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April 2013
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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 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
ABB LTD INR 1905 13 212 0 0 0 0 1.95 1382 1382 1486 1666 63 63 - - 0.12 0.12 0.19 0.30 1.35 1.35 0.86 0.55 0.04 - 0.39 - 0.08 - - - -
ACC LTD INR 3997 17 188 0 0 0 1 3.47 2047 2047 2338 2633 404 404 120 120 1.36 1.04 1.46 1.68 0.38 0.29 0.27 0.23 0.21 0.18 0.26 0.04 0.36 - - - -
ADANI ENTERPRISES LTD INR 3888 225 1100 12 0 1 1 16.03 7239 7239 8342 10502 976 976 456 456 0.31 0.31 0.23 0.47 0.21 0.21 0.28 0.14 0.90 0.41 0.44 1.16 0.25 - - - -
ADANI PORTS AND SPECIAL ECON INR 4853 212 2003 3 0 0 0 8.28 602 602 804 966 391 391 144 144 0.10 0.10 0.12 0.16 0.44 0.44 0.38 0.27 1.17 0.77 1.10 0.87 1.20 - - - -
ADANI POWER LTD INR 1726 275 2180 7 0 0 0 8.35 752 752 1274 2495 246 246 - - -0.01 -0.02 -0.10 0.04 - - #VALUE! 0.32 1.68 - 0.12 - 0.60 - - - -
AMBUJA CEMENTS LTD INR 4785 90 1542 0 0 0 1 4.10 1792 1792 2054 2303 512 512 - - 0.19 0.15 0.22 0.25 0.37 0.30 0.26 0.23 0.26 0.20 0.69 0.12 0.53 - - - -
ASHOK LEYLAND LTD INR 1082 197 2661 1 0 0 0 1.72 2362 2362 #VALUE! #VALUE! 230 230 - - 0.04 0.04 #VALUE! #VALUE! 0.19 0.19 #VALUE! #VALUE! 0.27 0.28 0.04 0.22 0.18 - - - -
ASIAN PAINTS LTD INR 8638 13 96 0 0 0 0 8.56 1772 1772 2064 2418 284 284 92 92 1.90 1.90 2.24 2.72 0.87 0.87 0.74 0.61 0.45 0.39 0.29 0.47 0.30 - - - -
AXIS BANK LTD INR 11137 136 413 9 0 0 3 #VALUE! 5052 5052 3025 3696 - - - - - 1.88 2.23 2.81 0.23 - 0.20 0.16 0.71 0.71 - - - BBB- 30.01.2007 Baa2 24.04.2007
BAJAJ AUTO LTD INR 9555 26 289 0 0 0 0 9.25 3485 3485 3801 4413 693 693 - - 2.02 1.94 1.98 2.38 0.31 0.30 0.31 0.25 0.35 0.31 0.31 - 0.37 - - - -
BANK OF BARODA INR 5141 66 411 15 0 0 12 #VALUE! 6362 6362 #VALUE! #VALUE! - - - - - 2.47 #VALUE! #VALUE! 0.09 - #VALUE! #VALUE! 0.63 0.49 - - - NR 30.12.2011 - -
BANK OF INDIA INR 3181 141 574 13 0 0 12 #VALUE! 5873 5873 #VALUE! #VALUE! - - - - - 0.92 #VALUE! #VALUE! 0.11 - #VALUE! #VALUE! 0.56 0.46 - - - BBB- 30.01.2007 Baa3 07.03.2012
BHARAT FORGE LTD INR 868 70 233 0 0 0 0 1.26 1 K 1 K 1 K 1 K 184 184 156 156 0.33 0.33 0.23 0.30 0.21 0.21 0.30 0.23 0.44 0.22 0.48 0.09 0.30 - - - -
BHARAT HEAVY ELECTRICALS INR 7937 312 2448 0 0 0 1 6.80 8755 8755 8698 8308 2074 2074 - - 0.53 0.53 0.46 0.40 0.11 0.11 0.13 0.15 0.25 - 0.59 - 0.44 - - - -
BHARAT PETROLEUM CORP LTD INR 4983 33 723 6 0 0 1 9.37 39021 39021 44662 43758 1190 1190 - - 0.20 0.20 0.42 0.47 0.64 0.64 0.30 0.27 0.70 0.33 0.52 0.12 0.06 - - (P)Baa3 12.10.2012
BHARTI AIRTEL LTD INR 20750 411 3798 13 0 1 1 33.44 13143 13143 14813 16295 4384 4384 1201 1201 0.21 0.21 0.13 0.25 0.49 0.49 0.76 0.41 0.37 0.59 0.32 0.48 0.61 BB+ 09.06.2010 - -
CAIRN INDIA LTD INR 9736 159 1907 0 0 0 2 7.33 2182 2182 3470 3474 1745 1745 643 643 0.78 0.77 1.11 0.99 0.12 0.12 0.08 0.10 0.28 - 0.20 - 1.47 - - - -
CANARA BANK INR 2956 99 443 5 0 0 5 #VALUE! 6239 6239 #VALUE! #VALUE! - - - - - 1.39 1.49 1.90 0.09 - 0.08 0.06 0.58 0.41 - - - NR 30.12.2011 Baa2 09.11.2006
CIPLA LTD INR 5608 108 803 0 0 0 0 5.43 1285 1285 1519 1708 330 330 - - 0.26 0.26 0.35 0.38 0.49 0.49 0.37 0.34 0.21 - 0.45 - 0.47 - - - -
COAL INDIA LTD INR 35001 303 6316 0 0 0 9 23.26 11481 11481 12628 13550 3162 3162 1078 1078 0.43 0.43 0.49 0.54 0.24 0.24 0.21 0.19 0.45 0.30 0.30 0.31 0.51 - - - -
COLGATE PALMOLIVE (INDIA) INR 3101 19 136 0 0 0 0 3.04 361 361 566 675 91 91 - - 0.59 0.59 0.73 0.84 0.71 0.71 0.57 0.50 0.29 0.28 0.76 0.42 0.46 - - - -
CROMPTON GREAVES LTD INR 1086 184 641 0 0 0 0 1.28 2069 2069 2236 2491 148 148 25 25 0.11 0.11 0.06 0.14 0.29 0.29 0.54 0.22 0.23 0.28 -0.74 0.19 0.13 - - - -
CUMMINS INDIA LTD INR 2473 25 277 0 0 0 0 2.42 649 #VALUE! 852 1002 102 - - - 0.29 - 0.46 0.55 - - 0.36 0.30 0.60 - 0.73 0.64 - - - - -
DABUR INDIA LTD INR 4306 173 1742 0 0 0 0 4.30 976 976 1143 1323 162 162 51 51 0.07 0.07 0.08 0.10 0.67 0.67 0.56 0.47 0.54 0.35 0.24 0.37 0.31 - - - -
DIVI'S LABORATORIES LTD INR 2436 4 133 0 0 0 0 2.44 342 342 418 509 127 127 - - 0.74 0.74 0.90 1.10 0.46 0.46 0.38 0.31 0.78 0.43 0.72 0.41 0.69 - - - -
DLF LTD INR 7380 1084 1698 5 0 0 0 10.77 1771 1771 1523 1770 741 741 134 134 0.13 0.13 0.11 0.16 0.61 0.61 0.70 0.51 0.01 1.55 0.08 0.40 0.77 - - - -
DR. REDDY'S LABORATORIES INR 5479 5 170 1 0 0 0 5.74 1778 1778 2082 2345 459 459 125 125 1.55 1.41 1.71 1.95 0.42 0.38 0.35 0.30 0.56 0.20 1.13 0.15 0.47 - - - -
EXIDE INDUSTRIES LTD INR 1972 33 850 0 0 0 0 1.85 978 978 1173 1386 140 140 - - 0.10 0.10 0.12 0.14 0.44 0.44 0.37 0.30 0.21 0.42 -0.37 0.35 0.26 - - - -
FEDERAL BANK LTD INR 1535 41 171 1 0 0 1 #VALUE! 1125 1125 #VALUE! #VALUE! - - - - - 0.81 #VALUE! #VALUE! 0.20 - #VALUE! #VALUE! 0.62 0.45 - - - - - - -
GAIL INDIA LTD INR 7091 92 1268 2 0 0 0 9.10 8104 8104 8991 10094 1358 1358 - - 0.64 0.64 0.65 0.68 0.16 0.16 0.16 0.15 0.47 0.42 0.24 0.33 0.31 - - - -
GLENMARK PHARMACEUTICALS LTD INR 2350 32 271 0 0 0 0 2.69 740 740 901 1061 131 131 48 48 0.31 0.31 0.41 0.52 0.51 0.51 0.39 0.31 0.67 0.51 0.38 0.20 0.33 - - - -
GMR INFRASTRUCTURE LTD INR 1496 2392 3892 7 0 0 1 8.55 1530 1530 1555 2073 347 347 - - -0.02 -0.03 -0.02 0.00 - - #VALUE! #VALUE! 0.58 0.71 0.36 0.53 0.42 - - - -
GODREJ CONSUMER PRODUCTS LTD INR 5095 10 340 0 0 0 0 5.34 895 895 1173 1416 161 161 56 56 0.30 0.41 0.39 0.48 0.67 0.92 0.71 0.57 0.58 0.74 0.63 0.67 0.33 - - - -
GRASIM INDUSTRIES LTD INR 4771 3 92 1 0 1 1 6.17 4643 4643 4993 5693 1028 1028 220 220 5.30 5.31 5.41 6.24 0.18 0.18 0.18 0.15 0.32 0.23 0.21 0.12 0.41 - - - -
HCL TECHNOLOGIES LTD INR 9908 22 693 0 0 0 0 9.89 3832 3832 4630 5207 745 745 251 251 0.63 0.64 0.96 1.04 0.41 0.41 0.27 0.25 0.60 0.52 0.90 0.45 0.36 - - - -
HDFC BANK LIMITED INR 26866 134 2347 6 0 0 4 #VALUE! 6081 6081 #VALUE! #VALUE! - - - - - 0.41 #VALUE! #VALUE! 0.50 - #VALUE! #VALUE! 0.63 0.62 - - - BBB- 17.01.2008 Baa2 30.04.2012
HERO MOTOCORP LTD INR 5776 25 200 0 0 0 1 5.45 4298 4298 #VALUE! #VALUE! 674 674 - - 2.19 2.19 #VALUE! #VALUE! 0.24 0.24 #VALUE! #VALUE! 0.39 0.35 0.75 0.46 0.29 - - - -
HINDALCO INDUSTRIES LTD INR 3099 732 1915 8 0 0 1 9.46 14866 14866 14889 16181 1411 1411 - - 0.33 0.33 0.26 0.28 0.09 0.09 0.11 0.11 0.22 0.91 -0.07 0.22 0.17 - - - -
HINDUSTAN PETROLEUM CORP INR 1750 67 339 7 0 0 1 8.00 34045 34045 37348 36847 784 784 - - 0.09 0.09 0.50 0.73 1.00 1.00 0.19 0.13 0.62 0.31 0.07 0.16 0.04 - - - -
HINDUSTAN UNILEVER LTD INR 18791 741 2162 0 0 0 1 18.18 4311 4311 4943 5644 645 645 - - 0.23 0.24 0.28 0.31 0.67 0.70 0.57 0.52 0.31 - 0.51 - 0.28 - - - -
HINDUSTAN ZINC LTD INR 9051 99 4225 0 0 0 3 5.75 2098 2098 #VALUE! #VALUE! 1118 1118 - - 0.24 0.24 #VALUE! #VALUE! 0.16 0.16 #VALUE! #VALUE! 0.25 0.16 0.15 -0.02 0.98 - - - -
HOUSING DEVELOPMENT & INFRAS INR 350 4920 419 1 0 0 0 0.93 367 367 369 483 278 278 86 86 0.35 0.35 0.29 0.36 0.04 0.04 0.05 0.04 0.15 0.32 -0.04 0.34 1.39 - - - -
HOUSING DEVELOPMENT FINANCE INR 23399 112 1477 26 0 0 0 42.96 5510 5510 #VALUE! #VALUE! 3286 3286 - - - 0.68 #VALUE! #VALUE! 0.41 - #VALUE! #VALUE! 0.30 0.74 0.64 0.47 1.10 - - - -
ICICI BANK LTD INR 21666 270 1153 33 #VALUE! 0 8 #VALUE! 12262 12262 #VALUE! #VALUE! - - - - - 1.22 1.45 1.68 0.28 - 0.24 0.21 0.15 0.21 - - - NR 27.10.2003 Baa2 25.05.2006
IDBI BANK LTD INR 1877 352 1278 14 0 0 3 #VALUE! 4707 4707 #VALUE! #VALUE! - - - - - 0.37 #VALUE! #VALUE! 0.07 - #VALUE! #VALUE! 0.42 0.53 - - - - - Baa3 21.10.2009
IDEA CELLULAR LTD INR 6627 123 3309 2 0 0 0 8.40 3585 3585 4096 4628 929 929 297 297 0.04 0.04 0.06 0.09 0.91 0.92 0.65 0.43 0.48 0.65 0.63 0.51 0.48 - - - -
IDFC LTD INR 3894 531 1512 9 0 0 0 11.30 1183 1183 623 740 1042 1042 - - - 0.19 0.22 0.26 0.25 - 0.22 0.18 0.56 0.63 0.63 0.57 1.62 BBB- 27.12.2011 - -
INDIAN OIL CORPORATION LTD INR 12235 95 2428 15 0 0 3 24.63 74907 74907 86875 87834 4164 4164 - - 0.90 0.32 0.48 0.60 0.29 0.10 0.19 0.16 0.59 0.33 0.96 0.22 0.10 NR 29.12.2009 Baa3 25.01.2010
INDUSIND BANK LTD INR 3845 181 468 2 0 0 1 #VALUE! 1172 1172 #VALUE! #VALUE! - - - - - 0.32 #VALUE! 0.47 0.43 - #VALUE! 0.29 0.88 0.54 - - - - - - -
INFOSYS LTD INR 30149 25 574 0 0 0 4 26.02 6205 6205 7460 8329 1977 1977 569 569 2.68 2.68 3.00 3.27 0.36 0.36 0.32 0.30 0.42 0.36 0.36 0.35 0.59 BBB+ 07.05.2010 - -
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] |
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 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
ITC LTD INR 44491 323 7818 0 0 0 1 43.16 4816 4816 5651 6592 1710 1710 - - 0.15 0.15 0.18 0.21 0.70 0.71 0.59 0.50 0.32 0.28 0.38 0.33 0.65 - - - -
JAIPRAKASH ASSOCIATES LTD INR 2618 2951 2126 10 0 1 1 12.36 2736 2736 3284 4111 1026 1026 - - 0.05 0.05 0.08 0.10 0.40 0.41 0.28 0.21 0.57 0.62 0.19 0.54 0.69 - - - -
JINDAL STEEL & POWER LTD INR 6068 155 935 3 0 0 0 9.74 3349 3349 3640 4166 1308 1308 358 358 0.78 0.78 0.76 0.80 0.15 0.15 0.16 0.15 0.71 0.78 0.18 0.70 0.72 - - - -
JSW STEEL LTD INR 2460 249 223 4 0 0 1 5.24 6322 6322 7097 7653 1125 1125 292 292 1.03 0.44 1.26 1.57 0.46 0.20 0.16 0.13 0.78 0.59 0.47 0.32 0.33 - - - -
KOTAK MAHINDRA BANK LTD INR 8778 32 741 6 0 0 1 #VALUE! 2394 2394 1725 2044 - - - - - 0.46 0.52 0.64 0.47 - 0.42 0.34 0.33 0.50 - - - - - - -
LARSEN & TOUBRO LTD INR 15134 214 612 9 0 0 2 22.29 11830 11830 13715 15671 1736 1736 - - 1.38 1.41 1.56 1.74 0.32 0.33 0.29 0.26 0.43 0.49 0.33 0.56 0.27 - - - -
LIC HOUSING FINANCE LTD INR 2055 252 505 9 0 0 0 10.57 1149 1149 343 446 1073 1073 - - - 0.36 0.39 0.53 0.21 - 0.19 0.14 0.52 0.59 0.60 0.59 1.72 - - - -
LUPIN LTD INR 5121 42 447 0 0 0 0 5.30 1300 1300 1702 1961 269 269 93 93 0.36 0.36 0.49 0.59 0.59 0.59 0.43 0.36 0.40 0.53 0.47 0.65 0.38 - - - -
MAHINDRA & MAHINDRA LTD INR 9749 53 589 3 0 1 1 13.08 10929 10929 13022 14710 1366 1366 - - 0.92 0.98 1.17 1.38 0.30 0.32 0.25 0.21 1.13 0.69 0.39 0.59 0.23 - - - -
MARUTI SUZUKI INDIA LTD INR 6872 32 289 0 0 0 1 5.83 6474 6474 7818 9048 467 467 - - 1.07 1.07 1.22 1.87 0.41 0.41 0.36 0.23 -0.06 0.37 -0.57 0.07 0.13 - - - -
NESTLE INDIA LTD INR 8138 2 96 0 0 0 0 8.22 1527 1527 #VALUE! #VALUE! 341 341 - - 2.04 2.04 #VALUE! #VALUE! 0.76 0.76 #VALUE! #VALUE! 0.20 0.35 0.32 0.44 0.41 - - - -
NHPC LTD INR 4514 1343 12301 3 0 0 1 6.84 1273 1273 1184 1322 896 896 1 1 0.05 0.05 0.03 0.04 0.15 0.15 0.19 0.18 0.64 0.48 0.66 0.41 1.29 BBB- 25.09.2009 - -
NMDC LTD INR 9787 4811 3965 0 0 0 2 8.00 1 K 1 K #VALUE! #VALUE! 1074 1074 - - - 0.20 #VALUE! #VALUE! 0.23 - #VALUE! #VALUE! 0.60 - 0.64 - 1.42 - - - -
NTPC LTD INR 21613 3862 8245 11 0 0 4 29.10 11964 11964 13135 15129 2802 2802 - - 0.22 0.22 0.23 0.26 0.22 0.22 0.21 0.19 0.24 0.26 0.34 0.15 0.43 BBB- 30.01.2007 - -
OIL & NATURAL GAS CORP LTD INR 47636 178 8555 3 0 0 5 45.72 26923 26923 28870 31246 9116 9116 - - 0.54 0.61 0.54 0.63 0.17 0.19 0.19 0.16 0.45 0.23 0.31 0.15 0.62 - - WR 04.12.2000
POWER FINANCE CORPORATION INR 4429 362 1320 20 0 0 0 24.68 2409 2409 1161 1442 2322 2322 - - - 0.43 0.60 0.74 0.14 - 0.10 0.08 0.52 - 0.47 - 1.77 BBB- 30.01.2007 Baa3 05.02.2004
POWER GRID CORP OF INDIA LTD INR 8942 95 4630 10 0 0 1 18.33 1897 1897 2359 2750 1609 1609 - - 0.13 0.13 0.16 0.18 0.27 0.27 0.22 0.19 0.36 - 0.37 - 1.56 BBB- 03.01.2013 - -
PUNJAB NATIONAL BANK INR 4634 90 339 11 0 0 6 #VALUE! 7667 7667 #VALUE! #VALUE! - - - - - 2.73 #VALUE! #VALUE! 0.09 - #VALUE! #VALUE! 0.62 0.50 - - - NR 17.07.2006 - -
RANBAXY LABORATORIES LTD INR 3460 193 423 1 0 0 1 3.52 2254 2254 2143 2404 356 356 79 79 0.48 0.40 0.48 0.64 0.37 0.31 0.31 0.24 0.38 0.22 -0.20 0.29 0.29 - - - -
RELIANCE CAPITAL LTD INR 1360 1344 246 4 0 0 0 4.42 1219 1219 1060 1161 532 532 - - - 0.34 0.49 0.51 0.30 - 0.21 0.20 0.37 0.60 1.03 0.50 0.80 - - - -
RELIANCE COMMUNICATIONS LTD INR 1940 2807 2064 7 0 0 0 8.98 3443 3443 3917 4193 1299 1299 281 281 0.08 0.08 0.06 0.09 0.21 0.21 0.31 0.19 -0.28 - -0.50 - 0.69 - - - -
RELIANCE INDUSTRIES LTD INR 46525 497 2979 17 0 0 12 51.19 65943 65943 67763 66434 6458 6458 - - 1.22 1.22 1.21 1.27 0.22 0.22 0.22 0.21 0.64 0.48 -0.14 0.21 0.18 BBB 23.11.2005 Baa2 07.02.2006
RELIANCE INFRASTRUCTURE LTD INR 1566 886 263 3 0 0 1 4.15 3202 3202 4082 4316 532 532 - - 1.10 1.10 1.14 1.18 0.10 0.10 0.10 0.09 1.42 0.62 0.96 0.76 0.31 - - - -
RELIANCE POWER LTD INR 3052 2056 2805 3 0 0 0 6.46 371 371 878 1321 115 115 90 90 0.06 0.06 0.07 0.07 0.35 0.35 0.30 0.29 1.68 - 3.16 - 0.57 - - - -
RURAL ELECTRIFICATION CORP INR 3671 478 987 17 0 0 1 19.25 1941 1941 1018 1131 1887 1887 - - - 0.53 0.68 0.73 0.13 - 0.10 0.09 0.44 - 0.44 - 1.79 - - (P)Baa3 12.01.2011
SATYAM COMPUTER SERVICES LTD INR 2736 699 1177 0 0 0 1 2.18 1176 1176 1422 1564 228 228 74 74 0.19 0.20 0.19 0.21 0.21 0.23 0.22 0.20 0.45 0.06 1.86 -0.08 0.36 - - - -
SESA GOA LTD INR 2417 181 869 1 0 0 0 3.07 1529 1529 524 1023 645 645 10 10 0.56 0.57 0.54 0.57 0.09 0.09 0.09 0.09 -0.18 0.63 -0.60 0.55 0.78 - - - -
SHRIRAM TRANSPORT FINANCE INR 2815 8 226 3 0 0 0 5.77 1138 1138 712 830 943 943 - - - 1.06 1.16 1.39 0.21 - 0.20 0.16 0.24 - 0.25 - 1.52 - - - -
SIEMENS LTD INR 3448 50 340 0 0 0 0 3.21 2190 2190 2422 2671 233 233 - - 0.47 0.47 0.38 0.47 0.38 0.38 0.47 0.38 0.45 0.31 -0.09 0.26 0.20 - - - -
STATE BANK OF INDIA INR 25321 336 671 39 0 1 27 #VALUE! 32572 32572 17847 20511 - - - - - 4.44 5.10 5.85 0.16 - 0.14 0.12 0.36 0.39 - - - BBB- 30.01.2007 Baa2 02.04.2008
STEEL AUTHORITY OF INDIA INR 4635 614 4131 3 0 0 1 6.76 8582 8582 8333 9444 1182 1182 331 331 0.15 0.16 0.13 0.15 0.13 0.14 0.15 0.14 0.14 0.13 -0.33 -0.16 0.25 BBB- 29.04.2010 - -
STERLITE INDUSTRIES INDIA LT INR 5635 608 3361 3 0 2 4 6.82 7575 7575 7936 8698 1870 1870 473 473 0.29 0.26 0.31 0.36 0.12 0.11 0.10 0.09 0.65 0.23 0.48 0.01 0.45 - - - -
SUN PHARMACEUTICAL INDUS INR 15636 38 1036 0 0 0 0 15.45 1475 1475 2030 2370 604 604 219 219 0.46 0.46 0.58 0.66 0.61 0.61 0.48 0.42 0.74 0.60 1.17 0.65 0.75 - - - -
SUZLON ENERGY LTD INR 441 4322 1777 2 0 0 0 2.63 3878 3878 4005 5038 349 349 38 38 -0.07 -0.05 -0.22 0.01 - - #VALUE! 0.63 0.33 0.54 1.61 0.11 0.17 - - - -
TATA CHEMICALS LTD INR 1514 27 255 1 0 0 0 2.57 2540 2540 2699 2868 430 430 106 106 0.71 0.60 0.62 0.70 0.18 0.15 0.18 0.16 0.46 0.48 0.45 0.34 0.31 - - - -
TATA CONSULTANCY SVCS LTD INR 56067 52 1957 0 0 0 1 54.23 8994 8994 11590 13143 2659 2659 893 893 0.98 0.98 1.31 1.46 0.54 0.54 0.40 0.36 0.57 0.39 0.54 0.42 0.54 BBB+ 07.05.2010 - -
TATA GLOBAL BEVERAGES LTD INR 1405 368 618 0 0 0 0 1.64 1211 1211 1365 1519 115 115 - - 0.10 0.11 0.12 0.15 0.39 0.42 0.34 0.29 0.19 0.19 0.04 -0.11 0.17 - - - -
TATA MOTORS LTD INR 14886 1028 3174 9 0 0 4 18.26 30471 30471 34278 39504 4103 4103 1356 1356 0.76 0.78 0.59 0.73 0.12 0.12 0.16 0.13 0.66 0.77 0.60 0.67 0.25 BB 09.07.2012 WR 15.07.2007
TATA POWER CO LTD INR 4136 156 2373 6 0 0 1 9.84 4783 4783 5599 6526 984 984 - - 0.05 -0.08 0.09 0.11 - 0.64 0.35 0.30 0.62 0.65 0.27 0.71 0.38 BB- 24.08.2007 B2 05.10.2012
TATA STEEL LTD INR 5470 1047 971 11 0 0 2 13.86 24446 24446 24401 25653 2284 2284 600 600 0.99 1.03 0.32 0.71 0.10 0.10 0.32 0.15 0.22 1.59 -0.48 0.18 0.17 BB 09.08.2011 - -
TITAN INDUSTRIES LTD INR 4110 263 888 0 0 0 0 3.94 1628 1628 1899 2347 154 154 - - 0.12 0.12 0.15 0.19 0.68 0.68 0.56 0.45 0.65 0.62 0.65 0.60 0.17 - - - -
ULTRATECH CEMENT LTD INR 9333 5 274 1 0 0 1 9.84 3511 3511 3975 4612 765 765 - - 1.61 1.61 1.86 2.21 0.39 0.39 0.34 0.28 0.73 0.62 1.00 0.43 0.40 - - - -
UNION BANK OF INDIA INR 2129 240 551 5 0 0 4 #VALUE! 4317 4317 #VALUE! #VALUE! - - - - - 0.62 #VALUE! #VALUE! 0.11 - #VALUE! #VALUE! 0.49 - - - - BBB- 17.06.2008 Baa3 19.03.2012
UNITECH LTD INR 1063 3077 2616 1 0 0 0 1.63 445 445 463 569 61 61 23 23 0.02 0.02 0.02 0.03 0.45 0.45 0.33 0.25 -0.53 -0.06 -1.23 -0.54 0.25 - - - -
UNITED BREWERIES LTD INR 3351 66 264 0 0 0 0 3.54 667 667 762 922 76 76 - - 0.10 0.09 0.15 0.21 2.70 2.33 1.54 1.12 0.34 0.46 0.10 0.35 0.21 - - - -
UNITED PHOSPHORUS LTD INR 949 113 462 1 #VALUE! 0 0 1.44 1408 1408 1599 1766 256 256 81 81 0.23 0.22 0.29 0.34 0.18 0.17 0.14 0.12 0.60 0.52 0.52 0.42 0.33 - - - -
UNITED SPIRITS LTD INR 4536 131 131 2 0 0 0 6.08 1690 1690 1946 2221 217 217 43 43 0.29 0.27 0.51 0.95 2.32 2.20 1.25 0.67 0.45 0.48 0.00 0.39 0.24 - - - -
WIPRO LTD INR 19743 49 2459 1 0 0 2 18.04 6842 6842 7960 8739 1303 1303 413 413 0.42 0.42 0.49 0.53 0.35 0.35 0.30 0.28 0.36 0.37 0.15 0.27 0.35 BBB+ 02.04.2012 - -
YES BANK LTD INR 2806 213 353 3 0 0 1 #VALUE! 1318 1318 #VALUE! #VALUE! - - - - - 0.51 #VALUE! 0.80 0.28 - #VALUE! 0.18 0.99 1.07 - - - - - - -
ZEE ENTERTAINMENT ENTERPRISE INR 3679 600 959 0 0 0 0 3.50 559 559 675 782 138 138 43 43 0.11 0.11 0.14 0.17 0.63 0.63 0.52 0.42 0.02 0.29 -0.17 0.31 0.45 - - - -
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] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
ABB LTD 1.28 1.14 22.64 16.04 46.56 29.81 0.49 0.63 0.67 0.82 494.20 1.1%
ACC LTD 2.82 2.58 2.29 1.99 1.88 1.71 1.52 1.40 10.26 9.69 8.44 8.59 7.84 6.60 5.88 15.59 14.55 12.67 10.83 2.48 2.85 3.12 3.43 1442.10 24.6%
ADANI ENTERPRISES LTD 1.03 1.00 0.89 0.79 0.56 0.47 0.37 0.32 5.55 5.53 3.46 2.73 14.18 12.88 7.64 5.94 8.16 15.36 7.57 5.83 0.58 0.58 0.71 0.89 293.63 52.8%
ADANI PORTS AND SPECIAL ECON 5.18 4.35 3.45 2.75 8.17 6.03 5.03 4.28 16.88 14.64 10.80 9.75 21.33 15.25 12.67 10.77 25.01 20.56 14.91 11.70 0.77 0.88 1.02 1.16 162.17 23.1%
ADANI POWER LTD 1.28 1.78 1.58 1.32 1.17 2.12 1.35 0.69 0.53 0.54 28.41 3.56 2.09 26.01 28.95 8.84 6.35 7.03 22.78 17.51 6.64 8.51 0.38 0.00 0.00 0.00 2.37 45.38 15.8%
AMBUJA CEMENTS LTD 2.98 2.74 2.42 2.57 2.33 2.08 11.96 10.48 9.01 8.57 7.53 6.59 15.57 14.28 12.61 11.24 2.07 2.37 2.63 2.97 208.62 23.7%
ASHOK LEYLAND LTD 3.73 4.48 5.13 26.67 20.7%
ASIAN PAINTS LTD 17.30 13.90 11.28 9.28 4.99 4.18 3.57 3.04 42.87 35.42 29.34 24.65 31.23 25.71 21.17 17.65 49.02 40.12 33.13 27.35 0.78 1.01 1.22 1.52 4596.75 -6.1%
AXIS BANK LTD 2.44 2.01 1.69 1.39 4.41 3.68 3.01 2.45 13.62 10.65 8.48 7.12 1.26 1.47 1.62 2.09 1599.81 23.6%
BAJAJ AUTO LTD 8.08 5.64 4.47 3.62 2.60 2.51 2.17 1.93 16.17 15.80 12.71 10.96 12.55 12.99 10.65 9.40 16.82 16.68 13.85 12.34 2.80 2.84 3.28 3.38 2138.84 19.1%
BANK OF BARODA 1.06 1.93 5.09 2.94 2.71 3.06 3.42 843.85 27.2%
BANK OF INDIA 2.78 3.31 3.89 354.51 22.2%
BHARAT FORGE LTD 2.03 1.98 1.78 1.59 0.76 0.80 0.74 0.66 0.46 7.27 7.72 6.61 6.16 6.73 8.07 7.02 6.22 11.11 16.47 12.37 10.08 6.27 1.69 1.98 2.15 2.45 232.41 14.7%
BHARAT HEAVY ELECTRICALS 1.73 1.44 1.28 1.17 0.89 0.91 0.96 1.06 8.10 6.24 7.07 8.12 4.16 4.24 4.94 5.50 6.70 7.06 8.20 9.47 3.99 3.78 3.44 3.12 207.15 17.5%
BHARAT PETROLEUM CORP LTD 1.67 1.50 1.41 1.24 1.24 0.13 0.11 0.11 0.11 0.11 8.21 5.12 5.03 5.21 3.33 11.23 8.69 8.44 7.50 7.49 22.52 16.22 14.74 12.30 12.54 1.43 1.90 2.05 2.30 1.33 441.70 17.9%
BHARTI AIRTEL LTD 2.15 2.10 1.92 1.72 1.58 1.40 1.27 1.17 1.06 6.09 6.10 5.22 4.53 7.61 7.32 6.42 5.69 4.90 22.92 41.36 22.08 15.82 11.01 0.36 0.39 0.54 0.91 4.04 359.56 21.0%
CAIRN INDIA LTD 1.12 0.94 0.82 0.74 0.74 3.74 2.81 2.80 2.75 2.46 5.55 4.09 4.42 4.71 5.23 3.80 2.97 3.19 3.36 3.70 6.42 4.60 5.17 5.46 6.14 2.45 4.37 3.87 3.78 3.97 383.74 38.5%
CANARA BANK 0.75 0.93 0.86 1.47 4.51 4.67 4.48 3.50 3.14 3.07 3.45 3.91 464.81 28.2%
CIPLA LTD 4.05 3.42 2.96 2.57 4.39 3.69 3.28 2.85 23.37 18.25 16.32 14.16 18.83 13.47 12.62 10.96 27.15 19.95 18.48 15.87 0.77 0.79 0.87 0.96 436.25 14.9%
COAL INDIA LTD 4.41 3.77 3.12 2.67 2.58 3.11 2.77 2.58 2.38 2.18 11.24 9.98 9.29 8.03 7.34 6.63 5.91 5.21 4.85 12.95 11.24 10.27 9.16 9.73 2.20 3.33 3.64 4.38 3.32 388.40 28.9%
COLGATE PALMOLIVE (INDIA) 39.16 34.43 30.56 27.02 6.29 5.47 4.60 3.88 37.94 28.74 24.97 21.37 28.54 24.81 20.40 16.74 37.78 31.11 27.19 23.30 2.24 2.33 2.66 3.00 1335.92 7.8%
CROMPTON GREAVES LTD 1.65 1.63 1.47 1.29 0.52 0.49 0.44 0.39 0.35 10.50 15.42 8.31 6.56 8.06 12.53 7.19 5.86 4.88 13.20 29.38 11.78 8.82 2.03 1.31 1.79 2.05 109.57 19.0%
CUMMINS INDIA LTD 6.58 5.98 5.39 4.84 3.29 2.90 2.47 2.12 19.88 15.47 12.97 11.21 24.20 19.58 16.32 14.31 2.10 2.60 2.83 3.18 542.22 11.8%
DABUR INDIA LTD 13.85 10.82 8.65 7.01 4.51 3.77 3.25 2.80 35.20 27.89 23.30 20.06 26.63 22.63 19.08 16.21 36.34 30.54 25.47 21.37 1.05 1.20 1.44 1.72 146.21 8.9%
DIVI'S LABORATORIES LTD 6.22 5.17 4.24 3.51 8.11 5.83 4.78 3.99 23.83 18.98 15.50 13.53 21.84 15.58 12.68 10.65 27.24 20.43 16.64 13.78 0.94 1.42 1.65 1.97 1261.04 26.4%
DLF LTD 1.52 1.49 1.42 1.33 4.21 4.85 4.17 3.49 21.79 20.33 19.96 13.98 13.73 17.91 14.31 11.38 28.81 38.28 27.85 18.57 0.92 0.92 0.97 0.92 282.29 19.5%
DR. REDDY'S LABORATORIES 5.19 4.34 3.57 2.98 3.15 2.63 2.34 2.09 15.96 14.19 13.55 11.81 13.72 12.89 11.54 10.36 19.96 18.86 16.58 14.54 0.67 0.91 0.99 1.16 2084.67 18.8%
EXIDE INDUSTRIES LTD 3.97 3.78 3.31 2.86 2.06 1.68 1.42 1.19 18.83 16.17 13.86 11.90 12.94 11.27 9.13 8.34 22.68 20.15 16.51 15.19 1.04 1.17 1.40 1.72 135.65 7.5%
FEDERAL BANK LTD 1.36 1.18 3.34 11.52 1.78 1.98 2.23 2.55 576.96 18.2%
GAIL INDIA LTD 1.60 1.35 1.21 1.06 0.94 0.79 0.70 0.59 7.22 6.36 6.03 5.38 7.00 6.33 5.86 5.10 9.18 8.56 8.26 7.21 2.89 3.02 3.15 3.44 394.80 29.9%
GLENMARK PHARMACEUTICALS LTD 5.12 4.28 3.47 2.81 3.36 2.61 2.21 1.92 19.89 17.09 14.04 11.63 16.76 14.14 12.07 10.31 23.20 21.16 16.74 13.90 0.12 0.40 0.43 0.45 560.94 18.9%
GMR INFRASTRUCTURE LTD 0.86 0.90 0.92 0.85 1.06 0.96 0.72 0.58 28.91 16.59 6.65 4.40 23.31 17.63 11.34 9.39 42.22 0.00 0.00 0.44 0.00 26.00 24.4%
GODREJ CONSUMER PRODUCTS LTD 11.87 8.37 7.08 6.00 5.84 4.34 3.60 3.01 41.94 35.23 27.99 23.39 33.87 27.25 21.87 18.07 47.00 38.86 31.12 25.23 0.78 0.70 0.88 1.10 750.07 -7.8%
GRASIM INDUSTRIES LTD 1.55 1.33 1.15 1.00 1.10 0.96 0.84 0.72 6.28 5.49 4.95 4.28 6.37 5.65 4.73 3.97 10.49 9.60 8.33 7.14 0.88 0.87 0.94 0.99 3759.90 33.0%
HCL TECHNOLOGIES LTD 5.21 4.09 3.34 2.76 2.57 2.14 1.90 1.66 1.58 17.82 12.41 11.46 9.99 14.20 9.76 9.10 8.28 8.63 23.11 14.89 13.65 12.29 13.44 1.14 1.46 1.61 1.85 795.04 2.6%
HDFC BANK LIMITED 4.84 8.28 27.68 0.66 0.89 1.08 1.33 708.11 15.3%
HERO MOTOCORP LTD 2.92 3.15 3.75 1840.35 17.0%
HINDALCO INDUSTRIES LTD 0.54 0.50 0.47 0.43 0.37 0.21 0.21 0.19 0.18 0.16 3.10 3.08 2.69 2.46 6.23 6.37 5.53 4.78 3.54 5.54 6.14 5.77 5.07 3.31 1.87 1.76 1.83 1.90 1.76 123.33 40.2%
HINDUSTAN PETROLEUM CORP 0.70 0.69 0.65 0.62 0.05 0.05 0.05 0.04 4.22 1.64 2.14 2.83 13.21 8.44 7.98 7.34 10.59 10.43 7.09 6.66 2.79 2.76 3.39 3.77 4.97 361.18 28.6%
HINDUSTAN UNILEVER LTD 31.50 25.35 21.13 18.47 4.48 3.80 3.33 2.92 37.14 32.11 29.19 26.66 30.78 24.03 21.27 18.76 39.70 31.18 28.27 25.68 1.71 2.84 2.37 2.67 479.12 1.4%
HINDUSTAN ZINC LTD 2.39 2.62 2.76 152.05 30.6%
HOUSING DEVELOPMENT & INFRAS 0.19 0.17 0.16 0.15 0.96 0.95 0.73 0.67 3.33 3.61 2.36 2.25 4.54 4.44 3.62 3.61 2.72 2.88 2.30 2.15 3.48 2.00 2.91 2.74 94.89 108.8%
HOUSING DEVELOPMENT FINANCE 5.50 20.79 27.03 1.26 1.50 1.74 2.00 850.02 3.3%
ICICI BANK LTD 1.97 1.76 1.61 1.51 4.94 17.15 12.98 11.15 1.59 1.93 2.18 2.50 1345.89 31.8%
IDBI BANK LTD 4.35 3.96 5.11 6.05 109.45 37.2%
IDEA CELLULAR LTD 2.76 2.57 2.32 2.05 1.85 1.62 1.43 1.28 1.11 9.81 7.96 6.69 5.59 8.92 7.73 6.56 5.64 4.54 49.57 35.37 23.31 16.74 10.87 0.01 0.06 0.17 0.34 3.68 112.59 3.6%
IDFC LTD 1.71 1.55 1.38 1.22 7.07 6.25 5.26 4.49 12.82 10.35 8.08 7.28 28.97 23.21 19.86 17.09 13.17 11.86 9.91 8.27 1.71 1.88 2.21 2.43 181.91 30.2%
INDIAN OIL CORPORATION LTD 1.13 1.02 0.95 0.89 0.15 0.14 0.14 0.14 9.97 6.07 4.51 4.16 8.77 7.94 7.05 6.49 11.12 10.50 8.44 7.61 2.39 2.73 3.23 3.48 337.27 23.1%
INDUSIND BANK LTD 2.85 15.50 0.73 0.92 1.06 480.63 20.2%
INFOSYS LTD 5.05 4.23 3.56 3.07 4.78 4.04 3.62 3.22 2.52 17.95 15.14 14.51 13.22 13.02 11.99 10.79 9.81 8.43 19.60 17.49 16.04 14.45 13.52 1.49 1.68 1.80 2.05 2938.78 3.0%
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] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
ITC LTD 13.12 10.86 9.64 8.42 9.28 7.87 6.75 5.80 36.30 29.52 25.02 21.25 26.00 21.31 17.92 15.16 39.44 32.06 27.07 22.90 1.53 1.87 2.19 2.64 331.78 8.4%
JAIPRAKASH ASSOCIATES LTD 1.09 1.09 1.00 0.91 0.99 0.80 0.64 0.56 8.54 6.45 4.41 2.91 13.32 9.98 8.21 6.71 5.64 12.70 15.05 11.48 7.43 1.35 1.04 1.10 1.26 94.33 47.1%
JINDAL STEEL & POWER LTD 1.83 1.55 1.32 1.11 1.94 1.67 1.46 1.20 1.14 6.07 6.43 5.65 4.63 7.54 7.45 6.65 5.40 4.25 8.23 8.52 8.07 7.32 5.67 0.54 0.49 0.50 0.52 460.94 30.6%
JSW STEEL LTD 0.79 0.75 0.69 0.63 0.42 0.35 0.32 0.30 4.74 3.63 3.02 2.77 5.30 4.34 3.88 3.62 4.02 12.36 8.78 7.01 6.17 1.56 1.53 1.70 1.94 758.04 26.5%
KOTAK MAHINDRA BANK LTD 3.75 3.18 2.72 2.33 6.79 5.09 4.29 3.90 26.55 22.61 18.39 15.09 0.12 0.13 0.17 0.17 669.29 4.6%
LARSEN & TOUBRO LTD 3.03 2.38 2.14 1.86 1.31 1.10 0.97 0.84 16.86 7.39 10.50 10.66 13.83 12.22 10.71 9.16 17.31 15.78 14.17 12.19 1.14 1.32 1.42 1.54 1720.71 28.7%
LIC HOUSING FINANCE LTD 2.12 1.70 1.44 6.31 5.99 4.61 10.75 10.52 7.69 1.72 1.80 2.20 2.68 286.18 29.3%
LUPIN LTD 6.97 5.55 4.48 3.67 4.03 3.01 2.61 2.30 26.51 19.19 16.09 14.25 20.27 13.95 12.10 10.79 28.54 23.33 19.40 17.05 0.60 0.69 0.78 0.89 680.15 9.3%
MAHINDRA & MAHINDRA LTD 3.22 2.54 2.17 1.84 1.17 0.75 0.66 0.59 11.38 9.17 8.10 6.90 11.79 8.31 7.18 6.10 17.33 13.54 11.47 9.45 1.38 1.53 1.64 1.79 997.57 15.6%
MARUTI SUZUKI INDIA LTD 2.42 2.17 1.88 1.61 1.06 0.88 0.76 0.65 13.80 10.45 7.59 6.60 12.77 9.67 6.48 5.21 23.56 19.57 12.70 10.19 0.54 0.63 0.93 1.09 1738.92 34.5%
NESTLE INDIA LTD 28.05 36.72 1.25 1.57 2.09 2.39 4683.86 2.1%
NHPC LTD 0.89 0.82 0.78 0.74 0.69 4.29 3.81 3.41 3.13 7.27 6.86 6.86 6.04 9.48 8.69 7.58 6.89 11.53 10.57 9.58 8.84 7.98 3.31 3.76 3.94 4.12 24.06 20.6%
NMDC LTD 2.18 4.72 7.14 4.87 7.26 3.52 3.51 3.70 4.08 185.85 38.5%
NTPC LTD 1.58 1.46 1.34 1.25 1.85 1.65 1.43 1.30 8.97 8.76 7.60 6.76 10.32 9.05 7.67 6.79 12.36 11.39 10.10 9.36 2.93 3.10 3.32 3.75 182.02 27.7%
OIL & NATURAL GAS CORP LTD 1.97 1.73 1.54 1.36 1.30 1.77 1.65 1.52 1.42 1.64 5.45 5.69 5.05 4.45 8.39 4.38 4.55 3.96 3.52 4.21 9.70 10.25 8.85 7.61 9.02 3.36 3.26 3.64 4.05 4.33 354.62 17.2%
POWER FINANCE CORPORATION 1.15 1.11 0.96 0.80 5.50 3.82 3.07 2.66 8.94 5.61 4.53 3.86 3.08 3.97 4.53 5.10 240.93 32.1%
POWER GRID CORP OF INDIA LTD 2.08 1.87 1.61 1.45 4.80 3.79 3.25 3.01 11.70 9.26 7.90 7.24 16.09 11.87 10.46 9.85 1.14 2.24 2.48 2.86 135.51 29.1%
PUNJAB NATIONAL BANK 1.00 4.81 3.52 3.32 3.65 4.21 952.84 33.7%
RANBAXY LABORATORIES LTD 3.98 3.68 2.87 2.56 1.55 1.61 1.44 1.29 10.06 13.85 10.35 15.56 8.40 11.05 8.39 10.72 13.14 16.98 12.86 17.01 0.79 0.81 1.04 1.65 452.89 1.8%
RELIANCE CAPITAL LTD 0.92 0.67 0.64 0.56 1.37 1.28 1.17 1.21 32.61 28.85 29.01 33.28 13.88 11.33 10.85 8.42 2.27 3.19 3.28 3.41 529.39 75.9%
RELIANCE COMMUNICATIONS LTD 0.27 0.30 0.29 0.28 0.52 0.50 0.46 0.44 0.41 2.13 2.08 1.96 1.74 7.57 7.28 6.62 6.09 5.46 13.03 16.85 10.47 7.23 5.76 1.46 0.57 0.72 0.76 1.57 68.33 33.7%
RELIANCE INDUSTRIES LTD 1.45 1.33 1.21 1.11 0.77 0.69 0.70 0.67 0.65 8.09 7.58 7.43 6.47 7.80 8.33 7.96 6.82 6.29 12.29 11.94 11.33 10.06 9.58 1.08 1.16 1.24 1.33 924.24 18.0%
RELIANCE INFRASTRUCTURE LTD 0.37 0.33 0.31 0.30 0.37 0.38 0.36 0.35 3.46 55.62 20.02 7.50 7.56 6.42 5.43 5.32 5.21 5.06 5.13 2.39 2.39 2.48 2.42 674.82 108.5%
RELIANCE POWER LTD 0.95 0.89 0.84 0.78 0.70 7.96 3.47 2.31 1.46 1.04 21.08 12.06 7.59 5.54 48.12 19.22 11.17 6.92 4.23 23.10 16.56 16.00 9.89 6.18 0.00 0.00 0.00 0.23 3.33 91.41 54.5%
RURAL ELECTRIFICATION CORP 1.37 1.17 1.01 0.87 4.91 3.61 3.25 2.97 5.17 5.14 4.60 34.26 7.98 5.50 5.06 5.06 4.00 269.19 33.2%
SATYAM COMPUTER SERVICES LTD 3.85 3.40 2.60 2.32 2.32 1.92 1.75 1.59 17.57 9.99 9.48 9.84 11.96 7.30 6.97 6.42 15.31 12.20 11.00 10.13 0.00 0.00 0.00 0.00 131.20 3.8%
SESA GOA LTD 0.86 0.77 0.69 0.63 1.60 4.62 2.36 2.09 4.76 6.06 5.60 6.08 4.88 17.28 10.27 9.20 4.79 5.16 4.91 4.58 2.51 2.39 2.56 2.49 185.91 23.0%
SHRIRAM TRANSPORT FINANCE 2.48 2.10 1.75 1.46 4.22 3.95 3.39 2.93 11.88 10.36 8.20 6.77 10.81 10.66 8.95 7.58 1.16 1.12 1.32 1.56 809.92 20.1%
SIEMENS LTD 4.36 3.99 3.58 1.48 1.42 1.29 25.07 19.22 16.25 18.90 15.20 12.48 31.08 25.49 20.85 1.23 1.15 1.23 1.28 571.05 8.3%
STATE BANK OF INDIA 1.37 1.16 1.01 0.88 1.61 1.42 1.23 1.06 9.24 6.79 6.15 9.62 7.41 6.45 5.42 1.72 2.01 2.28 2.58 2435.05 18.7%
STEEL AUTHORITY OF INDIA 0.63 0.59 0.55 0.52 0.55 0.56 0.49 0.43 4.25 5.63 4.67 3.61 5.87 6.29 4.98 3.77 3.02 6.39 8.41 7.62 6.14 3.82 3.23 3.42 3.50 6.93 77.75 27.5%
STERLITE INDUSTRIES INDIA LT 0.65 0.58 0.53 0.47 0.78 0.71 0.65 0.61 4.24 3.63 3.23 2.93 3.69 3.61 3.08 2.84 5.66 5.35 4.71 4.37 1.64 2.11 2.23 2.39 123.90 35.9%
SUN PHARMACEUTICAL INDUS 7.46 5.78 4.78 4.00 11.09 7.70 6.60 5.76 33.39 23.62 20.44 18.15 28.07 17.21 15.70 14.24 36.49 26.08 22.96 19.91 0.53 0.66 0.79 0.93 860.56 4.7%
SUZLON ENERGY LTD 0.38 0.55 0.50 1.17 0.11 0.11 0.09 0.07 8.14 287.23 2.64 8.18 68.39 6.40 5.37 34.18 5.13 0.00 0.74 1.32 0.00 16.48 22.1%
TATA CHEMICALS LTD 1.32 1.19 1.08 0.97 0.62 0.56 0.53 0.50 5.24 5.62 5.03 4.33 6.26 6.15 5.61 5.33 9.22 9.63 8.46 7.78 3.20 3.17 3.25 3.52 385.05 19.2%
TATA CONSULTANCY SVCS LTD 9.69 7.67 6.14 4.95 6.21 4.84 4.27 3.77 3.27 27.42 20.97 18.36 16.24 20.26 16.16 14.34 12.89 11.27 28.72 21.88 19.63 17.41 1.14 1.44 1.65 1.78 1506.73 -3.3%
TATA GLOBAL BEVERAGES LTD 1.74 1.60 1.51 1.46 1.18 1.03 0.92 0.83 18.23 15.11 13.21 11.85 15.29 12.00 10.27 9.11 24.39 18.47 15.54 14.46 2.20 2.15 2.42 3.38 160.78 30.2%
TATA MOTORS LTD 3.09 2.12 1.68 1.35 0.50 0.43 0.38 0.33 5.03 4.78 3.99 3.33 4.49 4.08 3.40 2.99 8.43 8.60 6.92 6.17 1.58 1.43 1.51 1.58 326.65 18.7%
TATA POWER CO LTD 1.61 1.75 1.62 1.47 0.91 0.74 0.63 0.60 8.25 7.50 5.70 4.95 8.93 8.60 7.18 6.72 13.08 19.11 16.31 13.36 1.34 1.20 1.27 1.30 104.83 10.6%
TATA STEEL LTD 0.76 0.72 0.68 0.64 0.44 0.23 0.22 0.21 0.20 0.17 3.46 4.88 3.22 3.00 2.24 5.85 6.24 4.85 4.48 3.25 6.69 17.35 7.95 6.64 2.63 3.76 3.38 3.60 4.06 7.60 407.20 33.0%
TITAN INDUSTRIES LTD 15.69 11.36 8.57 6.60 2.56 2.16 1.75 1.46 39.21 33.67 27.60 22.30 27.05 21.05 16.76 13.64 37.94 30.67 24.68 20.15 0.71 0.94 1.24 1.56 309.61 23.0%
ULTRATECH CEMENT LTD 4.04 3.29 2.79 2.28 2.79 2.35 2.02 1.75 18.00 13.42 11.32 9.43 13.46 10.96 9.10 7.56 24.64 18.34 15.42 12.82 0.35 0.47 0.52 0.60 2090.79 13.0%
UNION BANK OF INDIA 0.76 4.97 3.43 3.99 4.59 5.07 9.15 263.54 25.3%
UNITECH LTD 0.49 0.47 0.46 0.44 2.12 2.30 1.87 1.52 12.70 18.48 12.59 11.33 13.74 18.82 13.34 9.72 14.29 18.09 13.67 10.25 0.47 0.51 0.59 0.57 33.72 52.6%
UNITED BREWERIES LTD 12.28 12.28 10.44 8.51 4.89 4.40 3.64 2.94 50.56 45.81 36.85 28.54 46.90 36.42 27.84 20.22 14.83 106.66 83.86 60.64 41.11 0.11 0.12 0.16 0.26 517.20 -24.9%
UNITED PHOSPHORUS LTD 1.27 1.13 0.99 0.86 0.68 0.59 0.54 0.49 7.24 5.19 4.55 3.85 5.58 5.08 4.57 4.08 8.76 7.37 6.36 5.42 2.01 2.41 2.63 2.90 163.84 40.5%
UNITED SPIRITS LTD 5.16 4.26 3.14 2.88 2.83 2.33 2.04 1.83 1.62 54.04 45.84 29.20 23.47 26.40 23.12 19.30 16.32 12.38 65.91 67.73 36.46 26.61 0.17 0.16 0.17 0.20 2240.81 18.9%
WIPRO LTD 3.85 3.25 2.81 2.43 2.86 2.48 2.26 2.04 1.88 16.25 14.09 12.81 11.85 13.43 11.54 10.58 9.56 8.86 18.93 16.29 15.01 13.42 13.00 1.41 1.60 1.76 1.89 432.15 -0.8%
YES BANK LTD 3.19 6.17 15.25 9.78 0.95 1.14 1.38 1.63 568.26 33.6%
ZEE ENTERTAINMENT ENTERPRISE 5.74 5.23 4.50 3.85 3.02 6.74 5.45 4.71 4.09 3.39 34.16 28.06 22.87 18.83 24.18 20.54 16.69 13.45 9.16 34.51 28.11 23.03 18.77 13.54 0.93 1.05 1.23 1.49 3.76 250.18 19.9%
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] |
27.03.2013
ABB Limited undertakes engineering and construction projects and manufactures
a wide range of food products. The Company's product line includes milk,
chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
pet foods.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (30.03.2012) 862.00
52-Week Low (26.03.2013) 485.00
Daily Volume
488.85
52-Week High % Change -43.29% Dividend Yield 0.61
52-Week Low % Change 0.79% Beta 0.94
% 52 Week Price Range High/Low 1.02% Equity Float 32.78
Shares Out 25.01.2013 211.9 Short Int -
103'591.41 1 Yr Total Return -40.12%
Total Debt 3'315.70 YTD Return -30.20%
Preferred Stock 18.5 Adjusted BETA 0.935
Minority Interest 0.0 Analyst Recs 39
Cash and Equivalents 869.20 Consensus Rating 1.359
Enterprise Value 106'037.91
Average Volume 5 Day 10'909
ABB IB EQUITY YTD Change - Average Volume 30 Day 12'714
ABB IB EQUITY YTD % CHANGE - Average Volume 3 Month 10'006
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
- - - 73'727.3 75'136.8 0 21'721 80'764 90'596 - -
- - - 1.64x 2.01x #DIV/0! 5.57x - - - -
- - - 2'813.7 3'415.8 0.0 1'082.8 4'684.0 6'614.0 - -
- - - 43.01x 44.19x 0.00x 0.00x 22.64x 16.04x - -
- - - 1'847.1 1'409.4 0.0 642.9 2'228.0 3'472.0 - -
- - - 66.92x 105.38x 0.00x 0.00x 46.56x 29.81x - -
EBITDA 3'415.80 Long-Term Rating Date -
EBIT 2'474.10 Long-Term Rating -
Operating Margin 3.29% Long-Term Outlook -
Pretax Margin 2.81% Short-Term Rating Date -
Return on Assets 2.20% Short-Term Rating -
Return on Common Equity 5.49%
Return on Capital 6.21% EBITDA/Interest Exp. 7.90
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 4.12
Net Debt/EBITDA 0.72
Gross Margin - Total Debt/EBITDA 0.97
EBITDA Margin 4.5%
EBIT Margin 3.3% Total Debt/Equity 12.7%
Net Income Margin 1.9% Total Debt/Capital 11.3%
Asset Turnover 1.17
Current Ratio 1.25 Net Fixed Asset Turnover 6.10
Quick Ratio 0.87 Accounts receivable turnover-days 155.25
Debt to Assets 5.10% Inventory Days -
Tot Debt to Common Equity 12.74% Accounts Payable Turnover Day -
Accounts Receivable Turnover 2.36 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
ABB Ltd/IndiaPrice/Volume
Valuation Analysis
13'351.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABB ASEA BROWN BOVER n/a ULT-AGG 167'423'934 5.19 145'091 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 73'718'620 2.29 2'250'900 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 45'239'182 1.4 (902'542) 31.01.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 37'264'088 1.16 2'976'375 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'232'885 1.09 (997'394) 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 28'857'544 0.89 (56'440) 30.11.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 23'431'160 0.73 524'947 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'332'115 0.57 319'679 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 17'812'640 0.55 88'163 31.01.2013 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 16'719'546 0.52 6'474'868 31.01.2013 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'537'390 0.39 22'050 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'887'345 0.37 (187'731) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'560'011 0.33 (110'988) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'789'155 0.3 3'003'499 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'899'608 0.28 (63'233) 31.01.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'902'742 0.25 11'764 30.09.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'524'912 0.17 121'371 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'320'763 0.16 (722'976) 31.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 5'162'265 0.16 (118'700) 28.02.2013 Unclassified
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'693'232 0.15 (71'536) 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited ANDREW WOOD market perform 3 M 66 12 month 26.03.2013
Kepler Capital Markets JON COX hold 3 M 60 Not Provided 22.03.2013
Grupo Santander PEDRO GIL buy 5 M 72 Not Provided 21.03.2013
Jefferies ALEX HOWSON buy 5 M 74 12 month 21.03.2013
AlphaValue SOPHIE CABO-BROSETA reduce 2 M 70 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas JEFF STENT outperform 5 M 74 Not Provided 19.03.2013
Day by Day VALERIE GASTALDY buy 5 M 79 3 month 18.03.2013
JPMorgan CELINE PANNUTI overweight 5 M 72 9 month 14.03.2013
Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 68 12 month 13.03.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 73 12 month 11.03.2013
Credit Suisse ALEX MOLLOY outperform 5 U 76 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 69 12 month 05.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 63 12 month 26.02.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 22.02.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 22.02.2013
Societe Generale WARREN L ACKERMAN buy 5 M 71 12 month 19.02.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 18.02.2013
Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 15.02.2013
Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 15.02.2013
Nomura DAVID HAYES reduce 2 M 66 Not Provided 15.02.2013
Helvea ANDREAS VON ARX neutral 3 M 65 12 month 15.02.2013
Barclays LIAM ROWLEY overweight 5 M 70 Not Provided 15.02.2013
Deutsche Bank JAMES ISENWATER hold 3 M 63 12 month 14.02.2013
Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 70 12 month 14.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 67 12 month 14.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 14.02.2013
SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 61 12 month 14.02.2013
S&P Capital IQ CARL SHORT hold 3 M 65 12 month 14.02.2013
Natixis PIERRE TEGNER buy 5 U 72 Not Provided 11.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 63 Not Provided 21.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 58 Not Provided 14.09.2012
Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 13.09.2012
HSBC CEDRIC BESNARD neutral 3 D 67 Not Provided 12.09.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
DZ Bank AG ROBERT CZERWENSKY hold 3 D 63 12 month 16.08.2012
Holdings By:
ABB Ltd/India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
ACC Limited manufactures a range of cements and blended cements. The Company
provides a variety of international banking and financial services, including
retail and corporate banking, trade, trusteeship, securities, custody, capital
markets, treasury, private and investment banking, and insurance. The Group
operates worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.10.2012) 1'514.95
52-Week Low (04.06.2012) 1'105.05
Daily Volume
1157.4
52-Week High % Change -23.60% Dividend Yield 2.59
52-Week Low % Change 4.74% Beta 0.82
% 52 Week Price Range High/Low 12.77% Equity Float 80.36
Shares Out 25.01.2013 187.7 Short Int -
217'296.48 1 Yr Total Return -10.41%
Total Debt 1'630.60 YTD Return -17.66%
Preferred Stock 0.0 Adjusted BETA 0.817
Minority Interest 25.5 Analyst Recs 58
Cash and Equivalents 30'229.20 Consensus Rating 3.310
Enterprise Value 188'723.39
Average Volume 5 Day 27'666
ACC IB EQUITY YTD Change - Average Volume 30 Day 25'274
ACC IB EQUITY YTD % CHANGE - Average Volume 3 Month 25'265
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
76'939.4 84'795.5 82'606.3 100'020.7 111'305.6 100'260.1 111'816.2 127'089.6 143'117.1 31'863.0 -
1.11x 1.78x 2.22x 1.90x 2.16x 3.69x 4.07x 1.48x 1.27x - -
22'511.9 26'283.6 18'428.2 19'212.4 21'966.5 19'211.3 21'967.1 24'105.6 28'627.9 6'505.0 -
3.78x 5.74x 9.95x 9.91x 10.94x 10.53x 10.94x 7.84x 6.60x - -
10'996.5 15'639.1 10'775.3 13'008.0 10'592.8 13'008.0 10'592.7 15'498.3 17'601.4 3'581.0 -
8.19x 10.47x 18.74x 16.41x 25.38x 16.41x 25.40x 14.55x 12.67x - -
EBITDA 21'966.50 Long-Term Rating Date -
EBIT 16'277.50 Long-Term Rating -
Operating Margin 14.62% Long-Term Outlook -
Pretax Margin 13.03% Short-Term Rating Date -
Return on Assets 8.88% Short-Term Rating -
Return on Common Equity 14.76%
Return on Capital 15.21% EBITDA/Interest Exp. 19.16
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 14.17
Net Debt/EBITDA -1.30
Gross Margin - Total Debt/EBITDA 0.07
EBITDA Margin 19.7%
EBIT Margin 14.6% Total Debt/Equity 2.2%
Net Income Margin 9.5% Total Debt/Capital 2.2%
Asset Turnover 0.93
Current Ratio 1.42 Net Fixed Asset Turnover 1.72
Quick Ratio 0.98 Accounts receivable turnover-days 9.35
Debt to Assets 1.37% Inventory Days -
Tot Debt to Common Equity 2.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 39.16 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ACC LtdPrice/Volume
Valuation Analysis
17'393.00
Current Price (3/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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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOLCIM PVT LTD n/a ULT-AGG 1'324'583'860 7.17 (13'049'021) 12.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 1'110'172'768 6.01 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 681'507'879 3.69 2'537'898 01.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 476'556'585 2.58 - 01.02.2013 Government
SCOTTISH WIDOWS n/a ULT-AGG 440'954'225 2.39 79'539'775 01.02.2013 Unclassified
FMR LLC n/a ULT-AGG 332'844'458 1.8 40'654'991 01.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 324'698'913 1.76 50'440'600 01.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 224'222'452 1.21 (2'646'000) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 209'856'599 1.14 5'636'526 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 200'499'704 1.08 10'505'716 01.02.2013 Investment Advisor
DZ BANK AG Multiple Portfolios REG 199'869'719 1.08 - 01.02.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 198'426'753 1.07 5'126'341 01.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 193'573'011 1.05 27'428'625 28.02.2013 Unclassified
UBS n/a ULT-AGG 187'959'754 1.02 21'768'714 01.02.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 181'870'790 0.98 2'568'947 01.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 180'568'727 0.98 (14'593'182) 01.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 174'085'246 0.94 2'029'272 26.03.2013 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 141'993'045 0.77 (3'241'674) 01.02.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 127'868'417 0.69 19'292'369 01.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 125'817'709 0.68 (3'893'625) 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL THOMAS STOEGNER outperform 5 M 800 12 month 26.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 835 Not Provided 25.03.2013
Credit Suisse AMIT GOEL outperform 5 M 790 Not Provided 25.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013
AlphaValue DAVID GRINSZTAJN sell 1 M 610 6 month 21.03.2013
Investec IAN GORDON add 4 M 735 12 month 20.03.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 U #N/A N/A Not Provided 19.03.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 860 12 month 18.03.2013
Nomura CHINTAN JOSHI buy 5 M 900 12 month 18.03.2013
Exane BNP Paribas TOM RAYNER outperform 5 M 825 Not Provided 18.03.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 856 12 month 14.03.2013
Oriel Securities Ltd VIVEK RAJA buy 5 U 860 Not Provided 14.03.2013
Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 940 12 month 12.03.2013
Numis Securities Ltd MICHAEL J TRIPPITT hold 3 M 652 Not Provided 12.03.2013
Societe Generale JAMES INVINE buy 5 M 790 12 month 05.03.2013
Deutsche Bank JASON NAPIER buy 5 M 760 12 month 05.03.2013
Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 777 12 month 05.03.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 700 12 month 05.03.2013
DBS Vickers ALEXANDER LEE buy 5 M 820 12 month 05.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 750 12 month 05.03.2013
Citic Securities Co., Ltd STEVEN CHAN buy 5 M 854 6 month 05.03.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 746 Not Provided 05.03.2013
Canaccord Genuity Corp GARETH HUNT buy 5 M 825 12 month 04.03.2013
S&P Capital IQ FRANK BRADEN buy 5 M 785 12 month 04.03.2013
CCB International Securities Ltd ADAM CHAN neutral 3 M 692 Not Provided 04.03.2013
JPMorgan RAUL SINHA overweight 5 M 755 9 month 26.02.2013
Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 800 12 month 08.02.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 720 Not Provided 04.02.2013
Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 31.01.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 800 Not Provided 29.01.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 680 Not Provided 28.01.2013
Barclays ROHITH CHANDRA-RAJAN overweight 5 M 730 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Daniel Stewart & Co SIMON WILLIS hold 3 M 650 12 month 09.01.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 665 Not Provided 07.12.2012
JF Apex Securities Bhd TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 06.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 676 Not Provided 06.12.2012
Mizuho Securities JIM ANTOS buy 5 U 709 12 month 19.11.2012
Grupo Santander ARTURO DE FRIAS hold 3 M 632 Not Provided 18.09.2012
China International Capital Corp SALLY NG accumulate 4 M 668 12 month 12.07.2012
Redburn Partners JON KIRK buy 5 N #N/A N/A Not Provided 27.01.2011
Holdings By:
ACC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Adani Enterprises Limited is an international trading house that operates from
Company produces pharmaceuticals for cardiovascular, respiratory and infectious
diseases, oncology, neuroscience, transplantation, dermatology,
gastrointestinal and urinary conditions, and arthritis, vaccines and
diagnostics, vision, and animal health products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (04.04.2012) 324.90
52-Week Low (31.08.2012) 151.70
Daily Volume
192.2
52-Week High % Change -40.84% Dividend Yield 0.52
52-Week Low % Change 26.70% Beta 1.43
% 52 Week Price Range High/Low 23.38% Equity Float 248.62
Shares Out 25.01.2013 1'099.8 Short Int -
211'383.48 1 Yr Total Return -32.22%
Total Debt 659'938.10 YTD Return -29.09%
Preferred Stock 0.0 Adjusted BETA 1.434
Minority Interest 34'623.0 Analyst Recs 14
Cash and Equivalents 28'382.40 Consensus Rating 4.000
Enterprise Value 871'489.59
Average Volume 5 Day 1'205'410
ADE IB EQUITY YTD Change - Average Volume 30 Day 402'417
ADE IB EQUITY YTD % CHANGE - Average Volume 3 Month 339'701
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
175'325.2 225'736.3 211'207.0 264'054.7 393'556.3 377'892.5 454'910.2 453'503.9 570'956.3 135'868.0 -
1.13x 0.75x 1.90x 4.02x 2.54x 0.00x 4.14x 2.01x 1.67x - -
7'779.0 9'697.8 16'992.6 42'841.3 53'071.5 55'273.3 54'778.9 67'673.4 114'141.9 24'812.0 -
25.50x 17.41x 23.66x 24.77x 18.87x 0.00x 0.00x 12.88x 7.64x - -
3'697.5 5'046.5 9'193.0 24'760.9 18'392.1 24'579.7 14'486.6 14'502.0 30'325.8 4'534.0 -
39.98x 13.08x 25.32x 28.64x 18.23x 13.14x 20.62x 15.36x 7.57x - -
EBITDA 53'071.50 Long-Term Rating Date -
EBIT 40'831.60 Long-Term Rating -
Operating Margin 10.38% Long-Term Outlook -
Pretax Margin 6.34% Short-Term Rating Date -
Return on Assets 2.16% Short-Term Rating -
Return on Common Equity 9.88%
Return on Capital 4.20% EBITDA/Interest Exp. 4.55
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -22.51
Net Debt/EBITDA 11.90
Gross Margin - Total Debt/EBITDA 12.43
EBITDA Margin 13.5%
EBIT Margin 10.4% Total Debt/Equity 338.6%
Net Income Margin 4.7% Total Debt/Capital 74.2%
Asset Turnover 0.46
Current Ratio 0.85 Net Fixed Asset Turnover 0.68
Quick Ratio 0.41 Accounts receivable turnover-days 71.70
Debt to Assets 61.68% Inventory Days -
Tot Debt to Common Equity 338.61% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.10 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Adani Enterprises LtdPrice/Volume
Valuation Analysis
225'441.00
Current Price (3/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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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADANI GAUTAM S n/a ULT-AGG 120'887'981 4.47 (515'205) 31.12.2012 Investment Advisor
NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation
BLACKROCK n/a ULT-AGG 104'449'586 3.86 4'817'320 25.03.2013 Investment Advisor
EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager
NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 37'728'226 1.39 (769'427) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'677'414 1.13 1'041'632 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 23'848'647 0.88 (37'179) 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 14'689'249 0.54 167'961 31.01.2013 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 14'545'038 0.54 5'670'224 31.01.2013 Mutual Fund Manager
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'586 0.5 1'410'638 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'144'896 0.49 458'700 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'929'652 0.4 590'222 26.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 8'481'470 0.31 223'606 31.01.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 6'826'249 0.25 693'638 21.03.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'478'481 0.24 63'525 28.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 5'933'597 0.22 (9'500) 28.02.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 5'456'801 0.2 (621'833) 31.12.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5'092'802 0.19 (237'271) 31.05.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'857'938 0.14 219'112 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited TIMOTHY M ANDERSON outperform 5 M 71 12 month 25.03.2013
Helvea ODILE RUNDQUIST buy 5 M 68 12 month 25.03.2013
Exane BNP Paribas FLORENT CESPEDES outperform 5 M 71 Not Provided 21.03.2013
AlphaValue ARMELLE MOULIN add 4 M 75 6 month 21.03.2013
JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 U 78 15 month 15.03.2013
Credit Suisse MATTHEW WESTON outperform 5 M 70 Not Provided 14.03.2013
Jefferies JEFFREY HOLFORD buy 5 M 78 12 month 14.03.2013
Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 13.03.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 72 Not Provided 28.02.2013
Day by Day VALERIE GASTALDY buy 5 M 69 3 month 28.02.2013
Societe Generale STEPHEN MCGARRY buy 5 M 72 12 month 25.02.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 70 6 month 25.02.2013
Kepler Capital Markets MARTIN VOEGTLI hold 3 M 59 Not Provided 14.02.2013
Barclays MARK PURCELL equalweight 3 M 65 Not Provided 04.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 60 12 month 28.01.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 70 Not Provided 25.01.2013
Bank Vontobel AG ANDREW C WEISS reduce 2 M 53 Not Provided 24.01.2013
Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 61 12 month 23.01.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 63 12 month 23.01.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 63 12 month 23.01.2013
Natixis BEATRICE MUZARD neutral 3 M 62 Not Provided 18.01.2013
Nomura AMIT ROY buy 5 M 65 12 month 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank TIM RACE hold 3 D 63 12 month 12.12.2012
Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.12.2012
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 Not Provided 25.10.2012
Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 70 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012
DZ Bank AG ELMAR KRAUS buy 5 M 56 12 month 30.01.2012
CA Cheuvreux MARCEL BRAND underperform 1 M 48 Not Provided 17.07.2009
Holdings By:
Adani Enterprises Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Adani Ports and Special Economic Zone operates a shipping port on the west coast
products. The Company produces prescription drugs in the areas of
cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
metabolic disorders, oncology, transplantation, and the central nervous system.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (06.02.2013) 162.40
52-Week Low (24.08.2012) 105.15
Daily Volume
131.7
52-Week High % Change -18.90% Dividend Yield 0.76
52-Week Low % Change 25.25% Beta 1.05
% 52 Week Price Range High/Low 46.38% Equity Float 393.87
Shares Out 25.01.2013 2'003.4 Short Int -
263'847.00 1 Yr Total Return 9.40%
Total Debt 174'485.43 YTD Return -2.44%
Preferred Stock 28.1 Adjusted BETA 1.048
Minority Interest 1'348.8 Analyst Recs 29
Cash and Equivalents 8'410.68 Consensus Rating 4.517
Enterprise Value 450'240.00
Average Volume 5 Day 470'035
ADSEZ IB EQUITY YTD Change - Average Volume 30 Day 246'619
ADSEZ IB EQUITY YTD % CHANGE - Average Volume 3 Month 363'055
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
8'170.2 11'949.3 14'955.2 20'001.1 32'708.0 0.0 33'867.9 43'719.7 52'499.9 8'629.0 -
28.90x 12.17x 23.04x 15.43x 13.05x #DIV/0! 13.05x 9.56x 7.17x - -
4'911.4 7'441.9 9'759.7 13'308.0 21'268.1 0.0 23'908.8 29'486.3 35'486.7 7'826.0 -
48.08x 19.54x 35.30x 23.19x 20.07x 0.00x 0.00x 15.25x 12.67x - -
2'104.2 4'325.2 6'760.0 9'181.5 11'020.7 0.0 9'129.1 12'904.1 17'937.6 3'622.0 -
109.18x 29.95x 46.80x 29.82x 23.54x 0.00x 0.00x 20.56x 14.91x - -
EBITDA 21'268.10 Long-Term Rating Date -
EBIT 16'637.76 Long-Term Rating -
Operating Margin 50.87% Long-Term Outlook -
Pretax Margin 36.15% Short-Term Rating Date -
Return on Assets 6.22% Short-Term Rating -
Return on Common Equity 24.43%
Return on Capital 9.55% EBITDA/Interest Exp. 5.55
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -6.35
Net Debt/EBITDA 7.81
Gross Margin - Total Debt/EBITDA 8.20
EBITDA Margin 65.0%
EBIT Margin 50.9% Total Debt/Equity 360.8%
Net Income Margin 33.7% Total Debt/Capital 77.8%
Asset Turnover 0.18
Current Ratio 0.62 Net Fixed Asset Turnover 0.23
Quick Ratio 0.33 Accounts receivable turnover-days 29.65
Debt to Assets 67.27% Inventory Days -
Tot Debt to Common Equity 360.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.34 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
Adani Ports and Special Economic ZonePrice/Volume
Valuation Analysis
212'063.00
Current Price (3/dd/yy) Market Data
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5'000.0
10'000.0
15'000.0
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25'000.0
30'000.0
35'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADANI ENTERPRISES LT Multiple Portfolios MF-AGG 19'795'162 2.82 336'935 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 11'953'300 1.7 - 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'676'417 1.52 102'700 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 10'199'888 1.45 (179'381) 31.01.2013 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 9'222'286 1.31 (1'803'044) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'033'131 1.14 731'500 25.03.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 7'596'200 1.08 - 29.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'169'150 1.02 (416'685) 31.01.2013 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 6'380'836 0.91 (11'698) 30.11.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'696'091 0.67 336'221 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'213'722 0.6 (246'469) 31.01.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 4'134'183 0.59 (5'494) 31.01.2013 Mutual Fund Manager
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 4'098'284 0.58 - 31.03.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3'770'320 0.54 1'486'953 31.01.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'587'836 0.51 117'690 26.03.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'812'095 0.4 24'010 31.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 2'637'300 0.38 (57'400) 28.02.2013 Unclassified
INVESCO LTD Multiple Portfolios MF-AGG 2'141'039 0.3 40'852 21.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'119'017 0.3 179'622 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'085'546 0.3 108'630 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited ODILE RUNDQUIST accumulate 4 M 220 12 month 25.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas VINCENT MEUNIER neutral 3 M 213 Not Provided 21.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013
JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 270 15 month 15.03.2013
Jefferies JEFFREY HOLFORD buy 5 M 230 12 month 14.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 208 6 month 08.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 222 12 month 05.03.2013
Societe Generale STEPHEN MCGARRY buy 5 M 246 12 month 25.02.2013
Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 25.02.2013
Natixis PHILIPPE LANONE buy 5 M 240 Not Provided 25.02.2013
Nomura AMIT ROY neutral 3 M 140 12 month 25.02.2013
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 230 12 month 22.02.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 222 12 month 22.02.2013
Kepler Capital Markets MARTIN VOEGTLI buy 5 M 225 Not Provided 21.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.02.2013
Deutsche Bank TIM RACE buy 5 M 215 12 month 04.02.2013
Barclays MARK PURCELL overweight 5 M 230 Not Provided 04.02.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 210 Not Provided 01.02.2013
Credit Suisse LUISA HECTOR outperform 5 M 227 Not Provided 31.01.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 D 206 12 month 31.01.2013
Bank Vontobel AG ANDREW C WEISS buy 5 M 225 Not Provided 31.01.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 215 12 month 30.01.2013
Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 245 12 month 28.01.2013
CA Cheuvreux MARCEL BRAND outperform 5 M 220 Not Provided 28.01.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 220 Not Provided 11.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 190 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER accumulate 4 M 178 Not Provided 02.04.2012
DZ Bank AG ELMAR KRAUS buy 5 M 220 12 month 03.02.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011
Holdings By:
Adani Ports and Special Economic Zone ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Adani Power Ltd is a power project development company. The Company develops,
services, including voice and data communications. The Company operates in
Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa
and the Middle East through its subsidiaries, associates, and investments.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (18.04.2012) 73.85
52-Week Low (30.08.2012) 36.80
Daily Volume
39.2
52-Week High % Change -46.92% Dividend Yield 0.00
52-Week Low % Change 6.52% Beta 1.33
% 52 Week Price Range High/Low 6.48% Equity Float 575.54
Shares Out 25.01.2013 2'393.3 Short Int -
93'816.27 1 Yr Total Return -42.52%
Total Debt 386'003.40 YTD Return -36.47%
Preferred Stock 0.0 Adjusted BETA 1.329
Minority Interest 5'590.3 Analyst Recs 40
Cash and Equivalents 4'774.50 Consensus Rating 1.875
Enterprise Value 454'206.17
Average Volume 5 Day 693'078
ADANI IB EQUITY YTD Change - Average Volume 30 Day 1'486'169
ADANI IB EQUITY YTD % CHANGE - Average Volume 3 Month 993'139
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
- - 4'348.6 21'351.9 40'897.9 0.0 48'868.7 69'279.5 135'658.8 - -
- - 80.80x 22.96x 13.11x #DIV/0! 9.74x 6.91x 3.47x - -
- - 2'439.5 12'549.7 13'383.1 0.0 4'561.5 15'694.8 51'388.5 - -
- - 144.04x 39.06x 40.06x 0.00x 0.00x 28.95x 8.84x - -
(71.8) (49.9) 1'701.1 5'135.7 (2'872.7) 0.0 (16'897.3) (12'666.3) 5'709.0 - -
- - 141.19x 47.86x - 0.00x 0.00x - 17.51x - -
EBITDA 13'383.10 Long-Term Rating Date -
EBIT 7'478.70 Long-Term Rating -
Operating Margin 18.29% Long-Term Outlook -
Pretax Margin 0.01% Short-Term Rating Date -
Return on Assets -0.67% Short-Term Rating -
Return on Common Equity -4.66%
Return on Capital -1538.43% EBITDA/Interest Exp. 1.97
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -13.35
Net Debt/EBITDA 28.49
Gross Margin - Total Debt/EBITDA 28.84
EBITDA Margin 32.7%
EBIT Margin 18.3% Total Debt/Equity 638.9%
Net Income Margin -7.0% Total Debt/Capital 85.4%
Asset Turnover 0.09
Current Ratio 0.45 Net Fixed Asset Turnover 0.11
Quick Ratio 0.07 Accounts receivable turnover-days 22.15
Debt to Assets 75.12% Inventory Days -
Tot Debt to Common Equity 638.94% Accounts Payable Turnover Day -
Accounts Receivable Turnover 16.52 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Adani Power LtdPrice/Volume
Valuation Analysis
275'374.00
Current Price (3/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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40'000.0
45'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADANI ENTERPRISES LT n/a ULT-AGG 3'213'888'547 6.57 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 1'840'749'892 3.76 (25'141'828) 03.12.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'829'029'872 3.74 (28'812'480) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 1'307'796'665 2.67 141'890'605 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 1'168'679'699 2.39 (11'916'154) 03.12.2012 Government
FMR LLC n/a ULT-AGG 1'115'035'830 2.28 (52'316'656) 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 905'655'588 1.85 105'084'426 31.01.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 890'918'812 1.82 (52'366'577) 31.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 835'280'974 1.71 19'552'525 28.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 785'130'474 1.6 100'485'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 628'261'806 1.28 72'066'899 31.12.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 619'899'347 1.27 99'016'155 03.12.2012 Government
STANDARD LIFE INVEST Multiple Portfolios REG 526'399'681 1.08 (24'829'446) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 517'367'935 1.06 44'104'574 03.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 514'956'230 1.05 (15'517'805) 26.03.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 508'998'599 1.04 (96'292'120) 03.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 463'624'918 0.95 (60'869'430) 31.01.2013 Unclassified
DODGE & COX Multiple Portfolios REG 413'470'000 0.85 15'508'600 03.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 409'583'000 0.84 2'613'000 29.01.2013 Investment Advisor
AXA n/a ULT-AGG 402'114'002 0.82 (2'762'350) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JUSTIN FUNNELL outperform 5 M 180 Not Provided 27.03.2013
Grupo Santander JOHN DAVIES hold 3 M 200 Not Provided 26.03.2013
Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 220 12 month 26.03.2013
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 205 12 month 25.03.2013
Jefferies JEREMY A DELLIS hold 3 M 174 12 month 25.03.2013
Oriel Securities Ltd JOHN KARIDIS buy 5 M 225 Not Provided 25.03.2013
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 U 172 Not Provided 22.03.2013
AlphaValue JEAN-MICHEL SALVADOR add 4 M 215 6 month 21.03.2013
Societe Generale OTTAVIO ADORISIO sell 1 M 100 12 month 15.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 135 12 month 15.03.2013
Espirito Santo Investment Bank ResearchNICK BROWN buy 5 M 200 Not Provided 13.03.2013
Barclays MAURICE PATRICK overweight 5 M 210 Not Provided 12.03.2013
Macquarie GUY R PEDDY outperform 5 M 205 12 month 11.03.2013
New Street Research JAMES RATZER buy 5 M 250 Not Provided 11.03.2013
Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 178 Not Provided 08.03.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 185 Not Provided 06.03.2013
Nomura JAMES BRITTON neutral 3 M 195 12 month 06.03.2013
JPMorgan AKHIL DATTANI overweight 5 M 220 12 month 26.02.2013
Oddo & Cie VINCENT MAULAY buy 5 M 200 Not Provided 14.02.2013
Banca Akros(ESN) ANDREA DEVITA hold 3 M 184 12 month 14.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 11.02.2013
Deutsche Bank DAVID A WRIGHT hold 3 M 173 12 month 08.02.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 150 12 month 07.02.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 190 12 month 07.02.2013
Day by Day VALERIE GASTALDY buy 5 M 188 3 month 28.01.2013
Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 210 Not Provided 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC STEPHEN HOWARD overweight 5 M 205 Not Provided 07.12.2012
Natixis BENOIT MAYNARD neutral 3 M 190 Not Provided 02.10.2012
DZ Bank AG JOERI SELS buy 5 M 190 12 month 08.11.2011
Northland Capital Partners Ltd DAVID JOHNSON not rated #N/A N/A M #N/A N/A Not Provided 13.04.2010
Holdings By:
Adani Power Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Ambuja Cements Limited manufactures cement in India. The Company owns specially
produces oil and natural gas, refines, markets, and supplies petroleum
products, generates solar energy, and manufactures and markets chemicals. BP's
chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and
polyethylene.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (05.10.2012) 220.70
52-Week Low (23.05.2012) 135.60
Daily Volume
168.65
52-Week High % Change -23.58% Dividend Yield 2.13
52-Week Low % Change 24.37% Beta 0.84
% 52 Week Price Range High/Low 38.84% Equity Float 679.70
Shares Out 11.03.2013 1'542.5 Short Int -
260'137.92 1 Yr Total Return 3.10%
Total Debt 603.60 YTD Return -15.11%
Preferred Stock 0.0 Adjusted BETA 0.840
Minority Interest 8.4 Analyst Recs 61
Cash and Equivalents 38'034.70 Consensus Rating 3.279
Enterprise Value 222'715.22
Average Volume 5 Day 135'430
ACEM IB EQUITY YTD Change - Average Volume 30 Day 127'588
ACEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 163'864
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
62'474.1 70'768.7 73'902.1 85'210.3 97'395.4 0.0 36'033.2 111'671.0 125'177.6 - -
1.59x 2.06x 2.66x 2.47x 2.80x #DIV/0! 0.00x 1.93x 1.68x - -
18'079.6 20'163.0 18'914.3 20'228.2 27'827.2 0.0 3'465.5 29'614.0 33'816.7 - -
5.49x 7.24x 10.39x 10.42x 9.79x 0.00x 0.00x 7.53x 6.59x - -
13'897.1 12'168.4 12'629.7 12'277.4 12'932.1 0.0 8'326.5 18'645.9 21'117.0 - -
7.67x 13.05x 17.29x 19.38x 23.89x 0.00x 0.00x 14.28x 12.61x - -
EBITDA 27'827.20 Long-Term Rating Date -
EBIT 19'349.10 Long-Term Rating -
Operating Margin 19.87% Long-Term Outlook -
Pretax Margin 19.46% Short-Term Rating Date -
Return on Assets 10.76% Short-Term Rating -
Return on Common Equity 15.34%
Return on Capital 15.82% EBITDA/Interest Exp. 35.89
Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 26.88
Net Debt/EBITDA -1.35
Gross Margin - Total Debt/EBITDA 0.02
EBITDA Margin 28.6%
EBIT Margin 19.9% Total Debt/Equity 0.7%
Net Income Margin 13.3% Total Debt/Capital 0.7%
Asset Turnover 0.81
Current Ratio 1.74 Net Fixed Asset Turnover 1.48
Quick Ratio 1.32 Accounts receivable turnover-days 8.80
Debt to Assets 0.48% Inventory Days -
Tot Debt to Common Equity 0.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 41.60 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
Ambuja Cements LtdPrice/Volume
Valuation Analysis
90'063.00
Current Price (3/dd/yy) Market Data
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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOLDERIND INVSTS LTD n/a ULT-AGG 1'027'123'894 5.36 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 715'298'081 3.73 19'032'430 01.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 609'649'091 3.18 - 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 507'765'071 2.65 44'846'385 30.11.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 432'628'420 2.26 4'845'711 01.11.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 369'828'759 1.93 21'912'486 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 354'793'433 1.85 10'873'302 31.01.2013 Unclassified
KUWAIT INVESTMENT AU Multiple Portfolios REG 328'143'792 1.71 - 01.11.2012 Government
M&G INVESTMENT MANAG Multiple Portfolios REG 321'514'948 1.68 (277'008) 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 303'860'650 1.59 (1'973'558) 31.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 258'130'496 1.35 - 01.11.2012 Government
STANDARD LIFE INVEST Multiple Portfolios REG 241'527'129 1.26 (10'962'271) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 204'110'697 1.07 5'646'262 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 195'306'957 1.02 7'261'934 01.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 193'700'712 1.01 (698'478) 26.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 178'132'910 0.93 12'878'131 31.01.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 166'069'621 0.87 (5'019'297) 01.11.2012 Investment Advisor
AXA n/a ULT-AGG 150'610'225 0.79 (592'855) 31.01.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 147'434'500 0.77 (6'919'062) 01.11.2012 Government
HSBC INVESTMENTS UK Multiple Portfolios REG 139'991'616 0.73 6'546'014 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL JASON KENNEY hold 3 M 530 12 month 25.03.2013
Independent Research GmbH SVEN DIERMEIER buy 5 M 540 12 month 25.03.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 22.03.2013
Canaccord Genuity Corp GORDON GRAY hold 3 M 500 12 month 22.03.2013
Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 22.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 575 Not Provided 22.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 U 425 6 month 21.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 490 12 month 20.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 510 12 month 13.03.2013
Deutsche Bank LUCAS HERRMANN buy 5 M 520 12 month 11.03.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 520 Not Provided 11.03.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 445 Not Provided 11.03.2013
Societe Generale IRENE HIMONA hold 3 M 500 12 month 08.03.2013
VTB Capital COLIN SMITH hold 3 M 490 12 month 01.03.2013
Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 M 442 12 month 27.02.2013
VSA Capital Ltd DOUGIE YOUNGSON sell 1 D 400 12 month 25.02.2013
Macquarie JASON D GAMMEL outperform 5 M 550 12 month 22.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 530 12 month 19.02.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013
HSBC PAUL SPEDDING overweight 5 M 550 Not Provided 08.02.2013
Credit Suisse KIM FUSTIER neutral 3 M 475 Not Provided 06.02.2013
Jefferies IAIN REID hold 3 M 450 12 month 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 6 12 month 06.02.2013
Natixis ANNE PUMIR neutral 3 M 490 Not Provided 06.02.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 455 12 month 06.02.2013
Barclays RAHIM KARIM underweight 1 M 480 Not Provided 06.02.2013
Investec STUART JOYNER buy 5 M 495 12 month 05.02.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 05.02.2013
JPMorgan FREDERICK G LUCAS overweight 5 M 525 3 month 19.12.2012
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 500 Not Provided 15.10.2012
Jyske Bank ROBERT JAKOBSEN buy 5 M 520 Not Provided 19.09.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 500 Not Provided 10.08.2012
Kepler Capital Markets TEAM COVERAGE buy 5 M 602 Not Provided 16.04.2012
Holdings By:
Ambuja Cements Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles,
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 32.90
52-Week Low (30.08.2012) 20.25
Daily Volume
22.1
52-Week High % Change -32.83% Dividend Yield 4.52
52-Week Low % Change 9.14% Beta 0.93
% 52 Week Price Range High/Low 14.62% Equity Float 1'381.70
Shares Out 25.01.2013 2'660.7 Short Int -
58'800.95 1 Yr Total Return -20.85%
Total Debt 30'978.93 YTD Return -18.00%
Preferred Stock 0.0 Adjusted BETA 0.929
Minority Interest 0.0 Analyst Recs 52
Cash and Equivalents 325.56 Consensus Rating 3.635
Enterprise Value 93'744.41
Average Volume 5 Day 295'762
AL IB EQUITY YTD Change - Average Volume 30 Day 1'668'399
AL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'424'257
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
77'425.8 59'810.7 72'447.1 111'771.1 128'419.9 122'984.1 127'217.4 - - - -
0.67x 0.81x 1.35x 0.93x 0.87x 1.41x 1.65x - - - -
8'347.3 4'847.8 7'714.5 12'243.8 12'504.0 12'960.2 11'470.5 - - - -
6.26x 9.97x 12.68x 8.53x 8.91x 0.00x 0.00x - - - -
4'693.1 1'900.0 4'236.7 6'313.0 5'659.8 6'054.7 5'524.1 - - - -
10.02x 12.71x 17.52x 23.96x 14.27x 10.02x 13.21x - - - -
EBITDA 12'503.97 Long-Term Rating Date -
EBIT 9'032.82 Long-Term Rating -
Operating Margin 7.03% Long-Term Outlook -
Pretax Margin 5.37% Short-Term Rating Date -
Return on Assets 5.03% Short-Term Rating -
Return on Common Equity 13.85%
Return on Capital 10.84% EBITDA/Interest Exp. 4.87
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 2.15
Net Debt/EBITDA 2.45
Gross Margin - Total Debt/EBITDA 2.48
EBITDA Margin 9.7%
EBIT Margin 7.0% Total Debt/Equity 73.6%
Net Income Margin 4.4% Total Debt/Capital 42.4%
Asset Turnover 1.14
Current Ratio 0.89 Net Fixed Asset Turnover 2.65
Quick Ratio 0.26 Accounts receivable turnover-days 34.42
Debt to Assets 26.00% Inventory Days -
Tot Debt to Common Equity 73.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.63 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
Ashok Leyland LtdPrice/Volume
Valuation Analysis
196'942.00
Current Price (3/dd/yy) Market Data
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5 ! B
-! ! B
-. ! B
-1 ! B
0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HINDUJA AUTOMOTIVE L n/a 20F 118'227'307 8.91 - 31.01.2013 Corporation
FMR LLC n/a ULT-AGG 33'173'565 2.5 325'750 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 20'826'782 1.57 (6'850) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'032'467 1.36 1'487'319 31.12.2012 Investment Advisor
SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.3 - 31.01.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 16'748'982 1.26 - 29.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'821'204 1.04 1'647'107 31.01.2013 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 10'580'043 0.8 (1'806'061) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'697'049 0.5 490'404 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'413'305 0.48 (10'030) 28.02.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'954'817 0.45 - 30.09.2012 Hedge Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'830'361 0.44 249'926 28.02.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 5'643'800 0.43 597'970 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'093'172 0.38 630'744 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 4'869'438 0.37 (67'746) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 4'547'746 0.34 (42'392) 31.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'234'244 0.32 (345'054) 31.05.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'068'709 0.31 8'077 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'037'006 0.3 (16'108) 31.10.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'880'397 0.29 347'156 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MARK CLARK buy 5 M 89 12 month 26.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 25.03.2013
Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 82 Not Provided 25.03.2013
Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013
Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013
Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 21.03.2013
AlphaValue ARMELLE MOULIN add 4 M 83 6 month 21.03.2013
JPMorgan RICHARD VOSSER overweight 5 M 99 15 month 15.03.2013
Jefferies JEFFREY HOLFORD buy 5 M 85 12 month 14.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 14.03.2013
Societe Generale STEPHEN MCGARRY buy 5 M 92 12 month 08.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 80 6 month 19.02.2013
Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 81 12 month 18.02.2013
Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 76 Not Provided 13.02.2013
Barclays MARK PURCELL equalweight 3 M 77 Not Provided 12.02.2013
Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 11.02.2013
CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 66 12 month 11.02.2013
Credit Suisse LUISA HECTOR neutral 3 M 78 Not Provided 08.02.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 78 Not Provided 08.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 08.02.2013
Kepler Capital Markets FABIAN WENNER hold 3 D 73 Not Provided 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 81 Not Provided 07.02.2013
Nomura AMIT ROY neutral 3 M 65 12 month 07.02.2013
S&P Capital IQ SHO MATSUBARA buy 5 M 81 12 month 07.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 73 12 month 28.01.2013
Natixis PHILIPPE LANONE buy 5 M 84 Not Provided 28.01.2013
Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012
Day by Day VALERIE GASTALDY buy 5 U 78 3 month 11.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 10.12.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012
CA Cheuvreux LAURENT FLAMME outperform 5 M 77 Not Provided 29.10.2012
Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 65 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012
Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012
DZ Bank AG ELMAR KRAUS buy 5 M 55 12 month 20.12.2011
Holdings By:
Ashok Leyland Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Asian Paints Limited manufactures a wide range of decorative paints, varnishes,
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 5'047.00
52-Week Low (29.03.2012) 3'004.00
Daily Volume
4895.7
52-Week High % Change -3.00% Dividend Yield 0.82
52-Week Low % Change 62.97% Beta 0.54
% 52 Week Price Range High/Low 92.59% Equity Float 54.46
Shares Out 25.01.2013 95.9 Short Int -
469'594.50 1 Yr Total Return 59.89%
Total Debt 3'358.50 YTD Return 10.76%
Preferred Stock 0.0 Adjusted BETA 0.540
Minority Interest 1'366.9 Analyst Recs 37
Cash and Equivalents 9'031.30 Consensus Rating 3.459
Enterprise Value 465'288.59
Average Volume 5 Day 13'010
APNT IB EQUITY YTD Change - Average Volume 30 Day 10'445
APNT IB EQUITY YTD % CHANGE - Average Volume 3 Month 10'374
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
44'072.3 54'639.0 66'809.4 77'223.0 96'322.4 90'373.1 107'310.0 112'230.2 131'442.7 31'390.6 27'144.5
2.66x 1.45x 2.93x 3.05x 3.18x 3.37x 2.86x 4.16x 3.51x - -
6'714.5 6'984.4 12'334.5 13'358.6 15'449.5 14'018.4 17'213.2 18'122.4 22'008.2 4'993.3 4'772.5
17.48x 11.31x 15.84x 17.65x 19.85x 0.00x 0.00x 25.71x 21.17x 22.26x 21.73x
4'091.8 3'978.4 8'356.4 8'432.4 9'887.3 9'152.7 11'222.5 11'715.5 14'258.6 3'148.3 3'160.5
28.13x 18.96x 23.40x 28.73x 31.45x 27.17x 37.89x 40.12x 33.13x 34.22x 33.34x
EBITDA 15'449.50 Long-Term Rating Date -
EBIT 14'238.20 Long-Term Rating -
Operating Margin 14.78% Long-Term Outlook -
Pretax Margin 15.10% Short-Term Rating Date -
Return on Assets 18.82% Short-Term Rating -
Return on Common Equity 40.06%
Return on Capital 36.39% EBITDA/Interest Exp. 43.23
Asset Turnover 1.83% (EBITDA-Capex)/Interest Exp. 24.39
Net Debt/EBITDA -0.37
Gross Margin - Total Debt/EBITDA 0.22
EBITDA Margin 16.0%
EBIT Margin 14.8% Total Debt/Equity 12.2%
Net Income Margin 10.3% Total Debt/Capital 10.4%
Asset Turnover 1.83
Current Ratio 1.29 Net Fixed Asset Turnover 6.13
Quick Ratio 0.61 Accounts receivable turnover-days 25.73
Debt to Assets 5.70% Inventory Days -
Tot Debt to Common Equity 12.22% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.22 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Asian Paints LtdPrice/Volume
Valuation Analysis
13'046.00
Current Price (3/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
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP n/a ULT-AGG 190'130'247 5.04 13'987'593 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 148'916'543 3.95 2'525'344 01.01.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 77'887'769 2.06 16'866'612 01.01.2013 Unclassified
FMR LLC n/a ULT-AGG 52'066'121 1.38 9'274'558 31.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 50'156'944 1.33 3'594'333 01.01.2013 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 47'208'897 1.25 2'242'231 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'114'969 1.09 1'675'222 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 39'669'849 1.05 1'602'657 01.01.2013 Government
UBS n/a ULT-AGG 38'832'374 1.03 (1'443'858) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 34'834'706 0.92 5'779'775 01.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 26'147'686 0.69 188'418 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 25'767'455 0.68 (1'313'970) 26.03.2013 Investment Advisor
BP INVESTMENT MANAGE Multiple Portfolios REG 22'400'138 0.59 288'938 01.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 19'530'183 0.52 161'883 28.02.2013 Unclassified
JP MORGAN n/a ULT-AGG 19'189'183 0.51 5'377'967 31.01.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 16'493'284 0.44 (4'117'735) 31.01.2013 Investment Advisor
NORTHERN TRUST GLOBA Multiple Portfolios REG 16'292'959 0.43 35'052 01.01.2013 Investment Advisor
SOCIETE GENERALE PRO Multiple Portfolios REG 16'129'705 0.43 12'387'795 01.01.2013 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 14'890'316 0.39 (803'892) 01.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'949'057 0.34 2'215'390 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited KIM FUSTIER outperform 5 M 2'525 Not Provided 26.03.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 26.03.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 25.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013
Jefferies IAIN REID buy 5 M 2'450 12 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2'114 6 month 21.03.2013
JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013
ING Bank QUIRIJN MULDER buy 5 M 2'843 12 month 28.02.2013
Tudor Pickering & Co ROBERT KESSLER buy 5 M 2'800 Not Provided 27.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 2'650 12 month 21.02.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013
Macquarie JASON D GAMMEL outperform 5 M 2'500 12 month 13.02.2013
CA Cheuvreux DOMINIQUE PATRY outperform 5 D 2'431 Not Provided 05.02.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 04.02.2013
Investec STUART JOYNER hold 3 M 2'168 12 month 01.02.2013
HSBC PAUL SPEDDING neutral 3 M 2'520 Not Provided 01.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 2'433 12 month 01.02.2013
Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 31.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 2'567 Not Provided 29.01.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 24.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 2'580 Not Provided 09.01.2013
VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012
Deutsche Bank LUCAS HERRMANN hold 3 D 2'475 12 month 03.12.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 2'722 Not Provided 02.10.2012
VTB Capital COLIN SMITH hold 3 N 2'500 12 month 27.09.2012
Kepler Capital Markets TEAM COVERAGE hold 3 M 2'272 Not Provided 18.05.2012
Morgan Stanley MARTIJN P RATS not rated #N/A N/A M #N/A N/A Not Provided 03.05.2012
S&P Capital IQ CHRISTINE TISCARENO hold 3 D 2'315 12 month 03.10.2011
Holdings By:
Asian Paints Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Axis Bank Limited provides a full range of banking services throughout India.
