIN
ODILE RUNDQUIST
JOHAN UNNERUS
AMIT ROY
VALERIE GASTALDY
ALISTAIR CAMPBELL
TIMO KUERSCHNER
YILMAZ MAHSHID
LARS HEVRENG
KEYUR PAREKH
ANDREW S ZAMFOTIS
NARESH CHOUHAN
TIM FRANKLIN
NICHOLAS TURNER
ELMAR KRAUS
BHAVITA NAGRANI
LINDA BANNISTER
Source
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
Recommendation
Equalwt/Attractive
buy
sell
buy
neutral
neutral
equalweight
sell
hold
sell
underperform
hold
market perform
hold
hold
hold
neutral
hold
hold
sell
add
neutral
underweight
sell
reduce
buy
hold
sell
sell
hold
neutral/neutral
buy
neutral
suspended coverage
reduce
buy
underperform
sell
Amt Held
92'577'683
81'345'820
68'601'379
51'587'810
51'010'537
42'533'598
28'877'534
27'002'295
25'266'060
18'084'946
16'999'885
16'945'000
14'071'861
13'747'211
13'473'072
13'153'411
12'362'004
12'158'200
11'452'982
10'705'870
% Out
7.42
6.52
5.5
4.13
4.09
3.41
2.31
2.16
2.02
1.45
1.36
1.36
1.13
1.1
1.08
1.05
0.99
0.97
0.92
0.86
Weighting
Change
3
5
1
5
3
3
3
1
3
1
1
3
3
3
3
3
3
3
3
1
4
3
1
1
2
5
3
1
1
3
3
5
3
#N/A N/A
2
5
1
1
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
U
M
M
M
Latest Chg
4'654'729
(19'539'361)
(213'062)
(419'253)
4'057'409
103'265
482'103
29'422
(791'342)
3'892'025
7'945'000
256'131
1'293'245
476'641
36'670
560'902
(505'782)
(828'120)
(714'599)
Target Price
3'310
#N/A N/A
3'037
3'540
#N/A N/A
3'300
3'300
2'675
3'100
2'562
3'050
3'000
3'298
3'200
#N/A N/A
2'700
3'383
3'200
3'000
2'700
3'311
2'850
2'750
2'666
2'600
3'181
3'050
2'900
2'843
2'924
3'375
#N/A N/A
3'000
#N/A N/A
2'700
3'700
2'509
#N/A N/A
File Dt
01.02.2013
25.03.2013
01.02.2013
01.02.2013
28.02.2013
01.02.2013
01.02.2013
31.12.2012
31.07.2012
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013
Date
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
15 month
12 month
12 month
3 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
15.03.2013
08.03.2013
18.02.2013
14.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
28.01.2013
17.01.2013
05.10.2012
20.07.2012
02.04.2012
02.02.2012
07.01.2010
20.11.2008
27.03.2013
Standard Chartered PLC

Standard Chartered plc is an international banking group operating principally
in Asia, Africa, and the Middle East. The Company offers its products and
services in the personal, consumer, corporate, institutional and treasury
areas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.03.2013)
52-Week Low (07.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STAN LN EQUITY YTD Change
STAN LN EQUITY YTD % CHANGE
12/2012
01/yy
1'860.50
1'092.00
1'191'620.00
1694
-8.98%
55.13%
80.42%
2'413.1
40'877.26
113'172.00
1'495.0
693.0
121'665.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
22'429.0
3'241.0
6.41x
2000
1800
1600
1400
1200
1000
800
600
400
200
0
m-12 a-12 m-12
31.12.2009
31.12.2010
20'558.0
21'355.0
3'380.0
4'332.0
14.69x
13.38x
Profitability
31.12.2011
24'343.0
4'849.0
10.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
26'908.0
4'887.0
12.53x
35.37%
34.97%
0.79%
11.32%
3.31%
0.04%
24.9%
17.78%
257.99%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.28
1.18
1'978.74
9.06%
10.04%
1.177
42
3.881
3'986'690
4'390'414
3'793'590
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
20'731.6
22'779.4
5'809.3
6'447.6
1'900.0
10.75x
9.75x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.12.2011
A+
NEG
10.01.2008
A-1
258.0%
71.1%
0.04
4.59
-
25.00
30'000.0
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Standard Chartered PLC

Holdings By:
All
Holder Name
TEMASEK HOLDINGS PRI
BLACKROCK
ABERDEEN
LEGAL & GENERAL
FMR LLC
VANGUARD GROUP INC
SCOTTISH WIDOWS
VANGUARD GROUP INC
BAILLIE GIFFORD AND
JP MORGAN
PEOPLES REPUBLIC OF
DODGE & COX
UBS
Standard Chartered B
WALTER SCOTT & PARTN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Investec
IAN GORDON
Macquarie
THOMAS STOEGNER
Mediobanca SpA
RBC Capital Markets
PATRICK LEE
HSBC
PETER TOEMAN
AlphaValue
DAVID GRINSZTAJN
EVA Dimensions
AUSTIN BURKETT
Credit Suisse
AMIT GOEL
CHIRANTAN BARUA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
VIVEK RAJA
Berenberg Bank
JAMES CHAPPELL
Liberum Capital Ltd
CORMAC LEECH
STEFAN BONGARDT
GARY GREENWOOD
MARK J PHIN
WERNER SCHIRMER
Societe Generale
JAMES INVINE
Deutsche Bank
JASON NAPIER
JPMorgan
RAUL SINHA
China International Capital Corp
SALLY NG
BNP Paribas Equity Research
DOMINIC CHAN
Citic Securities Co., Ltd
STEVEN CHAN
MICHAEL J TRIPPITT
AMTD Financial Planning Limited
KENNY TANG SING HING
Morgan Stanley
CHRISTOPHER MANNERS
S&P Capital IQ
FRANK BRADEN
CCB International Securities Ltd
ADAM CHAN
Mizuho Securities
JIM ANTOS
Day by Day
VALERIE GASTALDY
SHAILESH RAIKUNDLIA
Goldman Sachs
FREDERIK THOMASEN
Redburn Partners
FAHED KUNWAR
Barclays
Grupo Santander
ARTURO DE FRIAS
GARETH HUNT
Daniel Stewart & Co
SIMON WILLIS
JM Financial Institutional Securities P PUNEET GULATI
IIFL
SACHIN NIKHARE
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
MF-AGG
REG
Recommendation
buy
outperform
outperform
sector perform
neutral
reduce
hold
underperform
underperform
buy
neutral
add
sell
hold
buy
buy
market perform
hold
buy
hold
overweight
hold
buy
hold
add
buy
Overwt/In-Line
hold
outperform
buy
buy
buy
neutral/neutral
neutral
overweight
buy
sell
buy
buy
add
Amt Held
432'746'145
165'824'190
157'962'325
85'794'638
54'789'154
53'057'843
51'450'411
49'225'497
46'720'870
45'077'332
39'082'703
30'412'658
30'132'593
28'624'271
28'340'249
27'346'560
24'315'105
24'000'000
23'951'106
20'631'586
% Out
17.93
6.87
6.55
3.56
2.27
2.2
2.13
2.04
1.94
1.87
1.62
1.26
1.25
1.19
1.17
1.13
1.01
0.99
0.99
0.85
Weighting
Change
5
5
5
3
3
2
3
1
1
5
3
4
1
3
5
5
3
3
5
3
5
3
5
3
4
5
5
3
5
5
5
5
3
3
5
5
1
5
5
4
M
M
U
M
M
M
U
M
M
M
M
D
D
D
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M
M
M
Latest Chg
(595'713)
116'049
900'637
2'991'820
2'594'560
(92'936)
23'142'351
(415'238)
2'474'481
194'259
(60'464)
4'925'501
5'884'182
106'661
4'313'147
550'000
(437'402)
Target Price
1'900
2'000
1'837
1'700
1'800
1'778
#N/A N/A
1'400
1'330
2'100
1'750
2'050
1'450
1'875
2'100
#N/A N/A
1'890
1'900
2'100
1'825
2'000
1'821
2'157
1'764
2'057
1'888
2'020
1'980
2'049
2'057
1'854
1'970
1'950
#N/A N/A
1'600
1'960
1'325
1'900
1'800
1'700
File Dt
29.02.2012
25.03.2013
02.01.2013
28.02.2013
02.01.2013
31.01.2013
31.01.2013
31.12.2012
02.01.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
31.01.2013
02.01.2013
29.01.2013
31.01.2013
02.01.2013
31.01.2013
02.01.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Government
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
14.03.2013
12.03.2013
12.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
14.02.2013
29.01.2013
28.01.2013
04.01.2013
17.12.2012
11.12.2012
06.12.2012
08.08.2012
02.08.2012
01.03.2012
27.03.2013
Telefonica SA
Telefonica S.A. provides telecommunications services mainly to countries in
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Price/Volume
14
600.0 M
12
500.0 M
10
400.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEF SQ EQUITY YTD Change
TEF SQ EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200.0 M
100.0 M
2
0
m-12
31.12.2009
31.12.2010
56'731.0
60'737.0
2.42x
2.29x
22'603.0
25'777.0
6.07x
5.39x
7'776.0
10'167.0
11.43x
7.54x
Profitability
LTM-4Q
31.12.2011
62'837.0
1.99x
19'392.0
6.46x
5'402.9
11.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
62'356.0
1.74x
20'835.0
5.22x
3'928.0
11.71x
20'835.00
10'402.00
16.68%
9.40%
3.03%
18.66%
0.48%
33.5%
16.7%
6.3%
0.81
0.71
51.52%
326.73%
6.28
-
Price/ Cash Flow
j-12
j-12
LTM
12/yy
62'837.3
8.42x
19'392.5
6.46x
5'402.7
11.25x
a-12
12/yy
62'356.0
7.30x
20'871.0
5.21x
3'928.0
11.52x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.96
4'396.29
-9.26%
2.65%
0.956
43
3.279
56'289'280
36'023'620
30'326'620
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
59'507.8
59'769.8
1.73x
1.68x
20'362.1
20'466.9
4'577.0
4'846.0
5.40x
5.37x
5.46x
5'142.0
5'319.7
9.22x
8.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
20.12.2012
BBB
NEG
20.12.2012
A-2
7.26
3.86
2.64
3.20
326.7%
70.7%
0.48
1.77
58.28
-
14.00
70'000.0
12.00
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
57'946.0
2.10x
22'919.0
5.31x
7'592.0
9.72x
300.0 M
12/2012
12/yy
12.42
7.90
20'154'606.00
10.46
-15.77%
32.41%
61.52%
4'551.0
47'603.72
66'853.00
0.0
7'200.0
11'719.00
109'937.72
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Telefonica SA
Holdings By:
All
Holder Name
BANCO BILBAO VIZCAYA
CAIXABANK
BLACKROCK
BNP PARIBAS SA
TELEFONICA SA
CHINA UNICOM HONG KO
VANGUARD GROUP INC
AMUNDI
FRANKLIN RESOURCES
FMR LLC
CREDIT SUISSE ASSET
WELLCOME TRUST LIMIT
BBVA PATRIMONIOS GES
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Bankia Bolsa (ESN)

DAVID CABEZA JARENO
GERMAN GARCIA BOU
JOSE RAMON OCINA
Morgan Stanley
LUIS PROTA
Grupo Santander
NAHUM SANCHEZ DE LAMADRID
Banco Sabadell
ANDRES BOLUMBURU
ROBIN BIENENSTOCK
Deutsche Bank
KEVAL KHIROYA
BBVA
IVON LEAL
Exane BNP Paribas
MATHIEU ROBILLIARD
BPI
PEDRO OLIVEIRA
Berenberg Bank
PAUL ANDREW MARSCH
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
TORSTEN ACHTMANN
MARKUS FRIEBEL
NUNO MATIAS
MARTA GOMEZ
HSBC
LUIGI MINERVA
Macquarie
GUY R PEDDY
Oddo & Cie
ALEXANDRE IATRIDES
S&P Capital IQ
ALEXANDER WISCH
Barclays
JONATHAN DANN
AlphaValue
Goldman Sachs
TIMOTHY BODDY
Jefferies
JEREMY A DELLIS
Raymond James
STEPHANE BEYAZIAN
Interdin Bolsa
BORJA MIJANGOS BLANCO
Nomura
FREDERIC BOULAN
New Street Research
JAMES RATZER
BCP Investimento
ALEXANDRA DELGADO
Credit Suisse
JUSTIN FUNNELL
La Caixa
BORJA PAGOAGA
Hamburger Sparkasse
JAVIER BORRACHERO
Day by Day
VALERIE GASTALDY
CA Cheuvreux
RALPH SZYMCZAK
Natixis
BENOIT MAYNARD
Mirabaud Finanzas Sociedad de ValoresJAVIER
S
MIELGO
DZ Bank AG
THORSTEN REIGBER
Source
20F
20F
ULT-AGG
EXCH
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
Overwt/In-Line
buy
buy
market perform
hold
outperform
neutral
reduce
sell
underweight
overweight
sell
neutral
buy
neutral
underperform
reduce
sell
equalweight
buy
neutral/neutral
underperform
underperform
buy
reduce
reduce
buy
neutral
buy
hold
buy
hold
underperform
buy
neutral
overweight
buy
Amt Held
261'798'437
254'697'815
177'257'649
127'368'869
84'209'364
62'526'753
42'243'280
24'865'994
20'487'978
14'952'055
11'790'975
9'693'863
8'058'783
6'202'976
5'948'267
5'536'421
5'200'000
4'961'960
4'854'264
4'609'602
% Out
5.75
5.6
3.89
2.8
1.85
1.37
0.93
0.55
0.45
0.33
0.26
0.21
0.18
0.14
0.13
0.12
0.11
0.11
0.11
0.1
Weighting
Change
5
5
5
5
5
5
3
3
5
3
2
1
1
5
1
3
5
3
1
2
1
3
5
3
1
1
5
2
2
5
3
5
3
5
3
1
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
U
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
3'581'300
7'798'898
(15'605'969)
2'181'969
11'840'334
(644'661)
8'202'010
3'689'188
(3'474'417)
2'602'512
(299'922)
(105'860)
829'681
(70'160)
(668'098)
Target Price
14
13
13
13
13
14
10
12
13
11
9
9
#N/A N/A
13
9
10
12
11
9
10
9
10
17
11
8
10
12
9
#N/A N/A
17
14
13
#N/A N/A
12
#N/A N/A
12
12
14
19
16
File Dt
21.03.2013
21.03.2013
25.03.2013
12.05.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.01.2013
25.03.2013
31.01.2013
31.12.2012
31.01.2013
28.09.2012
31.01.2013
31.01.2013
28.12.2012
30.09.2012
28.09.2012
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Bank
Investment Advisor
Investment Advisor
Bank
Corporation
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
15.03.2013
14.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
22.02.2013
24.01.2013
27.11.2012
26.11.2012
19.11.2012
03.10.2012
26.09.2012
26.07.2012
14.05.2012
24.02.2012
15.11.2011
27.03.2013
Daimler AG
Daimler AG develops, manufactures, distributes, and sells a wide range of
automotive products, mainly passenger cars, trucks, vans and buses. The Company
also provides financial and other services relating to its automotive
businesses.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DAI GY EQUITY YTD Change
DAI GY EQUITY YTD % CHANGE
12/2012
12/yy
47.47
32.86
2'161'800.00
43.37
-8.64%
32.00%
76.87%
1'067.6
46'303.83
84'642.00
0.0
1'631.0
15'055.00
117'521.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
95'873.0
0.87x
11'685.0
7.14x
1'348.0
15.61x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.12.2009
31.12.2010
78'924.0
97'761.0
1.15x
1.10x
3'032.0
10'489.0
29.84x
10.26x
(2'640.0)
4'498.0
11.85x
Profitability
LTM-4Q
31.12.2011
106'540.0
0.93x
12'216.0
8.09x
5'667.0
6.38x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
114'297.0
1.01x
12'138.0
9.50x
6'095.0
7.24x
12'138.00
8'071.00
7.06%
6.75%
3.92%
14.60%
6.94%
0.73%
22.3%
10.7%
7.1%
5.3%
1.13
0.38
51.93%
192.90%
14.85
5.10
Price/ Cash Flow
LTM
FY+1
1.21
944.56
-2.54%
4.96%
1.208
39
3.487
3'508'146
4'011'646
3'984'654
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
106'540.0 114'297.0 116'971.5 124'085.7
3.70x
3.91x
0.45x
0.42x
12'265.0
12'193.0
12'649.2
14'408.5
8.06x
9.46x
9.29x
8.16x
5'667.0
6'095.0
4'965.6
5'999.1
1'313.0
1'314.0
6.38x
7.24x
9.33x
7.88x
8.82x
S&P Issuer Ratings
23.02.2012
Long-Term Rating
ALong-Term Outlook
STABLE
26.02.2001
Short-Term Rating
A-2
Credit Ratios
5.24
3.16
Net Debt/EBITDA
5.71
Total Debt/EBITDA
6.94
Reference
Total Debt/Equity
192.9%
Total Debt/Capital
65.0%
Asset Turnover
0.73
2.58
24.64
Inventory Days
71.73
37.55
58.83
70.00
180'000.0
60.00
160'000.0
140'000.0
50.00
120'000.0
40.00
100'000.0
30.00
80'000.0
60'000.0
20.00
40'000.0
10.00
0.00
01.01.2010
20'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Daimler AG
Holdings By:
All
Holder Name
BLACKROCK
KUWAIT INVESTMENT AU
AABAR INVESTMENTS PJ
NORGES BANK
NISSAN MOTOR CO LTD
VANGUARD GROUP INC
GOLDMAN SACHS GROUP
DIMENSIONAL FUND ADV
Firm Name
Exane BNP Paribas
AlphaValue
Macquarie
Day by Day
Morgan Stanley
Credit Suisse
Banco Sabadell
Goldman Sachs
Redburn Partners
DZ Bank AG
Barclays
Societe Generale
JPMorgan
HSBC
Bankhaus Lampe
Oddo & Cie
Bankhaus Metzler
S&P Capital IQ
Nord/LB
Hamburger Sparkasse
Natixis
EVA Dimensions
Main First Bank AG
Cyrrus
Deutsche Bank
CA Cheuvreux
Steubing AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
MAX WARBURTON
RABIH FREIHA
HANS-PETER WODNIOK
ZAFER RUZGAR
DANIEL SCHWARZ
CHRISTIAN BREITSPRECHER
VALERIE GASTALDY
STUART PEARSON
ERICH HAUSER
STEFAN BURGSTALLER
MICHAEL RAAB
CHARLES WINSTON
MICHAEL PUNZET
KRISTINA CHURCH
STEPHEN REITMAN
JOSE ASUMENDI
HORST SCHNEIDER
FRANK BILLER
CHRISTIAN LUDWIG
FRANCOIS MAURY
MARC-RENE TONN
JUERGEN PIEPER
TIM SCHULDT
JAWAHAR HINGORANI
FRANK SCHWOPE
GEORGES DIENG
CRAIG STERLING
LOTHAR LUBINETZKI
ALBRECHT DENNINGHOFF
JIRI SIMARA
JOCHEN GEHRKE
ALEXANDER NEUBERGER
TEAM COVERAGE
Source
ULT-AGG
Co File
ULT-AGG
Co File
Research
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
market perform
outperform
sell
hold
buy
outperform
hold
Equalwt/In-Line
neutral
buy
buy/attractive
reduce
sell
hold
equalweight
hold
neutral
overweight
buy
sell
neutral
hold
buy
hold
hold
buy
buy
neutral
hold
underweight
outperform
neutral
hold
hold
select list
buy
Amt Held
92'399'778
73'577'854
50'908'791
33'056'717
32'355'918
16'448'378
13'205'464
12'065'091
10'511'692
10'428'300
7'252'246
6'339'832
3'548'162
3'200'000
2'911'975
2'719'961
2'556'213
2'367'006
2'327'805
2'104'910
% Out
8.65
6.89
4.77
3.1
3.03
1.54
1.24
1.13
0.98
0.98
0.68
0.59
0.33
0.3
0.27
0.25
0.24
0.22
0.22
0.2
Weighting
Change
3
5
1
3
5
5
3
3
3
5
5
2
1
3
3
3
3
5
5
1
3
3
5
3
3
5
5
3
3
1
5
3
3
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(863'452)
(2'451'600)
361'219
17'008
3'324
1'095'300
(488'209)
6'700
(1'704'912)
339'484
(1'000)
-
Target Price
40
54
40
48
60
60
#N/A N/A
53
35
48
62
41
#N/A N/A
44
43
46
46
52
58
39
45
46
50
47
48
51
#N/A N/A
38
37
#N/A N/A
43
35
37
35
48
76
File Dt
25.03.2013
06.02.2012
31.12.2012
06.02.2012
17.09.2012
31.03.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
28.12.2012
30.09.2012
28.09.2012
31.12.2011
25.03.2013
05.10.2012
31.07.2012
31.01.2013
31.01.2013
26.03.2013
Date
12 month
Not Provided
6 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Government
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
26.03.2013
25.03.2013
21.03.2013
07.03.2013
04.03.2013
28.02.2013
28.02.2013
26.02.2013
21.02.2013
15.02.2013
13.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
06.02.2013
31.01.2013
17.01.2013
26.11.2012
16.11.2012
29.10.2012
28.10.2012
26.10.2012
10.01.2011
27.03.2013
UBS AG
UBS AG is a wealth management, investment banking, and asset management firm.
The Company provides a variety of financial services to individuals,
institutions, corporations, governments, and financial intermediaries around the
world.
Price/Volume
18
60.0 M
16
50.0 M
14
12
40.0 M
10
12/2012
12/yy
16.39
9.69
6'341'774.00
14.57
-11.10%
50.44%
76.29%
3'836.5
55'897.28
267'401.00
0.0
4'353.0
66'383.00
261'268.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
10.0 M
2
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
67'219.0
8.31x
37'052.0
15.08x
(21'292.0)
-
30.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UBSN VX EQUITY YTD Change
UBSN VX EQUITY YTD % CHANGE
31.12.2009
31.12.2010
44'432.0
46'526.0
9.56x
8.39x
19'648.0
20'964.0
21.61x
18.62x
(2'736.0)
7'534.0
7.71x
Profitability
LTM-4Q
31.12.2011
40'880.0
9.20x
17'464.0
21.53x
4'159.0
10.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
37'754.0
6.86x
15'529.0
16.67x
(2'511.0)
15'529.00
5.80%
-4.70%
-0.19%
-5.05%
-0.60%
0.03%
41.1%
-6.7%
21.24%
582.62%
-
Price/ Cash Flow
LTM
12/yy
40'870.0
36.80x
17'455.0
21.54x
4'159.0
10.07x
12/yy
37'758.0
31.69x
15'530.0
16.67x
(2'510.0)
0.00x
FY+1
1.39
3'466.72
12.80%
2.10%
1.390
41
3.756
9'808'735
11'897'070
11'651'160
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'611.9
27'675.3
6'554.0
6'657.0
3'365.2
4'672.5
563.0
786.0
16.65x
12.23x
12.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2011
A
STABLE
19.12.2008
A-1
10.52
17.22
582.6%
84.2%
0.03
6.51
-
6.00
160'000.0
140'000.0
5.00
120'000.0
4.00
100'000.0
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
0.00
01.01.2010
20'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
UBS AG
Holdings By:
All
Holder Name
UBS
FMR LLC
NORGES BANK
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
WELLINGTON MANAGEMEN
BLACKROCK
UBS FUND MANAGEMENT
ZURCHER KANTONALBANK
PICTET & CIE
CREDIT AGRICOLE SA
ALLIANCE BERNSTEIN
PZENA INVESTMENT MAN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
WELLINGTON MANAGEMEN
n/a
Multiple Portfolios
Multiple Portfolios
ZURCHER KANTONALBANK
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
CREDIT AGRICOLE SA
n/a
PZENA INVESTMENT MAN
Analyst
Barclays
KIRI VIJAYARAJAH
Mediobanca SpA
Liberum Capital Ltd
CORMAC LEECH
ARUN MELMANE
AlphaValue
DIETER HEIN
Redburn Partners
NICHOLAS WATTS
Exane BNP Paribas
DANIEL DAVIES
Goldman Sachs
JERNEJ OMAHEN
JPMorgan
KIAN ABOUHOSSEIN
Day by Day
VALERIE GASTALDY
CA Cheuvreux
CHRISTIAN STARK
Bankhaus Metzler
GUIDO HOYMANN
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
ANDREW STIMPSON
Oddo & Cie
JEAN SASSUS
DZ Bank AG
CHRISTOPH BAST
Credit Suisse
AMIT GOEL
STEFAN BONGARDT
Berenberg Bank
JAMES CHAPPELL
DIRK BECKER
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
S&P Capital IQ
FRANK BRADEN
Helvea
TIM DAWSON
Main First Bank AG
KILIAN MAIER
Commerzbank Corporates & Markets MICHAEL DUNST
ANDREW LIM
Societe Generale
DIRK HOFFMANN-BECKING
Bank Vontobel AG
TERESA NIELSEN
Morgan Stanley
HUW VAN STEENIS
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
MATT SPICK
HSBC
ROBERT MURPHY
INGO FROMMEN
Grupo Santander
AURELIA FAURE
Hamburger Sparkasse
CHRISTIAN HAMANN
ANDREAS VENDITTI
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI
Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
13F
13F
13F
Recommendation
overweight
neutral
buy
buy
reduce
buy
neutral
Buy/Neutral
overweight
hold
outperform
sell
sector perform
outperform
market perform
neutral
sell
neutral
hold
buy
reduce
buy
buy
buy
accumulate
outperform
hold
buy
hold
buy
Overwt/In-Line
sell
hold
overweight
hold
underweight
hold
outperform
hold
buy
Amt Held
245'633'960
197'716'980
134'865'238
116'490'210
69'300'732
52'106'861
51'818'019
40'980'253
36'961'338
34'619'235
31'294'723
25'446'748
21'246'924
20'880'689
19'403'429
16'622'115
16'537'648
14'956'720
14'066'648
9'167'333
% Out
6.4
5.15
3.52
3.04
1.81
1.36
1.35
1.07
0.96
0.9
0.82
0.66
0.55
0.54
0.51
0.43
0.43
0.39
0.37
0.24
Weighting
Change
5
3
5
5
2
5
3
5
5
3
5
1
3
5
3
3
1
3
3
5
2
5
5
5
4
5
3
5
3
5
5
1
3
5
3
1
3
5
3
5
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
Latest Chg
(261'829)
(3'454'276)
12'874'066
(4'992'827)
(1'332'781)
6'015'804
1'928'515
8'667'148
217'405
(58'593)
435'986
225'605
2'393'021
6'927'562
1'350'143
4'242'564
1'002'642
(1'222'625)
5'013'106
Target Price
19
17
18
24
16
#N/A N/A
16
21
21
#N/A N/A
16
13
16
19
18
18
13
15
17
17
14
18
18
18
18
18
16
20
16
18
17
#N/A N/A
16
18
17
11
#N/A N/A
#N/A N/A
#N/A N/A
11
File Dt
31.12.2012
15.03.2013
31.12.2012
27.09.2011
31.12.2012
31.01.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
30.11.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Unclassified
Investment Advisor
Government
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
18.03.2013
14.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
05.03.2013
05.03.2013
27.02.2013
27.02.2013
22.02.2013
19.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
04.02.2013
30.01.2013
25.01.2013
25.01.2013
18.01.2013
17.01.2013
07.01.2013
20.12.2012
20.12.2012
11.12.2012
07.11.2012
30.10.2012
23.10.2012
03.07.2012
27.03.2013
BG Group PLC
BG Group plc specializes in the exploration, production, transmission and
distribution of gas, oil and liquefied natural gas. The Group also develops,
owns and operates gas-fired power generation plants.
Price/Volume
1600
1400
1200
1000
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (19.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BG/ LN EQUITY YTD Change
BG/ LN EQUITY YTD % CHANGE
12/2012
12/yy
1'529.50
991.00
2'733'020.00
1116
-27.03%
12.61%
27.67%
3'402.5
37'972.06
15'507.00
0.0
57.0
4'434.00
68'477.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
23'270.8
2.83x
11'459.5
5.75x
5'790.9
10.25x
600
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
f-13 m-13
31.12.2009
31.12.2010
15'992.8
17'166.0
4.28x
4.68x
8'440.4
8'672.0
8.10x
9.27x
3'394.9
3'351.0
17.40x
20.19x
Profitability
LTM-4Q
31.12.2011
21'073.0
4.20x
10'026.0
8.83x
4'234.0
17.08x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
18'933.0
3.54x
10'198.0
6.58x
4'519.0
16.87x
10'198.00
7'605.00
40.17%
33.62%
7.14%
14.48%
10.24%
0.34%
48.7%
36.8%
23.9%
1.49
0.54
23.77%
46.94%
3.28
-
Price/ Cash Flow
LTM
12/yy
21'073.0
16.45x
10'026.0
8.83x
4'234.0
17.08x
12/yy
21'665.0
14.69x
10'561.0
6.35x
4'519.0
16.06x
FY+1
1.55
1.21
3'260.90
-23.43%
10.22%
1.212
31
4.097
5'299'171
4'937'506
5'871'065
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
20'138.5
22'918.5
5'177.0
5'244.5
3.47x
3.20x
13.26x
12.89x
10'801.0
12'887.3
2'755.0
2'722.0
6.34x
5.31x
6.17x
5.92x
4'404.7
5'280.2
1'194.5
1'174.5
12.81x
10.80x
12.17x
11.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.20
0.33
1.05
1.47
46.9%
31.9%
0.34
0.53
111.74
-
18.00
25'000.0
16.00
20'000.0
14.00
12.00
15'000.0
10.00
8.00
10'000.0
6.00
5'000.0
4.00
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BG Group PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
VANGUARD GROUP INC
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
SCHRODER INVESTMENT
STATE FARM MUTUAL AU
AXA
UBS
Firm Name
Raymond James
Jefferies
AlphaValue
Grupo Santander
Goldman Sachs
Exane BNP Paribas
JPMorgan
Societe Generale
RBC Capital Markets
HSBC
Liberum Capital Ltd
Credit Suisse
Equita SIM SpA
Macquarie
Nomura
S&P Capital IQ
Barclays
Morgan Stanley
Investec
EVA Dimensions
Day by Day
Deutsche Bank
CA Cheuvreux
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
BERTRAND HODEE
BRENDAN MICHAEL WARN
ALEXANDRE ANDLAUER
JASON KENNEY
MICHELE DELLA VIGNA
OSWALD CLINT
RICHARD GRIFFITH
FREDERICK G LUCAS
IRENE HIMONA
GORDON GRAY
JEFFREY A DIETERT
PETER HUTTON
PAUL SPEDDING
ANDREW WHITTOCK
THOMAS YOICHI ADOLFF
SVEN DIERMEIER
MASSIMO BONISOLI
JASON D GAMMEL
THEEPAN JOTHILINGAM
CHRISTINE TISCARENO
RAHIM KARIM
MARTIJN P RATS
STUART JOYNER
CRAIG STERLING
VALERIE GASTALDY
LUCAS HERRMANN
ANISH KAPADIA
JEAN-CHARLES LACOSTE
GERARD LANE
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
REG
REG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
buy
sell
buy
Buy/Cautious
outperform
buy
outperform
overweight
hold
buy
overweight
outperform
overweight
hold
neutral
hold
buy
neutral
buy
buy
overweight
Equalwt/In-Line
sell
overweight
hold
hold
hold
suspended coverage
not rated
Amt Held
253'990'367
152'363'377
120'599'210
102'081'949
94'465'521
92'621'382
64'366'135
57'396'054
48'293'192
45'954'406
42'153'440
41'754'612
40'100'800
40'085'000
39'857'836
39'552'694
38'280'582
34'797'279
33'967'551
33'600'933
% Out
7.46
4.48
3.54
3
2.78
2.72
1.89
1.69
1.42
1.35
1.24
1.23
1.18
1.18
1.17
1.16
1.13
1.02
1
0.99
Weighting
Change
5
5
1
5
5
5
5
5
5
3
5
5
5
5
3
3
3
5
3
5
5
5
3
1
5
3
3
3
#N/A N/A
#N/A N/A
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
D
M
M
M
Latest Chg
14'804'992
1'010'042
(4'289'039)
(22'980'265)
11'446'507
5'290'403
4'003'911
3'496'882
5'128'695
1'265'240
1'734'497
14'104'546
1'113'800
13'734'613
22'192'928
1'790'949
(9'463'064)
4'544'498
1'321'095
Target Price
1'400
1'700
942
1'395
1'600
1'890
#N/A N/A
1'470
1'600
1'200
1'300
#N/A N/A
1'360
1'815
1'268
1'150
1'200
1'415
1'300
1'500
1'400
1'420
1'110
1'000
#N/A N/A
#N/A N/A
1'350
1'500
#N/A N/A
#N/A N/A
File Dt
25.03.2013
01.01.2013
01.01.2013
31.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
31.01.2013
31.01.2013
31.01.2013
Date
Not Provided
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Investment Advisor
Unclassified
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
26.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
18.03.2013
07.03.2013
25.02.2013
21.02.2013
21.02.2013
19.02.2013
18.02.2013
15.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
15.01.2013
05.11.2012
02.11.2012
01.11.2012
20.09.2012
05.03.2012
27.03.2013
BNP Paribas SA
BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Price/Volume
60
18.0 M
16.0 M
50
14.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.01.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BNP FP EQUITY YTD Change
BNP FP EQUITY YTD % CHANGE
12/2012
12/yy
47.92
24.54
5'737'570.00
39.205
-18.02%
59.79%
67.71%
1'242.3
48'702.88
1'012'615.00
7'241.0
8'536.0
139'568.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
8.0 M
20
6.0 M
4.0 M
10
2.0 M
0
m-12
31.12.2009
31.12.2010
70'526.0
72'848.0
5'832.0
7'843.0
10.75x
7.52x
Profitability
31.12.2011
71'009.0
6'050.0
6.30x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
68'664.0
6'553.0
8.25x
22.58%
22.58%
0.34%
8.93%
0.63%
0.05%
14.3%
53.09%
1287.58%
-
Price/ Cash Flow
j-12
LTM-4Q
LTM
12/yy
11'685.0
0.00x
0.0
0.00x
6'050.0
6.02x
12/yy
2'593.0
0.00x
0.0
0.00x
6'553.0
7.78x
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
1.53
1'096.19
9.91%
-7.94%
1.528
37
4.216
5'967'429
5'061'097
4'306'896
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
40'100.7
41'381.3
10'526.0
10'144.0
6'165.6
7'031.9
1'658.0
1'498.0
7.82x
6.85x
8.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.10.2012
A+
NEG
25.10.2012
A-1
1287.6%
91.5%
0.05
4.07
-
4.00
90'000.0
3.50
80'000.0
3.00
70'000.0
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
78'052.0
3'021.0
9.85x
12.0 M
30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BNP Paribas SA
Holdings By:
All
Holder Name
BELGIAN STATE
AXA
BLACKROCK
FRANKLIN RESOURCES
FMR LLC
STATE OF LUXEMBOURG
VANGUARD GROUP INC
AVIVA PLC
AMUNDI
LBPAM
SCHRODER INVESTMENT
JANUS CAPITAL MANAGE
DODGE & COX
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst

JEAN-PIERRE LAMBERT
Mediobanca SpA
ANTONIO GUGLIELMI
RBC Capital Markets
ANKE REINGEN
Redburn Partners
GEORGE KARAMANOS
AlphaValue
CHRISTOPHE NIJDAM
Societe Generale
SEBASTIEN LEMAIRE
Macquarie
PIERS BROWN
Day by Day
VALERIE GASTALDY
S&P Capital IQ
WILLIAM HOWLETT
Credit Suisse
MAXENCE LE GOUVELLO
Grupo Santander
AURELIA FAURE
JPMorgan
DELPHINE LEE
Oddo & Cie
JEAN SASSUS
Barclays
JEREMY SIGEE
HSBC
ROBIN DOWN
Deutsche Bank
FLORA BENHAKOUN
BENOIT PETRARQUE
Nomura
JON PEACE
Morgan Stanley
THIBAULT NARDIN
INGO FROMMEN
CA Cheuvreux
CYRIL MEILLAND
Hamburger Sparkasse
CHRISTIAN HAMANN
Banco Sabadell
MARIO LODOS
Natixis
ALEX KOAGNE
Main First Bank AG
FEDERICO SALERNO
STEFAN BONGARDT
PIERRE CHEDEVILLE
ANDREW LIM
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Berenberg Bank
JAMES CHAPPELL
EVA Dimensions
AUSTIN BURKETT
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
outperform
neutral
outperform
buy
add
buy
underperform
hold
buy
outperform
buy
neutral
buy
overweight
overweight
hold
buy
buy
Overwt/In-Line
hold
select list
hold
buy
buy
outperform
buy
buy
buy
neutral
Buy/Neutral
sell
hold
hold
buy
buy
Amt Held
129'166'979
66'464'562
23'279'417
18'754'945
16'235'239
16'011'192
14'387'267
12'540'483
12'412'585
9'991'341
5'974'797
5'548'626
5'066'891
5'050'237
4'981'512
3'846'420
3'793'501
3'752'412
3'700'000
3'357'750
% Out
10.4
5.35
1.87
1.51
1.31
1.29
1.16
1.01
1
0.8
0.48
0.45
0.41
0.41
0.4
0.31
0.31
0.3
0.3
0.27
Weighting
Change
5
3
5
5
4
5
1
3
5
5
5
3
5
5
5
3
5
5
5
3
5
3
5
5
5
5
5
5
3
5
1
3
3
5
5
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
55'392
(517'367)
760'566
(4'223'421)
620'876
476'466
215'029
(227'149)
(313'400)
(6'900)
(63'407)
(358'290)
50'313
263'565
(1'668'815)
264'979
Target Price
57
47
55
#N/A N/A
48
56
41
#N/A N/A
50
59
55
48
55
54
55
52
50
56
55
48
56
#N/A N/A
48
61
55
53
56
49
43
70
25
#N/A N/A
#N/A N/A
50
39
File Dt
Inst Type
31.12.2012
Government
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
18 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
04.03.2013
28.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
06.02.2013
30.01.2013
28.01.2013
28.01.2013
17.01.2013
23.10.2012
19.06.2012
08.05.2012
27.03.2013
Unilever PLC
Unilever PLC manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with UNA NA.
Price/Volume
3000
2500
2000
1500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ULVR LN EQUITY YTD Change
ULVR LN EQUITY YTD % CHANGE
12/2012
12/yy
2'782.00
1'993.00
997'753.00
2741
-1.51%
37.53%
97.34%
1'283.5
80'938.10
10'221.00
0.0
557.0
2'866.00
103'634.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
500
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
40'523.0
1.35x
6'793.0
8.04x
5'027.0
9.21x
1000
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
31.12.2009
31.12.2010
39'823.0
44'262.0
1.75x
1.62x
6'887.0
7'620.0
10.14x
9.40x
3'370.0
4'244.0
18.57x
15.17x
Profitability
LTM-4Q
31.12.2011
46'467.0
1.77x
7'921.0
10.40x
4'252.0
17.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
51'324.0
1.76x
8'379.0
10.79x
4'480.0
18.39x
8'379.00
7'180.00
13.99%
13.02%
9.56%
30.42%
19.56%
1.10%
40.2%
16.3%
14.0%
8.7%
0.77
0.36
22.14%
67.43%
18.04
-
Price/ Cash Flow
LTM
12/yy
46'467.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
51'324.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.99
0.58
1'212.16
37.43%
16.78%
0.582
28
3.786
2'216'493
2'116'801
2'150'922
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'508.8
56'551.8
12'678.3
13'837.2
1.91x
1.78x
8'790.1
9'406.3
11.78x
11.01x
4'919.9
5'363.3
1'120.0
1'140.0
19.16x
17.64x
18.96x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.10.2000
A+
STABLE
05.10.2000
A-1
15.93
12.17
0.88
1.22
67.4%
39.4%
1.10
5.63
20.29
-8.85
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Unilever PLC
Holdings By:
All
Holder Name
BLACKROCK
The Leverhulme Trust
LEGAL & GENERAL
SCOTTISH WIDOWS
MORGAN STANLEY
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
FMR LLC
UBS
SCHRODER INVESTMENT
VANGUARD GROUP INC
CEDAR ROCK CAPITAL L
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

ANDREW WOOD
GRAHAM JONES
AlphaValue
SOPHIE CABO-BROSETA
DARREN SHIRLEY
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
CHRIS WICKHAM
Mirabaud Securities
JULIAN LAKIN
RBC Capital Markets
Credit Suisse
CHARLES MILLS
Liberum Capital Ltd
PABLO ZUANIC
Investec
MARTIN DEBOO
Day by Day
VALERIE GASTALDY
Goldman Sachs
ALEXIS COLOMBO
Barclays
IAIN SIMPSON
HSBC
CEDRIC BESNARD
EVA Dimensions
AUSTIN BURKETT
JPMorgan
CELINE PANNUTI
Berenberg Bank
JAMES TARGETT
Deutsche Bank
HAROLD THOMPSON
Jefferies
ALEX HOWSON
S&P Capital IQ
CARL SHORT
Redburn Partners
JEREMY FIALKO
ALEX SMITH
Nord/LB
WOLFGANG VASTERLING
Nomura
DAVID HAYES
Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
Recommendation
outperform
buy
sell
buy
neutral
Equalwt/In-Line
hold
hold
underperform
neutral
buy
buy
buy
Buy/Neutral
overweight
overweight
overweight
overweight
buy
hold
buy
hold
neutral
neutral
hold
reduce
Amt Held
74'570'243
70'566'764
43'844'579
33'695'100
29'379'103
23'491'012
20'988'391
18'808'791
18'578'700
18'031'348
17'496'650
17'373'510
17'220'914
17'139'553
15'546'745
15'205'740
14'967'376
14'171'028
14'055'878
13'353'349
% Out
5.81
5.5
3.42
2.63
2.29
1.83
1.64
1.47
1.45
1.4
1.36
1.35
1.34
1.34
1.21
1.18
1.17
1.1
1.1
1.04
Weighting
Change
5
5
1
5
3
3
3
3
1
3
5
5
5
5
5
5
5
5
5
3
5
3
3
3
3
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(19'403)
521'877
7'368'008
7'492'327
938'955
7'437'850
1'103'042
313'701
4'229'196
82'924
164'900
257'035
(1'458'747)
(1'475'510)
(201'301)
931'645
(229'486)
Target Price
2'700
3'000
2'419
#N/A N/A
2'900
2'200
2'800
2'800
2'800
2'800
3'250
2'900
2'740
3'100
2'900
2'940
#N/A N/A
2'850
2'800
2'520
2'460
2'600
#N/A N/A
2'280
#N/A N/A
1'870
File Dt
25.03.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
31.12.2012
02.01.2013
02.01.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
3 month
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
20.02.2013
11.02.2013
07.02.2013
31.01.2013
30.01.2013
29.01.2013
28.01.2013
25.01.2013
23.01.2013
23.01.2013
23.01.2013
24.09.2012
14.09.2012
03.07.2012
17.01.2012
27.03.2013
Barclays PLC
Barclays PLC is a global financial services provider engaged in retail banking,
credit cards, wholesale banking, investment banking, wealth management and
investment management services.
Price/Volume
350
250.0 M
300
200.0 M
250
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BARC LN EQUITY YTD Change
BARC LN EQUITY YTD % CHANGE
12/2012
12/yy
330.05
148.20
32'712'750.00
284.95
-13.71%
92.27%
76.44%
12'860.7
36'646.46
437'951.00
0.0
9'371.0
128'120.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
150
100.0 M
100
50.0 M
50
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
37'159.0
4'382.0
3.00x
200
31.12.2009
31.12.2010
41'789.0
40'058.0
9'393.0
3'564.0
11.49x
8.60x
Profitability
LTM-4Q
31.12.2011
38'428.0
3'007.0
7.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
38'837.0
(1'041.0)
22.09%
0.79%
-0.07%
-1.91%
-0.05%
0.02%
-3.3%
29.39%
817.29%
-
Price/ Cash Flow
LTM
12/yy
36'004.0
0.00x
0.0
0.00x
3'007.0
7.01x
12/yy
31'035.0
0.00x
0.0
0.00x
(1'043.0)
0.00x
FY+1
2.28
1.87
11'270.39
16.28%
9.78%
1.874
33
4.091
54'646'920
52'266'530
48'537'040
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
29'393.8
30'155.3
-6.82x
-7.32x
4'621.6
5'542.0
7.74x
6.46x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2011
A
NEG
19.12.2008
A-1
817.3%
87.4%
0.02
5.30
-
35.00
45'000.0
30.00
40'000.0
35'000.0
25.00
30'000.0
20.00
25'000.0
15.00
20'000.0
15'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Barclays PLC
Holdings By:
All
Holder Name
QATAR HOLDINGS LLC
AL NAHYAN MANSOUR BI
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
UPPER CHANCE GROUP L
DODGE & COX
DODGE & COX
UBS
BARCLAYS PERSONAL IN
SUMITOMO MITSUI FINA
VANGUARD GROUP INC
FRANKLIN RESOURCES
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
ORBIS INVESTMENT MAN
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

MICHAEL J TRIPPITT
Mediobanca SpA
Morgan Stanley
CHRISTOPHER MANNERS
Investec
IAN GORDON
AlphaValue
DAVID GRINSZTAJN
EVA Dimensions
AUSTIN BURKETT
Macquarie
EDWARD FIRTH
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
VIVEK RAJA
Grupo Santander
ARTURO DE FRIAS
JPMorgan
RAUL SINHA
RBC Capital Markets
FIONA SWAFFIELD
Baden Hill LLP
JAMIE MOYES
MARK J PHIN
Societe Generale
JAMES INVINE
HSBC
PETER TOEMAN
SHAILESH RAIKUNDLIA
CHIRANTAN BARUA
Goldman Sachs
FREDERIK THOMASEN
Redburn Partners
FAHED KUNWAR
GARY GREENWOOD
Deutsche Bank
JASON NAPIER
Credit Suisse
CARLA ANTUNES-SILVA
S&P Capital IQ
FRANK BRADEN
STEFAN BONGARDT
GARETH HUNT
Berenberg Bank
JAMES CHAPPELL
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
CORMAC LEECH
Source
REG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
Recommendation
buy
outperform
Overwt/In-Line
buy
add
hold
neutral
reduce
outperform
buy
buy
overweight
outperform
sell
outperform
buy
overweight
buy
outperform
neutral/neutral
buy
hold
buy
neutral
buy
buy
hold
sell
hold
hold
Amt Held
813'964'552
758'437'618
690'750'564
492'619'694
446'002'615
407'194'329
304'001'751
293'887'216
248'872'808
248'069'617
247'149'298
235'301'396
214'395'988
210'027'061
194'608'412
150'580'109
149'488'179
146'704'193
129'472'703
127'348'130
% Out
6.33
5.9
5.37
3.83
3.47
3.17
2.36
2.29
1.94
1.93
1.92
1.83
1.67
1.63
1.51
1.17
1.16
1.14
1.01
0.99
Weighting
Change
5
5
5
5
4
3
3
2
5
5
5
5
5
1
5
5
5
5
5
3
5
3
5
3
5
5
3
1
3
3
M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
U
D
M
M
M
M
R
U
M
M
M
D
Latest Chg
120'690'937
13'623'199
(55'814'797)
44'011'198
9'654'863
(19'000'000)
(4'091'569)
(58'772'408)
(18'528'345)
(259'690)
(3'613'787)
(11'569'337)
6'134'884
2'971'061
(9'688'810)
Target Price
400
425
438
345
363
#N/A N/A
320
305
400
380
340
375
375
#N/A N/A
400
380
400
418
400
340
#N/A N/A
#N/A N/A
380
290
380
350
280
160
#N/A N/A
230
File Dt
01.02.2013
26.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
29.01.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
Date
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Government
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
27.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
14.03.2013
12.03.2013
11.03.2013
05.03.2013
01.03.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
07.01.2013
14.11.2012
27.03.2013
ABB Ltd
ABB Limited provides power and automation technologies. The Company operates
under segments that include power products, power systems, automation products,
process automation and robotics.
Price/Volume
25
35.0 M
30.0 M
20
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (15.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABBN VX EQUITY YTD Change
ABBN VX EQUITY YTD % CHANGE
12/2012
12/yy
21.90
14.45
2'742'079.00
21.5
-1.78%
48.79%
96.38%
2'314.7
49'766.98
10'071.00
0.0
540.0
8'481.00
54'314.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
10
15.0 M
10.0 M
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
34'912.0
0.83x
5'259.0
5.48x
3'118.0
10.76x
15
31.12.2009
31.12.2010
31'795.0
31'589.0
1.18x
1.42x
4'892.0
4'733.0
7.67x
9.49x
2'901.0
2'561.0
15.27x
19.85x
Profitability
LTM-4Q
31.12.2011
37'990.0
1.10x
5'688.0
7.37x
3'168.0
13.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
39'336.0
1.25x
5'294.0
9.31x
2'704.0
17.40x
5'294.00
4'112.00
10.45%
9.76%
6.10%
16.55%
12.65%
0.89%
28.9%
13.8%
10.8%
6.9%
1.48
0.88
20.52%
59.57%
4.92
4.69
Price/ Cash Flow
LTM
12/yy
37'990.0
5.09x
5'688.0
7.37x
3'168.0
13.65x
12/yy
39'336.0
4.69x
5'420.0
9.09x
2'704.0
17.55x
FY+1
1.30
2'145.67
20.85%
14.67%
1.297
40
3.975
4'395'438
6'291'519
5'805'561
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
41'638.8
43'829.2
9'570.4
10'328.8
1.27x
1.16x
5.63x
5.33x
6'314.5
6'986.9
1'410.0
1'585.6
8.59x
7.76x
8.58x
3'467.4
3'927.1
740.6
852.2
14.82x
13.08x
15.03x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
08.06.2010
A
STABLE
08.06.2010
A-1
18.07
13.66
0.29
1.86
59.6%
36.6%
0.89
7.24
74.36
78.02
63.02
89.35
25.00
45'000.0
40'000.0
20.00
35'000.0
30'000.0
15.00
25'000.0
20'000.0
10.00
15'000.0
10'000.0
5.00
5'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ABB Ltd
Holdings By:
All
Holder Name
INVESTOR AB
BLACKROCK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
NORDEA FONDER AB/SWE
UBS FUND MANAGEMENT
PICTET & CIE
SEB
SKAGEN AS
AMF FONDER AB
INVESCO LTD
FOLKSAM LO FOND AB
VONTOBEL ASSET MANAG
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Morgan Stanley
BEN UGLOW
Societe Generale
SEBASTIEN GRUTER
JPMorgan
ANDREAS WILLI
SEB Enskilda
DANIEL SCHMIDT
Bank Vontobel AG
TAKIS SPILIOPOULOS
Exane BNP Paribas
OLIVIER ESNOU
Credit Suisse
SIMON TOENNESSEN
JAMES STETTLER
MARTIN PROZESKY
AlphaValue
HEINZ STEFFEN
ABG Sundal Collier
ANDERS IDBORG
Berenberg Bank
WILLIAM MACKIE
Nomura
DANIEL CUNLIFFE
HSBC
COLIN GIBSON
CHRISTOPH LADNER
ROB VIRDEE
RBC Capital Markets
ANDREW CARTER
VOLKER STOLL
EVA Dimensions
CRAIG STERLING
RICHARD FREI
Hamburger Sparkasse
MARCO GUENTHER
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Deutsche Bank
MARTIN WILKIE
MARKUS FRIEBEL
Carnegie
KENNETH TOLL JOHANSSON
ANDREAS BROCK
Helvea
STEFAN GAECHTER
Danske Markets
CARL GUSTAFSSON
Handelsbanken
HAMPUS ENGELLAU
S&P Capital IQ
JAWAHAR HINGORANI
Day by Day
VALERIE GASTALDY
Goldman Sachs
DANIELA COSTA
Natixis
ARNAUD SCHMIT
Swedbank
MATS LISS
Redburn Partners
JAMES MOORE
Pareto Securities
DAVID JACOBSSON
Hammer Partners SA
ALBERTO ROLLA
Source
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
Underwt/Cautious
buy
underweight
buy
buy
outperform
outperform
hold
outperform
reduce
buy
buy
buy
neutral
hold
buy
sector perform
buy
sell
outperform
buy
outperform
overweight
sell
hold
buy
hold
buy
buy
buy
hold
hold
Buy/Neutral
neutral
buy
neutral
hold
buy
Amt Held
166'330'142
88'462'667
35'119'051
29'262'198
25'109'683
24'899'512
21'472'243
14'648'213
14'044'104
13'037'893
12'570'926
10'421'737
9'443'400
8'508'473
6'992'268
6'861'907
6'064'784
6'061'300
5'600'000
3'862'588
% Out
7.19
3.82
1.52
1.26
1.08
1.08
0.93
0.63
0.61
0.56
0.54
0.45
0.41
0.37
0.3
0.3
0.26
0.26
0.24
0.17
Weighting
Change
1
5
1
5
5
5
5
3
5
2
5
5
5
3
3
5
3
5
1
5
5
5
5
1
3
5
3
5
5
5
3
3
5
3
5
3
3
5
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
627'553
(673'708)
107'985
1'143'030
(27'565)
(40'148)
(1'721'905)
4'968'827
474'429
1'877'700
(2'513'786)
(81'762)
5'064'054
1'403
21'000
23'640
Target Price
18
25
21
23
25
25
26
20
25
22
25
25
27
23
20
25
22
25
#N/A N/A
#N/A N/A
#N/A N/A
24
24
18
22
#N/A N/A
21
25
23
26
23
#N/A N/A
24
19
20
#N/A N/A
17
27
File Dt
04.01.2011
25.03.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.11.2012
31.01.2013
31.12.2012
31.01.2013
25.02.2013
28.02.2013
31.12.2012
21.03.2013
28.02.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
30.11.2012
Date
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
14.03.2013
14.03.2013
13.03.2013
08.03.2013
08.03.2013
08.03.2013
04.03.2013
20.02.2013
20.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
17.01.2013
21.12.2012
11.12.2012
08.10.2012
27.07.2012
05.08.2010
27.03.2013
Reckitt Benckiser Group PLC

