Fundamental Analysis & Financial Analyst Recommandations - Global Agri…
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Transcript of Fundamental Analysis & Financial Analyst Recommandations - Global Agri…
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November 2012
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 12803200 1812.556 1093 1093 201 211 211 98.19 103.87 103.87 14.14 14.14 13.37 13.37 19.02
Euro Stoxx 50 Pr EUR 2382352 5375.146 4576 4576 771 778 778 180.08 298.98 298.98 23.01 15.08 13.86 13.86 20.96
NIKKEI 225 JPY 2129014 168.6997 214 214 22 23 23 4.65 6.60 6.60 0.29 0.23 0.21 0.21 0.13
FTSE 100 INDEX GBP 2544814 11252.88 9503 9503 1555 1644 1644 624.42 814.22 814.22 23.44 20.73 17.97 17.97 25.96
SWISS MARKET INDEX CHF 889864 10217.62 3916 3916 834 798 798 363.13 518.52 518.52 20.75 18.37 14.53 14.53 22.27
S&P/TSX COMPOSITE INDEX CAD 1626375 16528.26 7764 7764 1907 1945 1945 805.81 850.09 850.09 15.05 15.05 14.27 14.27 25.25
S&P/ASX 200 INDEX AUD 1220491 6013.828 2884 2884 648 689 689 267.45 340.41 340.41 17.49 14.71 13.74 13.74 23.97
HANG SENG INDEX HKD 1609595 3092.354 1449 1449 347 362 362 252.09 246.24 246.24 1.42 1.52 1.46 1.46 3.10
MSCI EM USD 7180442 1359.299 979 979 183 180 180 81.16 86.72 86.72 12.07 12.47 11.29 11.29 18.79
ADECOAGRO SA USD 1090 9 121 0 0 0 0 1.30 548 515 611 785 159 131 - - 0.48 -0.25 0.43 0.64 - - 21.00 14.09 28.58 - - - 22.36 - - - -
AGCO CORP USD 4318 73 97 1 0 0 1 5.44 8773 9777 9840 10126 783 971 219 219 4.47 5.68 5.22 5.55 7.84 7.84 8.54 8.02 27.21 10.24 56.21 15.95 9.94 BBB- 05.03.2010 WR 23.06.2005
AGRIUM INC CAD 14990 126 158 2 0 0 1 15.93 15507 16642 16512 17486 2713 2723 534 534 9.69 9.61 9.66 9.85 10.49 10.49 10.44 10.24 44.11 46.59 84.28 46.98 16.40 BBB 24.11.2005 Baa2 18.03.2010
AMERICAN VANGUARD CORP USD 928 3 28 0 0 0 0 0.96 304 348 363 424 55 68 21 21 0.80 1.12 1.23 1.63 29.54 29.54 26.92 20.29 34.19 10.30 63.10 8.82 19.60 - - - -
ANDERSONS INC/THE USD 784 11 19 0 0 0 0 1.34 4576 4889 4999 5206 165 159 40 40 5.09 4.61 4.32 4.09 9.15 9.15 9.75 10.31 34.84 20.32 31.40 17.53 3.25 - - - -
ARCHER-DANIELS-MIDLAND CO USD 17333 383 659 10 0 0 2 26.04 89038 88944 91122 94033 2890 2689 688 688 2.29 2.02 2.39 2.70 13.03 13.03 11.01 9.73 10.36 15.60 -18.96 1.05 3.02 A *- 19.10.2012 A2 12.11.2004
ASTRA AGRO LESTARI TBK PT IDR 3262 458 1575 0 0 0 0 3.32 1116 1182 1178 1301 370 365 97 97 0.16 0.15 0.15 0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
BRF - BRASIL FOODS SA-ADR USD 16263 142 #VALUE! 8 #VALUE! 0 3 #VALUE! 25706 27471 27942 30381 2878 2412 938 938 - - 1.18 2.22 - - 33.18 17.61 13.34 37.97 24.04 52.90 9.08 BBB- 04.04.2012 Baa3 31.05.2012
BUNGE LTD USD 10542 23 144 4 1 0 1 18.93 58743 62274 63883 68727 1701 1655 627 627 5.83 5.62 6.26 7.66 12.83 12.83 11.52 9.42 28.52 15.26 21.85 13.15 2.66 BBB- 10.06.2010 - -
CF INDUSTRIES HOLDINGS INC USD 13033 51 71 2 0 0 1 12.94 6098 6341 6202 6019 3161 3544 850 850 23.30 28.58 27.58 26.32 7.25 7.25 7.52 7.88 53.79 36.08 142.87 80.30 55.88 - - - -
CHINA AGRI-INDUSTRIES HLDGS HKD 2287 10325 4038 4 0 0 1 6.26 10625 11666 12697 14674 49 162 - - -0.03 0.04 0.06 0.07 1.80 - 1.31 1.04 6.96 4.11 -11.60 -2.53 0.18 - - - -
CHINA BLUECHEMICAL LTD - H HKD 2938 2718 4610 0 0 0 0 2.28 1259 1290 1443 1640 458 431 - - 0.05 0.05 0.06 0.06 1.25 1.32 1.14 1.05 5.43 2.73 6.19 2.12 4.31 - - - -
CHIQUITA BRANDS INTL USD 310 8 46 1 0 0 0 0.86 3 K 3 K 3 K 3 K 140 72 10 10 1.81 -0.98 -0.28 0.73 - - #VALUE! 9.18 -2.73 -1.74 0.50 2.74 2.35 B 03.09.2009 Caa1 18.03.2010
CNH GLOBAL N.V. USD 11375 217 240 17 0 0 2 27.94 19185 20301 19169 19641 2616 2834 347 347 3.82 4.70 4.59 4.79 10.10 10.10 10.34 9.92 22.92 8.23 31.92 8.18 13.96 BB+ 01.10.2010 Ba2 25.07.2011
COSAN LTD-CLASS A SHARES USD 4476 47 271 5 0 4 2 17.64 24097 25262 39270 45408 1992 2013 810 810 4.40 1.21 2.83 3.14 28.59 28.59 12.23 11.01 33.40 100.89 -26.24 17.17 8.04 BB 21.10.2010 - -
CRESUD S.A.-SPONS ADR USD 406 15 #VALUE! 4 0 2 1 #VALUE! 3458 3458 2664 3109 893 982 1043 1043 - - 2.98 5.56 - - 13.07 7.01 36.12 - -3.07 83.90 28.39 - - - -
DARLING INTERNATIONAL INC USD 1893 31 117 0 0 0 0 2.06 1797 1707 1717 1754 394 326 84 84 1.47 1.11 1.16 1.32 14.48 14.48 13.81 12.14 147.93 36.04 243.92 58.03 19.09 BB+ 29.03.2012 Ba2 18.09.2012
DEERE & CO USD 32469 909 406 27 0 0 4 58.77 36578 35719 34907 36894 4811 5302 791 791 7.63 7.64 8.31 8.99 10.85 10.85 9.98 9.23 15.95 12.43 - 13.81 15.38 A 14.12.2006 A2 08.02.2007
FIRST RESOURCES LTD SGD 2637 1360 1470 0 0 0 0 2.26 404 512 481 610 239 285 - - 0.11 0.13 0.11 0.12 8.52 8.70 10.53 9.00 40.75 - 36.46 - 45.34 - - - -
GLANBIA PLC EUR 3040 1343 295 1 0 0 0 3.77 3425 3525 3606 3476 273 291 146 146 0.52 0.57 0.67 0.73 23.08 23.94 19.75 18.18 29.86 9.44 16.54 19.87 10.59 NR 11.07.2005 - -
GOLDEN AGRI-RESOURCES LTD SGD 6390 43630 12139 1 0 0 0 6.03 4858 4783 4389 4964 744 663 683 683 0.08 0.07 0.03 0.04 4.56 - 9.91 8.12 57.00 24.32 34.63 28.00 11.30 - - - -
GRAINCORP LTD-A AUD 2907 585 210 1 0 0 0 3.25 3435 3435 3649 3548 335 335 236 236 0.95 1.06 0.82 0.72 12.40 - 16.16 18.35 20.62 - 53.50 145.82 10.09 - - - -
INDOFOOD AGRI RESOURCES LTD SGD 1404 1055 1439 5924 0 7036 5333 19387.94 10285851 11185341 11328588 12763307 2922741 2712924 - - 847.21 762.14 727.24 910.20 8.25 8.23 8.65 6.91 26.85 20.38 14.39 29.40 19.79 - - - -
INGREDION INC USD 4788 22 76 2 0 0 0 6.06 6219 6436 6528 6993 892 896 229 229 4.68 5.22 5.53 5.89 11.98 11.98 11.32 10.62 42.41 16.19 71.87 21.42 13.91 BBB 24.11.2008 Baa2 14.02.2008
INTREPID POTASH INC USD 1552 32 75 0 0 0 0 1.42 443 445 442 480 190 187 52 52 1.23 1.24 1.21 1.40 16.62 16.62 17.10 14.73 23.28 - 83.32 51.76 42.11 - - - -
IOI CORPORATION BHD MYR 10226 7225 6398 3 0 0 1 11.60 5058 4854 5480 5707 772 859 948 948 0.08 0.11 0.10 0.11 4.78 4.91 5.16 4.73 -1.08 1.70 -0.81 1.52 5.78 BBB+ 14.03.2008 - -
KERNEL HOLDING SA PLN 1586 158 80 0 0 0 0 0.69 675 675 759 801 101 101 24 24 0.84 0.82 0.83 0.96 2.35 2.36 2.32 2.01 4.43 - 4.30 16.09 4.66 - - - -
KUALA LUMPUR KEPONG BHD MYR 7168 1296 1065 1 0 0 1 7.46 3452 3378 3625 3949 753 - - - - 0.38 0.42 0.46 5.76 - 5.19 4.80 -0.37 4.42 - 9.37 - - - - -
KUBOTA CORP JPY 13407 3559 1256 4 0 1 1 17.40 12235 13021 13821 14612 1573 1649 - - 0.59 0.64 0.66 0.76 0.20 0.20 0.19 0.17 0.10 0.00 0.18 -0.05 0.15 NR 09.01.2007 WR 30.09.2005
KUMIAI CHEMICAL INDUSTRY CO JPY 393 81 81 0 0 0 0 0.37 511 522 534 558 26 27 - - - 0.27 0.23 0.29 0.21 - 0.24 0.19 0.12 0.01 0.33 0.12 0.06 - - - -
LINDSAY CORP USD 949 2 13 0 0 0 0 0.81 551 551 587 602 78 78 18 18 3.38 3.38 4.12 4.40 22.07 22.07 18.11 16.95 15.11 22.43 14.14 20.32 14.15 - - - -
MAPLE LEAF FOODS INC CAD 1516 3 140 1 0 0 0 2.65 4905 4917 4930 5057 390 359 119 119 1.00 0.82 0.93 1.14 13.20 13.20 11.63 9.55 -1.50 -0.95 5.52 5.10 7.31 - - - -
MONSANTO CO USD 47900 159 534 2 0 0 4 46.59 13504 13516 14603 15600 3760 3760 471 471 3.70 3.88 4.40 5.04 23.09 23.09 20.37 17.76 14.23 8.01 20.67 14.20 27.82 A+ 21.10.2008 A1 21.02.2012
MOSAIC CO/THE USD 21994 200 425 1 0 0 4 19.45 11108 10530 10489 11062 3119 3017 718 718 4.48 4.33 4.53 5.03 11.93 11.93 11.41 10.28 11.77 24.36 0.24 26.39 28.65 BBB 28.04.2011 Baa1 12.10.2011
NUFARM LTD AUD 1514 945 262 1 0 0 0 2.25 2257 2257 2385 2514 217 207 90 90 0.32 0.26 0.46 0.51 22.87 22.87 12.92 11.74 4.86 3.21 137.70 -1.66 9.48 BB 21.02.2011 - -
NUTRECO NV EUR 2713 106 35 1 0 0 0 3.19 6054 5774 6663 7011 348 379 - - 4.92 5.24 6.38 6.95 18.89 17.68 15.52 14.25 17.07 10.51 14.79 14.67 8.43 - - - -
OLAM INTERNATIONAL LTD SGD 3306 112550 2390 6 0 0 1 9.10 13948 15140 16898 19494 758 722 240 240 0.12 0.13 0.13 0.17 9.02 9.26 8.38 6.65 6.66 23.10 22.52 25.53 3.89 - - - -
PP LONDON SUMATRA INDONES PT IDR 1590 7802 6823 0 0 0 0 1.40 485 470 486 534 230 184 74 74 - 0.02 0.02 0.02 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
PILGRIM'S PRIDE CORP USD 1650 32 221 1 0 0 0 2.76 7536 7761 7848 8054 -138 361 30 30 -2.17 0.28 0.48 0.54 22.62 22.62 13.27 11.84 9.50 0.30 - - 4.65 B 16.08.2011 Caa1 28.06.2011
POTASH CORP OF SASKATCHEWAN CAD 32879 364 859 5 0 0 0 36.54 8736 8170 7845 8697 4409 3897 967 967 3.52 2.94 2.82 3.39 13.07 13.07 13.59 11.34 33.36 31.17 62.50 34.04 47.82 A- 15.11.2010 Baa1 23.05.2005
SINOFERT HOLDINGS LTD HKD 1486 5030 7023 1 0 0 0 1.90 4733 5258 5248 5549 152 177 - - 0.01 0.01 0.02 0.02 1.64 - 1.43 1.24 3.27 2.13 10.01 0.19 0.44 - - - -
SMITHFIELD FOODS INC USD 3224 61 157 2 0 0 0 5.01 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.28 9.38 9.38 11.67 9.48 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012
QUIMICA Y MINERA CHIL-SP ADR USD 15364 137 #VALUE! 1 0 0 1 #VALUE! 2145 2367 2494 2710 949 1095 337 337 - - 2.60 2.78 - - 22.01 20.60 17.20 19.93 45.05 24.99 47.07 BBB 27.04.2009 Baa1 23.10.2006
SYNGENTA AG-REG CHF 35753 119 91 3 0 0 2 40.16 14130 14729 15168 16177 3077 3108 - - 20.29 19.45 23.37 26.38 22.39 21.46 18.63 16.50 14.88 9.01 18.57 14.52 22.47 A 15.06.2007 - -
TATE & LYLE PLC GBp 5693 685 466 2 0 0 1 6.40 4923 5069 5176 5352 702 606 - - 0.82 0.91 0.90 0.97 21.35 21.52 21.58 20.09 21.57 8.10 8.39 3.40 19.06 BBB 15.07.2011 Baa3 08.04.2009
TYSON FOODS INC-CL A USD 6839 266 359 2 0 0 1 8.23 33278 33278 34556 35545 1747 1747 396 396 1.90 1.88 1.85 2.15 10.05 10.05 10.23 8.79 3.14 5.09 -2.46 9.12 5.25 BBB- 24.02.2011 Baa3 07.06.2012
URALKALI-SPON GDR-REG S USD 21615 1262 #VALUE! 3 0 0 1 #VALUE! 3496 4465 4093 4875 2068 2809 - - - - 2.59 3.36 - - 14.22 10.96 105.72 55.16 158.40 45.69 62.91 BBB- 18.06.2012 - -
WILMAR INTERNATIONAL LTD SGD 16336 7640 6401 17 0 1 7 25.30 36483 37012 38035 43378 1578 1774 538 538 0.21 0.16 0.14 0.17 10.47 10.53 12.19 9.93 38.50 20.99 30.35 32.05 3.91 - - - -
YARA INTERNATIONAL ASA NOK 13618 649 285 2 0 0 1 14.47 13608 14492 14755 14632 2787 2824 663 663 - 7.27 6.45 5.91 1.14 - 1.28 1.40 3.75 3.27 10.62 4.95 3.41 BBB 15.03.2010 Baa2 17.03.2010
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.04 2.04 1.87 1.71 2.04 1.27 1.27 1.22 1.17 1.27 9.21 9.21 8.64 8.42 9.21 8.61 8.61 8.05 7.50 8.61 13.37 13.36 12.09 10.83 13.36 2.28 2.28 2.47 2.67 2.28 1604.9 15.6%
Euro Stoxx 50 Pr 1.12 1.12 1.07 1.01 1.12 0.71 0.71 0.69 0.67 0.71 5.15 5.15 4.94 4.58 5.15 6.91 6.91 6.66 6.29 6.91 10.81 10.81 9.95 9.02 10.81 4.23 4.23 4.66 4.99 4.23 2732.1 8.4%
NIKKEI 225 1.13 1.13 1.06 0.99 1.13 0.52 0.52 0.49 0.49 0.52 6.75 6.75 6.08 5.76 6.75 7.43 7.43 6.74 6.33 7.43 16.96 16.96 14.21 11.35 16.96 2.24 2.24 2.25 2.56 2.24 9797.6 6.2%
FTSE 100 INDEX 1.60 1.60 1.49 1.38 1.60 0.97 0.97 0.95 0.92 0.97 7.43 7.43 6.78 5.47 7.43 6.84 6.84 6.37 5.96 6.84 11.27 11.27 10.33 9.43 11.27 4.07 4.07 4.32 4.64 4.07 6767.7 17.6%
SWISS MARKET INDEX 2.13 2.13 2.00 1.85 2.13 1.81 1.81 1.71 1.62 1.81 11.78 11.78 10.28 9.09 11.78 12.81 12.81 11.82 11.00 12.81 13.65 13.65 12.37 11.22 13.65 3.54 3.54 3.84 4.22 3.54 7305.5 9.9%
S&P/TSX COMPOSITE INDEX 1.66 1.66 1.53 1.43 1.66 1.56 1.56 1.46 1.36 1.56 8.54 8.54 7.55 6.99 8.54 8.50 8.50 7.36 6.75 8.50 14.24 14.24 12.42 11.27 14.24 3.09 3.09 3.25 3.32 3.09 14206.6 17.7%
S&P/ASX 200 INDEX 1.65 1.65 1.56 1.47 1.65 1.57 1.57 1.46 1.39 1.57 9.71 9.71 8.80 6.58 9.71 8.72 8.72 7.70 7.10 8.72 13.28 13.28 11.84 10.84 13.28 4.94 4.94 5.31 5.71 4.94 4724.1 8.1%
HANG SENG INDEX 1.39 1.39 1.28 1.18 1.39 1.92 1.92 1.77 1.64 1.92 7.19 7.19 6.66 6.33 7.19 8.55 8.55 7.76 7.12 8.55 11.28 11.28 10.36 9.43 11.28 3.44 3.44 3.68 4.01 3.44 23279.7 8.2%
MSCI EM 1.49 1.49 1.35 1.22 1.49 1.00 1.00 0.93 0.87 1.00 7.03 7.03 6.39 5.08 7.03 7.54 7.54 6.74 6.16 7.54 11.29 11.29 9.90 8.92 11.29 2.92 2.92 3.10 3.46 2.92 1138.5 16.2%
ADECOAGRO SA 1.02 0.98 0.91 0.84 0.76 2.01 1.78 1.39 1.25 1.03 14.05 13.83 8.40 6.12 5.05 8.63 8.93 5.77 5.15 3.67 19.01 21.00 14.09 12.18 8.36 0.00 0.00 1.00 13.74 52.8%
AGCO CORP 1.43 1.25 1.07 0.94 0.49 0.44 0.43 0.41 7.77 6.19 5.29 4.97 6.92 5.70 5.24 4.95 10.21 8.54 8.02 7.29 0.00 0.00 0.07 0.00 54.64 22.7%
AGRIUM INC 2.42 2.17 1.80 1.55 0.98 0.91 0.86 0.84 0.74 9.97 8.15 7.74 8.12 6.36 6.21 6.07 6.17 6.39 10.59 10.41 10.22 10.44 11.32 0.14 0.75 1.68 1.66 113.19 13.0%
AMERICAN VANGUARD CORP 3.14 2.56 2.19 1.97 1.79 19.18 13.14 9.99 8.76 8.34 44.72 26.92 20.29 17.21 13.79 36.00 8.8%
ANDERSONS INC/THE 1.45 1.30 1.18 0.17 0.16 0.15 6.88 64.88 10.21 6.44 7.46 7.55 8.16 8.59 9.75 10.31 12.78 1.02 1.42 1.42 45.95 9.0%
ARCHER-DANIELS-MIDLAND CO 0.91 0.90 0.85 0.79 0.20 0.19 0.18 0.18 6.42 6.71 6.50 6.91 7.83 8.28 7.52 6.95 10.71 11.02 9.73 8.42 2.57 2.58 2.71 2.77 30.22 14.8%
ASTRA AGRO LESTARI TBK PT 3.72 3.48 3.08 2.80 2.44 2.98 2.77 2.51 2.33 2.10 10.18 11.23 10.76 9.87 8.24 9.05 7.94 7.56 7.02 12.32 13.98 12.21 11.89 10.39 4.17 4.19 4.30 4.92 7.17 23258.88 16.3%
BRF - BRASIL FOODS SA-ADR 2.32 2.22 2.22 1.26 1.22 1.12 0.98 0.92 12.08 11.12 10.93 18.22 33.18 17.61 13.68 0.27 0.72 1.55 1.92 19.70 5.7%
BUNGE LTD 0.85 0.91 0.85 0.78 0.19 0.17 0.15 0.15 0.16 11.19 5.36 7.18 11.03 9.65 8.16 7.89 7.61 12.32 11.52 9.42 8.65 7.59 1.36 1.39 1.54 1.65 1.94 81.33 12.8%
CF INDUSTRIES HOLDINGS INC 3.29 2.26 1.81 1.63 2.16 2.10 2.17 2.32 2.29 6.77 6.07 5.94 7.32 6.79 4.25 3.82 4.09 4.92 4.60 9.16 7.52 7.88 9.26 8.50 0.48 0.77 0.77 0.77 0.77 239.02 15.3%
CHINA AGRI-INDUSTRIES HLDGS 0.83 0.77 0.71 0.65 0.24 0.18 0.16 0.14 12.80 30.28 5.93 5.10 11.18 12.88 10.12 8.52 6.64 10.14 8.07 7.48 3.87 1.87 2.46 3.03 5.84 33.1%
CHINA BLUECHEMICAL LTD - H 1.49 1.35 1.22 1.09 1.89 1.64 1.44 1.39 5.80 5.14 5.29 5.05 4.76 4.47 4.05 3.94 9.07 8.86 8.15 7.83 3.63 4.03 4.41 4.68 6.40 29.5%
CHIQUITA BRANDS INTL 0.10 0.10 0.10 8.93 5.98 10.32 5.94 9.18 9.18 9.83 46.8%
CNH GLOBAL N.V. 1.41 1.28 1.13 1.00 0.64 0.59 0.58 0.56 9.31 7.97 6.94 5.73 14.74 13.27 12.66 11.70 12.62 10.34 9.92 9.32 1.05 0.00 0.00 0.00 49.29 3.9%
COSAN LTD-CLASS A SHARES 0.09 0.06 0.06 0.06 0.27 0.24 0.21 0.17 2.08 5.42 4.34 3.72 4.72 5.51 4.48 3.36 5.82 12.23 11.01 10.01 2.52 2.69 3.07 2.12 20.32 22.9%
CRESUD S.A.-SPONS ADR 0.96 1.01 0.91 0.81 0.78 0.73 0.63 0.59 7.80 6.27 3.46 2.71 13.97 13.07 7.01 5.12 1.42 1.44 2.88 3.96 17.00 109.9%
DARLING INTERNATIONAL INC 2.13 1.77 1.54 1.05 1.10 1.08 5.06 6.23 5.78 10.35 13.81 12.14 18.42 14.6%
DEERE & CO 4.20 3.29 2.62 0.97 0.93 0.88 10.38 8.51 7.97 11.35 10.77 10.34 10.67 9.98 9.23 2.08 2.24 2.31 89.29 7.7%
FIRST RESOURCES LTD 2.87 2.39 2.06 1.79 1.29 5.59 4.48 3.53 3.02 2.18 13.87 8.41 9.46 8.49 10.06 8.33 7.23 6.75 4.24 15.85 12.90 11.02 10.34 5.95 1.86 1.92 2.22 2.64 4.81 2.56 25.4%
GLANBIA PLC 4.57 3.97 3.60 3.12 2.70 0.93 0.84 0.87 0.84 0.70 13.18 10.86 8.12 6.97 10.05 14.03 12.16 11.53 10.72 9.27 18.27 15.40 14.18 12.66 10.58 1.02 1.12 1.21 1.34 1.49 7.78 -3.2%
GOLDEN AGRI-RESOURCES LTD 0.88 0.73 0.69 0.65 0.62 1.24 1.19 1.05 0.95 0.77 9.76 8.30 8.73 8.58 8.03 7.44 8.83 7.40 6.98 5.87 9.39 12.14 9.96 9.76 7.90 2.01 2.01 2.61 2.61 4.82 0.76 24.0%
GRAINCORP LTD-A 1.65 1.56 1.49 1.42 1.45 0.93 0.80 0.82 0.80 0.77 9.35 12.61 10.86 10.59 10.61 7.67 7.73 8.25 7.86 7.89 11.73 15.62 17.74 16.44 16.09 4.72 3.61 3.11 3.31 3.21 12.08 -1.9%
INDOFOOD AGRI RESOURCES LTD 1.05 0.98 0.88 0.80 0.68 1.09 0.98 0.87 0.83 0.68 5.90 7.74 6.13 4.29 5.80 6.45 5.30 5.08 3.44 8.95 10.59 8.47 7.94 5.03 1.45 0.93 0.89 1.01 1.46 1.62 35.2%
INGREDION INC 2.13 1.92 1.65 1.44 0.76 0.73 0.68 0.67 0.61 15.67 7.55 7.09 7.25 6.67 6.32 6.09 5.62 13.35 11.32 10.62 9.93 8.93 1.02 1.19 1.33 1.57 71.43 14.2%
INTREPID POTASH INC 1.78 1.60 1.44 1.28 3.75 3.51 3.24 2.89 2.65 9.38 8.82 8.36 7.47 7.11 7.32 7.47 6.23 5.37 5.67 16.32 17.10 14.73 12.31 14.41 0.00 0.00 25.11 21.8%
IOI CORPORATION BHD 2.44 2.31 2.15 2.00 1.71 1.82 1.87 1.79 1.79 1.49 17.84 16.56 18.10 13.99 12.03 12.24 11.37 11.12 7.77 15.76 15.81 14.49 13.99 9.19 3.37 3.51 3.76 3.61 5.75 4.95 1.7%
KERNEL HOLDING SA 1.35 1.13 0.97 0.92 0.93 0.73 0.65 0.62 0.56 0.51 10.00 6.64 5.47 4.24 3.83 6.68 6.00 5.60 5.10 4.43 7.48 7.44 6.47 6.09 4.93 0.00 0.00 3.22 5.15 11.80 77.41 21.1%
KUALA LUMPUR KEPONG BHD 2.92 2.71 2.50 2.40 2.11 2.08 1.98 1.81 1.67 1.41 16.62 15.01 13.50 11.94 10.43 9.62 8.67 6.71 18.42 15.90 14.71 12.87 9.88 3.39 3.72 3.91 5.02 5.89 22.60 9.9%
KUBOTA CORP 1.64 1.56 1.45 1.35 1.11 0.97 0.92 0.89 11.64 14.76 9.87 9.84 10.85 9.93 8.83 8.13 18.28 15.82 13.64 12.42 1.75 1.91 2.06 2.24 884.00 2.9%
KUMIAI CHEMICAL INDUSTRY CO 0.74 0.71 0.68 0.74 0.70 0.65 13.53 11.34 8.94 15.23 11.71 7.81 19.79 15.50 11.34 1.34 1.34 2.15 580.00 55.9%
LINDSAY CORP 1.72 1.62 1.58 1.48 9.45 8.67 8.04 7.58 19.55 18.11 16.95 15.74 0.50 0.59 0.58 0.60 74.00 -0.8%
MAPLE LEAF FOODS INC 1.63 1.63 1.43 1.22 0.31 0.31 0.30 0.29 4.95 5.91 4.98 4.24 6.46 6.61 5.64 5.05 11.17 11.60 9.52 8.15 1.48 1.48 1.48 1.48 13.93 29.0%
MONSANTO CO 4.01 3.62 3.25 2.78 3.50 3.28 3.07 2.96 2.93 18.16 16.73 14.75 13.56 12.47 11.10 10.00 9.40 9.76 24.11 20.37 17.76 16.07 13.95 1.28 1.43 1.40 1.24 101.89 13.7%
MOSAIC CO/THE 1.82 1.62 1.45 1.29 2.04 2.10 1.99 1.97 1.79 9.31 8.89 8.31 7.91 6.27 6.31 5.66 5.49 5.38 11.71 11.41 10.28 9.72 8.40 0.49 1.94 1.99 1.81 62.28 20.5%
NUFARM LTD 0.98 1.04 0.98 0.86 0.70 0.68 0.63 0.60 0.57 0.53 11.56 9.93 8.41 7.63 10.71 8.12 7.42 7.02 6.47 6.41 13.69 12.49 11.34 10.20 10.31 2.21 2.17 2.66 3.30 3.95 5.64 1.2%
NUTRECO NV 2.37 2.17 1.96 1.77 1.65 0.38 0.41 0.39 0.37 0.37 10.47 9.04 8.34 7.70 8.66 7.78 7.30 6.91 6.25 14.08 12.10 11.11 10.11 9.47 2.91 3.61 3.76 4.14 4.28 63.35 5.2%
OLAM INTERNATIONAL LTD 1.34 1.15 1.04 0.96 0.24 0.20 0.17 0.14 29.74 8.00 9.36 11.80 9.82 8.13 7.03 11.85 10.27 8.15 6.44 2.36 2.83 3.66 4.66 2.27 33.8%
PP LONDON SUMATRA INDONES PT 2.65 2.29 1.95 1.70 1.26 3.34 3.27 2.98 2.80 2.43 8.14 9.35 8.60 8.16 6.23 7.13 6.29 5.93 4.71 9.48 10.98 9.46 8.68 6.70 2.74 3.80 3.41 3.94 5.72 2989.41 32.9%
PILGRIM'S PRIDE CORP 2.05 1.66 2.40 0.22 0.21 0.20 0.21 7.56 6.97 5.07 13.27 11.84 5.54 0.00 0.00 0.00 6.70 5.2%
POTASH CORP OF SASKATCHEWAN 3.78 3.31 2.66 2.34 3.86 4.20 3.79 3.70 3.57 9.11 10.19 9.45 8.99 8.66 7.48 9.02 7.81 7.67 7.77 10.59 13.55 11.31 10.94 10.78 0.73 1.57 2.06 2.17 2.20 48.74 27.9%
SINOFERT HOLDINGS LTD 0.68 0.67 0.63 0.59 0.25 0.23 0.22 0.20 6.59 5.73 5.49 9.32 10.57 9.20 8.06 8.73 11.08 9.62 7.94 1.82 1.44 1.67 1.97 1.97 20.0%
SMITHFIELD FOODS INC 0.92 0.91 0.82 0.74 0.25 0.24 0.23 0.24 6.31 6.12 5.63 4.68 4.74 6.22 5.59 5.03 8.14 11.67 9.48 8.72 0.00 0.00 0.00 21.50 -0.3%
QUIMICA Y MINERA CHIL-SP ADR 7.55 6.58 5.69 5.15 5.25 6.84 3.09 5.56 5.14 4.95 29.17 17.69 15.62 15.38 15.37 27.37 22.01 20.60 19.13 20.72 1.32 1.81 2.53 3.17 4.21 65.84 15.2%
SYNGENTA AG-REG 4.30 4.15 3.64 3.03 1.95 2.68 2.51 2.35 2.24 2.15 16.39 14.56 12.78 11.86 11.80 13.05 11.88 10.69 10.04 9.44 19.77 17.49 15.50 14.37 13.60 2.07 2.41 2.65 2.90 3.00 374.90 4.0%
TATE & LYLE PLC 3.36 3.05 2.70 2.39 2.15 1.19 1.10 1.06 1.03 1.06 10.79 11.48 9.64 9.05 8.03 8.89 8.61 8.21 7.79 7.48 13.80 13.53 12.60 11.64 10.71 3.26 3.39 3.58 3.80 4.05 765.36 -0.1%
TYSON FOODS INC-CL A 1.17 1.04 0.94 0.86 0.21 0.20 0.19 0.19 7.36 7.68 5.33 5.38 4.84 4.91 4.46 4.64 10.49 10.23 8.79 7.91 0.85 1.18 1.06 1.06 20.75 9.8%
URALKALI-SPON GDR-REG S 2.29 2.71 2.86 2.60 1.95 5.92 5.28 4.43 4.20 3.57 14.55 11.14 9.10 8.21 7.82 14.17 14.22 10.96 10.15 8.84 3.23 3.72 4.67 5.22 6.22 43.31 17.7%
WILMAR INTERNATIONAL LTD 1.23 1.15 1.07 0.99 0.99 0.38 0.35 0.31 0.28 0.27 8.40 10.96 12.77 9.57 12.00 13.99 12.10 10.97 9.34 9.82 14.94 12.16 11.01 9.82 2.39 1.57 1.92 2.15 2.35 3.31 5.9%
YARA INTERNATIONAL ASA 1.77 1.49 1.31 1.17 0.97 0.92 0.93 0.94 0.91 7.02 5.66 6.67 6.91 5.26 5.04 5.52 5.87 5.95 7.89 7.34 8.00 8.39 9.18 2.47 2.96 3.18 3.29 2.96 322.20 19.2%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Adecoagro S.A. is an agricultural company in South America, with operations in
Argentina, Brazil and Uruguay. The Company is currently involved in a broad
range of businesses, including farming crops and other agricultural products,
cattle and dairy operations, sugar, ethanol and energy production and land
transformation.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (19.03.2012) 11.29
52-Week Low (25.11.2011) 7.50
Daily Volume
8.99
52-Week High % Change -20.37% Dividend Yield 0.00
52-Week Low % Change 19.87% Beta 1.11
% 52 Week Price Range High/Low 31.93% Equity Float 71.61
Shares Out 30.06.2012 121.3 Short Int 0.73
1'090.12 1 Yr Total Return 6.52%
Total Debt 158.17 YTD Return 8.71%
Preferred Stock 0.0 Adjusted BETA 1.115
Minority Interest 15.0 Analyst Recs 9
Cash and Equivalents 330.55 Consensus Rating 4.556
Enterprise Value 1'300.80
Average Volume 5 Day 29'663
AGRO UN EQUITY YTD Change - Average Volume 30 Day 20'815
AGRO UN EQUITY YTD % CHANGE - Average Volume 3 Month 32'062
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3
142.5 244.2 313.6 426.3 548.1 234.9 568.0 610.8 785.0 - 167.0
- - - - 1.53x 12.46x 8.18x 2.24x 1.99x - -
37.5 49.7 47.3 (0.6) 159.0 66.2 126.4 144.8 224.3 - 47.0
- - - - 5.28x 0.00x 10.47x 8.93x 5.77x - 10.94x
29.2 (19.3) (0.3) (43.9) 56.0 27.6 16.2 51.4 77.0 - 16.3
- - - - 17.40x 0.00x 1256.16x 21.00x 14.09x - 64.21x
EBITDA 158.97 Long-Term Rating Date -
EBIT 124.79 Long-Term Rating -
Operating Margin 22.77% Long-Term Outlook -
Pretax Margin 13.06% Short-Term Rating Date -
Return on Assets 2.35% Short-Term Rating -
Return on Common Equity 3.73%
Return on Capital 5.85% EBITDA/Interest Exp. 2.55
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 1.10
Net Debt/EBITDA 0.94
Gross Margin 39.3% Total Debt/EBITDA 3.09
EBITDA Margin 22.4%
EBIT Margin 16.6% Total Debt/Equity 14.6%
Net Income Margin 10.2% Total Debt/Capital 12.6%
Asset Turnover 0.33
Current Ratio 2.13 Net Fixed Asset Turnover 0.74
Quick Ratio 1.59 Accounts receivable turnover-days 84.36
Debt to Assets 9.30% Inventory Days 85.67
Tot Debt to Common Equity 14.65% Accounts Payable Turnover Day 94.86
Accounts Receivable Turnover 4.34 Cash Conversion Cycle 109.02
Inventory Turnover 4.27
Fiscal Year Ended
Adecoagro SAPrice/Volume
Valuation Analysis
9'129.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOROS FUND MANAGEMEN n/a Research 25'385'678 20.94 - 01.07.2012 Hedge Fund Manager
HBK INVESTMENTS LP n/a 20F 20'471'770 16.88 - 31.12.2011 Hedge Fund Manager
STICHTING PENSIOEN Z n/a 20F 15'307'824 12.62 - 31.12.2011 Pension Fund (ERISA)
AL GHARRAFA INVESTME n/a 20F 12'562'906 10.36 - 31.12.2011 Investment Advisor
OSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 10'964'692 9.04 23'900 30.06.2012 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'849'226 4 (96'328) 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'567'090 3.77 145'872 30.09.2012 Investment Advisor
PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4'500'000 3.71 - 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 2'838'842 2.34 713'728 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'440'227 2.01 318'637 28.09.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'859'290 1.53 (140'701) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'632'343 1.35 (1'099'449) 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'400'101 1.15 (62'725) 30.06.2012 Investment Advisor
BOYCE ALAN LELAND n/a 20F 1'393'169 1.15 362'859 31.12.2011 n/a
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'366'531 1.13 976'659 30.06.2012 Investment Advisor
VIEIRA MARCELO n/a 20F 1'105'331 0.91 280'769 31.12.2011 n/a
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 776'200 0.64 - 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 685'692 0.57 555'692 31.08.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 576'960 0.48 538'538 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 421'700 0.35 197'100 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 11.11.2012
Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 11 12 month 06.11.2012
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 14 Not Provided 17.09.2012
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 14.08.2012
Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 30.03.2012
Deutsche Bank ALESSANDRO BALDONI buy 5 M 17 12 month 23.11.2011
Holdings By:
Adecoagro SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
AGCO Corporation manufactures and distributes agricultural equipment throughout
the world. The Company sells a range of agricultural equipment and related
replacement parts, including tractors, combines, hay tools, sprayers, and forage
equipment. AGCO markets its products under a variety of brand names, including
Massey Ferguson, AGCO, Tye, GLEANER, and Hesston.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (22.02.2012) 54.00
52-Week Low (04.06.2012) 38.09
Daily Volume
44.52
52-Week High % Change -17.56% Dividend Yield 0.00
52-Week Low % Change 16.88% Beta 1.58
% 52 Week Price Range High/Low 40.60% Equity Float 93.59
Shares Out 31.10.2012 97.0 Short Int 2.42
4'318.39 1 Yr Total Return 3.01%
Total Debt 1'469.80 YTD Return 3.61%
Preferred Stock 0.0 Adjusted BETA 1.583
Minority Interest 36.0 Analyst Recs 17
Cash and Equivalents 724.40 Consensus Rating 3.588
Enterprise Value 5'437.19
Average Volume 5 Day 352'293
AGCO UN EQUITY YTD Change - Average Volume 30 Day 301'744
AGCO UN EQUITY YTD % CHANGE - Average Volume 3 Month 296'126
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'828.1 8'424.6 6'516.4 6'896.6 8'773.2 8'423.4 9'776.6 9'840.2 10'126.0 2'583.5 2'287.7
0.93x 0.27x 0.46x 0.67x 0.57x 2.16x 2.26x 0.47x 0.43x 1.81x -
543.9 730.8 386.7 501.3 783.1 739.1 971.4 952.8 1'035.2 219.3 200.0
11.66x 3.13x 7.72x 9.18x 6.33x 4.59x 5.89x 5.70x 5.24x 5.82x 5.65x
246.3 385.9 153.7 238.9 583.3 387.9 704.8 514.8 549.5 94.1 106.8
26.87x 5.97x 21.00x 21.84x 9.61x 8.84x 8.36x 8.54x 8.02x 8.82x 8.11x
EBITDA 783.10 Long-Term Rating Date 05.03.2010
EBIT 609.60 Long-Term Rating BBB-
Operating Margin 6.95% Long-Term Outlook STABLE
Pretax Margin 6.95% Short-Term Rating Date -
Return on Assets 10.70% Short-Term Rating -
Return on Common Equity 22.82%
Return on Capital 18.53% EBITDA/Interest Exp. 13.27
Asset Turnover 1.48% (EBITDA-Capex)/Interest Exp. 8.18
Net Debt/EBITDA 1.12
Gross Margin 20.2% Total Debt/EBITDA 1.45
EBITDA Margin 9.9%
EBIT Margin 7.8% Total Debt/Equity 49.1%
Net Income Margin 6.6% Total Debt/Capital 32.7%
Asset Turnover 1.48
Current Ratio 1.66 Net Fixed Asset Turnover 8.27
Quick Ratio 0.78 Accounts receivable turnover-days 37.28
Debt to Assets 20.25% Inventory Days 86.45
Tot Debt to Common Equity 49.07% Accounts Payable Turnover Day 36.17
Accounts Receivable Turnover 9.82 Cash Conversion Cycle 72.07
Inventory Turnover 4.23
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
AGCO CorpPrice/Volume
Valuation Analysis
73'037.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 9'402'952 9.69 917'960 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'444'805 5.61 929'970 30.09.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'603'420 4.75 (72'630) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'537'658 4.68 (61'556) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 3'792'456 3.91 527'216 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'387'692 3.49 635'660 30.06.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 2'834'286 2.92 186'550 30.06.2012 Investment Advisor
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 2'626'389 2.71 24'408 30.09.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 2'621'957 2.7 300'629 30.06.2012 Investment Advisor
AJO, LP AJO, LP 13F 2'533'500 2.61 2'432'200 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'934'431 1.99 14'058 28.09.2012 Mutual Fund Manager
CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 1'852'400 1.91 (3'175) 30.06.2012 Investment Advisor
SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 1'793'746 1.85 874'657 30.09.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'743'921 1.8 (1'930'220) 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'636'013 1.69 693'102 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'488'158 1.53 (131'877) 30.09.2012 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 1'361'647 1.4 - 30.06.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'335'971 1.38 253'311 30.09.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'317'058 1.36 (106'313) 30.06.2012 Investment Advisor
TRACTORS & FARM EQUI #N/A N/A Form 4 1'294'305 1.33 75'553 09.11.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 12.11.2012
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 49 12 month 09.11.2012
BMO Capital Markets JOEL G TISS outperform 5 M 53 Not Provided 08.11.2012
Morgan Stanley VANCE EDELSON Underwt/In-Line 1 M 46 12 month 05.11.2012
RBC Capital Markets SETH R WEBER sector perform 3 M 54 12 month 01.11.2012
Barclays ANDY KAPLOWITZ equalweight 3 M 60 Not Provided 01.11.2012
Goldman Sachs JERRY REVICH neutral/neutral 3 M 51 12 month 31.10.2012
Credit Suisse JAMIE L COOK neutral 3 M 54 Not Provided 31.10.2012
JPMorgan ANN DUIGNAN neutral 3 M 52 12 month 31.10.2012
Janney Montgomery Scott LLC RYAN M CONNORS buy 5 M 60 12 month 31.10.2012
Jefferies STEPHEN VOLKMANN buy 5 M 52 12 month 31.10.2012
Piper Jaffray MICHAEL E COX neutral 3 M 53 12 month 31.10.2012
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 65 Not Provided 31.10.2012
S&P Capital IQ MICHAEL JAFFE hold 3 D 46 Not Provided 26.07.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
AGCO Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Agrium Inc. supplies nitrogen, potash and phosphate for agricultural,
industrial, and specialty use. The Company operates throughout the Americas
while it markets its products globally.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (24.10.2012) 107.50
52-Week Low (14.12.2011) 66.00
Daily Volume
100.15
52-Week High % Change -6.81% Dividend Yield 0.72
52-Week Low % Change 51.74% Beta 1.22
% 52 Week Price Range High/Low 84.34% Equity Float 148.83
Shares Out 31.10.2012 149.3 Short Int 1.74
14'953.63 1 Yr Total Return 39.00%
Total Debt 2'363.00 YTD Return 47.29%
Preferred Stock 0.0 Adjusted BETA 1.222
Minority Interest 4.0 Analyst Recs 28
Cash and Equivalents 1'346.00 Consensus Rating 4.393
Enterprise Value 15'889.70
Average Volume 5 Day 412'020
AGU CT EQUITY YTD Change - Average Volume 30 Day 754'900
AGU CT EQUITY YTD % CHANGE - Average Volume 3 Month 746'971
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'270.0 10'031.0 9'129.0 10'743.0 15'470.0 14'691.0 16'602.0 16'472.2 17'444.1 3'024.8 3'757.0
2.08x 0.74x 1.15x 1.55x 0.75x 4.18x 3.48x 0.99x 0.92x 5.41x 4.27x
846.0 2'380.0 941.0 1'470.0 2'706.0 2'436.0 2'716.0 2'560.8 2'617.8 532.5 406.0
12.96x 3.13x 11.15x 11.34x 4.30x 5.10x 6.36x 6.21x 6.07x 6.05x 6.06x
441.0 1'322.0 366.0 713.0 1'371.0 1'318.0 1'329.0 1'474.4 1'510.9 265.8 197.2
23.03x 3.54x 23.92x 19.92x 6.96x 8.05x 10.81x 10.41x 10.22x 10.17x 10.10x
EBITDA 2'706.00 Long-Term Rating Date 24.11.2005
EBIT 2'325.00 Long-Term Rating BBB
Operating Margin 15.03% Long-Term Outlook STABLE
Pretax Margin 13.34% Short-Term Rating Date 10.12.2004
Return on Assets 9.75% Short-Term Rating NR
Return on Common Equity 19.28%
Return on Capital 15.04% EBITDA/Interest Exp. 16.91
Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. 12.77
Net Debt/EBITDA 0.33