develops, manufactures, and markets vaccines, prescription, and over-the-counter
medicines, as well as health-related consumer products. GlaxoSmithKline
provides products for infections, depression, skin conditions, asthma, heart &
circulatory disease, and cancer.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (01.02.2013) 1'519.00
52-Week Low (18.05.2012) 922.00
Daily Volume
1294.45
52-Week High % Change -14.78% Dividend Yield 1.24
52-Week Low % Change 40.40% Beta 1.18
% 52 Week Price Range High/Low 62.39% Equity Float 420.92
Shares Out 21.03.2013 467.7 Short Int -
605'450.25 1 Yr Total Return 15.24%
Total Debt 493'494.52 YTD Return -4.57%
Preferred Stock 0.0 Adjusted BETA 1.178
Minority Interest 0.0 Analyst Recs 72
Cash and Equivalents 143'948.14 Consensus Rating 4.361
Enterprise Value -
Average Volume 5 Day 188'824
AXSB IB EQUITY YTD Change - Average Volume 30 Day 156'949
AXSB IB EQUITY YTD % CHANGE - Average Volume 3 Month 168'061
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 03/13 Q4 06/13 Q1
88'161.8 137'177.0 156'077.5 198'334.5 274'629.8 - - 164'444.0 200'909.0 - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
10'591.4 18'129.3 24'781.4 33'399.1 42'197.8 - - 51'039.5 64'165.5 - -
24.84x 8.21x 18.02x 17.17x 11.19x - - 10.65x 8.48x - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating BBB-
Operating Margin 46.33% Long-Term Outlook NEG
Pretax Margin 46.48% Short-Term Rating Date 30.01.2007
Return on Assets 1.60% Short-Term Rating A-3
Return on Common Equity 20.30%
Return on Capital 6.50% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 217.6%
Net Income Margin 31.3% Total Debt/Capital 68.5%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 12.00
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.29% Inventory Days -
Tot Debt to Common Equity 217.57% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Axis Bank LtdPrice/Volume
Valuation Analysis
135'635.00
Current Price (3/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
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UTI ASSET MANAGEMENT n/a ULT-AGG 271'061'000 5.52 - 25.03.2013 Investment Advisor
INVESCO LTD Multiple Portfolios REG 188'613'112 3.84 9'906'677 01.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 153'140'293 3.12 - 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 143'097'310 2.91 24'341'047 01.01.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 137'148'963 2.79 30'057'500 01.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 134'440'074 2.74 13'668'350 31.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 115'229'583 2.35 21'497 01.01.2013 Government
FRANKLIN RESOURCES n/a ULT-AGG 88'648'845 1.81 (2'215'605) 28.02.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 85'255'473 1.74 (1'180'943) 01.01.2013 Investment Advisor
UBS n/a ULT-AGG 72'136'226 1.47 (1'728'888) 31.01.2013 Unclassified
NEWTON INV MGMT Multiple Portfolios REG 71'507'300 1.46 9'684'880 01.01.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 60'081'894 1.22 385'845 26.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 55'750'486 1.14 (188'352) 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 53'010'281 1.08 (9'956'056) 01.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 52'720'290 1.07 (5'398'021) 01.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 51'503'238 1.05 - 01.01.2013 Government
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 51'301'508 1.04 73'324 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 49'644'084 1.01 1'468'137 01.01.2013 Investment Advisor
AXA n/a ULT-AGG 44'610'398 0.91 (43'379) 31.01.2013 Investment Advisor
STATE STREET n/a ULT-AGG 43'934'496 0.89 497'126 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Espirito Santo Investment Bank ResearchBRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 1'461 6 month 21.03.2013
JPMorgan JAMES D GORDON underweight 1 M 1'550 15 month 15.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 1'550 12 month 14.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 1'497 12 month 14.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.03.2013
Deutsche Bank MARK CLARK hold 3 M 1'530 12 month 11.03.2013
Credit Suisse KERRY HOLFORD neutral 3 M 1'450 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 1'530 Not Provided 07.03.2013
Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 1'525 Not Provided 06.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'580 6 month 05.03.2013
Societe Generale STEPHEN MCGARRY buy 5 M 1'810 12 month 01.03.2013
Exane BNP Paribas FLORENT CESPEDES underperform 1 M 1'400 Not Provided 26.02.2013
Barclays MARK PURCELL overweight 5 M 1'610 Not Provided 26.02.2013
Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 20.02.2013
Kepler Capital Markets FABIAN WENNER buy 5 M 1'680 Not Provided 13.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 1'560 12 month 08.02.2013
Helvea ODILE RUNDQUIST neutral 3 M 1'520 Not Provided 07.02.2013
Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1'370 12 month 06.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 06.02.2013
S&P Capital IQ SHO MATSUBARA sell 1 M 1'200 12 month 06.02.2013
Nomura AMIT ROY neutral 3 M 1'340 12 month 04.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 1'415 12 month 28.01.2013
Cenkos Securities Ltd NAVID MALIK buy 5 N 1'603 12 month 30.11.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 1'380 Not Provided 05.10.2012
CA Cheuvreux MARCEL BRAND underperform 1 M 1'250 Not Provided 11.09.2012
Natixis PHILIPPE LANONE neutral 3 M 1'450 Not Provided 06.09.2012
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 1'450 Not Provided 03.08.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK hold 3 M 1'420 Not Provided 05.04.2012
Mirabaud Securities NICHOLAS TURNER buy 5 M 1'640 Not Provided 02.04.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M #N/A N/A Not Provided 13.01.2012
DZ Bank AG ELMAR KRAUS buy 5 U 1'500 12 month 28.10.2011
First Global Stockbroking KAVITA THOMAS market perform 3 R #N/A N/A Not Provided 23.08.2011
Holdings By:
Axis Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Bajaj Auto Limited manufactures and distributes motorized two-wheeled and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.
Latest Fiscal Year: 03/2012
LTM as of: 03/yy
52-Week High (03.01.2013) 2'228.95
52-Week Low (18.07.2012) 1'423.10
Daily Volume
1795.2
52-Week High % Change -19.46% Dividend Yield 2.51
52-Week Low % Change 26.15% Beta 0.85
% 52 Week Price Range High/Low 46.17% Equity Float 122.12
Shares Out 25.01.2013 289.4 Short Int -
519'471.66 1 Yr Total Return 11.26%
Total Debt 1'229.20 YTD Return -15.76%
Preferred Stock 0.0 Adjusted BETA 0.848
Minority Interest 1.7 Analyst Recs 70
Cash and Equivalents 17'587.60 Consensus Rating 3.443
Enterprise Value 503'114.95
Average Volume 5 Day 40'709
BJAUT IB EQUITY YTD Change - Average Volume 30 Day 30'128
BJAUT IB EQUITY YTD % CHANGE - Average Volume 3 Month 27'496
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 03/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
86'659.2 84'460.3 115'431.6 159'274.0 189'455.2 100'753.0 88'415.4 206'662.4 239'910.5 - -
- 1.23x 2.51x 2.66x 2.48x 0.00x 0.00x 2.33x 1.93x - -
- 10'213.2 24'713.5 32'225.8 37'655.7 0.0 2'607.9 38'862.7 47'410.3 - -
- 10.18x 11.73x 13.16x 12.47x 0.00x 0.00x 12.99x 10.65x - -
7'495.6 5'357.9 15'946.0 34'548.9 30'486.2 12'733.5 6'365.1 31'143.8 37'604.3 - -
- 16.70x 18.28x 12.26x 15.93x 0.00x 0.00x 16.68x 13.85x - -
EBITDA 37'655.70 Long-Term Rating Date -
EBIT 35'815.60 Long-Term Rating -
Operating Margin 18.90% Long-Term Outlook -
Pretax Margin 21.47% Short-Term Rating Date -
Return on Assets 29.97% Short-Term Rating -
Return on Common Equity 55.99%
Return on Capital 54.13% EBITDA/Interest Exp. 165.23
Asset Turnover 1.86% (EBITDA-Capex)/Interest Exp. 160.42
Net Debt/EBITDA -0.43
Gross Margin - Total Debt/EBITDA 0.03
EBITDA Margin 19.9%
EBIT Margin 18.9% Total Debt/Equity 2.0%
Net Income Margin 16.1% Total Debt/Capital 2.0%
Asset Turnover 1.86
Current Ratio 1.14 Net Fixed Asset Turnover 12.43
Quick Ratio 0.46 Accounts receivable turnover-days 7.15
Debt to Assets 1.10% Inventory Days -
Tot Debt to Common Equity 2.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover 51.16 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
Bajaj Auto LtdPrice/Volume
Valuation Analysis
26'074.00
Current Price (3/dd/yy) Market Data
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120'000.0
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180'000.0
200'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAJAJ HOLDINGS AND I n/a Co File 108'732'635 4.6 - 31.12.2011 Corporation
GROUPE BRUXELLES LAM n/a Research 94'077'367 3.98 - 15.03.2012 Holding Company
AMUNDI n/a Research 78'390'326 3.31 - 06.01.2012 Investment Advisor
QATAR HOLDINGS LLC n/a Research 47'275'059 2 - 14.03.2012 Government
NORGES BANK n/a Research 47'038'683 1.99 - 31.12.2011 Government
CIE NATIONALE A PORT n/a Co File 35'456'294 1.5 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 27'588'144 1.17 (683'332) 25.03.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 23'623'504 1 (1'631'999) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'417'298 0.99 287'390 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 19'734'600 0.83 (2'024'000) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'367'024 0.56 (298'176) 28.02.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 11'200'000 0.47 - 31.12.2011 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'726'773 0.45 256'626 26.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 10'451'098 0.44 - 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 9'555'009 0.4 (23'778) 31.12.2012 Mutual Fund Manager
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'031'246 0.34 21'870 31.05.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 7'707'489 0.33 (194'720) 31.12.2012 Mutual Fund Manager
WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'573'598 0.32 (6'360) 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'054'684 0.3 - 30.09.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'889'834 0.29 (38'409) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura OSWALD CLINT outperform 5 M 51 12 month 27.03.2013
Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 26.03.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 47 Not Provided 25.03.2013
Barclays LYDIA RAINFORTH underweight 1 M 44 Not Provided 25.03.2013
Jefferies IAIN REID buy 5 M 48 12 month 21.03.2013
Day by Day VALERIE GASTALDY buy 5 M 40 3 month 21.03.2013
Grupo Santander JASON KENNEY buy 5 M 45 Not Provided 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 42 12 month 20.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 18.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 07.03.2013
VTB Capital COLIN SMITH buy 5 M 50 12 month 01.03.2013
HSBC PAUL SPEDDING overweight 5 M 46 Not Provided 27.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 U 45 12 month 21.02.2013
RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 19.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013
Societe Generale IRENE HIMONA buy 5 M 47 12 month 14.02.2013
Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 14.02.2013
JPMorgan NITIN SHARMA overweight 5 M 49 3 month 14.02.2013
Macquarie JASON D GAMMEL neutral 3 M 42 12 month 14.02.2013
Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 14.02.2013
CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 14.02.2013
Nomura THEEPAN JOTHILINGAM neutral 3 M 40 12 month 14.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 42 12 month 13.02.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 48 12 month 13.02.2013
Natixis ANNE PUMIR buy 5 M 47 Not Provided 07.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 45 Not Provided 09.01.2013
Deutsche Bank LUCAS HERRMANN buy 5 U 44 12 month 03.12.2012
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 42 12 month 27.11.2012
Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 44 Not Provided 30.04.2012
Holdings By:
Bajaj Auto Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Bank of Baroda owns and operates commercial banks in India. The Group's banks
that manufacture, market and sell cigarettes and other tobacco products,
including cigars and roll-your-own tobacco.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (03.01.2013) 899.65
52-Week Low (06.09.2012) 606.25
Daily Volume
663.45
52-Week High % Change -26.25% Dividend Yield 2.56
52-Week Low % Change 9.44% Beta 0.97
% 52 Week Price Range High/Low 19.50% Equity Float 148.68
Shares Out 21.03.2013 421.3 Short Int -
279'482.50 1 Yr Total Return -13.97%
Total Debt 793'423.90 YTD Return -23.47%
Preferred Stock 0.0 Adjusted BETA 0.966
Minority Interest 911.8 Analyst Recs 70
Cash and Equivalents 679'229.74 Consensus Rating 3.643
Enterprise Value -
Average Volume 5 Day 109'468
BOB IB EQUITY YTD Change - Average Volume 30 Day 82'176
BOB IB EQUITY YTD % CHANGE - Average Volume 3 Month 100'583
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 03/13 Q4 06/13 Q1
143'062.7 183'929.5 202'000.3 258'005.3 345'881.1 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
15'483.8 23'840.8 31'793.0 44'337.1 52'485.8 - - - - - -
6.67x 3.58x 7.32x 8.52x 5.94x - - - - - -
EBITDA - Long-Term Rating Date 30.12.2011
EBIT - Long-Term Rating NR
Operating Margin 42.41% Long-Term Outlook -
Pretax Margin 42.77% Short-Term Rating Date 30.12.2011
Return on Assets 1.27% Short-Term Rating NR
Return on Common Equity 20.87%
Return on Capital 5.38% EBITDA/Interest Exp. -
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 278.2%
Net Income Margin 35.3% Total Debt/Capital 73.5%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover 14.38
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.35% Inventory Days -
Tot Debt to Common Equity 278.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bank of BarodaPrice/Volume
Valuation Analysis
65'976.00
Current Price (3/dd/yy) Market Data
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0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a ULT-AGG 132'891'526 6.9 - 25.03.2013 Investment Advisor
REINET INVESTMENTS S Multiple Portfolios REG 81'313'066 4.22 (3'000'000) 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 70'617'321 3.66 (2'766'594) 03.12.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 67'664'399 3.51 - 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios REG 62'241'180 3.23 1'948'246 03.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 51'036'377 2.65 3'856'239 03.12.2012 Unclassified
FMR LLC n/a ULT-AGG 44'677'384 2.32 (4'619'821) 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 44'654'616 2.32 (2'144'127) 31.12.2012 Investment Advisor
CREDIT SUISSE PRIVAT Multiple Portfolios REG 37'965'898 1.97 (376'548) 03.12.2012 Bank
ABERDEEN n/a ULT-AGG 35'672'165 1.85 1'305'019 28.02.2013 Unclassified
MORGAN STANLEY INVES Multiple Portfolios REG 26'280'778 1.36 5'499'279 03.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 24'636'075 1.28 (427'111) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'361'035 1.26 562'275 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 23'128'725 1.2 (1'102'251) 31.01.2013 Unclassified
MORGAN STANLEY n/a ULT-AGG 22'521'571 1.17 1'491'898 31.12.2012 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 22'218'678 1.15 245'915 03.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 21'639'256 1.12 1'824'714 03.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'358'179 1.06 260'794 31.12.2012 Investment Advisor
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 17'404'651 0.9 892'088 31.12.2012 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 16'928'208 0.88 (202'468) 03.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited ISABELLE COMBEMALE add 4 M 3'801 6 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013
Deutsche Bank JONATHAN FELL buy 5 M 3'700 12 month 13.03.2013
Investec THANE DUFF hold 3 M 3'577 Not Provided 13.03.2013
Nomura DAVID HAYES buy 5 M 4'087 Not Provided 13.03.2013
Oriel Securities Ltd CHRIS WICKHAM hold 3 M 3'700 Not Provided 13.03.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 4'000 12 month 08.03.2013
Goldman Sachs FULVIO CAZZOL buy/attractive 5 M 4'420 12 month 07.03.2013
Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 3'900 Not Provided 06.03.2013
Avior Research RICHARD TESSENDORF neutral 3 M 3'761 Not Provided 06.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 3'100 12 month 05.03.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 3'600 12 month 04.03.2013
Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 04.03.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 3'550 12 month 01.03.2013
Morgan Stanley MATTHEW GRAINGER Equalwt/Attractive 3 N 3'450 12 month 01.03.2013
Natixis NICOLAS LANGLET neutral 3 M 3'600 Not Provided 01.03.2013
Exane BNP Paribas JAMES BUSHNELL outperform 5 M 3'800 Not Provided 01.03.2013
Barclays SIMON HALES overweight 5 M 3'725 Not Provided 01.03.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 3'600 Not Provided 28.02.2013
JPMorgan RAE MAILE overweight 5 M 4'209 9 month 28.02.2013
Renaissance Capital REY WIUM hold 3 D 3'550 Not Provided 28.02.2013
Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'500 Not Provided 28.02.2013
S&P Capital IQ CARL SHORT hold 3 M 3'540 12 month 28.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 18.04.2012
Imara RICHARD CLARKE sell 1 N #N/A N/A Not Provided 17.05.2011
Holdings By:
Bank of Baroda ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Bank of India, through its subsidiaries, provides corporate, commercial,
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.
Latest Fiscal Year: 03/2012
LTM as of: 03/yy
52-Week High (18.01.2013) 392.20
52-Week Low (30.08.2012) 253.80
Daily Volume
290.2
52-Week High % Change -26.01% Dividend Yield 2.41
52-Week Low % Change 14.34% Beta 1.06
% 52 Week Price Range High/Low 26.30% Equity Float 150.55
Shares Out 18.03.2013 595.9 Short Int -
172'930.81 1 Yr Total Return -18.31%
Total Debt 708'294.79 YTD Return -15.36%
Preferred Stock 0.0 Adjusted BETA 1.059
Minority Interest 629.0 Analyst Recs 63
Cash and Equivalents 648'304.61 Consensus Rating 2.778
Enterprise Value -
Average Volume 5 Day 202'812
BOI IB EQUITY YTD Change - Average Volume 30 Day 137'523
BOI IB EQUITY YTD % CHANGE - Average Volume 3 Month 163'807
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 06/yy 03/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
145'280.9 194'930.5 205'968.2 245'002.3 319'294.4 0.0 31'921.3 - - - -
- - - - - #DIV/0! 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
19'598.4 30'875.4 17'871.6 25'424.2 27'248.6 0.0 24'072.8 - - - -
6.36x 3.73x 10.00x 9.83x 7.27x 0.00x 0.00x - - - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating BBB-
Operating Margin 30.61% Long-Term Outlook NEG
Pretax Margin 31.11% Short-Term Rating Date 30.01.2007
Return on Assets 0.74% Short-Term Rating A-3
Return on Common Equity 13.96%
Return on Capital 3.61% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 330.8%
Net Income Margin 23.3% Total Debt/Capital 76.7%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 12.05
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 18.27% Inventory Days -
Tot Debt to Common Equity 330.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of IndiaPrice/Volume
Valuation Analysis
140'956.00
Current Price (3/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
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a ULT-AGG 57'388'502 6.51 (569'646) 25.03.2013 Investment Advisor
SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a
QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government
SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'302'553 1.4 (179'474) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'880'200 1.12 (890'272) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 6'246'478 0.71 (142'559) 31.01.2013 Unclassified
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'386'486 0.61 (1'084'091) 28.09.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'203'888 0.59 (551'912) 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 4'877'843 0.55 (330'620) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'583'145 0.52 (417'782) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'175'468 0.47 70'846 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'641'584 0.41 152'571 28.02.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'543'486 0.4 452'193 28.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'963'579 0.34 57'030 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'464'495 0.28 - 25.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 2'013'201 0.23 (38'813) 31.12.2012 Mutual Fund Manager
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'647'039 0.19 (87'700) 31.01.2013 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'634'951 0.19 (5'200) 30.11.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'570'015 0.18 - 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited JAMES STETTLER hold 3 M 80 12 month 25.03.2013
Societe Generale GAEL DE BRAY hold 3 M 88 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 73 12 month 22.03.2013
Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 99 12 month 21.03.2013
Day by Day VALERIE GASTALDY buy 5 U 92 3 month 21.03.2013
AlphaValue HEINZ STEFFEN reduce 2 D 84 6 month 21.03.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 96 Not Provided 19.03.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 19.03.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 88 12 month 15.03.2013
Exane BNP Paribas OLIVIER ESNOU underperform 1 M 88 Not Provided 14.03.2013
HSBC MICHAEL HAGMANN neutral 3 M 87 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 81 Not Provided 08.03.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 86 12 month 19.02.2013
Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 90 12 month 15.02.2013
DZ Bank AG JASKO TERZIC hold 3 M 77 12 month 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 85 12 month 04.02.2013
Kepler Capital Markets ULRICH SCHOLZ hold 3 M 85 Not Provided 25.01.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 24.01.2013
CA Cheuvreux ALFRED GLASER outperform 5 M 94 Not Provided 24.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 93 12 month 24.01.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 94 Not Provided 24.01.2013
Natixis LUDOVIC DEBAILLEUX reduce 2 M 75 Not Provided 24.01.2013
Main First Bank AG CHRISTOPHER YOUL underperform 1 M 86 12 month 24.01.2013
Barclays NICK WEBSTER equalweight 3 M 84 Not Provided 24.01.2013
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 83 6 month 23.01.2013
Nord/LB WOLFGANG DONIE hold 3 M 76 12 month 23.01.2013
JPMorgan ANDREAS WILLI neutral 3 M 90 9 month 23.01.2013
William Blair & Co NICHOLAS P HEYMANN market perform 3 M 79 12 month 23.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 85 12 month 23.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 85 12 month 23.01.2013
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 23.01.2013
SRH AlsterResearch OLIVER DREBING buy 5 M 92 12 month 23.01.2013
Goldman Sachs DANIELA COSTA neutral/neutral 3 M 90 12 month 17.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank PETER REILLY sell 1 D 65 12 month 20.11.2012
Nomura DANIEL CUNLIFFE neutral 3 M 85 12 month 16.11.2012
Silvia Quandt Research EERIK KD BUDARZ avoid 1 M 58 12 month 08.11.2012
Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 12.10.2012
Holdings By:
Bank of India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Bharat Forge Limited manufactures steel forgings and machined components for
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 03/yy
52-Week High (08.05.2012) 347.00
52-Week Low (26.03.2013) 196.65
Daily Volume
202.65
52-Week High % Change -41.60% Dividend Yield 1.97
52-Week Low % Change 3.05% Beta 1.02
% 52 Week Price Range High/Low 3.99% Equity Float 175.43
Shares Out 25.01.2013 232.8 Short Int -
47'175.77 1 Yr Total Return -31.78%
Total Debt 26'223.59 YTD Return -19.37%
Preferred Stock 0.0 Adjusted BETA 1.017
Minority Interest 1'957.2 Analyst Recs 32
Cash and Equivalents 6'717.75 Consensus Rating 3.281
Enterprise Value 68'638.81
Average Volume 5 Day 85'474
BHFC IB EQUITY YTD Change - Average Volume 30 Day 57'671
BHFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 69'577
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 03/yy 03/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
45'614.0 46'739.9 32'616.0 49'686.1 61'460.2 43'365.3 42'292.4 58'951.6 64'099.9 - -
1.60x 0.88x 2.33x 2.00x 1.56x 0.00x 0.00x 1.13x 1.00x - -
8'663.3 5'581.1 3'471.8 7'948.6 10'023.5 0.0 335.1 8'465.8 9'733.1 - -
8.42x 7.38x 21.85x 12.48x 9.57x 0.00x 0.00x 8.07x 7.02x - -
3'000.7 584.0 (683.2) 2'901.6 4'130.5 2'941.2 288.2 2'878.5 3'865.3 - -
19.88x 39.35x - 26.65x 18.04x 20.25x 76.55x 16.47x 12.37x - -
EBITDA 10'023.45 Long-Term Rating Date -
EBIT 7'005.96 Long-Term Rating -
Operating Margin 11.40% Long-Term Outlook -
Pretax Margin 9.75% Short-Term Rating Date -
Return on Assets 6.35% Short-Term Rating -
Return on Common Equity 19.94%
Return on Capital 11.38% EBITDA/Interest Exp. 6.79
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. -1.69
Net Debt/EBITDA 1.95
Gross Margin - Total Debt/EBITDA 2.62
EBITDA Margin 16.3%
EBIT Margin 11.4% Total Debt/Equity 119.7%
Net Income Margin 6.7% Total Debt/Capital 52.4%
Asset Turnover 0.94
Current Ratio 1.25 Net Fixed Asset Turnover 2.16
Quick Ratio 0.52 Accounts receivable turnover-days 46.66
Debt to Assets 35.76% Inventory Days -
Tot Debt to Common Equity 119.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.84 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
Bharat Forge LtdPrice/Volume
Valuation Analysis
70'343.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KALYANI INVESTMENT C n/a ULT-AGG 176'509'095 6.79 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 92'965'731 3.57 (2'451'432) 01.01.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 91'962'723 3.54 - 08.03.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 84'449'282 3.25 10'540'709 01.01.2013 Unclassified
CREDIT SUISSE PRIVAT Multiple Portfolios REG 74'947'205 2.88 (526'247) 01.01.2013 Bank
M&G INVESTMENT MANAG Multiple Portfolios REG 49'588'750 1.91 (2'440'260) 01.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 48'224'986 1.85 1'120'225 31.12.2012 Investment Advisor
QATAR INVESTMENT AUT Multiple Portfolios REG 44'703'170 1.72 1'669'724 01.01.2013 Government
PEOPLES REPUBLIC OF Multiple Portfolios REG 39'898'819 1.53 3'975'234 01.01.2013 Government
UBS n/a ULT-AGG 37'871'476 1.46 932'195 31.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 35'090'143 1.35 (3'039'278) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 34'738'840 1.34 1'176'245 01.01.2013 Investment Advisor
AXA n/a ULT-AGG 33'594'566 1.29 (185'589) 01.01.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 33'060'303 1.27 (2'304'800) 01.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 31'402'252 1.21 (766'521) 28.02.2013 Unclassified
FMR LLC n/a ULT-AGG 28'774'373 1.11 (1'060'121) 31.01.2013 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 27'392'377 1.05 (626'439) 01.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 25'480'564 0.98 4'342'844 31.01.2013 Unclassified
STATE STREET n/a ULT-AGG 23'787'695 0.91 2'600'938 26.03.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 21'990'967 0.85 1'154'509 01.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013
Grupo Santander JASON KENNEY underweight 1 M 2'409 Not Provided 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 2'280 12 month 20.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 2'350 Not Provided 18.03.2013
JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2'310 Not Provided 14.03.2013
VTB Capital COLIN SMITH hold 3 M 2'500 12 month 01.03.2013
Societe Generale IRENE HIMONA buy 5 M 2'700 12 month 27.02.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 2'500 12 month 27.02.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 2'500 12 month 27.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 2'650 12 month 21.02.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 19.02.2013
HSBC PAUL SPEDDING neutral 3 M 2'450 Not Provided 01.02.2013
Natixis ANNE PUMIR buy 5 M 2'600 Not Provided 01.02.2013
Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012
Deutsche Bank LUCAS HERRMANN hold 3 D 2'475 12 month 03.12.2012
Holdings By:
Bharat Forge Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Bharat Heavy Electricals Limited manufactures power plant equipment. The
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (04.04.2012) 274.45
52-Week Low (26.03.2013) 175.50
Daily Volume
176.3
52-Week High % Change -35.76% Dividend Yield 3.63
52-Week Low % Change 0.46% Beta 1.06
% 52 Week Price Range High/Low 0.81% Equity Float 588.32
Shares Out 25.01.2013 2'447.6 Short Int -
431'511.88 1 Yr Total Return -28.99%
Total Debt 5'424.30 YTD Return -22.04%
Preferred Stock 0.0 Adjusted BETA 1.058
Minority Interest 49.7 Analyst Recs 61
Cash and Equivalents 67'319.40 Consensus Rating 2.082
Enterprise Value 369'666.49
Average Volume 5 Day 513'146
BHEL IB EQUITY YTD Change - Average Volume 30 Day 423'251
BHEL IB EQUITY YTD % CHANGE - Average Volume 3 Month 441'696
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 03/13 Q4 06/13 Q1
- 264'914.0 331'544.8 418'546.6 475'989.5 - - 472'879.5 451'680.0 - -
- 2.41x 3.24x 2.19x 1.19x - - 0.78x 0.72x - -
- 37'633.0 54'935.0 85'525.5 112'739.0 - - 87'400.8 74'977.5 - -
- 16.96x 19.55x 10.71x 5.03x - - 4.24x 4.94x - -
- 31'151.7 43'269.2 60'533.6 70'874.4 - - 61'741.1 55'731.1 - -
- 23.74x 27.05x 16.68x 8.88x - - 7.06x 8.20x - -
EBITDA 112'739.00 Long-Term Rating Date -
EBIT 104'679.90 Long-Term Rating -
Operating Margin 21.99% Long-Term Outlook -
Pretax Margin 21.78% Short-Term Rating Date -
Return on Assets 11.16% Short-Term Rating -
Return on Common Equity 31.11%
Return on Capital 30.63% EBITDA/Interest Exp. 422.24
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 362.86
Net Debt/EBITDA -0.55
Gross Margin 88.4% Total Debt/EBITDA 0.05
EBITDA Margin 23.7%
EBIT Margin 22.0% Total Debt/Equity 2.1%
Net Income Margin 14.9% Total Debt/Capital 2.1%
Asset Turnover 0.75
Current Ratio 1.68 Net Fixed Asset Turnover 8.68
Quick Ratio 1.14 Accounts receivable turnover-days 179.86
Debt to Assets 0.80% Inventory Days 808.44
Tot Debt to Common Equity 2.14% Accounts Payable Turnover Day 412.58
Accounts Receivable Turnover 2.03 Cash Conversion Cycle 575.72
Inventory Turnover 0.45
Fiscal Year Ended
Bharat Heavy Electricals LtdPrice/Volume
Valuation Analysis
312'372.00
Current Price (3/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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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a ULT-AGG 99'286'793 12.01 (3'516'978) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 63'637'479 7.7 (349'638) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'106'150 1.83 12'931 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 11'899'870 1.44 - 29.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'028'402 1.33 (349'533) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'812'434 1.07 (518'224) 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 8'564'198 1.04 - 03.05.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'534'779 0.91 118'983 28.02.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'532'781 0.91 2'307'304 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'298'907 0.76 129'068 26.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'937'955 0.72 279'716 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'795'523 0.7 (211'094) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'770'395 0.7 227'355 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'155'727 0.62 (1'063'440) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'647'992 0.44 356'211 31.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 3'035'802 0.37 (32'100) 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'035'138 0.37 45'000 30.11.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'450'000 0.3 - 25.03.2013 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'406'227 0.29 (149'624) 31.01.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'182'662 0.26 (242'500) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nirmal Bang Institutional Equities JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013
Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 25.03.2013
DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 21.03.2013
Exane BNP Paribas FLORENT CESPEDES neutral 3 M 76 Not Provided 21.03.2013
AlphaValue MARTIN SCHNEE reduce 2 M 81 6 month 21.03.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.03.2013
Baader Bank NORBERT BARTH hold 3 M 66 12 month 20.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 20.03.2013
Berenberg Bank ALISTAIR CAMPBELL buy 5 M 85 Not Provided 20.03.2013
Natixis BEATRICE MUZARD buy 5 M 90 Not Provided 20.03.2013
Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 20.03.2013
S&P Capital IQ SHO MATSUBARA hold 3 M 79 12 month 19.03.2013
JPMorgan RICHARD VOSSER overweight 5 M 95 15 month 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 07.03.2013
CA Cheuvreux LAURENT FLAMME outperform 5 M 82 Not Provided 06.03.2013
Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 85 Not Provided 05.03.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.03.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 84 12 month 05.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2013
Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 01.03.2013
Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 01.03.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 01.03.2013
Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 01.03.2013
Barclays MARK PURCELL underweight 1 M 68 Not Provided 01.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 76 12 month 28.02.2013
M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 28.02.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 28.02.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013
Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013
Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012
Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012
Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012
Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010
Holdings By:
Bharat Heavy Electricals Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Bharat Petroleum Corporation Limited explores for and refines crude oil. The
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.
Latest Fiscal Year: 03/2012
LTM as of: 06/yy
52-Week High (21.01.2013) 449.00
52-Week Low (26.11.2012) 315.60
Daily Volume
374.65
52-Week High % Change -16.56% Dividend Yield 1.47
52-Week Low % Change 18.71% Beta 0.72
% 52 Week Price Range High/Low 44.27% Equity Float 220.05
Shares Out 25.01.2013 723.1 Short Int -
270'903.50 1 Yr Total Return 14.06%
Total Debt 301'530.60 YTD Return 5.21%
Preferred Stock 0.0 Adjusted BETA 0.721
Minority Interest 10'351.4 Analyst Recs 49
Cash and Equivalents 73'570.30 Consensus Rating 3.959
Enterprise Value 509'215.20
Average Volume 5 Day 58'106
BPCL IB EQUITY YTD Change - Average Volume 30 Day 94'315
BPCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 139'844
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 06/yy 06/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'112'431.1 1'365'571.2 1'238'167.2 1'537'649.1 2'121'395.6 229'448.0 ######### ######### ######### - -
0.19x 0.22x 0.29x 0.26x 0.23x 0.00x 0.00x 0.22x 0.23x - -
36'849.4 40'846.0 32'753.3 50'399.0 64'671.3 0.0 0.0 58'619.2 60'343.8 - -
5.85x 7.34x 10.83x 7.95x 7.60x 0.00x 0.00x 8.69x 8.44x - -
17'695.5 6'337.6 16'323.6 16'349.6 7'808.3 (5'379.0) 19'634.0 16'057.7 17'849.7 - -
8.35x 21.45x 11.47x 13.53x 32.42x 0.00x 0.00x 16.22x 14.74x - -
EBITDA 64'671.30 Long-Term Rating Date -
EBIT 40'563.00 Long-Term Rating -
Operating Margin 1.91% Long-Term Outlook -
Pretax Margin 0.75% Short-Term Rating Date -
Return on Assets 1.08% Short-Term Rating -
Return on Common Equity 5.00%
Return on Capital 3.65% EBITDA/Interest Exp. 4.52
Asset Turnover 2.93% (EBITDA-Capex)/Interest Exp. 1.57
Net Debt/EBITDA 3.52
Gross Margin - Total Debt/EBITDA 4.66
EBITDA Margin 3.0%
EBIT Margin 1.9% Total Debt/Equity 189.9%
Net Income Margin 0.4% Total Debt/Capital 64.1%
Asset Turnover 2.93
Current Ratio 0.85 Net Fixed Asset Turnover 7.58
Quick Ratio 0.24 Accounts receivable turnover-days 6.84
Debt to Assets 38.75% Inventory Days -
Tot Debt to Common Equity 189.88% Accounts Payable Turnover Day -
Accounts Receivable Turnover 53.49 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bharat Petroleum Corp LtdPrice/Volume
Valuation Analysis
33'480.00
Current Price (3/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
!2!
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e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 ! B
. B
1 B
3 B
5 B
- ! B
- . B
- 1 B
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
-! !!
.! !!
0! !!
1! !!
2! !!
3! !!
4! !!
!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a ULT-AGG 63'927'154 6.96 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 12'764'100 1.39 933'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'343'571 1.24 813'771 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'072'038 1.21 (195'542) 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 7'816'891 0.85 3'435 28.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'728'029 0.84 (1'894'889) 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'464'197 0.81 1'313'530 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'827'084 0.74 (273'418) 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'833'502 0.42 150'348 28.12.2012 Mutual Fund Manager
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'562'928 0.39 4'200 30.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'382'359 0.37 (16'216) 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'723'078 0.3 - 25.03.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'394'986 0.26 (1'000) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'052'900 0.22 251'750 28.09.2012 Investment Advisor
SEB n/a ULT-AGG 2'000'933 0.22 85'942 31.01.2013 Unclassified
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'827'520 0.2 - 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'605'194 0.17 (18'792) 31.12.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'494'928 0.16 95'786 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'446'357 0.16 (1'093'863) 31.01.2013 Mutual Fund Manager
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'361'517 0.15 (143'697) 28.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 27.03.2013
HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.03.2013
Exane BNP Paribas JAMES KNIGHT outperform 5 M 74 Not Provided 26.03.2013
Nord/LB THORSTEN STRAUSS hold 3 M 73 12 month 25.03.2013
Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 25.03.2013
AlphaValue MARTIN SCHNEE add 4 M 79 6 month 21.03.2013
JPMorgan MARTIN EVANS neutral 3 M 75 12 month 20.03.2013
Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 20.03.2013
DZ Bank AG PETER SPENGLER buy 5 M 86 12 month 13.03.2013
M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 D 78 12 month 07.03.2013
Baader Bank NORBERT BARTH buy 5 M 85 12 month 05.03.2013
CA Cheuvreux MARTIN ROEDIGER outperform 5 M 80 Not Provided 01.03.2013
Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 28.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 D 78 12 month 28.02.2013
Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013
Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 81 Not Provided 27.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013
Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013
Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013
Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013
Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012
Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012
Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012
Day by Day VALERIE GASTALDY buy 5 M 76 3 month 03.10.2012
Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012
Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012
Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012
SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010
Holdings By:
Bharat Petroleum Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 370.40
52-Week Low (30.08.2012) 238.50
Daily Volume
297.05
52-Week High % Change -19.80% Dividend Yield 0.34
52-Week Low % Change 24.55% Beta 0.81
% 52 Week Price Range High/Low 44.39% Equity Float 1'002.83
Shares Out 25.01.2013 3'797.5 Short Int -
1'128'056.25 1 Yr Total Return -11.71%
Total Debt 690'232.00 YTD Return -6.23%
Preferred Stock 0.0 Adjusted BETA 0.807
Minority Interest 27'695.0 Analyst Recs 58
Cash and Equivalents 38'432.00 Consensus Rating 3.948
Enterprise Value 1'818'096.26
Average Volume 5 Day 986'054
BHARTI IB EQUITY YTD Change - Average Volume 30 Day 585'345
BHARTI IB EQUITY YTD % CHANGE - Average Volume 3 Month 547'275
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
270'122.4 373'520.8 418'472.0 595'383.0 714'508.0 689'868.0 785'922.0 805'335.3 885'904.2 190'664.8 214'955.0
5.99x 3.44x 2.95x 3.34x 2.75x 13.87x 9.46x 2.22x 1.95x - -
114'765.5 154'623.6 169'127.0 202'571.0 238'314.0 230'138.0 248'136.0 248'207.9 283'087.6 65'301.0 68'807.0
14.11x 8.31x 7.31x 9.81x 8.24x 8.61x 7.63x 7.32x 6.42x 6.46x 6.11x
63'953.9 78'589.5 89'768.0 60'467.0 42'594.0 46'542.0 27'730.0 26'706.4 50'486.1 9'227.0 11'634.0
24.51x 15.11x 13.21x 22.43x 30.11x 28.02x 43.39x 41.36x 22.08x 24.65x 20.93x
EBITDA 238'314.00 Long-Term Rating Date 09.06.2010
EBIT 103'850.00 Long-Term Rating BB+
Operating Margin 14.53% Long-Term Outlook STABLE
Pretax Margin 9.12% Short-Term Rating Date -
Return on Assets 2.81% Short-Term Rating -
Return on Common Equity 8.57%
Return on Capital 5.31% EBITDA/Interest Exp. 7.79
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.07
Net Debt/EBITDA 2.74
Gross Margin - Total Debt/EBITDA 2.90
EBITDA Margin 33.4%
EBIT Margin 14.5% Total Debt/Equity 136.4%
Net Income Margin 6.0% Total Debt/Capital 56.4%
Asset Turnover 0.47
Current Ratio 0.30 Net Fixed Asset Turnover 1.08
Quick Ratio 0.21 Accounts receivable turnover-days 30.39
Debt to Assets 43.95% Inventory Days -
Tot Debt to Common Equity 136.38% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.04 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bharti Airtel LtdPrice/Volume
Valuation Analysis
410'789.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
!-!.!0!1!2!3!4!5!6!
e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B- ! B. ! B0 ! B1 ! B2 ! B3 ! B4 ! B5 ! B6 ! B
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
. !!
1 !!
3 !!
5 !!
-! !!
-. !!
-1 !!
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BHARTI TELECOM LIMIT n/a 20F 663'074'830 41.26 - 29.08.2011 n/a
EUGENIE PATRI SEBAST n/a 20F 133'267'604 8.29 - 29.08.2011 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 35'079'819 2.18 (3'462'946) 31.12.2012 Investment Advisor
BRC SARL n/a 20F 32'666'460 2.03 - 29.08.2011 Other
FMR LLC n/a ULT-AGG 16'638'410 1.04 (2'268'325) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'870'001 0.74 346'574 25.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'597'724 0.66 (128'959) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'426'752 0.65 (349'398) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'415'186 0.65 (2'422'646) 31.12.2012 Investment Advisor
ANHEUSER-BUSCH INBEV n/a 20F 7'601'955 0.47 - 29.08.2011 Corporation
VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 29.08.2011 Other
INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 29.08.2011 Other
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'279'114 0.27 410'748 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'160'120 0.26 89'672 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'438'936 0.21 1'647'249 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 2'771'955 0.17 343'435 21.03.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'203'582 0.14 - 25.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'153'869 0.13 166'567 31.05.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'031'936 0.13 39'854 31.12.2012 Investment Advisor
WELLCOME TRUST LIMIT n/a Research 1'850'000 0.12 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura TREVOR STIRLING outperform 5 M 82 12 month 22.03.2013
AlphaValue ISABELLE COMBEMALE sell 1 M 46 6 month 21.03.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 89 12 month 18.03.2013
Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 18.03.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 83 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 90 12 month 11.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 08.03.2013
Credit Suisse SANJEET AUJLA outperform 5 M 90 Not Provided 07.03.2013
ING Bank MARCO GULPERS hold 3 M 68 12 month 06.03.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 85 12 month 05.03.2013
KBC Securities WIM HOSTE hold 3 M 71 12 month 04.03.2013
JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 01.03.2013
Societe Generale ANDREW HOLLAND buy 5 M 74 12 month 28.02.2013
HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 28.02.2013
Nomura IAN SHACKLETON neutral 3 M 70 12 month 28.02.2013
Day by Day VALERIE GASTALDY buy 5 U 74 3 month 28.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 28.02.2013
Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 27.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 73 12 month 27.02.2013
Petercam KRIS KIPPERS buy 5 M 80 Not Provided 27.02.2013
S&P Capital IQ CARL SHORT hold 3 M 73 12 month 27.02.2013
ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 27.02.2013
Rabobank International KAREL ZOETE buy 5 U 76 12 month 25.02.2013
Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013
Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013
Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 75 6 month 01.02.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 72 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 65 Not Provided 14.09.2012
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012
Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012
Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012
Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012
Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011
Holdings By:
Bharti Airtel Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Cairn India Ltd. together with its subsidiaries is involved in surveying,
offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,
gins, and beer.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (17.09.2012) 365.90
52-Week Low (22.03.2013) 275.55
Daily Volume
277.1
52-Week High % Change -24.27% Dividend Yield 0.00
52-Week Low % Change 0.56% Beta 0.95
% 52 Week Price Range High/Low 1.72% Equity Float 368.98
Shares Out 19.03.2013 1'910.2 Short Int -
529'323.06 1 Yr Total Return -20.71%
Total Debt 12'518.41 YTD Return -13.13%
Preferred Stock 0.0 Adjusted BETA 0.946
Minority Interest 0.0 Analyst Recs 61
Cash and Equivalents 88'490.83 Consensus Rating 4.377
Enterprise Value 398'646.19
Average Volume 5 Day 231'135
CAIR IB EQUITY YTD Change - Average Volume 30 Day 304'798
CAIR IB EQUITY YTD % CHANGE - Average Volume 3 Month 292'506
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
10'122.6 - 15'622.2 102'779.3 118'606.5 0.0 0.0 188'633.2 188'837.2 44'884.5 44'400.0
43.49x - 37.60x 6.22x 4.73x #DIV/0! #DIV/0! 2.08x 1.82x - -
4'106.3 - 8'227.1 85'465.9 94'860.8 0.0 0.0 134'332.6 125'245.6 34'932.0 34'569.0
107.22x - 71.40x 7.48x 5.91x 0.00x 0.00x 2.97x 3.19x - -
(245.4) - 10'511.1 63'344.0 79'377.5 0.0 0.0 114'554.3 102'040.9 29'444.0 29'595.0
- - 55.15x 10.52x 8.01x 0.00x 0.00x 4.60x 5.17x - -
EBITDA 94'860.83 Long-Term Rating Date -
EBIT 80'151.35 Long-Term Rating -
Operating Margin 67.58% Long-Term Outlook -
Pretax Margin 71.02% Short-Term Rating Date -
Return on Assets 15.88% Short-Term Rating -
Return on Common Equity 17.92%
Return on Capital 17.38% EBITDA/Interest Exp. 86.89
Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. 59.82
Net Debt/EBITDA -0.80
Gross Margin - Total Debt/EBITDA 0.13
EBITDA Margin 80.0%
EBIT Margin 67.6% Total Debt/Equity 2.6%
Net Income Margin 66.9% Total Debt/Capital 2.5%
Asset Turnover 0.24
Current Ratio 4.40 Net Fixed Asset Turnover 2.01
Quick Ratio 3.97 Accounts receivable turnover-days 45.97
Debt to Assets 2.34% Inventory Days -
Tot Debt to Common Equity 2.59% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.96 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
Cairn India LtdPrice/Volume
Valuation Analysis
159'498.00
Current Price (3/dd/yy) Market Data
!
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.! ! B
0! ! B
1! ! B
2! ! B
3! ! B
4! ! B
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
2! !!
-!! !!
-2! !!
.!! !!
.2! !!
0!! !!
02! !!
1!! !!
!2 !1 .!!6 !2 -! .!!6 !2 !1 .!-! !2 -! .!-! !2 !1 .!-- !2 -! .!-- !2 !1 .!-. !2 -! .!-.
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TWIN STAR MAURITIUS n/a ULT-AGG 170'818'263 6.81 32'500 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 166'780'393 6.65 19'483'465 25.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 103'629'142 4.13 (2'633'373) 31.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 93'430'267 3.72 116'442 03.12.2012 Unclassified
FMR LLC n/a ULT-AGG 72'210'629 2.88 (3'259'491) 31.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 60'345'332 2.4 21'978'145 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 53'076'191 2.12 751'700 03.12.2012 Government
UBS n/a ULT-AGG 36'365'999 1.45 1'138'390 31.01.2013 Unclassified
Northern Cross Inter Multiple Portfolios REG 32'768'036 1.31 490'603 03.12.2012 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 31'592'406 1.26 162'750 31.12.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 31'254'191 1.25 7'155'385 03.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios REG 26'868'931 1.07 1'303'879 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'133'318 1.04 (6'773'960) 31.12.2012 Investment Advisor
Cascade Investment C Multiple Portfolios REG 25'516'958 1.02 - 03.12.2012 Unclassified
STATE STREET n/a ULT-AGG 23'796'416 0.95 1'347'040 26.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 20'723'095 0.83 (262'901) 31.12.2012 Investment Advisor
DIAGEO PLC ESOP Multiple Portfolios REG 20'432'541 0.81 443'832 03.12.2012 Unclassified
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 19'857'996 0.79 (847'762) 03.12.2012 Investment Advisor
AXA n/a ULT-AGG 19'645'452 0.78 2'364'575 03.12.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 19'387'391 0.77 (655'760) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Maybank Kim Eng TREVOR STIRLING market perform 3 M 2'100 12 month 22.03.2013
Nomura IAN SHACKLETON buy 5 M 2'040 12 month 22.03.2013
Stifel MARK D SWARTZBERG buy 5 N 2'400 12 month 21.03.2013
AlphaValue ISABELLE COMBEMALE reduce 2 M 1'912 6 month 21.03.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 1'915 12 month 19.03.2013
Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 19.03.2013
Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'100 Not Provided 19.03.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 2'100 12 month 11.03.2013
JPMorgan MATTHEW WEBB neutral 3 M 1'915 9 month 11.03.2013
Barclays SIMON HALES overweight 5 M 2'150 Not Provided 11.03.2013
Credit Suisse CHARLES MILLS outperform 5 M 2'350 Not Provided 07.03.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 2'060 12 month 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 1'670 12 month 05.03.2013
Day by Day VALERIE GASTALDY buy 5 M 2'460 3 month 28.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 1'980 Not Provided 22.02.2013
Investec MARTIN DEBOO hold 3 M 1'970 12 month 15.02.2013
Societe Generale NICOLAS CERON hold 3 M 1'900 12 month 01.02.2013
Kepler Capital Markets LAETITIA DELAYE buy 5 M 2'100 Not Provided 01.02.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 2'100 Not Provided 01.02.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 1'900 12 month 31.01.2013
Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 1'900 6 month 31.01.2013
S&P Capital IQ CARL SHORT buy 5 M 2'100 12 month 31.01.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 2'300 Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 1'850 Not Provided 21.01.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 2'100 Not Provided 18.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 2'220 12 month 09.01.2013
Deutsche Bank JAMES ISENWATER buy 5 M 2'000 12 month 10.11.2012
Berenberg Bank PHILIP MORRISEY buy 5 M 1'760 Not Provided 29.10.2012
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 1'860 Not Provided 02.10.2012
HSBC ERWAN RAMBOURG neutral 3 M 1'800 Not Provided 08.08.2012
Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 25.08.2011
Holdings By:
Cairn India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Canara Bank Ltd. provides a full range of banking services throughout India.
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (14.01.2013) 550.00
52-Week Low (30.08.2012) 306.00
Daily Volume
362.7
52-Week High % Change -34.05% Dividend Yield 3.03
52-Week Low % Change 18.53% Beta 1.13
% 52 Week Price Range High/Low 23.24% Equity Float 120.99
Shares Out 25.01.2013 443.0 Short Int -
160'676.11 1 Yr Total Return -17.93%
Total Debt 266'300.50 YTD Return -26.80%
Preferred Stock 0.0 Adjusted BETA 1.131
Minority Interest 1'614.8 Analyst Recs 35
Cash and Equivalents 282'898.20 Consensus Rating 3.200
Enterprise Value -
Average Volume 5 Day 102'889
CBK IB EQUITY YTD Change - Average Volume 30 Day 61'870
CBK IB EQUITY YTD % CHANGE - Average Volume 3 Month 81'317
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 03/13 Q4 06/13 Q1
165'838.9 194'807.3 216'844.7 258'296.3 339'192.0 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
3'812.0 11'420.1 27'728.8 40'341.8 33'417.0 - - 40'740.0 41'901.0 - -
24.21x 5.95x 6.07x 6.39x 6.31x - - 4.48x 3.50x - -
EBITDA - Long-Term Rating Date 30.12.2011
EBIT - Long-Term Rating NR
Operating Margin 37.78% Long-Term Outlook -
Pretax Margin 38.34% Short-Term Rating Date 30.12.2011
Return on Assets 0.93% Short-Term Rating NR
Return on Common Equity 15.38%
Return on Capital 6.80% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 115.6%
Net Income Margin 31.1% Total Debt/Capital 53.4%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 11.75
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 7.02% Inventory Days -
Tot Debt to Common Equity 115.56% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Canara BankPrice/Volume
Valuation Analysis
99'112.00
Current Price (3/dd/yy) Market Data
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4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a 13G 121'324'707 9.88 - 31.12.2012 n/a
TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a
BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 25.03.2013 Investment Advisor
HOPP DIETMAR n/a 13G 65'273'200 5.31 - 31.12.2012 n/a
SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation
FMR LLC n/a ULT-AGG 16'796'313 1.37 (2'035'409) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'671'329 0.95 35'104 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'142'018 0.91 (632'162) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 11'106'305 0.9 (155'226) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 8'459'500 0.69 972'000 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 8'270'322 0.67 (346'827) 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'820'713 0.64 (171'398) 28.12.2012 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'081'368 0.58 (461'445) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'576'011 0.54 176'532 31.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'863'076 0.48 337'221 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'264'797 0.43 (406'504) 28.02.2013 Investment Advisor
CREDIT SUISSE AG n/a Research 4'582'686 0.37 - 06.06.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'476'891 0.36 (928'049) 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'685'764 0.3 75'391 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited ADAM WOOD Overwt/In-Line 5 M 73 12 month 27.03.2013
Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 26.03.2013
Jefferies ROSS MACMILLAN hold 3 M 62 12 month 25.03.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 69 12 month 22.03.2013
Baader Bank KNUT WOLLER hold 3 M 63 12 month 21.03.2013
Credit Suisse PHILIP WINSLOW outperform 5 M 65 Not Provided 21.03.2013
AlphaValue HEINZ STEFFEN add 4 M 72 6 month 21.03.2013
Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 70 6 month 11.03.2013
JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 11.03.2013
Day by Day VALERIE GASTALDY buy 5 M 66 3 month 11.03.2013
Nomura RICHARD G SHERLUND buy 5 M 68 12 month 10.03.2013
Societe Generale RICHARD NGUYEN buy 5 M 71 12 month 07.03.2013
Deutsche Bank KAI KORSCHELT buy 5 M 70 12 month 07.03.2013
HSBC ANTONIN BAUDRY overweight 5 U 74 Not Provided 07.03.2013
William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 06.03.2013
Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 06.03.2013
Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 24.02.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013
Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 65 6 month 04.02.2013
Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Exane BNP Paribas JOSEP BORI neutral 3 M 63 Not Provided 28.01.2013
Nord/LB WOLFGANG DONIE buy 5 U 70 12 month 24.01.2013
JPMorgan STACY E POLLARD overweight 5 M 65 12 month 24.01.2013
Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 24.01.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 24.01.2013
Bankhaus Metzler ULRICH TRABERT buy 5 M 69 12 month 24.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 70 Not Provided 24.01.2013
Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 24.01.2013
Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 Not Provided 23.01.2013
Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 86 12 month 23.01.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 23.01.2013
Kepler Capital Markets LAURENT DAURE buy 5 M 66 Not Provided 23.01.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 70 12 month 23.01.2013
DZ Bank AG OLIVER FINGER buy 5 M 66 12 month 23.01.2013
Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013
M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 67 12 month 17.01.2013
Natixis GWENAEL GIARD neutral 3 M 53 Not Provided 16.01.2013
Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 16.01.2013
Jyske Bank ROBERT JAKOBSEN reduce 2 M 65 Not Provided 09.01.2013
Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012
CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012
FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012
Holdings By:
Canara Bank ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Cipla Ltd. manufactures fine chemicals and pharmaceutical preparations.
Company focuses on diabetes care and offers insulin delivery systems and other
diabetes products. Novo Nordisk also works in areas such as haemostatis
management, growth disorders, and hormone replacement therapy. The Company
offers educational and training materials. Novo Nordisk markets worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (09.01.2013) 435.00
52-Week Low (27.03.2012) 290.65
Daily Volume
379.7
52-Week High % Change -12.71% Dividend Yield 0.53
52-Week Low % Change 30.64% Beta 0.52
% 52 Week Price Range High/Low 61.69% Equity Float 443.99
Shares Out 25.01.2013 802.9 Short Int -
304'869.25 1 Yr Total Return 27.30%
Total Debt 541.30 YTD Return -8.31%
Preferred Stock 0.0 Adjusted BETA 0.522
Minority Interest 0.0 Analyst Recs 53
Cash and Equivalents 10'297.40 Consensus Rating 4.000
Enterprise Value 295'113.14
Average Volume 5 Day 147'797
CIPLA IB EQUITY YTD Change - Average Volume 30 Day 136'313
CIPLA IB EQUITY YTD % CHANGE - Average Volume 3 Month 171'104
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
40'103.8 49'606.0 53'595.2 62'601.4 69'843.9 - - 82'593.9 92'836.0 - -
4.37x 3.61x 5.01x 4.17x 3.37x - - 3.53x 3.07x - -
8'536.3 12'646.9 14'350.7 14'416.1 17'952.8 - - 21'884.9 23'367.1 - -
20.51x 14.16x 18.72x 18.11x 13.10x - - 13.47x 12.62x - -
7'010.4 7'710.2 10'825.9 9'895.7 11'442.4 - - 15'204.6 16'498.5 - -
24.39x 22.18x 24.69x 26.10x 21.41x - - 19.95x 18.48x - -
EBITDA 17'952.80 Long-Term Rating Date -
EBIT 14'830.60 Long-Term Rating -
Operating Margin 21.23% Long-Term Outlook -
Pretax Margin 20.77% Short-Term Rating Date -
Return on Assets 12.75% Short-Term Rating -
Return on Common Equity 16.00%
Return on Capital 15.55% EBITDA/Interest Exp. 75.31
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 51.77
Net Debt/EBITDA -0.54
Gross Margin - Total Debt/EBITDA 0.03
EBITDA Margin 25.7%
EBIT Margin 21.2% Total Debt/Equity 0.7%
Net Income Margin 16.4% Total Debt/Capital 0.7%
Asset Turnover 0.78
Current Ratio 3.51 Net Fixed Asset Turnover 2.01
Quick Ratio 1.79 Accounts receivable turnover-days 79.77
Debt to Assets 0.58% Inventory Days -
Tot Debt to Common Equity 0.71% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.59 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Cipla Ltd/IndiaPrice/Volume
Valuation Analysis
107'841.00
Current Price (3/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
90'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HAMIED YUSUF K n/a ULT-AGG 79'419'633 17.55 (2'007'633) 31.12.2012 Investment Advisor
NOVO AS n/a 20F 35'312'800 7.8 (5'100'000) 31.01.2013 Holding Company
NOVO-NORDISK A/S n/a Research 18'962'215 4.19 - 08.03.2013 Corporation
FMR LLC n/a ULT-AGG 14'691'275 3.25 (358'846) 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 7'777'930 1.72 (74'744) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'639'111 1.25 618'921 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'109'427 1.13 207'091 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'094'371 1.13 6'991 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'367'549 0.97 (161'621) 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'512'028 0.56 758'793 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'806'460 0.4 43'470 31.12.2012 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 1'729'312 0.38 (102'150) 28.02.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'569'603 0.35 (127'123) 30.11.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'321'823 0.29 (1'321) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'174'866 0.26 (54'015) 28.02.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'163'920 0.26 1'109'960 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 994'564 0.22 (121'792) 28.02.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 936'874 0.21 21'995 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 860'779 0.19 (2'666) 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 738'979 0.16 (13'497) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 27.03.2013
ABG Sundal Collier PETER HUGREFFE buy 5 M 1'200 6 month 25.03.2013
Jyske Bank FRANK HOERNING ANDERSEN buy 5 M 1'100 Not Provided 22.03.2013
Exane BNP Paribas VINCENT MEUNIER neutral 3 M 950 Not Provided 21.03.2013
AlphaValue KAMLA SINGH add 4 U 1'031 6 month 21.03.2013
Societe Generale STEPHEN MCGARRY sell 1 M 753 12 month 20.03.2013
SEB Enskilda LARS HEVRENG buy 5 M 1'180 Not Provided 19.03.2013
Carnegie CARSTEN LONBORG MADSEN buy 5 M #N/A N/A Not Provided 19.03.2013
Nordea Equity Research MICHAEL NOVOD strong buy 5 M 1'250 12 month 19.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 920 6 month 19.03.2013
Helvea OLAV ZILIAN accumulate 4 M 1'100 12 month 19.03.2013
Barclays BRIAN BOURDOT underweight 1 M 870 Not Provided 19.03.2013
Danske Markets MARTIN PARKHOI buy 5 M 1'100 12 month 19.03.2013
JPMorgan RICHARD VOSSER underweight 1 D 800 9 month 18.03.2013
Deutsche Bank TIM RACE sell 1 M 890 12 month 15.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 900 12 month 14.03.2013
DNB Markets RUNE MAJLUND DAHL buy 5 M 1'100 Not Provided 12.03.2013
CA Cheuvreux LAURENT FLAMME underperform 1 M 965 Not Provided 06.03.2013
Handelsbanken PETER SEHESTED buy 5 M 1'112 12 month 04.03.2013
Credit Suisse LUISA HECTOR neutral 3 M 1'040 Not Provided 28.02.2013
Nomura AMIT ROY buy 5 M 1'000 12 month 21.02.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 920 Not Provided 12.02.2013
Kepler Capital Markets MARTIN VOEGTLI hold 3 M 920 Not Provided 12.02.2013
S&P Capital IQ JACOB THRANE hold 3 M 985 12 month 12.02.2013
Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1'040 12 month 11.02.2013
Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 D 1'015 Not Provided 11.02.2013
Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 1'200 12 month 11.02.2013
Natixis PHILIPPE LANONE neutral 3 D 1'010 Not Provided 11.02.2013
Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 1'400 6 month 04.02.2013
Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012
Mirabaud Securities NICHOLAS TURNER reduce 2 D 819 Not Provided 23.11.2012
Swedbank JOHAN UNNERUS strong buy 5 U 1'150 12 month 09.11.2012
NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 23.07.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Cyrrus TOMAS MENCIK sell 1 M 627 Not Provided 05.04.2012
Sydbank SOEREN LONTOFT HANSEN overweight 5 U #N/A N/A Not Provided 02.02.2012
MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 648 Not Provided 15.04.2011
Holdings By:
Cipla Ltd/India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Coal India Limited produces and markets coal and coal products, as well as
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (17.09.2012) 386.00
52-Week Low (19.03.2013) 291.20
Daily Volume
301.25
52-Week High % Change -21.96% Dividend Yield 3.32
52-Week Low % Change 3.45% Beta 0.68
% 52 Week Price Range High/Low 10.60% Equity Float 631.64
Shares Out 25.01.2013 6'316.4 Short Int -
1'902'804.75 1 Yr Total Return -5.77%
Total Debt 15'273.80 YTD Return -12.43%
Preferred Stock 0.0 Adjusted BETA 0.679
Minority Interest 536.0 Analyst Recs 56
Cash and Equivalents 478'359.30 Consensus Rating 4.286
Enterprise Value 1'264'647.19
Average Volume 5 Day 339'750
COAL IB EQUITY YTD Change - Average Volume 30 Day 352'893
COAL IB EQUITY YTD % CHANGE - Average Volume 3 Month 271'708
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
326'338.6 387'888.3 446'152.5 502'292.8 624'154.3 44'219.0 43'575.0 686'504.6 736'638.7 194'818.0 173'786.5
- - - 3.59x 2.74x 0.00x 0.00x 1.77x 1.49x - -
73'071.1 39'042.3 112'742.5 148'089.0 171'897.8 0.0 0.0 190'922.4 214'010.9 58'606.5 54'049.0
- - - 12.18x 9.95x 0.00x 0.00x 6.63x 5.91x 6.42x 6.70x
42'850.1 40'628.1 96'224.5 108'673.5 147'882.0 5'351.0 2'205.0 169'330.2 184'849.6 47'134.7 47'374.0
- - - 20.16x 14.71x 9.70x 25.61x 11.24x 10.27x 10.74x 10.43x
EBITDA 171'897.80 Long-Term Rating Date -
EBIT 152'205.60 Long-Term Rating -
Operating Margin 24.39% Long-Term Outlook -
Pretax Margin 34.05% Short-Term Rating Date -
Return on Assets 15.34% Short-Term Rating -
Return on Common Equity 40.09%
Return on Capital 38.51% EBITDA/Interest Exp. 458.76
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 367.77
Net Debt/EBITDA -2.69
Gross Margin - Total Debt/EBITDA 0.09
EBITDA Margin 27.5%
EBIT Margin 24.4% Total Debt/Equity 3.8%
Net Income Margin 23.7% Total Debt/Capital 3.6%
Asset Turnover 0.65
Current Ratio 2.22 Net Fixed Asset Turnover 4.50
Quick Ratio 1.56 Accounts receivable turnover-days 26.64
Debt to Assets 1.43% Inventory Days -
Tot Debt to Common Equity 3.78% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.74 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
Coal India LtdPrice/Volume
Valuation Analysis
302'831.00
Current Price (3/dd/yy) Market Data
!
-
.
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2!! ! B
3!! ! B
4!! ! B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012! !!
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a ULT-AGG 866'053'147 8.22 28'365 26.03.2013 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 555'448'975 5.27 - 31.12.2011 Investment Advisor
BNP PARIBAS SA n/a EXCH 341'264'391 3.24 86'154'727 14.01.2013 Bank
CAPITAL GROUP COMPAN n/a ULT-AGG 243'314'406 2.31 - 31.12.2012 Investment Advisor
BARCLAYS PLC n/a ULT-AGG 227'263'557 2.16 (56'807'364) 03.05.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 151'622'409 1.44 2'825'886 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 138'161'167 1.31 10'545'834 31.12.2012 Investment Advisor
DE LOS RIOS EMILIO B n/a EXCH 79'215'379 0.75 30'908 11.03.2013 n/a
DODGE & COX Multiple Portfolios MF-AGG 53'673'238 0.51 447'012 29.01.2013 Investment Advisor
ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.48 - 01.10.2011 Insurance Company
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43'495'798 0.41 586'726 31.12.2012 Investment Advisor
BANCO SANTANDER SA n/a Co File 42'192'066 0.4 - 31.12.2011 Bank
BNP PARIBAS INV PART n/a ULT-AGG 39'437'973 0.37 (3'428'192) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'143'000 0.37 - 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 30'578'576 0.29 - 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 27'695'932 0.26 (2'001'686) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 19'224'262 0.18 1'930'244 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 16'712'670 0.16 (436'850) 31.12.2012 Mutual Fund Manager
O'SHEA JAVIER BOTIN- n/a EXCH 16'280'026 0.15 937 31.01.2013 n/a
PUENTEPUMAR SL n/a EXCH 13'757'649 0.13 - 11.07.2011 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ANDREA FILTRI underperform 1 M 4 Not Provided 25.03.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 25.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 25.03.2013
Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 22.03.2013
La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 20.03.2013
Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 19.03.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 14.03.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.03.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 11.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 11.03.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 10.03.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 08.03.2013
BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 07.03.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013
Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013
JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013
RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 01.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 01.02.2013
Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013
Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013
BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013
HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012
DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012
Holdings By:
Coal India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care
mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,
uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.
Dually-listed company with RIO AU.