Reckitt Benckiser Group PLC manufactures and distributes a wide range of
household, toiletry, pharmaceutical and food products on a global basis. The
Company's products include fabric treatments , disinfectant spray and cleaners,
dishwashing detergent, personal care, food, and prescription drugs.
Price/Volume
6000
9.0 M
8.0 M
5000
7.0 M
4000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RB/ LN EQUITY YTD Change
RB/ LN EQUITY YTD % CHANGE
12/2012
12/yy
4'850.00
3'274.00
555'972.00
4760
-1.86%
45.39%
97.59%
716.6
34'108.57
3'274.00
0.0
1.0
891.00
36'492.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
4.0 M
2000
3.0 M
2.0 M
1000
0
m-12
1.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
6'563.0
2.96x
1'612.0
12.05x
1'120.0
16.36x
6.0 M
3000
31.12.2009
31.12.2010
7'753.0
8'453.0
3.10x
3.28x
2'030.0
2'375.0
11.84x
11.66x
1'418.0
1'568.0
16.87x
16.28x
Profitability
LTM-4Q
31.12.2011
9'485.0
2.65x
2'644.0
9.49x
1'745.0
13.26x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
9'567.0
3.23x
2'718.0
11.36x
1'829.0
15.36x
2'718.00
2'570.00
26.86%
25.30%
12.52%
31.45%
21.32%
0.66%
57.9%
28.4%
26.9%
19.1%
0.47
0.14
21.71%
55.29%
5.40
Price/ Cash Flow
LTM
12/yy
9'485.0
5.53x
0.0
0.00x
1'745.0
13.26x
12/yy
9'567.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.82
0.66
636.76
38.22%
24.79%
0.659
35
2.829
1'256'764
1'269'506
1'075'968
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'109.4
10'596.5
2'452.0
2'473.0
3.57x
3.32x
2'773.4
2'922.0
13.16x
12.49x
1'949.1
2'043.3
17.94x
16.96x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.12.2003
A+
STABLE
01.05.1990
A-1
66.29
62.24
0.88
1.20
55.3%
35.6%
0.66
13.03
67.80
23.86
20.00
12'000.0
18.00
10'000.0
16.00
14.00
8'000.0
12.00
6'000.0
10.00
8.00
4'000.0
6.00
4.00
2'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Reckitt Benckiser Group PLC

Holdings By:
All
Holder Name
JAB INVESTMENTS BV
INVESCO LTD
BLACKROCK
FMR LLC
LEGAL & GENERAL
SCOTTISH WIDOWS
MORGAN STANLEY
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
UBS
VANGUARD GROUP INC
FIRST MANHATTAN CO A
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
FIRST MANHATTAN COMP
Analyst

GRAHAM JONES
ANDREW WOOD
AlphaValue
ARMELLE MOULIN
CHRIS WICKHAM
Grupo Santander
PEDRO GIL
RBC Capital Markets
Credit Suisse
CHARLES MILLS
Berenberg Bank
SETH PETERSON
Liberum Capital Ltd
PABLO ZUANIC
Morgan Stanley
ERIK SJOGREN
Goldman Sachs
ROSIE EDWARDS
EDDY HARGREAVES
Societe Generale
Mirabaud Securities
JULIAN LAKIN
Investec
MARTIN DEBOO
JPMorgan
CELINE PANNUTI
Jefferies
ALEX HOWSON
Exane BNP Paribas
EAMONN FERRY
LARS LUSEBRINK
Raymond James
HSBC
CEDRIC BESNARD
Nomura
GUILLAUME DELMAS
Barclays
IAIN SIMPSON
Commerzbank Corporates & Markets ANDREAS RIEMANN
Deutsche Bank
HAROLD THOMPSON
DARREN SHIRLEY
S&P Capital IQ
CARL SHORT
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Redburn Partners
JEREMY FIALKO
ALEX SMITH
Source
REG
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
REG
MF-AGG
REG
REG
REG
REG
ULT-AGG
MF-AGG
13F
Recommendation
hold
outperform
reduce
add
hold
underperform
neutral
hold
sell
Equalwt/In-Line
neutral/attractive
sell
sell
hold
sell
neutral
hold
underperform
hold
outperform
neutral
buy
underweight
hold
buy
hold
hold
hold
underperform
hold
sell
sell
Amt Held
76'659'342
36'115'649
35'939'131
31'502'568
30'898'866
24'940'741
16'359'039
15'260'822
13'704'925
13'054'020
12'921'988
12'791'415
11'262'286
10'715'075
8'962'334
7'394'843
7'286'409
7'024'809
6'986'024
6'769'218
% Out
10.7
5.04
5.02
4.4
4.31
3.48
2.28
2.13
1.91
1.82
1.8
1.79
1.57
1.5
1.25
1.03
1.02
0.98
0.97
0.94
Weighting
Change
3
5
2
4
3
1
3
3
1
3
3
1
1
3
1
3
3
1
3
5
3
5
1
3
5
3
3
3
1
3
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
97'110
(3'521'895)
(1'151'170)
2'518'375
1'434'693
6'346'254
154'056
203'806
131'837
1'135'192
2'130'744
3'028'426
294'364
(645'354)
307'932
26'600
Target Price
4'700
5'000
4'543
4'700
4'200
4'500
4'900
4'490
3'500
4'300
4'320
3'425
4'000
3'950
4'260
4'300
3'640
4'000
4'700
4'630
4'700
4'900
3'700
4'300
4'800
#N/A N/A
4'600
#N/A N/A
3'750
#N/A N/A
#N/A N/A
3'140
File Dt
03.12.2012
31.01.2013
11.02.2013
25.03.2013
31.01.2013
28.02.2013
03.12.2012
03.12.2012
31.12.2012
31.01.2013
03.12.2012
03.12.2012
31.03.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
31.12.2012
31.12.2012
Date
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
21.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
05.03.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
28.01.2013
21.01.2013
17.01.2013
24.09.2012
14.09.2012
27.03.2013
Banco Bilbao Vizcaya Argentaria SA

Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
600.0 M
500.0 M
12/2012
12/yy
7.86
4.31
37'523'741.00
6.683
-14.99%
55.06%
70.23%
5'448.9
36'414.66
226'217.00
0.0
2'372.0
63'956.00
-
400.0 M
300.0 M
200.0 M
100.0 M
1
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
41'508.0
5'020.0
6.41x
700.0 M
8
7
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BBVA SQ EQUITY YTD Change
BBVA SQ EQUITY YTD % CHANGE
31.12.2009
31.12.2010
34'467.0
32'482.0
4'210.0
4'606.0
11.37x
6.46x
Profitability
LTM-4Q
31.12.2011
33'049.0
3'004.0
11.74x
31.12.2012
35'222.0
1'676.0
28.56x
5.89%
6.89%
0.27%
4.21%
0.88%
0.04%
7.0%
35.47%
546.02%
-
LTM
12/yy
20'977.0
0.00x
0.0
0.00x
3'004.0
11.25x
12/yy
22'861.0
0.00x
0.0
0.00x
1'676.0
27.22x
FY+1
1.22
5'268.16
18.44%
-2.73%
1.224
43
3.488
56'281'940
47'182'380
67'583'550
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'334.4
24'586.3
5'931.0
6'071.0
4'549.6
5'107.3
1'169.0
1'168.0
8.59x
7.62x
9.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.10.2012
BBBNEG
16.10.2012
A-3
546.0%
83.8%
0.04
3.93
-
45'000.0
40'000.0
1.00
0.80
35'000.0
30'000.0
25'000.0
0.60
20'000.0
15'000.0
0.40
0.20
10'000.0
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Banco Bilbao Vizcaya Argentaria SA

Holdings By:
All
Holder Name
BNP PARIBAS SA
INVERAVANTE INVERSIO
BLACKROCK
VANGUARD GROUP INC
FMR LLC
CORP GNRAL FINANCIER
UMB BANK N A
SANTANDER ASSET MGMT
CREDIT SUISSE ASSET
PIONEER INVESTMENT M
AVIVA PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Grupo Santander
ARTURO DE FRIAS
Mediobanca SpA
ANDREA FILTRI
ANTONIO RAMIREZ
FRANCISCO RIQUEL
Bankia Bolsa (ESN)
JAVIER BERNAT
IRMA GARRIDO
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
ALEJANDRO RUYRA DE ANDRADE
EVA Dimensions
AUSTIN BURKETT
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
JUAN PABLO LOPEZ
BPI
CARLOS JOAQUIM PEIXOTO
AlphaValue
DAVID GRINSZTAJN
La Caixa
DAVID FERNANDEZ
JUAN ALBERTO TUESTA VILANOVA
Oddo & Cie
JULIE LEGRAND
Day by Day
VALERIE GASTALDY
Banco Sabadell
MARIO LODOS
Morgan Stanley
ALVARO SERRANO
Interdin Bolsa
JAVIER RUIZ-CAPILLAS
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
Macquarie
RBC Capital Markets
PATRICK LEE
STEFAN BONGARDT
Natixis
FREDERIC TESCHNER
Nomura
DARAGH QUINN
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
INGO FROMMEN
HSBC
CARLO DIGRANDI
Barclays
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
CA Cheuvreux
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN
Source
EXCH
13G
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
outperform
strong buy
accumulate
hold
underperform
buy
overweight
hold
hold
neutral
buy
strong buy
buy
buy
overweight
buy
hold
buy
Overwt/In-Line
buy
neutral
hold
underperform
sector perform
hold
neutral
buy
sell
sell
Buy/Neutral
hold
neutral
underweight
neutral
hold
underperform
sell
sell
Amt Held
184'725'823
160'934'820
74'697'065
59'867'255
46'627'136
38'166'132
34'776'596
25'947'686
18'375'918
16'143'314
10'870'987
10'811'646
9'521'867
7'802'767
7'760'019
7'718'009
7'169'179
6'810'379
6'002'218
5'954'507
% Out
3.39
2.95
1.37
1.1
0.86
0.7
0.64
0.48
0.34
0.3
0.2
0.2
0.17
0.14
0.14
0.14
0.13
0.12
0.11
0.11
Weighting
Change
5
3
5
5
4
3
1
5
5
3
3
3
5
5
5
5
5
5
3
5
5
5
3
3
1
3
3
3
5
1
1
5
3
3
1
3
3
1
1
1
M
M
M
M
M
M
M
M
U
U
M
M
U
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
22'455'188
(86'470'698)
3'613'674
3'027'039
(9'198'725)
587'169
5'369'252
(5'614'470)
268'712
2'209'334
(3'610'744)
4'703'508
1'553'396
(2'806'444)
(121'826)
2'789'705
958'831
-
Target Price
9
7
9
9
9
7
7
8
#N/A N/A
7
8
8
9
9
10
9
8
9
#N/A N/A
8
9
9
7
#N/A N/A
6
8
8
7
8
7
7
11
8
7
6
#N/A N/A
#N/A N/A
7
6
6
File Dt
07.01.2013
24.07.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
25.03.2013
19.10.2012
31.01.2013
31.01.2013
28.12.2012
31.12.2012
30.09.2012
31.01.2013
31.01.2013
31.12.2012
31.08.2012
Date
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
18 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Bank
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
20.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
04.03.2013
27.02.2013
27.02.2013
15.02.2013
12.02.2013
12.02.2013
11.02.2013
07.02.2013
06.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
28.01.2013
23.01.2013
17.01.2013
10.01.2013
08.01.2013
04.01.2013
23.10.2012
24.08.2012
19.06.2012
06.02.2012
27.03.2013
Tesco PLC
Tesco plc is a food retailer. The Group operates stores in the United Kingdom,
Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,
Malaysia, South Korea, China, Thailand, and the United States.
Price/Volume
450
120.0 M
400
100.0 M
350
300
80.0 M
250
02/2012
01/yy
387.35
294.50
7'553'939.00
375.75
-3.01%
27.59%
84.81%
8'054.7
30'265.40
11'749.00
0.0
26.0
3'548.00
38'380.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150
40.0 M
100
20.0 M
50
0
m-12 a-12 m-12
28.02.2009
28.02.2010
53'898.0
56'910.0
0.70x
0.75x
4'122.0
4'464.0
9.09x
9.57x
2'133.0
2'327.0
12.28x
14.31x
Profitability
28.02.2011
60'455.0
0.67x
4'905.0
8.23x
2'655.0
11.79x
29.02.2012
64'539.0
0.52x
5'107.0
6.62x
2'806.0
8.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
5'107.00
3'609.00
5.59%
5.94%
5.38%
15.74%
10.57%
1.29%
8.2%
7.6%
5.2%
4.3%
0.67
0.18
23.14%
66.10%
16.61
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.93
0.73
7'643.56
16.29%
11.83%
0.726
32
3.500
14'365'660
15'072'880
15'425'250
FY+2
FQ+1
FQ+2
02/13 Y
02/14 Y
08/11 Q2 11/11 Q3
66'173.0
69'012.3
0.56x
0.51x
4'969.3
5'237.4
7.72x
7.33x
2'574.8
2'729.9
11.93x
11.28x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.07.2008
ANEG
29.07.2008
A-2
9.17
3.11
1.64
2.55
66.1%
39.8%
1.29
2.54
21.92
-
9.00
70'000.0
8.00
60'000.0
7.00
50'000.0
6.00
5.00
40'000.0
4.00
30'000.0
3.00
20'000.0
2.00
10'000.0
1.00
0.00
06.03.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

29.02.2008
47'298.0
0.79x
3'595.0
10.42x
2'124.0
14.85x
60.0 M
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TSCO LN EQUITY YTD Change
TSCO LN EQUITY YTD % CHANGE
0.0
06.09.2009
06.03.2010
06.09.2010
06.03.2011
06.09.2011
06.03.2012
06.09.2012
06.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tesco PLC
Holdings By:
All
Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
LEGAL & GENERAL
FRANKLIN RESOURCES
SCOTTISH WIDOWS
UBS
FMR LLC
MONDRIAN INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
GEICO CORP
VANGUARD GROUP INC
SILCHESTER INTL INVE
ABERDEEN
STATE STREET
GENERAL REINSURANCE
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
Jefferies
JAMES GRZINIC
Cantor Fitzgerald
MICHAEL J DENNIS
JONATHAN PRITCHARD
JPMorgan
JAIME VAZQUEZ
AlphaValue
VIRGINIE BLIN
CLIVE WILLIAM BLACK
Exane BNP Paribas
JOHN KERSHAW
Morgan Stanley
EDOUARD AUBIN
Day by Day
VALERIE GASTALDY
Credit Suisse
ANDREW KASOULIS
PHILIP DORGAN
Nomura
NICK COULTER
Redburn Partners
MARC DE SPEVILLE
Baader Bank
VOLKER BOSSE
Macquarie
SREEDHAR MAHAMKALI
EVA Dimensions
AUSTIN BURKETT
ZAFER RUZGAR
HSBC
JEROME SAMUEL
Aurel - BGC
JEAN-MARIE L'HOME
S&P Capital IQ
WILLIAM MACK
CAROLINE GULLIVER
Barclays
JAMES ANSTEAD
Investec
DAVID MCCARTHY
CA Cheuvreux
ARNAUD JOLY
Natixis
PIERRE-EDOUARD BOUDOT
Deutsche Bank
JAMES G COLLINS
FABIENNE CARON
Goldman Sachs
FRANKLIN WALDING
Merchant Securities
AMISHA CHOHAN
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
MF-AGG
REG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
buy
buy
buy
overweight
reduce
buy
neutral
Underwt/In-Line
hold
outperform
buy
buy
neutral
buy
outperform
hold
buy
overweight
sell
buy
sell
equalweight
sell
underperform
reduce
buy
hold
neutral/neutral
hold
Amt Held
408'516'187
399'699'734
398'866'198
288'620'387
249'889'001
165'943'974
118'272'907
108'307'467
107'524'181
105'137'452
99'385'239
90'584'501
90'000'000
89'847'553
86'150'000
83'932'359
81'651'783
75'403'434
74'866'027
72'862'000
% Out
5.07
4.96
4.95
3.58
3.1
2.06
1.47
1.34
1.33
1.31
1.23
1.12
1.12
1.12
1.07
1.04
1.01
0.94
0.93
0.9
Weighting
Change
5
5
5
5
2
5
3
1
3
5
5
5
3
5
5
3
5
5
1
5
1
3
1
1
2
5
3
3
3
M
M
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
Latest Chg
4'456'725
(597'509)
(342'521)
31'939'698
8'061'010
18'452'445
(407'143)
11'857'234
8'288'371
(26'435)
3'707'992
1'917'566
20'121'589
168'248
1'218'140
-
Target Price
440
443
400
425
380
#N/A N/A
375
310
#N/A N/A
430
440
430
#N/A N/A
410
400
#N/A N/A
420
410
300
380
275
360
295
320
300
394
298
375
#N/A N/A
File Dt
Inst Type
01.01.2013
Investment Advisor
01.01.2013
Government
25.03.2013
Investment Advisor
01.01.2013
Unclassified
28.02.2013
Investment Advisor
01.01.2013
Unclassified
31.01.2013
Unclassified
31.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
31.12.2012
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
28.02.2013
Unclassified
26.03.2013
Investment Advisor
01.01.2013
Insurance Company
Date
12 month
Not Provided
Not Provided
9 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
21.03.2013
19.03.2013
13.03.2013
11.03.2013
11.03.2013
06.03.2013
06.03.2013
26.02.2013
15.02.2013
12.02.2013
23.01.2013
17.01.2013
11.01.2013
10.01.2013
10.01.2013
10.01.2013
08.01.2013
04.01.2013
04.10.2012
04.10.2012
04.10.2012
24.09.2012
28.06.2012
01.05.2012
18.04.2012
27.03.2013
L'Oreal SA
L'Oreal SA manufactures, markets, and distributes health and beauty aids. The
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OR FP EQUITY YTD Change
OR FP EQUITY YTD % CHANGE
12/2012
12/yy
123.70
86.80
381'027.00
119.45
-3.44%
37.62%
93.36%
604.3
72'185.26
248.00
4.8
1'823.20
70'614.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
120
3.0 M
100
2.5 M
80
2.0 M
60
1.5 M
40
1.0 M
20
.5 M
0
m-12
31.12.2009
31.12.2010
17'472.6
19'495.8
2.72x
2.52x
3'368.7
3'757.5
14.12x
13.05x
1'792.2
2'239.7
25.41x
21.75x
Profitability
LTM-4Q
31.12.2011
20'343.1
2.33x
3'955.1
12.00x
2'438.4
19.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
22'462.7
2.72x
4'388.9
13.94x
2'867.7
21.90x
4'388.90
3'697.30
16.46%
17.25%
10.17%
14.87%
14.49%
0.80%
70.7%
19.5%
16.5%
12.8%
1.29
0.79
0.84%
1.18%
7.24
3.22
Price/ Cash Flow
j-12
j-12
LTM
12/yy
20'343.1
0.00x
0.0
0.00x
0.0
0.00x
a-12
12/yy
22'462.7
0.00x
0.0
0.00x
0.0
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.68
226.70
36.57%
13.87%
0.680
39
3.308
747'069
663'099
585'189
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
23'444.8
24'818.8
5'755.0
5'663.0
2.97x
2.75x
4'745.7
5'099.7
14.87x
13.84x
3'090.1
3'346.8
23.32x
21.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.06.2006
A-1+
127.21
99.53
-0.36
0.06
1.2%
1.2%
0.80
7.69
50.55
113.50
182.89
-18.84
25.00
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
5'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
17'541.8
2.28x
3'441.7
11.63x
1'948.3
18.82x
140
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
L'Oreal SA
Holdings By:
All
Holder Name
BETTENCOURT FAMILY
NESTLE SA
L'OREAL SA
VANGUARD GROUP INC
OWEN-JONES LINDSAY
BLACKROCK
BALYASNY ASSET MANAG
FMR LLC
LBPAM
AMUNDI
INVESCO LTD
NEW JERSEY DIVISION
AVIVA PLC
Firm Name
Portfolio Name
n/a
#N/A N/A
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Morgan Stanley
ERIK SJOGREN
ANDREW WOOD
Stifel
MARK S ASTRACHAN
AlphaValue
ARMELLE MOULIN
Jefferies
ALEX HOWSON
JPMorgan
CELINE PANNUTI
CATHERINE ROLLAND
Grupo Santander
PEDRO GIL
RBC Capital Markets
Berenberg Bank
SETH PETERSON
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
PABLO ZUANIC
Credit Suisse
ALEX MOLLOY
EDDY HARGREAVES
Exane BNP Paribas
EAMONN FERRY
BERND MUELL
Nomura
GUILLAUME DELMAS
Main First Bank AG
GAEL COLCOMBET
Barclays
IAIN SIMPSON
Raymond James
Oddo & Cie
LEOPOLD AUTHIE
Bryan Garnier & Cie
LOIC MORVAN
Redburn Partners
WILLIAM HOUSTON
Societe Generale
Commerzbank Corporates & Markets ANDREAS RIEMANN
Deutsche Bank
HAROLD THOMPSON
Goldman Sachs
ROSIE EDWARDS
LARS LUSEBRINK
Hamburger Sparkasse
CHRISTIAN HAMANN
S&P Capital IQ
CARL SHORT
DAVID WU
Natixis
PIERRE TEGNER
HSBC
CEDRIC BESNARD
EVA Dimensions
AUSTIN BURKETT
CA Cheuvreux
THOMAS MESMIN
Aurel - BGC
DAVID DA MAIA
ALEX SMITH
Banco Sabadell
IGNACIO ROMERO
DZ Bank AG
THOMAS MAUL
Source
Co File
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
Short
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Underwt/In-Line
underperform
hold
reduce
buy
overweight
buy
hold
outperform
hold
hold
buy
neutral
sell
outperform
hold
reduce
outperform
overweight
outperform
buy
buy
sell
hold
hold
hold
buy/attractive
hold
buy
hold
no rating system
neutral
overweight
underweight
suspended coverage
not rated
sell
sell
buy
Amt Held
% Out
185'661'879 30.72
178'381'021 29.52
10'454'165
1.73
5'729'800
0.95
5'647'487
0.93
4'446'174
0.74
2'998'095
0.5
2'784'467
0.46
2'526'833
0.42
(2'309'774) -0.38
1'794'714
0.3
1'415'058
0.23
1'085'268
0.18
1'056'948
0.17
831'525
0.14
805'008
0.13
725'628
0.12
661'487
0.11
511'365
0.08
457'965
0.08
Weighting
1
1
3
2
5
5
5
3
5
3
3
5
3
1
5
3
2
5
5
5
5
5
1
3
3
3
5
3
5
3
#N/A N/A
3
5
1
#N/A N/A
#N/A N/A
1
1
5
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
(1'345'900)
95'322
(516'711)
6'339
729'403
313'136
20'420
15'098
306'745
2'576
1'825
30'221
Target Price
110
95
#N/A N/A
115
106
120
125
105
134
113
#N/A N/A
130
117
94
114
105
97
120
121
120
120
118
#N/A N/A
112
113
105
143
111
#N/A N/A
115
#N/A N/A
96
121
#N/A N/A
#N/A N/A
#N/A N/A
87
92
97
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
25.03.2013
30.01.2013
31.01.2013
31.01.2013
26.03.2013
31.12.2012
31.10.2012
21.03.2013
30.06.2012
25.03.2013
31.08.2012
31.12.2012
Date
12 month
12 month
Not Provided
6 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
n/a
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
05.03.2013
25.02.2013
19.02.2013
18.02.2013
18.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
08.02.2013
17.01.2013
17.01.2013
14.01.2013
07.11.2012
30.10.2012
30.07.2012
30.07.2012
27.03.2013
Danone SA
Danone is a food processing company. The Company produces dairy products,
beverages, baby food and clinical/medical nutrition products.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (23.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BN FP EQUITY YTD Change
BN FP EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
55.78
45.61
978'390.00
53.34
-4.27%
16.96%
86.73%
634.4
33'836.87
9'522.00
0.0
63.0
3'017.00
40'404.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
15'220.0
2.09x
2'796.0
11.35x
1'313.0
19.75x
60
31.12.2009
31.12.2010
14'982.0
17'010.0
2.20x
2.11x
2'844.0
3'194.0
11.61x
11.23x
1'361.0
1'875.0
17.77x
15.42x
Profitability
LTM-4Q
31.12.2011
19'318.0
1.89x
3'486.0
10.45x
1'671.0
17.53x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
20'869.0
1.73x
3'622.0
9.99x
1'672.0
17.95x
3'622.00
2'958.00
14.17%
11.97%
5.77%
13.77%
9.13%
0.72%
50.1%
17.4%
14.2%
8.0%
0.81
0.58
32.24%
78.11%
10.75
9.66
Price/ Cash Flow
LTM
12/yy
19'318.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
20'868.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.65
538.12
5.15%
6.88%
0.648
43
3.256
1'601'629
1'865'598
1'620'926
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
22'094.1
23'461.1
5'388.0
5'667.8
1.81x
1.67x
3'782.5
4'062.6
10.67x
9.93x
1'821.8
2'033.9
16.89x
15.29x
3.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.07.2007
ASTABLE
11.07.2007
A-2
14.78
10.80
1.80
2.63
78.1%
43.7%
0.72
5.20
34.05
37.89
98.95
-27.01
14.00
25'000.0
12.00
20'000.0
10.00
15'000.0
8.00
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Danone SA
Holdings By:
All
Holder Name
GROUPE DANONE
AMUNDI SA
EURAZEO
NORGES BANK
SOFINA & HENEX GROUP
FMR LLC
CAISSE DES DEPOTS ET
FCPE FONDS GROUPE DA
VANGUARD GROUP INC
BLACKROCK
TRIAN FUND MANAGEMEN
MACKENZIE FINANCIAL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst

ANDREW WOOD
HSBC
CEDRIC BESNARD
AlphaValue
SOPHIE CABO-BROSETA
Grupo Santander
PEDRO GIL
Nomura
DAVID HAYES
Jefferies
ALEX HOWSON
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
S&P Capital IQ
CARL SHORT
Equita SIM SpA
FABIO FAZZARI
RBC Capital Markets
JON COX
Day by Day
VALERIE GASTALDY
Credit Suisse
ALEX MOLLOY
EDDY HARGREAVES
Mirabaud Securities
JULIAN LAKIN
EVA Dimensions
AUSTIN BURKETT
Berenberg Bank
JAMES TARGETT
Redburn Partners
JEREMY FIALKO
Societe Generale
WARREN L ACKERMAN
Goldman Sachs
ALEXIS COLOMBO
Hamburger Sparkasse
FRANCIS PRETRE
Oddo & Cie
LAURENCE HOFMANN
Helvea
ANDREAS VON ARX
Barclays
LIAM ROWLEY
Deutsche Bank
JAMES ISENWATER
JPMorgan
CELINE PANNUTI
LARS LUSEBRINK
Main First Bank AG
Banco Sabadell
IGNACIO ROMERO
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
ALEX SMITH
Natixis
PIERRE TEGNER
Aurel - BGC
JEAN-MARIE L'HOME
DZ Bank AG
ROBERT CZERWENSKY
Nord/LB
WOLFGANG VASTERLING
BARBARA AMBRUS
Gabelli & Co
JOSEPH A GABELLI
Source
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
market perform
overweight
add
underweight
buy
hold
neutral
buy
Underwt/In-Line
buy
buy
underperform
buy
buy
underperform
sell
hold
hold
sell
buy
hold
Buy/Neutral
hold
reduce
neutral
accumulate
equalweight
hold
neutral
hold
underperform
sell
hold
outperform
buy
neutral
hold
buy
buy
hold
buy
Amt Held
55'771'157
44'051'229
20'039'020
16'433'370
15'048'614
13'584'541
12'811'179
12'721'689
9'939'780
9'783'434
9'120'390
8'533'644
7'429'890
6'674'800
6'539'676
6'431'620
5'801'340
4'324'592
3'969'086
3'188'630
% Out
8.79
6.94
3.16
2.59
2.37
2.14
2.02
2.01
1.57
1.54
1.44
1.35
1.17
1.05
1.03
1.01
0.91
0.68
0.63
0.5
Weighting
Change
3
5
4
1
5
3
3
5
1
5
5
1
5
5
1
1
3
3
1
5
3
5
3
2
3
4
3
3
3
3
1
1
3
5
5
3
3
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
15'779
4'624'340
(112'541)
681'500
(278'200)
(418'650)
(261'299)
2'699
745'570
(54'102)
(11'912)
Target Price
53
63
65
46
60
48
57
63
45
63
66
59
59
58
54
43
49
#N/A N/A
51
#N/A N/A
53
65
#N/A N/A
47
54
61
51
45
56
55
49
56
#N/A N/A
53
56
56
50
56
#N/A N/A
51
#N/A N/A
File Dt
Inst Type
31.01.2013
Investment Advisor
31.12.2012
Corporation
31.12.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Other
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
n/a
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
25.03.2013
25.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
05.03.2013
26.02.2013
26.02.2013
22.02.2013
22.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
15.02.2013
25.01.2013
21.01.2013
08.01.2013
14.12.2012
13.12.2012
22.10.2012
10.09.2012
27.07.2012
01.11.2011
27.03.2013
National Grid PLC

National Grid PLC is an investor-owned utility company which distributes gas.
The PLC owns and operates the electricity transmission network in England and
Wales, the gas transmission network in Great Britain, and electricity
transmission networks in the Northeastern United States. National Grid also
operates the electricity transmission networks in Scotland.
Price/Volume
800
20.0 M
600
500
15.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (30.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NG/ LN EQUITY YTD Change
NG/ LN EQUITY YTD % CHANGE
03/2012
01/yy
761.00
622.50
2'242'007.00
751.5
-1.25%
20.72%
92.78%
3'664.7
27'540.49
23'025.00
0.0
7.0
2'723.00
48'475.49
31.03.2008
11'423.0
3.20x
3'589.0
10.20x
3'190.0
11.47x
10.0 M
300
200
5.0 M
100
0
m-12
31.03.2009
31.03.2010
15'624.0
14'007.0
2.41x
2.84x
4'037.0
4'309.0
9.34x
9.24x
944.0
1'386.0
14.32x
13.25x
Profitability
31.03.2011
14'343.0
2.90x
4'845.0
8.58x
2'159.0
9.30x
31.03.2012
13'832.0
3.16x
4'777.0
9.14x
2'036.0
11.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4'777.00
3'495.00
25.27%
18.50%
4.79%
26.24%
12.28%
0.28%
36.7%
27.0%
14.7%
0.94
0.61
48.64%
249.22%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
FY+1
-
5.30
0.48
3'554.87
26.31%
6.90%
0.478
23
3.478
7'055'941
7'462'578
6'748'207
FY+2
03/13 Y
03/14 Y
14'424.9
14'962.4
3.40x
3.37x
5'088.6
5'413.5
9.53x
8.96x
1'952.8
2'008.1
14.07x
13.70x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
24.08.2007
ASTABLE
24.08.2007
A-2
2.04
0.70
4.19
4.83
249.2%
71.3%
0.28
0.40
-
9.00
18'000.0
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
03.04.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
700
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
National Grid PLC

Holdings By:
All
Holder Name
BLACKROCK
CRESCENT HOLDING GMB
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
VANGUARD GROUP INC
VANGUARD GROUP INC
STOCK LENDING ACCOUN
STATE STREET
AXA
DEUTSCHE BANK PROP T
PEOPLES REPUBLIC OF
HSBC INVESTMENTS UK
NOMURA
FEDERATED INVESTORS
Firm Name
RBC Capital Markets
Exane BNP Paribas
HSBC
AlphaValue
Credit Suisse
JPMorgan
Societe Generale
Goldman Sachs
Redburn Partners
Nomura
Cantor Fitzgerald
Berenberg Bank
S&P Capital IQ
Liberum Capital Ltd
Barclays
EVA Dimensions
Deutsche Bank
Day by Day
Morgan Stanley
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
JOHN MUSK
IAIN TURNER
VERITY MITCHELL
MYRIAM COHEN
MARK FRESHNEY
EDMUND REID
ASHLEY THOMAS
ANDREW MEAD
JAMIE TUNNICLIFFE
JONATHAN CONSTABLE
ANGELOS ANASTASIOU
LAWSON STEELE
CLIVE ROBERTS
GUILLAUME REDGWELL
PETER BISZTYGA
AUSTIN BURKETT
MARTIN BROUGH
VALERIE GASTALDY
BOBBY CHADA
SVEN DIERMEIER
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
outperform
overweight
reduce
outperform
neutral
sell
Sell/Neutral
buy
buy
sell
hold
hold
hold
overweight
underweight
sell
buy
Overwt/In-Line
hold
Amt Held
399'638'038
182'630'798
149'414'285
132'427'487
94'750'614
90'428'903
69'496'919
66'845'989
60'226'673
44'812'821
43'614'734
42'803'435
37'994'117
35'193'432
34'419'117
33'236'568
28'398'916
27'260'666
24'997'793
24'687'411
% Out
10.9
4.98
4.08
3.61
2.59
2.47
1.9
1.82
1.64
1.22
1.19
1.17
1.04
0.96
0.94
0.91
0.77
0.74
0.68
0.67
Weighting
Change
5
5
5
2
5
3
1
1
5
5
1
3
3
3
5
1
1
5
5
3
M
M
U
M
M
U
M
M
M
M
N
N
M
N
M
M
M
M
M
M
Latest Chg
(35'637'904)
2'720'054
15'922'916
1'757'999
(1'736'674)
(12'319'399)
3'422'249
(2'034'154)
4'093'896
18'660'830
(1'278'846)
(2'110'950)
19'219'117
14'402'655
5'959'620
1'333'083
1'812'745
Target Price
800
780
850
692
800
720
634
604
#N/A N/A
735
617
700
727
730
785
#N/A N/A
600
786
775
710
File Dt
21.02.2013
25.03.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
31.12.2012
03.12.2012
03.12.2012
03.12.2012
26.03.2013
31.01.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Other
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
18.03.2013
11.03.2013
11.03.2013
08.03.2013
28.02.2013
11.02.2013
05.02.2013
29.01.2013
25.01.2013
25.01.2013
17.01.2013
07.01.2013
04.01.2013
13.12.2012
21.11.2012
27.03.2013
Zurich Insurance Group AG

Zurich Insurance Group AG provides insurance-based financial services. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.
Price/Volume
300
1.4 M
250
1.2 M
1.0 M
200
Latest Fiscal Year:

LTM as of:
52-Week High (21.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ZURN VX EQUITY YTD Change
ZURN VX EQUITY YTD % CHANGE
12/2012
12/yy
268.30
192.50
241'520.00
262.6
-2.01%
36.42%
96.57%
148.3
38'943.61
12'521.00
0.0
2'368.0
9'098.00
46'627.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
100
.4 M
50
.2 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
32'331.0
0.99x
3'039.0
9.86x
.8 M
150
Valuation Analysis
31.12.2009
31.12.2010
70'123.0
67'819.0
0.50x
0.64x
3'963.0
3'428.0
7.83x
10.92x
Profitability
LTM-4Q
31.12.2011
52'978.0
0.73x
3'750.0
8.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
70'446.0
0.64x
3'878.0
10.08x
8.34%
7.48%
0.97%
11.74%
9.17%
0.18%
5.5%
3.06%
36.30%
-
Price/ Cash Flow
LTM
12/yy
52'980.0
3.11x
0.0
0.00x
3'750.0
8.80x
12/yy
70'446.0
2.48x
0.0
0.00x
3'872.0
10.07x
FY+1
1.21
148.14
0.42
15.70%
7.89%
1.206
38
3.421
380'842
491'839
446'696
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
61'470.3
63'636.1
0.90x
4'345.8
4'578.8
1'175.0
945.0
9.60x
9.08x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
36.3%
25.4%
0.18
-
14.00
80'000.0
12.00
70'000.0
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Zurich Insurance Group AG

Holdings By:
All
Holder Name
BLACKROCK
NORGES BANK
ABERDEEN
FMR LLC
CREDIT SUISSE
CREDIT SUISSE ASSET
VANGUARD GROUP INC
FRANKLIN RESOURCES
UBS FUND MANAGEMENT
PICTET & CIE
TWEEDY BROWNE COMPAN
SCHRODER INVESTMENT
UMB BANK N A
MORGAN STANLEY
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

THOMAS SEIDL
Raymond James
DANNY JACQUES
AlphaValue
DIETER HEIN
EVA Dimensions
AUSTIN BURKETT
Exane BNP Paribas
THOMAS JACQUET
Barclays
ANDREW BROADFIELD
Oddo & Cie
NICOLAS JACOB
RBC Capital Markets
GORDON AITKEN
Morgan Stanley
MARCUS RIVALDI
Bank Vontobel AG
STEFAN SCHUERMANN
Berenberg Bank
PETER ELIOT
Credit Suisse
RICHARD BURDEN
STEFAN BONGARDT
GEORG MARTI
RALPH HEBGEN
JPMorgan
MICHAEL HUTTNER
Macquarie
HADLEY COHEN
Bankhaus Metzler
JOCHEN SCHMITT
FABRIZIO CROCE
Nomura
MICHAEL KLIEN
S&P Capital IQ
RODERICK WALLACE
Main First Bank AG
RENE LOCHER
Helvea
DANIEL BISCHOF
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Banca Akros(ESN)
MARCO CAVALLERI
CA Cheuvreux
Mediobanca SpA
MARC THIELE
Deutsche Bank
ROBIN BUCKLEY
HSBC
THOMAS FOSSARD
Day by Day
VALERIE GASTALDY
JOY FERNEYHOUGH
BEN COHEN
WERNER SCHIRMER
Societe Generale
JASON KALAMBOUSSIS
Goldman Sachs
VINIT MALHOTRA
Redburn Partners
PAUL GOODHIND
DZ Bank AG
WERNER EISENMANN
TIM PROUDLOVE
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
market perform
outperform
buy
overweight
neutral
underweight
buy
outperform
Equalwt/In-Line
hold
hold
outperform
hold
market perform
market perform
neutral
neutral
buy
hold
buy
sell
underperform
neutral
sell
hold
select list
neutral
hold
neutral
buy
buy
buy
sell
hold
Buy/Neutral
neutral
buy
underperform
Amt Held
6'491'974
4'495'862
4'377'801
2'823'083
2'525'492
2'223'047
1'927'285
1'903'054
1'414'107
802'354
760'859
716'240
619'731
558'266
444'000
433'728
374'403
362'837
311'978
296'523
% Out
4.38
3.03
2.95
1.9
1.7
1.5
1.3
1.28
0.95
0.54
0.51
0.48
0.42
0.38
0.3
0.29
0.25
0.24
0.21
0.2
Weighting
Change
3
5
5
5
3
1
5
5
3
3
3
5
3
3
3
3
3
5
3
5
1
1
3
1
3
5
3
3
3
5
5
5
1
3
5
3
5
1
M
M
M
D
M
D
M
U
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'208
(23'819)
(719'223)
787
(39'432)
22'537
10
(311)
314'544
4'556
(13'585)
18'520
16'355
353'700
13'430
45'107
56'299
29'113
Target Price
269
297
309
#N/A N/A
245
247
300
290
261
270
290
282
270
#N/A N/A
300
263
270
290
213
290
230
265
255
252
245
300
292
265
254
270
300
260
200
252
292
#N/A N/A
240
216
File Dt
Inst Type
25.03.2013
Investment Advisor
23.06.2011
Government
31.01.2012
Unclassified
31.01.2013
Investment Advisor
23.03.2010
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.03.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
6 month
12 month
Not Provided
3 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Date
27.03.2013
22.03.2013
21.03.2013
21.03.2013
14.03.2013
13.03.2013
05.03.2013
04.03.2013
26.02.2013
26.02.2013
21.02.2013
20.02.2013
19.02.2013
18.02.2013
17.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
04.02.2013
30.01.2013
24.01.2013
16.01.2013
15.01.2013
08.01.2013
18.12.2012
30.11.2012
15.11.2012
11.10.2012
15.03.2012
05.12.2011
06.05.2011
27.03.2013
Cie Financiere Richemont SA

Compagnie Financiere Richemont SA, through subsidiaries, manufactures and
retails luxury goods. The Company produces jewelry, watches, leather goods,
writing instruments, and men's and women's wear.
Price/Volume
90
6.0 M
80
5.0 M
70
60
4.0 M
50
03/2012
12/yy
81.45
48.13
716'868.00
74.1
-8.90%
53.96%
81.39%
522.0
42'548.22
851.00
0.0
9.0
4'036.00
31'891.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
2.0 M
20
1.0 M
10
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
5'290.0
3.53x
1'428.0
13.08x
1'565.0
20.48x
3.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CFR VX EQUITY YTD Change
CFR VX EQUITY YTD % CHANGE
31.03.2009
31.03.2010
5'418.0
5'176.0
1.05x
2.82x
1'345.0
1'259.0
4.23x
11.59x
1'075.0
599.0
8.94x
26.38x
Profitability
LTM-4Q
31.03.2011
6'892.0
2.72x
1'669.0
11.22x
1'090.0
20.65x
31.03.2012
8'867.0
2.41x
2'354.0
9.08x
1'544.0
16.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
2'354.00
2'045.00
23.06%
20.35%
16.06%
22.64%
0.82%
63.7%
27.5%
24.1%
17.4%
3.16
1.66
7.24%
9.89%
0.95
Price/ Cash Flow
LTM
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
7'515.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.31
521.77
31.46%
3.78%
1.306
38
4.026
1'806'983
1'480'174
1'488'347
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
10'180.3
11'043.8
2'316.2
3.05x
2.70x
2'797.3
3'069.1
11.38x
10.36x
1'938.0
2'176.6
17.53x
15.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
78.47
63.03
-1.14
0.58
9.9%
9.0%
0.82
6.66
386.45
74.31
305.95
30.00
10'000.0
9'000.0
25.00
8'000.0
7'000.0
20.00
6'000.0
15.00
5'000.0
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
03.04.2009
1'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Cie Financiere Richemont SA