Gross Margin 28.0% Total Debt/EBITDA 1.02
EBITDA Margin 16.4%
EBIT Margin 13.8% Total Debt/Equity 36.8%
Net Income Margin 8.9% Total Debt/Capital 26.9%
Asset Turnover 1.22
Current Ratio 2.08 Net Fixed Asset Turnover 5.87
Quick Ratio 0.97 Accounts receivable turnover-days 66.21
Debt to Assets 17.98% Inventory Days 78.08
Tot Debt to Common Equity 36.78% Accounts Payable Turnover Day 78.36
Accounts Receivable Turnover 5.53 Cash Conversion Cycle 42.65
Inventory Turnover 4.69
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Agrium IncPrice/Volume
Valuation Analysis
125'697.00
Current Price (11/dd/yy) Market Data
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14'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JANA PARTNERS LLC JANA PARTNERS LLC 13F 6'504'035 4.36 6'504'035 30.06.2012 Hedge Fund Manager
ROYAL BANK OF CANADA n/a ULT-AGG 4'869'621 3.26 (284'758) 30.06.2012 Bank
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 4'137'930 2.77 646'060 30.09.2012 Hedge Fund Manager
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 3'575'022 2.39 (58'167) 30.09.2012 Investment Advisor
CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 3'397'988 2.28 (268'519) 30.09.2012 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 2'462'833 1.65 (193'277) 30.09.2012 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 2'443'690 1.64 (147'505) 30.06.2012 Investment Advisor
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 2'424'092 1.62 (64'230) 30.09.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 2'424'050 1.62 33'068 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'419'025 1.62 (214'197) 30.09.2012 Investment Advisor
SCHEER ROWLETT & ASS SCHEER ROWLETT & ASS 13F 2'314'748 1.55 (435'471) 30.06.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 2'269'006 1.52 (53'548) 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'198'213 1.47 (843'472) 30.06.2012 Investment Advisor
AJO, LP AJO, LP 13F 2'175'680 1.46 334'180 30.06.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'126'637 1.42 2'126'637 31.12.2011 Government
ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 2'072'874 1.39 20'902 30.06.2012 Hedge Fund Manager
CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'899'177 1.27 189'221 30.06.2012 Hedge Fund Manager
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 1'869'338 1.25 9'216 30.06.2012 Investment Advisor
BEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 1'851'655 1.24 91'705 30.09.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 1'826'738 1.22 1'826'738 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays MATTHEW J KORN overweight 5 M 116 Not Provided 12.11.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 98 12 month 11.11.2012
Susquehanna Financial Group DONALD D CARSON Positive 4 M 130 12 month 09.11.2012
Macquarie DAVID PUPO neutral 3 M 94 12 month 08.11.2012
Salman Partners RAYMOND GOLDIE top pick 5 M 166 12 month 08.11.2012
Dundee Securities Corp CAROLYN DENNIS buy 5 M 116 12 month 08.11.2012
TD Securities PAUL D'AMICO hold 3 M 105 12 month 08.11.2012
National Bank Financial ROBERT B WINSLOW underperform 1 M 87 12 month 08.11.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 08.11.2012
Atlantic Equities LLP COLIN ISAAC overweight 5 M 107 12 month 08.11.2012
Alta Corp Capital Inc. JOHN CHU outperform 5 M 112 12 month 08.11.2012
BMO Capital Markets JOEL JACKSON outperform 5 M 114 Not Provided 07.11.2012
RBC Capital Markets ADAM SCHATZKER outperform 5 M 115 12 month 07.11.2012
Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 07.11.2012
CIBC World Markets JACOB BOUT sector outperform 5 M 121 12 month 07.11.2012
Desjardins Securities JOHN F HUGHES hold 3 M 106 Not Provided 07.11.2012
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 124 12 month 07.11.2012
Lazard Capital Markets EDLAIN RODRIGUEZ buy 5 M 120 12 month 07.11.2012
Piper Jaffray MICHAEL E COX neutral 3 M 110 12 month 07.11.2012
Credit Agricole Securities (USA) MARK W CONNELLY outperform 5 M 107 Not Provided 07.11.2012
PingAn Securities YAN ZHUBING buy 5 N #N/A N/A Not Provided 09.10.2012
Dahlman Rose & Co CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 08.10.2012
Stifel Nicolaus PAUL A MASSOUD buy 5 M 103 12 month 10.09.2012
Scotia Capital BEN ISAACSON sector outperform 5 U 119 12 month 20.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 20.08.2012
Morgan Stanley VINCENT ANDREWS restricted #N/A N/A M #N/A N/A Not Provided 15.08.2012
Holdings By:
Agrium Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
American Vanguard Corporation develops and markets products for agricultural and
commercial uses. The Company manufactures and formulates chemicals for crops,
human, and animal health protection. Chemicals include insecticides,
fungicides, molluscicides, growth regulators, and soil fumigants.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (03.10.2012) 36.92
52-Week Low (25.11.2011) 10.94
Daily Volume
33.09
52-Week High % Change -10.37% Dividend Yield 0.36
52-Week Low % Change 202.47% Beta 1.03
% 52 Week Price Range High/Low 84.99% Equity Float 22.87
Shares Out 29.10.2012 28.1 Short Int 1.39
928.48 1 Yr Total Return 190.53%
Total Debt 66.38 YTD Return 149.15%
Preferred Stock 0.0 Adjusted BETA 1.027
Minority Interest 0.0 Analyst Recs 7
Cash and Equivalents 35.09 Consensus Rating 4.143
Enterprise Value 958.97
Average Volume 5 Day 58'314
AVD UN EQUITY YTD Change - Average Volume 30 Day 51'617
AVD UN EQUITY YTD % CHANGE - Average Volume 3 Month 61'372
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
216.7 237.5 209.3 226.9 304.4 282.3 347.5 363.2 424.0 99.1 108.8
2.38x 1.68x 1.34x 1.30x 1.31x 4.96x 8.07x - - - -
46.1 47.8 7.2 33.6 54.8 49.6 68.1 73.0 96.0 20.6 28.0
11.18x 8.33x 39.16x 8.81x 7.29x 7.51x 14.78x 13.14x 9.99x 10.58x 9.59x
18.7 20.0 (5.8) 11.0 22.1 19.5 32.0 35.4 47.1 9.9 13.2
25.51x 16.03x 92.22x 21.35x 16.68x 15.72x 31.07x 26.92x 20.29x 22.33x 20.84x
EBITDA 54.76 Long-Term Rating Date -
EBIT 39.23 Long-Term Rating -
Operating Margin 12.89% Long-Term Outlook -
Pretax Margin 11.57% Short-Term Rating Date -
Return on Assets 8.61% Short-Term Rating -
Return on Common Equity 16.18%
Return on Capital 13.02% EBITDA/Interest Exp. 15.34
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 13.59
Net Debt/EBITDA 0.45
Gross Margin 40.4% Total Debt/EBITDA 0.79
EBITDA Margin 19.6%
EBIT Margin 15.2% Total Debt/Equity 35.5%
Net Income Margin 7.2% Total Debt/Capital 26.2%
Asset Turnover 0.94
Current Ratio 2.26 Net Fixed Asset Turnover 8.22
Quick Ratio 1.31 Accounts receivable turnover-days 106.18
Debt to Assets 19.57% Inventory Days 160.26
Tot Debt to Common Equity 35.48% Accounts Payable Turnover Day 48.15
Accounts Receivable Turnover 3.45 Cash Conversion Cycle 169.41
Inventory Turnover 2.28
Fiscal Year Ended
American Vanguard CorpPrice/Volume
Valuation Analysis
2'998.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KRAFT HERBERT A n/a 13D 2'634'790 9.39 (330'037) 07.02.2012 n/a
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'610'531 9.3 (119'231) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'982'374 7.06 180'594 30.06.2012 Investment Advisor
HEARTLAND ADVISORS I HEARTLAND ADVISORS I 13F 1'945'840 6.93 (2'124'840) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'495'183 5.33 264'925 30.06.2012 Investment Advisor
WINTEMUTE GLENN A n/a Form 4 1'061'959 3.78 (10'500) 01.06.2010 n/a
WINTEMUTE ERIC G n/a Form 4 1'015'204 3.62 - 22.03.2012 n/a
WADDELL & REED FINAN WADDELL & REED FINAN 13F 942'293 3.36 823'524 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 782'177 2.79 613'244 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 724'370 2.58 14'710 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 565'943 2.02 (354'582) 30.06.2012 Investment Advisor
THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 529'963 1.89 (379'510) 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 491'741 1.75 45'840 30.06.2012 Investment Advisor
BABSON CAPITAL MANAG Multiple Portfolios MF-AGG 473'517 1.69 33'904 31.08.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 423'346 1.51 423'346 30.09.2012 Investment Advisor
OXFORD ASSET MANAGEM OXFORD ASSET MANAGEM 13F 406'310 1.45 (91'787) 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 394'274 1.41 57'371 30.06.2012 Investment Advisor
NEXT CENTURY GROWTH NEXT CENTURY GROWTH 13F 353'348 1.26 353'348 30.06.2012 Investment Advisor
HENNESSY ADVISORS IN HENNESSY ADVISORS IN 13F 296'600 1.06 24'000 30.09.2012 Investment Advisor
WALL STREET ASSOCIAT WALL STREET ASSOCIAT 13F 293'400 1.05 (11'200) 30.06.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray MICHAEL E COX overweight 5 M 41 12 month 12.11.2012
Imperial Capital LLC RICHARD PAGET in-line 3 M 29 12 month 05.11.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 02.11.2012
Feltl & Company BRENT R RYSTROM strong buy 5 M 39 12 month 02.11.2012
Sidoti & Company LLC DANIEL D RIZZO neutral 3 M 26 12 month 01.11.2012
Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 45 12 month 01.11.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 03.08.2012
Holdings By:
American Vanguard Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
The Andersons, Inc. merchandises grain, operates grain elevator facilities,
distributes wholesale agricultural fertilizer, and distributes agricultural
inputs to dealers and farmers. The Company also manufactures lawn fertilizer
and corncob-based products, and purchases, sells, repairs, and leases railcars.
In addition, The Andersons operates retail stores and a distribution center.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.04.2012) 51.49
52-Week Low (25.07.2012) 35.20
Daily Volume
42.17
52-Week High % Change -18.10% Dividend Yield 1.33
52-Week Low % Change 19.80% Beta 1.10
% 52 Week Price Range High/Low 39.23% Equity Float 17.36
Shares Out 31.10.2012 18.6 Short Int 0.96
784.36 1 Yr Total Return 9.60%
Total Debt 342.59 YTD Return -2.38%
Preferred Stock 0.0 Adjusted BETA 1.096
Minority Interest 14.8 Analyst Recs 8
Cash and Equivalents 20.39 Consensus Rating 3.750
Enterprise Value 1'342.42
Average Volume 5 Day 41'773
ANDE UW EQUITY YTD Change - Average Volume 30 Day 44'048
ANDE UW EQUITY YTD % CHANGE - Average Volume 3 Month 49'481
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'379.1 3'489.5 3'025.3 3'393.8 4'576.3 4'432.5 4'889.2 4'999.3 5'205.5 1'427.6 1'317.0
0.53x 0.17x 0.22x 0.35x 0.25x 1.16x 1.09x 0.17x 0.16x - -
96.2 97.4 92.4 125.3 164.6 175.4 125.7 179.4 177.2 40.0 40.9
13.05x 6.07x 7.12x 9.55x 6.96x 5.61x 0.00x 7.46x 7.55x 7.70x 7.21x
68.8 32.9 38.4 64.7 95.1 99.2 86.2 81.0 76.1 16.0 17.1
11.73x 9.21x 12.41x 10.45x 8.58x 6.31x 8.17x 9.75x 10.31x 11.01x 9.95x
EBITDA 164.60 Long-Term Rating Date -
EBIT 123.76 Long-Term Rating -
Operating Margin 2.70% Long-Term Outlook -
Pretax Margin 3.23% Short-Term Rating Date -
Return on Assets 5.00% Short-Term Rating -
Return on Common Equity 15.64%
Return on Capital 9.05% EBITDA/Interest Exp. 6.52
Asset Turnover 2.83% (EBITDA-Capex)/Interest Exp. 2.23
Net Debt/EBITDA 3.40
Gross Margin 7.7% Total Debt/EBITDA 3.91
EBITDA Margin 3.2%
EBIT Margin 2.3% Total Debt/Equity 65.4%
Net Income Margin 2.1% Total Debt/Capital 38.9%
Asset Turnover 2.83
Current Ratio 1.39 Net Fixed Asset Turnover 21.81
Quick Ratio 0.24 Accounts receivable turnover-days 13.40
Debt to Assets 19.76% Inventory Days 46.02
Tot Debt to Common Equity 65.38% Accounts Payable Turnover Day 25.76
Accounts Receivable Turnover 27.32 Cash Conversion Cycle 34.83
Inventory Turnover 7.95
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Andersons Inc/ThePrice/Volume
Valuation Analysis
10'948.00
Current Price (11/dd/yy) Market Data
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1'000.0
1'500.0
2'000.0
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3'500.0
4'000.0
4'500.0
5'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'487'595 8 (9'338) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'432'061 7.7 13'112 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'037'950 5.58 32'424 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 724'172 3.89 (46'893) 30.06.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 578'392 3.11 (103'908) 30.06.2012 Investment Advisor
COLUMBIA PARTNERS LL COLUMBIA PARTNERS LL 13F 420'088 2.26 32'912 30.06.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 396'118 2.13 2'713 30.06.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 382'517 2.06 241'890 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 381'744 2.05 (31'108) 30.06.2012 Investment Advisor
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 375'353 2.02 64'100 30.06.2012 Hedge Fund Manager
ANDERSON MICHAEL J n/a Form 4 345'211 1.86 (715) 07.11.2012 n/a
THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 322'711 1.74 (146'048) 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 307'050 1.65 2'726 30.09.2012 Investment Advisor
CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 298'900 1.61 96'750 30.06.2012 Investment Advisor
ANDERSON DANIEL T n/a Form 4 295'078 1.59 (4'266) 14.09.2012 n/a
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 294'813 1.59 (66'455) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 284'518 1.53 (23'737) 30.09.2012 Investment Advisor
F&C ASSET MANAGEMENT F&C ASSET MANAGEMENT 13F 271'355 1.46 37'900 30.09.2012 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 252'370 1.36 (15'300) 28.09.2012 Investment Advisor
ANDERSON GERARD M n/a Form 4 213'648 1.15 1'389 01.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 40 Not Provided 07.11.2012
Stephens Inc FARHA ASLAM overweight 5 M 50 12 month 07.11.2012
CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 07.11.2012
Feltl & Company BRENT R RYSTROM buy 5 M 49 12 month 07.11.2012
Scotia Capital CHRISTINE HEALY sector perform 3 M 45 12 month 06.11.2012
Piper Jaffray MICHAEL E COX neutral 3 M 46 12 month 06.11.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.11.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 06.08.2012
Holdings By:
Andersons Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Archer-Daniels-Midland Company procures, transports, stores, processes, and
merchandises agricultural commodities and products. The Company processes
oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland
also processes produce products which have primarily two end uses including
food or feed ingredients.
Latest Fiscal Year: 06/2012
LTM as of: 09/yy
52-Week High (10.05.2012) 33.98
52-Week Low (15.11.2012) 24.38
Daily Volume
26.32
52-Week High % Change -22.54% Dividend Yield 2.66
52-Week Low % Change 7.96% Beta 1.08
% 52 Week Price Range High/Low 20.42% Equity Float 643.74
Shares Out 31.10.2012 658.6 Short Int 8.20
17'333.47 1 Yr Total Return -4.63%
Total Debt 10'320.00 YTD Return -5.67%
Preferred Stock 0.0 Adjusted BETA 1.084
Minority Interest 200.0 Analyst Recs 13
Cash and Equivalents 1'729.00 Consensus Rating 3.154
Enterprise Value 26'042.47
Average Volume 5 Day 1'855'477
ADM UN EQUITY YTD Change - Average Volume 30 Day 1'457'511
ADM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'249'520
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 09/yy 09/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3
69'816.0 69'207.0 61'682.0 80'676.0 89'038.0 85'779.0 88'944.0 91'121.5 94'033.2 22'746.6 21'920.0
0.44x 0.33x 0.36x 0.36x 0.32x 1.37x 1.25x 0.23x 0.23x - -
3'176.0 3'457.0 3'357.0 3'566.0 2'890.0 3'721.0 2'689.0 3'140.7 3'460.3 688.3 750.3
9.74x 6.66x 6.54x 8.05x 9.77x 6.44x 9.90x 8.28x 7.52x 8.38x 7.63x
1'802.0 1'684.0 1'930.0 2'036.0 1'223.0 2'151.0 945.0 1'469.8 1'823.3 360.0 365.8
11.97x 9.36x 8.38x 9.92x 12.89x 7.73x 13.46x 11.02x 9.73x 11.02x 9.77x
EBITDA 2'890.00 Long-Term Rating Date 19.10.2012
EBIT 2'042.00 Long-Term Rating A *-
Operating Margin 2.29% Long-Term Outlook -
Pretax Margin 1.98% Short-Term Rating Date 19.10.2012
Return on Assets 2.19% Short-Term Rating A-1 *-
Return on Common Equity 5.16%
Return on Capital 4.45% EBITDA/Interest Exp. 6.45
Asset Turnover 2.06% (EBITDA-Capex)/Interest Exp. 3.15
Net Debt/EBITDA 3.16
Gross Margin 4.1% Total Debt/EBITDA 3.90
EBITDA Margin 3.0%
EBIT Margin 2.1% Total Debt/Equity 57.4%
Net Income Margin 1.4% Total Debt/Capital 36.2%
Asset Turnover 2.06
Current Ratio 1.84 Net Fixed Asset Turnover 9.10
Quick Ratio 0.34 Accounts receivable turnover-days 27.44
Debt to Assets 24.84% Inventory Days 53.12
Tot Debt to Common Equity 57.43% Accounts Payable Turnover Day 22.95
Accounts Receivable Turnover 13.34 Cash Conversion Cycle 57.77
Inventory Turnover 6.89
Fiscal Year Ended
Archer-Daniels-Midland CoPrice/Volume
Valuation Analysis
383'162.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
100'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 56'294'742 8.55 - 30.06.2012 Insurance Company
BLACKROCK n/a ULT-AGG 35'984'944 5.46 (169'804) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 32'101'505 4.87 789'153 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 29'817'275 4.53 217'564 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 16'198'400 2.46 1'071'900 30.06.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'687'918 1.93 829'875 30.09.2012 Investment Advisor
CARTER MOLLIE HALE n/a Form 4 11'465'023 1.74 (1'967) 08.12.2011 n/a
JP MORGAN n/a ULT-AGG 11'037'740 1.68 1'000'890 30.09.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 10'075'010 1.53 1'595'810 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'765'870 1.48 (1'431'199) 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 9'468'849 1.44 156'688 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'349'930 1.42 (607'800) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 9'325'041 1.42 (296'404) 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'664'815 1.32 112'193 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 8'584'036 1.3 951'712 30.06.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 7'597'638 1.15 (748'892) 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'277'788 1.11 (2'325'475) 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 5'836'792 0.89 3'948 30.06.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'723'796 0.87 (444'263) 30.06.2012 Investment Advisor
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 5'030'971 0.76 (161'234) 30.09.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 07.11.2012
CL King & Associates ERIC J LARSON buy 5 M 32 12 month 07.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 06.11.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 26 Not Provided 31.10.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 31.10.2012
Buckingham Research Group JOHN E ROBERTS buy 5 M 37 12 month 31.10.2012
Miller Tabak + Co., LLC TIM TIBERIO neutral 3 M 26 12 month 31.10.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 27 Not Provided 31.10.2012
Credit Suisse ROBERT MOSKOW restricted #N/A N/A M #N/A N/A Not Provided 30.10.2012
Davenport & Co ANN H GURKIN buy 5 M 33 Not Provided 30.10.2012
Scotia Capital CHRISTINE HEALY sector perform 3 M 31 12 month 30.10.2012
S&P Capital IQ THOMAS GRAVES hold 3 U 29 12 month 26.09.2012
Holdings By:
Archer-Daniels-Midland Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking
oil. Through its subsidiaries, the Company also operates a variety of other
plantations such as palm oil, tea, and cocoa plantations.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.07.2012) 24'000.00
52-Week Low (21.05.2012) 18'000.00
Daily Volume
20000
52-Week High % Change -16.67% Dividend Yield -
52-Week Low % Change 11.11% Beta 1.05
% 52 Week Price Range High/Low 38.33% Equity Float 319.99
Shares Out 30.09.2012 1'574.7 Short Int -
31'494'900.00 1 Yr Total Return -3.05%
Total Debt 0.00 YTD Return -3.72%
Preferred Stock 0.0 Adjusted BETA 1.050
Minority Interest 286'543.0 Analyst Recs 32
Cash and Equivalents 838'190.00 Consensus Rating 3.500
Enterprise Value 32'020'381.00
Average Volume 5 Day 398'600
AALI IJ EQUITY YTD Change - Average Volume 30 Day 496'800
AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 974'074
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'960'954.0 8'161'217.0 7'424'283.0 8'843'721.0 10'772'582.0 ######### ######### ######### ######### ######### -
7.25x 1.81x 4.75x 4.55x 3.12x 12.60x 12.05x 2.73x 2.43x - -
3'052'540.0 3'616'720.0 2'898'342.0 3'335'987.0 3'572'651.0 ######### ######### ######### ######### 932'383.0 -
14.16x 4.08x 12.16x 12.07x 9.41x 7.10x 9.96x 9.05x 7.94x - -
1'973'428.0 2'631'019.0 1'660'649.0 2'016'780.0 2'405'564.0 ######### ######### ######### ######### 642'270.0 -
22.34x 5.87x 21.57x 20.46x 14.21x 11.47x 15.59x 13.98x 12.21x - -
EBITDA 3'572'651.00 Long-Term Rating Date -
EBIT 3'195'661.00 Long-Term Rating -
Operating Margin 29.66% Long-Term Outlook -
Pretax Margin 30.94% Short-Term Rating Date -
Return on Assets 19.58% Short-Term Rating -
Return on Common Equity 27.93%
Return on Capital 27.58% EBITDA/Interest Exp. 615.34
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 276.30
Net Debt/EBITDA 0.06
Gross Margin 36.5% Total Debt/EBITDA 0.14
EBITDA Margin 30.9%
EBIT Margin 26.8% Total Debt/Equity 0.0%
Net Income Margin 22.3% Total Debt/Capital 0.0%
Asset Turnover 1.01
Current Ratio 1.31 Net Fixed Asset Turnover 1.42
Quick Ratio 0.59 Accounts receivable turnover-days 1.65
Debt to Assets 0.00% Inventory Days 55.97
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 33.62
Accounts Receivable Turnover 221.99 Cash Conversion Cycle 15.42
Inventory Turnover 6.54
Fiscal Year Ended
Astra Agro Lestari Tbk PTPrice/Volume
Valuation Analysis
458'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PT ASTRA INTERNATION n/a EXCH 1'254'756'812 79.68 - 30.04.2012 Corporation
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 24'982'120 1.59 (22'000) 12.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'942'356 0.95 658'780 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'252'500 0.46 1'089'500 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'940'670 0.44 48'000 09.11.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 5'297'000 0.34 - 31.12.2010 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'870'000 0.25 - 09.11.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'659'000 0.17 - 31.08.2012 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 2'618'600 0.17 - 31.12.2010 Mutual Fund Manager
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 2'500'000 0.16 - 31.12.2010 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'446'000 0.16 74'500 31.07.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'303'000 0.15 (108'500) 29.06.2012 Investment Advisor
BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 1'706'500 0.11 - 31.12.2010 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'695'500 0.11 - 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'533'000 0.1 - 31.12.2010 Mutual Fund Manager
FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'508'000 0.1 - 31.12.2010 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'286'000 0.08 - 29.06.2012 Mutual Fund Manager
MITSUI SUMITOMO TRUS Multiple Portfolios MF-AGG 1'104'125 0.07 (405'000) 10.05.2012 Mutual Fund Manager
KOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 1'078'500 0.07 (239'000) 23.01.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 978'500 0.06 (60'500) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 12.11.2012
Macquarie SUNAINA DHANUKA underperform 1 D 17'900 12 month 08.11.2012
Standard Chartered JOO ENG TEO in-line 3 M 20'443 12 month 07.11.2012
Bahana Securities LEONARDO HENRY GAVAZA buy 5 M 26'000 Not Provided 07.11.2012
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 23'400 12 month 06.11.2012
Kim Eng Securities PANDU ANUGRAH hold 3 M 22'500 12 month 05.11.2012
Deutsche Bank JOVIN NG buy 5 M 23'000 12 month 01.11.2012
Sucorinvest Central Gani ISFHAN HELMY hold 3 U 19'700 12 month 31.10.2012
Danareksa GABRIELLA MAUREEN NATASHA hold 3 M 20'500 12 month 31.10.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 20'600 12 month 30.10.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 27'000 Not Provided 30.10.2012
DBS Vickers BEN SANTOSO hold 3 M 21'600 12 month 30.10.2012
CIMB ERWAN TEGUH TEH outperform 5 M 27'400 12 month 30.10.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 U 25'000 12 month 30.10.2012
Ciptadana Sekuritas SURAJ KHIANI hold 3 M 19'000 15 month 30.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 25'558 12 month 30.10.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 23'500 Not Provided 30.10.2012
Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA neutral 3 M 23'000 12 month 30.10.2012
Indo Premier Securities WILLY GUNAWAN sell 1 M 16'300 12 month 30.10.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 26'000 12 month 29.10.2012
JPMorgan YING-JIAN CHAN underweight 1 M 15'000 6 month 29.10.2012
Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA hold 3 M 22'000 12 month 29.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 29'000 Not Provided 29.10.2012
PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 M 25'200 12 month 15.10.2012
BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 27'600 12 month 25.09.2012
HSBC THILAN WICKRAMASINGHE underweight 1 D 22'000 Not Provided 05.09.2012
PT ONIX Capital Tbk SHEILA YOVITA hold 3 M 22'600 12 month 26.07.2012
BNI Securities VIVIET S PUTRI buy 5 M 22'500 12 month 14.03.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
Kresna Graha Sekurindo Tbk PT GEMILANG LIM hold 3 M 23'200 Not Provided 09.09.2011
Holdings By:
Astra Agro Lestari Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
BRF-Brasil Foods SA is a food processor in Latin America. The Company raises
chickens to produce poultry products. Brasil Foods also processes frozen
pastas, soybeans and their derivatives, and distributes frozen vegetables. The
Company's core business is chilled and frozen food. The Company has offices
in the Middle East, Asia, and Europe.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (16.03.2012) 21.69
52-Week Low (12.07.2012) 13.61
Daily Volume
18.64
52-Week High % Change -14.06% Dividend Yield -
52-Week Low % Change 36.96% Beta 1.11
% 52 Week Price Range High/Low 63.61% Equity Float -
Shares Out 29.10.2012 872.5 Short Int 10.09
16'262.90 1 Yr Total Return -0.71%
Total Debt 8'053.53 YTD Return -4.30%
Preferred Stock - Adjusted BETA 1.109
Minority Interest 39.6 Analyst Recs 8
Cash and Equivalents 2'892.90 Consensus Rating 3.500
Enterprise Value -
Average Volume 5 Day 373'090
BRFS UN EQUITY YTD Change - Average Volume 30 Day 402'419
BRFS UN EQUITY YTD % CHANGE - Average Volume 3 Month 564'236
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'633.4 11'393.0 15'905.8 22'681.3 25'706.2 25'007.5 27'470.8 27'942.1 30'381.4 7'507.2 6'812.6
1.31x 0.84x 2.74x 1.21x 1.43x 4.69x 3.90x 1.47x 1.36x - -
775.5 1'079.8 619.4 2'320.6 2'878.5 2'926.8 1'743.2 2'572.5 3'682.0 937.8 759.2
11.22x 8.83x 70.41x 11.85x 12.81x 11.09x 0.00x - - - -
321.3 54.4 123.0 804.1 1'367.4 1'606.6 371.5 990.1 1'877.1 480.2 305.7
- - - - - 0.00x 0.00x 33.18x 17.61x 21.01x 18.20x
EBITDA 2'878.49 Long-Term Rating Date 04.04.2012
EBIT 1'992.15 Long-Term Rating BBB-
Operating Margin 7.75% Long-Term Outlook STABLE
Pretax Margin 5.92% Short-Term Rating Date -
Return on Assets 2.14% Short-Term Rating -
Return on Common Equity 4.57%
Return on Capital - EBITDA/Interest Exp. 6.06
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.69
Net Debt/EBITDA 2.77
Gross Margin 25.9% Total Debt/EBITDA 3.99
EBITDA Margin 9.1%
EBIT Margin 5.6% Total Debt/Equity 57.2%
Net Income Margin 5.3% Total Debt/Capital 36.3%
Asset Turnover 0.88
Current Ratio 1.39 Net Fixed Asset Turnover 2.80
Quick Ratio 0.35 Accounts receivable turnover-days 35.57
Debt to Assets 26.86% Inventory Days 49.02
Tot Debt to Common Equity 57.24% Accounts Payable Turnover Day 42.75
Accounts Receivable Turnover 10.29 Cash Conversion Cycle 20.59
Inventory Turnover 7.47
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BRF - Brasil Foods SAPrice/Volume
Valuation Analysis
141'852.00
Current Price (11/dd/yy) Market Data
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10'000.0
15'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 13'227'826 1.52 (1'183'340) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'556'075 1.1 986'683 31.07.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'871'238 1.02 19'966 30.06.2012 Investment Advisor
ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 3'913'454 0.45 147'046 30.06.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'639'282 0.42 (780'271) 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'580'196 0.41 (961'655) 30.09.2012 Unclassified
MACQUARIE GROUP LTD n/a ULT-AGG 3'130'960 0.36 (98'575) 30.06.2012 Investment Advisor
WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 2'271'378 0.26 2'127'078 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'786'373 0.2 (44'974) 30.06.2012 Investment Advisor
CANADA PENSION PLAN CANADA PENSION PLAN 13F 1'737'820 0.2 38'000 30.09.2012 Pension Fund (ERISA)
BATTERYMARCH FINANCI BATTERYMARCH FINANCI 13F 1'651'299 0.19 (1'089'321) 30.06.2012 Investment Advisor
CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 1'395'460 0.16 (119'234) 31.10.2011 Mutual Fund Manager
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'331'981 0.15 (720'319) 30.06.2012 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 1'199'748 0.14 6'344 09.11.2012 Investment Advisor
QVT FINANCIAL LP QVT FINANCIAL LP 13F 1'197'220 0.14 660'000 30.06.2012 Hedge Fund Manager
ALPS ADVISORS INC ALPS ADVISORS INC 13F 1'179'046 0.14 42'339 30.09.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 1'016'278 0.12 - 31.08.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 983'982 0.11 (70'127) 30.06.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 955'679 0.11 381'785 30.06.2012 Investment Advisor
FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 950'000 0.11 - 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 12.11.2012
JPMorgan ALAN ALANIS underweight 1 D 17 12 month 28.09.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 D 18 12 month 14.09.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 20 Not Provided 28.08.2012
Deutsche Bank JOSE J YORDAN hold 3 M 15 12 month 14.08.2012
HSBC PEDRO HERRERA overweight 5 M 20 Not Provided 23.07.2012
Grupo Santander LUIS MIRANDA buy 5 M 24 Not Provided 13.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 21.10.2011
Bradesco Corretora RICARDO BOIATI market perform 3 M 21 Not Provided 13.05.2011
Holdings By:
BRF - Brasil Foods SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Bunge Limited is a global agribusiness and food company. The Company buys,
sells, stores, transports and processes oilseeds and grains to make protein meal
for animal feed and edible oil products for commercial customers and consumers.
Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and
sells fertilizer.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.11.2012) 73.46
52-Week Low (19.12.2011) 55.64
Daily Volume
72.12
52-Week High % Change -1.82% Dividend Yield 1.44
52-Week Low % Change 29.62% Beta 1.03
% 52 Week Price Range High/Low 93.49% Equity Float 137.03
Shares Out 02.11.2012 146.2 Short Int 3.54
10'541.91 1 Yr Total Return 22.78%
Total Debt 4'081.00 YTD Return 28.11%
Preferred Stock 690.0 Adjusted BETA 1.028
Minority Interest 368.0 Analyst Recs 14
Cash and Equivalents 835.00 Consensus Rating 4.000
Enterprise Value 18'928.91
Average Volume 5 Day 319'883
BG UN EQUITY YTD Change - Average Volume 30 Day 258'294
BG UN EQUITY YTD % CHANGE - Average Volume 3 Month 242'761
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
37'842.0 52'574.0 41'926.0 45'707.0 58'743.0 55'024.0 62'274.0 63'883.3 68'727.3 18'891.4 15'107.3
0.53x 0.21x 0.34x 0.33x 0.21x 1.09x 1.01x 0.26x 0.23x - -
1'541.0 2'862.0 305.0 1'396.0 1'701.0 1'776.0 1'655.0 1'962.8 2'323.0 627.0 456.0
12.97x 3.89x 46.71x 10.70x 7.36x 7.60x 10.99x 9.65x 8.16x 8.27x 8.21x
778.0 1'064.0 361.0 2'354.0 942.0 989.0 917.0 964.4 1'178.1 376.5 127.5
18.05x 7.66x 37.55x 15.98x 9.81x 9.12x 11.93x 11.52x 9.42x 9.52x 9.57x
EBITDA 1'701.00 Long-Term Rating Date 10.06.2010
EBIT 1'175.00 Long-Term Rating BBB-
Operating Margin 2.00% Long-Term Outlook POS
Pretax Margin 1.68% Short-Term Rating Date -
Return on Assets 3.43% Short-Term Rating -
Return on Common Equity 8.06%
Return on Capital 6.39% EBITDA/Interest Exp. 5.63
Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 1.91
Net Debt/EBITDA 4.38
Gross Margin 4.6% Total Debt/EBITDA 4.79
EBITDA Margin 2.7%
EBIT Margin 1.8% Total Debt/Equity 37.0%
Net Income Margin 1.6% Total Debt/Capital 25.3%
Asset Turnover 2.33
Current Ratio 1.89 Net Fixed Asset Turnover 11.21
Quick Ratio 0.47 Accounts receivable turnover-days 18.48
Debt to Assets 17.53% Inventory Days 44.17
Tot Debt to Common Equity 37.04% Accounts Payable Turnover Day 20.59
Accounts Receivable Turnover 19.81 Cash Conversion Cycle 34.40
Inventory Turnover 8.29
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bunge LtdPrice/Volume
Valuation Analysis
22'556.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVT OF SINGAPORE IN n/a PROXY 7'305'865 5 - 01.03.2012 Government
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'345'782 4.34 212'257 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'889'581 4.03 (145'519) 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'679'747 3.89 840'902 30.09.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'421'645 3.02 144'014 30.09.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 4'248'886 2.91 (142'706) 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'811'875 2.61 88'900 28.09.2012 Mutual Fund Manager
HARDING LOEVNER LP HARDING LOEVNER LP 13F 3'137'158 2.15 322'292 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'116'789 2.13 1'433'039 30.06.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 3'108'139 2.13 (460'121) 30.06.2012 Bank
STATE STREET CORP STATE STREET CORPORA 13F 2'817'342 1.93 188'243 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'582'893 1.77 (66'622) 30.06.2012 Investment Advisor
LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 2'315'664 1.58 12'693 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'235'655 1.53 (196'015) 30.09.2012 Investment Advisor
ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 1'746'741 1.19 36'298 30.06.2012 Hedge Fund Manager
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'678'822 1.15 (661'112) 30.06.2012 Investment Advisor
SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 1'645'653 1.13 1'645'653 30.09.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'574'000 1.08 - 30.06.2011 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'558'747 1.07 - 28.09.2012 Mutual Fund Manager
TAUBE HODSON STONEX TAUBE HODSON STONEX 13F 1'244'306 0.85 93'130 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 02.11.2012
Credit Suisse ROBERT MOSKOW outperform 5 M 78 Not Provided 29.10.2012
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 80 Not Provided 26.10.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 26.10.2012
Feltl & Company BRENT R RYSTROM strong buy 5 M 82 12 month 26.10.2012
Scotia Capital CHRISTINE HEALY sector outperform 5 M 85 12 month 25.10.2012
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 80 Not Provided 25.10.2012
Piper Jaffray MICHAEL E COX neutral 3 M 78 12 month 25.10.2012
Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 88 Not Provided 25.10.2012
S&P Capital IQ THOMAS GRAVES buy 5 M 75 12 month 26.09.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 75 12 month 20.09.2012
HSBC PEDRO HERRERA neutral 3 M 74 Not Provided 17.09.2012
Holdings By:
Bunge Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate
fertilizer products globally. The Company's principal products in the nitrogen
segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate,
diesel exhaust fluid and aqua ammonia. The principal products in the phosphate
segment are diammonium phosphate and monoammonium phosphate.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.09.2012) 227.98
52-Week Low (15.12.2011) 128.03
Daily Volume
207.3
52-Week High % Change -9.07% Dividend Yield 0.77
52-Week Low % Change 61.92% Beta 1.17
% 52 Week Price Range High/Low 77.83% Equity Float 62.57
Shares Out 31.10.2012 62.9 Short Int 1.12
13'033.07 1 Yr Total Return 39.99%
Total Debt 1'617.80 YTD Return 44.21%
Preferred Stock 0.0 Adjusted BETA 1.175
Minority Interest 385.9 Analyst Recs 19
Cash and Equivalents 1'207.00 Consensus Rating 4.105
Enterprise Value 12'937.57
Average Volume 5 Day 237'880
CF UN EQUITY YTD Change - Average Volume 30 Day 224'733
CF UN EQUITY YTD % CHANGE - Average Volume 3 Month 214'223
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'756.7 3'921.1 2'608.4 3'965.0 6'097.9 5'617.1 6'341.0 6'201.9 6'019.5 1'581.6 1'443.6
1.94x 0.45x 1.30x 2.82x 1.83x 7.53x 7.91x 2.19x 2.29x - -
686.1 1'251.0 780.8 1'301.5 3'160.9 2'750.4 3'543.6 3'388.0 3'166.6 850.2 701.8
7.80x 1.42x 4.34x 8.58x 3.52x 3.47x 3.92x 3.82x 4.09x 3.90x 3.86x
372.7 684.6 365.6 349.2 1'539.2 1'300.6 1'816.9 1'783.0 1'640.7 438.5 387.5
16.75x 3.84x 11.62x 16.77x 6.22x 6.71x 7.78x 7.52x 7.88x 7.73x 7.84x
EBITDA 3'160.90 Long-Term Rating Date -
EBIT 2'744.70 Long-Term Rating -
Operating Margin 45.01% Long-Term Outlook -
Pretax Margin 44.07% Short-Term Rating Date -
Return on Assets 18.70% Short-Term Rating -
Return on Common Equity 37.38%
Return on Capital 31.00% EBITDA/Interest Exp. 20.50
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 18.90
Net Debt/EBITDA -0.17
Gross Margin 47.5% Total Debt/EBITDA 0.45
EBITDA Margin 55.9%
EBIT Margin 49.3% Total Debt/Equity 35.6%
Net Income Margin 25.2% Total Debt/Capital 24.7%
Asset Turnover 0.65
Current Ratio 1.74 Net Fixed Asset Turnover 1.70
Quick Ratio 1.43 Accounts receivable turnover-days 17.59
Debt to Assets 18.03% Inventory Days 39.50
Tot Debt to Common Equity 35.58% Accounts Payable Turnover Day 51.08
Accounts Receivable Turnover 20.81 Cash Conversion Cycle 37.39
Inventory Turnover 9.27
Fiscal Year Ended
CF Industries Holdings IncPrice/Volume
Valuation Analysis
50'803.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 4'461'472 7.1 (427'894) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 4'064'370 6.46 55'936 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'846'166 6.12 (2'581'513) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 2'801'685 4.46 135'230 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 1'746'008 2.78 126'168 30.09.2012 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'566'162 2.49 295'096 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'454'336 2.31 89'277 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'242'315 1.98 27'275 28.09.2012 Mutual Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'216'106 1.93 51'809 30.09.2012 Investment Advisor
AJO, LP AJO, LP 13F 1'187'650 1.89 772'050 30.06.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'177'657 1.87 35'765 30.06.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'040'505 1.65 90'210 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'004'282 1.6 (89'484) 30.09.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 951'220 1.51 28'246 30.09.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 925'838 1.47 776'579 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 914'615 1.45 102'384 30.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 828'344 1.32 (35'150) 30.06.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 806'859 1.28 (382'700) 30.06.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 805'634 1.28 38'249 30.09.2012 Hedge Fund Manager
FIRST TRUST ADVISORS FIRST TRUST ADVISORS 13F 652'090 1.04 84'063 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON Positive 4 M 320 12 month 13.11.2012
Barclays MATTHEW J KORN overweight 5 M 250 Not Provided 08.11.2012
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 250 12 month 07.11.2012
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 241 12 month 07.11.2012
Feltl & Company BRENT R RYSTROM strong buy 5 M 241 12 month 07.11.2012
Atlantic Equities LLP COLIN ISAAC neutral 3 M 212 12 month 07.11.2012
BMO Capital Markets JOEL JACKSON outperform 5 M 235 Not Provided 06.11.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 250 12 month 06.11.2012
Scotia Capital BEN ISAACSON sector perform 3 M 225 12 month 06.11.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 240 12 month 06.11.2012
S&P Capital IQ KEVIN KIRKEBY sell 1 M 190 Not Provided 06.11.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 06.11.2012
Lazard Capital Markets EDLAIN RODRIGUEZ buy 5 M 250 12 month 06.11.2012
Piper Jaffray MICHAEL E COX overweight 5 M 250 12 month 06.11.2012
Credit Agricole Securities (USA) MARK W CONNELLY outperform 5 M 225 Not Provided 06.11.2012
Dahlman Rose & Co CHARLES NEIVERT hold 3 D 200 12 month 15.10.2012
Stifel Nicolaus PAUL A MASSOUD hold 3 N #N/A N/A Not Provided 21.08.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
CF Industries Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
China Agri-Industries Holdings Ltd. produces biofuel and biochemical. The
Company also processes oilseed and wheat, and produces malt used for beer
brewage.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (09.02.2012) 6.76
52-Week Low (25.07.2012) 3.68
Daily Volume
4.39
52-Week High % Change -35.06% Dividend Yield 1.57
52-Week Low % Change 19.29% Beta 1.36
% 52 Week Price Range High/Low 24.68% Equity Float 1'559.76
Shares Out 30.06.2012 4'038.4 Short Int -
17'728.44 1 Yr Total Return -22.22%
Total Debt 33'122.76 YTD Return -24.58%
Preferred Stock 0.0 Adjusted BETA 1.361
Minority Interest 3'146.3 Analyst Recs 15
Cash and Equivalents 9'175.65 Consensus Rating 4.467
Enterprise Value 48'550.62
Average Volume 5 Day 6'137'966
606 HK EQUITY YTD Change - Average Volume 30 Day 9'776'983
606 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'795'785
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
28'869.2 41'802.1 43'827.9 53'491.7 82'349.9 - - 98'408.4 113'729.3 - -
0.78x 0.43x 1.13x 1.05x 0.62x - - 0.45x 0.43x - -
1'319.5 4'435.3 2'738.6 3'769.3 379.5 - - 3'769.7 4'798.9 - -
17.16x 4.08x 18.10x 14.95x 134.27x - - 12.88x 10.12x - -
1'100.4 2'624.9 1'952.0 1'701.6 2'368.0 - - 1'701.2 2'245.3 - -
16.21x 5.27x 19.71x 20.41x 10.08x - - 10.14x 8.07x - -
EBITDA 379.53 Long-Term Rating Date -
EBIT -582.85 Long-Term Rating -
Operating Margin -0.71% Long-Term Outlook -
Pretax Margin 4.70% Short-Term Rating Date -
Return on Assets 1.72% Short-Term Rating -
Return on Common Equity 5.88%
Return on Capital 4.30% EBITDA/Interest Exp. 0.41
Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. -6.20
Net Debt/EBITDA 22.02
Gross Margin 8.2% Total Debt/EBITDA 29.32
EBITDA Margin 1.4%
EBIT Margin 0.1% Total Debt/Equity 150.8%
Net Income Margin 2.9% Total Debt/Capital 56.9%
Asset Turnover 1.23
Current Ratio 1.25 Net Fixed Asset Turnover 4.29
Quick Ratio 0.43 Accounts receivable turnover-days 18.25
Debt to Assets 47.29% Inventory Days 99.65
Tot Debt to Common Equity 150.81% Accounts Payable Turnover Day 17.14
Accounts Receivable Turnover 20.05 Cash Conversion Cycle 86.35
Inventory Turnover 3.67
Fiscal Year Ended
China Agri-Industries Holdings LtdPrice/Volume
Valuation Analysis
10'325'141.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WIDE SMART HOLDINGS #N/A N/A EXCH 1'922'550'331 47.61 - 05.11.2012 Government
COFCO HONG KONG LTD #N/A N/A EXCH 273'764'483 6.78 - 05.11.2012 Corporation
MITSUBISHI CORP n/a Co File 141'483'000 3.5 - 31.03.2012 Corporation
COFCO (BVI) NO. 108 #N/A N/A EXCH 140'000'000 3.47 - 05.11.2012 Other
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 119'560'000 2.96 (13'775'000) 30.06.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 66'033'818 1.64 1'476'058 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 60'827'642 1.51 (56'000) 12.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 40'566'309 1 320'000 28.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 28'860'180 0.71 (7'065'000) 09.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 12'716'000 0.31 - 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'153'000 0.23 - 31.07.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 6'833'226 0.17 379'326 28.09.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 4'499'421 0.11 (82'796) 30.09.2012 Mutual Fund Manager
FIRST STATE INVESTME Multiple Portfolios MF-AGG 4'183'000 0.1 - 31.07.2012 Mutual Fund Manager
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'183'000 0.1 - 31.07.2012 Bank
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4'177'380 0.1 - 28.09.2012 Investment Advisor
OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 3'980'000 0.1 - 31.03.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'971'000 0.1 37'000 31.07.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 3'862'000 0.1 56'000 09.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 3'686'111 0.09 2'185'000 12.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan YING-JIAN CHAN overweight 5 M 6 6 month 09.11.2012
CIMB Yang Lei outperform 5 M 5 12 month 06.11.2012
Ji Asia WINNIE MAK buy 5 M 10 12 month 16.10.2012
Nomura EMMA LIU buy 5 M 5 Not Provided 09.10.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 11.09.2012
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 5 12 month 10.09.2012
Bank of China International JENNY CHAN buy 5 U 5 Not Provided 03.09.2012
Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 6 12 month 29.08.2012
SWS Research Co Ltd SEAN ZHANG neutral 3 D 5 Not Provided 25.07.2012
Hua Tai Securities Co., Ltd QIU YANG add 4 D 5 6 month 02.07.2012
China International Capital Corp DAN WANG accumulate 4 M 6 12 month 29.06.2012
Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 7 12 month 02.04.2012
BOCOM International Holdings TEAM COVERAGE neutral 3 N 12 12 month 31.03.2010
Holdings By:
China Agri-Industries Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company
produces ammonia and urea.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (16.03.2012) 6.56
52-Week Low (10.07.2012) 4.18
Daily Volume
4.94
52-Week High % Change -24.70% Dividend Yield 4.03
52-Week Low % Change 18.18% Beta 0.98
% 52 Week Price Range High/Low 28.57% Equity Float 1'664.52
Shares Out 30.06.2012 1'771.0 Short Int -
22'773.40 1 Yr Total Return -15.15%
Total Debt 425.00 YTD Return -12.70%
Preferred Stock 0.0 Adjusted BETA 0.982
Minority Interest 1'430.7 Analyst Recs 21
Cash and Equivalents 2'836.12 Consensus Rating 4.619
Enterprise Value 17'636.94
Average Volume 5 Day 3'116'316
3983 HK EQUITY YTD Change - Average Volume 30 Day 6'245'273
3983 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'884'375
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
4'340.4 6'811.8 5'794.6 6'867.3 9'756.3 - - 11'181.5 12'710.9 - -
4.45x 1.48x 3.19x 3.06x 2.15x - - 1.46x 1.22x - -
2'047.3 2'522.0 1'989.2 2'397.5 3'547.5 - - 3'944.6 4'355.7 - -
9.44x 3.99x 9.29x 8.77x 5.92x - - 4.47x 4.05x - -
1'448.3 1'608.5 984.7 1'175.3 1'985.8 - - 2'049.6 2'257.6 - -
15.21x 8.00x 19.92x 18.89x 11.09x - - 8.86x 8.15x - -
EBITDA 3'547.54 Long-Term Rating Date -
EBIT 2'684.06 Long-Term Rating -
Operating Margin 27.51% Long-Term Outlook -
Pretax Margin 28.45% Short-Term Rating Date -
Return on Assets 11.71% Short-Term Rating -
Return on Common Equity 15.87%
Return on Capital 15.43% EBITDA/Interest Exp. 132.43
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 60.43
Net Debt/EBITDA -0.60
Gross Margin 33.5% Total Debt/EBITDA 0.13
EBITDA Margin 33.4%
EBIT Margin 25.0% Total Debt/Equity 3.5%
Net Income Margin 20.4% Total Debt/Capital 3.0%
Asset Turnover 0.63
Current Ratio 2.37 Net Fixed Asset Turnover 1.01
Quick Ratio 1.38 Accounts receivable turnover-days 8.32
Debt to Assets 2.58% Inventory Days 62.63
Tot Debt to Common Equity 3.50% Accounts Payable Turnover Day 21.08
Accounts Receivable Turnover 43.98 Cash Conversion Cycle 61.87
Inventory Turnover 5.84
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China BlueChemical LtdPrice/Volume
Valuation Analysis
2'718'359.00
Current Price (11/dd/yy) Market Data
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 193'093'580 10.9 1'602'000 09.11.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 176'296'000 9.95 11'020'000 31.07.2012 Bank
FIRST STATE INVESTME Multiple Portfolios MF-AGG 152'852'000 8.63 8'268'000 31.07.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 139'721'867 7.89 (8'000) 22.10.2012 Unclassified
GOVT OF SINGAPORE IN n/a EXCH 106'479'765 6.01 - 27.08.2012 Government
MONDRIAN INVESTMENT n/a Co File 89'810'000 5.07 - 31.12.2011 Hedge Fund Manager
BANK OF NEW YORK MEL n/a EXCH 88'751'779 5.01 - 18.07.2012 Investment Advisor
BANK OF NEW YORK MEL n/a Short (87'533'339) -4.94 - 18.07.2012 Investment Advisor
VALUE PARTNERS LIMIT n/a EXCH 81'730'000 4.61 - 18.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 72'701'480 4.11 1'675'022 30.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 59'282'609 3.35 12'516'000 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 57'138'398 3.23 442'000 28.09.2012 Mutual Fund Manager
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 35'639'175 2.01 (1'383'658) 30.03.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 26'574'000 1.5 (24'000) 12.11.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 23'444'000 1.32 2'752'000 31.07.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 21'044'000 1.19 - 30.06.2012 Unclassified
GARTMORE GROUP LTD Multiple Portfolios MF-AGG 15'088'000 0.85 - 30.09.2012 Investment Advisor
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 15'050'000 0.85 - 31.12.2010 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 14'574'000 0.82 - 30.06.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 13'139'000 0.74 (660'000) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 19.10.2012
SWS Research Co Ltd ALBERT MIAO buy 5 M 7 Not Provided 18.10.2012
Deutsche Bank DAVID HURD buy 5 N 6 12 month 09.10.2012
Goldman Sachs CAROL JIN Buy/Cautious 5 U 7 12 month 28.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 24.09.2012
JPMorgan AKHIL HANDA overweight 5 M 8 Not Provided 29.08.2012
Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 6 12 month 25.08.2012
Macquarie LAURA SHI outperform 5 M 6 12 month 22.08.2012
China International Capital Corp BIN GUAN accumulate 4 D 6 12 month 22.08.2012
BOCOM International Holdings HE WEI long-term buy 5 M 6 12 month 22.08.2012
Barclays RITA WU overweight 5 M 8 Not Provided 22.08.2012
Jefferies JACK LU underperform 1 M 5 12 month 21.08.2012
BNP Paribas Equity Research GORDON WAI buy 5 M 7 12 month 21.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 5 Not Provided 19.07.2012
Essence Securities XU HAITAO buy 5 M 7 6 month 22.06.2012
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 7 12 month 17.04.2012
Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012
Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011
GuoSen Securities Co Ltd STEVEN LU buy 5 M 9 12 month 26.07.2011
Guotai Junan GRACE LIU accumulate 4 M 6 Not Provided 09.08.2010
Holdings By:
China BlueChemical Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Chiquita Brands International, Inc. markets, produces, and distributes fresh
bananas and other fresh produce. The Company also distributes and markets
fresh-cut fruit and other branded fruit products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (23.02.2012) 10.55
52-Week Low (25.06.2012) 4.63
Daily Volume
6.7
52-Week High % Change -36.49% Dividend Yield -
52-Week Low % Change 44.71% Beta 1.33
% 52 Week Price Range High/Low 35.47% Equity Float 43.17
Shares Out 01.11.2012 46.3 Short Int 3.87
310.25 1 Yr Total Return -19.66%
Total Debt 572.48 YTD Return -19.66%
Preferred Stock 0.0 Adjusted BETA 1.333
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 45.26 Consensus Rating 3.800
Enterprise Value 860.50
Average Volume 5 Day 123'700
CQB UN EQUITY YTD Change - Average Volume 30 Day 102'361
CQB UN EQUITY YTD % CHANGE - Average Volume 3 Month 131'128
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'464.7 3'609.4 3'470.4 3'227.4 3'139.3 3'190.6 3'062.6 3'011.7 3'032.0 688.7 792.0
0.44x 0.35x 0.39x 0.34x 0.29x 1.32x 0.85x - - - -
131.8 163.5 205.5 139.1 139.8 136.2 71.7 83.4 144.8 9.7 46.0
11.58x 7.81x 6.54x 8.00x 6.50x 6.41x 0.00x 10.32x 5.94x 6.44x 5.93x
(49.0) (328.7) 90.5 57.4 56.8 53.2 (88.6) (17.6) 30.7 (13.5) 15.7
- 14.63x 7.33x 22.61x 4.61x 43.89x 0.00x - 9.18x 12.57x 10.08x
EBITDA 139.80 Long-Term Rating Date 03.09.2009
EBIT 78.87 Long-Term Rating B
Operating Margin 2.51% Long-Term Outlook NEG
Pretax Margin -0.81% Short-Term Rating Date -
Return on Assets -4.44% Short-Term Rating -
Return on Common Equity -11.52%
Return on Capital - EBITDA/Interest Exp. 2.71
Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. 1.25
Net Debt/EBITDA 7.64
Gross Margin 14.3% Total Debt/EBITDA 8.15
EBITDA Margin 2.4%
EBIT Margin 0.3% Total Debt/Equity 71.6%
Net Income Margin 1.8% Total Debt/Capital 41.7%
Asset Turnover 1.54
Current Ratio 1.84 Net Fixed Asset Turnover 8.23
Quick Ratio 0.81 Accounts receivable turnover-days 34.94
Debt to Assets 29.54% Inventory Days 31.22
Tot Debt to Common Equity 71.55% Accounts Payable Turnover Day 38.51
Accounts Receivable Turnover 10.48 Cash Conversion Cycle 26.82
Inventory Turnover 11.72
Fiscal Year Ended
Chiquita Brands International IncPrice/Volume
Valuation Analysis
7'598.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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5'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 6'087'601 13.15 (149'490) 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'457'423 7.47 (43'888) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'706'645 5.85 225'594 30.06.2012 Investment Advisor
SKAGEN FUNDS n/a 13D 2'284'610 4.93 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'218'082 4.79 (37'641) 30.06.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 1'691'216 3.65 (700'773) 28.09.2012 Mutual Fund Manager
SHAH CAPITAL MANAGEM SHAH CAPITAL MANAGEM 13F 1'651'634 3.57 (16'418) 30.09.2012 Hedge Fund Manager
PRINCIPLED ASSET ADM n/a 13G 1'623'683 3.51 - 28.01.2010 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'457'214 3.15 46'105 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 1'388'086 3 (1'800) 30.06.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 1'273'380 2.75 (764'390) 30.09.2012 Investment Advisor
AGUIRRE FERNANDO n/a Form 4 1'248'822 2.7 (18'146) 23.08.2012 n/a
TOWLE & CO TOWLE & CO 13F 1'008'570 2.18 (14'459) 30.09.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 963'903 2.08 (274'143) 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 945'937 2.04 900'657 30.06.2012 Investment Advisor
WYNNEFIELD CAPITAL M WYNNEFIELD CAPITAL I 13F 915'000 1.98 340'000 30.06.2012 Hedge Fund Manager
STATE STREET CORP STATE STREET CORPORA 13F 861'803 1.86 (35'172) 30.06.2012 Investment Advisor
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 811'310 1.75 (700) 28.09.2012 Investment Advisor
FARALLON CAPITAL MAN FARALLON CAPITAL MAN 13F 756'727 1.63 - 30.06.2012 Hedge Fund Manager
KILLEN GROUP INC THE KILLEN GROUP INC 13F 710'097 1.53 (266'661) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 U 15 12 month 08.11.2012
Jefferies SCOTT A MUSHKIN hold 3 M 6 12 month 26.10.2012
BB&T Capital Markets HEATHER L JONES buy 5 U 9 12 month 19.09.2012
Imperial Capital LLC MARY ROSS-GILBERT outperform 5 U 8 12 month 15.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011
Holdings By:
Chiquita Brands International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
CNH Global N.V. designs, manufactures, and distributes a full line of
agricultural and construction equipment. The Company also provides equipment
financing services. CNH Global's products are sold through dealers and
distributors on a worldwide basis.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.11.2012) 47.88
52-Week Low (24.07.2012) 34.36
Daily Volume
47.45
52-Week High % Change -0.90% Dividend Yield 0.00
52-Week Low % Change 38.10% Beta 1.70
% 52 Week Price Range High/Low 97.49% Equity Float 27.83
Shares Out 30.09.2012 239.7 Short Int 0.78
11'374.54 1 Yr Total Return 28.70%
Total Debt 17'110.00 YTD Return 31.84%
Preferred Stock 0.0 Adjusted BETA 1.696
Minority Interest 68.0 Analyst Recs 8
Cash and Equivalents 2'055.00 Consensus Rating 3.500
Enterprise Value 27'938.54
Average Volume 5 Day 180'759
CNH UN EQUITY YTD Change - Average Volume 30 Day 92'512
CNH UN EQUITY YTD % CHANGE - Average Volume 3 Month 94'929
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
15'964.0 18'476.0 13'760.0 15'608.0 19'185.0 18'199.0 20'301.0 19'168.7 19'641.0 4'702.7 4'527.5
1.52x 0.79x 1.03x 1.55x 1.24x 5.24x 4.98x 0.94x 0.86x 4.53x -
2'337.0 2'676.0 1'412.0 1'983.0 2'616.0 2'537.0 2'834.0 2'102.3 2'202.9 346.8 424.0
10.41x 5.44x 10.03x 12.17x 9.08x 8.39x 9.12x 13.27x 12.66x 13.66x 12.99x
559.0 825.0 (190.0) 452.0 939.0 955.0 1'140.0 1'070.8 1'116.2 161.1 211.7
25.22x 4.36x - 23.06x 9.42x 6.68x 8.25x 10.34x 9.92x 10.77x 10.02x
EBITDA 2'616.00 Long-Term Rating Date 01.10.2010
EBIT 2'190.00 Long-Term Rating BB+
Operating Margin 11.42% Long-Term Outlook STABLE
Pretax Margin 6.60% Short-Term Rating Date -
Return on Assets 3.33% Short-Term Rating -
Return on Common Equity 13.54%
Return on Capital 6.56% EBITDA/Interest Exp. 3.33
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 2.31
Net Debt/EBITDA 5.84
Gross Margin 23.8% Total Debt/EBITDA 6.20
EBITDA Margin 14.0%
EBIT Margin 11.8% Total Debt/Equity 217.7%
Net Income Margin 4.9% Total Debt/Capital 68.3%
Asset Turnover 0.59
Current Ratio 1.38 Net Fixed Asset Turnover 10.43
Quick Ratio 0.71 Accounts receivable turnover-days 284.49
Debt to Assets 50.19% Inventory Days 93.40
Tot Debt to Common Equity 217.66% Accounts Payable Turnover Day 65.76
Accounts Receivable Turnover 1.29 Cash Conversion Cycle 184.93
Inventory Turnover 3.92
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
CNH Global NVPrice/Volume
Valuation Analysis
217'499.00
Current Price (11/dd/yy) Market Data
'2
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10'000.0
15'000.0
20'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIAT SPA n/a 13D 211'866'037 88.38 - 15.10.2012 Corporation
GAMCO n/a ULT-AGG 4'538'112 1.89 53'300 30.06.2012 Unclassified
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'638'212 1.52 (325'837) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'507'600 1.05 (887'436) 30.06.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 1'784'044 0.74 1'205'641 30.06.2012 Hedge Fund Manager
SKAGEN AS Multiple Portfolios MF-AGG 1'644'161 0.69 378'204 28.09.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 695'970 0.29 (14'961) 30.09.2012 Investment Advisor
CLAYMORE INVESTMENTS Multiple Portfolios MF-AGG 631'143 0.26 71'663 31.10.2011 Mutual Fund Manager
CLEARBRIDGE ADVISORS CLEARBRIDGE ADVISORS 13F 576'316 0.24 (5'714) 30.06.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 515'886 0.22 3'000 30.09.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 500'892 0.21 32'700 30.06.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 453'297 0.19 152'586 30.06.2012 Investment Advisor
TODD-VEREDUS ASSET M TODD-VEREDUS ASSET M 13F 369'511 0.15 142 30.09.2012 Investment Advisor
TEACHERS RETIREMENT TEACHERS RETIREMENT 13F 365'000 0.15 - 30.09.2012 Pension Fund (ERISA)
FRANKLIN RESOURCES n/a ULT-AGG 312'000 0.13 (108'200) 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 279'243 0.12 (21'637) 30.06.2012 Investment Advisor
ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 273'338 0.11 (13'520) 29.06.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 223'682 0.09 112'964 30.06.2012 Hedge Fund Manager
VANGUARD GROUP INC VANGUARD GROUP INC 13F 200'857 0.08 1'862 30.06.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 192'891 0.08 192'891 31.12.2011 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 50 12 month 09.11.2012
ISI Group DAVID RASO hold 3 M 49 Not Provided 08.11.2012
JPMorgan ANN DUIGNAN restricted #N/A N/A M #N/A N/A Not Provided 01.11.2012
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 55 Not Provided 01.11.2012
Jefferies STEPHEN VOLKMANN hold 3 M 44 12 month 31.10.2012
Piper Jaffray MICHAEL E COX neutral 3 M 48 12 month 31.10.2012
Berenberg Bank ALEXANDER VIRGO sell 1 N 32 Not Provided 14.09.2012
Goldman Sachs JERRY REVICH not rated #N/A N/A M #N/A N/A Not Provided 30.05.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 26.03.2012
Holdings By:
CNH Global NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Cosan Ltd is a fully integrated company in the renewable energy and
infrastructure segments in Brazil. It produces sugar & ethanol and distributes
fuels through a network of service stations. Cosan transports and loads
shipments of sugar and other grains at two terminals in Santos. Cosan also has a
lubricants distribution business and farmland development operation.