Latest Fiscal Year: 03/2012
LTM as of: 06/yy
52-Week High (01.01.2013) 1'580.40
52-Week Low (02.04.2012) 1'030.00
Daily Volume
1239.6
52-Week High % Change -21.56% Dividend Yield 1.61
52-Week Low % Change 20.35% Beta 0.54
% 52 Week Price Range High/Low 38.08% Equity Float 61.69
Shares Out 25.01.2013 136.0 Short Int -
168'576.70 1 Yr Total Return 13.84%
Total Debt 53.99 YTD Return -20.89%
Preferred Stock 0.0 Adjusted BETA 0.544
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 3'407.34 Consensus Rating 2.636
Enterprise Value 165'223.35
Average Volume 5 Day 12'159
CLGT IB EQUITY YTD Change - Average Volume 30 Day 11'732
CLGT IB EQUITY YTD % CHANGE - Average Volume 3 Month 17'488
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 12/yy 06/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
14'738.5 16'952.1 19'624.6 - - 0.0 46'038.0 30'793.0 36'678.0 - -
3.44x 3.64x 4.51x - - #DIV/0! 8.17x 5.38x 4.52x - -
2'975.1 3'484.7 4'930.6 - - 0.0 13'532.0 6'663.0 8'103.0 - -
17.04x 17.71x 17.95x - - 0.00x 0.00x 24.81x 20.40x - -
2'357.6 2'857.8 4'341.0 - - 0.0 9'402.0 5'419.0 6'201.0 1'632.0 -
22.07x 22.42x 21.16x - - 0.00x 0.00x 31.11x 27.19x - -
EBITDA 4'930.59 Long-Term Rating Date -
EBIT 4'623.98 Long-Term Rating -
Operating Margin 23.56% Long-Term Outlook -
Pretax Margin 25.50% Short-Term Rating Date -
Return on Assets 51.58% Short-Term Rating -
Return on Common Equity 159.16%
Return on Capital 156.01% EBITDA/Interest Exp. 327.77
Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 303.95
Net Debt/EBITDA -0.68
Gross Margin 61.2% Total Debt/EBITDA 0.01
EBITDA Margin 25.1%
EBIT Margin 23.6% Total Debt/Equity 1.6%
Net Income Margin 22.1% Total Debt/Capital 1.6%
Asset Turnover 2.33
Current Ratio 1.07 Net Fixed Asset Turnover 7.58
Quick Ratio 0.64 Accounts receivable turnover-days 1.94
Debt to Assets 0.61% Inventory Days 48.31
Tot Debt to Common Equity 1.64% Accounts Payable Turnover Day 170.00
Accounts Receivable Turnover 187.77 Cash Conversion Cycle -119.74
Inventory Turnover 7.55
Fiscal Year Ended
Colgate-Palmolive India LtdPrice/Volume
Valuation Analysis
19'443.00
Current Price (3/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
1999 2000 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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COLGATE PALMOLIVE CO Multiple Portfolios REG 182'550'329 12.93 - 03.12.2012 Holding Company
BLACKROCK n/a ULT-AGG 128'626'019 9.11 - 25.03.2013 Investment Advisor
AXA n/a ULT-AGG 59'271'193 4.2 605'414 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 53'306'336 3.78 (30'895) 28.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 41'031'494 2.91 - 19.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 32'751'832 2.32 10'311'357 03.12.2012 Unclassified
ABERDEEN n/a ULT-AGG 29'783'762 2.11 275'493 28.02.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 28'183'471 2 5'058'654 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 27'888'087 1.98 (363'260) 31.01.2013 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 22'584'269 1.6 2'505'810 03.12.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 20'784'742 1.47 864'625 31.01.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 20'134'091 1.43 (1'535'852) 03.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 15'566'865 1.1 777'762 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'972'836 1.06 559'905 31.12.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 14'066'647 1 (18'708) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 13'772'088 0.98 509'965 03.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 13'345'435 0.95 812'987 31.01.2013 Unclassified
GOVT OF SINGAPORE IN n/a ULT-AGG 13'197'558 0.93 (667'279) 03.12.2012 Government
SCHRODER INVESTMENT Multiple Portfolios REG 13'004'093 0.92 3'648'560 03.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'894'531 0.77 49'517 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MENNO SANDERSE Equalwt/In-Line 3 M 3'870 12 month 27.03.2013
Credit Suisse PAUL MCTAGGART outperform 5 M 4'000 Not Provided 26.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 D 3'400 12 month 25.03.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 22.03.2013
Jefferies Christopher LaFemina buy 5 M 4'100 12 month 21.03.2013
AlphaValue SACHIN KUMAR add 4 M 3'796 6 month 21.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 4'575 12 month 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA Sell/Neutral 1 D 2'800 12 month 19.03.2013
JPMorgan FRASER JAMIESON overweight 5 M 4'400 9 month 15.03.2013
SBG Securities PETER DAVEY buy 5 M 4'300 12 month 11.03.2013
Macquarie JEFFREY LARGEY neutral 3 M 4'050 12 month 08.03.2013
RBC Capital Markets DES KILALEA outperform 5 M 4'300 12 month 04.03.2013
Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 M 2'910 12 month 04.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 04.03.2013
Exane BNP Paribas LUC PEZ outperform 5 M 4'700 Not Provided 27.02.2013
BMO Capital Markets TONY ROBSON outperform 5 M 4'500 Not Provided 25.02.2013
Societe Generale ABHISHEK SHUKLA buy 5 M 3'900 12 month 15.02.2013
Deutsche Bank ROBERT CLIFFORD buy 5 M 4'720 12 month 15.02.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 3'500 Not Provided 15.02.2013
Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4'200 12 month 14.02.2013
Nomura SAM CATALANO buy 5 M 3'700 12 month 14.02.2013
S&P Capital IQ JOHNSON IMODE strong buy 5 M 4'200 12 month 14.02.2013
HSBC ANDREW KEEN overweight 5 M 4'180 Not Provided 07.02.2013
Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 21.01.2013
Barclays DAVID BUTLER overweight 5 M 4'000 Not Provided 14.01.2013
Liberum Capital Ltd RICHARD KNIGHTS buy 5 U #N/A N/A Not Provided 30.11.2012
Standard Chartered SUBRAMANIAM VARADA outperform 5 M 3'430 12 month 22.11.2012
Axiom Capital GORDON L JOHNSON sell 1 N 2'059 12 month 30.07.2012
Holdings By:
Colgate-Palmolive India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Crompton Greaves Ltd. manufactures, distributes, installs and services
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 148.50
52-Week Low (28.02.2013) 88.35
Daily Volume
92.05
52-Week High % Change -38.01% Dividend Yield 1.52
52-Week Low % Change 4.19% Beta 1.21
% 52 Week Price Range High/Low 6.15% Equity Float 334.68
Shares Out 25.01.2013 641.5 Short Int -
59'049.30 1 Yr Total Return -32.36%
Total Debt 11'760.30 YTD Return -20.58%
Preferred Stock 0.0 Adjusted BETA 1.208
Minority Interest 156.6 Analyst Recs 52
Cash and Equivalents 9'712.20 Consensus Rating 2.712
Enterprise Value 69'390.30
Average Volume 5 Day 175'487
CRG IB EQUITY YTD Change - Average Volume 30 Day 207'033
CRG IB EQUITY YTD % CHANGE - Average Volume 3 Month 356'033
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
68'323.4 87'372.6 91'408.7 100'051.1 112'485.8 23'659.0 28'103.0 121'572.5 135'414.2 33'502.2 -
1.56x 0.54x 1.79x 1.73x 0.81x 0.00x 0.00x 0.56x 0.50x - -
7'526.5 11'234.0 12'771.3 13'437.8 8'036.4 0.0 0.0 5'558.1 9'691.7 1'366.0 -
14.15x 4.21x 12.83x 12.92x 11.30x 0.00x 0.00x 12.53x 7.19x - -
4'067.2 5'599.0 8'598.7 8'886.7 3'735.9 0.0 0.0 1'874.2 5'032.8 519.8 -
24.83x 8.09x 20.30x 19.69x 23.71x 0.00x 0.00x 29.38x 11.78x - -
EBITDA 8'036.40 Long-Term Rating Date -
EBIT 5'436.80 Long-Term Rating -
Operating Margin 4.83% Long-Term Outlook -
Pretax Margin 4.93% Short-Term Rating Date -
Return on Assets 4.65% Short-Term Rating -
Return on Common Equity 10.85%
Return on Capital 9.57% EBITDA/Interest Exp. 13.94
Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. 7.48
Net Debt/EBITDA 0.25
Gross Margin - Total Debt/EBITDA 1.46
EBITDA Margin 7.1%
EBIT Margin 4.8% Total Debt/Equity 32.6%
Net Income Margin 3.3% Total Debt/Capital 24.5%
Asset Turnover 1.40
Current Ratio 1.45 Net Fixed Asset Turnover 8.21
Quick Ratio 0.99 Accounts receivable turnover-days 92.50
Debt to Assets 13.42% Inventory Days -
Tot Debt to Common Equity 32.57% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.96 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Crompton Greaves LtdPrice/Volume
Valuation Analysis
184'437.00
Current Price (3/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
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AVANTHA HOLDINGS LTD n/a Research 235'886'503 46.46 (147'143) 01.10.2012 Holding Company
LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company
QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 4'275'828 0.84 74'218 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'200'037 0.83 4'700 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'878'869 0.76 (478'859) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'387'828 0.67 (45'143) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'326'140 0.66 134'015 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'724'161 0.54 49'222 31.01.2013 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 1'969'710 0.39 (230'217) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'732'620 0.34 41'590 31.01.2013 Investment Advisor
TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 1'528'000 0.3 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'422'781 0.28 19'742 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'387'002 0.27 (18'102) 28.02.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'355'126 0.27 (2'100) 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'150'592 0.23 43'392 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'042'404 0.21 (14'807) 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 925'639 0.18 (20'403) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Prabhudas Lilladher Pvt Ltd OMAR SAAD buy 5 M 160 12 month 24.03.2013
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 20.03.2013
Nomura CHRISTOPHER WALKER buy 5 M 155 12 month 20.03.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 135 Not Provided 20.03.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 160 Not Provided 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Societe Generale THIERRY COTA hold 3 M 145 12 month 18.03.2013
Renaissance Capital REY WIUM hold 3 M 152 12 month 14.03.2013
AlphaValue VIRGINIE BLIN buy 5 M 172 6 month 07.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 22.02.2013
Aurel - BGC DAVID DA MAIA hold 3 M 145 Not Provided 20.02.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 157 12 month 20.02.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013
Berenberg Bank JOHN GUY hold 3 D 140 Not Provided 15.02.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 Not Provided 10.02.2013
Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 152 12 month 08.02.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 198 12 month 08.02.2013
Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 08.02.2013
Credit Suisse ROGERIO FUJIMORI neutral 3 M 148 Not Provided 05.02.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 165 12 month 04.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 160 12 month 04.02.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 142 9 month 01.02.2013
Raymond James MARC WILLAUME strong buy 5 M 163 Not Provided 01.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 01.02.2013
Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 01.02.2013
S&P Capital IQ MICHAEL SOUERS strong buy 5 M 160 12 month 01.02.2013
Barclays JULIAN EASTHOPE overweight 5 M 151 Not Provided 01.02.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 168 Not Provided 31.01.2013
HSBC ANTOINE BELGE neutral 3 M 150 Not Provided 24.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank WARWICK OKINES hold 3 D 145 12 month 14.01.2013
Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012
Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012
CA Cheuvreux THOMAS MESMIN outperform 5 M 140 Not Provided 17.10.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012
Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012
Holdings By:
Crompton Greaves Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Cummins India Limited manufactures internal combustion engines, including
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (09.01.2013) 550.00
52-Week Low (23.05.2012) 396.05
Daily Volume
485.05
52-Week High % Change -11.81% Dividend Yield -
52-Week Low % Change 22.47% Beta 0.72
% 52 Week Price Range High/Low 57.81% Equity Float 113.28
Shares Out 25.01.2013 277.2 Short Int -
134'455.86 1 Yr Total Return 7.26%
Total Debt 904.72 YTD Return -5.24%
Preferred Stock 0.0 Adjusted BETA 0.721
Minority Interest 0.0 Analyst Recs 43
Cash and Equivalents 3'570.05 Consensus Rating 3.837
Enterprise Value 131'790.53
Average Volume 5 Day 13'617
KKC IB EQUITY YTD Change - Average Volume 30 Day 28'590
KKC IB EQUITY YTD % CHANGE - Average Volume 3 Month 53'642
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
26'555.2 35'285.3 - - - - - 46'300.0 54'457.0 - -
2.31x 0.96x - - - - - 2.86x 2.41x - -
3'988.2 5'562.5 - - - - - 8'543.0 10'190.0 - -
15.39x 6.11x - - - - - 15.47x 12.97x - -
3'249.1 4'629.1 - - - - - 6'933.5 8'125.0 - -
19.65x 7.91x - - - - - 19.58x 16.32x - -
EBITDA 5'562.46 Long-Term Rating Date -
EBIT 5'075.14 Long-Term Rating -
Operating Margin 14.38% Long-Term Outlook -
Pretax Margin 18.05% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 162.38
Asset Turnover - (EBITDA-Capex)/Interest Exp. 135.30
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 6.1%
Net Income Margin 13.1% Total Debt/Capital 5.7%
Asset Turnover -
Current Ratio 2.30 Net Fixed Asset Turnover -
Quick Ratio 1.33 Accounts receivable turnover-days -
Debt to Assets 3.91% Inventory Days -
Tot Debt to Common Equity 6.09% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cummins India LtdPrice/Volume
Valuation Analysis
25'413.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CUMMINS INC n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other
UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2011 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 33'770'000 1.97 (1'842'700) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'884'073 1.22 (740'454) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'128'239 1.06 903'626 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'626'505 0.97 498'559 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 11'633'435 0.68 (188'682) 31.05.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'447'002 0.55 (57'347) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'028'108 0.47 8'028'108 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'857'215 0.46 (382'184) 28.02.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 7'200'000 0.42 - 31.12.2011 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7'180'977 0.42 (63'607) 31.01.2013 Mutual Fund Manager
ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 Other
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'122'561 0.36 (32'935) 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'839'034 0.34 126'890 28.09.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 5'794'474 0.34 153'674 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'439'055 0.32 (100'074) 31.01.2013 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'387'993 0.31 (102'210) 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'281'693 0.31 5'249'645 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4'660'599 0.27 - 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL ANDREW WOOD outperform 5 M 34 12 month 25.03.2013
Exane BNP Paribas JEFF STENT neutral 3 M 33 Not Provided 19.03.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 27 12 month 13.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 32 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 31 12 month 11.03.2013
Kepler Capital Markets JON COX buy 5 M 33 Not Provided 10.03.2013
Credit Suisse CHARLES MILLS neutral 3 M 34 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 05.03.2013
Rabobank International KAREL ZOETE buy 5 M 34 Not Provided 25.02.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013
Day by Day VALERIE GASTALDY buy 5 M 30 3 month 11.02.2013
HSBC CEDRIC BESNARD overweight 5 M 35 Not Provided 30.01.2013
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 32 Not Provided 30.01.2013
Jefferies ALEX HOWSON hold 3 D 32 12 month 29.01.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 29.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 29 Not Provided 29.01.2013
Berenberg Bank JAMES TARGETT buy 5 M 35 Not Provided 25.01.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 37 Not Provided 25.01.2013
Societe Generale WARREN L ACKERMAN sell 1 M 28 12 month 24.01.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 30 12 month 24.01.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 37 12 month 24.01.2013
SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 M 35 12 month 24.01.2013
Nomura DAVID HAYES reduce 2 M 30 Not Provided 24.01.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 24.01.2013
Helvea ANDREAS VON ARX accumulate 4 M 33 12 month 24.01.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 24.01.2013
Grupo Santander PEDRO GIL buy 5 M 33 Not Provided 23.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 26 6 month 23.01.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 32 12 month 23.01.2013
Petercam FERNAND DE BOER hold 3 M 30 Not Provided 23.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 30 Not Provided 23.01.2013
S&P Capital IQ CARL SHORT hold 3 M 31 12 month 23.01.2013
Barclays IAIN SIMPSON overweight 5 M 34 Not Provided 23.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 30 Not Provided 21.01.2013
Natixis PIERRE TEGNER reduce 2 M 27 Not Provided 21.01.2013
ING Bank MARCO GULPERS hold 3 M 29 12 month 21.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013
Kempen & Co ERWIN DUT hold 3 M 29 12 month 06.01.2013
JPMorgan CELINE PANNUTI overweight 5 M 30 12 month 26.10.2012
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012
Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011
Holdings By:
Cummins India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders,
business lines are mineral exploration and production, including coal, iron ore,
gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum
exploration and production. Dually-listed company with BHP AU.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (01.11.2012) 140.00
52-Week Low (05.06.2012) 101.25
Daily Volume
134.3
52-Week High % Change -4.07% Dividend Yield 0.97
52-Week Low % Change 32.64% Beta 0.49
% 52 Week Price Range High/Low 85.29% Equity Float 825.67
Shares Out 25.01.2013 1'742.9 Short Int -
234'076.17 1 Yr Total Return 28.63%
Total Debt 10'743.20 YTD Return 4.31%
Preferred Stock 0.0 Adjusted BETA 0.487
Minority Interest 33.0 Analyst Recs 44
Cash and Equivalents 7'623.30 Consensus Rating 4.068
Enterprise Value 233'781.17
Average Volume 5 Day 110'332
DABUR IB EQUITY YTD Change - Average Volume 30 Day 94'313
DABUR IB EQUITY YTD % CHANGE - Average Volume 3 Month 130'022
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 03/13 Q4 06/13 Q1
23'610.6 28'054.3 33'904.7 41'045.1 53'054.2 0.0 0.0 62'137.1 71'915.6 15'819.7 -
4.02x 3.06x 4.01x 4.16x 3.56x #DIV/0! #DIV/0! 3.81x 3.23x - -
4'226.4 4'841.1 6'382.8 7'807.5 8'821.4 0.0 0.0 10'324.0 12'242.9 2'750.0 -
22.48x 17.72x 21.27x 21.85x 21.41x 0.00x 0.00x 22.63x 19.08x - -
3'329.4 3'905.0 5'032.3 5'685.7 6'448.9 0.0 0.0 7'676.9 9'205.5 1'751.0 -
28.75x 21.97x 27.37x 29.42x 28.79x 0.00x 0.00x 30.54x 25.47x - -
EBITDA 8'821.40 Long-Term Rating Date -
EBIT 8'092.70 Long-Term Rating -
Operating Margin 15.25% Long-Term Outlook -
Pretax Margin 14.90% Short-Term Rating Date -
Return on Assets 15.09% Short-Term Rating -
Return on Common Equity 41.50%
Return on Capital 25.67% EBITDA/Interest Exp. 29.03
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 21.37
Net Debt/EBITDA 0.35
Gross Margin - Total Debt/EBITDA 1.22
EBITDA Margin 16.6%
EBIT Margin 15.3% Total Debt/Equity 62.6%
Net Income Margin 12.2% Total Debt/Capital 38.4%
Asset Turnover 1.24
Current Ratio 1.58 Net Fixed Asset Turnover 6.63
Quick Ratio 0.82 Accounts receivable turnover-days 28.19
Debt to Assets 23.24% Inventory Days -
Tot Debt to Common Equity 62.57% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.99 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
Dabur India LtdPrice/Volume
Valuation Analysis
172'515.00
Current Price (3/dd/yy) Market Data
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHOWDHARY ASSOCIATES n/a ULT-AGG 168'784'326 7.99 - 25.03.2013 Investment Advisor
GEPF EQUITY n/a 20F 87'131'000 4.13 - 24.08.2012 n/a
LEGAL & GENERAL n/a ULT-AGG 85'921'147 4.07 2'333'522 28.02.2013 Unclassified
NORGES BANK n/a RNS-MAJ 63'635'068 3.01 387'315 05.02.2013 Government
ABERDEEN n/a ULT-AGG 61'007'128 2.89 3'056'099 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 49'811'488 2.36 5'468'533 30.11.2012 Unclassified
FMR LLC n/a ULT-AGG 38'877'200 1.84 1'513'376 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 37'588'249 1.78 8'992'566 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'795'273 1.7 (1'247'628) 31.12.2012 Investment Advisor
INDUSTRIAL DEVELOPME n/a 20F 33'804'582 1.6 - 24.08.2012 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 29'045'618 1.38 - 01.11.2012 Government
BAILLIE GIFFORD AND Multiple Portfolios REG 24'697'602 1.17 (1'256'810) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 23'459'843 1.11 819'531 01.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 22'369'418 1.06 1'376'028 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 21'902'436 1.04 (1'063'116) 01.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 20'415'622 0.97 (920'460) 26.03.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 19'780'635 0.94 85'032 01.11.2012 Unclassified
ALECTA INVESTMENT MA Multiple Portfolios REG 19'545'000 0.93 (4'850'000) 01.11.2012 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 19'266'422 0.91 529'365 01.11.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 18'688'842 0.89 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan SYLVAIN BRUNET neutral 3 M 2'000 Not Provided 21.03.2013
AlphaValue SACHIN KUMAR reduce 2 M 1'894 6 month 21.03.2013
Jefferies Christopher LaFemina buy 5 M 2'550 12 month 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/neutral 3 D 2'200 12 month 19.03.2013
Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 N 1'703 Not Provided 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Credit Suisse PAUL MCTAGGART neutral 3 M 2'400 Not Provided 15.03.2013
JPMorgan FRASER JAMIESON neutral 3 M 2'300 9 month 15.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'450 12 month 15.03.2013
RBC Capital Markets DES KILALEA outperform 5 M 2'300 12 month 08.03.2013
Macquarie JEFFREY LARGEY neutral 3 M 2'175 12 month 07.03.2013
Macquarie KIERAN DALY neutral 3 M 2'146 12 month 07.03.2013
Nomura SAM CATALANO buy 5 M 2'400 Not Provided 04.03.2013
Morgan Stanley MENNO SANDERSE Overwt/In-Line 5 M 2'310 12 month 28.02.2013
SBG Securities PETER DAVEY buy 5 M 2'500 12 month 28.02.2013
Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2'155 12 month 26.02.2013
Barclays DAVID BUTLER overweight 5 M 2'300 Not Provided 22.02.2013
Societe Generale ABHISHEK SHUKLA sell 1 M 1'585 12 month 21.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 2'300 12 month 21.02.2013
Natixis RAOUDHA BOUZEKRI buy 5 M 2'400 Not Provided 21.02.2013
Avior Research CLINTON DUNCAN outperform 5 M 3'042 Not Provided 21.02.2013
BMO Capital Markets TONY ROBSON outperform 5 M 2'500 Not Provided 20.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 2'200 12 month 20.02.2013
HSBC ANDREW KEEN neutral 3 M 2'250 Not Provided 07.02.2013
Deutsche Bank GRANT SPORRE buy 5 M 2'380 12 month 30.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Investec ALBERT MINASSIAN hold 3 M 2'306 Not Provided 20.12.2012
Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 06.12.2012
Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 20.09.2012
Standard Chartered SUBRAMANIAM VARADA in-line 3 D 2'000 12 month 08.09.2012
Holdings By:
Dabur India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Divi's Laboratories Ltd. manufactures pharmaceutical products which include
distributes beer through breweries worldwide. SABMiller also bottles and
distributes a number of soft drinks.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (30.11.2012) 1'233.00
52-Week Low (29.03.2012) 735.10
Daily Volume
997.7
52-Week High % Change -19.08% Dividend Yield 1.30
52-Week Low % Change 35.72% Beta 0.62
% 52 Week Price Range High/Low 52.74% Equity Float 59.66
Shares Out 26.03.2013 132.7 Short Int -
132'429.00 1 Yr Total Return 34.42%
Total Debt 527.61 YTD Return -9.62%
Preferred Stock 0.0 Adjusted BETA 0.620
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 173.16 Consensus Rating 4.552
Enterprise Value 132'783.45
Average Volume 5 Day 12'284
DIVI IB EQUITY YTD Change - Average Volume 30 Day 7'746
DIVI IB EQUITY YTD % CHANGE - Average Volume 3 Month 31'560
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 03/13 Q4 06/13 Q1
10'328.3 11'803.4 9'416.2 13'071.1 18'586.0 0.0 0.0 22'730.8 27'684.2 - 5'547.0
7.95x 5.07x 9.07x 6.45x 5.49x #DIV/0! #DIV/0! 5.56x 4.47x - -
4'260.4 5'224.5 4'165.6 4'982.5 6'923.4 0.0 0.0 8'538.7 10'490.5 - 1'967.0
19.27x 11.45x 20.50x 16.92x 14.74x 0.00x 0.00x 15.58x 12.68x - 12.70x
3'476.0 4'166.4 3'403.4 4'292.7 5'332.6 0.0 0.0 6'471.9 8'022.0 - 1'422.0
23.57x 14.67x 25.98x 20.82x 19.06x 0.00x 0.00x 20.43x 16.64x - 17.15x
EBITDA 6'923.41 Long-Term Rating Date -
EBIT 6'302.60 Long-Term Rating -
Operating Margin 33.91% Long-Term Outlook -
Pretax Margin 36.62% Short-Term Rating Date -
Return on Assets 21.20% Short-Term Rating -
Return on Common Equity 27.15%
Return on Capital 26.80% EBITDA/Interest Exp. 158.47
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 92.28
Net Debt/EBITDA 0.05
Gross Margin - Total Debt/EBITDA 0.08
EBITDA Margin 37.3%
EBIT Margin 33.9% Total Debt/Equity 2.5%
Net Income Margin 28.7% Total Debt/Capital 2.4%
Asset Turnover 0.74
Current Ratio 3.16 Net Fixed Asset Turnover 2.30
Quick Ratio 0.93 Accounts receivable turnover-days 84.97
Debt to Assets 1.91% Inventory Days -
Tot Debt to Common Equity 2.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.31 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Divi's Laboratories LtdPrice/Volume
Valuation Analysis
3'938.00
Current Price (3/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
6'000.0
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10'000.0
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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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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MOTAPARTI NILIMA n/a RNS-MAJ 430'000'000 26.92 - 29.06.2012 Corporation
BEVCO INTERNATIONAL n/a Co File 225'000'000 14.09 - 08.06.2012 Corporation
PUBLIC INVESTMENT CO n/a Co File 67'663'248 4.24 - 08.06.2012 Government
KULCZYK HOLDING n/a Co File 60'000'000 3.76 - 08.06.2012 Holding Company
KULCZYK INVESTMENT H Multiple Portfolios REG 60'000'000 3.76 - 01.11.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 35'298'676 2.21 (844'858) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 34'866'303 2.18 (1'720'544) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'037'348 2.01 654'378 31.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 29'568'406 1.85 - 01.11.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 21'708'108 1.36 (755'600) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 21'361'342 1.34 (34'200) 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 19'161'032 1.2 (4'245'434) 30.11.2012 Unclassified
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 15'304'821 0.96 (1'824'542) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'499'774 0.78 - 31.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 12'259'520 0.77 2'453'239 01.11.2012 Government
OPPENHEIMERFUNDS INC Multiple Portfolios REG 10'980'964 0.69 (324'670) 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'028'599 0.63 (1'401'802) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 9'864'730 0.62 182'666 01.11.2012 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 9'330'377 0.58 265'826 31.12.2012 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 8'204'566 0.51 77'255 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Dolat Capital Market Ltd. LAUREN E TORRES neutral 3 M 3'600 Not Provided 27.03.2013
Credit Suisse SANJEET AUJLA outperform 5 M 4'000 Not Provided 26.03.2013
Macquarie WYNAND VAN ZYL outperform 5 M 3'698 12 month 26.03.2013
Renaissance Capital REY WIUM sell 1 D 3'400 12 month 26.03.2013
Oriel Securities Ltd CHRIS WICKHAM add 4 M 3'760 Not Provided 26.03.2013
SBG Securities BRENDAN GRUNDLINGH hold 3 M 3'200 12 month 26.03.2013
Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 3'300 12 month 25.03.2013
Nomura IAN SHACKLETON neutral 3 M 2'840 12 month 25.03.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 3'180 12 month 22.03.2013
AlphaValue ISABELLE COMBEMALE sell 1 D 3'033 6 month 21.03.2013
JPMorgan MATTHEW WEBB overweight 5 M 3'645 15 month 19.03.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 3'675 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 3'500 12 month 11.03.2013
Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 2'750 12 month 05.03.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 3'800 Not Provided 01.03.2013
Barclays SIMON HALES equalweight 3 D 3'350 Not Provided 25.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 3'333 Not Provided 22.02.2013
Investec MARTIN DEBOO buy 5 M 2'950 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.02.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 2'600 Not Provided 25.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'860 Not Provided 23.01.2013
Natixis OLIVIER DELAHOUSSE neutral 3 M 3'000 Not Provided 23.01.2013
Societe Generale ANDREW HOLLAND hold 3 M 2'970 12 month 22.01.2013
Deutsche Bank JONATHAN FELL hold 3 M 2'900 12 month 22.01.2013
Jefferies DIRK VAN VLAANDEREN buy 5 M 3'200 12 month 22.01.2013
Shore Capital Stockbrokers PHIL CARROLL hold 3 M #N/A N/A Not Provided 22.01.2013
Bryan Garnier & Cie NIKOLAAS FAES neutral 3 M 2'633 6 month 22.01.2013
S&P Capital IQ CARL SHORT hold 3 M 3'100 12 month 22.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 2'950 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 3'520 12 month 09.01.2013
Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 10.12.2012
Avior Research DE WET SCHUTTE underperform 1 M 2'641 Not Provided 19.10.2012
Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 24.08.2012
Holdings By:
Divi's Laboratories Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
DLF Ltd. is a real estate development company. The Company develops
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 289.20
52-Week Low (04.06.2012) 169.55
Daily Volume
236.2
52-Week High % Change -18.33% Dividend Yield 0.85
52-Week Low % Change 39.31% Beta 1.52
% 52 Week Price Range High/Low 55.70% Equity Float 338.15
Shares Out 27.02.2013 1'698.7 Short Int -
401'233.72 1 Yr Total Return 20.87%
Total Debt 250'657.93 YTD Return 2.47%
Preferred Stock 17'992.0 Adjusted BETA 1.518
Minority Interest 4'206.6 Analyst Recs 40
Cash and Equivalents 11'794.60 Consensus Rating 4.050
Enterprise Value 585'410.32
Average Volume 5 Day 1'556'252
DLFU IB EQUITY YTD Change - Average Volume 30 Day 1'302'738
DLFU IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'083'768
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
144'375.0 100'353.9 74'228.7 95'605.7 96'293.8 87'384.0 96'019.0 82'782.7 96'201.4 18'406.5 -
8.41x 4.52x 10.23x 7.40x 6.27x 2.70x 2.56x 7.58x 6.33x - -
97'234.2 56'155.7 36'680.8 38'562.7 40'283.6 0.0 0.0 32'701.2 40'916.4 7'285.0 -
12.48x 8.08x 20.69x 18.34x 14.99x 0.00x 0.00x 17.91x 14.31x - -
78'120.3 44'696.0 17'198.3 16'396.1 12'008.2 2'545.0 5'169.0 10'718.4 14'358.8 1'143.0 -
13.74x 6.37x 30.48x 27.80x 28.53x 12.79x 9.18x 38.28x 27.85x - -
EBITDA 40'283.62 Long-Term Rating Date -
EBIT 33'006.35 Long-Term Rating -
Operating Margin 34.28% Long-Term Outlook -
Pretax Margin 15.99% Short-Term Rating Date -
Return on Assets 1.93% Short-Term Rating -
Return on Common Equity 4.81%
Return on Capital 5.34% EBITDA/Interest Exp. 1.91
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 1.64
Net Debt/EBITDA 5.93
Gross Margin 58.8% Total Debt/EBITDA 6.22
EBITDA Margin 41.8%
EBIT Margin 34.3% Total Debt/Equity 98.5%
Net Income Margin 12.5% Total Debt/Capital 47.5%
Asset Turnover 0.16
Current Ratio 1.73 Net Fixed Asset Turnover 0.35
Quick Ratio 0.18 Accounts receivable turnover-days 63.32
Debt to Assets 39.54% Inventory Days 1439.76
Tot Debt to Common Equity 98.54% Accounts Payable Turnover Day 173.68
Accounts Receivable Turnover 5.78 Cash Conversion Cycle 1329.40
Inventory Turnover 0.25
Fiscal Year Ended
DLF LtdPrice/Volume
Valuation Analysis
1'083'554.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PANCHSHEEL INVESTMEN n/a ULT-AGG 32'047'039 7.03 - 25.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'727'664 1.26 (2'672'871) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'983'892 1.09 175'318 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'764'728 1.05 4'899 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'712'687 1.03 1'113'916 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'511'170 0.99 549'507 28.09.2012 Investment Advisor
SOCIETE GENERALE SA n/a Research 4'475'337 0.98 - 28.02.2013 Unclassified
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'451'056 0.98 (153'836) 28.02.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'028'939 0.66 (352'189) 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'263'956 0.5 135'754 28.12.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 1'843'650 0.4 - 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'630'559 0.36 (602'365) 30.11.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'533'611 0.34 17'500 31.01.2013 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'441'075 0.32 433'235 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'340'179 0.29 - 25.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'000'446 0.22 48'589 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research MARC THIELE neutral 3 M 123 6 month 27.03.2013
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 103 12 month 27.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 27.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 27.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 105 12 month 27.03.2013
DZ Bank AG WERNER EISENMANN buy 5 M 120 12 month 27.03.2013
Main First Bank AG MICHAEL HAID outperform 5 M 125 12 month 27.03.2013
Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 27.03.2013
Macquarie HADLEY COHEN outperform 5 M 130 12 month 22.03.2013
AlphaValue DIETER HEIN reduce 2 D 114 6 month 21.03.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.03.2013
Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 95 12 month 08.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 05.03.2013
Berenberg Bank PETER ELIOT buy 5 M 132 Not Provided 05.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 135 12 month 03.03.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 122 12 month 01.03.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 27.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 25.02.2013
Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 25.02.2013
Nord/LB VOLKER SACK buy 5 M 113 12 month 22.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 125 12 month 21.02.2013
Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 Not Provided 20.02.2013
Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013
Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013
Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013
Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013
Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012
Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012
Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012
Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011
Holdings By:
DLF Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.01.2013) 1'968.60
52-Week Low (19.06.2012) 1'528.00
Daily Volume
1754.45
52-Week High % Change -10.88% Dividend Yield 0.78
52-Week Low % Change 14.82% Beta 0.68
% 52 Week Price Range High/Low 51.40% Equity Float 116.52
Shares Out 04.02.2013 169.8 Short Int -
297'843.09 1 Yr Total Return 5.32%
Total Debt 32'307.00 YTD Return -4.05%
Preferred Stock 0.0 Adjusted BETA 0.679
Minority Interest 0.0 Analyst Recs 52
Cash and Equivalents 17'990.00 Consensus Rating 4.269
Enterprise Value 312'103.39
Average Volume 5 Day 8'128
DRRD IB EQUITY YTD Change - Average Volume 30 Day 16'417
DRRD IB EQUITY YTD % CHANGE - Average Volume 3 Month 30'680
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
49'142.0 67'904.0 70'175.0 74'109.0 96'665.0 108'740.0 127'271.0 113'213.8 127'483.8 30'454.1 25'406.0
2.20x 1.42x 3.13x 3.99x 3.24x 3.31x 2.95x 2.73x 2.35x - -
9'040.0 14'295.0 14'642.0 15'441.0 24'931.0 25'213.0 24'564.0 24'331.3 27'174.8 6'799.4 4'996.0
11.96x 6.75x 15.02x 19.13x 12.58x 3.60x 3.52x 12.89x 11.54x - -
4'381.0 (9'172.0) 3'515.0 9'989.0 13'009.0 6'860.0 8'673.0 15'890.6 17'895.5 4'145.3 3'360.0
22.68x - 61.19x 27.75x 22.99x 8.45x 7.66x 18.86x 16.58x - -
EBITDA 24'931.00 Long-Term Rating Date -
EBIT 19'347.00 Long-Term Rating -
Operating Margin 20.01% Long-Term Outlook -
Pretax Margin 18.67% Short-Term Rating Date -
Return on Assets 12.82% Short-Term Rating -
Return on Common Equity 28.84%
Return on Capital 18.82% EBITDA/Interest Exp. 24.06
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 15.56
Net Debt/EBITDA 0.57
Gross Margin - Total Debt/EBITDA 1.30
EBITDA Margin 25.8%
EBIT Margin 20.0% Total Debt/Equity 64.8%
Net Income Margin 13.5% Total Debt/Capital 39.3%
Asset Turnover 0.95
Current Ratio 1.52 Net Fixed Asset Turnover 3.13
Quick Ratio 0.94 Accounts receivable turnover-days 81.37
Debt to Assets 28.53% Inventory Days -
Tot Debt to Common Equity 64.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.50 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
Dr Reddy's Laboratories LtdPrice/Volume
Valuation Analysis
4'979.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DR REDDYS HOLDINGS L n/a EXCH 958'298'322 26.37 - 20.11.2012 Other
MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 20.11.2012 Government
BLACKROCK n/a ULT-AGG 64'342'107 1.77 1'052'103 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 52'398'608 1.44 (1'337'435) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 44'489'000 1.22 1'853'508 31.12.2012 Investment Advisor
BNP PARIBAS ARBITRAG n/a EXCH 41'175'319 1.13 - 20.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'369'401 0.84 999'327 31.12.2012 Investment Advisor
BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 20.11.2012 Bank
ABERDEEN n/a ULT-AGG 15'842'800 0.44 (245'000) 28.02.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'165'115 0.33 848'857 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 11'763'842 0.32 (368'082) 31.12.2012 Investment Advisor
BNP PARIBAS SEC SERV n/a EXCH 11'484'026 0.32 - 20.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 10'514'761 0.29 (24'451) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'054'715 0.25 250'401 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 7'927'747 0.22 - 25.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'754'973 0.19 1'643'290 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'925'800 0.16 (1'437'700) 31.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'679'489 0.16 463'987 31.01.2013 Unclassified
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'385'693 0.15 996'578 31.01.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'120'940 0.14 1'015'630 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ROBERTO RANIERI add 4 M #N/A N/A Not Provided 25.03.2013
HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 21.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 21.03.2013
Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 20.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 18.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.03.2013
Societe Generale IRENE HIMONA hold 3 M 19 12 month 15.03.2013
Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 15.03.2013
Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.03.2013
Macquarie MARC B KOFLER outperform 5 M 21 12 month 15.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 20 12 month 15.03.2013
Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 15.03.2013
Banca Akros(ESN) DARIO MICHI buy 5 M 23 12 month 15.03.2013
Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.03.2013
Natixis ANNE PUMIR neutral 3 M 20 Not Provided 15.03.2013
Barclays RAHIM KARIM overweight 5 M 21 Not Provided 15.03.2013
RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 14.03.2013
Jefferies IAIN REID buy 5 M 22 12 month 14.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 14.03.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 14.03.2013
JPMorgan NITIN SHARMA overweight 5 M 22 3 month 13.03.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 12.03.2013
VTB Capital COLIN SMITH hold 3 M 19 12 month 01.03.2013
Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013
Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013
Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 15.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 09.01.2013
Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012
Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012
Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012
CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012
Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010
Holdings By:
Dr Reddy's Laboratories Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Exide Industries Ltd. manufactures a wide range of lead and electric storage
researches, manufactures, and sells pharmaceutical and medical products.
AstraZeneca focuses its operations on eight therapeutic areas:
Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous
System, Pain Control, Anaesthesia, and Infection.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (19.10.2012) 166.30
52-Week Low (16.05.2012) 112.90
Daily Volume
126.15
52-Week High % Change -24.14% Dividend Yield 1.19
52-Week Low % Change 11.74% Beta 0.72
% 52 Week Price Range High/Low 24.81% Equity Float 367.64
Shares Out 25.01.2013 850.0 Short Int -
107'227.50 1 Yr Total Return -13.55%
Total Debt 271.00 YTD Return -12.33%
Preferred Stock 0.0 Adjusted BETA 0.720
Minority Interest 125.0 Analyst Recs 43
Cash and Equivalents 7'083.20 Consensus Rating 3.279
Enterprise Value 100'540.30
Average Volume 5 Day 55'216
EXID IB EQUITY YTD Change - Average Volume 30 Day 93'341
EXID IB EQUITY YTD % CHANGE - Average Volume 3 Month 181'338
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
29'798.3 34'048.7 39'788.5 47'660.8 53'186.7 - - 63'789.0 75'352.8 - -
1.96x 1.07x 2.54x 2.47x 2.26x - - - - - -
4'903.7 5'867.1 9'835.1 9'553.1 7'622.7 - - 8'896.8 10'978.4 - -
11.92x 6.22x 10.27x 12.33x 15.76x - - 11.27x 9.13x - -
1'643.7 1'914.9 4'935.2 6'188.2 4'460.6 - - 5'339.8 6'628.6 - -
31.23x 17.28x 20.04x 19.70x 28.43x - - 20.15x 16.51x - -
EBITDA 7'622.70 Long-Term Rating Date -
EBIT 6'539.00 Long-Term Rating -
Operating Margin 12.29% Long-Term Outlook -
Pretax Margin 12.17% Short-Term Rating Date -
Return on Assets 11.91% Short-Term Rating -
Return on Common Equity 17.59%
Return on Capital 17.59% EBITDA/Interest Exp. 51.19
Asset Turnover 1.42% (EBITDA-Capex)/Interest Exp. 37.06
Net Debt/EBITDA -0.89
Gross Margin - Total Debt/EBITDA 0.04
EBITDA Margin 14.3%
EBIT Margin 12.3% Total Debt/Equity 1.0%
Net Income Margin 8.4% Total Debt/Capital 1.0%
Asset Turnover 1.42
Current Ratio 2.26 Net Fixed Asset Turnover 5.20
Quick Ratio 1.06 Accounts receivable turnover-days 27.51
Debt to Assets 0.69% Inventory Days -
Tot Debt to Common Equity 1.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.30 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Exide Industries LtdPrice/Volume
Valuation Analysis
33'238.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHLORIDE EASTERN LTD Multiple Portfolios REG 92'577'683 7.42 4'654'729 01.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 81'345'820 6.52 (19'539'361) 25.03.2013 Investment Advisor
AXA n/a ULT-AGG 68'601'379 5.5 (213'062) 01.02.2013 Investment Advisor
INVESTOR AB Multiple Portfolios REG 51'587'810 4.13 - 01.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 51'010'537 4.09 (419'253) 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 42'533'598 3.41 4'057'409 01.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 28'877'534 2.31 103'265 01.02.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'002'295 2.16 482'103 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 25'266'060 2.02 29'422 31.07.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 18'084'946 1.45 (791'342) 01.02.2013 Investment Advisor
UBS n/a ULT-AGG 16'999'885 1.36 3'892'025 01.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 16'945'000 1.36 7'945'000 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 14'071'861 1.13 256'131 01.02.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 13'747'211 1.1 1'293'245 01.02.2013 Government
VANGUARD GROUP INC Multiple Portfolios REG 13'473'072 1.08 476'641 01.02.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 13'153'411 1.05 36'670 01.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 12'362'004 0.99 560'902 26.03.2013 Investment Advisor
GMO LLC Multiple Portfolios REG 12'158'200 0.97 (505'782) 01.02.2013 Corporation
M&G INVESTMENT MANAG Multiple Portfolios REG 11'452'982 0.92 (828'120) 01.02.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 10'705'870 0.86 (714'599) 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PETER VERDULT Equalwt/Attractive 3 M 3'310 12 month 25.03.2013
Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013
Nordea Equity Research ERIK HULTGARD sell 1 M 3'037 12 month 25.03.2013
Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 3'540 6 month 25.03.2013
Redburn Partners TEAM COVERAGE neutral 3 U #N/A N/A Not Provided 25.03.2013
Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 3'300 Not Provided 25.03.2013
Barclays MARK PURCELL equalweight 3 M 3'300 Not Provided 25.03.2013
Societe Generale STEPHEN MCGARRY sell 1 M 2'675 12 month 22.03.2013
Deutsche Bank MARK CLARK hold 3 M 3'100 12 month 22.03.2013
ABG Sundal Collier PETER HUGREFFE sell 1 M 2'562 6 month 22.03.2013
Credit Suisse LUISA HECTOR underperform 1 M 3'050 Not Provided 22.03.2013
Jefferies JEFFREY HOLFORD hold 3 M 3'000 12 month 22.03.2013
Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 3'298 12 month 22.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 3'200 12 month 22.03.2013
Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 22.03.2013
Kepler Capital Markets FABIAN WENNER hold 3 M 2'700 Not Provided 22.03.2013
Natixis BEATRICE MUZARD neutral 3 U 3'383 Not Provided 22.03.2013
Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 3'200 Not Provided 22.03.2013
Danske Markets MATTIAS HAGGBLOM hold 3 M 3'000 12 month 22.03.2013
S&P Capital IQ SHO MATSUBARA sell 1 M 2'700 12 month 21.03.2013
AlphaValue ARMELLE MOULIN add 4 M 3'311 6 month 21.03.2013
Helvea ODILE RUNDQUIST neutral 3 M 2'850 12 month 19.03.2013
JPMorgan ALEXANDRA M HAUBER-SCHUELE underweight 1 M 2'750 15 month 15.03.2013
Swedbank JOHAN UNNERUS sell 1 D 2'666 12 month 08.03.2013
Nomura AMIT ROY reduce 2 M 2'600 12 month 18.02.2013
Day by Day VALERIE GASTALDY buy 5 M 3'181 3 month 14.02.2013
Berenberg Bank ALISTAIR CAMPBELL hold 3 M 3'050 Not Provided 06.02.2013
Landesbank Baden-Wuerttemberg TIMO KUERSCHNER sell 1 D 2'900 Not Provided 05.02.2013
Pareto Securities YILMAZ MAHSHID sell 1 M 2'843 6 month 04.02.2013
SEB Enskilda LARS HEVRENG hold 3 M 2'924 Not Provided 01.02.2013
Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 3'375 12 month 28.01.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 3'000 Not Provided 05.10.2012
Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012
Mirabaud Securities NICHOLAS TURNER reduce 2 U 2'700 Not Provided 02.04.2012
DZ Bank AG ELMAR KRAUS buy 5 M 3'700 12 month 02.02.2012
MP Advisors Pvt Ltd BHAVITA NAGRANI underperform 1 M 2'509 Not Provided 07.01.2010
Edward Jones LINDA BANNISTER sell 1 M #N/A N/A Not Provided 20.11.2008
Holdings By:
Exide Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Federal Bank Limited operates branches and regional offices throughout India.
in Asia, Africa, and the Middle East. The Company offers its products and
services in the personal, consumer, corporate, institutional and treasury
areas.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (02.01.2013) 550.75
52-Week Low (25.04.2012) 335.00
Daily Volume
488.25
52-Week High % Change -11.35% Dividend Yield 1.84
52-Week Low % Change 45.75% Beta 1.14
% 52 Week Price Range High/Low 71.03% Equity Float 135.23
Shares Out 25.01.2013 171.0 Short Int -
83'474.60 1 Yr Total Return 17.57%
Total Debt 47'754.66 YTD Return -9.30%
Preferred Stock 0.0 Adjusted BETA 1.142
Minority Interest 0.0 Analyst Recs 39
Cash and Equivalents 35'428.39 Consensus Rating 4.256
Enterprise Value -
Average Volume 5 Day 24'481
FB IB EQUITY YTD Change - Average Volume 30 Day 30'029
FB IB EQUITY YTD % CHANGE - Average Volume 3 Month 39'966
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 03/13 Q4 06/13 Q1
29'104.5 38'308.2 43'031.4 45'700.4 61'135.8 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
3'600.7 4'720.1 4'396.7 5'564.7 7'537.3 - - - - - -
6.83x 5.00x 10.38x 12.87x 9.68x - - - - - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 46.43% Long-Term Outlook -
Pretax Margin 45.73% Short-Term Rating Date -
Return on Assets 1.35% Short-Term Rating -
Return on Common Equity 14.21%
Return on Capital 8.55% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 85.4%
Net Income Margin 30.1% Total Debt/Capital 46.1%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 19.41
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 7.89% Inventory Days -
Tot Debt to Common Equity 85.39% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Federal Bank LtdPrice/Volume
Valuation Analysis
40'684.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INTERNATIONAL FINANC n/a ULT-AGG 432'746'145 17.93 - 29.02.2012 Government
BLACKROCK n/a ULT-AGG 165'824'190 6.87 - 25.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 157'962'325 6.55 (595'713) 02.01.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 85'794'638 3.56 116'049 28.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 54'789'154 2.27 900'637 02.01.2013 Government
SUN LIFE FINANCIAL I n/a ULT-AGG 53'057'843 2.2 2'991'820 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 51'450'411 2.13 2'594'560 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 49'225'497 2.04 (92'936) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 46'720'870 1.94 23'142'351 02.01.2013 Unclassified
BNP PARIBAS INV PART n/a ULT-AGG 45'077'332 1.87 (415'238) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 39'082'703 1.62 2'474'481 02.01.2013 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios REG 30'412'658 1.26 194'259 02.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios REG 30'132'593 1.25 (60'464) 02.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 28'624'271 1.19 4'925'501 31.01.2013 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 28'340'249 1.17 5'884'182 02.01.2013 Government
DODGE & COX Multiple Portfolios MF-AGG 27'346'560 1.13 106'661 29.01.2013 Investment Advisor
UBS n/a ULT-AGG 24'315'105 1.01 4'313'147 31.01.2013 Unclassified
Standard Chartered B Multiple Portfolios REG 24'000'000 0.99 - 02.01.2013 Unclassified
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 23'951'106 0.99 550'000 31.01.2013 Investment Advisor
WALTER SCOTT & PARTN Multiple Portfolios REG 20'631'586 0.85 (437'402) 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ambit Capital Pvt Ltd IAN GORDON buy 5 M 1'900 12 month 26.03.2013
Macquarie THOMAS STOEGNER outperform 5 M 2'000 12 month 26.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 U 1'837 Not Provided 25.03.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 1'700 12 month 25.03.2013
HSBC PETER TOEMAN neutral 3 M 1'800 Not Provided 21.03.2013
AlphaValue DAVID GRINSZTAJN reduce 2 M 1'778 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 21.03.2013
Credit Suisse AMIT GOEL underperform 1 M 1'400 Not Provided 20.03.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA underperform 1 M 1'330 12 month 20.03.2013
Nomura CHINTAN JOSHI buy 5 M 2'100 12 month 18.03.2013
Exane BNP Paribas TOM RAYNER neutral 3 M 1'750 Not Provided 18.03.2013
Oriel Securities Ltd VIVEK RAJA add 4 D 2'050 Not Provided 14.03.2013
Berenberg Bank JAMES CHAPPELL sell 1 D 1'450 Not Provided 12.03.2013
Liberum Capital Ltd CORMAC LEECH hold 3 D 1'875 Not Provided 12.03.2013
Independent Research GmbH STEFAN BONGARDT buy 5 U 2'100 12 month 08.03.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 08.03.2013
Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 1'890 12 month 07.03.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 1'900 Not Provided 07.03.2013
Societe Generale JAMES INVINE buy 5 M 2'100 12 month 06.03.2013
Deutsche Bank JASON NAPIER hold 3 M 1'825 12 month 06.03.2013
JPMorgan RAUL SINHA overweight 5 M 2'000 9 month 06.03.2013
China International Capital Corp SALLY NG hold 3 M 1'821 12 month 06.03.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 2'157 12 month 06.03.2013
Citic Securities Co., Ltd STEVEN CHAN hold 3 M 1'764 6 month 06.03.2013
Numis Securities Ltd MICHAEL J TRIPPITT add 4 M 2'057 Not Provided 06.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 1'888 Not Provided 06.03.2013
Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 2'020 12 month 05.03.2013
S&P Capital IQ FRANK BRADEN hold 3 M 1'980 12 month 05.03.2013
CCB International Securities Ltd ADAM CHAN outperform 5 M 2'049 Not Provided 05.03.2013
Mizuho Securities JIM ANTOS buy 5 U 2'057 12 month 01.03.2013
Day by Day VALERIE GASTALDY buy 5 U 1'854 3 month 14.02.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 1'970 Not Provided 29.01.2013
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 1'950 12 month 28.01.2013
Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 04.01.2013
Barclays ROHITH CHANDRA-RAJAN overweight 5 M 1'600 Not Provided 17.12.2012
Grupo Santander ARTURO DE FRIAS buy 5 M 1'960 Not Provided 11.12.2012
Canaccord Genuity Corp GARETH HUNT sell 1 M 1'325 12 month 06.12.2012
Daniel Stewart & Co SIMON WILLIS buy 5 M 1'900 12 month 08.08.2012
JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'800 Not Provided 02.08.2012
IIFL SACHIN NIKHARE add 4 M 1'700 12 month 01.03.2012
Holdings By:
Federal Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
GAIL India Limited processes and distributes natural gas and liquefied
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (05.10.2012) 396.00
52-Week Low (26.03.2013) 300.40
Daily Volume
303.9
52-Week High % Change -23.26% Dividend Yield 2.86
52-Week Low % Change 1.17% Beta 0.76
% 52 Week Price Range High/Low 3.66% Equity Float 356.83
Shares Out 25.01.2013 1'268.5 Short Int -
385'490.28 1 Yr Total Return -14.38%
Total Debt 115'056.30 YTD Return -13.65%
Preferred Stock 0.0 Adjusted BETA 0.764
Minority Interest 9'819.9 Analyst Recs 56
Cash and Equivalents 15'855.30 Consensus Rating 3.929
Enterprise Value 494'511.19
Average Volume 5 Day 72'929
GAIL IB EQUITY YTD Change - Average Volume 30 Day 69'948
GAIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 76'658
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
181'287.7 240'632.1 256'772.2 351'066.5 440'578.2 - - 488'810.4 548'765.6 - -
1.93x 1.30x 2.07x 1.81x 1.33x - - 1.02x 0.93x - -
45'580.1 44'633.0 54'792.5 65'293.3 73'835.7 - - 78'142.4 84'305.1 - -
7.70x 7.00x 9.68x 9.73x 7.94x - - 6.33x 5.86x - -
27'829.0 28'259.0 33'278.3 40'209.7 44'436.1 - - 45'148.9 47'104.9 - -
12.93x 11.02x 15.65x 14.64x 10.74x - - 8.56x 8.26x - -
EBITDA 73'835.70 Long-Term Rating Date -
EBIT 63'274.30 Long-Term Rating -
Operating Margin 14.36% Long-Term Outlook -
Pretax Margin 14.52% Short-Term Rating Date -
Return on Assets 9.75% Short-Term Rating -
Return on Common Equity 19.27%
Return on Capital 14.02% EBITDA/Interest Exp. 10.85
Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. -3.62
Net Debt/EBITDA 1.34
Gross Margin - Total Debt/EBITDA 1.56
EBITDA Margin 16.8%
EBIT Margin 14.4% Total Debt/Equity 46.2%
Net Income Margin 10.1% Total Debt/Capital 30.8%
Asset Turnover 0.97
Current Ratio 0.90 Net Fixed Asset Turnover 1.45
Quick Ratio 0.29 Accounts receivable turnover-days 18.16
Debt to Assets 22.54% Inventory Days -
Tot Debt to Common Equity 46.18% Accounts Payable Turnover Day -
Accounts Receivable Turnover 20.16 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
GAIL India LtdPrice/Volume
Valuation Analysis
91'588.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a 20F 261'798'437 5.75 3'581'300 21.03.2013 Bank
CAIXABANK n/a 20F 254'697'815 5.6 7'798'898 21.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 177'257'649 3.89 - 25.03.2013 Investment Advisor
BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank
TELEFONICA SA n/a Co File 84'209'364 1.85 - 31.12.2011 Corporation
CHINA UNICOM HONG KO n/a Co File 62'526'753 1.37 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 42'243'280 0.93 2'181'969 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 24'865'994 0.55 11'840'334 31.12.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 20'487'978 0.45 (644'661) 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'952'055 0.33 8'202'010 31.01.2013 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'790'975 0.26 - 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'693'863 0.21 3'689'188 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'058'783 0.18 (3'474'417) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 6'202'976 0.14 2'602'512 31.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'948'267 0.13 (299'922) 28.09.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'536'421 0.12 (105'860) 31.01.2013 Mutual Fund Manager
WELLCOME TRUST LIMIT n/a Research 5'200'000 0.11 - 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'961'960 0.11 829'681 28.12.2012 Mutual Fund Manager
BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 4'854'264 0.11 (70'160) 30.09.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 4'609'602 0.1 (668'098) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IDFC Securities Ltd DAVID CABEZA JARENO buy 5 M 14 12 month 26.03.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 26.03.2013
NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 13 12 month 26.03.2013
Morgan Stanley LUIS PROTA Overwt/In-Line 5 M 13 12 month 25.03.2013
Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 22.03.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 14 12 month 22.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 10 12 month 15.03.2013
Deutsche Bank KEVAL KHIROYA hold 3 M 12 12 month 14.03.2013
BBVA IVON LEAL outperform 5 M 13 Not Provided 11.03.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 08.03.2013
BPI PEDRO OLIVEIRA reduce 2 M 9 Not Provided 07.03.2013
Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 06.03.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 05.03.2013
JPMorgan TORSTEN ACHTMANN overweight 5 U 13 9 month 04.03.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 04.03.2013
Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 U 10 Not Provided 04.03.2013
Banesto Bolsa SA Sociedad MARTA GOMEZ buy 5 M 12 Not Provided 04.03.2013
HSBC LUIGI MINERVA neutral 3 M 11 Not Provided 01.03.2013
Macquarie GUY R PEDDY underperform 1 M 9 12 month 01.03.2013
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 01.03.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 01.03.2013
Barclays JONATHAN DANN equalweight 3 U 10 Not Provided 01.03.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 17 6 month 01.03.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 U 11 12 month 28.02.2013
Jefferies JEREMY A DELLIS underperform 1 M 8 12 month 28.02.2013
Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 28.02.2013
Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 28.02.2013
Nomura FREDERIC BOULAN reduce 2 M 9 12 month 28.02.2013
New Street Research JAMES RATZER reduce 2 M #N/A N/A Not Provided 28.02.2013
BCP Investimento ALEXANDRA DELGADO buy 5 M 17 Not Provided 22.02.2013
Credit Suisse JUSTIN FUNNELL neutral 3 M 14 Not Provided 24.01.2013
La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 27.11.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 26.11.2012
Kepler Capital Markets JAVIER BORRACHERO buy 5 M 12 Not Provided 19.11.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 03.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 12 Not Provided 26.09.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 12 Not Provided 26.07.2012
Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 14.05.2012
Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012
DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011
Holdings By:
GAIL India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops
generic drugs for inflammation, metabolic disorders, and pain.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (09.01.2013) 550.80
52-Week Low (27.03.2012) 298.00
Daily Volume
471.65
52-Week High % Change -14.37% Dividend Yield 0.42
52-Week Low % Change 58.27% Beta 0.42
% 52 Week Price Range High/Low 68.69% Equity Float 130.38
Shares Out 20.03.2013 270.9 Short Int -
127'748.13 1 Yr Total Return 56.94%
Total Debt 22'445.01 YTD Return -10.64%
Preferred Stock 0.0 Adjusted BETA 0.417
Minority Interest 250.0 Analyst Recs 38
Cash and Equivalents 3'200.76 Consensus Rating 4.158
Enterprise Value 145'975.37
Average Volume 5 Day 33'726
GNP IB EQUITY YTD Change - Average Volume 30 Day 78'231
GNP IB EQUITY YTD % CHANGE - Average Volume 3 Month 85'118
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
20'092.0 21'160.3 25'006.5 29'490.7 40'206.4 106'540.0 114'297.0 48'978.2 57'689.2 13'156.3 10'407.0
6.47x 2.82x 3.64x 3.26x 2.57x 3.70x 3.91x 3.01x 2.53x - -
8'071.6 4'847.4 6'731.9 5'922.7 7'143.1 12'265.0 12'193.0 10'308.7 12'076.8 2'607.0 2'201.0
16.11x 12.30x 13.53x 16.23x 14.45x 8.06x 9.46x 14.14x 12.07x 15.31x -
6'321.3 1'916.6 3'244.7 4'532.1 4'603.5 5'667.0 6'095.0 6'095.4 7'589.7 1'688.8 783.0
18.92x 20.47x 21.58x 16.90x 18.17x 6.38x 7.24x 21.16x 16.74x - -
EBITDA 7'143.13 Long-Term Rating Date -
EBIT 6'164.85 Long-Term Rating -
Operating Margin 15.33% Long-Term Outlook -
Pretax Margin 12.14% Short-Term Rating Date -
Return on Assets 8.38% Short-Term Rating -
Return on Common Equity 20.74%
Return on Capital 13.65% EBITDA/Interest Exp. 4.87
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 2.93
Net Debt/EBITDA 2.69
Gross Margin - Total Debt/EBITDA 3.14
EBITDA Margin 17.8%
EBIT Margin 15.3% Total Debt/Equity 93.5%
Net Income Margin 11.4% Total Debt/Capital 48.1%
Asset Turnover 0.73
Current Ratio 1.55 Net Fixed Asset Turnover 3.24
Quick Ratio 0.82 Accounts receivable turnover-days 108.07
Debt to Assets 38.15% Inventory Days -
Tot Debt to Common Equity 93.46% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.39 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Glenmark Pharmaceuticals LtdPrice/Volume
Valuation Analysis
32'078.00
Current Price (3/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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40'000.0
60'000.0
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140'000.0
160'000.0
180'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SALDANHA FAMILY TRUS n/a Co File 128'241'936 47.35 - 31.12.2012 n/a
HSBC GLOBAL INV MAUR n/a Co File 14'250'329 5.26 - 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 4'813'771 1.78 34'038 28.02.2013 Investment Advisor
LIFE INSURANCE CORP n/a Co File 3'936'246 1.45 - 31.12.2012 Government
KEMNY INVESTMENT FUN n/a Co File 3'472'981 1.28 - 31.12.2012 n/a
GENERAL INSURANCE CO n/a Co File 3'157'000 1.17 - 31.12.2012 Government
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'921'897 1.08 (3'832'371) 30.06.2012 Investment Advisor
COPTHALL MAURITIUS I n/a Co File 2'912'017 1.08 - 31.12.2012 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 2'718'304 1 - 28.02.2013 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'707'124 1 587'771 28.09.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'701'789 1 (1'221'677) 31.01.2013 Investment Advisor
BB BIOTECH AG Multiple Portfolios MF-AGG 1'990'307 0.73 217'000 31.03.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'958'812 0.72 (38'243) 31.01.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'473'383 0.54 610'360 31.12.2012 Investment Advisor
SALDANHA BLANCHE ELI n/a Co File 1'443'162 0.53 - 31.12.2012 n/a
PINTO CHERYLANN MARI n/a Co File 1'351'600 0.5 - 31.12.2012 n/a
HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 1'300'000 0.48 - 29.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'224'412 0.45 1'118'066 31.12.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'133'808 0.42 - 31.01.2013 Investment Advisor
DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 990'000 0.37 (266'120) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura SAION MUKHERJEE buy 5 M 578 Not Provided 25.03.2013
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN buy 5 M 610 Not Provided 22.03.2013
Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI buy 5 M 563 Not Provided 21.03.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 565 Not Provided 18.03.2013
First Global Stockbroking DEVINA MEHRA moderate outperform 4 M #N/A N/A Not Provided 11.03.2013
ICICIdirect.com SIDDHANT KHANDEKAR hold 3 M 513 24 month 05.03.2013
Fortune Equity Brokers (India) Ltd HITESH MAHIDA buy 5 M 554 Not Provided 05.03.2013
Edelweiss Capital MANOJ GARG buy 5 M 576 12 month 04.03.2013
JPMorgan PRINCY SINGH overweight 5 M 625 6 month 01.03.2013
Batlivala & Karani Securities ROHIT V BHAT buy 5 M 595 Not Provided 25.02.2013
Motilal Oswal Securities Ltd HARDICK BORA buy 5 M 583 Not Provided 22.02.2013
Credit Suisse ANUBHAV AGGARWAL outperform 5 M 545 Not Provided 21.02.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 600 Not Provided 20.02.2013
Spark Capital Advisors HARITH AHAMED buy 5 U 596 12 month 05.02.2013
Antique Stock Broking Limited ANMOL GANJOO buy 5 U 562 Not Provided 01.02.2013
Emkay Share & Stock Brokers DEEPAK MALIK buy 5 M 587 Not Provided 31.01.2013
India Infoline BHAVIKA THAKKER buy 5 M 561 Not Provided 31.01.2013
FinQuest Securities (P) Ltd. ANAND K BAGARIA hold 3 D 536 Not Provided 31.01.2013
IIFL BINO PATHIPARAMPIL add 4 M 554 12 month 31.01.2013
Standard Chartered RAVI AGRAWAL outperform 5 M 560 12 month 30.01.2013
Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 584 12 month 30.01.2013
Macquarie ABHISHEK SINGHAL outperform 5 M 650 12 month 30.01.2013
Kotak Securities KRISHNA PRASAD reduce 2 M 510 Not Provided 30.01.2013
ICICI Securities KARTIK A MEHTA reduce 2 M 522 12 month 30.01.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 560 18 month 30.01.2013
Tata Securities Limited VIHARI PURUSHOTHAMAN sell 1 D 444 12 month 30.01.2013
Barclays BALAJI V PRASAD overweight 5 M 563 Not Provided 30.01.2013
Avendus Capital Private Ltd MONICA JOSHI reduce 2 M 399 Not Provided 30.01.2013
Elara Securities India Pvt Ltd SURAJIT PAL reduce 2 D 510 12 month 30.01.2013
India Nivesh Ltd BHAGWAN SINGH CHAUDHARY hold 3 M 506 Not Provided 30.01.2013
Nirmal Bang Institutional Equities PRAFUL BOHRA hold 3 D 556 Not Provided 30.01.2013
CIMB PRAKASH AGARWAL neutral 3 M 550 12 month 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
SMC Global Securities Ltd. SHOUVIK CHATTERJEE market perform 3 M 435 Not Provided 03.08.2012
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 410 Not Provided 04.06.2012
PINC Infinity.com Financial Services SUSHANT DALMIA accumulate 4 M 343 Not Provided 02.03.2012
Khandwala Securities Ltd BHAWANA VERMA hold 3 U 300 12 month 02.02.2012
KR Choksey Shares & Sec Pvt Ltd DEEPIKA JAIN buy 5 M 360 12 month 01.02.2012
Holdings By:
Glenmark Pharmaceuticals Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
GMR Infrastructure is an infrastructure company with interests in airports,
The Company provides a variety of financial services to individuals,
institutions, corporations, governments, and financial intermediaries around the
world.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (02.04.2012) 31.90
52-Week Low (29.11.2012) 16.75
Daily Volume
20.9
52-Week High % Change -34.48% Dividend Yield 0.00
52-Week Low % Change 24.78% Beta 1.27
% 52 Week Price Range High/Low 27.39% Equity Float 913.11
Shares Out 25.01.2013 3'892.4 Short Int -
81'351.88 1 Yr Total Return -32.36%
Total Debt 360'485.30 YTD Return 8.01%
Preferred Stock 19'801.3 Adjusted BETA 1.266
Minority Interest 17'917.2 Analyst Recs 22
Cash and Equivalents 48'283.80 Consensus Rating 3.773
Enterprise Value 464'957.69
Average Volume 5 Day 1'973'007
GMRI IB EQUITY YTD Change - Average Volume 30 Day 1'047'298
GMRI IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'242'336
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
22'947.8 38'436.1 45'665.1 63'321.4 83'201.1 40'870.0 37'758.0 84'561.0 112'704.9 22'758.0 -
13.16x 7.49x 8.97x 5.82x 5.66x 36.80x 31.69x 5.18x 3.84x - -
6'428.2 9'040.6 14'134.8 15'776.3 18'890.8 17'455.0 15'530.0 26'365.2 40'978.9 - -
46.97x 31.86x 28.99x 23.37x 24.92x 21.54x 16.67x 17.63x 11.34x - -
3'198.9 2'794.5 1'584.0 (9'296.4) (6'033.4) 4'159.0 (2'510.0) (5'676.0) (1'493.1) (2.2) -
79.37x 61.80x 144.94x - - 10.07x 0.00x - - - -
EBITDA 18'890.80 Long-Term Rating Date -
EBIT 9'098.00 Long-Term Rating -
Operating Margin 10.93% Long-Term Outlook -
Pretax Margin -10.19% Short-Term Rating Date -
Return on Assets -1.24% Short-Term Rating -
Return on Common Equity -7.94%
Return on Capital - EBITDA/Interest Exp. 1.21
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. -5.74
Net Debt/EBITDA 16.53
Gross Margin - Total Debt/EBITDA 19.08
EBITDA Margin 22.7%
EBIT Margin 10.9% Total Debt/Equity 478.2%
Net Income Margin -7.3% Total Debt/Capital 76.1%
Asset Turnover 0.17
Current Ratio 0.53 Net Fixed Asset Turnover 0.31
Quick Ratio 0.39 Accounts receivable turnover-days 50.18
Debt to Assets 64.11% Inventory Days -
Tot Debt to Common Equity 478.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.29 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
GMR Infrastructure LtdPrice/Volume
Valuation Analysis
2'391'612.00
Current Price (3/dd/yy) Market Data
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80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GMR HOLDINGS n/a ULT-AGG 245'633'960 6.4 (261'829) 31.12.2012 Government
UBS n/a ULT-AGG 197'716'980 5.15 (3'454'276) 15.03.2013 Unclassified
FMR LLC n/a ULT-AGG 134'865'238 3.52 12'874'066 31.12.2012 Investment Advisor
NORGES BANK n/a EXCH 116'490'210 3.04 - 27.09.2011 Government
FRANKLIN RESOURCES n/a ULT-AGG 69'300'732 1.81 (4'992'827) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 52'106'861 1.36 (1'332'781) 31.01.2013 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 51'818'019 1.35 6'015'804 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 40'980'253 1.07 1'928'515 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 36'961'338 0.96 8'667'148 25.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 34'619'235 0.9 217'405 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 31'294'723 0.82 (58'593) 30.11.2012 Investment Advisor
ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 25'446'748 0.66 435'986 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 21'246'924 0.55 225'605 31.01.2013 Mutual Fund Manager
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 20'880'689 0.54 2'393'021 31.01.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 19'403'429 0.51 6'927'562 31.01.2013 Mutual Fund Manager
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'622'115 0.43 1'350'143 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 16'537'648 0.43 4'242'564 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'956'720 0.39 1'002'642 31.12.2012 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 14'066'648 0.37 (1'222'625) 31.12.2012 Hedge Fund Manager
ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 9'167'333 0.24 5'013'106 31.12.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited KIRI VIJAYARAJAH overweight 5 M 19 Not Provided 26.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 17 Not Provided 25.03.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 21.03.2013
AlphaValue DIETER HEIN reduce 2 M 16 6 month 21.03.2013
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 18.03.2013
Exane BNP Paribas DANIEL DAVIES neutral 3 M 16 Not Provided 14.03.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 21 12 month 11.03.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 9 month 11.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 11.03.2013
CA Cheuvreux CHRISTIAN STARK outperform 5 M 16 Not Provided 08.03.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 13 12 month 08.03.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 16 12 month 05.03.2013
Macquarie PIERS BROWN outperform 5 M 19 12 month 05.03.2013
Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 D 18 12 month 27.02.2013
Oddo & Cie JEAN SASSUS neutral 3 M 18 Not Provided 27.02.2013
DZ Bank AG CHRISTOPH BAST sell 1 D 13 12 month 22.02.2013
Credit Suisse AMIT GOEL neutral 3 D 15 Not Provided 19.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 17 12 month 06.02.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 17 Not Provided 06.02.2013
Kepler Capital Markets DIRK BECKER reduce 2 M 14 Not Provided 06.02.2013
Natixis ANTOINE BURGARD buy 5 M 18 Not Provided 06.02.2013
Nomura JON PEACE buy 5 M 18 Not Provided 06.02.2013
S&P Capital IQ FRANK BRADEN buy 5 M 18 12 month 06.02.2013
Helvea TIM DAWSON accumulate 4 M 18 12 month 06.02.2013
Main First Bank AG KILIAN MAIER outperform 5 M 18 12 month 05.02.2013
Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 16 6 month 04.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 20 Not Provided 30.01.2013
Societe Generale DIRK HOFFMANN-BECKING hold 3 M 16 12 month 25.01.2013
Bank Vontobel AG TERESA NIELSEN buy 5 M 18 Not Provided 25.01.2013
Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 17 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank MATT SPICK hold 3 M 16 12 month 07.01.2013
HSBC ROBERT MURPHY overweight 5 M 18 Not Provided 20.12.2012
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 17 Not Provided 20.12.2012
Grupo Santander AURELIA FAURE underweight 1 M 11 Not Provided 11.12.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.11.2012
Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 11 Not Provided 03.07.2012
Holdings By:
GMR Infrastructure Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Godrej Consumer Products Limited manufactures personal care, hair care,
distribution of gas, oil and liquefied natural gas. The Group also develops,
owns and operates gas-fired power generation plants.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 831.50
52-Week Low (12.06.2012) 465.00
Daily Volume
813.85
52-Week High % Change -2.12% Dividend Yield 0.58
52-Week Low % Change 75.02% Beta 0.58
% 52 Week Price Range High/Low 95.18% Equity Float 121.03
Shares Out 25.01.2013 340.3 Short Int -
276'974.31 1 Yr Total Return 72.96%
Total Debt 15'640.40 YTD Return 12.89%
Preferred Stock 0.0 Adjusted BETA 0.582
Minority Interest 882.3 Analyst Recs 40
Cash and Equivalents 6'345.30 Consensus Rating 3.550
Enterprise Value 290'177.73
Average Volume 5 Day 6'978
GCPL IB EQUITY YTD Change - Average Volume 30 Day 10'780
GCPL IB EQUITY YTD % CHANGE - Average Volume 3 Month 11'983
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
11'025.7 13'929.6 20'412.0 36'936.0 48'661.6 21'073.0 21'665.0 63'790.8 76'970.3 16'655.0 17'414.0
2.66x 2.38x 3.78x 3.54x 3.57x 16.45x 14.69x 4.52x 3.71x - -
2'255.1 2'114.3 4'113.2 6'540.1 8'769.8 10'026.0 10'561.0 10'660.6 13'279.6 3'033.0 3'235.0
13.01x 15.70x 18.76x 19.99x 19.79x 8.83x 6.35x 27.25x 21.87x 21.60x 21.69x
1'592.4 1'732.6 3'395.9 5'147.1 7'267.2 4'234.0 4'519.0 7'141.9 8'936.6 2'049.3 2'196.0
17.52x 19.54x 23.06x 22.69x 21.49x 17.08x 16.06x 38.86x 31.12x 30.47x 30.67x
EBITDA 8'769.80 Long-Term Rating Date -
EBIT 8'125.40 Long-Term Rating -
Operating Margin 16.70% Long-Term Outlook -
Pretax Margin 20.08% Short-Term Rating Date -
Return on Assets 13.81% Short-Term Rating -
Return on Common Equity 32.01%
Return on Capital 20.66% EBITDA/Interest Exp. 16.82
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 13.82
Net Debt/EBITDA 1.06
Gross Margin - Total Debt/EBITDA 1.78
EBITDA Margin 18.0%
EBIT Margin 16.7% Total Debt/Equity 55.6%
Net Income Margin 14.9% Total Debt/Capital 35.0%
Asset Turnover 0.92
Current Ratio 1.30 Net Fixed Asset Turnover 12.24
Quick Ratio 0.71 Accounts receivable turnover-days 32.21
Debt to Assets 25.95% Inventory Days -
Tot Debt to Common Equity 55.56% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.36 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Godrej Consumer Products LtdPrice/Volume
Valuation Analysis
9'889.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GODREJ & BOYCE MANUF n/a ULT-AGG 253'990'367 7.46 14'804'992 25.03.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 152'363'377 4.48 1'010'042 01.01.2013 Government
LEGAL & GENERAL n/a ULT-AGG 120'599'210 3.54 (4'289'039) 01.01.2013 Unclassified
FMR LLC n/a ULT-AGG 102'081'949 3 (22'980'265) 31.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 94'465'521 2.78 11'446'507 01.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 92'621'382 2.72 5'290'403 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 64'366'135 1.89 4'003'911 01.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 57'396'054 1.69 3'496'882 01.01.2013 Government
SCHRODER INVESTMENT Multiple Portfolios REG 48'293'192 1.42 5'128'695 01.01.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 45'954'406 1.35 1'265'240 01.01.2013 Government
STANDARD LIFE INVEST Multiple Portfolios REG 42'153'440 1.24 1'734'497 01.01.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 41'754'612 1.23 14'104'546 01.01.2013 Unclassified
STATE FARM MUTUAL AU Multiple Portfolios REG 40'100'800 1.18 1'113'800 01.01.2013 Insurance Company
ALECTA INVESTMENT MA Multiple Portfolios REG 40'085'000 1.18 - 01.01.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 39'857'836 1.17 13'734'613 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 39'552'694 1.16 22'192'928 01.01.2013 Investment Advisor
AXA n/a ULT-AGG 38'280'582 1.13 1'790'949 01.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 34'797'279 1.02 (9'463'064) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 33'967'551 1 4'544'498 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 33'600'933 0.99 1'321'095 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL BERTRAND HODEE outperform 5 N 1'400 Not Provided 26.03.2013
Jefferies BRENDAN MICHAEL WARN buy 5 M 1'700 12 month 22.03.2013
AlphaValue ALEXANDRE ANDLAUER sell 1 M 942 6 month 21.03.2013
Grupo Santander JASON KENNEY buy 5 M 1'395 Not Provided 20.03.2013
Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 1'600 12 month 20.03.2013
Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'890 12 month 18.03.2013
Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 18.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'470 Not Provided 18.03.2013
JPMorgan FREDERICK G LUCAS overweight 5 M 1'600 9 month 07.03.2013
Societe Generale IRENE HIMONA hold 3 M 1'200 12 month 25.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 1'300 12 month 21.02.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 21.02.2013
RBC Capital Markets PETER HUTTON outperform 5 M 1'360 12 month 19.02.2013
HSBC PAUL SPEDDING overweight 5 M 1'815 Not Provided 18.02.2013
Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'268 Not Provided 15.02.2013
Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 1'150 Not Provided 11.02.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 1'200 12 month 08.02.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 1'415 12 month 07.02.2013
Macquarie JASON D GAMMEL neutral 3 M 1'300 12 month 06.02.2013
Nomura THEEPAN JOTHILINGAM buy 5 M 1'500 12 month 06.02.2013
S&P Capital IQ CHRISTINE TISCARENO buy 5 U 1'400 12 month 06.02.2013
Barclays RAHIM KARIM overweight 5 M 1'420 Not Provided 06.02.2013
Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 1'110 12 month 05.02.2013
Investec STUART JOYNER sell 1 M 1'000 12 month 05.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 05.11.2012
Deutsche Bank LUCAS HERRMANN hold 3 D 1'350 12 month 02.11.2012
Tudor Pickering & Co ANISH KAPADIA hold 3 M 1'500 Not Provided 01.11.2012
CA Cheuvreux JEAN-CHARLES LACOSTE suspended coverage #N/A N/A M #N/A N/A Not Provided 20.09.2012
Shore Capital Stockbrokers GERARD LANE not rated #N/A N/A M #N/A N/A Not Provided 05.03.2012
Holdings By:
Godrej Consumer Products Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Grasim Industries Limited is a diversified operating company and part of the
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (17.10.2012) 3'511.00
52-Week Low (04.06.2012) 2'216.00
Daily Volume
2826.3
52-Week High % Change -19.50% Dividend Yield 0.80
52-Week Low % Change 27.54% Beta 0.88
% 52 Week Price Range High/Low 47.13% Equity Float 81.33
Shares Out 22.03.2013 91.8 Short Int -
259'388.02 1 Yr Total Return 8.78%
Total Debt 65'513.20 YTD Return -10.63%
Preferred Stock 0.0 Adjusted BETA 0.882
Minority Interest 52'333.8 Analyst Recs 36
Cash and Equivalents 52'988.40 Consensus Rating 4.833
Enterprise Value 335'478.82
Average Volume 5 Day 6'462
GRASIM IB EQUITY YTD Change - Average Volume 30 Day 7'281
GRASIM IB EQUITY YTD % CHANGE - Average Volume 3 Month 7'063
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
169'739.2 182'966.1 199'334.2 215'502.3 252'443.0 11'685.0 2'593.0 271'431.8 309'491.6 73'347.5 67'934.0
1.78x 1.07x 1.47x 1.16x 1.21x 0.00x 0.00x 1.35x 1.15x - -
49'238.0 45'613.0 59'312.9 50'115.0 55'905.0 0.0 0.0 59'373.7 70'899.1 11'971.0 15'932.0
6.13x 4.30x 4.96x 4.98x 5.47x 0.00x 0.00x 5.65x 4.73x 6.42x -
28'914.4 21'866.6 30'955.3 22'790.1 26'474.6 6'050.0 6'553.0 26'991.4 31'051.4 9'271.5 7'180.0
8.17x 6.63x 8.34x 9.89x 9.10x 6.02x 7.78x 9.60x 8.33x - -
EBITDA 55'905.00 Long-Term Rating Date -
EBIT 44'360.90 Long-Term Rating -
Operating Margin 17.57% Long-Term Outlook -
Pretax Margin 19.47% Short-Term Rating Date -
Return on Assets 7.72% Short-Term Rating -
Return on Common Equity 16.73%
Return on Capital 14.67% EBITDA/Interest Exp. 14.99
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 3.09
Net Debt/EBITDA 0.22
Gross Margin - Total Debt/EBITDA 1.17
EBITDA Margin 22.1%
EBIT Margin 17.6% Total Debt/Equity 38.4%
Net Income Margin 10.5% Total Debt/Capital 22.7%
Asset Turnover 0.74
Current Ratio 1.82 Net Fixed Asset Turnover 1.54
Quick Ratio 1.10 Accounts receivable turnover-days 22.76
Debt to Assets 17.93% Inventory Days -
Tot Debt to Common Equity 38.38% Accounts Payable Turnover Day -
Accounts Receivable Turnover 16.08 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
Grasim Industries LtdPrice/Volume
Valuation Analysis
3'061.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a Co File 129'166'979 10.4 - 31.12.2012 Government
AXA n/a ULT-AGG 66'464'562 5.35 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 23'279'417 1.87 55'392 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'754'945 1.51 (517'367) 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'235'239 1.31 760'566 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 16'011'192 1.29 (4'223'421) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'387'267 1.16 620'876 31.01.2013 Mutual Fund Manager
STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'412'585 1 476'466 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'991'341 0.8 215'029 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'974'797 0.48 (227'149) 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5'548'626 0.45 (313'400) 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'066'891 0.41 (6'900) 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'050'237 0.41 (63'407) 31.10.2012 Mutual Fund Manager
LBPAM Multiple Portfolios MF-AGG 4'981'512 0.4 (358'290) 31.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'846'420 0.31 50'313 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'793'501 0.31 263'565 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'752'412 0.3 (1'668'815) 31.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 3'700'000 0.3 - 29.01.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'357'750 0.27 264'979 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL JEAN-PIERRE LAMBERT outperform 5 M 57 12 month 26.03.2013
Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 Not Provided 25.03.2013
RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 22.03.2013
Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 22.03.2013
AlphaValue CHRISTOPHE NIJDAM add 4 M 48 6 month 21.03.2013
Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 20.03.2013
Macquarie PIERS BROWN underperform 1 M 41 12 month 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.03.2013
Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 59 Not Provided 13.03.2013
Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.03.2013
JPMorgan DELPHINE LEE neutral 3 M 48 18 month 11.03.2013
Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 08.03.2013
Barclays JEREMY SIGEE overweight 5 M 54 Not Provided 04.03.2013
HSBC ROBIN DOWN overweight 5 M 55 Not Provided 28.02.2013
Deutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013
Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013
Nomura JON PEACE buy 5 M 56 Not Provided 18.02.2013
Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 48 Not Provided 15.02.2013
CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.02.2013
Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013
Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 53 12 month 14.02.2013
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013
Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012
Holdings By:
Grasim Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
HCL Technologies Limited provides software development and related engineering
detergents, fragrances, home and personal care products. Dually-listed company
with UNA NA.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (18.03.2013) 804.50
52-Week Low (26.06.2012) 453.90
Daily Volume
775.1
52-Week High % Change -3.65% Dividend Yield 1.55
52-Week Low % Change 70.76% Beta 1.01
% 52 Week Price Range High/Low 91.61% Equity Float 206.55
Shares Out 01.03.2013 694.9 Short Int -
538'641.31 1 Yr Total Return 67.00%
Total Debt 21'854.20 YTD Return 25.52%
Preferred Stock 0.0 Adjusted BETA 1.007
Minority Interest 10.7 Analyst Recs 71
Cash and Equivalents 23'898.20 Consensus Rating 4.380
Enterprise Value 537'815.31
Average Volume 5 Day 36'477
HCLT IB EQUITY YTD Change - Average Volume 30 Day 63'215
HCLT IB EQUITY YTD % CHANGE - Average Volume 3 Month 83'333
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 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
75'627.8 102'294.1 121'362.9 157'304.3 208'305.5 46'467.0 51'324.0 251'734.5 283'091.4 59'577.5 66'012.9
2.08x 1.33x 2.07x 2.18x 1.58x 0.00x 0.00x 2.04x 1.74x 9.04x 8.16x
17'027.0 21'250.5 19'924.2 27'151.5 40'507.5 0.0 0.0 55'149.9 59'113.0 13'666.2 13'986.2
9.24x 6.39x 12.59x 12.61x 8.10x 0.00x 0.00x 9.76x 9.10x 10.05x 9.77x
10'514.1 13'196.3 12'591.9 16'465.1 24'227.0 0.0 0.0 36'786.5 39'965.0 8'857.6 9'129.6
15.96x 9.43x 19.48x 20.54x 13.59x 0.00x 0.00x 14.89x 13.65x 15.63x 15.07x
EBITDA 40'507.50 Long-Term Rating Date -
EBIT 35'015.10 Long-Term Rating -
Operating Margin 16.81% Long-Term Outlook -
Pretax Margin 15.39% Short-Term Rating Date -
Return on Assets 15.05% Short-Term Rating -
Return on Common Equity 27.70%
Return on Capital 22.89% EBITDA/Interest Exp. 34.74
Asset Turnover 1.29% (EBITDA-Capex)/Interest Exp. 26.94
Net Debt/EBITDA -0.05
Gross Margin - Total Debt/EBITDA 0.54
EBITDA Margin 19.4%
EBIT Margin 16.8% Total Debt/Equity 22.2%
Net Income Margin 11.6% Total Debt/Capital 18.2%
Asset Turnover 1.29
Current Ratio 1.41 Net Fixed Asset Turnover 9.13
Quick Ratio 0.98 Accounts receivable turnover-days 56.99
Debt to Assets 11.95% Inventory Days -
Tot Debt to Common Equity 22.21% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.42 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
HCL Technologies LtdPrice/Volume
Valuation Analysis
21'935.00
Current Price (3/dd/yy) Market Data
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SLOCUM INVESTMENTS P n/a ULT-AGG 74'570'243 5.81 - 25.03.2013 Investment Advisor
The Leverhulme Trust Multiple Portfolios REG 70'566'764 5.5 - 02.01.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 43'844'579 3.42 (19'403) 02.01.2013 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 33'695'100 2.63 521'877 02.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 29'379'103 2.29 - 02.01.2013 Government
SCOTTISH WIDOWS n/a ULT-AGG 23'491'012 1.83 7'368'008 02.01.2013 Unclassified
MORGAN STANLEY INVES Multiple Portfolios REG 20'988'391 1.64 7'492'327 02.01.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 18'808'791 1.47 938'955 02.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 18'578'700 1.45 7'437'850 02.01.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 18'031'348 1.4 1'103'042 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios REG 17'496'650 1.36 313'701 02.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 17'373'510 1.35 4'229'196 02.01.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'220'914 1.34 82'924 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 17'139'553 1.34 164'900 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 15'546'745 1.21 257'035 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 15'205'740 1.18 (1'458'747) 31.01.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 14'967'376 1.17 (1'475'510) 02.01.2013 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 14'171'028 1.1 (201'301) 02.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 14'055'878 1.1 931'645 02.01.2013 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 13'353'349 1.04 (229'486) 02.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered ANDREW WOOD outperform 5 M 2'700 12 month 25.03.2013
Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 3'000 Not Provided 21.03.2013
AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'419 6 month 21.03.2013
Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas JEFF STENT neutral 3 M 2'900 Not Provided 19.03.2013
Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 2'200 12 month 13.03.2013
Oriel Securities Ltd CHRIS WICKHAM hold 3 M 2'800 Not Provided 13.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 2'800 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 2'800 12 month 11.03.2013
Credit Suisse CHARLES MILLS neutral 3 M 2'800 Not Provided 07.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 3'250 Not Provided 06.03.2013
Investec MARTIN DEBOO buy 5 M 2'900 12 month 20.02.2013
Day by Day VALERIE GASTALDY buy 5 M 2'740 3 month 11.02.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 3'100 12 month 07.02.2013
Barclays IAIN SIMPSON overweight 5 M 2'900 Not Provided 31.01.2013
HSBC CEDRIC BESNARD overweight 5 M 2'940 Not Provided 30.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 29.01.2013
JPMorgan CELINE PANNUTI overweight 5 M 2'850 9 month 28.01.2013
Berenberg Bank JAMES TARGETT buy 5 M 2'800 Not Provided 25.01.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 2'520 12 month 23.01.2013
Jefferies ALEX HOWSON buy 5 M 2'460 12 month 23.01.2013
S&P Capital IQ CARL SHORT hold 3 M 2'600 12 month 23.01.2013
Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'280 Not Provided 14.09.2012
Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 03.07.2012
Nomura DAVID HAYES reduce 2 M 1'870 Not Provided 17.01.2012
Holdings By:
HCL Technologies Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
HDFC Bank Ltd. offers a wide range of services to the global corporate sector.