Holdings By:
All
Holder Name
CARMIGNAC GESTION
BLACKROCK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
FMR LLC
PICTET & CIE
PICTET ASSET MANAGEM
ALLIANCE BERNSTEIN
Firm Name
Credit Suisse
Investec
Cantor Fitzgerald
ISI Group
Day by Day
AlphaValue
EVA Dimensions
Nomura
Exane BNP Paribas
Aurel - BGC
Oddo & Cie
Societe Generale
Renaissance Capital
Berenberg Bank
Bryan Garnier & Cie
Barclays
HSBC
Macquarie
S&P Capital IQ
Morgan Stanley
Goldman Sachs
JPMorgan
Main First Bank AG
Raymond James
Deutsche Bank
CA Cheuvreux
Bank Vontobel AG
Redburn Partners
BNP Paribas Cadiz Securities
Natixis
Avior Research
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ROGERIO FUJIMORI
JON COX
THANE DUFF
ALLEGRA PERRY
OMAR SAAD
VALERIE GASTALDY
VIRGINIE BLIN
CRAIG STERLING
CHRISTOPHER WALKER
LUCA GIUSEPPE SOLCA
DAVID DA MAIA
LEOPOLD AUTHIE
THIERRY COTA
MARIO ORTELLI
REY WIUM
LARS LUSEBRINK
JOHN GUY
DANA TELSEY
LOIC MORVAN
HELEN NORRIS
ERWAN RAMBOURG
WYNAND VAN ZYL
JASON ASAEDA
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
MELANIE A FLOUQUET
PATRIK SCHWENDIMANN
MATTHIAS EIFERT
MARC WILLAUME
FRANCESCA DI PASQUANTONIO
THOMAS MESMIN
RENE WEBER
ANNABEL GLEESON
SHAMIL ISMAIL
JOSEPHINE CHEVALLIER
MATHEW MENEZES
Source
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
buy
hold
hold
strong buy
hold
reduce
underweight
buy
outperform
buy
buy
buy
outperform
sell
buy
hold
no rating system
buy
overweight
neutral
outperform
hold
Equalwt/In-Line
Buy/Neutral
neutral
market perform
outperform
strong buy
buy
outperform
hold
buy
hold
neutral
neutral
Amt Held
12'427'709
9'166'906
8'606'776
7'764'653
7'459'676
7'162'235
6'983'477
5'275'767
4'749'863
3'424'524
3'141'085
3'073'903
2'829'979
2'734'006
2'457'766
1'978'900
1'666'800
1'291'101
1'266'927
1'110'872
% Out
2.38
1.76
1.65
1.49
1.43
1.37
1.34
1.01
0.91
0.66
0.6
0.59
0.54
0.52
0.47
0.38
0.32
0.25
0.24
0.21
Weighting
Change
5
5
3
3
5
3
2
1
5
5
5
5
5
5
1
5
3
#N/A N/A
5
5
3
5
3
3
5
3
3
5
5
5
5
3
5
3
3
3
M
M
M
M
M
D
M
U
M
M
M
M
M
M
M
N
M
M
M
M
M
U
M
M
M
M
D
M
M
U
M
M
N
D
M
D
Latest Chg
1'360'294
(1'002'480)
(153'770)
(5'806'400)
(43'763)
(49'746)
(11'372)
273'181
(62'997)
(123'534)
9'404
(4'415)
928'202
(809'000)
(362'873)
(2'744)
(12'780)
113'009
Target Price
85
90
87
74
80
#N/A N/A
76
#N/A N/A
83
105
86
93
95
100
76
90
72
84
82
86
83
90
80
74
114
72
#N/A N/A
83
90
86
88
80
#N/A N/A
64
60
70
File Dt
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
21.02.2013
15.02.2013
10.02.2013
01.02.2013
28.01.2013
24.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
18.01.2013
16.01.2013
14.01.2013
09.01.2013
07.01.2013
27.11.2012
02.11.2012
05.09.2012
27.03.2013
Prudential PLC
Prudential plc is an international company which provides a wide assortment of
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.
Price/Volume
1200
12.0 M
12/2012
12/yy
1'178.00
654.50
3'035'145.00
1050
-10.87%
60.43%
84.72%
2'557.3
26'851.58
6'832.00
0.0
5.0
5'074.00
28'614.58
8.0 M
6.0 M
400
4.0 M
200
2.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2009
31.12.2010
48'099.0
47'646.0
0.38x
0.39x
676.0
1'431.0
23.20x
11.78x
Profitability
LTM-4Q
31.12.2011
36'506.0
0.47x
1'490.0
10.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
55'476.0
0.43x
2'197.0
10.01x
5.57%
5.07%
0.75%
22.56%
14.10%
0.19%
4.0%
2.20%
65.95%
-
Price/ Cash Flow
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
2.78
1.37
2'447.69
38.74%
23.72%
1.371
27
4.074
4'739'749
4'435'634
3'964'871
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
57'898.0
59'358.0
933.1
0.36x
0.35x
2'014.8
2'240.3
13.14x
11.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.08.2010
A+
NEG
17.08.2010
A-1
66.0%
39.7%
0.19
-
160.00
60'000.0
140.00
50'000.0
120.00
40'000.0
100.00
30'000.0
80.00
20'000.0
60.00
10'000.0
40.00
0.0
20.00
-10'000.0
0.00
01.01.2010
10.0 M
600
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRU LN EQUITY YTD Change
PRU LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
800
Valuation Analysis
31.12.2008
(10'269.0)
(396.0)
-
16.0 M
1000
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
-20'000.0
27.03.2013
Prudential PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
SCOTTISH WIDOWS
FMR LLC
VANGUARD GROUP INC
JP MORGAN
UBS
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
LAZARD ASSET MANAGEM
AEGON
HSBC INVESTMENTS UK
AVIVA INVESTORS
Firm Name
Exane BNP Paribas
HSBC
EVA Dimensions
AlphaValue
Berenberg Bank
Redburn Partners
Day by Day
Goldman Sachs
Credit Suisse
S&P Capital IQ
JPMorgan
RBC Capital Markets
Morgan Stanley
Macquarie
Barclays
Deutsche Bank
Investec
Societe Generale
Nomura
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANDY HUGHES
BARRIE CORNES
KAILESH MISTRY
AUSTIN BURKETT
JEROME CASSAGNE
MATTHEW PRESTON
LANCE BURBIDGE
VALERIE GASTALDY
COLIN L SIMPSON
EAMONN FLANAGAN
CHRIS ESSON
GREIG N PATERSON
EDWARD HOUGHTON
RODERICK WALLACE
MARCUS BARNARD
ASHIK MUSADDI
GORDON AITKEN
JON HOCKING
NEIL WELCH
ALAN DEVLIN
OLIVER STEEL
KEVIN RYAN
ABID HUSSAIN
FAHAD CHANGAZI
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
Recommendation
underperform
buy
overweight
hold
sell
buy
buy
buy
Buy/Neutral
buy
outperform
market perform
outperform
buy
buy
underweight
outperform
Overwt/In-Line
neutral
overweight
buy
hold
buy
reduce
outperform
Amt Held
256'652'047
128'527'550
109'343'285
104'285'746
88'407'117
73'996'286
72'178'671
53'089'266
47'303'661
46'730'225
41'823'885
39'310'345
33'734'493
32'116'464
29'093'870
25'199'103
24'499'349
24'085'771
23'132'403
22'537'114
% Out
10.04
5.03
4.28
4.08
3.46
2.89
2.82
2.08
1.85
1.83
1.64
1.54
1.32
1.26
1.14
0.99
0.96
0.94
0.9
0.88
Weighting
Change
1
5
5
3
1
5
5
5
5
5
5
3
5
5
5
1
5
5
3
5
5
3
5
2
5
M
M
M
U
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'911'502
(136'942)
401'633
3'700'201
17'691'038
(685'857)
(3'596'819)
5'884'645
(4'347'489)
(7'205'386)
(3'852'887)
1'381'546
(468'132)
(6'815'149)
(189'080)
2'472'324
(2'815'055)
Target Price
835
1'160
1'375
#N/A N/A
911
1'350
#N/A N/A
1'200
1'350
#N/A N/A
1'300
950
1'055
1'250
900
781
910
1'135
1'000
1'023
1'060
831
900
680
812
File Dt
01.01.2013
25.03.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
31.01.2013
31.12.2012
01.01.2013
31.01.2013
31.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Inst Type
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
20.02.2013
11.02.2013
05.02.2013
04.02.2013
24.01.2013
07.01.2013
03.12.2012
15.08.2012
01.07.2011
27.03.2013
AXA SA
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Price/Volume
16
30.0 M
14
25.0 M
12
20.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CS FP EQUITY YTD Change
CS FP EQUITY YTD % CHANGE
12/2012
12/yy
14.68
8.65
5'052'406.00
13.465
-8.24%
55.66%
84.16%
2'389.8
32'178.96
10'662.00
6'059.0
2'355.0
30'546.00
14'649.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
4
5.0 M
2
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
51'235.0
0.62x
923.0
51.67x
15.0 M
31.12.2009
31.12.2010
122'704.0
117'414.0
0.36x
0.29x
3'606.0
2'749.0
10.60x
12.33x
Profitability
LTM-4Q
31.12.2011
98'334.0
0.18x
4'324.0
5.88x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
114'689.0
0.13x
4'152.0
7.53x
5.81%
5.03%
0.56%
8.33%
7.16%
0.15%
3.6%
1.40%
19.87%
-
Price/ Cash Flow
LTM
FY+1
1.51
2'045.00
12.40%
0.86%
1.512
35
4.086
6'538'496
8'227'133
6'928'985
FY+2
FQ+1
FQ+2
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0 100'555.2 102'337.0
#DIV/0!
0.44x
0.50x
0.0
0.00x
0.0
4'700.7
5'037.4
0.00x
6.83x
6.40x
S&P Issuer Ratings
18.12.2012
Long-Term Rating
ALong-Term Outlook
STABLE
18.12.2012
Short-Term Rating
A-2
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
19.9%
Total Debt/Capital
16.0%
Asset Turnover
0.15
Inventory Days
3.00
140'000.0
2.50
120'000.0
100'000.0
2.00
80'000.0
1.50
60'000.0
1.00
40'000.0
0.50
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
AXA SA
Holdings By:
All
Holder Name
MUTUELLES AXA
AMUNDI
BLACKROCK
FRANKLIN RESOURCES
LANSDOWNE UK EQUITY
VANGUARD GROUP INC
LBPAM
AVIVA PLC
FMR LLC
AMUNDI
TEMPLETON INVESTMENT
AMUNDI
Firm Name
Portfolio Name
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Raymond James
DANNY JACQUES
Oddo & Cie
NICOLAS JACOB
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Hammer Partners SA
ENRICO RACIOPPI
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
THOMAS JACQUET
Credit Suisse
RICHARD BURDEN
AlphaValue
JEROME CASSAGNE
RBC Capital Markets
GORDON AITKEN
Hamburger Sparkasse
CHRISTIAN HAMANN
Helvea
DANIEL BISCHOF
Berenberg Bank
PETER ELIOT
RALPH HEBGEN
Goldman Sachs
COLIN L SIMPSON
CA Cheuvreux
STEFAN BONGARDT
S&P Capital IQ
RODERICK WALLACE
Nomura
MICHAEL KLIEN
Main First Bank AG
FEDERICO SALERNO
Banco Sabadell
MARIO LODOS
FABRIZIO CROCE
Barclays
CLAUDIA GASPARI
Mediobanca SpA
MARC THIELE
Deutsche Bank
OLIVER STEEL
Macquarie
NEIL WELCH
HSBC
KAILESH MISTRY
Natixis
BENOIT VALLEAUX
WERNER SCHIRMER
Morgan Stanley
JON HOCKING
Redburn Partners
LANCE BURBIDGE
JPMorgan
ANDREAS VAN EMBDEN
PIERRE CHEDEVILLE
DZ Bank AG
WERNER EISENMANN
JOY FERNEYHOUGH
TIM PROUDLOVE
BBVA
SILVIA RIGOL CARNEIRO
Source
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
strong buy
buy
buy
buy
hold
hold
outperform
outperform
buy
sector perform
hold
buy
hold
outperform
Buy/Neutral
outperform
hold
buy
buy
underperform
buy
hold
underweight
outperform
buy
outperform
overweight
buy
buy
Overwt/In-Line
neutral
underweight
buy
buy
buy
outperform
outperform
Amt Held
% Out
342'767'775 14.34
91'682'238
3.84
79'974'315
3.35
65'131'985
2.73
50'254'088
2.1
48'018'741
2.01
35'243'907
1.47
(20'395'259) -0.85
19'768'792
0.83
18'896'417
0.79
12'758'066
0.53
11'629'095
0.49
10'723'804
0.45
7'885'132
0.33
7'000'250
0.29
5'835'130
0.24
5'664'606
0.24
4'466'038
0.19
4'309'635
0.18
4'295'639
0.18
Weighting
Change
5
5
5
5
3
3
5
5
5
3
3
5
3
5
5
5
3
5
5
1
5
3
1
5
5
5
5
5
5
5
3
1
5
5
5
5
5
M
M
M
N
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(20'493'797)
(77'990)
2'125'718
(9'366)
2'721'389
(323'861)
(7'936'172)
(2'318'038)
730'180
255'752
(143'415)
(3'360)
(13'091'874)
(52'090)
(9'429)
(792'488)
Target Price
19
16
17
21
#N/A N/A
#N/A N/A
18
16
17
15
#N/A N/A
16
18
18
18
17
14
15
23
14
15
10
14
18
16
16
20
18
16
15
#N/A N/A
12
16
14
21
16
22
File Dt
31.12.2012
15.05.2012
31.01.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
16.09.2011
31.01.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.01.2013
31.10.2012
31.12.2012
25.03.2013
31.07.2012
31.01.2013
31.12.2012
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
21.03.2013
19.03.2013
18.03.2013
08.03.2013
07.03.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
24.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
15.02.2013
11.02.2013
04.02.2013
30.01.2013
24.01.2013
23.01.2013
16.01.2013
10.01.2013
07.01.2013
05.12.2012
22.11.2012
08.11.2012
07.11.2012
20.12.2011
05.10.2011
06.06.2011
17.02.2011
27.03.2013
Schneider Electric SA
Schneider Electric SA manufactures power distribution and automation systems.
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Price/Volume
70
6.0 M
60
5.0 M
50
4.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SU FP EQUITY YTD Change
SU FP EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
20
1.0 M
10
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
18'311.0
0.95x
3'321.0
5.24x
1'682.0
7.55x
3.0 M
30
12/2012
12/yy
60.71
39.40
1'224'537.00
56.2
-7.46%
42.66%
81.94%
555.4
31'214.44
8'132.00
0.0
174.0
3'737.00
35'783.44
31.12.2009
31.12.2010
15'793.0
19'580.0
1.51x
1.68x
2'575.0
3'575.0
9.26x
9.20x
824.0
1'720.0
24.63x
17.00x
Profitability
LTM-4Q
31.12.2011
22'345.0
1.23x
3'725.0
7.36x
1'793.0
12.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
23'946.0
1.44x
3'837.0
9.01x
1'840.0
16.17x
3'837.00
3'030.00
12.65%
10.42%
5.11%
11.32%
9.07%
0.67%
37.8%
16.0%
12.7%
7.7%
1.51
1.01
22.49%
48.86%
4.48
4.63
Price/ Cash Flow
LTM
12/yy
22'387.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
23'946.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.28
525.90
14.75%
2.50%
1.281
31
3.516
1'805'200
1'613'159
1'349'106
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
24'351.1
25'608.7
5'390.0
6'012.0
1.43x
1.31x
4'069.6
4'431.2
8.78x
8.06x
2'291.4
2'548.3
13.62x
12.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.11.2008
ASTABLE
14.03.2007
A-2
9.97
8.74
1.15
2.12
48.9%
32.6%
0.67
9.22
81.70
79.13
103.63
57.20
18.00
30'000.0
16.00
25'000.0
14.00
20'000.0
12.00
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Schneider Electric SA
Holdings By:
All
Holder Name
AMUNDI
VANGUARD GROUP INC
DODGE & COX
SCHNEIDER ELECTRIC S
FMR LLC
BLACKROCK
ABERDEEN
AVIVA PLC
LBPAM
INVESCO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RBC Capital Markets

ANDREW CARTER
JPMorgan
ANDREAS WILLI
JAMES STETTLER
Nomura
DANIEL CUNLIFFE
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
AlphaValue
LIONEL PELLICER
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
ROB VIRDEE
EVA Dimensions
CRAIG STERLING
Barclays
NICK WEBSTER
Credit Suisse
SIMON TOENNESSEN
VOLKER STOLL
Deutsche Bank
MARTIN WILKIE
CA Cheuvreux
ALFRED GLASER
MARKUS FRIEBEL
Natixis
LUDOVIC DEBAILLEUX
Morgan Stanley
BEN UGLOW
PIERRE BOUCHENY
S&P Capital IQ
JAWAHAR HINGORANI
Banco Sabadell
MARIA CEBOLLERO
Goldman Sachs
DANIELA COSTA
ARI AGOPYAN
Berenberg Bank
WILLIAM MACKIE
Redburn Partners
JAMES MOORE
Source
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
overweight
hold
neutral
buy
market perform
add
hold
outperform
overweight
neutral
hold
equalweight
neutral
hold
hold
outperform
hold
neutral
Equalwt/Cautious
reduce
hold
buy
Buy/Neutral
hold
hold
hold
buy
Amt Held
82'567'657
27'220'485
20'349'002
11'778'760
10'849'337
10'102'524
9'164'952
8'946'790
7'588'472
6'092'778
6'029'853
4'494'386
3'310'863
2'485'819
2'452'160
2'357'130
1'839'691
1'775'165
1'725'770
1'708'138
% Out
14.87
4.9
3.66
2.12
1.95
1.82
1.65
1.61
1.37
1.1
1.09
0.81
0.6
0.45
0.44
0.42
0.33
0.32
0.31
0.31
Weighting
Change
5
5
3
3
5
3
4
3
5
5
3
3
3
3
3
3
5
3
3
3
2
3
5
5
3
3
3
5
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(10'012'679)
(1'168'334)
477'308
(52'247)
95'500
1'797'130
(183'690)
223'109
1'063'472
46'843
(411'258)
551'587
(404'495)
(10'400)
3'134
(144'907)
28'032
(235'006)
Target Price
65
65
60
52
64
55
67
#N/A N/A
66
70
60
#N/A N/A
54
58
60
55
62
65
61
57
57
61
48
65
53
58
60
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
16.05.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
31.12.2011
Corporation
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
28.02.2013
Investment Advisor
21.03.2013
Investment Advisor
30.11.2012
Investment Advisor
Date
12 month
9 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
14.03.2013
08.03.2013
08.03.2013
04.03.2013
27.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
15.02.2013
30.01.2013
24.01.2013
21.01.2013
08.01.2013
08.10.2012
27.03.2013
Syngenta AG
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Price/Volume
450
400
350
300
250
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SYNN VX EQUITY YTD Change
SYNN VX EQUITY YTD % CHANGE
12/2012
12/yy
416.00
295.30
180'629.00
395.4
-4.93%
33.90%
87.82%
93.1
36'822.08
3'348.00
11.0
1'599.00
40'371.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
50
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
11'624.0
1.68x
2'495.0
7.84x
1'385.0
12.86x
150
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
f-13 m-13
31.12.2009
31.12.2010
10'992.0
11'641.0
2.56x
2.45x
2'368.0
2'460.0
11.86x
11.60x
1'371.0
1'397.0
19.06x
19.37x
Profitability
LTM-4Q
31.12.2011
13'268.0
2.11x
2'889.0
9.69x
1'599.0
16.84x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
14'202.0
2.72x
3'148.0
12.26x
1'872.0
19.65x
3'148.00
2'550.00
17.96%
15.15%
10.22%
23.06%
0.78%
49.2%
22.2%
18.0%
13.2%
1.71
0.75
17.26%
38.28%
4.79
1.62
Price/ Cash Flow
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
14'202.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.91
92.99
31.98%
7.86%
0.906
33
3.848
168'500
191'633
197'881
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
15'323.3
16'213.3
3'295.9
4'596.0
2.58x
2.39x
3'516.3
3'814.4
1'048.0
11.49x
10.60x
2'295.0
2'507.4
518.0
16.58x
15.14x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.06.2007
A
STABLE
15.06.2007
A-1
22.17
18.59
0.56
1.06
38.3%
27.7%
0.78
4.57
76.37
226.25
148.30
154.33
35.00
16'000.0
30.00
14'000.0
12'000.0
25.00
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Syngenta AG
Holdings By:
All
Holder Name
BLACKROCK
BANK OF NEW YORK
FMR LLC
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
INVESCO LTD
DWS INVESTMENT S A
SCHRODER INVESTMENT
DEUTSCHE BANK AG
Firm Name
HSBC
Exane BNP Paribas
JPMorgan
AlphaValue
Day by Day
Goldman Sachs
EVA Dimensions
Bank Vontobel AG
Redburn Partners
Equita SIM SpA
Barclays
Credit Suisse
Macquarie
CA Cheuvreux
Bankhaus Metzler
Nomura
Morgan Stanley
Jefferies
Hamburger Sparkasse
Deutsche Bank
DZ Bank AG
Main First Bank AG
Societe Generale
Liberum Capital Ltd
Berenberg Bank
S&P Capital IQ
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEREMY REDENIUS
GEOFF HAIRE
JAMES KNIGHT
MARTIN EVANS
FABRICE FARIGOULE
VALERIE GASTALDY
RAKESH PATEL
CRAIG STERLING
PATRICK RAFAISZ
TONY JONES
MASSIMO BONISOLI
ANDREAS HEINE
CHRIS COUNIHAN
CHRISTIAN FAITZ
MARTIN ROEDIGER
DANIEL SEIDENSPINNER
JEAN DE WATTEVILLE
AMY WALKER
LAURENCE ALEXANDER
MARCO GUENTHER
BETTINA EDMONDSTON
VIRGINIE BOUCHER-FERTE
HEINZ MUELLER
RONALD KOEHLER
PETER CLARK
SOPHIE JOURDIER
MARTIN SCHREIBER
JAIDEEP PANDYA
JOHNSON IMODE
PAUL W SATCHELL
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
neutral
neutral
neutral
buy
buy
Buy/Neutral
hold
hold
buy
hold
equalweight
outperform
outperform
select list
buy
neutral
Equalwt/In-Line
hold
sell
buy
buy
buy
outperform
buy
buy
market perform
hold
hold
buy
Amt Held
5'198'082
4'634'983
3'907'159
2'358'941
1'756'149
1'664'500
1'407'596
937'171
932'280
858'339
645'945
590'695
536'300
496'141
388'585
385'059
375'752
337'986
248'343
241'169
% Out
5.58
4.98
4.2
2.53
1.89
1.79
1.51
1.01
1
0.92
0.69
0.63
0.58
0.53
0.42
0.41
0.4
0.36
0.27
0.26
Weighting
Change
1
3
3
3
5
5
5
3
3
5
3
3
5
5
5
5
3
3
3
1
5
5
5
5
5
5
3
3
3
5
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
42'023
162'039
74'818
(27'866)
17'936
(1'821)
13'889
(8'060)
(76'790)
7'247
75'179
138'979
6'630
(18'438)
9'906
49'414
Target Price
307
430
376
375
502
430
476
#N/A N/A
390
#N/A N/A
390
403
450
430
426
450
440
406
365
#N/A N/A
440
430
400
415
450
400
#N/A N/A
350
320
310
File Dt
25.03.2013
31.12.2012
26.02.2013
31.01.2013
31.12.2012
31.12.2012
31.01.2013
26.03.2013
31.01.2013
30.11.2012
31.12.2012
30.11.2012
31.12.2012
31.01.2013
31.12.2012
31.01.2013
21.03.2013
31.01.2013
31.12.2012
28.02.2013
Date
12 month
Not Provided
Not Provided
12 month
6 month
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.03.2013
27.03.2013
26.03.2013
20.03.2013
19.03.2013
05.03.2013
27.02.2013
13.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.12.2012
30.11.2012
20.11.2012
25.10.2012
23.10.2012
19.09.2012
17.07.2012
13.07.2012
18.05.2012
27.03.2013
Air Liquide SA
Air Liquide SA, through its subsidiaries, produces, markets, and sells
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Price/Volume
3.0 M
2.5 M
2.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AI FP EQUITY YTD Change
AI FP EQUITY YTD % CHANGE
12/2012
12/yy
100.00
83.45
605'434.00
93.61
-6.38%
12.17%
66.58%
312.5
29'248.74
7'273.70
0.0
232.6
1'154.20
35'600.84
1.5 M
40
1.0 M
20
.5 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
100
80
Valuation Analysis
31.12.2008
13'103.1
1.73x
2'941.8
7.71x
1'220.0
13.93x
120
31.12.2009
31.12.2010
11'976.1
13'488.0
2.25x
2.38x
2'969.0
3'374.3
9.08x
9.50x
1'230.0
1'403.6
17.67x
18.97x
Profitability
LTM-4Q
31.12.2011
14'456.9
2.25x
3'563.6
9.13x
1'534.9
17.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
15'326.3
2.34x
3'792.3
9.48x
1'609.4
18.38x
3'792.30
2'560.50
16.71%
14.63%
6.55%
16.12%
0.62%
24.7%
16.7%
10.5%
1.03
0.77
29.09%
71.23%
5.47
-
Price/ Cash Flow
LTM
09/yy
14'255.5
0.00x
0.0
0.00x
0.0
0.00x
12/yy
15'326.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.76
311.10
6.89%
-1.51%
0.756
35
3.543
888'588
935'837
769'771
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'327.5
17'503.5
3'966.8
3'976.0
2.17x
2.01x
8.92x
4'091.5
4'441.9
1'976.0
8.69x
8.01x
1'733.8
1'918.7
879.0
16.80x
15.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.07.2007
A
POS
06.05.2004
A-1
13.84
6.51
1.61
1.92
71.2%
41.1%
0.62
1.23
66.93
-
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
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Air Liquide SA
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
LANSDOWNE PARTNERS L
DEUTSCHE BANK AG
AIR LIQUIDE
SCHRODER INVESTMENT
AMUNDI
HARTFORD INVESTMENT
LBPAM
FMR LLC
Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Firm Name
Analyst

HSBC
Exane BNP Paribas
Day by Day
AlphaValue
JPMorgan
Nomura
Goldman Sachs
Hamburger Sparkasse
S&P Capital IQ
Main First Bank AG
Societe Generale
Deutsche Bank
Credit Suisse
Banco Sabadell
Morgan Stanley
Jefferies
Berenberg Bank
Barclays
EVA Dimensions
Liberum Capital Ltd
Macquarie
CA Cheuvreux
Alembic Global Advisors
Redburn Partners
Natixis
DZ Bank AG
JEREMY REDENIUS
GEOFF HAIRE
HEIDI VESTERINEN
VALERIE GASTALDY
FABRICE FARIGOULE
MARTIN EVANS
JEAN DE WATTEVILLE
RAKESH PATEL
MARCO GUENTHER
STEPHAN KIPPE
ULLE WORNER
JOHNSON IMODE
THOMAS SWOBODA
PETER CLARK
TIMOTHY JONES
CHRIS COUNIHAN
PATRICIA GARCIA SANCHEZ
PETER MACKEY
LAURENCE ALEXANDER
JOHN PHILIPP KLEIN
GUNTHER ZECHMANN
MARKUS MAYER
CRAIG STERLING
ADAM COLLINS
CHRISTIAN FAITZ
ARI AGOPYAN
KLAUS RINGEL
HASSAN I AHMED
TONY JONES
FREDERIC WILLIAMS-GOBEAUX
PAUL W SATCHELL
PETER SPENGLER
Source
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
overweight
outperform
hold
add
neutral
neutral
neutral/neutral
hold
add
buy
hold
outperform
hold
hold
outperform
hold
buy
Equalwt/In-Line
hold
hold
underweight
hold
underweight
buy
outperform
accumulate
outperform
neutral
buy
neutral
hold
buy
Amt Held
% Out
4'574'174
1.46
3'507'675
1.12
3'193'593
1.02
2'872'974
0.92
(2'249'662) -0.72
1'892'639
0.61
1'445'086
0.46
1'185'647
0.38
1'003'394
0.32
965'341
0.31
926'283
0.3
921'742
0.3
902'774
0.29
731'181
0.23
696'712
0.22
685'259
0.22
606'009
0.19
583'986
0.19
561'349
0.18
553'212
0.18
Weighting
Change
5
5
5
3
4
3
3
3
3
4
5
3
5
3
3
5
3
5
3
3
3
1
3
1
5
5
4
5
3
5
3
3
5
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
4'446
119'140
30'891
(313'148)
90'770
(1'509)
58'091
(422)
(6'180)
(450'378)
308'898
(19'889)
56'202
(7'465)
(126'624)
11'929
31'333
Target Price
105
112
102
#N/A N/A
100
98
108
108
#N/A N/A
105
103
95
105
100
99
103
100
111
104
97
93
100
100
#N/A N/A
121
100
106
101
95
#N/A N/A
83
82
91
File Dt
31.01.2013
25.03.2013
31.12.2012
31.01.2013
22.03.2013
31.01.2013
28.02.2013
26.03.2013
31.12.2012
31.12.2012
25.03.2013
31.01.2013
31.12.2012
28.09.2012
31.10.2012
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.01.2013
Date
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
21.03.2013
21.03.2013
20.03.2013
18.03.2013
27.02.2013
25.02.2013
22.02.2013
20.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
04.02.2013
01.02.2013
15.01.2013
13.12.2012
21.11.2012
05.11.2012
26.10.2012
15.10.2012
08.10.2012
02.08.2012
18.05.2012
27.10.2011
27.03.2013
Telefonaktiebolaget LM Ericsson
Telefonaktiebolaget LM Ericsson develops and manufactures products for wired
and mobile communications in public and private networks. The Company produces
mobile telephones through its Sony Ericsson joint venture. Ericsson
manufactures and installs wired and wireless communications systems, wireless
microwave links, call center equipment, microelectronics, and radar systems.
Price/Volume
90
40.0 M
80
35.0 M
70
30.0 M
60
25.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ERICB SS EQUITY YTD Change
ERICB SS EQUITY YTD % CHANGE
12/2012
12/yy
86.40
55.90
3'660'811.00
81.2
-6.08%
45.26%
83.11%
3'043.3
267'741.97
28'667.00
0.0
1'600.0
76'708.00
221'300.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
30
20
10.0 M
10
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
208'930.0
0.71x
23'592.0
6.26x
11'273.0
16.60x
20.0 M
40
Valuation Analysis
31.12.2009
31.12.2010
206'477.0
203'348.0
0.81x
0.98x
25'441.0
25'925.0
6.57x
7.72x
3'672.0
11'146.0
57.25x
22.42x
Profitability
LTM-4Q
31.12.2011
226'921.0
0.79x
29'647.0
6.04x
12'194.0
18.51x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
227'779.0
0.72x
31'735.0
5.14x
5'775.0
36.25x
31'735.00
22'189.00
9.74%
4.47%
2.08%
4.13%
0.82%
31.6%
14.1%
9.7%
2.5%
1.98
1.44
10.42%
20.94%
3.55
5.03
Price/ Cash Flow
LTM
FY+1
0.93
22.58%
24.73%
0.929
37
4.000
8'456'269
8'946'990
9'693'212
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
226'921.0 227'779.0 235'706.8 246'158.6
53'009.6
56'739.7
3.56x
2.97x
0.95x
0.87x
4.35x
4.13x
30'714.0
32'078.0
31'220.3
34'939.0
5'855.6
7'054.7
5.82x
5.25x
7.09x
6.33x
6.97x
12'194.0
5'775.0
16'432.1
19'478.1
2'757.4
3'581.4
18.50x
36.15x
15.78x
13.27x
15.45x
14.20x
S&P Issuer Ratings
15.06.2007
Long-Term Rating
BBB+
Long-Term Outlook
NEG
15.06.2007
Short-Term Rating
A-2
Credit Ratios
18.30
15.17
Net Debt/EBITDA
-1.50
Total Debt/EBITDA
0.89
Reference
Total Debt/Equity
20.9%
Total Debt/Capital
17.2%
Asset Turnover
0.82
20.45
102.98
Inventory Days
72.72
58.50
117.20
40.00
250'000.0
35.00
200'000.0
30.00
25.00
150'000.0
20.00
100'000.0
15.00
10.00
50'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Telefonaktiebolaget LM Ericsson
Holdings By:
All
Holder Name
BLACKROCK
SEB
AMF FONDER AB
ABERDEEN ASSET MANAG
INVESTOR AB
DODGE & COX
VANGUARD GROUP INC
FOLKSAM LO FOND AB
FRANKLIN RESOURCES
FMR LLC
SPP FONDER AB
LANSFORSAKRINGAR FON
AFA FORSAKRINGAR
Firm Name
AlphaValue
Nomura
Morgan Stanley
Goldman Sachs
Pareto Securities
Exane BNP Paribas
S&P Capital IQ
Day by Day
Pohjola Bank Plc (ESN)
Swedbank
JPMorgan
Danske Markets
Oddo & Cie
Berenberg Bank
Deutsche Bank
Grupo Santander
ABG Sundal Collier
HSBC
EVA Dimensions
Societe Generale
Credit Suisse
SEB Enskilda
Carnegie
Handelsbanken
Natixis
Liberum Capital Ltd
Barclays
CA Cheuvreux
Jyske Bank
DZ Bank AG
Sydbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
PIERRE FERRAGU
MIRKO MAIER
STUART JEFFREY
FRANCOIS MEUNIER
SIMON F SCHAFER
MARKUS FRIEBEL
DANIEL DJURBERG
ERIK PAULSSON
ALEXANDER PETERC
SEBASTIEN SZTABOWICZ
JAMES CRAWSHAW
VALERIE GASTALDY
HANNU RAUHALA
HAKAN WRANNE
SANDEEP S DESHPANDE
ILKKA RAUVOLA
VINCENT MAULAY
ADNAAN AHMAD
KAI KORSCHELT
PER LINDBERG
RICHARD DINEEN
ANDREW S ZAMFOTIS
ANDY PERKINS
ACHAL SULTANIA
ANDREAS JOELSSON
LENA OSTERBERG
MARTIN NILSSON
ERIC BEAUDET
JANARDAN MENON
ANDREW M GARDINER
ODON DE LAPORTE
ROBERT JAKOBSEN
OLIVER FINGER
MORTEN IMSGARD
JACQUES ABRAMOWICZ
Source
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
Recommendation
outperform
buy
reduce
buy
Overwt/In-Line
Buy/Neutral
hold
hold
hold
outperform
buy
strong buy
hold
accumulate
buy
overweight
buy
neutral
sell
buy
buy
buy
overweight
underweight
hold
neutral
buy
buy
reduce
buy
buy
equalweight
outperform
sell
buy
neutral
buy
Amt Held
141'913'401
105'813'729
92'171'054
75'600'000
69'572'027
67'628'249
58'953'636
58'709'995
54'067'771
54'063'621
35'689'314
33'508'867
33'412'756
25'579'300
22'519'333
21'423'488
17'828'540
17'746'645
17'556'069
15'779'975
% Out
4.66
3.48
3.03
2.48
2.29
2.22
1.94
1.93
1.78
1.78
1.17
1.1
1.1
0.84
0.74
0.7
0.59
0.58
0.58
0.52
Weighting
Change
5
5
2
5
5
5
3
3
3
5
5
5
3
4
5
5
5
3
1
5
5
5
5
1
3
3
5
5
2
5
5
3
5
1
5
3
5
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
U
M
M
M
M
M
M
D
M
U
M
Latest Chg
23'700
(1'067'250)
1'538'718
(65'425)
556'827
(2'368'034)
416'584
1'375'020
5'191'948
264'704
488'086
-
Target Price
100
94
85
96
84
112
90
87
90
97
95
100
#N/A N/A
102
88
90
90
80
60
87
85
90
90
#N/A N/A
70
70
84
#N/A N/A
55
80
90
65
70
70
72
#N/A N/A
92
File Dt
31.12.2011
25.03.2013
31.01.2013
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.01.2013
31.12.2012
28.02.2013
31.12.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2011
Date
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Date
21.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
11.03.2013
07.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
01.03.2013
13.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
19.09.2012
26.03.2012
25.01.2012
28.04.2011
26.01.2011
27.03.2013
Xstrata PLC
Xstrata plc, a diversified mining group, explores for and mines copper, coking
coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The
Group conducts operations in Australia, South Africa, Germany, Argentina, and
the United Kingdom.
Price/Volume
1400
60.0 M
1200
50.0 M
1000
40.0 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XTA LN EQUITY YTD Change
XTA LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
400
10.0 M
200
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
27'952.0
0.96x
9'645.0
2.78x
3'595.0
2.49x
30.0 M
600
12/2012
01/yy
1'201.00
760.47
2'061'179.00
1073
-10.57%
41.10%
71.51%
3'002.7
32'218.88
17'067.00
0.0
2'339.0
1'983.00
66'067.07
31.12.2009
31.12.2010
22'732.0
30'499.0
2.83x
2.59x
6'476.0
10'393.0
9.93x
7.61x
661.0
4'688.0
72.41x
14.58x
Profitability
31.12.2011
33'877.0
1.64x
11'648.0
4.76x
5'713.0
7.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
31'618.0
2.18x
8'122.0
8.50x
1'180.0
43.00x
8'122.00
4'790.00
15.15%
6.35%
1.49%
2.68%
2.74%
0.40%
27.7%
25.7%
15.1%
3.7%
1.73
0.81
20.53%
38.39%
9.16
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.81
1.78
1'520.28
-0.66%
1.32%
1.785
21
3.524
5'597'255
5'438'155
4'955'808
FY+2
12/13 Y
12/14 Y
34'013.7
36'310.7
1.91x
1.74x
9'689.1
11'041.6
6.82x
5.98x
3'765.6
4'788.3
13.00x
10.35x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
29.11.2012
BBB+ *29.11.2012
A-2 *20.46
-4.82
1.86
2.10
38.4%
26.7%
0.40
0.57
39.95
69.47
14.00
40'000.0
12.00
35'000.0
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Xstrata PLC
Holdings By:
All
Holder Name
GLENCORE INTERNATION
QATAR HOLDINGS LLC
BLACKROCK
UBS
STATE STREET
LEGAL & GENERAL
JP MORGAN
SCOTTISH WIDOWS
Xstrata Plc Employee
SAFE INVESTMENT COMP
PEOPLES REPUBLIC OF
LLOYDS BANKING GROUP
NORTHERN CROSS LLC
HSBC Prop Trading/Ma
Firm Name
Macquarie
AlphaValue
Jefferies
BMO Capital Markets
Exane BNP Paribas
EVA Dimensions
S&P Capital IQ
RBC Capital Markets
CA Cheuvreux
Redburn Partners
SBG Securities
HSBC
Day by Day
Societe Generale
Nomura
Liberum Capital Ltd
Natixis
Standard Chartered
Credit Suisse
Bank Vontobel AG
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEFFREY LARGEY
SACHIN KUMAR
PAUL GAIT
TONY ROBSON
SYLVAIN BRUNET
CRAIG STERLING
JENS MUENSTERMANN
JOHNSON IMODE
TIMOTHY HUFF
JOAKIM AHLBERG
SIMON TOYNE
PETER DAVEY
ANDREW KEEN
VALERIE GASTALDY
ALAIN WILLIAM
SAM CATALANO
ASH LAZENBY
RAOUDHA BOUZEKRI
SUBRAMANIAM VARADA
LIAM FITZPATRICK
PATRICK RAFAISZ
ROBERT CLIFFORD
ALAIN GABRIEL
EUGENE KING
BENJAMIN DEFAY
Source
REG
RNS-RUL8
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
RNS-RUL8
ULT-AGG
RNS-RUL8
REG
ULT-AGG
RNS-RUL8
REG
REG
MF-AGG
Recommendation
outperform
reduce
buy
outperform
market perform
neutral
sell
buy
sell
sector perform
outperform
neutral
sell
neutral
hold
hold
restricted
buy
neutral
outperform
restricted
buy
restricted
restricted
not rated
restricted
Amt Held
1'010'403'999
350'410'601
144'628'350
95'879'064
88'851'173
66'047'178
61'700'951
57'610'174
54'135'734
42'863'026
42'642'114
41'205'251
32'530'740
31'187'938
30'417'938
29'719'950
28'945'439
25'475'000
25'223'487
24'663'230
% Out
33.65
11.67
4.82
3.19
2.96
2.2
2.05
1.92
1.8
1.43
1.42
1.37
1.08
1.04
1.01
0.99
0.96
0.85
0.84
0.82
Weighting
Change
5
2
5
5
3
3
1
5
1
3
5
3
1
3
3
3
#N/A N/A
5
3
5
#N/A N/A
5
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
M
M
M
M
U
M
D
M
M
M
M
M
D
D
D
D
M
M
M
U
M
M
M
M
M
M
Latest Chg
(81'328)
16'255'320
124'313
(33'850)
8'186'775
(634'892)
(202'870)
(6'795'572)
(24'936)
66'360
(610'124)
(3'925'000)
2'450'000
(757'180)
137'523
Target Price
1'200
1'100
1'350
1'575
1'220
1'300
#N/A N/A
1'300
1'000
1'100
1'300
#N/A N/A
1'220
1'250
#N/A N/A
1'190
#N/A N/A
#N/A N/A
1'017
1'080
#N/A N/A
1'103
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
02.01.2013
14.01.2013
25.03.2013
25.03.2013
02.01.2013
26.03.2013
22.03.2013
25.03.2013
02.01.2013
02.01.2013
02.01.2013
22.03.2013
21.03.2013
02.02.2012
02.01.2013
28.02.2013
14.09.2012
02.01.2013
02.01.2013
31.12.2012
Date
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Date
22.03.2013
21.03.2013
20.03.2013
15.03.2013
12.03.2013
12.03.2013
08.03.2013
07.03.2013
05.03.2013
04.03.2013
11.02.2013
11.02.2013
11.02.2013
07.02.2013
05.02.2013
31.01.2013
16.01.2013
10.01.2013
20.11.2012
08.09.2012
21.02.2012
07.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
27.03.2013
Deutsche Bank AG
Deutsche Bank AG is a global financial service provider delivering commercial,
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DBK GY EQUITY YTD Change
DBK GY EQUITY YTD % CHANGE
12/2012
12/yy
39.51
22.11
8'534'380.00
30.37
-23.15%
37.36%
52.73%
929.5
28'228.90
284'516.00
0.0
1'270.0
177'928.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
40
16.0 M
35
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
m-12
31.12.2009
31.12.2010
45'167.0
46'151.0
4'973.0
2'310.0
6.24x
12.74x
Profitability
LTM-4Q
31.12.2011
52'660.0
4'132.0
6.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
33'582.0
611.0
50.69x
10.41%
4.16%
0.03%
1.13%
0.85%
0.02%
1.8%
0.00%
0.00%
-
Price/ Cash Flow
j-12
j-12
LTM
12/yy
50'925.0
0.00x
0.0
0.00x
4'132.0
6.64x
a-12
12/yy
47'151.0
0.00x
0.0
0.00x
611.0
48.46x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
1.35
889.66
-19.25%
-7.83%
1.352
41
3.488
7'364'447
6'540'980
6'375'082
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'825.7
34'823.9
8'560.0
8'581.0
1.92x
1.91x
3'654.5
4'753.6
7.86x
6.07x
6.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.03.2013
A+ *19.12.2008
A-1
0.0%
83.9%
0.02
9.56
-
10.00
100'000.0
9.00
90'000.0
8.00
80'000.0
7.00
70'000.0
6.00
60'000.0
5.00
4.00
50'000.0
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
58'492.0
(3'835.0)
-
45
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Deutsche Bank AG
Holdings By:
All
Holder Name
BLACKROCK
DEUTSCHE BANK AG
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AG
CREDIT AGRICOLE SA
COMMERZBANK AKTIENGE
VANGUARD GROUP INC
CREDIT SUISSE GROUP
GOLDMAN SACHS GROUP
JP MORGAN
BANK OF AMERICA CORP
DEUTSCHE TELEKOM
UBS
ALLIANCE BERNSTEIN
AXA
Firm Name
Portfolio Name
n/a
n/a
n/a
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AKTIEN
CREDIT AGRICOLE SA
COMMERZBANK AKTIENGE
Multiple Portfolios
n/a
GOLDMAN SACHS GROUP
Multiple Portfolios
Multiple Portfolios
n/a
BANK OF AMERICA
n/a
n/a
n/a
n/a
n/a
Analyst
Mediobanca SpA
AlphaValue
DIETER HEIN
Societe Generale
Nord/LB
MICHAEL SEUFERT
Credit Suisse
AMIT GOEL
STEFAN BONGARDT
Oddo & Cie
JEAN SASSUS
PHILIPP HAESSLER
DZ Bank AG
CHRISTOPH BAST
Exane BNP Paribas
DANIEL DAVIES
Grupo Santander
AURELIA FAURE
JPMorgan
KIAN ABOUHOSSEIN
Bankhaus Metzler
GUIDO HOYMANN
Morgan Stanley
HUW VAN STEENIS
INGO FROMMEN
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
Goldman Sachs
JERNEJ OMAHEN
ANDREW STIMPSON
ANDREW LIM
Banco Sabadell
MARIO LODOS
Redburn Partners
NICHOLAS WATTS
Barclays
JEREMY SIGEE
Hamburger Sparkasse
CHRISTIAN HAMANN
ARUN MELMANE
CA Cheuvreux
CYRIL MEILLAND
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
M.M. Warburg Investment Research ANDREAS PLAESIER
Berenberg Bank
JAMES CHAPPELL
DIRK BECKER
S&P Capital IQ
FRANK BRADEN
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
HSBC
ROBERT MURPHY
Hammer Partners SA
ENRICO RACIOPPI
SRC Research
STEFAN SCHARFF
Source
ULT-AGG
ULT-AGG
Co File
13F
13F
13F
13F
MF-AGG
Research
13F
MF-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
Research
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
neutral
add
buy
add
buy
underperform
hold
neutral
accumulate
buy
outperform
underweight
neutral
buy
Equalwt/In-Line
buy
sector perform
neutral
Sell/Neutral
outperform
sell
buy
buy
overweight
hold
sell
buy
underperform
neutral
reduce
buy
sell
buy
hold
underweight
hold
overweight
buy
sell
Amt Held
73'721'977
49'064'352
24'888'999
24'458'657
16'957'871
16'648'807
14'797'901
9'550'425
9'379'275
8'557'620
7'115'570
6'857'407
5'952'018
5'677'666
4'655'730
3'906'432
3'832'262
3'758'375
3'350'113
3'250'565
% Out
7.93
5.28
2.68
2.63
1.82
1.79
1.59
1.03
1.01
0.92
0.77
0.74
0.64
0.61
0.5
0.42
0.41
0.4
0.36
0.35
Weighting
Change
3
4
5
4
5
1
3
3
4
5
5
1
3
5
3
5
3
3
1
5
1
5
5
5
3
1
5
1
3
2
5
1
5
3
1
3
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
U
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
1'022'636
(3'318'049)
(3'091'342)
5'959'356
3'630'244
10'133'323
384'651
3'906'478
(629'994)
165'336
(4'277'134)
(3'004'857)
(1'922'371)
176'476
1'963'628
(1'003'376)
(1'338'703)
Target Price
40
38
42
41
39
32
35
38
44
40
42
30
38
45
41
38
39
36
37
44
30
40
#N/A N/A
46
39
#N/A N/A
45
37
37
37
44
20
44
39
#N/A N/A
#N/A N/A
39
36
33
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
08.06.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
13.11.2012
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
6 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
25.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
18.03.2013
14.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
28.02.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
12.02.2013
07.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
15.01.2013
05.09.2012
03.07.2012
08.02.2010
27.03.2013
Anglo American PLC

Anglo American PLC is a global mining company. The Company's mining portfolio
includes bulk commodities including iron ore, manganese and metallurgical
coal, base metals including copper and nickel and precious metals and minerals
including platinum and diamonds. Anglo American PLC has mining operations in
Africa, Europe, North and South America, Asia and Australia.
Price/Volume
2500
8.0 M
2000
6.0 M
5.0 M
4.0 M
1000
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2012)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AAL LN EQUITY YTD Change
AAL LN EQUITY YTD % CHANGE
12/2012
01/yy
2'501.50
1'662.50
1'303'011.00
1710.5
-31.66%
2.89%
8.76%
1'393.7
23'838.97
16'760.00
0.0
6'130.0
9'094.00
49'798.81
3.0 M
2.0 M
500
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
1500
Valuation Analysis
31.12.2008
26'311.0
1.61x
9'986.0
4.23x
5'215.0
5.19x
9.0 M
31.12.2009
31.12.2010
20'858.0
27'960.0
3.39x
2.84x
4'465.0
10'301.0
15.82x
7.71x
2'425.0
6'544.0
21.67x
9.58x
Profitability
31.12.2011
30'580.0
1.75x
11'379.0
4.69x
6'169.0
7.24x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
28'761.0
1.97x
7'682.0
7.37x
(1'493.0)
7'682.00
5'393.00
18.75%
-0.83%
-1.97%
-3.89%
0.38%
33.9%
26.7%
18.8%
-5.2%
2.34
1.32
21.12%
44.51%
11.01
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.29
1.41
1'226.37
-26.93%
-7.90%
1.414
32
2.875
3'288'992
3'623'367
3'298'304
FY+2
12/13 Y
12/14 Y
34'232.7
35'791.3
1.52x
1.50x
9'904.2
10'782.7
5.03x
4.62x
2'962.9
3'672.3
11.15x
9.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
18.04.2011
BBB+
NEG
19.04.2010
A-2
7.08
1.91
1.00
2.18
44.5%
27.7%
0.38
0.67
33.24
64.36
16.00
35'000.0
14.00
30'000.0
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Anglo American PLC

Holdings By:
All
Holder Name
BLACKROCK
PUBLIC INVESTMENT CO
LEGAL & GENERAL
TARL INVESTMENT HOLD
EPOCH TWO INVESTMENT
FMR LLC
SCOTTISH WIDOWS
E OPPENHEIMER & SON
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
CORONATION ASSET MAN
AVIVA INVESTORS
STATE STREET
Firm Name
RBC Capital Markets
S&P Capital IQ
Day by Day
Exane BNP Paribas
AlphaValue
Jefferies
Goldman Sachs
Macquarie
Morgan Stanley
Liberum Capital Ltd
Nomura
EVA Dimensions
Societe Generale
Deutsche Bank
Credit Suisse
JPMorgan
Natixis
SBG Securities
BMO Capital Markets
HSBC
Imara
Investec
Redburn Partners
Barclays
Standard Chartered
Avior Research
CA Cheuvreux
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DES KILALEA
PAUL GAIT
JOHNSON IMODE
VALERIE GASTALDY
RAPHAEL VEVERKA
SACHIN KUMAR
EUGENE KING
KIERAN DALY
MENNO SANDERSE
BEN DAVIS
SAM CATALANO
CRAIG STERLING
ALAIN WILLIAM
SVEN DIERMEIER
GRANT SPORRE
LIAM FITZPATRICK
FRASER JAMIESON
RAOUDHA BOUZEKRI
PETER DAVEY
TONY ROBSON
ANDREW KEEN
STEPHEN MEINTJES
ALBERT MINASSIAN
SIMON TOYNE
IAN ROSSOUW
SUBRAMANIAM VARADA
CLINTON DUNCAN
JOAKIM AHLBERG
SCOTT FINLAY
ALISON TURNER
Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
REG
MF-AGG
REG
MF-AGG
ULT-AGG
REG
ULT-AGG
REG
Recommendation
underperform
outperform
sell
hold
underperform
add
buy
Sell/Neutral
outperform
Equalwt/In-Line
hold
reduce
underweight
sell
sell
buy
neutral
underweight
neutral
sell
market perform
overweight
hold
hold
sell
equalweight
in-line
outperform
outperform
hold
hold
Amt Held
78'986'629
77'592'603
51'483'011
47'275'613
42'166'686
31'057'459
29'466'453
29'199'945
25'200'000
21'574'878
17'579'059
17'290'964
15'661'337
14'290'980
14'199'373
11'914'195
10'535'767
10'437'360
9'755'061
9'024'700
% Out
5.67
5.57
3.69
3.39
3.03
2.23
2.11
2.1
1.81
1.55
1.26
1.24
1.12
1.03
1.02
0.85
0.76
0.75
0.7
0.65
Weighting
Change
1
5
1
3
1
4
5
1
5
3
3
2
1
1
1
5
3
1
3
1
3
5
3
3
1
3
3
5
5
3
3
D
M
D
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
U
N
M
D
M
M
M
M
N
M
Latest Chg
421'636
2'876'024
(2'557'012)
3'632'677
3'080'902
497'364
6'944'224
549'175
1'122'571
1'346'501
1'922'748
(639'640)
383'534
95'026
Target Price
1'800
2'300
1'640
#N/A N/A
1'700
2'073
2'450
1'450
2'250
2'080
#N/A N/A
1'700
#N/A N/A
1'900
1'800
2'290
2'100
1'640
1'900
2'000
2'200
2'240
#N/A N/A
2'259
#N/A N/A
1'970
1'960
2'338
2'250
3'329
2'756
File Dt
25.03.2013
01.11.2012
28.02.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
31.01.2013
31.01.2013
01.11.2012
01.11.2012
31.12.2012
01.11.2012
31.12.2012
01.11.2012
01.11.2012
26.03.2013
01.11.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Investment Advisor
Government
Unclassified
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Other
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
04.03.2013
22.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
07.02.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
08.09.2012
27.08.2012
30.07.2012
21.04.2011
21.04.2011
27.03.2013
Deutsche Telekom AG
Deutsche Telekom AG offers telecommunications services. The Company offers a
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Price/Volume
12
45.0 M
40.0 M
10
35.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.09.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DTE GY EQUITY YTD Change
DTE GY EQUITY YTD % CHANGE
12/2012
12/yy
10.06
7.69
12'767'419.00
8.178
-18.76%
6.37%
27.74%
4'321.3
35'339.75
44'614.00
0.0
4'623.0
6'046.00
78'530.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
64'602.0
62'421.0
1.46x
1.48x
17'335.0
17'726.0
5.46x
5.20x
353.0
1'695.0
128.63x
24.76x
Profitability
LTM-4Q
31.12.2011
58'653.0
1.45x
20'202.0
4.22x
557.0
68.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
58'169.0
1.38x
17'728.0
4.53x
(5'255.0)
17'728.00
6'720.00
11.55%
-10.71%
-4.56%
-17.17%
0.50%
41.2%
30.4%
11.5%
-9.0%
0.65
0.54
41.33%
172.12%
9.04
31.23
Price/ Cash Flow
j-12
j-12
LTM
12/yy
58'653.0
6.25x
19'004.0
4.48x
557.0
68.19x
a-12
12/yy
58'169.0
5.77x
17'708.0
4.54x
(5'255.0)
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.75
2'938.38
-3.95%
-4.85%
0.749
43
3.209
12'955'510
17'153'640
14'166'570
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
57'754.6
57'542.1
14'049.0
13'969.0
1.36x
1.32x
17'365.8
17'394.4
4'327.0
4'436.0
4.52x
4.51x
4.54x
2'892.2
3'073.6
764.0
944.0
11.52x
11.13x
9.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.05.2008
BBB+
STABLE
08.04.2002
A-2
7.58
4.88
2.18
2.52
172.1%
59.4%
0.50
1.46
40.50
11.72
68.88
-16.66
3.50
70'000.0
3.00
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
61'666.0
1.49x
17'535.0
5.24x
1'483.0
31.62x
30.0 M
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Deutsche Telekom AG
Holdings By:
All
Holder Name
KREDITANSTALT FUER W
FEDERAL REPUBLIC OF
BLACKROCK
BLACKSTONE
VANGUARD GROUP INC
SCHRODER INVESTMENT
ING INTERNATIONAL AD
FMR LLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