Latest Fiscal Year: 03/2012
LTM as of: 09/yy
52-Week High (08.11.2012) 17.10
52-Week Low (25.11.2011) 10.75
Daily Volume
16.54
52-Week High % Change -3.33% Dividend Yield 0.81
52-Week Low % Change 53.86% Beta 1.09
% 52 Week Price Range High/Low 94.02% Equity Float 164.33
Shares Out 30.06.2012 174.4 Short Int 1.45
4'475.54 1 Yr Total Return 50.01%
Total Debt 5'199.39 YTD Return 53.84%
Preferred Stock 0.0 Adjusted BETA 1.095
Minority Interest 3'904.3 Analyst Recs 10
Cash and Equivalents 1'654.15 Consensus Rating 4.400
Enterprise Value 17'641.11
Average Volume 5 Day 253'863
CZZ UN EQUITY YTD Change - Average Volume 30 Day 247'443
CZZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 292'037
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4
2'725.3 5'790.0 15'499.9 18'063.5 24'096.9 27'078.2 25'262.5 39'270.0 45'407.7 7'977.0 8'711.0
2.68x 0.93x 0.79x 0.80x 0.61x 1.89x 1.72x 0.56x 0.48x - -
179.0 478.7 1'509.8 2'701.0 1'992.3 2'892.7 1'292.6 3'202.8 3'937.5 810.0 908.0
40.85x 11.29x 8.16x 5.34x 7.42x 4.23x 0.00x 5.51x 4.48x - -
30.3 (372.1) 621.0 470.9 1'181.3 1'431.4 416.9 740.0 897.0 157.0 198.0
147.33x - 7.67x 12.06x 6.15x 3.33x 26.54x 12.23x 11.01x - -
EBITDA 1'992.33 Long-Term Rating Date 21.10.2010
EBIT 849.55 Long-Term Rating BB
Operating Margin 3.53% Long-Term Outlook POS
Pretax Margin 13.71% Short-Term Rating Date -
Return on Assets 0.76% Short-Term Rating -
Return on Common Equity 3.06%
Return on Capital - EBITDA/Interest Exp. 3.39
Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 0.69
Net Debt/EBITDA 2.22
Gross Margin 10.9% Total Debt/EBITDA 2.93
EBITDA Margin 8.0%
EBIT Margin 3.5% Total Debt/Equity 93.2%
Net Income Margin 4.9% Total Debt/Capital 35.4%
Asset Turnover 1.11
Current Ratio 2.29 Net Fixed Asset Turnover 3.14
Quick Ratio 1.26 Accounts receivable turnover-days 13.05
Debt to Assets 23.45% Inventory Days 15.41
Tot Debt to Common Equity 93.22% Accounts Payable Turnover Day 10.25
Accounts Receivable Turnover 28.04 Cash Conversion Cycle 14.03
Inventory Turnover 23.76
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cosan LtdPrice/Volume
Valuation Analysis
47'110.00
Current Price (11/dd/yy) Market Data
'.135
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25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GIF GESTAO DE INVEST n/a 20F 39'445'393 22.62 - 31.03.2012 Investment Advisor
HIGHBRIDGE CAPITAL M HIGHBRIDGE CAPITAL M 13F 31'666'700 18.16 - 30.06.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 14'336'904 8.22 (2'793'346) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 10'405'656 5.97 (989'927) 30.06.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 10'319'782 5.92 - 28.09.2012 Mutual Fund Manager
QUELUZ HOLDINGS LIMI n/a 13D 7'941'111 4.55 - 19.10.2012 Holding Company
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6'586'945 3.78 44'712 30.09.2012 Hedge Fund Manager
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'831'398 1.62 (212'240) 30.09.2012 Investment Advisor
ASHMORE EMM LLC ASHMORE EMM LLC 13F 2'118'199 1.21 (1'599'200) 31.03.2012 Investment Advisor
MSOR PARTICIPACOES S n/a 13D 1'811'250 1.04 - 19.10.2012 Other
OSTERWEIS CAPITAL MA Multiple Portfolios MF-AGG 1'773'863 1.02 - 28.09.2012 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 1'758'147 1.01 (71'318) 30.06.2012 Investment Advisor
OSTERWEIS CAPITAL MA PROF MANAGED-OSTERWE MF-USA 1'739'298 1 - 28.09.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'642'468 0.94 (217'000) 30.06.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 1'379'358 0.79 875'612 28.09.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'332'493 0.76 (826'831) 30.09.2012 Investment Advisor
PICTET ASSET MANAGEM PICTET ASSET MANAGEM 13F 1'326'836 0.76 282'332 30.09.2012 Investment Advisor
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 1'235'041 0.71 - 31.12.2011 Mutual Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'005'995 0.58 400'425 30.06.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 995'927 0.57 516'919 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Itau BBA Securities PAULA KOVARSKY outperform 5 M 25 Not Provided 08.11.2012
Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 24.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 18 Not Provided 17.09.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 24.08.2012
Bradesco Corretora AURO ROZENBAUM outperform 5 M 18 Not Provided 08.08.2012
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 U 16 12 month 29.06.2012
Grupo Santander CHRISTIAN AUDI buy 5 M 22 Not Provided 16.03.2012
JPMorgan LUCAS FERREIRA restricted #N/A N/A M #N/A N/A Not Provided 01.07.2011
Imperial Capital LLC MATTHEW T FARWELL outperform 5 R #N/A N/A Not Provided 06.12.2010
Holdings By:
Cosan Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Cresud SACIF y A is an Argentine agricultural company, with a growing presence
in Latin American countries, engaged in a range of activities including crop
production, cattle raising and milk production. The Company's business model,
rolled out in Argentina, Brazil, Bolivia and Paraguay, focuses on the
acquisition, development and exploitation of agricultural properties.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (21.02.2012) 13.64
52-Week Low (01.06.2012) 6.69
Daily Volume
8.1
52-Week High % Change -40.62% Dividend Yield -
52-Week Low % Change 21.08% Beta 0.99
% 52 Week Price Range High/Low 20.72% Equity Float -
Shares Out 30.06.2012 50.2 Short Int 0.14
406.26 1 Yr Total Return -27.74%
Total Debt 3'883.18 YTD Return -28.88%
Preferred Stock 0.0 Adjusted BETA 0.992
Minority Interest 1'990.8 Analyst Recs 3
Cash and Equivalents 586.60 Consensus Rating 4.333
Enterprise Value -
Average Volume 5 Day 12'658
CRESY UW EQUITY YTD Change - Average Volume 30 Day 12'940
CRESY UW EQUITY YTD % CHANGE - Average Volume 3 Month 15'330
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3
322.4 1'427.2 1'882.4 2'540.3 3'457.8 2'540.3 2'222.8 2'663.6 3'109.4 - -
6.58x 2.99x 2.99x 3.34x 2.23x 12.04x 10.87x 2.73x 2.26x - -
50.1 345.6 769.5 921.6 893.3 994.5 606.4 1'043.0 1'103.7 - -
42.35x 12.35x 7.32x 9.20x 8.62x 8.52x 0.00x - - - -
22.9 124.6 185.4 212.6 78.3 212.6 78.3 153.1 271.6 - -
- - - - - 0.00x 0.00x 13.07x 7.01x - -
EBITDA 893.34 Long-Term Rating Date -
EBIT 654.49 Long-Term Rating -
Operating Margin 18.93% Long-Term Outlook -
Pretax Margin 5.38% Short-Term Rating Date -
Return on Assets 0.80% Short-Term Rating -
Return on Common Equity 3.66%
Return on Capital 10.49% EBITDA/Interest Exp. 1.25
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 0.91
Net Debt/EBITDA 3.36
Gross Margin 35.6% Total Debt/EBITDA 3.96
EBITDA Margin 28.4%
EBIT Margin 18.9% Total Debt/Equity 188.2%
Net Income Margin 2.3% Total Debt/Capital 48.9%
Asset Turnover 0.35
Current Ratio 0.92 Net Fixed Asset Turnover 0.66
Quick Ratio 0.55 Accounts receivable turnover-days 53.53
Debt to Assets 39.81% Inventory Days 106.49
Tot Debt to Common Equity 188.20% Accounts Payable Turnover Day 76.47
Accounts Receivable Turnover 6.84 Cash Conversion Cycle 83.55
Inventory Turnover 3.44
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cresud SACIF y APrice/Volume
Valuation Analysis
14'855.00
Current Price (11/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2'047'512 4.08 (2'380'321) 30.06.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 1'879'565 3.75 (50'300) 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 1'591'495 3.17 - 30.09.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 1'403'111 2.8 14'417 30.06.2012 Hedge Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'371'605 2.73 - 28.09.2012 Mutual Fund Manager
HORIZON KINETICS n/a ULT-AGG 1'049'354 2.09 3'168 30.06.2012 Investment Advisor
PARAMETRIC PORTFOLIO PARAMETRIC PORTFOLIO 13F 1'043'972 2.08 - 30.09.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 932'149 1.86 (192'607) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 764'434 1.52 (68'329) 30.09.2012 Investment Advisor
ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 723'012 1.44 (112'996) 30.06.2012 Insurance Company
FAIRFAX FINANCIAL HO FAIRFAX FINANCIAL HO 13F 723'012 1.44 (112'996) 30.06.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 614'262 1.22 94'197 30.06.2012 Investment Advisor
RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 605'247 1.21 - 30.06.2012 Investment Advisor
WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 577'000 1.15 2'000 28.09.2012 Mutual Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 231'659 0.46 86'598 30.09.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 186'476 0.37 - 31.08.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 183'987 0.37 15'431 30.09.2012 Investment Advisor
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 182'117 0.36 2'427 30.06.2012 Hedge Fund Manager
BOGLE INVESTMENT MAN BOGLE INVESTMENT MAN 13F 176'733 0.35 176'733 30.06.2012 Hedge Fund Manager
OLD MUTUAL n/a ULT-AGG 169'100 0.34 - 30.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 11.11.2012
HSBC PEDRO HERRERA overweight 5 M 17 Not Provided 17.09.2012
Grupo Santander WALTER CHIARVESIO buy 5 U 15 Not Provided 13.12.2011
EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Cresud SACIF y A ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Darling International Inc. collects and recycles animal processing by-products
and used restaurant cooking oil. The Company also provides grease trap
collection services to restaurants. Darling processes such raw materials into
finished products such as tallow, meat and bone meal, and yellow grease for sale
in the United States and overseas.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (01.10.2012) 18.80
52-Week Low (14.12.2011) 12.07
Daily Volume
16.07
52-Week High % Change -14.52% Dividend Yield 0.00
52-Week Low % Change 33.14% Beta 1.15
% 52 Week Price Range High/Low 60.18% Equity Float 115.66
Shares Out 01.11.2012 117.8 Short Int 3.27
1'892.51 1 Yr Total Return 17.47%
Total Debt 280.03 YTD Return 20.92%
Preferred Stock 0.0 Adjusted BETA 1.152
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 38.94 Consensus Rating 3.500
Enterprise Value 2'055.07
Average Volume 5 Day 181'035
DAR UN EQUITY YTD Change - Average Volume 30 Day 235'806
DAR UN EQUITY YTD % CHANGE - Average Volume 3 Month 218'504
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 10/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
645.3 807.5 597.8 724.9 1'797.2 1'593.6 1'707.4 1'717.0 1'753.5 440.5 395.0
1.52x 0.58x 1.09x 2.65x 1.00x 5.13x 4.98x 1.18x 1.09x - -
103.9 133.0 96.2 114.4 393.5 347.4 325.9 329.2 355.0 83.9 77.4
9.42x 3.55x 6.79x 16.78x 4.57x 5.05x 7.11x 6.23x 5.78x 6.34x 6.41x
45.5 54.6 41.8 44.2 169.4 149.9 131.5 137.4 159.4 35.2 29.7
20.51x 7.70x 16.43x 21.08x 9.04x 8.74x 16.48x 13.81x 12.14x 12.24x 11.48x
EBITDA 393.52 Long-Term Rating Date 29.03.2012
EBIT 314.61 Long-Term Rating BB+
Operating Margin 17.50% Long-Term Outlook STABLE
Pretax Margin 15.15% Short-Term Rating Date -
Return on Assets 8.94% Short-Term Rating -
Return on Common Equity 13.57%
Return on Capital 11.83% EBITDA/Interest Exp. 10.59
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 8.97
Net Debt/EBITDA 0.50
Gross Margin 29.5% Total Debt/EBITDA 0.77
EBITDA Margin 19.1%
EBIT Margin 14.2% Total Debt/Equity 30.4%
Net Income Margin 9.4% Total Debt/Capital 23.3%
Asset Turnover 1.16
Current Ratio 1.73 Net Fixed Asset Turnover 4.07
Quick Ratio 1.06 Accounts receivable turnover-days 21.36
Debt to Assets 19.76% Inventory Days 19.20
Tot Debt to Common Equity 30.43% Accounts Payable Turnover Day 19.17
Accounts Receivable Turnover 17.04 Cash Conversion Cycle 13.74
Inventory Turnover 18.96
Fiscal Year Ended
Darling International IncPrice/Volume
Valuation Analysis
31'427.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 9'339'519 7.93 444'941 31.07.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 7'201'867 6.12 (79'224) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'841'183 5.81 264'770 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'434'700 5.46 (5'500) 30.06.2012 Investment Advisor
GATES CAPITAL MANAGE GATES CAPITAL MANAGE 13F 4'937'430 4.19 1'740'911 30.06.2012 Hedge Fund Manager
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'050'735 2.59 (80'463) 30.06.2012 Investment Advisor
VERITABLE LP VERITABLE LP 13F 2'949'837 2.5 397 30.06.2012 Investment Advisor
GW CAPITAL INCORPORA GW CAPITAL INCORPORA 13F 2'797'134 2.38 201'332 30.06.2012 Investment Advisor
THOMSON HORSTMANN & THOMSON HORSTMANN & 13F 2'570'855 2.18 (170'158) 30.06.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'460'832 2.09 (965'000) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 2'369'853 2.01 (83'541) 30.06.2012 Investment Advisor
GUGGENHEIM n/a ULT-AGG 2'221'788 1.89 563'490 30.09.2012 Unclassified
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 2'221'783 1.89 419'347 30.09.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'159'387 1.83 (244'241) 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'150'564 1.83 468'092 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'902'531 1.62 14'491 28.09.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'846'817 1.57 (166'891) 30.09.2012 Investment Advisor
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'663'470 1.41 34'661 30.09.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'635'600 1.39 (43'300) 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'625'476 1.38 835'438 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 17 Not Provided 12.11.2012
Stephens Inc FARHA ASLAM overweight 5 M 19 12 month 12.11.2012
Avondale Partners LLC DANIEL J MANNES market perform 3 M 17 12 month 12.11.2012
JMP Securities SHAWN M SEVERSON market perform 3 M #N/A N/A Not Provided 12.11.2012
Kansas City Capital Associates TYSON BAUER outperform 5 M 23 12 month 12.11.2012
Ardour Capital JINMING LIU hold 3 D 18 12 month 12.11.2012
Canaccord Genuity Corp JOHN S QUEALY hold 3 M 17 12 month 09.11.2012
Maxim Group LLC WILLIAM D BREMER hold 3 M #N/A N/A Not Provided 09.11.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Darling International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Deere & Company manufactures and distributes a range of agricultural,
construction and forestry, and commercial and consumer equipment. The Company
supplies replacement parts for its own products and for those of other
manufacturers. Deere also provides product and parts financing services. Deere
and Company extends its services and products worldwide.
Latest Fiscal Year: 10/2012
LTM as of: 07/yy
52-Week High (14.02.2012) 89.69
52-Week Low (04.06.2012) 69.51
Daily Volume
82.9
52-Week High % Change -7.57% Dividend Yield 2.10
52-Week Low % Change 19.26% Beta 1.19
% 52 Week Price Range High/Low 81.66% Equity Float 391.35
Shares Out 31.07.2012 391.7 Short Int 10.93
32'469.20 1 Yr Total Return 16.66%
Total Debt 26'589.60 YTD Return 9.04%
Preferred Stock 0.0 Adjusted BETA 1.189
Minority Interest 14.6 Analyst Recs 22
Cash and Equivalents 4'434.50 Consensus Rating 3.818
Enterprise Value 58'771.00
Average Volume 5 Day 816'089
DE UN EQUITY YTD Change - Average Volume 30 Day 686'769
DE UN EQUITY YTD % CHANGE - Average Volume 3 Month 803'464
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 07/yy 07/yy 10/13 Y 10/14 Y 01/13 Q1 04/13 Q2
28'053.2 22'793.4 25'548.3 31'546.9 36'578.0 30'181.4 34'480.3 34'907.3 36'894.0 6'326.6 9'692.8
1.27x 1.71x 2.07x 1.68x - 7.59x 6.54x 1.19x 1.07x 9.58x 6.17x
3'698.6 2'011.7 3'625.0 4'810.5 - 4'544.1 5'302.3 5'451.4 5'679.3 790.5 1'634.5
9.60x 19.38x 14.56x 11.02x - 12.02x 10.63x 10.77x 10.34x 11.64x 11.45x
2'052.8 873.5 1'865.0 2'799.9 3'065.0 2'587.5 3'046.7 3'258.6 3'408.3 521.2 1'057.0
8.08x 16.04x 16.52x 11.45x 11.20x 12.91x 10.23x 9.98x 9.23x 9.96x 9.83x
EBITDA 4'810.50 Long-Term Rating Date 14.12.2006
EBIT 3'895.60 Long-Term Rating A
Operating Margin 12.35% Long-Term Outlook STABLE
Pretax Margin 13.41% Short-Term Rating Date 14.12.2006
Return on Assets 6.07% Short-Term Rating A-1
Return on Common Equity 40.83%
Return on Capital 8.71% EBITDA/Interest Exp. 32.86
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 21.38
Net Debt/EBITDA 4.96
Gross Margin 28.5% Total Debt/EBITDA 5.89
EBITDA Margin 15.4%
EBIT Margin 13.0% Total Debt/Equity 391.0%
Net Income Margin 8.4% Total Debt/Capital 79.6%
Asset Turnover 0.69
Current Ratio 0.77 Net Fixed Asset Turnover 5.39
Quick Ratio 0.44 Accounts receivable turnover-days 44.67
Debt to Assets 55.16% Inventory Days 78.19
Tot Debt to Common Equity 391.01% Accounts Payable Turnover Day 107.39
Accounts Receivable Turnover 8.19 Cash Conversion Cycle 68.77
Inventory Turnover 4.68
Fiscal Year Ended
Deere & CoPrice/Volume
Valuation Analysis
908'829.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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5'000.0
10'000.0
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35'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASCADE INVESTMENT L n/a 13D 24'508'573 6.26 - 23.08.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 23'466'471 5.99 (645'453) 31.07.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'468'837 4.2 (278'002) 30.06.2012 Investment Advisor
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 15'406'300 3.93 (1'350'000) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 14'430'862 3.68 34'163 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'367'165 2.39 923'643 30.06.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 7'698'726 1.97 2'348 30.09.2012 Investment Advisor
EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 5'808'027 1.48 (254'192) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'639'969 1.44 394'766 30.06.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'536'490 1.41 858'829 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'600'209 1.17 31'676 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'445'281 1.13 (75'475) 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'540'677 0.9 927'955 30.06.2012 Investment Advisor
GAMCO n/a ULT-AGG 3'347'018 0.85 (10'514) 30.06.2012 Unclassified
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'934'650 0.75 1'727'530 30.06.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 2'932'441 0.75 2'932'441 31.12.2011 Government
CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 2'800'000 0.71 - 30.06.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'468'896 0.63 18'553 30.06.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'381'309 0.61 (664'927) 02.10.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 2'307'742 0.59 254'369 30.06.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 12.11.2012
Longbow Research ELI S LUSTGARTEN buy 5 M 95 12 month 12.11.2012
William Blair & Co LAWRENCE T DE MARIA market perform 3 M 80 12 month 09.11.2012
BMO Capital Markets JOEL G TISS outperform 5 M 89 Not Provided 08.11.2012
Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 08.11.2012
ISI Group DAVID RASO hold 3 M 90 Not Provided 08.11.2012
Piper Jaffray MICHAEL E COX overweight 5 M 104 12 month 31.10.2012
RBC Capital Markets SETH R WEBER sector perform 3 M 86 12 month 24.10.2012
Jefferies STEPHEN VOLKMANN hold 3 M 70 12 month 15.10.2012
Robert W. Baird & Co ROBERT F MCCARTHY JR neutral 3 M 80 12 month 10.10.2012
Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 80 12 month 04.10.2012
Barclays ANDY KAPLOWITZ overweight 5 M 97 Not Provided 24.09.2012
Argus Research Corp WILLIAM V SELESKY buy 5 M 93 Not Provided 23.08.2012
Credit Agricole Securities (USA) ASHISH GUPTA buy 5 M 105 Not Provided 16.08.2012
Morgan Stanley VANCE EDELSON Underwt/In-Line 1 M 77 12 month 15.08.2012
Goldman Sachs JERRY REVICH neutral/neutral 3 M 79 12 month 15.08.2012
Credit Suisse JAMIE L COOK outperform 5 M 90 Not Provided 15.08.2012
JPMorgan ANN DUIGNAN underweight 1 M 74 Not Provided 15.08.2012
S&P Capital IQ MICHAEL JAFFE hold 3 M 84 Not Provided 15.08.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Deere & Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
First Resources Limited produces crude palm oil. The Company is an upstream
operator with primary business activities in the cultivation and harvesting of
oil palms, and the processing of fresh fruit bunches into crude palm oil for
local and export sales. The Company is also constructing a biodiesel plant
located in Dumai, Riau province, close to the Dumai port.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.08.2012) 2.23
52-Week Low (30.11.2011) 1.43
Daily Volume
2.04
52-Week High % Change -8.52% Dividend Yield -
52-Week Low % Change 43.16% Beta 0.88
% 52 Week Price Range High/Low 76.40% Equity Float 495.13
Shares Out 21.11.2012 1'584.1 Short Int -
3'231.51 1 Yr Total Return 38.30%
Total Debt 349.63 YTD Return 37.84%
Preferred Stock 0.0 Adjusted BETA 0.881
Minority Interest 43.7 Analyst Recs 16
Cash and Equivalents 194.48 Consensus Rating 4.750
Enterprise Value 2'767.98
Average Volume 5 Day 1'480'800
FR SP EQUITY YTD Change - Average Volume 30 Day 1'838'933
FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'021'516
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
185.2 289.5 218.9 329.9 494.6 454.1 627.5 589.1 747.6 - -
7.33x 1.69x 5.18x 5.77x 3.86x 15.48x 15.41x 4.69x 3.64x - -
- 161.0 121.0 202.8 293.4 268.2 348.7 332.4 382.7 - -
- 3.04x 9.36x 9.38x 6.51x 6.00x 8.20x 8.33x 7.23x - -
47.2 113.6 112.5 143.1 196.4 189.1 241.8 198.9 230.5 55.0 -
20.04x 3.33x 8.78x 12.35x 8.71x 7.33x 10.80x 12.90x 11.02x - -
EBITDA 293.44 Long-Term Rating Date -
EBIT 269.90 Long-Term Rating -
Operating Margin 54.57% Long-Term Outlook -
Pretax Margin 56.95% Short-Term Rating Date -
Return on Assets 15.10% Short-Term Rating -
Return on Common Equity 25.70%
Return on Capital 19.64% EBITDA/Interest Exp. 7.40
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 3.41
Net Debt/EBITDA 0.24
Gross Margin 69.9% Total Debt/EBITDA 1.31
EBITDA Margin 55.6%
EBIT Margin 51.6% Total Debt/Equity 39.5%
Net Income Margin 39.7% Total Debt/Capital 27.4%
Asset Turnover 0.39
Current Ratio 1.80 Net Fixed Asset Turnover 1.88
Quick Ratio 1.27 Accounts receivable turnover-days 18.16
Debt to Assets 23.31% Inventory Days 77.84
Tot Debt to Common Equity 39.52% Accounts Payable Turnover Day 39.21
Accounts Receivable Turnover 20.15 Cash Conversion Cycle 51.78
Inventory Turnover 4.70
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
First Resources LtdPrice/Volume
Valuation Analysis
1'360'000.00
Current Price (11/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EIGHT CAPITAL INC n/a EXCH 1'000'800'130 63.18 - 14.06.2012 n/a
DB INTL TRUST SINGAP n/a EXCH 88'000'000 5.56 (12'000'000) 16.04.2012 n/a
FMR LLC n/a ULT-AGG 79'228'835 5 65'259 11.04.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 27'675'000 1.75 6'262'000 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 23'772'000 1.5 (22'000) 12.11.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 23'114'758 1.46 5'951'000 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 16'304'153 1.03 3'871'190 29.02.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'138'000 0.77 1'059'000 30.09.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'426'000 0.66 389'000 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'630'125 0.48 1'288'000 30.06.2012 Investment Advisor
CITIGROUP GLOBAL MAR n/a EXCH 6'872'000 0.43 (83'700'000) 20.01.2011 Bank
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 4'137'000 0.26 123'000 29.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'851'000 0.18 - 09.11.2012 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'804'000 0.18 - 30.06.2011 Mutual Fund Manager
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2'554'000 0.16 917'000 30.06.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 2'496'000 0.16 - 30.06.2012 Unclassified
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'505'000 0.1 (31'000) 31.05.2012 Investment Advisor
SEB n/a ULT-AGG 1'455'000 0.09 (117'000) 28.09.2012 Unclassified
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'365'000 0.09 14'000 30.06.2012 Investment Advisor
FIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'223'000 0.08 (9'000) 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 3 12 month 12.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 3 Not Provided 12.11.2012
JPMorgan YING-JIAN CHAN overweight 5 M 3 6 month 12.11.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 3 Not Provided 12.11.2012
DBS Vickers BEN SANTOSO hold 3 M 2 12 month 12.11.2012
RHB Research Institute Sdn Bhd HOE LEE LENG outperform 5 M 2 12 month 12.11.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 4 Not Provided 12.11.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 3 12 month 12.11.2012
Macquarie CONRAD WERNER neutral 3 D 2 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012
Maybank Investment Bank Berhad ONG CHEE TING buy 5 M 2 12 month 05.11.2012
UOB Kay Hian TEAM COVERAGE buy 5 M 2 Not Provided 23.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.09.2012
Holdings By:
First Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Glanbia plc is an international dairy, consumer foods, and nutritional products
company. The Company conducts operations primarily in Ireland, the United
Kingdom, and the United States.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (14.11.2012) 8.16
52-Week Low (08.12.2011) 4.15
Daily Volume
8.04
52-Week High % Change -1.43% Dividend Yield 1.07
52-Week Low % Change 93.73% Beta 0.59
% 52 Week Price Range High/Low 89.84% Equity Float 133.32
Shares Out 31.10.2012 294.8 Short Int -
2'370.25 1 Yr Total Return 83.27%
Total Debt 711.70 YTD Return 76.34%
Preferred Stock 0.0 Adjusted BETA 0.594
Minority Interest 7.1 Analyst Recs 8
Cash and Equivalents 231.37 Consensus Rating 4.500
Enterprise Value 2'938.65
Average Volume 5 Day 2'443'336
GLB ID EQUITY YTD Change - Average Volume 30 Day 570'890
GLB ID EQUITY YTD % CHANGE - Average Volume 3 Month 396'748
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
2'206.6 2'232.2 1'830.3 2'166.7 2'671.2 - - 2'812.3 2'710.8 - -
0.72x 0.49x 0.71x 0.69x 0.69x - - 1.00x 1.01x - -
146.3 158.9 150.5 188.6 212.9 - - 241.7 254.8 - -
10.86x 6.85x 8.62x 7.94x 8.69x - - 12.16x 11.53x - -
59.8 78.4 112.7 108.0 112.2 - - 135.9 159.7 - -
22.72x 8.00x 7.51x 9.99x 12.10x - - 15.40x 14.18x - -
EBITDA 212.89 Long-Term Rating Date 11.07.2005
EBIT 160.28 Long-Term Rating NR
Operating Margin 6.00% Long-Term Outlook -
Pretax Margin 5.19% Short-Term Rating Date -
Return on Assets 7.04% Short-Term Rating -
Return on Common Equity 26.61%
Return on Capital 13.11% EBITDA/Interest Exp. 6.87
Asset Turnover 1.48% (EBITDA-Capex)/Interest Exp. 5.34
Net Debt/EBITDA 2.47
Gross Margin 16.4% Total Debt/EBITDA 3.19
EBITDA Margin 8.3%
EBIT Margin 6.3% Total Debt/Equity 138.0%
Net Income Margin 4.2% Total Debt/Capital 57.6%
Asset Turnover 1.48
Current Ratio 1.82 Net Fixed Asset Turnover 7.13
Quick Ratio 1.05 Accounts receivable turnover-days -
Debt to Assets 38.51% Inventory Days 58.09
Tot Debt to Common Equity 137.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 62.13
Inventory Turnover 6.27
Fiscal Year Ended
Glanbia PLCPrice/Volume
Valuation Analysis
1'343'074.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GLANBIA CO-OPERATIVE n/a Co File 160'277'308 54.37 - 01.03.2011 Corporation
PRUDENTIAL PLC n/a RNS-MAJ 11'780'393 4 (197'981) 29.10.2012 Investment Advisor
F&C ASSET MANAGEMENT n/a RNS-MAJ 8'965'065 3.04 - 24.05.2010 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'421'570 1.5 (4'094) 12.11.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'926'730 0.65 574'523 30.06.2012 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'222'356 0.41 72'356 31.08.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 1'077'200 0.37 682'000 30.09.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 851'520 0.29 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 779'623 0.26 47'844 30.09.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 677'140 0.23 - 28.09.2012 Mutual Fund Manager
HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 638'200 0.22 (878'950) 30.12.2011 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 591'702 0.2 (75'000) 31.07.2012 Mutual Fund Manager
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 566'156 0.19 (6'839) 28.09.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 410'500 0.14 (1'525'000) 28.09.2012 Mutual Fund Manager
UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 380'200 0.13 63'000 29.06.2012 Mutual Fund Manager
DJE INVESTMENT SA Multiple Portfolios MF-AGG 370'000 0.13 - 31.08.2012 Mutual Fund Manager
F&C MANAGEMENT LTD Multiple Portfolios MF-AGG 347'673 0.12 - 31.07.2012 Investment Advisor
METZLER ASSET MANAGE Multiple Portfolios MF-AGG 340'000 0.12 (65'000) 31.07.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 285'522 0.1 (306'108) 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 258'449 0.09 - 30.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies ALEX HOWSON buy 5 M 8 12 month 07.11.2012
Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 8 12 month 07.11.2012
Berenberg Bank JAMES TARGETT buy 5 M 9 Not Provided 07.11.2012
Dolmen Stockbrokers JOHN MULLANE buy 5 M 8 Not Provided 13.09.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.09.2012
NCB Stockbrokers(ESN) DARREN GREENFIELD buy 5 M 7 12 month 22.08.2012
Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 01.08.2012
Bloxham Stockbrokers JOE R GILL market weight 3 M #N/A N/A Not Provided 20.03.2012
Holdings By:
Glanbia PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and
sells crude palm oil and palm kernel. The Company also refines crude palm oil
into cooking oil, margarine, and shortening for sale and distribution.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (03.04.2012) 0.81
52-Week Low (08.06.2012) 0.59
Daily Volume
0.61
52-Week High % Change -24.22% Dividend Yield -
52-Week Low % Change 3.39% Beta 1.08
% 52 Week Price Range High/Low 9.30% Equity Float 6'425.35
Shares Out 21.11.2012 12'837.6 Short Int -
7'830.90 1 Yr Total Return -2.09%
Total Debt 1'085.86 YTD Return -11.68%
Preferred Stock 0.0 Adjusted BETA 1.080
Minority Interest 87.4 Analyst Recs 21
Cash and Equivalents 325.10 Consensus Rating 4.095
Enterprise Value 7'393.52
Average Volume 5 Day 68'265'000
GGR SP EQUITY YTD Change - Average Volume 30 Day 72'205'300
GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 79'992'800
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'873.4 2'985.9 2'293.7 3'504.7 5'952.9 5'814.2 5'861.0 5'378.3 6'083.6 - -
4.16x 0.72x 2.11x 2.41x 1.27x 5.15x 5.40x 1.32x 1.16x - -
519.9 588.9 386.9 640.5 912.4 979.9 812.0 837.6 999.7 - -
15.00x 3.64x 12.51x 13.19x 8.27x 6.59x 9.75x 8.83x 7.40x - -
1'164.8 1'382.5 607.0 1'423.0 1'268.0 1'689.5 1'103.9 497.1 612.2 - -
6.04x 1.18x 6.92x 5.32x 5.28x 3.31x 6.05x 12.14x 9.96x - -
EBITDA 912.36 Long-Term Rating Date -
EBIT 817.72 Long-Term Rating -
Operating Margin 13.74% Long-Term Outlook -
Pretax Margin 28.76% Short-Term Rating Date -
Return on Assets 9.33% Short-Term Rating -
Return on Common Equity 13.99%
Return on Capital 12.60% EBITDA/Interest Exp. 15.47
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 7.90
Net Debt/EBITDA 1.12
Gross Margin 30.9% Total Debt/EBITDA 1.69
EBITDA Margin 13.9%
EBIT Margin 12.0% Total Debt/Equity 13.5%
Net Income Margin 21.3% Total Debt/Capital 11.8%
Asset Turnover 0.50
Current Ratio 1.65 Net Fixed Asset Turnover 3.27
Quick Ratio 0.49 Accounts receivable turnover-days 20.06
Debt to Assets 9.17% Inventory Days 66.42
Tot Debt to Common Equity 13.53% Accounts Payable Turnover Day 47.42
Accounts Receivable Turnover 18.25 Cash Conversion Cycle 39.04
Inventory Turnover 5.51
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Golden Agri-Resources LtdPrice/Volume
Valuation Analysis
43'630'000.00
Current Price (11/dd/yy) Market Data
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FLAMBO INTERNATIONAL n/a EXCH 6'412'197'897 49.95 342'823'145 26.07.2012 Unclassified
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 220'280'663 1.72 (178'000) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 156'144'812 1.22 670'000 09.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 134'380'000 1.05 3'500'000 28.09.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 125'987'817 0.98 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 80'531'331 0.63 4'544'310 30.09.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 55'822'000 0.43 54'322'000 30.09.2011 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 42'746'019 0.33 39'307'948 31.10.2011 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 41'797'700 0.33 (1'916'000) 31.08.2012 Bank
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'619'000 0.28 - 29.02.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 33'760'488 0.26 6'535'305 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 31'114'764 0.24 306'000 30.09.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 30'153'912 0.23 (1'752'000) 29.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 27'677'382 0.22 752'000 31.07.2012 Investment Advisor
LEGG MASON INTERNATI Multiple Portfolios MF-AGG 26'976'000 0.21 - 31.03.2011 Mutual Fund Manager
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 24'285'323 0.19 1'252'000 31.08.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 23'142'981 0.18 17'200'000 12.11.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 21'245'479 0.17 (28'284'161) 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 20'911'300 0.16 - 30.09.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 20'332'338 0.16 8'369'000 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 1 12 month 12.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 1 12 month 12.11.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 1 12 month 12.11.2012
JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 12.11.2012
HSBC THILAN WICKRAMASINGHE neutral 3 M 1 Not Provided 12.11.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 1 Not Provided 12.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 07.11.2012
Macquarie CONRAD WERNER underperform 1 D 1 12 month 07.11.2012
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 1 12 month 08.10.2012
OCBC Investment Research CAREY WONG buy 5 M 1 12 month 04.10.2012
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 1 12 month 25.09.2012
Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 12.09.2012
CIMB IVY NG trading buy 5 M 1 3 month 10.09.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1 Not Provided 10.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 27.08.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 1 12 month 27.06.2012
Jefferies ARYA SEN buy 5 M 1 12 month 14.03.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
IIFL ZUO LI add 4 M 1 12 month 14.11.2011
Holdings By:
Golden Agri-Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
GrainCorp Limited provides grain industry related services in Australia. The
Group provides grain and bulk commodities handling and storage for growers, end
users and marketing organizations. The Group also operates grain pools,
provides transportation services for bulk commodities along with farming
products and flour milling and mixing services.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (22.10.2012) 12.69
52-Week Low (23.11.2011) 6.90
Daily Volume
12.31
52-Week High % Change -2.99% Dividend Yield 2.83
52-Week Low % Change 78.51% Beta 0.64
% 52 Week Price Range High/Low 93.61% Equity Float 193.05
Shares Out 08.10.2012 228.2 Short Int -
2'809.65 1 Yr Total Return 76.79%
Total Debt 678.10 YTD Return 63.33%
Preferred Stock 0.0 Adjusted BETA 0.641
Minority Interest 0.0 Analyst Recs 11
Cash and Equivalents 350.30 Consensus Rating 2.818
Enterprise Value 3'137.45
Average Volume 5 Day 1'073'966
GNC AT EQUITY YTD Change - Average Volume 30 Day 3'836'179
GNC AT EQUITY YTD % CHANGE - Average Volume 3 Month 2'415'199
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
1'527.9 1'653.5 1'981.8 2'768.6 3'320.5 - - 3'527.1 3'429.4 - -
0.61x 0.54x 0.84x 0.63x 0.67x - - 0.96x 0.99x - -
32.0 114.0 151.1 213.5 323.9 - - 405.6 380.4 - -
29.00x 7.86x 11.05x 8.22x 6.83x - - 7.73x 8.25x - -
(19.9) 63.2 80.2 171.6 204.9 - - 177.3 157.3 - -
- 21.25x 18.15x 8.30x 8.73x - - 15.62x 17.74x - -
EBITDA 323.90 Long-Term Rating Date -
EBIT 232.70 Long-Term Rating -
Operating Margin 7.01% Long-Term Outlook -
Pretax Margin 9.22% Short-Term Rating Date -
Return on Assets 7.48% Short-Term Rating -
Return on Common Equity 14.07%
Return on Capital 11.02% EBITDA/Interest Exp. 7.62
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 5.08
Net Debt/EBITDA 1.01
Gross Margin - Total Debt/EBITDA 2.09
EBITDA Margin 9.8%
EBIT Margin 7.0% Total Debt/Equity 44.0%
Net Income Margin 6.2% Total Debt/Capital 30.6%
Asset Turnover 1.21
Current Ratio 1.74 Net Fixed Asset Turnover 3.95
Quick Ratio 0.76 Accounts receivable turnover-days 27.64
Debt to Assets 23.87% Inventory Days -
Tot Debt to Common Equity 44.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.24 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
GrainCorp LtdPrice/Volume
Valuation Analysis
584'936.00
Current Price (11/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UBS AG n/a EXCH 115'062'295 50.41 - 31.10.2012 Bank
GRAINCORP LTD n/a Research 34'007'984 14.9 - 19.10.2012 n/a
CITIGROUP GLOBAL MKT n/a EXCH 26'273'106 11.51 - 19.10.2012 Unclassified
ADM GROUP COMPANY n/a EXCH 25'894'906 11.35 - 18.10.2012 n/a
DEUTSCHE BANK AG n/a EXCH 14'871'773 6.52 2'726'133 24.10.2012 Investment Advisor
NATIONAL AUSTRALIA B n/a EXCH 13'481'102 5.91 - 31.10.2012 Bank
IOOF HOLDINGS LTD n/a Co File 11'840'118 5.19 - 08.11.2011 Investment Advisor
AMP LTD n/a EXCH 11'449'659 5.02 - 08.11.2012 Insurance Company
DIMENSIONAL FUND ADV n/a Co File 10'479'249 4.59 549'001 09.10.2012 Investment Advisor
ELLERSTON CAPITAL LT n/a EXCH 9'950'968 4.36 (4'607'471) 19.10.2012 Corporation
AUSTRALIA & NEW ZEAL n/a EXCH 9'899'954 4.34 (91'165) 14.09.2011 Bank
COMMONWEALTH BANK OF n/a EXCH 9'373'022 4.11 (923'916) 28.11.2011 Bank
ING GROEP NV n/a EXCH 7'092'324 3.11 (3'005'658) 23.09.2011 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 7'016'908 3.07 1'805'497 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'319'853 1.45 - 31.07.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'277'839 1.44 (3'006) 12.11.2012 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 1'581'301 0.69 219'692 30.09.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'169'539 0.51 125'913 30.09.2012 Investment Advisor
AXA ROSENBERG INTL Multiple Portfolios MF-AGG 737'586 0.32 (22'414) 29.06.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 728'641 0.32 58'495 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan STUART JACKSON overweight 5 M 13 6 month 08.11.2012
BBY Limited DENNIS HULME underperform 1 M 13 12 month 05.11.2012
Credit Suisse GRANT SALIGARI restricted #N/A N/A M #N/A N/A Not Provided 02.11.2012
Octa Phillip Securities Ltd PAUL JENSZ hold 3 U 13 Not Provided 29.10.2012
Commonwealth Bank JORDAN ROGERS hold 3 M 13 12 month 25.10.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 23.10.2012
Goldman Sachs JAMES HANNAM neutral/neutral 3 M 13 12 month 22.10.2012
Macquarie RIKKI BANNAN underperform 1 M 13 12 month 22.10.2012
Deutsche Bank MARK WILSON hold 3 M 12 12 month 19.10.2012