credit cards, wholesale banking, investment banking, wealth management and
investment management services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (30.11.2012) 705.00
52-Week Low (23.05.2012) 482.30
Daily Volume
614.4
52-Week High % Change -12.85% Dividend Yield 0.70
52-Week Low % Change 27.39% Beta 0.96
% 52 Week Price Range High/Low 59.32% Equity Float 1'829.61
Shares Out 19.03.2013 2'377.2 Short Int -
1'460'575.25 1 Yr Total Return 19.53%
Total Debt 340'960.73 YTD Return -9.49%
Preferred Stock 0.0 Adjusted BETA 0.962
Minority Interest 1'836.6 Analyst Recs 69
Cash and Equivalents 215'465.86 Consensus Rating 3.580
Enterprise Value -
Average Volume 5 Day 213'785
HDFCB IB EQUITY YTD Change - Average Volume 30 Day 201'645
HDFCB IB EQUITY YTD % CHANGE - Average Volume 3 Month 168'169
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
124'920.8 197'464.0 204'385.1 246'291.8 330'567.1 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
15'950.8 22'489.9 30'036.5 39'924.9 52'470.2 - - - - - -
28.71x 18.38x 28.09x 27.13x 23.15x - - - - - -
EBITDA - Long-Term Rating Date 17.01.2008
EBIT - Long-Term Rating BBB-
Operating Margin 42.71% Long-Term Outlook NEG
Pretax Margin 42.74% Short-Term Rating Date 17.01.2008
Return on Assets 1.70% Short-Term Rating A-3
Return on Common Equity 18.81%
Return on Capital 9.35% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 112.9%
Net Income Margin 29.2% Total Debt/Capital 52.9%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 14.44
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 10.00% Inventory Days -
Tot Debt to Common Equity 112.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
HDFC Bank LtdPrice/Volume
Valuation Analysis
134'182.00
Current Price (3/dd/yy) Market Data
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40'000.0
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOUSING DEVELOPMENT Multiple Portfolios REG 813'964'552 6.33 - 01.02.2013 Government
AL NAHYAN MANSOUR BI n/a RNS-MAJ 758'437'618 5.9 - 26.02.2013 n/a
BLACKROCK n/a ULT-AGG 690'750'564 5.37 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 492'619'694 3.83 120'690'937 01.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 446'002'615 3.47 13'623'199 01.02.2013 Unclassified
FMR LLC n/a ULT-AGG 407'194'329 3.17 (55'814'797) 01.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 304'001'751 2.36 44'011'198 01.02.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 293'887'216 2.29 9'654'863 01.02.2013 Government
UPPER CHANCE GROUP L Multiple Portfolios REG 248'872'808 1.94 - 01.02.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 248'069'617 1.93 - 29.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios REG 247'149'298 1.92 (19'000'000) 01.02.2013 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 235'301'396 1.83 (4'091'569) 01.02.2013 Investment Advisor
UBS n/a ULT-AGG 214'395'988 1.67 (58'772'408) 01.02.2013 Unclassified
BARCLAYS PERSONAL IN Multiple Portfolios REG 210'027'061 1.63 (18'528'345) 01.02.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 194'608'412 1.51 (259'690) 01.02.2013 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 150'580'109 1.17 (3'613'787) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 149'488'179 1.16 (11'569'337) 01.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 146'704'193 1.14 6'134'884 01.02.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 129'472'703 1.01 2'971'061 01.02.2013 Government
ORBIS INVESTMENT MAN Multiple Portfolios REG 127'348'130 0.99 (9'688'810) 01.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Espirito Santo Investment Bank ResearchMICHAEL J TRIPPITT buy 5 M 400 Not Provided 27.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 425 Not Provided 25.03.2013
Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 438 12 month 25.03.2013
Investec IAN GORDON buy 5 M 345 12 month 21.03.2013
AlphaValue DAVID GRINSZTAJN add 4 M 363 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 21.03.2013
Macquarie EDWARD FIRTH neutral 3 M 320 12 month 19.03.2013
Nomura CHINTAN JOSHI reduce 2 M 305 12 month 18.03.2013
Exane BNP Paribas TOM RAYNER outperform 5 M 400 Not Provided 18.03.2013
Oriel Securities Ltd VIVEK RAJA buy 5 U 380 Not Provided 14.03.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 340 Not Provided 12.03.2013
JPMorgan RAUL SINHA overweight 5 M 375 9 month 11.03.2013
RBC Capital Markets FIONA SWAFFIELD outperform 5 M 375 12 month 05.03.2013
Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 01.03.2013
Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 400 12 month 27.02.2013
Societe Generale JAMES INVINE buy 5 M 380 12 month 26.02.2013
HSBC PETER TOEMAN overweight 5 M 400 Not Provided 26.02.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 418 Not Provided 26.02.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 U 400 12 month 21.02.2013
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 D 340 12 month 19.02.2013
Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 15.02.2013
Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 14.02.2013
Deutsche Bank JASON NAPIER buy 5 M 380 12 month 13.02.2013
Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 290 Not Provided 13.02.2013
S&P Capital IQ FRANK BRADEN buy 5 R 380 12 month 13.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 U 350 12 month 12.02.2013
Canaccord Genuity Corp GARETH HUNT hold 3 M 280 12 month 12.02.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 160 Not Provided 12.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013
Liberum Capital Ltd CORMAC LEECH hold 3 D 230 Not Provided 14.11.2012
Holdings By:
HDFC Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Hero Motocorp Ltd. designs, manufactures and distributes motorcycles. The
under segments that include power products, power systems, automation products,
process automation and robotics.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (02.05.2012) 2'278.50
52-Week Low (26.03.2013) 1'566.65
Daily Volume
1572.5
52-Week High % Change -30.99% Dividend Yield 2.86
52-Week Low % Change 0.37% Beta 0.77
% 52 Week Price Range High/Low 0.82% Equity Float 102.68
Shares Out 25.01.2013 199.7 Short Int -
314'008.59 1 Yr Total Return -19.95%
Total Debt 10'113.90 YTD Return -17.16%
Preferred Stock 0.0 Adjusted BETA 0.766
Minority Interest 0.0 Analyst Recs 66
Cash and Equivalents 33'209.10 Consensus Rating 2.803
Enterprise Value 296'294.39
Average Volume 5 Day 20'336
HMCL IB EQUITY YTD Change - Average Volume 30 Day 22'486
HMCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 29'282
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
103'318.0 123'191.2 157'581.8 192'450.3 233'680.5 37'990.0 39'336.0 - - - -
1.12x 1.48x 2.24x 1.48x 1.66x 5.09x 4.69x - - - -
13'546.4 17'362.5 27'363.5 26'003.3 36'657.0 5'688.0 5'420.0 - - - -
8.58x 10.50x 12.88x 10.96x 10.57x 7.37x 9.09x - - - -
9'678.8 12'817.6 22'318.3 19'279.0 23'781.3 3'168.0 2'704.0 - - - -
14.33x 16.69x 17.40x 16.46x 17.26x 13.65x 17.55x - - - -
EBITDA 36'657.00 Long-Term Rating Date -
EBIT 25'683.60 Long-Term Rating -
Operating Margin 10.99% Long-Term Outlook -
Pretax Margin 12.26% Short-Term Rating Date -
Return on Assets 23.07% Short-Term Rating -
Return on Common Equity 65.64%
Return on Capital 49.25% EBITDA/Interest Exp. 172.10
Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 145.57
Net Debt/EBITDA -0.63
Gross Margin - Total Debt/EBITDA 0.28
EBITDA Margin 15.7%
EBIT Margin 11.0% Total Debt/Equity 23.6%
Net Income Margin 10.2% Total Debt/Capital 19.1%
Asset Turnover 2.27
Current Ratio 1.11 Net Fixed Asset Turnover 13.57
Quick Ratio 0.83 Accounts receivable turnover-days 3.16
Debt to Assets 10.23% Inventory Days -
Tot Debt to Common Equity 23.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover 116.00 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hero Motocorp LtdPrice/Volume
Valuation Analysis
24'654.00
Current Price (3/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
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HERO INVESTMENTS PVT n/a Research 166'330'142 7.19 - 04.01.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 88'462'667 3.82 627'553 25.03.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 35'119'051 1.52 (673'708) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'262'198 1.26 107'985 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'899'512 1.08 1'143'030 28.02.2013 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 21'472'243 0.93 (27'565) 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 14'648'213 0.63 (40'148) 31.01.2013 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14'044'104 0.61 (1'721'905) 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 13'037'893 0.56 4'968'827 31.01.2013 Mutual Fund Manager
SEB n/a ULT-AGG 12'570'926 0.54 474'429 25.02.2013 Unclassified
SKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 28.02.2013 Mutual Fund Manager
AMF FONDER AB Multiple Portfolios MF-AGG 9'443'400 0.41 1'877'700 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 8'508'473 0.37 (2'513'786) 21.03.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 6'992'268 0.3 (81'762) 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'861'907 0.3 5'064'054 31.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'064'784 0.26 1'403 31.12.2012 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'061'300 0.26 21'000 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'600'000 0.24 - 31.12.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 3'862'588 0.17 23'640 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura BEN UGLOW Underwt/Cautious 1 M 18 12 month 27.03.2013
Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 26.03.2013
JPMorgan ANDREAS WILLI underweight 1 M 21 9 month 26.03.2013
SEB Enskilda DANIEL SCHMIDT buy 5 M 23 Not Provided 26.03.2013
Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 26.03.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 26.03.2013
Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 25.03.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 25.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 22.03.2013
AlphaValue HEINZ STEFFEN reduce 2 M 22 6 month 21.03.2013
ABG Sundal Collier ANDERS IDBORG buy 5 M 25 6 month 14.03.2013
Berenberg Bank WILLIAM MACKIE buy 5 U 25 Not Provided 14.03.2013
Nomura DANIEL CUNLIFFE buy 5 U 27 Not Provided 13.03.2013
HSBC COLIN GIBSON neutral 3 M 23 Not Provided 08.03.2013
Kepler Capital Markets CHRISTOPH LADNER hold 3 M 20 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 25 Not Provided 08.03.2013
RBC Capital Markets ANDREW CARTER sector perform 3 M 22 12 month 04.03.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 20.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013
Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013
Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.02.2013
Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013
Barclays NICK WEBSTER overweight 5 M 24 Not Provided 18.02.2013
Deutsche Bank MARTIN WILKIE sell 1 M 18 12 month 15.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 15.02.2013
Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013
Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013
Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.02.2013
Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 15.02.2013
Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month 14.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 23 12 month 14.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 24 12 month 17.01.2013
Natixis ARNAUD SCHMIT neutral 3 M 19 Not Provided 21.12.2012
Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012
Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012
Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012
Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010
Holdings By:
Hero Motocorp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Hindalco Industries Limited is an integrated aluminum manufacturer. The Company
household, toiletry, pharmaceutical and food products on a global basis. The
Company's products include fabric treatments , disinfectant spray and cleaners,
dishwashing detergent, personal care, food, and prescription drugs.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 137.00
52-Week Low (26.03.2013) 86.90
Daily Volume
88
52-Week High % Change -35.77% Dividend Yield 1.76
52-Week Low % Change 1.27% Beta 1.41
% 52 Week Price Range High/Low 2.20% Equity Float 1'311.24
Shares Out 25.01.2013 1'914.6 Short Int -
168'483.31 1 Yr Total Return -30.84%
Total Debt 410'164.70 YTD Return -32.62%
Preferred Stock 0.0 Adjusted BETA 1.409
Minority Interest 17'090.5 Analyst Recs 53
Cash and Equivalents 81'453.50 Consensus Rating 3.358
Enterprise Value 514'285.00
Average Volume 5 Day 1'234'980
HNDL IB EQUITY YTD Change - Average Volume 30 Day 1'286'038
HNDL IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'034'690
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
596'963.0 657'524.1 607'079.2 722'022.7 808'213.7 - - 809'426.4 879'696.1 - -
0.72x 0.49x 0.89x 0.88x 0.73x - - 0.73x 0.70x - -
63'576.3 55'555.1 86'372.7 79'599.7 76'723.6 - - 80'817.0 93'123.3 - -
6.74x 5.76x 6.26x 8.00x 7.74x - - 6.37x 5.53x - -
21'987.9 4'838.9 39'254.7 24'563.7 33'969.5 - - 27'966.0 30'078.4 - -
9.66x 16.19x 8.18x 16.30x 7.29x - - 6.14x 5.77x - -
EBITDA 76'723.60 Long-Term Rating Date -
EBIT 50'217.90 Long-Term Rating -
Operating Margin 6.21% Long-Term Outlook -
Pretax Margin 5.44% Short-Term Rating Date -
Return on Assets 3.65% Short-Term Rating -
Return on Common Equity 11.15%
Return on Capital 7.41% EBITDA/Interest Exp. 2.75
Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. -1.74
Net Debt/EBITDA 4.28
Gross Margin - Total Debt/EBITDA 5.35
EBITDA Margin 9.5%
EBIT Margin 6.2% Total Debt/Equity 128.5%
Net Income Margin 4.2% Total Debt/Capital 55.0%
Asset Turnover 0.87
Current Ratio 1.63 Net Fixed Asset Turnover 2.28
Quick Ratio 0.80 Accounts receivable turnover-days 35.23
Debt to Assets 40.45% Inventory Days -
Tot Debt to Common Equity 128.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.39 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hindalco Industries LtdPrice/Volume
Valuation Analysis
731'643.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
IGH HOLDINGS PVT LTD Multiple Portfolios REG 76'659'342 10.7 - 03.12.2012 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 36'115'649 5.04 97'110 31.01.2013 Investment Advisor
INVESCO LTD n/a RNS-MAJ 35'939'131 5.02 (3'521'895) 11.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 31'502'568 4.4 (1'151'170) 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'898'866 4.31 2'518'375 31.01.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 24'940'741 3.48 1'434'693 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 16'359'039 2.28 6'346'254 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 15'260'822 2.13 154'056 03.12.2012 Government
MORGAN STANLEY n/a ULT-AGG 13'704'925 1.91 203'806 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'054'020 1.82 - 31.01.2013 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 12'921'988 1.8 131'837 03.12.2012 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 12'791'415 1.79 1'135'192 03.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 11'262'286 1.57 - 31.03.2012 Investment Advisor
WALTER SCOTT & PARTN Multiple Portfolios REG 10'715'075 1.5 2'130'744 03.12.2012 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 8'962'334 1.25 3'028'426 03.12.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 7'394'843 1.03 - 03.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios REG 7'286'409 1.02 294'364 03.12.2012 Investment Advisor
UBS n/a ULT-AGG 7'024'809 0.98 (645'354) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'986'024 0.97 307'932 31.12.2012 Investment Advisor
FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 6'769'218 0.94 26'600 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Maybank Kim Eng GRAHAM JONES hold 3 M 4'700 Not Provided 26.03.2013
Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 5'000 12 month 25.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 4'543 6 month 21.03.2013
Oriel Securities Ltd CHRIS WICKHAM add 4 M 4'700 Not Provided 13.03.2013
Grupo Santander PEDRO GIL hold 3 M 4'200 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 4'500 12 month 11.03.2013
Credit Suisse CHARLES MILLS neutral 3 M 4'900 Not Provided 11.03.2013
Berenberg Bank SETH PETERSON hold 3 M 4'490 Not Provided 11.03.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 3'500 Not Provided 08.03.2013
Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 4'300 12 month 07.03.2013
Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 4'320 12 month 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 3'425 12 month 05.03.2013
Societe Generale CHAS MANSO DE ZUNIGA sell 1 M 4'000 12 month 26.02.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 3'950 12 month 26.02.2013
Investec MARTIN DEBOO sell 1 M 4'260 12 month 25.02.2013
JPMorgan CELINE PANNUTI neutral 3 M 4'300 9 month 25.02.2013
Jefferies ALEX HOWSON hold 3 M 3'640 12 month 25.02.2013
Exane BNP Paribas EAMONN FERRY underperform 1 M 4'000 Not Provided 25.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 4'700 12 month 15.02.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 4'630 Not Provided 14.02.2013
HSBC CEDRIC BESNARD neutral 3 M 4'700 Not Provided 14.02.2013
Nomura GUILLAUME DELMAS buy 5 M 4'900 Not Provided 14.02.2013
Barclays IAIN SIMPSON underweight 1 M 3'700 Not Provided 14.02.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 4'300 6 month 13.02.2013
Deutsche Bank HAROLD THOMPSON buy 5 M 4'800 12 month 13.02.2013
Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 13.02.2013
S&P Capital IQ CARL SHORT hold 3 M 4'600 12 month 13.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.01.2013
CA Cheuvreux ERIC BOROIAN underperform 1 M 3'750 Not Provided 21.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Redburn Partners JEREMY FIALKO sell 1 M #N/A N/A Not Provided 24.09.2012
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 3'140 Not Provided 14.09.2012
Holdings By:
Hindalco Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Hindustan Petroleum Corporation Limited refines crude oil and manufactures
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 381.40
52-Week Low (26.11.2012) 275.30
Daily Volume
280.95
52-Week High % Change -26.34% Dividend Yield 3.03
52-Week Low % Change 2.05% Beta 0.65
% 52 Week Price Range High/Low 5.33% Equity Float 131.85
Shares Out 25.01.2013 338.6 Short Int -
95'137.33 1 Yr Total Return 1.88%
Total Debt 375'990.30 YTD Return -3.27%
Preferred Stock 0.0 Adjusted BETA 0.654
Minority Interest 22.8 Analyst Recs 49
Cash and Equivalents 36'207.10 Consensus Rating 3.612
Enterprise Value 434'943.33
Average Volume 5 Day 95'105
HPCL IB EQUITY YTD Change - Average Volume 30 Day 143'249
HPCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 281'218
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'020'982.7 1'136'797.4 1'051'779.3 1'385'672.9 1'850'872.6 - - ######### ######### - -
0.19x 0.24x 0.27x 0.27x 0.24x - - 0.21x 0.20x - -
21'610.4 32'154.7 28'268.5 41'062.7 42'638.2 - - 51'559.1 54'474.2 - -
8.99x 8.46x 10.19x 9.00x 10.38x - - 8.44x 7.98x - -
13'641.0 7'573.9 14'766.3 17'036.0 1'746.5 - - 9'586.8 13'801.9 - -
6.37x 12.04x 7.30x 7.09x 58.87x - - 10.43x 7.09x - -
EBITDA 42'638.20 Long-Term Rating Date -
EBIT 23'525.60 Long-Term Rating -
Operating Margin 1.27% Long-Term Outlook -
Pretax Margin 0.47% Short-Term Rating Date -
Return on Assets 0.22% Short-Term Rating -
Return on Common Equity 1.32%
Return on Capital 1.39% EBITDA/Interest Exp. 1.81
Asset Turnover 2.38% (EBITDA-Capex)/Interest Exp. -1.81
Net Debt/EBITDA 7.97
Gross Margin - Total Debt/EBITDA 8.82
EBITDA Margin 2.3%
EBIT Margin 1.3% Total Debt/Equity 284.0%
Net Income Margin 0.1% Total Debt/Capital 74.0%
Asset Turnover 2.38
Current Ratio 0.85 Net Fixed Asset Turnover 5.33
Quick Ratio 0.16 Accounts receivable turnover-days 7.56
Debt to Assets 43.94% Inventory Days -
Tot Debt to Common Equity 283.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover 48.42 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
Hindustan Petroleum Corp LtdPrice/Volume
Valuation Analysis
67'246.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a EXCH 184'725'823 3.39 22'455'188 07.01.2013 Bank
INVERAVANTE INVERSIO n/a 13G 160'934'820 2.95 (86'470'698) 24.07.2012 Other
BLACKROCK n/a ULT-AGG 74'697'065 1.37 3'613'674 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'867'255 1.1 3'027'039 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 46'627'136 0.86 (9'198'725) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 38'166'132 0.7 587'169 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 34'776'596 0.64 5'369'252 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 25'947'686 0.48 (5'614'470) 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18'375'918 0.34 268'712 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 16'143'314 0.3 - 25.03.2013 Investment Advisor
CORP GNRAL FINANCIER n/a Co File 10'870'987 0.2 - 19.10.2012 n/a
UMB BANK N A Multiple Portfolios MF-AGG 10'811'646 0.2 2'209'334 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'521'867 0.17 (3'610'744) 31.01.2013 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'802'767 0.14 4'703'508 28.12.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'760'019 0.14 1'553'396 31.12.2012 Investment Advisor
SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'718'009 0.14 (2'806'444) 30.09.2012 Mutual Fund Manager
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'169'179 0.13 (121'826) 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 6'810'379 0.12 2'789'705 31.01.2013 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 6'002'218 0.11 958'831 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 5'954'507 0.11 - 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ARTURO DE FRIAS buy 5 M 9 Not Provided 27.03.2013
Mediobanca SpA ANDREA FILTRI neutral 3 M 7 Not Provided 25.03.2013
Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 25.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 25.03.2013
Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 9 12 month 22.03.2013
Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 22.03.2013
Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 20.03.2013
Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 14.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.03.2013
Societe Generale CARLOS GARCIA GONZALEZ hold 3 U 7 12 month 11.03.2013
Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 8 12 month 11.03.2013
Credit Suisse IGNACIO CEREZO neutral 3 M 8 Not Provided 11.03.2013
Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 U 9 Not Provided 08.03.2013
BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 07.03.2013
AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 07.03.2013
La Caixa DAVID FERNANDEZ buy 5 M 9 Not Provided 04.03.2013
Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 Not Provided 04.03.2013
Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 27.02.2013
Banco Sabadell MARIO LODOS buy 5 M 8 12 month 15.02.2013
Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013
Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013
JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.02.2013
Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 06.02.2013
RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 04.02.2013
Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013
Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013
S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013
Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013
Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 17.01.2013
HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 6 Not Provided 08.01.2013
Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012
DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012
Holdings By:
Hindustan Petroleum Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Hindustan Unilever Limited manufactures branded and packaged consumer products
Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,
Malaysia, South Korea, China, Thailand, and the United States.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (16.10.2012) 571.12
52-Week Low (04.04.2012) 392.57
Daily Volume
472.45
52-Week High % Change -17.28% Dividend Yield 1.59
52-Week Low % Change 20.35% Beta 0.55
% 52 Week Price Range High/Low 44.74% Equity Float 943.23
Shares Out 25.03.2013 2'162.3 Short Int -
1'021'576.00 1 Yr Total Return 17.26%
Total Debt 8'403.60 YTD Return -9.96%
Preferred Stock 0.0 Adjusted BETA 0.552
Minority Interest 183.0 Analyst Recs 50
Cash and Equivalents 41'936.90 Consensus Rating 2.580
Enterprise Value 988'225.69
Average Volume 5 Day 280'627
HUVR IB EQUITY YTD Change - Average Volume 30 Day 219'987
HUVR IB EQUITY YTD % CHANGE - Average Volume 3 Month 206'226
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
139'134.0 - 177'642.7 200'225.5 234'363.3 - - 268'737.9 306'842.2 - -
3.32x - 2.83x 3.01x 3.64x - - 3.67x 3.18x - -
20'920.8 - 28'498.6 27'443.4 35'044.4 - - 41'142.7 46'487.2 - -
22.10x - 17.67x 21.96x 24.34x - - 24.03x 21.27x - -
19'148.9 - 21'566.3 22'960.5 27'906.6 - - 32'923.8 36'359.0 - -
24.60x - 24.22x 27.26x 31.75x - - 31.18x 28.27x - -
EBITDA 35'044.40 Long-Term Rating Date -
EBIT 32'709.00 Long-Term Rating -
Operating Margin 13.96% Long-Term Outlook -
Pretax Margin 15.45% Short-Term Rating Date -
Return on Assets 25.66% Short-Term Rating -
Return on Common Equity 86.99%
Return on Capital 66.64% EBITDA/Interest Exp. 2123.90
Asset Turnover 2.15% (EBITDA-Capex)/Interest Exp. 1953.84
Net Debt/EBITDA -0.96
Gross Margin - Total Debt/EBITDA 0.24
EBITDA Margin 15.0%
EBIT Margin 14.0% Total Debt/Equity 22.8%
Net Income Margin 11.9% Total Debt/Capital 18.5%
Asset Turnover 2.15
Current Ratio 1.23 Net Fixed Asset Turnover 9.65
Quick Ratio 0.75 Accounts receivable turnover-days 14.21
Debt to Assets 7.37% Inventory Days -
Tot Debt to Common Equity 22.83% Accounts Payable Turnover Day -
Accounts Receivable Turnover 25.75 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Hindustan Unilever LtdPrice/Volume
Valuation Analysis
740'669.00
Current Price (3/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
2000 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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNILEVER PLC n/a ULT-AGG 408'516'187 5.07 - 01.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 399'699'734 4.96 4'456'725 01.01.2013 Government
BLACKROCK n/a ULT-AGG 398'866'198 4.95 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 288'620'387 3.58 (597'509) 01.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 249'889'001 3.1 (342'521) 28.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 165'943'974 2.06 31'939'698 01.01.2013 Unclassified
UBS n/a ULT-AGG 118'272'907 1.47 8'061'010 31.01.2013 Unclassified
FMR LLC n/a ULT-AGG 108'307'467 1.34 18'452'445 31.01.2013 Investment Advisor
MONDRIAN INVESTMENT Multiple Portfolios REG 107'524'181 1.33 (407'143) 01.01.2013 Hedge Fund Manager
WALTER SCOTT & PARTN Multiple Portfolios REG 105'137'452 1.31 11'857'234 01.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 99'385'239 1.23 8'288'371 01.01.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 90'584'501 1.12 (26'435) 31.12.2012 Investment Advisor
GEICO CORP Multiple Portfolios REG 90'000'000 1.12 - 01.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 89'847'553 1.12 3'707'992 01.01.2013 Investment Advisor
ALECTA INVESTMENT MA Multiple Portfolios REG 86'150'000 1.07 - 01.01.2013 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 83'932'359 1.04 1'917'566 01.01.2013 Investment Advisor
SILCHESTER INTL INVE Multiple Portfolios REG 81'651'783 1.01 20'121'589 01.01.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 75'403'434 0.94 168'248 28.02.2013 Unclassified
STATE STREET n/a ULT-AGG 74'866'027 0.93 1'218'140 26.03.2013 Investment Advisor
GENERAL REINSURANCE Multiple Portfolios REG 72'862'000 0.9 - 01.01.2013 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JAMES GRZINIC buy 5 M 440 12 month 26.03.2013
Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 443 Not Provided 26.03.2013
Oriel Securities Ltd JONATHAN PRITCHARD buy 5 M 400 Not Provided 26.03.2013
JPMorgan JAIME VAZQUEZ overweight 5 M 425 9 month 25.03.2013
AlphaValue VIRGINIE BLIN reduce 2 M 380 6 month 21.03.2013
Shore Capital Stockbrokers CLIVE WILLIAM BLACK buy 5 M #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas JOHN KERSHAW neutral 3 M 375 Not Provided 13.03.2013
Morgan Stanley EDOUARD AUBIN Underwt/In-Line 1 M 310 12 month 11.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Credit Suisse ANDREW KASOULIS outperform 5 U 430 Not Provided 06.03.2013
Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 440 Not Provided 06.03.2013
Nomura NICK COULTER buy 5 M 430 12 month 26.02.2013
Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 15.02.2013
Baader Bank VOLKER BOSSE buy 5 U 410 12 month 12.02.2013
Macquarie SREEDHAR MAHAMKALI outperform 5 M 400 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 420 12 month 11.01.2013
HSBC JEROME SAMUEL overweight 5 M 410 Not Provided 10.01.2013
Aurel - BGC JEAN-MARIE L'HOME sell 1 M 300 Not Provided 10.01.2013
S&P Capital IQ WILLIAM MACK buy 5 M 380 12 month 10.01.2013
Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 275 Not Provided 08.01.2013
Barclays JAMES ANSTEAD equalweight 3 M 360 Not Provided 04.01.2013
Investec DAVID MCCARTHY sell 1 M 295 12 month 04.10.2012
CA Cheuvreux ARNAUD JOLY underperform 1 M 320 Not Provided 04.10.2012
Natixis PIERRE-EDOUARD BOUDOT reduce 2 D 300 Not Provided 04.10.2012
Deutsche Bank JAMES G COLLINS buy 5 M 394 12 month 24.09.2012
Kepler Capital Markets FABIENNE CARON hold 3 N 298 Not Provided 28.06.2012
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 375 12 month 01.05.2012
Merchant Securities AMISHA CHOHAN hold 3 M #N/A N/A Not Provided 18.04.2012
Holdings By:
Hindustan Unilever Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Hindustan Zinc Limited specializes in the exploration, mining and smelting of
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (18.12.2012) 146.80
52-Week Low (22.03.2013) 110.55
Daily Volume
116.45
52-Week High % Change -20.67% Dividend Yield 0.77
52-Week Low % Change 5.34% Beta 1.02
% 52 Week Price Range High/Low 16.28% Equity Float 234.21
Shares Out 25.01.2013 4'225.3 Short Int -
492'038.41 1 Yr Total Return -3.99%
Total Debt 3.90 YTD Return -14.41%
Preferred Stock 0.0 Adjusted BETA 1.024
Minority Interest 0.0 Analyst Recs 49
Cash and Equivalents 179'463.10 Consensus Rating 4.327
Enterprise Value 312'579.20
Average Volume 5 Day 143'092
HZ IB EQUITY YTD Change - Average Volume 30 Day 180'843
HZ IB EQUITY YTD % CHANGE - Average Volume 3 Month 138'422
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
78'777.7 56'802.7 80'169.7 100'391.7 114'053.1 20'343.1 22'462.7 - - - -
1.84x 1.76x 4.87x 4.31x 3.33x 0.00x 0.00x - - - -
54'008.8 27'429.8 46'743.5 56'134.5 60'777.0 0.0 0.0 - - - -
2.68x 3.65x 8.36x 7.71x 6.25x 0.00x 0.00x - - - -
43'960.7 27'276.1 40'414.1 49'004.9 55'260.4 0.0 0.0 - - - -
5.05x 6.99x 12.59x 11.88x 10.12x 0.00x 0.00x - - - -
EBITDA 60'777.00 Long-Term Rating Date -
EBIT 54'668.20 Long-Term Rating -
Operating Margin 47.93% Long-Term Outlook -
Pretax Margin 60.89% Short-Term Rating Date -
Return on Assets 20.29% Short-Term Rating -
Return on Common Equity 22.37%
Return on Capital 22.41% EBITDA/Interest Exp. 435.68
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 315.83
Net Debt/EBITDA -2.95
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 53.3%
EBIT Margin 47.9% Total Debt/Equity 0.0%
Net Income Margin 48.5% Total Debt/Capital 0.0%
Asset Turnover 0.42
Current Ratio 13.89 Net Fixed Asset Turnover 1.34
Quick Ratio 12.91 Accounts receivable turnover-days 8.69
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 42.14 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
Hindustan Zinc LtdPrice/Volume
Valuation Analysis
98'974.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
STERLITE INDUSTRIES n/a Co File 185'661'879 30.72 - 31.12.2012 n/a
NESTLE SA #N/A N/A Co File 178'381'021 29.52 - 31.12.2012 Corporation
L'OREAL SA #N/A N/A Co File 10'454'165 1.73 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 5'729'800 0.95 (1'345'900) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'647'487 0.93 95'322 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'446'174 0.74 - 31.12.2012 Investment Advisor
OWEN-JONES LINDSAY n/a Co File 2'998'095 0.5 - 31.12.2012 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'784'467 0.46 (516'711) 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 2'526'833 0.42 6'339 25.03.2013 Investment Advisor
BALYASNY ASSET MANAG n/a Short (2'309'774) -0.38 729'403 30.01.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'794'714 0.3 313'136 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'415'058 0.23 20'420 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'085'268 0.18 15'098 26.03.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'056'948 0.17 306'745 31.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 831'525 0.14 2'576 31.10.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 805'008 0.13 1'825 21.03.2013 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 661'487 0.11 - 25.03.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 511'365 0.08 - 31.08.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 457'965 0.08 30'221 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered ERIK SJOGREN Underwt/In-Line 1 M 110 12 month 27.03.2013
Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 95 12 month 25.03.2013
Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013
AlphaValue ARMELLE MOULIN reduce 2 M 115 6 month 21.03.2013
Jefferies ALEX HOWSON buy 5 M 106 12 month 20.03.2013
JPMorgan CELINE PANNUTI overweight 5 M 120 9 month 14.03.2013
Kepler Capital Markets CATHERINE ROLLAND buy 5 M 125 Not Provided 14.03.2013
Grupo Santander PEDRO GIL hold 3 M 105 Not Provided 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 134 12 month 11.03.2013
Berenberg Bank SETH PETERSON hold 3 M 113 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 08.03.2013
Credit Suisse ALEX MOLLOY neutral 3 M 117 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 94 12 month 05.03.2013
Exane BNP Paribas EAMONN FERRY outperform 5 M 114 Not Provided 25.02.2013
Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 105 Not Provided 19.02.2013
Nomura GUILLAUME DELMAS reduce 2 M 97 Not Provided 18.02.2013
Main First Bank AG GAEL COLCOMBET outperform 5 M 120 12 month 18.02.2013
Barclays IAIN SIMPSON overweight 5 M 121 Not Provided 14.02.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 120 Not Provided 13.02.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 120 Not Provided 13.02.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 118 6 month 13.02.2013
Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013
Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 112 12 month 12.02.2013
Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 12.02.2013
Deutsche Bank HAROLD THOMPSON hold 3 M 105 12 month 12.02.2013
Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 143 12 month 12.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 111 12 month 12.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 12.02.2013
S&P Capital IQ CARL SHORT hold 3 M 115 12 month 12.02.2013
Telsey Advisory Group DAVID WU no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013
Natixis PIERRE TEGNER neutral 3 M 96 Not Provided 08.02.2013
HSBC CEDRIC BESNARD overweight 5 U 121 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013
Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012
Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 87 Not Provided 30.10.2012
Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012
DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012
Holdings By:
Hindustan Zinc Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Housing Development & Infrastructure Limited is real estate development
beverages, baby food and clinical/medical nutrition products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (16.01.2013) 123.95
52-Week Low (26.03.2013) 43.65
Daily Volume
45.45
52-Week High % Change -63.33% Dividend Yield 0.00
52-Week Low % Change 4.12% Beta 2.01
% 52 Week Price Range High/Low 2.24% Equity Float 259.60
Shares Out 25.01.2013 419.0 Short Int -
19'043.73 1 Yr Total Return -48.00%
Total Debt 40'962.52 YTD Return -59.22%
Preferred Stock 0.0 Adjusted BETA 2.009
Minority Interest 46.1 Analyst Recs 17
Cash and Equivalents 2'327.31 Consensus Rating 3.176
Enterprise Value 50'532.13
Average Volume 5 Day 9'610'445
HDIL IB EQUITY YTD Change - Average Volume 30 Day 4'995'737
HDIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 5'290'828
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
23'804.5 17'284.4 15'021.2 18'467.1 19'924.8 19'318.0 20'868.0 20'047.9 26'266.7 11'855.0 -
7.08x 3.61x 8.93x 6.19x 3.74x 0.00x 0.00x 2.76x 2.10x 4.72x -
16'926.4 13'105.9 12'047.8 15'460.3 15'093.7 0.0 0.0 11'385.1 13'965.6 4'690.0 -
9.95x 4.76x 11.14x 7.39x 4.94x 0.00x 0.00x 4.44x 3.62x - -
14'104.8 7'812.5 5'678.6 8'217.6 8'098.1 0.0 0.0 6'783.7 8'471.5 3'613.0 -
12.21x 2.89x 16.51x 8.44x 4.47x 0.00x 0.00x 2.88x 2.30x - -
EBITDA 15'093.69 Long-Term Rating Date -
EBIT 14'235.43 Long-Term Rating -
Operating Margin 71.45% Long-Term Outlook -
Pretax Margin 42.10% Short-Term Rating Date -
Return on Assets 4.85% Short-Term Rating -
Return on Common Equity 8.18%
Return on Capital 10.01% EBITDA/Interest Exp. 2.42
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. 2.40
Net Debt/EBITDA 2.56
Gross Margin - Total Debt/EBITDA 2.71
EBITDA Margin 75.8%
EBIT Margin 71.4% Total Debt/Equity 39.7%
Net Income Margin 40.6% Total Debt/Capital 28.4%
Asset Turnover 0.12
Current Ratio 3.02 Net Fixed Asset Turnover 7.26
Quick Ratio 0.20 Accounts receivable turnover-days 112.94
Debt to Assets 23.73% Inventory Days -
Tot Debt to Common Equity 39.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.24 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
Housing Development & Infrastructure LtdPrice/Volume
Valuation Analysis
4'920'077.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WADHAWAN RAKESH KUMA n/a ULT-AGG 55'771'157 8.79 15'779 31.01.2013 Investment Advisor
GROUPE DANONE n/a Co File 44'051'229 6.94 - 31.12.2012 Corporation
AMUNDI SA n/a Co File 20'039'020 3.16 - 31.12.2012 Other
EURAZEO n/a Co File 16'433'370 2.59 - 31.12.2012 Investment Advisor
NORGES BANK n/a Co File 15'048'614 2.37 - 31.12.2012 Government
SOFINA & HENEX GROUP n/a Co File 13'584'541 2.14 - 31.12.2012 Other
NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.02 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'721'689 2.01 4'624'340 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'939'780 1.57 (112'541) 31.12.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.54 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 9'120'390 1.44 681'500 31.12.2012 Investment Advisor
FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'429'890 1.17 (278'200) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'674'800 1.05 (418'650) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'539'676 1.03 (261'299) 25.03.2013 Investment Advisor
TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.01 - 07.11.2012 Hedge Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'801'340 0.91 2'699 31.01.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.68 745'570 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'969'086 0.63 (54'102) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'188'630 0.5 (11'912) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC ANDREW WOOD market perform 3 M 53 12 month 25.03.2013
HSBC CEDRIC BESNARD overweight 5 M 63 Not Provided 25.03.2013
AlphaValue SOPHIE CABO-BROSETA add 4 M 65 6 month 21.03.2013
Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.03.2013
Nomura DAVID HAYES buy 5 M 60 12 month 20.03.2013
Jefferies ALEX HOWSON hold 3 M 48 12 month 19.03.2013
Exane BNP Paribas JEFF STENT neutral 3 M 57 Not Provided 19.03.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 63 Not Provided 14.03.2013
Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 13.03.2013
S&P Capital IQ CARL SHORT buy 5 M 63 12 month 13.03.2013
Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013
RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 59 12 month 11.03.2013
Kepler Capital Markets JON COX buy 5 M 59 Not Provided 11.03.2013
Day by Day VALERIE GASTALDY buy 5 M 58 3 month 11.03.2013
Credit Suisse ALEX MOLLOY underperform 1 M 54 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 05.03.2013
Mirabaud Securities JULIAN LAKIN hold 3 M 49 12 month 26.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013
Berenberg Bank JAMES TARGETT sell 1 M 51 Not Provided 22.02.2013
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.02.2013
Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013
Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 20.02.2013
CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013
Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013
Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013
Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013
Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013
JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 55 12 month 19.02.2013
Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013
Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 53 Not Provided 21.01.2013
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 56 Not Provided 08.01.2013
Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012
DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012
Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012
Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012
Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011
Holdings By:
Housing Development & Infrastructure Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Housing Development Finance Corporation Ltd. HDFC provides housing finance in
The PLC owns and operates the electricity transmission network in England and
Wales, the gas transmission network in Great Britain, and electricity
transmission networks in the Northeastern United States. National Grid also
operates the electricity transmission networks in Scotland.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (11.12.2012) 882.00
52-Week Low (16.05.2012) 610.70
Daily Volume
822.65
52-Week High % Change -6.73% Dividend Yield 1.34
52-Week Low % Change 34.71% Beta 0.99
% 52 Week Price Range High/Low 78.12% Equity Float 1'401.05
Shares Out 26.03.2013 1'546.3 Short Int -
1'272'094.00 1 Yr Total Return 25.46%
Total Debt 1'424'792.00 YTD Return -0.66%
Preferred Stock 0.0 Adjusted BETA 0.992
Minority Interest 8'195.3 Analyst Recs 50
Cash and Equivalents 15'299.70 Consensus Rating 3.680
Enterprise Value 2'335'561.72
Average Volume 5 Day 112'344
HDFC IB EQUITY YTD Change - Average Volume 30 Day 117'070
HDFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 119'964
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 03/13 Q4 06/13 Q1
88'194.2 117'064.2 123'566.6 257'926.3 299'575.3 0.0 0.0 - - - -
15.67x 10.70x 14.26x 8.56x 8.05x #DIV/0! #DIV/0! - - - -
80'922.1 105'974.0 113'182.5 132'326.9 178'648.6 0.0 0.0 - - - -
17.08x 11.82x 15.57x 16.68x 13.50x 0.00x 0.00x - - - -
27'130.0 23'105.0 32'409.8 45'284.1 54'625.1 0.0 0.0 - - - -
23.73x 17.38x 23.91x 22.56x 18.14x 0.00x 0.00x - - - -
EBITDA 178'648.60 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 35.15% Long-Term Outlook -
Pretax Margin 24.69% Short-Term Rating Date -
Return on Assets 2.82% Short-Term Rating -
Return on Common Equity 23.95%
Return on Capital 3.69% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 7.89
Gross Margin - Total Debt/EBITDA 7.98
EBITDA Margin 59.6%
EBIT Margin - Total Debt/Equity 583.4%
Net Income Margin 18.2% Total Debt/Capital 84.9%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover 50.39
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 67.02% Inventory Days -
Tot Debt to Common Equity 583.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Housing Development Finance CorpPrice/Volume
Valuation Analysis
112'247.00
Current Price (3/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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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a ULT-AGG 399'638'038 10.9 (35'637'904) 21.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 182'630'798 4.98 - 25.03.2013 Investment Advisor
CRESCENT HOLDING GMB Multiple Portfolios REG 149'414'285 4.08 - 03.12.2012 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 132'427'487 3.61 2'720'054 03.12.2012 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 94'750'614 2.59 15'922'916 03.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 90'428'903 2.47 1'757'999 03.12.2012 Government
M&G INVESTMENT MANAG Multiple Portfolios REG 69'496'919 1.9 (1'736'674) 03.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 66'845'989 1.82 (12'319'399) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 60'226'673 1.64 3'422'249 31.12.2012 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 44'812'821 1.22 (2'034'154) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 43'614'734 1.19 4'093'896 03.12.2012 Investment Advisor
STOCK LENDING ACCOUN Multiple Portfolios REG 42'803'435 1.17 18'660'830 03.12.2012 Other
STATE STREET n/a ULT-AGG 37'994'117 1.04 (1'278'846) 26.03.2013 Investment Advisor
AXA n/a ULT-AGG 35'193'432 0.96 (2'110'950) 31.01.2013 Investment Advisor
DEUTSCHE BANK PROP T Multiple Portfolios REG 34'419'117 0.94 19'219'117 03.12.2012 Other
PEOPLES REPUBLIC OF Multiple Portfolios REG 33'236'568 0.91 - 03.12.2012 Government
HSBC INVESTMENTS UK Multiple Portfolios REG 28'398'916 0.77 14'402'655 03.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 27'260'666 0.74 5'959'620 03.12.2012 Unclassified
GOVT OF SINGAPORE IN n/a ULT-AGG 24'997'793 0.68 1'333'083 03.12.2012 Government
FEDERATED INVESTORS Multiple Portfolios MF-AGG 24'687'411 0.67 1'812'745 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL JOHN MUSK outperform 5 M 800 12 month 27.03.2013
Exane BNP Paribas IAIN TURNER outperform 5 M 780 Not Provided 25.03.2013
HSBC VERITY MITCHELL overweight 5 U 850 Not Provided 21.03.2013
AlphaValue MYRIAM COHEN reduce 2 M 692 6 month 21.03.2013
Credit Suisse MARK FRESHNEY outperform 5 M 800 Not Provided 20.03.2013
JPMorgan EDMUND REID neutral 3 U 720 12 month 18.03.2013
Societe Generale ASHLEY THOMAS sell 1 M 634 12 month 11.03.2013
Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 604 12 month 11.03.2013
Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 08.03.2013
Nomura JONATHAN CONSTABLE buy 5 M 735 12 month 28.02.2013
Cantor Fitzgerald ANGELOS ANASTASIOU sell 1 N 617 Not Provided 11.02.2013
Berenberg Bank LAWSON STEELE hold 3 N 700 Not Provided 05.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 727 12 month 29.01.2013
Liberum Capital Ltd GUILLAUME REDGWELL hold 3 N 730 Not Provided 25.01.2013
Barclays PETER BISZTYGA overweight 5 M 785 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank MARTIN BROUGH sell 1 M 600 12 month 07.01.2013
Day by Day VALERIE GASTALDY buy 5 M 786 3 month 04.01.2013
Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 775 12 month 13.12.2012
Independent Research GmbH SVEN DIERMEIER hold 3 M 710 12 month 21.11.2012
Holdings By:
Housing Development Finance Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
ICICI Bank Limited operates a network of bank's located throughout India. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (31.01.2013) 1'231.00
52-Week Low (18.05.2012) 767.00
Daily Volume
1021.1
52-Week High % Change -17.05% Dividend Yield 1.62
52-Week Low % Change 33.13% Beta 1.32
% 52 Week Price Range High/Low 54.76% Equity Float 682.44
Shares Out 20.03.2013 1'153.5 Short Int -
1'177'863.88 1 Yr Total Return 19.02%
Total Debt 1'769'324.15 YTD Return -10.22%
Preferred Stock - Adjusted BETA 1.317
Minority Interest 14'277.2 Analyst Recs 66
Cash and Equivalents 411'717.50 Consensus Rating 4.682
Enterprise Value -
Average Volume 5 Day 528'858
ICICIBC IB EQUITY YTD Change - Average Volume 30 Day 317'850
ICICIBC IB EQUITY YTD % CHANGE - Average Volume 3 Month 282'296
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
599'917.4 641'516.2 595'176.1 615'647.1 666'619.9 52'980.0 70'446.0 - - - -
- - - - - 3.11x 2.48x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
33'982.3 35'769.5 46'702.9 60'932.7 76'429.4 3'750.0 3'872.0 90'649.0 113'240.0 - -
23.90x 10.36x 22.71x 20.85x 13.42x 8.80x 10.07x 12.98x 11.15x - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating NR
Operating Margin 25.67% Long-Term Outlook NEG
Pretax Margin 25.66% Short-Term Rating Date 30.01.2007
Return on Assets 1.34% Short-Term Rating A-3
Return on Common Equity 13.11%
Return on Capital 3.58% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 288.7%
Net Income Margin 18.4% Total Debt/Capital 73.8%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 12.21
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.28% Inventory Days -
Tot Debt to Common Equity 288.74% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ICICI Bank LtdPrice/Volume
Valuation Analysis
269'578.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DEUTSCHE BANK TRUST n/a ULT-AGG 6'491'974 4.38 8'208 25.03.2013 Investment Advisor
NORGES BANK n/a EXCH 4'495'862 3.03 - 23.06.2011 Government
ABERDEEN n/a ULT-AGG 4'377'801 2.95 (23'819) 31.01.2012 Unclassified
FMR LLC n/a ULT-AGG 2'823'083 1.9 (719'223) 31.01.2013 Investment Advisor
CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'223'047 1.5 (39'432) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'927'285 1.3 22'537 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'903'054 1.28 10 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'414'107 0.95 (311) 30.11.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 802'354 0.54 314'544 31.01.2013 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 760'859 0.51 4'556 31.01.2013 Mutual Fund Manager
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 619'731 0.42 18'520 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 558'266 0.38 16'355 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 444'000 0.3 353'700 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 433'728 0.29 13'430 31.01.2013 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 374'403 0.25 45'107 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 362'837 0.24 - 31.07.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 311'978 0.21 56'299 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 296'523 0.2 29'113 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Espirito Santo Investment Bank ResearchTHOMAS SEIDL market perform 3 M 269 12 month 27.03.2013
Raymond James DANNY JACQUES outperform 5 M 297 Not Provided 22.03.2013
AlphaValue DIETER HEIN buy 5 M 309 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas THOMAS JACQUET neutral 3 M 245 Not Provided 14.03.2013
Barclays ANDREW BROADFIELD underweight 1 D 247 Not Provided 13.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 05.03.2013
RBC Capital Markets GORDON AITKEN outperform 5 U 290 12 month 04.03.2013
Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 261 12 month 26.02.2013
Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 26.02.2013
Berenberg Bank PETER ELIOT hold 3 M 290 Not Provided 21.02.2013
Credit Suisse RICHARD BURDEN outperform 5 M 282 Not Provided 20.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 270 12 month 19.02.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 18.02.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 D 300 12 month 17.02.2013
JPMorgan MICHAEL HUTTNER neutral 3 M 263 9 month 15.02.2013
Macquarie HADLEY COHEN neutral 3 M 270 12 month 15.02.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 15.02.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 213 Not Provided 15.02.2013
Nomura MICHAEL KLIEN buy 5 M 290 Not Provided 15.02.2013
S&P Capital IQ RODERICK WALLACE sell 1 D 230 12 month 15.02.2013
Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 15.02.2013
Helvea DANIEL BISCHOF neutral 3 M 255 12 month 15.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 252 6 month 14.02.2013
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 13.02.2013
CA Cheuvreux ATANASIO PANTARROTAS select list 5 M 300 Not Provided 04.02.2013
Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 30.01.2013
Deutsche Bank ROBIN BUCKLEY hold 3 M 265 12 month 24.01.2013
HSBC THOMAS FOSSARD neutral 3 M 254 Not Provided 16.01.2013
Day by Day VALERIE GASTALDY buy 5 M 270 3 month 15.01.2013
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 300 Not Provided 08.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 260 Not Provided 18.12.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 200 Not Provided 30.11.2012
Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 15.11.2012
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 292 12 month 11.10.2012
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
DZ Bank AG WERNER EISENMANN buy 5 M 240 12 month 05.12.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE underperform 1 M 216 6 month 06.05.2011
Holdings By:
ICICI Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
IDBI Bank Limited provides a range of banking and financial services. The Bank's
retails luxury goods. The Company produces jewelry, watches, leather goods,
writing instruments, and men's and women's wear.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (09.01.2013) 118.20
52-Week Low (26.03.2013) 79.00
Daily Volume
79.8
52-Week High % Change -32.49% Dividend Yield 4.39
52-Week Low % Change 1.01% Beta 1.27
% 52 Week Price Range High/Low 2.04% Equity Float 109.56
Shares Out 13.02.2013 1'278.4 Short Int -
102'018.49 1 Yr Total Return -24.06%
Total Debt 776'287.32 YTD Return -28.37%
Preferred Stock 0.0 Adjusted BETA 1.272
Minority Interest 298.4 Analyst Recs 17
Cash and Equivalents 182'387.78 Consensus Rating 2.765
Enterprise Value -
Average Volume 5 Day 321'132
IDBI IB EQUITY YTD Change - Average Volume 30 Day 243'629
IDBI IB EQUITY YTD % CHANGE - Average Volume 3 Month 259'656
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 06/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
99'623.0 133'336.1 178'185.1 208'408.8 255'897.8 0.0 7'515.0 - - - -
- - - - - #DIV/0! 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
7'465.9 7'665.4 10'205.3 15'635.1 20'025.0 0.0 0.0 - - - -
8.65x 4.29x 8.17x 8.19x 5.16x 0.00x 0.00x - - - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating -
Operating Margin 29.69% Long-Term Outlook NEG
Pretax Margin - Short-Term Rating Date 30.01.2007
Return on Assets 0.74% Short-Term Rating A-3
Return on Common Equity 11.79%
Return on Capital 2.27% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 400.3%
Net Income Margin 29.6% Total Debt/Capital 80.0%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 8.39
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 26.70% Inventory Days -
Tot Debt to Common Equity 400.33% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
IDBI Bank LtdPrice/Volume
Valuation Analysis
351'768.00
Current Price (3/dd/yy) Market Data
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3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
10'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA Multiple Portfolios MF-AGG 12'427'709 2.38 - 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'166'906 1.76 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'606'776 1.65 1'360'294 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'764'653 1.49 (1'002'480) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'459'676 1.43 (153'770) 31.01.2013 Mutual Fund Manager
WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'162'235 1.37 (5'806'400) 31.12.2012 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'983'477 1.34 (43'763) 31.12.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 5'275'767 1.01 (49'746) 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 4'749'863 0.91 (11'372) 30.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 3'424'524 0.66 273'181 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 3'141'085 0.6 (62'997) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'073'903 0.59 (123'534) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 2'829'979 0.54 9'404 31.01.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'734'006 0.52 (4'415) 31.01.2013 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'457'766 0.47 928'202 31.01.2013 Mutual Fund Manager
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'978'900 0.38 (809'000) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'666'800 0.32 (362'873) 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'291'101 0.25 (2'744) 31.01.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 1'266'927 0.24 (12'780) 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'110'872 0.21 113'009 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Anand Rathi Securities Pvt. Ltd. ROGERIO FUJIMORI outperform 5 M 85 Not Provided 27.03.2013
Kepler Capital Markets JON COX buy 5 M 90 Not Provided 26.03.2013
Investec THANE DUFF hold 3 M 87 12 month 25.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 74 Not Provided 25.03.2013
ISI Group OMAR SAAD strong buy 5 M 80 12 month 24.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013
AlphaValue VIRGINIE BLIN reduce 2 M 76 6 month 21.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013
Nomura CHRISTOPHER WALKER buy 5 M 83 12 month 20.03.2013
Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 105 Not Provided 20.03.2013
Aurel - BGC DAVID DA MAIA buy 5 M 86 Not Provided 19.03.2013
Oddo & Cie LEOPOLD AUTHIE buy 5 M 93 Not Provided 19.03.2013
Societe Generale THIERRY COTA buy 5 M 95 12 month 18.03.2013
Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 100 12 month 15.03.2013
Renaissance Capital REY WIUM sell 1 M 76 Not Provided 14.03.2013
Independent Research GmbH LARS LUSEBRINK buy 5 N 90 12 month 21.02.2013
Berenberg Bank JOHN GUY hold 3 M 72 Not Provided 15.02.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 84 Not Provided 10.02.2013
Bryan Garnier & Cie LOIC MORVAN buy 5 M 82 6 month 01.02.2013
Barclays HELEN NORRIS overweight 5 M 86 Not Provided 28.01.2013
HSBC ERWAN RAMBOURG neutral 3 M 83 Not Provided 24.01.2013
Macquarie WYNAND VAN ZYL outperform 5 U 90 12 month 22.01.2013
S&P Capital IQ JASON ASAEDA hold 3 M 80 12 month 22.01.2013
Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 74 12 month 21.01.2013
Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 114 12 month 21.01.2013
JPMorgan MELANIE A FLOUQUET neutral 3 M 72 12 month 21.01.2013
Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 21.01.2013
Main First Bank AG MATTHIAS EIFERT outperform 5 M 83 12 month 21.01.2013
Raymond James MARC WILLAUME strong buy 5 M 90 Not Provided 18.01.2013
Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 U 86 12 month 16.01.2013
CA Cheuvreux THOMAS MESMIN outperform 5 M 88 Not Provided 14.01.2013
Bank Vontobel AG RENE WEBER hold 3 M 80 Not Provided 09.01.2013
Redburn Partners ANNABEL GLEESON buy 5 N #N/A N/A Not Provided 07.01.2013
BNP Paribas Cadiz Securities SHAMIL ISMAIL hold 3 D 64 12 month 27.11.2012
Natixis JOSEPHINE CHEVALLIER neutral 3 M 60 Not Provided 02.11.2012
Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012
Holdings By:
IDBI Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Idea Cellular Limited offers cellular services, SMS services, and mobile
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (16.01.2013) 124.00
52-Week Low (24.04.2012) 71.20
Daily Volume
108.7
52-Week High % Change -12.34% Dividend Yield 0.00
52-Week Low % Change 52.67% Beta 0.61
% 52 Week Price Range High/Low 71.02% Equity Float 1'013.23
Shares Out 25.03.2013 3'314.3 Short Int -
360'266.78 1 Yr Total Return 10.19%
Total Debt 112'850.01 YTD Return 4.82%
Preferred Stock 19.3 Adjusted BETA 0.610
Minority Interest 0.0 Analyst Recs 52
Cash and Equivalents 1'520.73 Consensus Rating 3.288
Enterprise Value 456'465.98
Average Volume 5 Day 105'408
IDEA IB EQUITY YTD Change - Average Volume 30 Day 278'581
IDEA IB EQUITY YTD % CHANGE - Average Volume 3 Month 412'359
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
67'199.9 101'312.9 123'978.8 154'384.0 194'886.9 0.0 0.0 222'663.3 251'594.4 57'308.0 62'688.0
4.87x 1.92x 2.27x 2.11x 2.25x #DIV/0! #DIV/0! 2.18x 1.87x - -
22'624.3 28'274.1 33'714.1 37'583.9 50'484.3 0.0 0.0 59'180.0 69'743.7 16'125.3 17'214.0
14.47x 6.88x 8.34x 8.69x 8.68x 0.00x 0.00x 7.73x 6.56x 6.40x 5.88x
10'423.1 8'815.8 9'539.4 8'987.1 7'229.9 0.0 0.0 10'079.8 15'179.1 3'038.5 3'509.0
25.95x 16.65x 21.34x 24.77x 45.17x 0.00x 0.00x 35.37x 23.31x 22.72x 19.15x
EBITDA 50'484.30 Long-Term Rating Date -
EBIT 20'670.95 Long-Term Rating -
Operating Margin 10.61% Long-Term Outlook -
Pretax Margin 5.41% Short-Term Rating Date -
Return on Assets 2.30% Short-Term Rating -
Return on Common Equity 5.70%
Return on Capital 5.92% EBITDA/Interest Exp. 5.08
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 0.32
Net Debt/EBITDA 2.21
Gross Margin 99.3% Total Debt/EBITDA 2.24
EBITDA Margin 25.9%
EBIT Margin 10.6% Total Debt/Equity 86.5%
Net Income Margin 3.7% Total Debt/Capital 46.4%
Asset Turnover 0.62
Current Ratio 0.30 Net Fixed Asset Turnover 0.93
Quick Ratio 0.11 Accounts receivable turnover-days 12.94
Debt to Assets 34.58% Inventory Days 205.15
Tot Debt to Common Equity 86.49% Accounts Payable Turnover Day 909.09
Accounts Receivable Turnover 28.28 Cash Conversion Cycle -690.99
Inventory Turnover 1.78
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Idea Cellular LtdPrice/Volume
Valuation Analysis
122'625.00
Current Price (3/dd/yy) Market Data
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADITYA BIRLA NUVO LT n/a ULT-AGG 256'652'047 10.04 - 01.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 128'527'550 5.03 1'911'502 25.03.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 109'343'285 4.28 - 01.01.2013 Government
LEGAL & GENERAL n/a ULT-AGG 104'285'746 4.08 (136'942) 01.01.2013 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 88'407'117 3.46 401'633 01.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 73'996'286 2.89 3'700'201 01.01.2013 Unclassified
FMR LLC n/a ULT-AGG 72'178'671 2.82 17'691'038 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 53'089'266 2.08 (685'857) 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 47'303'661 1.85 (3'596'819) 01.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 46'730'225 1.83 5'884'645 31.01.2013 Unclassified
UBS n/a ULT-AGG 41'823'885 1.64 (4'347'489) 31.01.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 39'310'345 1.54 (7'205'386) 01.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 33'734'493 1.32 (3'852'887) 01.01.2013 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 32'116'464 1.26 - 01.01.2013 Government
VANGUARD GROUP INC Multiple Portfolios REG 29'093'870 1.14 1'381'546 01.01.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 25'199'103 0.99 (468'132) 28.02.2013 Unclassified
AEGON n/a ULT-AGG 24'499'349 0.96 (6'815'149) 01.01.2013 Unclassified
HSBC INVESTMENTS UK Multiple Portfolios REG 24'085'771 0.94 (189'080) 01.01.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 23'132'403 0.9 2'472'324 01.01.2013 Investment Advisor
MORGAN STANLEY INVES Multiple Portfolios REG 22'537'114 0.88 (2'815'055) 01.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd ANDY HUGHES underperform 1 M 835 Not Provided 27.03.2013
Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'160 Not Provided 26.03.2013
HSBC KAILESH MISTRY overweight 5 M 1'375 Not Provided 22.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 22.03.2013
AlphaValue JEROME CASSAGNE sell 1 D 911 6 month 21.03.2013
Berenberg Bank MATTHEW PRESTON buy 5 M 1'350 Not Provided 20.03.2013
Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 20.03.2013
Day by Day VALERIE GASTALDY buy 5 M 1'200 3 month 18.03.2013
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 1'350 12 month 15.03.2013
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 15.03.2013
Credit Suisse CHRIS ESSON outperform 5 M 1'300 Not Provided 14.03.2013
Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 950 12 month 13.03.2013
Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'055 12 month 13.03.2013
S&P Capital IQ RODERICK WALLACE buy 5 D 1'250 12 month 13.03.2013
Oriel Securities Ltd MARCUS BARNARD buy 5 M 900 Not Provided 13.03.2013
JPMorgan ASHIK MUSADDI underweight 1 M 781 9 month 11.03.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 910 12 month 20.02.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1'135 12 month 11.02.2013
Macquarie NEIL WELCH neutral 3 M 1'000 12 month 05.02.2013
Barclays ALAN DEVLIN overweight 5 M 1'023 Not Provided 04.02.2013
Deutsche Bank OLIVER STEEL buy 5 M 1'060 12 month 24.01.2013
Investec KEVIN RYAN hold 3 M 831 12 month 07.01.2013
Societe Generale ABID HUSSAIN buy 5 M 900 12 month 03.12.2012
Nomura FAHAD CHANGAZI reduce 2 M 680 Not Provided 15.08.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 812 6 month 01.07.2011
Holdings By:
Idea Cellular Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
IDFC Limited offers infrastructure project financing services. The Company
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (07.01.2013) 185.35
52-Week Low (07.05.2012) 110.50
Daily Volume
139.75
52-Week High % Change -24.60% Dividend Yield 1.65
52-Week Low % Change 26.47% Beta 1.41
% 52 Week Price Range High/Low 39.08% Equity Float 1'052.59
Shares Out 25.02.2013 1'514.7 Short Int -
211'683.19 1 Yr Total Return 9.24%
Total Debt 464'354.50 YTD Return -18.39%
Preferred Stock 0.0 Adjusted BETA 1.406
Minority Interest 177.8 Analyst Recs 43
Cash and Equivalents 278.80 Consensus Rating 4.140
Enterprise Value 614'464.89
Average Volume 5 Day 774'638
IDFC IB EQUITY YTD Change - Average Volume 30 Day 670'475
IDFC IB EQUITY YTD % CHANGE - Average Volume 3 Month 588'104
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
28'071.7 36'386.4 40'745.4 49'364.8 64'303.5 0.0 0.0 33'852.5 40'232.4 8'989.0 -
14.91x 8.39x 11.64x 12.05x 10.39x #DIV/0! #DIV/0! 5.95x 4.95x - -
24'539.3 31'232.6 34'392.0 42'130.0 56'662.4 0.0 0.0 26'482.8 30'941.0 - -
17.05x 9.78x 13.79x 14.12x 11.80x 0.00x 0.00x 23.21x 19.86x - -
7'052.3 7'498.3 10'622.9 12'816.6 15'540.1 0.0 0.0 17'855.5 21'378.6 5'574.0 5'560.0
26.72x 9.34x 19.64x 17.62x 13.19x 0.00x 0.00x 11.86x 9.91x 8.49x 8.07x
EBITDA 56'662.40 Long-Term Rating Date 27.12.2011
EBIT - Long-Term Rating BBB-
Operating Margin 73.67% Long-Term Outlook NEG
Pretax Margin 33.82% Short-Term Rating Date 27.12.2011
Return on Assets 2.82% Short-Term Rating A-3
Return on Common Equity 13.26%
Return on Capital 2.92% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 8.19
Gross Margin - Total Debt/EBITDA 8.20
EBITDA Margin 88.1%
EBIT Margin - Total Debt/Equity 378.0%
Net Income Margin 24.2% Total Debt/Capital 79.1%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 15.15
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 76.15% Inventory Days -
Tot Debt to Common Equity 377.98% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
IDFC LtdPrice/Volume
Valuation Analysis
531'301.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA #N/A N/A Co File 342'767'775 14.34 - 31.12.2012 Insurance Company
AMUNDI n/a Research 91'682'238 3.84 (20'493'797) 15.05.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 79'974'315 3.35 (77'990) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 65'131'985 2.73 2'125'718 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50'254'088 2.1 (9'366) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 48'018'741 2.01 2'721'389 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 35'243'907 1.47 (323'861) 31.12.2012 Investment Advisor
LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19'768'792 0.83 (2'318'038) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'896'417 0.79 730'180 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'758'066 0.53 255'752 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 11'629'095 0.49 (143'415) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 10'723'804 0.45 (3'360) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 7'885'132 0.33 (13'091'874) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'000'250 0.29 - 31.10.2012 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'664'606 0.24 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'466'038 0.19 - 31.07.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'309'635 0.18 (9'429) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'295'639 0.18 (792'488) 31.12.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited DANNY JACQUES strong buy 5 M 19 Not Provided 25.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 25.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 25.03.2013
Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 21.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 18.03.2013
Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.03.2013
AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 07.03.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 26.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 26.02.2013
Helvea DANIEL BISCHOF buy 5 M 16 12 month 26.02.2013
Berenberg Bank PETER ELIOT hold 3 M 18 Not Provided 25.02.2013
Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 24.02.2013
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 18 12 month 22.02.2013
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 17 Not Provided 22.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 14 12 month 22.02.2013
S&P Capital IQ RODERICK WALLACE buy 5 M 15 12 month 22.02.2013
Nomura MICHAEL KLIEN buy 5 M 23 12 month 21.02.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 21.02.2013
Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013
Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013
Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013
Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013
Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013
HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013
Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012
Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012
CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012
DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011
BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011
Holdings By:
IDFC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Indian Oil Corporation Limited explores for and refines crude oil, in addition
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (18.01.2013) 375.00
52-Week Low (19.06.2012) 239.00
Daily Volume
273.95
52-Week High % Change -26.95% Dividend Yield 1.83
52-Week Low % Change 14.62% Beta 0.59
% 52 Week Price Range High/Low 25.70% Equity Float 171.04
Shares Out 25.01.2013 2'428.0 Short Int -
665'137.63 1 Yr Total Return 6.73%
Total Debt 800'153.30 YTD Return 1.56%
Preferred Stock 0.0 Adjusted BETA 0.585
Minority Interest 19'437.4 Analyst Recs 40
Cash and Equivalents 145'522.60 Consensus Rating 3.375
Enterprise Value 1'339'205.73
Average Volume 5 Day 103'626
IOCL IB EQUITY YTD Change - Average Volume 30 Day 95'580
IOCL IB EQUITY YTD % CHANGE - Average Volume 3 Month 172'020
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'073'817.5 2'441'665.6 2'333'291.8 3'089'159.9 4'072'314.3 - - ######### ######### - -
0.37x 0.32x 0.44x 0.40x 0.32x - - 0.28x 0.28x - -
133'175.9 135'248.5 144'779.6 148'991.8 226'391.5 - - 168'530.4 189'828.4 - -
5.79x 5.70x 7.16x 8.33x 5.79x - - 7.94x 7.05x - -
79'127.4 25'994.0 107'131.9 78'307.2 42'259.8 - - 61'274.0 76'755.6 - -
6.71x 18.11x 6.70x 10.32x 15.09x - - 10.50x 8.44x - -
EBITDA 226'391.50 Long-Term Rating Date 29.12.2009
EBIT 175'668.10 Long-Term Rating NR
Operating Margin 4.31% Long-Term Outlook -
Pretax Margin 0.98% Short-Term Rating Date -
Return on Assets 2.09% Short-Term Rating -
Return on Common Equity 7.17%
Return on Capital - EBITDA/Interest Exp. 4.58
Asset Turnover 2.01% (EBITDA-Capex)/Interest Exp. 1.14
Net Debt/EBITDA 2.89
Gross Margin - Total Debt/EBITDA 3.53
EBITDA Margin 5.6%
EBIT Margin 4.3% Total Debt/Equity 132.5%
Net Income Margin 1.0% Total Debt/Capital 56.2%
Asset Turnover 2.01
Current Ratio 0.95 Net Fixed Asset Turnover 5.40
Quick Ratio 0.20 Accounts receivable turnover-days 8.64
Debt to Assets 36.40% Inventory Days -
Tot Debt to Common Equity 132.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover 42.34 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
Indian Oil Corp LtdPrice/Volume
Valuation Analysis
94'755.00
Current Price (3/dd/yy) Market Data
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10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a ULT-AGG 82'567'657 14.87 (10'012'679) 31.12.2012 Investment Advisor
AMUNDI n/a Research 27'220'485 4.9 (1'168'334) 16.05.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Research 20'349'002 3.66 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'778'760 2.12 477'308 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'849'337 1.95 (52'247) 31.12.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 10'102'524 1.82 95'500 29.01.2013 Investment Advisor
SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.65 - 31.12.2011 Corporation
FMR LLC n/a ULT-AGG 8'946'790 1.61 1'797'130 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'588'472 1.37 (183'690) 25.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 6'092'778 1.1 223'109 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'029'853 1.09 1'063'472 31.01.2013 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'494'386 0.81 46'843 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 3'310'863 0.6 (411'258) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'485'819 0.45 551'587 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'452'160 0.44 (404'495) 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 2'357'130 0.42 (10'400) 28.02.2013 Unclassified
AVIVA PLC Multiple Portfolios MF-AGG 1'839'691 0.33 3'134 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'775'165 0.32 (144'907) 31.12.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 1'725'770 0.31 28'032 21.03.2013 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'708'138 0.31 (235'006) 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ANDREW CARTER outperform 5 M 65 12 month 27.03.2013
JPMorgan ANDREAS WILLI overweight 5 M 65 9 month 25.03.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 60 12 month 25.03.2013
Nomura DANIEL CUNLIFFE neutral 3 M 52 Not Provided 25.03.2013
Societe Generale GAEL DE BRAY buy 5 M 64 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 55 12 month 22.03.2013
AlphaValue LIONEL PELLICER add 4 M 67 6 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas OLIVIER ESNOU outperform 5 M 66 Not Provided 14.03.2013
HSBC MICHAEL HAGMANN overweight 5 M 70 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 60 Not Provided 08.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.03.2013
Barclays NICK WEBSTER equalweight 3 M 54 Not Provided 27.02.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 25.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 25.02.2013
Deutsche Bank MARTIN WILKIE hold 3 M 55 12 month 22.02.2013
CA Cheuvreux ALFRED GLASER outperform 5 M 62 Not Provided 22.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 65 12 month 22.02.2013
Natixis LUDOVIC DEBAILLEUX neutral 3 M 61 Not Provided 22.02.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 57 12 month 21.02.2013
Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 57 Not Provided 21.02.2013
S&P Capital IQ JAWAHAR HINGORANI hold 3 M 61 12 month 21.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013
Goldman Sachs DANIELA COSTA Buy/Neutral 5 U 65 12 month 30.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 53 Not Provided 24.01.2013
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 21.01.2013
Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 08.01.2013
Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 08.10.2012
Holdings By:
Indian Oil Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
IndusInd Bank Limited is a national bank. The Bank provides a range of banking
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (14.02.2013) 448.90
52-Week Low (04.06.2012) 288.00
Daily Volume
399.9
52-Week High % Change -10.92% Dividend Yield 0.55
52-Week Low % Change 38.85% Beta 1.12
% 52 Week Price Range High/Low 69.55% Equity Float 434.31
Shares Out 26.03.2013 522.7 Short Int -
209'018.80 1 Yr Total Return 30.55%
Total Debt 129'219.63 YTD Return -4.07%
Preferred Stock 0.0 Adjusted BETA 1.124
Minority Interest 0.0 Analyst Recs 58
Cash and Equivalents 55'999.14 Consensus Rating 4.328
Enterprise Value -
Average Volume 5 Day 201'990
IIB IB EQUITY YTD Change - Average Volume 30 Day 289'633
IIB IB EQUITY YTD % CHANGE - Average Volume 3 Month 256'358
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
21'789.1 27'963.6 32'944.7 43'058.8 63'703.8 0.0 14'202.0 - - - -
- - - - - #DIV/0! 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
750.5 1'483.4 3'503.1 5'773.3 8'026.1 0.0 0.0 - - - -
33.51x 7.51x 18.88x 20.03x 18.70x 0.00x 0.00x - 15.50x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 43.90% Long-Term Outlook -
Pretax Margin 43.92% Short-Term Rating Date -
Return on Assets 1.55% Short-Term Rating -
Return on Common Equity 18.26%
Return on Capital 5.50% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 272.5%
Net Income Margin 29.6% Total Debt/Capital 73.2%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 10.17
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 22.44% Inventory Days -
Tot Debt to Common Equity 272.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
IndusInd Bank LtdPrice/Volume
Valuation Analysis
180'635.00
Current Price (3/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
!2!
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INDUSIND INTL HLDGS n/a ULT-AGG 5'198'082 5.58 - 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'634'983 4.98 - 31.12.2012 Investment Advisor
BANK OF NEW YORK n/a EXCH 3'907'159 4.2 42'023 26.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'358'941 2.53 162'039 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'756'149 1.89 74'818 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'664'500 1.79 - 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'407'596 1.51 (27'866) 31.01.2013 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 937'171 1.01 17'936 26.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 932'280 1 - 31.01.2013 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 858'339 0.92 (1'821) 30.11.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 645'945 0.69 13'889 31.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 590'695 0.63 (8'060) 30.11.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 536'300 0.58 (76'790) 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 496'141 0.53 7'247 31.01.2013 Mutual Fund Manager
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 388'585 0.42 75'179 31.12.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 385'059 0.41 138'979 31.01.2013 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 375'752 0.4 6'630 21.03.2013 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 337'986 0.36 (18'438) 31.01.2013 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 248'343 0.27 9'906 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 241'169 0.26 49'414 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited JEREMY REDENIUS underperform 1 M 307 12 month 27.03.2013
HSBC GEOFF HAIRE neutral 3 D 430 Not Provided 27.03.2013
Exane BNP Paribas JAMES KNIGHT neutral 3 M 376 Not Provided 26.03.2013
JPMorgan MARTIN EVANS neutral 3 M 375 12 month 20.03.2013
AlphaValue FABRICE FARIGOULE buy 5 M 502 6 month 19.03.2013
Day by Day VALERIE GASTALDY buy 5 M 430 3 month 05.03.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 476 12 month 27.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 13.02.2013
Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 11.02.2013
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 11.02.2013
Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 08.02.2013
Barclays ANDREAS HEINE equalweight 3 M 403 Not Provided 08.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 450 Not Provided 07.02.2013
Macquarie CHRISTIAN FAITZ outperform 5 M 430 12 month 07.02.2013
CA Cheuvreux MARTIN ROEDIGER select list 5 M 426 Not Provided 07.02.2013
Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 450 12 month 07.02.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 440 12 month 07.02.2013
Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 406 12 month 06.02.2013
Jefferies LAURENCE ALEXANDER hold 3 M 365 12 month 06.02.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 06.02.2013
Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 440 Not Provided 06.02.2013
Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 06.12.2012
DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 30.11.2012
Main First Bank AG RONALD KOEHLER outperform 5 M 415 Not Provided 20.11.2012
Societe Generale PETER CLARK buy 5 M 450 12 month 25.10.2012
Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 400 Not Provided 23.10.2012
Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012
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
Holdings By:
IndusInd Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Infosys Limited provides IT consulting and software services, including
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (07.03.2013) 3'010.00
52-Week Low (26.07.2012) 2'101.65
Daily Volume
2854.3
52-Week High % Change -5.17% Dividend Yield 1.30
52-Week Low % Change 35.81% Beta 0.90
% 52 Week Price Range High/Low 82.86% Equity Float 430.89
Shares Out 25.01.2013 574.2 Short Int -
1'639'042.38 1 Yr Total Return 1.24%
Total Debt 0.00 YTD Return 23.11%
Preferred Stock 0.0 Adjusted BETA 0.903
Minority Interest 0.0 Analyst Recs 75
Cash and Equivalents 208'420.00 Consensus Rating 3.680
Enterprise Value 1'414'682.36
Average Volume 5 Day 46'800
INFO IB EQUITY YTD Change - Average Volume 30 Day 70'783
INFO IB EQUITY YTD % CHANGE - Average Volume 3 Month 106'234
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 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
166'920.0 216'930.0 227'420.0 275'010.0 337'340.0 14'255.5 15'326.0 405'581.2 452'780.9 107'018.4 107'412.5
4.52x 3.05x 5.97x 6.16x 4.26x 0.00x 0.00x 3.49x 3.01x 15.32x 15.26x
52'590.0 72'190.0 79'110.0 89'750.0 107'490.0 0.0 0.0 118'036.4 131'124.3 30'926.9 30'870.6
14.34x 9.16x 17.17x 18.87x 13.37x 0.00x 0.00x 11.99x 10.79x 11.13x 10.89x
46'590.0 59'880.0 62'660.0 68'350.0 83'320.0 0.0 0.0 93'372.2 102'047.4 23'355.5 23'736.0
17.66x 12.66x 23.82x 27.09x 19.66x 0.00x 0.00x 17.49x 16.04x 16.93x 16.50x
EBITDA 107'490.00 Long-Term Rating Date 07.05.2010
EBIT 98'210.00 Long-Term Rating BBB+
Operating Margin 29.11% Long-Term Outlook NEG
Pretax Margin 34.68% Short-Term Rating Date -
Return on Assets 23.83% Short-Term Rating -
Return on Common Equity 29.08%
Return on Capital 29.08% EBITDA/Interest Exp. -
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.94
Gross Margin 44.1% Total Debt/EBITDA 0.00
EBITDA Margin 31.9%
EBIT Margin 29.1% Total Debt/Equity 0.0%
Net Income Margin 24.7% Total Debt/Capital 0.0%
Asset Turnover 0.96
Current Ratio 4.38 Net Fixed Asset Turnover 7.07
Quick Ratio 3.87 Accounts receivable turnover-days 57.15
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 0.65
Accounts Receivable Turnover 6.40 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Infosys LtdPrice/Volume
Valuation Analysis
24'858.00
Current Price (3/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 B
. ! B
. 2 B
0 ! B
0 2 B
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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1 !!