ROBIN BIENENSTOCK
Bankhaus Metzler
ULRICH TRABERT
AlphaValue
HEINZ STEFFEN
Societe Generale
OTTAVIO ADORISIO
Jefferies
ULRICH RATHE
STEFAN BORSCHEID
Exane BNP Paribas
MATHIEU ROBILLIARD
JPMorgan
HANNES C WITTIG
Berenberg Bank
PAUL ANDREW MARSCH
RBC Capital Markets
JONATHAN ATKIN
Hamburger Sparkasse
Morgan Stanley
NICK DELFAS
Macquarie
GUY R PEDDY
Oddo & Cie
ALEXANDRE IATRIDES
Natixis
JACQUES DE GRELING
Nomura
FREDERIC BOULAN
S&P Capital IQ
ALEXANDER WISCH
DZ Bank AG
KARSTEN OBLINGER
Barclays
JONATHAN DANN
Grupo Santander
JOHN DAVIES
Commerzbank Corporates & Markets HEIKE PAULS
Nord/LB
WOLFGANG DONIE
Raymond James
STEPHANE BEYAZIAN
MARKUS FRIEBEL
Bankhaus Lampe
WOLFGANG SPECHT
M.M. Warburg Investment Research JOCHEN REICHERT
ADRIAN PEHL
New Street Research
CHARLES GAYNOR
Goldman Sachs
TIMOTHY BODDY
CA Cheuvreux
PETER KURT NIELSEN
Liberum Capital Ltd
LAWRENCE SUGARMAN
Banco Sabadell
ANDRES BOLUMBURU
JAVIER BORRACHERO
Credit Suisse
JUSTIN FUNNELL
Deutsche Bank
MATTHEW BLOXHAM
EVA Dimensions
ANDREW S ZAMFOTIS
Steubing AG
TEAM COVERAGE
Day by Day
VALERIE GASTALDY
HSBC
DOMINIK KLARMANN
WILL DRAPER
JACQUES ABRAMOWICZ
Source
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
sell
add
buy
hold
buy
neutral
not rated
hold
sector perform
hold
restricted
underperform
buy
reduce
buy
sell
sell
equalweight
underweight
hold
buy
outperform
hold
sell
hold
buy
reduce
neutral/neutral
select list
hold
sell
buy
restricted
sell
buy
sell
buy
buy
neutral
sell
buy
Amt Held
734'624'287
648'197'900
242'444'868
191'700'000
61'550'927
29'486'396
27'700'000
23'968'304
14'524'559
14'083'422
12'894'785
11'770'469
11'227'444
9'666'320
8'826'533
7'200'550
6'640'259
5'173'053
4'933'702
4'888'944
% Out
17
15
5.61
4.44
1.42
0.68
0.64
0.55
0.34
0.33
0.3
0.27
0.26
0.22
0.2
0.17
0.15
0.12
0.11
0.11
Weighting
Change
5
1
4
5
3
5
3
#N/A N/A
3
3
3
#N/A N/A
1
5
2
5
1
1
3
1
3
5
5
3
1
3
5
2
3
5
3
1
5
#N/A N/A
1
5
1
5
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'131'519)
6'437'130
1'150'782
742'202
442'723
7'267'197
2'108'496
2'089'161
5'012'513
341'400
690'125
(480'154)
101'043
(1'314'468)
Target Price
10
8
10
11
8
10
9
#N/A N/A
11
10
#N/A N/A
#N/A N/A
8
11
7
10
7
8
9
8
9
11
11
9
8
10
10
7
9
11
8
10
11
#N/A N/A
8
10
#N/A N/A
#N/A N/A
10
9
8
11
File Dt
Inst Type
30.09.2012
Investment Advisor
30.09.2012
Government
25.03.2013
Investment Advisor
03.08.2012
Unclassified
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
12 month
Date
27.03.2013
26.03.2013
21.03.2013
15.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
06.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
26.02.2013
25.02.2013
19.02.2013
15.02.2013
30.01.2013
24.01.2013
23.01.2013
16.01.2013
15.01.2013
14.01.2013
10.01.2013
10.12.2012
10.12.2012
08.11.2012
27.03.2013
GDF Suez
GDF Suez offers a full range of electricity, gas and associated energy and
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Price/Volume
25
45.0 M
40.0 M
20
35.0 M
30.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.08.2012)
52-Week Low (01.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSZ FP EQUITY YTD Change
GSZ FP EQUITY YTD % CHANGE
12/2012
12/yy
20.35
14.05
3'045'083.00
14.925
-26.58%
6.23%
17.54%
2'412.8
36'011.40
57'552.00
0.0
11'462.0
11'383.00
93'642.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
79'908.0
84'478.0
1.32x
1.24x
13'781.0
15'918.0
7.63x
6.59x
4'477.0
4'616.0
14.77x
12.79x
Profitability
LTM-4Q
31.12.2011
90'673.0
1.18x
16'071.0
6.64x
4'003.0
11.73x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
97'038.0
0.97x
18'401.0
5.13x
1'550.0
22.90x
18'401.00
9'520.00
9.81%
4.96%
0.74%
2.53%
3.13%
0.46%
19.0%
9.8%
1.6%
1.07
0.65
28.01%
96.33%
4.03
-
Price/ Cash Flow
j-12
j-12
LTM
09/yy
89'792.0
0.00x
0.0
0.00x
0.0
0.00x
a-12
12/yy
97'038.0
0.00x
0.0
0.00x
0.0
0.00x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
10.05
1.04
1'388.04
-17.39%
-4.17%
1.042
29
3.414
6'294'669
5'153'933
4'581'695
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
81'196.9
81'347.5
- 20'325.0
1.02x
0.98x
14'045.7
14'265.5
3'489.8
6.66x
6.56x
3'241.7
3'399.5
10.93x
10.49x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.01.2013
A *29.01.2013
A-1 *7.47
3.74
2.51
3.13
96.3%
44.7%
0.46
1.10
91.09
-
6.00
120'000.0
5.00
100'000.0
4.00
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
67'923.8
1.64x
9'605.7
11.61x
4'857.1
11.85x
25.0 M
10
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
GDF Suez
Holdings By:
All
Holder Name
FRENCH STATE
GDF SUEZ
CNP ASSURANCES
FRANKLIN RESOURCES
BLACKROCK
SOFINA SA
VANGUARD GROUP INC
LBPAM
INTERNATIONAL VALUE
AVIVA PLC
AMUNDI
Firm Name
Exane BNP Paribas
Macquarie
HSBC
Grupo Santander
Goldman Sachs
Nomura
Barclays
Morgan Stanley
Raymond James
KBC Securities
S&P Capital IQ
AlphaValue
Credit Suisse
Natixis
Banco Sabadell
Berenberg Bank
EVA Dimensions
JPMorgan
Day by Day
Deutsche Bank
Nord/LB
Societe Generale
Hamburger Sparkasse
DZ Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BENJAMIN LEYRE
SHAI HILL
ADAM DICKENS
OSCAR NAJAR RIOS
ANDREW MEAD
MARTIN YOUNG
ERKAN AYCICEK
SVEN DIERMEIER
JULIE ARAV
EMMANUEL TURPIN
EMMANUEL RETIF
DIETER FURNIERE
OLIVIER BAILS
CLIVE ROBERTS
MYRIAM COHEN
MICHEL DEBS
PHILIPPE OURPATIAN
ANDREW FISHER
AUSTIN BURKETT
NATHALIE F CASALI
VALERIE GASTALDY
MARTIN BROUGH
HEINO HAMMANN
ALBERTO PONTI
ANNEMARIE SCHLUETER
HASIM SENGUEL
TEAM COVERAGE
Source
Co File
ULT-AGG
Research
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
underperform
outperform
overweight
hold
Buy/Neutral
neutral
buy
hold
equalweight
Underwt/In-Line
underperform
hold
buy
hold
buy
neutral
neutral
buy
sell
hold
overweight
underweight
hold
hold
hold
buy
hold
hold
not rated
Amt Held
810'927'246
209'718'616
116'911'820
45'051'514
38'293'787
24'778'333
22'829'438
20'931'285
13'515'454
13'452'139
12'881'757
12'537'744
9'130'000
8'811'951
7'777'965
6'360'558
5'571'946
4'948'780
4'229'692
3'948'836
% Out
33.61
8.69
4.85
1.87
1.59
1.03
0.95
0.87
0.56
0.56
0.53
0.52
0.38
0.37
0.32
0.26
0.23
0.21
0.18
0.16
Weighting
Change
1
5
5
3
5
3
5
3
3
1
1
3
5
3
5
3
3
5
1
3
5
1
3
3
3
5
3
3
#N/A N/A
M
M
U
M
M
M
U
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
D
M
M
M
M
M
Latest Chg
(12'226'130)
(392'875)
1'423'055
639'284
(1'633'213)
359'256
602'100
134'083
124'302
(4'729'951)
(698'442)
(10'748'086)
-
Target Price
14
17
18
17
25
19
17
15
15
15
13
17
23
13
18
15
17
18
14
15
#N/A N/A
14
#N/A N/A
18
17
25
#N/A N/A
22
#N/A N/A
File Dt
Inst Type
31.12.2011
Government
31.12.2012
Investment Advisor
15.03.2012
Holding Company
31.12.2011
Government
31.12.2011
Corporation
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2011
Holding Company
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
25.03.2013
22.03.2013
21.03.2013
12.03.2013
12.03.2013
12.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
26.02.2013
20.02.2013
15.02.2013
05.02.2013
05.02.2013
17.01.2013
10.01.2013
20.12.2012
06.12.2012
06.12.2012
26.11.2012
27.02.2012
01.11.2011
31.10.2011
27.03.2013
Imperial Tobacco Group PLC

Imperial Tobacco Group plc is an international tobacco company that
manufactures, markets, and sells a range of cigarettes, tobaccos,
rolling papers, and cigars.
Price/Volume
3000
7.0 M
2500
6.0 M
5.0 M
2000
Latest Fiscal Year:

LTM as of:
52-Week High (10.07.2012)
52-Week Low (27.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IMT LN EQUITY YTD Change
IMT LN EQUITY YTD % CHANGE
09/2012
01/yy
2'629.00
2'224.00
942'136.00
2241
-14.80%
0.76%
7.87%
977.8
21'912.38
9'587.00
0.0
49.0
631.00
30'917.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.09.2009
30.09.2010
14'748.0
15'018.0
2.00x
1.93x
3'158.0
3'307.0
9.34x
8.75x
663.0
1'505.0
27.61x
12.78x
Profitability
30.09.2011
15'186.0
2.05x
3'260.0
9.53x
1'796.0
12.26x
30.09.2012
14'672.0
2.16x
4'509.0
7.03x
678.0
33.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4'509.00
2'747.00
18.72%
7.37%
2.33%
9.91%
9.83%
0.50%
37.4%
30.7%
18.7%
4.6%
0.78
0.38
34.69%
158.86%
5.25
2.97
Price/ Cash Flow
2.0 M
500
0
m-12
1.0 M
a-12 m-12
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
FY+1
-
4.71
0.57
977.13
-7.37%
-2.62%
0.566
26
3.808
2'355'747
2'126'204
2'055'304
FY+2
09/13 Y
09/14 Y
8'105.1
8'385.1
3.78x
3.61x
3'445.4
3'593.4
8.97x
8.60x
2'089.3
2'202.8
10.55x
9.79x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.05.2008
BBB
STABLE
20.05.2008
A-2
3.06
2.86
1.99
2.13
158.9%
61.2%
0.50
7.22
69.69
123.36
43.60
149.45
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
02.10.2009
3.0 M
1000
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
10'116.0
2.96x
1'958.0
15.29x
428.0
35.54x
4.0 M
1500
Valuation Analysis
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Imperial Tobacco Group PLC

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
INVESCO LTD
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
MORGAN STANLEY
VANGUARD GROUP INC
UBS
AXA
VANGUARD GROUP INC
Firm Name
Berenberg Bank
Natixis
Nomura
Credit Suisse
Exane BNP Paribas
Jefferies
Goldman Sachs
AlphaValue
Day by Day
Societe Generale
JPMorgan
Investec
Morgan Stanley
S&P Capital IQ
Barclays
EVA Dimensions
Renaissance Capital
Redburn Partners
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAMIAN MCNEELA
EDDY HARGREAVES
ERIK BLOOMQUIST
NICOLAS LANGLET
DAVID HAYES
ROGERIO FUJIMORI
CHRIS WICKHAM
JAMES BUSHNELL
DIRK VAN VLAANDEREN
FULVIO CAZZOL
ISABELLE COMBEMALE
VALERIE GASTALDY
RAE MAILE
MARTIN DEBOO
MATTHEW GRAINGER
LARS LUSEBRINK
CARL SHORT
SIMON HALES
AUSTIN BURKETT
REY WIUM
CHRISTIAN DE ROUALLE
JONATHAN FELL
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
MF-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
Recommendation
buy
buy
hold
buy
reduce
outperform
buy
underperform
hold
neutral/attractive
buy
buy
buy
neutral
hold
Overwt/Attractive
buy
hold
equalweight
overweight
hold
sell
buy
Amt Held
66'461'651
61'000'000
53'000'000
42'126'524
30'498'871
29'706'695
22'902'506
20'453'291
17'630'376
16'997'045
15'549'556
15'439'779
14'733'204
13'734'190
13'368'645
13'190'673
13'022'970
12'498'191
12'129'371
11'373'592
% Out
6.8
6.24
5.42
4.31
3.12
3.04
2.34
2.09
1.8
1.74
1.59
1.58
1.51
1.4
1.37
1.35
1.33
1.28
1.24
1.16
Weighting
Change
5
5
3
5
2
5
5
1
3
3
5
5
5
3
3
5
5
3
3
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
380'781
(1'077'344)
1'083'885
(864'949)
4'070'578
(4'970'335)
595'616
4'426'083
26'099
465'216
(606'667)
(568'794)
(138'251)
306'789
2'126'754
1'874'094
311'401
Target Price
2'650
2'900
2'800
2'800
2'443
2'700
2'900
2'450
2'500
2'470
3'011
2'518
2'700
3'067
2'450
2'680
2'850
2'450
2'650
#N/A N/A
2'700
#N/A N/A
3'000
File Dt
31.12.2012
30.10.2012
25.03.2013
28.02.2013
01.12.2012
31.01.2013
01.12.2012
31.12.2012
31.12.2012
01.12.2012
31.12.2012
31.07.2012
31.12.2012
01.12.2012
31.01.2013
31.01.2013
01.12.2012
01.12.2012
28.02.2013
01.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
3 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
07.03.2013
07.03.2013
05.03.2013
28.02.2013
20.02.2013
15.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
17.01.2013
16.01.2013
16.01.2013
01.05.2012
27.03.2013
Nordea Bank AB
Nordea Bank AB is a financial services group that provides banking services,
financial solutions, and related advisory services. The Group attracts deposits
and offers credit, investment banking, securities trading, and insurance
products to private individuals, companies, institutions, and the public sector.
Nordea services the Scandinavian countries and the Baltic Sea region.
Price/Volume
80
50
15.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NDA SS EQUITY YTD Change
NDA SS EQUITY YTD % CHANGE
12/2012
12/yy
79.30
51.35
2'521'576.00
72.85
-8.07%
41.87%
80.50%
4'050.0
295'039.00
247'563.00
0.0
5.0
54'634.00
-
10.0 M
30
20
5.0 M
10
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
60
Valuation Analysis
31.12.2008
20'485.0
2'671.0
4.84x
25.0 M
70
31.12.2009
31.12.2010
15'492.0
14'595.0
2'314.0
2'657.0
11.79x
12.35x
Profitability
LTM-4Q
31.12.2011
16'685.0
2'627.0
9.15x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
17'457.0
3'119.0
9.30x
36.77%
37.62%
0.45%
11.50%
1.14%
0.03%
28.5%
36.54%
877.54%
-
Price/ Cash Flow
LTM
12/yy
16'686.0
0.00x
0.0
0.00x
2'627.0
9.15x
12/yy
17'456.0
0.00x
0.0
0.00x
3'119.0
9.31x
FY+1
1.16
24.16%
21.76%
1.162
29
4.034
7'276'946
8'391'550
8'147'229
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'443.4
10'878.6
2'554.9
2'596.5
3'298.1
3'685.7
779.4
819.3
10.67x
9.57x
10.72x
10.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2005
AANEG
29.11.2005
A-1+
877.5%
89.8%
0.03
37.02
-
45.00
25'000.0
40.00
20'000.0
35.00
30.00
15'000.0
25.00
20.00
10'000.0
15.00
5'000.0
10.00
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nordea Bank AB
Holdings By:
All
Holder Name
SAMPO OYJ
GOVERNMENT OF SWEDEN
AMF PENSION
NORWEGIAN PETROLEUM
SHB FUNDS
SEB
SEB FUNDS
FJARDE AP-FONDEN
NORDEA FUNDS
AFA INSURANCE
ABERDEEN
VARMA MUTUAL PENSION
SKANDIA LIV
AMF FONDER AB
VANGUARD GROUP INC
FORSTA AP FONDEN
ALECTA PENSIONSFORSA
Firm Name
AlphaValue
Mediobanca SpA
Exane BNP Paribas
SEB Enskilda
Nomura
Societe Generale
JPMorgan
DNB Markets
Jyske Bank
ABG Sundal Collier
RBC Capital Markets
Pareto Securities
S&P Capital IQ
Barclays
EVA Dimensions
Macquarie
Carnegie
Handelsbanken
SpareBank 1 Markets AS
Alm Brand Markets
Arctic Securities ASA
Danske Markets
Goldman Sachs
Berenberg Bank
Morgan Stanley
NYKREDIT
Evli Bank Plc
Swedbank
CA Cheuvreux
Sydbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
CHRISTOPHE NIJDAM
RICCARDO ROVERE
ANDREAS HAKANSSON
RONNY REHN
NICOLAS MCBEATH
OMAR KEENAN
GEOFF DAWES
SOFIE PETERZENS
HAKON FURE
CHRISTIAN HEDE
MAGNUS ANDERSSON
CLAIRE KANE
JON DAVID GJERTSEN
FRANK BRADEN
CHRISTOFFER ROSQUIST
AUSTIN BURKETT
EDWARD FIRTH
ASBJORN MORK
PETER GRABE
NILS CHRISTIAN OYEN
STIG NYMANN
FRIDTJOF BERENTS
PER GRONBORG
PAWEL DZIEDZIC
NICK ANDERSON
ALVARO SERRANO
MADS THINGGAARD
KIMMO RAMA
MATHS LILJEDAHL
CHRISTIAN HALL
MATS ANDERSON
BJORN SCHWARZ
Source
Research
Research
Research
Research
Research
Research
Research
ULT-AGG
Research
Research
MF-AGG
Research
Research
ULT-AGG
Research
Research
MF-AGG
MF-AGG
Research
Research
Recommendation
reduce
underperform
neutral
outperform
buy
buy
buy
neutral
buy
strong buy
buy
outperform
buy
buy
overweight
overweight
neutral
buy
reduce
buy
sell
buy
hold
Buy/Neutral
buy
Equalwt/In-Line
underperform
buy
not rated
buy
outperform
neutral
Amt Held
860'400'000
544'200'000
158'200'000
127'800'000
79'700'000
72'400'000
58'900'000
52'450'681
51'700'000
44'400'000
43'836'854
41'100'000
40'900'000
31'040'300
30'400'000
30'400'000
28'499'330
27'162'239
27'000'000
23'500'000
% Out
21.24
13.44
3.91
3.16
1.97
1.79
1.45
1.3
1.28
1.1
1.08
1.01
1.01
0.77
0.75
0.75
0.7
0.67
0.67
0.58
Weighting
Change
2
1
3
5
5
5
5
3
5
5
5
5
5
5
5
5
3
5
2
5
1
5
3
5
5
3
1
5
#N/A N/A
5
5
3
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(271'123)
1'335'441
(599'500)
(862'000)
1'287'716
-
Target Price
76
73
74
86
90
84
88
82
77
91
81
81
82
82
88
#N/A N/A
75
#N/A N/A
70
76
60
76
72
85
80
70
#N/A N/A
86
#N/A N/A
65
80
#N/A N/A
File Dt
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
31.12.2012
28.09.2012
28.09.2012
28.02.2013
28.09.2012
28.09.2012
28.02.2013
28.09.2012
28.09.2012
31.12.2012
31.12.2012
28.09.2012
28.09.2012
Date
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
18 month
Not Provided
Not Provided
6 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Insurance Company
Government
Investment Advisor
Investment Advisor
n/a
n/a
Unclassified
n/a
Investment Advisor
n/a
Insurance Company
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
25.03.2013
20.03.2013
19.03.2013
19.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
25.02.2013
18.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
28.01.2013
28.01.2013
16.01.2013
08.10.2012
29.05.2012
16.04.2012
27.10.2011
16.08.2011
29.04.2011
27.03.2013
Credit Suisse Group AG

Credit Suisse Group AG is an international financial services group. The Group
provides investment banking, private banking, and asset management services to
customers located around the world.
Price/Volume
30
35.0 M
25
30.0 M
25.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (07.02.2013)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CSGN VX EQUITY YTD Change
CSGN VX EQUITY YTD % CHANGE
12/2012
12/yy
27.85
15.97
3'185'252.00
25.05
-10.05%
56.86%
78.79%
1'320.8
33'086.79
330'510.00
0.0
6'786.0
63'708.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
51'547.0
50'345.0
6'724.0
5'098.0
9.96x
9.59x
Profitability
LTM-4Q
31.12.2011
42'693.0
1'953.0
16.11x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
38'313.0
1'349.0
27.15x
6.73%
9.34%
0.15%
3.78%
0.44%
0.04%
5.8%
35.76%
931.07%
-
Price/ Cash Flow
j-12
j-12
LTM
12/yy
42'715.0
0.00x
0.0
0.00x
1'953.0
16.85x
a-12
12/yy
38'313.0
0.00x
0.0
0.00x
1'483.0
26.50x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
1.58
1'170.21
-1.43%
12.53%
1.580
41
3.610
5'050'719
5'834'745
6'038'311
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'574.2
27'496.9
6'813.0
6'456.0
34.91x
33.74x
4'163.6
5'056.9
1'335.0
1'009.0
9.50x
8.08x
9.35x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.12.2008
A
NEG
27.07.2012
NR
931.1%
88.7%
0.04
5.98
-
8.00
100'000.0
7.00
90'000.0
80'000.0
6.00
70'000.0
5.00
60'000.0
4.00
50'000.0
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
48'697.0
(8'218.0)
-
20.0 M
15
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Credit Suisse Group AG

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
CRESCENT HOLDING GMB
DODGE & COX
BLACKROCK
CREDIT SUISSE
MORGAN STANLEY
AXA
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
FMR LLC
Firm Name
Portfolio Name
n/a
#N/A N/A
#N/A N/A
#N/A N/A
n/a
#N/A N/A
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
Helvea
TIM DAWSON
Mediobanca SpA
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
DANIEL DAVIES
Morgan Stanley
HUW VAN STEENIS
Goldman Sachs
JERNEJ OMAHEN
JPMorgan
KIAN ABOUHOSSEIN
CA Cheuvreux
CHRISTIAN STARK
Bankhaus Metzler
GUIDO HOYMANN
AlphaValue
DIETER HEIN
Societe Generale
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
ANDREW STIMPSON
Oddo & Cie
JEAN SASSUS
DZ Bank AG
CHRISTOPH BAST
Redburn Partners
NICHOLAS WATTS
Barclays
JEREMY SIGEE
ANDREAS VENDITTI
Main First Bank AG
KILIAN MAIER
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
S&P Capital IQ
FRANK BRADEN
Deutsche Bank
MATT SPICK
STEFAN BONGARDT
Berenberg Bank
JAMES CHAPPELL
DIRK BECKER
ARUN MELMANE
ANDREW LIM
Liberum Capital Ltd
CORMAC LEECH
INGO FROMMEN
EVA Dimensions
AUSTIN BURKETT
Bank Vontobel AG
TERESA NIELSEN
HSBC
ROBERT MURPHY
Nord/LB
MICHAEL SEUFERT
Grupo Santander
AURELIA FAURE
Hammer Partners SA
ENRICO RACIOPPI
Source
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
ULT-AGG
MF-AGG
Recommendation
neutral
outperform
hold
outperform
Overwt/In-Line
neutral/neutral
overweight
select list
sell
add
buy
outperform
outperform
outperform
neutral
sell
neutral
equalweight
market perform
outperform
neutral
buy
hold
hold
hold
buy
sell
buy
hold
hold
neutral
hold
hold
buy
hold
neutral
hold
hold
sell
Amt Held
88'790'736
81'886'795
80'566'040
66'037'738
39'622'643
39'622'643
39'396'381
36'381'320
32'818'874
32'002'938
29'056'605
18'440'996
18'419'971
10'904'019
10'447'937
6'808'428
6'196'536
4'500'000
4'377'233
4'030'117
% Out
6.72
6.2
6.1
5
3
3
2.98
2.75
2.48
2.42
2.2
1.4
1.39
0.83
0.79
0.52
0.47
0.34
0.33
0.31
Weighting
Change
3
5
3
5
5
3
5
5
1
4
5
5
5
5
3
1
3
3
3
5
3
5
3
3
3
5
1
5
3
3
3
3
3
5
3
3
3
3
1
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
M
M
U
M
N
M
M
D
M
M
D
M
M
M
Latest Chg
134'170
5'348'082
(3'890'327)
12'068'962
(26'636'525)
(272'042)
2'714'754
1'197'683
(21'919)
2'503'621
57'768
2'906'292
(17'300)
Target Price
27
31
#N/A N/A
32
30
30
34
30
24
28
33
30
30
34
28
24
#N/A N/A
27
#N/A N/A
30
24
32
28
27
29
32
13
30
23
29
25
25
27
#N/A N/A
23
24
#N/A N/A
20
21
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
17.01.2013
04.03.2013
28.06.2010
25.08.2009
31.12.2012
31.01.2013
31.12.2012
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2011
31.01.2013
31.12.2012
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
18 month
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
27.03.2013
25.03.2013
19.03.2013
18.03.2013
15.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
05.03.2013
05.03.2013
05.03.2013
27.02.2013
27.02.2013
19.02.2013
15.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
04.02.2013
30.01.2013
23.01.2013
22.01.2013
17.01.2013
20.11.2012
07.11.2012
23.10.2012
18.09.2012
03.07.2012
27.03.2013
Volkswagen AG
Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VOW3 GY EQUITY YTD Change
VOW3 GY EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
187.40
115.95
632'304.00
154.15
-17.61%
32.95%
56.89%
170.1
69'231.80
117'663.00
0.0
4'310.0
25'921.00
165'283.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
113'808.0
1.22x
14'854.0
9.34x
4'753.0
20.97x
200
180
160
140
120
100
80
60
40
20
0
m-12
31.12.2009
31.12.2010
105'187.0
126'875.0
0.97x
0.83x
10'896.0
16'659.0
9.35x
6.29x
960.0
6'835.0
32.35x
6.98x
Profitability
LTM-4Q
31.12.2011
159'337.0
0.77x
21'365.0
5.76x
15'409.0
3.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
192'676.0
0.90x
24'424.0
7.10x
21'717.0
3.51x
24'424.00
11'310.00
5.87%
13.23%
7.71%
32.16%
0.68%
18.2%
12.7%
5.9%
11.3%
1.03
0.33
38.00%
151.79%
18.73
5.60
Price/ Cash Flow
LTM
FY+1
1.16
143.79
17.71%
-10.46%
1.160
39
4.615
1'033'981
1'224'361
967'590
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
159'337.0 192'676.0 204'339.9 215'054.3
54'027.0
53'617.0
2.87x
3.11x
0.33x
0.30x
1.24x
1.25x
21'365.0
24'424.0
24'020.7
26'849.2
4'387.0
4'225.0
5.76x
7.03x
6.88x
6.16x
15'409.0
21'717.0
10'013.6
11'624.4
2'360.0
2'247.0
3.13x
3.49x
7.11x
6.15x
S&P Issuer Ratings
31.08.2009
Long-Term Rating
ALong-Term Outlook
POS
15.06.2004
Short-Term Rating
A-2
Credit Ratios
17.46
9.96
Net Debt/EBITDA
3.76
Total Debt/EBITDA
4.82
Reference
Total Debt/Equity
151.8%
Total Debt/Capital
59.0%
Asset Turnover
0.68
3.54
19.54
Inventory Days
65.32
38.75
46.11
14.00
250'000.0
12.00
200'000.0
10.00
150'000.0
8.00
6.00
100'000.0
4.00
50'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Volkswagen AG
Holdings By:
All
Holder Name
QATAR HOLDINGS LLC
BLACKROCK
FMR LLC
CARMIGNAC GESTION
DEUTSCHE BANK AG
VANGUARD GROUP INC
BG MASTER FUND PLC
ADIG INVESTMENT
INVESCO LTD
JP MORGAN
UMB BANK N A
PRUDENTIAL FINANCIAL
UBS
Firm Name
DZ Bank AG
Exane BNP Paribas
EVA Dimensions
Macquarie
AlphaValue
JPMorgan
Hamburger Sparkasse
Societe Generale
Nord/LB
Goldman Sachs
Oddo & Cie
Day by Day
Morgan Stanley
Bankhaus Lampe
HSBC
Bankhaus Metzler
Natixis
S&P Capital IQ
Barclays
Redburn Partners
Credit Suisse
Main First Bank AG
Cyrrus
Hammer Partners SA
Deutsche Bank
CA Cheuvreux
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
MICHAEL PUNZET
MAX WARBURTON
MICHAEL RAAB
RABIH FREIHA
DANIEL SCHWARZ
CRAIG STERLING
FRANK BILLER
HANS-PETER WODNIOK
JOSE ASUMENDI
STEPHEN REITMAN
FRANK SCHWOPE
STEFAN BURGSTALLER
ZAFER RUZGAR
FRANCOIS MAURY
VALERIE GASTALDY
STUART PEARSON
MARC-RENE TONN
CHRISTIAN LUDWIG
HORST SCHNEIDER
JUERGEN PIEPER
GEORGES DIENG
TIM SCHULDT
MARNIE COHEN
MICHAEL TYNDALL
CHARLES WINSTON
ERICH HAUSER
LOTHAR LUBINETZKI
JIRI SIMARA
ALBERTO ROLLA
JOCHEN GEHRKE
ALEXANDER NEUBERGER
Source
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
market perform
buy
outperform
buy
buy
buy
neutral
add
overweight
buy
buy
buy
buy/attractive
buy
neutral
hold
Overwt/In-Line
buy
buy
overweight
buy
buy
buy
buy
overweight
buy
buy
outperform
outperform
neutral
buy
buy
buy
outperform
Amt Held
% Out
26'355'116 15.49
6'811'077
4
6'373'641
3.75
5'769'375
3.39
4'904'952
2.88
2'424'693
1.43
1'823'701
1.07
1'590'080
0.93
1'505'412
0.88
(1'208'014) -0.71
1'186'836
0.7
1'093'080
0.64
894'264
0.53
707'619
0.42
554'996
0.33
545'030
0.32
442'029
0.26
435'232
0.26
432'917
0.25
415'317
0.24
Weighting
Change
5
3
5
5
5
5
5
3
4
5
5
5
5
5
5
3
3
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
40'022
(887'122)
592'800
172'087
(136'382)
1'011'201
(58'013)
(51'122)
(153'129)
187'225
178'639
125'708
16'745
36'337
(7'214)
7'182
(54'543)
Target Price
188
170
194
192
195
#N/A N/A
196
175
175
207
#N/A N/A
200
195
211
220
160
#N/A N/A
190
215
205
207
200
195
185
181
192
#N/A N/A
181
195
207
141
170
168
200
200
File Dt
Inst Type
10.03.2011
Government
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
07.11.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
21.03.2013
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
Date
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
6 month
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
27.03.2013
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
07.03.2013
28.02.2013
27.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
05.02.2013
08.01.2013
30.11.2012
16.11.2012
29.10.2012
18.10.2012
02.08.2012
30.04.2012
27.03.2013
Muenchener Rueckversicherungs AG
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Price/Volume
160
2.5 M
140
2.0 M
120
100
Latest Fiscal Year:

LTM as of:
52-Week High (15.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MUV2 GY EQUITY YTD Change
MUV2 GY EQUITY YTD % CHANGE
12/2012
12/yy
152.00
95.85
443'860.00
145.15
-4.44%
51.43%
92.70%
179.3
26'031.38
6'256.00
0.0
242.0
2'860.00
29'669.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
60
40
.5 M
20
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
47'151.0
0.56x
1'555.0
14.34x
1.5 M
80
Valuation Analysis
31.12.2009
31.12.2010
53'891.0
59'111.0
0.44x
0.42x
2'521.0
2'422.0
8.39x
8.69x
Profitability
LTM-4Q
31.12.2011
60'908.0
0.33x
702.0
24.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
65'896.0
0.43x
3'195.0
7.56x
6.64%
6.19%
1.26%
12.72%
11.01%
0.26%
4.8%
2.42%
23.02%
-
Price/ Cash Flow
LTM
12/yy
61'764.0
1.29x
0.0
0.00x
702.0
23.74x
12/yy
66'135.0
1.52x
0.0
0.00x
3'195.0
7.56x
FY+1
0.95
178.94
31.17%
6.73%
0.951
41
3.415
638'166
717'002
666'509
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
55'834.1
57'808.9
0.57x
2'916.6
2'963.9
773.0
713.0
8.86x
8.65x
8.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AASTABLE
23.0%
18.6%
0.26
-
5.00
70'000.0
4.50
60'000.0
4.00
3.50
50'000.0
3.00
40'000.0
2.50
30'000.0
2.00
20'000.0
1.50
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Muenchener Rueckversicherungs AG
Holdings By:
All
Holder Name
BLACKROCK
PEOPLES BANK OF CHIN
CREDIT SUISSE AG
FRANKLIN RESOURCES
VANGUARD GROUP INC
DEUTSCHE BANK AG
MACKENZIE FINANCIAL
ADIG INVESTMENT
SARASIN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst

THOMAS SEIDL
DZ Bank AG
THORSTEN WENZEL
Credit Suisse
ADAM MCINALLY
S&P Capital IQ
RODERICK WALLACE
AlphaValue
DIETER HEIN
EVA Dimensions
AUSTIN BURKETT
RBC Capital Markets
GORDON AITKEN
WILLIAM HAWKINS
Macquarie
HADLEY COHEN
Exane BNP Paribas
THOMAS JACQUET
Societe Generale
JASON KALAMBOUSSIS
Bankhaus Metzler
JOCHEN SCHMITT
Nomura
MICHAEL KLIEN
Nord/LB
JULIA SIEKMANN
Goldman Sachs
VINIT MALHOTRA
JPMorgan
MICHAEL HUTTNER
WERNER SCHIRMER
Oddo & Cie
NICOLAS JACOB
Natixis
BENOIT VALLEAUX
Helvea
DANIEL BISCHOF
STEFAN BONGARDT
Bryan Garnier & Cie
OLIVIER PAUCHAUT
PHILIPP HAESSLER
Day by Day
VALERIE GASTALDY
Bankhaus Lampe
ANDREAS SCHAEFER
CA Cheuvreux
FRANK KOPFINGER
Berenberg Bank
TOM CARSTAIRS
Raymond James
DANNY JACQUES
HSBC
THOMAS FOSSARD
Hamburger Sparkasse
CHRISTIAN HAMANN
FABRIZIO CROCE
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
Morgan Stanley
MACIEJ WASILEWICZ
Mediobanca SpA
MARC THIELE
BEN COHEN
Redburn Partners
PAUL GOODHIND
JOY FERNEYHOUGH
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
underperform
buy
neutral
hold
reduce
overweight
underperform
outperform
neutral
neutral
hold
buy
reduce
hold
Buy/Neutral
overweight
hold
reduce
neutral
neutral
hold
sell
hold
hold
hold
outperform
hold
market perform
underweight
buy
buy
hold
overweight
underperform
Overwt/In-Line
outperform
buy
neutral
neutral
outperform
Amt Held
20'086'215
17'466'054
5'380'236
3'097'431
2'261'723
2'242'202
1'886'892
1'798'228
1'713'886
1'374'140
1'050'506
925'403
909'100
834'488
800'520
619'738
590'450
574'580
539'431
492'477
% Out
11.2
9.74
3
1.73
1.26
1.25
1.05
1
0.96
0.77
0.59
0.52
0.51
0.47
0.45
0.35
0.33
0.32
0.3
0.27
Weighting
Change
1
5
3
3
2
5
1
5
3
3
3
5
2
3
5
5
3
2
3
3
3
1
3
3
3
5
3
3
1
5
5
3
5
1
5
5
5
3
3
5
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
U
Latest Chg
(16'460)
(397'577)
(130'604)
75'261
263'657
107'059
(234'487)
97'400
715'207
(376'953)
5'222
(33'714)
6'554
131'232
196'794
(10'900)
-
Target Price
106
165
155
150
141
#N/A N/A
135
170
150
145
133
171
140
155
175
167
150
125
140
142
150
136
125
#N/A N/A
145
157
140
#N/A N/A
135
#N/A N/A
153
147
157
145
152
164
142
#N/A N/A
118
119
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Unclassified
25.04.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Unclassified
31.07.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
6 month
Date
27.03.2013
27.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
20.02.2013
18.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
09.01.2013
15.03.2012
02.02.2012
10.05.2011
27.03.2013
E.ON SE
E.ON SE operates in power generation and gas production businesses. The
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Price/Volume
25
50.0 M
12/2012
12/yy
19.74
12.42
7'246'079.00
13.46
-31.76%
8.37%
15.30%
2'001.0
26'933.46
25'944.00
0.0
3'862.0
6'097.00
50'642.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
40.0 M
10
30.0 M
20.0 M
10.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
86'753.0
1.08x
5'403.0
17.28x
1'266.0
37.92x
60.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (08.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EOAN GY EQUITY YTD Change
EOAN GY EQUITY YTD % CHANGE
70.0 M
31.12.2009
31.12.2010
81'817.0
92'863.0
1.11x
0.78x
12'703.0
13'006.0
7.18x
5.56x
8'396.0
5'853.0
6.50x
6.53x
Profitability
LTM-4Q
31.12.2011
112'954.0
0.52x
4'269.0
13.73x
(2'219.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
132'093.0
0.38x
8'443.0
5.99x
2'217.0
12.36x
8'443.00
4'940.00
3.74%
2.51%
1.51%
6.27%
6.98%
0.90%
6.4%
3.7%
1.7%
1.20
0.61
18.48%
74.22%
7.73
-
Price/ Cash Flow
LTM
FY+1
1.10
1'787.19
-21.73%
-4.47%
1.097
39
2.538
15'388'800
11'991'150
12'004'260
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
112'954.0 103'866.0 111'728.6 113'663.1
2.19x
2.25x
0.44x
0.43x
4'269.0
5'520.0
9'557.4
9'755.8
13.73x
0.00x
5.29x
5.18x
(2'219.0)
2'396.0
2'531.2
2'677.1
0.00x
0.00x
10.29x
9.67x
S&P Issuer Ratings
27.07.2012
Long-Term Rating
ALong-Term Outlook
STABLE
27.07.2012
Short-Term Rating
A-2
Credit Ratios
2.90
0.71
Net Debt/EBITDA
2.35
Total Debt/EBITDA
3.07
Reference
Total Debt/Equity
74.2%
Total Debt/Capital
40.1%
Asset Turnover
0.90
2.40
47.34
Inventory Days
6.00
140'000.0
5.00
120'000.0
100'000.0
4.00
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
E.ON SE
Holdings By:
All
Holder Name
BLACKROCK
GOVERNMENT OF NORWAY
E.ON AG
CREDIT SUISSE AG
MORGAN STANLEY
VANGUARD GROUP INC
DEUTSCHE BANK AG
FRANKLIN RESOURCES
ADIG INVESTMENT
CREDIT SUISSE ASSET
Firm Name
RBC Capital Markets
Goldman Sachs
Exane BNP Paribas
AlphaValue
HSBC
DZ Bank AG
Societe Generale
S&P Capital IQ
Grupo Santander
Nord/LB
Raymond James
Banco Sabadell
JPMorgan
Berenberg Bank
Deutsche Bank
Morgan Stanley
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Natixis
Nomura
Day by Day
Credit Suisse
Barclays
Main First Bank AG
EVA Dimensions
Redburn Partners
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN MUSK
DEBORAH WILKENS
BENJAMIN LEYRE
EILEEN RYAN
TANJA MARKLOFF
ADAM DICKENS
MARC NETTELBECK
MICHAEL SCHAEFER
INGO BECKER
ALBERTO PONTI
STEPHAN WULF
CLIVE ROBERTS
OSCAR NAJAR RIOS
HEINO HAMMANN
EMMANUEL RETIF
SVEN DIERMEIER
VINCENT DE BLIC
ROBERT CHANTRY
ERKAN AYCICEK
ALEXANDER KARNICK
BOBBY CHADA
ROBERT SCHRAMM-FUCHS
ANNEMARIE SCHLUETER
PHILIPPE OURPATIAN
MARTIN YOUNG
VALERIE GASTALDY
VINCENT GILLES
PETER BISZTYGA
ANDREAS THIELEN
AUSTIN BURKETT
AHMED FARMAN
SEBASTIAN KAUFFMANN
SEBASTIAN ZANK
Source
ULT-AGG
Co File
Co File
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
Buy/Neutral
neutral
buy
hold
underweight
hold
hold
hold
hold
buy
buy
hold
hold
market perform
sell
buy
underweight
sell
buy
hold
sell
Underwt/In-Line
underperform
hold
sell
reduce
reduce
hold
underperform
equalweight
outperform
sell
neutral
underperform
not rated
Amt Held
172'665'399
118'276'492
95'529'865
46'680'225
25'888'854
25'026'728
18'679'962
13'832'519
9'652'792
7'475'000
7'351'606
7'243'436
5'928'365
5'219'136
4'940'060
4'406'169
3'863'245
3'154'858
3'041'428
2'804'442
% Out
8.63
5.91
4.77
2.33
1.29
1.25
0.93
0.69
0.48
0.37
0.37
0.36
0.3
0.26
0.25
0.22
0.19
0.16
0.15
0.14
Weighting
Change
1
5
3
5
3
1
3
3
3
3
5
5
3
3
3
1
5
1
1
5
3
1
1
1
3
1
2
2
3
1
3
5
1
3
1
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
(62'158)
16'104'093
719'330
(288'536)
(1'454'174)
(544'741)
(18'477'247)
(551'821)
(953'996)
254'908
(1'125'000)
268'623
(49'616)
Target Price
11
19
14
17
14
12
14
14
13
13
17
15
16
13
#N/A N/A
11
14
13
12
15
13
13
11
12
#N/A N/A
11
12
14
#N/A N/A
11
15
17
#N/A N/A
#N/A N/A
17
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2011
Government
31.12.2011
Corporation
09.05.2012
Investment Advisor
10.05.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
31.05.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
6 month
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
15.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
25.01.2013
23.01.2013
17.01.2013
14.11.2012
14.08.2012
14.03.2012
27.03.2013
Pernod-Ricard SA
Pernod Ricard SA produces wines and spirits. The Company produces wines,
bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and
white spirits and rums. Pernod Ricard markets its products worldwide.
Price/Volume
120
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RI FP EQUITY YTD Change
RI FP EQUITY YTD % CHANGE
06/2012
12/yy
101.15
74.85
208'473.00
96.59
-4.49%
29.04%
85.86%
265.3
25'626.35
10'176.00
0.0
169.0
787.00
35'002.35
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-12
30.06.2009
30.06.2010
7'203.0
7'081.0
3.11x
3.87x
2'187.0
2'063.0
10.26x
13.28x
945.0
951.0
11.26x
17.67x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
30.06.2011
7'643.0
3.54x
2'111.0
12.82x
1'045.0
17.08x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
8'215.0
3.86x
2'295.0
13.82x
1'146.0
19.33x
2'295.00
2'113.00
25.72%
17.29%
4.23%
10.97%
7.86%
0.30%
61.4%
28.8%
25.8%
14.0%
1.76
0.56
35.86%
94.20%
4.74
0.78
Price/ Cash Flow
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
12/yy
8'508.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.64
0.70
189.25
24.83%
10.46%
0.702
34
3.529
687'692
600'928
513'108
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
8'802.7
9'354.4
4'874.0
3.90x
3.59x
2'501.3
2'701.1
13.97x
12.93x
1'322.0
1'510.7
19.43x
17.14x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.10.2011
BBBSTABLE
03.10.2011
A-3
4.40
3.88
3.76
4.12
94.2%
48.1%
0.30
4.54
77.28
472.24
245.15
323.06
90.00
9'000.0
80.00
8'000.0
70.00
7'000.0
60.00
6'000.0
50.00
5'000.0
40.00
4'000.0
30.00
3'000.0
20.00
2'000.0
10.00
1'000.0
0.00
03.07.2009
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
6'589.0
3.09x
1'689.0
12.05x
840.0
16.65x
40
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
f-13 m-13
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Pernod-Ricard SA
Holdings By:
All
Holder Name
SOCIETE PAUL RICARD
FRANKLIN RESOURCES
CREDIT AGRICOLE ASSE
AMUNDI ASSET MANAGEM
BLACKROCK
CITIGROUP GLOBAL MAR
CARMIGNAC GESTION
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Societe Generale
NICOLAS CERON
Raymond James
Nomura
IAN SHACKLETON
Berenberg Bank
PHILIP MORRISEY
LAETITIA DELAYE
Barclays
SIMON HALES
AlphaValue
ISABELLE COMBEMALE
TREVOR STIRLING
RBC Capital Markets
Credit Suisse
ALEX MOLLOY
EDDY HARGREAVES
Exane BNP Paribas
Day by Day
VALERIE GASTALDY
PHIL CARROLL
EVA Dimensions
AUSTIN BURKETT
Investec
MARTIN DEBOO
JPMorgan
MIKE J GIBBS
Natixis
FRANCIS PRETRE
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Deutsche Bank
JAMES ISENWATER
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Grupo Santander
ANTHONY J BUCALO
Goldman Sachs
MITCHELL COLLETT
Aurel - BGC
JEAN-MARIE L'HOME
Redburn Partners
CHRIS PITCHER
Jefferies
DIRK VAN VLAANDEREN
ALEX SMITH
HSBC
ERWAN RAMBOURG
Equita SIM SpA
FABIO FAZZARI
Davy
BARRY GALLAGHER
Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
Co File
Co File
ULT-AGG
13F
Co File
ULT-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
Co File
Recommendation
buy
outperform
neutral
buy
hold
overweight
reduce
market perform
outperform
outperform
sell
outperform
hold
hold
sell
hold
overweight
buy
accumulate
neutral
buy
sell
sell
underperform
buy
buy/attractive
hold
neutral
hold
buy
neutral
hold
outperform
Amt Held
34'866'200
26'674'844
19'890'770
10'920'574
10'854'541
5'904'879
5'615'014
5'468'037
5'310'761
5'270'298
4'954'341
3'711'633
3'710'368
3'407'419
3'181'703
3'110'259
2'934'500
2'898'012
2'843'000
2'786'833
% Out
13.14
10.05
7.5
4.12
4.09
2.23
2.12
2.06
2
1.99
1.87
1.4
1.4
1.28
1.2
1.17
1.11
1.09
1.07
1.05
Weighting
Change
5
5
3
5
3
5
2
3
5
5
1
5
3
3
1
3
5
5
4
3
5
1
1
1
5
5
3
3
3
5
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
(736'472)
1'064'185
(96'556)
102'126
70'829
10'620
1'227'037
859'128
-
Target Price
110
104
98
117
97
105
99
103
122
116
72
104
#N/A N/A
#N/A N/A
#N/A N/A
93
101
107
98
91
107
75
62
91
103
139
75
#N/A N/A
82
96
93
66
#N/A N/A
File Dt
Inst Type
29.08.2012
Corporation
18.02.2013
Investment Advisor
29.08.2012
Holding Company
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
29.08.2012
Investment Advisor
29.08.2012
Other
29.08.2012
Government
29.08.2012
Government
25.03.2013
Investment Advisor
29.08.2012
Investment Advisor
31.12.2012
Investment Advisor
29.08.2012
Investment Advisor
31.12.2012
Investment Advisor
29.08.2012
Unclassified
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
14.03.2013
13.03.2013
07.03.2013
05.03.2013
22.02.2013
21.02.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
08.02.2013
25.01.2013
21.01.2013
14.01.2013
09.01.2013
14.12.2012
10.12.2012
26.10.2012
14.09.2012
08.08.2012
12.01.2012
26.07.2011
27.03.2013
BT Group PLC
BT Group plc provides telecommunications services. The Company provides local
and long-distance telephone call products and services in the UK, international
telephone calls to and from the UK, broadband network solutions and web hosting
to corporate customers, network ADSL, ISDN, and IP services to communication
companies and narrowband and broadband internet access and related services.
Price/Volume
70.0 M
250
60.0 M
50.0 M
200
40.0 M
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (15.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BT/A LN EQUITY YTD Change
BT/A LN EQUITY YTD % CHANGE
03/2012
12/yy
282.80
197.40
7'145'374.00
271.9
-3.85%
37.74%
93.91%
7'880.0
21'425.74
10'486.00
0.0
11.0
844.00
29'950.74
31.03.2008
20'704.0
1.28x
5'792.0
4.56x
1'737.0
10.09x
30.0 M
100
20.0 M
50
10.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
300
31.03.2009
31.03.2010
21'390.0
20'911.0
0.88x
1.01x
3'629.0
5'594.0
5.19x
3.76x
(193.0)
1'028.0
9.33x
Profitability
LTM-4Q
31.03.2011
20'076.0
1.23x
5'886.0
4.19x
1'502.0
9.58x
31.03.2012
19'307.0
1.46x
6'190.0
4.54x
2'002.0
8.78x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6'190.00
3'218.00
16.67%
12.66%
8.38%
26.06%
0.71%
32.5%
16.5%
10.4%
0.49
0.28
43.79%
808.48%
-
Price/ Cash Flow
LTM
12/yy
19'487.0
4.93x
6'006.0
3.87x
1'842.0
8.03x
12/yy
18'107.0
6.04x
5'881.0
4.54x
2'131.0
8.47x
FY+1
3.20
0.87
7'870.44
24.08%
17.65%
0.869
28
3.679
14'746'450
14'512'250
14'581'470
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
18'138.9
17'745.4
4'690.3
1.61x
1.59x
6.17x
6'099.7
6'064.4
1'634.5
4.91x
4.94x
1'957.0
1'943.9
571.0
10.83x
10.70x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.07.2011
BBB
STABLE
19.07.2011
A-2
8.95
5.22
1.45
1.82
808.5%
88.9%
0.71
1.27
-
9.00
25'000.0
8.00
20'000.0
7.00
6.00
15'000.0
5.00
4.00
10'000.0
3.00
5'000.0
2.00
1.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BT Group PLC
Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
LEGAL & GENERAL
BT GROUP PLC SHAREVI
FMR LLC
AVIVA INVESTORS
SCOTTISH WIDOWS
ARTEMIS INVESTMENT M
PEOPLES REPUBLIC OF
ARTEMIS INVESTMENT M
VANGUARD GROUP INC
BT GROUP PLC EMPLOYE
VANGUARD GROUP INC
MAJEDIE ASSET MANAGE
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Credit Suisse
PAUL SIDNEY
Nomura
JAMES BRITTON
JOHN KARIDIS
AlphaValue
JPMorgan
CARL MURDOCK-SMITH
ROBIN BIENENSTOCK
Barclays
MAURICE PATRICK
NICK BROWN
Exane BNP Paribas
MICHAEL WILLIAMS
Berenberg Bank
STUART GORDON
New Street Research
JAMES RATZER
Day by Day
VALERIE GASTALDY
Morgan Stanley
NICK DELFAS
Macquarie
GUY R PEDDY
Liberum Capital Ltd
LAWRENCE SUGARMAN
Deutsche Bank
DAVID A WRIGHT
Societe Generale
OTTAVIO ADORISIO
Goldman Sachs
ANDREW LEE
Jefferies
JEREMY A DELLIS
S&P Capital IQ
JAMES CRAWSHAW
Oddo & Cie
ALEXANDRE IATRIDES
EVA Dimensions
ANDREW S ZAMFOTIS
HSBC
STEPHEN HOWARD
Raymond James
STEPHANE BEYAZIAN
RALPH SZYMCZAK
Source
REG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
MF-AGG
MF-AGG
MF-AGG
REG
REG
REG
Recommendation
outperform
buy
buy
reduce
overweight
outperform
equalweight
neutral
neutral
buy
reduce
buy
Overwt/In-Line
underperform
buy
hold
hold
Buy/Neutral
buy
hold
reduce
overweight
neutral
outperform
sell
Amt Held
778'912'816
414'048'238
326'738'146
284'949'077
218'997'078
176'167'732
153'691'805
151'085'357
139'912'821
134'026'296
128'739'886
121'209'276
103'659'925
95'877'803
90'844'770
86'476'500
82'710'326
81'270'291
81'100'448
79'359'827
% Out
9.88
5.25
4.15
3.62
2.78
2.24
1.95
1.92
1.78
1.7
1.63
1.54
1.32
1.22
1.15
1.1
1.05
1.03
1.03
1.01
Weighting
Change
5
5
5
2
5
5
3
3
3
5
2
5
5
1
5
3
3
5
5
3
2
5
3
5
1
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'748'662
56'100'337
609'027
(2'425'817)
(9'615'159)
1'514'171
(16'511'149)
17'151'093
(6'162'708)
5'420'429
(857'049)
4'103'000
12'800'853
689'067
4'210'755
(197'922)
7'324'283
702'630
Target Price
300
360
330
278
280
285
230
250
250
280
225
309
290
180
300
277
245
320
278
260
175
#N/A N/A
220
245
190
File Dt
01.11.2012
25.03.2013
28.02.2013
01.11.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
01.11.2012
01.11.2012
31.12.2012
31.12.2012
31.12.2012
01.11.2012
01.11.2012
01.11.2012
Date
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
15.03.2013
15.03.2013
13.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
20.02.2013
14.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
30.01.2013
17.01.2013
20.11.2012
04.09.2012
25.07.2012
27.03.2013
Inditex SA
Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Price/Volume
120
35.0 M
100
30.0 M
25.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (19.12.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITX SQ EQUITY YTD Change
ITX SQ EQUITY YTD % CHANGE
01/2013
01/yy
111.80
63.97
428'562.00
100.1
-10.47%
56.48%
78.67%
623.3
62'395.37
6.00
0.0
36.0
4'104.00
58'333.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
15.0 M
40
10.0 M
20
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
10'407.0
1.68x
2'186.9
7.97x
1'253.5
14.82x
20.0 M
60
Valuation Analysis
31.01.2010
31.01.2011
11'083.5
12'526.6
2.36x
2.48x
2'353.1
2'966.2
11.09x
10.46x
1'314.4
1'731.8
21.63x
19.86x
Profitability
LTM-4Q
31.01.2012
13'792.6
2.76x
3'214.6
11.86x
1'932.3
21.51x
31.01.2013
15'946.0
3.78x
3'912.0
15.40x
2'361.0
27.24x
3'912.00
3'116.00
19.54%
19.64%
19.79%
29.76%
1.34%
59.8%
24.5%
19.5%
14.8%
1.92
1.42
0.05%
0.07%
23.13
4.49
LTM
01/yy
13'792.6
10.68x
3'214.6
11.86x
1'932.3
21.51x
01/yy
15'946.0
12.87x
3'913.0
15.40x
2'360.0
27.26x
FY+1
0.69
221.78
42.30%
-5.12%
0.692
40
3.450
1'190'497
1'308'795
1'181'776
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
17'715.4
19'641.6
3'773.5
4'227.9
3.24x
2.87x
4'391.2
4'913.4
828.8
934.0
13.28x
11.87x
13.50x
13.17x
2'664.3
2'986.7
472.0
550.9
23.42x
20.88x
23.68x
23.01x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
875.44
573.53
-1.05
0.00
0.1%
0.1%
1.34
3.62
15.83
81.50
160.21
-62.88
18'000.0
16'000.0
1.00
0.80
14'000.0
12'000.0
10'000.0
0.60
8'000.0
6'000.0
0.40
0.20
4'000.0
2'000.0
0.0
0.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Inditex SA
Holdings By:
All
Holder Name
GARTLER SL
PARTLER 2006 SL
ROSP CORUNNA
JP MORGAN
FMR LLC
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
BAILLIE GIFFORD AND
UMB BANK N A
JENNISON ASSOCIATES
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Grupo Santander
REBECCA MCCLELLAN
Exane BNP Paribas
BEN SPRUNTULIS
ISI Group
OMAR SAAD
EVA Dimensions
CRAIG STERLING
JAMIE MERRIMAN
Morgan Stanley
GEOFFREY RUDDELL
La Caixa
ANTONIO JOSE CASTELL NEYRA
Interdin Bolsa
SOFIA REBUELTA VILLEGAS
Societe Generale
ANNE CRITCHLOW
BPI
JOSE RITO
CA Cheuvreux
DANIEL OVIN
Cantor Fitzgerald
ALLEGRA PERRY
ZAFER RUZGAR
BBVA
ISABEL CARBALLO
FRANCISCO RIQUEL
DANA TELSEY
Credit Suisse
SIMON IRWIN
Raymond James
CEDRIC LECASBLE
HSBC
PAUL ROSSINGTON
Bankia Bolsa (ESN)
MARIA RIVAS RODRIGUEZ
Banco Sabadell
IGNACIO ROMERO
GERMAN GARCIA BOU
Bryan Garnier & Cie
PETER FARREN
Nomura
FRASER RAMZAN
S&P Capital IQ
WILLIAM MACK
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
JESUS DOMINGUEZ ANGULO
Redburn Partners
GEOFF LOWERY
FILIPE ROSA
AlphaValue
VIRGINIE BLIN
Deutsche Bank
WARWICK OKINES
Barclays
CHRISTODOULOS CHAVIARAS
Natixis
JEAN BAPTISTE TEISSIER
Hamburger Sparkasse
CHRISTIAN HAMANN
Day by Day
VALERIE GASTALDY
Goldman Sachs
FRANKLIN WALDING
NATALIA BOBO BJOERK
Mirabaud Finanzas Sociedad de ValoresGONZALO
S
SANZ
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
neutral
strong buy
overweight
outperform
Equalwt/Cautious
underweight
sell
buy
neutral
underperform
hold
sell
market perform
neutral
no rating system
underperform
market perform
overweight
hold
buy
sell
sell
buy
buy
hold
neutral
buy
neutral
sell
buy
equalweight
buy
hold
buy
Buy/Neutral
buy
underweight
Amt Held
311'727'598
57'872'465
31'494'806
18'823'336
7'598'170
6'649'493
5'244'417
4'779'721
3'112'740
2'887'450
2'657'118
2'349'841
1'835'758
1'192'900
1'105'737
871'054
753'341
737'364
703'033
644'567
% Out
50.01
9.28
5.05
3.02
1.22
1.07
0.84
0.77
0.5
0.46
0.43
0.38
0.29
0.19
0.18
0.14
0.12
0.12
0.11
0.1
Weighting
Change
5
3
5
5
5
3
1
1
5
3
1
3
1
3
3
#N/A N/A
1
3
5
3
5
1
1
5
5
3
3
5
3
1
5
3
5
3
5
5
5
1
M
M
M
U
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
N
M
U
M
M
M
Latest Chg
(2'766)
759'500
(1'464'302)
86'426
893'049
(613'458)
(43'431)
62'876
(75'362)
61'061
119'400
(159'687)
(53'921)
(54'094)
518'290
(36'531)
(14'010)
Target Price
125
110
110
#N/A N/A
115
100
102
84
131
112
95
106
96
107
112
118
103
#N/A N/A
120
98
115
82
100
121
115
94
105
#N/A N/A
110
87
115
89
125
#N/A N/A
114
125
108
67
File Dt
Inst Type
31.01.2013
Unclassified
31.01.2013
Corporation
31.01.2013
Unclassified
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
12 month
Date
27.03.2013
27.03.2013
24.03.2013
21.03.2013
20.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
06.03.2013
22.02.2013
01.02.2013
18.12.2012
23.11.2012
07.11.2012
20.09.2012
21.03.2012
27.03.2013
Rolls-Royce Holdings PLC

Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines
for civil and military aircraft. The Group designs, constructs and installs
power generation systems, transmission and distribution systems, and equipment
for the marine propulsion, oil and gas pumping, and defense markets.
Price/Volume
1200
14.0 M
1000
12.0 M
10.0 M
800
Latest Fiscal Year:

LTM as of:
52-Week High (20.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RR/ LN EQUITY YTD Change
RR/ LN EQUITY YTD % CHANGE
12/2012
01/yy
1'132.00
775.78
862'591.00
1099
-2.92%
41.66%
91.86%
1'880.2
20'663.60
1'383.00
0.0
17.0
2'596.00
19'467.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
400
4.0 M
200
2.0 M
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
9'082.0
0.56x
1'096.0
4.61x
(1'340.0)
-
8.0 M
600
Valuation Analysis
31.12.2009
31.12.2010
10'414.0
11'085.0
0.70x
0.93x
1'396.0
1'404.0
5.26x
7.36x
2'221.0
539.0
4.02x
21.34x
Profitability
31.12.2011
11'124.0
1.25x
1'480.0
9.36x
850.0
16.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
12'161.0
1.25x
1'687.0
8.98x
2'281.0
7.09x
1'687.00
1'200.00
9.87%
22.24%
13.21%
43.01%
40.90%
0.70%
22.6%
13.9%
9.9%
18.8%
1.33
0.79
7.63%
22.72%
4.14
3.56
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.77
1.01
1'876.27
36.21%
25.82%
1.006
25
3.360
4'458'114
4'302'747
4'216'193
FY+2
12/13 Y
12/14 Y
15'175.8
16'036.3
1.28x
1.19x
2'221.0
2'386.8
8.77x
8.16x
1'235.5
1'351.8
16.78x
15.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
13.04.2012
A
STABLE
13.04.2012
A-1
3.52
2.61
-0.72
0.82
22.7%
18.5%
0.70
4.96
88.36
102.75
93.48
97.64
20.00
14'000.0
18.00
12'000.0
16.00
14.00
10'000.0
12.00
8'000.0
10.00
6'000.0
8.00
4'000.0
6.00
4.00
2'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Rolls-Royce Holdings PLC

Holdings By:
All
Holder Name
INVESCO LTD
FMR LLC
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
SCOTTISH WIDOWS
DEUTSCHE PRIVATE BAN
VANGUARD GROUP INC
SCHRODER INVESTMENT
UBS
AEGON
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

EDWARD STACEY
JPMorgan
DAVID H. PERRY
DOUGLAS S HARNED
RBC Capital Markets
ROBERT STALLARD
Jefferies
SANDY MORRIS
AlphaValue
THOMAS PICHERIT
Societe Generale
ZAFAR KHAN
Investec
ANDREW GOLLAN
Barclays
CARTER COPELAND
S&P Capital IQ
UNAI FRANCO
Morgan Stanley
RUPINDER VIG
HARALD LIBERGE-DONDOUX
Natixis
ERIC CHADEYRAS
Exane BNP Paribas
OLIVIER BROCHET
Deutsche Bank
BEN FIDLER
CHRISTOPHE MENARD
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
BENJAMIN BOURNE
EVA Dimensions
CRAIG STERLING
Credit Suisse
OLIVER SLEATH
Arden Partners Ltd
GRAHAM J WEBSTER
CA Cheuvreux
ANTOINE BOIVIN-CHAMPEAUX
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
MF-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
Recommendation
neutral
overweight
market perform
outperform
buy
reduce
sell
add
overweight
hold
Overwt/In-Line
sell
neutral
outperform
hold
hold
hold
buy
underweight
neutral
add
underperform
Amt Held
112'822'192
102'165'089
93'986'631
75'786'766
58'757'257
45'853'311
45'308'048
43'402'486
43'022'491
41'865'846
36'507'917
36'150'309
30'897'478
27'706'884
26'924'567
25'928'040
25'368'833
24'908'239
21'984'871
21'891'388
% Out
6
5.43
5
4.03
3.13
2.44
2.41
2.31
2.29
2.23
1.94
1.92
1.64
1.47
1.43
1.38
1.35
1.32
1.17
1.16
Weighting
Change
3
5
3
5
5
2
1
4
5
3
5
1
3
5
3
3
3
5
1
3
4
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(3'289'064)
(56'735'470)
1'193'881
3'025'904
5'797'601
1'065'936
2'538'998
699'470
2'652'399
759'881
16'496
(5'380'217)
803'995
(428'418)
(8'010'744)
941'008
(462'155)
(15'824'804)
526'673
Target Price
950
1'300
880
1'180
1'250
987
900
1'125
1'225
1'100
1'200
800
1'100
1'075
930
1'050
#N/A N/A
1'030
#N/A N/A
900
#N/A N/A
800
File Dt
01.11.2012
31.01.2013
25.03.2013
01.11.2012
01.11.2012
01.11.2012
01.11.2012
30.11.2012
31.12.2012
01.11.2012
31.12.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
Date
Not Provided
9 month
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Date
27.03.2013
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
11.03.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
04.02.2013
17.01.2013
16.01.2013
01.10.2012
27.07.2012
27.03.2013
Statoil ASA
Statoil ASA explores for, produces, transports, refines, and trades oil and
natural gas. The Company explores for oil in Europe, Africa, the Middle East,
Asia, and the Americas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STL NO EQUITY YTD Change
STL NO EQUITY YTD % CHANGE
12/2012
12/yy
160.00
133.20
2'018'560.00
141.2
-11.75%
6.01%
30.97%
3'188.6
450'236.97
119'400.00
0.0
700.0
80'100.00
490'236.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
160
8.0 M
140
7.0 M
120
6.0 M
100
5.0 M
80
4.0 M
60
3.0 M
40
2.0 M
20
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
651'977.0
0.63x
240'545.0
1.71x
43'265.0
8.39x
180
31.12.2009
31.12.2010
462'292.0
526'950.0
1.16x
0.98x
173'918.0
186'787.0
3.08x
2.77x
18'313.0
38'082.0
25.17x
11.58x
Profitability
LTM-4Q
31.12.2011
645'599.0
0.88x
261'920.0
2.16x
78'787.0
6.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
705'700.0
0.68x
265'400.0
1.82x
68'900.0
6.42x
265'400.00
204'900.00
29.04%
29.29%
8.87%
23.04%
0.91%
48.5%
37.7%
29.2%
9.8%
1.12
0.83
15.22%
37.41%
9.95
13.68
Price/ Cash Flow
LTM
FY+1
0.90
941.88
-4.51%
1.58%
0.896
39
3.615
2'554'160
3'057'922
2'891'410
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
645'671.0 705'734.0 638'766.9 654'216.4 166'535.5 164'524.3
3.11x
2.84x
0.79x
0.80x
2.85x
3.00x
261'740.0 266'236.0 243'871.5 248'443.3
62'353.0
59'818.4
2.16x
1.81x
2.01x
1.97x
1.99x
1.96x
78'787.0
68'908.0
53'064.2
54'420.7
13'919.2
13'505.3
6.20x
6.42x
8.48x
8.21x
8.26x
8.08x
S&P Issuer Ratings
03.08.2007
Long-Term Rating
AALong-Term Outlook
STABLE
03.08.2007
Short-Term Rating
A-1+
Credit Ratios
88.47
56.47
Net Debt/EBITDA
0.15
Total Debt/EBITDA
0.45
Reference
Total Debt/Equity
37.4%
Total Debt/Capital
27.2%
Asset Turnover
0.91
1.67
36.77
Inventory Days
26.76
28.93
34.61
7.00
800'000.0
6.00
700'000.0
600'000.0
5.00
500'000.0
4.00
400'000.0
3.00
300'000.0
2.00
200'000.0
1.00
100'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Statoil ASA
Holdings By:
All
Holder Name
MINISTRY OF PETROLEU
DEUTSCHE BANK TRUST
STATE STREET
GOVERNMENT PENSION F
CLEARSTREAM BANKING
JP MORGAN CHASE BANK
NORTHERN TRUST CO
VANGUARD GROUP INC
DNB NOR ASSET MANAGE
SIX SIS AG
BLACKROCK
EUROCLEAR BANK SA
FRANKLIN RESOURCES
STOREBRAND FUND MANA
UBS
KLP AKSJE NORGE INDE
HSBC BANK PLC
Firm Name
Fearnley Fonds
Jefferies
Grupo Santander
SEB Enskilda
Exane BNP Paribas
Swedbank First Securities
AlphaValue
Investec
RBC Capital Markets
Macquarie
HSBC
Credit Suisse
Societe Generale
Morgan Stanley
Carnegie
Handelsbanken
Pareto Securities
Nomura
Barclays
Norne Securities AS
Danske Markets
ABG Sundal Collier
S&P Capital IQ
DNB Markets
JPMorgan
EVA Dimensions
Goldman Sachs
Deutsche Bank
Fondsfinans AS
CA Cheuvreux
Portfolio Name
#N/A N/A
#N/A N/A
n/a
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
Multiple Portfolios
Multiple Portfolios
#N/A N/A
n/a
#N/A N/A
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
#N/A N/A
Analyst
OLE-JACOB STORVIK
ROBERT KESSLER
BRENDAN MICHAEL WARN
JASON KENNEY
LARS HENRIK ROREN
ODDVAR BJORGAN
OSWALD CLINT
TEODOR SVEEN NILSEN
ALEXANDRE ANDLAUER
STUART JOYNER
PETER HUTTON
MARC B KOFLER
GORDON GRAY
PAUL SPEDDING
JEFFREY A DIETERT
KIM FUSTIER
IRENE HIMONA
HAYTHEM RASHED
MARTIN VOLD
KELLY CHEN
ANNE GJOEN
SIGURD-ERIK NISSEN-MEYER
THEEPAN JOTHILINGAM
RAHIM KARIM
IRMANTAS VASKELA
ENDRE STORLOKKEN
JOHN A SCHJ OLAISEN
CHRISTINE TISCARENO
ESPEN HENNIE
TROND OMDAL
NITIN SHARMA
CRAIG STERLING
MICHELE DELLA VIGNA
JENS MUENSTERMANN
MARK BLOOMFIELD
MORTEN EVJENTH LINDBACK
DOMINIQUE PATRY
Source
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
EXCH
EXCH
Recommendation
buy
accumulate
buy
underweight
sell
buy
outperform
market perform
buy
reduce
buy
top pick
neutral
buy
neutral
overweight
underperform
hold
Underwt/In-Line
buy
hold
accumulate
buy
reduce
equalweight
hold
hold
buy
hold
hold
buy
neutral
buy
neutral/cautious
buy
hold
Under Review
underperform
Amt Held
2'136'393'559
104'384'307
102'514'971
100'735'001
65'490'887
32'446'911
32'110'800
25'316'478
18'596'740
17'488'785
12'443'807
11'660'463
11'619'396
11'465'900
11'191'044
10'956'343
9'439'710
9'223'423
9'125'612
8'631'846
% Out
67
3.27
3.21
3.16
2.05
1.02
1.01
0.79
0.58
0.55
0.39
0.37
0.36
0.36
0.35
0.34
0.3
0.29
0.29
0.27
Weighting
Change
5
4
5
1
1
5
5
3
5
2
5
5
3
5
3
5
1
3
1
5
3
4
5
2
3
3
3
5
3
3
5
3
5
3
5
3
#N/A N/A
1
M
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'892)
1'378'710
93'028
(1'306'793)
(56'821)
(664'270)
191'000
(275'823)
-
Target Price
167
168
200
155
140
165
170
135
160
141
163
175
160
170
160
#N/A N/A
158
150
136
#N/A N/A
147
160
170
145
160
160
145
170
177
150
165
165
#N/A N/A
160
170
160
#N/A N/A
155
File Dt
25.03.2013
25.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
31.12.2012
28.02.2013
25.03.2013
25.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
25.03.2013
25.03.2013
25.03.2013
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
Bank
Date
27.03.2013
25.03.2013
22.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
13.03.2013
11.03.2013
07.03.2013
01.03.2013
21.02.2013
21.02.2013
21.02.2013
18.02.2013
15.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
17.01.2013
11.01.2013
09.01.2013
03.12.2012
08.05.2012
16.11.2011
27.03.2013
Lloyds Banking Group PLC

Lloyds Banking Group plc, through subsidiaries and associated companies, offers
a range of banking and financial services. The Company provides retail banking,
mortgages, pensions, asset management, insurance services, corporate banking,
and treasury services.
Price/Volume
60
700.0 M
50
600.0 M
500.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LLOY LN EQUITY YTD Change
LLOY LN EQUITY YTD % CHANGE
12/2012
12/yy
56.10
24.75
130'417'532.00
48.22
-14.09%
94.87%
73.05%
70'343.6
34'017.21
189'866.00
0.0
685.0
110'971.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
300.0 M
20
200.0 M
10
100.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
20'413.0
772.0
18.90x
400.0 M
30
Valuation Analysis
31.12.2009
31.12.2010
44'007.0
43'432.0
2'827.0
(320.0)
6.76x
Profitability
LTM-4Q
31.12.2011
35'780.0
(2'787.0)
-
31.12.2012
36'408.0
(1'427.0)
9.48%
-2.60%
-0.15%
-3.17%
-0.49%
0.04%
-6.5%
20.54%
431.52%
-
LTM
12/yy
35'780.0
0.00x
0.0
0.00x
(2'787.0)
0.00x
12/yy
36'408.0
0.00x
0.0
0.00x
(1'427.0)
0.00x
FY+1
0.00
1.70
42'726.89
38.46%
0.64%
1.700
33
3.303
#########
#########
#########
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'248.8
18'182.4
4'748.0
4'658.0
2'900.1
4'068.9
12.36x
8.61x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2011
ANEG
29.11.2011
A-2
431.5%
80.9%
0.04
4.85
-
50'000.0
45'000.0
1.00
40'000.0
35'000.0
0.80
0.60
0.40
30'000.0
25'000.0
20'000.0
15'000.0
10'000.0
0.20
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Lloyds Banking Group PLC

Holdings By:
All
Holder Name
UNITED KINGDOM GOVER
FMR LLC
BLACKROCK
LEGAL & GENERAL
UBS
FRANKLIN RESOURCES
SCOTTISH WIDOWS
DEUTSCHE PRIVATE BAN
HALIFAX SHARE DEALIN
SCHRODER INVESTMENT
TD WATERHOUSE GROUP
SELFTRADE
SCHRODER INVESTMENT
PRIVATE INDIVIDUALS
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst

MICHAEL J TRIPPITT
Mediobanca SpA
Morgan Stanley
CHRISTOPHER MANNERS
Investec
IAN GORDON
Goldman Sachs
FREDERIK THOMASEN
AlphaValue
DAVID GRINSZTAJN
Macquarie
EDWARD FIRTH
Day by Day
VALERIE GASTALDY
Credit Suisse
CARLA ANTUNES-SILVA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
Barclays
VIVEK RAJA
Grupo Santander
ARTURO DE FRIAS
CHIRANTAN BARUA
Societe Generale
JAMES INVINE
GARY GREENWOOD
Deutsche Bank
JASON NAPIER
JPMorgan
RAUL SINHA
MARK J PHIN
RBC Capital Markets
CLAIRE KANE
GARETH HUNT
Berenberg Bank
JAMES CHAPPELL
Daniel Stewart & Co
SIMON WILLIS
S&P Capital IQ
FRANK BRADEN
Redburn Partners
FAHED KUNWAR
Liberum Capital Ltd
CORMAC LEECH
SHAILESH RAIKUNDLIA
EVA Dimensions
AUSTIN BURKETT
HSBC
PETER TOEMAN
Source
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
REG
REG
REG
REG
MF-AGG
ULT-AGG
REG
MF-AGG
Recommendation
buy
neutral
Equalwt/In-Line
hold
neutral/neutral
reduce
underperform
hold
neutral
reduce
outperform
underweight
sell
buy
outperform
buy
buy
buy
neutral
underperform
outperform
hold
sell
sell
hold
buy
buy
sell
sell
overweight
Amt Held
27'608'563'642
2'359'287'182
2'335'851'144
1'661'879'228
1'113'818'748
1'096'594'012
1'089'919'867
1'075'638'770
1'075'023'992
1'052'501'056
742'242'002
739'647'720
724'279'567
675'500'000
609'121'200
597'593'904
590'792'286
539'931'137
456'479'052
445'836'749
% Out
39.25
3.35
3.32
2.36
1.58
1.56
1.55
1.53
1.53
1.5
1.06
1.05
1.03
0.96
0.87
0.85
0.84
0.77
0.65
0.63
Weighting
Change
5
3
3
3
3
2
1
3
3
2
5
1
1
5
5
5
5
5
3
1
5
3
1
1
3
5
5
1
1
5
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
40'204'114
35'727'885
4'371'787
(49'558'902)
(189'806'781)
462'591'455
41'049'793
(14'804'023)
(38'913'754)
(128'253'574)
19'888'448
(36'378'354)
(40'000'000)
(225'724'735)
(17'125'603)
(893'151)
(97'393'597)
(1'330'422)
17'836'770
Target Price
63
53
53
50
60
47
46
#N/A N/A
45
42
60
40
41
66
64
61
#N/A N/A
64
55
51
69
35
24
39
55
#N/A N/A
62
48
#N/A N/A
65
File Dt
23.03.2012
31.01.2013
25.03.2013
28.02.2013
31.01.2013
28.02.2013
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
31.12.2012
31.01.2013
01.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Unclassified
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
05.03.2013
04.03.2013
04.03.2013
03.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
04.02.2013
29.01.2013
17.01.2013
10.01.2013
27.03.2013
Swiss Re AG
Swiss Re AG offers reinsurance, insurance and insurance linked financial
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.
Price/Volume
3.0 M
2.5 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (20.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SREN VX EQUITY YTD Change
SREN VX EQUITY YTD % CHANGE
12/2012
12/yy
78.35
52.00
452'022.00
76.75
-2.04%
47.60%
96.20%
370.7
28'451.76
19'898.00
0.0
24.0
10'837.00
38'919.12
50
2.0 M
40
1.5 M
30
1.0 M
20
.5 M
10
0
m-12
31.12.2009
31.12.2010
30'624.0
28'484.0
0.50x
1.13x
467.4
863.0
33.44x
21.30x
Profitability
LTM-4Q
31.12.2011
27'797.0
1.02x
2'626.0
6.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
33'116.0
1.02x
4'201.0
6.09x
17.37%
16.51%
1.89%
13.38%
9.38%
0.15%
12.7%
9.22%
58.52%
-
Price/ Cash Flow
m-12
j-12
j-12
LTM
12/yy
27'797.0
3.93x
0.0
0.00x
2'626.0
6.64x
a-12
12/yy
33'116.0
3.91x
0.0
0.00x
4'180.0
5.97x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
1.17
370.21
37.81%
16.46%
1.168
38
3.184
930'873
1'334'531
1'177'489
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
32'360.9
34'845.8
1.50x
2'896.3
3'054.6
754.0
696.0
9.98x
9.49x
10.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
58.5%
36.9%
0.15
-
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
80
70
Valuation Analysis
31.12.2008
24'011.7
1.03x
(800.3)
-
90
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Swiss Re AG
Holdings By:
All
Holder Name
SWISS RE
FRANKLIN RESOURCES
BLACKROCK
DODGE & COX
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SARASIN
JP MORGAN
HARTFORD INVESTMENT
FMR LLC
BESSEMER GROUP INCOR
VONTOBEL ASSET MANAG
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst

THOMAS SEIDL
RBC Capital Markets
GORDON AITKEN
AlphaValue
DIETER HEIN
Macquarie
HADLEY COHEN
Bank Vontobel AG
STEFAN SCHUERMANN
Exane BNP Paribas
NICCOLO DALLA PALMA
Oddo & Cie
NICOLAS JACOB
Credit Suisse
ADAM MCINALLY
WILLIAM HAWKINS
GEORG MARTI
FABRIZIO CROCE
WERNER SCHIRMER
Barclays
ANDREW BROADFIELD
Morgan Stanley
MACIEJ WASILEWICZ
S&P Capital IQ
RODERICK WALLACE
JPMorgan
MICHAEL HUTTNER
Hamburger Sparkasse
CHRISTIAN HAMANN
Bankhaus Metzler
JOCHEN SCHMITT
Nomura
MICHAEL KLIEN
Helvea
DANIEL BISCHOF
Societe Generale
JASON KALAMBOUSSIS
Nord/LB
JULIA SIEKMANN
Goldman Sachs
VINIT MALHOTRA
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Main First Bank AG
RENE LOCHER
CA Cheuvreux
FRANK KOPFINGER
Day by Day
VALERIE GASTALDY
Mediobanca SpA
GIANLUCA FERRARI
EVA Dimensions
AUSTIN BURKETT
HSBC
THOMAS FOSSARD
BEN COHEN
DZ Bank AG
THORSTEN WENZEL
Raymond James
DANNY JACQUES
JOY FERNEYHOUGH
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
underperform
sector perform
sell
neutral
buy
neutral
buy
neutral
underperform
market perform
buy
hold
overweight
Equalwt/In-Line
hold
overweight
buy
buy
reduce
neutral
buy
buy
neutral/neutral
sell
sell
underperform
select list
hold
neutral
buy
neutral
buy
sell
underperform
neutral
Amt Held
27'282'124
25'006'821
15'907'472
15'682'781
12'639'368
11'262'000
10'371'485
5'473'171
2'869'488
2'201'596
2'176'959
1'833'877
1'293'177
1'267'120
1'148'157
855'734
830'605
819'676
645'679
621'117
% Out
7.36
6.75
4.29
4.23
3.41
3.04
2.8
1.48
0.77
0.59
0.59
0.49
0.35
0.34
0.31
0.23
0.22
0.22
0.17
0.17
Weighting
Change
1
3
1
3
5
3
5
3
1
3
5
3
5
3
3
5
5
5
2
3
5
5
3
1
1
1
5
3
3
5
3
5
1
1
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'396'672)
(655'411)
(651'227)
638'074
(222'639)
(102'477)
(1'435)
27'594
705'661
(153'093)
11'836
(41'419)
(169'771)
(10'368)
145'000
10'202
(2'217)
Target Price
55
80
70
67
85
68
82
69
79
#N/A N/A
83
76
77
76
83
74
#N/A N/A
82
67
75
75
84
75
66
70
72
86
#N/A N/A
75
#N/A N/A
75
70
58
63
48
File Dt
Inst Type
29.03.2012
Unclassified
31.12.2012
Investment Advisor
05.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor
30.04.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
27.03.2013
21.03.2013
21.03.2013
18.03.2013
15.03.2013
14.03.2013
05.03.2013
04.03.2013
03.03.2013
01.03.2013
01.03.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
18.02.2013
14.02.2013
30.01.2013
17.01.2013
16.01.2013
09.01.2013
10.09.2012
09.08.2012
12.01.2012
27.03.2013
Centrica PLC
Centrica PLC is an integrated energy company offering a wide range of home and
business energy solutions. The Company sources, generates, processes, stores,
trades, saves and supplies energy and provides a range of related services.
Price/Volume
400
35.0 M
350
30.0 M
300
25.0 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2013)
52-Week Low (22.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CNA LN EQUITY YTD Change
CNA LN EQUITY YTD % CHANGE
12/2012
01/yy
369.00
301.20
5'724'618.00
364.8
-1.17%
21.12%
99.85%
5'183.1
18'907.99
5'328.00
0.0
0.0
938.00
23'297.99
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
150
100
10.0 M
50
5.0 M
0
m-12
31.12.2009
31.12.2010
21'963.0
22'423.0
0.81x
0.92x
2'721.0
3'336.0
6.54x
6.19x
844.0
1'935.0
22.13x
9.11x
Profitability
31.12.2011
22'824.0
0.81x
3'310.0
5.62x
421.0
33.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
23'942.0
0.91x
3'698.0
5.88x
1'273.0
13.56x
3'698.00
2'422.00
10.12%
10.20%
6.13%
22.09%
14.28%
1.15%
19.8%
15.4%
10.1%
5.3%
0.95
0.14
24.27%
89.89%
38.89
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13 m-13
j-13
FY+1
-
4.50
0.64
4'974.47
20.80%
9.35%
0.636
25
3.440
11'146'720
9'598'011
8'481'136
FY+2
12/13 Y
12/14 Y
24'432.9
25'474.9
0.96x
0.90x
3'944.5
4'146.8
5.91x
5.62x
1'413.9
1'496.7
13.12x
11.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
29.05.2009
ASTABLE
29.05.2009
A-2
7.44
3.83
1.19
1.44
89.9%
47.3%
1.15
3.33
9.41
9.37
19.73
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
20'872.0
0.68x
2'613.0
5.43x
(137.0)
241.82x
20.0 M
200
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Centrica PLC
Holdings By:
All
Holder Name
INVESCO LTD
ABERDEEN
LEGAL & GENERAL
PETRONAS
BLACKROCK
SCOTTISH WIDOWS
NEWTON INV MGMT
FMR LLC
UBS
JP MORGAN
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
Firm Name
RBC Capital Markets
AlphaValue
Exane BNP Paribas
HSBC
Nomura
Societe Generale
Goldman Sachs
JPMorgan
Raymond James
Cantor Fitzgerald
S&P Capital IQ
Mirabaud Securities
Credit Suisse
Berenberg Bank
Liberum Capital Ltd
Barclays
EVA Dimensions
Morgan Stanley
Deutsche Bank
Redburn Partners
Day by Day
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN MUSK
MYRIAM COHEN
IAIN TURNER
VERITY MITCHELL
JONATHAN CONSTABLE
ASHLEY THOMAS
ANDREW MEAD
EDMUND REID
INGO BECKER
EMMANUEL RETIF
ANGELOS ANASTASIOU
CLIVE ROBERTS
GUS HOCHSCHILD
MARK FRESHNEY
ROBERT CHANTRY
GUILLAUME REDGWELL
PETER BISZTYGA
AUSTIN BURKETT
BOBBY CHADA
MARTIN BROUGH
JAMIE TUNNICLIFFE
VALERIE GASTALDY
Source
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
MF-AGG
Recommendation
sector perform
add
underperform
overweight
neutral
buy
neutral/neutral
neutral
hold
underperform
buy
strong buy
buy
neutral
hold
buy
underweight
overweight
Equalwt/In-Line
hold
buy
hold
Amt Held
258'200'185
244'433'202
199'643'469
199'375'000
198'230'837
192'620'011
178'317'146
168'873'344
135'169'676
115'829'394
110'850'900
107'778'794
90'418'317
81'472'000
77'307'596
74'740'477
74'363'376
68'473'929
67'827'517
67'616'691
% Out
4.98
4.72
3.85
3.85
3.82
3.72
3.44
3.26
2.61
2.23
2.14
2.08
1.74
1.57
1.49
1.44
1.43
1.32
1.31
1.3
Weighting
Change
3
4
1
5
3
5
3
3
3
1
5
5
5
3
3
5
1
5
3
3
5
3
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
2'929'553
(2'602'961)
(217'034)
20'183'664
15'220'210
(3'909'961)
(7'934'002)
2'398'382
10'261'488
(3'099'325)
(10'651'045)
53'727'337
53'600
(11'993'141)
(2'361'053)
16'115'286
1'389'000
1'115'563
Target Price
370
382
280
400
350
400
416
370
320
321
403
525
435
325
370
370
325
#N/A N/A
345
340
#N/A N/A
#N/A N/A
File Dt
Inst Type
23.02.2012
Investment Advisor
28.02.2013
Unclassified
01.11.2012
Unclassified
23.02.2012
Government
25.03.2013
Investment Advisor
30.11.2012
Unclassified
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
01.11.2012
Government
31.01.2013
Unclassified
01.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
25.03.2013
21.03.2013
13.03.2013
11.03.2013
11.03.2013
08.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
25.02.2013
15.02.2013
05.02.2013
25.01.2013
25.01.2013
17.01.2013
11.01.2013
07.01.2013
10.12.2012
22.10.2012
27.03.2013
Koninklijke Philips Electronics NV

Koninklijke Philips Electronics N.V. manufactures medical systems, domestic
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Price/Volume
25
14.0 M
12.0 M
20
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (07.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PHIA NA EQUITY YTD Change
PHIA NA EQUITY YTD % CHANGE
12/2012
12/yy
24.16
13.57
1'953'498.00
23.015
-4.80%
69.60%
92.02%
957.1
22'028.41
4'534.00
0.0
34.0
3'834.00
22'762.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
10
6.0 M
4.0 M
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
26'385.0
0.51x
1'883.0
7.11x
(91.0)
-
15
31.12.2009
31.12.2010
20'092.0
22'287.0
0.95x
0.92x
2'055.0
3'436.0
9.30x
5.98x
410.0
1'446.0
41.36x
14.60x
Profitability
LTM-4Q
31.12.2011
22'579.0
0.70x
1'185.0
13.35x
(1'295.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
24'788.0
0.76x
2'463.0
7.69x
226.0
71.05x
2'463.00
1'030.00
4.16%
2.30%
0.78%
1.92%
2.46%
0.85%
38.0%
9.9%
4.2%
0.9%
1.26
0.82
15.59%
40.70%
5.81
4.32
Price/ Cash Flow
LTM
12/yy
22'582.0
3.02x
1'186.0
13.34x
(1'295.0)
0.00x
12/yy
24'788.0
2.75x
2'463.0
7.69x
226.0
72.71x
FY+1
1.19
908.50
56.02%
15.68%
1.188
41
3.756
3'538'578
3'695'745
3'298'536
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
24'776.3
25'619.0
5'551.7
5'823.8
0.92x
0.85x
3.97x
3.98x
3'410.5
3'741.9
589.0
713.0
6.65x
6.06x
7.14x
8.76x
1'439.7
1'679.3
221.4
310.4
14.05x
12.15x
13.65x
12.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.05.2005
ANEG
26.02.2001
A-2
7.00
5.08
0.28
1.84
40.7%
28.9%
0.85
8.30
63.03
84.72
74.10
76.69
40.00
35'000.0
35.00
30'000.0
30.00
25'000.0
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Koninklijke Philips Electronics NV

Holdings By:
All
Holder Name
KONINKLIJKE PHILIPS
DODGE & COX
BLACKROCK
SOUTHEASTERN ASSET M
FRANKLIN RESOURCES
VANGUARD GROUP INC
FMR LLC
FORTIS INVESTMENTS
BARCLAYS PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Exane BNP Paribas

OLIVIER ESNOU
JAMES STETTLER
Societe Generale
GAEL DE BRAY
MARTIN PROZESKY
HANS SLOB
AlphaValue
THOMAS PICHERIT
RBC Capital Markets
ANDREW CARTER
Credit Suisse
SIMON TOENNESSEN
ING Bank
FABIAN SMEETS
ABN Amro Bank N.V.
ROBIN VAN DEN BROEK
Morgan Stanley
BEN UGLOW
JPMorgan
ANDREAS WILLI
PETER OLOFSEN
Nomura
DANIEL CUNLIFFE
HSBC
MICHAEL HAGMANN
ROB VIRDEE
Redburn Partners
PHILIP WILSON
EVA Dimensions
CRAIG STERLING
Nord/LB
WOLFGANG VASTERLING
Banco Sabadell
Day by Day
VALERIE GASTALDY
VOLKER STOLL
CA Cheuvreux
ANTOINE AZAR
Hamburger Sparkasse
MARCO GUENTHER
Natixis
LUDOVIC DEBAILLEUX
Barclays
DAVID VOS
Deutsche Bank
MARTIN WILKIE
Kempen & Co
ERWIN DUT
MARKUS FRIEBEL
Petercam
MARCEL ACHTERBERG
S&P Capital IQ
JAMES CRAWSHAW
Goldman Sachs
AARON IBBOTSON
Berenberg Bank
WILLIAM MACKIE
SNS Securities(ESN)
VICTOR BARENO
JOS VERSTEEG
DZ Bank AG
THOMAS MAUL
Jyske Bank
ROBERT JAKOBSEN
Source
Research
13G
ULT-AGG
13G
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
hold
hold
outperform
buy
add
outperform
neutral
buy
buy
Equalwt/Cautious
neutral
buy
buy
neutral
buy
buy
buy
buy
sell
hold
hold
hold
outperform
sell
buy
equalweight
hold
buy
hold
hold
hold
neutral/neutral
buy
hold
buy
buy
sell
Amt Held
47'895'476
46'061'138
45'264'486
41'502'897
13'434'710
10'760'946
9'615'086
9'437'496
6'622'250
5'481'917
4'800'000
4'020'057
3'920'784
3'875'475
2'924'969
2'911'837
2'860'801
2'569'692
2'523'231
2'477'382
% Out
5
4.81
4.73
4.34
1.4
1.12
1
0.99
0.69
0.57
0.5
0.42
0.41
0.4
0.31
0.3
0.3
0.27
0.26
0.26
Weighting
Change
3
3
3
5
5
4
5
3
5
5
3
3
5
5
3
5
5
5
5
1
3
3
3
5
1
5
3
3
5
3
3
3
3
5
3
5
5
1
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
15'514'236
(6'799'141)
(5'070'179)
498'208
2'767'369
586'900
(220'702)
282'727
623'576
153'795
2'263'827
(78'890)
(687'730)
71'742
Target Price
25
20
24
27
28
27
27
23
27
28
24
25
23
25
24
27
#N/A N/A
#N/A N/A
24
20
#N/A N/A
23
25
25
#N/A N/A
26
21
23
23
24
23
23
23
25
15
23
17
23
File Dt
Inst Type
08.02.2013
Corporation
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
04.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
27.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
12.03.2013
08.03.2013
08.03.2013
08.03.2013
05.03.2013
26.02.2013
15.02.2013
15.02.2013
06.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
17.01.2013
08.01.2013
22.10.2012
04.09.2012
27.06.2012
29.03.2010
27.03.2013
Glencore International PLC

Glencore International PLC, through its subsidiaries, supplies commodities and
raw materials to industrial consumers. The Company operates in three groups:
Metals and Minerals, Energy Products, and Agricultural Products.
Price/Volume
450
250.0 M
400
200.0 M
350
300
150.0 M
250
200
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2012)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GLEN LN EQUITY YTD Change
GLEN LN EQUITY YTD % CHANGE
12/2012
06/yy
439.95
289.35
7'911'805.00
357.2
-18.90%
23.45%
44.85%
7'099.5
25'359.26
35'526.00
0.0
3'034.0
2'820.00
74'037.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
50.0 M
50
0
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
152'236.0
5'068.0
1'044.0
-
100.0 M
150
31.12.2009
31.12.2010
106'364.0
144'978.0
3'074.0
4'474.0
1'633.0
3'751.0
Profitability
LTM-4Q
31.12.2011
186'152.0
0.39x
4'423.0
16.24x
4'048.0
8.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
214'436.0
0.36x
4'601.0
16.57x
1'004.0
39.57x
4'601.00
3'128.00
1.46%
0.50%
1.05%
3.32%
2.24%
1.9%
2.1%
1.5%
0.5%
1.15
0.45
33.66%
113.63%
12.51
11.13
Price/ Cash Flow
LTM
FY+1
2.92
1.39
3'358.26
-8.66%
1.68%
1.387
17
3.882
14'668'200
15'465'560
13'524'760
FY+2
FQ+1
FQ+2
06/yy
06/yy
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
131'129.0 167'091.0 217'949.7 229'254.5
0.00x
0.48x
0.32x
0.29x
3'708.0
5'333.0
7'255.9
9'103.7
0.00x
15.01x
10.20x
8.13x
2'136.0
4'755.0
4'258.5
4'944.0
0.00x
0.00x
9.08x
7.29x
S&P Issuer Ratings
29.11.2012
Long-Term Rating
BBB
Long-Term Outlook
STABLE
29.11.2012
Short-Term Rating
A-2
Credit Ratios
3.36
1.19
Net Debt/EBITDA
7.11
Total Debt/EBITDA
7.72
Reference
Total Debt/Equity
113.6%
Total Debt/Capital
50.9%
Asset Turnover
2.24
11.32
29.26
Inventory Days
32.88
29.43
32.71
70.00
250'000.0
60.00
200'000.0
50.00
150'000.0
40.00
30.00
100'000.0
20.00
50'000.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Glencore International PLC

Holdings By:
All
Holder Name
GLASENBERG IVAN
MATE BADENE DANIEL F
MISTAKIDIS ARISTOTEL
PETERSON TOR
BEARD ALEXANDER FRAN
BLACKROCK
JSC VERNY CAPITAL
FEGEL GARY
MAHONEY CHRIS
LEGAL & GENERAL
FR GALAXY HOLDINGS S
STATE STREET
ABU DHABI INVESTMENT
POPOVIC NIKOLA
FMR LLC
WOLFENSBERGER CHRIST
BLUMGART STEVEN
ALVAREZ LUIS
CUTLER STUART
Firm Name
Macquarie
Exane BNP Paribas
AlphaValue
Jefferies
BMO Capital Markets
Day by Day
RBC Capital Markets
Societe Generale
Deutsche Bank
Redburn Partners
SBG Securities
EVA Dimensions
Nomura
Liberum Capital Ltd
Standard Chartered
ABN Amro Bank N.V.
Credit Suisse
Morgan Stanley
JPMorgan
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
JEFFREY LARGEY
SYLVAIN BRUNET
SACHIN KUMAR
PAUL GAIT
TONY ROBSON
VALERIE GASTALDY
TIMOTHY HUFF
ALAIN WILLIAM
ROBERT CLIFFORD
SIMON TOYNE
PETER DAVEY
CRAIG STERLING
SAM CATALANO
ASH LAZENBY
SUBRAMANIAM VARADA
TEUN TEEUWISSE
LIAM FITZPATRICK
ALAIN GABRIEL
BENJAMIN DEFAY
Source
RNS-RUL8
RNS-MAJ
RNS-RUL8
Co File
Co File
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
ULT-AGG
ULT-AGG
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
Recommendation
outperform
neutral
reduce
buy
outperform
market perform
hold
outperform
hold
restricted
neutral
hold
sell
restricted
buy
outperform
buy
restricted
restricted
restricted
Amt Held
1'101'848'752
417'468'330
414'730'597
366'074'885
320'260'410
263'354'966
176'742'520
154'814'588
143'834'821
131'943'542
129'372'165
112'185'928
99'636'501
99'299'065
93'437'150
92'847'626
87'403'187
86'736'565
81'654'211
78'568'743
% Out
15.52
5.88
5.84
5.16
4.51
3.71
2.49
2.18
2.03
1.86
1.82
1.58
1.4
1.4
1.32
1.31
1.23
1.22
1.15
1.11
Weighting
Change
5
3
2
5
5
3
3
5
3
#N/A N/A
3
3
1
#N/A N/A
5
5
5
#N/A N/A
#N/A N/A
#N/A N/A
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
2'700'000
3'000'000
(19'162)
(39'649)
16'875'000
(18'700)
157
3'072'650
13'162'571
200'000
Target Price
430
450
382
450
475
400
#N/A N/A
425
410
#N/A N/A
#N/A N/A
400
#N/A N/A
#N/A N/A
#N/A N/A
454
415
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
11.06.2012
11.10.2012
24.05.2012
26.03.2012
26.03.2012
25.03.2013
11.10.2012
15.02.2012
15.02.2012
22.03.2013
29.01.2013
25.03.2013
26.03.2013
02.02.2012
15.02.2012
25.03.2013
15.02.2012
15.02.2012
15.02.2012
18.05.2012
Date
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
n/a
n/a
Unclassified
Holding Company
Investment Advisor
Investment Advisor
Government
n/a
Investment Advisor
n/a
n/a
n/a
n/a
Date
22.03.2013
21.03.2013
21.03.2013
20.03.2013
15.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
26.02.2013
11.02.2013
29.01.2013
17.01.2013
16.01.2013
10.01.2013
22.11.2012
31.10.2012
20.03.2012
02.02.2012
02.02.2012
27.03.2013
ING Groep NV
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Price/Volume
9
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INGA NA EQUITY YTD Change
INGA NA EQUITY YTD % CHANGE
12/2012
12/yy
7.91
4.44
17'221'237.00
5.624
-28.84%
26.67%
36.59%
3'831.6
21'548.70
207'649.00
0.0
1'081.0
17'657.00
212'621.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
40.0 M
30.0 M
20.0 M
10.0 M
1
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
64'680.0
4.40x
(729.0)
-
31.12.2009
31.12.2010
46'025.0
51'411.0
5.41x
4.99x
(935.0)
2'810.0
12.77x
Profitability
LTM-4Q
31.12.2011
52'787.0
4.38x
5'766.0
6.70x
31.12.2012
39'304.0
5.54x
3'894.0
11.39x
12.65%
9.91%
0.32%
7.33%
1.55%
0.03%
9.9%
17.77%
366.83%
-
LTM
12/yy
46'023.0
22.59x
0.0
0.00x
5'766.0
6.43x
12/yy
42'241.0
22.26x
0.0
0.00x
3'894.0
9.42x
FY+1
1.80
-16.51%
-20.35%
1.803
30
3.900
28'368'770
23'844'900
20'225'100
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
38'679.0
42'573.4
0.78x
0.71x
3'710.4
4'153.5
5.62x
5.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
03.09.2009
A
NEG
31.03.2009
A-1
366.8%
78.3%
0.03
-
100'000.0
90'000.0
1.00
80'000.0
70'000.0
0.80
0.60
0.40
60'000.0
50'000.0
40'000.0
30'000.0
20'000.0
0.20
10'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ING Groep NV
Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
CARMIGNAC GESTION
FMR LLC
DEUTSCHE BANK AG
SCHRODER INVESTMENT
ROYAL BANK OF CANADA
SNS INVESTMENT FUND
Firm Name
Mediobanca SpA
AlphaValue
JPMorgan
Exane BNP Paribas
Berenberg Bank
ABN Amro Bank N.V.
Oddo & Cie
Barclays
Credit Suisse
Macquarie
Day by Day
HSBC
Morgan Stanley
Hamburger Sparkasse
Main First Bank AG
SNS Securities(ESN)
Societe Generale
Deutsche Bank
Nomura
S&P Capital IQ
Petercam
EVA Dimensions
Goldman Sachs
RBC Capital Markets
CA Cheuvreux
DZ Bank AG
Natixis
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ALAIN TCHIBOZO
JEROME CASSAGNE
COR KLUIS
BENOIT PETRARQUE
MICHAEL HUTTNER
FRANCOIS BOISSIN
JAMES CHAPPELL
JAN WILLEM WEIDEMA
NICOLAS JACOB
KIRI VIJAYARAJAH
RICHARD BURDEN
THOMAS STOEGNER
VALERIE GASTALDY
STEVEN HAYWOOD
DAVID ANDRICH
CHRISTIAN HAMANN
FEDERICO SALERNO
STEFAN BONGARDT
LEMER SALAH
PHILIP RICHARDS
DAVID LOCK
WILLIAM HAWKINS
DOMENICO SANTORO
RODERICK WALLACE
MATTHIAS DE WIT
AUSTIN BURKETT
MARTIN LEITGEB
GORDON AITKEN
WERNER SCHIRMER
HANS PLUIJGERS
WERNER EISENMANN
TOM MULLER
TIM PROUDLOVE
BENOIT VALLEAUX
Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
add
buy
reduce
overweight
neutral
buy
buy
reduce
equalweight
restricted
neutral
hold
neutral
Equalwt/In-Line
hold
outperform
hold
buy
buy
hold
market perform
buy
hold
hold
overweight
Rating Suspended
outperform
hold
outperform
buy
hold
outperform
suspended coverage
Amt Held
246'344'796
155'242'498
59'837'974
39'943'572
33'982'940
32'439'848
30'409'081
30'159'946
30'118'916
26'518'528
25'314'880
24'042'650
23'087'088
19'206'527
18'861'119
17'785'056
14'894'179
11'441'515
11'184'560
9'422'204
% Out
6.43
4.05
1.56
1.04
0.89
0.85
0.79
0.79
0.79
0.69
0.66
0.63
0.6
0.5
0.49
0.46
0.39
0.3
0.29
0.25
Weighting
Change
5
4
5
2
5
3
5
5
2
3
#N/A N/A
3
3
3
3
3
5
3
5
5
3
3
5
3
3
5
#N/A N/A
5
3
5
5
3
5
#N/A N/A
M
D
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'807'406)
(2'936'906)
599'105
1'701'096
(5'732'380)
1'170'048
122'201
968'030
(541'144)
(2'918'867)
1'817'067
1'256'401
(493'114)
3'877'089
(81'806)
(269'814)
(350'366)
Target Price
9
7
10
7
10
8
8
10
7
7
#N/A N/A
7
#N/A N/A
7
7
#N/A N/A
7
7
9
9
7
8
9
8
8
#N/A N/A
#N/A N/A
8
7
8
8
10
9
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
30.11.2012
Bank
29.06.2012
Investment Advisor
Date
Not Provided
6 month
12 month
Not Provided
18 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
25.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
05.03.2013
04.03.2013
01.03.2013
26.02.2013
26.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
17.01.2013
07.12.2012
07.12.2012
08.11.2012
05.10.2012
13.01.2012
27.10.2011
17.06.2011
17.03.2009
27.03.2013
Bayerische Motoren Werke AG

Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Price/Volume
80
7.0 M
70
6.0 M
60
5.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (02.01.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BMW GY EQUITY YTD Change
BMW GY EQUITY YTD % CHANGE
12/2012
12/yy
76.16
53.16
1'031'380.00
68.81
-9.69%
29.44%
72.39%
602.0
44'030.69
69'507.00
0.0
107.0
12'982.00
100'662.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
30
20
2.0 M
10
1.0 M
0
m-12
31.12.2009
31.12.2010
50'681.0
60'477.0
1.40x
1.49x
9'311.0
9'087.0
7.59x
9.93x
204.0
3'227.0
102.58x
11.94x
Profitability
LTM-4Q
31.12.2011
68'821.0
1.31x
11'677.0
7.75x
4'881.0
6.95x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
76'848.0
1.36x
12'014.0
8.70x
5'096.0
9.39x
12'014.00
8'298.00
10.80%
10.17%
3.99%
17.78%
5.87%
0.60%
20.2%
15.6%
10.8%
6.6%
1.04
0.32
52.72%
229.43%
26.75
6.34
Price/ Cash Flow
m-12
j-12
j-12
LTM
12/yy
68'821.0
5.13x
11'677.0
7.75x
4'881.0
6.95x
a-12
12/yy
76'848.0
5.09x
12'014.0
8.70x
5'096.0
9.39x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
1.08
323.27
4.21%
-5.65%
1.078
38
3.895
1'902'335
1'904'662
1'701'355
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
79'682.3
83'523.6
0.60x
0.57x
12'733.7
13'186.0
7.91x
7.63x
5'108.9
5'275.6
8.82x
8.57x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.04.2012
A
STABLE
16.04.2012
A-1
13.16
7.42
4.70
5.79
229.4%
69.6%
0.60
2.12
13.68
57.75
34.90
36.53
20.00
90'000.0
18.00
80'000.0
16.00
70'000.0
14.00
60'000.0
12.00
50'000.0
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
53'197.0
1.19x
11'231.0
5.64x
324.0
44.10x
4.0 M
40
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bayerische Motoren Werke AG