Wilson HTM Investment Group JAMES FERRIER sell 1 M 8 Not Provided 28.08.2012
Bell Potter JONATHAN SNAPE sell 1 M 7 12 month 22.05.2012
Holdings By:
GrainCorp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Indofood Agri Resources Limited is an integrated agribusiness company. The
Company and its subsidiaries are involved in research and development, oil palm
seed breeding, oil palm cultivation and milling. Indofood Agri Resources also
refines, brands and markets cooking oil, margarine, shortening and other palm
oil products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (22.02.2012) 1.70
52-Week Low (05.06.2012) 1.15
Daily Volume
1.2
52-Week High % Change -29.20% Dividend Yield -
52-Week Low % Change 4.80% Beta 1.32
% 52 Week Price Range High/Low 10.91% Equity Float 420.08
Shares Out 21.11.2012 1'434.3 Short Int -
1'721.14 1 Yr Total Return -7.85%
Total Debt 7'260'324.00 YTD Return -4.94%
Preferred Stock 0.0 Adjusted BETA 1.324
Minority Interest 8'622'050.0 Analyst Recs 20
Cash and Equivalents 6'535'204.00 Consensus Rating 4.300
Enterprise Value 23'759'916.11
Average Volume 5 Day 1'783'400
IFAR SP EQUITY YTD Change - Average Volume 30 Day 2'412'067
IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'788'391
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'505'642.0 11'840'499.0 9'040'325.0 9'484'281.0 12'605'311.0 ######### ######### ######### ######### ######### -
4.49x 1.09x 3.46x 3.98x 1.76x 9.35x 7.27x 1.64x 1.37x - -
1'535'383.0 3'283'546.0 2'619'890.0 3'044'846.0 3'581'819.0 ######### ######### ######### ######### - -
19.01x 3.93x 11.95x 12.40x 6.19x 5.28x 7.69x 6.45x 5.30x - -
889'094.0 795'284.0 1'526'829.0 1'402'013.0 1'489'946.0 ######### ######### ######### ######### - -
23.55x 7.60x 14.82x 20.11x 8.65x 7.37x 11.43x 10.59x 8.47x - -
EBITDA 3'581'819.00 Long-Term Rating Date -
EBIT 3'094'222.00 Long-Term Rating -
Operating Margin 24.55% Long-Term Outlook -
Pretax Margin 28.19% Short-Term Rating Date -
Return on Assets 4.07% Short-Term Rating -
Return on Common Equity 10.32%
Return on Capital 9.81% EBITDA/Interest Exp. 8.39
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 6.33
Net Debt/EBITDA 0.40
Gross Margin 36.5% Total Debt/EBITDA 1.96
EBITDA Margin 24.3%
EBIT Margin 20.1% Total Debt/Equity 56.6%
Net Income Margin 11.8% Total Debt/Capital 25.3%
Asset Turnover 0.41
Current Ratio 1.97 Net Fixed Asset Turnover 1.79
Quick Ratio 1.52 Accounts receivable turnover-days 25.97
Debt to Assets 21.86% Inventory Days 77.81
Tot Debt to Common Equity 56.64% Accounts Payable Turnover Day 59.95
Accounts Receivable Turnover 14.10 Cash Conversion Cycle 73.48
Inventory Turnover 4.70
Fiscal Year Ended
Indofood Agri Resources LtdPrice/Volume
Valuation Analysis
1'055'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000'000.0
4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
14'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INDOFOOD SINGAPORE H n/a Co File 998'200'000 69.52 - 15.03.2011 Other
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 21'561'520 1.5 (20'000) 12.11.2012 Investment Advisor
INDOFOOD AGRI RESOUR n/a EXCH 12'000'000 0.84 500'000 09.11.2012 Corporation
BLACKROCK n/a ULT-AGG 7'394'000 0.51 501'000 09.11.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'624'109 0.32 (152'892) 31.08.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'080'000 0.28 1'300'000 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'406'770 0.24 127'000 30.06.2012 Investment Advisor
RIDGEWORTH CAPITAL M Multiple Portfolios MF-AGG 2'157'000 0.15 - 30.09.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'001'000 0.14 - 30.09.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 2'000'000 0.14 (10'000'000) 30.06.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'000'000 0.14 - 30.03.2012 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'000'000 0.14 - 30.06.2011 Mutual Fund Manager
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 1'909'701 0.13 - 31.08.2012 Investment Advisor
WELLS CAPITAL MANAGE Multiple Portfolios MF-AGG 1'175'000 0.08 - 31.08.2012 Investment Advisor
FIRST PACIFIC INVEST n/a Co File 1'125'344 0.08 - 15.03.2011 Unclassified
MORGAN STANLEY n/a ULT-AGG 1'108'000 0.08 - 30.06.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'000'000 0.07 1'000'000 31.10.2012 Investment Advisor
FIRST PACIFIC INV BV n/a Co File 882'444 0.06 - 15.03.2011 n/a
NIKKO ASSET MANAGEME n/a ULT-AGG 845'000 0.06 - 14.09.2011 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 819'000 0.06 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie CONRAD WERNER outperform 5 M 1 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 2 Not Provided 01.11.2012
HSBC THILAN WICKRAMASINGHE underweight 1 D 1 Not Provided 01.11.2012
DBS Vickers BEN SANTOSO hold 3 M 1 12 month 01.11.2012
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 2 12 month 01.11.2012
TA Securities Holdings Berhad JAMES RATNAM buy 5 M 2 12 month 01.11.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2 Not Provided 01.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 2 12 month 31.10.2012
Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 2 12 month 31.10.2012
JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 31.10.2012
CIMB IVY NG outperform 5 M 2 12 month 31.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 2 Not Provided 31.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 2 12 month 11.10.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 1 12 month 25.09.2012
Jefferies ARYA SEN hold 3 M 2 12 month 01.05.2012
IIFL ZUO LI reduce 2 D 1 12 month 31.10.2011
Holdings By:
Indofood Agri Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Ingredion Incorporated refines corn and produces sweeteners and
starches. The Company has customers in a wide range of industries, including
the food, soft drink, brewing, pharmaceutical, corrugating, paper, and textile
industries. Ingredion has Company-owned operations, joint ventures,
alliances, and technical licenses in countries around the world.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.11.2012) 64.07
52-Week Low (17.07.2012) 45.30
Daily Volume
62.54
52-Week High % Change -2.39% Dividend Yield 1.38
52-Week Low % Change 38.06% Beta 1.08
% 52 Week Price Range High/Low 91.05% Equity Float 74.44
Shares Out 31.10.2012 76.6 Short Int 0.50
4'787.81 1 Yr Total Return 24.29%
Total Debt 1'949.00 YTD Return 20.40%
Preferred Stock 0.0 Adjusted BETA 1.083
Minority Interest 29.0 Analyst Recs 10
Cash and Equivalents 401.00 Consensus Rating 4.600
Enterprise Value 6'056.81
Average Volume 5 Day 121'793
INGR UN EQUITY YTD Change - Average Volume 30 Day 115'333
INGR UN EQUITY YTD % CHANGE - Average Volume 3 Month 104'280
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'391.0 3'944.0 3'672.0 4'367.0 6'219.0 6'078.6 6'435.8 6'528.1 6'992.8 1'642.3 1'720.7
0.94x 0.74x 0.70x 1.14x 0.90x 3.42x 3.46x 0.94x 0.83x 3.71x 3.44x
472.0 562.0 408.0 519.0 892.0 820.0 895.5 906.3 955.5 228.7 232.5
6.72x 5.19x 6.29x 9.61x 6.24x 5.60x 6.12x 6.67x 6.32x 6.42x 6.33x
198.0 267.0 41.0 169.0 416.0 372.6 411.1 429.9 456.4 109.5 111.7
14.47x 7.99x 14.62x 14.11x 11.24x 8.48x 10.57x 11.32x 10.62x 10.68x 10.51x
EBITDA 892.00 Long-Term Rating Date 24.11.2008
EBIT 681.00 Long-Term Rating BBB
Operating Margin 10.95% Long-Term Outlook STABLE
Pretax Margin 9.54% Short-Term Rating Date -
Return on Assets 7.79% Short-Term Rating -
Return on Common Equity 18.11%
Return on Capital 11.38% EBITDA/Interest Exp. 10.37
Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. 7.31
Net Debt/EBITDA 1.39
Gross Margin 18.1% Total Debt/EBITDA 1.98
EBITDA Margin 13.9%
EBIT Margin 10.6% Total Debt/Equity 92.0%
Net Income Margin 6.7% Total Debt/Capital 47.6%
Asset Turnover 1.22
Current Ratio 2.27 Net Fixed Asset Turnover 3.03
Quick Ratio 1.34 Accounts receivable turnover-days 46.23
Debt to Assets 36.66% Inventory Days 54.78
Tot Debt to Common Equity 91.98% Accounts Payable Turnover Day 50.35
Accounts Receivable Turnover 7.92 Cash Conversion Cycle 61.07
Inventory Turnover 6.68
Fiscal Year Ended
Ingredion IncPrice/Volume
Valuation Analysis
22'129.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 4'124'600 5.39 176'740 31.07.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'401'603 4.44 420'959 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'376'350 4.41 (337'509) 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3'177'794 4.15 (208'970) 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'879'594 3.76 (74'087) 30.09.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'771'056 2.31 410'327 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 1'743'018 2.28 (36'215) 30.06.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 1'738'675 2.27 (112'927) 30.06.2012 Hedge Fund Manager
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'672'571 2.18 (1'005'501) 30.06.2012 Investment Advisor
SNYDER CAPITAL MANAG SNYDER CAPITAL MANAG 13F 1'307'694 1.71 88'930 30.09.2012 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 1'250'994 1.63 (103'883) 30.09.2012 Investment Advisor
THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 1'178'873 1.54 (94'200) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'166'146 1.52 (107'331) 30.09.2012 Investment Advisor
ALBERTA INVESTMENT M ALBERTA INV MGMT COR 13F 1'149'264 1.5 108'549 30.09.2012 Government
RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 1'148'540 1.5 465'490 30.06.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'085'243 1.42 (210'253) 30.06.2012 Investment Advisor
HIGHLINE CAPITAL MAN HIGHLINE CAPITAL MAN 13F 1'008'000 1.32 (382'000) 30.06.2012 Hedge Fund Manager
ST DENIS J VILLERE & ST DENIS J VILLERE & 13F 978'877 1.28 84'447 30.09.2012 Investment Advisor
GAMCO n/a ULT-AGG 860'500 1.12 (59'100) 30.06.2012 Unclassified
PRUDENTIAL FINANCIAL n/a ULT-AGG 826'715 1.08 311'828 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM overweight 5 M 70 12 month 05.11.2012
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 74 Not Provided 26.10.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 26.10.2012
Davenport & Co ANN H GURKIN buy 5 M 65 Not Provided 26.10.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 26.10.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M 60 12 month 25.10.2012
D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 80 12 month 25.10.2012
BB&T Capital Markets HEATHER L JONES buy 5 M 65 12 month 19.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 03.08.2012
Holdings By:
Ingredion Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Intrepid Potash, Inc. mines and markets potash for use as a fertilizer. The
Company also markets langbeinite.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (16.02.2012) 26.39
52-Week Low (04.06.2012) 18.43
Daily Volume
20.61
52-Week High % Change -21.90% Dividend Yield 0.00
52-Week Low % Change 11.83% Beta 1.35
% 52 Week Price Range High/Low 30.40% Equity Float 54.61
Shares Out 31.10.2012 75.3 Short Int 4.55
1'551.92 1 Yr Total Return -11.16%
Total Debt 0.00 YTD Return -8.93%
Preferred Stock 0.0 Adjusted BETA 1.346
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 170.61 Consensus Rating 3.308
Enterprise Value 1'422.16
Average Volume 5 Day 161'431
IPI UN EQUITY YTD Change - Average Volume 30 Day 146'323
IPI UN EQUITY YTD % CHANGE - Average Volume 3 Month 158'271
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
213.5 415.3 301.8 359.3 443.0 434.5 445.0 442.1 479.6 114.2 117.0
- 3.46x 6.92x 7.46x 3.46x 21.26x 14.01x 3.38x 3.17x 12.71x 12.45x
46.0 212.4 110.4 103.8 190.2 190.2 187.4 190.6 228.4 51.9 52.2
- 6.77x 18.91x 25.82x 8.05x 9.09x 7.94x 7.47x 6.23x 6.96x 6.80x
29.7 142.7 55.3 45.3 109.4 102.7 97.8 91.2 105.8 22.4 26.5
- 11.23x 38.89x 62.15x 18.40x 20.73x 17.32x 17.10x 14.73x 16.25x 15.12x
EBITDA 190.20 Long-Term Rating Date -
EBIT 154.41 Long-Term Rating -
Operating Margin 34.86% Long-Term Outlook -
Pretax Margin 39.57% Short-Term Rating Date -
Return on Assets 10.09% Short-Term Rating -
Return on Common Equity 10.91%
Return on Capital 10.98% EBITDA/Interest Exp. 218.87
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 61.09
Net Debt/EBITDA -0.69
Gross Margin 42.0% Total Debt/EBITDA 0.00
EBITDA Margin 42.1%
EBIT Margin 32.1% Total Debt/Equity 0.0%
Net Income Margin 24.7% Total Debt/Capital 0.0%
Asset Turnover 0.46
Current Ratio 5.57 Net Fixed Asset Turnover 0.94
Quick Ratio 4.02 Accounts receivable turnover-days 33.71
Debt to Assets 0.00% Inventory Days 74.68
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 29.52
Accounts Receivable Turnover 10.86 Cash Conversion Cycle 68.57
Inventory Turnover 4.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Intrepid Potash IncPrice/Volume
Valuation Analysis
31'591.00
Current Price (11/dd/yy) Market Data
'
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100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MORGAN STANLEY n/a ULT-AGG 11'543'500 15.33 (205'178) 30.06.2012 Investment Advisor
JORNAYVAZ III ROBERT n/a Form 4 10'635'871 14.12 (56'051) 18.09.2012 n/a
HARVEY JR HUGH E n/a Form 4 9'731'001 12.92 (56'050) 18.09.2012 n/a
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 4'630'020 6.15 (39'389) 30.06.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 4'015'800 5.33 814'920 30.06.2012 Investment Advisor
ADVISORY RESEARCH IN ADVISORY RESEARCH IN 13F 3'585'710 4.76 3'585'710 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'074'425 4.08 308'660 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'750'460 3.65 (149'709) 31.07.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'306'095 1.73 (18'131) 30.09.2012 Investment Advisor
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 1'253'958 1.67 105'546 30.09.2012 Hedge Fund Manager
CENTURY CAPITAL MANA CENTURY CAPITAL MANA 13F 1'226'353 1.63 831'321 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 1'215'815 1.61 (25'987) 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'155'815 1.53 (2'233'535) 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'140'571 1.51 (103'173) 30.09.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'109'301 1.47 249'222 30.06.2012 Investment Advisor
TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 1'086'064 1.44 (11'394) 30.06.2012 Investment Advisor
SNYDER CAPITAL MANAG SNYDER CAPITAL MANAG 13F 1'008'329 1.34 (120'805) 30.09.2012 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 951'315 1.26 937 30.06.2012 Investment Advisor
EAGLE ASSET MANAGEME EAGLE ASSET MANAGEME 13F 872'270 1.16 (522'392) 30.09.2012 Investment Advisor
CHILTON INVESTMENT C CHILTON INVESTMENT C 13F 811'360 1.08 (295'361) 30.06.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON neutral 3 M 24 12 month 13.11.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 U 26 12 month 02.11.2012
Wunderlich Securities MICHAEL E HOFFMAN buy 5 M 27 18 month 02.11.2012
Barclays MATTHEW J KORN equalweight 3 M 23 Not Provided 02.11.2012
BMO Capital Markets JOEL JACKSON market perform 3 M 24 Not Provided 01.11.2012
RBC Capital Markets ADAM SCHATZKER underperform 1 M 19 12 month 01.11.2012
KeyBanc Capital Markets IVAN MARCUSE buy 5 M 30 12 month 01.11.2012
Scotia Capital BEN ISAACSON sector outperform 5 M 26 12 month 01.11.2012
Lazard Capital Markets EDLAIN RODRIGUEZ neutral 3 M #N/A N/A Not Provided 01.11.2012
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 31 Not Provided 01.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 01.11.2012
Dahlman Rose & Co CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 08.10.2012
IPOfinancial.com TEAM COVERAGE buy 5 M #N/A N/A Not Provided 25.02.2011
Holdings By:
Intrepid Potash Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
IOI Corporation Berhad cultivates and processes oil palm and rubber. The
Company, through its subsidiaries, operates in property development and
investment, provides landscape services, and sells ornamental plants and turfing
grass. IOI Corporation also manufactures industrial and medical gases, and
provides building, engineering, and construction services.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (09.02.2012) 5.60
52-Week Low (25.09.2012) 4.82
Daily Volume
4.87
52-Week High % Change -13.04% Dividend Yield -
52-Week Low % Change 1.04% Beta 1.07
% 52 Week Price Range High/Low 11.54% Equity Float 2'853.55
Shares Out 21.11.2012 6'429.6 Short Int -
31'312.30 1 Yr Total Return 0.99%
Total Debt 8'268.94 YTD Return -6.71%
Preferred Stock 0.0 Adjusted BETA 1.067
Minority Interest 288.0 Analyst Recs 32
Cash and Equivalents 4'435.95 Consensus Rating 2.531
Enterprise Value 35'528.00
Average Volume 5 Day 3'480'480
IOI MK EQUITY YTD Change - Average Volume 30 Day 2'785'570
IOI MK EQUITY YTD % CHANGE - Average Volume 3 Month 2'911'172
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3
14'641.2 14'568.0 12'386.5 16'020.0 15'488.1 16'154.3 15'640.3 16'779.7 17'475.4 - -
3.33x 2.17x 2.68x 2.30x 2.41x 9.33x 9.23x 2.03x 1.92x - -
2'919.6 2'682.5 1'723.8 2'422.4 2'362.4 3'061.9 2'570.8 2'902.6 3'123.6 - -
16.68x 11.79x 19.23x 15.21x 15.80x 12.02x 14.52x 12.24x 11.37x - -
2'231.6 983.5 2'035.7 2'222.9 1'789.4 2'222.9 1'789.4 1'974.8 2'168.9 - -
20.22x 28.40x 15.20x 15.25x 18.56x 15.25x 18.64x 15.81x 14.49x - -
EBITDA 2'362.40 Long-Term Rating Date 14.03.2008
EBIT 2'107.09 Long-Term Rating BBB+
Operating Margin 13.60% Long-Term Outlook STABLE
Pretax Margin 15.36% Short-Term Rating Date -
Return on Assets 9.88% Short-Term Rating -
Return on Common Equity 17.64%
Return on Capital 12.28% EBITDA/Interest Exp. 11.59
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 3.36
Net Debt/EBITDA 1.49
Gross Margin 20.2% Total Debt/EBITDA 2.98
EBITDA Margin 17.7%
EBIT Margin 16.0% Total Debt/Equity 65.5%
Net Income Margin 11.6% Total Debt/Capital 39.0%
Asset Turnover 0.69
Current Ratio 4.17 Net Fixed Asset Turnover 1.73
Quick Ratio 2.63 Accounts receivable turnover-days 38.70
Debt to Assets 35.85% Inventory Days -
Tot Debt to Common Equity 65.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.46 Cash Conversion Cycle 84.57
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
IOI Corp BhdPrice/Volume
Valuation Analysis
7'225'100.00
Current Price (11/dd/yy) Market Data
'
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8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PROGRESSIVE HOLDINGS n/a EXCH 2'780'439'580 43.24 5'191'100 19.10.2012 Unclassified
EMPLOYEES PROVIDENT #N/A N/A EXCH 723'959'308 11.26 (122'900) 06.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 134'705'984 2.1 2'817'962 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 98'556'546 1.53 (90'800) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 82'774'272 1.29 (4'171'780) 09.11.2012 Investment Advisor
SHIN CHENG LEE n/a EXCH 62'530'600 0.97 - 19.10.2012 n/a
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 44'923'879 0.7 - 30.06.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 19'171'996 0.3 10'565'842 29.02.2012 Investment Advisor
PENGURUSAN PELABURAN Multiple Portfolios MF-AGG 14'288'666 0.22 - 31.05.2011 Investment Advisor
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 10'485'044 0.16 (346'100) 30.04.2011 Mutual Fund Manager
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 9'771'432 0.15 - 31.12.2010 Mutual Fund Manager
YEOW CHOR LEE n/a EXCH 8'240'400 0.13 - 19.10.2012 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'168'866 0.11 (10'912'600) 30.06.2012 Investment Advisor
EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 5'774'813 0.09 31'000 09.11.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'421'541 0.08 (59'828) 31.10.2012 Mutual Fund Manager
PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 3'616'096 0.06 (452'400) 31.10.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'154'086 0.05 - 31.08.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 2'982'240 0.05 - 12.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 2'607'500 0.04 46'800 28.09.2012 Unclassified
PICTET & CIE Multiple Portfolios MF-AGG 2'504'600 0.04 (79'000) 31.08.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SUNAINA DHANUKA neutral 3 M 4 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 5 12 month 07.11.2012
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 5 12 month 07.11.2012
Hong Leong Investment Bank Bhd CHYE WEN FEI sell 1 D 4 12 month 07.11.2012
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 5 12 month 05.11.2012
Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 5 12 month 05.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG hold 3 M 5 12 month 01.11.2012
KAF Seagroatt & Campbell VINCE NG buy 5 M 6 Not Provided 30.10.2012
RHB Research Institute Sdn Bhd HOE LEE LENG underperform 1 M 5 12 month 30.10.2012
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 6 12 month 30.10.2012
DBS Vickers BEN SANTOSO hold 3 M 5 12 month 29.10.2012
Nomura MUZHAFAR MUKHTAR neutral 3 M 5 Not Provided 15.10.2012
TA Securities Holdings Berhad TEAM COVERAGE buy 5 M 6 Not Provided 15.10.2012
ECM Libra TEAM COVERAGE hold 3 M 5 12 month 15.10.2012
Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 4 12 month 15.10.2012
OSK (Asia) Securities ALVIN TAI neutral 3 M 5 12 month 11.10.2012
JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 6 12 month 11.10.2012
BIMB Securities Sdn Bhd NG KEAT YUNG neutral 3 M 5 12 month 11.10.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 5 12 month 25.09.2012
Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 4 12 month 11.09.2012
Credit Suisse TAN TING MIN underperform 1 M 5 Not Provided 11.09.2012
Morgan Stanley CHARLES C SPENCER Underwt/Attractive 1 M 4 12 month 10.09.2012
JPMorgan SIMONE X YEOH underweight 1 M 5 6 month 07.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 07.09.2012
HSBC THILAN WICKRAMASINGHE underweight 1 M 5 Not Provided 04.09.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 D 6 12 month 28.08.2012
UOB Kay Hian TEAM COVERAGE hold 3 M 5 Not Provided 28.08.2012
CIMB IVY NG neutral 3 M 5 12 month 27.08.2012
Holdings By:
IOI Corp Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Kernel Holding SA is a diversified agri-business company operating in
Ukraine. The Company produces, procures, transports, stores, processes and
merchandises agricultural commodities on the international markets through
Company-owned port transshipment facilities. Kernel also produces, refines,
packages and merchandizes bottled vegetable oil.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (22.08.2012) 76.00
52-Week Low (21.05.2012) 51.00
Daily Volume
63.95
52-Week High % Change -15.86% Dividend Yield -
52-Week Low % Change 25.39% Beta 0.94
% 52 Week Price Range High/Low 57.20% Equity Float 49.22
Shares Out 30.06.2012 79.7 Short Int -
5'095.75 1 Yr Total Return 3.15%
Total Debt 697.15 YTD Return -7.92%
Preferred Stock 0.0 Adjusted BETA 0.942
Minority Interest 29.9 Analyst Recs 16
Cash and Equivalents 82.53 Consensus Rating 3.313
Enterprise Value 2'230.84
Average Volume 5 Day 101'198
KER PW EQUITY YTD Change - Average Volume 30 Day 104'197
KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 94'650
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2
663.1 1'047.1 1'020.5 1'899.1 2'169.2 1'899.8 2'169.2 2'438.8 2'572.2 528.5 -
1.36x 0.81x 1.50x 1.34x 0.97x 4.97x 4.09x 0.88x 0.79x - -
105.1 177.6 175.5 285.2 324.6 313.2 324.7 371.5 398.1 75.5 -
8.59x 4.80x 8.73x 8.93x 6.47x 8.13x 6.46x 6.00x 5.60x - -
83.2 135.5 152.0 226.3 213.8 228.9 210.0 218.4 249.7 40.4 -
8.32x 5.06x 8.15x 9.15x 6.80x 9.05x 6.92x 7.44x 6.47x - -
EBITDA 324.60 Long-Term Rating Date -
EBIT 255.77 Long-Term Rating -
Operating Margin 11.79% Long-Term Outlook -
Pretax Margin 8.96% Short-Term Rating Date -
Return on Assets 11.47% Short-Term Rating -
Return on Common Equity 19.38%
Return on Capital - EBITDA/Interest Exp. 4.97
Asset Turnover 1.18% (EBITDA-Capex)/Interest Exp. 4.14
Net Debt/EBITDA 1.89
Gross Margin 21.1% Total Debt/EBITDA 2.15
EBITDA Margin 15.0%
EBIT Margin 11.8% Total Debt/Equity 58.3%
Net Income Margin 9.9% Total Debt/Capital 36.3%
Asset Turnover 1.18
Current Ratio 3.41 Net Fixed Asset Turnover 3.54
Quick Ratio 0.67 Accounts receivable turnover-days 21.52
Debt to Assets 33.19% Inventory Days 63.04
Tot Debt to Common Equity 58.30% Accounts Payable Turnover Day 5.08
Accounts Receivable Turnover 17.01 Cash Conversion Cycle 79.39
Inventory Turnover 5.81
Fiscal Year Ended
Kernel Holding SAPrice/Volume
Valuation Analysis
158'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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1'000.0
1'500.0
2'000.0
2'500.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NAMSEN LTD #N/A N/A EXCH 30'460'657 38.23 - 10.11.2012 Other
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'095'150 2.63 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'940'740 2.44 68'072 30.06.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'400'000 1.76 - 30.06.2011 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'195'804 1.5 (1'108) 12.11.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'107'145 1.39 - 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'099'456 1.38 135'293 28.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 933'414 1.17 7'588 09.11.2012 Investment Advisor
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 906'557 1.14 - 30.06.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 666'981 0.84 - 30.06.2012 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 660'129 0.83 22'700 30.06.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 326'495 0.41 - 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 308'154 0.39 (9'774) 30.09.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 306'989 0.39 - 30.06.2012 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.38 55'500 29.06.2012 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 218'301 0.27 - 31.07.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 215'047 0.27 48'288 31.08.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 208'629 0.26 (325'266) 30.06.2012 Investment Advisor
INVESTORS TFI SA Multiple Portfolios MF-AGG 205'297 0.26 (29'053) 30.06.2012 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 193'604 0.24 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 12.11.2012
UFC Capital VLADIMIR LANDA buy 5 M 97 Not Provided 05.11.2012
Erste Bank IGOR ZHOLONKIVSKYI hold 3 M 63 12 month 04.11.2012
Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 102 12 month 02.11.2012
Wood & Company PIOTR DROZD hold 3 D 67 12 month 31.10.2012
Dragon Capital TAMARA LEVCHENKO Under Review #N/A N/A M #N/A N/A Not Provided 02.10.2012
Millennium Dom Maklerski ADAM KAPTUR neutral 3 D 71 Not Provided 19.09.2012
Ipopema Securities SA ZANETA MARZEC sell 1 D 66 12 month 18.09.2012
Dom Inwestycyjny BRE Banku JAKUB SZKOPEK reduce 2 D 63 Not Provided 31.08.2012
Sberbank CIB KONSTANTIN FASTOVETS buy 5 U 104 Not Provided 20.08.2012
ING Wholesale Banking ADAM MILEWICZ hold 3 U 68 12 month 24.07.2012
UniCredit Research MARCIN GATARZ hold 3 D 65 12 month 02.07.2012
ArtCapital ANDRIY PATIOTA sell 1 D 69 12 month 25.05.2012
Concorde Capital Ltd YEGOR SAMUSENKO buy 5 U 92 12 month 17.05.2012
Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 123 Not Provided 17.04.2012
Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 21.03.2012
Phoenix Capital LLC ANNA SHUVALOVA hold 3 N 90 12 month 23.11.2011
BG Capital DMYTRO USHENKO buy 5 U 109 12 month 15.06.2011
Holdings By:
Kernel Holding SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber,
and cocoa on its plantations. Through its subsidiaries, the Company mills and
refines oil palm products, cultivates ramie, and manufactures oleochemicals,
soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala
Lumpur Kepong also develops properties and operates holiday bungalows.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (25.01.2012) 26.76
52-Week Low (11.05.2012) 17.00
Daily Volume
20.56
52-Week High % Change -23.17% Dividend Yield -
52-Week Low % Change 20.94% Beta 0.82
% 52 Week Price Range High/Low 36.68% Equity Float 406.62
Shares Out 21.11.2012 1'067.5 Short Int -
21'947.90 1 Yr Total Return 2.86%
Total Debt 2'089.60 YTD Return -6.21%
Preferred Stock 0.0 Adjusted BETA 0.816
Minority Interest 392.4 Analyst Recs 32
Cash and Equivalents 1'670.16 Consensus Rating 3.250
Enterprise Value 22'857.72
Average Volume 5 Day 1'447'620
KLK MK EQUITY YTD Change - Average Volume 30 Day 755'190
KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 862'688
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 12/12 Q1 03/13 Q2
7'789.7 6'620.4 7'450.0 10'691.9 10'570.2 9'513.6 10'924.0 11'098.3 12'093.0 - -
1.42x 2.34x 2.53x 2.18x - 9.68x 9.18x 1.99x 1.79x - -
1'636.9 1'223.7 1'471.5 2'306.8 - 1'987.1 1'311.4 2'191.3 2'376.3 - -
6.75x 12.64x 12.81x 10.09x - 12.47x 0.00x 10.43x 9.62x - -
1'040.7 612.5 1'012.3 1'571.4 1'211.2 1'421.8 1'249.6 1'384.0 1'499.1 - -
9.83x 24.00x 17.88x 14.30x 19.40x 16.23x 19.07x 15.90x 14.71x - -
EBITDA 2'306.84 Long-Term Rating Date -
EBIT 2'041.62 Long-Term Rating -
Operating Margin 19.10% Long-Term Outlook -
Pretax Margin 19.32% Short-Term Rating Date -
Return on Assets 11.65% Short-Term Rating -
Return on Common Equity 18.41%
Return on Capital 14.90% EBITDA/Interest Exp. 31.07
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 24.68
Net Debt/EBITDA -
Gross Margin 27.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 16.3% Total Debt/Equity 29.5%
Net Income Margin 11.5% Total Debt/Capital 21.9%
Asset Turnover 1.02
Current Ratio 1.91 Net Fixed Asset Turnover 3.40
Quick Ratio 1.08 Accounts receivable turnover-days 43.58
Debt to Assets 19.05% Inventory Days -
Tot Debt to Common Equity 29.54% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.40 Cash Conversion Cycle 83.54
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kuala Lumpur Kepong BhdPrice/Volume
Valuation Analysis
1'296'000.00
Current Price (11/dd/yy) Market Data
'
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BATU KAWAN BHD n/a Co File 495'901'527 46.45 - 01.12.2011 Holding Company
EMPLOYEES PROVIDENT #N/A N/A EXCH 158'866'838 14.88 (133'300) 07.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'939'284 1.87 430'300 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 16'083'348 1.51 (14'800) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 14'525'911 1.36 53'639 09.11.2012 Investment Advisor
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4'825'100 0.45 - 30.06.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'141'772 0.39 (850'869) 29.02.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'745'000 0.35 (656'000) 30.09.2011 Mutual Fund Manager
ENG KHOON YEOH n/a Co File 3'524'850 0.33 - 01.12.2011 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'397'700 0.32 3'397'700 30.06.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'810'125 0.26 2'247'525 30.06.2012 Investment Advisor
KUALA LUMPUR KEPONG n/a Co File 2'539'000 0.24 - 01.12.2011 Corporation
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'165'140 0.2 (176'960) 31.07.2012 Investment Advisor
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 1'677'750 0.16 - 31.12.2010 Mutual Fund Manager
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 1'630'150 0.15 67'400 30.04.2011 Mutual Fund Manager
NOMURA n/a ULT-AGG 1'563'900 0.15 - 22.06.2012 Unclassified
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'090'533 0.1 (15'971) 31.10.2012 Mutual Fund Manager
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 991'400 0.09 (600) 31.07.2012 Bank
FIRST STATE INVESTME Multiple Portfolios MF-AGG 761'200 0.07 - 31.07.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 760'300 0.07 (45'000) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SUNAINA DHANUKA underperform 1 D 18 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 21 12 month 07.11.2012
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 22 12 month 07.11.2012
Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 20 12 month 07.11.2012
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 22 12 month 05.11.2012
Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 24 12 month 05.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG hold 3 U 20 12 month 01.11.2012
KAF Seagroatt & Campbell VINCE NG buy 5 M 25 Not Provided 30.10.2012
DBS Vickers QUAH HE WEI fully valued 2 M 20 12 month 29.10.2012
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 22 12 month 15.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 29 Not Provided 15.10.2012
TA Securities Holdings Berhad TEAM COVERAGE sell 1 M 22 Not Provided 15.10.2012
ECM Libra TEAM COVERAGE hold 3 M 19 12 month 15.10.2012
Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 23 12 month 15.10.2012
Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 17 12 month 11.10.2012
RHB Research Institute Sdn Bhd HOE LEE LENG underperform 1 M 22 12 month 11.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 27 12 month 11.10.2012
JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 25 12 month 11.10.2012
BIMB Securities Sdn Bhd NG KEAT YUNG neutral 3 M 23 12 month 11.10.2012
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 26 12 month 05.10.2012
UOB Kay Hian TEAM COVERAGE hold 3 M 22 Not Provided 05.10.2012
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 26 12 month 25.09.2012
Credit Suisse TAN TING MIN neutral 3 M 22 Not Provided 11.09.2012
Morgan Stanley CHARLES C SPENCER Equalwt/Attractive 3 M 24 12 month 10.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.09.2012
JPMorgan SIMONE X YEOH neutral 3 M 22 6 month 07.09.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 29 Not Provided 04.09.2012
CIMB IVY NG underperform 1 M 20 12 month 30.08.2012
Holdings By:
Kuala Lumpur Kepong Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and
fluid piping systems. The Company's products include ductile iron pipes,
engines, tractors, combine harvesters, reaper binders, rice planters, and
excavators. Kubota also produces forged iron products, housing equipment, and
environmental control plants.
Latest Fiscal Year: 03/2012
LTM as of: 09/yy
52-Week High (21.11.2012) 867.00
52-Week Low (19.12.2011) 608.00
Daily Volume
859
52-Week High % Change -0.92% Dividend Yield 1.86
52-Week Low % Change 41.28% Beta 1.05
% 52 Week Price Range High/Low 97.67% Equity Float 1'215.76
Shares Out 31.10.2012 1'285.9 Short Int -
1'104'604.63 1 Yr Total Return 33.77%
Total Debt 355'235.00 YTD Return 35.84%
Preferred Stock 0.0 Adjusted BETA 1.047
Minority Interest 53'931.0 Analyst Recs 19
Cash and Equivalents 100'559.00 Consensus Rating 3.632
Enterprise Value 1'433'836.58
Average Volume 5 Day 4'521'000
6326 JT EQUITY YTD Change - Average Volume 30 Day 5'282'367
6326 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'540'954
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4
1'154'574.0 1'107'482.0 930'644.0 933'685.0 1'008'019.0 966'352.0 ######### ######### ######### 285'000.0 315'000.0
0.96x 0.76x 1.53x 1.38x 1.30x 5.08x 4.68x 1.26x 1.17x - -
167'440.0 134'057.0 98'873.0 113'104.0 129'588.0 117'333.0 135'848.0 144'358.1 162'471.9 - -
6.63x 6.28x 14.37x 11.42x 10.09x 9.42x 9.73x 9.93x 8.83x - -
68'026.0 48'064.0 42'326.0 54'822.0 61'552.0 55'450.0 65'846.0 68'638.3 79'469.5 - -
11.76x 14.20x 25.60x 18.19x 16.31x 14.41x 15.07x 15.82x 13.64x - -
EBITDA 129'588.00 Long-Term Rating Date 09.01.2007
EBIT 105'680.00 Long-Term Rating NR
Operating Margin 10.48% Long-Term Outlook -
Pretax Margin 10.18% Short-Term Rating Date -
Return on Assets 4.55% Short-Term Rating -
Return on Common Equity 10.08%
Return on Capital 6.73% EBITDA/Interest Exp. 68.49
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 54.24
Net Debt/EBITDA 2.04
Gross Margin 27.0% Total Debt/EBITDA 2.83
EBITDA Margin 12.7%
EBIT Margin 10.3% Total Debt/Equity 54.4%
Net Income Margin 6.1% Total Debt/Capital 33.4%
Asset Turnover 0.74
Current Ratio 1.62 Net Fixed Asset Turnover 4.87
Quick Ratio 1.12 Accounts receivable turnover-days 161.31
Debt to Assets 23.88% Inventory Days 97.70
Tot Debt to Common Equity 54.38% Accounts Payable Turnover Day 90.55
Accounts Receivable Turnover 2.27 Cash Conversion Cycle 175.09
Inventory Turnover 3.75
Fiscal Year Ended
Kubota CorpPrice/Volume
Valuation Analysis
3'559'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 107'318'000 8.35 1'488'000 31.03.2012 Bank
NIPPON LIFE INSURANC n/a MOF-JP 82'844'265 6.44 7'036'265 29.06.2012 Insurance Company
MITSUBISHI UFJ TRUST n/a 13G 78'950'000 6.14 (46'000) 31.12.2011 Investment Advisor
SUMITOMO MITSUI TRUS n/a MOF-JP 60'526'000 4.71 22'026'000 13.04.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 59'929'000 4.66 - 31.03.2012 Insurance Company
JAPAN TRUSTEE SERVIC n/a Co File 59'649'000 4.64 (7'720'000) 31.03.2012 Bank
JP MORGAN CHASE BANK n/a Co File 45'384'000 3.53 16'336'000 31.03.2012 Investment Advisor
SUMITOMO MITSUI BANK n/a Co File 45'006'000 3.5 - 31.03.2012 Bank
MIZUHO CORPORATE BAN n/a Co File 40'851'000 3.18 - 31.03.2012 Bank
MOXLEY & CO n/a Co File 31'758'000 2.47 (4'986'000) 31.03.2012 Investment Advisor
KUBOTA CORP n/a Co File 29'553'000 2.3 6'753 31.03.2012 Corporation
STATE STREET BANK OM n/a Co File 27'153'000 2.11 1'804'000 31.03.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 24'664'395 1.92 131'000 09.11.2012 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 24'470'000 1.9 - 30.09.2011 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 23'578'000 1.83 - 30.09.2012 Investment Advisor
TRUST & CUSTODY SERV n/a Co File 23'181'000 1.8 - 31.03.2011 Bank
BANK OF TOKYO-MITSUB n/a 13G 20'173'729 1.57 - 31.12.2011 Bank
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 19'296'000 1.5 (18'000) 12.11.2012 Investment Advisor
JP MORGAN ASSET MGMT n/a MOF-JP 15'501'000 1.21 (9'650'000) 15.02.2011 Mutual Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 14'893'000 1.16 (1'257'000) 13.04.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tachibana Securities YOSHIKAZU SHIMADA Strong Outperform 5 U #N/A N/A Not Provided 13.11.2012
Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 800 Not Provided 05.11.2012
Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 830 12 month 02.11.2012
Mizuho Securities JUNJI SAKURADA buy 5 M 900 12 month 02.11.2012
BNP Paribas Equity Research CHRISTOPHER CINTAVEY hold 3 M 780 12 month 02.11.2012
Nomura RYO TAZAKI buy 5 M 870 12 month 02.11.2012
SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 870 12 month 02.11.2012
Barclays TSUTOMU KIJIMA overweight 5 M 1'070 Not Provided 02.11.2012
Credit Suisse SHINJI KURODA neutral 3 M 800 Not Provided 24.10.2012
Macquarie KENJIN HOTTA outperform 5 N 930 12 month 18.10.2012
TIW MASAKAZU ITOI neutral 3 M #N/A N/A Not Provided 03.10.2012
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA neutral 3 M 700 12 month 30.08.2012
Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 1'050 12 month 21.08.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 13.08.2012
Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Neutral Plus 3 N 820 6 month 15.06.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 N #N/A N/A Not Provided 17.11.2010
Holdings By:
Kubota Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
KUMIAI CHEMICAL INDUSTRY Co., Ltd. is a specialized agrochemical manufacturer
affiliated with Zenno. The Company's main products include herbicides,
fungicides, and insecticides. Kumiai Chemical markets its products in North
America, Latin America, and Asia.