3 !!
5 !!
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP Multiple Portfolios MF-AGG 4'574'174 1.46 - 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 3'507'675 1.12 4'446 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'193'593 1.02 119'140 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'872'974 0.92 30'891 31.01.2013 Mutual Fund Manager
LANSDOWNE PARTNERS L n/a Short (2'249'662) -0.72 (313'148) 22.03.2013 Hedge Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 1'892'639 0.61 90'770 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'445'086 0.46 (1'509) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'185'647 0.38 58'091 26.03.2013 Investment Advisor
AIR LIQUIDE n/a Co File 1'003'394 0.32 - 31.12.2012 Corporation
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 965'341 0.31 (422) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 926'283 0.3 - 25.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 921'742 0.3 (6'180) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 731'181 0.23 308'898 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 696'712 0.22 (19'889) 31.10.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 685'259 0.22 56'202 28.02.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 583'986 0.19 (126'624) 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 553'212 0.18 31'333 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered JEREMY REDENIUS outperform 5 M 105 12 month 27.03.2013
HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 26.03.2013
Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 102 Not Provided 26.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013
AlphaValue FABRICE FARIGOULE add 4 M 100 6 month 21.03.2013
JPMorgan MARTIN EVANS neutral 3 M 98 12 month 20.03.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 108 Not Provided 18.03.2013
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 108 12 month 27.02.2013
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 25.02.2013
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 22.02.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 95 12 month 18.02.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013
Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013
Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 15.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 15.02.2013
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013
Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 14.02.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013
Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 100 12 month 21.11.2012
CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012
CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012
DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011
Holdings By:
Infosys Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
ITC Limited, a member of BAT Group of UK, is a holding company, which has a
and mobile communications in public and private networks. The Company produces
mobile telephones through its Sony Ericsson joint venture. Ericsson
manufactures and installs wired and wireless communications systems, wireless
microwave links, call center equipment, microelectronics, and radar systems.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 310.75
52-Week Low (29.03.2012) 221.80
Daily Volume
306.1
52-Week High % Change -1.50% Dividend Yield 1.47
52-Week Low % Change 38.01% Beta 0.72
% 52 Week Price Range High/Low 94.77% Equity Float 4'750.59
Shares Out 25.03.2013 7'901.8 Short Int -
2'418'751.00 1 Yr Total Return 38.29%
Total Debt 1'176.00 YTD Return 6.73%
Preferred Stock 0.0 Adjusted BETA 0.724
Minority Interest 1'570.9 Analyst Recs 49
Cash and Equivalents 74'907.80 Consensus Rating 4.510
Enterprise Value 2'346'590.17
Average Volume 5 Day 325'964
ITC IB EQUITY YTD Change - Average Volume 30 Day 298'713
ITC IB EQUITY YTD % CHANGE - Average Volume 3 Month 359'681
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
146'591.0 165'561.4 191'358.7 222'791.1 261'795.2 - - 307'220.8 358'396.2 - -
5.12x 4.03x 4.97x 6.05x 6.50x - - 7.68x 6.54x - -
45'763.1 51'170.1 63'787.9 77'161.0 92'983.7 - - 110'202.3 131'052.5 - -
16.40x 13.03x 14.91x 17.46x 18.30x - - 21.31x 17.92x - -
31'577.6 33'245.9 41'681.8 50'179.3 62'581.4 - - 75'005.1 88'701.9 - -
24.59x 20.96x 23.89x 27.87x 28.18x - - 32.06x 27.07x - -
EBITDA 92'983.70 Long-Term Rating Date -
EBIT 85'527.80 Long-Term Rating -
Operating Margin 32.67% Long-Term Outlook -
Pretax Margin 35.06% Short-Term Rating Date -
Return on Assets 22.16% Short-Term Rating -
Return on Common Equity 34.82%
Return on Capital 34.98% EBITDA/Interest Exp. 133.69
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 98.21
Net Debt/EBITDA -0.79
Gross Margin - Total Debt/EBITDA 0.01
EBITDA Margin 35.5%
EBIT Margin 32.7% Total Debt/Equity 0.6%
Net Income Margin 23.9% Total Debt/Capital 0.6%
Asset Turnover 0.93
Current Ratio 1.70 Net Fixed Asset Turnover 2.37
Quick Ratio 0.93 Accounts receivable turnover-days 16.01
Debt to Assets 0.39% Inventory Days -
Tot Debt to Common Equity 0.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover 22.86 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ITC LtdPrice/Volume
Valuation Analysis
323'330.00
Current Price (3/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 ! B
-! ! B
-2 ! B
.! ! B
.2 ! B
0! ! B
02 ! B
1! ! B
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
2 !!
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-2 !!
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.2 !!
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOBACCO MANUFACTURER n/a Co File 141'913'401 4.66 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 105'813'729 3.48 23'700 25.03.2013 Investment Advisor
SEB n/a ULT-AGG 92'171'054 3.03 (1'067'250) 31.01.2013 Unclassified
AMF FONDER AB n/a Co File 75'600'000 2.48 - 31.12.2011 Investment Advisor
NORGES BANK INVESTME n/a Co File 69'572'027 2.29 - 31.12.2011 Government
OPPENHEIMERFUNDS INC n/a Co File 67'628'249 2.22 - 31.12.2011 Investment Advisor
ABERDEEN ASSET MANAG n/a Co File 58'953'636 1.94 - 31.12.2011 Investment Advisor
INVESTOR AB n/a Co File 58'709'995 1.93 - 31.12.2011 Investment Advisor
DODGE & COX n/a Co File 54'067'771 1.78 - 31.12.2011 Investment Advisor
HANDELSBANKEN FONDER n/a Co File 54'063'621 1.78 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'689'314 1.17 1'538'718 31.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 33'508'867 1.1 (65'425) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 33'412'756 1.1 556'827 31.01.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 25'579'300 0.84 (2'368'034) 31.12.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'519'333 0.74 416'584 28.02.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 21'423'488 0.7 1'375'020 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 17'828'540 0.59 5'191'948 31.01.2013 Investment Advisor
SPP FONDER AB Multiple Portfolios MF-AGG 17'746'645 0.58 264'704 28.02.2013 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 17'556'069 0.58 488'086 31.12.2012 Investment Advisor
AFA FORSAKRINGAR n/a Co File 15'779'975 0.52 - 31.12.2011 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies PIERRE FERRAGU outperform 5 M 100 12 month 21.03.2013
Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 94 Not Provided 21.03.2013
AlphaValue JEAN-MICHEL SALVADOR reduce 2 D 85 6 month 21.03.2013
Nomura STUART JEFFREY buy 5 M 96 12 month 20.03.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 84 12 month 19.03.2013
Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 112 12 month 19.03.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 90 12 month 19.03.2013
Nordea Equity Research DANIEL DJURBERG hold 3 D 87 12 month 19.03.2013
Pareto Securities ERIK PAULSSON hold 3 M 90 6 month 19.03.2013
Exane BNP Paribas ALEXANDER PETERC outperform 5 M 97 Not Provided 19.03.2013
Kepler Capital Markets SEBASTIEN SZTABOWICZ buy 5 M 95 Not Provided 18.03.2013
S&P Capital IQ JAMES CRAWSHAW strong buy 5 M 100 12 month 18.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013
Pohjola Bank Plc (ESN) HANNU RAUHALA accumulate 4 M 102 12 month 15.03.2013
Swedbank HAKAN WRANNE buy 5 M 88 12 month 11.03.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 90 9 month 07.03.2013
Danske Markets ILKKA RAUVOLA buy 5 M 90 12 month 07.03.2013
Oddo & Cie VINCENT MAULAY neutral 3 M 80 Not Provided 06.03.2013
Berenberg Bank ADNAAN AHMAD sell 1 M 60 Not Provided 05.03.2013
Deutsche Bank KAI KORSCHELT buy 5 M 87 12 month 04.03.2013
Grupo Santander CARLOS JAVIER TREVINO buy 5 M 85 Not Provided 01.03.2013
ABG Sundal Collier PER LINDBERG buy 5 M 90 6 month 13.02.2013
HSBC RICHARD DINEEN overweight 5 M 90 Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 04.02.2013
Societe Generale ANDY PERKINS hold 3 M 70 12 month 01.02.2013
Credit Suisse ACHAL SULTANIA neutral 3 U 70 Not Provided 01.02.2013
SEB Enskilda ANDREAS JOELSSON buy 5 U 84 Not Provided 01.02.2013
Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 01.02.2013
Handelsbanken MARTIN NILSSON reduce 2 M 55 12 month 01.02.2013
Natixis ERIC BEAUDET buy 5 M 80 Not Provided 01.02.2013
Liberum Capital Ltd JANARDAN MENON buy 5 M 90 Not Provided 01.02.2013
Barclays ANDREW M GARDINER equalweight 3 M 65 Not Provided 01.02.2013
CA Cheuvreux ODON DE LAPORTE outperform 5 M 70 Not Provided 19.09.2012
Jyske Bank ROBERT JAKOBSEN sell 1 D 70 Not Provided 26.03.2012
DZ Bank AG OLIVER FINGER buy 5 M 72 12 month 25.01.2012
Sydbank MORTEN IMSGARD neutral 3 U #N/A N/A Not Provided 28.04.2011
Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 92 12 month 26.01.2011
Holdings By:
ITC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Jaiprakash Associates Ltd. is an industrial conglomerate. The Company's lines
coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The
Group conducts operations in Australia, South Africa, Germany, Argentina, and
the United Kingdom.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (12.12.2012) 106.75
52-Week Low (24.05.2012) 58.05
Daily Volume
64.15
52-Week High % Change -39.91% Dividend Yield 0.78
52-Week Low % Change 10.51% Beta 1.62
% 52 Week Price Range High/Low 12.53% Equity Float 1'120.63
Shares Out 11.02.2013 2'219.1 Short Int -
142'354.22 1 Yr Total Return -20.55%
Total Debt 531'742.40 YTD Return -33.87%
Preferred Stock 0.0 Adjusted BETA 1.618
Minority Interest 29'465.6 Analyst Recs 38
Cash and Equivalents 31'834.50 Consensus Rating 4.026
Enterprise Value 671'727.72
Average Volume 5 Day 2'581'985
JPA IB EQUITY YTD Change - Average Volume 30 Day 2'006'710
JPA IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'868'539
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 03/13 Q4 06/13 Q1
40'419.2 46'177.9 63'743.3 113'749.1 148'735.0 - - 178'533.0 223'489.1 - -
9.03x 6.04x 9.33x 5.25x 4.73x - - 3.72x 3.06x - -
17'877.3 19'046.5 23'459.3 50'554.3 55'764.0 - - 67'300.5 81'834.4 - -
20.42x 14.65x 25.34x 11.80x 12.61x - - 9.98x 8.21x - -
6'768.0 4'202.5 11'191.8 17'928.2 6'329.2 - - 8'412.2 10'889.5 3'372.0 -
37.65x 27.77x 28.24x 11.00x 27.45x - - 15.05x 11.48x - -
EBITDA 55'764.00 Long-Term Rating Date -
EBIT 46'274.20 Long-Term Rating -
Operating Margin 31.11% Long-Term Outlook -
Pretax Margin 10.93% Short-Term Rating Date -
Return on Assets 0.87% Short-Term Rating -
Return on Common Equity 5.69%
Return on Capital 4.10% EBITDA/Interest Exp. 2.00
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -3.13
Net Debt/EBITDA 8.96
Gross Margin - Total Debt/EBITDA 9.54
EBITDA Margin 37.5%
EBIT Margin 31.1% Total Debt/Equity 463.3%
Net Income Margin 4.3% Total Debt/Capital 78.7%
Asset Turnover 0.20
Current Ratio 1.00 Net Fixed Asset Turnover 0.33
Quick Ratio 0.29 Accounts receivable turnover-days 38.57
Debt to Assets 67.07% Inventory Days -
Tot Debt to Common Equity 463.27% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.49 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
Jaiprakash Associates LtdPrice/Volume
Valuation Analysis
2'951'224.00
Current Price (3/dd/yy) Market Data
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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
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAYPEE VENTURES PVT Multiple Portfolios REG 1'010'403'999 33.65 - 02.01.2013 Corporation
QATAR HOLDINGS LLC n/a RNS-RUL8 350'410'601 11.67 - 14.01.2013 Government
BLACKROCK n/a ULT-AGG 144'628'350 4.82 (81'328) 25.03.2013 Investment Advisor
UBS n/a ULT-AGG 95'879'064 3.19 16'255'320 25.03.2013 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 88'851'173 2.96 - 02.01.2013 Government
STATE STREET n/a ULT-AGG 66'047'178 2.2 124'313 26.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 61'700'951 2.05 (33'850) 22.03.2013 Unclassified
JP MORGAN n/a ULT-AGG 57'610'174 1.92 8'186'775 25.03.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios REG 54'135'734 1.8 (634'892) 02.01.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 42'863'026 1.43 (202'870) 02.01.2013 Unclassified
Xstrata Plc Employee Multiple Portfolios REG 42'642'114 1.42 (6'795'572) 02.01.2013 Unclassified
STANDARD LIFE INVEST #N/A N/A RNS-RUL8 41'205'251 1.37 (24'936) 22.03.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 32'530'740 1.08 66'360 21.03.2013 Government
SAFE INVESTMENT COMP n/a RNS-RUL8 31'187'938 1.04 - 02.02.2012 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 30'417'938 1.01 - 02.01.2013 Government
LLOYDS BANKING GROUP n/a ULT-AGG 29'719'950 0.99 (610'124) 28.02.2013 Investment Advisor
NORTHERN CROSS LLC n/a RNS-RUL8 28'945'439 0.96 (3'925'000) 14.09.2012 Investment Advisor
HSBC Prop Trading/Ma Multiple Portfolios REG 25'475'000 0.85 2'450'000 02.01.2013 Unclassified
Northern Cross Inter Multiple Portfolios REG 25'223'487 0.84 (757'180) 02.01.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 24'663'230 0.82 137'523 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Anand Rathi Securities Pvt. Ltd. JEFFREY LARGEY outperform 5 M 1'200 12 month 22.03.2013
AlphaValue SACHIN KUMAR reduce 2 M 1'100 6 month 21.03.2013
Jefferies Christopher LaFemina buy 5 M 1'350 12 month 20.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 1'575 12 month 15.03.2013
BMO Capital Markets TONY ROBSON market perform 3 U 1'220 Not Provided 12.03.2013
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 1'300 Not Provided 12.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 08.03.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 1'300 Not Provided 07.03.2013
S&P Capital IQ JOHNSON IMODE sell 1 M 1'000 12 month 05.03.2013
RBC Capital Markets TIMOTHY HUFF sector perform 3 M 1'100 12 month 04.03.2013
CA Cheuvreux JOAKIM AHLBERG outperform 5 M 1'300 Not Provided 11.02.2013
Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 11.02.2013
SBG Securities PETER DAVEY sell 1 D 1'220 12 month 11.02.2013
HSBC ANDREW KEEN neutral 3 D 1'250 Not Provided 07.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 05.02.2013
Societe Generale ALAIN WILLIAM hold 3 D 1'190 12 month 31.01.2013
Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013
Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 1'017 Not Provided 20.11.2012
Standard Chartered SUBRAMANIAM VARADA outperform 5 U 1'080 12 month 08.09.2012
Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 21.02.2012
Bank Vontobel AG PATRICK RAFAISZ buy 5 M 1'103 Not Provided 07.02.2012
Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
Goldman Sachs EUGENE KING not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
Holdings By:
Jaiprakash Associates Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (29.03.2012) 557.15
52-Week Low (12.09.2012) 321.10
Daily Volume
352.9
52-Week High % Change -36.66% Dividend Yield 0.45
52-Week Low % Change 9.90% Beta 1.26
% 52 Week Price Range High/Low 13.47% Equity Float 752.50
Shares Out 25.01.2013 934.8 Short Int -
329'902.84 1 Yr Total Return -33.30%
Total Debt 170'908.00 YTD Return -21.14%
Preferred Stock 0.0 Adjusted BETA 1.260
Minority Interest 3'071.0 Analyst Recs 38
Cash and Equivalents 1'327.10 Consensus Rating 3.737
Enterprise Value 529'339.84
Average Volume 5 Day 182'803
JSP IB EQUITY YTD Change - Average Volume 30 Day 187'004
JSP IB EQUITY YTD % CHANGE - Average Volume 3 Month 159'655
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
54'889.8 108'747.3 110'915.4 131'121.5 182'086.0 50'925.0 47'151.0 197'886.5 226'463.5 52'350.7 -
6.94x 2.37x 6.68x 6.02x 3.75x 0.00x 0.00x 2.71x 2.42x - -
24'002.8 54'887.4 60'205.0 64'685.9 71'086.0 0.0 0.0 71'091.5 79'549.7 19'478.0 -
15.87x 4.69x 12.30x 12.20x 9.60x 0.00x 0.00x 7.45x 6.65x - -
12'740.2 30'457.2 35'729.7 37'538.8 39'648.9 4'132.0 611.0 39'180.9 40'705.8 9'401.0 -
25.02x 6.12x 18.32x 17.36x 12.85x 6.64x 48.46x 8.52x 8.07x - -
EBITDA 71'086.00 Long-Term Rating Date -
EBIT 57'221.30 Long-Term Rating -
Operating Margin 31.43% Long-Term Outlook -
Pretax Margin 28.61% Short-Term Rating Date -
Return on Assets 9.78% Short-Term Rating -
Return on Common Equity 24.61%
Return on Capital 14.29% EBITDA/Interest Exp. 10.21
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 0.90
Net Debt/EBITDA 2.39
Gross Margin - Total Debt/EBITDA 2.40
EBITDA Margin 39.0%
EBIT Margin 31.4% Total Debt/Equity 94.4%
Net Income Margin 21.8% Total Debt/Capital 48.1%
Asset Turnover 0.45
Current Ratio 0.87 Net Fixed Asset Turnover 0.67
Quick Ratio 0.10 Accounts receivable turnover-days 24.73
Debt to Assets 37.97% Inventory Days -
Tot Debt to Common Equity 94.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover 14.80 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
Jindal Steel & Power LtdPrice/Volume
Valuation Analysis
154'505.00
Current Price (3/dd/yy) Market Data
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0.0
10'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUN INVESTMENTS LTD n/a ULT-AGG 73'721'977 7.93 1'022'636 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 49'064'352 5.28 (3'318'049) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor
DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'458'657 2.63 (3'091'342) 31.12.2012 Bank
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16'957'871 1.82 5'959'356 31.12.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'648'807 1.79 3'630'244 31.12.2012 Investment Advisor
COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14'797'901 1.59 10'133'323 31.12.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'550'425 1.03 384'651 31.12.2012 Investment Advisor
CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'557'620 0.92 3'906'478 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'115'570 0.77 (629'994) 28.12.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'857'407 0.74 165'336 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'952'018 0.64 (4'277'134) 31.12.2012 Unclassified
BANK OF AMERICA CORP BANK OF AMERICA 13F 5'677'666 0.61 (3'004'857) 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 4'655'730 0.5 (1'922'371) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'906'432 0.42 176'476 31.12.2012 Investment Advisor
DEUTSCHE TELEKOM n/a Research 3'832'262 0.41 - 13.11.2012 Unclassified
UBS n/a ULT-AGG 3'758'375 0.4 1'963'628 31.01.2013 Unclassified
ALLIANCE BERNSTEIN n/a ULT-AGG 3'350'113 0.36 (1'003'376) 31.12.2012 Investment Advisor
AXA n/a ULT-AGG 3'250'565 0.35 (1'338'703) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank CHRISTOPHER J WHEELER neutral 3 M 40 Not Provided 25.03.2013
AlphaValue DIETER HEIN add 4 M 38 6 month 21.03.2013
Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 20.03.2013
Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 20.03.2013
Nord/LB MICHAEL SEUFERT buy 5 M 39 12 month 20.03.2013
Credit Suisse AMIT GOEL underperform 1 M 32 Not Provided 20.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 35 12 month 20.03.2013
Oddo & Cie JEAN SASSUS neutral 3 M 38 Not Provided 20.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 44 12 month 20.03.2013
DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 20.03.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 18.03.2013
Grupo Santander AURELIA FAURE underweight 1 M 30 12 month 14.03.2013
JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 9 month 11.03.2013
Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 08.03.2013
Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 06.03.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 U 38 Not Provided 06.03.2013
RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 05.03.2013
Macquarie PIERS BROWN neutral 3 M 36 12 month 05.03.2013
Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 D 37 12 month 28.02.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 U 44 12 month 27.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 30 Not Provided 25.02.2013
Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013
Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013
Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 39 Not Provided 07.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013
Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 Not Provided 04.02.2013
CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013
Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013
Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013
M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 31.01.2013
Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013
S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012
Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012
SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010
Holdings By:
Jindal Steel & Power Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
JSW Steel Limited is an integrated steel producer with manufacturing facilities
includes bulk commodities including iron ore, manganese and metallurgical
coal, base metals including copper and nickel and precious metals and minerals
including platinum and diamonds. Anglo American PLC has mining operations in
Africa, Europe, North and South America, Asia and Australia.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (29.01.2013) 893.75
52-Week Low (24.05.2012) 566.00
Daily Volume
599.3
52-Week High % Change -32.95% Dividend Yield 1.25
52-Week Low % Change 5.88% Beta 1.52
% 52 Week Price Range High/Low 10.16% Equity Float 129.73
Shares Out 25.01.2013 223.1 Short Int -
133'714.14 1 Yr Total Return -18.11%
Total Debt 217'858.30 YTD Return -26.19%
Preferred Stock 2'790.3 Adjusted BETA 1.518
Minority Interest 2'176.7 Analyst Recs 50
Cash and Equivalents 32'509.70 Consensus Rating 2.760
Enterprise Value 284'945.54
Average Volume 5 Day 232'062
JSTL IB EQUITY YTD Change - Average Volume 30 Day 162'326
JSTL IB EQUITY YTD % CHANGE - Average Volume 3 Month 165'676
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 03/13 Q4 06/13 Q1
124'566.5 159'348.4 189'571.7 241'058.9 343'680.5 0.0 0.0 385'854.6 416'038.0 95'972.2 94'964.5
2.37x 1.67x 2.35x 1.56x 1.02x #DIV/0! #DIV/0! 0.93x 0.88x - -
34'998.5 32'106.6 41'738.0 48'796.6 61'153.7 0.0 0.0 65'685.8 73'523.9 15'862.7 17'684.0
8.44x 8.30x 10.65x 7.68x 5.74x 0.00x 0.00x 4.34x 3.88x 4.43x 4.18x
16'400.4 2'749.1 15'975.5 17'539.8 5'376.8 0.0 0.0 15'358.9 19'427.8 3'280.0 5'335.0
9.05x 17.71x 14.72x 10.89x 29.94x 0.00x 0.00x 8.78x 7.01x 7.88x 6.92x
EBITDA 61'153.70 Long-Term Rating Date -
EBIT 41'718.70 Long-Term Rating -
Operating Margin 12.14% Long-Term Outlook -
Pretax Margin 3.07% Short-Term Rating Date -
Return on Assets 1.07% Short-Term Rating -
Return on Common Equity 3.29%
Return on Capital 3.35% EBITDA/Interest Exp. 4.73
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 1.57
Net Debt/EBITDA 3.03
Gross Margin - Total Debt/EBITDA 3.56
EBITDA Margin 17.8%
EBIT Margin 12.1% Total Debt/Equity 132.3%
Net Income Margin 1.6% Total Debt/Capital 56.2%
Asset Turnover 0.68
Current Ratio 0.61 Net Fixed Asset Turnover 1.02
Quick Ratio 0.23 Accounts receivable turnover-days 13.92
Debt to Assets 40.17% Inventory Days -
Tot Debt to Common Equity 132.27% Accounts Payable Turnover Day -
Accounts Receivable Turnover 27.80 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
JSW Steel LtdPrice/Volume
Valuation Analysis
248'531.00
Current Price (3/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
15'000.0
20'000.0
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30'000.0
35'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JFE STEEL INTL EUROP n/a ULT-AGG 78'986'629 5.67 - 25.03.2013 Investment Advisor
PUBLIC INVESTMENT CO Multiple Portfolios REG 77'592'603 5.57 - 01.11.2012 Government
LEGAL & GENERAL n/a ULT-AGG 51'483'011 3.69 421'636 28.02.2013 Unclassified
TARL INVESTMENT HOLD Multiple Portfolios REG 47'275'613 3.39 - 01.11.2012 Unclassified
EPOCH TWO INVESTMENT Multiple Portfolios REG 42'166'686 3.03 - 01.11.2012 Unclassified
FMR LLC n/a ULT-AGG 31'057'459 2.23 2'876'024 31.01.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 29'466'453 2.11 (2'557'012) 01.11.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 29'199'945 2.1 3'632'677 30.11.2012 Unclassified
E OPPENHEIMER & SON Multiple Portfolios REG 25'200'000 1.81 - 01.11.2012 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 21'574'878 1.55 3'080'902 31.01.2013 Investment Advisor
UBS n/a ULT-AGG 17'579'059 1.26 497'364 31.01.2013 Unclassified
PEOPLES REPUBLIC OF Multiple Portfolios REG 17'290'964 1.24 - 01.11.2012 Government
OPPENHEIMERFUNDS INC Multiple Portfolios REG 15'661'337 1.12 6'944'224 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'290'980 1.03 549'175 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 14'199'373 1.02 1'122'571 01.11.2012 Investment Advisor
CORONATION ASSET MAN Multiple Portfolios MF-AGG 11'914'195 0.85 1'346'501 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 10'535'767 0.76 1'922'748 01.11.2012 Government
AVIVA INVESTORS Multiple Portfolios REG 10'437'360 0.75 (639'640) 01.11.2012 Investment Advisor
STATE STREET n/a ULT-AGG 9'755'061 0.7 383'534 26.03.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 9'024'700 0.65 95'026 01.11.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered DES KILALEA underperform 1 D 1'800 12 month 26.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'300 12 month 22.03.2013
S&P Capital IQ JOHNSON IMODE sell 1 D 1'640 12 month 21.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013
Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 1'700 Not Provided 21.03.2013
AlphaValue SACHIN KUMAR add 4 M 2'073 6 month 21.03.2013
Jefferies Christopher LaFemina buy 5 M 2'450 12 month 20.03.2013
Goldman Sachs EUGENE KING Sell/Neutral 1 M 1'450 12 month 19.03.2013
Macquarie KIERAN DALY outperform 5 M 2'250 12 month 18.03.2013
Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 2'080 12 month 15.03.2013
Liberum Capital Ltd BEN DAVIS hold 3 M #N/A N/A Not Provided 15.03.2013
Nomura SAM CATALANO reduce 2 D 1'700 Not Provided 04.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013
Societe Generale ALAIN WILLIAM sell 1 M 1'900 12 month 19.02.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 1'800 12 month 19.02.2013
Deutsche Bank GRANT SPORRE buy 5 M 2'290 12 month 18.02.2013
Credit Suisse LIAM FITZPATRICK neutral 3 M 2'100 Not Provided 18.02.2013
JPMorgan FRASER JAMIESON underweight 1 M 1'640 9 month 18.02.2013
Natixis RAOUDHA BOUZEKRI neutral 3 M 1'900 Not Provided 18.02.2013
SBG Securities PETER DAVEY sell 1 M 2'000 12 month 18.02.2013
BMO Capital Markets TONY ROBSON market perform 3 M 2'200 Not Provided 15.02.2013
HSBC ANDREW KEEN overweight 5 U 2'240 Not Provided 07.02.2013
Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013
Investec ALBERT MINASSIAN hold 3 M 2'259 Not Provided 16.01.2013
Redburn Partners SIMON TOYNE sell 1 D #N/A N/A Not Provided 16.01.2013
Barclays IAN ROSSOUW equalweight 3 M 1'970 Not Provided 14.01.2013
Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1'960 12 month 08.09.2012
Avior Research CLINTON DUNCAN outperform 5 M 2'338 Not Provided 27.08.2012
CA Cheuvreux JOAKIM AHLBERG outperform 5 M 2'250 Not Provided 30.07.2012
Daiwa Securities Co. Ltd. SCOTT FINLAY hold 3 N 3'329 6 month 21.04.2011
Panmure Gordon & Co Limited ALISON TURNER hold 3 M 2'756 Not Provided 21.04.2011
Holdings By:
JSW Steel Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (07.02.2013) 694.40
52-Week Low (29.03.2012) 511.00
Daily Volume
639.85
52-Week High % Change -7.86% Dividend Yield 0.09
52-Week Low % Change 25.22% Beta 1.02
% 52 Week Price Range High/Low 70.26% Equity Float 344.33
Shares Out 13.03.2013 745.8 Short Int -
477'209.88 1 Yr Total Return 18.68%
Total Debt 302'278.10 YTD Return -1.50%
Preferred Stock 0.0 Adjusted BETA 1.015
Minority Interest 1'600.6 Analyst Recs 24
Cash and Equivalents 35'758.34 Consensus Rating 3.083
Enterprise Value -
Average Volume 5 Day 37'999
KMB IB EQUITY YTD Change - Average Volume 30 Day 26'208
KMB IB EQUITY YTD % CHANGE - Average Volume 3 Month 61'371
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
76'774.4 72'885.2 101'089.3 110'294.0 130'143.1 58'653.0 58'169.0 93'778.0 111'144.6 37'264.0 -
- - - - - 6.25x 5.77x - - - -
- - - - - 19'004.0 17'708.0 - - - -
- - - - - 4.48x 4.54x - - - -
9'912.3 6'523.9 13'070.0 15'667.4 18'322.4 557.0 (5'255.0) 21'236.9 25'807.6 6'532.7 -
21.13x 14.93x 19.86x 21.07x 21.98x 68.19x 0.00x 22.61x 18.39x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 31.36% Long-Term Outlook -
Pretax Margin 31.76% Short-Term Rating Date -
Return on Assets 2.21% Short-Term Rating -
Return on Common Equity 15.31%
Return on Capital 4.87% EBITDA/Interest Exp. -
Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 233.7%
Net Income Margin 21.6% Total Debt/Capital 69.8%
Asset Turnover 0.16
Current Ratio - Net Fixed Asset Turnover 21.53
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 32.73% Inventory Days -
Tot Debt to Common Equity 233.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kotak Mahindra Bank LtdPrice/Volume
Valuation Analysis
31'972.00
Current Price (3/dd/yy) Market Data
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10'000.0
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40'000.0
50'000.0
60'000.0
70'000.0
1999 2000 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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOTAK UDAY SURESH n/a Research 734'624'287 17 - 30.09.2012 Investment Advisor
FEDERAL REPUBLIC OF n/a Research 648'197'900 15 - 30.09.2012 Government
BLACKROCK n/a ULT-AGG 242'444'868 5.61 (2'131'519) 25.03.2013 Investment Advisor
BLACKSTONE n/a ULT-AGG 191'700'000 4.44 - 03.08.2012 Unclassified
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 61'550'927 1.42 6'437'130 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'486'396 0.68 1'150'782 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 27'700'000 0.64 - 31.12.2011 Pension Fund (ERISA)
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 23'968'304 0.55 742'202 26.03.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 14'524'559 0.34 442'723 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 14'083'422 0.33 7'267'197 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'894'785 0.3 2'108'496 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'770'469 0.27 2'089'161 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'227'444 0.26 5'012'513 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 9'666'320 0.22 341'400 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8'826'533 0.2 - 25.03.2013 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'200'550 0.17 690'125 31.12.2012 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 6'640'259 0.15 - 26.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'173'053 0.12 (480'154) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'933'702 0.11 101'043 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 4'888'944 0.11 (1'314'468) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research ROBIN BIENENSTOCK outperform 5 M 10 12 month 27.03.2013
Bankhaus Metzler ULRICH TRABERT sell 1 M 8 12 month 26.03.2013
AlphaValue HEINZ STEFFEN add 4 M 10 6 month 21.03.2013
Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 15.03.2013
Jefferies ULRICH RATHE hold 3 M 8 12 month 08.03.2013
Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 08.03.2013
Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 08.03.2013
JPMorgan HANNES C WITTIG not rated #N/A N/A M #N/A N/A Not Provided 07.03.2013
Berenberg Bank PAUL ANDREW MARSCH hold 3 M 11 Not Provided 06.03.2013
RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 04.03.2013
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 04.03.2013
Morgan Stanley NICK DELFAS restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013
Macquarie GUY R PEDDY underperform 1 M 8 12 month 01.03.2013
Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 01.03.2013
Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 01.03.2013
Nomura FREDERIC BOULAN buy 5 M 10 Not Provided 01.03.2013
S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 01.03.2013
DZ Bank AG KARSTEN OBLINGER sell 1 M 8 12 month 01.03.2013
Barclays JONATHAN DANN equalweight 3 M 9 Not Provided 01.03.2013
Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 28.02.2013
Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 28.02.2013
Nord/LB WOLFGANG DONIE buy 5 N 11 12 month 28.02.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 11 12 month 28.02.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 9 12 month 28.02.2013
Bankhaus Lampe WOLFGANG SPECHT sell 1 M 8 Not Provided 28.02.2013
M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 28.02.2013
Equinet Institutional Services(ESN) ADRIAN PEHL buy 5 M 10 12 month 28.02.2013
New Street Research CHARLES GAYNOR reduce 2 M 7 Not Provided 28.02.2013
Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 9 12 month 26.02.2013
CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 25.02.2013
Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 N 8 Not Provided 19.02.2013
Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013
Kepler Capital Markets JAVIER BORRACHERO buy 5 M 11 Not Provided 30.01.2013
Credit Suisse JUSTIN FUNNELL restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 23.01.2013
Deutsche Bank MATTHEW BLOXHAM buy 5 M 10 12 month 16.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 14.01.2013
Day by Day VALERIE GASTALDY buy 5 M 10 3 month 10.01.2013
HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 10.12.2012
Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 8 Not Provided 10.12.2012
Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 08.11.2012
Holdings By:
Kotak Mahindra Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (29.10.2012) 1'719.50
52-Week Low (04.06.2012) 1'106.40
Daily Volume
1337
52-Week High % Change -22.24% Dividend Yield 1.23
52-Week Low % Change 20.84% Beta 1.21
% 52 Week Price Range High/Low 37.61% Equity Float 431.67
Shares Out 15.02.2013 615.4 Short Int -
822'771.06 1 Yr Total Return 3.76%
Total Debt 477'155.70 YTD Return -16.74%
Preferred Stock 0.0 Adjusted BETA 1.211
Minority Interest 17'534.6 Analyst Recs 55
Cash and Equivalents 105'604.20 Consensus Rating 3.964
Enterprise Value 1'211'857.16
Average Volume 5 Day 222'641
LT IB EQUITY YTD Change - Average Volume 30 Day 223'810
LT IB EQUITY YTD % CHANGE - Average Volume 3 Month 203'061
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 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
291'985.0 401'870.0 435'135.8 520'437.8 643'131.1 89'792.0 97'038.0 745'592.8 851'959.6 - -
3.29x 1.30x 2.53x 2.37x 1.85x 0.00x 0.00x 1.79x 1.65x - -
35'429.5 49'086.8 68'009.8 79'986.1 94'404.3 0.0 0.0 99'211.5 113'150.7 - -
27.08x 10.63x 16.19x 15.40x 12.61x 0.00x 0.00x 12.22x 10.71x - -
24'389.2 37'894.6 54'507.4 44'561.7 46'936.9 0.0 0.0 52'076.0 58'239.0 - -
35.79x 13.02x 18.20x 23.02x 17.04x 0.00x 0.00x 15.78x 14.17x - -
EBITDA 94'404.30 Long-Term Rating Date 12.12.2002
EBIT 78'601.40 Long-Term Rating -
Operating Margin 12.22% Long-Term Outlook -
Pretax Margin 10.91% Short-Term Rating Date -
Return on Assets 4.39% Short-Term Rating -
Return on Common Equity 17.24%
Return on Capital 7.75% EBITDA/Interest Exp. 10.37
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 2.35
Net Debt/EBITDA 3.94
Gross Margin - Total Debt/EBITDA 5.05
EBITDA Margin 14.7%
EBIT Margin 12.2% Total Debt/Equity 162.4%
Net Income Margin 7.3% Total Debt/Capital 60.5%
Asset Turnover 0.60
Current Ratio 1.39 Net Fixed Asset Turnover 3.19
Quick Ratio 0.67 Accounts receivable turnover-days 98.24
Debt to Assets 40.10% Inventory Days -
Tot Debt to Common Equity 162.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.73 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Larsen & Toubro LtdPrice/Volume
Valuation Analysis
214'224.00
Current Price (3/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
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP n/a Co File 810'927'246 33.61 - 31.12.2011 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 209'718'616 8.69 (12'226'130) 31.12.2012 Investment Advisor
GROUPE BRUXELLES LAM n/a Research 116'911'820 4.85 - 15.03.2012 Holding Company
CAISSE DES DEPOTS ET n/a Co File 45'051'514 1.87 - 31.12.2011 Government
GDF SUEZ n/a Co File 38'293'787 1.59 - 31.12.2011 Corporation
CNP ASSURANCES n/a Co File 24'778'333 1.03 - 31.12.2011 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 22'829'438 0.95 (392'875) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 20'931'285 0.87 1'423'055 25.03.2013 Investment Advisor
SOFINA SA n/a Co File 13'515'454 0.56 - 31.12.2011 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'452'139 0.56 639'284 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12'881'757 0.53 (1'633'213) 31.01.2013 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 12'537'744 0.52 359'256 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'130'000 0.38 602'100 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 8'811'951 0.37 134'083 31.12.2012 Mutual Fund Manager
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'777'965 0.32 124'302 31.12.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 6'360'558 0.26 - 28.02.2013 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 5'571'946 0.23 (4'729'951) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'948'780 0.21 (698'442) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 4'229'692 0.18 (10'748'086) 31.12.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'948'836 0.16 - 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs BENJAMIN LEYRE underperform 1 M 14 Not Provided 25.03.2013
Macquarie SHAI HILL outperform 5 M 17 12 month 22.03.2013
HSBC ADAM DICKENS overweight 5 U 18 Not Provided 21.03.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 17 Not Provided 12.03.2013
Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 25 12 month 12.03.2013
Nomura MARTIN YOUNG neutral 3 M 19 Not Provided 12.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 U 15 12 month 04.03.2013
Barclays JULIE ARAV equalweight 3 M 15 Not Provided 01.03.2013
Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 28.02.2013
Raymond James EMMANUEL RETIF underperform 1 M 13 Not Provided 28.02.2013
KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 28.02.2013
CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 28.02.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 13 12 month 28.02.2013
AlphaValue MYRIAM COHEN buy 5 M 18 6 month 28.02.2013
Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 26.02.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013
Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 15 Not Provided 05.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 20.12.2012
Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012
Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012
Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012
DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011
Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011
Holdings By:
Larsen & Toubro Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
LIC Housing Finance Limited provides housing finance services to individuals
manufactures, markets, and sells a range of cigarettes, tobaccos,
rolling papers, and cigars.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (02.01.2013) 300.00
52-Week Low (21.03.2013) 209.10
Daily Volume
221.35
52-Week High % Change -26.22% Dividend Yield 1.63
52-Week Low % Change 5.86% Beta 1.10
% 52 Week Price Range High/Low 13.48% Equity Float 288.66
Shares Out 25.01.2013 504.7 Short Int -
111'707.16 1 Yr Total Return -14.04%
Total Debt 465'112.97 YTD Return -24.03%
Preferred Stock 0.0 Adjusted BETA 1.100
Minority Interest 0.8 Analyst Recs 46
Cash and Equivalents 2'387.51 Consensus Rating 4.109
Enterprise Value 574'433.47
Average Volume 5 Day 456'960
LICHF IB EQUITY YTD Change - Average Volume 30 Day 414'639
LICHF IB EQUITY YTD % CHANGE - Average Volume 3 Month 652'766
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 03/13 Q4 06/13 Q1
21'727.5 29'030.5 34'746.9 48'746.6 62'445.8 - - 18'643.5 24'224.5 - -
10.40x 9.37x 12.56x 9.72x 9.54x - - - - - -
19'937.2 27'417.2 33'108.2 43'940.6 58'337.9 - - - - - -
11.33x 9.92x 13.18x 10.78x 10.21x - - - - - -
3'672.3 5'321.7 6'888.3 9'518.8 9'198.5 - - 10'993.5 14'872.0 - -
6.52x 3.58x 11.40x 11.27x 13.63x - - 10.52x 7.69x - -
EBITDA 58'337.88 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 75.19% Long-Term Outlook -
Pretax Margin 19.83% Short-Term Rating Date -
Return on Assets 1.57% Short-Term Rating -
Return on Common Equity 18.58%
Return on Capital 1.96% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 7.93
Gross Margin - Total Debt/EBITDA 7.97
EBITDA Margin 93.4%
EBIT Margin - Total Debt/Equity 814.5%
Net Income Margin 14.7% Total Debt/Capital 89.1%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 113.92
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 72.10% Inventory Days -
Tot Debt to Common Equity 814.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
LIC Housing Finance LtdPrice/Volume
Valuation Analysis
252'129.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP n/a ULT-AGG 66'461'651 6.8 380'781 31.12.2012 Investment Advisor
INVESCO LTD n/a Co File 61'000'000 6.24 - 30.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 53'000'000 5.42 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 42'126'524 4.31 (1'077'344) 28.02.2013 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 30'498'871 3.12 1'083'885 01.12.2012 Unclassified
FMR LLC n/a ULT-AGG 29'706'695 3.04 (864'949) 31.01.2013 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 22'902'506 2.34 4'070'578 01.12.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 20'453'291 2.09 (4'970'335) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 17'630'376 1.8 - 31.12.2012 Investment Advisor
CEDAR ROCK CAPITAL L Multiple Portfolios REG 16'997'045 1.74 595'616 01.12.2012 Unclassified
MORGAN STANLEY n/a ULT-AGG 15'549'556 1.59 4'426'083 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 15'439'779 1.58 26'099 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'733'204 1.51 465'216 31.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 13'734'190 1.4 (606'667) 01.12.2012 Investment Advisor
UBS n/a ULT-AGG 13'368'645 1.37 (568'794) 31.01.2013 Unclassified
AXA n/a ULT-AGG 13'190'673 1.35 (138'251) 31.01.2013 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 13'022'970 1.33 306'789 01.12.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 12'498'191 1.28 2'126'754 01.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'129'371 1.24 1'874'094 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios REG 11'373'592 1.16 311'401 01.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited DAMIAN MCNEELA buy 5 M 2'650 Not Provided 26.03.2013
Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 2'900 12 month 22.03.2013
Berenberg Bank ERIK BLOOMQUIST hold 3 M 2'800 Not Provided 22.03.2013
Natixis NICOLAS LANGLET buy 5 M 2'800 Not Provided 22.03.2013
Nomura DAVID HAYES reduce 2 M 2'443 Not Provided 22.03.2013
Credit Suisse ROGERIO FUJIMORI outperform 5 M 2'700 Not Provided 21.03.2013
Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'900 Not Provided 21.03.2013
Exane BNP Paribas JAMES BUSHNELL underperform 1 M 2'450 Not Provided 20.03.2013
Jefferies DIRK VAN VLAANDEREN hold 3 M 2'500 12 month 19.03.2013
Goldman Sachs FULVIO CAZZOL neutral/attractive 3 M 2'470 12 month 07.03.2013
AlphaValue ISABELLE COMBEMALE buy 5 M 3'011 6 month 07.03.2013
Day by Day VALERIE GASTALDY buy 5 U 2'518 3 month 05.03.2013
Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 2'700 12 month 28.02.2013
JPMorgan RAE MAILE neutral 3 M 3'067 9 month 20.02.2013
Investec MARTIN DEBOO hold 3 M 2'450 12 month 15.02.2013
Morgan Stanley MATTHEW GRAINGER Overwt/Attractive 5 M 2'680 12 month 30.01.2013
Independent Research GmbH LARS LUSEBRINK buy 5 M 2'850 12 month 30.01.2013
S&P Capital IQ CARL SHORT hold 3 M 2'450 12 month 30.01.2013
Barclays SIMON HALES equalweight 3 M 2'650 Not Provided 30.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Renaissance Capital REY WIUM hold 3 M 2'700 12 month 16.01.2013
Redburn Partners CHRISTIAN DE ROUALLE sell 1 M #N/A N/A Not Provided 16.01.2013
Deutsche Bank JONATHAN FELL buy 5 M 3'000 12 month 01.05.2012
Holdings By:
LIC Housing Finance Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Lupin Limited manufactures bulk actives and formulations. The principal bulk
financial solutions, and related advisory services. The Group attracts deposits
and offers credit, investment banking, securities trading, and insurance
products to private individuals, companies, institutions, and the public sector.
Nordea services the Scandinavian countries and the Baltic Sea region.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 638.65
52-Week Low (15.06.2012) 507.00
Daily Volume
622.05
52-Week High % Change -2.60% Dividend Yield 0.51
52-Week Low % Change 22.69% Beta 0.46
% 52 Week Price Range High/Low 87.39% Equity Float 266.87
Shares Out 21.03.2013 447.5 Short Int -
278'385.72 1 Yr Total Return 22.06%
Total Debt 14'808.70 YTD Return 1.43%
Preferred Stock 0.0 Adjusted BETA 0.460
Minority Interest 722.9 Analyst Recs 56
Cash and Equivalents 4'009.40 Consensus Rating 4.357
Enterprise Value 288'221.42
Average Volume 5 Day 65'105
LPC IB EQUITY YTD Change - Average Volume 30 Day 56'633
LPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 64'047
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
27'063.7 37'758.8 47'736.3 57'925.9 70'649.7 16'686.0 17'456.0 92'540.8 106'589.7 23'573.5 22'192.0
1.91x 1.84x 3.27x 3.33x 3.51x 0.00x 0.00x 3.12x 2.67x 11.78x -
6'361.4 7'588.0 10'177.5 11'666.9 14'631.7 0.0 0.0 20'612.7 23'769.1 5'064.2 4'575.0
8.11x 9.17x 15.34x 16.55x 16.95x 0.00x 0.00x 13.95x 12.10x - -
4'082.5 5'015.4 6'816.3 8'625.5 8'676.5 2'627.0 3'119.0 11'896.8 14'338.1 2'969.3 3'111.0
9.97x 11.25x 102.76x 21.52x 27.25x 9.15x 9.31x 23.33x 19.40x - -
EBITDA 14'631.70 Long-Term Rating Date -
EBIT 12'356.50 Long-Term Rating -
Operating Margin 17.49% Long-Term Outlook -
Pretax Margin 16.93% Short-Term Rating Date -
Return on Assets 12.34% Short-Term Rating -
Return on Common Equity 23.79%
Return on Capital 18.18% EBITDA/Interest Exp. 52.46
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 34.18
Net Debt/EBITDA 0.74
Gross Margin - Total Debt/EBITDA 1.01
EBITDA Margin 20.7%
EBIT Margin 17.5% Total Debt/Equity 36.9%
Net Income Margin 12.3% Total Debt/Capital 26.6%
Asset Turnover 1.01
Current Ratio 2.11 Net Fixed Asset Turnover 3.12
Quick Ratio 1.05 Accounts receivable turnover-days 77.38
Debt to Assets 18.66% Inventory Days -
Tot Debt to Common Equity 36.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.73 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
Lupin LtdPrice/Volume
Valuation Analysis
41'903.00
Current Price (3/dd/yy) Market Data
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZYMA LABORATORIES LT n/a Research 860'400'000 21.24 - 28.09.2012 Insurance Company
GOVERNMENT OF SWEDEN n/a Research 544'200'000 13.44 - 28.09.2012 Government
NORDEA FONDER AB/SWE n/a Research 158'200'000 3.91 - 28.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE n/a Research 127'800'000 3.16 - 28.09.2012 Investment Advisor
AMF PENSION n/a Research 79'700'000 1.97 - 28.09.2012 Pension Fund (ERISA)
NORWEGIAN PETROLEUM n/a Research 72'400'000 1.79 - 28.09.2012 n/a
SHB FUNDS n/a Research 58'900'000 1.45 - 28.09.2012 n/a
SEB n/a ULT-AGG 52'450'681 1.3 (271'123) 31.12.2012 Unclassified
SEB FUNDS n/a Research 51'700'000 1.28 - 28.09.2012 n/a
FJARDE AP-FONDEN n/a Research 44'400'000 1.1 - 28.09.2012 Pension Fund (ERISA)
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 43'836'854 1.08 1'335'441 28.02.2013 Investment Advisor
NORDEA FUNDS n/a Research 41'100'000 1.01 - 28.09.2012 n/a
AFA INSURANCE n/a Research 40'900'000 1.01 - 28.09.2012 Insurance Company
ABERDEEN n/a ULT-AGG 31'040'300 0.77 (599'500) 28.02.2013 Unclassified
VARMA MUTUAL PENSION n/a Research 30'400'000 0.75 - 28.09.2012 Insurance Company
SKANDIA LIV n/a Research 30'400'000 0.75 - 28.09.2012 Pension Fund (ERISA)
AMF FONDER AB Multiple Portfolios MF-AGG 28'499'330 0.7 (862'000) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'162'239 0.67 1'287'716 31.12.2012 Investment Advisor
FORSTA AP FONDEN n/a Research 27'000'000 0.67 - 28.09.2012 Investment Advisor
ALECTA PENSIONSFORSA n/a Research 23'500'000 0.58 - 28.09.2012 Pension Fund (ERISA)
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura CHRISTOPHE NIJDAM reduce 2 M 76 6 month 27.03.2013
Mediobanca SpA RICCARDO ROVERE underperform 1 M 73 Not Provided 25.03.2013
Exane BNP Paribas ANDREAS HAKANSSON neutral 3 U 74 Not Provided 20.03.2013
Keefe, Bruyette & Woods RONNY REHN outperform 5 M 86 12 month 19.03.2013
SEB Enskilda NICOLAS MCBEATH buy 5 M 90 Not Provided 19.03.2013
Nomura OMAR KEENAN buy 5 M 84 Not Provided 15.03.2013
Societe Generale GEOFF DAWES buy 5 M 88 12 month 14.03.2013
JPMorgan SOFIE PETERZENS neutral 3 M 82 18 month 14.03.2013
DNB Markets HAKON FURE buy 5 M 77 Not Provided 08.03.2013
Jyske Bank CHRISTIAN HEDE strong buy 5 M 91 Not Provided 07.03.2013
ABG Sundal Collier MAGNUS ANDERSSON buy 5 M 81 6 month 07.03.2013
RBC Capital Markets CLAIRE KANE outperform 5 M 81 12 month 07.03.2013
Pareto Securities JON DAVID GJERTSEN buy 5 M 82 6 month 07.03.2013
S&P Capital IQ FRANK BRADEN buy 5 M 82 12 month 06.03.2013
Barclays CHRISTOFFER ROSQUIST overweight 5 M 88 Not Provided 25.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 18.02.2013
Macquarie EDWARD FIRTH neutral 3 M 75 12 month 04.02.2013
Carnegie ASBJORN MORK buy 5 M #N/A N/A Not Provided 31.01.2013
Handelsbanken PETER GRABE reduce 2 M 70 12 month 31.01.2013
SpareBank 1 Markets AS NILS CHRISTIAN OYEN buy 5 M 76 12 month 31.01.2013
Alm Brand Markets STIG NYMANN sell 1 M 60 Not Provided 30.01.2013
Arctic Securities ASA FRIDTJOF BERENTS buy 5 M 76 Not Provided 30.01.2013
Danske Markets PER GRONBORG hold 3 M 72 12 month 30.01.2013
Goldman Sachs PAWEL DZIEDZIC Buy/Neutral 5 M 85 12 month 28.01.2013
Berenberg Bank NICK ANDERSON buy 5 M 80 Not Provided 28.01.2013
Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 M 70 12 month 16.01.2013
NYKREDIT MADS THINGGAARD underperform 1 M #N/A N/A Not Provided 08.10.2012
Evli Bank Plc KIMMO RAMA buy 5 U 86 12 month 29.05.2012
Nordea Equity Research MATHS LILJEDAHL not rated #N/A N/A M #N/A N/A Not Provided 16.04.2012
Swedbank CHRISTIAN HALL buy 5 M 65 12 month 27.10.2011
CA Cheuvreux MATS ANDERSON outperform 5 M 80 Not Provided 16.08.2011
Sydbank BJORN SCHWARZ neutral 3 M #N/A N/A Not Provided 29.04.2011
Holdings By:
Lupin Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive
provides investment banking, private banking, and asset management services to
customers located around the world.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (10.01.2013) 974.80
52-Week Low (18.05.2012) 621.75
Daily Volume
863.25
52-Week High % Change -11.44% Dividend Yield 1.45
52-Week Low % Change 38.84% Beta 0.98
% 52 Week Price Range High/Low 68.40% Equity Float 420.47
Shares Out 25.01.2013 614.0 Short Int -
530'018.88 1 Yr Total Return 27.87%
Total Debt 189'294.90 YTD Return -7.18%
Preferred Stock 0.0 Adjusted BETA 0.979
Minority Interest 45'251.6 Analyst Recs 58
Cash and Equivalents 53'313.10 Consensus Rating 4.069
Enterprise Value 711'252.29
Average Volume 5 Day 69'412
MM IB EQUITY YTD Change - Average Volume 30 Day 81'508
MM IB EQUITY YTD % CHANGE - Average Volume 3 Month 78'415
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
176'194.8 189'864.5 231'986.5 368'637.8 594'176.3 42'715.0 38'313.0 707'943.6 799'684.1 - -
1.52x 1.12x 1.89x 1.52x 1.00x 0.00x 0.00x 1.19x 1.07x - -
37'437.6 37'045.4 55'600.1 61'269.0 74'259.3 0.0 0.0 85'635.7 99'079.1 - -
7.14x 5.76x 7.89x 9.12x 7.99x 0.00x 0.00x 8.31x 7.18x - -
15'711.2 14'054.1 24'785.6 30'797.3 31'266.6 1'953.0 1'483.0 38'197.0 45'340.6 - -
10.59x 7.44x 12.01x 13.10x 13.17x 16.85x 26.50x 13.54x 11.47x - -
EBITDA 74'259.30 Long-Term Rating Date -
EBIT 56'227.00 Long-Term Rating -
Operating Margin 9.46% Long-Term Outlook -
Pretax Margin 7.52% Short-Term Rating Date -
Return on Assets 5.46% Short-Term Rating -
Return on Common Equity 20.14%
Return on Capital 11.77% EBITDA/Interest Exp. 4.13
Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 2.27
Net Debt/EBITDA 1.83
Gross Margin - Total Debt/EBITDA 2.55
EBITDA Margin 12.5%
EBIT Margin 9.5% Total Debt/Equity 112.9%
Net Income Margin 5.3% Total Debt/Capital 47.1%
Asset Turnover 1.04
Current Ratio 1.25 Net Fixed Asset Turnover 4.17
Quick Ratio 0.43 Accounts receivable turnover-days 29.43
Debt to Assets 29.64% Inventory Days -
Tot Debt to Common Equity 112.88% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.44 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
Mahindra & Mahindra LtdPrice/Volume
Valuation Analysis
52'806.00
Current Price (3/dd/yy) Market Data
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2 ! B
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-2 ! B
.! ! B
.2 ! B
0! ! B
02 ! B
0.0
10'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP n/a ULT-AGG 88'790'736 6.72 134'170 31.12.2012 Investment Advisor
QATAR INVESTMENT AUT #N/A N/A Co File 81'886'795 6.2 - 31.12.2012 Government
CRESCENT HOLDING GMB #N/A N/A Co File 80'566'040 6.1 - 31.12.2012 Investment Advisor
DODGE & COX #N/A N/A Co File 66'037'738 5 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 39'622'643 3 - 25.03.2013 Investment Advisor
HARRIS ASSOCIATES LP #N/A N/A Co File 39'622'643 3 - 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 39'396'381 2.98 5'348'082 17.01.2013 Investment Advisor
CREDIT SUISSE n/a EXCH 36'381'320 2.75 (3'890'327) 04.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 32'818'874 2.48 12'068'962 28.06.2010 Investment Advisor
AXA n/a ULT-AGG 32'002'938 2.42 (26'636'525) 25.08.2009 Investment Advisor
NORGES BANK #N/A N/A Co File 29'056'605 2.2 - 31.12.2012 Government
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 18'440'996 1.4 (272'042) 31.01.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'419'971 1.39 2'714'754 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'904'019 0.83 1'197'683 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 10'447'937 0.79 (21'919) 30.11.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 6'808'428 0.52 2'503'621 31.01.2013 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 6'196'536 0.47 57'768 31.01.2013 Mutual Fund Manager
ONTARIO TEACHERS PEN n/a Research 4'500'000 0.34 - 31.12.2011 Pension Fund (ERISA)
FMR LLC n/a ULT-AGG 4'377'233 0.33 2'906'292 31.01.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'030'117 0.31 (17'300) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura TIM DAWSON neutral 3 M 27 12 month 27.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 31 Not Provided 25.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Exane BNP Paribas DANIEL DAVIES outperform 5 M 32 Not Provided 18.03.2013
Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 30 12 month 15.03.2013
Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 30 12 month 11.03.2013
JPMorgan KIAN ABOUHOSSEIN overweight 5 M 34 18 month 11.03.2013
CA Cheuvreux CHRISTIAN STARK select list 5 M 30 Not Provided 11.03.2013
Bankhaus Metzler GUIDO HOYMANN sell 1 M 24 12 month 08.03.2013
AlphaValue DIETER HEIN add 4 M 28 6 month 07.03.2013
Societe Generale DIRK HOFFMANN-BECKING buy 5 M 33 12 month 05.03.2013
RBC Capital Markets FIONA SWAFFIELD outperform 5 M 30 12 month 05.03.2013
Macquarie PIERS BROWN outperform 5 M 30 12 month 05.03.2013
Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 34 12 month 27.02.2013
Oddo & Cie JEAN SASSUS neutral 3 M 28 Not Provided 27.02.2013
DZ Bank AG CHRISTOPH BAST sell 1 M 24 12 month 19.02.2013
Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 15.02.2013
Barclays JEREMY SIGEE equalweight 3 M 27 Not Provided 12.02.2013
Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 11.02.2013
Main First Bank AG KILIAN MAIER outperform 5 U 30 12 month 11.02.2013
Natixis ANTOINE BURGARD neutral 3 M 24 Not Provided 08.02.2013
Nomura JON PEACE buy 5 M 32 Not Provided 08.02.2013
S&P Capital IQ FRANK BRADEN hold 3 M 28 12 month 08.02.2013
Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 27 6 month 07.02.2013
Deutsche Bank MATT SPICK hold 3 D 29 12 month 07.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 32 12 month 07.02.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 13 Not Provided 07.02.2013
Kepler Capital Markets DIRK BECKER buy 5 U 30 Not Provided 07.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 23 Not Provided 07.02.2013
Canaccord Genuity Corp ARUN MELMANE hold 3 N 29 Not Provided 04.02.2013
Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013
Liberum Capital Ltd CORMAC LEECH hold 3 M 25 Not Provided 23.01.2013
Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 27 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Bank Vontobel AG TERESA NIELSEN hold 3 M 23 Not Provided 20.11.2012
HSBC ROBERT MURPHY neutral 3 D 24 Not Provided 07.11.2012
Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012
Grupo Santander AURELIA FAURE hold 3 M 20 Not Provided 18.09.2012
Hammer Partners SA ENRICO RACIOPPI sell 1 M 21 Not Provided 03.07.2012
Holdings By:
Mahindra & Mahindra Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Maruti Suzuki India Limited manufactures and exports automobiles. Maruti
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (06.02.2013) 1'637.60
52-Week Low (04.06.2012) 1'052.00
Daily Volume
1293.2
52-Week High % Change -21.03% Dividend Yield 0.58
52-Week Low % Change 22.93% Beta 0.88
% 52 Week Price Range High/Low 41.19% Equity Float 93.59
Shares Out 25.01.2013 288.9 Short Int -
373'618.47 1 Yr Total Return 2.06%
Total Debt 15'573.00 YTD Return -13.15%
Preferred Stock 0.0 Adjusted BETA 0.879
Minority Interest 0.0 Analyst Recs 64
Cash and Equivalents 72'170.00 Consensus Rating 3.938
Enterprise Value 317'021.47
Average Volume 5 Day 45'484
MSIL IB EQUITY YTD Change - Average Volume 30 Day 78'106
MSIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 81'466
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
181'041.0 206'622.0 295'915.0 363'330.0 351'972.0 - - 425'051.8 491'911.0 - -
1.31x 0.98x 1.23x 0.84x 0.95x - - 0.79x 0.67x - -
26'009.0 18'746.0 39'462.0 36'891.0 25'408.0 - - 32'796.2 48'942.9 - -
9.11x 10.77x 9.25x 8.27x 13.13x - - 9.67x 6.48x - -
17'899.0 12'274.0 26'247.0 23'824.0 16'810.0 - - 19'283.1 29'008.9 - -
13.35x 18.36x 15.61x 15.31x 23.21x - - 19.57x 12.70x - -
EBITDA 25'408.00 Long-Term Rating Date -
EBIT 13'781.00 Long-Term Rating -
Operating Margin 3.92% Long-Term Outlook -
Pretax Margin 6.23% Short-Term Rating Date -
Return on Assets 7.97% Short-Term Rating -
Return on Common Equity 11.21%
Return on Capital 10.76% EBITDA/Interest Exp. 41.58
Asset Turnover 1.67% (EBITDA-Capex)/Interest Exp. -7.38
Net Debt/EBITDA -2.23
Gross Margin - Total Debt/EBITDA 0.61
EBITDA Margin 7.2%
EBIT Margin 3.9% Total Debt/Equity 9.9%
Net Income Margin 4.8% Total Debt/Capital 9.0%
Asset Turnover 1.67
Current Ratio 1.68 Net Fixed Asset Turnover 4.80
Quick Ratio 1.23 Accounts receivable turnover-days 9.82
Debt to Assets 6.74% Inventory Days -
Tot Debt to Common Equity 9.94% Accounts Payable Turnover Day -
Accounts Receivable Turnover 37.29 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Maruti Suzuki India LtdPrice/Volume
Valuation Analysis
32'411.00
Current Price (3/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
!.!1!3!5!
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0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUZUKI MOTOR CORP n/a EXCH 26'355'116 15.49 - 10.03.2011 Government
BLACKROCK n/a ULT-AGG 6'811'077 4 40'022 25.03.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 6'373'641 3.75 (887'122) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'769'375 3.39 592'800 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'904'952 2.88 172'087 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'424'693 1.43 (136'382) 31.01.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'823'701 1.07 1'011'201 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'590'080 0.93 (58'013) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'505'412 0.88 (51'122) 31.12.2012 Investment Advisor
BG MASTER FUND PLC n/a Short (1'208'014) -0.71 (153'129) 07.11.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'186'836 0.7 187'225 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'093'080 0.64 178'639 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 894'264 0.53 125'708 30.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 707'619 0.42 16'745 21.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 554'996 0.33 36'337 31.01.2013 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 545'030 0.32 - 31.01.2013 Mutual Fund Manager
UMB BANK N A Multiple Portfolios MF-AGG 442'029 0.26 - 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 435'232 0.26 (7'214) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 432'917 0.25 7'182 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 415'317 0.24 (54'543) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura MICHAEL PUNZET buy 5 M 188 12 month 27.03.2013
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 26.03.2013
Kepler Capital Markets MICHAEL RAAB buy 5 M 194 Not Provided 26.03.2013
Exane BNP Paribas RABIH FREIHA outperform 5 M 192 Not Provided 25.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 195 6 month 22.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 22.03.2013
Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 196 Not Provided 20.03.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 175 12 month 19.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 175 6 month 19.03.2013
JPMorgan JOSE ASUMENDI overweight 5 M 207 9 month 18.03.2013
Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 18.03.2013
Societe Generale STEPHEN REITMAN buy 5 M 200 12 month 15.03.2013
Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 15.03.2013
Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 211 12 month 15.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 220 12 month 15.03.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 160 Not Provided 15.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.03.2013
Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 190 12 month 14.03.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 07.03.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 205 12 month 28.02.2013
HSBC HORST SCHNEIDER overweight 5 M 207 Not Provided 27.02.2013
Bankhaus Metzler JUERGEN PIEPER buy 5 M 200 12 month 25.02.2013
Natixis GEORGES DIENG buy 5 M 195 Not Provided 25.02.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 Not Provided 25.02.2013
S&P Capital IQ MARNIE COHEN buy 5 M 181 12 month 25.02.2013
Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 25.02.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 22.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 181 Not Provided 05.02.2013
Credit Suisse ERICH HAUSER outperform 5 M 195 Not Provided 08.01.2013
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 207 12 month 30.11.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 141 12 month 16.11.2012
Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012
Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012
Deutsche Bank JOCHEN GEHRKE buy 5 M 200 12 month 02.08.2012
CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 200 Not Provided 30.04.2012
Holdings By:
Maruti Suzuki India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Nestle India Ltd. manufactures brand name milk products and other food products.
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 5'040.00
52-Week Low (27.09.2012) 4'305.55
Daily Volume
4588.5
52-Week High % Change -8.96% Dividend Yield 1.06
52-Week Low % Change 6.57% Beta 0.40
% 52 Week Price Range High/Low 38.53% Equity Float 33.41
Shares Out 25.01.2013 96.4 Short Int -
442'403.53 1 Yr Total Return 3.62%
Total Debt 10'501.90 YTD Return -7.81%
Preferred Stock 0.0 Adjusted BETA 0.399
Minority Interest 0.0 Analyst Recs 38
Cash and Equivalents 6'018.20 Consensus Rating 2.711
Enterprise Value 446'887.22
Average Volume 5 Day 13'382
NEST IB EQUITY YTD Change - Average Volume 30 Day 3'646
NEST IB EQUITY YTD % CHANGE - Average Volume 3 Month 3'757
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
43'242.5 51'293.8 62'547.4 74'908.2 83'022.6 61'764.0 66'135.0 - - - -
3.19x 4.72x 5.82x 5.35x 5.85x 1.29x 1.52x - - - -
8'671.4 10'373.9 12'637.9 15'744.8 18'511.8 0.0 0.0 - - - -
15.89x 23.34x 28.78x 25.46x 26.25x 0.00x 0.00x - - - -
5'340.8 6'550.0 8'186.6 8'515.0 10'679.3 702.0 3'195.0 - - - -
26.23x 37.51x 44.92x 46.37x 45.07x 23.74x 7.56x - - - -
EBITDA 18'511.80 Long-Term Rating Date -
EBIT 15'740.30 Long-Term Rating -
Operating Margin 18.96% Long-Term Outlook -
Pretax Margin 18.70% Short-Term Rating Date -
Return on Assets 22.33% Short-Term Rating -
Return on Common Equity 69.52%
Return on Capital 42.65% EBITDA/Interest Exp. 69.59
Asset Turnover 1.74% (EBITDA-Capex)/Interest Exp. 1.46
Net Debt/EBITDA 0.24
Gross Margin - Total Debt/EBITDA 0.57
EBITDA Margin 22.3%
EBIT Margin 19.0% Total Debt/Equity 58.4%
Net Income Margin 12.9% Total Debt/Capital 36.9%
Asset Turnover 1.74
Current Ratio 1.32 Net Fixed Asset Turnover 2.54
Quick Ratio 0.61 Accounts receivable turnover-days 4.47
Debt to Assets 20.34% Inventory Days -
Tot Debt to Common Equity 58.40% Accounts Payable Turnover Day -
Accounts Receivable Turnover 81.80 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Nestle India LtdPrice/Volume
Valuation Analysis
1'575.00
Current Price (3/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
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NESTLE SA n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'466'054 9.74 (16'460) 25.03.2013 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified
CREDIT SUISSE AG n/a Research 3'097'431 1.73 - 25.04.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'261'723 1.26 (397'577) 28.02.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'242'202 1.25 (130'604) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'886'892 1.05 75'261 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'798'228 1 263'657 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'713'886 0.96 107'059 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'374'140 0.77 (234'487) 28.12.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'050'506 0.59 97'400 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 925'403 0.52 715'207 31.01.2013 Mutual Fund Manager
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 834'488 0.47 5'222 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 800'520 0.45 (33'714) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 590'450 0.33 131'232 30.11.2012 Investment Advisor
SARASIN n/a ULT-AGG 574'580 0.32 196'794 31.12.2012 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 539'431 0.3 (10'900) 31.01.2013 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 492'477 0.27 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura THOMAS SEIDL underperform 1 M 106 12 month 27.03.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 165 12 month 27.03.2013
Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 22.03.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 21.03.2013
AlphaValue DIETER HEIN reduce 2 M 141 6 month 21.03.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 21.03.2013
RBC Capital Markets GORDON AITKEN underperform 1 M 135 12 month 19.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 19.03.2013
Macquarie HADLEY COHEN neutral 3 M 150 12 month 18.03.2013
Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 18.03.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 15.03.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 171 12 month 15.03.2013
Nomura MICHAEL KLIEN reduce 2 M 140 Not Provided 15.03.2013
Nord/LB JULIA SIEKMANN hold 3 M 155 12 month 14.03.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 175 12 month 14.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 167 9 month 14.03.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 150 Not Provided 14.03.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 14.03.2013
Natixis BENOIT VALLEAUX neutral 3 M 140 Not Provided 14.03.2013
Helvea DANIEL BISCHOF neutral 3 M 142 12 month 14.03.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 150 12 month 12.03.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 136 6 month 12.03.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 12.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 145 Not Provided 20.02.2013
CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013
Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 11.02.2013
Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013
HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 06.02.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 157 Not Provided 04.02.2013
Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013
Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013
Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 142 Not Provided 09.01.2013
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 118 Not Provided 02.02.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011
Holdings By:
Nestle India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
National Hydroelectric Power Corp Ltd. is a hydro-power development company
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 29.40
52-Week Low (07.09.2012) 14.65
Daily Volume
19.95
52-Week High % Change -32.14% Dividend Yield 3.51
52-Week Low % Change 36.18% Beta 0.71
% 52 Week Price Range High/Low 35.93% Equity Float 1'677.37
Shares Out 25.01.2013 12'300.7 Short Int -
245'399.83 1 Yr Total Return 5.53%
Total Debt 180'926.20 YTD Return -21.61%
Preferred Stock 0.0 Adjusted BETA 0.714
Minority Interest 20'348.6 Analyst Recs 21
Cash and Equivalents 74'891.50 Consensus Rating 3.238
Enterprise Value 371'783.13
Average Volume 5 Day 2'350'990
NHPC IB EQUITY YTD Change - Average Volume 30 Day 6'226'878
NHPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 4'295'786
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
29'248.3 34'277.7 50'485.7 51'436.5 69'203.3 - - 64'380.3 71'860.4 103.0 -
- - 9.75x 8.62x 5.33x - - 5.92x 5.41x - -
23'851.0 26'082.6 42'854.1 35'820.6 48'693.6 - - 42'840.0 49'145.8 52.0 -
- - 11.48x 12.38x 7.57x - - 8.69x 7.58x - -
11'461.7 9'392.5 21'755.6 23'161.6 30'855.8 - - 23'073.3 25'814.3 18.9 -
- - 16.59x 13.44x 7.85x - - 10.57x 9.58x - -
EBITDA 48'693.60 Long-Term Rating Date 25.09.2009
EBIT 36'928.50 Long-Term Rating BBB-
Operating Margin 53.36% Long-Term Outlook NEG
Pretax Margin 62.88% Short-Term Rating Date 23.08.2004
Return on Assets 5.39% Short-Term Rating NR
Return on Common Equity 11.19%
Return on Capital 9.54% EBITDA/Interest Exp. 3.74
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. 1.21
Net Debt/EBITDA 2.18
Gross Margin - Total Debt/EBITDA 3.72
EBITDA Margin 70.4%
EBIT Margin 53.4% Total Debt/Equity 63.2%
Net Income Margin 44.6% Total Debt/Capital 37.1%
Asset Turnover 0.12
Current Ratio 1.46 Net Fixed Asset Turnover 0.19
Quick Ratio 1.02 Accounts receivable turnover-days 74.50
Debt to Assets 30.01% Inventory Days -
Tot Debt to Common Equity 63.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.91 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
NHPC LtdPrice/Volume
Valuation Analysis
1'342'707.00
Current Price (3/dd/yy) Market Data
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a ULT-AGG 172'665'399 8.63 (62'158) 25.03.2013 Investment Advisor
GOVERNMENT OF NORWAY n/a Co File 118'276'492 5.91 - 31.12.2011 Government
E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation
CREDIT SUISSE AG n/a Research 46'680'225 2.33 - 09.05.2012 Investment Advisor
MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 25'026'728 1.25 16'104'093 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'679'962 0.93 719'330 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 13'832'519 0.69 (288'536) 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'652'792 0.48 (1'454'174) 28.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 7'475'000 0.37 - 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'351'606 0.37 (544'741) 28.12.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 7'243'436 0.36 (18'477'247) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'928'365 0.3 - 25.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 5'219'136 0.26 (551'821) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'940'060 0.25 (953'996) 31.01.2013 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 4'406'169 0.22 - 26.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 3'863'245 0.19 254'908 31.05.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 3'154'858 0.16 (1'125'000) 30.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'041'428 0.15 268'623 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'804'442 0.14 (49'616) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited JOHN MUSK underperform 1 M 11 12 month 27.03.2013
Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 19 12 month 26.03.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 14 Not Provided 25.03.2013
AlphaValue EILEEN RYAN buy 5 M 17 6 month 25.03.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 14 6 month 22.03.2013
HSBC ADAM DICKENS underweight 1 M 12 Not Provided 22.03.2013
DZ Bank AG MARC NETTELBECK hold 3 M 14 12 month 19.03.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013
Kepler Capital Markets INGO BECKER hold 3 M 13 Not Provided 15.03.2013
Societe Generale ALBERTO PONTI hold 3 M 13 12 month 14.03.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 14.03.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 14.03.2013
Grupo Santander OSCAR NAJAR RIOS hold 3 M 16 12 month 13.03.2013
Nord/LB HEINO HAMMANN hold 3 M 13 12 month 13.03.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013
Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013
JPMorgan VINCENT DE BLIC underweight 1 M 13 9 month 06.02.2013
Berenberg Bank ROBERT CHANTRY sell 1 N 12 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 15 12 month 04.02.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 01.02.2013
Deutsche Bank ALEXANDER KARNICK sell 1 M 13 12 month 31.01.2013
Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 11 12 month 31.01.2013
Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 31.01.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 31.01.2013
Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013
Nomura MARTIN YOUNG reduce 2 M 14 12 month 31.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013
Credit Suisse VINCENT GILLES underperform 1 M 11 Not Provided 30.01.2013
Barclays PETER BISZTYGA equalweight 3 M 15 Not Provided 25.01.2013
Main First Bank AG ANDREAS THIELEN outperform 5 M 17 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 14.11.2012
CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012
Holdings By:
NHPC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
NMDC Limited explores for minerals. The Company is exploring for iron ore,
bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and
white spirits and rums. Pernod Ricard markets its products worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (04.07.2012) 203.40
52-Week Low (22.03.2013) 128.30
Daily Volume
134.2
52-Week High % Change -34.02% Dividend Yield 1.65
52-Week Low % Change 4.60% Beta 1.02
% 52 Week Price Range High/Low 7.86% Equity Float 527.56
Shares Out 25.01.2013 3'964.7 Short Int -
532'064.88 1 Yr Total Return -14.91%
Total Debt 0.00 YTD Return -18.12%
Preferred Stock 0.0 Adjusted BETA 1.017
Minority Interest 6.7 Analyst Recs 37
Cash and Equivalents 97'410.30 Consensus Rating 4.541
Enterprise Value 434'661.28
Average Volume 5 Day 3'832'477
NMDC IB EQUITY YTD Change - Average Volume 30 Day 939'202
NMDC IB EQUITY YTD % CHANGE - Average Volume 3 Month 669'502
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
57'113.1 75'640.3 - - - - - - - - -
22.72x 6.88x - - - - - - - - -
43'366.9 58'371.0 - - - - - - - - -
29.93x 8.91x - - - - - - - - -
32'859.8 43'495.5 - - - - - - - - -
1250.58x 14.20x - - - - - - - - -
EBITDA 58'371.00 Long-Term Rating Date -
EBIT 57'635.40 Long-Term Rating -
Operating Margin 76.20% Long-Term Outlook -
Pretax Margin 87.59% Short-Term Rating Date -
Return on Assets 39.69% Short-Term Rating -
Return on Common Equity 43.65%
Return on Capital 43.64% EBITDA/Interest Exp. -
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -1.67
Gross Margin - Total Debt/EBITDA 0.00
EBITDA Margin 77.2%
EBIT Margin 76.2% Total Debt/Equity 0.0%
Net Income Margin 57.5% Total Debt/Capital 0.0%
Asset Turnover 0.69
Current Ratio 10.12 Net Fixed Asset Turnover 9.03
Quick Ratio 9.26 Accounts receivable turnover-days 36.32
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.05 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
NMDC LtdPrice/Volume
Valuation Analysis
4'811'044.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 34'866'200 13.14 - 29.08.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 26'674'844 10.05 - 18.02.2013 Investment Advisor
GROUPE BRUXELLES LAM n/a Co File 19'890'770 7.5 - 29.08.2012 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 10'920'574 4.12 (736'472) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 10'854'541 4.09 1'064'185 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5'904'879 2.23 (96'556) 31.12.2012 Investment Advisor
CREDIT AGRICOLE ASSE n/a Co File 5'615'014 2.12 - 29.08.2012 Investment Advisor
AMUNDI ASSET MANAGEM n/a Co File 5'468'037 2.06 - 29.08.2012 Other
NORGES BANK INVESTME n/a Co File 5'310'761 2 - 29.08.2012 Government
CAISSE DES DEPOTS ET n/a Co File 5'270'298 1.99 - 29.08.2012 Government
BLACKROCK n/a ULT-AGG 4'954'341 1.87 102'126 25.03.2013 Investment Advisor
GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 3'711'633 1.4 70'829 31.12.2012 Hedge Fund Manager
ARTISAN PARTNERS HOL n/a Co File 3'710'368 1.4 - 29.08.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'407'419 1.28 10'620 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'181'703 1.2 1'227'037 31.01.2013 Mutual Fund Manager
NATIXIS ASSET MANAGE n/a Co File 3'110'259 1.17 - 29.08.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'934'500 1.11 859'128 31.12.2012 Investment Advisor
CITIGROUP GLOBAL MAR n/a Co File 2'898'012 1.09 - 29.08.2012 Unclassified
CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'843'000 1.07 - 31.12.2012 Investment Advisor
LANSDOWNE PARTNERS L n/a Co File 2'786'833 1.05 - 29.08.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered NICOLAS CERON buy 5 M 110 12 month 22.03.2013
Raymond James HERMINE DE BENTZMANN outperform 5 M 104 Not Provided 22.03.2013
Nomura IAN SHACKLETON neutral 3 M 98 12 month 22.03.2013
Berenberg Bank PHILIP MORRISEY buy 5 M 117 Not Provided 21.03.2013
Kepler Capital Markets LAETITIA DELAYE hold 3 M 97 Not Provided 21.03.2013
Barclays SIMON HALES overweight 5 M 105 Not Provided 21.03.2013
AlphaValue ISABELLE COMBEMALE reduce 2 M 99 6 month 21.03.2013
Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 103 12 month 14.03.2013
RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 122 12 month 13.03.2013
Credit Suisse ALEX MOLLOY outperform 5 M 116 Not Provided 07.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 72 12 month 05.03.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 104 Not Provided 22.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.02.2013
Shore Capital Stockbrokers PHIL CARROLL hold 3 D #N/A N/A Not Provided 20.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013
Investec MARTIN DEBOO hold 3 M 93 12 month 15.02.2013
JPMorgan MIKE J GIBBS overweight 5 M 101 9 month 15.02.2013
Natixis JOSEPHINE CHEVALLIER buy 5 M 107 Not Provided 15.02.2013
CM - CIC Securities(ESN) FRANCIS PRETRE accumulate 4 M 98 12 month 14.02.2013
Bryan Garnier & Cie NIKOLAAS FAES neutral 3 D 91 6 month 14.02.2013
S&P Capital IQ CARL SHORT buy 5 M 107 12 month 14.02.2013
Deutsche Bank JAMES ISENWATER sell 1 D 75 12 month 08.02.2013
Liberum Capital Ltd PABLO ZUANIC sell 1 M 62 Not Provided 25.01.2013
CA Cheuvreux ERIC BOROIAN underperform 1 M 91 Not Provided 21.01.2013
Grupo Santander ANTHONY J BUCALO buy 5 M 103 Not Provided 14.01.2013
Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 139 12 month 09.01.2013
Aurel - BGC JEAN-MARIE L'HOME hold 3 M 75 6 month 14.12.2012
Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 10.12.2012
Jefferies DIRK VAN VLAANDEREN hold 3 M 82 12 month 26.10.2012
Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 96 Not Provided 14.09.2012
HSBC ERWAN RAMBOURG neutral 3 M 93 Not Provided 08.08.2012
Equita SIM SpA FABIO FAZZARI hold 3 U 66 12 month 12.01.2012
Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 26.07.2011
Holdings By:
NMDC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
NTPC Ltd. owns and operates power generation plants that supply power to state
and long-distance telephone call products and services in the UK, international
telephone calls to and from the UK, broadband network solutions and web hosting
to corporate customers, network ADSL, ISDN, and IP services to communication
companies and narrowband and broadband internet access and related services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.09.2012) 175.35
52-Week Low (21.03.2013) 136.10
Daily Volume
142.5
52-Week High % Change -18.73% Dividend Yield 2.81
52-Week Low % Change 4.70% Beta 0.87
% 52 Week Price Range High/Low 16.31% Equity Float 1'039.46
Shares Out 25.01.2013 8'245.5 Short Int -
1'174'978.63 1 Yr Total Return -11.00%
Total Debt 598'040.90 YTD Return -6.63%
Preferred Stock 0.0 Adjusted BETA 0.871
Minority Interest 5'955.9 Analyst Recs 53
Cash and Equivalents 197'141.30 Consensus Rating 4.491
Enterprise Value 1'581'834.13
Average Volume 5 Day 2'497'389
NTPC IB EQUITY YTD Change - Average Volume 30 Day 702'509
NTPC IB EQUITY YTD % CHANGE - Average Volume 3 Month 579'126
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
395'547.0 426'614.0 482'564.0 574'831.7 650'439.3 - - 714'085.7 822'486.4 - -
4.48x 3.99x 4.09x 3.32x 2.69x - - 2.30x 2.07x - -
129'347.0 113'936.0 136'798.0 128'580.8 152'329.5 - - 175'008.7 206'399.1 - -
13.70x 14.93x 14.43x 14.84x 11.48x - - 9.05x 7.67x - -
76'704.0 83'615.0 88'378.0 93'482.3 98'146.6 - - 102'958.9 115'154.7 - -
21.13x 17.74x 19.34x 17.03x 13.67x - - 11.39x 10.10x - -
EBITDA 152'329.50 Long-Term Rating Date 30.01.2007
EBIT 121'258.60 Long-Term Rating BBB-
Operating Margin 18.64% Long-Term Outlook NEG
Pretax Margin 20.20% Short-Term Rating Date -
Return on Assets 6.73% Short-Term Rating -
Return on Common Equity 13.76%
Return on Capital 10.34% EBITDA/Interest Exp. 3.41
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. -0.16
Net Debt/EBITDA 2.63
Gross Margin - Total Debt/EBITDA 3.93
EBITDA Margin 23.4%
EBIT Margin 18.6% Total Debt/Equity 80.5%
Net Income Margin 15.1% Total Debt/Capital 44.4%
Asset Turnover 0.45
Current Ratio 2.06 Net Fixed Asset Turnover 0.70
Quick Ratio 1.27 Accounts receivable turnover-days 23.71
Debt to Assets 38.52% Inventory Days -
Tot Debt to Common Equity 80.52% Accounts Payable Turnover Day -
Accounts Receivable Turnover 15.44 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
NTPC LtdPrice/Volume
Valuation Analysis
3'861'806.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA Multiple Portfolios REG 778'912'816 9.88 - 01.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 414'048'238 5.25 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 326'738'146 4.15 8'748'662 28.02.2013 Unclassified
BT GROUP PLC SHAREVI Multiple Portfolios REG 284'949'077 3.62 56'100'337 01.11.2012 Unclassified
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 218'997'078 2.78 609'027 31.07.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 176'167'732 2.24 (2'425'817) 01.11.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 153'691'805 1.95 (9'615'159) 01.11.2012 Government
STANDARD LIFE INVEST Multiple Portfolios REG 151'085'357 1.92 1'514'171 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 139'912'821 1.78 (16'511'149) 31.01.2013 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 134'026'296 1.7 17'151'093 01.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 128'739'886 1.63 (6'162'708) 30.11.2012 Unclassified
ARTEMIS INVESTMENT M Multiple Portfolios REG 121'209'276 1.54 5'420'429 01.11.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 103'659'925 1.32 (857'049) 01.11.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 95'877'803 1.22 4'103'000 01.11.2012 Government
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 90'844'770 1.15 12'800'853 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 86'476'500 1.1 689'067 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 82'710'326 1.05 4'210'755 31.12.2012 Investment Advisor
BT GROUP PLC EMPLOYE Multiple Portfolios REG 81'270'291 1.03 (197'922) 01.11.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 81'100'448 1.03 7'324'283 01.11.2012 Investment Advisor
MAJEDIE ASSET MANAGE Multiple Portfolios REG 79'359'827 1.01 702'630 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura PAUL SIDNEY outperform 5 M 300 Not Provided 26.03.2013
Nomura JAMES BRITTON buy 5 M 360 Not Provided 22.03.2013
Oriel Securities Ltd JOHN KARIDIS buy 5 M 330 Not Provided 21.03.2013
AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 278 6 month 21.03.2013
JPMorgan CARL MURDOCK-SMITH overweight 5 M 280 12 month 19.03.2013
Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 285 12 month 15.03.2013
Barclays MAURICE PATRICK equalweight 3 M 230 Not Provided 15.03.2013
Espirito Santo Investment Bank ResearchNICK BROWN neutral 3 M 250 Not Provided 13.03.2013
Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 250 Not Provided 08.03.2013
Berenberg Bank STUART GORDON buy 5 M 280 Not Provided 06.03.2013
New Street Research JAMES RATZER reduce 2 M 225 Not Provided 06.03.2013
Day by Day VALERIE GASTALDY buy 5 U 309 3 month 05.03.2013
Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 290 12 month 20.02.2013
Macquarie GUY R PEDDY underperform 1 M 180 12 month 14.02.2013
Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 300 Not Provided 05.02.2013
Deutsche Bank DAVID A WRIGHT hold 3 M 277 12 month 04.02.2013
Societe Generale OTTAVIO ADORISIO hold 3 M 245 12 month 01.02.2013
Goldman Sachs ANDREW LEE Buy/Neutral 5 M 320 12 month 01.02.2013
Jefferies JEREMY A DELLIS buy 5 M 278 12 month 01.02.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 260 12 month 01.02.2013
Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 175 Not Provided 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
HSBC STEPHEN HOWARD neutral 3 M 220 Not Provided 20.11.2012
Raymond James STEPHANE BEYAZIAN outperform 5 M 245 Not Provided 04.09.2012
Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 M 190 Not Provided 25.07.2012
Holdings By:
NTPC Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Oil and Natural Gas Corporation Limited specializes in the exploration and
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (18.01.2013) 354.10
52-Week Low (23.05.2012) 240.10
Daily Volume
302.7
52-Week High % Change -14.52% Dividend Yield 3.22
52-Week Low % Change 26.07% Beta 0.86
% 52 Week Price Range High/Low 54.91% Equity Float 1'104.97
Shares Out 25.01.2013 8'555.5 Short Int -
2'589'747.00 1 Yr Total Return 18.76%
Total Debt 159'842.06 YTD Return 14.75%
Preferred Stock 0.0 Adjusted BETA 0.856
Minority Interest 22'084.3 Analyst Recs 61
Cash and Equivalents 286'004.65 Consensus Rating 4.164
Enterprise Value 2'485'668.57
Average Volume 5 Day 345'363
ONGC IB EQUITY YTD Change - Average Volume 30 Day 418'870
ONGC IB EQUITY YTD % CHANGE - Average Volume 3 Month 453'870
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 03/13 Q4 06/13 Q1
967'821.8 1'045'883.9 1'017'545.7 1'175'251.0 1'463'694.7 - - ######### ######### - -
2.00x 1.52x 2.24x 2.02x 1.50x - - 1.55x 1.42x - -
365'859.0 369'067.1 354'383.0 424'779.1 495'573.3 - - 547'053.6 629'176.9 - -
5.28x 4.31x 6.43x 5.60x 4.42x - - 4.55x 3.96x - -
200'760.2 197'953.4 194'035.3 224'559.3 281'436.2 - - 250'353.3 290'812.0 - -
10.45x 8.46x 12.11x 11.10x 8.16x - - 10.25x 8.85x - -
EBITDA 495'573.27 Long-Term Rating Date -
EBIT 366'378.95 Long-Term Rating -
Operating Margin 25.03% Long-Term Outlook -
Pretax Margin 29.24% Short-Term Rating Date -
Return on Assets 13.25% Short-Term Rating -
Return on Common Equity 22.36%
Return on Capital 20.58% EBITDA/Interest Exp. 131.20
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 80.53
Net Debt/EBITDA -0.25
Gross Margin - Total Debt/EBITDA 0.32
EBITDA Margin 33.9%
EBIT Margin 25.0% Total Debt/Equity 11.7%
Net Income Margin 19.2% Total Debt/Capital 10.3%
Asset Turnover 0.69
Current Ratio 1.19 Net Fixed Asset Turnover 2.07
Quick Ratio 0.80 Accounts receivable turnover-days 27.11
Debt to Assets 6.90% Inventory Days -
Tot Debt to Common Equity 11.72% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.50 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
Oil & Natural Gas Corp LtdPrice/Volume
Valuation Analysis
178'295.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified
PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation
ROSP CORUNNA n/a Co File 31'494'806 5.05 - 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 18'823'336 3.02 (2'766) 30.11.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 7'598'170 1.22 759'500 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'649'493 1.07 (1'464'302) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'244'417 0.84 86'426 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'779'721 0.77 893'049 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'112'740 0.5 (613'458) 25.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'887'450 0.46 (43'431) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'657'118 0.43 62'876 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'349'841 0.38 (75'362) 31.01.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'835'758 0.29 61'061 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'192'900 0.19 119'400 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'105'737 0.18 (159'687) 31.01.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 871'054 0.14 (53'921) 31.01.2013 Investment Advisor
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 753'341 0.12 (54'094) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 737'364 0.12 518'290 31.01.2013 Mutual Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 703'033 0.11 (36'531) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 644'567 0.1 (14'010) 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ICICI Securities REBECCA MCCLELLAN buy 5 M 125 12 month 27.03.2013
Exane BNP Paribas BEN SPRUNTULIS neutral 3 M 110 Not Provided 27.03.2013
ISI Group OMAR SAAD strong buy 5 M 110 12 month 24.03.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013
Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 20.03.2013
Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013
La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 102 Not Provided 15.03.2013
Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013
Societe Generale ANNE CRITCHLOW buy 5 M 131 12 month 14.03.2013
BPI JOSE RITO neutral 3 M 112 Not Provided 14.03.2013
CA Cheuvreux DANIEL OVIN underperform 1 D 95 Not Provided 14.03.2013
Cantor Fitzgerald ALLEGRA PERRY hold 3 M 106 Not Provided 14.03.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 14.03.2013
BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 14.03.2013
NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 6 month 14.03.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 118 12 month 14.03.2013
Credit Suisse SIMON IRWIN underperform 1 M 103 Not Provided 13.03.2013
Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 13.03.2013
HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.03.2013
Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.03.2013
Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 13.03.2013
Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 13.03.2013
Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 13.03.2013
Nomura FRASER RAMZAN buy 5 M 121 12 month 13.03.2013
S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 13.03.2013
Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 13.03.2013
Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 13.03.2013
Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 110 Not Provided 11.03.2013
AlphaValue VIRGINIE BLIN sell 1 M 87 6 month 07.03.2013
Deutsche Bank WARWICK OKINES buy 5 U 115 12 month 06.03.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 89 Not Provided 22.02.2013
Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 18.12.2012
Day by Day VALERIE GASTALDY buy 5 U 114 3 month 23.11.2012
Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012
Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012
Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012
Holdings By:
Oil & Natural Gas Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Power Finance Corporation funds power projects in India. The Company serves
for civil and military aircraft. The Group designs, constructs and installs
power generation systems, transmission and distribution systems, and equipment
for the marine propulsion, oil and gas pumping, and defense markets.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (08.02.2013) 227.00
52-Week Low (16.05.2012) 139.00
Daily Volume
182.4
52-Week High % Change -19.65% Dividend Yield 3.29
52-Week Low % Change 31.22% Beta 1.36
% 52 Week Price Range High/Low 49.32% Equity Float 179.49
Shares Out 18.02.2013 1'320.0 Short Int -
240'770.73 1 Yr Total Return 4.46%
Total Debt 1'101'259.10 YTD Return -8.00%
Preferred Stock 0.0 Adjusted BETA 1.359
Minority Interest 0.0 Analyst Recs 36
Cash and Equivalents 235.70 Consensus Rating 4.278
Enterprise Value 1'341'794.14
Average Volume 5 Day 318'810
POWF IB EQUITY YTD Change - Average Volume 30 Day 295'344
POWF IB EQUITY YTD % CHANGE - Average Volume 3 Month 280'685
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 03/13 Q4 06/13 Q1
- 65'720.2 81'217.1 102'141.0 130'960.1 0.0 0.0 63'092.0 78'390.5 17'423.0 -
- 10.46x 11.91x 11.16x 10.27x #DIV/0! #DIV/0! - - - -
- 64'433.3 80'285.9 100'484.9 126'219.8 0.0 0.0 - - - -
- 10.67x 12.05x 11.35x 10.65x 0.00x 0.00x - - - -
- 19'796.9 23'783.0 26'471.2 30'588.5 0.0 0.0 43'037.0 53'296.0 - -
- 8.38x 12.47x 10.84x 7.81x 0.00x 0.00x 5.61x 4.53x - -
EBITDA 126'219.80 Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating BBB-
Operating Margin 89.63% Long-Term Outlook NEG
Pretax Margin 31.66% Short-Term Rating Date 23.08.2004
Return on Assets 2.54% Short-Term Rating NR
Return on Common Equity 16.98%
Return on Capital 2.64% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 8.72
Gross Margin - Total Debt/EBITDA 8.72
EBITDA Margin 96.4%
EBIT Margin - Total Debt/Equity 529.6%
Net Income Margin 23.4% Total Debt/Capital 84.1%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 178.20
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 81.16% Inventory Days -
Tot Debt to Common Equity 529.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Power Finance Corp LtdPrice/Volume
Valuation Analysis
362'088.00
Current Price (3/dd/yy) Market Data
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2'000.0
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10'000.0
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14'000.0
1999 2000 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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA Multiple Portfolios REG 112'822'192 6 (3'289'064) 01.11.2012 Investment Advisor
FMR LLC n/a ULT-AGG 102'165'089 5.43 (56'735'470) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 93'986'631 5 - 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 75'786'766 4.03 1'193'881 01.11.2012 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 58'757'257 3.13 3'025'904 01.11.2012 Investment Advisor
Northern Cross Inter Multiple Portfolios REG 45'853'311 2.44 5'797'601 01.11.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 45'308'048 2.41 1'065'936 01.11.2012 Government
SCOTTISH WIDOWS n/a ULT-AGG 43'402'486 2.31 2'538'998 30.11.2012 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 43'022'491 2.29 699'470 31.12.2012 Investment Advisor
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 41'865'846 2.23 2'652'399 01.11.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 36'507'917 1.94 759'881 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 36'150'309 1.92 16'496 31.07.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 30'897'478 1.64 (5'380'217) 01.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 27'706'884 1.47 803'995 01.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 26'924'567 1.43 (428'418) 01.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios REG 25'928'040 1.38 (8'010'744) 01.11.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 25'368'833 1.35 941'008 01.11.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios REG 24'908'239 1.32 (462'155) 01.11.2012 Investment Advisor
UBS n/a ULT-AGG 21'984'871 1.17 (15'824'804) 31.01.2013 Unclassified
AEGON n/a ULT-AGG 21'891'388 1.16 526'673 01.11.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited EDWARD STACEY neutral 3 M 950 Not Provided 27.03.2013
JPMorgan DAVID H. PERRY overweight 5 M 1'300 9 month 26.03.2013
Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 880 12 month 22.03.2013
RBC Capital Markets ROBERT STALLARD outperform 5 M 1'180 12 month 21.03.2013
Jefferies SANDY MORRIS buy 5 M 1'250 12 month 21.03.2013
AlphaValue THOMAS PICHERIT reduce 2 M 987 6 month 21.03.2013
Societe Generale ZAFAR KHAN sell 1 M 900 12 month 19.03.2013
Investec ANDREW GOLLAN add 4 M 1'125 12 month 19.03.2013
Barclays CARTER COPELAND overweight 5 M 1'225 Not Provided 11.03.2013
S&P Capital IQ UNAI FRANCO hold 3 M 1'100 12 month 19.02.2013
Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 1'200 12 month 18.02.2013
CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX sell 1 M 800 12 month 18.02.2013
Natixis ERIC CHADEYRAS neutral 3 M 1'100 Not Provided 18.02.2013
Exane BNP Paribas OLIVIER BROCHET outperform 5 M 1'075 Not Provided 18.02.2013
Deutsche Bank BEN FIDLER hold 3 M 930 12 month 15.02.2013
Kepler Capital Markets CHRISTOPHE MENARD hold 3 M 1'050 Not Provided 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'030 Not Provided 04.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Credit Suisse OLIVER SLEATH neutral 3 M 900 Not Provided 16.01.2013
Arden Partners Ltd GRAHAM J WEBSTER add 4 M #N/A N/A Not Provided 01.10.2012
CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX underperform 1 M 800 Not Provided 27.07.2012
Holdings By:
Power Finance Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Power Grid Corporation of India Limited has been established by the Government
natural gas. The Company explores for oil in Europe, Africa, the Middle East,
Asia, and the Americas.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (05.09.2012) 124.45
52-Week Low (14.05.2012) 100.10
Daily Volume
105
52-Week High % Change -15.63% Dividend Yield 2.01
52-Week Low % Change 4.90% Beta 0.75
% 52 Week Price Range High/Low 20.12% Equity Float 1'274.41
Shares Out 25.01.2013 4'629.7 Short Int -
486'121.16 1 Yr Total Return 1.98%
Total Debt 543'554.40 YTD Return -6.90%
Preferred Stock 0.0 Adjusted BETA 0.749
Minority Interest 0.0 Analyst Recs 43
Cash and Equivalents 33'111.80 Consensus Rating 4.674
Enterprise Value 996'563.77
Average Volume 5 Day 114'075
PWGR IB EQUITY YTD Change - Average Volume 30 Day 590'188
PWGR IB EQUITY YTD % CHANGE - Average Volume 3 Month 380'642
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
- - - 86'117.6 103'115.2 - - 128'226.5 149'521.7 - -
- - - 9.73x 9.81x - - 8.76x 8.30x - -
- - - 72'808.2 87'480.8 - - 107'616.0 126'166.3 - -
- - - 11.51x 11.56x - - 9.26x 7.90x - -
- - - 26'719.1 33'029.9 - - 40'904.0 48'103.0 - -
- - - 16.62x 15.16x - - 11.87x 10.46x - -
EBITDA 87'480.80 Long-Term Rating Date 03.01.2013
EBIT 60'736.90 Long-Term Rating BBB-
Operating Margin 58.90% Long-Term Outlook NEG
Pretax Margin 45.48% Short-Term Rating Date -
Return on Assets 3.85% Short-Term Rating -
Return on Common Equity 14.68%
Return on Capital 6.40% EBITDA/Interest Exp. 5.10
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -5.98
Net Debt/EBITDA 5.83
Gross Margin - Total Debt/EBITDA 6.21
EBITDA Margin 84.8%
EBIT Margin 58.9% Total Debt/Equity 230.5%
Net Income Margin 32.0% Total Debt/Capital 69.7%
Asset Turnover 0.12
Current Ratio 0.65 Net Fixed Asset Turnover 0.15
Quick Ratio 0.40 Accounts receivable turnover-days 62.97
Debt to Assets 57.74% Inventory Days -
Tot Debt to Common Equity 230.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.81 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Power Grid Corp of India LtdPrice/Volume
Valuation Analysis
95'306.00
Current Price (3/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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100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA #N/A N/A EXCH 2'136'393'559 67 - 25.03.2013 Corporation
DEUTSCHE BANK TRUST #N/A N/A EXCH 104'384'307 3.27 - 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 102'514'971 3.21 (1'892) 26.03.2013 Investment Advisor
GOVERNMENT PENSION F #N/A N/A EXCH 100'735'001 3.16 - 25.03.2013 Government
CLEARSTREAM BANKING #N/A N/A EXCH 65'490'887 2.05 - 25.03.2013 Bank
JP MORGAN CHASE BANK #N/A N/A EXCH 32'446'911 1.02 - 25.03.2013 Investment Advisor
NORTHERN TRUST CO #N/A N/A EXCH 32'110'800 1.01 - 25.03.2013 Investment Advisor
BANK OF NEW YORK MEL #N/A N/A EXCH 25'316'478 0.79 - 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'596'740 0.58 1'378'710 31.12.2012 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 17'488'785 0.55 93'028 28.02.2013 Investment Advisor
SIX SIS AG #N/A N/A EXCH 12'443'807 0.39 - 25.03.2013 Bank
BLACKROCK n/a ULT-AGG 11'660'463 0.37 (1'306'793) 25.03.2013 Investment Advisor
EUROCLEAR BANK SA #N/A N/A EXCH 11'619'396 0.36 - 25.03.2013 Bank
WADDELL & REED FINAN Multiple Portfolios MF-AGG 11'465'900 0.36 - 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'191'044 0.35 (56'821) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'956'343 0.34 (664'270) 31.12.2012 Investment Advisor
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 9'439'710 0.3 191'000 28.02.2013 Investment Advisor
UBS n/a ULT-AGG 9'223'423 0.29 (275'823) 25.03.2013 Unclassified
KLP AKSJE NORGE INDE n/a EXCH 9'125'612 0.29 - 25.03.2013 n/a
HSBC BANK PLC #N/A N/A EXCH 8'631'846 0.27 - 25.03.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura OLE-JACOB STORVIK buy 5 M 167 Not Provided 27.03.2013
Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 168 Not Provided 25.03.2013
Jefferies BRENDAN MICHAEL WARN buy 5 M 200 12 month 22.03.2013
Grupo Santander JASON KENNEY underweight 1 M 155 Not Provided 20.03.2013
SEB Enskilda LARS HENRIK ROREN sell 1 M 140 Not Provided 19.03.2013
SpareBank 1 Markets AS ODDVAR BJORGAN buy 5 M 165 12 month 19.03.2013
Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 170 Not Provided 18.03.2013
Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 135 12 month 13.03.2013
Swedbank First Securities TEODOR SVEEN NILSEN buy 5 U 160 Not Provided 11.03.2013
AlphaValue ALEXANDRE ANDLAUER reduce 2 M 141 6 month 07.03.2013
Investec STUART JOYNER buy 5 M 163 12 month 01.03.2013
RBC Capital Markets PETER HUTTON top pick 5 M 175 12 month 21.02.2013
Macquarie MARC B KOFLER neutral 3 M 160 12 month 21.02.2013
Canaccord Genuity Corp GORDON GRAY buy 5 M 170 12 month 21.02.2013
HSBC PAUL SPEDDING neutral 3 U 160 Not Provided 18.02.2013
Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013
Credit Suisse KIM FUSTIER underperform 1 M 158 Not Provided 11.02.2013
Societe Generale IRENE HIMONA hold 3 M 150 12 month 08.02.2013
Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 136 12 month 08.02.2013
Carnegie MARTIN VOLD buy 5 M #N/A N/A Not Provided 08.02.2013
Nordea Equity Research KELLY CHEN hold 3 M 147 12 month 08.02.2013
Handelsbanken ANNE GJOEN accumulate 4 M 160 12 month 08.02.2013
Pareto Securities SIGURD-ERIK NISSEN-MEYER buy 5 M 170 6 month 08.02.2013
Nomura THEEPAN JOTHILINGAM reduce 2 M 145 12 month 08.02.2013
Barclays RAHIM KARIM equalweight 3 M 160 Not Provided 08.02.2013
Norne Securities AS IRMANTAS VASKELA hold 3 M 160 12 month 08.02.2013
Danske Markets ENDRE STORLOKKEN hold 3 M 145 12 month 08.02.2013
ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 M 170 6 month 07.02.2013
S&P Capital IQ CHRISTINE TISCARENO hold 3 M 177 12 month 07.02.2013
DNB Markets ESPEN HENNIE hold 3 M 150 Not Provided 07.02.2013
Arctic Securities ASA TROND OMDAL buy 5 M 165 Not Provided 07.02.2013
JPMorgan NITIN SHARMA neutral 3 M 165 3 month 06.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 160 12 month 11.01.2013
Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 170 Not Provided 09.01.2013
Deutsche Bank MARK BLOOMFIELD hold 3 M 160 12 month 03.12.2012
Fondsfinans AS MORTEN EVJENTH LINDBACK Under Review #N/A N/A M #N/A N/A Not Provided 08.05.2012
CA Cheuvreux DOMINIQUE PATRY underperform 1 M 155 Not Provided 16.11.2011
Holdings By:
Power Grid Corp of India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Punjab National Bank provides financial services such as corporate and personal
a range of banking and financial services. The Company provides retail banking,
mortgages, pensions, asset management, insurance services, corporate banking,
and treasury services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (18.04.2012) 942.90
52-Week Low (30.08.2012) 659.00
Daily Volume
712.7
52-Week High % Change -24.41% Dividend Yield 3.09
52-Week Low % Change 8.15% Beta 1.08
% 52 Week Price Range High/Low 18.92% Equity Float 115.64
Shares Out 22.03.2013 353.5 Short Int -
251'920.48 1 Yr Total Return -20.71%
Total Debt 616'380.00 YTD Return -18.21%
Preferred Stock 0.0 Adjusted BETA 1.078
Minority Interest 3'314.2 Analyst Recs 68
Cash and Equivalents 327'056.40 Consensus Rating 3.559
Enterprise Value -
Average Volume 5 Day 108'046
PNB IB EQUITY YTD Change - Average Volume 30 Day 75'113
PNB IB EQUITY YTD % CHANGE - Average Volume 3 Month 95'644
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
166'526.2 226'340.4 254'333.6 312'036.4 416'824.7 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
22'030.9 31'970.3 39'725.7 45'747.3 50'254.6 - - - - - -
7.30x 4.06x 8.04x 8.36x 6.24x - - - - - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 39.95% Long-Term Outlook -
Pretax Margin 40.40% Short-Term Rating Date -
Return on Assets 1.17% Short-Term Rating -
Return on Common Equity 19.40%
Return on Capital 6.12% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 211.1%
Net Income Margin 28.0% Total Debt/Capital 67.6%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 13.28
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 13.10% Inventory Days -
Tot Debt to Common Equity 211.06% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Punjab National BankPrice/Volume
Valuation Analysis
89'742.00
Current Price (3/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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3!! ! B
4!! ! B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a RNS-MAJ 27'608'563'642 39.25 - 23.03.2012 Government
FMR LLC n/a ULT-AGG 2'359'287'182 3.35 40'204'114 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'335'851'144 3.32 35'727'885 25.03.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 1'661'879'228 2.36 4'371'787 28.02.2013 Unclassified
UBS n/a ULT-AGG 1'113'818'748 1.58 (49'558'902) 31.01.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'096'594'012 1.56 (189'806'781) 28.02.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 1'089'919'867 1.55 462'591'455 01.12.2012 Unclassified
DEUTSCHE PRIVATE BAN Multiple Portfolios REG 1'075'638'770 1.53 41'049'793 01.12.2012 Unclassified
NORGES BANK INVESTME Multiple Portfolios REG 1'075'023'992 1.53 (14'804'023) 01.12.2012 Government
HALIFAX SHARE DEALIN Multiple Portfolios REG 1'052'501'056 1.5 (38'913'754) 01.12.2012 Corporation
SCHRODER INVESTMENT Multiple Portfolios REG 742'242'002 1.06 (128'253'574) 01.12.2012 Investment Advisor
STANDARD LIFE INVEST Multiple Portfolios REG 739'647'720 1.05 19'888'448 01.12.2012 Investment Advisor
TD WATERHOUSE GROUP Multiple Portfolios REG 724'279'567 1.03 (36'378'354) 01.12.2012 Investment Advisor
ALECTA INVESTMENT MA Multiple Portfolios REG 675'500'000 0.96 (40'000'000) 01.12.2012 Unclassified
HARRIS ASSOCIATES LP Multiple Portfolios REG 609'121'200 0.87 (225'724'735) 01.12.2012 Investment Advisor
SELFTRADE Multiple Portfolios REG 597'593'904 0.85 (17'125'603) 01.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 590'792'286 0.84 (893'151) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 539'931'137 0.77 (97'393'597) 31.01.2013 Investment Advisor
PRIVATE INDIVIDUALS Multiple Portfolios REG 456'479'052 0.65 (1'330'422) 01.12.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 445'836'749 0.63 17'836'770 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited MICHAEL J TRIPPITT buy 5 M 63 Not Provided 27.03.2013
Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 53 Not Provided 25.03.2013
Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 53 12 month 25.03.2013
Investec IAN GORDON hold 3 M 50 12 month 25.03.2013
Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 60 12 month 24.03.2013
AlphaValue DAVID GRINSZTAJN reduce 2 M 47 6 month 21.03.2013
Macquarie EDWARD FIRTH underperform 1 M 46 12 month 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 45 Not Provided 18.03.2013
Nomura CHINTAN JOSHI reduce 2 M 42 12 month 18.03.2013
Exane BNP Paribas TOM RAYNER outperform 5 M 60 Not Provided 18.03.2013
Barclays ROHITH CHANDRA-RAJAN underweight 1 M 40 Not Provided 15.03.2013
Oriel Securities Ltd VIVEK RAJA sell 1 D 41 Not Provided 14.03.2013
Grupo Santander ARTURO DE FRIAS buy 5 M 66 12 month 13.03.2013
Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 64 12 month 12.03.2013
Societe Generale JAMES INVINE buy 5 M 61 12 month 11.03.2013
Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 05.03.2013
Deutsche Bank JASON NAPIER buy 5 M 64 12 month 04.03.2013
JPMorgan RAUL SINHA neutral 3 M 55 9 month 04.03.2013
Keefe, Bruyette & Woods MARK J PHIN underperform 1 M 51 12 month 03.03.2013
RBC Capital Markets CLAIRE KANE outperform 5 M 69 12 month 01.03.2013
Canaccord Genuity Corp GARETH HUNT hold 3 M 35 12 month 01.03.2013
Berenberg Bank JAMES CHAPPELL sell 1 M 24 Not Provided 01.03.2013
Daniel Stewart & Co SIMON WILLIS sell 1 M 39 12 month 01.03.2013
S&P Capital IQ FRANK BRADEN hold 3 M 55 12 month 01.03.2013
Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 01.03.2013
Liberum Capital Ltd CORMAC LEECH buy 5 M 62 Not Provided 04.02.2013
Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 D 48 Not Provided 29.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
HSBC PETER TOEMAN overweight 5 M 65 Not Provided 10.01.2013
Holdings By:
Punjab National Bank ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Ranbaxy Laboratories Limited manufactures and distributes a wide range of
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (04.09.2012) 578.30
52-Week Low (01.03.2013) 370.50
Daily Volume
444.7
52-Week High % Change -23.10% Dividend Yield 0.00
52-Week Low % Change 20.03% Beta 0.76
% 52 Week Price Range High/Low 35.71% Equity Float 100.82
Shares Out 25.01.2013 423.0 Short Int -
188'111.14 1 Yr Total Return 7.82%
Total Debt 48'461.90 YTD Return -11.55%
Preferred Stock 0.0 Adjusted BETA 0.755
Minority Interest 889.5 Analyst Recs 48
Cash and Equivalents 46'024.93 Consensus Rating 3.458
Enterprise Value 191'437.64
Average Volume 5 Day 247'773
RBXY IB EQUITY YTD Change - Average Volume 30 Day 156'400
RBXY IB EQUITY YTD % CHANGE - Average Volume 3 Month 121'486
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
74'140.0 75'970.4 89'607.7 101'614.1 122'528.9 27'797.0 33'116.0 116'527.1 130'681.6 30'325.7 30'633.4
1.70x 3.16x 2.95x 1.83x 1.76x 3.93x 3.91x 1.70x 1.48x - -
5'842.1 7'244.0 18'742.6 21'719.1 19'379.0 0.0 0.0 17'314.1 22'803.7 4'305.0 4'758.3
21.63x 33.18x 14.08x 8.58x 11.15x 0.00x 0.00x 11.05x 8.39x 9.16x -
(9'512.1) 2'964.9 14'967.5 (28'997.3) 9'227.6 2'626.0 4'180.0 11'341.3 15'482.2 703.0 2'562.5
- 73.44x 16.83x - 23.05x 6.64x 5.97x 16.98x 12.86x 17.13x -
EBITDA 19'378.96 Long-Term Rating Date -
EBIT 16'176.49 Long-Term Rating -
Operating Margin 13.20% Long-Term Outlook -
Pretax Margin 10.01% Short-Term Rating Date -
Return on Assets 5.73% Short-Term Rating -
Return on Common Equity 26.54%
Return on Capital 14.10% EBITDA/Interest Exp. 6.38
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 22.10
Net Debt/EBITDA 0.13
Gross Margin - Total Debt/EBITDA 2.50
EBITDA Margin 15.8%
EBIT Margin 13.2% Total Debt/Equity 118.7%
Net Income Margin 7.5% Total Debt/Capital 53.7%
Asset Turnover 0.76
Current Ratio 1.12 Net Fixed Asset Turnover 3.73
Quick Ratio 0.74 Accounts receivable turnover-days 75.32
Debt to Assets 29.43% Inventory Days -
Tot Debt to Common Equity 118.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.86 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
Ranbaxy Laboratories LtdPrice/Volume
Valuation Analysis
192'923.00
Current Price (3/dd/yy) Market Data
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. ! B
. 2 B
0 ! B
0 2 B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
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5 !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DAIICHI SANKYO CO LT n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 25'006'821 6.75 (655'411) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 15'907'472 4.29 (651'227) 05.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'682'781 4.23 638'074 25.03.2013 Investment Advisor
DODGE & COX n/a Co File 12'639'368 3.41 - 31.12.2011 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'371'485 2.8 (222'639) 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'473'171 1.48 (102'477) 31.01.2013 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 2'869'488 0.77 (1'435) 30.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'201'596 0.59 27'594 31.01.2013 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'176'959 0.59 705'661 31.01.2013 Mutual Fund Manager
SARASIN n/a ULT-AGG 1'833'877 0.49 (153'093) 31.01.2013 Unclassified
JP MORGAN n/a ULT-AGG 1'293'177 0.35 11'836 31.01.2013 Unclassified
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'267'120 0.34 (41'419) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'148'157 0.31 - 30.04.2012 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 855'734 0.23 (169'771) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 830'605 0.22 (10'368) 31.01.2013 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 145'000 31.10.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 645'679 0.17 10'202 30.11.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 621'117 0.17 (2'217) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura THOMAS SEIDL underperform 1 M 55 12 month 27.03.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 80 12 month 21.03.2013
AlphaValue DIETER HEIN sell 1 M 70 6 month 21.03.2013
Macquarie HADLEY COHEN neutral 3 M 67 12 month 18.03.2013
Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 15.03.2013
Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 68 Not Provided 14.03.2013
Oddo & Cie NICOLAS JACOB buy 5 M 82 Not Provided 05.03.2013
Credit Suisse ADAM MCINALLY neutral 3 M 69 Not Provided 04.03.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 79 12 month 03.03.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 01.03.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 M 83 Not Provided 01.03.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 76 Not Provided 26.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 77 Not Provided 26.02.2013
Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 76 12 month 25.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 83 12 month 25.02.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 74 9 month 22.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 22.02.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 82 12 month 22.02.2013
Nomura MICHAEL KLIEN reduce 2 M 67 Not Provided 22.02.2013
Helvea DANIEL BISCHOF neutral 3 M 75 12 month 22.02.2013
Societe Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 21.02.2013
Nord/LB JULIA SIEKMANN buy 5 M 84 Not Provided 21.02.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 U 75 12 month 21.02.2013
Berenberg Bank TOM CARSTAIRS sell 1 M 66 Not Provided 21.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 70 6 month 21.02.2013
Main First Bank AG RENE LOCHER underperform 1 M 72 12 month 21.02.2013
CA Cheuvreux FRANK KOPFINGER select list 5 M 86 Not Provided 18.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 75 6 month 30.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
HSBC THOMAS FOSSARD neutral 3 M 75 Not Provided 16.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 70 Not Provided 09.01.2013
DZ Bank AG THORSTEN WENZEL sell 1 M 58 12 month 10.09.2012
Raymond James DANNY JACQUES underperform 1 M 63 Not Provided 09.08.2012
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 48 Not Provided 12.01.2012
Holdings By:
Ranbaxy Laboratories Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Reliance Capital Limited is a full service financial services company. The
business energy solutions. The Company sources, generates, processes, stores,
trades, saves and supplies energy and provides a range of related services.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (07.01.2013) 508.00
52-Week Low (16.05.2012) 278.83
Daily Volume
301
52-Week High % Change -40.75% Dividend Yield 2.49
52-Week Low % Change 7.95% Beta 1.76
% 52 Week Price Range High/Low 9.68% Equity Float 105.39
Shares Out 25.01.2013 245.6 Short Int -
73'935.47 1 Yr Total Return -20.72%
Total Debt 198'390.00 YTD Return -37.27%
Preferred Stock 0.0 Adjusted BETA 1.764
Minority Interest 1'310.0 Analyst Recs 13
Cash and Equivalents 11'250.00 Consensus Rating 4.615
Enterprise Value 240'225.47
Average Volume 5 Day 1'575'301
RCAPT IB EQUITY YTD Change - Average Volume 30 Day 1'076'922
RCAPT IB EQUITY YTD % CHANGE - Average Volume 3 Month 845'773
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 03/13 Q4 06/13 Q1
49'120.2 59'825.2 61'335.9 55'250.0 66'250.0 0.0 0.0 57'635.2 63'097.6 - -
8.01x 3.64x 5.31x 6.13x 4.30x #DIV/0! #DIV/0! - - - -
16'864.3 27'105.2 21'029.3 18'540.0 28'940.0 0.0 0.0 8'326.5 8'282.0 - -
23.34x 8.02x 15.50x 18.27x 9.84x 0.00x 0.00x 28.85x 29.01x - -
10'056.5 10'157.2 4'345.3 2'910.0 4'580.0 0.0 0.0 6'660.8 6'710.4 - -
30.01x 8.55x 42.74x 49.22x 21.05x 0.00x 0.00x 11.33x 10.85x - -
EBITDA 28'940.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 14.67% Long-Term Outlook -
Pretax Margin 9.89% Short-Term Rating Date -
Return on Assets 1.36% Short-Term Rating -
Return on Common Equity 4.68%
Return on Capital 1.53% EBITDA/Interest Exp. -
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 6.47
Gross Margin - Total Debt/EBITDA 6.86
EBITDA Margin 43.7%
EBIT Margin - Total Debt/Equity 168.6%
Net Income Margin 6.9% Total Debt/Capital 62.5%
Asset Turnover 0.20
Current Ratio - Net Fixed Asset Turnover 39.67
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 56.13% Inventory Days -
Tot Debt to Common Equity 168.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Reliance Capital LtdPrice/Volume
Valuation Analysis
1'344'101.00
Current Price (3/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
15'000.0
20'000.0
25'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AAA ENTERPRISES PVT n/a Co File 258'200'185 4.98 - 23.02.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 244'433'202 4.72 2'929'553 28.02.2013 Unclassified
LEGAL & GENERAL n/a ULT-AGG 199'643'469 3.85 (2'602'961) 01.11.2012 Unclassified
PETRONAS n/a Co File 199'375'000 3.85 - 23.02.2012 Government
BLACKROCK n/a ULT-AGG 198'230'837 3.82 (217'034) 25.03.2013 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 192'620'011 3.72 20'183'664 30.11.2012 Unclassified
NEWTON INV MGMT Multiple Portfolios REG 178'317'146 3.44 15'220'210 01.11.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 168'873'344 3.26 (3'909'961) 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 135'169'676 2.61 (7'934'002) 26.03.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 115'829'394 2.23 2'398'382 01.11.2012 Government
UBS n/a ULT-AGG 110'850'900 2.14 10'261'488 31.01.2013 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 107'778'794 2.08 (3'099'325) 01.11.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 90'418'317 1.74 (10'651'045) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 81'472'000 1.57 53'727'337 31.12.2012 Investment Advisor
PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 77'307'596 1.49 53'600 31.07.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 74'740'477 1.44 (11'993'141) 31.01.2013 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 74'363'376 1.43 (2'361'053) 01.11.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 68'473'929 1.32 16'115'286 01.11.2012 Government
WALTER SCOTT & PARTN Multiple Portfolios REG 67'827'517 1.31 1'389'000 01.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 67'616'691 1.3 1'115'563 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays JOHN MUSK sector perform 3 M 370 12 month 27.03.2013
AlphaValue MYRIAM COHEN add 4 M 382 6 month 26.03.2013
Exane BNP Paribas IAIN TURNER underperform 1 M 280 Not Provided 25.03.2013
HSBC VERITY MITCHELL overweight 5 M 400 Not Provided 21.03.2013
Nomura JONATHAN CONSTABLE neutral 3 M 350 Not Provided 13.03.2013
Societe Generale ASHLEY THOMAS buy 5 M 400 12 month 11.03.2013
Goldman Sachs ANDREW MEAD neutral/neutral 3 M 416 12 month 11.03.2013
JPMorgan EDMUND REID neutral 3 D 370 9 month 08.03.2013
Kepler Capital Markets INGO BECKER hold 3 M 320 Not Provided 28.02.2013
Raymond James EMMANUEL RETIF underperform 1 M 321 Not Provided 27.02.2013
Cantor Fitzgerald ANGELOS ANASTASIOU buy 5 M 403 Not Provided 27.02.2013
S&P Capital IQ CLIVE ROBERTS strong buy 5 M 525 12 month 27.02.2013
Mirabaud Securities GUS HOCHSCHILD buy 5 M 435 Not Provided 25.02.2013
Credit Suisse MARK FRESHNEY neutral 3 M 325 Not Provided 15.02.2013
Berenberg Bank ROBERT CHANTRY hold 3 D 370 Not Provided 05.02.2013
Liberum Capital Ltd GUILLAUME REDGWELL buy 5 M 370 Not Provided 25.01.2013
Barclays PETER BISZTYGA underweight 1 M 325 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 345 12 month 11.01.2013
Deutsche Bank MARTIN BROUGH hold 3 M 340 12 month 07.01.2013
Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 10.12.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 22.10.2012
Holdings By:
Reliance Capital Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Reliance Communications Ltd. offers integrated telephone services.
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.01.2013) 91.85
52-Week Low (30.08.2012) 46.60
Daily Volume
51.1
52-Week High % Change -44.37% Dividend Yield 0.49
52-Week Low % Change 9.66% Beta 1.53
% 52 Week Price Range High/Low 9.94% Equity Float 395.17
Shares Out 25.01.2013 2'064.0 Short Int -
105'471.77 1 Yr Total Return -41.06%
Total Debt 383'030.00 YTD Return -30.76%
Preferred Stock 0.0 Adjusted BETA 1.531
Minority Interest 8'600.0 Analyst Recs 38
Cash and Equivalents 9'400.00 Consensus Rating 2.158
Enterprise Value 488'297.77
Average Volume 5 Day 2'968'016
RCOM IB EQUITY YTD Change - Average Volume 30 Day 2'610'172
RCOM IB EQUITY YTD % CHANGE - Average Volume 3 Month 2'786'974
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
171'484.8 207'429.1 206'850.5 220'890.0 187'160.0 22'582.0 24'788.0 212'948.7 227'942.7 50'869.5 -
7.73x 3.53x 2.93x 2.58x 2.97x 3.02x 2.75x 2.18x 1.94x - -
81'990.7 87'269.4 69'905.3 96'740.0 70'630.0 1'186.0 2'463.0 67'083.9 73'713.0 15'285.0 -
16.17x 8.38x 8.67x 5.89x 7.87x 13.34x 7.69x 7.28x 6.62x - -
54'011.4 60'449.3 46'550.0 13'450.0 9'280.0 (1'295.0) 226.0 5'751.6 9'462.2 1'738.0 -
19.37x 5.97x 7.54x 16.52x 18.69x 0.00x 72.71x 16.85x 10.47x 25.55x 21.29x
EBITDA 70'630.00 Long-Term Rating Date -
EBIT 30'850.00 Long-Term Rating -
Operating Margin 16.48% Long-Term Outlook -
Pretax Margin 4.72% Short-Term Rating Date -
Return on Assets 0.99% Short-Term Rating -
Return on Common Equity 2.40%
Return on Capital - EBITDA/Interest Exp. 4.78
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 1.50
Net Debt/EBITDA 5.29
Gross Margin 48.4% Total Debt/EBITDA 5.42
EBITDA Margin 37.7%
EBIT Margin 16.5% Total Debt/Equity 104.3%
Net Income Margin 5.0% Total Debt/Capital 50.5%
Asset Turnover 0.20
Current Ratio 0.56 Net Fixed Asset Turnover 0.36
Quick Ratio 0.20 Accounts receivable turnover-days 71.74
Debt to Assets 41.32% Inventory Days 20.53
Tot Debt to Common Equity 104.31% Accounts Payable Turnover Day 79.36
Accounts Receivable Turnover 5.10 Cash Conversion Cycle 12.91
Inventory Turnover 17.82
Fiscal Year Ended
Reliance Communications LtdPrice/Volume
Valuation Analysis
2'806'674.00
Current Price (3/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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3 ! B
5 ! B
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-. ! B
-1 ! B
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 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AAA COMMUNICATION PR n/a Research 47'895'476 5 15'514'236 08.02.2013 Corporation
DODGE & COX n/a 13G 46'061'138 4.81 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 45'264'486 4.73 - 25.03.2013 Investment Advisor
SOUTHEASTERN ASSET M n/a 13G 41'502'897 4.34 (6'799'141) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 13'434'710 1.4 (5'070'179) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'760'946 1.12 498'208 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 9'615'086 1 2'767'369 31.01.2013 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'437'496 0.99 586'900 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'622'250 0.69 (220'702) 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'481'917 0.57 282'727 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 4'800'000 0.5 - 31.12.2011 Pension Fund (ERISA)
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'020'057 0.42 623'576 31.01.2013 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'920'784 0.41 153'795 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'875'475 0.4 2'263'827 28.02.2013 Investment Advisor
FORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'924'969 0.31 (78'890) 30.11.2012 Mutual Fund Manager
BARCLAYS PLC n/a ULT-AGG 2'911'837 0.3 - 04.05.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'860'801 0.3 (687'730) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'569'692 0.27 - 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'523'231 0.26 - 25.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 2'477'382 0.26 71'742 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley OLIVIER ESNOU neutral 3 M 25 Not Provided 27.03.2013
Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 25.03.2013
Societe Generale GAEL DE BRAY hold 3 M 24 12 month 22.03.2013
Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 27 12 month 22.03.2013
Rabobank International HANS SLOB buy 5 M 28 12 month 21.03.2013
AlphaValue THOMAS PICHERIT add 4 D 27 6 month 21.03.2013
RBC Capital Markets ANDREW CARTER outperform 5 M 27 12 month 20.03.2013
Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 20.03.2013
ING Bank FABIAN SMEETS buy 5 M 27 12 month 20.03.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 20.03.2013
Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 24 12 month 19.03.2013
JPMorgan ANDREAS WILLI neutral 3 M 25 9 month 19.03.2013
Kepler Capital Markets PETER OLOFSEN buy 5 M 23 Not Provided 19.03.2013
Nomura DANIEL CUNLIFFE buy 5 M 25 12 month 12.03.2013
HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 08.03.2013
Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 27 Not Provided 08.03.2013
Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 08.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.03.2013
Nord/LB WOLFGANG VASTERLING buy 5 M 24 12 month 26.02.2013
Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 23 12 month 06.02.2013
Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 25 Not Provided 30.01.2013
CA Cheuvreux ANTOINE AZAR outperform 5 M 25 Not Provided 30.01.2013
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 30.01.2013
Natixis LUDOVIC DEBAILLEUX buy 5 M 26 Not Provided 30.01.2013
Barclays DAVID VOS equalweight 3 M 21 Not Provided 30.01.2013
Deutsche Bank MARTIN WILKIE hold 3 M 23 12 month 29.01.2013
Kempen & Co ERWIN DUT buy 5 M 23 12 month 29.01.2013
Independent Research GmbH MARKUS FRIEBEL hold 3 M 24 12 month 29.01.2013
Petercam MARCEL ACHTERBERG hold 3 M 23 Not Provided 29.01.2013
S&P Capital IQ JAMES CRAWSHAW hold 3 M 23 12 month 29.01.2013
Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 17.01.2013
Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 08.01.2013
SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012
Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012
DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012
Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010
Holdings By:
Reliance Communications Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber
raw materials to industrial consumers. The Company operates in three groups:
Metals and Minerals, Energy Products, and Agricultural Products.
Latest Fiscal Year: 03/2012
LTM as of: 06/yy
52-Week High (21.01.2013) 954.80
52-Week Low (04.06.2012) 673.50
Daily Volume
783.4
52-Week High % Change -17.95% Dividend Yield 1.09
52-Week Low % Change 16.32% Beta 1.17
% 52 Week Price Range High/Low 39.07% Equity Float 1'491.51
Shares Out 12.03.2013 3'228.7 Short Int -
2'529'334.00 1 Yr Total Return 8.50%
Total Debt 924'470.00 YTD Return -6.64%
Preferred Stock 0.0 Adjusted BETA 1.173
Minority Interest 7'990.0 Analyst Recs 52
Cash and Equivalents 679'040.00 Consensus Rating 3.481
Enterprise Value 2'782'753.98
Average Volume 5 Day 584'453
RIL IB EQUITY YTD Change - Average Volume 30 Day 444'751
RIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 421'817
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 06/yy 06/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'371'466.6 1'512'240.1 2'037'397.2 2'658'106.0 3'585'010.0 - - ######### ######### - -
2.72x 1.99x 1.78x 1.35x 0.69x - - 0.74x 0.77x - -
222'702.8 242'169.1 303'332.8 380'722.6 351'080.0 - - 334'000.3 349'470.5 - -
16.76x 12.44x 11.96x 9.40x 7.09x - - 8.33x 7.96x - -
195'678.3 149'687.2 245'031.4 192'936.8 197'240.0 - - 208'614.3 219'739.8 - -
16.83x 14.09x 13.05x 16.20x 11.35x - - 11.94x 11.33x - -
EBITDA 351'080.00 Long-Term Rating Date 23.11.2005
EBIT 227'070.00 Long-Term Rating BBB
Operating Margin 6.33% Long-Term Outlook POS
Pretax Margin 7.09% Short-Term Rating Date -
Return on Assets 6.22% Short-Term Rating -
Return on Common Equity 12.19%
Return on Capital 8.54% EBITDA/Interest Exp. 16.05
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 8.56
Net Debt/EBITDA 0.70
Gross Margin - Total Debt/EBITDA 2.63
EBITDA Margin 9.8%
EBIT Margin 6.3% Total Debt/Equity 54.6%
Net Income Margin 5.5% Total Debt/Capital 35.2%
Asset Turnover 1.13
Current Ratio 1.82 Net Fixed Asset Turnover 2.70
Quick Ratio 1.07 Accounts receivable turnover-days 16.66
Debt to Assets 28.25% Inventory Days -
Tot Debt to Common Equity 54.56% Accounts Payable Turnover Day -
Accounts Receivable Turnover 21.97 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
Reliance Industries LtdPrice/Volume
Valuation Analysis
497'065.00
Current Price (3/dd/yy) Market Data
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0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LIFE INSURANCE CORP n/a RNS-RUL8 1'101'848'752 15.52 2'700'000 11.06.2012 n/a
MATE BADENE DANIEL F n/a RNS-MAJ 417'468'330 5.88 - 11.10.2012 n/a
MISTAKIDIS ARISTOTEL n/a RNS-RUL8 414'730'597 5.84 3'000'000 24.05.2012 n/a
PETERSON TOR n/a Co File 366'074'885 5.16 - 26.03.2012 n/a
BEARD ALEXANDER FRAN n/a Co File 320'260'410 4.51 - 26.03.2012 n/a
BLACKROCK n/a ULT-AGG 263'354'966 3.71 (19'162) 25.03.2013 Investment Advisor
JSC VERNY CAPITAL n/a RNS-RUL8 176'742'520 2.49 - 11.10.2012 Investment Advisor
FEGEL GARY n/a RNS-RUL8 154'814'588 2.18 - 15.02.2012 n/a
MAHONEY CHRIS n/a RNS-RUL8 143'834'821 2.03 - 15.02.2012 n/a
LEGAL & GENERAL n/a ULT-AGG 131'943'542 1.86 (39'649) 22.03.2013 Unclassified
FR GALAXY HOLDINGS S n/a RNS-RUL8 129'372'165 1.82 16'875'000 29.01.2013 Holding Company
CAPITAL GROUP COMPAN n/a ULT-AGG 112'185'928 1.58 (18'700) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 99'636'501 1.4 157 26.03.2013 Investment Advisor
ABU DHABI INVESTMENT n/a RNS-RUL8 99'299'065 1.4 3'072'650 02.02.2012 Government
POPOVIC NIKOLA n/a RNS-RUL8 93'437'150 1.32 - 15.02.2012 n/a
FMR LLC n/a ULT-AGG 92'847'626 1.31 13'162'571 25.03.2013 Investment Advisor
WOLFENSBERGER CHRIST n/a RNS-RUL8 87'403'187 1.23 - 15.02.2012 n/a
BLUMGART STEVEN n/a RNS-RUL8 86'736'565 1.22 - 15.02.2012 n/a
ALVAREZ LUIS n/a RNS-RUL8 81'654'211 1.15 - 15.02.2012 n/a
CUTLER STUART n/a RNS-RUL8 78'568'743 1.11 200'000 18.05.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays JEFFREY LARGEY outperform 5 M 430 12 month 22.03.2013
Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 450 Not Provided 21.03.2013
AlphaValue SACHIN KUMAR reduce 2 M 382 6 month 21.03.2013
Jefferies Christopher LaFemina buy 5 M 450 12 month 20.03.2013
Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 475 12 month 15.03.2013
BMO Capital Markets TONY ROBSON market perform 3 U 400 Not Provided 12.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 11.03.2013
RBC Capital Markets TIMOTHY HUFF outperform 5 M 425 12 month 07.03.2013
Societe Generale ALAIN WILLIAM hold 3 M 410 12 month 06.03.2013
Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013
Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 11.02.2013
SBG Securities PETER DAVEY hold 3 M 400 12 month 29.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013
Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013
Standard Chartered SUBRAMANIAM VARADA outperform 5 M 454 12 month 22.11.2012
ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 N 415 12 month 31.10.2012
Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 20.03.2012
Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012
Holdings By:
Reliance Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Reliance Infrastructure Ltd. generates, distributes, and transmits electricity.
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 621.90
52-Week Low (26.03.2013) 320.25
Daily Volume
323.7
52-Week High % Change -47.95% Dividend Yield 2.26
52-Week Low % Change 1.08% Beta 1.57
% 52 Week Price Range High/Low 1.14% Equity Float 109.03
Shares Out 25.01.2013 263.0 Short Int -
85'129.86 1 Yr Total Return -43.61%
Total Debt 182'897.00 YTD Return -37.83%
Preferred Stock 0.0 Adjusted BETA 1.574
Minority Interest 2'056.6 Analyst Recs 23
Cash and Equivalents 44'180.60 Consensus Rating 4.565
Enterprise Value 225'496.36
Average Volume 5 Day 1'186'743
RELI IB EQUITY YTD Change - Average Volume 30 Day 561'242
RELI IB EQUITY YTD % CHANGE - Average Volume 3 Month 451'851
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
68'689.8 100'916.0 112'984.1 98'095.4 174'088.2 46'023.0 42'241.0 221'921.2 234'644.2 - -
5.06x 1.64x 2.59x 2.58x 1.70x 22.59x 22.26x 0.92x 0.88x - -
5'772.5 8'515.8 12'947.5 18'980.8 28'899.6 0.0 0.0 29'800.7 35'118.4 - -
60.26x 19.44x 22.57x 13.34x 10.22x 0.00x 0.00x 7.56x 6.42x - -
11'782.1 13'532.3 15'193.9 15'516.1 15'868.1 5'766.0 3'894.0 16'460.3 16'898.9 - -
24.58x 8.77x 14.82x 11.12x 9.78x 6.43x 9.42x 5.21x 5.06x - -
EBITDA 28'899.60 Long-Term Rating Date -
EBIT 24'866.30 Long-Term Rating -
Operating Margin 14.28% Long-Term Outlook -
Pretax Margin 12.27% Short-Term Rating Date -
Return on Assets 2.83% Short-Term Rating -
Return on Common Equity 6.65%
Return on Capital 6.28% EBITDA/Interest Exp. 2.51
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 1.48
Net Debt/EBITDA 4.80
Gross Margin - Total Debt/EBITDA 6.33
EBITDA Margin 16.6%
EBIT Margin 14.3% Total Debt/Equity 75.8%
Net Income Margin 9.1% Total Debt/Capital 42.9%
Asset Turnover 0.31
Current Ratio 1.15 Net Fixed Asset Turnover 1.84
Quick Ratio 0.49 Accounts receivable turnover-days 81.75
Debt to Assets 29.78% Inventory Days -
Tot Debt to Common Equity 75.78% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.48 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
Reliance Infrastructure LtdPrice/Volume
Valuation Analysis
885'609.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AAA PROJECT VENTURES n/a ULT-AGG 246'344'796 6.43 (1'807'406) 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 155'242'498 4.05 (2'936'906) 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'837'974 1.56 599'105 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 33'982'940 0.89 (5'732'380) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 32'439'848 0.85 1'170'048 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 30'409'081 0.79 122'201 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 30'159'946 0.79 968'030 28.02.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'118'916 0.79 (541'144) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 26'518'528 0.69 (2'918'867) 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 25'314'880 0.66 - 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 24'042'650 0.63 1'817'067 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'206'527 0.5 (493'114) 31.01.2013 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'861'119 0.49 3'877'089 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'785'056 0.46 (81'806) 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 14'894'179 0.39 (269'814) 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'441'515 0.3 - 25.03.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 11'184'560 0.29 - 30.11.2012 Bank
SNS INVESTMENT FUND Multiple Portfolios MF-AGG 9'422'204 0.25 (350'366) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Motilal Oswal Securities Ltd ALAIN TCHIBOZO outperform 5 M 9 Not Provided 25.03.2013
AlphaValue JEROME CASSAGNE add 4 D 7 6 month 21.03.2013
Rabobank International COR KLUIS buy 5 M 10 12 month 20.03.2013
Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 20.03.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 10 18 month 19.03.2013
Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 18.03.2013
Berenberg Bank JAMES CHAPPELL buy 5 M 8 Not Provided 14.03.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.03.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 05.03.2013
Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013
Credit Suisse RICHARD BURDEN restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013
Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 26.02.2013
HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013
Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 18.02.2013
SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013
Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013
Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013
Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 8 12 month 14.02.2013
Petercam MATTHIAS DE WIT hold 3 M 8 Not Provided 13.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012
RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 07.12.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 7 Not Provided 08.11.2012
CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012
DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012
Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011
Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009
Holdings By:
Reliance Infrastructure Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Reliance Power Limited develops, constructs, and operates power projects both
motorcycles worldwide. The Company produces everything from convertible sports
cars to luxury sedans to touring motorcycles with large displacement engines.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 123.70
52-Week Low (26.03.2013) 58.90
Daily Volume
59.15
52-Week High % Change -52.18% Dividend Yield 0.00
52-Week Low % Change 0.42% Beta 1.45
% 52 Week Price Range High/Low 0.39% Equity Float 576.14
Shares Out 25.01.2013 2'805.1 Short Int -
165'923.23 1 Yr Total Return -50.52%
Total Debt 150'650.00 YTD Return -36.64%
Preferred Stock 0.0 Adjusted BETA 1.451
Minority Interest 15.0 Analyst Recs 21
Cash and Equivalents 25'309.90 Consensus Rating 2.286
Enterprise Value 351'115.64
Average Volume 5 Day 2'175'390
RPWR IB EQUITY YTD Change - Average Volume 30 Day 1'494'726
RPWR IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'417'444
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
0.0 - 207.2 10'547.6 20'192.1 68'821.0 76'848.0 47'753.7 71'828.8 14'363.0 -
- - 1619.01x 39.82x 22.48x 5.13x 5.09x 8.02x 6.78x 29.65x -
(344.4) (932.6) (1'056.1) 2'298.5 6'247.8 11'677.0 12'014.0 18'271.5 31'443.1 4'879.0 -
- - - 182.72x 72.66x 7.75x 8.70x 19.22x 11.17x - -
853.8 2'445.1 6'838.9 7'604.4 8'667.8 4'881.0 5'096.0 10'006.8 10'565.5 2'638.0 -
2135.86x 100.33x 52.38x 44.32x 37.91x 6.95x 9.39x 16.56x 16.00x - -
EBITDA 6'247.80 Long-Term Rating Date -
EBIT 5'033.30 Long-Term Rating -
Operating Margin 24.93% Long-Term Outlook -
Pretax Margin 47.17% Short-Term Rating Date -
Return on Assets 2.66% Short-Term Rating -
Return on Common Equity 5.04%
Return on Capital 3.95% EBITDA/Interest Exp. 2.22
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -36.05
Net Debt/EBITDA 20.06
Gross Margin - Total Debt/EBITDA 24.11
EBITDA Margin 30.9%
EBIT Margin 24.9% Total Debt/Equity 85.7%
Net Income Margin 42.9% Total Debt/Capital 46.2%
Asset Turnover 0.06
Current Ratio 1.60 Net Fixed Asset Turnover 0.09
Quick Ratio 0.90 Accounts receivable turnover-days 90.84
Debt to Assets 38.37% Inventory Days -
Tot Debt to Common Equity 85.74% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.03 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Reliance Power LtdPrice/Volume
Valuation Analysis
2'055'641.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RELIANCE INFRASTRUCT n/a Co File 104'747'161 17.4 - 31.12.2012 n/a
QUANDT JOHANNA n/a Co File 98'125'214 16.3 - 31.12.2012 n/a
KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a
BLACKROCK n/a ULT-AGG 36'126'021 6 (168'858) 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 14'833'170 2.46 113'170 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'265'500 1.37 (130'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 7'021'307 1.17 204'186 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 6'403'800 1.06 - 29.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'796'472 0.63 289'797 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'474'386 0.58 (1'064'286) 28.02.2013 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'987'994 0.5 120'702 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'917'838 0.48 6'788 28.02.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'667'376 0.44 (191'841) 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'407'518 0.4 (414'675) 28.02.2013 Investment Advisor
SEB n/a ULT-AGG 1'314'060 0.22 12'465 31.01.2013 Unclassified
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'310'054 0.22 28'645 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'212'526 0.2 46'158 31.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 1'200'968 0.2 380'695 30.11.2012 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'149'062 0.19 - 31.01.2013 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 961'711 0.16 8'114 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Brics Securities MAX WARBURTON outperform 5 M 90 12 month 26.03.2013
DZ Bank AG MICHAEL PUNZET sell 1 M 65 12 month 26.03.2013
Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 25.03.2013
Exane BNP Paribas RABIH FREIHA neutral 3 M 74 Not Provided 25.03.2013
Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 22.03.2013
Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.03.2013
Nord/LB FRANK SCHWOPE sell 1 M 61 12 month 21.03.2013
JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 21.03.2013
Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 21.03.2013
Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 21.03.2013
Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 21.03.2013
M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 21.03.2013
Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 21.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 82 6 month 21.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013
Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 79 12 month 20.03.2013
Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 20.03.2013
Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 19.03.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013
Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 18.03.2013
S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.03.2013
Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 12 month 13.03.2013
Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013
Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013
HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013
Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013
Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012
Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 77 12 month 26.11.2012
Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 08.11.2012
CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012
Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012
Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012
Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012
Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012
Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012
Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012
Holdings By:
Reliance Power Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Rural Electrification Corporation Limited engages in the financing and promotion
range of industrial and medical gases mainly used in energy sector, steel
production, chemical processing, as well as in food processing. The Engineering
Division develops olefin plants, natural gas plants and air separation plants,
as well as hydrogen and synthesis gas plants.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (04.01.2013) 267.50
52-Week Low (07.06.2012) 142.00
Daily Volume
202.1
52-Week High % Change -24.45% Dividend Yield 3.71
52-Week Low % Change 42.32% Beta 1.37
% 52 Week Price Range High/Low 47.89% Equity Float 286.60
Shares Out 25.01.2013 987.5 Short Int -
199'565.47 1 Yr Total Return 4.30%
Total Debt 900'581.80 YTD Return -15.18%
Preferred Stock 0.0 Adjusted BETA 1.371
Minority Interest 0.0 Analyst Recs 35
Cash and Equivalents 53'753.60 Consensus Rating 4.229
Enterprise Value 1'046'393.67
Average Volume 5 Day 321'469
RECL IB EQUITY YTD Change - Average Volume 30 Day 242'657
RECL IB EQUITY YTD % CHANGE - Average Volume 3 Month 205'326
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
35'412.5 49'365.4 67'475.9 85'321.9 105'535.7 - - 55'331.7 61'494.3 13'295.0 13'522.0
12.01x 10.71x 11.86x 10.81x 9.95x - - - - - -
34'198.3 48'165.7 65'794.1 82'868.6 102'575.0 - - - - - -
12.44x 10.97x 12.16x 11.13x 10.23x - - - - - -
8'619.3 12'745.8 23'480.2 25'848.9 28'386.6 - - 36'580.0 38'431.5 8'803.0 8'966.0
9.71x 6.47x 9.26x 9.69x 7.15x - - 5.50x 5.06x 6.20x 6.13x
EBITDA 102'575.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 91.88% Long-Term Outlook -
Pretax Margin 36.25% Short-Term Rating Date -
Return on Assets 2.91% Short-Term Rating -
Return on Common Equity 20.55%
Return on Capital 3.02% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 8.26
Gross Margin - Total Debt/EBITDA 8.78
EBITDA Margin 97.2%
EBIT Margin - Total Debt/Equity 608.3%
Net Income Margin 26.9% Total Debt/Capital 85.9%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 148.62
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 82.77% Inventory Days -
Tot Debt to Common Equity 608.26% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Rural Electrification Corp LtdPrice/Volume
Valuation Analysis
478'347.00
Current Price (3/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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16'000.0
18'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Research 9'252'936 5 - 14.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'717'675 4.71 626'980 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 6'880'592 3.71 (174'285) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'801'614 2.59 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'605'392 2.49 (340'139) 31.01.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 4'402'491 2.38 155'280 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'880'191 2.09 (174'980) 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'572'241 1.39 61'948 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'850'348 1 (31'340) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'839'840 0.99 67'654 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'825'948 0.99 (678'316) 28.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'815'684 0.98 (20) 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'580'518 0.85 127'709 28.09.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'553'523 0.84 (293'938) 31.01.2013 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'230'595 0.66 (17'345) 28.12.2012 Mutual Fund Manager
DODGE & COX Multiple Portfolios MF-AGG 820'205 0.44 - 29.01.2013 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 776'040 0.42 (55'000) 30.11.2012 Investment Advisor
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 699'871 0.38 22'217 31.01.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 665'092 0.36 - 31.01.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 566'970 0.31 (121'000) 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited JEREMY REDENIUS market perform 3 M 149 12 month 27.03.2013
HSBC SEBASTIAN SATZ overweight 5 M 168 Not Provided 27.03.2013
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 137 Not Provided 26.03.2013
JPMorgan MARTIN EVANS overweight 5 M 160 12 month 20.03.2013
Bankhaus Lampe HEIKO FEBER buy 5 M 160 12 month 19.03.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 160 Not Provided 18.03.2013
Societe Generale PETER CLARK buy 5 M 165 12 month 13.03.2013
Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 180 6 month 13.03.2013
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 160 Not Provided 12.03.2013
AlphaValue HANS-PETER WODNIOK add 4 M 160 6 month 11.03.2013
Credit Suisse CHRIS COUNIHAN underperform 1 M 130 Not Provided 08.03.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 145 12 month 08.03.2013
Equita SIM SpA MASSIMO BONISOLI buy 5 M 160 12 month 08.03.2013
M.M. Warburg Investment Research EGGERT KULS buy 5 M 165 12 month 08.03.2013
Bankhaus Metzler LARS HETTCHE buy 5 M 154 12 month 08.03.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 140 12 month 08.03.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 170 12 month 08.03.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 150 12 month 07.03.2013
Nord/LB THORSTEN STRAUSS buy 5 M 165 12 month 07.03.2013
Baader Bank NORBERT BARTH buy 5 M 153 12 month 07.03.2013
Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 160 Not Provided 07.03.2013
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 D 147 Not Provided 07.03.2013
Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 155 12 month 07.03.2013
DZ Bank AG PETER SPENGLER hold 3 M 141 12 month 07.03.2013
Day by Day VALERIE GASTALDY buy 5 U 146 3 month 28.02.2013
Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 167 12 month 27.02.2013
Barclays GUNTHER ZECHMANN equalweight 3 M 139 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER buy 5 M 147 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Jefferies LAURENCE ALEXANDER buy 5 M 149 12 month 02.01.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 156 Not Provided 13.12.2012
Deutsche Bank TIMOTHY JONES buy 5 M 160 12 month 06.12.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 150 12 month 21.11.2012
CA Cheuvreux KLAUS RINGEL select list 5 M 153 Not Provided 30.10.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.10.2012
Silvia Quandt Research RALF GROENEMEYER buy 5 M 160 12 month 29.10.2012
Alembic Global Advisors HASSAN I AHMED neutral 3 M 120 12 month 15.10.2012
Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 08.10.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 114 Not Provided 18.05.2012
Holdings By:
Rural Electrification Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Satyam Computer Services Limited is a global consulting and IT services
and television to film and telecommunications. The Company provides digital and
pay television services, sells music compact discs (CDs), develops and
distributes interactive entertainment, and operates mobile and fixed-line
telecommunications.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (18.03.2013) 131.20
52-Week Low (17.05.2012) 66.25
Daily Volume
126.35
52-Week High % Change -3.70% Dividend Yield 0.00
52-Week Low % Change 90.72% Beta 1.01
% 52 Week Price Range High/Low 92.53% Equity Float 624.99
Shares Out 20.03.2013 1'177.3 Short Int -
148'749.78 1 Yr Total Return 64.20%
Total Debt 241.00 YTD Return 18.19%
Preferred Stock 0.0 Adjusted BETA 1.010
Minority Interest 150.0 Analyst Recs 29
Cash and Equivalents 28'008.00 Consensus Rating 4.241
Enterprise Value 118'563.38
Average Volume 5 Day 438'488
SCS IB EQUITY YTD Change - Average Volume 30 Day 507'852
SCS IB EQUITY YTD % CHANGE - Average Volume 3 Month 530'992
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
84'734.9 88'126.0 54'810.0 51'450.0 63'956.0 28'813.0 28'994.0 77'284.8 85'027.2 19'735.3 -
2.63x 0.33x 1.48x 0.92x 1.05x 5.00x 4.98x 1.54x 1.28x - -
18'433.3 1'649.0 1'691.0 6'168.0 12'404.0 8'847.0 6'531.0 16'361.7 17'134.7 4'036.0 -
12.09x 17.73x 48.07x 7.71x 5.42x 4.03x 6.01x 7.30x 6.97x - -
16'878.9 (81'768.0) (1'246.0) (1'473.0) 13'060.0 2'681.0 164.0 12'395.9 13'733.0 2'964.5 -
15.70x - - - 7.26x 7.83x 118.88x 12.20x 11.00x 11.70x 11.28x
EBITDA 12'404.00 Long-Term Rating Date -
EBIT 10'827.00 Long-Term Rating -
Operating Margin 16.93% Long-Term Outlook -
Pretax Margin 21.62% Short-Term Rating Date -
Return on Assets 19.98% Short-Term Rating -
Return on Common Equity 55.43%
Return on Capital 54.12% EBITDA/Interest Exp. 1127.64
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. 875.91
Net Debt/EBITDA -2.24
Gross Margin - Total Debt/EBITDA 0.02
EBITDA Margin 19.4%
EBIT Margin 16.9% Total Debt/Equity 0.8%
Net Income Margin 20.4% Total Debt/Capital 0.8%
Asset Turnover 0.98
Current Ratio 2.31 Net Fixed Asset Turnover 6.98
Quick Ratio 1.74 Accounts receivable turnover-days 72.33
Debt to Assets 0.35% Inventory Days -
Tot Debt to Common Equity 0.81% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.06 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
Satyam Computer Services LtdPrice/Volume
Valuation Analysis
699'317.00
Current Price (3/dd/yy) Market Data
!.135
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VENTURBAY CONSULTANT n/a ULT-AGG 78'670'926 5.94 19'121 25.03.2013 Investment Advisor
CIE DE CORNOUAILLE S n/a Research 66'174'684 5 - 14.11.2012 Unclassified
SOCIETE GENERALE n/a Research 62'157'815 4.69 (36'465'062) 30.04.2012 Bank
AMUNDI n/a Research 57'756'435 4.36 (5'812'102) 14.05.2012 Investment Advisor
NATIXIS ASSET MANAGE n/a Research 57'389'860 4.33 29'924'444 10.05.2012 Investment Advisor
CAISSE DES DEPOTS ET n/a Co File 48'191'364 3.64 - 31.12.2011 Government
FRANKLIN RESOURCES n/a ULT-AGG 34'074'702 2.57 415'302 31.12.2012 Investment Advisor
PEG VIVENDI n/a Co File 33'192'445 2.51 - 31.12.2011 Other
BAUPOST GROUP LLC n/a Co File 26'349'991 1.99 - 31.12.2011 Hedge Fund Manager
NORGES BANK INVESTME n/a Co File 25'862'423 1.95 - 31.12.2011 Government
QATAR HOLDINGS LLC n/a Co File 25'789'649 1.95 - 31.12.2011 Government
BANK OF AMERICA CORP n/a Co File 19'320'712 1.46 - 31.12.2011 Investment Advisor
UBS n/a ULT-AGG 18'802'966 1.42 65'633 31.01.2013 Unclassified
CREDIT SUISSE SECURI n/a Co File 17'995'960 1.36 - 31.12.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 14'815'566 1.12 1'246'283 31.01.2013 Mutual Fund Manager
GROUPE BOLLORE n/a Co File 14'021'059 1.06 - 31.12.2011 Holding Company
HSBC HOLDINGS PLC n/a Co File 13'811'784 1.04 - 31.12.2011 Investment Advisor
FMR LLC n/a ULT-AGG 13'716'052 1.04 (5'089'327) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'307'220 1.01 673'572 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'250'434 1 (4'398) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Angel Broking Limited FILIPPO PIETRO LO FRANCO overweight 5 M 20 9 month 27.03.2013
Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 27.03.2013
Barclays JULIEN ROCH overweight 5 M 18 Not Provided 26.03.2013
Societe Generale CHRISTOPHE CHERBLANC buy 5 M 17 12 month 25.03.2013
Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 25.03.2013
Credit Suisse OMAR SHEIKH outperform 5 M 19 Not Provided 21.03.2013
Jefferies WILL SMITH buy 5 M 19 12 month 21.03.2013
Nomura MATTHEW WALKER neutral 3 D 18 Not Provided 18.03.2013
Macquarie ANGUS TWEEDIE outperform 5 M 17 12 month 15.03.2013
Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 17 12 month 13.03.2013
Raymond James STEPHANE BEYAZIAN outperform 5 M 19 12 month 12.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 08.03.2013
Kepler Capital Markets CONOR O'SHEA buy 5 M 19 Not Provided 07.03.2013
AlphaValue JEAN-MICHEL SALVADOR buy 5 M 23 6 month 28.02.2013
CA Cheuvreux ANDREA BENEVENTI outperform 5 M 17 Not Provided 27.02.2013
S&P Capital IQ ALEXANDER WISCH strong buy 5 M 18 12 month 27.02.2013
Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 19 Not Provided 27.02.2013
Goldman Sachs RICHARD JONES neutral/neutral 3 M 18 12 month 26.02.2013
Independent Research GmbH LARS LUSEBRINK hold 3 M 17 12 month 26.02.2013
CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 17 12 month 26.02.2013
New Street Research RUSSELL WALLER neutral 3 M 17 Not Provided 26.02.2013
Banco Sabadell ANDRES BOLUMBURU buy 5 M 18 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.02.2013
HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 31.01.2013
Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 Not Provided 23.01.2013
Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 U 18 Not Provided 15.11.2012
Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 24.10.2012
Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 D 17 Not Provided 15.10.2012
Natixis JEROME BODIN buy 5 M 22 Not Provided 21.09.2012
Deutsche Bank PATRICK KIRBY hold 3 M 16 12 month 01.03.2012
DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011
Holdings By:
Satyam Computer Services Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Sesa Goa Limited is involved in iron ore mining, beneficiation and exports.
construction services, and operates toll roads. The Company builds and
maintains roads and produces road construction materials, builds electricity
and communications networks, installs fire protection and power and ventilation
systems, and operates toll highways, bridges, parking garages, and a stadium.
Latest Fiscal Year: 03/2012
LTM as of: 09/yy
52-Week High (04.07.2012) 207.90
52-Week Low (04.03.2013) 148.20
Daily Volume
151.2
52-Week High % Change -27.27% Dividend Yield 2.65
52-Week Low % Change 2.02% Beta 1.33
% 52 Week Price Range High/Low 5.03% Equity Float 389.99
Shares Out 25.01.2013 869.1 Short Int -
131'408.14 1 Yr Total Return -21.84%
Total Debt 37'341.80 YTD Return -22.56%
Preferred Stock 0.0 Adjusted BETA 1.334
Minority Interest 0.0 Analyst Recs 40
Cash and Equivalents 5'921.90 Consensus Rating 3.225
Enterprise Value 166'734.44
Average Volume 5 Day 189'852
SESA IB EQUITY YTD Change - Average Volume 30 Day 213'140
SESA IB EQUITY YTD % CHANGE - Average Volume 3 Month 215'805
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 03/13 Q4 06/13 Q1
37'658.9 49'179.4 57'978.0 91'933.3 83'100.6 33'699.5 37'494.5 28'461.1 55'614.1 3'803.0 -
2.75x 0.96x 5.89x 1.81x 2.41x 0.00x 0.00x 5.60x 2.75x - -
23'052.4 27'117.1 31'547.0 52'094.3 35'053.5 0.0 0.0 9'672.5 16'269.0 540.0 -
4.50x 1.75x 10.82x 3.19x 5.72x 0.00x 0.00x 17.28x 10.27x - -
15'415.8 19'881.3 26'291.3 42'224.5 26'955.0 0.0 0.0 25'551.3 27'416.3 7'952.5 7'750.0
8.05x 3.94x 14.51x 5.93x 6.28x 0.00x 0.00x 5.16x 4.91x 3.91x 4.17x
EBITDA 35'053.50 Long-Term Rating Date -
EBIT 33'992.10 Long-Term Rating -
Operating Margin 40.90% Long-Term Outlook -
Pretax Margin 44.73% Short-Term Rating Date -
Return on Assets 14.98% Short-Term Rating -
Return on Common Equity 19.30%
Return on Capital 17.58% EBITDA/Interest Exp. 14.55
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 11.49
Net Debt/EBITDA 0.90
Gross Margin - Total Debt/EBITDA 1.07
EBITDA Margin 42.2%
EBIT Margin 40.9% Total Debt/Equity 24.7%
Net Income Margin 32.4% Total Debt/Capital 19.8%
Asset Turnover 0.46
Current Ratio 0.60 Net Fixed Asset Turnover 4.50
Quick Ratio 0.28 Accounts receivable turnover-days 27.14
Debt to Assets 18.30% Inventory Days -
Tot Debt to Common Equity 24.70% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.49 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
Sesa Goa LtdPrice/Volume
Valuation Analysis
180'788.00
Current Price (3/dd/yy) Market Data
!2
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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
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
- !!
. !!
0 !!
1 !!
2 !!
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINSIDER INTERNATION n/a Research 40'940'297 7.06 - 31.12.2012 Corporation
COMET LUXEMBOURG HLD n/a Research 31'714'315 5.47 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 13'142'000 2.27 2'679'200 31.12.2012 Investment Advisor
ARTEMIS SA n/a Research 8'072'735 1.39 - 31.12.2012 Holding Company
FRANKLIN RESOURCES n/a ULT-AGG 7'915'159 1.37 398'303 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'462'669 0.94 9'442 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'401'971 0.93 176'206 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'772'800 0.82 (22'333) 31.01.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 4'772'712 0.82 1'057'163 31.01.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 2'633'758 0.45 - 28.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'147'140 0.37 (2'838) 31.12.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'114'012 0.36 (27'232) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 1'945'486 0.34 19'058 31.12.2012 Mutual Fund Manager
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'663'965 0.29 133'200 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'658'463 0.29 (38'563) 31.01.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'457'470 0.25 53'000 28.09.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'405'036 0.24 - 25.03.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'335'216 0.23 (287'348) 28.02.2013 Investment Advisor
DNCA FINANCE Multiple Portfolios MF-AGG 1'325'000 0.23 (180'000) 28.09.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'235'358 0.21 106'285 30.11.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited ARNAUD PALLIEZ outperform 5 M 45 12 month 22.03.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 21.03.2013
Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 20.03.2013
HSBC PIERRE BOSSET neutral 3 M 40 Not Provided 19.03.2013
BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 07.03.2013
Aurel - BGC ERIC LEMARIE hold 3 M 39 Not Provided 07.03.2013
AlphaValue GAETAN DUPONT buy 5 M 50 6 month 07.03.2013
Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 26.02.2013
Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 11.02.2013
Natixis GREGOIRE THIBAULT buy 5 M 48 Not Provided 07.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 40 12 month 06.02.2013
CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 44 12 month 06.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 45 12 month 06.02.2013
S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 45 12 month 06.02.2013
Exane BNP Paribas NICOLAS MORA neutral 3 M 41 Not Provided 01.02.2013
Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 30.01.2013
RBC Capital Markets OLIVIA PETERS sector perform 3 M 40 12 month 29.01.2013
Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013
Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 42 12 month 15.01.2013
Goldman Sachs WILL MORGAN Buy/Neutral 5 M 46 12 month 14.01.2013
CA Cheuvreux NABIL AHMED outperform 5 M 43 Not Provided 21.11.2012
JPMorgan ELODIE RALL overweight 5 M 49 6 month 17.09.2012
DZ Bank AG MARC NETTELBECK buy 5 M 41 12 month 17.09.2012
Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 37 Not Provided 01.08.2012
Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 01.08.2012
Kepler Capital Markets JOSEP PUJAL buy 5 M 50 Not Provided 01.08.2012
Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012
Holdings By:
Sesa Goa Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Shriram Transport Finance Co. Ltd. provides hire purchase finance for trucks.
Company operates hydroelectric, geothermal, and other generating plants. Enel,
through subsidiaries, also provides fixed-line and mobile telephone services,
installs public lighting systems, and operates real estate, factoring,
insurance, telecommunications, and Internet service provider businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.01.2013) 800.00
52-Week Low (16.05.2012) 475.00
Daily Volume
674.55
52-Week High % Change -15.68% Dividend Yield 0.96
52-Week Low % Change 42.01% Beta 1.06
% 52 Week Price Range High/Low 61.40% Equity Float 119.19
Shares Out 20.03.2013 226.9 Short Int -
153'031.06 1 Yr Total Return 14.45%
Total Debt 186'363.89 YTD Return -10.92%
Preferred Stock 0.0 Adjusted BETA 1.056
Minority Interest 0.0 Analyst Recs 38
Cash and Equivalents 22'156.86 Consensus Rating 4.132
Enterprise Value 313'481.07
Average Volume 5 Day 12'135
SHTF IB EQUITY YTD Change - Average Volume 30 Day 93'124
SHTF IB EQUITY YTD % CHANGE - Average Volume 3 Month 66'223
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
- - 44'965.6 54'833.8 61'876.3 77'573.0 82'699.0 38'726.8 45'106.4 10'301.0 10'530.0
- - 6.35x 5.57x 4.85x 5.64x 4.86x 2.14x 1.52x - -
- - 39'210.3 45'185.6 51'257.6 15'554.0 16'150.0 - - - -
- - 7.29x 6.76x 5.86x 0.00x 6.35x - - - -
348.6 - 8'730.3 12'171.1 13'088.1 4'148.0 865.0 14'295.0 16'909.1 3'897.0 3'937.0
29.08x - 12.82x 14.76x 10.38x 7.08x 34.87x 10.66x 8.95x 8.81x 8.20x
EBITDA 51'257.57 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 56.52% Long-Term Outlook -
Pretax Margin 31.64% Short-Term Rating Date -
Return on Assets 3.78% Short-Term Rating -
Return on Common Equity 23.96%
Return on Capital 6.08% EBITDA/Interest Exp. -
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 3.20
Gross Margin - Total Debt/EBITDA 3.64
EBITDA Margin 82.8%
EBIT Margin - Total Debt/Equity 308.9%
Net Income Margin 21.2% Total Debt/Capital 75.5%
Asset Turnover 0.18
Current Ratio - Net Fixed Asset Turnover 134.29
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 50.32% Inventory Days -
Tot Debt to Common Equity 308.93% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Shriram Transport Finance Co LtdPrice/Volume
Valuation Analysis
8'159.00
Current Price (3/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
90'000.0
2000 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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHRIRAM HOLDINGS MAD n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government
BLACKROCK n/a ULT-AGG 99'021'197 1.05 705'523 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 68'602'047 0.73 2'529'990 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 52'151'916 0.55 (26'014'603) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 30'181'320 0.32 5'582'196 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 17'684'685 0.19 - 25.03.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 14'303'336 0.15 1'277'038 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'120'169 0.14 6'820'235 31.01.2013 Investment Advisor
ARCA SGR SPA Multiple Portfolios MF-AGG 12'861'686 0.14 216'500 28.02.2013 Mutual Fund Manager
STATE STREET BANQUE Multiple Portfolios MF-AGG 9'428'887 0.1 775'921 28.02.2013 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 9'331'460 0.1 317'904 28.02.2013 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8'892'727 0.09 (165'071) 31.01.2013 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 8'055'396 0.09 61'977 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'830'955 0.08 23'874 31.01.2013 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 7'754'520 0.08 (198'780) 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'123'096 0.08 3'250'432 28.12.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'012'498 0.07 39'692 26.03.2013 Investment Advisor
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'929'768 0.07 - 31.01.2013 Mutual Fund Manager
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'732'826 0.06 185'790 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 5'696'253 0.06 (1'361'003) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse JAVIER GARRIDO underweight 1 D 3 12 month 25.03.2013
Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 25.03.2013
HSBC ADAM DICKENS underweight 1 M 2 Not Provided 21.03.2013
Banca IMI ROBERTO RANIERI Under Review #N/A N/A M #N/A N/A Not Provided 19.03.2013
ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 19.03.2013
Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 3 12 month 18.03.2013
S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 18.03.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 18.03.2013
Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 15.03.2013
Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 14.03.2013
Societe Generale ALBERTO PONTI buy 5 M 3 12 month 14.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 3 12 month 14.03.2013
Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 3 Not Provided 14.03.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 14.03.2013
Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013
Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 13.03.2013
Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013
Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 4 12 month 11.03.2013
AlphaValue MYRIAM COHEN buy 5 M 4 6 month 07.03.2013
Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 05.03.2013
Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013
Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 3 12 month 06.02.2013
Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013
Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012
Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 09.03.2012
Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012
DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011
Holdings By:
Shriram Transport Finance Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Siemens Ltd. has its operations in various areas: in the transportation sector
produces beers, spirits, wines, and soft drinks under various brand names.
Latest Fiscal Year: 09/2012
LTM as of: 12/yy
52-Week High (18.04.2012) 838.70
52-Week Low (04.03.2013) 482.35
Daily Volume
527.25
52-Week High % Change -37.13% Dividend Yield 1.14
52-Week Low % Change 9.31% Beta 0.91
% 52 Week Price Range High/Low 12.60% Equity Float 53.28
Shares Out 06.03.2013 355.5 Short Int -
187'434.61 1 Yr Total Return -30.25%
Total Debt 0.00 YTD Return -20.23%
Preferred Stock 0.0 Adjusted BETA 0.910
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 12'750.40 Consensus Rating 1.852
Enterprise Value 174'684.21
Average Volume 5 Day 41'889
SIEM IB EQUITY YTD Change - Average Volume 30 Day 50'936
SIEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 35'198
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 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
96'336.4 92'336.3 95'752.1 119'063.4 - - - 131'673.6 145'190.1 - -
1.24x 1.88x 2.70x 2.29x - - - 1.25x 1.08x - -
7'274.2 10'386.8 13'296.2 12'670.3 - - - 11'493.4 14'000.0 - -
16.46x 16.67x 19.47x 21.49x - - - 15.20x 12.48x - -
5'995.5 7'046.0 7'577.7 8'677.5 - - - 7'082.6 8'656.8 - -
22.41x 26.66x 36.64x 32.71x - - - 25.49x 20.85x - -
EBITDA 12'670.26 Long-Term Rating Date -
EBIT 11'130.35 Long-Term Rating -
Operating Margin 9.35% Long-Term Outlook -
Pretax Margin 10.83% Short-Term Rating Date -
Return on Assets 8.91% Short-Term Rating -
Return on Common Equity 24.46%
Return on Capital 24.70% EBITDA/Interest Exp. 99.55
Asset Turnover 1.22% (EBITDA-Capex)/Interest Exp. 65.51
Net Debt/EBITDA -1.01
Gross Margin 24.1% Total Debt/EBITDA 0.00
EBITDA Margin 10.6%
EBIT Margin 9.3% Total Debt/Equity 0.0%
Net Income Margin 7.3% Total Debt/Capital 0.0%
Asset Turnover 1.22
Current Ratio 1.35 Net Fixed Asset Turnover 9.65
Quick Ratio 0.86 Accounts receivable turnover-days 116.24
Debt to Assets 0.00% Inventory Days 30.84
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 116.43
Accounts Receivable Turnover 3.14 Cash Conversion Cycle 30.65
Inventory Turnover 11.84
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
Siemens LtdPrice/Volume
Valuation Analysis
50'144.00
Current Price (3/dd/yy) Market Data
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10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
1999 2000 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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SIEMENS AG n/a Research 288'030'112 50 - 30.07.2011 Corporation
CB EQUITY LLP n/a Research 58'426'684 10.14 - 29.06.2011 Holding Company
SUN LIFE FINANCIAL I n/a ULT-AGG 26'749'481 4.64 (1'036'753) 31.01.2013 Investment Advisor
CREDIT SUISSE GROUP n/a Research 19'749'284 3.43 - 04.05.2010 Investment Advisor
DAVIS INVESTMENTS LL n/a Research 8'514'203 1.48 - 16.02.2012 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'894'332 1.2 3'372'552 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'732'907 0.82 4'253'020 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'390'445 0.59 53'695 31.12.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 2'588'234 0.45 - 21.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'240'550 0.39 (429'726) 31.01.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 2'205'111 0.38 - 28.02.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 2'110'234 0.37 2'442 25.03.2013 Investment Advisor
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 1'540'251 0.27 49'679 31.01.2013 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'287'725 0.22 (64'810) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'280'256 0.22 (45'616) 31.01.2013 Investment Advisor
UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 1'165'000 0.2 - 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 853'141 0.15 99'498 31.01.2013 Mutual Fund Manager
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 837'474 0.15 (28'080) 31.05.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 694'714 0.12 (48'250) 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 658'436 0.11 96'772 30.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited WIM HOSTE buy 5 M 62 Not Provided 26.03.2013
SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 50 12 month 26.03.2013
Rabobank International KAREL ZOETE hold 3 M 55 Not Provided 26.03.2013
Nomura IAN SHACKLETON neutral 3 M 54 12 month 25.03.2013
Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 64 12 month 22.03.2013
ING Bank MARCO GULPERS buy 5 M 65 12 month 22.03.2013
AlphaValue ISABELLE COMBEMALE add 4 M 61 6 month 21.03.2013
ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 53 Not Provided 20.03.2013
RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 62 12 month 11.03.2013
Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 08.03.2013
Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 45 12 month 05.03.2013
Societe Generale ANDREW HOLLAND buy 5 M 62 12 month 26.02.2013
Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 64 Not Provided 22.02.2013
JPMorgan MIKE J GIBBS neutral 3 M 57 9 month 21.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 20.02.2013
Deutsche Bank JONATHAN FELL buy 5 M 60 12 month 14.02.2013
Natixis JOSEPHINE CHEVALLIER buy 5 M 60 Not Provided 14.02.2013
Day by Day VALERIE GASTALDY buy 5 M 59 3 month 14.02.2013
Barclays SAMAR CHAND underweight 1 M 48 Not Provided 14.02.2013
Kempen & Co SANDER VAN OORT hold 3 M 48 12 month 13.02.2013
Jefferies DIRK VAN VLAANDEREN underperform 1 M 43 12 month 13.02.2013
HSBC LAUREN E TORRES neutral 3 M 56 Not Provided 13.02.2013
Petercam KRIS KIPPERS hold 3 M 50 Not Provided 13.02.2013
Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 67 6 month 13.02.2013
S&P Capital IQ CARL SHORT hold 3 D 56 12 month 13.02.2013
Berenberg Bank PHILIP MORRISEY hold 3 M 49 Not Provided 07.02.2013
Theodoor Gilissen Securities TOM MULLER hold 3 M 54 Not Provided 22.01.2013
Grupo Santander ANTHONY J BUCALO hold 3 M 57 Not Provided 21.01.2013
CA Cheuvreux ERIC BOROIAN outperform 5 M 55 Not Provided 21.01.2013
Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 56 12 month 09.01.2013
Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 10.12.2012
Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 45 Not Provided 20.09.2012
Credit Suisse SANJEET AUJLA not rated #N/A N/A M #N/A N/A Not Provided 28.08.2012
Davy BARRY GALLAGHER underperform 1 M #N/A N/A Not Provided 14.08.2012
Kepler Capital Markets TEAM COVERAGE reduce 2 N 34 Not Provided 27.09.2011
Holdings By:
Siemens Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
State Bank of India provides a wide range of banking and financial services to
commercial, and residential customers. The Company produces natural gas and oil,
mines coal, delivers and distributes gas, and supplies drinking water.
RWE AG operates mainly in Europe.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (10.01.2013) 2'550.00
52-Week Low (16.05.2012) 1'804.50
Daily Volume
2051.4
52-Week High % Change -19.55% Dividend Yield 1.71
52-Week Low % Change 13.68% Beta 1.18
% 52 Week Price Range High/Low 33.12% Equity Float 186.23
Shares Out 25.01.2013 671.0 Short Int -
1'376'582.25 1 Yr Total Return -1.97%
Total Debt 2'093'349.15 YTD Return -13.94%
Preferred Stock 0.0 Adjusted BETA 1.175
Minority Interest 37'256.7 Analyst Recs 63
Cash and Equivalents 1'451'021.22 Consensus Rating 3.619
Enterprise Value -
Average Volume 5 Day 457'337
SBIN IB EQUITY YTD Change - Average Volume 30 Day 426'309
SBIN IB EQUITY YTD % CHANGE - Average Volume 3 Month 372'821
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
899'701.7 1'131'245.9 1'338'617.8 1'478'646.7 1'770'798.4 49'153.0 39'773.0 970'236.3 ######### - -
- - - - - 2.84x 3.72x - - - -
- - - - - 6'912.0 7'228.0 - - - -
- - - - - 4.66x 0.00x - - - -
89'606.1 109'552.9 117'338.3 106'849.5 153'431.0 1'806.0 1'033.0 187'262.5 216'363.1 - -
10.06x 6.18x 11.24x 16.43x 8.68x 8.13x 0.00x 7.41x 6.45x - -
EBITDA - Long-Term Rating Date 30.01.2007
EBIT - Long-Term Rating BBB-
Operating Margin 28.10% Long-Term Outlook NEG
Pretax Margin 28.05% Short-Term Rating Date 30.01.2007
Return on Assets 0.88% Short-Term Rating A-3
Return on Common Equity 16.18%
Return on Capital 5.32% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 197.1%
Net Income Margin 17.5% Total Debt/Capital 65.6%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 25.49
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.44% Inventory Days -
Tot Debt to Common Equity 197.06% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
State Bank of IndiaPrice/Volume
Valuation Analysis
336'451.00
Current Price (3/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
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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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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 86'361'823 15 - 31.12.2012 Other
BLACKROCK n/a ULT-AGG 28'787'275 5 - 25.03.2013 Investment Advisor
CREDIT SUISSE GROUP n/a Research 28'008'409 4.86 - 04.05.2012 Investment Advisor
MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 16.05.2012 Hedge Fund Manager
SOCIETE GENERALE SA n/a Research 6'421'155 1.12 - 19.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 5'726'000 0.99 4'226'000 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'509'049 0.96 3'963'686 28.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'122'429 0.89 196'272 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'919'473 0.51 78'546 28.09.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'349'710 0.41 (446'152) 28.12.2012 Mutual Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'317'638 0.4 (565'153) 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'358'033 0.24 - 25.03.2013 Investment Advisor
ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'146'153 0.2 - 26.03.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'066'091 0.19 (298'847) 28.02.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'043'884 0.18 (164'548) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 986'543 0.17 (1'416'019) 31.01.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 928'678 0.16 79'174 31.10.2012 Mutual Fund Manager
NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 900'000 0.16 900'000 31.01.2013 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 845'432 0.15 (13'576) 31.01.2013 Investment Advisor
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 822'801 0.14 800'000 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited JOHN MUSK sector perform 3 M 28 12 month 27.03.2013
HSBC ADAM DICKENS underweight 1 M 23 Not Provided 26.03.2013
Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 32 Not Provided 25.03.2013
Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 29 6 month 22.03.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 21.03.2013
Redburn Partners AHMED FARMAN buy 5 M #N/A N/A Not Provided 18.03.2013
Grupo Santander OSCAR NAJAR RIOS underweight 1 M #N/A N/A Not Provided 12.03.2013
JPMorgan VINCENT DE BLIC underweight 1 M 28 9 month 12.03.2013
Nomura MARTIN YOUNG reduce 2 M 25 Not Provided 12.03.2013
AlphaValue EILEEN RYAN buy 5 M 34 6 month 12.03.2013
Goldman Sachs DEBORAH WILKENS neutral/neutral 3 M 36 12 month 11.03.2013
Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 08.03.2013
DZ Bank AG MARC NETTELBECK buy 5 M 35 12 month 08.03.2013
Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 25 Not Provided 07.03.2013
Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 07.03.2013
Societe Generale ALBERTO PONTI sell 1 M 24 12 month 06.03.2013
Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 33 12 month 06.03.2013
Nord/LB HEINO HAMMANN hold 3 M 31 12 month 06.03.2013
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 25 12 month 06.03.2013
S&P Capital IQ CLIVE ROBERTS hold 3 M 29 12 month 06.03.2013
Independent Research GmbH SVEN DIERMEIER hold 3 M 30 12 month 05.03.2013
M.M. Warburg Investment Research STEPHAN WULF buy 5 M 34 12 month 05.03.2013
Kepler Capital Markets INGO BECKER reduce 2 M 27 Not Provided 05.03.2013
Main First Bank AG ANDREAS THIELEN underperform 1 D 29 12 month 01.03.2013
Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
Credit Suisse VINCENT GILLES underperform 1 M 28 Not Provided 06.02.2013
Berenberg Bank LAWSON STEELE sell 1 N 25 Not Provided 05.02.2013
Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 34 Not Provided 28.01.2013
Barclays PETER BISZTYGA underweight 1 M 27 Not Provided 25.01.2013
Macquarie ROBERT SCHRAMM-FUCHS neutral 3 D 30 12 month 22.01.2013
Steubing AG MICHAEL BROEKER buy 5 M 60 Not Provided 14.01.2013
Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 11.01.2013
Deutsche Bank ALEXANDER KARNICK sell 1 D 27 12 month 07.01.2013
Natixis PHILIPPE OURPATIAN neutral 3 M 34 Not Provided 05.11.2012
CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012
Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012
Holdings By:
State Bank of India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Steel Authority of India Limited is an integrated steel manufacturing company.
the United Kingdom, United States, Spain, Portugal, and Latin America. The
Company specializes in clean energy and more specifically wind power.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.04.2012) 101.75
52-Week Low (26.03.2013) 60.25
Daily Volume
61
52-Week High % Change -40.05% Dividend Yield 3.28
52-Week Low % Change 1.24% Beta 1.28
% 52 Week Price Range High/Low 1.81% Equity Float 382.34
Shares Out 25.01.2013 4'130.5 Short Int -
251'962.05 1 Yr Total Return -33.61%
Total Debt 180'281.70 YTD Return -31.29%
Preferred Stock 0.0 Adjusted BETA 1.277
Minority Interest 0.0 Analyst Recs 51
Cash and Equivalents 64'929.20 Consensus Rating 2.843
Enterprise Value 367'314.55
Average Volume 5 Day 658'629
SAIL IB EQUITY YTD Change - Average Volume 30 Day 487'678
SAIL IB EQUITY YTD % CHANGE - Average Volume 3 Month 464'424
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
395'765.1 432'186.9 405'770.0 433'993.9 466'581.6 - - 453'037.5 513'419.5 113'974.0 128'361.0
1.66x 0.69x 2.40x 1.69x 1.08x - - 0.93x 0.98x - -
116'897.0 92'919.6 99'514.9 78'383.7 64'239.0 - - 58'363.4 73'762.6 18'016.0 -
5.62x 3.23x 9.79x 9.35x 7.86x - - 6.29x 4.98x - -
75'957.6 62'452.7 68'506.1 50'139.1 35'930.9 - - 29'429.8 32'298.6 6'796.0 7'142.0
10.08x 6.38x 15.23x 13.97x 10.83x - - 8.41x 7.62x 8.92x 8.82x
EBITDA 64'239.00 Long-Term Rating Date 29.04.2010
EBIT 47'304.10 Long-Term Rating BBB-
Operating Margin 10.14% Long-Term Outlook NEG
Pretax Margin 11.32% Short-Term Rating Date -
Return on Assets 4.59% Short-Term Rating -
Return on Common Equity 9.23%
Return on Capital 7.05% EBITDA/Interest Exp. 8.61
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. -4.47
Net Debt/EBITDA 1.80
Gross Margin - Total Debt/EBITDA 2.81
EBITDA Margin 13.8%
EBIT Margin 10.1% Total Debt/Equity 44.8%
Net Income Margin 7.7% Total Debt/Capital 30.9%
Asset Turnover 0.60
Current Ratio 1.51 Net Fixed Asset Turnover 1.12
Quick Ratio 0.59 Accounts receivable turnover-days 35.02
Debt to Assets 22.97% Inventory Days -
Tot Debt to Common Equity 44.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.45 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Steel Authority of India LtdPrice/Volume
Valuation Analysis
613'615.00
Current Price (3/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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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 514'250'814 8.19 - 31.12.2012 Government
ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.61 - 31.12.2012 Corporation
BANCAJA (VALENCIA CA n/a Co File 314'887'559 5.01 - 31.12.2012 Bank
BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.93 (13'299'908) 24.01.2013 Bank
NATIXIS n/a Co File 277'971'800 4.43 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 266'519'132 4.24 1'999'736 25.03.2013 Investment Advisor
SOCIETE GENERALE n/a Co File 182'216'094 2.9 - 17.01.2013 Bank
IBERDROLA SA n/a Co File 83'188'438 1.32 - 31.12.2012 Corporation
AMUNDI Multiple Portfolios MF-AGG 60'811'776 0.97 9'929'612 31.12.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'196'587 0.66 2'388'677 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 26'238'031 0.42 6'809'180 31.01.2013 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 17'171'395 0.27 (1'721'294) 28.02.2013 Investment Advisor
DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 13'973'808 0.22 - 25.03.2013 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'214'700 0.21 7'602'990 28.09.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 8'811'697 0.14 (673'854) 31.01.2013 Investment Advisor
INVERCAIXA GESTION S Multiple Portfolios MF-AGG 8'353'126 0.13 1'181'206 31.01.2013 Investment Advisor
MAINFIRST SICAV Multiple Portfolios MF-AGG 8'200'000 0.13 - 30.11.2012 Investment Advisor
MACQUARIE GROUP n/a ULT-AGG 7'236'945 0.12 263'277 31.01.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'034'262 0.11 1'750'634 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura ALOK KUMAR NEMANI buy 5 M 103 Not Provided 27.03.2013
Standard Chartered SATISH KUMAR in-line 3 M 95 12 month 25.03.2013
IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 59 Not Provided 22.03.2013
India Infoline TARANG BHANUSHALI Subscribe 5 M 72 12 month 22.03.2013
Ambit Capital Pvt Ltd JATIN KOTIAN sell 1 M 65 12 month 22.03.2013
ICICIdirect.com DEWANG SANGHAVI buy 5 M 82 Not Provided 22.03.2013
Centrum Broking Pvt Ltd ABHISAR JAIN sell 1 M 59 Not Provided 22.03.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY accumulate 4 U 70 Not Provided 21.03.2013
Angel Broking Limited BHAVESH CHAUHAN avoid 1 M #N/A N/A Not Provided 21.03.2013
Antique Stock Broking Limited AMIT AGARWAL hold 3 M 71 Not Provided 21.03.2013
Motilal Oswal Securities Ltd SANJAY JAIN sell 1 M 39 Not Provided 18.03.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR hold 3 M 78 Not Provided 15.03.2013
ICICI Securities ABHIJIT MITRA add 4 M 82 12 month 15.03.2013
Batlivala & Karani Securities PRITAM LALA outperform 5 M 77 Not Provided 15.03.2013
Macquarie RAKESH ARORA outperform 5 U 82 12 month 13.03.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 62 Not Provided 12.03.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 N 79 Not Provided 08.03.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL reduce 2 M 76 Not Provided 28.02.2013
Barclays CHIRAG SHAH underweight 1 M 67 Not Provided 27.02.2013
Credit Suisse NEELKANTH MISHRA underperform 1 M 50 Not Provided 20.02.2013
MSFL - Institutional Business Group TANUJ RASTOGI sell 1 M 70 12 month 15.02.2013
BNP Paribas Equity Research KUNAL AGRAWAL buy 5 M 100 12 month 14.02.2013
Phillip Securities DHAWAL DOSHI neutral 3 M 89 Not Provided 14.02.2013
KR Choksey Shares & Sec Pvt Ltd UMESH PATEL accumulate 4 M 88 12 month 14.02.2013
IIFL BIJAL SHAH reduce 2 M 66 12 month 14.02.2013
JPMorgan PINAKIN M PAREKH overweight 5 M 120 9 month 13.02.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 74 12 month 13.02.2013
JM Financial Institutional Securities P ASHUTOSH SOMANI hold 3 M 80 12 month 13.02.2013
Sunidhi Consultancy Services CHINTAN J MEHTA neutral 3 M 90 12 month 13.02.2013
Dolat Capital Market Ltd. RAM MODI sell 1 M 72 Not Provided 13.02.2013
Edelweiss Capital PRASAD BAJI buy 5 M 103 12 month 13.02.2013
Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 M 120 12 month 13.02.2013
Morgan Stanley VIPUL PRASAD Underwt/In-Line 1 M 70 12 month 12.02.2013
Religare Capital Markets VARUN LOHCHAB sell 1 M 75 12 month 12.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Karvy Stock Broking Ltd PALLAV AGARWAL buy 5 M 130 Not Provided 10.01.2013
CIMB RAHUL JAIN underperform 1 N 69 Not Provided 07.01.2013
Espirito Santo Investment Bank ResearchRITESH SHAH sell 1 M 63 Not Provided 26.11.2012
Daiwa Securities Co. Ltd. DEEPAK PODDAR outperform 5 M 95 Not Provided 09.11.2012
Tata Securities Limited ABHISHEK PODDAR hold 3 M 87 12 month 09.11.2012
Deutsche Bank ABHAY LAIJAWALA buy 5 M 106 12 month 08.11.2012
Fortune Equity Brokers (India) Ltd NIRAJ SHAH sell 1 M 69 12 month 08.11.2012
Maybank Kim Eng ANUBHAV GUPTA buy 5 M 111 12 month 07.11.2012
Holdings By:
Steel Authority of India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Sterlite Industries (India) Ltd. manufactures a wide range of electrical wires
and children. The Company sells a variety trendy, sporty, and classic garments
in addition to accessories such as jewelery, bags, and scarves, and cosmetics.
H&M owns and operates stores in many European countries and the United States.
Latest Fiscal Year: 03/2012
LTM as of: 02/yy
52-Week High (03.01.2013) 123.35
52-Week Low (04.06.2012) 88.60
Daily Volume
91.15
52-Week High % Change -26.10% Dividend Yield 1.10
52-Week Low % Change 2.88% Beta 1.52
% 52 Week Price Range High/Low 7.34% Equity Float 1'404.65
Shares Out 25.01.2013 3'360.7 Short Int -
306'324.03 1 Yr Total Return -16.91%
Total Debt 144'725.00 YTD Return -21.86%
Preferred Stock 0.0 Adjusted BETA 1.525
Minority Interest 121'989.9 Analyst Recs 43
Cash and Equivalents 229'536.50 Consensus Rating 3.767
Enterprise Value 370'822.94
Average Volume 5 Day 526'191
STLT IB EQUITY YTD Change - Average Volume 30 Day 494'790
STLT IB EQUITY YTD % CHANGE - Average Volume 3 Month 473'325
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 02/yy 02/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
247'053.6 211'442.2 245'006.0 304'285.0 411'789.4 113'328.0 121'358.0 431'466.6 472'877.1 104'646.3 -
2.38x 0.94x 2.77x 1.89x 1.00x 12.17x 11.80x 0.92x 0.72x - -
82'353.4 48'237.9 63'339.8 80'498.2 101'685.8 23'862.0 25'182.0 102'626.9 120'270.4 25'722.5 -
7.15x 4.12x 10.70x 7.14x 4.04x 15.57x 14.50x 3.61x 3.08x - -
45'060.9 35'399.9 37'437.4 50'425.2 48'279.2 15'942.0 16'586.0 57'064.6 64'994.8 15'197.3 16'202.0
10.70x 7.16x 18.16x 11.58x 7.73x 24.69x 23.16x 5.35x 4.71x 4.60x 4.73x
EBITDA 101'685.80 Long-Term Rating Date -
EBIT 83'387.70 Long-Term Rating -
Operating Margin 20.25% Long-Term Outlook -
Pretax Margin 22.10% Short-Term Rating Date -
Return on Assets 6.04% Short-Term Rating -
Return on Common Equity 11.04%
Return on Capital 10.98% EBITDA/Interest Exp. 17.64
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 4.73
Net Debt/EBITDA -0.83
Gross Margin - Total Debt/EBITDA 1.42
EBITDA Margin 24.7%
EBIT Margin 20.3% Total Debt/Equity 31.4%
Net Income Margin 11.7% Total Debt/Capital 19.9%
Asset Turnover 0.51
Current Ratio 2.46 Net Fixed Asset Turnover 1.35
Quick Ratio 1.54 Accounts receivable turnover-days 15.27
Debt to Assets 16.93% Inventory Days -
Tot Debt to Common Equity 31.42% Accounts Payable Turnover Day -
Accounts Receivable Turnover 23.97 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
Sterlite Industries India LtdPrice/Volume
Valuation Analysis
607'999.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TWINSTAR HOLDINGS LT n/a Research 429'449'332 29.4 - 31.01.2013 n/a
THAM LOTTIE n/a Research 88'080'400 6.03 - 31.01.2013 n/a
ALECTA PENSIONSFORSA n/a Research 65'340'000 4.47 - 31.01.2013 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE n/a Research 46'207'198 3.16 - 31.01.2013 Investment Advisor
SEB n/a ULT-AGG 34'110'194 2.34 (1'369'533) 13.01.2013 Unclassified
AMF FORAKRING OCH FO n/a Research 33'183'861 2.27 - 31.01.2013 n/a
CLEARSTREAM BANKING n/a Research 29'003'861 1.99 - 31.01.2013 Bank
JP MORGAN CHASE BANK n/a Research 28'345'566 1.94 - 31.01.2013 Investment Advisor
SSB CL OMNIBUS n/a Research 27'316'541 1.87 - 31.01.2013 Other
FOLKSAM GROUP n/a Research 17'812'084 1.22 - 28.09.2012 Insurance Company
AFA FORSAKRINGAR n/a Research 17'365'420 1.19 - 31.01.2013 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 16'296'650 1.12 (10'445'500) 31.12.2012 Investment Advisor
FJARDE AP-FONDEN n/a Research 15'518'751 1.06 - 31.01.2013 Pension Fund (ERISA)
HANDELSBANKEN FONDER n/a Research 15'328'521 1.05 - 28.09.2012 Investment Advisor
NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 14'537'070 1 2'239'650 28.02.2013 Investment Advisor
BENGTSSON JAN n/a Research 14'222'030 0.97 - 31.01.2013 n/a
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'523'874 0.93 - 31.01.2013 Investment Advisor
AMF FONDER AB Multiple Portfolios MF-AGG 12'305'880 0.84 2'337'150 31.12.2012 Investment Advisor
NORDEA INVESTMENT FU n/a Research 11'904'522 0.82 - 31.01.2013 Mutual Fund Manager
FORSTA AP FONDEN n/a Research 10'964'430 0.75 - 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered SIMON BOWLER underperform 1 M 190 Not Provided 27.03.2013
ISI Group OMAR SAAD neutral 3 M 230 12 month 24.03.2013
ABG Sundal Collier ANDREAS LUNDBERG hold 3 M 220 6 month 22.03.2013
Sanford C. Bernstein & Co JAMIE MERRIMAN underperform 1 M 195 12 month 22.03.2013
Raymond James CEDRIC LECASBLE underperform 1 M 196 12 month 22.03.2013
HSBC PAUL ROSSINGTON underweight 1 D 230 Not Provided 22.03.2013
SEB Enskilda NICKLAS FHARM buy 5 M 255 Not Provided 22.03.2013
Cantor Fitzgerald ALLEGRA PERRY sell 1 M 200 Not Provided 22.03.2013
Nordea Equity Research STEFAN STJERNHOLM sell 1 M 215 12 month 22.03.2013
Handelsbanken ERIK SANDSTEDT buy 5 M 270 12 month 22.03.2013
Bryan Garnier & Cie PETER FARREN sell 1 M 225 6 month 22.03.2013
Natixis JEAN BAPTISTE TEISSIER neutral 3 M 235 Not Provided 22.03.2013
Nomura FRASER RAMZAN neutral 3 M 216 Not Provided 22.03.2013
DNB Markets HAAKON ASCHEHOUG sell 1 M 205 Not Provided 22.03.2013
Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 240 Not Provided 22.03.2013
Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 212 12 month 22.03.2013
Danske Markets ANDERS HANSSON hold 3 M 235 12 month 22.03.2013
Grupo Santander REBECCA MCCLELLAN underweight 1 M 190 12 month 21.03.2013
Credit Suisse SIMON IRWIN underperform 1 M 175 Not Provided 21.03.2013
Carnegie NIKLAS EKMAN buy 5 M #N/A N/A Not Provided 21.03.2013
Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 21.03.2013
AlphaValue VIRGINIE BLIN reduce 2 M 241 6 month 21.03.2013
Societe Generale ANNE CRITCHLOW sell 1 M 219 12 month 22.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 21.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 12.02.2013
S&P Capital IQ TUNA AMOBI hold 3 M 260 12 month 01.02.2013
Redburn Partners GEOFF LOWERY sell 1 M #N/A N/A Not Provided 01.02.2013
Independent Research GmbH ZAFER RUZGAR sell 1 M 210 12 month 31.01.2013
Morgan Stanley GEOFFREY RUDDELL Underwt/Cautious 1 M 195 12 month 30.01.2013
Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 240 12 month 23.01.2013
Swedbank CHRISTIAN ANDERSON neutral 3 M 220 12 month 14.01.2013
CA Cheuvreux DANIEL OVIN underperform 1 M 200 Not Provided 30.11.2012
Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 185 Not Provided 19.11.2012
Goldman Sachs FRANKLIN WALDING neutral/neutral 3 U 238 12 month 07.11.2012
Sydbank SOEREN LONTOFT HANSEN hold 3 M #N/A N/A Not Provided 01.10.2012
Pareto Securities HELENA NORDMAN-KNUTSON hold 3 M 240 6 month 28.09.2012
Holdings By:
Sterlite Industries India Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals
military equipment. The Company produces commercial aircraft including the
Airbus, military fighter aircraft, military and commercial helicopters,
missiles, satellites, and telecommunications and defense systems, and offers
military and commercial aircraft conversion and maintenance services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (19.03.2013) 848.00
52-Week Low (05.06.2012) 554.00
Daily Volume
822.1
52-Week High % Change -3.05% Dividend Yield 0.52
52-Week Low % Change 48.39% Beta 0.66
% 52 Week Price Range High/Low 91.19% Equity Float 541.49
Shares Out 25.01.2013 1'034.0 Short Int -
850'036.69 1 Yr Total Return 43.80%
Total Debt 3'207.30 YTD Return 11.77%
Preferred Stock 0.0 Adjusted BETA 0.659
Minority Interest 11'614.5 Analyst Recs 50
Cash and Equivalents 25'093.20 Consensus Rating 4.160
Enterprise Value 839'765.28
Average Volume 5 Day 51'607
SUNP IB EQUITY YTD Change - Average Volume 30 Day 83'430
SUNP IB EQUITY YTD % CHANGE - Average Volume 3 Month 68'095
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
33'565.3 42'723.0 38'086.3 57'279.0 80'194.9 49'128.0 56'480.0 110'344.1 128'867.8 28'573.9 26'581.0
7.29x 4.89x 9.25x 7.78x 7.23x 1.04x 1.39x 7.39x 6.14x - -
14'387.7 18'745.7 13'811.0 20'043.3 32'828.5 3'381.0 3'987.0 48'889.4 53'599.6 11'907.2 12'169.0
17.00x 11.15x 25.51x 22.22x 17.67x 4.51x 4.51x 17.21x 15.70x 19.09x -
14'869.0 18'118.8 13'510.8 18'160.6 25'872.5 1'033.0 1'228.0 32'671.4 37'530.8 8'432.4 9'579.0
16.47x 12.71x 27.47x 25.19x 22.80x 19.00x 19.73x 26.08x 22.96x - -
EBITDA 32'828.50 Long-Term Rating Date -
EBIT 29'916.90 Long-Term Rating -
Operating Margin 37.31% Long-Term Outlook -
Pretax Margin 41.85% Short-Term Rating Date -
Return on Assets 18.07% Short-Term Rating -
Return on Common Equity 23.90%
Return on Capital 24.57% EBITDA/Interest Exp. 116.41
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 91.13
Net Debt/EBITDA -0.67
Gross Margin - Total Debt/EBITDA 0.10
EBITDA Margin 40.9%
EBIT Margin 37.3% Total Debt/Equity 2.6%
Net Income Margin 32.3% Total Debt/Capital 2.3%
Asset Turnover 0.56
Current Ratio 3.50 Net Fixed Asset Turnover 2.96
Quick Ratio 1.80 Accounts receivable turnover-days 69.17
Debt to Assets 1.97% Inventory Days -
Tot Debt to Common Equity 2.64% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.29 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Sun Pharmaceutical Industries LtdPrice/Volume
Valuation Analysis
38'231.00
Current Price (3/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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHANGHVI DILIP SHANT n/a Research 183'337'704 22.12 - 11.12.2012 Holding Company
DAIMLERCHRYSLER AERO n/a Research 122'225'136 14.74 (61'096'851) 11.12.2012 Corporation
SOCIEDAD ESTATAL DE n/a Research 44'690'871 5.39 - 11.12.2012 Holding Company
FEDERAL REPUBLIC OF n/a Research 22'725'182 2.74 - 06.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 22'700'810 2.74 3'758 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 22'605'402 2.73 472'675 25.03.2013 Investment Advisor
CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.88 - 25.09.2012 Government
AMUNDI SA n/a RNS-RUL8 15'385'347 1.86 (2'721) 10.10.2012 Other
VANGUARD GROUP INC n/a RNS-RUL8 12'117'860 1.46 3'341 09.10.2012 Investment Advisor
VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.44 (1'079'438) 10.10.2012 Hedge Fund Manager
OLD MUTUAL n/a ULT-AGG 9'406'422 1.13 (41'413) 31.01.2013 Unclassified
OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.11 (9'990) 05.10.2012 Investment Advisor
STATE STREET n/a ULT-AGG 8'703'509 1.05 20'206 26.03.2013 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'266'690 0.76 60'000 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'821'239 0.58 (71'788) 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'590'746 0.55 (24'565) 31.01.2013 Investment Advisor
INVESCO LTD n/a RNS-RUL8 3'879'592 0.47 - 13.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'739'880 0.33 (144'726) 31.01.2013 Investment Advisor
BARCLAYS CAPITAL SEC n/a RNS-RUL8 2'644'421 0.32 (833'201) 10.10.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'581'514 0.31 (27'533) 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Espirito Santo Investment Bank ResearchCHIRAG TALATI buy 5 M 900 Not Provided 26.03.2013
Credit Suisse ANUBHAV AGGARWAL outperform 5 M 900 Not Provided 25.03.2013
Nomura SAION MUKHERJEE neutral 3 M 842 Not Provided 25.03.2013
Axis Capital Limited DEEPAK SHIVPRAKASH KHETAN Under Review #N/A N/A M 950 Not Provided 22.03.2013
BNP Paribas Equity Research ALOK DALAL buy 5 M 900 12 month 20.03.2013
Sunidhi Consultancy Services RASHMI SANCHETI neutral 3 N 830 12 month 19.03.2013
Karvy Stock Broking Ltd RAHUL SHARMA buy 5 M 825 Not Provided 19.03.2013
Quant Broking Pvt Ltd KIRIT GOGRI reduce 2 M 794 Not Provided 19.03.2013
HSBC GIRISH BAKHRU overweight 5 M 953 Not Provided 17.03.2013
India Infoline BHAVIKA SHINDE buy 5 M 930 12 month 14.03.2013
Centrum Broking Pvt Ltd RANJIT KAPADIA buy 5 M 892 Not Provided 14.03.2013
First Global Stockbroking DEVINA MEHRA moderate outperform 4 M #N/A N/A Not Provided 11.03.2013
JM Financial Institutional Securities P JESAL SHAH buy 5 M 900 Not Provided 11.03.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 858 Not Provided 08.03.2013
Barclays BALAJI V PRASAD overweight 5 U 936 Not Provided 08.03.2013
SBI Capital Markets VIVEK KUMAR buy 5 M 925 12 month 05.03.2013
ICICIdirect.com SIDDHANT KHANDEKAR hold 3 M 766 24 month 05.03.2013
Fortune Equity Brokers (India) Ltd HITESH MAHIDA buy 5 M 857 Not Provided 05.03.2013
Edelweiss Capital MANOJ GARG hold 3 M 774 12 month 04.03.2013
Antique Stock Broking Limited ANMOL GANJOO buy 5 M 818 Not Provided 01.03.2013
IIFL BINO PATHIPARAMPIL buy 5 M 917 12 month 27.02.2013
Batlivala & Karani Securities ROHIT V BHAT buy 5 M 850 Not Provided 25.02.2013
Motilal Oswal Securities Ltd HARDICK BORA neutral 3 M 848 Not Provided 22.02.2013
Elara Securities India Pvt Ltd SURAJIT PAL buy 5 M 950 12 month 19.02.2013
Jefferies PIYUSH NAHAR buy 5 M 870 12 month 15.02.2013
HDFC Securities SUDARSHAN PADMANABHAN outperform 5 M 809 12 month 13.02.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 13.02.2013
Khambatta Securities Ltd FATHIMA KHAN strong buy 5 U 860 Not Provided 12.02.2013
Standard Chartered RAVI AGRAWAL in-line 3 U 770 12 month 11.02.2013
JPMorgan PRINCY SINGH neutral 3 M 720 6 month 11.02.2013
Anand Rathi Securities Pvt. Ltd. SRIRAM RATHI hold 3 M 824 Not Provided 11.02.2013
Avendus Capital Private Ltd MONICA JOSHI hold 3 M 798 Not Provided 11.02.2013
India Nivesh Ltd DALJEET SINGH KOHLI hold 3 M 796 Not Provided 11.02.2013
Nirmal Bang Institutional Equities PRAFUL BOHRA hold 3 U 768 Not Provided 11.02.2013
Kotak Securities KRISHNA PRASAD reduce 2 M 750 Not Provided 10.02.2013
Macquarie ABHISHEK SINGHAL outperform 5 M 880 12 month 09.02.2013
CIMB PRAKASH AGARWAL neutral 3 M 790 12 month 09.02.2013
Morgan Stanley SAMEER BAISIWALA Overwt/In-Line 5 M 845 12 month 08.02.2013
Prabhudas Lilladher Pvt Ltd AMIT SHAH accumulate 4 M 805 12 month 08.02.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 850 18 month 08.02.2013
Emkay Share & Stock Brokers DEEPAK MALIK buy 5 M 800 Not Provided 08.02.2013
Tata Securities Limited VIHARI PURUSHOTHAMAN buy 5 M 847 12 month 08.02.2013
Angel Broking Limited SARABJIT KOUR NANGRA neutral 3 M #N/A N/A Not Provided 08.02.2013
Holdings By:
Sun Pharmaceutical Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind
equipment. The Company's products allow semiconductor manufacturers to choose
the optimal numerical aperture and wavelength for their applications, assure
uniformity, and produce more using less floor space.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (28.03.2012) 28.10
52-Week Low (22.03.2013) 13.20
Daily Volume
13.5
52-Week High % Change -51.96% Dividend Yield 0.00
52-Week Low % Change 2.27% Beta 1.60
% 52 Week Price Range High/Low 2.01% Equity Float 800.76
Shares Out 25.01.2013 1'777.4 Short Int -
23'994.44 1 Yr Total Return -50.82%
Total Debt 109'482.60 YTD Return -27.22%
Preferred Stock 59.4 Adjusted BETA 1.600
Minority Interest 827.8 Analyst Recs 10
Cash and Equivalents 26'964.60 Consensus Rating 1.700
Enterprise Value 143'239.84
Average Volume 5 Day 6'710'136
SUEL IB EQUITY YTD Change - Average Volume 30 Day 12'792'490
SUEL IB EQUITY YTD % CHANGE - Average Volume 3 Month 11'540'340
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
136'794.3 260'817.0 206'196.6 178'791.3 210'823.7 5'651.0 4'731.5 217'740.5 273'873.6 - -
3.41x 0.81x 1.04x 0.99x 0.61x 7.30x 12.93x 0.64x 0.49x - -
20'984.3 33'284.1 11'658.8 10'122.5 18'998.4 1'806.4 1'343.4 2'091.8 22'369.0 - -
22.21x 6.35x 18.32x 17.46x 6.75x 6.33x 13.11x 68.39x 6.40x - -
10'301.0 2'364.8 (9'825.6) (13'239.7) (4'785.8) 1'467.0 1'146.3 (24'125.0) 170.9 - -
37.28x 26.83x - - - 9.41x 17.78x - 34.18x - -
EBITDA 18'998.40 Long-Term Rating Date -
EBIT 12'386.10 Long-Term Rating -
Operating Margin 5.88% Long-Term Outlook -
Pretax Margin -0.83% Short-Term Rating Date -
Return on Assets -1.55% Short-Term Rating -
Return on Common Equity -8.17%
Return on Capital - EBITDA/Interest Exp. 1.36
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 0.72
Net Debt/EBITDA 4.34
Gross Margin - Total Debt/EBITDA 5.76
EBITDA Margin 9.0%
EBIT Margin 5.9% Total Debt/Equity 211.3%
Net Income Margin -2.3% Total Debt/Capital 67.5%
Asset Turnover 0.68
Current Ratio 0.84 Net Fixed Asset Turnover 4.95
Quick Ratio 0.36 Accounts receivable turnover-days 82.91
Debt to Assets 33.55% Inventory Days -
Tot Debt to Common Equity 211.32% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.41 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
Suzlon Energy LtdPrice/Volume
Valuation Analysis
4'321'870.00
Current Price (3/dd/yy) Market Data
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2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANMAN HOLDINGS PVT n/a 20F 62'977'877 15.35 - 06.02.2013 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 51'453'097 12.54 - 06.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 36'311'008 8.85 - 06.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 22'878'489 5.58 - 25.03.2013 Investment Advisor
STICHT ADM TSMC n/a 20F 20'992'625 5.12 - 06.02.2013 n/a
ASML HOLDING NV n/a Co File 8'980'030 2.19 - 01.07.2012 Corporation
WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'028'537 1.96 191'077 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'226'859 1.03 1'261'872 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'325'708 0.81 28'372 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'855'626 0.7 (621'636) 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'645'738 0.4 39'872 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'451'319 0.35 (71'809) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'245'258 0.3 (147'643) 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'164'538 0.28 700'111 31.01.2013 Mutual Fund Manager
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'036'267 0.25 130'859 31.01.2013 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'033'023 0.25 291'137 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 990'324 0.24 - 25.03.2013 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 855'324 0.21 2'376 31.12.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842'648 0.21 827'721 31.10.2012 Investment Advisor
SARASIN n/a ULT-AGG 836'932 0.2 (92'410) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited JEROME RAMEL neutral 3 M 50 Not Provided 26.03.2013
Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 22.03.2013
Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 21.03.2013
Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 21.03.2013
AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 21.03.2013
Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 19.03.2013
Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 13.03.2013
Societe Generale PETER KNOX hold 3 M 56 12 month 05.03.2013
Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 26.02.2013
Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 25.02.2013
Rabobank International PHILIP SCHOLTE hold 3 M 52 Not Provided 25.02.2013
Natixis STEPHANE HOURI buy 5 M 62 Not Provided 21.02.2013
JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013
ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013
Day by Day VALERIE GASTALDY buy 5 M 63 3 month 28.01.2013
Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013
Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013
ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013
Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013
Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013
Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013
CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013
Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013
S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 18.01.2013
Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013
Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013
Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013
Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013
Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013
Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013
Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012
Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012
SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012
Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012
Holdings By:
Suzlon Energy Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy
marine and industrial uses, and aircraft engine components. The Company also
offers repair and maintenance, lease financing, insurance, and financial
services to its customers.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (09.01.2013) 381.50
52-Week Low (08.08.2012) 299.00
Daily Volume
323
52-Week High % Change -15.33% Dividend Yield 3.10
52-Week Low % Change 8.03% Beta 0.74
% 52 Week Price Range High/Low 29.09% Equity Float 163.80
Shares Out 25.01.2013 254.8 Short Int -
82'286.27 1 Yr Total Return -1.85%
Total Debt 69'624.20 YTD Return -8.49%
Preferred Stock 0.0 Adjusted BETA 0.742
Minority Interest 4'480.9 Analyst Recs 20
Cash and Equivalents 16'813.00 Consensus Rating 4.250
Enterprise Value 139'641.68
Average Volume 5 Day 30'616
TTCH IB EQUITY YTD Change - Average Volume 30 Day 43'721
TTCH IB EQUITY YTD % CHANGE - Average Volume 3 Month 68'455
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
59'757.2 126'519.8 94'486.8 110'605.8 138'060.6 310'367.0 303'646.0 146'742.6 155'928.5 37'149.0 35'378.0
1.85x 0.67x 1.31x 1.21x 1.05x 3.61x 3.78x 0.94x 0.82x - -
9'383.2 17'665.1 16'304.2 18'784.3 23'384.1 42'597.0 32'392.0 22'684.2 24'844.2 5'760.0 -
11.76x 4.83x 7.60x 7.11x 6.23x 5.80x 8.78x 6.15x 5.61x - -
9'644.0 6'481.0 6'059.1 6'534.7 8'375.9 17'751.0 11'038.0 8'600.9 9'910.7 2'041.5 2'822.0
6.45x 5.13x 12.81x 13.10x 10.54x 8.60x 16.31x 9.63x 8.46x - -
EBITDA 23'384.10 Long-Term Rating Date -
EBIT 18'297.30 Long-Term Rating -
Operating Margin 13.25% Long-Term Outlook -
Pretax Margin 10.00% Short-Term Rating Date -
Return on Assets 4.82% Short-Term Rating -
Return on Common Equity 14.11%
Return on Capital 10.43% EBITDA/Interest Exp. 6.25
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 4.13
Net Debt/EBITDA 2.26
Gross Margin - Total Debt/EBITDA 2.98
EBITDA Margin 16.9%
EBIT Margin 13.3% Total Debt/Equity 108.5%
Net Income Margin 6.1% Total Debt/Capital 50.3%
Asset Turnover 0.79
Current Ratio 1.24 Net Fixed Asset Turnover 2.97
Quick Ratio 0.76 Accounts receivable turnover-days 48.69
Debt to Assets 36.42% Inventory Days -
Tot Debt to Common Equity 108.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.52 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tata Chemicals LtdPrice/Volume
Valuation Analysis
27'444.00
Current Price (3/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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200'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Research 80'013'209 5.02 - 28.12.2012 Corporation
SWEDBANK ROBUR FONDE n/a Research 78'657'058 4.94 - 28.12.2012 Investment Advisor
NORGES BANK n/a Research 71'955'474 4.52 - 28.12.2012 Government
ALECTA PENSIONSFORSA n/a Research 66'910'000 4.2 - 28.12.2012 Pension Fund (ERISA)
CAPITAL GROUP COMPAN n/a ULT-AGG 60'488'880 3.8 - 31.12.2012 Investment Advisor
AMF FORSAKRING n/a Research 42'544'960 2.67 - 28.12.2012 Other
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 41'696'882 2.62 5'950'000 31.12.2012 Investment Advisor
SEB FONDER AB n/a Research 35'329'637 2.22 - 28.12.2012 Mutual Fund Manager
AMF FONDER AB Multiple Portfolios MF-AGG 31'934'960 2 2'523'000 31.12.2012 Investment Advisor
SHB FUNDS n/a Research 27'578'727 1.73 - 28.12.2012 Investment Advisor
SEB n/a ULT-AGG 27'473'308 1.72 2'208'704 31.01.2013 Unclassified
NORDEA FONDER AB/SWE n/a Research 23'592'830 1.48 - 28.12.2012 Investment Advisor
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 23'301'799 1.46 294'923 31.12.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 20'281'485 1.27 489'457 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 15'936'269 1 1'218'851 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'291'900 0.9 619'858 31.12.2012 Investment Advisor
DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 13'240'000 0.83 600'000 31.12.2012 Investment Advisor
FJARDE AP-FONDEN n/a Research 12'895'181 0.81 - 28.12.2012 Pension Fund (ERISA)
ANDRA AP FONDEN n/a Research 11'526'751 0.72 - 28.12.2012 Pension Fund (ERISA)
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 9'898'756 0.62 (819'640) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Quant Broking Pvt Ltd HIMANSHU NAYYAR buy 5 M 421 Not Provided 25.03.2013
GEPL Capital Pvt Ltd ADITYA ANAND BAPAT buy 5 N 421 12 month 21.02.2013
Batlivala & Karani Securities AYYATHURAI RAJKUMAR outperform 5 M 380 Not Provided 15.02.2013
Phillip Securities GAURI ANAND neutral 3 D 385 Not Provided 11.02.2013
Sunidhi Consultancy Services TARUN SURANA hold 3 D 370 12 month 11.02.2013
Dalal & Broacha APURVA SHAH buy 5 M 414 Not Provided 11.02.2013
Spark Capital Advisors MUKESH SARAF add 4 D 375 12 month 11.02.2013
IIFL ABHIJIT R AKELLA buy 5 M 390 12 month 11.02.2013
Deutsche Bank HARSHAD KATKAR hold 3 M 350 12 month 10.02.2013
Kotak Securities JASDEEP WALIA add 4 D 370 Not Provided 10.02.2013
HSBC PUNEET GULATI underweight 1 M 330 Not Provided 08.02.2013
Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 D 400 Not Provided 08.02.2013
Microsec Capital GARGI DEB buy 5 M #N/A N/A Not Provided 30.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 400 Not Provided 04.01.2013
India Infoline PRITESH MEHTA buy 5 M 403 3 month 20.12.2012
MSFL - Institutional Business Group RAHUL METKAR buy 5 M 394 12 month 14.12.2012
Daiwa Securities Co. Ltd. NIRMAL RAGHAVAN hold 3 D 372 Not Provided 12.11.2012
ICICIdirect.com AMIT GUPTA buy 5 M 365 Not Provided 03.10.2012
Unicon Securities Pvt Ltd TEAM COVERAGE accumulate 4 M 414 Not Provided 14.02.2012
AK Stockmart Pvt Ltd GAURAV OZA accumulate 4 M 418 Not Provided 13.02.2012
Right Horizons Financial Services RANGAPRIYA SAIVASAN hold 3 M 425 Not Provided 12.02.2012
Holdings By:
Tata Chemicals Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Tata Consultancy Services, a division of Tata Sons Limited, is a global IT
professional, and large business customers. The Company offers public
fixed-line telephone, leased lines and data transmission, mobile
telecommunications, cable television, Internet and wireless applications, and
broadcasting services, and telecommunications equipment sales and rentals.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (07.03.2013) 1'598.00
52-Week Low (23.04.2012) 1'039.86
Daily Volume
1557.35
52-Week High % Change -2.54% Dividend Yield 1.09
52-Week Low % Change 49.77% Beta 0.87
% 52 Week Price Range High/Low 92.72% Equity Float 447.96
Shares Out 25.01.2013 1'957.2 Short Int -
3'048'078.00 1 Yr Total Return 35.49%
Total Debt 2'265.50 YTD Return 24.02%
Preferred Stock 0.0 Adjusted BETA 0.869
Minority Interest 5'587.7 Analyst Recs 72
Cash and Equivalents 75'180.70 Consensus Rating 3.569
Enterprise Value 2'948'333.22
Average Volume 5 Day 85'821
TCS IB EQUITY YTD Change - Average Volume 30 Day 107'177
TCS IB EQUITY YTD % CHANGE - Average Volume 3 Month 122'920
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
226'195.2 278'128.8 300'289.2 373'245.1 488'938.3 45'277.0 43'515.0 630'084.2 714'537.7 167'294.6 173'291.7
3.37x 1.77x 4.87x 6.08x 4.54x 0.00x 0.00x 4.69x 4.06x 18.25x 17.61x
57'113.8 71'698.0 86'945.5 111'790.7 144'564.9 0.0 0.0 182'298.4 205'491.6 48'530.7 49'573.3
13.36x 6.88x 16.81x 20.31x 15.36x 0.00x 0.00x 16.16x 14.34x 14.46x 14.04x
50'260.2 52'564.2 70'006.4 90'570.4 103'879.2 0.0 0.0 139'391.6 155'373.7 36'834.0 37'974.3
15.78x 10.04x 21.88x 25.58x 22.02x 0.00x 0.00x 21.88x 19.63x 19.87x 19.18x
EBITDA 144'564.90 Long-Term Rating Date 07.05.2010
EBIT 135'173.70 Long-Term Rating BBB+
Operating Margin 27.65% Long-Term Outlook NEG
Pretax Margin 28.42% Short-Term Rating Date -
Return on Assets 28.05% Short-Term Rating -
Return on Common Equity 38.56%
Return on Capital 38.10% EBITDA/Interest Exp. 302.44
Asset Turnover 1.32% (EBITDA-Capex)/Interest Exp. 260.45
Net Debt/EBITDA -0.50
Gross Margin - Total Debt/EBITDA 0.02
EBITDA Margin 29.6%
EBIT Margin 27.6% Total Debt/Equity 0.8%
Net Income Margin 21.2% Total Debt/Capital 0.7%
Asset Turnover 1.32
Current Ratio 2.20 Net Fixed Asset Turnover 8.58
Quick Ratio 1.80 Accounts receivable turnover-days 73.79
Debt to Assets 0.55% Inventory Days -
Tot Debt to Common Equity 0.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.96 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tata Consultancy Services LtdPrice/Volume
Valuation Analysis
51'850.00
Current Price (3/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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3
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.! ! B
.2 ! B
0! ! B
02 ! B
1! ! B
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
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. 2!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Research 360'248'428 13.6 - 08.03.2013 Government
SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank
AMUNDI n/a Research 129'217'007 4.88 (3'894'321) 11.06.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 39'954'280 1.51 638'687 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 28'552'964 1.08 27'407 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'340'657 0.88 4'937'505 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 19'392'378 0.73 1'826'645 31.01.2013 Mutual Fund Manager
FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation
DNCA FINANCE Multiple Portfolios MF-AGG 13'910'873 0.53 (368'000) 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 11'401'463 0.43 (255'991) 31.12.2012 Mutual Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 8'638'644 0.33 (16'681) 31.01.2013 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 7'761'976 0.29 (527'072) 31.12.2012 Mutual Fund Manager
AVIVA PLC Multiple Portfolios MF-AGG 7'460'542 0.28 - 28.02.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'369'828 0.2 - 25.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'174'475 0.2 (26'670) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'800 0.17 (9'177'060) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'211'079 0.16 - 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 3'775'692 0.14 1'905 26.03.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 3'716'633 0.14 (59'716) 31.10.2012 Mutual Fund Manager
MORGAN STANLEY n/a ULT-AGG 3'521'145 0.13 1'153'077 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered PANKAJ KAPOOR outperform 5 U 1'640 12 month 26.03.2013
Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 M 1'417 12 month 26.03.2013
Nomura ASHWIN MEHTA neutral 3 M 1'470 Not Provided 24.03.2013
Axis Capital Limited PRIYA ROHIRA hold 3 M 1'736 Not Provided 22.03.2013
Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN accumulate 4 M 1'590 12 month 20.03.2013
Angel Broking Limited ANKITA SOMANI accumulate 4 M 1'624 Not Provided 20.03.2013
Credit Suisse ANANTHA NARAYAN outperform 5 M 1'760 Not Provided 19.03.2013
JPMorgan VIJU K GEORGE neutral 3 M 1'500 12 month 18.03.2013
MSFL - Institutional Business Group SHWETA MALIK hold 3 M 1'631 12 month 15.03.2013
ICICI Securities KULDEEP KOUL add 4 M 1'707 12 month 14.03.2013
Techno Shares & Stocks DEBASHISH MAZUMDAR hold 3 M #N/A N/A Not Provided 13.03.2013
Jefferies VISHAL AGARWAL buy 5 M 1'785 12 month 11.03.2013
CIMB SANDEEP R SHAH neutral 3 M 1'400 12 month 11.03.2013
Maybank Kim Eng URMIL SHAH buy 5 M 1'810 12 month 11.03.2013
SBI Capital Markets DIPESH N MEHTA hold 3 M 1'490 12 month 11.03.2013
JM Financial Institutional Securities P GOVIND AGARWAL buy 5 M 1'580 12 month 11.03.2013
Dalal & Broacha APURVA SHAH buy 5 M 1'566 12 month 11.03.2013
Brics Securities SUSHIL SHARMA add 4 M 1'600 Not Provided 11.03.2013
Edelweiss Capital SANDIP KUMAR AGARWAL hold 3 M 1'587 Not Provided 11.03.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 1'650 Not Provided 11.03.2013
Equirus Securities Pvt Ltd BHAVIN SHAH sell 1 D 1'435 12 month 11.03.2013
Nirmal Bang Institutional Equities HARIT SHAH sell 1 D 1'480 Not Provided 11.03.2013
Morgan Stanley VIPIN KHARE Overwt/In-Line 5 M 1'670 12 month 10.03.2013
Religare Capital Markets RUMIT DUGAR buy 5 M 1'500 12 month 10.03.2013
Elara Securities India Pvt Ltd PRALAY KUMAR DAS reduce 2 D 1'525 12 month 09.03.2013
Kotak Securities KAWALJEET SALUJA reduce 2 M 1'320 Not Provided 08.03.2013
IDFC Securities Ltd HITESH SHAH neutral 3 M 1'430 12 month 08.03.2013
HSBC YOGESH AGGARWAL overweight 5 M 1'785 Not Provided 07.03.2013
HDFC Securities MADHU BABU underperform 1 D 1'489 12 month 05.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 01.03.2013
IDBI Capital Market Services Ltd PRATIK GANDHI hold 3 M 1'335 Not Provided 28.02.2013
IIFL SANDEEP MUTHANGI reduce 2 M 1'351 12 month 27.02.2013
India Nivesh Ltd AMAR MOURYA hold 3 M 1'395 Not Provided 27.02.2013
BNP Paribas Equity Research ABHIRAM ELESWARAPU hold 3 M 1'500 12 month 22.02.2013
Motilal Oswal Securities Ltd ASHISH CHOPRA neutral 3 M 1'465 Not Provided 22.02.2013
Fortune Equity Brokers (India) Ltd NIRAL DALAL buy 5 M 1'496 Not Provided 18.02.2013
Batlivala & Karani Securities DEEPAN S KAPADIA outperform 5 M 1'365 Not Provided 12.02.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 1'686 12 month 04.02.2013
Microsec Capital NITIN PRAKASH DAGA buy 5 M 1'364 Not Provided 30.01.2013
Espirito Santo Investment Bank ResearchNITIN PADMANABHAN neutral 3 M 1'450 Not Provided 23.01.2013
BP Equities Private Limited AMIT CHANDRA hold 3 M 1'445 12 month 17.01.2013
Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 1'670 12 month 15.01.2013
Macquarie NITIN MOHTA underperform 1 M 1'200 12 month 15.01.2013
Holdings By:
Tata Consultancy Services Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Tata Global Beverages Ltd. cultivates tea and coffee on its plantations. The
Company manufactures, sells domestically and exports instant, blended and
packet teas, and instant and ground coffee.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.11.2012) 181.70
52-Week Low (15.05.2012) 100.00
Daily Volume
123.5
52-Week High % Change -32.03% Dividend Yield 1.74
52-Week Low % Change 23.50% Beta 0.97
% 52 Week Price Range High/Low 28.76% Equity Float 371.96
Shares Out 25.01.2013 618.4 Short Int -
76'372.23 1 Yr Total Return 14.28%
Total Debt 9'155.99 YTD Return -22.74%
Preferred Stock 0.0 Adjusted BETA 0.969
Minority Interest 10'659.2 Analyst Recs 17
Cash and Equivalents 8'235.43 Consensus Rating 3.471
Enterprise Value 89'098.83
Average Volume 5 Day 373'333
TGBL IB EQUITY YTD Change - Average Volume 30 Day 432'289
TGBL IB EQUITY YTD % CHANGE - Average Volume 3 Month 448'497
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
43'096.5 48'478.7 57'829.5 59'824.2 65'852.6 42'116.0 43'198.0 74'224.4 82'604.1 19'233.0 -
1.49x 1.24x 1.19x 1.19x 1.23x 0.00x 0.00x 1.17x 1.05x - -
7'079.4 6'497.2 6'865.0 6'093.9 6'230.5 0.0 0.0 7'423.6 8'675.3 - -
9.04x 9.22x 9.99x 11.64x 13.01x 0.00x 0.00x 12.00x 10.27x - -
15'425.5 7'005.5 3'903.0 2'543.3 3'561.4 0.0 0.0 4'169.2 4'982.5 601.0 -
3.30x 5.16x 15.51x 23.77x 19.51x 0.00x 0.00x 18.47x 15.54x - -
EBITDA 6'230.54 Long-Term Rating Date -
EBIT 5'269.19 Long-Term Rating -
Operating Margin 8.00% Long-Term Outlook -
Pretax Margin 8.48% Short-Term Rating Date -
Return on Assets 4.44% Short-Term Rating -
Return on Common Equity 8.36%
Return on Capital 7.34% EBITDA/Interest Exp. 9.73
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 7.91
Net Debt/EBITDA 0.15
Gross Margin - Total Debt/EBITDA 1.47
EBITDA Margin 9.5%
EBIT Margin 8.0% Total Debt/Equity 20.1%
Net Income Margin 5.4% Total Debt/Capital 14.0%
Asset Turnover 0.82
Current Ratio 2.24 Net Fixed Asset Turnover 11.32
Quick Ratio 0.98 Accounts receivable turnover-days 34.04
Debt to Assets 11.06% Inventory Days -
Tot Debt to Common Equity 20.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.75 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tata Global Beverages LtdPrice/Volume
Valuation Analysis
367'659.00
Current Price (3/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
!
2
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-2
.!
.2
0!
02
1!
e--. I--. e--. d--. d--. I--. m--. j--. f--. M--. d--0 a--0 e--0 ! B
. ! B
1 ! B
3 ! B
5 ! B
-! ! B
-. ! B
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
. !!
1 !!
3 !!
5 !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD #N/A N/A Co File 91'581'114 17.24 - 31.12.2011 Investment Advisor
FONDS DU PLAN D EPAR n/a Co File 42'844'966 8.07 - 31.12.2011 n/a
AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other
CAISSE DES DEPOTS ET #N/A N/A Co File 13'924'614 2.62 - 31.12.2011 Government
GROUPAMA SA #N/A N/A Co File 10'175'679 1.92 - 31.12.2011 Insurance Company
CIE DE SAINT GOBAIN #N/A N/A Co File 9'104'555 1.71 - 31.12.2011 Corporation
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'617'178 1.25 - 31.12.2012 Investment Advisor
COGEMA #N/A N/A Co File 5'891'183 1.11 - 31.12.2011 Corporation
BLACKROCK n/a ULT-AGG 4'692'838 0.88 274'884 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'217'347 0.79 180'416 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'101'338 0.77 (846'845) 31.01.2013 Mutual Fund Manager
PREDICA #N/A N/A Co File 3'213'372 0.61 - 31.12.2011 Insurance Company
AVIVA PLC Multiple Portfolios MF-AGG 2'716'101 0.51 203'000 28.02.2013 Investment Advisor
SOCIETE GEN GESTION n/a Research 2'536'782 0.48 - 15.06.2011 Mutual Fund Manager
FMR LLC n/a ULT-AGG 2'316'466 0.44 (88'176) 31.01.2013 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 1'784'591 0.34 - 29.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 1'671'822 0.31 (320'096) 31.12.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 1'522'906 0.29 50'015 31.01.2013 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'334'277 0.25 - 31.07.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'233'527 0.23 - 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited HEMANT B PATEL sell 1 M 140 Not Provided 22.03.2013
Anand Rathi Securities Pvt. Ltd. AMOL RAO buy 5 M 168 Not Provided 15.03.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 162 Not Provided 13.03.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 149 Not Provided 07.03.2013
Maybank Kim Eng GANESH RAM buy 5 M 175 12 month 05.03.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 04.02.2013
Right Horizons Financial Services TUSHAR PENDHARKAR buy 5 M 200 Not Provided 04.02.2013
Kotak Securities AMRITA BASU buy 5 M 165 Not Provided 02.02.2013
Batlivala & Karani Securities ASHIT DESAI underperform 1 M 145 Not Provided 01.02.2013
Morgan Stanley NILLAI SHAH Equalwt/In-Line 3 M 143 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 200 Not Provided 03.12.2012
Fairwealth Securities Ltd TEAM COVERAGE buy 5 M 210 12 month 07.11.2012
SBI Capital Markets SAGARIKA MUKHERJEE sell 1 M 114 12 month 02.11.2012
India Infoline VANMALA NAGWEKAR buy 5 M 184 Not Provided 25.10.2012
HDFC Securities SAMEER NARANG outperform 5 M 119 12 month 11.07.2012
Elara Securities India Pvt Ltd HIMANI SINGH reduce 2 M 92 12 month 27.01.2012
Holdings By:
Tata Global Beverages Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Tata Motors Limited manufactures cars and commercial automotive vehicles in
India. The Company designs, manufactures and sells heavy commercial, medium
commercial and small commercial vehicles including trucks, tankers, vans,
buses, ambulances and minibuses. Tata also manufactures small cars and sports
utility vehicles.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (10.01.2013) 337.05
52-Week Low (26.07.2012) 202.95
Daily Volume
275.25
52-Week High % Change -18.34% Dividend Yield 1.45
52-Week Low % Change 35.62% Beta 1.46
% 52 Week Price Range High/Low 53.91% Equity Float 1'600.03
Shares Out 25.02.2013 2'665.5 Short Int -
809'274.88 1 Yr Total Return 2.79%
Total Debt 512'277.00 YTD Return -11.89%
Preferred Stock 0.0 Adjusted BETA 1.456
Minority Interest 3'071.3 Analyst Recs 61
Cash and Equivalents 236'936.60 Consensus Rating 4.082
Enterprise Value 992'965.65
Average Volume 5 Day 1'120'556
TTMT IB EQUITY YTD Change - Average Volume 30 Day 944'387
TTMT IB EQUITY YTD % CHANGE - Average Volume 3 Month 1'045'624
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
342'856.6 708'809.5 925'192.5 1'221'279.2 1'656'544.9 81'203.0 90'533.0 ######### ######### 559'745.3 433'236.0
1.09x 0.64x 0.82x 0.87x 0.70x 9.56x 8.98x 0.59x 0.51x - -
38'809.6 (51'622.3) 76'392.1 168'129.7 223'067.2 20'076.0 21'892.0 243'173.9 291'890.0 73'723.3 57'549.0
9.63x - 9.92x 6.34x 5.16x 9.47x 9.92x 4.08x 3.40x - -
21'677.0 (108'080.3) 25'710.6 92'736.2 135'165.0 12'963.0 13'901.0 103'201.8 128'778.2 31'079.0 27'544.0
11.07x - 15.56x 8.04x 6.46x 13.86x 15.57x 8.60x 6.92x 7.97x 7.31x
EBITDA 223'067.20 Long-Term Rating Date 09.07.2012
EBIT 166'858.60 Long-Term Rating BB
Operating Margin 10.07% Long-Term Outlook POS
Pretax Margin 8.18% Short-Term Rating Date -
Return on Assets 10.99% Short-Term Rating -
Return on Common Equity 52.12%
Return on Capital - EBITDA/Interest Exp. 9.28
Asset Turnover 1.35% (EBITDA-Capex)/Interest Exp. 3.51
Net Debt/EBITDA 1.23
Gross Margin - Total Debt/EBITDA 2.30
EBITDA Margin 13.5%
EBIT Margin 10.1% Total Debt/Equity 156.7%
Net Income Margin 8.2% Total Debt/Capital 60.8%
Asset Turnover 1.35
Current Ratio 0.87 Net Fixed Asset Turnover 6.00
Quick Ratio 0.44 Accounts receivable turnover-days 16.31
Debt to Assets 35.35% Inventory Days -
Tot Debt to Common Equity 156.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 22.44 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
Tata Motors LtdPrice/Volume
Valuation Analysis
1'028'324.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Co File 702'333'345 26.35 - 31.12.2012 Holding Company
CITIBANK NA n/a 20F 446'246'135 16.74 - 30.06.2012 Bank
TATA STEEL LTD n/a Co File 147'810'695 5.55 - 31.12.2012 Corporation
LIFE INSURANCE CORP n/a EXCH 141'782'919 5.32 - 07.01.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 130'262'877 4.89 2'080'610 31.12.2012 Investment Advisor
TATA INDUSTRIES LTD n/a Co File 68'436'485 2.57 - 31.12.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 33'430'638 1.25 (15'578'091) 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 28'718'455 1.08 10'155'054 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 14'473'465 0.54 903'898 25.03.2013 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'715'845 0.44 (330'505) 30.09.2011 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'285'184 0.42 - 25.03.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 10'716'969 0.4 - 28.02.2013 Other
TATA INVESTMENT CORP n/a Co File 10'525'000 0.39 - 31.12.2012 Private Equity
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 7'722'237 0.29 - 28.02.2013 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 7'364'631 0.28 813'665 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 6'764'774 0.25 1'112'254 31.01.2013 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'705'382 0.25 121'342 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 6'675'274 0.25 - 31.05.2012 Investment Advisor
TATA AIG LIFE INS CO n/a EXCH 5'473'110 0.21 135 27.03.2012 Insurance Company
MORGAN STANLEY n/a ULT-AGG 5'104'936 0.19 (1'531'767) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura KAPIL SINGH neutral 3 M 304 Not Provided 26.03.2013
Credit Suisse JATIN CHAWLA outperform 5 M 385 Not Provided 25.03.2013
Axis Capital Limited CHIRAG SHAH buy 5 M 372 Not Provided 22.03.2013
Spark Capital Advisors MUKESH SARAF buy 5 U 327 12 month 22.03.2013
Morgan Stanley BINAY SINGH Overwt/Attractive 5 M 346 12 month 21.03.2013
IDFC Securities Ltd PRAMOD KUMAR underperform 1 M 254 12 month 19.03.2013
Anand Rathi Securities Pvt. Ltd. ROHAN KORDE buy 5 M 346 Not Provided 14.03.2013
JPMorgan ADITYA MAKHARIA overweight 5 M 330 12 month 13.03.2013
Brics Securities UMESH KARNE add 4 M 305 Not Provided 13.03.2013
Angel Broking Limited YARESH KOTHARI accumulate 4 M 326 12 month 13.03.2013
Ambit Capital Pvt Ltd ASHVIN SHETTY buy 5 M 350 Not Provided 13.03.2013
ICICIdirect.com NISHANT VAAS buy 5 M 360 Not Provided 13.03.2013
Barclays SAHIL KEDIA underweight 1 M 253 Not Provided 13.03.2013
Fortune Equity Brokers (India) Ltd MAHANTESH SABARAD buy 5 M 350 12 month 13.03.2013
Kotak Securities HITESH GOEL buy 5 M 340 Not Provided 12.03.2013
Emkay Share & Stock Brokers KAUSHAL MAROO accumulate 4 M 330 Not Provided 12.03.2013
Edelweiss Capital AASHIESH AGARWAAL reduce 2 M 253 Not Provided 11.03.2013
Maybank Kim Eng JIGAR A SHAH sell 1 M 265 12 month 05.03.2013
Prabhudas Lilladher Pvt Ltd SURJIT SINGH ARORA buy 5 U 360 12 month 05.03.2013
HDFC Securities SORABH TALWAR underperform 1 M 332 12 month 05.03.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 348 Not Provided 04.03.2013
IDBI Capital Market Services Ltd BHAUMIK BHATIA buy 5 M 317 Not Provided 04.03.2013
Antique Stock Broking Limited ASHISH NIGAM buy 5 M 353 Not Provided 04.03.2013
India Nivesh Ltd ABHISHEK JAIN not rated #N/A N/A M #N/A N/A Not Provided 04.03.2013
Daiwa Securities Co. Ltd. NAVIN MATTA buy 5 U 360 Not Provided 01.03.2013
BNP Paribas Equity Research VIJAY CHUGH hold 3 M 300 12 month 25.02.2013
KR Choksey Shares & Sec Pvt Ltd KUNAL DALAL buy 5 M 350 Not Provided 21.02.2013
First Global Stockbroking DEVINA MEHRA moderate outperform 4 M #N/A N/A Not Provided 20.02.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M 328 Not Provided 20.02.2013
Shah Investor's Home Limited AMEYA HARDAS hold 3 D 308 12 month 18.02.2013
Standard Chartered AMIT KASAT in-line 3 M 294 12 month 15.02.2013
Macquarie AMIT MISHRA outperform 5 M 360 12 month 15.02.2013
CIMB PRAMOD AMTHE outperform 5 M 341 12 month 15.02.2013
JM Financial Institutional Securities P AMBRISH MISHRA buy 5 M 318 12 month 15.02.2013
Batlivala & Karani Securities ANNAMALAI JAYARAJ outperform 5 M 332 Not Provided 15.02.2013
Phillip Securities DEEPAK JAIN neutral 3 M 265 Not Provided 15.02.2013
Sunidhi Consultancy Services ABHISHEK GAOSHINDE neutral 3 D 292 12 month 15.02.2013
Religare Capital Markets MIHIR JHAVERI buy 5 M 340 12 month 15.02.2013
Karvy Stock Broking Ltd MITUL SHAH buy 5 M 328 Not Provided 15.02.2013
India Infoline PRAYESH JAIN market perform 3 M 313 9 month 15.02.2013
IIFL JOSEPH GEORGE reduce 2 M 305 12 month 15.02.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE buy 5 M 350 12 month 15.02.2013
Centrum Broking Pvt Ltd AJAY SHETHIYA buy 5 M 347 12 month 15.02.2013
Holdings By:
Tata Motors Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Tata Power Company Limited generates and supplies electricity in Mumbai and its
suburbs. The Company also constructs and operates independent power plants as
well as captive power plants for industrial concerns. Tata Power also provides
various services related to electricity distribution, erects and commissions
transmission lines, and is diversifying into the telecommunications market.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (05.12.2012) 113.20
52-Week Low (24.05.2012) 85.80
Daily Volume
94.75
52-Week High % Change -16.30% Dividend Yield 1.32
52-Week Low % Change 10.43% Beta 0.97
% 52 Week Price Range High/Low 32.66% Equity Float 1'302.54
Shares Out 25.01.2013 2'373.1 Short Int -
224'848.59 1 Yr Total Return -0.24%
Total Debt 338'705.90 YTD Return -14.14%
Preferred Stock 0.0 Adjusted BETA 0.970
Minority Interest 16'312.7 Analyst Recs 44
Cash and Equivalents 45'122.40 Consensus Rating 3.318
Enterprise Value 534'744.80
Average Volume 5 Day 288'977
TPWR IB EQUITY YTD Change - Average Volume 30 Day 237'568
TPWR IB EQUITY YTD % CHANGE - Average Volume 3 Month 393'458
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 03/13 Q4 06/13 Q1
107'872.5 174'787.2 188'000.7 194'507.6 260'014.0 0.0 0.0 304'399.7 354'773.6 - -
3.26x 1.77x 2.66x 17.51x 2.11x #DIV/0! #DIV/0! 1.78x 1.49x - -
20'802.7 36'722.4 37'363.3 46'651.8 53'479.4 0.0 0.0 62'212.3 74'495.1 - -
16.93x 8.42x 13.37x 73.00x 10.27x 0.00x 0.00x 8.60x 7.18x - -
10'550.7 12'187.4 19'668.4 20'596.0 (10'876.8) 0.0 0.0 11'254.5 13'608.5 2'164.0 4'865.0
23.31x 13.96x 16.23x 153.96x - 0.00x 0.00x 19.11x 16.31x - -
EBITDA 53'479.40 Long-Term Rating Date 24.08.2007
EBIT 40'133.00 Long-Term Rating BB-
Operating Margin 15.43% Long-Term Outlook NEG
Pretax Margin 2.22% Short-Term Rating Date -
Return on Assets -1.94% Short-Term Rating -
Return on Common Equity -8.71%
Return on Capital -7.18% EBITDA/Interest Exp. 2.17
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -0.48
Net Debt/EBITDA 5.49
Gross Margin - Total Debt/EBITDA 6.33
EBITDA Margin 20.6%
EBIT Margin 15.4% Total Debt/Equity 285.4%
Net Income Margin -4.2% Total Debt/Capital 71.5%
Asset Turnover 0.46
Current Ratio 0.87 Net Fixed Asset Turnover 0.79
Quick Ratio 0.51 Accounts receivable turnover-days 27.73
Debt to Assets 54.85% Inventory Days -
Tot Debt to Common Equity 285.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover 13.20 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
Tata Power Co LtdPrice/Volume
Valuation Analysis
155'723.00
Current Price (3/dd/yy) Market Data
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2'000.0
3'000.0
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7'000.0
8'000.0
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a ULT-AGG 1'445'313 4.69 (70'942) 31.12.2012 Investment Advisor
SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 463'841 1.5 63'157 31.12.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 448'873 1.46 (10'129) 31.01.2013 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 374'750 1.22 78'689 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 351'347 1.14 (167'524) 31.01.2013 Investment Advisor
CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 266'305 0.86 (25'035) 28.02.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 (255'195) 31.01.2013 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 246'404 0.8 15'790 31.01.2013 Mutual Fund Manager
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 230'863 0.75 (180) 30.11.2012 Investment Advisor
THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 196'392 0.64 (169) 31.12.2012 Investment Advisor
WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 31.12.2012 Hedge Fund Manager
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 178'394 0.58 (621) 31.01.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 154'625 0.5 21'810 28.09.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 154'414 0.5 (69'287) 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 144'672 0.47 (88'242) 31.01.2013 Investment Advisor
GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2011 n/a
ROYAL BANK OF CANADA n/a ULT-AGG 112'640 0.37 20'597 30.11.2012 Bank
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 108'442 0.35 (5'868) 28.02.2013 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 105'398 0.34 34'075 31.01.2013 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research GIRISH NAIR reduce 2 M 85 12 month 25.03.2013
Avendus Capital Private Ltd ABHAY MOGHE hold 3 M 104 Not Provided 25.03.2013
Axis Capital Limited BHAVIN VITHLANI hold 3 M 100 Not Provided 22.03.2013
Jefferies LAVINA QUADROS buy 5 M 120 12 month 20.03.2013
ICICI Securities PRAKASH GAURAV GOEL add 4 M 103 12 month 19.03.2013
CIMB HARISH BIHANI neutral 3 N 105 12 month 12.03.2013
Credit Suisse AMISH SHAH underperform 1 D 83 Not Provided 11.03.2013
Motilal Oswal Securities Ltd NALIN BHATT neutral 3 M 105 Not Provided 07.03.2013
Batlivala & Karani Securities VISHAL BIRAIA outperform 5 M 107 Not Provided 07.03.2013
HSBC ARUN KUMAR SINGH overweight 5 M 117 Not Provided 06.03.2013
Antique Stock Broking Limited RAHUL MODI hold 3 M 94 Not Provided 28.02.2013
Standard Chartered LAKSHMINARAYANA GANTI underperform 1 M 86 12 month 26.02.2013
IDFC Securities Ltd SHIRISH RANE neutral 3 M 103 Not Provided 26.02.2013
Quant Broking Pvt Ltd ABHINEET ANAND sell 1 M 88 12 month 26.02.2013
IIFL HARSHAWARDHAN S DOLE buy 5 M 120 Not Provided 22.02.2013
Ambit Capital Pvt Ltd BHARGAV BUDDHADEV buy 5 M 120 Not Provided 20.02.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 13.02.2013
Deutsche Bank ABHISHEK PURI hold 3 M 97 12 month 12.02.2013
JM Financial Institutional Securities P SUBHADIP MITRA hold 3 M 97 12 month 12.02.2013
HDFC Securities ABHINAV SHARMA underperform 1 M 97 12 month 12.02.2013
Karvy Stock Broking Ltd RUPESH D SANKHE buy 5 M 119 Not Provided 12.02.2013
ICICIdirect.com CHIRAG J SHAH hold 3 M 97 6 month 12.02.2013
Barclays VENUGOPAL GARRE equalweight 3 M 95 Not Provided 12.02.2013
ITI Securities Ltd ABHISHEK B PATEL buy 5 U 119 12 month 12.02.2013
India Nivesh Ltd ABHISHEK JAIN buy 5 M 125 Not Provided 12.02.2013
Morgan Stanley PARAG GUPTA Underwt/In-Line 1 M 87 12 month 11.02.2013
JPMorgan SUMIT KISHORE overweight 5 M 118 6 month 11.02.2013
Prabhudas Lilladher Pvt Ltd RUPA SHAH accumulate 4 M 111 12 month 11.02.2013
Emkay Share & Stock Brokers AMIT GOLCHHA hold 3 M 95 Not Provided 11.02.2013
IFCI Financial Services SACHIN MEHTA sell 1 M 92 12 month 11.02.2013
Edelweiss Capital SHANKAR K buy 5 M 122 12 month 11.02.2013
Kotak Securities MURTUZA ARSIWALLA add 4 M 113 Not Provided 09.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
NVS Brokerage Limited TEAM COVERAGE buy 5 M 135 12 month 17.01.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 117 Not Provided 28.11.2012
Macquarie INDERJEET SINGH BHATIA neutral 3 M 103 12 month 07.11.2012
MSFL - Institutional Business Group SITARAMAN IYER hold 3 M 106 12 month 18.10.2012
Religare Capital Markets MISAL SINGH hold 3 M 105 12 month 10.09.2012
IDBI Capital Market Services Ltd ROHIT SINGH buy 5 M 116 Not Provided 08.08.2012
SPA Securities Ltd RINA SANGHAVI hold 3 M 116 Not Provided 28.05.2012
First Global Stockbroking HITESH KUVELKAR Moderate Underperformer 2 M #N/A N/A Not Provided 27.02.2012
SMC Global Securities Ltd. JAISHEEL GARG outperform 5 M 124 Not Provided 09.01.2012
Holdings By:
Tata Power Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Tata Steel Ltd. is an integrated steel producer which manufactures a variety of
steel products. The Company's products include steel ball bearing rings, alloy
steel bearing rings, annular forgings, flanges, bearings, welded steel tubes,
cold rolled strips and seamless tubes. Tata Steel also manufactures
metallurgical machinery.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (03.04.2012) 482.00
52-Week Low (26.03.2013) 305.00
Daily Volume
306.2
52-Week High % Change -36.47% Dividend Yield 3.92
52-Week Low % Change 0.39% Beta 1.35
% 52 Week Price Range High/Low 0.68% Equity Float 509.20
Shares Out 13.03.2013 971.2 Short Int -
297'386.13 1 Yr Total Return -29.41%
Total Debt 621'053.70 YTD Return -28.51%
Preferred Stock 0.0 Adjusted BETA 1.351
Minority Interest 10'911.5 Analyst Recs 58
Cash and Equivalents 135'834.90 Consensus Rating 3.397
Enterprise Value 753'685.22
Average Volume 5 Day 811'919
TATA IB EQUITY YTD Change - Average Volume 30 Day 771'015
TATA IB EQUITY YTD % CHANGE - Average Volume 3 Month 694'135
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'315'336.3 1'473'292.6 1'023'931.2 1'187'531.2 1'328'997.0 98'515.0 101'719.0 ######### ######### 351'677.0 368'849.0
0.80x 0.49x 0.99x 0.89x 0.72x 7.22x 8.10x 0.65x 0.65x - -
188'723.9 187'616.9 84'118.7 167'466.7 124'167.9 34'382.0 39'711.0 120'767.4 155'407.5 32'622.0 -
5.58x 3.83x 12.04x 6.30x 7.69x 5.22x 5.52x 6.24x 4.85x - -
123'499.8 49'509.0 (20'092.2) 89'826.9 53'897.7 7'937.0 9'490.0 16'568.7 37'836.9 2'406.5 11'074.0
3.93x 3.10x - 6.28x 8.41x 19.98x 18.44x 17.35x 7.95x 8.37x 6.98x
EBITDA 124'167.90 Long-Term Rating Date 09.08.2011
EBIT 79'001.40 Long-Term Rating BB
Operating Margin 5.94% Long-Term Outlook NEG
Pretax Margin 6.66% Short-Term Rating Date -
Return on Assets 3.81% Short-Term Rating -
Return on Common Equity 13.71%
Return on Capital 7.30% EBITDA/Interest Exp. 2.99
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 0.07
Net Debt/EBITDA 3.91
Gross Margin - Total Debt/EBITDA 5.00
EBITDA Margin 9.3%
EBIT Margin 5.9% Total Debt/Equity 144.3%
Net Income Margin 4.1% Total Debt/Capital 58.5%
Asset Turnover 0.94
Current Ratio 1.22 Net Fixed Asset Turnover 2.47
Quick Ratio 0.60 Accounts receivable turnover-days 40.88
Debt to Assets 42.18% Inventory Days -
Tot Debt to Common Equity 144.30% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.95 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tata Steel LtdPrice/Volume
Valuation Analysis
1'046'612.00
Current Price (3/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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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TATA SONS LTD n/a Co File 288'898'245 29.75 - 31.12.2012 Holding Company
LIFE INSURANCE CORP n/a Co File 145'709'683 15 - 31.12.2012 Government
GOVT OF SINGAPORE IN n/a ULT-AGG 17'162'293 1.77 - 31.12.2012 Government
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 16'880'481 1.74 - 28.02.2013 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 15'624'088 1.61 - 31.12.2012 Insurance Company
NATIONAL INSURANCE C n/a Co File 11'054'459 1.14 - 31.12.2012 Insurance Company
NEW INDIA ASSURANCE n/a Co File 10'784'993 1.11 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'996'272 0.82 (37'100) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'602'319 0.68 - 31.07.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 5'814'609 0.6 (805'000) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'559'355 0.47 (40'992) 25.03.2013 Investment Advisor
TATA MOTORS LTD n/a Co File 4'432'497 0.46 - 31.12.2012 Corporation
TATA INVESTMENT CORP n/a Co File 3'385'885 0.35 - 31.12.2012 Private Equity
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 3'000'000 0.31 (13'000) 31.01.2013 Investment Advisor
TATA CHEMICALS LTD n/a Co File 2'491'977 0.26 - 31.12.2012 Corporation
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'467'713 0.25 - 28.02.2013 Investment Advisor
TATA AIG LIFE INS CO n/a EXCH 2'225'377 0.23 75 27.03.2012 Insurance Company
MORGAN STANLEY n/a ULT-AGG 2'045'075 0.21 (59'081) 28.02.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'961'702 0.2 - 25.03.2013 Investment Advisor
TATA ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'849'402 0.19 125'000 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered SATISH KUMAR in-line 3 M 329 12 month 25.03.2013
Sanford C. Bernstein & Co VANESSA LAU market perform 3 M 420 12 month 22.03.2013
Axis Capital Limited NITESH JAIN buy 5 M 495 Not Provided 22.03.2013
Nomura ALOK KUMAR NEMANI buy 5 M 443 12 month 22.03.2013
IDFC Securities Ltd PRAKASH JOSHI underperform 1 M 304 Not Provided 22.03.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 22.03.2013
Muthoot Securities VINEET PAUL buy 5 M 502 Not Provided 22.03.2013
Motilal Oswal Securities Ltd SANJAY JAIN sell 1 M 305 Not Provided 18.03.2013
Anand Rathi Securities Pvt. Ltd. RAJESH ZAWAR buy 5 M 443 Not Provided 15.03.2013
Emkay Share & Stock Brokers GOUTAM CHAKRABORTY reduce 2 M 349 Not Provided 15.03.2013
Nirmal Bang Institutional Equities GIRIRAJ DAGA sell 1 M 307 Not Provided 12.03.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE hold 3 N 403 Not Provided 09.03.2013
Edelweiss Capital PRASAD BAJI buy 5 M 516 12 month 06.03.2013
Morgan Stanley VIPUL PRASAD Overwt/In-Line 5 M 496 12 month 01.03.2013
Elara Securities India Pvt Ltd ASHISH KEJRIWAL accumulate 4 M 411 Not Provided 28.02.2013
Batlivala & Karani Securities PRITAM LALA underperform 1 M 328 Not Provided 25.02.2013
HSBC JIGAR MISTRY neutral 3 M 400 Not Provided 21.02.2013
Angel Broking Limited BHAVESH CHAUHAN buy 5 M 443 Not Provided 21.02.2013
Equirus Securities Pvt Ltd ASHUTOSH TIWARI neutral 3 M 417 15 month 21.02.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 21.02.2013
Credit Suisse NEELKANTH MISHRA underperform 1 M 300 Not Provided 20.02.2013
KR Choksey Shares & Sec Pvt Ltd UMESH PATEL hold 3 M 395 Not Provided 16.02.2013
Phillip Securities DHAWAL DOSHI neutral 3 M 416 Not Provided 15.02.2013
ICICIdirect.com DEWANG SANGHAVI hold 3 M 374 15 month 15.02.2013
MSFL - Institutional Business Group TANUJ RASTOGI buy 5 M 421 12 month 15.02.2013
Deutsche Bank ABHAY LAIJAWALA buy 5 M 445 12 month 14.02.2013
Macquarie RAKESH ARORA underperform 1 M 304 12 month 14.02.2013
CIMB RAHUL JAIN underperform 1 M 360 12 month 14.02.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR accumulate 4 M 430 12 month 14.02.2013
Sunidhi Consultancy Services CHINTAN J MEHTA underperform 1 D 335 12 month 14.02.2013
Religare Capital Markets VARUN LOHCHAB buy 5 M 440 12 month 14.02.2013
India Infoline TARANG BHANUSHALI buy 5 M 422 9 month 14.02.2013
Dolat Capital Market Ltd. RAM MODI reduce 2 M 396 12 month 14.02.2013
Antique Stock Broking Limited AMIT AGARWAL buy 5 M 465 Not Provided 14.02.2013
Systematix Shares & Stocks Ltd ERIC MARTINS buy 5 M 498 12 month 14.02.2013
Ambit Capital Pvt Ltd JATIN KOTIAN buy 5 M 484 Not Provided 14.02.2013
Barclays CHIRAG SHAH equalweight 3 M 403 Not Provided 14.02.2013
IIFL BIJAL SHAH add 4 M 406 12 month 14.02.2013
Centrum Broking Pvt Ltd ABHISAR JAIN sell 1 M 355 12 month 14.02.2013
JPMorgan PINAKIN M PAREKH overweight 5 M 505 9 month 13.02.2013
Kotak Securities KAWALJEET SALUJA add 4 M 400 Not Provided 13.02.2013
ICICI Securities ABHIJIT MITRA buy 5 M 463 12 month 12.02.2013
Karvy Stock Broking Ltd PALLAV AGARWAL buy 5 M 461 Not Provided 10.01.2013
Holdings By:
Tata Steel Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Titan Industries Ltd. manufactures and retails jewelry and watches. The
Company produces quartz analog electronic watches, watch movements, step
motors, and watch cases. Titan Industries serves customers throughout the
United States.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (30.11.2012) 313.60
52-Week Low (05.06.2012) 203.90
Daily Volume
251.7
52-Week High % Change -19.74% Dividend Yield 0.70
52-Week Low % Change 23.44% Beta 0.74
% 52 Week Price Range High/Low 43.57% Equity Float 424.89
Shares Out 25.01.2013 887.8 Short Int -
223'455.77 1 Yr Total Return 6.72%
Total Debt 58.89 YTD Return -11.33%
Preferred Stock 0.0 Adjusted BETA 0.744
Minority Interest 0.0 Analyst Recs 32
Cash and Equivalents 9'535.38 Consensus Rating 3.875
Enterprise Value 213'979.27
Average Volume 5 Day 386'488
TTAN IB EQUITY YTD Change - Average Volume 30 Day 335'404
TTAN IB EQUITY YTD % CHANGE - Average Volume 3 Month 297'431
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
29'968.8 38'326.4 46'771.6 65'331.4 88'484.3 - - 103'217.2 127'616.3 - -
1.63x 0.94x 1.72x 2.42x 2.19x - - 2.04x 1.61x - -
2'508.2 3'150.6 3'992.2 6'179.2 8'377.1 - - 10'181.8 12'788.8 - -
19.46x 11.42x 20.19x 25.60x 23.09x - - 21.05x 16.76x - -
1'399.6 1'639.2 2'513.0 4'331.2 6'013.6 - - 7'310.4 9'115.3 - -
33.52x 21.17x 32.51x 39.06x 33.74x - - 30.67x 24.68x - -
EBITDA 8'377.09 Long-Term Rating Date -
EBIT 7'920.93 Long-Term Rating -
Operating Margin 8.95% Long-Term Outlook -
Pretax Margin 9.50% Short-Term Rating Date -
Return on Assets 14.19% Short-Term Rating -
Return on Common Equity 48.18%
Return on Capital 50.36% EBITDA/Interest Exp. 19.16
Asset Turnover 2.09% (EBITDA-Capex)/Interest Exp. 15.78
Net Debt/EBITDA -1.13
Gross Margin - Total Debt/EBITDA 0.01
EBITDA Margin 9.5%
EBIT Margin 9.0% Total Debt/Equity 0.4%
Net Income Margin 6.8% Total Debt/Capital 0.4%
Asset Turnover 2.09
Current Ratio 1.31 Net Fixed Asset Turnover 26.05
Quick Ratio 0.35 Accounts receivable turnover-days 5.85
Debt to Assets 0.12% Inventory Days -
Tot Debt to Common Equity 0.40% Accounts Payable Turnover Day -
Accounts Receivable Turnover 62.57 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
Titan Industries LtdPrice/Volume
Valuation Analysis
263'259.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TAMILNADU INDUSTRIAL n/a Co File 247'476'720 27.88 - 31.12.2012 Corporation
TATA SONS LTD n/a Co File 96'345'411 10.85 - 31.12.2012 Holding Company
KALIMATI INVESTMENT n/a Co File 77'555'840 8.74 - 31.12.2012 Investment Advisor
JHUNJHUNWAL RAKESH R n/a Co File 71'509'100 8.05 - 31.12.2012 n/a
JHUNJHUNWALA REKHA R n/a Co File 20'041'120 2.26 - 31.12.2012 n/a
TATA INVESTMENT CORP n/a Co File 17'225'640 1.94 - 31.12.2012 Private Equity
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 15'132'580 1.7 - 31.12.2012 Investment Advisor
TATA CHEMICALS LTD n/a Co File 13'826'180 1.56 - 31.12.2012 Corporation
FMR LLC n/a ULT-AGG 10'913'759 1.23 355'740 31.01.2013 Investment Advisor
TATA GLOBAL BEVERAGE n/a Co File 9'248'060 1.04 - 31.12.2012 Corporation
IIFL VONTOBEL INDIA n/a Co File 9'241'253 1.04 - 31.12.2012 Other
MERRILL LYNCH CAPITA n/a Co File 9'121'538 1.03 - 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'117'442 0.8 457'045 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'275'226 0.71 62'528 31.12.2012 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'991'667 0.56 - 28.02.2013 Investment Advisor
EWART INVESTMENTS LT n/a Co File 4'964'480 0.56 - 31.12.2012 Other
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 3'977'147 0.45 - 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'977'931 0.34 (30'184) 25.03.2013 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'682'062 0.3 (503'091) 28.09.2012 Investment Advisor
TATA AIG LIFE INS CO n/a EXCH 2'661'027 0.3 (150'000) 04.04.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited HEMANT B PATEL buy 5 M 334 Not Provided 22.03.2013
Morgan Stanley NILLAI SHAH Equalwt/In-Line 3 U 245 12 month 21.03.2013
BNP Paribas Equity Research ALOK DALAL buy 5 M 337 12 month 20.03.2013
HSBC AMIT SACHDEVA overweight 5 M 330 Not Provided 12.03.2013
IIFL AVI MEHTA reduce 2 M 255 12 month 11.03.2013
Credit Suisse ARNAB MITRA outperform 5 M 338 Not Provided 07.03.2013
Nomura MANISH JAIN buy 5 M 321 Not Provided 28.02.2013
Goldman Sachs PUNEET JAIN neutral/neutral 3 M 298 12 month 22.02.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD buy 5 M 320 Not Provided 22.02.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 311 Not Provided 15.02.2013
Edelweiss Capital ABNEESH ROY buy 5 M 320 12 month 11.02.2013
Standard Chartered SANJAY SINGH outperform 5 M 318 12 month 31.01.2013
Anand Rathi Securities Pvt. Ltd. SUMAN MEMANI buy 5 M 325 12 month 31.01.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 D 290 Not Provided 31.01.2013
ICICIdirect.com BHARAT CHHODA buy 5 U 319 12 month 31.01.2013
JPMorgan LATIKA CHOPRA underweight 1 M 270 9 month 30.01.2013
Jefferies RAJASA KAKULAVARAPU hold 3 M 288 12 month 30.01.2013
Kotak Securities AMRITA BASU add 4 M 325 Not Provided 30.01.2013
Batlivala & Karani Securities ASHIT DESAI buy 5 M 330 Not Provided 30.01.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 M 300 18 month 30.01.2013
Emkay Share & Stock Brokers PRITESH TALAKSHI CHHEDA buy 5 M 285 Not Provided 30.01.2013
Religare Capital Markets VARUN LOHCHAB buy 5 M 310 12 month 30.01.2013
Dolat Capital Market Ltd. AMIT PUROHIT buy 5 M 347 12 month 30.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Daiwa Securities Co. Ltd. MIHIR P SHAH buy 5 M 340 Not Provided 24.12.2012
Deutsche Bank MANOJ MENON buy 5 M 330 12 month 22.11.2012
Proactive Universal KAUSTAV KAKATI hold 3 M 249 12 month 01.08.2012
HDFC Securities SAMEER NARANG underperform 1 M 220 12 month 11.07.2012
Fairwealth Securities Ltd HITESH PAREKH sell 1 M 220 12 month 03.05.2012
JM Financial Institutional Securities P RICHARD LIU buy 5 M 248 12 month 31.01.2012
Greshma Shares & Stock Ltd TEAM COVERAGE buy 5 M 240 Not Provided 07.10.2011
First Global Stockbroking HITESH KUVELKAR moderate outperform 4 M #N/A N/A Not Provided 29.07.2011
India Infoline TEAM COVERAGE sell 1 M 203 Not Provided 11.07.2011
Holdings By:
Titan Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Ultra Tech Cement Ltd. produces a wide range of cement products. This Company
represents the cement operations of Larsen & Toubro which were spun-off into a
separate entity in which Grasim Industries holds a majority interest.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.10.2012) 2'074.80
52-Week Low (04.05.2012) 1'254.90
Daily Volume
1850.55
52-Week High % Change -10.81% Dividend Yield 0.43
52-Week Low % Change 47.47% Beta 0.64
% 52 Week Price Range High/Low 72.65% Equity Float 100.29
Shares Out 08.03.2013 274.2 Short Int -
507'376.78 1 Yr Total Return 24.72%
Total Debt 55'460.20 YTD Return -6.64%
Preferred Stock 0.0 Adjusted BETA 0.636
Minority Interest 622.6 Analyst Recs 59
Cash and Equivalents 28'529.10 Consensus Rating 3.305
Enterprise Value 534'930.47
Average Volume 5 Day 6'588
UTCEM IB EQUITY YTD Change - Average Volume 30 Day 6'539
UTCEM IB EQUITY YTD % CHANGE - Average Volume 3 Month 12'459
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
56'238.2 65'636.4 71'750.7 136'874.0 190'855.6 - - 216'093.1 250'734.5 - -
2.00x 1.21x 1.99x 2.30x 2.32x - - 2.59x 2.20x - -
17'319.7 17'383.2 19'806.5 26'906.5 41'583.6 - - 48'752.7 58'742.4 - -
6.51x 4.56x 7.20x 11.68x 10.64x - - 10.96x 9.10x - -
10'100.5 9'780.6 10'952.0 13'673.5 24'032.6 - - 27'922.8 33'144.3 - -
9.67x 7.02x 13.13x 22.68x 17.27x - - 18.34x 15.42x - -
EBITDA 41'583.60 Long-Term Rating Date -
EBIT 31'954.50 Long-Term Rating -
Operating Margin 16.74% Long-Term Outlook -
Pretax Margin 17.53% Short-Term Rating Date -
Return on Assets 10.33% Short-Term Rating -
Return on Common Equity 20.48%
Return on Capital 15.48% EBITDA/Interest Exp. 14.07
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 2.55
Net Debt/EBITDA 0.65
Gross Margin - Total Debt/EBITDA 1.33
EBITDA Margin 21.8%
EBIT Margin 16.7% Total Debt/Equity 43.2%
Net Income Margin 12.6% Total Debt/Capital 30.1%
Asset Turnover 0.82
Current Ratio 1.28 Net Fixed Asset Turnover 1.38
Quick Ratio 0.70 Accounts receivable turnover-days 18.35
Debt to Assets 22.27% Inventory Days -
Tot Debt to Common Equity 43.25% Accounts Payable Turnover Day -
Accounts Receivable Turnover 19.95 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Ultratech Cement LtdPrice/Volume
Valuation Analysis
5'425.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GRASIM INDUSTRIES LT n/a Co File 165'335'150 60.3 - 31.12.2012 Corporation
ABERDEEN n/a ULT-AGG 23'111'110 8.43 670'000 28.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 10'251'971 3.74 98'992 31.12.2012 Investment Advisor
LIFE INSURANCE CORP n/a Co File 7'143'991 2.61 - 31.12.2012 Government
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'964'156 0.72 - 28.02.2013 Investment Advisor
TURQUOISE INVESTMENT n/a Co File 1'898'049 0.69 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'712'803 0.62 (213'934) 31.12.2012 Investment Advisor
TRAPTI TRADING AND I n/a EXCH 1'382'528 0.5 (6'000) 14.02.2013 Corporation
HINDALCO INDUSTRIES n/a Co File 1'313'748 0.48 - 31.12.2012 Corporation
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'268'218 0.46 31'254 31.12.2012 Investment Advisor
BLACKSTONE ASIA ADVI Multiple Portfolios MF-AGG 948'000 0.35 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 882'763 0.32 (7'924) 25.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 502'862 0.18 - 31.01.2013 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 477'187 0.17 - 28.02.2013 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 443'770 0.16 123'100 31.12.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 286'000 0.1 - 31.01.2013 Investment Advisor
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 264'238 0.1 - 28.02.2013 Investment Advisor
EDINBURGH FUND MANAG Multiple Portfolios MF-AGG 238'047 0.09 - 28.02.2013 Investment Advisor
L&T INVESTMENT MANAG Multiple Portfolios MF-AGG 186'718 0.07 - 28.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 175'746 0.06 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL J RADHAKRISHNAN buy 5 M 2'578 12 month 26.03.2013
Quant Broking Pvt Ltd MANGESH BHADANG reduce 2 M 1'856 Not Provided 25.03.2013
Axis Capital Limited JAGDISHWAR TOPPO hold 3 M 1'790 Not Provided 22.03.2013
JM Financial Institutional Securities P NAVEEN JAIN buy 5 M 2'250 Not Provided 21.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 21.03.2013
Deutsche Bank CHOCKALINGAM NARAYANAN buy 5 M 2'100 12 month 20.03.2013
ICICI Securities KRUPAL MANIAR buy 5 M 2'250 12 month 19.03.2013
Batlivala & Karani Securities PRITAM LALA outperform 5 M 2'245 Not Provided 19.03.2013
Goldman Sachs NAVIN GUPTA neutral/neutral 3 N 1'800 12 month 18.03.2013
HDFC Securities ANKUR KULSHRESTHA underperform 1 M 1'765 12 month 15.03.2013
Credit Suisse ANUBHAV AGGARWAL neutral 3 M 1'900 Not Provided 11.03.2013
ICICIdirect.com RASHESH SHAH hold 3 M 2'110 24 month 11.03.2013
Standard Chartered SATISH KUMAR outperform 5 M 2'127 12 month 08.03.2013
Prabhudas Lilladher Pvt Ltd KAMLESH BAGMAR reduce 2 M 1'927 12 month 06.03.2013
Centrum Broking Pvt Ltd SANJEEV KUMAR SINGH buy 5 M 2'314 Not Provided 06.03.2013
Emkay Share & Stock Brokers AJIT MOTWANI hold 3 M 1'950 Not Provided 05.03.2013
Ambit Capital Pvt Ltd NITIN BHASIN sell 1 M 1'805 12 month 05.03.2013
Antique Stock Broking Limited NIRAV SHAH buy 5 M 2'227 Not Provided 01.03.2013
IDBI Capital Market Services Ltd SIDDHANT KUMAR reduce 2 M 1'739 Not Provided 28.02.2013
Karvy Stock Broking Ltd RAJESH KUMAR RAVI buy 5 M 2'300 Not Provided 28.02.2013
Maybank Kim Eng JIGAR A SHAH buy 5 M 2'201 12 month 27.02.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 2'338 Not Provided 22.02.2013
Elara Securities India Pvt Ltd RAVI SODAH accumulate 4 M 2'220 Not Provided 22.02.2013
Jefferies ANAND AGARWAL hold 3 M 2'020 12 month 20.02.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 2'100 Not Provided 20.02.2013
Systematix Shares & Stocks Ltd BINOD MODI accumulate 4 M 2'266 12 month 20.02.2013
Edelweiss Capital NAVIN SAHADEO buy 5 M 2'244 12 month 12.02.2013
First Global Stockbroking DEVINA MEHRA outperform 5 M #N/A N/A Not Provided 07.02.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 2'180 Not Provided 07.02.2013
Morgan Stanley ASHISH G JAIN Equalwt/In-Line 3 D 2'050 12 month 05.02.2013
Phillip Securities VAIBHAV AGARWAL buy 5 M 2'727 Not Provided 28.01.2013
HSBC JIGAR MISTRY underweight 1 D 1'610 Not Provided 24.01.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 23.01.2013
SBI Capital Markets MILIND RAGINWAR reduce 2 M 1'723 12 month 22.01.2013
Anand Rathi Securities Pvt. Ltd. JASPREET SINGH ARORA hold 3 M 2'150 Not Provided 21.01.2013
IDFC Securities Ltd BHOOMIKA NAIR underperform 1 M 1'600 18 month 21.01.2013
Tata Securities Limited NIRAJ AGARWALLA hold 3 M 1'948 12 month 21.01.2013
Brics Securities NOVONIL GUHA sell 1 M 1'525 Not Provided 21.01.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 21.01.2013
Almondz Global Securities Ltd MANISH RAJ hold 3 M 1'934 Not Provided 21.01.2013
Nirmal Bang Institutional Equities AMIT K SRIVASTAVA buy 5 U 2'252 12 month 21.01.2013
BOB Capital Markets JINAL JOSHI buy 5 M 2'156 12 month 21.01.2013
JPMorgan PINAKIN M PAREKH underweight 1 M 1'600 9 month 20.01.2013
Holdings By:
Ultratech Cement Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Union Bank of India Limited provides a full range of banking services
throughout India. The Company's activities include retail banking, commercial
and personal banking, investment management, treasury and NRI services, cash
management and assorted ATM facilities. Union Bank has an online tele-banking
facility for all its core banking customers.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 288.00
52-Week Low (30.08.2012) 150.10
Daily Volume
210.25
52-Week High % Change -27.00% Dividend Yield 3.80
52-Week Low % Change 40.07% Beta 1.03
% 52 Week Price Range High/Low 43.62% Equity Float 183.42
Shares Out 25.01.2013 550.5 Short Int -
115'752.93 1 Yr Total Return 0.80%
Total Debt 289'550.80 YTD Return -23.32%
Preferred Stock 1'110.0 Adjusted BETA 1.030
Minority Interest 405.4 Analyst Recs 56
Cash and Equivalents 239'597.47 Consensus Rating 3.482
Enterprise Value -
Average Volume 5 Day 201'328
UNBK IB EQUITY YTD Change - Average Volume 30 Day 176'595
UNBK IB EQUITY YTD % CHANGE - Average Volume 3 Month 195'595
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
- - - 185'010.2 234'694.5 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - 22'078.9 17'718.5 - - - - - -
- - - 8.25x 6.98x - - - - - -
EBITDA - Long-Term Rating Date 17.06.2008
EBIT - Long-Term Rating BBB-
Operating Margin 29.01% Long-Term Outlook NEG
Pretax Margin 29.06% Short-Term Rating Date 17.06.2008
Return on Assets 0.71% Short-Term Rating A-3
Return on Common Equity 12.89%
Return on Capital 4.50% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 197.4%
Net Income Margin 19.2% Total Debt/Capital 66.1%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 10.19
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.01% Inventory Days -
Tot Debt to Common Equity 197.41% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Union Bank of IndiaPrice/Volume
Valuation Analysis
239'622.00
Current Price (3/dd/yy) Market Data
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF INDIA n/a Co File 299'214'515 54.35 - 31.12.2012 Government
LIFE INSURANCE CORP n/a Co File 67'912'851 12.34 - 31.12.2012 Government
HDFC LIFE INSURANCE n/a Co File 16'530'088 3 - 31.12.2012 Insurance Company
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 12'309'658 2.24 - 28.02.2013 Investment Advisor
BIRLA SUN LIFE INSUR n/a Co File 5'808'538 1.06 - 31.12.2012 Insurance Company
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'731'340 1.04 - 28.02.2013 Investment Advisor
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 4'454'648 0.81 - 28.02.2013 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 4'250'499 0.77 (158'000) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'775'538 0.69 (608'780) 31.01.2013 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 3'295'929 0.6 100'000 28.02.2013 Mutual Fund Manager
BIRLA SUN LIFE ASSET Multiple Portfolios MF-AGG 2'530'594 0.46 - 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'668'860 0.3 (45'774) 30.11.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'609'502 0.29 - 31.05.2012 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 1'560'104 0.28 - 28.02.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 1'505'459 0.27 - 28.02.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'476'480 0.27 - 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'106'659 0.2 - 25.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'076'137 0.2 - 31.07.2012 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 1'073'904 0.2 - 28.02.2013 Other
KOTAK MAHINDRA Multiple Portfolios MF-AGG 989'163 0.18 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Elara Securities India Pvt Ltd RAKESH KUMAR reduce 2 D 220 12 month 26.03.2013
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 288 Not Provided 22.03.2013
Phillip Securities MANISH AGARWALLA buy 5 M 300 Not Provided 21.03.2013
JM Financial Institutional Securities P PUNEET GULATI buy 5 M 265 12 month 20.03.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES hold 3 U 254 Not Provided 20.03.2013
Credit Suisse ASHISH GUPTA underperform 1 M 232 Not Provided 19.03.2013
IDFC Securities Ltd MANISH CHOWDHARY underperform 1 M 205 12 month 19.03.2013
Dolat Capital Market Ltd. RAJIV PATHAK buy 5 M 290 Not Provided 19.03.2013
IIFL SAMPATH S K KUMAR reduce 2 M 200 12 month 17.03.2013
Standard Chartered MAHRUKH ADAJANIA outperform 5 M 295 12 month 13.03.2013
Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI neutral 3 M 244 Not Provided 13.03.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA hold 3 M 251 Not Provided 07.03.2013
Batlivala & Karani Securities ANAND DAMA outperform 5 M 260 Not Provided 05.03.2013
IDBI Capital Market Services Ltd SANDEEP JAIN hold 3 M 242 Not Provided 28.02.2013
Sunidhi Consultancy Services AMIT JAIN reduce 2 M 248 12 month 27.02.2013
Macquarie SURESH GANAPATHY underperform 1 M 220 12 month 26.02.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 265 Not Provided 26.02.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 305 Not Provided 22.02.2013
BNP Paribas Equity Research ABHIJIT MAJUMDER hold 3 M 255 12 month 21.02.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA outperform 5 M 260 Not Provided 19.02.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 U 275 Not Provided 19.02.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 295 Not Provided 19.02.2013
Karvy Stock Broking Ltd HATIM K BROACHWALA buy 5 M 315 Not Provided 13.02.2013
Spark Capital Advisors GANESHRAM JAYARAMAN sell 1 M 166 12 month 06.02.2013
Morgan Stanley SUMEET KARIWALA Underwt/In-Line 1 M 185 12 month 05.02.2013
Centrum Broking Pvt Ltd BHAVESH KANANI neutral 3 U 260 Not Provided 05.02.2013
Ambit Capital Pvt Ltd A SV KRISHNAN buy 5 M 285 Not Provided 04.02.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 270 12 month 04.02.2013
HSBC TEJAS MEHTA underweight 1 M 221 Not Provided 01.02.2013
HDFC Securities VISHAL MODI outperform 5 M 270 12 month 01.02.2013
Tata Securities Limited SREESANKAR RADHAKRISHNAN sell 1 M 226 12 month 01.02.2013
Religare Capital Markets SIDDHARTH TELI buy 5 M 310 12 month 01.02.2013
India Infoline RAJIV MEHTA buy 5 U 285 Not Provided 01.02.2013
Angel Broking Limited VAIBHAV AGRAWAL accumulate 4 M 286 12 month 01.02.2013
Antique Stock Broking Limited ALOK KAPADIA buy 5 M 280 Not Provided 01.02.2013
KR Choksey Shares & Sec Pvt Ltd MANISH OSTWAL accumulate 4 U 275 Not Provided 01.02.2013
Deutsche Bank MANISH SHUKLA hold 3 M 310 12 month 31.01.2013
CIMB JATINDER AGARWAL underperform 1 M 250 12 month 31.01.2013
Kotak Securities MB MAHESH add 4 M 285 Not Provided 31.01.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA accumulate 4 M 290 12 month 31.01.2013
Emkay Share & Stock Brokers KASHYAP JHAVERI hold 3 M 240 Not Provided 31.01.2013
Edelweiss Capital NILESH PARIKH buy 5 M 295 12 month 31.01.2013
Goldman Sachs TABASSUM INAMDAR neutral/neutral 3 M 270 12 month 27.01.2013
Holdings By:
Union Bank of India ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Unitech Limited is a real estate development company. The Company develops
self-sustaining residential areas, commercial spaces, amusement parks,
infrastructure development, thermal power plants, transmission lines, highways,
flyovers, industrial facilities, steel plants, and overseas turnkey projects.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.01.2013) 40.90
52-Week Low (04.09.2012) 18.20
Daily Volume
22.1
52-Week High % Change -45.97% Dividend Yield 0.00
52-Week Low % Change 21.43% Beta 1.52
% 52 Week Price Range High/Low 17.18% Equity Float 1'627.34
Shares Out 13.03.2013 2'614.5 Short Int -
57'780.85 1 Yr Total Return -23.26%
Total Debt 32'060.75 YTD Return -34.32%
Preferred Stock 0.0 Adjusted BETA 1.516
Minority Interest 717.9 Analyst Recs 22
Cash and Equivalents 4'200.49 Consensus Rating 2.591
Enterprise Value 88'841.85
Average Volume 5 Day 4'875'834
UT IB EQUITY YTD Change - Average Volume 30 Day 5'461'467
UT IB EQUITY YTD % CHANGE - Average Volume 3 Month 6'135'747
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
41'148.5 28'449.1 29'309.8 33'960.2 24'183.0 93'973.0 84'213.0 25'168.3 30'954.1 10'707.5 -
12.58x 4.98x 7.94x 4.19x 4.29x 2.92x 2.47x 4.21x 3.45x - -
22'666.3 16'323.3 10'756.0 9'867.4 3'289.5 10'117.0 7'150.0 4'727.9 6'667.2 1'254.0 -
22.84x 8.68x 21.64x 14.40x 31.55x 5.35x 7.17x 18.82x 13.34x - -
16'613.4 11'964.3 6'750.5 5'676.6 2'373.8 2'263.0 (3'726.0) 3'052.7 4'085.4 918.0 -
26.99x 4.74x 24.80x 18.01x 31.69x 15.75x 0.00x 18.09x 13.67x - -
EBITDA 3'289.47 Long-Term Rating Date -
EBIT 2'855.45 Long-Term Rating -
Operating Margin 11.81% Long-Term Outlook -
Pretax Margin 17.99% Short-Term Rating Date -
Return on Assets 1.03% Short-Term Rating -
Return on Common Equity 2.01%
Return on Capital 1.79% EBITDA/Interest Exp. 5.84
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. 3.87
Net Debt/EBITDA 8.47
Gross Margin - Total Debt/EBITDA 9.75
EBITDA Margin 13.6%
EBIT Margin 11.8% Total Debt/Equity 26.7%
Net Income Margin 9.8% Total Debt/Capital 21.0%
Asset Turnover 0.10
Current Ratio 2.49 Net Fixed Asset Turnover 0.87
Quick Ratio 0.33 Accounts receivable turnover-days 281.61
Debt to Assets 13.85% Inventory Days -
Tot Debt to Common Equity 26.66% Accounts Payable Turnover Day -
Accounts Receivable Turnover 1.30 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Unitech LtdPrice/Volume
Valuation Analysis
3'076'637.00
Current Price (3/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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120'000.0
140'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PRAKAUSALI INV INDIA n/a EXCH 563'679'623 21.56 - 13.03.2013 Other
HARSIL PROJECTS PVT n/a EXCH 227'501'000 8.7 - 13.03.2013 Corporation
HSBC GLOBAL INV MAUR n/a Co File 182'190'342 6.97 - 30.09.2012 Investment Advisor
PLATINUM INVESTMENT n/a Co File 153'751'981 5.88 - 30.09.2012 Investment Advisor
IL&FS TRUST CO LTD n/a EXCH 153'075'000 5.85 - 18.03.2011 Investment Advisor
R V TECHNO INVEST PV n/a Co File 124'212'400 4.75 - 30.09.2012 Holding Company
MAYFAIR INVESTMENTS n/a EXCH 103'311'765 3.95 - 05.03.2013 Corporation
TULIP INVSTS PVT LTD n/a Co File 77'085'970 2.95 - 30.09.2012 Other
INDRUS COUNTERTRADE n/a Co File 70'129'800 2.68 - 30.09.2012 Other
CHANDRA SANJAY n/a Co File 66'894'880 2.56 - 30.09.2012 n/a
COLLEGE RETIREMENT E n/a Co File 48'143'686 1.84 - 30.09.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 39'295'538 1.5 (686'658) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 38'438'765 1.47 - 31.07.2012 Investment Advisor
GOVT PENSION FUND GL n/a Co File 30'653'938 1.17 - 30.09.2012 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'810'838 0.72 18'810'838 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'678'166 0.68 (128'633) 25.03.2013 Investment Advisor
BAHRI RAHUL n/a Co File 8'422'350 0.32 - 30.09.2012 n/a
WADHA MINOTI BAHRI n/a Co File 8'290'900 0.32 - 30.09.2012 n/a
UNIBILD ENGINEER & C n/a Co File 6'240'000 0.24 - 30.09.2012 Other
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'343'434 0.17 - 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
IIFL BHASKAR CHAKRABORTY sell 1 M 35 12 month 08.03.2013
JPMorgan SAURABH S KUMAR underweight 1 D 25 12 month 06.03.2013
Motilal Oswal Securities Ltd SANDIPAN PAL buy 5 M 58 Not Provided 22.02.2013
BNP Paribas Equity Research AVNEESH SUKHIJA hold 3 M 33 12 month 14.02.2013
ICICI Securities SHALEEN SILORI buy 5 M 34 12 month 14.02.2013
Batlivala & Karani Securities PREM KHURANA outperform 5 U 31 Not Provided 14.02.2013
Jefferies ANAND AGARWAL hold 3 M 33 12 month 13.02.2013
Prabhudas Lilladher Pvt Ltd KEJAL MEHTA reduce 2 M 25 12 month 13.02.2013
JM Financial Institutional Securities P HIMANSHU MAHESHWARI sell 1 M 24 12 month 13.02.2013
Religare Capital Markets ARUN AGGARWAL buy 5 M 50 12 month 13.02.2013
HSBC ASHUTOSH NARKAR overweight 5 U 43 Not Provided 30.01.2013
Goldman Sachs PUNEET JAIN neutral/attractive 3 M 36 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Standard Chartered GAURAV PATHAK underperform 1 D 28 12 month 16.01.2013
Macquarie ABHISHEK BHANDARI underperform 1 M 23 12 month 15.01.2013
Edelweiss Capital AASHIESH AGARWAAL not rated #N/A N/A M #N/A N/A Not Provided 07.01.2013
Phillip Securities ABHISHEK RANGANATHAN Under Review #N/A N/A M #N/A N/A Not Provided 15.11.2012
IFCI Financial Services RAJEEV DESAI sell 1 M 20 12 month 06.11.2012
Nomura PRABHAT AWASTHI suspended coverage #N/A N/A M #N/A N/A Not Provided 05.11.2012
Systematix Shares & Stocks Ltd ROHIT JAIN hold 3 M #N/A N/A Not Provided 11.07.2012
First Global Stockbroking HITESH KUVELKAR underperform 1 M #N/A N/A Not Provided 28.05.2012
Kotak Securities SAMAR SARDA not rated #N/A N/A M #N/A N/A Not Provided 16.05.2012
IDFC Securities Ltd NITIN AGARWAL Under Review #N/A N/A M #N/A N/A Not Provided 19.09.2011
KR Choksey Shares & Sec Pvt Ltd NIYATI JHAVERI hold 3 M 39 12 month 31.05.2011
Axis Capital Limited CHIRAG NEGANDHI Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2010
Holdings By:
Unitech Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
United Breweries Ltd. brews beer. The Company produces lager, pilsner, and
strong beers.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (05.12.2012) 1'023.30
52-Week Low (31.05.2012) 458.00
Daily Volume
689
52-Week High % Change -32.67% Dividend Yield 0.10
52-Week Low % Change 50.44% Beta 0.67
% 52 Week Price Range High/Low 40.86% Equity Float 71.65
Shares Out 25.01.2013 264.4 Short Int -
182'175.16 1 Yr Total Return 28.39%
Total Debt 11'056.50 YTD Return -26.01%
Preferred Stock 740.7 Adjusted BETA 0.666
Minority Interest 11.5 Analyst Recs 7
Cash and Equivalents 1'714.80 Consensus Rating 1.000
Enterprise Value 192'269.05
Average Volume 5 Day 95'287
UBBL IB EQUITY YTD Change - Average Volume 30 Day 250'404
UBBL IB EQUITY YTD % CHANGE - Average Volume 3 Month 209'798
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
15'607.7 19'294.6 22'755.0 30'598.1 36'251.5 - - 41'413.4 50'116.8 - -
3.20x 1.58x 2.44x 4.32x 4.21x - - 4.63x 3.80x - -
1'909.0 2'469.5 2'367.4 3'903.3 4'125.0 - - 5'292.0 6'923.2 - -
26.16x 12.36x 23.46x 33.88x 37.01x - - 36.42x 27.84x - -
541.7 455.8 896.4 1'474.9 1'267.7 - - 2'188.0 3'016.4 451.0 -
88.56x 56.37x 56.89x 91.15x 115.01x - - 83.86x 60.64x - -
EBITDA 4'125.00 Long-Term Rating Date -
EBIT 2'636.10 Long-Term Rating -
Operating Margin 7.27% Long-Term Outlook -
Pretax Margin 6.02% Short-Term Rating Date -
Return on Assets 4.16% Short-Term Rating -
Return on Common Equity 10.59%
Return on Capital 7.94% EBITDA/Interest Exp. 4.19
Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 0.32
Net Debt/EBITDA 2.26
Gross Margin - Total Debt/EBITDA 2.68
EBITDA Margin 11.4%
EBIT Margin 7.3% Total Debt/Equity 85.6%
Net Income Margin 3.5% Total Debt/Capital 44.7%
Asset Turnover 1.19
Current Ratio 1.15 Net Fixed Asset Turnover 2.85
Quick Ratio 0.60 Accounts receivable turnover-days 61.59
Debt to Assets 33.56% Inventory Days -
Tot Debt to Common Equity 85.60% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.94 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
United Breweries LtdPrice/Volume
Valuation Analysis
66'253.00
Current Price (3/dd/yy) Market Data
!
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. 2 B
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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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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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCOTTISH & NEWSCASTL n/a Co File 98'484'230 37.25 - 31.12.2012 Holding Company
UNITED BREWERIES HOL n/a Co File 30'295'911 11.46 - 31.12.2012 Holding Company
MALLYA VIJAY n/a Co File 21'353'620 8.08 - 31.12.2012 n/a
MCDOWELL HOLDINGS LT n/a EXCH 10'707'344 4.05 - 25.02.2013 Holding Company
KAMSCO INDUSTRIES n/a Co File 9'786'666 3.7 - 31.12.2012 Other
MALLYA PVT LTD n/a Co File 9'786'666 3.7 - 31.12.2012 Corporation
ARISAIG PARTNERS ASI n/a Co File 8'760'165 3.31 - 31.12.2012 Investment Advisor
UNITED SPIRITS LTD n/a EXCH 8'500'000 3.21 - 19.02.2013 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 6'006'768 2.27 - 31.12.2012 Investment Advisor
NEW WORLD FUND INC n/a Co File 5'131'864 1.94 - 31.12.2012 n/a
GEM INVEST & TRADING n/a Co File 4'315'132 1.63 - 31.12.2012 Other
ACACIA PARTNERS LP n/a Co File 3'780'000 1.43 - 31.12.2012 Investment Advisor
TREE LINE ASIA MASTE n/a Co File 2'890'000 1.09 - 31.12.2012 n/a
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 2'522'126 0.95 8'325 31.01.2013 Investment Advisor
DEVI INVESTMENT & DE n/a Co File 1'859'300 0.7 - 31.12.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'730'567 0.65 1'673'989 31.12.2012 Investment Advisor
PHARMA TRADING CO n/a Co File 1'514'366 0.57 - 31.12.2012 Private Equity
PLATINUM INVESTMENT n/a EXCH 1'462'635 0.55 - 11.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'281'601 0.48 1'776 25.03.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 622'100 0.24 - 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Fortune Equity Brokers (India) Ltd KRISHNAN SAMBAMOORTHY sell 1 M 336 Not Provided 05.03.2013
Kotak Securities JASDEEP WALIA sell 1 M 700 Not Provided 10.02.2013
Religare Capital Markets VARUN LOHCHAB sell 1 M 500 12 month 10.02.2013
Batlivala & Karani Securities ASHIT DESAI sell 1 M 450 Not Provided 08.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
IDFC Securities Ltd NIKHIL K VORA underperform 1 M 650 18 month 11.11.2012
India Infoline BHAVESH GANDHI market perform 3 M 428 9 month 08.02.2012
Holdings By:
United Breweries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
United Phosphorus Ltd. manufactures, distributes and exports off-patent
agrochemicals. The Company also manufactures phosphorus & phosphorus-based
compounds and its products include herbicides, fungicides, insecticides,
fumigants and rodenticides. United Phosphorus also manufactures industrial
chemicals, specialty chemicals and chloralkaline products
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.01.2013) 144.10
52-Week Low (04.06.2012) 105.00
Daily Volume
116.6
52-Week High % Change -19.08% Dividend Yield 2.14
52-Week Low % Change 11.05% Beta 1.05
% 52 Week Price Range High/Low 29.67% Equity Float 287.45
Shares Out 22.02.2013 442.6 Short Int -
51'607.66 1 Yr Total Return -8.22%
Total Debt 32'446.50 YTD Return -10.48%
Preferred Stock - Adjusted BETA 1.050
Minority Interest 2'499.0 Analyst Recs 29
Cash and Equivalents 8'234.70 Consensus Rating 4.621
Enterprise Value 78'318.46
Average Volume 5 Day 127'199
UNTP IB EQUITY YTD Change - Average Volume 30 Day 160'683
UNTP IB EQUITY YTD % CHANGE - Average Volume 3 Month 254'652
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
35'155.1 48'021.2 52'900.4 57'606.8 76'547.2 322'520.0 342'058.0 86'914.2 96'009.9 24'238.0 -
1.86x 1.26x 1.34x 1.15x 1.13x 2.44x 3.40x 0.95x 0.82x - -
6'216.3 9'791.1 9'156.9 10'858.3 13'900.6 78'506.0 72'897.0 15'409.5 17'112.0 4'377.3 -
10.53x 6.16x 7.74x 6.09x 6.24x 3.44x 4.06x 5.08x 4.57x - -
2'574.9 4'558.7 5'261.6 5'576.2 5'555.5 15'189.0 21'673.0 7'021.1 8'083.9 2'209.3 -
20.28x 9.47x 12.46x 12.00x 10.81x 11.01x 8.61x 7.37x 6.36x - -
EBITDA 13'900.60 Long-Term Rating Date -
EBIT 10'976.80 Long-Term Rating -
Operating Margin 14.34% Long-Term Outlook -
Pretax Margin 9.00% Short-Term Rating Date -
Return on Assets 5.96% Short-Term Rating -
Return on Common Equity 14.07%
Return on Capital 13.92% EBITDA/Interest Exp. 3.35
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 2.35
Net Debt/EBITDA 1.74
Gross Margin - Total Debt/EBITDA 2.33
EBITDA Margin 18.2%
EBIT Margin 14.3% Total Debt/Equity 77.8%
Net Income Margin 7.3% Total Debt/Capital 42.3%
Asset Turnover 0.82
Current Ratio 1.85 Net Fixed Asset Turnover 5.88
Quick Ratio 1.05 Accounts receivable turnover-days 93.83
Debt to Assets 31.34% Inventory Days -
Tot Debt to Common Equity 77.75% Accounts Payable Turnover Day -
Accounts Receivable Turnover 3.90 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
United Phosphorus LtdPrice/Volume
Valuation Analysis
112'874.00
Current Price (3/dd/yy) Market Data
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NERKA CHEMICALS PVT n/a Co File 98'633'100 22.28 - 31.12.2012 Other
UNIPHOS ENTERPRISES n/a Co File 25'337'060 5.72 - 31.12.2012 Corporation
LIFE INSURANCE CORP n/a Co File 20'421'357 4.61 - 31.12.2012 Government
PRUDENTIAL ICICI ASS Multiple Portfolios MF-AGG 18'000'370 4.07 - 28.02.2013 Investment Advisor
HDFC LIFE INSURANCE n/a Co File 17'126'042 3.87 - 31.12.2012 Insurance Company
GOLDMAN SACHS INV MA n/a Co File 16'673'565 3.77 - 31.12.2012 Investment Advisor
RELIANCE CAPITAL TRU n/a Co File 8'208'573 1.85 - 31.12.2012 Other
ICICI PRUDENTIAL LIF n/a Co File 7'322'309 1.65 - 31.12.2012 Insurance Company
GOVT OF SINGAPORE IN n/a ULT-AGG 6'717'478 1.52 - 31.12.2012 Government
SBI FUNDS MANAGEMENT Multiple Portfolios MF-AGG 6'000'000 1.36 - 28.02.2013 Investment Advisor
CITIBANK INTERNATION n/a Co File 5'681'083 1.28 - 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'440'000 1.23 - 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'541'402 1.03 - 31.07.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 3'951'633 0.89 (652'970) 31.01.2013 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 3'327'511 0.75 8'721 30.11.2012 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 3'265'479 0.74 (161'637) 31.10.2012 Investment Advisor
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 2'970'472 0.67 - 28.02.2013 Investment Advisor
SHROFF SHILPA R n/a Co File 2'907'279 0.66 - 31.12.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'241'149 0.28 (4'739'092) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'163'294 0.26 - 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Quant Broking Pvt Ltd HIMANSHU NAYYAR accumulate 4 N 132 12 month 25.03.2013
HDFC Securities SATISH MISHRA outperform 5 N 142 12 month 13.03.2013
Prabhudas Lilladher Pvt Ltd BALWINDAR SINGH buy 5 M 170 12 month 04.03.2013
Morgan Stanley GIRISH ACHHIPALIA Overwt/Attractive 5 U 162 12 month 25.02.2013
Motilal Oswal Securities Ltd JINESH K GANDHI buy 5 M 203 Not Provided 22.02.2013
India Nivesh Ltd DALJEET SINGH KOHLI buy 5 M 217 Not Provided 21.02.2013
MSFL - Institutional Business Group RAHUL METKAR buy 5 M 154 12 month 08.02.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 171 Not Provided 02.02.2013
Sunidhi Consultancy Services TARUN SURANA buy 5 M 171 12 month 30.01.2013
Indsec Securities & Finance Ltd MILAN WADKAR buy 5 M 174 12 month 30.01.2013
IIFL ABHIJIT R AKELLA reduce 2 M 130 12 month 30.01.2013
Quantum Securities Pvt Ltd AMIT RANE outperform 5 U 164 18 month 30.01.2013
Deutsche Bank AMIT MURARKA buy 5 M 157 12 month 29.01.2013
CIMB ATUL RASTOGI outperform 5 M 175 12 month 29.01.2013
Kotak Securities JASDEEP WALIA reduce 2 M 120 Not Provided 29.01.2013
Batlivala & Karani Securities G VIJAYARAGHAVAN buy 5 M 160 Not Provided 29.01.2013
IDFC Securities Ltd NITIN AGARWAL outperform 5 M 222 18 month 29.01.2013
Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 172 Not Provided 29.01.2013
Angel Broking Limited SARABJIT KOUR NANGRA buy 5 M 170 12 month 29.01.2013
Edelweiss Capital MANISH MAHAWAR buy 5 M 165 12 month 29.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Phillip Securities GAURI ANAND neutral 3 M 115 Not Provided 12.11.2012
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 134 Not Provided 30.10.2012
Spark Capital Advisors MUKESH SARAF add 4 D 140 12 month 23.07.2012
Shah Investor's Home Limited AMEYA HARDAS buy 5 M 158 12 month 03.05.2012
Prime Broking Company ROHIT SANGHAVI buy 5 D 167 Not Provided 31.01.2012
Holdings By:
United Phosphorus Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
United Spirits Ltd. manufactures and distributes a variety of alcohols and
spirits, including whiskey, brandy and rum. The Company's well known brands
include "McDowell's No. 1 Whiskey," "McDowell's No. 1 Brandy," "McDowell's
Diplomat Whiskey" and "McDowell's Signature Whiskey." United Spirits also
manufactures Indian-made foreign liquor brands.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (29.11.2012) 2'149.00
52-Week Low (31.05.2012) 547.15
Daily Volume
1885.2
52-Week High % Change -12.28% Dividend Yield 0.13
52-Week Low % Change 244.55% Beta 1.02
% 52 Week Price Range High/Low 83.53% Equity Float 92.99
Shares Out 25.01.2013 130.8 Short Int -
246'574.67 1 Yr Total Return 238.09%
Total Debt 87'595.39 YTD Return -0.75%
Preferred Stock 0.0 Adjusted BETA 1.022
Minority Interest 146.1 Analyst Recs 22
Cash and Equivalents 3'801.14 Consensus Rating 4.227
Enterprise Value 330'515.03
Average Volume 5 Day 290'070
UNSP IB EQUITY YTD Change - Average Volume 30 Day 288'203
UNSP IB EQUITY YTD % CHANGE - Average Volume 3 Month 271'541
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 06/yy 01/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
46'275.3 54'680.6 63'623.1 73'761.9 91'864.9 - - 105'767.4 120'757.0 20'109.0 -
4.60x 2.47x 3.37x 2.66x 1.78x - - 2.99x 2.41x - -
11'766.7 7'703.6 10'538.3 11'778.0 11'797.8 - - 14'290.3 17'118.8 2'361.0 -
18.09x 17.56x 20.36x 16.66x 13.83x - - 23.12x 19.30x - -
2'720.6 (4'084.1) (227.1) 5'695.2 1'879.2 - - 3'451.7 7'388.0 658.0 -
47.54x - - 22.65x 40.59x - - 67.73x 36.46x - -
EBITDA 11'797.81 Long-Term Rating Date -
EBIT 10'323.66 Long-Term Rating -
Operating Margin 11.24% Long-Term Outlook -
Pretax Margin 3.64% Short-Term Rating Date -
Return on Assets 1.31% Short-Term Rating -
Return on Common Equity 4.25%
Return on Capital 5.22% EBITDA/Interest Exp. 1.45
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 0.67
Net Debt/EBITDA 7.10
Gross Margin - Total Debt/EBITDA 7.42
EBITDA Margin 12.8%
EBIT Margin 11.2% Total Debt/Equity 187.9%
Net Income Margin 2.0% Total Debt/Capital 65.2%
Asset Turnover 0.64
Current Ratio 1.09 Net Fixed Asset Turnover 4.99
Quick Ratio 0.42 Accounts receivable turnover-days 66.93
Debt to Assets 55.24% Inventory Days -
Tot Debt to Common Equity 187.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.47 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
United Spirits LtdPrice/Volume
Valuation Analysis
131'395.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNITED BREWERIES HOL n/a EXCH 23'220'123 17.75 - 18.02.2013 Holding Company
KINGFISHER FINVEST I n/a EXCH 12'676'342 9.69 - 04.03.2013 Corporation
JP MORGAN CHASE BANK n/a EXCH 6'401'026 4.89 130'000 04.10.2010 Investment Advisor
PLATINUM INVESTMENT n/a Co File 4'480'210 3.43 - 31.12.2012 Investment Advisor
PALMER INVESTMENT GR n/a Co File 4'376'771 3.35 - 31.12.2012 Other
JP MORGAN n/a ULT-AGG 3'556'760 2.72 - 22.02.2012 Unclassified
USL BENEFIT TRUST n/a Co File 3'459'090 2.64 - 31.12.2012 n/a
NEW WORLD FUND INC n/a Co File 3'044'752 2.33 - 31.12.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 3'044'752 2.33 (440'002) 31.12.2012 Investment Advisor
CLSA MAURITIUS LTD n/a Co File 2'850'281 2.18 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'650'858 2.03 368'213 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'314'100 1.77 (14'057) 31.12.2012 Investment Advisor
MERRILL LYNCH CAPITA n/a Co File 2'195'349 1.68 - 31.12.2012 Investment Advisor
MORGAN STANLEY ASIA/ n/a Co File 2'130'514 1.63 - 31.12.2012 Unclassified
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 1'988'227 1.52 - 28.02.2013 Other
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 1'984'099 1.52 (2'768) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 1'927'259 1.47 36'214 25.03.2013 Investment Advisor
DB INTERNATIONAL ASI n/a Co File 1'858'649 1.42 - 31.12.2012 Bank
CREDIT SUISSE/SINGAP n/a Co File 1'449'760 1.11 - 31.12.2012 Bank
GOLDMAN SACHS INV MA n/a Co File 1'302'758 1 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
India Infoline BHAVESH GANDHI buy 5 M 2'150 12 month 25.03.2013
BNP Paribas Equity Research ALOK DALAL buy 5 N 2'173 12 month 06.03.2013
IIFL AVI MEHTA buy 5 M 2'220 12 month 27.02.2013
Nomura MANISH JAIN buy 5 M 2'200 Not Provided 24.02.2013
Motilal Oswal Securities Ltd GAUTAM DUGGAD buy 5 M 2'490 Not Provided 22.02.2013
First Global Stockbroking DEVINA MEHRA outperform 5 M #N/A N/A Not Provided 21.02.2013
Angel Broking Limited SRINIVASAN VISWANATHAN neutral 3 M #N/A N/A Not Provided 07.02.2013
Antique Stock Broking Limited ABHIJEET KUNDU hold 3 D 2'010 Not Provided 06.02.2013
Morgan Stanley NILLAI SHAH restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013
JPMorgan LATIKA CHOPRA overweight 5 M 2'265 12 month 05.02.2013
Maybank Kim Eng GANESH RAM buy 5 M 2'100 12 month 05.02.2013
Batlivala & Karani Securities ASHIT DESAI buy 5 M 2'025 Not Provided 05.02.2013
Religare Capital Markets VARUN LOHCHAB buy 5 M 2'500 12 month 05.02.2013
Credit Suisse ARNAB MITRA outperform 5 M 2'400 Not Provided 04.02.2013
Kotak Securities AMRITA BASU add 4 M 2'000 Not Provided 04.02.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 M #N/A N/A Not Provided 04.02.2013
Edelweiss Capital ABNEESH ROY buy 5 M 2'320 12 month 04.02.2013
Deutsche Bank MANOJ MENON buy 5 N 2'700 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Macquarie AMIT MISHRA underperform 1 M 1'165 12 month 12.11.2012
HDFC Securities SAMEER NARANG buy 5 M 700 Not Provided 29.03.2012
Holdings By:
United Spirits Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Wipro Limited specializes in IT and computer related technologies. The Group's
services encompass a number of areas, including software architecture, business
intelligence systems, e-commerce, data warehousing, Internet access devices,
network management, system administration, messaging systems, IT consulting and
design. Wipro also has a presence in niche markets of consumer products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 455.80
52-Week Low (30.07.2012) 325.60
Daily Volume
435.8
52-Week High % Change -4.39% Dividend Yield 1.38
52-Week Low % Change 33.85% Beta 0.87
% 52 Week Price Range High/Low 84.64% Equity Float 493.66
Shares Out 20.03.2013 2'462.9 Short Int -
1'073'321.25 1 Yr Total Return 3.60%
Total Debt 58'958.00 YTD Return 11.06%
Preferred Stock 0.0 Adjusted BETA 0.867
Minority Interest 849.0 Analyst Recs 67
Cash and Equivalents 119'627.00 Consensus Rating 3.328
Enterprise Value 980'666.24
Average Volume 5 Day 72'386
WPRO IB EQUITY YTD Change - Average Volume 30 Day 128'748
WPRO IB EQUITY YTD % CHANGE - Average Volume 3 Month 145'199
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
199'796.0 256'995.0 272'129.0 310'542.0 371'971.0 15'605.0 16'510.0 432'744.0 475'104.4 108'918.3 112'700.0
3.19x 1.37x 3.69x 3.61x 2.75x 5.53x 6.49x 2.29x 2.03x 9.91x 9.58x
41'111.0 53'606.0 60'811.0 65'434.0 70'864.0 2'217.0 2'658.0 85'467.7 93'169.4 22'435.6 21'480.8
15.50x 6.56x 16.50x 17.14x 14.43x 9.72x 11.22x 11.54x 10.58x 11.08x 10.71x
32'829.0 38'999.0 46'310.0 52'977.0 55'987.0 1'161.0 1'510.0 65'808.6 71'154.0 17'280.7 17'193.3
19.10x 9.17x 22.25x 22.08x 19.25x 16.70x 17.93x 16.29x 15.01x 15.53x 14.91x
EBITDA 70'864.00 Long-Term Rating Date 02.04.2012
EBIT 60'735.00 Long-Term Rating BBB+
Operating Margin 16.33% Long-Term Outlook NEG
Pretax Margin 18.75% Short-Term Rating Date -
Return on Assets 13.87% Short-Term Rating -
Return on Common Equity 21.33%
Return on Capital 17.81% EBITDA/Interest Exp. 67.04
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 54.77
Net Debt/EBITDA -0.86
Gross Margin 29.2% Total Debt/EBITDA 0.83
EBITDA Margin 19.1%
EBIT Margin 16.3% Total Debt/Equity 20.7%
Net Income Margin 15.1% Total Debt/Capital 17.1%
Asset Turnover 0.92
Current Ratio 2.32 Net Fixed Asset Turnover 6.52
Quick Ratio 1.70 Accounts receivable turnover-days 69.84
Debt to Assets 13.52% Inventory Days 14.16
Tot Debt to Common Equity 20.66% Accounts Payable Turnover Day 63.26
Accounts Receivable Turnover 5.24 Cash Conversion Cycle 20.74
Inventory Turnover 25.84
Fiscal Year Ended
Wipro LtdPrice/Volume
Valuation Analysis
48'906.00
Current Price (3/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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PREMJI AZIM HASHAM n/a Co File 1'925'303'553 78.17 - 31.12.2012 n/a
LIFE INSURANCE CORP n/a Co File 41'133'533 1.67 - 31.12.2012 Government
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 11'321'872 0.46 285'894 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'443'184 0.34 (77'827) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'715'586 0.27 107'866 31.12.2012 Investment Advisor
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 5'766'060 0.23 - 28.02.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'153'891 0.17 - 30.11.2012 Bank
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'809'431 0.15 - 28.02.2013 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'543'000 0.14 135'000 30.09.2011 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'335'972 0.14 11'724 30.06.2012 Investment Advisor
TEMPLETON ASSET MGMT Multiple Portfolios MF-AGG 3'323'569 0.13 (17'810) 28.02.2013 Mutual Fund Manager
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 3'313'845 0.13 - 28.02.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'006'750 0.12 25'446 31.12.2012 Investment Advisor
HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 2'930'180 0.12 - 29.11.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'770'643 0.11 330'643 31.10.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'752'687 0.07 - 25.03.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'423'928 0.06 - 26.03.2013 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'382'939 0.06 (124'420) 31.01.2013 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 1'335'000 0.05 388'299 31.01.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'141'932 0.05 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered PANKAJ KAPOOR outperform 5 U 490 12 month 26.03.2013
Axis Capital Limited PRIYA ROHIRA sell 1 M 424 Not Provided 22.03.2013
Kotak Securities KAWALJEET SALUJA reduce 2 M 400 Not Provided 21.03.2013
Nomura ASHWIN MEHTA buy 5 M 490 Not Provided 21.03.2013
Ambit Capital Pvt Ltd ANKUR RUDRA sell 1 M 312 12 month 21.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 21.03.2013
JPMorgan VIJU K GEORGE overweight 5 M 465 12 month 20.03.2013
Prabhudas Lilladher Pvt Ltd SHASHI BHUSAN buy 5 M 480 12 month 20.03.2013
BNP Paribas Equity Research ABHIRAM ELESWARAPU buy 5 M 470 12 month 20.03.2013
Angel Broking Limited ANKITA SOMANI accumulate 4 M 473 Not Provided 20.03.2013
IIFL SANDEEP MUTHANGI add 4 M 484 12 month 18.03.2013
ICICI Securities KULDEEP KOUL add 4 N 482 12 month 14.03.2013
Espirito Santo Investment Bank ResearchNITIN PADMANABHAN buy 5 M 475 Not Provided 07.03.2013
Edelweiss Capital SANDIP KUMAR AGARWAL buy 5 M 515 Not Provided 05.03.2013
Credit Suisse ANANTHA NARAYAN outperform 5 M 490 Not Provided 04.03.2013
Antique Stock Broking Limited PRATISH KRISHNAN buy 5 M 460 Not Provided 01.03.2013
IDBI Capital Market Services Ltd PRATIK GANDHI reduce 2 M 355 Not Provided 28.02.2013
Elara Securities India Pvt Ltd PRALAY KUMAR DAS sell 1 M 385 Not Provided 27.02.2013
Jefferies VISHAL AGARWAL buy 5 M 475 12 month 25.02.2013
Motilal Oswal Securities Ltd ASHISH CHOPRA buy 5 M 471 Not Provided 22.02.2013
Morgan Stanley VIPIN KHARE Overwt/In-Line 5 M 471 12 month 21.02.2013
Equirus Securities Pvt Ltd BHAVIN SHAH buy 5 M 455 15 month 21.02.2013
SBI Capital Markets DIPESH N MEHTA hold 3 D 425 12 month 20.02.2013
IDFC Securities Ltd HITESH SHAH outperform 5 M 440 18 month 18.02.2013
Fortune Equity Brokers (India) Ltd NIRAL DALAL hold 3 M 388 Not Provided 18.02.2013
Batlivala & Karani Securities DEEPAN S KAPADIA underperform 1 M 370 Not Provided 12.02.2013
Phillip Securities DEEPAK JAIN neutral 3 M 400 Not Provided 06.02.2013
Spark Capital Advisors SRIVATHSAN RAMACHANDRAN reduce 2 M 405 12 month 05.02.2013
Sharekhan Ltd TEAM COVERAGE hold 3 M 440 Not Provided 31.01.2013
KR Choksey Shares & Sec Pvt Ltd HARDIK R SHAH hold 3 M 409 Not Provided 24.01.2013
Deutsche Bank ANIRUDDHA BHOSALE buy 5 M 460 12 month 22.01.2013
CIMB SANDEEP R SHAH neutral 3 M 415 12 month 21.01.2013
Anand Rathi Securities Pvt. Ltd. ATUL THAKKAR hold 3 M 410 Not Provided 21.01.2013
HDFC Securities MADHU BABU underperform 1 M 413 12 month 21.01.2013
India Infoline ANIRUDDHA MEHTA buy 5 M 464 9 month 21.01.2013
Systematix Shares & Stocks Ltd ANURAG PUROHIT hold 3 M 420 12 month 21.01.2013
Barclays BHUVNESH SINGH underweight 1 M 380 Not Provided 21.01.2013
Quant Broking Pvt Ltd BASUDEB BANERJEE accumulate 4 M 473 12 month 21.01.2013
Ventura Securities Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 21.01.2013
Avendus Capital Private Ltd PRIYA SUNDER add 4 M 442 Not Provided 20.01.2013
HSBC YOGESH AGGARWAL overweight 5 M 460 Not Provided 18.01.2013
Sunidhi Consultancy Services NAUSHIL SHAH neutral 3 M 400 12 month 18.01.2013
Emkay Share & Stock Brokers MANIK TANEJA reduce 2 M 390 Not Provided 18.01.2013
Holdings By:
Wipro Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Yes Bank Ltd attracts deposits and offers comprehensive banking and financial
solutions in India. The Company primarily serves customers in the food and
agribusiness, life sciences, healthcare, biotechnology, telecommunications,
media, information technology and infrastructure development industries.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 539.00
52-Week Low (18.05.2012) 294.25
Daily Volume
425.5
52-Week High % Change -21.06% Dividend Yield 0.94
52-Week Low % Change 44.60% Beta 1.24
% 52 Week Price Range High/Low 53.63% Equity Float 251.98
Shares Out 06.03.2013 358.5 Short Int -
152'527.66 1 Yr Total Return 21.49%
Total Debt 182'447.72 YTD Return -8.34%
Preferred Stock 0.0 Adjusted BETA 1.238
Minority Interest 0.0 Analyst Recs 68
Cash and Equivalents 36'736.66 Consensus Rating 4.132
Enterprise Value -
Average Volume 5 Day 288'934
YES IB EQUITY YTD Change - Average Volume 30 Day 254'515
YES IB EQUITY YTD % CHANGE - Average Volume 3 Month 255'504
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
16'653.7 24'384.9 29'458.3 46'654.6 71'659.1 81'203.0 90'533.0 - - - -
- - - - - 9.56x 8.98x - - - -
- - - - - 20'076.0 21'892.0 - - - -
- - - - - 9.47x 9.92x - - - -
2'000.2 3'038.4 4'777.4 7'271.4 9'770.0 12'963.0 13'901.0 12'902.0 17'259.0 - -
24.03x 4.88x 16.37x 14.66x 13.23x 13.86x 15.57x - 9.78x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 58.66% Long-Term Outlook -
Pretax Margin 58.61% Short-Term Rating Date -
Return on Assets 1.47% Short-Term Rating -
Return on Common Equity 23.07%
Return on Capital 5.34% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 390.1%
Net Income Margin 39.5% Total Debt/Capital 79.6%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 46.30
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 24.77% Inventory Days -
Tot Debt to Common Equity 390.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Yes Bank LtdPrice/Volume
Valuation Analysis
213'117.00
Current Price (3/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
10'000.0
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] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KAPUR MADHU n/a Co File 35'125'000 9.8 - 30.09.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 23'590'832 6.58 - 31.12.2012 Investment Advisor
KAPOOR RANA n/a Co File 20'000'000 5.58 - 30.09.2012 n/a
LIFE INSURANCE CORP n/a EXCH 18'182'991 5.07 - 10.09.2012 Government
DOIT CAPITAL INDIA P n/a Co File 15'125'000 4.22 - 30.09.2012 Other
MORGAN CREDITS PVT L n/a Co File 14'050'000 3.92 - 30.09.2012 Other
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 10'563'211 2.95 (38'655) 31.12.2012 Investment Advisor
CREDIT SUISSE/SINGAP n/a Co File 8'633'636 2.41 - 30.09.2012 Bank
CLSA MAURITIUS LTD n/a Co File 8'586'178 2.4 - 30.09.2012 Investment Advisor
MAGS FINVEST PVT LTD n/a Co File 7'942'450 2.22 - 30.09.2012 Corporation
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'997'764 1.95 5'739'515 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'660'283 1.58 - 31.01.2013 Unclassified
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 4'612'069 1.29 - 30.06.2012 Mutual Fund Manager
RABOBANK NEDERLAND n/a Co File 4'008'436 1.12 - 30.09.2012 Bank
RELIANCE LIFE INSURA n/a Co File 3'711'435 1.04 - 30.09.2012 Insurance Company
BLACKROCK n/a ULT-AGG 3'357'017 0.94 (799'919) 30.11.2012 Investment Advisor
COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 3'055'602 0.85 1'871 31.01.2013 Investment Advisor
OEKOWORLD LUX SA Multiple Portfolios MF-AGG 2'700'000 0.75 1'350'000 30.11.2012 Mutual Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'447'166 0.68 31'536 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 2'110'379 0.59 141'929 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Axis Capital Limited PRAVEEN AGRAWAL buy 5 M 567 Not Provided 22.03.2013
Anand Rathi Securities Pvt. Ltd. CLYTON FERNANDES buy 5 M 595 Not Provided 20.03.2013
Nomura ABHISHEK BHATTACHARYA buy 5 M 615 Not Provided 20.03.2013
IDFC Securities Ltd MANISH CHOWDHARY neutral 3 M 510 Not Provided 19.03.2013
Dolat Capital Market Ltd. RAJIV PATHAK buy 5 N 580 Not Provided 19.03.2013
Standard Chartered MAHRUKH ADAJANIA outperform 5 M 635 12 month 13.03.2013
Espirito Santo Investment Bank ResearchSAIKIRAN PULAVARTHI buy 5 M 386 Not Provided 13.03.2013
Fortune Equity Brokers (India) Ltd VIJAY NARA hold 3 M 472 Not Provided 07.03.2013
Batlivala & Karani Securities ARUN SETHIA outperform 5 M 560 Not Provided 05.03.2013
IIFL ABHISHEK MURARKA buy 5 M 610 12 month 05.03.2013
Firstcall India Equity Advisors Pvt Ltd ASHISH KUSHWAHA buy 5 M 589 Not Provided 02.03.2013
Sunidhi Consultancy Services KANIKA THACKER reduce 2 M 500 12 month 27.02.2013
Asian Markets Securities Pvt. Ltd ASUTOSH KUMAR MISHRA accumulate 4 M 586 Not Provided 26.02.2013
Macquarie SURESH GANAPATHY outperform 5 M 600 12 month 25.02.2013
Motilal Oswal Securities Ltd ALPESH MEHTA buy 5 M 619 Not Provided 22.02.2013
Daiwa Securities Co. Ltd. PUNIT SRIVASTAVA outperform 5 M 585 Not Provided 19.02.2013
Almondz Global Securities Ltd SHIVRAJ GUPTA buy 5 M 601 Not Provided 19.02.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 600 Not Provided 19.02.2013
Morgan Stanley SUMEET KARIWALA Overwt/In-Line 5 M 675 12 month 13.02.2013
Edelweiss Capital NILESH PARIKH buy 5 M 615 12 month 11.02.2013
BNP Paribas Equity Research ABHIJIT MAJUMDER hold 3 M 536 12 month 06.02.2013
Barclays ANISH TAWAKLEY underweight 1 M 380 Not Provided 31.01.2013
Spark Capital Advisors GANESHRAM JAYARAMAN buy 5 M 605 12 month 28.01.2013
Quant Broking Pvt Ltd NITIN KUMAR accumulate 4 M 575 Not Provided 25.01.2013
ULJK Securities Pvt. Ltd. India SIDDHARTH PUROHIT hold 3 D 445 12 month 23.01.2013
Prabhudas Lilladher Pvt Ltd ADARSH PARASRAMPURIA buy 5 M 560 12 month 22.01.2013
Aditya Birla Money Limited SUMIT JATIA accumulate 4 M 569 Not Provided 22.01.2013
Systematix Shares & Stocks Ltd JYOTI KHATRI buy 5 M 702 Not Provided 22.01.2013
SBI Capital Markets RAVIKANT BHAT add 4 M 555 12 month 21.01.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M 473 18 month 21.01.2013
Right Horizons Financial Services JAGDISH BHANUSHALI buy 5 M 700 Not Provided 21.01.2013
Maybank Kim Eng VARUN VARMA buy 5 M 571 12 month 18.01.2013
BP Equities Private Limited SHWETA RANE hold 3 M 544 12 month 18.01.2013
HSBC SACHIN SHETH overweight 5 M 605 Not Provided 17.01.2013
JM Financial Institutional Securities P KARAN UBEROI buy 5 M 700 Not Provided 17.01.2013
ICICI Securities SHASHIN UPADHYAY buy 5 M 625 12 month 17.01.2013
HDFC Securities VISHAL MODI buy 5 M 597 12 month 17.01.2013
Tata Securities Limited SREESANKAR RADHAKRISHNAN hold 3 D 532 12 month 17.01.2013
India Infoline RAJIV MEHTA market perform 3 M 531 9 month 17.01.2013
Antique Stock Broking Limited ALOK KAPADIA buy 5 M 558 Not Provided 17.01.2013
ICICIdirect.com KAJAL GANDHI hold 3 M 550 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank MANISH SHUKLA buy 5 M 590 12 month 16.01.2013
Holdings By:
Yes Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Zee Entertainment Enterprises Limited produces and develops Hindi films,
serials, game shows and children's programs. The Company also purchases rights
to Hindi films, serials and other programs from their producers on a contract
basis. Zee also produces and exports entertainment software for transmission on
its ZEE TV channel. The Company also produces motion pictures.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (24.12.2012) 247.00
52-Week Low (10.05.2012) 119.30
Daily Volume
208.6
52-Week High % Change -15.55% Dividend Yield 0.72
52-Week Low % Change 74.85% Beta 0.73
% 52 Week Price Range High/Low 69.93% Equity Float 360.53
Shares Out 25.01.2013 958.8 Short Int -
199'999.45 1 Yr Total Return 66.89%
Total Debt 12.00 YTD Return -5.57%
Preferred Stock 0.0 Adjusted BETA 0.726
Minority Interest (32.0) Analyst Recs 41
Cash and Equivalents 3'283.00 Consensus Rating 3.854
Enterprise Value 190'027.65
Average Volume 5 Day 285'235
Z IB EQUITY YTD Change - Average Volume 30 Day 310'471
Z IB EQUITY YTD % CHANGE - Average Volume 3 Month 395'025
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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
18'353.7 21'773.1 21'997.8 30'088.0 30'405.0 9'972.5 10'834.0 36'673.9 42'499.8 9'539.8 8'430.0
6.00x 2.31x 5.02x 3.89x 3.89x 9.50x 8.64x 5.23x 4.43x - -
5'479.0 5'491.9 6'226.1 8'291.0 7'505.0 2'449.1 2'952.6 9'279.3 11'416.0 2'333.7 2'333.0
20.09x 9.15x 17.73x 14.10x 15.75x 9.06x 8.39x 20.54x 16.69x - -
3'832.7 5'123.6 6'313.7 6'251.0 5'906.0 1'331.2 1'699.0 7'101.4 8'639.2 1'885.0 1'582.0
27.83x 9.01x 18.97x 19.34x 20.80x 16.38x 14.30x 28.11x 23.03x - -
EBITDA 7'505.00 Long-Term Rating Date -
EBIT 7'182.00 Long-Term Rating -
Operating Margin 23.62% Long-Term Outlook -
Pretax Margin 27.65% Short-Term Rating Date -
Return on Assets 14.43% Short-Term Rating -
Return on Common Equity 18.08%
Return on Capital 18.22% EBITDA/Interest Exp. 153.16
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 136.12
Net Debt/EBITDA -0.44
Gross Margin 52.9% Total Debt/EBITDA 0.00
EBITDA Margin 24.7%
EBIT Margin 23.6% Total Debt/Equity 0.0%
Net Income Margin 19.4% Total Debt/Capital 0.0%
Asset Turnover 0.74
Current Ratio 3.67 Net Fixed Asset Turnover 14.14
Quick Ratio 1.39 Accounts receivable turnover-days 104.69
Debt to Assets 0.03% Inventory Days 162.85
Tot Debt to Common Equity 0.03% Accounts Payable Turnover Day 99.47
Accounts Receivable Turnover 3.50 Cash Conversion Cycle 168.07
Inventory Turnover 2.25
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
Zee Entertainment Enterprises LtdPrice/Volume
Valuation Analysis
599'738.00
Current Price (3/dd/yy) Market Data
!.135
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0 ! B
1 ! B
2 ! B
3 ! B
4 ! B
5 ! B
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
-! !!
.! !!
0! !!
1! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CYQUATOR MEDIA SERVI n/a EXCH 241'402'908 25.18 - 28.02.2013 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 108'495'755 11.32 (1'527'416) 31.01.2013 Investment Advisor
ESSEL MEDIA VENTURES n/a Co File 102'888'286 10.73 - 31.12.2012 Other
ESSEL CORP RESOURCE n/a EXCH 71'727'960 7.48 (56'170'750) 16.11.2011 Corporation
25FPS MEDIA PVT LTD n/a EXCH 56'170'750 5.86 56'170'750 16.11.2011 Other
ESSEL HOLDINGS LTD n/a Co File 46'378'518 4.84 - 31.12.2012 Other
HDFC ASSET MANAGEMEN Multiple Portfolios MF-AGG 27'488'858 2.87 - 28.02.2013 Investment Advisor
GOVT PENSION FUND GL n/a Co File 24'397'954 2.54 - 31.12.2012 n/a
ESSEL INTERNATIONAL n/a Co File 23'000'000 2.4 - 31.12.2012 Corporation
GOVT OF SINGAPORE IN n/a ULT-AGG 14'263'861 1.49 - 31.12.2012 Government
LIFE INSURANCE CORP n/a Co File 14'162'218 1.48 - 31.12.2012 Government
HDFC LIFE INSURANCE n/a Co File 13'455'409 1.4 - 31.12.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'453'605 1.4 (88'193) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 11'987'118 1.25 (1'869'592) 31.12.2012 Investment Advisor
ICICI PRUDENTIAL LIF n/a Co File 11'834'997 1.23 - 31.12.2012 Insurance Company
BLACKROCK n/a ULT-AGG 8'284'704 0.86 27'284 25.03.2013 Investment Advisor
RELIANCE CAPITAL TRU Multiple Portfolios MF-AGG 8'138'657 0.85 (531) 28.02.2013 Other
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 5'594'269 0.58 - 28.02.2013 Investment Advisor
IDFC MUTUAL FUND Multiple Portfolios MF-AGG 4'480'000 0.47 - 28.02.2013 Investment Advisor
UTI ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'161'821 0.43 - 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC RAJIV SHARMA overweight 5 M 272 Not Provided 25.03.2013
Sharekhan Ltd TEAM COVERAGE buy 5 M 280 Not Provided 22.03.2013
Antique Stock Broking Limited PRATISH KRISHNAN hold 3 M 220 Not Provided 21.03.2013
Goldman Sachs SACHIN SALGAONKAR neutral/neutral 3 D 225 12 month 19.03.2013
JM Financial Institutional Securities P SIDDHARTH GOENKA buy 5 M 270 Not Provided 19.03.2013
Edelweiss Capital ABNEESH ROY buy 5 M 301 12 month 19.03.2013
IIFL BIJAL SHAH buy 5 M 253 12 month 19.03.2013
CIMB SRINIVAS SESHADRI neutral 3 M 277 12 month 18.03.2013
Techno Shares & Stocks DEBASHISH MAZUMDAR accumulate 4 M 250 Not Provided 13.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 13.03.2013
Standard Chartered SAURAV ANAND outperform 5 M 280 12 month 12.03.2013
Ashika Stock Broking Limited TEAM COVERAGE buy 5 M 265 Not Provided 07.03.2013
Anand Rathi Securities Pvt. Ltd. YOGESH KIRVE buy 5 M 275 Not Provided 05.03.2013
JPMorgan LATIKA CHOPRA neutral 3 M 240 12 month 03.03.2013
Nomura ANKUR AGARWAL buy 5 M 276 Not Provided 28.02.2013
Motilal Oswal Securities Ltd SHOBHIT KHARE neutral 3 M 232 Not Provided 22.02.2013
Deutsche Bank GAURAV BHATIA buy 5 M 220 12 month 20.02.2013
ICICI Securities VIKASH MANTRI sell 1 M 210 12 month 20.02.2013
Spark Capital Advisors AASHISH UPGANLAWAR buy 5 M 266 12 month 28.01.2013
Ventura Securities Ltd TEAM COVERAGE buy 5 M 267 Not Provided 28.01.2013
KR Choksey Shares & Sec Pvt Ltd ARCHANA SHIVANE buy 5 U 265 Not Provided 25.01.2013
Macquarie NITIN MOHTA neutral 3 U 240 12 month 24.01.2013
BNP Paribas Equity Research KUNAL D VORA hold 3 M 247 12 month 24.01.2013
Batlivala & Karani Securities ROHIT DOKANIA underperform 1 M 171 Not Provided 24.01.2013
Phillip Securities NAVEEN KULKARNI neutral 3 M 220 Not Provided 24.01.2013
HDFC Securities HIMANSHU SHAH outperform 5 D 250 12 month 24.01.2013
Religare Capital Markets BALLABH MODANI sell 1 M 225 12 month 24.01.2013
Firstcall India Equity Advisors Pvt Ltd TEAM COVERAGE buy 5 M 262 Not Provided 24.01.2013
Centrum Broking Pvt Ltd ANKIT KEDIA buy 5 U 257 12 month 24.01.2013
Elara Securities India Pvt Ltd MOHAN LAL buy 5 M 290 12 month 24.01.2013
Morgan Stanley PARAG GUPTA Overwt/Attractive 5 M 281 12 month 23.01.2013
Jefferies PIYUSH NAHAR hold 3 M 208 12 month 23.01.2013
Kotak Securities AMIT KUMAR reduce 2 M 190 Not Provided 23.01.2013
IDFC Securities Ltd NIKHIL K VORA outperform 5 U 277 18 month 23.01.2013
Emkay Share & Stock Brokers NAVAL SETH buy 5 M 275 Not Provided 23.01.2013
ICICIdirect.com KARAN MITTAL buy 5 M 268 12 month 23.01.2013
SBI Capital Markets RAHUL KUNDNANI add 4 M 210 12 month 23.10.2012
Dolat Capital Market Ltd. AMIT PUROHIT accumulate 4 M 136 Not Provided 03.10.2011
First Global Stockbroking HITESH KUVELKAR Moderate Underperformer 2 M #N/A N/A Not Provided 22.07.2011
Axis Capital Limited CHIRAG NEGANDHI hold 3 M 121 Not Provided 17.01.2011
Holdings By:
Zee Entertainment Enterprises Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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