Holdings By:
All
Holder Name
QUANDT STEFAN
QUANDT JOHANNA
KLATTEN SUSANNE
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
DEUTSCHE BANK AG
SEB
ADIG INVESTMENT
Firm Name
DZ Bank AG
Exane BNP Paribas
Macquarie
Nord/LB
JPMorgan
Oddo & Cie
AlphaValue
EVA Dimensions
Morgan Stanley
Credit Suisse
Societe Generale
Day by Day
Creative Global Investments
S&P Capital IQ
Bankhaus Lampe
Bankhaus Metzler
Redburn Partners
HSBC
Goldman Sachs
Natixis
Main First Bank AG
Hamburger Sparkasse
CA Cheuvreux
Barclays
Cyrrus
Dr. Kalliwoda Equity Research
Deutsche Bank
Steubing AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MAX WARBURTON
MICHAEL PUNZET
MICHAEL RAAB
RABIH FREIHA
DANIEL SCHWARZ
FRANK SCHWOPE
JOSE ASUMENDI
FRANK BILLER
ZAFER RUZGAR
FRANCOIS MAURY
MARC-RENE TONN
TIM SCHULDT
HANS-PETER WODNIOK
CRAIG STERLING
STUART PEARSON
ERICH HAUSER
PHILIPPE BARRIER
VALERIE GASTALDY
CARLO R BESENIUS
RODERICK BRIDGE
CHRISTIAN LUDWIG
JUERGEN PIEPER
CHARLES WINSTON
HORST SCHNEIDER
STEFAN BURGSTALLER
GEORGES DIENG
LOTHAR LUBINETZKI
THOMAS BESSON
KRISTINA CHURCH
JIRI SIMARA
NORBERT KALLIWODA
JOCHEN GEHRKE
MICHAEL BROEKER
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
sell
buy
neutral
add
neutral
sell
overweight
hold
buy
reduce
buy
buy
add
hold
Equalwt/In-Line
outperform
buy
hold
buy
strong buy
buy
sell
buy
neutral
strong buy
neutral/attractive
buy
outperform
hold
outperform
overweight
accumulate
not rated
buy
hold
buy
Amt Held
104'747'161
98'125'214
75'851'392
36'126'021
14'833'170
8'265'500
7'021'307
6'403'800
3'796'472
3'474'386
2'987'994
2'917'838
2'667'376
2'407'518
1'314'060
1'310'054
1'212'526
1'200'968
1'149'062
961'711
% Out
17.4
16.3
12.6
6
2.46
1.37
1.17
1.06
0.63
0.58
0.5
0.48
0.44
0.4
0.22
0.22
0.2
0.2
0.19
0.16
Weighting
Change
5
1
5
3
4
3
1
5
3
5
2
5
5
4
3
3
5
5
3
5
5
5
1
5
3
5
3
5
5
3
5
5
4
#N/A N/A
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
N
M
M
Latest Chg
(168'858)
113'170
(130'000)
204'186
289'797
(1'064'286)
120'702
6'788
(191'841)
(414'675)
12'465
28'645
46'158
380'695
8'114
Target Price
90
65
83
74
87
80
61
95
70
90
60
84
88
82
#N/A N/A
79
80
83
#N/A N/A
87
83
90
64
#N/A N/A
82
83
92
82
77
#N/A N/A
85
84
66
#N/A N/A
81
68
100
File Dt
Inst Type
31.12.2012
n/a
31.12.2012
n/a
31.12.2012
n/a
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
28.02.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
19.02.2013
12.02.2013
01.02.2013
01.02.2013
10.01.2013
10.12.2012
26.11.2012
08.11.2012
07.11.2012
07.11.2012
29.10.2012
16.10.2012
06.06.2012
26.03.2012
05.01.2012
27.03.2013
Linde AG
Linde AG is a gases and engineering company. The Gases Division offers a wide
range of industrial and medical gases mainly used in energy sector, steel
production, chemical processing, as well as in food processing. The Engineering
Division develops olefin plants, natural gas plants and air separation plants,
as well as hydrogen and synthesis gas plants.
Price/Volume
4.0 M
120
3.5 M
3.0 M
2.5 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (20.03.2013)
52-Week Low (10.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LIN GY EQUITY YTD Change
LIN GY EQUITY YTD % CHANGE
12/2012
12/yy
147.40
109.80
227'756.00
143.5
-2.65%
30.69%
93.62%
185.2
26'579.84
10'204.00
0.0
564.0
2'041.00
35'306.84
2.0 M
60
1.5 M
40
1.0 M
20
.5 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
140
100
Valuation Analysis
31.12.2008
12'663.0
1.34x
2'468.0
6.86x
717.0
14.02x
160
31.12.2009
31.12.2010
11'211.0
12'868.0
1.86x
1.97x
2'320.0
2'847.0
8.97x
8.92x
591.0
1'005.0
23.98x
19.12x
Profitability
LTM-4Q
31.12.2011
13'787.0
1.88x
3'101.0
8.37x
1'174.0
16.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
15'280.0
2.17x
3'443.0
9.63x
1'250.0
18.78x
3'443.00
1'905.00
12.47%
11.04%
4.01%
10.12%
0.49%
36.2%
22.5%
12.5%
8.2%
0.98
0.68
30.48%
77.93%
6.60
9.14
Price/ Cash Flow
LTM
12/yy
13'787.0
7.30x
3'101.0
8.37x
1'174.0
16.68x
12/yy
15'280.0
8.22x
3'443.0
9.63x
1'250.0
18.78x
FY+1
0.81
185.21
9.38%
8.71%
0.812
43
4.000
478'179
520'485
501'067
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'124.8
18'253.0
4'107.8
4'278.5
2.02x
1.86x
8.58x
8.28x
3'966.1
4'286.6
966.8
1'003.5
8.90x
8.23x
8.72x
1'506.7
1'723.6
339.5
371.0
16.79x
14.84x
16.90x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.05.2012
A
STABLE
25.05.2012
A-1
8.63
4.15
2.37
2.96
77.9%
42.8%
0.49
1.59
55.44
40.03
102.56
-7.09
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
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Linde AG
Holdings By:
All
Holder Name
BLACKROCK ADVISORS L
BLACKROCK
FMR LLC
DEUTSCHE BANK AG
VANGUARD GROUP INC
FRANKLIN RESOURCES
DODGE & COX
ADIG INVESTMENT
MFS FINANCIAL SERVIC
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Firm Name
Analyst

HSBC
Exane BNP Paribas
JPMorgan
Bankhaus Lampe
Nomura
Societe Generale
AlphaValue
Credit Suisse
Equita SIM SpA
Bankhaus Metzler
S&P Capital IQ
Main First Bank AG
Morgan Stanley
Nord/LB
Baader Bank
Berenberg Bank
Natixis
DZ Bank AG
Day by Day
Goldman Sachs
Barclays
EVA Dimensions
Jefferies
Liberum Capital Ltd
Deutsche Bank
Macquarie
CA Cheuvreux
Hamburger Sparkasse
Alembic Global Advisors
Redburn Partners
JEREMY REDENIUS
SEBASTIAN SATZ
HEIDI VESTERINEN
MARTIN EVANS
HEIKO FEBER
JEAN DE WATTEVILLE
PETER CLARK
STEPHAN KIPPE
ULLE WORNER
HANS-PETER WODNIOK
CHRIS COUNIHAN
MASSIMO BONISOLI
EGGERT KULS
LARS HETTCHE
JOHNSON IMODE
THOMAS SWOBODA
PETER MACKEY
THORSTEN STRAUSS
NORBERT BARTH
JOHN PHILIPP KLEIN
FREDERIC WILLIAMS-GOBEAUX
NADESHDA DEMIDOVA
PETER SPENGLER
VALERIE GASTALDY
RAKESH PATEL
GUNTHER ZECHMANN
MARKUS MAYER
CRAIG STERLING
LAURENCE ALEXANDER
ADAM COLLINS
TIMOTHY JONES
CHRISTIAN FAITZ
KLAUS RINGEL
MARCO GUENTHER
RALF GROENEMEYER
HASSAN I AHMED
TONY JONES
PAUL W SATCHELL
Source
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
overweight
neutral
overweight
buy
neutral
buy
buy
buy
add
underperform
hold
buy
buy
buy
hold
outperform
Equalwt/In-Line
buy
buy
buy
neutral
buy
hold
buy
Buy/Neutral
equalweight
buy
sell
buy
buy
buy
outperform
select list
hold
buy
neutral
neutral
hold
Amt Held
9'252'936
8'717'675
6'880'592
4'801'614
4'605'392
4'402'491
3'880'191
2'572'241
1'850'348
1'839'840
1'825'948
1'815'684
1'580'518
1'553'523
1'230'595
820'205
776'040
699'871
665'092
566'970
% Out
5
4.71
3.71
2.59
2.49
2.38
2.09
1.39
1
0.99
0.99
0.98
0.85
0.84
0.66
0.44
0.42
0.38
0.36
0.31
Weighting
Change
3
5
3
5
5
3
5
5
5
4
1
3
5
5
5
3
5
3
5
5
5
3
5
3
5
5
3
5
1
5
5
5
5
5
3
5
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
626'980
(174'285)
(340'139)
155'280
(174'980)
61'948
(31'340)
67'654
(678'316)
(20)
127'709
(293'938)
(17'345)
(55'000)
22'217
(121'000)
Target Price
149
168
137
160
160
160
165
180
160
160
130
145
160
165
154
140
170
150
165
153
160
147
155
141
146
167
139
147
#N/A N/A
149
156
160
150
153
#N/A N/A
160
120
#N/A N/A
114
File Dt
Inst Type
14.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
27.03.2013
27.03.2013
26.03.2013
20.03.2013
19.03.2013
18.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
28.02.2013
27.02.2013
04.02.2013
01.02.2013
17.01.2013
02.01.2013
13.12.2012
06.12.2012
21.11.2012
30.10.2012
29.10.2012
29.10.2012
15.10.2012
08.10.2012
18.05.2012
27.03.2013
Vivendi SA
Vivendi, through its subsidiaries, conducts operations ranging from music, games
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.12.2012)
52-Week Low (19.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VIV FP EQUITY YTD Change
VIV FP EQUITY YTD % CHANGE
12/2012
12/yy
17.44
12.01
2'578'674.00
15.86
-9.03%
32.01%
75.56%
1'324.0
20'998.04
17'757.00
0.0
2'971.0
3'894.00
37'832.04
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
25'392.0
1.55x
6'774.0
5.82x
2'603.0
10.43x
20
18
16
14
12
10
8
6
4
2
0
m-12
31.12.2009
31.12.2010
27'132.0
28'878.0
1.44x
1.29x
7'682.0
8'020.0
5.07x
4.64x
830.0
2'198.0
30.14x
11.35x
Profitability
LTM-4Q
31.12.2011
28'813.0
1.24x
8'847.0
4.03x
2'681.0
7.83x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
28'994.0
1.35x
4'477.0
8.77x
164.0
130.38x
4'477.00
3'230.00
11.14%
7.27%
0.28%
0.87%
6.63%
0.50%
50.5%
22.5%
11.6%
0.6%
0.69
0.19
29.84%
96.17%
18.62
Price/ Cash Flow
LTM
12/yy
28'813.0
5.00x
8'847.0
4.03x
2'681.0
7.83x
12/yy
28'994.0
4.98x
6'531.0
6.01x
164.0
118.88x
FY+1
0.82
1'147.24
26.47%
-6.43%
0.823
34
4.000
5'534'172
4'834'842
4'108'304
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
28'836.1
29'153.0
6'982.0
6'523.0
1.27x
1.22x
7'760.4
7'970.7
4.86x
4.73x
2'292.6
2'363.1
8.89x
8.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
26.10.2012
BBB
NEG
26.10.2012
A-2
16.72
10.36
2.12
2.72
96.2%
45.3%
0.50
3.06
19.66
360.74
-282.51
4.00
70'000.0
3.50
60'000.0
3.00
50'000.0
2.50
40'000.0
2.00
30'000.0
1.50
20'000.0
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Vivendi SA
Holdings By:
All
Holder Name
BLACKROCK
CIE DE CORNOUAILLE S
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
PEG VIVENDI
BAUPOST GROUP LLC
QATAR HOLDINGS LLC
BANK OF AMERICA CORP
UBS
CREDIT SUISSE SECURI
GROUPE BOLLORE
HSBC HOLDINGS PLC
FMR LLC
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
JPMorgan
FILIPPO PIETRO LO FRANCO
Oddo & Cie
BRUNO HARENG
Barclays
JULIEN ROCH
Societe Generale
CHRISTOPHE CHERBLANC
CLAUDIO ASPESI
Credit Suisse
OMAR SHEIKH
Jefferies
WILL SMITH
Nomura
MATTHEW WALKER
Macquarie
ANGUS TWEEDIE
Morgan Stanley
PATRICK WELLINGTON
Raymond James
STEPHANE BEYAZIAN
EVA Dimensions
ANDREW S ZAMFOTIS
Hamburger Sparkasse
ANNEMARIE SCHLUETER
CONOR O'SHEA
AlphaValue
CA Cheuvreux
ANDREA BENEVENTI
S&P Capital IQ
ALEXANDER WISCH
Exane BNP Paribas
CHARLES BEDOUELLE
Goldman Sachs
RICHARD JONES
LARS LUSEBRINK
ERIC RAVARY
New Street Research
RUSSELL WALLER
Banco Sabadell
ANDRES BOLUMBURU
Day by Day
VALERIE GASTALDY
HSBC
NICOLAS COTE-COLISSON
Grupo Santander
WILL DRAPER
Liberum Capital Ltd
IAN WHITTAKER
MIRKO MAIER
Natixis
JEROME BODIN
Deutsche Bank
PATRICK KIRBY
DZ Bank AG
HARALD HEIDER
Source
ULT-AGG
Research
Research
Research
Research
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
overweight
buy
overweight
buy
market perform
outperform
buy
neutral
outperform
Equalwt/Attractive
outperform
overweight
hold
buy
buy
outperform
strong buy
neutral
neutral/neutral
hold
hold
neutral
buy
hold
neutral
buy
buy
buy
hold
buy
hold
buy
Amt Held
78'670'926
66'174'684
62'157'815
57'756'435
57'389'860
48'191'364
34'074'702
33'192'445
26'349'991
25'862'423
25'789'649
19'320'712
18'802'966
17'995'960
14'815'566
14'021'059
13'811'784
13'716'052
13'307'220
13'250'434
% Out
5.94
5
4.69
4.36
4.33
3.64
2.57
2.51
1.99
1.95
1.95
1.46
1.42
1.36
1.12
1.06
1.04
1.04
1.01
1
Weighting
Change
5
5
5
5
3
5
5
3
5
3
5
5
3
5
5
5
5
3
3
3
3
3
5
3
3
5
5
5
3
5
3
5
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
M
M
Latest Chg
19'121
(36'465'062)
(5'812'102)
29'924'444
415'302
65'633
1'246'283
(5'089'327)
673'572
(4'398)
Target Price
20
19
18
17
18
19
19
18
17
17
19
#N/A N/A
#N/A N/A
19
23
17
18
19
18
17
17
17
18
#N/A N/A
18
22
18
20
17
22
16
23
File Dt
Inst Type
25.03.2013
Investment Advisor
14.11.2012
Unclassified
30.04.2012
Bank
14.05.2012
Investment Advisor
10.05.2012
Investment Advisor
31.12.2011
Government
31.12.2012
Investment Advisor
31.12.2011
Other
31.12.2011
Government
31.12.2011
Government
31.12.2011
Investment Advisor
31.01.2013
Unclassified
31.12.2011
Investment Advisor
31.12.2011
Holding Company
31.12.2011
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
9 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
27.03.2013
27.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
18.03.2013
15.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
07.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
15.02.2013
05.02.2013
31.01.2013
23.01.2013
15.11.2012
24.10.2012
15.10.2012
21.09.2012
01.03.2012
06.12.2011
27.03.2013
Vinci SA
Vinci SA builds roads, offers electrical, mechanical, and civil engineering and
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Price/Volume
45
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DG FP EQUITY YTD Change
DG FP EQUITY YTD % CHANGE
12/2012
09/yy
39.93
31.23
1'351'173.00
34.885
-12.65%
11.70%
52.16%
579.6
20'219.66
20'193.80
0.0
735.4
6'516.10
34'632.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
31.12.2009
31.12.2010
31'177.7
34'002.8
1.09x
1.07x
4'813.1
5'165.6
7.03x
7.01x
1'596.0
1'775.9
12.07x
12.14x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
37'646.1
0.86x
5'445.9
5.93x
1'904.3
9.59x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
39'183.2
0.86x
5'507.8
6.12x
1'916.7
10.07x
5'507.80
3'568.90
9.11%
7.64%
3.14%
14.62%
7.32%
0.63%
14.1%
9.3%
4.9%
0.87
0.46
32.79%
151.44%
6.49
-
Price/ Cash Flow
LTM
09/yy
33'699.5
0.00x
0.0
0.00x
0.0
0.00x
09/yy
37'494.5
0.00x
0.0
0.00x
0.0
0.00x
FY+1
3.15
1.10
506.38
-6.96%
-2.99%
1.099
31
4.290
2'285'345
1'767'313
1'594'406
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
38'942.5
39'734.8
10'174.8
0.86x
0.81x
5'540.9
5'701.2
6.25x
6.07x
1'936.2
2'025.9
9.92x
9.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.03.2007
BBB+
STABLE
24.04.2001
A-2
7.58
4.83
2.51
3.70
151.4%
58.9%
0.63
8.40
56.37
-
8.00
45'000.0
7.00
40'000.0
6.00
35'000.0
30'000.0
5.00
25'000.0
4.00
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
5'000.0
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
33'930.3
0.90x
5'009.2
6.09x
1'591.4
8.85x
15
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Vinci SA
Holdings By:
All
Holder Name
VINCI SA
COMET LUXEMBOURG HLD
ARTEMIS SA
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
FMR LLC
AVIVA PLC
AMUNDI
LBPAM
COHEN & STEERS CAPIT
DEUTSCHE BANK AG
DNCA FINANCE
COMMONWEALTH BANK OF
Firm Name
Raymond James
EVA Dimensions
Bryan Garnier & Cie
HSBC
BPI
Aurel - BGC
AlphaValue
Hamburger Sparkasse
Banco Sabadell
Day by Day
Societe Generale
Natixis
S&P Capital IQ
Exane BNP Paribas
Deutsche Bank
RBC Capital Markets
Barclays
Morgan Stanley
Goldman Sachs
CA Cheuvreux
JPMorgan
DZ Bank AG
Oddo & Cie
Nord/LB
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Source
Research
Research
ULT-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
ARNAUD PALLIEZ
CRAIG STERLING
SVEN EDELFELT
PIERRE BOSSET
FILIPE MARTINS LEITE
ERIC LEMARIE
GAETAN DUPONT
INGO SCHMIDT
MARIA CEBOLLERO
VALERIE GASTALDY
MURIEL FELLOUS
GREGOIRE THIBAULT
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
JAWAHAR HINGORANI
NICOLAS MORA
LUIS PRIETO
OLIVIA PETERS
SUSANNA INVERNIZZI
JAIME ROWBOTHAM
WILL MORGAN
NABIL AHMED
ELODIE RALL
MARC NETTELBECK
HANS-PETER KUHLMANN
OLIVIER BECKER
JOSEP PUJAL
HEINO HAMMANN
outperform
sell
buy
neutral
buy
hold
buy
hold
buy
hold
buy
buy
hold
buy
strong buy
strong buy
neutral
buy
sector perform
overweight
Overwt/In-Line
Buy/Neutral
outperform
overweight
buy
hold
buy
buy
buy
Amt Held
40'940'297
31'714'315
13'142'000
8'072'735
7'915'159
5'462'669
5'401'971
4'772'800
4'772'712
2'633'758
2'147'140
2'114'012
1'945'486
1'663'965
1'658'463
1'457'470
1'405'036
1'335'216
1'325'000
1'235'358
% Out
7.06
5.47
2.27
1.39
1.37
0.94
0.93
0.82
0.82
0.45
0.37
0.36
0.34
0.29
0.29
0.25
0.24
0.23
0.23
0.21
Weighting
Change
5
1
5
3
5
3
5
3
5
3
5
5
3
5
5
5
3
5
3
5
5
5
5
5
5
3
5
5
5
M
D
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
2'679'200
398'303
9'442
176'206
(22'333)
1'057'163
(2'838)
(27'232)
19'058
133'200
(38'563)
53'000
(287'348)
(180'000)
106'285
Target Price
45
#N/A N/A
45
40
48
39
50
#N/A N/A
43
#N/A N/A
48
48
40
44
45
45
41
47
40
45
42
46
43
49
41
37
49
50
#N/A N/A
File Dt
Inst Type
31.12.2012
Corporation
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Holding Company
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
30.11.2012
Bank
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
22.03.2013
21.03.2013
20.03.2013
19.03.2013
07.03.2013
07.03.2013
07.03.2013
26.02.2013
15.02.2013
15.02.2013
11.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
01.02.2013
30.01.2013
29.01.2013
23.01.2013
15.01.2013
14.01.2013
21.11.2012
17.09.2012
17.09.2012
01.08.2012
01.08.2012
01.08.2012
14.06.2012
27.03.2013
Enel SpA
Enel S.p.A. generates, transmits, distributes, and trades electricity. The
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Price/Volume
4
3
3
2
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (14.01.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ENEL IM EQUITY YTD Change
ENEL IM EQUITY YTD % CHANGE
12/2012
12/yy
3.30
2.02
29'170'187.00
2.52
-23.64%
24.75%
42.66%
9'403.4
23'696.46
66'539.00
0.0
16'387.0
9'891.00
96'731.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
m-12
31.12.2009
31.12.2010
62'498.0
71'943.0
1.85x
1.56x
15'883.0
16'768.0
7.29x
6.68x
5'586.0
4'390.0
5.90x
8.01x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
77'573.0
1.34x
17'198.0
6.03x
4'148.0
7.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
82'699.0
1.24x
16'150.0
6.35x
865.0
34.87x
16'150.00
7'735.00
9.35%
5.83%
0.51%
2.29%
0.48%
19.5%
9.4%
1.0%
1.09
0.61
38.76%
180.96%
7.10
-
Price/ Cash Flow
LTM
12/yy
77'573.0
5.64x
15'554.0
0.00x
4'148.0
7.08x
12/yy
82'699.0
4.86x
16'150.0
6.35x
865.0
34.87x
FY+1
0.97
6'465.37
-3.75%
-19.69%
0.974
31
3.226
46'363'300
44'604'800
41'932'950
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
80'436.6
81'118.4
1.02x
0.97x
16'142.6
16'318.0
5.99x
5.93x
3'175.2
3'309.3
7.54x
7.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
08.03.2012
BBB+
NEG
14.12.2007
A-2
6.25
3.72
3.51
4.12
181.0%
55.6%
0.48
1.01
51.53
-
4.00
90'000.0
3.50
80'000.0
3.00
70'000.0
60'000.0
2.50
50'000.0
2.00
40'000.0
1.50
30'000.0
1.00
20'000.0
0.50
10'000.0
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
59'577.0
1.53x
13'722.0
6.63x
5'293.0
5.54x
200.0 M
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Enel SpA
Holdings By:
All
Holder Name
MINISTERO DELL'ECONO
BLACKROCK
VANGUARD GROUP INC
FMR LLC
ARCA SGR SPA
STATE STREET BANQUE
AVIVA PLC
CREDIT SUISSE ASSET
JOHN HANCOCK INVESTM
UBS
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JPMorgan
JAVIER GARRIDO
Exane BNP Paribas
PHILIP GOTTSCHALK
HSBC
ADAM DICKENS
Banca IMI
ROBERTO RANIERI
ICBPI
SIMONA PEDRAZZINI
Morgan Stanley
EMMANUEL TURPIN
S&P Capital IQ
CLIVE ROBERTS
Day by Day
VALERIE GASTALDY
Deutsche Bank
VIRGINIA SANZ DE MADRID
Grupo Santander
OSCAR NAJAR RIOS
Societe Generale
ALBERTO PONTI
SVEN DIERMEIER
FERNANDO GARCIA GARCIA
Natixis
PHILIPPE OURPATIAN
Raymond James
EMMANUEL RETIF
Banca Akros(ESN)
DARIO MICHI
CLAUDIA INTROVIGNE
Goldman Sachs
DARIO CARRADORI
AlphaValue
MYRIAM COHEN
Credit Suisse
STEFANO BEZZATO
Centrobanca
EDOARDO MONTALBANO
Nomura
JAVIER SUAREZ
Berenberg Bank
ANDREW FISHER
Barclays
SUSANNA INVERNIZZI
EVA Dimensions
AUSTIN BURKETT
Equita SIM SpA
ROBERTO LETIZIA
Banco Sabadell
Nord/LB
HEINO HAMMANN
ERKAN AYCICEK
Hammer Partners SA
CHRIS MOORE
DZ Bank AG
HASIM SENGUEL
Source
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
underweight
underperform
underweight
Under Review
neutral
Equalwt/In-Line
buy
hold
hold
buy
buy
hold
neutral
neutral
market perform
hold
hold
neutral/neutral
buy
neutral
hold
reduce
buy
hold
equalweight
overweight
hold
sell
hold
hold
sell
hold
Amt Held
2'937'984'993
99'021'197
68'602'047
52'151'916
30'181'320
17'684'685
14'303'336
13'120'169
12'861'686
9'428'887
9'331'460
8'892'727
8'055'396
7'830'955
7'754'520
7'123'096
7'012'498
6'929'768
5'732'826
5'696'253
% Out
31.24
1.05
0.73
0.55
0.32
0.19
0.15
0.14
0.14
0.1
0.1
0.09
0.09
0.08
0.08
0.08
0.07
0.07
0.06
0.06
Weighting
Change
1
1
1
#N/A N/A
3
3
5
3
3
5
5
3
3
3
3
3
3
3
5
3
3
2
5
3
3
5
3
1
3
3
1
3
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
D
M
Latest Chg
705'523
2'529'990
(26'014'603)
5'582'196
1'277'038
6'820'235
216'500
775'921
317'904
(165'071)
61'977
23'874
(198'780)
3'250'432
39'692
185'790
(1'361'003)
Target Price
3
3
2
#N/A N/A
3
3
3
#N/A N/A
3
4
3
3
3
3
#N/A N/A
3
3
4
4
3
3
3
3
3
4
#N/A N/A
3
#N/A N/A
#N/A N/A
3
#N/A N/A
3
File Dt
20.11.2012
25.03.2013
31.12.2012
31.01.2013
31.01.2013
25.03.2013
31.01.2013
31.01.2013
28.02.2013
28.02.2013
28.02.2013
31.01.2013
31.12.2012
31.01.2013
28.09.2012
28.12.2012
26.03.2013
31.01.2013
31.12.2012
31.01.2013
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Date
25.03.2013
25.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
05.03.2013
08.02.2013
08.02.2013
06.02.2013
05.02.2013
25.01.2013
17.01.2013
30.11.2012
03.08.2012
05.06.2012
09.03.2012
08.03.2012
18.11.2011
27.03.2013
Heineken NV
Heineken NV produces and distributes beverages internationally. The Company
produces beers, spirits, wines, and soft drinks under various brand names.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (19.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HEIA NA EQUITY YTD Change
HEIA NA EQUITY YTD % CHANGE
12/2012
12/yy
60.20
37.04
401'206.00
59.34
-1.41%
60.23%
99.57%
576.0
34'180.00
13'380.00
0.0
1'071.0
1'048.00
47'583.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
60
3.0 M
50
2.5 M
40
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
31.12.2009
31.12.2010
14'701.0
16'133.0
1.68x
1.85x
2'713.0
3'413.0
9.13x
8.73x
1'018.0
1'447.0
15.99x
14.28x
Profitability
LTM-4Q
31.12.2011
17'123.0
1.72x
3'383.0
8.70x
1'430.0
14.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
18'383.0
2.31x
3'471.0
12.24x
2'949.0
9.84x
3'471.00
2'206.00
12.00%
19.77%
9.35%
27.48%
15.70%
0.58%
19.2%
12.0%
16.0%
0.71
0.39
37.19%
114.45%
-
Price/ Cash Flow
m-12
j-12
j-12
LTM
12/yy
17'123.0
0.00x
0.0
0.00x
1'430.0
14.64x
a-12
12/yy
18'383.0
0.00x
0.0
0.00x
2'949.0
9.84x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
1.50
0.72
229.43
43.57%
17.57%
0.717
36
3.167
603'411
729'858
730'591
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
20'510.0
21'472.0
2.28x
2.12x
4'576.0
4'915.8
10.40x
9.68x
1'873.1
2'124.3
18.14x
16.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.10.2012
BBB+
STABLE
02.10.2012
A-2
6.30
4.18
3.50
3.80
114.4%
51.2%
0.58
2.21
-
10.00
20'000.0
9.00
18'000.0
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
4.00
10'000.0
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
14'319.0
1.42x
2'388.0
8.51x
209.0
50.93x
70
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Heineken NV
Holdings By:
All
Holder Name
HEINEKEN HOLDING NV
CB EQUITY LLP
CREDIT SUISSE GROUP
DAVIS INVESTMENTS LL
VANGUARD GROUP INC
INVESCO LTD
FMR LLC
SKAGEN AS
BLACKROCK
MFS FINANCIAL SERVIC
UNITED SERVICES AUTO
UNIVERSAL INVEST CON
FRANK RUSSELL TRUST
CI INVESTMENTS INC
INVESTEC ASSET MANAG
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KBC Securities
WIM HOSTE
SNS Securities(ESN)
RICHARD WITHAGEN
KAREL ZOETE
Nomura
IAN SHACKLETON
TREVOR STIRLING
ING Bank
MARCO GULPERS
AlphaValue
ISABELLE COMBEMALE
ABN Amro Bank N.V.
ROBERT JAN VOS
RBC Capital Markets
Liberum Capital Ltd
PABLO ZUANIC
EDDY HARGREAVES
Societe Generale
ANDREW HOLLAND
Exane BNP Paribas
JPMorgan
MIKE J GIBBS
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
JONATHAN FELL
Natixis
Day by Day
VALERIE GASTALDY
Barclays
SAMAR CHAND
Kempen & Co
SANDER VAN OORT
Jefferies
DIRK VAN VLAANDEREN
HSBC
LAUREN E TORRES
Petercam
KRIS KIPPERS
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Berenberg Bank
PHILIP MORRISEY
TOM MULLER
Grupo Santander
ANTHONY J BUCALO
CA Cheuvreux
ERIC BOROIAN
Goldman Sachs
MITCHELL COLLETT
Redburn Partners
CHRIS PITCHER
ALEX SMITH
Credit Suisse
SANJEET AUJLA
Davy
BARRY GALLAGHER
TEAM COVERAGE
Source
Research
Research
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
reduce
hold
neutral
outperform
buy
add
hold
sector perform
hold
sell
buy
outperform
neutral
underweight
buy
buy
buy
underweight
hold
underperform
neutral
hold
buy
hold
hold
hold
hold
outperform
neutral/attractive
neutral
neutral
not rated
underperform
reduce
Amt Held
288'030'112
58'426'684
26'749'481
19'749'284
8'514'203
6'894'332
4'732'907
3'390'445
2'588'234
2'240'550
2'205'111
2'110'234
1'540'251
1'287'725
1'280'256
1'165'000
853'141
837'474
694'714
658'436
% Out
50
10.14
4.64
3.43
1.48
1.2
0.82
0.59
0.45
0.39
0.38
0.37
0.27
0.22
0.22
0.2
0.15
0.15
0.12
0.11
Weighting
Change
5
2
3
3
5
5
4
3
3
3
1
5
5
3
1
5
5
5
1
3
1
3
3
5
3
3
3
3
5
3
3
3
#N/A N/A
1
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
N
Latest Chg
(1'036'753)
3'372'552
4'253'020
53'695
(429'726)
2'442
49'679
(64'810)
(45'616)
99'498
(28'080)
(48'250)
96'772
Target Price
62
50
55
54
64
65
61
53
62
#N/A N/A
45
62
64
57
#N/A N/A
60
60
59
48
48
43
56
50
67
56
49
54
57
55
56
#N/A N/A
45
#N/A N/A
#N/A N/A
34
File Dt
Inst Type
30.07.2011
Corporation
29.06.2011
Holding Company
31.01.2013
Investment Advisor
04.05.2010
Investment Advisor
16.02.2012
Other
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
21.03.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
30.06.2012
Investment Advisor
30.11.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
11.03.2013
08.03.2013
05.03.2013
26.02.2013
22.02.2013
21.02.2013
20.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
07.02.2013
22.01.2013
21.01.2013
21.01.2013
09.01.2013
10.12.2012
20.09.2012
28.08.2012
14.08.2012
27.09.2011
27.03.2013
RWE AG
RWE AG generates, distributes, and trades electricity to municipal, industrial,
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.
Price/Volume
40
12.0 M
35
10.0 M
30
8.0 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (08.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RWE GY EQUITY YTD Change
RWE GY EQUITY YTD % CHANGE
12/2012
12/yy
36.90
26.36
1'822'188.00
28.75
-22.06%
9.09%
25.47%
575.7
17'589.37
19'946.00
0.0
1'613.0
5'276.00
33'872.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
2.0 M
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
47'500.0
0.88x
7'903.0
5.30x
2'558.0
10.69x
6.0 M
15
31.12.2009
31.12.2010
46'191.0
50'722.0
1.10x
0.85x
9'655.0
9'230.0
5.28x
4.68x
3'571.0
3'308.0
10.33x
8.05x
Profitability
LTM-4Q
31.12.2011
49'153.0
0.65x
8'286.0
3.88x
1'806.0
8.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
50'771.0
0.70x
9'055.0
3.92x
1'306.0
14.67x
9'055.00
3'699.00
7.29%
4.39%
2.6%
1.02
0.55
22.61%
134.55%
-
Price/ Cash Flow
LTM
12/yy
49'153.0
2.84x
6'912.0
4.66x
1'806.0
8.13x
12/yy
39'773.0
3.72x
7'228.0
0.00x
1'033.0
0.00x
FY+1
1.04
482.66
-16.43%
-7.97%
1.045
40
2.600
3'724'111
3'644'462
3'415'407
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'465.5
54'236.9
0.64x
0.64x
8'830.9
8'611.2
3.84x
3.93x
2'432.1
2'216.3
7.36x
8.08x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.07.2012
BBB+
STABLE
08.06.2011
A-2
7.25
3.18
134.6%
54.8%
-
6.00
100'000.0
90'000.0
5.00
80'000.0
70'000.0
4.00
60'000.0
3.00
50'000.0
40'000.0
2.00
30'000.0
20'000.0
1.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
RWE AG
Holdings By:
All
Holder Name
RW ENERGIE-BETEILIGU
BLACKROCK
CREDIT SUISSE GROUP
MONDRIAN INVESTMENT
SOCIETE GENERALE SA
VANGUARD GROUP INC
FMR LLC
NUVEEN ASSET MANAGEM
MACQUARIE GROUP
Firm Name
RBC Capital Markets
HSBC
Exane BNP Paribas
EVA Dimensions
Redburn Partners
Grupo Santander
JPMorgan
Nomura
AlphaValue
Goldman Sachs
Raymond James
DZ Bank AG
Hamburger Sparkasse
Societe Generale
Morgan Stanley
Nord/LB
Bankhaus Metzler
S&P Capital IQ
Main First Bank AG
Banco Sabadell
Day by Day
Credit Suisse
Berenberg Bank
Barclays
Macquarie
Steubing AG
Deutsche Bank
Natixis
CA Cheuvreux
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JOHN MUSK
ADAM DICKENS
BENJAMIN LEYRE
TANJA MARKLOFF
AUSTIN BURKETT
AHMED FARMAN
OSCAR NAJAR RIOS
VINCENT DE BLIC
MARTIN YOUNG
EILEEN RYAN
DEBORAH WILKENS
EMMANUEL RETIF
MARC NETTELBECK
ERKAN AYCICEK
ANNEMARIE SCHLUETER
ALBERTO PONTI
BOBBY CHADA
HEINO HAMMANN
CLIVE ROBERTS
SVEN DIERMEIER
STEPHAN WULF
INGO BECKER
ANDREAS THIELEN
VALERIE GASTALDY
VINCENT GILLES
LAWSON STEELE
PETER BISZTYGA
ROBERT SCHRAMM-FUCHS
MICHAEL BROEKER
MICHAEL SCHAEFER
ALEXANDER KARNICK
PHILIPPE OURPATIAN
SEBASTIAN KAUFFMANN
SEBASTIAN ZANK
Source
Co File
ULT-AGG
Research
Co File
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
sector perform
underweight
neutral
hold
buy
buy
underweight
underweight
reduce
buy
neutral/neutral
underperform
buy
sell
hold
sell
Overwt/In-Line
hold
sell
hold
hold
buy
reduce
underperform
sell
hold
underperform
sell
hold
underweight
neutral
buy
hold
sell
neutral
outperform
not rated
Amt Held
86'361'823
28'787'275
28'008'409
17'272'365
6'421'155
5'726'000
5'509'049
5'122'429
2'919'473
2'349'710
2'317'638
1'358'033
1'146'153
1'066'091
1'043'884
986'543
928'678
900'000
845'432
822'801
% Out
15
5
4.86
3
1.12
0.99
0.96
0.89
0.51
0.41
0.4
0.24
0.2
0.19
0.18
0.17
0.16
0.16
0.15
0.14
Weighting
Change
3
1
3
3
5
5
1
1
2
5
3
1
5
1
3
1
5
3
1
3
3
5
2
1
1
3
1
1
3
1
3
5
3
1
3
5
#N/A N/A
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
M
M
D
M
M
D
M
D
M
Latest Chg
4'226'000
3'963'686
196'272
78'546
(446'152)
(565'153)
(298'847)
(164'548)
(1'416'019)
79'174
900'000
(13'576)
800'000
Target Price
28
23
32
29
#N/A N/A
#N/A N/A
#N/A N/A
28
25
34
36
25
35
25
#N/A N/A
24
33
31
25
29
30
34
27
29
37
#N/A N/A
28
25
34
27
30
60
35
27
34
38
#N/A N/A
File Dt
31.12.2012
25.03.2013
04.05.2012
16.05.2012
19.02.2013
31.12.2012
28.02.2013
31.12.2012
28.09.2012
28.12.2012
31.01.2013
25.03.2013
26.03.2013
28.02.2013
31.01.2013
31.01.2013
31.10.2012
31.01.2013
31.01.2013
31.01.2013
Date
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
18.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
15.02.2013
14.02.2013
06.02.2013
05.02.2013
28.01.2013
25.01.2013
22.01.2013
14.01.2013
11.01.2013
07.01.2013
05.11.2012
14.06.2012
06.03.2012
27.03.2013
Iberdrola SA
Iberdrola S.A. generates, distributes, trades, and markets electricity in
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Price/Volume
5
4
4
3
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IBE SQ EQUITY YTD Change
IBE SQ EQUITY YTD % CHANGE
12/2012
12/yy
4.29
2.63
16'726'258.00
3.65
-15.01%
38.78%
65.44%
6'281.2
22'926.32
32'884.10
0.0
324.8
6'575.55
49'559.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
1
0
m-12
31.12.2009
31.12.2010
25'891.9
30'431.0
2.39x
1.90x
6'197.0
6'857.9
10.00x
8.42x
2'824.3
2'870.9
12.54x
10.95x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
31'648.0
1.76x
7'000.4
7.95x
2'804.5
10.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
34'201.2
1.52x
7'177.7
7.25x
2'840.7
9.14x
7'177.74
3'828.04
11.19%
8.99%
2.93%
8.52%
0.36%
36.8%
22.1%
12.4%
8.3%
1.11
0.92
33.97%
97.41%
5.91
10.71
Price/ Cash Flow
LTM
12/yy
32'095.3
8.28x
7'004.8
7.94x
2'804.6
10.09x
12/yy
34'848.9
5.91x
7'685.6
6.77x
2'840.7
8.92x
FY+1
1.05
5'243.95
-7.90%
-9.97%
1.052
36
3.361
59'983'380
44'976'740
39'179'290
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'387.7
34'470.0
1.54x
1.46x
7'606.5
7'904.4
2'289.0
1'696.0
6.52x
6.27x
6.48x
2'497.0
2'695.0
916.0
440.0
9.06x
8.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.11.2012
BBB
STABLE
26.11.2007
A-2
4.82
2.20
3.42
4.28
97.4%
49.1%
0.36
61.92
34.18
104.74
-6.92
9.00
40'000.0
8.00
35'000.0
7.00
30'000.0
6.00
25'000.0
5.00
20'000.0
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
24'889.3
2.53x
6'105.6
10.31x
2'553.7
11.20x
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Iberdrola SA
Holdings By:
All
Holder Name
ACS ACTIVIDADES CONS
BANCAJA (VALENCIA CA
BILBAO BIZKAIA KUTXA
NATIXIS
BLACKROCK
SOCIETE GENERALE
IBERDROLA SA
AMUNDI
VANGUARD GROUP INC
FMR LLC
DEUTSCHE BANK AG
DE URRUTIA VAL VICTO
INVERCAIXA GESTION S
MAINFIRST SICAV
MACQUARIE GROUP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Societe Generale
JORGE ALONSO SUILS
JPMorgan
JAVIER GARRIDO
Exane BNP Paribas
MANUEL PALOMO
Grupo Santander
BOSCO MUGUIRO
HSBC
ADAM DICKENS
FERNANDO LAFUENTE
Day by Day
VALERIE GASTALDY
Goldman Sachs
FRED BARASI
BPI
GONZALO SANCHEZ-BORDONA
ERKAN AYCICEK
SVEN DIERMEIER
Bankia Bolsa (ESN)
VICTOR PEIRO PEREZ
Banco Sabadell
Nomura
JAVIER SUAREZ
Morgan Stanley
CAROLINA DORES
Credit Suisse
STEFANO BEZZATO
S&P Capital IQ
CLIVE ROBERTS
ANTONIO CRUZ
BBVA
ISIDORO DEL ALAMO
Berenberg Bank
ANDREW FISHER
Interdin Bolsa
ALEJANDRO MIRANDA FOURNIER
FERNANDO GARCIA GARCIA
La Caixa
FERNANDO MURILLO GUIRAO
Barclays
MONICA GIRARDI
EVA Dimensions
AUSTIN BURKETT
Mirabaud Finanzas Sociedad de ValoresJOSE
S MARTIN-VIVAS
BCP Investimento
VANDA MESQUITA
Deutsche Bank
VIRGINIA SANZ DE MADRID
Natixis
PHILIPPE OURPATIAN
Macquarie
SHAI HILL
Nord/LB
HEINO HAMMANN
CA Cheuvreux
JOSE PORTA SAUDAN
Hamburger Sparkasse
ANNEMARIE SCHLUETER
Source
Co File
Co File
Co File
EXCH
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
underweight
underperform
buy
neutral
neutral
hold
neutral/neutral
buy
hold
hold
buy
sell
reduce
Equalwt/In-Line
outperform
hold
buy
market perform
hold
buy
buy
overweight
underweight
overweight
underweight
buy
buy
neutral
underperform
hold
select list
sell
Amt Held
514'250'814
415'111'949
314'887'559
309'430'747
277'971'800
266'519'132
182'216'094
83'188'438
60'811'776
41'196'587
26'238'031
17'171'395
14'465'535
13'973'808
13'214'700
8'811'697
8'353'126
8'200'000
7'236'945
7'034'262
% Out
8.19
6.61
5.01
4.93
4.43
4.24
2.9
1.32
0.97
0.66
0.42
0.27
0.23
0.22
0.21
0.14
0.13
0.13
0.12
0.11
Weighting
Change
5
1
1
5
3
3
3
3
5
3
3
5
1
2
3
5
3
5
3
3
5
5
5
1
5
1
5
5
3
1
3
5
1
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
N
M
M
D
M
M
M
M
U
M
M
M
U
M
Latest Chg
(13'299'908)
1'999'736
9'929'612
2'388'677
6'809'180
(1'721'294)
1'000'000
7'602'990
(673'854)
1'181'206
263'277
1'750'634
Target Price
5
4
4
5
4
4
#N/A N/A
5
5
4
4
5
4
4
4
5
4
6
4
4
5
5
5
4
#N/A N/A
4
5
5
4
3
#N/A N/A
5
#N/A N/A
File Dt
Inst Type
31.12.2012
Government
31.12.2012
Corporation
31.12.2012
Bank
24.01.2013
Bank
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
17.01.2013
Bank
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
27.02.2013
n/a
25.03.2013
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
11.03.2013
07.03.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
12.02.2013
05.02.2013
05.02.2013
04.02.2013
28.01.2013
25.01.2013
15.01.2013
14.01.2013
20.12.2012
29.10.2012
25.10.2012
19.10.2012
05.06.2012
07.05.2012
24.02.2012
27.03.2013
Hennes & Mauritz AB

Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens,
and children. The Company sells a variety trendy, sporty, and classic garments
in addition to accessories such as jewelery, bags, and scarves, and cosmetics.
H&M owns and operates stores in many European countries and the United States.
Price/Volume
300
14.0 M
250
12.0 M
10.0 M
200
Latest Fiscal Year:

LTM as of:
52-Week High (02.08.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HMB SS EQUITY YTD Change
HMB SS EQUITY YTD % CHANGE
11/2012
02/yy
257.30
207.00
1'034'423.00
231.2
-10.07%
11.69%
49.11%
1'460.7
382'652.63
0.00
0.0
0.0
17'143.00
363'693.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
100
4.0 M
50
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.11.2008
88'532.0
2.53x
22'340.0
10.02x
15'294.0
16.12x
8.0 M
150
Valuation Analysis
30.11.2009
30.11.2010
101'393.0
108'483.0
3.15x
3.39x
24'474.0
27'720.0
13.04x
13.28x
16'384.0
18'681.0
20.82x
21.03x
Profitability
LTM-4Q
30.11.2011
109'999.0
3.03x
23'641.0
14.08x
15'821.0
22.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.11.2012
120'799.0
2.82x
25'459.0
13.36x
16'867.0
21.19x
25'459.00
21'754.00
18.01%
18.45%
27.69%
36.26%
36.27%
2.03%
59.5%
20.8%
17.6%
14.0%
2.66
1.38
0.00%
0.00%
3.76
Price/ Cash Flow
LTM
FY+1
0.93
-3.08%
2.98%
0.929
38
2.342
3'838'862
3'430'710
3'123'838
FY+2
FQ+1
FQ+2
02/yy
02/yy
11/13 Y
11/14 Y
05/13 Q2 08/13 Q3
113'328.0 121'358.0 128'879.7 142'622.2
33'052.8
31'300.9
12.17x
11.80x
2.84x
2.57x
11.22x
11.81x
23'862.0
25'182.0
26'755.0
29'907.0
7'972.2
6'339.8
15.57x
14.50x
13.59x
12.16x
13.09x
12.68x
15'942.0
16'586.0
17'756.4
19'856.9
5'341.4
4'126.4
24.69x
23.16x
21.51x
19.22x
21.17x
20.74x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5091.80
3877.60
-0.75
0.00
0.0%
0.0%
2.03
6.76
96.98
84.41
25.00
140'000.0
120'000.0
20.00
100'000.0
15.00
80'000.0
60'000.0
10.00
40'000.0
5.00
0.00
04.12.2009
20'000.0
0.0
04.06.2010
04.12.2010
04.06.2011
04.12.2011
04.06.2012
04.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hennes & Mauritz AB

Holdings By:
All
Holder Name
PERSSON STEFAN
THAM LOTTIE
SEB
AMF FORAKRING OCH FO
CLEARSTREAM BANKING
SSB CL OMNIBUS
FOLKSAM GROUP
AFA FORSAKRINGAR
FJARDE AP-FONDEN
BENGTSSON JAN
AMF FONDER AB
NORDEA INVESTMENT FU
FORSTA AP FONDEN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
Exane BNP Paribas

SIMON BOWLER
ISI Group
OMAR SAAD
ABG Sundal Collier
ANDREAS LUNDBERG
JAMIE MERRIMAN
Raymond James
CEDRIC LECASBLE
HSBC
PAUL ROSSINGTON
SEB Enskilda
NICKLAS FHARM
Cantor Fitzgerald
ALLEGRA PERRY
STEFAN STJERNHOLM
Handelsbanken
ERIK SANDSTEDT
Bryan Garnier & Cie
PETER FARREN
Natixis
JEAN BAPTISTE TEISSIER
Nomura
FRASER RAMZAN
DNB Markets
HAAKON ASCHEHOUG
Barclays
CHRISTODOULOS CHAVIARAS
DANA TELSEY
Danske Markets
ANDERS HANSSON
Grupo Santander
REBECCA MCCLELLAN
Credit Suisse
SIMON IRWIN
Carnegie
NIKLAS EKMAN
Stifel
RICHARD E JAFFE
AlphaValue
VIRGINIE BLIN
Societe Generale
ANNE CRITCHLOW
Hamburger Sparkasse
CHRISTIAN HAMANN
EVA Dimensions
CRAIG STERLING
S&P Capital IQ
TUNA AMOBI
Redburn Partners
GEOFF LOWERY
ZAFER RUZGAR
Morgan Stanley
GEOFFREY RUDDELL
Deutsche Bank
CHARLIE MUIR-SANDS
Swedbank
CHRISTIAN ANDERSON
CA Cheuvreux
DANIEL OVIN
CAROLINE GULLIVER
Goldman Sachs
FRANKLIN WALDING
Sydbank
SOEREN LONTOFT HANSEN
Pareto Securities
HELENA NORDMAN-KNUTSON
Source
Research
Research
Research
Research
ULT-AGG
Research
Research
Research
Research
Research
Research
ULT-AGG
Research
Research
MF-AGG
Research
MF-AGG
MF-AGG
Research
Research
Recommendation
underperform
neutral
hold
underperform
underperform
underweight
buy
sell
sell
buy
sell
neutral
neutral
sell
equalweight
no rating system
hold
underweight
underperform
buy
hold
reduce
sell
hold
hold
hold
sell
sell
Underwt/Cautious
hold
neutral
underperform
sell
neutral/neutral
hold
hold
Amt Held
429'449'332
88'080'400
65'340'000
46'207'198
34'110'194
33'183'861
29'003'861
28'345'566
27'316'541
17'812'084
17'365'420
16'296'650
15'518'751
15'328'521
14'537'070
14'222'030
13'523'874
12'305'880
11'904'522
10'964'430
% Out
29.4
6.03
4.47
3.16
2.34
2.27
1.99
1.94
1.87
1.22
1.19
1.12
1.06
1.05
1
0.97
0.93
0.84
0.82
0.75
Weighting
Change
1
3
3
1
1
1
5
1
1
5
1
3
3
1
3
#N/A N/A
3
1
1
5
3
2
1
3
3
3
1
1
1
3
3
1
1
3
3
3
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(1'369'533)
(10'445'500)
2'239'650
2'337'150
-
Target Price
190
230
220
195
196
230
255
200
215
270
225
235
216
205
240
212
235
190
175
#N/A N/A
#N/A N/A
241
219
#N/A N/A
#N/A N/A
260
#N/A N/A
210
195
240
220
200
185
238
#N/A N/A
240
File Dt
Inst Type
31.01.2013
n/a
31.01.2013
n/a
31.01.2013
Investment Advisor
13.01.2013
Unclassified
31.01.2013
n/a
31.01.2013
Bank
31.01.2013
Investment Advisor
31.01.2013
Other
28.09.2012
Insurance Company
31.01.2013
Insurance Company
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Date
27.03.2013
24.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
22.02.2013
21.02.2013
12.02.2013
01.02.2013
01.02.2013
31.01.2013
30.01.2013
23.01.2013
14.01.2013
30.11.2012
19.11.2012
07.11.2012
01.10.2012
28.09.2012
27.03.2013
European Aeronautic Defence and Space Co NV