Latest Fiscal Year: 10/2011
LTM as of: 07/yy
52-Week High (21.09.2012) 420.00
52-Week Low (21.11.2011) 250.00
Daily Volume
372
52-Week High % Change -11.43% Dividend Yield 0.54
52-Week Low % Change 48.80% Beta 1.08
% 52 Week Price Range High/Low 73.53% Equity Float 72.91
Shares Out 31.10.2012 87.0 Short Int -
32'355.71 1 Yr Total Return 48.45%
Total Debt 339.00 YTD Return 30.02%
Preferred Stock 0.0 Adjusted BETA 1.082
Minority Interest 1'994.0 Analyst Recs 3
Cash and Equivalents 8'261.00 Consensus Rating 5.000
Enterprise Value 30'454.71
Average Volume 5 Day 101'200
4996 JT EQUITY YTD Change - Average Volume 30 Day 147'567
4996 JT EQUITY YTD % CHANGE - Average Volume 3 Month 316'185
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 07/yy 07/yy 10/12 Y 10/13 Y 10/12 Q4 01/13 Q1
39'512.0 40'031.0 39'227.0 38'252.0 42'095.0 39'470.0 42'775.0 44'000.0 46'000.0 10'090.0 -
0.22x 0.27x 0.40x 0.28x 0.39x 1.39x 2.11x - - - -
1'495.0 1'477.0 1'426.0 1'710.0 2'179.0 1'798.0 1'946.0 2'000.0 2'600.0 - -
5.85x 7.24x 11.05x 6.16x 7.63x 8.05x 14.49x 15.23x 11.71x - -
468.0 303.0 272.0 1'292.0 1'360.0 1'192.0 1'417.0 1'500.0 1'900.0 - -
38.79x 68.09x 94.67x 16.27x 16.58x 16.93x 21.19x 19.79x 15.50x - -
EBITDA 2'179.00 Long-Term Rating Date -
EBIT 1'446.00 Long-Term Rating -
Operating Margin 3.44% Long-Term Outlook -
Pretax Margin 4.95% Short-Term Rating Date -
Return on Assets 2.91% Short-Term Rating -
Return on Common Equity 4.35%
Return on Capital 4.55% EBITDA/Interest Exp. 2179.00
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 1449.00
Net Debt/EBITDA -2.26
Gross Margin 23.7% Total Debt/EBITDA 0.00
EBITDA Margin 5.2%
EBIT Margin 3.5% Total Debt/Equity 0.9%
Net Income Margin 3.2% Total Debt/Capital 0.8%
Asset Turnover 0.72
Current Ratio 3.05 Net Fixed Asset Turnover 3.85
Quick Ratio 1.78 Accounts receivable turnover-days 166.55
Debt to Assets 0.64% Inventory Days 97.99
Tot Debt to Common Equity 0.87% Accounts Payable Turnover Day 123.59
Accounts Receivable Turnover 2.20 Cash Conversion Cycle 99.67
Inventory Turnover 3.73
Fiscal Year Ended
Kumiai Chemical Industry Co LtdPrice/Volume
Valuation Analysis
81'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZENNOH n/a Co File 26'527'000 30.5 - 30.04.2012 Unclassified
KUMIAI CHEMICAL INDU n/a Co File 7'379'000 8.48 435 30.04.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 6'768'000 7.78 877'000 30.04.2012 Bank
SHIZUOKA KEIZAI NOHK n/a Co File 2'770'000 3.18 - 30.04.2012 n/a
SURUGA BANK LTD n/a Co File 2'609'000 3 - 30.04.2012 Bank
NORINCHUKIN BANK LTD n/a Co File 2'588'000 2.98 - 30.04.2012 Investment Advisor
SIMPLEX ASSET MANAGE Multiple Portfolios MF-AGG 2'204'000 2.53 - 21.03.2012 Investment Advisor
IHARA CHEMICAL INDUS n/a Co File 1'508'000 1.73 - 30.04.2012 Corporation
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'296'000 1.49 (2'000) 12.11.2012 Investment Advisor
CITIGROUP GLOBAL MAR n/a Co File 1'184'000 1.36 - 30.04.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'146'000 1.32 - 31.07.2012 Investment Advisor
IHARA KENSEI KOGYO n/a Co File 1'095'000 1.26 19'000 30.04.2012 Other
SUMITOMO LIFE INSURA n/a Co File 1'085'000 1.25 7'000 30.04.2012 Insurance Company
KYOEI FIRE & MARINE n/a Co File 1'007'000 1.16 - 30.04.2012 Insurance Company
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 305'000 0.35 - 13.07.2012 Holding Company
THEORIA MULTI-STRATE n/a Short (294'000) -0.34 (1'000) 02.11.2012 Unclassified
THE ABSOLUTE RETURN n/a Short (280'000) -0.32 (25'000) 25.09.2012 Mutual Fund Manager
NIPPON KAYAKU CO LTD n/a Co File 270'218 0.31 - 31.05.2012 Corporation
NIPPON SODA CO LTD n/a Co File 264'000 0.3 - 31.03.2012 Corporation
NOMURA n/a ULT-AGG 233'000 0.27 (2'000) 31.08.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura SHUNTA OMURA buy 5 M 580 12 month 02.11.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 26.07.2012
Tachibana Securities SHUICHI NAGATANI outperform 5 D #N/A N/A Not Provided 18.01.2012
Holdings By:
Kumiai Chemical Industry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Lindsay Corporation manufactures and markets center pivot and lateral move
irrigation equipment, as well as large diameter steel tubing, for use to
irrigate agricultural crops. The Company also provides outsourced
manufacturing and production services to original equipment manufacturers in
the United States.
Latest Fiscal Year: 08/2012
LTM as of: 08/yy
52-Week High (02.11.2012) 79.50
52-Week Low (21.12.2011) 49.29
Daily Volume
74.61
52-Week High % Change -6.15% Dividend Yield 0.52
52-Week Low % Change 51.37% Beta 1.62
% 52 Week Price Range High/Low 84.05% Equity Float 12.28
Shares Out 22.10.2012 12.7 Short Int 1.46
949.24 1 Yr Total Return 41.45%
Total Debt 4.29 YTD Return 36.76%
Preferred Stock 0.0 Adjusted BETA 1.622
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 143.44 Consensus Rating 3.444
Enterprise Value 810.08
Average Volume 5 Day 19'987
LNN UN EQUITY YTD Change - Average Volume 30 Day 40'991
LNN UN EQUITY YTD % CHANGE - Average Volume 3 Month 46'464
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 08/yy 08/yy 08/13 Y 08/14 Y 11/12 Q1 02/13 Q2
475.1 336.2 358.4 478.9 551.3 478.9 551.3 587.3 601.8 129.5 148.3
2.07x 1.35x 1.09x 1.44x 1.26x 6.12x 5.38x - - - -
71.5 32.9 48.6 68.3 78.0 68.3 78.0 93.4 100.7 17.6 25.4
13.75x 13.79x 8.03x 10.08x 8.88x 10.08x 8.88x 8.67x 8.04x 8.49x -
39.4 13.8 24.9 36.8 43.3 36.8 43.3 54.2 57.7 9.5 14.5
25.92x 37.40x 18.62x 20.53x 19.34x 20.60x 19.34x 18.11x 16.95x 18.10x 18.00x
EBITDA 77.98 Long-Term Rating Date -
EBIT 65.51 Long-Term Rating -
Operating Margin 11.88% Long-Term Outlook -
Pretax Margin 11.81% Short-Term Rating Date -
Return on Assets 10.86% Short-Term Rating -
Return on Common Equity 14.76%
Return on Capital 14.55% EBITDA/Interest Exp. 158.49
Asset Turnover 1.38% (EBITDA-Capex)/Interest Exp. 138.39
Net Debt/EBITDA -1.78
Gross Margin 26.9% Total Debt/EBITDA 0.05
EBITDA Margin 14.1%
EBIT Margin 11.9% Total Debt/Equity 1.4%
Net Income Margin 7.9% Total Debt/Capital 1.4%
Asset Turnover 1.38
Current Ratio 3.72 Net Fixed Asset Turnover 9.62
Quick Ratio 2.81 Accounts receivable turnover-days 53.64
Debt to Assets 1.03% Inventory Days 46.53
Tot Debt to Common Equity 1.38% Accounts Payable Turnover Day 28.63
Accounts Receivable Turnover 6.82 Cash Conversion Cycle 71.54
Inventory Turnover 7.87
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Lindsay CorpPrice/Volume
Valuation Analysis
1'876.00
Current Price (11/dd/yy) Market Data
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300.0
400.0
500.0
600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'476'655 11.61 7'275 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'039'908 8.17 (65'404) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 969'114 7.62 54'281 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 723'872 5.69 33'243 30.06.2012 Investment Advisor
CS MCKEE LP C S MCKEE LP 13F 514'850 4.05 (6'770) 30.06.2012 Investment Advisor
BOSTON TRUST & INVES BOSTON TRUST & INVES 13F 378'186 2.97 12'132 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 281'671 2.21 61'295 30.09.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 271'482 2.13 11'199 30.06.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 262'913 2.07 (42'504) 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 255'500 2.01 (10'984) 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 248'477 1.95 10'115 30.06.2012 Investment Advisor
GAMCO n/a ULT-AGG 201'450 1.58 30'000 30.06.2012 Unclassified
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 194'627 1.53 (17'159) 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 186'746 1.47 (951) 30.06.2012 Investment Advisor
PAROD RICHARD W n/a Form 4 178'518 1.4 7'272 01.11.2012 n/a
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 165'693 1.3 (107'657) 30.06.2012 Investment Advisor
ALGER MANAGEMENT INC Multiple Portfolios MF-AGG 156'800 1.23 156'800 31.07.2012 Investment Advisor
FORT WASHINGTON INVE FORT WASHINGTON INVE 13F 156'592 1.23 26'860 30.06.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 143'016 1.12 12'465 30.09.2012 Investment Advisor
UBS n/a ULT-AGG 135'888 1.07 19'667 30.06.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Piper Jaffray MICHAEL E COX neutral 3 M 77 12 month 25.10.2012
Wedbush DAVID L ROSE neutral 3 M 72 12 month 24.10.2012
William Blair & Co BRIAN DRAB outperform 5 U #N/A N/A Not Provided 18.10.2012
Stifel Nicolaus NATHAN JONES hold 3 M #N/A N/A Not Provided 18.10.2012
Janney Montgomery Scott LLC RYAN M CONNORS neutral 3 M 65 12 month 17.10.2012
Sidoti & Company LLC JOSEPH MONDILLO neutral 3 M 64 12 month 17.10.2012
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 N 92 Not Provided 24.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 11.08.2012
BB&T Capital Markets C SCHON WILLIAMS hold 3 M #N/A N/A Not Provided 28.06.2012
Holdings By:
Lindsay Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Maple Leaf Foods Inc. manufactures and sells a variety of food products.
The Company's products include fresh and prepared meats, poultry, flours,
fresh and frozen bakery products, pasta, seafood, and pet and animal feeds.
These products are primarily sold to retail, food service, wholesale,
agricultural and industrial customers worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.04.2012) 13.00
52-Week Low (30.07.2012) 9.88
Daily Volume
10.8
52-Week High % Change -16.92% Dividend Yield 1.85
52-Week Low % Change 9.31% Beta 0.71
% 52 Week Price Range High/Low 30.45% Equity Float 89.98
Shares Out 31.10.2012 140.0 Short Int 0.34
1'512.48 1 Yr Total Return 1.69%
Total Debt 983.98 YTD Return 0.76%
Preferred Stock 0.0 Adjusted BETA 0.707
Minority Interest 65.0 Analyst Recs 9
Cash and Equivalents - Consensus Rating 3.889
Enterprise Value 2'647.30
Average Volume 5 Day 74'621
MFI CT EQUITY YTD Change - Average Volume 30 Day 91'533
MFI CT EQUITY YTD % CHANGE - Average Volume 3 Month 110'120
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'209.6 5'242.6 5'221.6 4'968.1 4'893.6 4'860.3 4'905.3 4'917.7 5'045.3 1'256.5 1'173.0
0.55x 0.48x 0.52x 0.51x 0.52x 2.24x 2.21x - 0.53x - -
340.2 277.6 345.6 368.6 389.0 403.4 357.9 400.9 470.0 118.7 92.0
8.40x 9.11x 7.79x 6.92x 6.58x 7.10x 7.51x 6.61x 5.64x 5.96x 5.87x
195.0 (36.9) 52.1 29.3 82.1 103.0 69.1 121.7 160.7 43.7 22.3
29.12x 38.17x 21.61x 16.27x 10.83x 10.74x 13.51x 11.60x 9.52x 9.95x 9.62x
EBITDA 388.96 Long-Term Rating Date -
EBIT 262.97 Long-Term Rating -
Operating Margin 5.37% Long-Term Outlook -
Pretax Margin 2.28% Short-Term Rating Date -
Return on Assets 2.28% Short-Term Rating -
Return on Common Equity 8.29%
Return on Capital 6.36% EBITDA/Interest Exp. 5.50
Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 2.26
Net Debt/EBITDA 2.99
Gross Margin 15.7% Total Debt/EBITDA 3.23
EBITDA Margin 7.3%
EBIT Margin 4.7% Total Debt/Equity 113.7%
Net Income Margin 1.7% Total Debt/Capital 51.4%
Asset Turnover 1.62
Current Ratio 1.09 Net Fixed Asset Turnover 4.50
Quick Ratio 0.39 Accounts receivable turnover-days 17.57
Debt to Assets 33.46% Inventory Days 27.10
Tot Debt to Common Equity 113.74% Accounts Payable Turnover Day 41.58
Accounts Receivable Turnover 20.83 Cash Conversion Cycle -0.26
Inventory Turnover 13.50
Fiscal Year Ended
Maple Leaf Foods IncPrice/Volume
Valuation Analysis
3'158.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MCCAIN MICHAEL H n/a PROXY 45'773'783 32.69 - 22.03.2012 n/a
WEST FACE CAPITAL IN n/a Co File 15'894'413 11.35 - 28.02.2011 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 10'167'970 7.26 115'891 31.08.2012 Bank
FMR LLC n/a ULT-AGG 2'672'000 1.91 200'000 31.03.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'101'650 1.5 (1'946) 12.11.2012 Investment Advisor
CLARINGTON CAPITAL M Multiple Portfolios MF-AGG 1'384'280 0.99 - 31.03.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'363'400 0.97 - 31.07.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'083'200 0.77 (4'000) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'038'045 0.74 51'105 30.06.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'005'946 0.72 (433'400) 30.09.2012 Investment Advisor
QV INVESTORS INC Multiple Portfolios MF-AGG 781'400 0.56 - 31.07.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 733'400 0.52 - 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 551'208 0.39 - 31.07.2012 Investment Advisor
ELMAR HOLDCO LIMITED n/a SEDI 549'861 0.39 - 09.03.2011 Other
HEXAVEST INC HEXAVEST INC 13F 547'406 0.39 13'470 30.09.2012 Investment Advisor
MCCAIN J SCOTT n/a SEDI 443'744 0.32 - 12.12.2011 n/a
LAN RICHARD A n/a SEDI 420'050 0.3 (80'000) 07.11.2012 n/a
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 402'065 0.29 50'400 31.12.2011 Investment Advisor
VELS MICHAEL H n/a SEDI 297'664 0.21 (15'000) 07.11.2012 n/a
SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 258'907 0.18 950 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
TD Securities MICHAEL VAN AELST buy 5 M 14 12 month 05.11.2012
Octagon Capital Corporation ROBERT GIBSON buy 5 M 15 12 month 02.11.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.11.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 13 Not Provided 01.11.2012
RBC Capital Markets IRENE NATTEL sector perform 3 M 14 12 month 01.11.2012
Scotia Capital CHRISTINE HEALY sector perform 3 M 13 12 month 01.11.2012
Canaccord Genuity Corp DEREK DLEY buy 5 M 16 12 month 01.11.2012
CIBC World Markets MARK PETRIE sector perform 3 M 13 Not Provided 31.10.2012
Veritas Investment Research Co MICHAEL PALMER buy 5 M 16 Not Provided 03.05.2012
Holdings By:
Maple Leaf Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Monsanto Company provides agricultural products for farmers. The Company's
business segments are seeds and genomics. Monsanto produces a wide range of
seeds and develops biotechnology traits that assist farmers in controlling
insects and weeds as well as provides other seed companies with genetic material
and biotechnology traits for their seed brands.
Latest Fiscal Year: 08/2012
LTM as of: 08/yy
52-Week High (05.10.2012) 92.18
52-Week Low (14.12.2011) 67.11
Daily Volume
89.6
52-Week High % Change -2.83% Dividend Yield 1.34
52-Week Low % Change 33.51% Beta 1.09
% 52 Week Price Range High/Low 88.23% Equity Float 532.74
Shares Out 15.10.2012 534.6 Short Int 5.83
47'899.99 1 Yr Total Return 28.74%
Total Debt 2'074.00 YTD Return 29.88%
Preferred Stock 0.0 Adjusted BETA 1.087
Minority Interest 203.0 Analyst Recs 25
Cash and Equivalents 3'585.00 Consensus Rating 4.240
Enterprise Value 46'591.99
Average Volume 5 Day 857'040
MON UN EQUITY YTD Change - Average Volume 30 Day 682'809
MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 698'706
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 08/yy 08/yy 08/13 Y 08/14 Y 11/12 Q1 02/13 Q2
11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 11'822.0 13'516.0 14'602.9 15'600.4 2'639.3 5'210.2
5.53x 3.89x 2.78x 3.08x 3.35x 12.43x 12.22x 3.16x 2.89x 17.86x 8.87x
3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'116.0 3'760.0 4'212.2 4'675.2 471.4 2'183.9
18.18x 10.92x 11.51x 11.69x 12.03x 11.69x 12.03x 11.10x 10.00x 11.18x 10.96x
2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 1'607.0 2'045.0 2'382.2 2'702.7 197.3 1'403.9
31.30x 19.02x 21.94x 23.29x 23.54x 23.29x 22.45x 20.37x 17.76x 20.44x 20.14x
EBITDA 3'760.00 Long-Term Rating Date 21.10.2008
EBIT 3'138.00 Long-Term Rating A+
Operating Margin 23.24% Long-Term Outlook STABLE
Pretax Margin 22.13% Short-Term Rating Date 24.10.2007
Return on Assets 10.21% Short-Term Rating A-1
Return on Common Equity 17.50%
Return on Capital 15.88% EBITDA/Interest Exp. 17.74
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 14.69
Net Debt/EBITDA -0.40
Gross Margin 52.2% Total Debt/EBITDA 0.55
EBITDA Margin 27.8%
EBIT Margin 23.2% Total Debt/Equity 17.5%
Net Income Margin 15.1% Total Debt/Capital 14.7%
Asset Turnover 0.67
Current Ratio 2.29 Net Fixed Asset Turnover 3.09
Quick Ratio 1.30 Accounts receivable turnover-days 54.35
Debt to Assets 10.26% Inventory Days 153.56
Tot Debt to Common Equity 17.53% Accounts Payable Turnover Day 44.48
Accounts Receivable Turnover 6.73 Cash Conversion Cycle 163.69
Inventory Turnover 2.38
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Monsanto CoPrice/Volume
Valuation Analysis
159'009.00
Current Price (11/dd/yy) Market Data
'-'.'0'1'2'3'4'5'6'
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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 29'892'904 5.59 2'736'640 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 26'773'011 5.01 655'382 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 21'710'276 4.06 1'125'279 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 18'320'968 3.43 (141'166) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 13'389'395 2.5 (676'918) 30.06.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 12'443'623 2.33 (442'531) 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 11'825'808 2.21 724'396 30.09.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 11'393'821 2.13 48'910 30.06.2012 Investment Advisor
WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 10'455'585 1.96 1'707'984 30.06.2012 Investment Advisor
MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 8'532'535 1.6 (96'887) 31.08.2012 Investment Advisor
MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 8'094'837 1.51 (2'009'196) 30.06.2012 Investment Advisor
LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 8'058'039 1.51 1'550'082 30.06.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'030'298 1.5 385'668 30.09.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'454'419 1.39 787'222 30.06.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'809'492 1.27 (1'269'034) 30.09.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 6'682'746 1.25 633'711 30.06.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 6'200'528 1.16 (184'260) 30.06.2012 Investment Advisor
INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 6'162'175 1.15 (126'816) 30.09.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'004'086 1.12 (1'311'692) 30.06.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'919'681 1.11 191'422 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON Positive 4 M 115 12 month 09.11.2012
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 08.11.2012
Piper Jaffray MICHAEL E COX overweight 5 M 116 12 month 07.11.2012
Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 U 100 12 month 05.11.2012
Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 01.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 27.10.2012
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 104 12 month 25.10.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 18.10.2012
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 100 12 month 17.10.2012
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 100 Not Provided 17.10.2012
Jefferies LAURENCE ALEXANDER hold 3 M 98 12 month 12.10.2012
Argus Research Corp WILLIAM V SELESKY buy 5 M #N/A N/A Not Provided 04.10.2012
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 101 12 month 04.10.2012
Macquarie COOLEY MAY neutral 3 M 93 12 month 04.10.2012
Topeka Capital Markets Inc CHRISTOPHER KAPSCH hold 3 M 83 12 month 04.10.2012
Buckingham Research Group JOHN E ROBERTS buy 5 M 110 12 month 03.10.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 98 12 month 03.10.2012
Atlantic Equities LLP COLIN ISAAC neutral 3 M 85 Not Provided 03.10.2012
Goldman Sachs ROBERT KOORT Buy/Neutral 5 M 110 12 month 19.09.2012
Deutsche Bank DAVID I BEGLEITER buy 5 M 100 12 month 17.08.2012
Gilford Securities PAUL C CHRISTOPHERSON sell 1 M 67 12 month 26.04.2012
Holdings By:
Monsanto Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
The Mosaic Company produces and distributes crop nutrients to the agricultural
communities located in North America and other countries. The Company's
principal products include concentrated phosphates, and potash.
Latest Fiscal Year: 05/2012
LTM as of: 08/yy
52-Week High (07.09.2012) 61.97
52-Week Low (04.06.2012) 44.43
Daily Volume
51.67
52-Week High % Change -16.60% Dividend Yield 1.02
52-Week Low % Change 16.30% Beta 1.32
% 52 Week Price Range High/Low 45.15% Equity Float 276.72
Shares Out 28.09.2012 296.9 Short Int 4.97
21'993.53 1 Yr Total Return -1.58%
Total Debt 1'053.00 YTD Return 3.73%
Preferred Stock 0.0 Adjusted BETA 1.316
Minority Interest 16.3 Analyst Recs 23
Cash and Equivalents 3'811.00 Consensus Rating 4.174
Enterprise Value 19'445.23
Average Volume 5 Day 1'082'875
MOS UN EQUITY YTD Change - Average Volume 30 Day 728'459
MOS UN EQUITY YTD % CHANGE - Average Volume 3 Month 816'219
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 08/yy 05/13 Y 05/14 Y 11/12 Q2 02/13 Q3
9'812.6 10'298.0 6'759.1 9'937.8 11'107.8 10'832.8 10'529.6 10'488.6 11'061.8 2'619.1 2'466.3
5.63x 2.24x 2.87x 2.88x 1.58x 11.16x 7.84x 1.81x 1.65x 7.34x 7.73x
3'201.6 3'167.1 1'715.8 3'111.6 3'119.2 3'446.5 3'016.9 3'082.6 3'436.1 717.8 743.3
17.26x 7.27x 11.31x 9.19x 5.62x 8.29x 7.33x 6.31x 5.66x 5.83x 5.61x
2'082.8 2'350.2 827.1 2'514.6 1'930.2 2'742.9 1'833.6 1'956.1 2'134.3 449.6 445.8
26.66x 12.99x 24.96x 15.14x 10.64x 14.52x 13.37x 11.41x 10.28x 10.91x 10.50x
EBITDA 3'119.20 Long-Term Rating Date 28.04.2011
EBIT 2'611.10 Long-Term Rating BBB
Operating Margin 23.51% Long-Term Outlook STABLE
Pretax Margin 23.79% Short-Term Rating Date 29.08.2007
Return on Assets 11.03% Short-Term Rating NR
Return on Common Equity 14.80%
Return on Capital - EBITDA/Interest Exp. 54.63
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 25.92
Net Debt/EBITDA -0.85
Gross Margin 27.8% Total Debt/EBITDA 0.34
EBITDA Margin 28.7%
EBIT Margin 23.7% Total Debt/Equity 8.8%
Net Income Margin 17.4% Total Debt/Capital 8.1%
Asset Turnover 0.63
Current Ratio 3.43 Net Fixed Asset Turnover 1.42
Quick Ratio 2.38 Accounts receivable turnover-days 26.36
Debt to Assets 6.31% Inventory Days 70.00
Tot Debt to Common Equity 8.79% Accounts Payable Turnover Day 40.89
Accounts Receivable Turnover 13.89 Cash Conversion Cycle 42.32
Inventory Turnover 5.23
Fiscal Year Ended
Mosaic Co/ThePrice/Volume
Valuation Analysis
199'728.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TEMASEK HOLDINGS PRI n/a Research 19'711'671 6.64 - 01.07.2012 Government
BLACKROCK n/a ULT-AGG 14'850'339 5 497'002 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 12'779'821 4.3 124'054 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 11'912'312 4.01 770'239 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'836'980 3.65 1'125'955 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'782'435 3.29 1'570'443 30.06.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 8'119'466 2.73 618'896 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'797'260 1.95 (106'698) 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 5'695'211 1.92 (326'516) 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 4'890'777 1.65 81'378 28.09.2012 Mutual Fund Manager
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'767'151 1.61 (288'026) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'959'877 1.33 298'402 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'878'562 1.31 417'274 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'582'273 1.21 (5'241'770) 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'194'675 1.08 (302'132) 28.09.2012 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 3'191'154 1.07 1'032'268 30.06.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'133'293 1.06 43'255 30.06.2012 Investment Advisor
RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 3'011'690 1.01 1'534'660 30.06.2012 Investment Advisor
UBS n/a ULT-AGG 2'765'513 0.93 893'240 30.09.2012 Unclassified
NORGES BANK NORGES BANK 13F 2'515'392 0.85 2'515'392 31.12.2011 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON Positive 4 M 70 12 month 13.11.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 64 12 month 30.10.2012
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 65 12 month 25.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 24.10.2012
Barclays MATTHEW J KORN overweight 5 M 65 Not Provided 23.10.2012
BMO Capital Markets JOEL JACKSON market perform 3 M 63 Not Provided 22.10.2012
CIBC World Markets JACOB BOUT sector outperform 5 M 64 Not Provided 21.10.2012
Lazard Capital Markets EDLAIN RODRIGUEZ neutral 3 M #N/A N/A Not Provided 15.10.2012
Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 09.10.2012
Dahlman Rose & Co CHARLES NEIVERT buy 5 M 60 12 month 08.10.2012
Deutsche Bank DAVID I BEGLEITER hold 3 M 60 12 month 03.10.2012
Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 70 12 month 03.10.2012
JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 60 12 month 03.10.2012
Macquarie DAVID PUPO outperform 5 M 65 12 month 03.10.2012
Stifel Nicolaus PAUL A MASSOUD buy 5 M 73 12 month 03.10.2012
Scotia Capital BEN ISAACSON sector perform 3 D 60 12 month 03.10.2012
Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 03.10.2012
Atlantic Equities LLP COLIN ISAAC neutral 3 M 58 12 month 02.10.2012
Piper Jaffray MICHAEL E COX neutral 3 M 62 12 month 02.10.2012
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 75 Not Provided 02.10.2012
Holdings By:
Mosaic Co/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Nufarm Limited manufactures and supplies a range of agricultural chemicals used
by farmers to protect crops from damage caused by weeds, pests and disease.
The Company has worldwide operations.