European Aeronautic Defence and Space Company manufactures airplanes and
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Price/Volume
45
30.0 M
40
25.0 M
35
30
20.0 M
25
12/2012
12/yy
42.59
24.26
2'481'300.00
39.63
-6.93%
63.39%
90.94%
829.0
32'851.97
4'779.00
0.0
25.0
11'084.00
26'571.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
10.0 M
10
5.0 M
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
43'265.0
0.09x
4'136.0
0.89x
1'572.0
6.17x
15.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (23.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EAD FP EQUITY YTD Change
EAD FP EQUITY YTD % CHANGE
31.12.2009
31.12.2010
42'822.0
45'752.0
0.13x
0.17x
1'236.0
2'500.0
4.62x
3.02x
(763.0)
553.0
25.65x
Profitability
LTM-4Q
31.12.2011
49'128.0
0.31x
3'172.0
4.81x
1'033.0
19.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
56'480.0
0.32x
3'927.0
4.58x
1'228.0
19.67x
3'927.00
1'890.00
3.35%
2.97%
1.36%
12.75%
11.04%
0.63%
14.0%
7.1%
3.4%
2.2%
0.93
0.37
5.19%
45.91%
8.57
2.12
Price/ Cash Flow
LTM
12/yy
49'128.0
1.04x
3'381.0
4.51x
1'033.0
19.00x
12/yy
56'480.0
1.39x
3'987.0
4.51x
1'228.0
19.73x
FY+1
0.75
424.89
30.93%
34.34%
0.745
31
4.323
2'296'348
3'342'958
2'635'857
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
58'727.4
62'637.6
11'786.3
14'051.0
0.49x
0.45x
5'510.0
6'453.2
1'078.0
1'321.0
4.82x
4.11x
4.83x
2'109.1
2'692.3
373.0
489.0
14.75x
11.00x
14.95x
15.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.09.2010
APOS
02.10.2012
A-1
7.52
1.26
-1.58
1.20
45.9%
31.4%
0.63
3.83
42.72
172.57
72.71
142.58
45.00
60'000.0
40.00
50'000.0
35.00
40'000.0
30.00
25.00
30'000.0
20.00
20'000.0
15.00
10.00
10'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
European Aeronautic Defence and Space Co NV

Holdings By:
All
Holder Name
SOGEADE
DAIMLERCHRYSLER AERO
SOCIEDAD ESTATAL DE
FEDERAL REPUBLIC OF
BLACKROCK
AMUNDI SA
VANGUARD GROUP INC
VIKING GLOBAL INVEST
OLD MUTUAL
STATE STREET
PRIMECAP MANAGEMENT
DEUTSCHE BANK AG
INVESCO LTD
BARCLAYS CAPITAL SEC
AMUNDI
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
PRIMECAP MANAGEMENT
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
JPMorgan
DAVID H. PERRY
DOUGLAS S HARNED
RBC Capital Markets
ROBERT STALLARD
Societe Generale
ZAFAR KHAN
Investec
ANDREW GOLLAN
STEFAN MAICHL
AlphaValue
THOMAS PICHERIT
Barclays
CARTER COPELAND
Jefferies
SANDY MORRIS
EVA Dimensions
CRAIG STERLING
Credit Suisse
OLIVER SLEATH
S&P Capital IQ
UNAI FRANCO
Nord/LB
WOLFGANG DONIE
Day by Day
VALERIE GASTALDY
Morgan Stanley
RUPINDER VIG
ZAFER RUZGAR
EDWARD STACEY
Exane BNP Paribas
OLIVIER BROCHET
Deutsche Bank
BEN FIDLER
Bankhaus Lampe
SEBASTIAN HEIN
Oddo & Cie
YAN DEROCLES
DZ Bank AG
MARKUS TURNWALD
Commerzbank Corporates & Markets STEPHAN BOEHM
CA Cheuvreux
ANTOINE BOIVIN-CHAMPEAUX
HARALD LIBERGE-DONDOUX
CHRISTOPHE MENARD
Natixis
ERIC CHADEYRAS
Hamburger Sparkasse
INGO SCHMIDT
Gabelli & Co
JAMES FOUNG
Source
Research
Research
Research
Research
ULT-AGG
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
ULT-AGG
13F
MF-AGG
MF-AGG
RNS-RUL8
ULT-AGG
RNS-RUL8
MF-AGG
Recommendation
overweight
market perform
sector perform
buy
buy
buy
buy
overweight
buy
hold
neutral
buy
hold
buy
Overwt/In-Line
buy
sell
outperform
buy
buy
buy
buy
buy
select list
reduce
buy
buy
sell
hold
Amt Held
183'337'704
122'225'136
44'690'871
22'725'182
22'700'810
22'605'402
15'584'382
15'385'347
12'117'860
11'930'093
9'406'422
9'211'702
8'703'509
6'266'690
4'821'239
4'590'746
3'879'592
2'739'880
2'644'421
2'581'514
% Out
22.12
14.74
5.39
2.74
2.74
2.73
1.88
1.86
1.46
1.44
1.13
1.11
1.05
0.76
0.58
0.55
0.47
0.33
0.32
0.31
Weighting
Change
5
3
3
5
5
5
5
5
5
3
3
5
3
5
5
5
1
5
5
5
5
5
5
5
2
5
5
1
3
M
M
M
M
M
M
U
M
M
D
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
(61'096'851)
3'758
472'675
(2'721)
3'341
(1'079'438)
(41'413)
(9'990)
20'206
60'000
(71'788)
(24'565)
(144'726)
(833'201)
(27'533)
Target Price
47
43
43
42
46
48
51
49
45
#N/A N/A
40
45
38
44
46
47
27
48
48
43
44
42
44
42
27
42
41
#N/A N/A
#N/A N/A
File Dt
Inst Type
11.12.2012
Holding Company
11.12.2012
Corporation
11.12.2012
Holding Company
06.12.2012
Government
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.09.2012
Government
10.10.2012
Other
09.10.2012
Investment Advisor
31.01.2013
Unclassified
05.10.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
13.09.2012
Investment Advisor
31.01.2013
Investment Advisor
10.10.2012
Investment Advisor
Date
9 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
3 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
22.03.2013
21.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
11.03.2013
08.03.2013
08.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
01.02.2013
22.01.2013
10.10.2011
27.03.2013
ASML Holding NV
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Price/Volume
60
18.0 M
16.0 M
50
14.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ASML NA EQUITY YTD Change
ASML NA EQUITY YTD % CHANGE
12/2012
12/yy
58.09
34.71
818'268.00
50.97
-12.26%
46.85%
73.35%
410.4
20'915.94
759.49
0.0
0.0
2'697.60
18'977.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
8.0 M
20
6.0 M
4.0 M
10
0
m-12
2.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'953.7
1.71x
406.2
12.42x
322.4
17.00x
12.0 M
30
31.12.2009
31.12.2010
1'596.1
4'507.9
6.29x
2.52x
(21.5)
1'402.1
8.11x
(150.9)
1'021.8
12.30x
Profitability
LTM-4Q
31.12.2011
5'651.0
2.02x
1'806.4
6.33x
1'467.0
9.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'731.6
3.72x
1'343.4
13.11x
1'146.3
17.78x
1'343.39
1'156.77
24.45%
24.32%
15.63%
30.52%
0.65%
42.4%
28.4%
24.4%
24.2%
2.80
1.58
10.25%
18.67%
6.37
1.57
Price/ Cash Flow
12/yy
5'651.0
7.30x
1'806.4
6.33x
1'467.0
9.41x
LTM
12/yy
4'731.5
12.93x
1'343.4
13.11x
1'146.3
17.78x
FY+1
0.89
317.30
67.90%
6.19%
0.891
36
3.583
1'512'273
1'350'934
1'529'253
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'859.4
6'072.5
911.5
1'090.4
3.84x
2.96x
20.62x
17.49x
1'238.0
1'820.4
139.5
235.0
15.34x
10.43x
15.95x
12.65x
936.3
1'453.4
120.0
196.8
22.28x
14.40x
21.35x
17.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
58.97
51.43
-1.44
0.57
18.7%
15.7%
0.65
4.54
57.47
233.70
39.17
252.00
250.00
6'000.0
5'000.0
200.00
4'000.0
150.00
3'000.0
100.00
2'000.0
50.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ASML Holding NV
Holdings By:
All
Holder Name
STICHTING ADM MAKTSJ
FMR LLC
BLACKROCK
STICHT ADM TSMC
ASML HOLDING NV
VANGUARD GROUP INC
DEUTSCHE BANK AG
HENDERSON GLOBAL INV
BESSEMER GROUP INCOR
SARASIN
Firm Name
Exane BNP Paribas
Grupo Santander
AlphaValue
Credit Suisse
Piper Jaffray
Societe Generale
Morgan Stanley
Pacific Crest Securities
Natixis
JPMorgan
ING Bank
EVA Dimensions
Day by Day
Deutsche Bank
Liberum Capital Ltd
ABN Amro Bank N.V.
Baader Bank
Bank of Valletta
CA Cheuvreux
Petercam
S&P Capital IQ
Main First Bank AG
Barclays
Kempen & Co
Jefferies
Goldman Sachs
SNS Securities(ESN)
Redburn Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JEROME RAMEL
PETER OLOFSEN
PIERRE FERRAGU
LIONEL PELLICER
SATYA KUMAR
JAGADISH IYER
PETER KNOX
FRANCOIS MEUNIER
WESTON TWIGG
PHILIP SCHOLTE
STEPHANE HOURI
SANDEEP S DESHPANDE
MARC ZWARTSENBURG
ANDREW S ZAMFOTIS
VALERIE GASTALDY
KAI KORSCHELT
JANARDAN MENON
ROBIN VAN DEN BROEK
GUENTHER MICHAEL HOLLFELDER
TEAM COVERAGE
WALTER SCHNEIDER
BERND LAUX
MARCEL ACHTERBERG
JAMES CRAWSHAW
JUERGEN WAGNER
ANDREW M GARDINER
MARKUS FRIEBEL
JOS VERSTEEG
THOMAS M BECKER
ERWIN DUT
LEE SIMPSON
SIMON F SCHAFER
VICTOR BARENO
SUMANT WAHI
Source
20F
ULT-AGG
ULT-AGG
ULT-AGG
20F
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
reduce
hold
outperform
reduce
outperform
overweight
hold
Overwt/Cautious
sector perform
hold
buy
overweight
hold
underweight
buy
hold
hold
buy
hold
overweight
hold
outperform
hold
buy
underperform
overweight
sell
hold
reduce
hold
hold
not rated
suspended coverage
neutral
Amt Held
62'977'877
51'453'097
36'311'008
22'878'489
20'992'625
8'980'030
8'028'537
4'226'859
3'325'708
2'855'626
1'645'738
1'451'319
1'245'258
1'164'538
1'036'267
1'033'023
990'324
855'324
842'648
836'932
% Out
15.35
12.54
8.85
5.58
5.12
2.19
1.96
1.03
0.81
0.7
0.4
0.35
0.3
0.28
0.25
0.25
0.24
0.21
0.21
0.2
Weighting
Change
3
2
3
5
2
5
5
3
5
3
3
5
5
3
1
5
3
3
5
3
5
3
5
3
5
1
5
1
3
2
3
3
#N/A N/A
#N/A N/A
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
U
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
Latest Chg
191'077
1'261'872
28'372
(621'636)
39'872
(71'809)
(147'643)
700'111
130'859
291'137
2'376
827'721
(92'410)
Target Price
50
40
43
58
53
60
57
56
56
#N/A N/A
52
62
65
60
#N/A N/A
63
47
45
60
52
59
50
59
57
58
40
53
40
50
40
50
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
06.02.2013
Other
06.02.2013
Investment Advisor
06.02.2013
Investment Advisor
25.03.2013
Investment Advisor
06.02.2013
n/a
01.07.2012
Corporation
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.01.2013
Unclassified
Date
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
13.03.2013
05.03.2013
26.02.2013
25.02.2013
25.02.2013
21.02.2013
12.02.2013
01.02.2013
29.01.2013
28.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
17.01.2013
15.01.2013
07.01.2013
06.01.2013
18.12.2012
23.11.2012
01.11.2012
11.07.2012
27.03.2013
Volvo AB
Volvo AB manufactures trucks, buses, construction equipment, drive systems for
marine and industrial uses, and aircraft engine components. The Company also
offers repair and maintenance, lease financing, insurance, and financial
services to its customers.
Price/Volume
120
40.0 M
35.0 M
100
30.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (15.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VOLVB SS EQUITY YTD Change
VOLVB SS EQUITY YTD % CHANGE
12/2012
12/yy
101.00
73.60
4'467'159.00
94.3
-6.63%
28.13%
77.55%
1'593.0
200'683.25
131'842.00
0.0
1'266.0
28'889.00
304'902.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
40
10.0 M
20
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
304'642.0
0.69x
30'239.0
6.94x
9'942.0
8.75x
25.0 M
60
Valuation Analysis
31.12.2009
31.12.2010
218'361.0
264'749.0
1.12x
1.29x
2'157.0
33'711.0
113.19x
10.14x
(14'718.0)
10'866.0
22.11x
Profitability
LTM-4Q
31.12.2011
310'367.0
0.80x
42'597.0
5.80x
17'751.0
8.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
303'647.0
0.94x
32'391.0
8.78x
11'039.0
16.31x
32'391.00
17'691.00
5.83%
5.06%
3.19%
12.97%
6.01%
0.88%
22.6%
10.7%
5.8%
3.6%
1.08
0.40
38.92%
153.93%
11.03
5.53
Price/ Cash Flow
LTM
FY+1
1.29
0.03%
6.19%
1.288
32
3.531
8'975'253
8'133'131
8'219'608
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
310'367.0 303'646.0 295'791.4 317'163.1
66'900.5
75'140.7
3.61x
3.78x
0.83x
0.75x
3.36x
3.05x
42'597.0
32'392.0
33'428.3
41'110.5
5'434.9
8'049.0
5.80x
8.78x
9.12x
7.42x
10.02x
9.00x
17'751.0
11'038.0
12'802.2
18'806.4
1'648.1
3'427.7
8.60x
16.31x
15.03x
10.48x
15.84x
13.38x
S&P Issuer Ratings
15.04.2011
Long-Term Rating
BBB
Long-Term Outlook
STABLE
15.04.2011
Short-Term Rating
A-2
Credit Ratios
13.08
5.29
Net Debt/EBITDA
3.18
Total Debt/EBITDA
4.07
Reference
Total Debt/Equity
153.9%
Total Debt/Capital
60.3%
Asset Turnover
0.88
3.74
33.18
Inventory Days
66.17
82.55
16.80
60.00
350'000.0
50.00
300'000.0
250'000.0
40.00
200'000.0
30.00
150'000.0
20.00
100'000.0
10.00
50'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Volvo AB
Holdings By:
All
Holder Name
VOLVO AB
NORGES BANK
AMF FORSAKRING
SEB FONDER AB
AMF FONDER AB
SHB FUNDS
SEB
FOLKSAM LO FOND AB
BLACKROCK
VANGUARD GROUP INC
DIDNER & GERGE FONDE
FJARDE AP-FONDEN
ANDRA AP FONDEN
LANSFORSAKRINGAR FON
Firm Name
Robert W. Baird & Co
SEB Enskilda
AlphaValue
Societe Generale
Carnegie
Evli Bank Plc
Main First Bank AG
Credit Suisse
Danske Markets
ABG Sundal Collier
HSBC
Morgan Stanley
Pareto Securities
Berenberg Bank
Goldman Sachs
Deutsche Bank
JPMorgan
Macquarie
Handelsbanken
Natixis
DNB Markets
Barclays
S&P Capital IQ
EVA Dimensions
Prime Predictions
Exane BNP Paribas
CA Cheuvreux
Swedbank
Sydbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
DAVID LEIKER
ANDERS TRAPP
ANDREW BELL
HANS-PETER WODNIOK
ALASDAIR LESLIE
ANTTI KANSANEN
CHRISTOPHER YOUL
GEORGE GALLIERS
BJORN ENARSON
ERIK PETTERSSON-GOLRANG
COLIN GIBSON
LAURA LEMBKE
DAVID JACOBSSON
ALEXANDER VIRGO
ASHIK KURIAN
PETER REILLY
ALEXANDER WHIGHT
JENS SCHATTNER
ANDREAS BROCK
HAMPUS ENGELLAU
KATHLEEN GAILLIOT
CHRISTER MAGNERGARD
MICHAEL TYNDALL
JAWAHAR HINGORANI
CRAIG STERLING
PETER LJUNGGREN
RABIH FREIHA
ALEXANDER NEUBERGER
FREDRIK NILHOV
MORTEN IMSGARD
Source
Research
Research
Research
Research
ULT-AGG
Research
MF-AGG
Research
MF-AGG
Research
ULT-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
Research
MF-AGG
Recommendation
outperform
buy
sell
reduce
hold
buy
buy
underperform
underperform
buy
buy
underweight
Overwt/In-Line
hold
buy
buy/attractive
hold
overweight
outperform
buy
buy
buy
sell
overweight
hold
underweight
neutral
hold
neutral
outperform
buy
overweight
Amt Held
80'013'209
78'657'058
71'955'474
66'910'000
60'488'880
42'544'960
41'696'882
35'329'637
31'934'960
27'578'727
27'473'308
23'592'830
23'301'799
20'281'485
15'936'269
14'291'900
13'240'000
12'895'181
11'526'751
9'898'756
% Out
5.02
4.94
4.52
4.2
3.8
2.67
2.62
2.22
2
1.73
1.72
1.48
1.46
1.27
1
0.9
0.83
0.81
0.72
0.62
Weighting
Change
5
5
1
2
3
5
5
1
1
5
5
1
5
3
5
5
3
5
5
5
5
5
1
5
3
1
3
3
3
5
5
5
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
5'950'000
2'523'000
2'208'704
294'923
489'457
1'218'851
619'858
600'000
(819'640)
Target Price
103
111
80
88
100
#N/A N/A
115
102
75
124
110
95
115
95
116
127
100
120
108
112
120
117
87
103
95
#N/A N/A
90
92
100
109
105
#N/A N/A
File Dt
28.12.2012
28.12.2012
28.12.2012
28.12.2012
31.12.2012
28.12.2012
31.12.2012
28.12.2012
31.12.2012
28.12.2012
31.01.2013
28.12.2012
31.12.2012
28.02.2013
25.03.2013
31.12.2012
31.12.2012
28.12.2012
28.12.2012
31.12.2012
Date
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Government
Investment Advisor
Other
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
08.03.2013
01.03.2013
28.02.2013
27.02.2013
22.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
15.01.2013
16.11.2012
13.11.2012
27.04.2012
22.03.2012
14.02.2012
17.05.2011
27.03.2013
France Telecom SA
France Telecom SA provides telecommunications services to residential,
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.
Price/Volume
12
30.0 M
25.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2012)
52-Week Low (01.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FTE FP EQUITY YTD Change
FTE FP EQUITY YTD % CHANGE
12/2012
12/yy
11.59
7.20
8'342'797.00
7.884
-31.97%
9.45%
21.59%
2'648.9
20'883.81
39'214.00
0.0
2'078.0
8'462.00
53'713.81
20.0 M
15.0 M
10.0 M
2
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
Valuation Analysis
31.12.2008
46'712.0
1.92x
17'300.0
5.18x
4'073.0
14.20x
40.0 M
10
31.12.2009
31.12.2010
44'845.0
45'503.0
1.82x
1.64x
14'480.0
15'291.0
5.64x
4.89x
3'018.0
4'880.0
16.37x
10.83x
Profitability
LTM-4Q
31.12.2011
45'277.0
1.42x
15'019.0
4.29x
3'895.0
8.26x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
43'515.0
1.26x
12'374.0
4.42x
820.0
26.90x
12'374.00
6'045.00
13.89%
5.37%
0.88%
3.16%
2.88%
0.47%
28.4%
13.9%
1.9%
0.65
0.53
43.58%
161.33%
9.12
-
Price/ Cash Flow
LTM
12/yy
45'277.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
43'515.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
17.50
0.86
2'273.08
-20.83%
-5.46%
0.861
37
3.108
10'321'930
12'831'800
11'037'810
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
42'095.4
41'480.3
10'817.4
1.25x
1.24x
12'899.7
12'533.7
3'105.2
4.16x
4.28x
2'939.5
2'842.5
7.19x
7.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.02.2013
A- *14.05.2003
A-2
6.99
3.17
2.49
3.17
161.3%
59.8%
0.47
1.84
40.12
-
3.50
60'000.0
3.00
50'000.0
2.50
40'000.0
2.00
30'000.0
1.50
20'000.0
1.00
10'000.0
0.50
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
France Telecom SA
Holdings By:
All
Holder Name
FRENCH STATE
SOCIETE GENERALE
AMUNDI
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
FRANCE TELECOM SA
DNCA FINANCE
AMUNDI
LBPAM
AVIVA PLC
STATE STREET
AMUNDI
MORGAN STANLEY
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst

ROBIN BIENENSTOCK
Oddo & Cie
VINCENT MAULAY
Jefferies
JEREMY A DELLIS
Societe Generale
STEPHANE SCHLATTER
Morgan Stanley
NICK DELFAS
Nomura
FREDERIC BOULAN
Exane BNP Paribas
ANTOINE PRADAYROL
AlphaValue
Berenberg Bank
STUART GORDON
JAVIER BORRACHERO
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
HANNES C WITTIG
WILL DRAPER
Grupo Santander
Nord/LB
WOLFGANG DONIE
Macquarie
GUY R PEDDY
STEFAN BORSCHEID
Barclays
JONATHAN DANN
Goldman Sachs
ANDREW LEE
MARKUS FRIEBEL
S&P Capital IQ
ALEXANDER WISCH
New Street Research
RUSSELL WALLER
Banco Sabadell
ANDRES BOLUMBURU
HSBC
NICOLAS COTE-COLISSON
Credit Suisse
JAKOB BLUESTONE
Hamburger Sparkasse
JEAN-MICHEL KOSTER
Day by Day
VALERIE GASTALDY
Deutsche Bank
MATTHEW BLOXHAM
Natixis
BENOIT MAYNARD
CA Cheuvreux
PETER KURT NIELSEN
Raymond James
STEPHANE BEYAZIAN
Fincorp SAOG
GAURAV RAMAIYA
Source
Research
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
market perform
neutral
buy
hold
Overwt/In-Line
neutral
outperform
buy
hold
hold
underweight
underweight
buy
hold
buy
outperform
buy
underweight
Sell/Neutral
buy
sell
buy
sell
sell
overweight
neutral
hold
hold
hold
hold
buy
underperform
market perform
buy
Amt Held
360'248'428
132'135'951
129'217'007
39'954'280
28'552'964
23'340'657
19'392'378
15'456'045
13'910'873
11'401'463
8'638'644
7'761'976
7'460'542
5'369'828
5'174'475
4'580'800
4'211'079
3'775'692
3'716'633
3'521'145
% Out
13.6
4.99
4.88
1.51
1.08
0.88
0.73
0.58
0.53
0.43
0.33
0.29
0.28
0.2
0.2
0.17
0.16
0.14
0.14
0.13
Weighting
Change
3
3
5
3
5
3
5
5
3
3
1
1
5
3
5
5
5
1
1
5
1
5
1
1
5
3
3
3
3
3
5
1
3
5
U
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
Latest Chg
(27'339'807)
(3'894'321)
638'687
27'407
4'937'505
1'826'645
(368'000)
(255'991)
(16'681)
(527'072)
(26'670)
(9'177'060)
1'905
(59'716)
1'153'077
Target Price
8
11
12
9
10
8
10
16
8
8
#N/A N/A
7
12
14
10
12
10
9
8
10
7
10
11
7
11
9
#N/A N/A
9
#N/A N/A
10
14
12
14
15
File Dt
08.03.2013
16.05.2012
11.06.2012
31.12.2012
25.03.2013
31.12.2012
31.01.2013
31.12.2011
28.09.2012
31.12.2012
31.01.2013
31.12.2012
28.02.2013
25.03.2013
31.12.2012
31.12.2012
31.07.2012
26.03.2013
31.10.2012
31.12.2012
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
25.03.2013
22.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
07.03.2013
06.03.2013
06.03.2013
28.02.2013
26.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
15.02.2013
07.02.2013
31.01.2013
24.01.2013
13.12.2012
26.11.2012
06.11.2012
26.10.2012
26.10.2012
26.09.2012
07.09.2012
23.10.2011
27.03.2013
Cie de St-Gobain
Compagnie de Saint-Gobain manufactures glass products, high-performance
materials, and construction materials. The Company produces flat glass,
insulation, and glass containers, high-performance ceramics, plastics, and
abrasives, and building materials such as roofing, wall facings, mortars, and
ductile cast iron pipe. Saint-Gobain also retails building materials.
Price/Volume
40
8.0 M
25
20
12/2012
12/yy
35.44
23.90
1'902'154.00
28.71
-19.03%
20.13%
49.31%
531.1
15'248.62
12'669.00
0.0
412.0
4'179.00
24'150.62
6.0 M
15
4.0 M
10
2.0 M
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGO FP EQUITY YTD Change
SGO FP EQUITY YTD % CHANGE
31.12.2008
43'800.0
0.56x
5'263.0
4.68x
1'378.0
9.15x
12.0 M
35
31.12.2009
31.12.2010
37'786.0
40'119.0
0.75x
0.69x
3'821.0
4'785.0
7.39x
5.80x
202.0
1'129.0
88.53x
17.66x
Profitability
LTM-4Q
31.12.2011
42'116.0
0.57x
5'024.0
4.80x
1'284.0
12.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
43'198.0
0.60x
2'637.0
9.87x
766.0
22.07x
2'637.00
1'087.00
2.52%
2.94%
1.63%
4.35%
4.86%
0.92%
6.1%
6.1%
2.5%
1.8%
1.31
0.67
26.66%
72.65%
8.34
6.43
Price/ Cash Flow
LTM
12/yy
42'116.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
43'198.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.25
456.02
-14.58%
-10.89%
1.249
30
3.500
1'876'536
2'147'263
1'948'908
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
43'006.3
44'475.5
9'924.0
10'981.0
0.54x
0.51x
4'425.2
4'804.0
5.46x
5.02x
1'260.1
1'562.0
11.76x
9.74x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.07.2009
BBB
NEG
30.04.2004
A-2
8.99
5.36
3.22
4.80
72.6%
41.5%
0.92
3.09
43.88
56.89
55.34
45.44
12.00
50'000.0
45'000.0
10.00
40'000.0
35'000.0
8.00
30'000.0
6.00
25'000.0
20'000.0
4.00
15'000.0
10'000.0
2.00
0.00
01.01.2010
5'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Cie de St-Gobain
Holdings By:
All
Holder Name
WENDEL INVESTISSEMEN
FONDS DU PLAN D EPAR
AMUNDI SA
GROUPAMA SA
CIE DE SAINT GOBAIN
COGEMA
BLACKROCK
VANGUARD GROUP INC
PREDICA
AVIVA PLC
SOCIETE GEN GESTION
FMR LLC
DODGE & COX
AMUNDI
JP MORGAN
Firm Name
EVA Dimensions
Raymond James
Aurel - BGC
Oddo & Cie
Exane BNP Paribas
Day by Day
Berenberg Bank
Deutsche Bank
Redburn Partners
AlphaValue
Societe Generale
Credit Suisse
Jefferies
Bryan Garnier & Cie
Natixis
S&P Capital IQ
Liberum Capital Ltd
Goldman Sachs
HSBC
Morgan Stanley
JPMorgan
Davy
Banco Sabadell
Hamburger Sparkasse
Portfolio Name
#N/A N/A
n/a
n/a
#N/A N/A
#N/A N/A
#N/A N/A
Multiple Portfolios
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
#N/A N/A
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Source
Co File
Co File
Research
Co File
Co File
Co File
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
CRAIG STERLING
ARNAUD PALLIEZ
ERIC LEMARIE
VIRGINIE ROUSSEAU
PAUL ROGER
VALERIE GASTALDY
MICHAEL WATTS
LUIS PRIETO
WILLIAM JONES
GAETAN DUPONT
MURIEL FELLOUS
HARRY GOAD
PHIL ROSEBERG
MICHAEL F BETTS
JOSEP PUJAL
SVEN EDELFELT
RAFIC EL HADDAD
JAWAHAR HINGORANI
CHARLIE CAMPBELL
WILL MORGAN
JOHN FRASER-ANDREWS
ALEJANDRA PEREDA
JEAN-CHRISTOPHE LEFEVRE-MOULENQ
MICHAEL MORRIS
HANS-PETER KUHLMANN
TIM CAHILL
INGO SCHMIDT
hold
market perform
buy
neutral
underperform
hold
buy
buy
buy
buy
buy
neutral
outperform
buy
sell
hold
neutral
buy
sell
hold
neutral/neutral
underweight
Equalwt/In-Line
accumulate
overweight
hold
outperform
buy
sell
Amt Held
91'581'114
42'844'966
40'161'206
13'924'614
10'175'679
9'104'555
6'617'178
5'891'183
4'692'838
4'217'347
4'101'338
3'213'372
2'716'101
2'536'782
2'316'466
1'784'591
1'671'822
1'522'906
1'334'277
1'233'527
% Out
17.24
8.07
7.56
2.62
1.92
1.71
1.25
1.11
0.88
0.79
0.77
0.61
0.51
0.48
0.44
0.34
0.31
0.29
0.25
0.23
Weighting
Change
3
3
5
3
1
3
5
5
5
5
5
3
5
5
1
3
3
5
1
3
3
1
3
4
5
3
5
5
1
U
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
D
M
M
M
M
U
M
M
Latest Chg
17'861'078
274'884
180'416
(846'845)
203'000
(88'176)
(320'096)
50'015
-
Target Price
#N/A N/A
#N/A N/A
40
34
32
#N/A N/A
35
38
#N/A N/A
40
38
27
37
45
27
30
32
38
28
28
34
31
33
37
35
33
#N/A N/A
44
#N/A N/A
File Dt
Inst Type
31.12.2011
Investment Advisor
31.12.2011
n/a
27.06.2012
Other
31.12.2011
Government
31.12.2011
Insurance Company
31.12.2011
Corporation
31.12.2012
Investment Advisor
31.12.2011
Corporation
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Insurance Company
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.01.2013
Unclassified
31.07.2012
Investment Advisor
25.03.2013
Investment Advisor
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
25.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
19.02.2013
12.02.2013
29.01.2013
18.01.2013
18.01.2013
15.01.2013
15.01.2013
09.08.2012
30.07.2012
09.03.2009
27.03.2013
Atlas Copco AB
Atlas Copco AB is an international industrial group. The Group develops,
manufactures, and markets compressed air equipment and generators, construction
and mining equipment, electric and pneumatic tools, and assembly systems and
offers related services. Atlas Copco also rents equipment. The Company markets
to manufacturing, building, construction, and mining companies worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ATCOA SS EQUITY YTD Change
ATCOA SS EQUITY YTD % CHANGE
12/2012
12/yy
190.10
134.40
2'076'501.00
182.5
-3.95%
35.79%
87.43%
839.4
216'678.05
21'052.00
0.0
54.0
12'416.00
225'368.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
74'177.0
1.38x
15'808.0
6.48x
10'157.0
8.16x
200
180
160
140
120
100
80
60
40
20
0
m-12
31.12.2009
31.12.2010
63'762.0
69'875.0
2.15x
2.97x
11'527.0
16'400.0
11.87x
12.67x
6'244.0
9'921.0
20.51x
20.80x
Profitability
LTM-4Q
31.12.2011
81'203.0
2.39x
20'061.0
9.68x
12'963.0
13.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
90'533.0
2.43x
21'891.0
10.05x
13'901.0
15.57x
21'891.00
19'227.00
21.24%
20.48%
17.79%
43.54%
1.16%
38.4%
24.2%
21.2%
15.4%
2.44
1.32
25.94%
60.01%
5.53
3.17
Price/ Cash Flow
LTM
12/yy
81'203.0
9.56x
20'076.0
9.47x
12'963.0
13.86x
12/yy
90'533.0
8.98x
21'892.0
9.92x
13'901.0
15.57x
FY+1
1.11
14.97%
2.36%
1.108
32
3.375
3'290'984
2'576'233
2'532'194
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
89'260.0
93'126.2
21'596.5
22'384.2
2.45x
2.30x
10.30x
10.08x
21'600.2
22'826.8
5'037.0
5'281.8
10.43x
9.87x
10.54x
10.67x
13'752.1
14'777.0
3'268.6
3'434.4
16.10x
15.02x
16.29x
15.94x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.02.2011
A
STABLE
24.02.2011
A-1
21.93
20.26
0.39
0.96
60.0%
37.5%
1.16
10.33
66.19
115.59
47.17
134.61
30.00
100'000.0
90'000.0
25.00
80'000.0
70'000.0
20.00
60'000.0
15.00
50'000.0
40'000.0
10.00
30'000.0
20'000.0
5.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Atlas Copco AB
Holdings By:
All
Holder Name
INVESTOR AB
VANGUARD GROUP INC
SEB
FJARDE AP-FONDEN
FMR LLC
FOLKSAM GROUP
BAILLIE GIFFORD AND
FORSTA AP FONDEN
BLACKROCK
ANDRA AP FONDEN
ABERDEEN
SPP FONDER AB
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst

ANDREW BELL
Societe Generale
SEBASTIEN GRUTER
MARTIN PROZESKY
Morgan Stanley
MARKUS ALMERUD
Credit Suisse
ANDRE KUKHNIN
Nomura
KLAS BERGELIND
AlphaValue
LIONEL PELLICER
ABG Sundal Collier
ANDERS IDBORG
Exane BNP Paribas
JONATHAN R MOUNSEY
Goldman Sachs
AARON IBBOTSON
SEB Enskilda
DANIEL SCHMIDT
HSBC
COLIN GIBSON
EDWARD STACEY
Evli Bank Plc
ELINA RIUTTA
Pareto Securities
DAVID JACOBSSON
Carnegie
ANDREAS KOSKI
Handelsbanken
PEDER FROLEN
Natixis
LUDOVIC DEBAILLEUX
DNB Markets
LARS BRORSON
Barclays
ALLAN SMYLIE
JPMorgan
ANDREAS WILLI
William Blair & Co
LAWRENCE T DE MARIA
Danske Markets
OSCAR STJERNGREN
CA Cheuvreux
JOAKIM HOGLUND
EVA Dimensions
CRAIG STERLING
Berenberg Bank
ALEXANDER VIRGO
Redburn Partners
JAMES MOORE
Deutsche Bank
JOHAN WETTERGREN
Swedbank
MATS LISS
Source
Research
ULT-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
Research
13F
Research
ULT-AGG
Research
MF-AGG
Research
Research
Short
ULT-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
buy
sell
market perform
Equalwt/Cautious
outperform
neutral
sell
hold
neutral
Buy/Neutral
hold
overweight
neutral
accumulate
hold
hold
buy
accumulate
neutral
hold
overweight
neutral
market perform
buy
outperform
overweight
hold
neutral
hold
neutral
Amt Held
% Out
194'803'726 23.21
70'407'727
8.39
38'234'795
4.56
21'795'438
2.6
21'445'011
2.55
16'195'843
1.93
10'437'990
1.24
9'989'946
1.19
9'500'000
1.13
8'637'852
1.03
7'887'691
0.94
7'767'690
0.93
7'211'859
0.86
7'160'904
0.85
(6'799'092) -0.81
6'560'767
0.78
5'976'741
0.71
5'923'121
0.71
5'862'789
0.7
4'589'384
0.55
Weighting
Change
5
1
3
3
5
3
1
3
3
5
3
5
3
4
3
3
5
4
3
3
5
3
3
5
5
5
3
3
3
3
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
(6'585'000)
257'650
(587'001)
46'733
115'699
803'173
(7'800)
447'592
(47'617)
Target Price
205
155
172
163
200
187
159
200
185
277
200
230
175
195
180
#N/A N/A
202
190
178
185
175
192
175
210
215
#N/A N/A
185
#N/A N/A
170
160
File Dt
30.06.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
25.02.2013
30.06.2012
31.12.2012
30.06.2012
31.01.2013
30.06.2012
31.12.2012
30.06.2012
30.06.2012
01.11.2012
25.03.2013
30.06.2012
28.02.2013
31.01.2013
28.02.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
6 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
14.03.2013
14.03.2013
13.03.2013
11.03.2013
08.03.2013
08.03.2013
04.03.2013
28.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
29.01.2013
15.01.2013
08.01.2013
08.10.2012
30.04.2012
30.11.2011
27.03.2013
Swatch Group AG/The

Swatch Group AG manufactures watches, watch components, jewelry, miniature
batteries, LCD displays, and scoreboards. The Company produces watches under
various branded names. Swatch also operates retail boutiques.
Price/Volume
600
500
400
300
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UHR VX EQUITY YTD Change
UHR VX EQUITY YTD % CHANGE
12/2012
01/yy
562.00
341.70
95'973.00
543
-3.38%
58.91%
91.38%
30.8
28'511.79
135.00
0.0
19.0
1'967.00
26'698.79
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100
0
m-12
31.12.2009
31.12.2010
5'142.0
6'108.0
2.54x
3.33x
1'123.0
1'658.0
11.63x
12.26x
759.0
1'074.0
18.10x
20.56x
Profitability
31.12.2011
6'764.0
2.50x
1'843.0
9.17x
1'269.0
14.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
7'796.0
2.96x
2'245.0
10.29x
1'600.0
15.56x
2'245.00
1'984.00
25.45%
25.87%
15.22%
18.41%
0.74%
28.8%
25.4%
20.5%
6.50
2.51
1.20%
1.45%
7.98
-
Price/ Cash Flow
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.15
30.22
29.42%
17.74%
1.151
32
4.094
140'287
143'614
168'353
FY+2
12/13 Y
12/14 Y
8'896.7
9'795.2
3.03x
2.65x
2'547.9
2'852.7
10.48x
9.36x
1'783.6
1'994.0
16.45x
14.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
748.33
602.33
-0.82
0.06
1.4%
1.4%
0.74
4.39
45.87
-
45.00
9'000.0
40.00
8'000.0
35.00
7'000.0
30.00
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
01.01.2010
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'677.0
1.29x
1'421.0
5.17x
834.0
9.25x
200
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Swatch Group AG/The

Holdings By:
All
Holder Name
SWATCH GROUP AG
VANGUARD GROUP INC
CREDIT SUISSE ASSET
BLACKROCK
FMR LLC
PICTET & CIE
UBS FUND MANAGEMENT
WINTERGREEN ADVISERS
SCHRODER INVESTMENT
GRETHER ESTHER
Firm Name
Credit Suisse
ISI Group
Societe Generale
Morgan Stanley
Cantor Fitzgerald
Nomura
Exane BNP Paribas
Oddo & Cie
Renaissance Capital
Aurel - BGC
Raymond James
Bank Vontobel AG
Main First Bank AG
Barclays
AlphaValue
Goldman Sachs
Bryan Garnier & Cie
Berenberg Bank
Day by Day
CA Cheuvreux
JPMorgan
S&P Capital IQ
HSBC
Deutsche Bank
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
PATRICK JNGLIN
OMAR SAAD
THIERRY COTA
LOUISE SINGLEHURST
ALLEGRA PERRY
CHRISTOPHER WALKER
LUCA GIUSEPPE SOLCA
LEOPOLD AUTHIE
MARIO ORTELLI
REY WIUM
DAVID DA MAIA
MARC WILLAUME
RENE WEBER
JON COX
MATTHIAS EIFERT
HELEN NORRIS
VERONIQUE CABIOC'H
WILLIAM HUTCHINGS
LOIC MORVAN
JOHN GUY
VALERIE GASTALDY
THOMAS MESMIN
MELANIE A FLOUQUET
WILLIAM MACK
ANTOINE BELGE
FRANCESCA DI PASQUANTONIO
CRAIG STERLING
PATRIK SCHWENDIMANN
Source
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
Recommendation
outperform
strong buy
buy
Overwt/In-Line
buy
buy
outperform
buy
market perform
hold
hold
outperform
buy
buy
outperform
equalweight
add
Buy/Neutral
buy
buy
buy
select list
neutral
sell
neutral
buy
underweight
outperform
Amt Held
1'445'313
505'000
463'841
448'873
374'750
351'347
266'305
255'065
246'404
230'863
196'392
184'025
178'394
154'625
154'414
144'672
114'000
112'640
108'442
105'398
% Out
4.69
1.64
1.5
1.46
1.22
1.14
0.86
0.83
0.8
0.75
0.64
0.6
0.58
0.5
0.5
0.47
0.37
0.37
0.35
0.34
Weighting
Change
5
5
5
5
5
5
5
5
3
3
3
5
5
5
5
3
4
5
5
5
5
5
3
1
3
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
Latest Chg
(70'942)
63'157
(10'129)
78'689
(167'524)
(25'035)
(255'195)
15'790
(180)
(169)
(621)
21'810
(69'287)
(88'242)
20'597
(5'868)
34'075
Target Price
600
650
650
602
600
620
706
620
600
541
550
600
600
630
650
550
580
735
555
625
580
580
505
480
550
600
#N/A N/A
#N/A N/A
File Dt
31.12.2012
31.12.2011
31.12.2012
31.01.2013
25.03.2013
31.01.2013
28.02.2013
31.01.2013
31.01.2013
30.11.2012
31.12.2012
31.12.2012
31.01.2013
28.09.2012
31.12.2012
31.01.2013
31.12.2011
30.11.2012
28.02.2013
31.01.2013
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
6 month
Not Provided
3 month
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Bank
Investment Advisor
Mutual Fund Manager
Date
27.03.2013
24.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
15.03.2013
14.03.2013
12.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
28.02.2013
21.02.2013
15.02.2013
14.02.2013
05.02.2013
04.02.2013
04.02.2013
24.01.2013
22.01.2013
17.01.2013
13.09.2012
27.03.2013
Telenor ASA
Telenor ASA researches, develops and provides telecommunications, information
and media services. The Company offers telephone services, as well as installs
and operates complete IT (information technology) systems. Telenor provides
phone card, mobile telephone, satellite communications, paging and mobile data
services. The Company operates in Norway and internationally.
Price/Volume
140
8.0 M
120
7.0 M
6.0 M
100
5.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEL NO EQUITY YTD Change
TEL NO EQUITY YTD % CHANGE
12/2012
12/yy
129.40
86.90
1'409'719.00
127.7
-1.31%
46.95%
97.41%
1'559.9
199'205.33
50'101.00
0.0
3'057.0
8'805.00
243'558.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
40
2.0 M
20
1.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
96'167.0
1.37x
30'133.0
4.36x
13'065.0
5.81x
4.0 M
60
31.12.2009
31.12.2010
90'748.0
94'843.0
1.89x
1.94x
33'071.0
29'262.0
5.18x
6.28x
8'653.0
14'334.0
14.43x
10.60x
Profitability
LTM-4Q
31.12.2011
98'516.0
1.82x
34'352.0
5.22x
7'165.0
22.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
101'718.0
2.16x
39'711.0
5.52x
9'490.0
18.51x
39'711.00
17'486.00
17.19%
11.25%
5.66%
12.04%
9.77%
0.61%
39.0%
17.2%
9.3%
0.68
0.20
29.68%
68.05%
-
Price/ Cash Flow
LTM
FY+1
0.78
628.11
27.18%
13.81%
0.780
35
3.971
1'504'670
1'658'660
1'649'427
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
98'515.0 101'719.0 103'045.2 106'117.7
25'269.1
25'646.2
7.22x
8.10x
2.29x
2.20x
8.54x
8.97x
34'382.0
39'711.0
35'518.1
37'312.2
8'436.0
8'753.0
5.22x
5.52x
6.86x
6.53x
6.89x
6.78x
7'937.0
9'490.0
15'392.1
17'141.2
4'028.7
4'402.2
19.98x
18.44x
12.72x
11.26x
12.38x
12.15x
S&P Issuer Ratings
12.04.2010
Long-Term Rating
ALong-Term Outlook
STABLE
25.09.2001
Short-Term Rating
A-2
Credit Ratios
14.12
10.54
Net Debt/EBITDA
1.04
Total Debt/EBITDA
1.26
Reference
Total Debt/Equity
68.0%
Total Debt/Capital
39.5%
Asset Turnover
0.61
2.18
Inventory Days
9.00
120'000.0
8.00
100'000.0
7.00
80'000.0
6.00
5.00
60'000.0
4.00
40'000.0
3.00
2.00
20'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Telenor ASA
Holdings By:
All
Holder Name
NORWEGIAN GOVT MINIS
STATE STREET
GOVERNMENT PENSION F
CLEARSTREAM BANKING
NORTHERN TRUST CO
FRANKLIN RESOURCES
EUROCLEAR BANK SA
TELENOR ASA
FMR LLC
VANGUARD GROUP INC
RBC DEXIA INVESTOR S
BLACKROCK
STOREBRAND FUND MANA
DANSKE CAPITAL NORGE
NORDEA FONDENE AS
Firm Name
Portfolio Name
#N/A N/A
n/a
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
n/a
#N/A N/A
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Grupo Santander
JOHN DAVIES
AlphaValue
Deutsche Bank
KEVAL KHIROYA
SEB Enskilda
HARALD HORNES OYEN
Jefferies
ULRICH RATHE
ROBIN BIENENSTOCK
New Street Research
RUSSELL WALLER
Nomura
JAMES BRITTON
Credit Suisse
JAKOB BLUESTONE
Exane BNP Paribas
MAXIME REY
Morgan Stanley
TERENCE TSUI
Berenberg Bank
BARRY ZEITOUNE
MARKUS BJERKE
ABG Sundal Collier
OLE PETTER KJERKREIT
RALPH SZYMCZAK
EVA Dimensions
ANDREW S ZAMFOTIS
STEFAN GAUFFIN
Handelsbanken
THOMAS HEATH
TORE A TONSETH
DNB Markets
CHRISTER ROTH
Barclays
MAURICE PATRICK
Norne Securities AS
VILIS EIZENTAS
Danske Markets
ERIK STRANDIN PERS
Swedbank First Securities
SVEN SKOLD
Goldman Sachs
ANDREW LEE
HSBC
DOMINIK KLARMANN
Pareto Securities
THOMAS NIELSEN
S&P Capital IQ
ALEXANDER WISCH
Carnegie
ESPEN TORGERSEN
JPMorgan
AKHIL DATTANI
ANDREW HOGLEY
Societe Generale
OTTAVIO ADORISIO
CA Cheuvreux
PETER KURT NIELSEN
Source
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
add
buy
sell
buy
outperform
neutral
buy
outperform
neutral
Overwt/In-Line
buy
hold
hold
hold
hold
buy
accumulate
sell
hold
overweight
sell
buy
buy
Buy/Neutral
overweight
sell
strong buy
hold
overweight
buy
buy
outperform
Amt Held
841'829'056
95'042'346
69'748'571
53'781'082
39'648'040
29'376'796
28'128'270
28'109'186
22'654'409
20'208'167
16'650'269
14'188'366
12'089'340
7'950'745
7'156'547
7'084'983
5'333'019
4'807'345
4'442'028
4'208'273
% Out
53.97
6.09
4.47
3.45
2.54
1.88
1.8
1.8
1.45
1.3
1.07
0.91
0.77
0.51
0.46
0.45
0.34
0.31
0.28
0.27
Weighting
Change
5
4
5
1
5
5
3
5
5
3
5
5
3
3
3
3
5
4
1
3
5
1
5
5
5
5
1
5
3
5
5
5
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
4'792
(2'135'800)
(194'724)
(821'805)
(3'550)
1'433'184
152'459
1'479
177'380
1'088'600
(48'232)
Target Price
143
148
140
110
140
140
126
134
130
133
150
140
125
128
112
#N/A N/A
135
125
121
123
140
100
135
128
164
142
105
140
#N/A N/A
130
145
115
105
File Dt
Inst Type
25.03.2013
Government
26.03.2013
Investment Advisor
25.03.2013
Government
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Bank
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Bank
25.03.2013
Government
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Date
27.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
12.03.2013
11.03.2013
08.03.2013
08.03.2013
07.03.2013
06.03.2013
28.02.2013
22.02.2013
22.02.2013
20.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
22.01.2013
21.01.2013
16.11.2012
24.10.2012
30.12.2011
27.03.2013
Intesa Sanpaolo SpA

Intesa Sanpaolo attracts deposits and offers banking and financial services.
The Bank offers consumer credit, asset management, Internet banking, merchant
banking, securities brokerage, factoring, and lease financing services, and
manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and
offices elsewhere in Europe, Asia, and the United States.
Price/Volume
2
2
1
1
1
1
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ISP IM EQUITY YTD Change
ISP IM EQUITY YTD % CHANGE
12/2012
12/yy
1.54
0.85
169'231'735.00
1.108
-28.15%
29.82%
39.29%
15'501.5
18'075.53
283'077.00
0.0
586.0
39'926.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
0
0
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
33'216.0
2'553.0
23.67x
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
f-13 m-13
31.12.2009
31.12.2010
27'022.0
24'836.0
2'805.0
2'705.0
15.27x
12.90x
Profitability
LTM-4Q
31.12.2011
25'266.0
(8'190.0)
-
31.12.2012
17'813.0
1'605.0
12.56x
21.90%
17.87%
0.24%
3.32%
0.51%
0.03%
9.0%
42.03%
570.57%
-
LTM
12/yy
23'133.0
0.00x
0.0
0.00x
(8'190.0)
0.00x
12/yy
17'685.0
0.00x
0.0
0.00x
1'605.0
10.08x
FY+1
1.39
13'656.70
-18.86%
-14.77%
1.388
35
3.171
#########
#########
#########
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'804.9
17'226.7
1'847.7
2'481.0
9.89x
7.28x
9.38x
8.66x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.02.2012
BBB+
NEG
10.02.2012
A-2
570.6%
84.9%
0.03
1.37
-
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Intesa Sanpaolo SpA

Holdings By:
All
Holder Name
COMPAGNIA DI SAN PAO
FOND CR PROVINCIE LO
FONDAZIONE CASSA RIS
ENTE CASSA DI RISP F
FONDAZIONE CASSA RIS
ALLEANZA TORO SPA
BLACKROCK
ASSICURAZIONI GENERA
FRANKLIN RESOURCES
VANGUARD GROUP INC
INA ASSITALIA SPA
GENERALI VIE SA
MANDARINE GESTION
GENERALI VERSICHERUN
Firm Name
Nomura
Mediobanca SpA
Barclays
Macquarie
Exane BNP Paribas
Berenberg Bank
Societe Generale
Morgan Stanley
Equita SIM SpA
Oddo & Cie
Banca Akros(ESN)
ICBPI
Natixis
S&P Capital IQ
Credit Suisse
Goldman Sachs
AlphaValue
Grupo Santander
HSBC
Intermonte Securities SpA
Day by Day
RBC Capital Markets
Deutsche Bank
EVA Dimensions
Centrobanca
CA Cheuvreux
Nord/LB
Hammer Partners SA
Banco Sabadell
Main First Bank AG
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DOMENICO SANTORO
ANDREA FILTRI
ANTONIO RIZZO
ANDREA VERCELLONE
ELENI PAPOULA
CARLO TOMMASELLI
FRANCESCA TONDI
INGO FROMMEN
STEFAN BONGARDT
MATTEO GHILOTTI
JEAN SASSUS
LUIGI TRAMONTANA
LUCA COMI
ANNA MARIA BENASSI
STEVEN GOULD
WILLIAM HOWLETT
IGNACIO CEREZO
RONNY REHN
JEAN-FRANCOIS NEUEZ
DAVID GRINSZTAJN
TANIA GOLD
CARLO DIGRANDI
CHRISTIAN CARRESE
VALERIE GASTALDY
PATRICK LEE
PAOLA SABBIONE
AUSTIN BURKETT
GUGLIELMO MARCO OPIPARI
ALDO COMI
MICHAEL SEUFERT
ENRICO RACIOPPI
MARIO LODOS
ALBERTO SEGAFREDO
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
buy
neutral
underweight
underperform
neutral
hold
sell
Equalwt/In-Line
hold
hold
buy
reduce
accumulate
neutral
buy
buy
hold
outperform
underperform
neutral/neutral
buy
underweight
neutral
outperform
hold
underperform
buy
overweight
sell
outperform
hold
sell
buy
neutral
Amt Held
1'532'766'787
725'460'008
647'953'597
523'633'314
422'874'979
286'308'683
206'407'970
205'236'977
193'171'300
144'797'677
131'567'493
85'877'104
82'931'860
57'605'428
38'765'931
38'252'534
37'525'547
35'693'662
34'722'872
33'905'476
% Out
9.89
4.68
4.18
3.38
2.73
1.85
1.33
1.32
1.25
0.93
0.85
0.55
0.53
0.37
0.25
0.25
0.24
0.23
0.22
0.22
Weighting
Change
5
3
1
1
3
3
1
3
3
3
5
2
4
3
5
5
3
5
1
3
5
1
3
5
3
1
5
5
1
5
3
1
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
M
M
N
M
M
M
M
M
Latest Chg
(1'957'269)
19'137'900
(3'852'992)
21'857'253
24'865'982
(1'421'878)
(363'082)
(6'397'175)
(2'160'992)
Target Price
2
1
1
1
1
1
1
2
1
1
2
1
1
2
2
1
1
2
1
2
2
1
1
2
#N/A N/A
1
2
#N/A N/A
1
2
#N/A N/A
1
#N/A N/A
2
File Dt
Inst Type
20.11.2012
Other
20.11.2012
Bank
20.11.2012
Bank
20.11.2012
Bank
20.11.2012
Other
20.11.2012
Insurance Company
25.03.2013
Investment Advisor
20.11.2012
Insurance Company
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Insurance Company
20.11.2012
Other
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Holding Company
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
18.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
25.02.2013
19.02.2013
14.02.2013
28.01.2013
17.01.2013
17.01.2013
11.01.2013
06.11.2012
23.10.2012
19.06.2012
06.02.2012
29.07.2011
27.03.2013
Henkel AG & Co KGaA

Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical
products. The Company produces reactive polyurethane and laminating adhesives,
labeling for glass and PET plastic bottles, corrosion inhibitors and surface
treatments, soaps, skin care products, hair dye, perfumes, detergents,
dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.
Price/Volume
80
2.0 M
50
12/2012
12/yy
75.06
49.22
320'636.00
74.06
-1.33%
50.47%
99.29%
178.2
28'970.07
3'901.00
0.0
135.0
1'238.00
31'768.07
1.5 M
30
1.0 M
20
.5 M
10
0
m-12
31.12.2009
31.12.2010
13'573.0
15'092.0
1.40x
1.41x
1'938.0
2'445.0
9.84x
8.71x
602.0
1'118.0
26.40x
18.11x
Profitability
LTM-4Q
31.12.2011
15'605.0
1.38x
2'444.0
8.82x
1'161.0
16.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
16'510.0
1.81x
2'782.0
10.72x
1'510.0
17.93x
2'782.00
2'373.00
14.37%
12.47%
7.94%
16.85%
0.87%
46.8%
16.1%
13.6%
9.1%
1.30
0.56
19.98%
41.61%
8.21
5.80
Price/ Cash Flow
m-12
j-12
j-12
LTM
12/yy
15'605.0
5.53x
2'217.0
9.72x
1'161.0
16.70x
a-12
12/yy
16'510.0
6.49x
2'658.0
11.22x
1'510.0
17.93x
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.72
173.62
37.91%
19.07%
0.719
41
3.293
507'285
605'127
639'097
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'083.1
17'919.3
4'190.5
4'394.5
1.65x
1.51x
2'860.3
3'087.0
11.11x
10.29x
1'736.9
1'912.5
434.0
468.5
18.38x
16.68x
17.59x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.05.2011
A
STABLE
18.05.2011
A-1
21.24
18.02
1.00
1.47
41.6%
29.1%
0.87
7.21
44.58
63.13
106.32
1.39
18.00
18'000.0
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
60
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HEN3 GY EQUITY YTD Change
HEN3 GY EQUITY YTD % CHANGE
31.12.2008
14'131.0
1.00x
2'048.0
6.87x
1'221.0
8.01x
3.0 M
70
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Henkel AG & Co KGaA

Holdings By:
All
Holder Name
BLACKROCK
HENKEL KGAA
DEUTSCHE BANK AG
FMR LLC
VANGUARD GROUP INC
TIAA CREF INVESTMENT
SCHRODER INVESTMENT
SNS INVESTMENT FUND
MORGAN STANLEY
Firm Name
Raymond James
Morgan Stanley
Grupo Santander
Jefferies
Nomura
Day by Day
Goldman Sachs
Baader Bank
Berenberg Bank
Societe Generale
DZ Bank AG
Nord/LB
Credit Suisse
Bankhaus Lampe
Hamburger Sparkasse
Bankhaus Metzler
Main First Bank AG
Exane BNP Paribas
S&P Capital IQ
Barclays
JPMorgan
Redburn Partners
Liberum Capital Ltd
HSBC
EVA Dimensions
Macquarie
CA Cheuvreux
Deutsche Bank
Equita SIM SpA
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ANDREW WOOD
ERIK SJOGREN
PEDRO GIL
ALEX HOWSON
GUILLAUME DELMAS
VALERIE GASTALDY
ROSIE EDWARDS
CHRISTIAN WEIZ
SETH PETERSON
BERND MUELL
THOMAS MAUL
JULIA SIEKMANN
ALEX MOLLOY
HEIKO FEBER
MARCO GUENTHER
SEBASTIAN FRERICKS
NADESHDA DEMIDOVA
GAEL COLCOMBET
EAMONN FERRY
ANDREAS RIEMANN
ZAFER RUZGAR
EDDY HARGREAVES
CARL SHORT
IAIN SIMPSON
CELINE PANNUTI
JOERG PHILIPP FREY
WILLIAM HOUSTON
MARKUS MAYER
PABLO ZUANIC
CEDRIC BESNARD
AUSTIN BURKETT
CHRISTIAN FAITZ
MARK JOSEFSON
MARTIN ROEDIGER
HAROLD THOMPSON
FABIO FAZZARI
Source
ULT-AGG
EXCH
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
outperform
outperform
Overwt/In-Line
hold
hold
buy
buy
neutral/attractive
hold
buy
buy
buy
sell
buy
underperform
hold
sell
sell
sell
outperform
underperform
buy
hold
buy
hold
overweight
underweight
hold
sell
hold
hold
underweight
overweight
neutral
avoid
underperform
buy
not rated
Amt Held
5'549'375
4'541'372
3'660'469
3'371'632
3'269'161
2'250'957
2'048'886
2'024'730
1'854'599
1'594'087
1'019'990
974'909
952'921
947'914
876'399
860'900
721'996
601'863
564'346
514'818
% Out
3.11
2.55
2.05
1.89
1.83
1.26
1.15
1.14
1.04
0.89
0.57
0.55
0.53
0.53
0.49
0.48
0.41
0.34
0.32
0.29
Weighting
Change
5
5
5
3
3
5
5
3
3
5
5
5
1
5
1
3
1
1
1
5
1
5
3
5
3
5
1
3
1
3
3
1
5
3
1
1
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
U
M
M
U
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
U
D
Latest Chg
(18'665)
300'707
(70'584)
113'802
456'899
45'815
2'800
(94'991)
(136'144)
191'841
90'999
582'498
(478'762)
634'733
145'780
344'567
85'487
(482'690)
17'806
Target Price
81
73
75
70
54
74
81
73
75
83
80
81
58
78
71
73
#N/A N/A
59
56
78
63
78
73
75
73
75
58
60
#N/A N/A
69
#N/A N/A
60
#N/A N/A
49
52
65
75
36
File Dt
Inst Type
25.03.2013
Investment Advisor
05.08.2011
Corporation
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Bank
29.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
3 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Date
27.03.2013
25.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
13.03.2013
13.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
04.03.2013
28.02.2013
06.02.2013
01.02.2013
25.01.2013
17.01.2013
17.01.2013
21.11.2012
19.11.2012
14.11.2012
27.08.2012
14.12.2009
27.03.2013
TeliaSonera AB
TeliaSonera AB offers telecommunication services. The Company offers mobile
communications services as well as operates fixed networks throughout Eurasia.
Price/Volume
60
40.0 M
35.0 M
50
30.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (17.09.2012)
52-Week Low (23.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TLSN SS EQUITY YTD Change
TLSN SS EQUITY YTD % CHANGE
12/2012
12/yy
49.65
41.03
4'317'198.00
46.16
-7.01%
12.50%
63.46%
4'330.1
199'876.72
91'587.00
0.0
3'956.0
29'805.00
265'614.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
20
10.0 M
10
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
103'585.0
2.31x
31'663.0
7.57x
19'011.0
9.19x
25.0 M
30
Valuation Analysis
31.12.2009
31.12.2010
109'161.0
106'979.0
2.65x
2.77x
35'329.0
37'677.0
8.19x
7.86x
18'854.0
21'257.0
12.35x
11.26x
Profitability
LTM-4Q
31.12.2011
104'354.0
2.66x
36'843.0
7.52x
18'341.0
11.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
104'898.0
2.45x
34'962.0
7.34x
19'886.0
9.59x
34'962.00
14'420.00
13.75%
23.34%
7.81%
17.55%
0.41%
44.3%
33.3%
13.7%
19.0%
1.61
0.84
36.01%
83.69%
37.69
Price/ Cash Flow
LTM
FY+1
0.78
6.85%
4.77%
0.777
37
3.189
8'727'897
8'722'475
8'920'658
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
104'558.0 104'898.0 103'860.0 104'877.9
25'450.0
26'052.1
10.61x
10.39x
2.49x
2.44x
10.26x
10.19x
36'997.0
34'963.0
35'299.9
36'434.7
8'558.9
8'754.6
7.28x
7.34x
7.52x
7.29x
7.49x
7.39x
18'341.0
19'838.0
18'048.7
18'903.7
4'365.7
4'468.7
11.22x
9.62x
11.03x
10.58x
10.97x
10.85x
S&P Issuer Ratings
28.10.2005
Long-Term Rating
ALong-Term Outlook
STABLE
28.10.2005
Short-Term Rating
A-2
Credit Ratios
12.27
6.53
Net Debt/EBITDA
1.77
Total Debt/EBITDA
2.62
Reference
Total Debt/Equity
83.7%
Total Debt/Capital
44.7%
Asset Turnover
0.41
1.72
Inventory Days
9.71
-3.18
10.00
120'000.0
9.00
100'000.0
8.00
7.00
80'000.0
6.00
60'000.0
5.00
4.00
40'000.0
3.00
2.00
20'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
TeliaSonera AB
Holdings By:
All
Holder Name
GOVERNMENT OF SWEDEN
REPUBLIC OF FINLAND
AMF PENSION
SEB
SHB FUNDS
FJARDE AP-FONDEN
GOVERNMENT OF NORWAY
AFA INSURANCE
AMF FONDER AB
FORSTA AP FONDEN
FOLKSAM LO FOND AB
SKANDIA LIV
SPP
VANGUARD GROUP INC
2ND SWEDISH NAT PEN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
Morgan Stanley
TERENCE TSUI
Carnegie
LENA OSTERBERG
AlphaValue
Pohjola Bank Plc (ESN)
KIMMO STENVALL
SEB Enskilda
ANDREAS JOELSSON
Grupo Santander
JOHN DAVIES
Credit Suisse
JAKOB BLUESTONE
Exane BNP Paribas
MAXIME REY
Berenberg Bank
BARRY ZEITOUNE
ABG Sundal Collier
KRISTOFER ERIKSSON
Jefferies
ULRICH RATHE
HSBC
DOMINIK KLARMANN
CA Cheuvreux
PETER KURT NIELSEN
Evli Bank Plc
MIKKO ERVASTI
EVA Dimensions
ANDREW S ZAMFOTIS
Nomura
JAMES BRITTON
Deutsche Bank
KEVAL KHIROYA
STEFAN GAUFFIN
Handelsbanken
THOMAS HEATH
Swedbank
SVEN SKOLD
Barclays
MAURICE PATRICK
Danske Markets
ERIK STRANDIN PERS
Societe Generale
OTTAVIO ADORISIO
Goldman Sachs
ANDREW LEE
Pareto Securities
THOMAS NIELSEN
S&P Capital IQ
ALEXANDER WISCH
DNB Markets
CHRISTER ROTH
New Street Research
RUSSELL WALLER
JPMorgan
AKHIL DATTANI
ANDREW HOGLEY
Natixis
JACQUES DE GRELING
TORE A TONSETH
RALPH SZYMCZAK
Source
Research
Research
ULT-AGG
Research
Research
Research
ULT-AGG
Research
MF-AGG
Research
Research
Research
MF-AGG
MF-AGG
Research
MF-AGG
Research
Research
MF-AGG
Research
Recommendation
Equalwt/In-Line
buy
add
reduce
buy
underweight
neutral
outperform
sell
sell
underperform
overweight
outperform
accumulate
buy
neutral
hold
buy
reduce
buy
equalweight
hold
sell
neutral/neutral
hold
buy
buy
neutral
overweight
sell
neutral
sell
buy
Amt Held
1'614'513'748
505'123'642
135'101'977
113'772'322
100'536'059
81'560'451
57'463'604
55'103'337
51'687'796
51'218'385
45'514'625
40'936'185
36'637'463
32'908'480
31'821'766
29'888'500
28'199'595
24'185'095
21'638'930
21'277'439
% Out
37.29
11.67
3.12
2.63
2.32
1.88
1.33
1.27
1.19
1.18
1.05
0.95
0.85
0.76
0.73
0.69
0.65
0.56
0.5
0.49
Weighting
Change
3
5
4
2
5
1
3
5
1
1
1
5
5
4
5
3
3
5
2
5
3
3
1
3
3
5
5
3
5
1
3
1
5
M
M
M
M
M
M
M
M
M
M
D
M
D
D
U
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
Latest Chg
(89'000'000)
45'896
20'254'991
(1'638'000)
757'991
(913'000)
2'212'625
866'212
-
Target Price
53
#N/A N/A
53
42
49
45
45
53
42
42
37
52
50
49
#N/A N/A
46
46
51
44
51
45
45
42
54
46
52
51
49
55
33
46
44
56
File Dt
30.09.2012
30.09.2012
31.12.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
26.03.2013
30.09.2012
30.09.2012
30.09.2012
28.02.2013
31.12.2012
30.09.2012
31.12.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
Date
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Government
Government
Investment Advisor
Investment Advisor
Unclassified
n/a
Investment Advisor
Government
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
26.03.2013
26.03.2013
21.03.2013
20.03.2013
19.03.2013
13.03.2013
13.03.2013
08.03.2013
06.03.2013
04.03.2013
01.03.2013
27.02.2013
11.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
21.01.2013
30.10.2012
18.10.2012
17.10.2012
18.07.2012
27.03.2013
ArcelorMittal
ArcelorMittal produces steel. The Company manufactures cold rolled,
electrogalvanized and coated steels, slabs, special quality bars, and wire
rods. Arcelor Mittal has steel making operations in Europe, the Americas,
Asia, and Africa.
Price/Volume
16
35.0 M
14
30.0 M
12
25.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2012)
52-Week Low (27.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MT NA EQUITY YTD Change
MT NA EQUITY YTD % CHANGE
12/2012
12/yy
14.95
10.05
7'524'084.00
10.185
-31.82%
1.39%
0.75%
1'665.4
16'962.02
25'752.00
0.0
3'474.0
4'398.00
46'487.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
6
4
10.0 M
5.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
124'936.0
0.50x
24'436.0
2.57x
9'399.0
3.49x
20.0 M
Valuation Analysis
31.12.2009
31.12.2010
61'021.0
78'025.0
1.52x
1.05x
3'656.0
8'525.0
25.37x
9.63x
157.0
2'916.0
308.59x
17.66x
Profitability
LTM-4Q
31.12.2011
93'973.0
0.58x
9'898.0
5.47x
2'263.0
15.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
84'213.0
0.61x
6'762.0
7.58x
(3'726.0)
6'762.00
1'809.00
2.15%
-6.85%
-3.15%
-6.87%
0.71%
6.1%
8.5%
2.8%
-4.4%
1.33
0.40
22.48%
49.79%
14.60
3.79
Price/ Cash Flow
LTM
12/yy
93'973.0
2.92x
10'117.0
5.35x
2'263.0
15.75x
12/yy
84'213.0
2.47x
7'150.0
7.17x
(3'726.0)
0.00x
FY+1
1.48
976.79
-27.98%
-21.26%
1.479
43
3.558
10'160'600
10'206'350
9'428'443
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
86'528.0
90'351.7
20'331.0
21'669.8
0.50x
0.45x
2.21x
2.06x
7'609.6
9'308.1
1'445.5
1'887.0
6.11x
4.99x
6.40x
5.85x
1'107.4
2'518.1
(45.8)
324.5
19.18x
9.05x
30.97x
15.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.08.2012
BB+
NEG
02.08.2012
B
3.33
1.02
2.99
3.60
49.8%
31.8%
0.71
1.56
25.07
96.59
59.60
61.20
60.00
140'000.0
50.00
120'000.0
100'000.0
40.00
80'000.0
30.00
60'000.0
20.00
40'000.0
10.00
20'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
ArcelorMittal
Holdings By:
All
Holder Name
HSBC TRUSTEE CI LTD
STATE OF LUXEMBOURG
BLACKROCK
ARCELOR MITTAL
VANGUARD GROUP INC
AVIVA PLC
MANDARINE GESTION
HENDERSON GLOBAL INV
LBPAM
HARTFORD INVESTMENT
SNS INVESTMENT FUND
MAINFIRST SICAV
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Grupo Santander
JUAN RAMON CORREAS
Nomura
NEIL SAMPAT
Exane BNP Paribas
LUC PEZ
SVEN DIERMEIER
Societe Generale
ALAIN WILLIAM
Jefferies
SETH ROSENFELD
Bankia Bolsa (ESN)
INIGO RECIO PASCUAL
Natixis
RAOUDHA BOUZEKRI
Morgan Stanley
ALEXANDER HAISSL
RBC Capital Markets
TIMOTHY HUFF
JPMorgan
ALESSANDRO ABATE
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
FRANK CLAASSEN
RUI DIAS
CESAR SANCHEZ-GRANDE
ING Bank
FILIP DE PAUW
AlphaValue
FABRICE FARIGOULE
Macquarie
JEFFREY LARGEY
Liberum Capital Ltd
RICHARD KNIGHTS
Goldman Sachs
STEPHEN BENSON
EVA Dimensions
CRAIG STERLING
HSBC
THORSTEN ZIMMERMANN
Hamburger Sparkasse
INGO SCHMIDT
Nord/LB
HOLGER FECHNER
ROCHUS BRAUNEISER
S&P Capital IQ
JOHNSON IMODE
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
ROBERT JACKSON
ABN Amro Bank N.V.
MAARTEN BAKKER
VTB Capital
WIKTOR BIELSKI
TOM MULLER
Petercam
JUNIOR CUIGNIEZ
JENS MUENSTERMANN
BBVA
LUIS DE TOLEDO
Davy
TIM CAHILL
Kempen & Co
DIRK VERBIESEN
La Caixa
ICIAR GOMEZ BOTAS
Day by Day
VALERIE GASTALDY
Main First Bank AG
ALEXANDER HAUENSTEIN
Deutsche Bank
BASTIAN SYNAGOWITZ
Cyrrus
JIRI SIMARA
SCOTT FINLAY
Source
Research
Research
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
neutral
neutral
hold
buy
buy
buy
neutral
Equalwt/Cautious
outperform
overweight
buy
buy
sell
sell
hold
buy
neutral
sell
neutral/neutral
hold
neutral
buy
sell
hold
sell
hold
Under Review
buy
buy
buy
hold
buy
underperform
neutral
buy
overweight
hold
underperform
hold
accumulate
buy
Amt Held
637'338'263
38'965'330
34'288'654
13'652'443
11'807'964
11'263'233
8'882'700
7'991'717
5'391'818
4'337'697
3'626'060
3'405'847
3'040'188
2'802'907
2'731'472
2'714'162
2'683'591
2'539'528
2'448'266
2'378'999
% Out
38.27
2.34
2.06
0.82
0.71
0.68
0.53
0.48
0.32
0.26
0.22
0.2
0.18
0.17
0.16
0.16
0.16
0.15
0.15
0.14
Weighting
Change
3
3
3
3
5
5
5
3
3
5
5
5
5
1
1
3
5
3
1
3
3
3
5
1
3
1
3
#N/A N/A
5
5
5
3
5
1
3
5
5
3
1
3
4
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
D
U
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
M
M
M
N
Latest Chg
(1'268'600)
157'708
378'014
361'682
(75'417)
(2'720)
424'535
660'850
383'008
(511'043)
313'267
(1'180'104)
(67'376)
(2'268'295)
2'378'999
Target Price
16
11
13
12
15
16
16
12
13
14
14
15
14
10
12
13
15
14
10
11
#N/A N/A
12
#N/A N/A
10
13
9
13
#N/A N/A
19
21
18
14
15
15
#N/A N/A
17
13
#N/A N/A
9
13
18
30
File Dt
Inst Type
31.07.2012
Unclassified
17.05.2012
Government
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
17.05.2012
Corporation
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.07.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
29.06.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Date
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
14.03.2013
04.03.2013
01.03.2013
25.02.2013
22.02.2013
11.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
22.01.2013
14.01.2013
11.01.2013
10.01.2013
10.01.2013
06.01.2013
23.11.2012
20.11.2012
02.11.2012
26.10.2012
30.01.2012
08.06.2011
27.03.2013
Fresenius Medical Care AG & Co KGaA

Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and
manufactures and distributes equipment and products used in the treatment of
dialysis patients. The Company also offers clinical laboratory testing and
diagnostic testing services and provides home infusion, respiratory therapy,
ultrasound, and echo-cardiography. Fresenius operates worldwide.
Price/Volume
70
3.0 M
60
2.5 M
50
2.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.07.2012)
52-Week Low (10.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FME GY EQUITY YTD Change
FME GY EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
10'612.3
1.81x
2'088.1
9.19x
817.6
17.10x
1.5 M
30
12/2012
12/yy
60.27
47.79
486'804.00
52.42
-13.02%
9.69%
35.50%
302.8
16'038.56
8'298.48
0.0
788.0
688.04
22'402.47
31.12.2009
31.12.2010
11'247.5
12'053.5
1.84x
1.88x
2'212.7
2'427.0
9.33x
9.36x
891.1
978.5
17.72x
17.64x
Profitability
LTM-4Q
31.12.2011
12'570.5
2.22x
2'632.2
10.62x
1'071.2
19.22x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
13'800.3
2.15x
2'821.5
10.50x
1'186.8
17.78x
2'821.47
2'218.57
16.08%
14.00%
5.67%
14.09%
9.79%
0.66%
33.3%
20.4%
16.1%
8.6%
1.93
0.26
37.17%
92.80%
110.93
9.18
Price/ Cash Flow
LTM
12/yy
12'570.5
8.84x
2'632.2
10.63x
1'071.2
19.22x
12/yy
13'800.3
8.76x
2'821.5
10.50x
1'186.8
17.78x
FY+1
0.57
208.38
1.93%
0.21%
0.567
36
3.583
656'451
800'870
849'319
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
14'706.7
15'546.5
3'530.8
3'762.0
1.93x
1.78x
8.11x
7.60x
3'103.0
3'281.5
732.5
770.0
9.31x
8.80x
9.39x
9.23x
1'204.4
1'317.2
271.0
294.7
17.05x
15.72x
17.41x
16.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.09.2012
BB+
STABLE
6.00
4.56
2.70
2.94
92.8%
46.0%
0.66
4.95
3.30
39.87
27.61
15.56
25.00
16'000.0
14'000.0
20.00
12'000.0
10'000.0
15.00
8'000.0
10.00
6'000.0
4'000.0
5.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Fresenius Medical Care AG & Co KGaA

Holdings By:
All
Holder Name
FRESENIUS SE & CO KG
BLACKROCK
VANGUARD GROUP INC
CARMIGNAC GESTION
DEUTSCHE BANK AG
FMR LLC
SARASIN
INVESCO LTD
RUFFER LLP
SCHRODER INVESTMENT
SCOTTISH WIDOWS
CLERICAL MEDICAL INV
Firm Name
Societe Generale
Day by Day
Exane BNP Paribas
Morgan Stanley
Nord/LB
AlphaValue
Barclays
DZ Bank AG
HSBC
Goldman Sachs
Credit Suisse
Hamburger Sparkasse
Bankhaus Metzler
Berenberg Bank
Bryan Garnier & Cie
Main First Bank AG
JPMorgan
Nomura
S&P Capital IQ
Helvea
Deutsche Bank
EVA Dimensions
Jefferies
CA Cheuvreux
SunTrust Robinson Humphrey
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
JUSTIN SMITH
VALERIE GASTALDY
JULIEN DORMOIS
LISA BEDELL CLIVE
MICHAEL K JUNGLING
HOLGER FECHNER
MARTIN SCHNEE
SALLY TAYLOR
SVEN OLAF KUERTEN
JAN KEPPELER
VERONIKA DUBAJOVA
CHRISTOPH GRETLER
MARCO GUENTHER
SEBASTIAN FRERICKS
TOM JONES
MAJA PATAKI
MATHIEU CHABERT
KONRAD LIEDER
MARCUS WIEPRECHT
DAVID J ADLINGTON
TIMO KUERSCHNER
ULRICH HUWALD
MARTIN BRUNNINGER
SHO MATSUBARA
OLAV ZILIAN
VOLKER BRAUN
HOLGER BLUM
ANDREW S ZAMFOTIS
INGEBORG OIE
OLIVER REINBERG
CLAUDIA LAKATOS
DAVID S MACDONALD
Source
20F
ULT-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
buy
hold
outperform
outperform
Overwt/In-Line
hold
add
equalweight
hold
neutral
hold
neutral/neutral
neutral
buy
buy
buy
buy
buy
accumulate
underperform
underweight
buy
buy
reduce
hold
buy
hold
hold
underweight
hold
underperform
buy
buy
Amt Held
94'380'382
23'308'909
15'147'822
3'065'861
2'947'832
2'772'483
2'691'210
2'050'747
1'826'282
1'642'573
1'546'825
1'270'832
1'239'455
1'145'603
1'077'120
1'028'400
891'372
812'216
732'215
667'115
% Out
31.17
7.7
5
1.01
0.97
0.92
0.89
0.68
0.6
0.54
0.51
0.42
0.41
0.38
0.36
0.34
0.29
0.27
0.24
0.22
Weighting
Change
5
3
5
5
5
3
4
3
3
3
3
3
3
5
5
5
5
5
4
1
1
5
5
2
3
5
3
3
1
3
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(123'369)
(418'710)
1'361'232
(7'348)
450'000
(14'552)
(502'837)
(236'622)
(3'090'185)
76'163
(237'666)
729'384
(33'900)
(89'146)
121'590
6'037
-
Target Price
62
#N/A N/A
62
62
58
55
61
57
55
55
60
53
55
#N/A N/A
56
63
58
66
58
50
49
58
57
45
57
65
56
48
#N/A N/A
60
49
66
63
File Dt
Inst Type
18.02.2013
Corporation
25.03.2013
Investment Advisor
06.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Unclassified
21.03.2013
Investment Advisor
30.11.2012
Investment Advisor
28.09.2012
Investment Advisor
30.10.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Unclassified
28.02.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
9 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Date
25.03.2013
21.03.2013
21.03.2013
18.03.2013
07.03.2013
07.03.2013
07.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
21.02.2013
20.02.2013
15.01.2013
05.11.2012
01.11.2012
31.10.2012
02.11.2011
27.03.2013
AP Moeller - Maersk A/S

A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The
Company's fleet includes container vessels, tankers, supply ships, special
vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial,
and supermarket businesses, and explores for and produces oil and gas. The
Company is active worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MAERSKB DC EQUITY YTD Change
MAERSKB DC EQUITY YTD % CHANGE
12/2012
12/yy
47'480.00
35'000.00
1'461.00
45440
-4.30%
29.83%
87.50%
2.2
196'043.75
111'064.00
0.0
13'744.0
15'171.00
305'680.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
260'336.0
315'396.0
1.01x
0.97x
49'262.0
89'218.0
5.34x
3.44x
(7'027.0)
26'455.0
8.33x
Profitability
LTM-4Q
31.12.2011
322'520.0
0.84x
78'506.0
3.44x
15'189.0
10.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
342'058.0
0.85x
72'897.0
4.00x
21'673.0
8.59x
72'897.00
41'924.00
12.26%
12.43%
5.25%
10.76%
0.83%
21.3%
12.3%
6.3%
1.15
0.67
26.40%
53.19%
12.20
-
Price/ Cash Flow
.0 M
.0 M
.0 M
.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
LTM
FY+1
1.01
8.03%
6.67%
1.012
31
3.710
4'326
4'285
4'448
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
322'520.0 342'058.0 336'080.7 365'158.1
81'773.1
85'571.3
2.44x
3.40x
0.92x
0.84x
78'506.0
72'897.0
75'512.7
84'490.5
17'725.7
19'909.3
3.44x
4.06x
4.05x
3.62x
3.94x
3.77x
15'189.0
21'673.0
19'131.9
24'742.7
3'444.0
5'381.8
11.01x
8.61x
10.37x
8.32x
10.03x
9.22x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.68
7.80
1.32
1.52
53.2%
33.3%
0.83
1.33
30.01
-
9.00
400'000.0
8.00
350'000.0
7.00
300'000.0
6.00
250'000.0
5.00
200'000.0
4.00
150'000.0
3.00
100'000.0
2.00
50'000.0
1.00
0.00
01.01.2010
.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
311'821.0
0.68x
83'945.0
2.52x
16'960.0
6.86x
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
AP Moeller - Maersk A/S

Holdings By:
All
Holder Name
AP & CHASTINE MOLLER
AP MOLLER C MCKINNEY
FRANKLIN RESOURCES
MC-KINNEY MOLLER MAE
DEN AP MOLLERSKE STO
AP MOLLER - MAERSK A
VANGUARD GROUP INC
SKAGEN AS
BLACKROCK
MANDARINE GESTION
SPARINVEST
DEUTSCHE BANK AG
SARASIN
FMR LLC
Firm Name
Fearnley Fonds
SEB Enskilda
Cantor Fitzgerald
AlphaValue
Berenberg Bank
ABG Sundal Collier
Equita SIM SpA
Macquarie
Credit Suisse
ABN Amro Bank N.V.
Carnegie
Handelsbanken
DNB Markets
Danske Markets
Clarkson Capital Markets LLC
Alm Brand Markets
Goldman Sachs
JPMorgan
Nomura
Deutsche Bank
RS Platou Markets
Morgan Stanley
EVA Dimensions
HSBC
Jyske Bank
CA Cheuvreux
NYKREDIT
Sydbank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
RIKARD VABO
MIKKEL M NIELSEN
ROBIN BYDE
HELENE COUMES
WILLIAM FOGGON
LARS HEINDORFF
GIANMARCO BONACINA
FINN BJARKE PETERSEN
ROBERT JOYNSON
NEIL GLYNN
MARK VAN DER GEEST
STIG FREDERIKSEN
DAN TOGO JENSEN
NICOLAY DYVIK
ERIK BERGOO
URS M DUR
JESPER CHRISTENSEN
OLIVER NEAL
CHRISTOPHER G COMBE
MARK MCVICAR
JOSE FRANCISCO RUIZ SOLERA
FRODE MOERKEDAL
PENNY BUTCHER
CRAIG STERLING
JULIA WINARSO
GLENN LODDEN
FRANS HOYER
BEAT KEISER
RICKY S RASMUSSEN
JACOB PEDERSEN
Source
Co File
Co File
ULT-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
reduce
hold
buy
reduce
buy
buy
buy
buy
neutral
underperform
buy
buy
buy
buy
buy
market perform
sell
Buy/Neutral
neutral
buy
buy
neutral
Overwt/In-Line
hold
overweight
buy
sell
underperform
outperform
overweight
Amt Held
905'933
216'483
87'534
81'758
64'615
29'729
25'010
16'835
14'211
14'181
12'536
9'054
8'803
7'616
6'980
6'713
6'465
6'428
6'413
6'016
% Out
41.22
9.85
3.98
3.72
2.94
1.35
1.14
0.77
0.65
0.65
0.57
0.41
0.4
0.35
0.32
0.31
0.29
0.29
0.29
0.27
Weighting
Change
2
3
5
2
5
5
5
5
3
1
5
5
5
5
5
3
1
5
3
5
5
3
5
3
5
5
1
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
M
M
M
M
Latest Chg
(46)
4'657
67
4'051
1'049
(680)
1'469
(665)
(6)
620
530
(275)
2'214
Target Price
40'000
45'100
50'000
41'414
60'000
52'000
58'000
50'000
44'000
42'700
52'500
#N/A N/A
57'000
51'000
55'000
42'200
42'500
56'000
45'000
59'000
53'800
50'000
60'000
#N/A N/A
56'000
50'000
37'000
40'000
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2011
Other
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2011
n/a
31.12.2011
Other
31.12.2011
Corporation
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
6 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
13.03.2013
05.03.2013
05.03.2013
01.03.2013
28.02.2013
27.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
08.02.2013
03.02.2013
01.02.2013
17.01.2013
13.11.2012
26.10.2012
04.09.2012
10.08.2012
23.02.2012
18.02.2011
27.03.2013
Christian Dior SA
Christian Dior SA manufactures luxury products such as upscale clothing,
champagne and wines, cognac and spirits, luggage and leather goods, perfumes and
cosmetics, and jewelry and watches. The Company markets its products
internationally.
Price/Volume
160
.6 M
140
.5 M
120
.4 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CDI FP EQUITY YTD Change
CDI FP EQUITY YTD % CHANGE
12/2012
01/yy
136.80
98.08
68'094.00
128.05
-6.40%
30.56%
77.53%
181.7
23'270.15
8'824.00
0.0
15'309.0
2'428.00
45'653.15
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
40
.1 M
20
0
m-12
31.12.2008
31.12.2009
17'933.0
17'745.0
1.26x
1.55x
4'294.0
4'102.0
5.24x
6.69x
796.0
695.0
9.02x
18.40x
Profitability
LTM-4Q
31.12.2010
21'123.0
1.68x
5'175.0
6.85x
1'261.0
15.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
24'628.0
1.55x
6'266.0
6.08x
1'279.0
12.83x
6'266.00
5'323.00
21.61%
19.94%
66.0%
4.7%
1.33
0.43
17.23%
91.60%
-
Price/ Cash Flow
m-12
j-12
j-12
LTM
06/yy
20'182.0
0.00x
0.0
0.00x
0.0
0.00x
01/yy
29'231.0
0.00x
0.0
0.00x
0.0
0.00x
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
FY+1
0.90
51.20
12.85%
-0.16%
0.904
14
4.286
111'190
106'087
103'185
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
12/13 Q4 03/14 Q1
30'024.6
32'911.4
1.49x
1.25x
7'422.0
8'361.5
6.15x
5.46x
1'768.8
2'220.6
13.72x
11.50x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.79
18.23
91.6%
26.1%
229.19
7.00
35'000.0
6.00
30'000.0
5.00
25'000.0
4.00
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
5'000.0
0.00
01.01.2010
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
17'245.0
1.74x
4'207.0
7.14x
880.0
18.20x
.3 M
60
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Christian Dior SA
Holdings By:
All
Holder Name
GROUPE ARNAULT SAS
CHRISTIAN DIOR SA
FMR LLC
SCHRODER INVESTMENT
VANGUARD GROUP INC
BLACKROCK
SOCIETE GENERALE
PALATINE ASSET MANAG
LBPAM
PUTNAM INVESTMENT MA
HSBC ASSET MGMT EURO
IG INVESTMENT MANAGE
Firm Name
Oddo & Cie
Day by Day
AlphaValue
EVA Dimensions
Goldman Sachs
Raymond James
Natixis
Aurel - BGC
HSBC
Bryan Garnier & Cie
Main First Bank AG
JPMorgan
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LEOPOLD AUTHIE
VALERIE GASTALDY
VIRGINIE BLIN
CRAIG STERLING
MARKUS IWAR
MARC WILLAUME
OLIVIER DELAHOUSSE
DAVID DA MAIA
SOPHIE DARGNIES
LOIC MORVAN
GAEL COLCOMBET
CATHERINE ROLLAND
MELANIE A FLOUQUET
Source
Research
Co File
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
buy
underweight
Buy/Neutral
outperform
buy
buy
neutral
buy
outperform
buy
overweight
Amt Held
127'874'042
2'380'206
1'873'868
796'326
666'226
623'346
581'499
421'691
366'000
348'671
333'448
279'724
258'207
248'010
237'632
227'680
222'041
213'750
188'200
146'427
% Out
70.37
1.31
1.03
0.44
0.37
0.34
0.32
0.23
0.2
0.19
0.18
0.15
0.14
0.14
0.13
0.13
0.12
0.12
0.1
0.08
Weighting
Change
5
3
5
1
5
5
5
5
3
5
5
5
5
M
D
M
U
M
M
M
U
D
M
M
M
M
Latest Chg
33'750
481'476
(329'869)
151
766
(75'135)
4'085
(819)
(3'323)
12'382
(17'382)
(57'000)
(23'602)
32
30'482
(15'250)
(7'104)
Target Price
154
#N/A N/A
180
#N/A N/A
149
142
142
140
147
145
174
130
110
File Dt
Inst Type
01.10.2012
Holding Company
30.04.2012
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Bank
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Date
19.03.2013
19.03.2013
07.03.2013
21.02.2013
11.02.2013
04.02.2013
04.02.2013
25.01.2013
24.01.2013
16.01.2013
09.01.2013
30.10.2012
15.12.2011
27.03.2013
Henkel AG & Co KGaA

Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical
products. The Company produces reactive polyurethane and laminating adhesives,
labeling for glass and PET plastic bottles, corrosion inhibitors and surface
treatments, soaps, skin care products, hair dye, perfumes, detergents,
dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.
Price/Volume
70
60
50
40
Valuation Analysis
30
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HEN GY EQUITY YTD Change
HEN GY EQUITY YTD % CHANGE
12/2011
12/yy
61.70
41.51
56'274.00
60.84
-1.39%
46.58%
96.87%
259.8
28'970.07
3'901.00
0.0
135.0
1'238.00
31'768.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
m-12
31.12.2009
31.12.2010
13'573.0
15'092.0
1.40x
1.41x
1'938.0
2'445.0
9.84x
8.71x
602.0
1'118.0
26.40x
18.11x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
LTM-4Q
31.12.2011
15'605.0
1.38x
2'444.0
8.82x
1'161.0
16.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
16'510.0
1.81x
2'782.0
10.72x
1'510.0
17.93x
2'782.00
2'373.00
14.37%
12.47%
7.94%
16.85%
0.87%
46.8%
16.1%
13.6%
9.1%
1.30
0.56
19.98%
41.61%
8.21
5.80
Price/ Cash Flow
LTM
12/yy
15'605.0
5.53x
2'217.0
9.72x
1'161.0
16.70x
12/yy
16'510.0
6.49x
2'658.0
11.22x
1'510.0
17.93x
FY+1
0.75
107.39
34.06%
17.16%
0.747
5
3.200
103'396
128'082
127'172
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'083.1
17'919.3
4'190.5
4'394.5
1.65x
1.51x
2'860.3
3'087.0
11.11x
10.29x
1'736.9
1'912.5
434.0
468.5
15.10x
13.70x
14.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.05.2011
A
STABLE
18.05.2011
A-1
21.24
18.02
1.00
1.47
41.6%
29.1%
0.87
7.21
44.58
63.13
106.32
1.39
16.00
18'000.0
14.00
16'000.0
12.00
14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
14'131.0
1.00x
2'048.0
6.87x
1'221.0
8.01x
20
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
f-13 m-13
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Henkel AG & Co KGaA

Holdings By:
All
Holder Name
HENKEL FAMILY
HENKEL CHRISTOPH
SILCHESTER INTL INVE
TRIMARK INVESTMENT M
SEB
VANGUARD GROUP INC
BLACKROCK
FIRST PACIFIC ADVISO
AMUNDI
GENERALI ASSET MANAG
ADIG INVESTMENT
ROBECO INVESTOR SERV
ALLIANCE BERNSTEIN
FMR LLC
OYSTER ASSET MANAGEM
SANFORD C BERNSTEIN
JO HAMBRO CAPITAL MA
GAM INTERNATIONAL MA
Firm Name
AlphaValue
HSBC
Nomura
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANDREW WOOD
MARTIN SCHNEE
CEDRIC BESNARD
GUILLAUME DELMAS
JOERG PHILIPP FREY
ZAFER RUZGAR
IRIS SCHAEFER
Source
EXCH
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
reduce
underweight
buy
hold
hold
buy
Amt Held
138'237'398
14'172'457
7'824'150
2'478'426
1'580'909
1'579'517
1'358'762
1'212'847
920'000
773'169
662'131
570'600
492'756
483'503
468'164
467'900
285'558
248'330
247'515
218'045
% Out
53.21
5.46
3.01
0.95
0.61
0.61
0.52
0.47
0.35
0.3
0.25
0.22
0.19
0.19
0.18
0.18
0.11
0.1
0.1
0.08
Weighting
Change
5
2
1
5
3
3
5
Latest Chg
(83'232)
102'447
(109'258)
50'528
46'946
761'776
(50'935)
167'052
61'332
7'000
25'190
(35'352)
(17'787)
19'421
Target Price
M
M
M
M
M
M
N
65
58
56
62
46
44
27
File Dt
Inst Type
05.08.2011
n/a
31.12.2009
n/a
31.12.2009
Investment Advisor
31.03.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
30.11.2012
Investment Advisor
30.06.2012
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
6 month
Not Provided
12 month
12 month
6 month
6 month
Date
25.03.2013
21.03.2013
18.01.2013
10.08.2012
26.04.2012
07.11.2011
21.10.2008
27.03.2013
Atlas Copco AB
Atlas Copco AB is an international industrial group. The Group develops,
manufactures, and markets compressed air equipment and generators, construction
and mining equipment, electric and pneumatic tools, and assembly systems and
offers related services. Atlas Copco also rents equipment. The Company markets
to manufacturing, building, construction, and mining companies worldwide.
Price/Volume
180
3.0 M
160
2.5 M
140
120
2.0 M
100
12/2011
12/yy
170.10
118.60
357'952.00
162.7
-4.29%
37.18%
87.18%
390.2
216'678.05
21'052.00
0.0
54.0
12'416.00
225'368.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60
1.0 M
40
.5 M
20
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
74'177.0
1.38x
15'808.0
6.48x
10'157.0
8.16x
1.5 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ATCOB SS EQUITY YTD Change
ATCOB SS EQUITY YTD % CHANGE
31.12.2009
31.12.2010
63'762.0
69'875.0
2.15x
2.97x
11'527.0
16'400.0
11.87x
12.67x
6'244.0
9'921.0
20.51x
20.80x
Profitability
LTM-4Q
31.12.2011
81'203.0
2.39x
20'061.0
9.68x
12'963.0
13.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
90'533.0
2.43x
21'891.0
10.05x
13'901.0
15.57x
21'891.00
19'227.00
21.24%
20.48%
17.79%
43.54%
1.16%
38.4%
24.2%
21.2%
15.4%
2.44
1.32
25.94%
60.01%
5.53
3.17
Price/ Cash Flow
LTM
12/yy
81'203.0
9.56x
20'076.0
9.47x
12'963.0
13.86x
12/yy
90'533.0
8.98x
21'892.0
9.92x
13'901.0
15.57x
FY+1
1.13
15.94%
2.84%
1.129
0
885'024
819'144
767'555
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
89'260.0
93'126.2
21'596.5
22'384.2
2.45x
2.30x
10.30x
10.08x
21'600.2
22'826.8
5'037.0
5'281.8
10.43x
9.87x
10.54x
10.67x
13'752.1
14'777.0
3'268.6
3'434.4
14.36x
13.39x
14.52x
14.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.02.2011
A
STABLE
24.02.2011
A-1
21.93
20.26
0.39
0.96
60.0%
37.5%
1.16
10.33
66.19
115.59
47.17
134.61
25.00
100'000.0
90'000.0
80'000.0
20.00
70'000.0
15.00
60'000.0
10.00
50'000.0
40'000.0
30'000.0
20'000.0
5.00
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Atlas Copco AB
Holdings By:
All
Holder Name
AMF
SEB
INVESTOR AB
AMF FONDER AB
FOLKSAM GROUP
FOLKSAM LO FOND AB
FORSTA AP FONDEN
AP 1
AP 4
VANGUARD GROUP INC
ANDRA AP FONDEN
AP 2
FJARDE AP-FONDEN
BLACKROCK
DANSKE CAPITAL SVERI
Firm Name
AlphaValue
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
LIONEL PELLICER
Source
ULT-AGG
Research
Research
Research
ULT-AGG
Research
MF-AGG
Research
MF-AGG
Co File
Co File
Research
Research
Research
MF-AGG
Co File
Research
Co File
ULT-AGG
MF-AGG
Recommendation
sell
Amt Held
25'224'284
24'492'020
23'576'556
20'088'000
15'148'226
12'091'885
11'876'520
10'949'499
10'119'562
8'787'802
7'850'527
7'695'590
5'632'045
4'777'823
4'359'560
3'477'722
3'292'209
3'136'746
2'576'300
2'464'368
% Out
6.46
6.28
6.04
5.15
3.88
3.1
3.04
2.81
2.59
2.25
2.01
1.97
1.44
1.22
1.12
0.89
0.84
0.8
0.66
0.63
Weighting
Change
1
Latest Chg
(2'719'000)
(3'809'005)
(5'400'000)
(1'995'091)
1'424'285
1'360'500
559'596
34'294
(185'838)
183'662
5'762
309'609
Target Price
53
File Dt
Inst Type
31.12.2012
Investment Advisor
30.06.2012
Other
30.06.2012
Investment Advisor
31.12.2012
Unclassified
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
n/a
30.06.2012
n/a
31.12.2012
Investment Advisor
30.06.2012
n/a
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Date
09.04.2009
27.03.2013
Tenaris SA
Tenaris S.A. manufactures seamless steel pipe products on a global basis. The
Company also provides pipe handling, stocking, and distribution services to the
oil and gas, energy, and mechanical industries. In addition, Tenaris supplies
welded steel pipes for gas pipelines in South America.
Price/Volume
18
8.0 M
16
7.0 M
14
6.0 M
12
5.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (14.09.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEN IM EQUITY YTD Change
TEN IM EQUITY YTD % CHANGE
12/2012
12/yy
17.08
12.00
776'037.00
15.66
-8.31%
30.50%
76.57%
1'180.5
18'487.21
1'744.19
0.0
172.3
1'472.87
24'051.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
6
4
2.0 M
1.0 M
0
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
12'131.8
1.16x
3'560.8
3.94x
2'124.8
7.06x
4.0 M
Valuation Analysis
31.12.2009
31.12.2010
8'149.3
7'711.6
3.15x
3.77x
2'318.5
2'080.4
11.08x
13.99x
1'161.6
1'127.4
21.37x
25.49x
Profitability
LTM-4Q
31.12.2011
9'972.5
2.23x
2'449.1
9.06x
1'331.2
16.38x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
10'834.0
2.29x
2'924.3
8.47x
1'699.0
14.31x
2'924.26
2'356.61
21.75%
20.70%
11.02%
15.52%
13.72%
0.70%
38.7%
27.3%
21.8%
15.7%
2.47
1.25
10.93%
15.32%
5.46
2.29
Price/ Cash Flow
LTM
12/yy
9'972.5
9.50x
2'449.1
9.06x
1'331.2
16.38x
12/yy
10'834.0
8.64x
2'952.6
8.39x
1'699.0
14.30x
FY+1
0.82
463.52
7.34%
0.51%
0.820
12
2.583
1'526'256
1'747'823
1'621'186
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
11'340.4
11'963.7
2'742.3
2'772.0
2.03x
1.86x
8.63x
8.50x
3'068.1
3'260.6
714.0
731.5
7.84x
7.38x
8.17x
1'852.0
1'988.9
431.0
453.0
12.01x
11.94x
11.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
52.68
38.46
0.09
0.59
15.3%
13.1%
0.70
2.55
67.08
159.70
47.92
178.86
60.00
14'000.0
50.00
12'000.0
10'000.0
40.00
8'000.0
30.00
6'000.0
20.00
4'000.0
10.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tenaris SA
Holdings By:
All
Holder Name
SAN FAUSTIN NV
ABERDEEN
BLACKROCK
VANGUARD GROUP INC
HINOJOSA GUILLERMO
VOGEL GUILLERMO
ARCA SGR SPA
FIDEURAM GESTIONS SA
CREDIT SUISSE ASSET
SCOTTISH WIDOWS
TD ASSET MANAGEMENT
STATE STREET BANQUE
GEODE CAPITAL MANAGE
FMR LLC
AMUNDI
LBPAM
MEDIOLANUM INTERNATI
Firm Name
AlphaValue
Equita SIM SpA
Exane BNP Paribas
EVA Dimensions
CA Cheuvreux
Banca Akros(ESN)
Natixis
Mediobanca SpA
Banca IMI
Credit Suisse
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
GEODE CAPITAL MANAGE
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
FABRICE FARIGOULE
ROBERTO LETIZIA
RAPHAEL VEVERKA
CRAIG STERLING
GEOFFROY STERN
FRANCESCO SALA
FILIPPO PRINI
JULIEN LAURENT
ANDREA SCAURI
BRUNO PERMUTTI
MICHAEL SHILLAKER
HENRY TARR
STEPHEN WILLIAMS
Source
20F
ULT-AGG
ULT-AGG
MF-AGG
20F
20F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
hold
outperform
hold
underperform
hold
hold
neutral
underperform
hold
underperform
Sell/Neutral
overweight
Amt Held
713'605'187
59'184'400
5'820'147
4'262'346
1'915'446
1'325'446
1'238'424
764'267
759'370
735'000
619'596
564'072
552'807
535'970
487'901
449'230
433'450
379'640
371'083
363'294
% Out
60.45
5.01
0.49
0.36
0.16
0.11
0.1
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.03
Weighting
Change
4
3
5
3
1
3
3
3
1
3
1
1
5
M
M
M
D
M
D
M
M
M
M
M
M
U
Latest Chg
(182'111)
84'755
54'200
(2'000)
(95'920)
20'000
(1'250)
(130'758)
(62'086)
(1'851)
(1'685)
1'163
(9'177)
5'157
(4'041)
(4'984)
Target Price
17
16
18
#N/A N/A
16
17
14
15
14
16
15
15
#N/A N/A
File Dt
31.03.2012
31.03.2012
25.03.2013
31.12.2012
30.04.2008
31.03.2012
28.02.2013
28.02.2013
31.12.2012
28.09.2012
31.01.2013
28.02.2013
30.11.2012
30.06.2012
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
29.06.2012
Date
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Other
Unclassified
Investment Advisor
Investment Advisor
n/a
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
28.02.2013
27.02.2013
27.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
25.01.2013
08.01.2013
13.01.2010

Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)

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Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)

Enviado por

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

HSBC HOLDINGS PLC

ROCHE HOLDING AG-GENUSSCHEIN

VODAFONE GROUP PLC

ROYAL DUTCH SHELL PLC-A SHS

BRITISH AMERICAN TOBACCO PLC

ROYAL DUTCH SHELL PLC-B SHS

NOVO NORDISK A/S-B

RIO TINTO PLC

LVMH MOET HENNESSY LOUIS VUI

BHP BILLITON PLC

STANDARD CHARTERED PLC

DAIMLER AG-REGISTERED SHARES

RECKITT BENCKISER GROUP PLC

BANCO BILBAO VIZCAYA ARGENTA

NATIONAL GRID PLC

ZURICH INSURANCE GROUP AG

CIE FINANCIERE RICHEMON-BR A

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

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

ERICSSON LM-B SHS

DEUTSCHE BANK AG-REGISTERED

ANGLO AMERICAN PLC

DEUTSCHE TELEKOM AG-REG

IMPERIAL TOBACCO GROUP PLC

CREDIT SUISSE GROUP AG-REG

MUENCHENER RUECKVER AG-REG

ROLLS-ROYCE HOLDINGS PLC

LLOYDS BANKING GROUP PLC

KONINKLIJKE PHILIPS ELECTRON

GLENCORE INTERNATIONAL PLC

ING GROEP NV-CVA

BAYERISCHE MOTOREN WERKE AG

HENNES & MAURITZ AB-B SHS

VOLVO AB-B SHS

ATLAS COPCO AB-A SHS