Latest Fiscal Year: 07/2012
LTM as of: 01/yy
52-Week High (12.09.2012) 6.30
52-Week Low (29.12.2011) 3.99
Daily Volume
5.57
52-Week High % Change -11.59% Dividend Yield 1.08
52-Week Low % Change 39.60% Beta 0.89
% 52 Week Price Range High/Low 67.10% Equity Float 231.36
Shares Out 20.11.2012 262.7 Short Int -
1'463.36 1 Yr Total Return 27.46%
Total Debt 659.12 YTD Return 35.43%
Preferred Stock 246.9 Adjusted BETA 0.888
Minority Interest 0.6 Analyst Recs 14
Cash and Equivalents 191.32 Consensus Rating 2.357
Enterprise Value 2'178.69
Average Volume 5 Day 708'576
NUF AT EQUITY YTD Change - Average Volume 30 Day 1'048'417
NUF AT EQUITY YTD % CHANGE - Average Volume 3 Month 911'577
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -
2'492.5 2'677.1 2'168.6 2'083.6 2'181.6 - - 2'305.5 2'430.5 - -
1.72x 1.33x 0.86x 0.89x 0.99x - - 0.96x 0.89x - -
348.7 229.6 115.0 90.0 209.7 - - 293.7 310.2 - -
12.28x 15.46x 16.23x 20.55x 10.25x - - 7.42x 7.02x - -
137.9 79.9 (24.0) (49.9) 72.6 - - 118.0 131.0 - -
24.18x 32.36x - - 19.75x - - 12.49x 11.34x - -
EBITDA 209.74 Long-Term Rating Date 21.02.2011
EBIT 144.25 Long-Term Rating BB
Operating Margin 6.61% Long-Term Outlook STABLE
Pretax Margin 5.06% Short-Term Rating Date 15.08.2001
Return on Assets 2.57% Short-Term Rating NR
Return on Common Equity 5.70%
Return on Capital 5.14% EBITDA/Interest Exp. 3.39
Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 2.62
Net Debt/EBITDA 2.34
Gross Margin 28.0% Total Debt/EBITDA 3.30
EBITDA Margin 9.2%
EBIT Margin 6.2% Total Debt/Equity 53.6%
Net Income Margin 3.3% Total Debt/Capital 30.9%
Asset Turnover 0.77
Current Ratio 1.83 Net Fixed Asset Turnover 5.86
Quick Ratio 1.06 Accounts receivable turnover-days 105.19
Debt to Assets 23.53% Inventory Days 123.15
Tot Debt to Common Equity 53.62% Accounts Payable Turnover Day 101.52
Accounts Receivable Turnover 3.48 Cash Conversion Cycle 126.82
Inventory Turnover 2.97
Fiscal Year Ended
Nufarm Ltd/AustraliaPrice/Volume
Valuation Analysis
944'748.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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500.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUMITOMO CHEMICAL CO n/a Co File 60'210'136 22.92 - 28.09.2011 Corporation
UBS n/a ULT-AGG 14'516'702 5.53 - 15.07.2010 Unclassified
AMALGAMATED DAIRIES n/a Co File 14'330'798 5.46 - 28.09.2011 Corporation
IOOF HOLDINGS LTD n/a EXCH 13'854'165 5.27 (2'248'185) 09.06.2011 Investment Advisor
MASSACHUSETTS FINANC n/a EXCH 13'112'345 4.99 - 28.09.2011 Investment Advisor
SUN LIFE FINANCIAL I n/a EXCH 13'079'699 4.98 - 11.10.2012 Investment Advisor
NATIONAL AUSTRALIA B n/a EXCH 12'162'870 4.63 (1'177'739) 14.11.2011 Bank
RATHBONE DOUGLAS JOH n/a EXCH 11'642'880 4.43 - 02.08.2012 n/a
BANK OF AMERICA CORP n/a EXCH 11'609'140 4.42 (6'010'560) 09.09.2010 Investment Advisor
CREDIT SUISSE AG n/a EXCH 11'039'268 4.2 (474'417) 12.02.2010 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'933'829 1.5 (3'656) 12.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'569'289 0.98 - 31.07.2012 Investment Advisor
HOGGARD KERRANCE MER n/a EXCH 2'032'632 0.77 - 13.07.2010 n/a
FMR LLC n/a ULT-AGG 1'003'274 0.38 3'356 31.08.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'002'981 0.38 147'612 09.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 988'153 0.38 51'615 30.06.2012 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 932'511 0.36 (6'898) 30.09.2012 Mutual Fund Manager
MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 656'456 0.25 (11'875) 31.08.2012 Investment Advisor
GOODFELLOW WILLIAM B n/a EXCH 590'313 0.22 196 30.04.2012 n/a
ST KENTIGERN TRUST n/a EXCH 430'434 0.16 - 30.04.2012 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura RICHARD J JOHNSON neutral 3 M 6 12 month 02.11.2012
Ord Minnett STEPHEN SCOTT lighten 2 M 5 Not Provided 30.10.2012
Octa Phillip Securities Ltd PAUL JENSZ hold 3 M 6 Not Provided 15.10.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL sell 1 M 5 12 month 05.10.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 01.10.2012
Deutsche Bank MARK WILSON sell 1 M 4 12 month 25.09.2012
Macquarie RIKKI BANNAN underperform 1 D 6 12 month 25.09.2012
Goldman Sachs JAMES HANNAM neutral/neutral 3 M 6 12 month 24.09.2012
Credit Suisse LARRY GANDLER underperform 1 M 6 Not Provided 24.09.2012
JPMorgan STUART JACKSON neutral 3 M 5 6 month 24.09.2012
Wilson HTM Investment Group JAMES FERRIER hold 3 M 6 Not Provided 24.09.2012
Holdings By:
Nufarm Ltd/Australia ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Nutreco NV, through subsidiaries, breeds livestock and manufactures animal and
fish feeds. The Company produces compound feeds for pigs, poultry, salmon and
trout, and breeds poultry and produces eggs. Nutreco operates throughout
Europe.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.11.2012) 61.09
52-Week Low (21.11.2011) 44.79
Daily Volume
60.24
52-Week High % Change -1.39% Dividend Yield 3.15
52-Week Low % Change 34.51% Beta 0.71
% 52 Week Price Range High/Low 100.00% Equity Float 34.50
Shares Out 30.09.2012 35.1 Short Int -
2'115.55 1 Yr Total Return 38.38%
Total Debt 428.70 YTD Return 22.63%
Preferred Stock 0.0 Adjusted BETA 0.708
Minority Interest 8.7 Analyst Recs 12
Cash and Equivalents 176.80 Consensus Rating 3.917
Enterprise Value 2'487.75
Average Volume 5 Day 141'887
NUO NA EQUITY YTD Change - Average Volume 30 Day 124'945
NUO NA EQUITY YTD % CHANGE - Average Volume 3 Month 115'435
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
4'021.1 4'943.1 4'511.7 4'166.4 4'721.1 5'152.3 5'385.4 5'196.0 5'466.9 - -
0.41x 0.24x 0.36x 0.53x 0.43x 0.00x 0.00x 0.46x 0.43x - -
198.4 203.7 231.8 243.6 271.7 0.0 0.0 319.4 340.5 - -
8.33x 5.88x 6.94x 9.04x 7.46x 0.00x 0.00x 7.78x 7.30x - -
118.6 114.8 90.3 111.4 130.5 0.0 0.0 175.9 188.4 - -
12.21x 7.79x 15.05x 18.99x 14.16x 0.00x 0.00x 12.10x 11.11x - -
EBITDA 271.70 Long-Term Rating Date -
EBIT 204.80 Long-Term Rating -
Operating Margin 4.34% Long-Term Outlook -
Pretax Margin 3.63% Short-Term Rating Date -
Return on Assets 6.78% Short-Term Rating -
Return on Common Equity 20.06%
Return on Capital 14.60% EBITDA/Interest Exp. 7.72
Asset Turnover 1.82% (EBITDA-Capex)/Interest Exp. 4.95
Net Debt/EBITDA 1.23
Gross Margin - Total Debt/EBITDA 1.68
EBITDA Margin 6.6%
EBIT Margin 5.1% Total Debt/Equity 49.0%
Net Income Margin 2.8% Total Debt/Capital 32.7%
Asset Turnover 1.82
Current Ratio 1.20 Net Fixed Asset Turnover 7.74
Quick Ratio 0.67 Accounts receivable turnover-days -
Debt to Assets 16.82% Inventory Days -
Tot Debt to Common Equity 49.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Nutreco NVPrice/Volume
Valuation Analysis
106'019.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ING GROEP NV n/a Research 3'499'935 9.97 (462'903) 25.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'806'566 5.14 (41'066) 09.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 731'708 2.08 81'516 30.09.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 628'924 1.79 - 28.09.2012 Mutual Fund Manager
DJE INVESTMENT SA Multiple Portfolios MF-AGG 594'066 1.69 (26'000) 31.08.2012 Mutual Fund Manager
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 556'121 1.58 6'500 31.07.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 532'074 1.52 (488) 12.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 518'956 1.48 (66'982) 28.09.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 489'011 1.39 - 31.07.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 380'043 1.08 3'111 30.09.2012 Investment Advisor
ASR NEDERLAND NV n/a Research 377'105 1.07 - 31.12.2010 Government
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 303'187 0.86 (591) 30.09.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 232'250 0.66 12'550 31.08.2012 Mutual Fund Manager
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 225'350 0.64 13'680 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 200'310 0.57 15'518 30.06.2012 Investment Advisor
ODIN FORVALTNING AS Multiple Portfolios MF-AGG 193'048 0.55 39'556 28.09.2012 Mutual Fund Manager
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 192'217 0.55 7 30.09.2012 Investment Advisor
NUTRECO NV n/a Research 155'882 0.44 - 09.03.2011 n/a
JP MORGAN n/a ULT-AGG 143'448 0.41 32'571 30.09.2012 Unclassified
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 141'900 0.4 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue SOPHIE CABO-BROSETA buy 5 M 72 6 month 08.11.2012
Theodoor Gilissen Securities TOM MULLER hold 3 M 59 Not Provided 29.10.2012
KBC Securities PASCALE WEBER accumulate 4 M 62 Not Provided 26.10.2012
SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 63 12 month 26.10.2012
Petercam FERNAND DE BOER buy 5 M 67 Not Provided 26.10.2012
Rabobank International PATRICK ROQUAS hold 3 M 58 Not Provided 26.10.2012
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 72 12 month 26.10.2012
ING Wholesale Banking MARCO GULPERS hold 3 M 62 12 month 18.10.2012
Equita SIM SpA GIANMARCO BONACINA hold 3 D 61 12 month 12.10.2012
Kempen & Co ERWIN DUT buy 5 M 68 12 month 08.10.2012
Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 66 12 month 29.08.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 27.08.2012
CA Cheuvreux HANS PLUIJGERS suspended coverage #N/A N/A M #N/A N/A Not Provided 10.05.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 57 Not Provided 16.08.2011
Holdings By:
Nutreco NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Olam International Limited is an international integrated supplier of both raw
and processed agricultural commodities. The Group sources, processes, stores,
transports, ships, distributes, trades and markets agricultural products. Olam
International also provides insurance related services.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (08.02.2012) 2.76
52-Week Low (04.06.2012) 1.53
Daily Volume
1.695
52-Week High % Change -38.59% Dividend Yield -
52-Week Low % Change 11.15% Beta 1.41
% 52 Week Price Range High/Low 6.88% Equity Float 1'611.60
Shares Out 21.11.2012 2'390.2 Short Int -
4'051.41 1 Yr Total Return -23.10%
Total Debt 7'489.38 YTD Return -18.76%
Preferred Stock 0.0 Adjusted BETA 1.410
Minority Interest 122.2 Analyst Recs 24
Cash and Equivalents 1'110.86 Consensus Rating 4.125
Enterprise Value 11'157.99
Average Volume 5 Day 42'641'600
OLAM SP EQUITY YTD Change - Average Volume 30 Day 14'533'400
OLAM SP EQUITY YTD % CHANGE - Average Volume 3 Month 13'939'480
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3
8'111.9 8'587.9 10'455.0 15'803.4 17'093.8 15'787.6 17'093.8 20'708.5 23'889.6 5'467.5 5'856.0
0.84x 0.79x 0.87x 0.75x 0.63x 2.97x 2.70x 0.58x 0.54x - -
365.3 484.1 523.5 728.3 929.3 1'006.5 856.6 1'136.2 1'372.9 294.0 336.0
18.64x 14.07x 17.31x 16.27x 11.65x 11.77x 12.64x 9.82x 8.13x 11.55x 16.60x
167.7 252.0 359.5 429.8 370.9 429.8 370.9 410.2 523.6 148.0 190.0
23.64x 16.52x 14.46x 13.42x 12.10x 13.59x 12.12x 10.27x 8.15x 9.06x 8.74x
EBITDA 929.26 Long-Term Rating Date -
EBIT 778.64 Long-Term Rating -
Operating Margin 4.56% Long-Term Outlook -
Pretax Margin 2.56% Short-Term Rating Date -
Return on Assets 2.78% Short-Term Rating -
Return on Common Equity 11.69%
Return on Capital 7.78% EBITDA/Interest Exp. 2.10
Asset Turnover 1.36% (EBITDA-Capex)/Interest Exp. 0.12
Net Debt/EBITDA 7.89
Gross Margin 18.9% Total Debt/EBITDA 9.45
EBITDA Margin 4.8%
EBIT Margin 3.9% Total Debt/Equity 219.9%
Net Income Margin 2.2% Total Debt/Capital 68.0%
Asset Turnover 1.36
Current Ratio 1.63 Net Fixed Asset Turnover 8.44
Quick Ratio 0.47 Accounts receivable turnover-days 29.93
Debt to Assets 54.16% Inventory Days 104.37
Tot Debt to Common Equity 219.91% Accounts Payable Turnover Day 21.42
Accounts Receivable Turnover 12.23 Cash Conversion Cycle 123.59
Inventory Turnover 3.51
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Olam International LtdPrice/Volume
Valuation Analysis
112'550'000.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KEWALRAM SINGAPORE L n/a Co File 483'493'065 20.23 - 17.09.2012 Investment Advisor
TEMASEK HOLDINGS PRI n/a Co File 390'398'453 16.33 - 17.09.2012 Government
ORBIS GROUP n/a EXCH 191'320'000 8 - 29.10.2012 n/a
CAPITAL GROUP COMPAN n/a EXCH 119'304'973 4.99 (3'232'916) 04.06.2012 Investment Advisor
AXA n/a EXCH 118'451'695 4.96 (3'772'000) 02.10.2012 Investment Advisor
UBS AG n/a EXCH 117'988'747 4.94 (7'253'620) 29.11.2011 Bank
ALLIANCEBERNSTEIN LP n/a EXCH 117'121'695 4.9 (3'772'000) 02.10.2012 Investment Advisor
VERGHESE SUNNY GEORG n/a Co File 110'646'477 4.63 - 21.07.2012 n/a
WELLINGTON MANAGEMEN n/a EXCH 105'442'139 4.41 (921'000) 14.04.2011 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 59'833'000 2.5 - 28.09.2012 Investment Advisor
OLAM INTL LTD n/a Co File 52'196'000 2.18 - 17.09.2012 n/a
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 51'817'200 2.17 (550'000) 31.08.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 36'654'336 1.53 (34'000) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 26'544'263 1.11 29'000 09.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 20'498'000 0.86 1'727'000 28.09.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'899'429 0.79 2'004'568 30.06.2012 Investment Advisor
SHEKHAR ANANTHARAMAN n/a Co File 16'038'498 0.67 - 21.07.2012 n/a
KRISHNAN SRIDHAR n/a Co File 15'856'879 0.66 - 21.07.2012 n/a
ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 11'448'600 0.48 42'969 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 11'194'247 0.47 9'680'609 31.10.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura TANUJ SHORI buy 5 M 3 Not Provided 05.11.2012
DBS Vickers MERVIN SONG hold 3 M 2 12 month 02.11.2012
JPMorgan AJAY NARAYAN MIRCHANDANI neutral 3 M 2 6 month 05.10.2012
OSK (Asia) Securities LENG SENG CHOON buy 5 M 3 12 month 14.09.2012
Kim Eng Securities JAMES KOH hold 3 U 2 12 month 06.09.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 2 12 month 03.09.2012
Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 3 12 month 31.08.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 3 12 month 29.08.2012
OCBC Investment Research CAREY WONG hold 3 M 2 12 month 29.08.2012
UOB Kay Hian EUGENE NG buy 5 M 3 Not Provided 29.08.2012
Religare Capital Markets VINCENT FERNANDO buy 5 M 2 12 month 29.08.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 2 12 month 28.08.2012
Morgan Stanley DIVYA GANGAHAR KOTHIYAL Overwt/Attractive 5 M 3 12 month 28.08.2012
Credit Suisse SU TYE CHUA outperform 5 M 3 Not Provided 28.08.2012
CIMB LEE WEN CHING outperform 5 M 3 12 month 28.08.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 3 Not Provided 13.07.2012
Macquarie CONRAD WERNER outperform 5 M 2 12 month 22.05.2012
Jefferies ARYA SEN buy 5 M 3 12 month 19.03.2012
IIFL ZUO LI add 4 M 3 12 month 04.01.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Frontier Investment & Capital Advisors PRIYO MAYENGBAM buy 5 M 3 18 month 01.07.2011
Holdings By:
Olam International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk cultivates, harvests, and
processes palm oil, rubber, coconut, cocoa, coffee, and tea.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (13.04.2012) 3'150.00
52-Week Low (15.12.2011) 2'075.00
Daily Volume
2250
52-Week High % Change -28.57% Dividend Yield -
52-Week Low % Change 8.43% Beta 1.05
% 52 Week Price Range High/Low 18.60% Equity Float 2'764.63
Shares Out 30.09.2012 6'822.9 Short Int -
15'351'444.00 1 Yr Total Return 0.43%
Total Debt 0.00 YTD Return 3.77%
Preferred Stock 0.0 Adjusted BETA 1.046
Minority Interest (67.0) Analyst Recs 26
Cash and Equivalents 2'063'982.00 Consensus Rating 4.462
Enterprise Value 13'514'147.92
Average Volume 5 Day 7'281'500
LSIP IJ EQUITY YTD Change - Average Volume 30 Day 12'278'080
LSIP IJ EQUITY YTD % CHANGE - Average Volume 3 Month 17'974'200
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'900'835.0 3'846'154.0 3'199'687.0 3'592'658.0 4'686'457.0 ######### ######### ######### ######### ######### -
5.09x 1.00x 3.42x 4.56x 2.84x 11.95x 13.69x 2.66x 2.23x - -
1'097'690.0 1'445'441.0 1'176'744.0 1'603'417.0 2'224'402.0 ######### ######### ######### ######### 716'788.0 -
13.46x 2.65x 9.30x 10.21x 5.97x 5.32x 8.38x 7.13x 6.29x - -
564'034.0 927'555.0 707'487.0 1'033'329.0 1'701'580.0 ######### ######### ######### ######### 430'692.0 -
25.79x 4.29x 15.90x 17.02x 9.04x 8.23x 12.50x 10.98x 9.46x - -
EBITDA 2'224'402.00 Long-Term Rating Date -
EBIT 1'993'170.00 Long-Term Rating -
Operating Margin 42.53% Long-Term Outlook -
Pretax Margin 44.61% Short-Term Rating Date -
Return on Assets 19.50% Short-Term Rating -
Return on Common Equity 23.16%
Return on Capital 23.21% EBITDA/Interest Exp. 574.34
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 511.61
Net Debt/EBITDA -1.03
Gross Margin 50.4% Total Debt/EBITDA 0.00
EBITDA Margin 39.1%
EBIT Margin 33.7% Total Debt/Equity 0.0%
Net Income Margin 36.3% Total Debt/Capital 0.0%
Asset Turnover 0.66
Current Ratio 4.83 Net Fixed Asset Turnover 1.13
Quick Ratio 4.08 Accounts receivable turnover-days 7.24
Debt to Assets 0.00% Inventory Days 56.40
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 23.54
Accounts Receivable Turnover 50.54 Cash Conversion Cycle 39.98
Inventory Turnover 6.49
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Perusahaan Perkebunan London Sumatra Indonesia Tbk PTPrice/Volume
Valuation Analysis
7'802'000.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SALIM IVOMAS PRATAMA n/a EXCH 4'058'239'370 59.48 - 31.03.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 219'081'567 3.21 60'210'000 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 143'770'500 2.11 - 12.07.2013 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 114'402'008 1.68 (95'000) 12.11.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 63'140'000 0.93 - 31.12.2010 Mutual Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 57'693'441 0.85 (25'555'000) 30.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 51'873'500 0.76 (535'500) 31.08.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 39'759'500 0.58 (2'518'500) 29.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 37'739'666 0.55 (30'237'560) 29.02.2012 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 30'325'000 0.44 - 31.12.2010 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 18'956'000 0.28 - 31.07.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 15'677'500 0.23 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'454'415 0.23 4'040'500 30.06.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 14'898'500 0.22 - 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'693'500 0.2 2'200'000 31.07.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 12'057'500 0.18 - 31.12.2010 Mutual Fund Manager
MIRABAUD & CIE Multiple Portfolios MF-AGG 10'774'000 0.16 10'774'000 29.06.2012 Mutual Fund Manager
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'250'000 0.15 - 30.06.2011 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 10'220'000 0.15 - 31.07.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 9'995'500 0.15 - 31.12.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 2'750 12 month 13.11.2012
Macquarie SUNAINA DHANUKA neutral 3 D 2'500 12 month 08.11.2012
Standard Chartered JOO ENG TEO outperform 5 M 3'469 12 month 07.11.2012
Bahana Securities LEONARDO HENRY GAVAZA hold 3 M 2'650 Not Provided 07.11.2012
Kim Eng Securities PANDU ANUGRAH buy 5 M 3'150 12 month 05.11.2012
Ciptadana Sekuritas SURAJ KHIANI buy 5 M 2'750 12 month 05.11.2012
Deutsche Bank JOVIN NG buy 5 M 2'800 12 month 01.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 3'300 Not Provided 01.11.2012
DBS Vickers BEN SANTOSO hold 3 D 2'500 12 month 01.11.2012
CIMB ERWAN TEGUH TEH neutral 3 D 2'600 12 month 01.11.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 3'392 12 month 01.11.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2'900 Not Provided 01.11.2012
Danareksa GABRIELLA MAUREEN NATASHA buy 5 M 3'170 12 month 01.11.2012
Indo Premier Securities WILLY GUNAWAN buy 5 M 2'800 12 month 01.11.2012
JPMorgan YING-JIAN CHAN underweight 1 M 1'700 6 month 31.10.2012
Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA buy 5 M 2'850 12 month 31.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 3'300 Not Provided 31.10.2012
Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA Under Review #N/A N/A M #N/A N/A Not Provided 31.10.2012
PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 U 2'941 12 month 15.10.2012
BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 3'470 12 month 25.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 06.09.2012
Sucorinvest Central Gani TEAM COVERAGE buy 5 M 3'250 12 month 29.08.2012
PT ONIX Capital Tbk SHEILA YOVITA hold 3 M 2'925 12 month 08.06.2012
Holdings By:
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Pilgrim's Pride Corporation produces prepared and fresh chicken products in the
United States and Mexico. Through vertical integration, the Company controls
the breeding, hatching, and growing of chickens and the processing, preparation,
and packaging of its product lines. Pilgrim's Pride exports its products to
Canada, Eastern Europe, the Far East, and other world markets.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.05.2012) 8.68
52-Week Low (16.10.2012) 4.20
Daily Volume
6.37
52-Week High % Change -26.61% Dividend Yield 0.00
52-Week Low % Change 51.67% Beta 1.25
% 52 Week Price Range High/Low 50.45% Equity Float 59.79
Shares Out 26.10.2012 259.0 Short Int 4.62
1'649.82 1 Yr Total Return 25.61%
Total Debt 1'473.61 YTD Return 14.27%
Preferred Stock 0.0 Adjusted BETA 1.248
Minority Interest 2.8 Analyst Recs 7
Cash and Equivalents 41.77 Consensus Rating 3.000
Enterprise Value 2'764.59
Average Volume 5 Day 192'348
PPC UN EQUITY YTD Change - Average Volume 30 Day 162'290
PPC UN EQUITY YTD % CHANGE - Average Volume 3 Month 172'476
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2007 30.09.2008 30.09.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
7'498.6 8'518.8 7'088.1 6'881.6 7'535.7 7'517.7 7'761.0 7'848.2 8'053.5 1'919.4 1'950.0
0.47x 0.25x 0.05x 0.40x 0.36x 1.42x 1.48x 0.34x 0.31x 1.41x 1.38x
442.1 (271.8) 317.8 486.8 (138.5) (37.9) 361.1 365.8 396.5 29.6 48.0
7.95x - 1.13x 5.68x - 0.00x 6.73x 7.56x 6.97x 9.26x 6.89x
47.0 (998.6) (151.6) 87.1 (496.8) (369.6) 66.1 122.2 146.7 (29.1) (12.2)
33.72x - - 10.03x - 0.00x 18.04x 13.27x 11.84x 33.70x 11.38x
EBITDA -138.47 Long-Term Rating Date 16.08.2011
EBIT -347.53 Long-Term Rating B
Operating Margin -4.61% Long-Term Outlook NEG
Pretax Margin -6.46% Short-Term Rating Date -
Return on Assets 2.23% Short-Term Rating -
Return on Common Equity 8.52%
Return on Capital 7.28% EBITDA/Interest Exp. -1.24
Asset Turnover 2.62% (EBITDA-Capex)/Interest Exp. -2.46
Net Debt/EBITDA 3.08
Gross Margin -1.9% Total Debt/EBITDA 3.23
EBITDA Margin 4.7%
EBIT Margin 2.6% Total Debt/Equity 265.2%
Net Income Margin -6.6% Total Debt/Capital 72.5%
Asset Turnover 2.62
Current Ratio 2.04 Net Fixed Asset Turnover 6.17
Quick Ratio 0.57 Accounts receivable turnover-days 17.29
Debt to Assets 51.18% Inventory Days 46.82
Tot Debt to Common Equity 265.22% Accounts Payable Turnover Day 16.36
Accounts Receivable Turnover 21.05 Cash Conversion Cycle 45.58
Inventory Turnover 7.77
Fiscal Year Ended
Pilgrim's Pride CorpPrice/Volume
Valuation Analysis
31'714.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JBS USA HOLDINGS INC n/a Form 4 194'990'667 75.29 18'924'438 12.03.2012 Holding Company
VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'936'536 1.52 460'665 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'934'328 1.52 (355'545) 30.09.2012 Investment Advisor
JACKSON DON n/a Form 4 3'356'402 1.3 576'083 29.02.2012 n/a
BLACKROCK n/a ULT-AGG 2'657'967 1.03 496'245 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2'143'567 0.83 (10'738) 30.06.2012 Investment Advisor
CADENCE CAPITAL MANA CADENCE CAPITAL MANA 13F 1'622'971 0.63 (374'140) 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'541'119 0.6 410'415 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 1'084'846 0.42 (107'773) 30.06.2012 Investment Advisor
SEGALL BRYANT & HAMI SEGALL BRYANT & HAMI 13F 1'058'902 0.41 (16'710) 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 926'231 0.36 833'050 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 851'608 0.33 92'248 30.06.2012 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 798'796 0.31 (524'110) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 795'682 0.31 (18'165) 30.06.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 730'440 0.28 730'440 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 647'187 0.25 557'487 30.06.2012 Investment Advisor
TECHNICAL FINANCIAL TFS CAPITAL LLC 13F 589'674 0.23 104'865 30.09.2012 Investment Advisor
PILGRIM LONNIE KEN n/a PROXY 516'293 0.2 44'517 16.03.2012 n/a
CREDIT SUISSE AG CREDIT SUISSE AG 13F 467'365 0.18 (74'775) 30.06.2012 Investment Advisor
SCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 444'544 0.17 (388'098) 30.06.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
B Riley & Company, Inc IAN CORYDON buy 5 M 8 Not Provided 12.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 12.11.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 07.11.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 6 Not Provided 29.10.2012
Stephens Inc FARHA ASLAM equalweight 3 M 6 12 month 29.10.2012
Imperial Capital LLC MARY ROSS-GILBERT in-line 3 D 5 12 month 10.08.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 27.07.2012
JPMorgan KENNETH GOLDMAN neutral 3 M #N/A N/A Not Provided 07.11.2008
Holdings By:
Pilgrim's Pride Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Potash Corporation of Saskatchewan Inc. produces potash, phosphate, and
nitrogen to the agricultural and industrial industries worldwide. The Company
conducts operations in Canada, Chile, the United States, Brazil, and Trinidad.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.02.2012) 47.94
52-Week Low (16.11.2012) 37.02
Daily Volume
38.1
52-Week High % Change -20.53% Dividend Yield 1.47
52-Week Low % Change 2.92% Beta 1.21
% 52 Week Price Range High/Low 11.08% Equity Float 855.77
Shares Out 31.10.2012 860.9 Short Int 12.50
32'799.73 1 Yr Total Return -12.21%
Total Debt 4'537.00 YTD Return -8.35%
Preferred Stock 0.0 Adjusted BETA 1.206
Minority Interest 0.0 Analyst Recs 30
Cash and Equivalents 430.00 Consensus Rating 3.933
Enterprise Value 36'453.67
Average Volume 5 Day 1'496'725
POT CT EQUITY YTD Change - Average Volume 30 Day 1'364'715
POT CT EQUITY YTD % CHANGE - Average Volume 3 Month 1'688'263
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'234.2 9'446.5 3'976.7 6'539.0 8'715.0 8'663.0 8'150.0 7'826.7 8'676.4 1'817.3 2'001.7
8.89x 2.59x 8.98x 7.55x 4.55x 23.01x 20.28x 4.63x 4.04x 19.93x 18.24x
1'824.5 4'503.1 1'114.1 2'709.0 4'398.0 4'230.0 3'888.0 4'041.8 4'667.9 964.6 1'016.8
25.50x 5.44x 32.06x 18.21x 9.02x 9.80x 10.55x 9.02x 7.81x 8.30x 7.98x
1'103.6 3'495.2 980.7 1'775.0 3'081.0 2'906.0 2'341.0 2'490.7 2'994.8 568.5 631.5
43.48x 6.77x 36.97x 25.85x 11.80x 12.92x 14.83x 13.55x 11.31x 12.46x 11.55x
EBITDA 4'398.00 Long-Term Rating Date 15.11.2010
EBIT 3'909.00 Long-Term Rating A-
Operating Margin 44.85% Long-Term Outlook STABLE
Pretax Margin 47.58% Short-Term Rating Date 15.11.2010
Return on Assets 13.97% Short-Term Rating A-2
Return on Common Equity 27.47%
Return on Capital - EBITDA/Interest Exp. 27.66
Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 13.97
Net Debt/EBITDA 0.92
Gross Margin 49.2% Total Debt/EBITDA 1.04
EBITDA Margin 47.7%
EBIT Margin 41.0% Total Debt/Equity 57.8%
Net Income Margin 35.4% Total Debt/Capital 36.6%
Asset Turnover 0.49
Current Ratio 1.10 Net Fixed Asset Turnover 0.80
Quick Ratio 0.74 Accounts receivable turnover-days 60.33
Debt to Assets 27.91% Inventory Days 52.06
Tot Debt to Common Equity 57.82% Accounts Payable Turnover Day 94.00
Accounts Receivable Turnover 6.07 Cash Conversion Cycle 1.69
Inventory Turnover 7.03
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Potash Corp of Saskatchewan IncPrice/Volume
Valuation Analysis
363'781.00
Current Price (11/dd/yy) Market Data
'2
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 36'742'122 4.27 (830'000) 30.06.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 32'613'348 3.79 (27'757) 30.06.2012 Bank
FMR LLC n/a ULT-AGG 26'608'412 3.09 619'519 30.06.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 21'548'354 2.5 (1'561'413) 30.09.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 19'753'574 2.29 (4'106'650) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 19'426'091 2.26 (1'055'118) 30.06.2012 Investment Advisor
THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 18'944'084 2.2 1'013'891 30.09.2012 Investment Advisor
WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 13'530'620 1.57 170'128 30.06.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 12'409'864 1.44 268'550 30.09.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 11'893'628 1.38 417'984 30.06.2012 Investment Advisor
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 11'478'619 1.33 (398'698) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'102'687 1.29 (30'673'629) 30.06.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'016'000 1.28 (134'000) 28.09.2012 Investment Advisor
IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 10'552'628 1.23 901'300 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 10'031'281 1.17 (2'579'858) 30.09.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 9'997'924 1.16 41'446 30.06.2012 Investment Advisor
NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 9'720'761 1.13 9'720'761 30.09.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 9'593'592 1.11 1'748'250 30.09.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 8'574'293 1 1'077'919 30.06.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 8'341'159 0.97 (365'550) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Susquehanna Financial Group DONALD D CARSON neutral 3 M 40 12 month 09.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 07.11.2012
Desjardins Securities JOHN F HUGHES buy 5 M 50 12 month 06.11.2012
CIBC World Markets JACOB BOUT sector perform 3 M 44 Not Provided 04.11.2012
Morgan Stanley VINCENT ANDREWS restricted #N/A N/A M #N/A N/A Not Provided 02.11.2012
Alta Corp Capital Inc. JOHN CHU outperform 5 M 48 12 month 02.11.2012
BMO Capital Markets JOEL JACKSON outperform 5 M 52 Not Provided 01.11.2012
Dundee Securities Corp CAROLYN DENNIS neutral 3 M 42 12 month 01.11.2012
TD Securities PAUL D'AMICO buy 5 M 50 12 month 01.11.2012
RBC Capital Markets ADAM SCHATZKER sector perform 3 M 44 12 month 31.10.2012
National Bank Financial ROBERT B WINSLOW underperform 1 M 37 12 month 31.10.2012
Raymond James STEVEN P HANSEN outperform 5 M 50 12 month 26.10.2012
Macquarie DAVID PUPO outperform 5 M 52 12 month 26.10.2012
Salman Partners RAYMOND GOLDIE Under Review #N/A N/A M #N/A N/A Not Provided 26.10.2012
Paradigm Capital Inc SPENCER CHURCHILL buy 5 M 61 12 month 26.10.2012
Barclays MATTHEW J KORN equalweight 3 M 45 Not Provided 26.10.2012
Edward Jones JEFF NELSON buy 5 M #N/A N/A Not Provided 25.10.2012
Canaccord Genuity Corp KEITH CARPENTER buy 5 M 48 12 month 25.10.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 53 12 month 25.10.2012
S&P Capital IQ LEO LARKIN buy 5 M 59 12 month 25.10.2012
Lazard Capital Markets EDLAIN RODRIGUEZ neutral 3 M #N/A N/A Not Provided 25.10.2012
Credit Agricole Securities (USA) MARK W CONNELLY buy 5 M 60 Not Provided 25.10.2012
Stifel Nicolaus PAUL A MASSOUD buy 5 M 56 12 month 24.10.2012
Dahlman Rose & Co CHARLES NEIVERT hold 3 M #N/A N/A Not Provided 08.10.2012
Atlantic Equities LLP COLIN ISAAC neutral 3 M 40 12 month 13.09.2012
Oracle Investment Research LAURENCE BALTER buy 5 N 55 Not Provided 13.09.2012
Fraser Mackenzie Limited PETER PRATTAS buy 5 U 46 12 month 23.08.2012
Deutsche Bank DAVID I BEGLEITER hold 3 M 46 12 month 31.05.2012
Cia de Professionales de Bolsa JAMIL HALLASSOU HOLGUIN buy 5 N 51 Not Provided 02.02.2012
Scotia Capital BEN ISAACSON sector outperform 5 U 65 12 month 23.08.2011
Holdings By:
Potash Corp of Saskatchewan Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company
produces and imports potash fertilizers, phosphate-based and nitrogen-based
fertilizers, and compound fertilizers. Sinofert operates in the Peoples
Republic of China.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (09.02.2012) 2.52
52-Week Low (07.06.2012) 1.14
Daily Volume
1.64
52-Week High % Change -34.92% Dividend Yield 1.02
52-Week Low % Change 43.86% Beta 1.32
% 52 Week Price Range High/Low 35.51% Equity Float 1'762.48
Shares Out 30.06.2012 7'024.5 Short Int -
11'520.11 1 Yr Total Return -31.05%
Total Debt 5'421.37 YTD Return -23.77%
Preferred Stock 0.0 Adjusted BETA 1.325
Minority Interest 335.1 Analyst Recs 16
Cash and Equivalents 1'951.43 Consensus Rating 4.125
Enterprise Value 14'762.51
Average Volume 5 Day 10'927'800
297 HK EQUITY YTD Change - Average Volume 30 Day 17'708'010
297 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'921'690
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
28'381.7 45'392.9 27'010.7 29'271.1 36'685.0 - - 40'677.1 43'008.7 - -
1.67x 0.72x 1.30x 1.07x 0.44x - - 0.41x 0.35x - -
2'061.8 1'897.7 (2'200.4) 664.6 1'180.1 - - 1'396.6 1'604.9 - -
23.03x 17.13x - 46.94x 13.75x - - 10.57x 9.20x - -
641.1 1'912.6 (1'443.8) 535.7 678.0 - - 848.5 977.2 - -
63.71x 12.06x - 44.67x 18.30x - - 11.08x 9.62x - -
EBITDA 1'180.15 Long-Term Rating Date -
EBIT 745.57 Long-Term Rating -
Operating Margin 2.03% Long-Term Outlook -
Pretax Margin 2.28% Short-Term Rating Date -
Return on Assets 2.47% Short-Term Rating -
Return on Common Equity 5.50%
Return on Capital 5.49% EBITDA/Interest Exp. 3.43
Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 2.52
Net Debt/EBITDA 3.73
Gross Margin 5.7% Total Debt/EBITDA 4.50
EBITDA Margin 3.4%
EBIT Margin 2.2% Total Debt/Equity 41.6%
Net Income Margin 1.8% Total Debt/Capital 28.9%
Asset Turnover 1.39
Current Ratio 1.15 Net Fixed Asset Turnover 7.34
Quick Ratio 0.31 Accounts receivable turnover-days 18.18
Debt to Assets 19.09% Inventory Days 62.73
Tot Debt to Common Equity 41.59% Accounts Payable Turnover Day 44.54
Accounts Receivable Turnover 20.14 Cash Conversion Cycle 50.13
Inventory Turnover 5.83
Fiscal Year Ended
Sinofert Holdings LtdPrice/Volume
Valuation Analysis
5'030'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SINOCHEM CORP n/a Co File 3'698'660'874 52.65 - 31.12.2011 Government
POTASH CORP OF SASKA n/a Co File 1'563'312'141 22.26 - 31.12.2011 Government
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 105'396'000 1.5 (96'000) 12.11.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 95'674'000 1.36 - 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 51'094'379 0.73 (14'179'588) 31.10.2011 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 32'102'949 0.46 (549'015) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'425'500 0.29 2'546'000 09.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'802'000 0.18 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'890'387 0.16 (38'601'383) 30.09.2012 Investment Advisor
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 9'000'000 0.13 - 31.12.2010 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 8'172'000 0.12 590'000 30.06.2011 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 7'177'641 0.1 - 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'894'000 0.08 - 31.07.2012 Investment Advisor
APS ASSET MGMT Multiple Portfolios MF-AGG 4'740'000 0.07 - 31.07.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'903'000 0.06 - 31.07.2012 Mutual Fund Manager
AMERICAN INTERNATION n/a ULT-AGG 3'646'230 0.05 (1'018'100) 30.06.2011 Government
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 3'010'000 0.04 28'000 09.11.2012 Investment Advisor
CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 3'000'000 0.04 2'400'000 31.10.2012 Mutual Fund Manager
STATE STREET CORP Multiple Portfolios MF-AGG 2'990'000 0.04 - 09.11.2012 Investment Advisor
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 2'960'777 0.04 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JACK LU underperform 1 D 2 12 month 09.11.2012
Essence Securities XU HAITAO buy 5 M 2 6 month 08.11.2012
Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 M 2 6 month 26.10.2012
Goldman Sachs CAROL JIN neutral/cautious 3 M 2 12 month 25.10.2012
BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 25.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 12.09.2012
Deutsche Bank DAVID HURD buy 5 N 2 12 month 06.09.2012
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 2 12 month 25.08.2012
China International Capital Corp BIN GUAN hold 3 M 2 12 month 24.08.2012
UOB Kay Hian WANG AOCHAO buy 5 M 2 Not Provided 24.08.2012
BOCOM International Holdings HE WEI long-term buy 5 M 2 Not Provided 24.08.2012
Masterlink Securities LI XIN hold 3 M 1 Not Provided 26.07.2012
Macquarie LAURA SHI outperform 5 U 2 12 month 25.07.2012
Barclays RITA WU overweight 5 N 2 Not Provided 17.07.2012
OSK (Asia) Securities TIWEE PANG buy 5 M 3 12 month 29.08.2011
SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011
Frontier Investment & Capital Advisors RONEL SINGH N buy 5 M 4 12 month 11.07.2011
Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011
Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010
Holdings By:
Sinofert Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Smithfield Foods, Inc. processes pork and produces hogs through its meat
processing and hog production groups. The Company also produces and markets a
range of branded food products such as frozen barbecues and chilies, peanuts,
and pork products. Smithfield's products are sold on a wholesale basis, through
catalogs, through its retail stores, and via the Internet.
Latest Fiscal Year: 04/2012
LTM as of: 07/yy
52-Week High (06.12.2011) 25.10
52-Week Low (07.08.2012) 17.55
Daily Volume
21.57
52-Week High % Change -14.06% Dividend Yield 0.00
52-Week Low % Change 22.91% Beta 1.01
% 52 Week Price Range High/Low 58.94% Equity Float 133.23
Shares Out 31.08.2012 149.5 Short Int 8.55
3'224.27 1 Yr Total Return -5.44%
Total Debt 1'964.40 YTD Return -11.16%
Preferred Stock 0.0 Adjusted BETA 1.006
Minority Interest 2.7 Analyst Recs 15
Cash and Equivalents 324.30 Consensus Rating 3.133
Enterprise Value 5'007.67
Average Volume 5 Day 443'390
SFD UN EQUITY YTD Change - Average Volume 30 Day 292'600
SFD UN EQUITY YTD % CHANGE - Average Volume 3 Month 434'826
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 07/yy 07/yy 04/13 Y 04/14 Y 10/12 Q2 01/13 Q3
11'351.2 12'487.7 11'202.6 12'202.7 13'094.3 12'395.6 13'091.4 13'204.7 13'760.4 3'314.5 3'512.9
0.68x 0.32x 0.51x 0.46x 0.38x 1.75x 1.59x 0.37x 0.33x 1.51x 1.44x
605.2 96.7 266.5 1'156.2 975.3 1'161.1 935.3 805.2 896.9 192.8 204.8
12.67x 41.79x 21.28x 4.90x 5.11x 4.78x 4.86x 6.22x 5.59x 6.06x 5.74x
128.9 (198.4) (101.4) 521.0 361.3 526.8 340.9 274.8 341.3 65.5 78.3
25.89x - - 8.15x 8.19x 6.42x 7.98x 11.67x 9.48x 11.20x 10.02x
EBITDA 975.30 Long-Term Rating Date 27.03.2012
EBIT 732.50 Long-Term Rating BB
Operating Margin 5.59% Long-Term Outlook STABLE
Pretax Margin 4.08% Short-Term Rating Date -
Return on Assets 4.64% Short-Term Rating -
Return on Common Equity 10.01%
Return on Capital 8.42% EBITDA/Interest Exp. 5.43
Asset Turnover 1.78% (EBITDA-Capex)/Interest Exp. 3.80
Net Debt/EBITDA 1.90
Gross Margin 11.8% Total Debt/EBITDA 2.13
EBITDA Margin 7.1%
EBIT Margin 5.3% Total Debt/Equity 58.0%
Net Income Margin 2.8% Total Debt/Capital 36.7%
Asset Turnover 1.78
Current Ratio 2.90 Net Fixed Asset Turnover 5.80
Quick Ratio 0.84 Accounts receivable turnover-days 18.35
Debt to Assets 26.47% Inventory Days 65.82
Tot Debt to Common Equity 57.99% Accounts Payable Turnover Day 12.45
Accounts Receivable Turnover 19.83 Cash Conversion Cycle 69.72
Inventory Turnover 5.53
Fiscal Year Ended
Smithfield Foods IncPrice/Volume
Valuation Analysis
60'548.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CONTIGROUP COS INC n/a 13D/PROX 12'801'352 8.56 - 13.07.2012 Corporation
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'739'423 7.85 (390'102) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'136'675 7.45 (1'422'841) 31.07.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'780'657 4.54 114'239 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'981'590 4 317'800 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'777'595 3.87 1'320'686 30.09.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 4'891'902 3.27 (300'724) 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 4'789'380 3.2 (137'909) 30.06.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 4'302'312 2.88 (145'943) 30.06.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'564'453 2.38 (1'800'703) 30.09.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'556'382 2.38 (107'674) 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'317'485 2.22 (296'135) 30.09.2012 Unclassified
FMR LLC n/a ULT-AGG 2'853'600 1.91 216'908 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'668'600 1.79 (1'026'202) 30.09.2012 Investment Advisor
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2'479'754 1.66 2'479'754 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'325'262 1.56 363'743 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'285'879 1.53 (398'104) 30.09.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'347'000 0.9 (5'000) 30.09.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'232'386 0.82 1'232'386 31.12.2011 Government
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'229'637 0.82 (355'070) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM equalweight 3 M 21 12 month 18.10.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 22 Not Provided 12.10.2012
Davenport & Co ANN H GURKIN buy 5 M 23 Not Provided 11.10.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 10.10.2012
Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 01.10.2012
R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 28.09.2012
Credit Suisse ROBERT MOSKOW outperform 5 M 25 Not Provided 05.09.2012
D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 26 18 month 05.09.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 21 Not Provided 05.09.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 22 12 month 04.09.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 04.09.2012
Cowen and Company COLIN GUHEEN outperform 5 M #N/A N/A Not Provided 04.09.2012
S&P Capital IQ THOMAS GRAVES hold 3 U 20 12 month 04.09.2012
JPMorgan KENNETH GOLDMAN neutral 3 M 20 Not Provided 10.07.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Smithfield Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers
including potassium nitrate, sodium nitrate, and potassium sulfate for the
agricultural industry. The Company also produces industrial chemicals, iodine
and lithium. SQM markets its products in over 100 countries.
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (17.09.2012) 65.31
52-Week Low (15.12.2011) 50.29
Daily Volume
57.18
52-Week High % Change -12.42% Dividend Yield -
52-Week Low % Change 13.70% Beta 1.05
% 52 Week Price Range High/Low 62.32% Equity Float -
Shares Out 30.06.2012 120.4 Short Int 0.79
15'364.13 1 Yr Total Return 4.27%
Total Debt 1'398.04 YTD Return 6.73%
Preferred Stock 0.0 Adjusted BETA 1.049
Minority Interest 51.5 Analyst Recs 11
Cash and Equivalents 614.25 Consensus Rating 3.545
Enterprise Value -
Average Volume 5 Day 130'447
SQM UN EQUITY YTD Change - Average Volume 30 Day 107'910
SQM UN EQUITY YTD % CHANGE - Average Volume 3 Month 149'287
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'187.5 1'774.1 1'438.7 1'830.4 2'145.3 1'996.8 2'326.5 2'493.9 2'710.3 661.0 618.5
5.07x 3.75x 7.90x 8.46x 6.99x 31.11x 25.92x 6.47x 5.90x 24.66x -
358.0 743.4 573.2 654.5 949.4 752.8 1'095.0 1'160.9 1'245.2 337.0 324.0
16.81x 8.95x 19.82x 23.66x 15.80x 23.71x 14.14x - - - -
180.0 501.4 338.3 382.1 545.8 444.2 644.4 680.0 740.1 186.3 177.0
- - - - - 0.00x 0.00x 22.01x 20.60x 20.77x 20.95x
EBITDA 949.35 Long-Term Rating Date 27.04.2009
EBIT 753.45 Long-Term Rating BBB
Operating Margin 35.12% Long-Term Outlook STABLE
Pretax Margin 34.21% Short-Term Rating Date -
Return on Assets 16.41% Short-Term Rating -
Return on Common Equity 32.70%
Return on Capital 19.90% EBITDA/Interest Exp. 24.13
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 11.40
Net Debt/EBITDA 0.70
Gross Margin 39.8% Total Debt/EBITDA 1.42
EBITDA Margin 47.1%
EBIT Margin 38.4% Total Debt/Equity 77.1%
Net Income Margin 25.4% Total Debt/Capital 42.9%
Asset Turnover 0.59
Current Ratio 3.11 Net Fixed Asset Turnover 1.35
Quick Ratio 1.63 Accounts receivable turnover-days 71.90
Debt to Assets 36.11% Inventory Days 195.90
Tot Debt to Common Equity 77.12% Accounts Payable Turnover Day 43.39
Accounts Receivable Turnover 5.09 Cash Conversion Cycle 215.10
Inventory Turnover 1.87
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sociedad Quimica y Minera de Chile SAPrice/Volume
Valuation Analysis
137'426.00
Current Price (11/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 3'938'112 3.27 (187'157) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'836'225 3.19 172'266 30.06.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 2'948'013 2.45 313'909 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'194'452 1.82 (68'029) 30.06.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'109'000 1.75 53'500 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'825'071 1.52 1'825'071 30.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'749'609 1.45 174'801 30.09.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'539'802 1.28 (141'019) 30.06.2012 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'310'106 1.09 27'817 30.09.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'248'457 1.04 28'334 28.09.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'029'869 0.86 101'721 30.09.2012 Investment Advisor
GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 974'747 0.81 (274'911) 30.09.2012 Corporation
FEDERATED INVESTORS FEDERATED INVESTORS 13F 857'438 0.71 (144'966) 30.06.2012 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 706'000 0.59 - 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 675'394 0.56 18'910 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 566'397 0.47 44'208 31.10.2011 Investment Advisor
SARASIN & PARTNERS L SARASIN PARTNERS LLP 13F 553'713 0.46 25'579 30.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 525'662 0.44 (69'648) 30.06.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 517'820 0.43 (1'600) 30.09.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 362'468 0.3 (68'264) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Itau BBA Securities GIOVANA ARAUJO outperform 5 M 71 Not Provided 22.10.2012
Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 21.10.2012
Morgan Stanley JAVIER MARTINEZ Underwt/No Rating 1 M 50 12 month 02.10.2012
Scotia Capital BEN ISAACSON sector perform 3 M 63 12 month 01.10.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 70 12 month 25.09.2012
Credit Suisse VICCENZO PATERNOSTRO outperform 5 M 75 Not Provided 24.09.2012
Grupo Santander RODRIGO ORDONEZ hold 3 M 63 Not Provided 09.07.2012
Celfin Capital CESAR PEREZ-NOVOA buy 5 M #N/A N/A Not Provided 30.05.2012
BBVA HERNAN GUERRERO HINOJOSA underperform 1 D 61 Not Provided 02.02.2012
Euroamerica Corredores de Bolsa ANDRES GALARCE hold 3 N 59 12 month 12.01.2012
JPMorgan LUCAS FERREIRA overweight 5 M 64 Not Provided 07.10.2011
Deutsche Bank ALESSANDRO BALDONI hold 3 D 66 12 month 02.09.2011
Larrain Vial Corredores de Bolsa JUAN JOSE PONCE buy 5 M 61 Not Provided 18.03.2011
BICE Corredores de Bolsa CYNDI MOSQUERA buy 5 M 64 18 month 18.03.2011
BCI Corredora de Bolsa RODRIGO MUJICA neutral 3 M 63 18 month 08.03.2011
IM Trust JORGE MERINO hold 3 M 43 12 month 15.01.2010
Banchile Inversiones FELIPE MERCADO buy 5 M 48 12 month 03.12.2009
Holdings By:
Sociedad Quimica y Minera de Chile SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Syngenta AG produces crop protection products and seeds. The Company produces
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (01.11.2012) 368.20
52-Week Low (24.11.2011) 251.00
Daily Volume
360.5
52-Week High % Change -2.09% Dividend Yield -
52-Week Low % Change 43.63% Beta 0.91
% 52 Week Price Range High/Low 91.81% Equity Float 93.08
Shares Out 30.09.2012 93.1 Short Int -
33'571.98 1 Yr Total Return 44.86%
Total Debt 2'921.00 YTD Return 34.38%
Preferred Stock 0.0 Adjusted BETA 0.912
Minority Interest 9.0 Analyst Recs 31
Cash and Equivalents 1'666.00 Consensus Rating 3.806
Enterprise Value 37'714.90
Average Volume 5 Day 177'177
SYNN VX EQUITY YTD Change - Average Volume 30 Day 192'437
SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 196'247
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 09/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
9'240.0 11'624.0 10'992.0 11'641.0 13'268.0 0.0 7'002.0 14'242.8 15'189.9 2'755.6 3'160.5
2.79x 1.68x 2.56x 2.45x 2.11x #DIV/0! 0.00x 2.61x 2.40x - -
1'933.0 2'495.0 2'368.0 2'460.0 2'889.0 0.0 0.0 3'182.0 3'535.7 - 1'048.0
13.34x 7.84x 11.86x 11.60x 9.69x 0.00x 0.00x 11.88x 10.69x - -
1'109.0 1'385.0 1'371.0 1'397.0 1'599.0 0.0 0.0 2'034.9 2'280.1 - 518.0
22.14x 12.86x 19.06x 19.37x 16.84x 0.00x 0.00x 17.49x 15.50x - -
EBITDA 2'889.00 Long-Term Rating Date 15.06.2007
EBIT 2'282.00 Long-Term Rating A
Operating Margin 17.20% Long-Term Outlook STABLE
Pretax Margin 14.33% Short-Term Rating Date 15.06.2007
Return on Assets 8.56% Short-Term Rating A-1
Return on Common Equity 19.99%
Return on Capital - EBITDA/Interest Exp. 19.01
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 15.86
Net Debt/EBITDA 0.67
Gross Margin 49.2% Total Debt/EBITDA 1.24
EBITDA Margin 21.1%
EBIT Margin 16.8% Total Debt/Equity 39.0%
Net Income Margin 12.1% Total Debt/Capital 28.0%
Asset Turnover 0.71
Current Ratio 1.73 Net Fixed Asset Turnover 4.54
Quick Ratio 0.78 Accounts receivable turnover-days 140.46
Debt to Assets 16.94% Inventory Days 193.95
Tot Debt to Common Equity 38.98% Accounts Payable Turnover Day 184.19
Accounts Receivable Turnover 2.61 Cash Conversion Cycle 149.43
Inventory Turnover 1.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Syngenta AGPrice/Volume
Valuation Analysis
119'284.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'574'920 7.06 357'715 09.11.2012 Investment Advisor
CAPITAL WORLD INVEST n/a 13G 4'755'300 5.11 - 30.12.2011 Investment Advisor
BANK OF NEW YORK n/a EXCH 3'641'218 3.91 646'990 01.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'245'150 2.41 (30'000) 30.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'689'924 1.81 212'307 30.09.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'664'500 1.79 (8'900) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'652'818 1.77 51'885 30.06.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'565'671 1.68 153'056 31.10.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'097'035 1.18 (1'004) 12.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 905'328 0.97 65'532 09.11.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 903'324 0.97 11'362 31.07.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 786'530 0.84 - 31.07.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 632'056 0.68 54'754 30.09.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 613'090 0.66 - 31.07.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 599'236 0.64 (3'081) 30.04.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 490'417 0.53 175 31.08.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 370'977 0.4 2'798 12.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 358'768 0.39 (3'907) 28.09.2012 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 278'275 0.3 (5'148) 31.08.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 243'297 0.26 6'912 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 290 12 month 09.11.2012
Barclays GUNTHER ZECHMANN equalweight 3 M 381 Not Provided 09.11.2012
AlphaValue FABRICE FARIGOULE add 4 M 421 6 month 08.11.2012
Nomura JEAN DE WATTEVILLE neutral 3 M 400 12 month 02.11.2012
Societe Generale PATRICK LAMBERT buy 5 M 450 12 month 25.10.2012
Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 420 12 month 24.10.2012
Credit Suisse CHRIS COUNIHAN restricted #N/A N/A M #N/A N/A Not Provided 24.10.2012
CA Cheuvreux MARTIN ROEDIGER select list 5 M 390 Not Provided 24.10.2012
Bank Vontobel AG PATRICK RAFAISZ hold 3 M 355 Not Provided 24.10.2012
Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 400 Not Provided 24.10.2012
Morgan Stanley AMY WALKER Underwt/In-Line 1 M 304 12 month 23.10.2012
Jefferies LUCY WATSON hold 3 M 365 12 month 23.10.2012
HSBC GEOFF HAIRE overweight 5 M 400 Not Provided 23.10.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 23.10.2012
Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 400 Not Provided 23.10.2012
Main First Bank AG RONALD KOEHLER outperform 5 M 415 12 month 19.10.2012
Goldman Sachs RICHARD LOGAN Buy/Neutral 5 M 435 12 month 17.10.2012
Exane BNP Paribas JAMES KNIGHT neutral 3 M 328 Not Provided 11.10.2012
Day by Day VALERIE GASTALDY buy 5 M 410 3 month 03.10.2012
Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012
JPMorgan NEIL C TYLER underweight 1 M 310 12 month 06.09.2012
DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 31.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.08.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 D 350 12 month 31.07.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 350 Not Provided 17.07.2012
S&P Capital IQ JOHNSON IMODE hold 3 M 320 12 month 13.07.2012
Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 310 Not Provided 18.05.2012
Macquarie JUERGEN RECK outperform 5 M 330 12 month 26.04.2012
Equita SIM SpA MASSIMO BONISOLI buy 5 M 340 12 month 21.02.2012
Dolmen Stockbrokers IAN G HUNTER buy 5 M 340 Not Provided 14.10.2011
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 21.01.2011
National Bank AG STEFFEN MANSKE buy 5 M 280 Not Provided 09.02.2009
Holdings By:
Syngenta AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Tate & Lyle PLC is the holding company for an international group of companies
which produces and markets ingredients and solutions for the food, beverage,
industrials and agriculture industries around the world. The Company's range
of products includes nutritive sweeteners, industrial starches, ethanol,
acidulants and animal feed.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (20.11.2012) 773.50
52-Week Low (10.09.2012) 627.50
Daily Volume
766
52-Week High % Change -0.97% Dividend Yield 3.29
52-Week Low % Change 22.07% Beta 0.64
% 52 Week Price Range High/Low 95.89% Equity Float 464.97
Shares Out 01.11.2012 466.2 Short Int -
3'570.87 1 Yr Total Return 16.69%
Total Debt 946.00 YTD Return 11.78%
Preferred Stock 0.0 Adjusted BETA 0.643
Minority Interest 25.0 Analyst Recs 18
Cash and Equivalents 424.00 Consensus Rating 3.778
Enterprise Value 4'011.87
Average Volume 5 Day 1'277'261
TATE LN EQUITY YTD Change - Average Volume 30 Day 1'403'796
TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'415'518
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -
2'867.0 3'553.0 2'533.0 2'720.0 3'088.0 - - 3'246.3 3'356.7 - -
1.23x 0.69x 1.15x 1.17x 1.24x - - 1.23x 1.16x - -
339.0 296.0 373.0 418.0 440.0 - - 465.8 488.9 - -
10.44x 8.24x 7.83x 7.62x 8.70x - - 8.61x 8.21x - -
194.0 65.0 15.0 163.0 305.0 - - 269.1 290.0 - -
22.69x 13.36x - 13.56x 10.70x - - 13.53x 12.60x - -
EBITDA 440.00 Long-Term Rating Date 15.07.2011
EBIT 337.00 Long-Term Rating BBB
Operating Margin 10.91% Long-Term Outlook STABLE
Pretax Margin 12.27% Short-Term Rating Date 15.07.2011
Return on Assets 10.49% Short-Term Rating A-2
Return on Common Equity 30.95%
Return on Capital 17.31% EBITDA/Interest Exp. 13.33
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 10.24
Net Debt/EBITDA 1.16
Gross Margin - Total Debt/EBITDA 2.26
EBITDA Margin 12.0%
EBIT Margin 8.5% Total Debt/Equity 91.6%
Net Income Margin 9.9% Total Debt/Capital 47.2%
Asset Turnover 1.13
Current Ratio 2.01 Net Fixed Asset Turnover 3.53
Quick Ratio 1.00 Accounts receivable turnover-days 38.91
Debt to Assets 32.55% Inventory Days -
Tot Debt to Common Equity 91.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.41 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tate & Lyle PLCPrice/Volume
Valuation Analysis
684'917.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 54'732'171 11.74 21'342'208 09.11.2012 Investment Advisor
AEGON n/a ULT-AGG 35'187'693 7.55 (2'075'970) 01.09.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 24'317'861 5.22 292'950 01.09.2012 Investment Advisor
LLOYDS BANKING GROUP n/a ULT-AGG 23'537'971 5.05 9'638 31.10.2012 Investment Advisor
INVESCO LTD n/a RNS-MAJ 23'111'061 4.96 (21'930'011) 02.10.2012 Investment Advisor
TIAA CREF INVESTMENT n/a RNS-MAJ 18'849'408 4.04 3'552'033 05.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'765'408 4.03 13'544 30.09.2012 Investment Advisor
KAMES CAPITAL PLC n/a Co File 18'569'241 3.98 - 30.05.2012 Investment Advisor
LEHMAN BROTHERS INTE n/a Co File 18'122'510 3.89 - 30.05.2012 Bank
BARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 30.05.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 17'273'969 3.71 3'432'832 01.09.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 16'781'425 3.6 (5'561'495) 28.09.2012 Unclassified
LEGAL & GENERAL n/a ULT-AGG 16'063'135 3.45 (2'101'826) 01.09.2012 Unclassified
HARBINGER HOLDINGS L n/a BUS 13'311'182 2.86 (4'933'557) 27.08.2010 Hedge Fund Manager
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 12'506'997 2.68 2'320'825 29.06.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 9'344'841 2 569'263 01.09.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 8'765'151 1.88 212'790 01.09.2012 Government
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 8'591'308 1.84 8'045'076 01.09.2012 Unclassified
AVIVA INVESTORS Multiple Portfolios REG 8'464'958 1.82 (779'394) 01.09.2012 Investment Advisor
VAN ECK GLOBAL Multiple Portfolios REG 8'083'533 1.73 21'309 01.09.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale WARREN L ACKERMAN buy 5 M 815 12 month 12.11.2012
Canaccord Genuity Corp ALICIA FORRY buy 5 M 780 Not Provided 12.11.2012
Jefferies DIRK VAN VLAANDEREN buy 5 M 830 12 month 09.11.2012
Exane BNP Paribas JEFF STENT outperform 5 M 800 Not Provided 09.11.2012
Investec MARTIN DEBOO hold 3 M 700 12 month 08.11.2012
Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 08.11.2012
Berenberg Bank JAMES TARGETT hold 3 M 765 Not Provided 08.11.2012
Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 690 Not Provided 08.11.2012
Credit Suisse CHARLES MILLS outperform 5 M 750 Not Provided 02.11.2012
Mirabaud Securities JULIAN LAKIN hold 3 D 757 12 month 26.10.2012
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 10.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.09.2012
Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 667 12 month 29.08.2012
JPMorgan ANKUR GUPTA underweight 1 M 615 12 month 05.07.2012
Deutsche Bank HAROLD THOMPSON buy 5 M 900 12 month 14.05.2012
Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 25.01.2012
Holdings By:
Tate & Lyle PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork,
prepared foods and related allied products. The Company's products are marketed
and sold to national and regional grocery retailers, regional grocery
wholesalers, meat distributors, warehouse club stores, military commissaries,
and industrial food processing companies.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (29.12.2011) 21.06
52-Week Low (06.08.2012) 14.07
Daily Volume
18.89
52-Week High % Change -10.30% Dividend Yield 0.85
52-Week Low % Change 34.26% Beta 0.80
% 52 Week Price Range High/Low 71.53% Equity Float 282.72
Shares Out 27.10.2012 288.8 Short Int 11.23
6'838.85 1 Yr Total Return -2.08%
Total Debt 2'432.00 YTD Return -7.86%
Preferred Stock 0.0 Adjusted BETA 0.798
Minority Interest 30.0 Analyst Recs 13
Cash and Equivalents 1'071.00 Consensus Rating 3.462
Enterprise Value 8'229.85
Average Volume 5 Day 2'196'353
TSN UN EQUITY YTD Change - Average Volume 30 Day 1'110'511
TSN UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'151'624
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 07/yy 06/yy 09/13 Y 09/14 Y 12/12 Q1 03/13 Q2
26'862.0 26'704.0 28'430.0 32'266.0 33'278.0 31'303.0 33'309.0 34'556.2 35'545.4 8'589.6 8'540.1
0.28x 0.27x 0.27x 0.25x 0.21x 1.08x 1.02x 0.23x 0.21x 1.01x 1.00x
860.0 875.0 2'082.0 1'791.0 1'747.0 2'042.0 1'579.0 1'677.2 1'845.6 395.8 360.1
8.64x 8.23x 3.74x 4.42x 4.09x 4.32x 5.37x 4.91x 4.46x 5.13x 5.08x
86.0 (547.0) 780.0 750.0 583.0 866.0 495.0 661.1 767.8 151.5 145.7
37.32x 308.00x 7.42x 9.19x 8.43x 8.68x 11.84x 10.23x 8.79x 10.27x 9.95x
EBITDA 1'747.00 Long-Term Rating Date 24.02.2011
EBIT 1'248.00 Long-Term Rating BBB-
Operating Margin 3.75% Long-Term Outlook POS
Pretax Margin 2.79% Short-Term Rating Date 11.10.2006
Return on Assets 5.08% Short-Term Rating NR
Return on Common Equity 9.99%
Return on Capital 9.76% EBITDA/Interest Exp. 4.91
Asset Turnover 2.90% (EBITDA-Capex)/Interest Exp. 2.97
Net Debt/EBITDA 0.78
Gross Margin 6.5% Total Debt/EBITDA 1.39
EBITDA Margin 5.2%
EBIT Margin 3.8% Total Debt/Equity 40.5%
Net Income Margin 1.8% Total Debt/Capital 28.7%
Asset Turnover 2.90
Current Ratio 1.91 Net Fixed Asset Turnover 8.48
Quick Ratio 0.87 Accounts receivable turnover-days 14.76
Debt to Assets 20.44% Inventory Days 31.56
Tot Debt to Common Equity 40.45% Accounts Payable Turnover Day 15.31
Accounts Receivable Turnover 24.66 Cash Conversion Cycle 31.01
Inventory Turnover 11.53
Fiscal Year Ended
Tyson Foods IncPrice/Volume
Valuation Analysis
266'487.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'846'543 5.77 486'609 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'401'484 5.62 (738'012) 31.07.2012 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 14'224'115 4.87 1'019'819 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 12'343'976 4.23 86'417 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'087'847 4.14 1'134'934 30.09.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 10'180'976 3.49 (1'444'329) 30.09.2012 Hedge Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 9'776'876 3.35 1'355'726 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 7'926'260 2.72 (538'620) 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'777'262 2.66 732'732 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'664'372 1.94 (2'310'978) 30.09.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'410'411 1.85 313'067 30.06.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5'053'940 1.73 5'053'940 30.09.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'477'986 1.53 128'695 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'468'090 1.53 (455'820) 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'357'300 1.49 112'820 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 3'818'474 1.31 2'454 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'661'268 1.25 (116'204) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'486'641 1.19 292'381 30.06.2012 Investment Advisor
TYSON LP #N/A N/A PROXY 3'000'000 1.03 - 01.12.2011 Corporation
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2'639'936 0.9 (2'866'931) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 23 12 month 07.11.2012
Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 24.10.2012
Credit Suisse ROBERT MOSKOW neutral 3 M 18 Not Provided 24.10.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 17 Not Provided 12.10.2012
Stephens Inc FARHA ASLAM overweight 5 M 19 12 month 12.10.2012
Davenport & Co ANN H GURKIN buy 5 M 21 Not Provided 11.10.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 18 12 month 06.09.2012
BB&T Capital Markets HEATHER L JONES buy 5 M 20 12 month 27.08.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 15 Not Provided 07.08.2012
D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 D 15 12 month 06.08.2012
Cowen and Company COLIN GUHEEN neutral 3 M #N/A N/A Not Provided 06.08.2012
JPMorgan KENNETH GOLDMAN neutral 3 D 20 Not Provided 10.07.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Tyson Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Uralkali OJSC produces potash. The Company operates mines and ore-treatment
mills in the Perm Territory, Russia. Uralkali extracts and processes potassium
ore and sells standard and granular muriate of potash for the agriculture and
chemical industries. The Company's main markets include Brazil, India, China,
Southeast Asia, Russia, the United States, and Europe.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.09.2012) 44.41
52-Week Low (13.12.2011) 31.63
Daily Volume
36.81
52-Week High % Change -17.11% Dividend Yield -
52-Week Low % Change 16.38% Beta 1.13
% 52 Week Price Range High/Low 39.83% Equity Float -
Shares Out 30.09.2012 587.2 Short Int -
21'614.95 1 Yr Total Return -0.24%
Total Debt 3'299.25 YTD Return 3.94%
Preferred Stock 0.0 Adjusted BETA 1.127
Minority Interest 12.5 Analyst Recs 17
Cash and Equivalents 1'017.94 Consensus Rating 3.471
Enterprise Value -
Average Volume 5 Day 1'893'911
URKA LI EQUITY YTD Change - Average Volume 30 Day 1'820'892
URKA LI EQUITY YTD % CHANGE - Average Volume 3 Month 1'974'373
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1
1'154.3 2'533.6 1'069.1 1'699.4 3'495.9 527.9 677.9 4'093.3 4'875.1 - 790.0
13.40x 1.77x 8.13x 8.91x 7.09x 0.00x 0.00x 5.83x 4.73x - -
473.4 1'668.2 517.9 800.4 2'068.2 0.0 0.0 2'532.6 3'105.3 - 475.0
32.69x 2.69x 16.78x 18.91x 11.98x 0.00x 0.00x - - - -
314.7 885.0 287.4 548.4 1'184.0 185.7 207.8 1'635.6 2'127.7 - 510.0
- - - - - 0.00x 0.00x 14.22x 10.96x - -
EBITDA 2'068.15 Long-Term Rating Date 18.06.2012
EBIT 1'690.67 Long-Term Rating BBB-
Operating Margin 48.36% Long-Term Outlook STABLE
Pretax Margin 38.25% Short-Term Rating Date -
Return on Assets 11.54% Short-Term Rating -
Return on Common Equity 18.41%
Return on Capital 13.43% EBITDA/Interest Exp. 41.64
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 34.28
Net Debt/EBITDA 0.79
Gross Margin 74.6% Total Debt/EBITDA 1.36
EBITDA Margin 62.9%
EBIT Margin 51.8% Total Debt/Equity 41.0%
Net Income Margin 33.9% Total Debt/Capital 29.0%
Asset Turnover 0.33
Current Ratio 2.74 Net Fixed Asset Turnover 1.35
Quick Ratio 1.81 Accounts receivable turnover-days -
Debt to Assets 26.05% Inventory Days 71.93
Tot Debt to Common Equity 41.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 73.09
Inventory Turnover 5.09
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Uralkali OJSCPrice/Volume
Valuation Analysis
1'262'364.00
Current Price (11/dd/yy) Market Data
'2
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0.0
500.0
1'000.0
1'500.0
2'000.0
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3'000.0
3'500.0
4'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 10'674'400 1.82 (7'658) 12.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'299'964 0.73 634'400 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'618'215 0.62 1'145'700 09.11.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'313'817 0.56 (671'400) 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'071'334 0.35 (36'321) 30.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'776'933 0.3 117'815 30.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'681'029 0.29 (308'490) 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'410'585 0.24 (74'663) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'054'147 0.18 400'000 30.06.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'052'001 0.18 (352'999) 30.11.2011 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 891'639 0.15 9'777 31.08.2012 Mutual Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 863'900 0.15 (423'000) 28.09.2012 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 798'749 0.14 3'046 28.09.2012 Investment Advisor
UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 571'074 0.1 98'127 31.07.2012 Investment Advisor
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 548'397 0.09 - 31.08.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 496'700 0.08 (1'500) 28.09.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 450'000 0.08 (50'000) 28.09.2012 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 435'520 0.07 39'469 31.10.2012 Investment Advisor
SEB n/a ULT-AGG 425'626 0.07 (31'698) 28.09.2012 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 362'300 0.06 - 30.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Uralsib ARTEM EGORENKOV hold 3 M 41 Not Provided 12.11.2012
Otkritie Capital DENIS GABRIELIK hold 3 M 41 Not Provided 12.11.2012
Alfa-Bank MARIA BOVYKINA equalweight 3 M 44 Not Provided 29.10.2012
JPMorgan YURIY A VLASOV neutral 3 M 37 Not Provided 25.10.2012
VTB Capital ELENA SAKHNOVA hold 3 M 44 12 month 23.10.2012
Gazprombank ALEKSEI ASTAPOV neutral 3 M 42 12 month 22.10.2012
Credit Suisse SEMYON MIRONOV neutral 3 M 37 Not Provided 12.10.2012
Goldman Sachs DZHUNI ASTOR neutral/attractive 3 M 49 12 month 11.10.2012
IFC Metropol SERGEY FILCHENKOV buy 5 M 47 12 month 12.09.2012
HSBC YONAH WEISZ overweight 5 M 52 Not Provided 06.09.2012
Sberbank CIB MIKHAIL STISKIN hold 3 M 43 Not Provided 06.08.2012
Renaissance Capital ANNA KUPRIYANOVA buy 5 M 45 12 month 21.05.2012
Deutsche Bank BOB KOMMERS hold 3 M 41 12 month 24.04.2012
Aton LLC MIKHAIL PAK hold 3 M 49 12 month 20.01.2012
RMG Securities DARIA KOZLOVA Under Review #N/A N/A M #N/A N/A Not Provided 09.03.2011
Holdings By:
Uralkali OJSC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Wilmar International Ltd. is an agribusiness company. The Company is involved
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
edible oils processing and merchandising, specialty fats, oleochemicals and
biodiesel manufacturing, and grains processing and merchandising. Wilmar also
manufactures and distributes fertilizers and owns a fleet of vessels.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (15.02.2012) 6.05
52-Week Low (13.09.2012) 2.99
Daily Volume
3.13
52-Week High % Change -48.26% Dividend Yield -
52-Week Low % Change 4.68% Beta 1.00
% 52 Week Price Range High/Low 4.58% Equity Float 2'313.63
Shares Out 21.11.2012 6'396.0 Short Int -
20'019.60 1 Yr Total Return -37.85%
Total Debt 20'888.94 YTD Return -36.61%
Preferred Stock 0.0 Adjusted BETA 0.998
Minority Interest 878.2 Analyst Recs 28
Cash and Equivalents 8'232.07 Consensus Rating 2.750
Enterprise Value 31'009.16
Average Volume 5 Day 12'670'200
WIL SP EQUITY YTD Change - Average Volume 30 Day 12'710'330
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'159'630
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
16'466.2 29'145.2 23'885.1 30'377.5 44'710.0 42'280.1 45'358.6 46'612.3 53'160.0 12'211.3 11'852.5
1.72x 0.52x 1.42x 1.29x 0.86x 3.72x 3.29x 0.66x 0.60x - -
833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'910.6 2'173.5 2'215.8 2'563.1 659.0 555.0
33.92x 7.68x 13.97x 27.77x 19.77x 20.26x 14.55x 13.99x 12.10x 12.42x 12.08x
580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'419.4 1'278.8 1'100.6 1'345.3 378.0 245.0
29.28x 8.10x 15.52x 21.19x 15.43x 18.39x 13.32x 14.94x 12.16x 12.11x 12.22x
EBITDA 1'933.39 Long-Term Rating Date -
EBIT 1'454.82 Long-Term Rating -
Operating Margin 3.25% Long-Term Outlook -
Pretax Margin 4.65% Short-Term Rating Date -
Return on Assets 3.17% Short-Term Rating -
Return on Common Equity 9.62%
Return on Capital 5.23% EBITDA/Interest Exp. 3.74
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 0.73
Net Debt/EBITDA 6.37
Gross Margin 8.7% Total Debt/EBITDA 9.67
EBITDA Margin 4.8%
EBIT Margin 3.6% Total Debt/Equity 156.2%
Net Income Margin 3.6% Total Debt/Capital 59.4%
Asset Turnover 1.12
Current Ratio 1.07 Net Fixed Asset Turnover 5.95
Quick Ratio 0.53 Accounts receivable turnover-days 33.52
Debt to Assets 52.70% Inventory Days 64.27
Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 15.88
Accounts Receivable Turnover 10.92 Cash Conversion Cycle 75.67
Inventory Turnover 5.69
Fiscal Year Ended
Wilmar International LtdPrice/Volume
Valuation Analysis
7'640'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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2
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10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PPB GROUP BHD n/a Co File 1'172'614'755 18.33 - 06.03.2012 Corporation
GLOBAL COCOA HOLDING n/a Co File 356'399'775 5.57 - 06.03.2012 Other
WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.55 - 06.03.2012 n/a
LONGHLIN ASIA LTD n/a Co File 336'009'921 5.25 - 06.03.2012 n/a
ARCHER-DANIELS-MIDLA n/a Co File 335'625'280 5.25 - 06.03.2012 Corporation
CAPITAL GROUP COMPAN n/a EXCH 317'267'061 4.96 (7'808'000) 23.02.2011 Investment Advisor
FIREFLY LTD n/a EXCH 294'801'479 4.61 - 05.10.2012 n/a
BOLNEY ENTERPRISES L n/a EXCH 294'801'372 4.61 - 05.10.2012 n/a
HARPOLE RESOURCES LT n/a Co File 256'211'778 4.01 - 06.03.2012 n/a
NOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 06.03.2012 n/a
HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 06.03.2012 n/a
HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 06.03.2012 n/a
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 96'457'516 1.51 (88'000) 12.11.2012 Investment Advisor
BONOTO INVESTMENTS L n/a EXCH 51'267'514 0.8 - 05.10.2012 n/a
BLACKROCK n/a ULT-AGG 40'183'717 0.63 (1'182'000) 09.11.2012 Investment Advisor
KIM YONG TEO n/a Co File 33'852'274 0.53 - 21.01.2012 n/a
NATALON CO LTD n/a Co File 33'760'355 0.53 - 06.03.2012 n/a
DALEX INVESTMENTS LT n/a Co File 30'405'900 0.48 - 06.03.2012 Corporation
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'655'000 0.46 (41'727'000) 30.09.2012 Investment Advisor
MACROMIND INVESTMENT n/a Co File 26'836'649 0.42 - 06.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TAN TING MIN neutral 3 M 3 Not Provided 12.11.2012
DBS Vickers BEN SANTOSO buy 5 U 4 12 month 12.11.2012
Kim Eng Securities JAMES KOH sell 1 M 3 12 month 12.11.2012
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 U 3 Not Provided 12.11.2012
UOB Kay Hian TEAM COVERAGE sell 1 M 3 Not Provided 12.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 11.11.2012
CIMB IVY NG neutral 3 M 4 12 month 11.11.2012
Nomura TANUJ SHORI neutral 3 M 4 Not Provided 11.11.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 09.11.2012
JPMorgan YING-JIAN CHAN neutral 3 M 3 6 month 09.11.2012
HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 09.11.2012
OCBC Investment Research CAREY WONG buy 5 U 4 12 month 09.11.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 M 4 12 month 09.11.2012
TA Securities Holdings Berhad JAMES RATNAM hold 3 D 4 12 month 09.11.2012
Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 09.11.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 3 12 month 09.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 4 12 month 07.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 4 12 month 01.11.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 3 12 month 25.09.2012
Macquarie CONRAD WERNER neutral 3 M 3 12 month 21.08.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 5 12 month 18.07.2012
Jefferies ARYA SEN underperform 1 M 4 12 month 10.05.2012
IIFL ZUO LI sell 1 M 4 12 month 23.02.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Holdings By:
Wilmar International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Yara International ASA produces, distributes, and sells nitrogen-based mineral
fertilizers and related industrial products. The Company also distributes and
sells a range of phosphate and potash-based mineral fertilizers, as well as
complex and specialty mineral fertilizer products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (17.09.2012) 305.50
52-Week Low (16.12.2011) 215.50
Daily Volume
270.4
52-Week High % Change -11.49% Dividend Yield -
52-Week Low % Change 25.48% Beta 1.06
% 52 Week Price Range High/Low 61.11% Equity Float 162.53
Shares Out 30.09.2012 287.7 Short Int -
77'782.23 1 Yr Total Return 22.57%
Total Debt 11'407.00 YTD Return 15.73%
Preferred Stock 0.0 Adjusted BETA 1.064
Minority Interest 157.0 Analyst Recs 34
Cash and Equivalents 5'869.00 Consensus Rating 4.059
Enterprise Value 82'661.22
Average Volume 5 Day 1'289'408
YAR NO EQUITY YTD Change - Average Volume 30 Day 1'070'938
YAR NO EQUITY YTD % CHANGE - Average Volume 3 Month 966'185
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
56'631.0 87'926.0 60'867.0 64'006.0 77'726.0 75'476.0 82'772.0 84'277.4 83'574.1 20'613.9 21'246.3
1.46x 0.77x 1.52x 1.67x 0.95x 4.80x 3.89x 0.93x 0.87x 4.02x 3.71x
6'475.0 14'376.0 3'698.0 9'907.0 15'917.0 14'031.0 16'127.0 16'416.8 14'965.9 3'786.5 4'346.0
12.73x 4.73x 25.03x 10.80x 4.66x 5.01x 5.30x 5.04x 5.52x 5.17x 5.27x
6'037.0 8'228.0 3'782.0 8'729.0 12'066.0 10'244.0 11'822.0 10'510.1 9'413.5 2'405.7 2'963.0
12.21x 5.26x 20.16x 11.16x 5.72x 6.40x 6.91x 7.34x 8.00x 7.60x 7.80x
EBITDA 15'917.00 Long-Term Rating Date 15.03.2010
EBIT 13'240.00 Long-Term Rating BBB
Operating Margin 17.03% Long-Term Outlook STABLE
Pretax Margin 18.53% Short-Term Rating Date 15.03.2010
Return on Assets 15.38% Short-Term Rating A-2
Return on Common Equity 26.67%
Return on Capital 22.89% EBITDA/Interest Exp. 13.97
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 11.43
Net Debt/EBITDA 0.18
Gross Margin - Total Debt/EBITDA 0.73
EBITDA Margin 19.5%
EBIT Margin 15.4% Total Debt/Equity 25.6%
Net Income Margin 15.5% Total Debt/Capital 20.3%
Asset Turnover 1.08
Current Ratio 2.47 Net Fixed Asset Turnover 3.22
Quick Ratio 1.19 Accounts receivable turnover-days 38.21
Debt to Assets 15.44% Inventory Days -
Tot Debt to Common Equity 25.56% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.58 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Yara International ASAPrice/Volume
Valuation Analysis
648'903.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
22.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORWEGIAN GOVT MINIS n/a EXCH 102'915'622 35.78 - 05.11.2012 Government
STATE STREET BANK AN n/a EXCH 22'996'764 7.99 - 05.11.2012 Bank
GOVERNMENT PENSION F n/a EXCH 18'578'626 6.46 - 05.11.2012 Government
CLEARSTREAM BANKING n/a EXCH 10'642'112 3.7 - 05.11.2012 Bank
JP MORGAN CHASE BANK n/a EXCH 8'743'820 3.04 - 05.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'042'842 1.75 84 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'343'322 1.51 (3'998) 12.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'855'107 1.34 (1'570) 28.09.2012 Mutual Fund Manager
YARA INTERNATIONAL A n/a EXCH 3'642'587 1.27 - 05.11.2012 n/a
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'580'552 1.24 32'666 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL n/a EXCH 3'003'390 1.04 - 05.11.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'428'226 0.84 825'403 30.06.2012 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 2'163'698 0.75 (124'846) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'109'322 0.73 106'333 30.06.2012 Investment Advisor
DWPBANK AG n/a EXCH 1'629'306 0.57 - 05.11.2012 n/a
NORTHERN TRUST CO n/a EXCH 1'445'240 0.5 - 05.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'425'914 0.5 160'094 30.09.2012 Investment Advisor
LEGAL & GENERAL ASSU n/a EXCH 1'364'525 0.47 - 05.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'340'418 0.47 70'281 09.11.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'250'000 0.43 500'000 30.06.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets JOEL JACKSON market perform 3 M 308 Not Provided 12.11.2012
SpareBank 1 Markets AS HENRIK SCHULTZ buy 5 U 290 12 month 12.11.2012
SEB Enskilda TRULS KOLSRUD ENGENE hold 3 D 280 Not Provided 09.11.2012
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 270 Not Provided 09.11.2012
ABG Sundal Collier MARTIN MELBYE buy 5 M 320 6 month 08.11.2012
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 335 12 month 07.11.2012
Nomura JEAN DE WATTEVILLE buy 5 M 360 12 month 02.11.2012
AlphaValue VERONIQUE COLAS buy 5 M 352 6 month 01.11.2012
Pareto Securities EIRIK VEGEM DAHLE buy 5 M 400 6 month 31.10.2012
Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 300 12 month 29.10.2012
Handelsbanken ANNE GJOEN buy 5 M 365 Not Provided 29.10.2012
Societe Generale PATRICK LAMBERT buy 5 M 370 12 month 23.10.2012
Credit Suisse LARS KJELLBERG neutral 3 M 305 Not Provided 22.10.2012
JPMorgan NEIL C TYLER overweight 5 M 360 12 month 22.10.2012
Scotia Capital BEN ISAACSON sector perform 3 M 315 12 month 22.10.2012
Nordea Equity Research ANDRE HOLO ADOLFSEN buy 5 M 335 12 month 22.10.2012
DNB Markets KNUT-IVAR BAKKEN buy 5 M 320 Not Provided 22.10.2012
Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 322 12 month 19.10.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 400 12 month 19.10.2012
Carnegie BENGT JONASSEN sell 1 M #N/A N/A Not Provided 19.10.2012
Arctic Securities ASA THOMAS LORCK hold 3 D 290 Not Provided 19.10.2012
Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 350 Not Provided 19.10.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL buy 5 M 340 12 month 19.10.2012
Swedbank First Securities HANS-ERIK JACOBSEN buy 5 M 330 Not Provided 19.10.2012
Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 340 12 month 17.10.2012
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 15.10.2012
Terra Markets AS TOMAS SKEIVYS buy 5 M 320 12 month 10.10.2012
HSBC YONAH WEISZ overweight 5 M 360 Not Provided 27.09.2012
Main First Bank AG THOMAS SWOBODA neutral 3 M 320 12 month 26.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 11.09.2012
Equita SIM SpA MASSIMO BONISOLI buy 5 M 320 12 month 30.04.2012
Holdings By:
Yara International ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |