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February 2013
A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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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 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69
Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45
NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12
FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24
SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24
S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97
S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87
HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13
MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89
ACE LTD USD 29257 371 340 5 0 0 1 33.71 17936 17936 18451 19348 - - - - 7.65 7.66 7.80 8.03 11.22 11.22 11.03 10.71 6.55 7.15 - - - - - WR 01.04.2007
AFLAC INC USD 23305 975 468 4 0 0 2 24.72 25364 25364 24982 26558 - - - - 6.60 6.60 6.40 6.85 7.55 7.55 7.79 7.27 14.40 9.73 - - - A- 21.04.2009 A3 22.09.2011
AIA GROUP LTD HKD 49855 43064 12044 0 0 0 1 6.20 1855 1855 2354 2651 - - - - 0.02 0.02 0.03 0.03 3.71 - 2.46 2.22 -2.81 - - - - - - - -
ALLIANZ SE-REG EUR 63044 1544 452 38 0 3 14 87.92 142075 129243 140639 143796 - - - - 15.25 15.25 16.16 16.88 12.11 12.02 11.42 10.94 29.06 4.91 - - - AA 27.01.2012 Aa3 03.05.2004
ALLSTATE CORP USD 22158 1191 479 6 #VALUE! 0 1 27.41 33315 33315 33548 34173 - - - - 4.36 4.34 4.65 5.11 10.69 10.69 9.98 9.08 2.02 0.34 - - - A- 29.01.2009 A3 29.01.2009
AMERICAN INTERNATIONAL GROUP USD 55465 2475 1897 75 0 9 1 128.51 64237 70623 56264 58434 - - - - 0.57 4.54 3.85 3.41 8.28 8.28 9.77 11.01 -17.14 397.89 - - - A- 02.03.2009 Baa1 12.01.2011
ASSICURAZIONI GENERALI EUR 26048 6708 1541 29 0 4 34 32.17 98120 108842 98972 101882 - - - - 1.56 1.02 1.38 1.78 21.81 - 16.13 12.57 -20.84 11.60 - - - A 23.01.2013 Baa2 *- 18.12.2012
AVIVA PLC GBp 15966 5904 2906 13 2 2 35 #VALUE! 54408 56389 60307 59807 - - - - 0.55 -0.34 0.68 0.71 - 15.16 12.21 11.73 -44.61 31.28 - - - A- 15.08.2012 A1 19.05.2009
AXA SA EUR 42236 5987 2374 22 8 3 41 35.35 158129 158129 133235 136186 - - - - 2.41 2.28 2.62 2.79 10.36 9.52 9.02 8.45 27.28 81.83 - - - A- 18.12.2012 A2 19.03.2003
BERKSHIRE HATHAWAY INC-CL B USD 249036 2668 #VALUE! 60 0 4 162 129.56 143688 155698 #VALUE! #VALUE! 22008 27148 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 5.51 7.27 -12.61 1.91 17.44 AA+ 04.02.2010 Aa2 04.02.2010
CHINA LIFE INSURANCE CO-H HKD 84715 46396 28265 6 0 0 7 #VALUE! 47758 45368 47018 52629 - - - - 0.08 0.07 0.07 0.13 4.55 4.55 4.76 2.32 -0.50 2.64 - - - AA- 16.12.2010 - -
CHUBB CORP USD 21811 259 262 4 0 0 0 25.33 13546 13502 13459 13888 - - - - 5.23 5.21 6.63 6.89 15.99 15.99 12.57 12.09 - -1.01 - - - A+ 15.12.2008 A2 08.03.2004
ING GROEP NV-CVA EUR 32115 15653 3801 277 0 1 24 287.25 54 K 56 K 61 K 62 K - - - - 0.98 1.00 1.32 1.46 11.18 10.44 8.50 7.68 -30.37 -12.38 - - - A 03.09.2009 A3 15.06.2012
LEGAL & GENERAL GROUP PLC GBp 14104 5654 5872 5 0 0 22 #VALUE! 28025 30506 12127 12777 - - - - 0.16 0.11 0.21 0.23 33.51 21.79 17.05 16.13 -80.09 - - - - A 09.02.2010 A3 18.05.2010
LOEWS CORP USD 17059 368 396 9 0 4 0 30.78 14552 14552 13288 14489 - - - - 2.36 2.42 3.37 4.04 17.91 17.91 12.88 10.74 3.01 8.06 - - - A+ 17.11.2011 A2 28.06.2012
MANULIFE FINANCIAL CORP CAD 27299 4399 1828 27 2 0 13 44.33 28359 28359 40519 42560 - - - - 0.95 0.93 1.27 1.48 15.72 15.72 11.52 9.94 -41.59 18.13 - - - A- 13.12.2010 - -
MARSH & MCLENNAN COS USD 19669 695 545 3 #VALUE! 0 2 20.29 11924 11924 12489 13123 1970 2150 683 683 2.15 2.11 2.40 2.67 17.10 17.10 15.02 13.50 3.45 1.11 - 3.70 18.17 BBB 12.10.2012 Baa2 03.03.2005
METLIFE INC USD 39181 1848 1092 27 2 1 16 52.60 68150 68150 69972 72114 - - - - 5.28 5.27 5.29 5.65 6.81 6.81 6.78 6.35 -3.01 15.20 - - - A- 06.08.2010 A3 16.12.2009
MUENCHENER RUECKVER AG-REG EUR 31982 454 178 7 0 0 3 36.75 81330 88314 77832 82400 - - - - 5.26 24.02 21.22 21.70 9.91 9.48 11.22 10.97 - 12.27 - - - AA- 22.12.2006 - -
PING AN INSURANCE GROUP CO-H HKD 62065 19308 7916 42 0 5 12 84.00 35164 41200 41446 49095 - - - - 0.32 0.34 0.37 0.48 2.58 - 2.35 1.82 5.13 2.86 - - - - - - -
PROGRESSIVE CORP USD 14692 1018 605 2 0 0 0 16.56 16789 16789 17441 18544 - - - - 1.16 1.16 1.48 1.60 20.95 20.95 16.41 15.19 8.35 3.61 - - - A+ 06.02.1995 A1 24.04.2003
PRUDENTIAL FINANCIAL INC USD 26119 642 470 33 0 1 14 47.80 84815 84815 52809 54926 - - - - 6.27 6.12 7.79 8.69 9.16 9.16 7.20 6.45 72.93 66.96 - - - A 17.02.2009 Baa2 18.03.2009
PRUDENTIAL PLC GBp 37541 1688 2548 12 #VALUE! 0 11 37.07 55854 59339 76189 88583 - - - - 0.98 0.95 1.05 1.17 23.54 18.54 21.31 19.16 -35.77 - - - - A+ 17.08.2010 A2 20.12.2002
QBE INSURANCE GROUP LTD AUD 16173 5545 1112 5 0 0 1 19.42 16595 17219 18045 18493 - - - - 0.63 0.73 0.95 1.17 19.64 - 14.95 12.18 35.20 10.94 - - - A 09.07.2009 A3 *- 14.11.2012
SAMPO OYJ-A SHS EUR 20893 462 560 3 0 0 1 22.69 8566 8567 7529 7548 - - - - 3.35 4.11 3.19 3.38 12.12 14.86 15.60 14.75 26.82 12.61 - - - NR 02.01.2002 Baa2 26.03.2009
SUN LIFE FINANCIAL INC CAD 17050 1776 600 5 2 0 7 17.40 17265 18364 21427 22213 - - - - 2.45 2.54 2.52 2.68 11.02 11.02 11.11 10.44 -11.26 -1.18 - - - A 24.02.2012 - -
SWISS RE AG CHF 30287 2334 371 22 0 0 12 42.37 35859 35859 34543 37162 - - - - 11.98 13.10 8.76 9.03 7.25 7.77 10.85 10.52 20.72 0.92 - - - - - - -
TOKIO MARINE HOLDINGS INC JPY 22938 3082 767 15 0 0 4 20.90 36114 34580 36640 37303 - - - - - -0.15 1.57 1.80 - - 0.20 0.18 0.07 0.02 - - - - - - -
TRAVELERS COS INC/THE USD 30278 514 377 6 0 0 0 36.30 25740 25740 25916 26494 - - - - 6.21 6.21 7.22 7.56 12.90 12.90 11.10 10.60 1.16 0.20 - - - A 28.07.2011 A2 06.06.2008
ZURICH INSURANCE GROUP AG CHF 40692 311 147 14 0 3 10 49.98 76282 76282 65460 67834 - - - - 28.68 28.65 31.24 32.97 11.14 11.14 10.22 9.68 35.70 12.80 - - - - - - -
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 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%
Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%
NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%
FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%
SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%
S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%
HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%
MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%
ACE LTD 1.08 0.99 0.94 0.86 1.67 1.59 1.51 1.38 11.47 11.03 10.71 9.96 2.24 2.23 2.40 2.28 91.93 6.9%
AFLAC INC 1.59 1.38 1.22 1.05 0.91 0.93 0.88 0.82 7.56 7.79 7.27 6.63 2.68 2.88 3.13 3.39 58.59 17.6%
AIA GROUP LTD 2.38 2.11 1.91 1.74 1.46 3.14 2.73 2.42 2.16 31.35 19.07 17.24 15.39 12.93 0.94 1.26 1.38 1.57 1.21 35.62 11.0%
ALLIANZ SE-REG 0.91 0.86 0.81 0.77 0.72 0.46 0.45 0.44 0.43 0.42 9.19 8.55 8.19 8.33 7.52 4.44 4.74 4.96 5.09 5.32 114.28 10.4%
ALLSTATE CORP 1.10 1.01 0.92 0.82 0.67 0.66 0.65 0.63 12.57 9.98 9.08 8.41 1.89 2.12 2.20 2.33 47.95 3.3%
AMERICAN INTERNATIONAL GROUP 0.82 0.57 0.54 0.51 0.46 1.18 0.99 0.95 0.92 47.02 9.77 11.01 9.43 8.01 0.00 0.00 0.17 0.52 40.63 8.2%
ASSICURAZIONI GENERALI 1.23 0.97 0.90 0.84 0.76 0.27 0.26 0.26 0.25 0.26 17.07 12.08 9.41 8.55 7.65 2.39 2.59 3.42 4.01 5.11 13.46 7.4%
AVIVA PLC 0.81 0.93 0.91 0.86 0.93 0.33 0.26 0.27 0.22 6.60 7.98 7.67 7.18 6.26 7.57 7.17 7.17 7.23 7.59 414.58 17.0%
AXA SA 0.66 0.64 0.60 0.54 0.31 0.32 0.31 0.29 7.26 6.76 6.33 6.37 5.51 5.87 6.26 6.71 15.85 19.7%
BERKSHIRE HATHAWAY INC-CL B 23.04 103.00 2.8%
CHINA LIFE INSURANCE CO-H 2.66 2.46 2.19 1.94 1.51 1.46 1.45 1.30 1.18 24.55 36.90 17.97 15.26 8.17 1.29 1.06 1.77 2.04 4.11 27.40 17.9%
CHUBB CORP 1.41 1.30 1.22 1.16 1.68 1.62 1.57 1.51 12.13 9.65 18.06 12.57 12.09 10.95 2.00 2.03 2.13 2.18 87.29 4.8%
ING GROEP NV-CVA 0.48 0.45 0.42 0.41 0.56 0.53 0.51 0.45 8.10 6.37 5.76 5.64 0.00 0.35 3.43 4.77 8.03 28.0%
LEGAL & GENERAL GROUP PLC 1.69 1.66 1.54 1.46 1.32 1.69 1.16 1.10 0.96 12.89 11.14 10.54 10.00 9.18 3.78 4.75 5.26 5.64 6.54 160.13 2.7%
LOEWS CORP 0.89 0.79 0.74 1.22 1.28 1.18 25.12 12.88 10.74 0.58 0.58 0.58 46.00 6.1%
MANULIFE FINANCIAL CORP 1.22 1.17 1.09 1.03 0.93 0.69 0.67 0.64 15.19 11.72 10.11 9.01 7.27 3.42 3.46 3.50 3.46 15.70 3.4%
MARSH & MCLENNAN COS 2.92 2.65 2.35 2.10 1.65 1.57 1.50 1.40 14.31 12.54 11.37 10.37 9.08 8.35 7.67 7.10 16.72 15.02 13.50 12.23 2.49 2.57 2.64 2.96 39.20 8.6%
METLIFE INC 0.67 0.63 0.59 0.51 0.58 0.56 0.54 0.52 6.89 6.78 6.35 5.77 2.16 2.85 3.24 3.66 43.79 22.0%
MUENCHENER RUECKVER AG-REG 0.90 0.84 0.80 0.75 0.73 0.42 0.41 0.39 0.35 0.35 7.56 8.40 8.22 8.38 9.03 5.08 5.20 5.33 5.65 5.43 141.30 5.8%
PING AN INSURANCE GROUP CO-H 3.13 2.71 2.33 2.07 2.53 1.78 1.21 1.02 0.91 20.76 18.20 14.14 12.07 9.49 0.90 0.89 1.15 1.28 1.74 76.26 17.4%
PROGRESSIVE CORP 2.46 2.23 2.05 1.95 0.88 0.84 0.79 0.76 21.20 16.41 15.19 13.59 3.78 1.59 1.85 2.45 23.50 -3.3%
PRUDENTIAL FINANCIAL INC 0.82 0.76 0.68 0.56 0.35 0.49 0.48 0.42 9.08 7.20 6.45 5.75 2.85 3.16 3.41 3.79 68.06 21.4%
PRUDENTIAL PLC 2.83 2.53 2.26 2.02 1.85 0.51 0.49 0.42 0.41 16.37 13.93 12.53 11.29 10.28 2.63 2.77 3.04 3.28 3.49 1007.44 5.0%
QBE INSURANCE GROUP LTD 1.39 1.42 1.34 1.28 1.24 0.98 0.92 0.90 0.87 0.85 14.98 11.33 10.21 18.59 14.54 11.85 10.60 10.34 6.62 3.89 5.20 5.92 6.57 11.86 -9.7%
SAMPO OYJ-A SHS 1.62 1.50 1.41 1.27 2.91 2.77 2.77 2.53 2.50 11.48 11.69 11.04 10.38 11.04 4.61 5.01 5.32 5.61 5.58 26.78 -4.2%
SUN LIFE FINANCIAL INC 1.26 1.27 1.21 1.08 0.84 0.80 0.77 11.64 11.30 10.62 8.51 4.98 4.98 4.98 5.15 29.53 2.1%
SWISS RE AG 0.86 0.86 0.83 0.77 0.72 0.92 0.94 0.88 0.79 0.85 7.94 10.02 9.72 9.33 8.77 4.69 5.26 5.26 5.25 5.05 71.92 -4.7%
TOKIO MARINE HOLDINGS INC 1.16 1.10 1.05 0.98 0.62 0.63 0.61 0.60 0.58 196.82 19.03 16.53 14.51 1.79 1.97 2.14 2.28 2984.31 7.0%
TRAVELERS COS INC/THE 1.20 1.11 1.04 0.98 1.18 1.17 1.14 1.11 12.74 8.68 14.24 11.10 10.60 10.46 2.26 2.38 2.52 2.68 83.18 3.8%
ZURICH INSURANCE GROUP AG 1.19 1.13 1.07 1.00 0.95 0.65 0.67 0.64 0.67 0.59 12.21 9.43 8.94 8.42 7.96 6.80 6.80 6.96 7.17 7.78 264.76 4.5%
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] |
21.02.2013
ACE Limited is the holding company for the ACE Group of Companies, a property
and casualty insurance business. The Group provides a diversified range of
products and services to clients through operations in countries around the
world. ACE provides specialty insurance and reinsurance products.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 87.40
52-Week Low (24.07.2012) 68.98
Daily Volume
85.97
52-Week High % Change -1.64% Dividend Yield 2.26
52-Week Low % Change 24.63% Beta 0.89
% 52 Week Price Range High/Low 92.24% Equity Float 338.18
Shares Out 31.12.2012 340.3 Short Int 2.64
29'257.44 1 Yr Total Return 19.21%
Total Debt 5'070.00 YTD Return 7.73%
Preferred Stock 0.0 Adjusted BETA 0.887
Minority Interest 0.0 Analyst Recs 25
Cash and Equivalents 615.00 Consensus Rating 4.480
Enterprise Value 33'712.44
Average Volume 5 Day 373'883
ACE UN EQUITY YTD Change - Average Volume 30 Day 409'477
ACE UN EQUITY YTD % CHANGE - Average Volume 3 Month 372'506
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
13'698.0 15'075.0 16'006.0 16'834.0 17'936.0 16'834.0 17'936.0 18'451.3 19'347.7 4'415.2 4'938.4
1.49x 1.32x 1.56x 1.66x 1.76x 6.22x 6.72x 1.59x 1.52x 7.57x 6.76x
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'197.0 2'549.0 3'108.0 1'585.0 2'706.0 1'555.0 2'706.0 2'686.5 2'773.0 633.5 676.1
6.85x 6.17x 7.99x 10.06x 10.43x 10.21x 10.42x 11.03x 10.71x 11.08x 10.96x
EBITDA - Long-Term Rating Date 10.12.2010
EBIT - Long-Term Rating -
Operating Margin 17.99% Long-Term Outlook STABLE
Pretax Margin 16.59% Short-Term Rating Date -
Return on Assets 3.01% Short-Term Rating -
Return on Common Equity 10.40%
Return on Capital 9.46% EBITDA/Interest Exp. -
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 18.4%
Net Income Margin 15.1% Total Debt/Capital 15.6%
Asset Turnover 0.20
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.48% Inventory Days -
Tot Debt to Common Equity 18.42% 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
ACE LtdPrice/Volume
Valuation Analysis
371'075.00
Current Price (2/dd/yy) Market Data
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14'000.0
16'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 27'285'196 8.02 (98'932) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 25'693'352 7.55 - 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 23'750'703 6.98 (304'352) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 18'541'280 5.45 4'906'808 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 16'403'760 4.82 1'046'102 31.12.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 14'765'094 4.34 (637'012) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'718'334 4.32 427'091 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 14'079'521 4.14 518'333 19.02.2013 Investment Advisor
MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 11'286'678 3.32 723'273 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'942'534 1.75 (723'625) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'595'355 1.64 168'811 31.12.2012 Investment Advisor
VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 5'502'835 1.62 499'700 31.12.2012 Hedge Fund Manager
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 4'417'316 1.3 (253'106) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'234'259 1.24 58'421 31.12.2012 Investment Advisor
ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 3'912'125 1.15 (28'211) 31.12.2012 Pension Fund (ERISA)
TCW GROUP INC TCW GROUP INCORPORAT 13F 3'499'196 1.03 (239'074) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'247'477 0.95 (51'665) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 3'157'882 0.93 184'943 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 3'000'574 0.88 241'719 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'945'918 0.87 1'306'606 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JOSH STIRLING market perform 3 M 80 12 month 20.02.2013
Keefe, Bruyette & Woods MEYER SHIELDS outperform 5 M 100 12 month 15.02.2013
Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.02.2013
Miller Tabak + Co., LLC TOM MITCHELL buy 5 M 92 12 month 08.02.2013
Credit Suisse MICHAEL ZAREMSKI outperform 5 M 91 Not Provided 06.02.2013
Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 89 12 month 01.02.2013
Deutsche Bank JOSHUA D SHANKER hold 3 M 81 12 month 31.01.2013
Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 87 12 month 31.01.2013
Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 31.01.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 92 Not Provided 31.01.2013
JMP Securities MATTHEW J CARLETTI market outperform 4 M 95 12 month 31.01.2013
Morgan Stanley GREGORY W LOCRAFT Overwt/In-Line 5 M 104 12 month 30.01.2013
RBC Capital Markets MARK A DWELLE outperform 5 M 93 12 month 30.01.2013
Raymond James C GREGORY PETERS outperform 5 M 91 12 month 30.01.2013
Macquarie AMIT KUMAR outperform 5 M 89 12 month 30.01.2013
Sterne, Agee & Leach DANIEL FARRELL buy 5 M 94 12 month 30.01.2013
Evercore Partners VINAY MISQUITH overweight 5 M 92 12 month 30.01.2013
Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 30.01.2013
MKM Partners HARRY FONG buy 5 M 95 12 month 30.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 30.01.2013
Barclays JAY H GELB overweight 5 M 94 Not Provided 29.01.2013
S&P Capital IQ CATHY SEIFERT buy 5 M 92 Not Provided 10.12.2012
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 29.10.2012
Holdings By:
ACE Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Aflac, Inc. is a general business holding company. The Company, through its
subsidiaries, provides supplemental insurance to individuals in the United
States and Japan. Aflac's products include accident/disability plans, cancer
expense plans, short-term disability plans, sickness and hospital indemnity
plans, hospital intensive care plans, and fixed-benefit dental plans.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.12.2012) 54.93
52-Week Low (04.06.2012) 38.14
Daily Volume
49.82
52-Week High % Change -9.30% Dividend Yield 2.69
52-Week Low % Change 30.62% Beta 1.33
% 52 Week Price Range High/Low 69.57% Equity Float 456.83
Shares Out 31.12.2012 467.8 Short Int 8.69
23'305.10 1 Yr Total Return 7.06%
Total Debt 4'352.00 YTD Return -5.54%
Preferred Stock 0.0 Adjusted BETA 1.329
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 2'249.00 Consensus Rating 3.833
Enterprise Value 24'721.10
Average Volume 5 Day 1'021'160
AFL UN EQUITY YTD Change - Average Volume 30 Day 812'057
AFL UN EQUITY YTD % CHANGE - Average Volume 3 Month 769'363
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
16'554.0 18'254.0 20'732.0 22'171.0 25'364.0 22'171.0 25'364.0 24'982.2 26'558.3 6'196.0 6'234.6
1.34x 1.20x 1.32x 0.96x - 3.97x 2.70x 0.95x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'254.0 1'497.0 2'344.0 1'964.0 2'866.0 1'944.0 2'866.0 2'973.7 3'135.3 762.2 750.1
11.49x 9.54x 10.20x 6.83x 8.05x 6.88x 8.05x 7.79x 7.27x 7.79x 7.67x
EBITDA - Long-Term Rating Date 21.04.2009
EBIT - Long-Term Rating A-
Operating Margin 16.96% Long-Term Outlook NEG
Pretax Margin 16.96% Short-Term Rating Date -
Return on Assets 2.31% Short-Term Rating -
Return on Common Equity 19.44%
Return on Capital 16.42% EBITDA/Interest Exp. -
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 27.2%
Net Income Margin 11.3% Total Debt/Capital 21.4%
Asset Turnover 0.20
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.32% Inventory Days -
Tot Debt to Common Equity 27.24% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Aflac IncPrice/Volume
Valuation Analysis
974'788.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 24'565'187 5.25 882'429 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 23'143'891 4.95 (348'978) 19.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 22'642'924 4.84 297'248 19.02.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 17'677'736 3.78 112'338 31.12.2011 Government
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10'595'408 2.27 (2'409'014) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'425'617 2.23 3'021'953 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 8'518'434 1.82 215'452 31.12.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 6'766'110 1.45 457'966 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'400'360 1.37 31'538 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'843'558 1.25 (135'007) 31.12.2012 Investment Advisor
EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'799'952 1.03 2'236'649 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'533'709 0.97 2'289'209 31.12.2012 Investment Advisor
CORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 4'500'000 0.96 4'500'000 31.12.2012 Investment Advisor
AMOS DANIEL P n/a Form 4 4'092'942 0.87 46'569 12.02.2013 n/a
UBS n/a ULT-AGG 4'001'649 0.86 (10'046) 31.12.2012 Unclassified
NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 3'967'872 0.85 263'666 31.12.2012 Investment Advisor
PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 3'521'319 0.75 654'184 31.12.2012 Investment Advisor
YOSHIDA TAKURO n/a PROXY 3'458'452 0.74 - 29.02.2012 n/a
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 3'336'537 0.71 656'996 31.12.2012 Investment Advisor
HERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 3'324'379 0.71 93'729 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sterne, Agee & Leach JOHN M NADEL neutral 3 M 60 12 month 21.02.2013
Raymond James STEVEN D SCHWARTZ outperform 5 U 62 12 month 20.02.2013
Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 68 12 month 18.02.2013
Portales Partners NINA GUPTA underperform 1 N #N/A N/A Not Provided 14.02.2013
Deutsche Bank YARON KINAR hold 3 M 55 12 month 11.02.2013
Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 11.02.2013
Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013
Morgan Stanley NIGEL P DALLY Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013
RBC Capital Markets ERIC N BERG sector perform 3 M 59 12 month 06.02.2013
SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 06.02.2013
JPMorgan JIMMY S BHULLAR neutral 3 M 54 9 month 06.02.2013
Macquarie SEAN DARGAN neutral 3 M 53 12 month 06.02.2013
Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 57 12 month 06.02.2013
S&P Capital IQ ROBERT MCMILLAN strong buy 5 M 58 Not Provided 06.02.2013
Barclays JAY H GELB overweight 5 M 65 Not Provided 06.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 06.02.2013
Credit Suisse THOMAS GALLAGHER outperform 5 M 58 Not Provided 05.02.2013
FBR Capital Markets RANDY BINNER market perform 3 M 52 12 month 05.02.2013
Scotia Capital JOANNE SMITH sector outperform 5 M 63 12 month 05.02.2013
Evercore Partners MARK FINKELSTEIN equalweight 3 M 61 12 month 05.02.2013
Goldman Sachs CHRISTOPHER GIOVANNI neutral/attractive 3 M 55 12 month 08.01.2013
Holdings By:
Aflac Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
AIA Group Ltd. offers insurance and financial services. The Company writes
life insurance for individuals and businesses, accident and health insurance,
retirement planning, and wealth management services.
Latest Fiscal Year: 11/2011
LTM as of: 01/yy
52-Week High (21.02.2013) 32.50
52-Week Low (04.06.2012) 24.05
Daily Volume
32.1
52-Week High % Change -1.23% Dividend Yield 1.07
52-Week Low % Change 33.47% Beta 0.85
% 52 Week Price Range High/Low 100.00% Equity Float 12'039.65
Shares Out 30.11.2012 12'044.0 Short Int -
386'612.38 1 Yr Total Return 19.97%
Total Debt 1'229.00 YTD Return 6.12%
Preferred Stock 0.0 Adjusted BETA 0.847
Minority Interest 102.0 Analyst Recs 23
Cash and Equivalents 4'303.00 Consensus Rating 4.304
Enterprise Value 48'107.84
Average Volume 5 Day 35'651'890
1299 HK EQUITY YTD Change - Average Volume 30 Day 39'619'360
1299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67'483'780
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 01/yy 01/yy 11/12 Y 11/13 Y - -
15'226.0 3'810.0 19'016.0 18'394.0 14'385.0 - - 18'251.3 20'560.8 - -
- - - 1.85x 2.33x - - 2.64x 2.46x - -
- - - - - - - - - - -
- - - - - - - - - - -
1'914.0 408.0 1'754.0 2'701.0 1'600.0 - - 2'659.0 2'842.2 - -
- - - 13.14x 23.31x - - 19.07x 17.24x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 15.24% Long-Term Outlook -
Pretax Margin 15.07% Short-Term Rating Date -
Return on Assets 1.47% Short-Term Rating -
Return on Common Equity 7.84%
Return on Capital 7.34% 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 5.8%
Net Income Margin 11.1% Total Debt/Capital 5.4%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.07% Inventory Days -
Tot Debt to Common Equity 5.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AIA Group LtdPrice/Volume
Valuation Analysis
43'064'252.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 1'431'991'813 11.89 75'997'000 10.01.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 947'131'193 7.86 (27'400) 17.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 872'440'983 7.24 2'199'200 19.02.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 607'474'500 5.04 - 23.01.2013 Unclassified
FMR LLC n/a ULT-AGG 306'826'224 2.55 52'083'324 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 298'181'135 2.48 41'460'521 31.12.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 279'263'500 2.32 33'684'200 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 219'402'776 1.82 67'540'336 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 132'900'800 1.1 8'571'000 31.12.2012 Investment Advisor
LEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 119'148'250 0.99 119'148'250 30.09.2012 Insurance Company
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 107'408'000 0.89 852'800 31.10.2012 Bank
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 104'143'762 0.86 50'914'552 31.12.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 104'087'200 0.86 3'339'200 31.12.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 86'696'300 0.72 1'568'200 31.12.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 85'271'979 0.71 11'139'725 30.06.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 84'229'621 0.7 1'779'400 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79'225'000 0.66 - 30.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 77'373'800 0.64 50'369'000 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 50'209'800 0.42 (2'170'000) 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 44'959'365 0.37 (1'172'032) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies BARON NIE buy 5 M 35 12 month 20.02.2013
HSBC MICHAEL P CHANG overweight 5 M 40 Not Provided 20.02.2013
ICBC International Securities PIUS CHENG buy 5 M 37 Not Provided 20.02.2013
Morgan Stanley BEN LIN Overwt/Attractive 5 M 38 12 month 19.02.2013
BNP Paribas Equity Research DOMINIC CHAN buy 5 M 40 12 month 18.02.2013
CCB International Securities Ltd KENNETH YUE outperform 5 M 36 Not Provided 07.02.2013
Nomura DAVID CHUNG buy 5 M 36 Not Provided 06.02.2013
China International Capital Corp SALLY NG hold 3 M 33 12 month 01.02.2013
Deutsche Bank ESTHER CHWEI buy 5 M 38 12 month 31.01.2013
Standard Chartered PETER O'BRIEN outperform 5 M 38 12 month 30.01.2013
CIMB BERTRAM LAI outperform 5 M 34 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan CHAN BAO LING overweight 5 M 34 9 month 16.01.2013
Macquarie SCOTT G RUSSELL neutral 3 M 29 12 month 16.01.2013
BOCOM International Holdings LI WENBING long-term buy 5 M 38 12 month 19.12.2012
Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 13.12.2012
ABC International FRANCIS CHAN buy 5 M 35 12 month 11.12.2012
Fortune CLSA Securities Limited YANG YAN sell 1 M 29 12 month 24.10.2012
Goldman Sachs MANCY SUN Buy/Neutral 5 M 38 12 month 18.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 32 Not Provided 11.10.2012
Holdings By:
AIA Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Allianz SE, through subsidiaries, offers insurance and financial services. The
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (02.01.2013) 108.65
52-Week Low (04.06.2012) 68.50
Daily Volume
103.55
52-Week High % Change -4.69% Dividend Yield -
52-Week Low % Change 51.17% Beta 1.24
% 52 Week Price Range High/Low 89.17% Equity Float 455.95
Shares Out 31.12.2012 456.0 Short Int -
47'213.63 1 Yr Total Return 20.73%
Total Debt 28'411.00 YTD Return -1.19%
Preferred Stock 0.0 Adjusted BETA 1.238
Minority Interest 2'338.0 Analyst Recs 43
Cash and Equivalents 10'492.00 Consensus Rating 4.326
Enterprise Value 65'845.62
Average Volume 5 Day 1'532'143
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'507'210
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'528'593
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
76'195.0 82'711.0 89'740.0 87'384.0 106'400.0 87'384.0 96'790.0 105'324.8 107'688.9 - -
0.69x 0.75x 0.67x 0.61x - 2.70x 1.86x 0.55x 0.54x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 2'545.0 5'169.0 5'448.1 5'671.0 - -
8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.55x 8.19x - -
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 7.01% Long-Term Outlook NEG
Pretax Margin 5.45% Short-Term Rating Date 23.03.2009
Return on Assets 0.67% Short-Term Rating A-1+
Return on Common Equity 9.30%
Return on Capital 7.26% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 4.9% Total Debt/Capital 37.5%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.43% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Allianz SEPrice/Volume
Valuation Analysis
1'543'647.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'563'293 1.88 175'318 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'000'572 1.75 (440'475) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'770'085 1.05 (11'363) 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'519'378 0.99 (131'397) 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'513'764 0.99 546'507 28.09.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'598'771 0.79 972'739 31.01.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'381'128 0.74 - 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 2'232'924 0.49 (99'900) 31.10.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'116'731 0.46 (65'405) 30.11.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'904'355 0.42 64'334 30.11.2012 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 1'843'650 0.4 - 31.12.2012 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'490'728 0.33 - 19.02.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 30.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'455'112 0.32 388'780 31.12.2012 Mutual Fund Manager
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'212'611 0.27 (82'340) 30.11.2012 Mutual Fund Manager
JP MORGAN n/a ULT-AGG 961'909 0.21 8'661 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 21.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 21.02.2013
Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 96 12 month 21.02.2013
Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 12 month 20.02.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 18.02.2013
Independent Research GmbH STEFAN BONGARDT buy 5 M 120 12 month 18.02.2013
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 85 12 month 18.02.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.02.2013
Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 105 12 month 15.02.2013
Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 14.02.2013
AlphaValue DIETER HEIN add 4 M 111 6 month 14.02.2013
Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 13.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 128 12 month 12.02.2013
Berenberg Bank PETER ELIOT buy 5 N 124 Not Provided 11.02.2013
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
Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 120 12 month 31.01.2013
Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013
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
Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013
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
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012
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
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012
Nord/LB VOLKER SACK buy 5 U 104 12 month 12.11.2012
Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012
National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 09.11.2012
S&P Capital IQ RODERICK WALLACE buy 5 M 133 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:
Allianz SE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
The Allstate Corporation, through its subsidiaries, provides property-liability
insurance, as well as other types of insurance in the United States and Canada.
The Company primarily sells private passenger automobile and homeowners
insurance through independent and specialized brokers. Allstate also sells life
insurance, annuity, and group pension products through agents.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 47.08
52-Week Low (08.03.2012) 30.76
Daily Volume
46.41
52-Week High % Change -1.42% Dividend Yield 1.90
52-Week Low % Change 50.88% Beta 0.94
% 52 Week Price Range High/Low 95.89% Equity Float 476.70
Shares Out 01.02.2013 477.4 Short Int 4.61
22'158.28 1 Yr Total Return 50.75%
Total Debt 6'057.00 YTD Return 15.53%
Preferred Stock - Adjusted BETA 0.935
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 806.00 Consensus Rating 4.103
Enterprise Value 27'409.28
Average Volume 5 Day 1'053'488
ALL UN EQUITY YTD Change - Average Volume 30 Day 747'553
ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 796'655
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
29'394.0 32'013.0 31'400.0 32'654.0 33'315.0 32'654.0 33'315.0 33'547.7 34'173.3 8'337.4 8'386.2
0.78x 0.67x 0.71x 0.58x 0.74x 2.41x 2.80x 0.85x 0.85x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(1'679.0) 854.0 928.0 787.0 2'306.0 787.0 2'306.0 2'151.6 2'243.2 595.9 511.7
10.17x 8.63x 11.23x 21.58x 9.21x 21.08x 9.26x 9.98x 9.08x 9.98x 9.71x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 11.09% Long-Term Outlook NEG
Pretax Margin 9.92% Short-Term Rating Date -
Return on Assets 1.83% Short-Term Rating -
Return on Common Equity 11.86%
Return on Capital 10.09% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 29.4%
Net Income Margin 6.9% Total Debt/Capital 22.7%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.77% Inventory Days -
Tot Debt to Common Equity 29.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Allstate Corp/ThePrice/Volume
Valuation Analysis
1'191'008.00
Current Price (2/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
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 23'637'491 4.95 (266'139) 19.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'671'855 4.75 (1'682'359) 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'292'659 4.67 382'527 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 20'104'214 4.21 529'373 19.02.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 12'957'795 2.71 (362'127) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 10'584'076 2.22 (200'033) 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 10'485'305 2.2 (2'368'767) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'487'084 1.78 (961'655) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7'389'120 1.55 80'488 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'163'891 1.5 (501'604) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 6'584'538 1.38 (77'162) 31.12.2012 Investment Advisor
PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 6'486'248 1.36 (3'897'691) 31.12.2012 Hedge Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'104'700 1.28 (672'920) 31.12.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 5'864'695 1.23 (115'558) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'668'651 1.19 (550'075) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'714'744 0.99 (41'867) 31.12.2012 Investment Advisor
AJO, LP AJO, LP 13F 4'545'300 0.95 (326'800) 31.12.2012 Investment Advisor
DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 4'353'350 0.91 2'484'100 31.12.2012 Hedge Fund Manager
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'255'921 0.89 345'131 31.12.2012 Hedge Fund Manager
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 3'971'969 0.83 31'662 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 50 12 month 20.02.2013
Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 15.02.2013
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 50 12 month 15.02.2013
Barclays JAY H GELB overweight 5 M 54 Not Provided 14.02.2013
Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 50 12 month 13.02.2013
Macquarie RAYMOND IARDELLA neutral 3 M 47 12 month 12.02.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 11.02.2013
Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013
Deutsche Bank JOSHUA D SHANKER buy 5 M 51 12 month 08.02.2013
Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 08.02.2013
Argus Research Corp JOHN M EADE buy 5 M 51 Not Provided 08.02.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 51 Not Provided 08.02.2013
Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 49 12 month 08.02.2013
RBC Capital Markets MARK A DWELLE sector perform 3 M 48 12 month 07.02.2013
SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 07.02.2013
Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M 34 12 month 07.02.2013
William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 07.02.2013
Raymond James C GREGORY PETERS strong buy 5 M 52 12 month 07.02.2013
Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 47 12 month 07.02.2013
Evercore Partners VINAY MISQUITH overweight 5 M 50 12 month 07.02.2013
JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 07.02.2013
Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 07.02.2013
MKM Partners HARRY FONG buy 5 M 55 12 month 07.02.2013
Credit Suisse MICHAEL ZAREMSKI outperform 5 M 42 Not Provided 06.02.2013
FBR Capital Markets RANDY BINNER market perform 3 M 40 12 month 06.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
S&P Capital IQ CATHY SEIFERT hold 3 M 43 Not Provided 29.11.2012
Holdings By:
Allstate Corp/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
American International Group, Inc. is an international insurance organization
serving commercial, institutional and individual customers. AIG provides
property-casualty insurance, life insurance and retirement services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (12.02.2013) 39.90
52-Week Low (21.02.2012) 27.11
Daily Volume
37.57
52-Week High % Change -5.84% Dividend Yield 0.00
52-Week Low % Change 38.58% Beta 1.39
% 52 Week Price Range High/Low 81.78% Equity Float 1'474.50
Shares Out 26.10.2012 1'476.3 Short Int 21.34
55'464.76 1 Yr Total Return 37.47%
Total Debt 75'253.00 YTD Return 6.43%
Preferred Stock 0.0 Adjusted BETA 1.389
Minority Interest 9'378.0 Analyst Recs 22
Cash and Equivalents 1'474.00 Consensus Rating 4.364
Enterprise Value 128'511.76
Average Volume 5 Day 2'615'682
AIG UN EQUITY YTD Change - Average Volume 30 Day 2'676'961
AIG UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'720'372
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
110'064.0 6'896.0 75'352.0 77'526.0 64'237.0 68'040.0 70'623.0 56'263.5 58'434.0 14'392.0 14'476.5
3.34x 41.00x 3.38x 2.92x 1.98x 9.63x 7.20x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
6'200.0 (99'289.0) (10'949.0) 7'786.0 17'798.0 10'319.0 27'194.0 6'529.0 4'966.6 (84.0) 1'293.7
16.28x - - - 40.70x 0.00x 7.22x 9.77x 11.01x 15.97x 11.24x
EBITDA - Long-Term Rating Date 02.03.2009
EBIT - Long-Term Rating A-
Operating Margin 9.01% Long-Term Outlook NEG
Pretax Margin -1.66% Short-Term Rating Date 14.01.2011
Return on Assets 4.97% Short-Term Rating A-2
Return on Common Equity 28.98%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 71.7%
Net Income Margin 27.7% Total Debt/Capital 39.7%
Asset Turnover 0.13
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 13.54% Inventory Days -
Tot Debt to Common Equity 71.70% 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
American International Group IncPrice/Volume
Valuation Analysis
2'475'348.00
Current Price (2/dd/yy) Market Data
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 85'862'294 5.82 (683'424) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 69'502'743 4.71 12'923'253 19.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 61'921'180 4.19 13'491'642 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 60'476'872 4.1 15'353'796 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 54'481'168 3.69 12'500'525 19.02.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 28'385'814 1.92 4'226'487 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 21'350'033 1.45 7'824'042 31.12.2012 Investment Advisor
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 20'223'023 1.37 20'223'023 31.12.2012 Investment Advisor
THIRD POINT LLC THIRD POINT LLC 13F 18'500'000 1.25 (5'000'000) 31.12.2012 Hedge Fund Manager
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'727'826 1.2 4'028'675 31.12.2012 Investment Advisor
HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 17'648'202 1.2 (2'548'657) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'237'006 1.1 3'304'695 31.12.2012 Investment Advisor
MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 15'571'045 1.05 123'324 31.12.2012 Investment Advisor
OZ MANAGEMENT LP OZ MANAGEMENT 13F 15'292'833 1.04 (17'906'763) 31.12.2012 Investment Advisor
PERRY CORP PERRY CORPORATION 13F 14'865'903 1.01 4'365'903 31.12.2012 Hedge Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 14'000'345 0.95 5'000'000 31.12.2012 Investment Advisor
STARR INTERNATIONAL STARR INTERNATIONAL 13F 13'928'284 0.94 - 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12'437'183 0.84 (1'708'452) 31.12.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 11'937'000 0.81 11'937'000 31.12.2012 Investment Advisor
D E SHAW & COMPANY I D E SHAW & CO 13F 11'816'695 0.8 397'840 31.12.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 45 12 month 21.02.2013
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 37 12 month 15.02.2013
William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 13.02.2013
Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013
FBR Capital Markets RANDY BINNER outperform 5 M 44 12 month 04.02.2013
Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 43 12 month 30.01.2013
Evercore Partners MARK FINKELSTEIN overweight 5 M 40 12 month 22.01.2013
Sterne, Agee & Leach JOHN M NADEL buy 5 M 40 12 month 15.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 14.01.2013
S&P Capital IQ CATHY SEIFERT buy 5 M 40 12 month 09.01.2013
Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 43 12 month 08.01.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 41 Not Provided 08.01.2013
JPMorgan JIMMY S BHULLAR neutral 3 M 40 9 month 03.01.2013
Barclays JAY H GELB equalweight 3 M 33 Not Provided 03.01.2013
Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 18.12.2012
Argus Research Corp JOHN M EADE buy 5 M 40 Not Provided 14.12.2012
Deutsche Bank JOSHUA D SHANKER buy 5 M 41 12 month 10.12.2012
Credit Suisse THOMAS GALLAGHER restricted #N/A N/A M #N/A N/A Not Provided 10.12.2012
Macquarie G ALAN ZIMMERMANN outperform 5 M 44 12 month 10.12.2012
Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M 37 12 month 01.11.2012
Societe Generale EMMANUELLE CALES buy 5 U 24 12 month 01.03.2010
Holdings By:
American International Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance
throughout the world. The Company offers life, health, accident, automobile,
marine, aviation, transport, fire, general liability, and credit insurance and
reinsurance.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.01.2013) 14.65
52-Week Low (31.05.2012) 8.16
Daily Volume
12.53
52-Week High % Change -14.47% Dividend Yield -
52-Week Low % Change 53.65% Beta 1.05
% 52 Week Price Range High/Low 73.98% Equity Float 1'267.12
Shares Out 30.09.2012 1'556.9 Short Int -
19'507.62 1 Yr Total Return 7.75%
Total Debt 21'346.20 YTD Return -8.81%
Preferred Stock 0.0 Adjusted BETA 1.045
Minority Interest 2'635.0 Analyst Recs 31
Cash and Equivalents 25'559.90 Consensus Rating 2.613
Enterprise Value 24'091.92
Average Volume 5 Day 6'098'240
G IM EQUITY YTD Change - Average Volume 30 Day 7'097'060
G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'845'836
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
80'164.7 62'298.4 85'790.6 87'072.1 73'481.8 79'976.9 81'511.6 74'120.1 76'299.8 14'345.0 -
0.66x 0.61x 0.50x 0.40x 0.22x 0.85x 0.46x 0.29x 0.28x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'915.6 860.9 1'309.1 1'701.9 856.1 3'825.2 1'163.8 1'564.8 2'055.4 454.0 -
14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 14.58x 12.08x 9.41x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A
Operating Margin 4.66% Long-Term Outlook NEG
Pretax Margin 2.46% Short-Term Rating Date -
Return on Assets 0.27% Short-Term Rating -
Return on Common Equity 6.64%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 137.8%
Net Income Margin 1.2% Total Debt/Capital 54.1%
Asset Turnover 0.19
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.05% Inventory Days -
Tot Debt to Common Equity 137.85% 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
Assicurazioni Generali SpAPrice/Volume
Valuation Analysis
6'708'171.00
Current Price (2/dd/yy) Market Data
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21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MEDIOBANCA SPA n/a EXCH 194'048'687 12.46 - 20.11.2012 Bank
BANCA D'ITALIA n/a EXCH 69'420'980 4.46 - 30.11.2012 Government
DEA PARTICIPATIONS S n/a EXCH 35'185'336 2.26 - 30.11.2012 Investment Advisor
EFFETI SPA n/a EXCH 33'488'344 2.15 - 30.11.2012 Corporation
DELFIN SARL n/a EXCH 31'168'603 2 - 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'969'315 1.41 460'550 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'295'553 1.11 126'386 19.02.2013 Investment Advisor
COMPASS SPA n/a EXCH 14'198'684 0.91 - 30.11.2012 Corporation
VIKING GLOBAL INVEST n/a Short (14'167'547) -0.91 - 01.11.2012 Hedge Fund Manager
VM 2006 SRL n/a EXCH 6'196'356 0.4 - 30.11.2012 Other
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'321'220 0.34 (41'688) 31.01.2013 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 4'134'095 0.27 - 19.02.2013 Investment Advisor
PANTHEON 2000 SPA n/a EXCH 3'502'965 0.23 - 30.11.2012 Other
CALTAGIRONE EDITORE n/a EXCH 3'144'884 0.2 - 30.11.2012 Corporation
GAMMA SRL n/a EXCH 2'958'059 0.19 - 30.11.2012 Holding Company
BNP PARIBAS INV PART n/a ULT-AGG 2'833'608 0.18 (6'015) 30.11.2012 Investment Advisor
B&D FINANCE SA n/a EXCH 2'693'391 0.17 - 30.11.2012 Investment Advisor
FINANZIARIA ITALIA 2 n/a EXCH 2'646'685 0.17 - 30.11.2012 Unclassified
ARCA SGR SPA Multiple Portfolios MF-AGG 2'543'127 0.16 (5'402) 28.12.2012 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 2'540'642 0.16 409'970 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEROME CASSAGNE reduce 2 M 13 6 month 21.02.2013
Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 20.02.2013
ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 20.02.2013
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 6 month 18.02.2013
Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 15.02.2013
Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 08.02.2013
Oddo & Cie NICOLAS JACOB neutral 3 M 14 12 month 04.02.2013
Barclays CLAUDIA GASPARI equalweight 3 M 13 Not Provided 04.02.2013
Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 25.01.2013
Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.01.2013
Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013
HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013
Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013
JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 15.01.2013
Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 15.01.2013
Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 15.01.2013
S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.01.2013
Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 8 12 month 09.01.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013
CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 09.01.2013
Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013
Banca IMI ELENA PERINI suspended coverage #N/A N/A M #N/A N/A Not Provided 28.12.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012
Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 10.12.2012
Macquarie HADLEY COHEN neutral 3 M 13 12 month 13.11.2012
Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012
DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011
Holdings By:
Assicurazioni Generali SpA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Aviva PLC is an international insurance company that provides all classes of
general and life assurance, including fire, motor, marine, aviation, and
transport insurance. The Company also supplies a variety of financial services,
including unit trusts, stockbroking, long-term savings, and fund management.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.12.2012) 390.40
52-Week Low (01.06.2012) 251.10
Daily Volume
354.2
52-Week High % Change -9.25% Dividend Yield 7.34
52-Week Low % Change 41.06% Beta 1.53
% 52 Week Price Range High/Low 73.87% Equity Float 2'943.97
Shares Out 31.01.2013 2'946.1 Short Int -
10'435.12 1 Yr Total Return 1.53%
Total Debt 8'450.00 YTD Return -5.04%
Preferred Stock 1'190.0 Adjusted BETA 1.535
Minority Interest 1'530.0 Analyst Recs 27
Cash and Equivalents 23'043.00 Consensus Rating 3.704
Enterprise Value -
Average Volume 5 Day 11'696'210
AV/ LN EQUITY YTD Change - Average Volume 30 Day 10'299'640
AV/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 9'325'394
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
40'761.0 20'484.0 59'434.0 50'197.0 35'561.0 0.0 0.0 39'416.7 39'089.7 - -
0.42x 0.23x 0.09x 0.11x - #DIV/0! #DIV/0! - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'320.0 (915.0) 1'085.0 1'463.0 225.0 0.0 0.0 1'031.1 1'416.6 - -
13.93x - 10.51x 14.10x 11.69x 0.00x 0.00x 7.98x 7.67x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 5.13% Long-Term Outlook STABLE
Pretax Margin 2.29% Short-Term Rating Date -
Return on Assets -0.20% Short-Term Rating -
Return on Common Equity -5.59%
Return on Capital - 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 66.8%
Net Income Margin 0.6% Total Debt/Capital 35.5%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.71% Inventory Days -
Tot Debt to Common Equity 66.84% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Aviva PLCPrice/Volume
Valuation Analysis
5'904'209.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FRANKLIN RESOURCES n/a ULT-AGG 211'675'498 7.18 4'795'562 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 151'238'790 5.13 1'582'908 19.02.2013 Investment Advisor
LEGAL & GENERAL n/a ULT-AGG 117'884'648 4 10'749'361 01.11.2012 Unclassified
M&G INVESTMENT MANAG Multiple Portfolios REG 78'598'635 2.67 (8'044'005) 01.11.2012 Investment Advisor
AVIVA PLC SHARE ACCO Multiple Portfolios REG 65'413'024 2.22 (181'106) 01.11.2012 Unclassified
SCOTTISH WIDOWS n/a ULT-AGG 65'336'334 2.22 (5'784'626) 31.12.2012 Unclassified
AVIVA PLC n/a RNS-MAJ 61'649'544 2.09 - 17.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 61'037'483 2.07 2'236'701 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 54'324'031 1.84 - 01.11.2012 Government
MAJEDIE ASSET MANAGE Multiple Portfolios REG 42'870'595 1.46 5'011'081 01.11.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 41'983'449 1.43 (1'060'681) 01.11.2012 Investment Advisor
HARGREAVES LANSDOWN Multiple Portfolios REG 38'102'462 1.29 (824'169) 01.11.2012 Investment Advisor
TD WATERHOUSE GROUP Multiple Portfolios REG 37'094'970 1.26 (2'106'276) 01.11.2012 Investment Advisor
EDINBURGH PARTNERS L Multiple Portfolios REG 36'444'709 1.24 (2'650'661) 01.11.2012 Investment Advisor
UBS n/a ULT-AGG 33'646'794 1.14 8'421'593 28.12.2012 Unclassified
APG ALGEMENE PENSIOE Multiple Portfolios REG 32'720'468 1.11 294'056 01.11.2012 Pension Fund (ERISA)
PEOPLES REPUBLIC OF Multiple Portfolios REG 32'078'780 1.09 - 01.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios REG 31'828'838 1.08 1'797'329 01.11.2012 Investment Advisor
BREWIN DOLPHIN LIMIT Multiple Portfolios REG 28'103'629 0.95 (964'978) 01.11.2012 Investment Advisor
GLOBAL ASSET MANAGEM Multiple Portfolios REG 28'057'234 0.95 - 01.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Exane BNP Paribas ANDY HUGHES outperform 5 U 414 Not Provided 21.02.2013
AlphaValue JEROME CASSAGNE add 4 M 380 6 month 21.02.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 350 12 month 20.02.2013
Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 540 12 month 18.02.2013
Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 425 Not Provided 13.02.2013
Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 410 12 month 11.02.2013
JPMorgan ASHIK MUSADDI overweight 5 M 443 9 month 08.02.2013
Barclays ALAN DEVLIN underweight 1 M 302 Not Provided 04.02.2013
Macquarie NEIL WELCH neutral 3 M 384 12 month 23.01.2013
Berenberg Bank MATTHEW PRESTON buy 5 M 470 Not Provided 23.01.2013
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 416 12 month 18.01.2013
Oriel Securities Ltd MARCUS BARNARD hold 3 M 400 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
HSBC KAILESH MISTRY neutral 3 D 425 Not Provided 16.01.2013
Credit Suisse CHRIS ESSON outperform 5 M 455 Not Provided 14.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013
Investec KEVIN RYAN buy 5 M 422 12 month 07.01.2013
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 444 12 month 04.01.2013
Canaccord Genuity Corp BEN COHEN hold 3 M 380 12 month 24.12.2012
Deutsche Bank OLIVER STEEL restricted #N/A N/A M #N/A N/A Not Provided 21.12.2012
Societe Generale ABID HUSSAIN hold 3 M 343 12 month 11.12.2012
Redburn Partners LANCE BURBIDGE neutral 3 D #N/A N/A Not Provided 22.11.2012
S&P Capital IQ RODERICK WALLACE hold 3 M 350 12 month 08.11.2012
Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 23.10.2012
Nomura FAHAD CHANGAZI buy 5 M 540 Not Provided 31.05.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 508 6 month 01.07.2011
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 605 Not Provided 31.05.2011
Holdings By:
Aviva PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
AXA SA is an insurance company which also provides related financial services.
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (19.02.2013) 13.98
52-Week Low (04.06.2012) 8.65
Daily Volume
13.24
52-Week High % Change -5.33% Dividend Yield -
52-Week Low % Change 53.06% Beta 1.50
% 52 Week Price Range High/Low 94.84% Equity Float 2'042.80
Shares Out 31.01.2013 2'389.0 Short Int -
31'630.34 1 Yr Total Return 13.94%
Total Debt 16'693.00 YTD Return -0.82%
Preferred Stock 6'059.0 Adjusted BETA 1.500
Minority Interest 2'371.0 Analyst Recs 35
Cash and Equivalents 31'072.00 Consensus Rating 4.029
Enterprise Value 26'475.34
Average Volume 5 Day 6'558'331
CS FP EQUITY YTD Change - Average Volume 30 Day 6'011'588
CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'949'014
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 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
51'235.0 122'704.0 117'414.0 98'334.0 118'423.0 0.0 0.0 99'780.0 101'989.9 - -
0.62x 0.36x 0.29x 0.18x - #DIV/0! #DIV/0! 0.43x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'737.9 5'062.5 - -
51.67x 10.60x 12.33x 5.88x 8.09x 0.00x 0.00x 6.76x 6.33x - -
EBITDA - Long-Term Rating Date 18.12.2012
EBIT - Long-Term Rating A-
Operating Margin 4.36% Long-Term Outlook STABLE
Pretax Margin 5.58% Short-Term Rating Date 18.12.2012
Return on Assets 0.40% Short-Term Rating A-2
Return on Common Equity 6.27%
Return on Capital 4.84% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 3.5% Total Debt/Capital 24.7%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.29% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AXA SAPrice/Volume
Valuation Analysis
5'987'449.00
Current Price (2/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
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MUTUELLES AXA n/a Co File 342'767'775 14.35 - 31.12.2011 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 79'994'391 3.35 76'406 30.10.2012 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 44'960'584 1.88 4'851'628 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 33'349'652 1.4 730'180 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 29'871'758 1.25 (2'926'509) 31.12.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 21'618'306 0.9 (3'608'266) 31.12.2012 Investment Advisor
LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 14'730'009 0.62 1'189'780 31.12.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 14'093'406 0.59 (809'204) 30.11.2012 Mutual Fund Manager
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 10'727'164 0.45 (27'579) 31.01.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 7'008'017 0.29 210'749 28.09.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6'232'941 0.26 - 19.02.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'917'236 0.25 - 31.07.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 30.11.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'477'948 0.23 (37'515) 30.11.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 21.02.2013
Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 21.02.2013
Berenberg Bank PETER ELIOT hold 3 M 16 Not Provided 21.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 21.02.2013
Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013
AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 14.02.2013
Helvea DANIEL BISCHOF buy 5 M 15 12 month 13.02.2013
Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 12.02.2013
Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013
Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.02.2013
Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 08.02.2013
Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 04.02.2013
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
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 17 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
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
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 16 Not Provided 10.12.2012
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
RBC Capital Markets GORDON AITKEN sector perform 3 D 13 12 month 05.11.2012
Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 25.10.2012
National Bank AG MANFRED JAISFELD hold 3 M 13 Not Provided 25.10.2012
S&P Capital IQ RODERICK WALLACE buy 5 M 16 12 month 25.10.2012
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 08.10.2012
Nomura MICHAEL KLIEN buy 5 M 23 Not Provided 27.01.2012
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
CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011
BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011
Holdings By:
AXA SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety
of business sectors. The Company's principal operations are insurance business
conducted nationwide on a primary basis and worldwide on a reinsurance basis.
Berkshire's other operations include a railway company, a specialty chemical
company, and an international association of diversified businesses.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 101.49
52-Week Low (02.03.2012) 78.18
Daily Volume
100.22
52-Week High % Change -1.25% Dividend Yield -
52-Week Low % Change 28.19% Beta 0.87
% 52 Week Price Range High/Low 94.55% Equity Float 1'006.54
Shares Out 25.10.2012 1'099.8 Short Int 10.24
249'035.52 1 Yr Total Return 25.86%
Total Debt 60'384.00 YTD Return 11.73%
Preferred Stock 0.0 Adjusted BETA 0.872
Minority Interest 4'111.0 Analyst Recs 3
Cash and Equivalents 162'471.00 Consensus Rating 3.000
Enterprise Value 129'564.52
Average Volume 5 Day 1'758'383
BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1'388'391
BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'494'883
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
118'245.0 107'786.0 112'493.0 136'185.0 143'688.0 141'898.0 155'698.0 - - - -
0.89x 0.58x 0.35x 0.78x 0.64x 2.70x 2.42x - - - -
23'890.0 11'708.0 15'985.0 25'185.0 22'008.0 23'914.0 27'148.0 - - - -
4.39x 5.38x 2.48x 4.23x 4.15x 3.51x 3.68x - - - -
13'213.0 4'994.0 8'055.0 12'967.0 10'254.0 11'583.0 13'321.0 - - - -
- - - - - 0.00x 0.00x - - - -
EBITDA 22'008.00 Long-Term Rating Date -
EBIT 17'325.00 Long-Term Rating AA+
Operating Margin 12.06% Long-Term Outlook NEG
Pretax Margin 10.66% Short-Term Rating Date -
Return on Assets 3.29% Short-Term Rating -
Return on Common Equity 7.73%
Return on Capital 6.44% EBITDA/Interest Exp. 10.94
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 6.87
Net Debt/EBITDA -4.57
Gross Margin 20.4% Total Debt/EBITDA 2.30
EBITDA Margin 17.4%
EBIT Margin 14.2% Total Debt/Equity 36.6%
Net Income Margin 7.1% Total Debt/Capital 26.3%
Asset Turnover 0.38
Current Ratio 1.33 Net Fixed Asset Turnover 1.53
Quick Ratio 1.27 Accounts receivable turnover-days 80.39
Debt to Assets 15.38% Inventory Days 28.48
Tot Debt to Common Equity 36.63% Accounts Payable Turnover Day 97.62
Accounts Receivable Turnover 4.55 Cash Conversion Cycle 15.98
Inventory Turnover 12.85
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
Berkshire Hathaway IncPrice/Volume
Valuation Analysis
2'667'580.00
Current Price (2/dd/yy) Market Data
!
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0.0
20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
140'000.0
160'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GATES FOUNDATION BILL & MELINDA FOUND 13F 87'081'373 7.92 (6'250'000) 31.12.2012 Endowment
GATES FOUNDATION n/a Research 87'081'373 7.92 - 31.12.2012 Endowment
BLACKROCK n/a ULT-AGG 77'069'842 7.01 - 19.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 75'432'624 6.86 4'131'834 19.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 54'930'572 4.99 1'194'300 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 20'791'931 1.89 249'896 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 18'336'741 1.67 2'396'700 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'876'029 1.63 (173'106) 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'060'161 1.1 (1'241'696) 31.12.2012 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10'466'779 0.95 1'906'404 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9'289'649 0.84 (896'170) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 8'703'898 0.79 1'509'930 31.12.2012 Unclassified
D E SHAW & COMPANY I D E SHAW & CO 13F 7'645'865 0.7 1'726'351 31.12.2012 Hedge Fund Manager
FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'063'428 0.64 52'252 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 6'635'439 0.6 (259'071) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 6'104'157 0.56 199'861 31.12.2012 Investment Advisor
NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 6'007'207 0.55 59'600 31.12.2012 Pension Fund (ERISA)
ALLIANCE BERNSTEIN n/a ULT-AGG 5'696'660 0.52 861'902 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 5'672'149 0.52 3'185'272 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 5'434'465 0.49 177'503 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays JAY H GELB overweight 5 M 105 Not Provided 05.02.2013
S&P Capital IQ CATHY SEIFERT hold 3 M 101 Not Provided 16.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Berkshire Hathaway Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
China Life Insurance Co., Limited offers a wide range of life, accident, and
health insurance products and services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (15.01.2013) 27.35
52-Week Low (04.06.2012) 17.00
Daily Volume
23.25
52-Week High % Change -14.99% Dividend Yield 1.23
52-Week Low % Change 36.76% Beta 1.23
% 52 Week Price Range High/Low 65.70% Equity Float 7'441.18
Shares Out 30.09.2012 7'441.2 Short Int -
656'935.56 1 Yr Total Return -0.57%
Total Debt 42'990.00 YTD Return -8.10%
Preferred Stock 0.0 Adjusted BETA 1.232
Minority Interest 1'858.0 Analyst Recs 32
Cash and Equivalents 55'985.00 Consensus Rating 3.375
Enterprise Value -
Average Volume 5 Day 34'121'930
2628 HK EQUITY YTD Change - Average Volume 30 Day 33'677'020
2628 HK EQUITY YTD % CHANGE - Average Volume 3 Month 32'758'290
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
191'372.0 299'478.0 339'262.0 385'446.0 370'352.0 387'400.0 391'051.0 364'609.7 408'119.7 - -
7.65x 1.74x 2.68x 1.61x 1.27x 1.33x 0.00x 1.43x 1.26x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
38'879.0 19'137.0 32'881.0 33'626.0 18'331.0 25'398.0 9'042.0 14'469.6 29'274.0 - -
27.36x 30.50x 29.11x 22.62x 23.96x 17.15x 56.76x 36.90x 17.97x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 5.18% Long-Term Outlook NEG
Pretax Margin 5.54% Short-Term Rating Date -
Return on Assets 0.90% Short-Term Rating -
Return on Common Equity 7.31%
Return on Capital 5.91% EBITDA/Interest Exp. -
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 22.4%
Net Income Margin 4.9% Total Debt/Capital 18.2%
Asset Turnover 0.21
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.71% Inventory Days -
Tot Debt to Common Equity 22.45% 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
China Life Insurance Co LtdPrice/Volume
Valuation Analysis
46'395'776.00
Current Price (2/dd/yy) Market Data
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100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 796'734'221 10.71 (75'000) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 379'930'827 5.11 (3'440'000) 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 130'870'500 1.76 (19'411'000) 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 63'572'828 0.85 - 30.06.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 61'981'243 0.83 (3'448'832) 30.06.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 54'474'441 0.73 (111'253) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 47'183'000 0.63 2'903'000 31.10.2012 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 41'000'300 0.55 (22'410'000) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 37'598'982 0.51 (4'544'394) 31.12.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 34'090'000 0.46 - 30.06.2011 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 26'080'000 0.35 5'080'000 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 25'426'500 0.34 5'880'000 31.01.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 25'027'342 0.34 (3'247'000) 28.09.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 21'845'000 0.29 9'795'000 31.05.2012 Mutual Fund Manager
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21'744'000 0.29 6'742'000 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'228'680 0.29 (5'216'320) 31.12.2012 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 18'943'000 0.25 - 31.10.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 16'351'692 0.22 2'625'000 28.12.2012 Mutual Fund Manager
STATE STREET n/a ULT-AGG 16'206'332 0.22 - 20.02.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15'478'204 0.21 2'547'000 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Core Pacific OLIVE XIA hold 3 M 25 Not Provided 21.02.2013
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 19.02.2013
BOCOM International Holdings LI WENBING buy 5 M 28 12 month 19.02.2013
Credit Suisse ARJAN VAN VEEN underperform 1 M 26 Not Provided 18.02.2013
Haitong International Securities CHEN FANNY buy 5 N 29 12 month 06.02.2013
Nomura DAVID CHUNG neutral 3 D 27 Not Provided 06.02.2013
Standard Chartered JENNIFER LAW in-line 3 M 24 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan CHAN BAO LING neutral 3 M 23 9 month 16.01.2013
DBS Vickers PING CHENG hold 3 M 27 12 month 16.01.2013
ABC International FRANCIS CHAN buy 5 M 32 12 month 14.01.2013
China International Capital Corp TANG SHENGBO accumulate 4 D 29 12 month 08.01.2013
Deutsche Bank ESTHER CHWEI buy 5 M 30 12 month 07.01.2013
UOB Kay Hian EDMOND LAW hold 3 M 27 Not Provided 07.01.2013
CCB International Securities Ltd KENNETH YUE underperform 1 D 24 Not Provided 07.01.2013
ICBC International Securities PIUS CHENG hold 3 M 27 Not Provided 14.12.2012
Bank of China International SUN PENG buy 5 M 25 Not Provided 06.12.2012
Goldman Sachs MANCY SUN neutral/neutral 3 M 26 12 month 13.11.2012
Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 02.11.2012
Jefferies BARON NIE hold 3 M 23 12 month 29.10.2012
Kim Eng Securities IVAN LI buy 5 M 26 12 month 29.10.2012
SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.10.2012
Guotai Junan FELIX LUO accumulate 4 M 27 Not Provided 29.10.2012
Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 26.10.2012
HSBC JAMES GARNER neutral 3 M 24 Not Provided 18.10.2012
BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 22 Not Provided 27.03.2012
Phillip Securities CHEN XINGYU buy 5 U 26 12 month 16.03.2012
Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011
Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009
Holdings By:
China Life Insurance Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
The Chubb Corporation, a holding company, offers property and casualty
insurance, which includes personal, standard commercial and specialty commercial
insurance. The Company provides insurance coverage principally in the United
States, Canada, Europe, Australia, and parts of Latin America and Asia.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 85.00
52-Week Low (07.03.2012) 66.66
Daily Volume
83.31
52-Week High % Change -1.99% Dividend Yield 1.94
52-Week Low % Change 24.98% Beta 0.76
% 52 Week Price Range High/Low 90.79% Equity Float 260.75
Shares Out 31.12.2012 261.8 Short Int 2.46
21'810.56 1 Yr Total Return 23.60%
Total Debt 3'575.00 YTD Return 10.61%
Preferred Stock 0.0 Adjusted BETA 0.764
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 58.00 Consensus Rating 3.696
Enterprise Value 25'332.56
Average Volume 5 Day 284'387
CB UN EQUITY YTD Change - Average Volume 30 Day 329'732
CB UN EQUITY YTD % CHANGE - Average Volume 3 Month 349'231
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
13'189.0 12'977.0 13'284.0 13'546.0 - 13'546.0 10'165.0 13'459.0 13'887.8 3'338.8 3'403.3
1.66x 1.56x 1.63x 1.65x - 6.40x 6.74x 1.88x 1.82x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'804.0 2'183.0 2'174.0 1'678.0 1'545.0 1'678.0 1'545.0 1'716.4 1'692.9 439.1 413.2
9.14x 8.01x 10.11x 13.52x 14.40x 13.49x 14.46x 12.57x 12.09x 12.58x 12.41x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A+
Operating Margin 18.04% Long-Term Outlook STABLE
Pretax Margin 16.23% Short-Term Rating Date -
Return on Assets 3.67% Short-Term Rating -
Return on Common Equity 11.99%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.0%
Net Income Margin 12.4% Total Debt/Capital 18.7%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 7.03% Inventory Days -
Tot Debt to Common Equity 22.95% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Chubb Corp/ThePrice/Volume
Valuation Analysis
258'928.00
Current Price (2/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
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 21'434'779 8.19 - 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'526'400 5.17 181'217 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 12'695'706 4.85 229'566 19.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 10'279'918 3.93 1'007'182 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 8'543'635 3.26 427'184 31.12.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 6'301'398 2.41 (2'488'367) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'836'088 2.23 52'316 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 5'755'096 2.2 (75'200) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'926'966 1.88 72'101 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 4'552'734 1.74 (33'800) 31.12.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 3'845'628 1.47 62'784 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 3'731'546 1.43 (478'154) 31.12.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 3'676'588 1.4 212'937 31.12.2012 Unclassified
INVESCO LTD INVESCO LTD 13F 3'620'123 1.38 263'898 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'538'330 1.35 (358'018) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'516'651 1.34 (42'793) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'501'998 1.34 298 31.12.2012 Investment Advisor
PNC FINANCIAL SERVIC PNC FINANCIAL SERVIC 13F 2'906'495 1.11 (2'766) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 2'881'281 1.1 108'636 31.12.2012 Unclassified
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 2'792'335 1.07 478'137 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JOSH STIRLING market perform 3 M 85 12 month 20.02.2013
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 87 12 month 15.02.2013
Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013
S&P Capital IQ CATHY SEIFERT hold 3 D 87 12 month 06.02.2013
Argus Research Corp JOHN M EADE buy 5 M 92 Not Provided 04.02.2013
Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 04.02.2013
Deutsche Bank JOSHUA D SHANKER buy 5 U 90 12 month 01.02.2013
Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 01.02.2013
Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 86 12 month 01.02.2013
RBC Capital Markets MARK A DWELLE sector perform 3 M 84 12 month 01.02.2013
William Blair & Co ADAM KLAUBER underperform 1 M #N/A N/A Not Provided 01.02.2013
Raymond James C GREGORY PETERS outperform 5 M 85 12 month 01.02.2013
Macquarie AMIT KUMAR outperform 5 M 90 12 month 01.02.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME hold 3 M 84 Not Provided 01.02.2013
Portales Partners NINA GUPTA sector perform 3 M #N/A N/A Not Provided 01.02.2013
MKM Partners HARRY FONG neutral 3 M 85 12 month 01.02.2013
Drexel Hamilton LLC GLORIA L VOGEL hold 3 D 88 12 month 01.02.2013
Credit Suisse MICHAEL ZAREMSKI outperform 5 M 87 Not Provided 31.01.2013
Evercore Partners VINAY MISQUITH equalweight 3 M 87 12 month 31.01.2013
Barclays JAY H GELB overweight 5 M 92 Not Provided 31.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Chubb Corp/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
ING Groep N.V. offers financial services to individuals, corporations, and other
institutions. The Company offers corporate, investment, and private banking
services, asset and portfolio management, treasury services, and insurance. ING
Groep has offices throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (14.01.2013) 7.91
52-Week Low (04.06.2012) 4.44
Daily Volume
6.277
52-Week High % Change -20.66% Dividend Yield -
52-Week Low % Change 41.37% Beta 1.77
% 52 Week Price Range High/Low 59.22% Equity Float -
Shares Out 31.12.2012 3'831.6 Short Int -
24'050.71 1 Yr Total Return -7.87%
Total Debt 207'649.00 YTD Return -11.10%
Preferred Stock 0.0 Adjusted BETA 1.771
Minority Interest 1'081.0 Analyst Recs 30
Cash and Equivalents 17'657.00 Consensus Rating 3.833
Enterprise Value 215'123.71
Average Volume 5 Day 15'714'510
INGA NA EQUITY YTD Change - Average Volume 30 Day 18'091'420
INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 16'186'250
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
64'680.0 46'025.0 51'411.0 52'787.0 40'783.0 46'023.0 42'241.0 45'396.2 46'723.3 - -
4.40x 5.41x 4.99x 4.38x 5.34x 22.59x 22.26x 1.53x 1.77x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'766.0 3'894.0 3'708.7 4'100.2 - -
- - 12.77x 6.70x 10.31x 6.43x 9.42x 6.37x 5.76x - -
EBITDA - Long-Term Rating Date 03.09.2009
EBIT - Long-Term Rating A
Operating Margin 15.18% Long-Term Outlook NEG
Pretax Margin 8.66% Short-Term Rating Date 31.03.2009
Return on Assets 0.32% Short-Term Rating A-1
Return on Common Equity 7.33%
Return on Capital 1.55% EBITDA/Interest Exp. -
Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 366.8%
Net Income Margin 9.5% Total Debt/Capital 78.3%
Asset Turnover 0.03
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.77% Inventory Days -
Tot Debt to Common Equity 366.83% 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
ING Groep NVPrice/Volume
Valuation Analysis
15'652'518.00
Current Price (2/dd/yy) Market Data
!-.0123456
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20'000.0
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40'000.0
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70'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 247'106'748 6.45 (1'062'367) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 90'073'181 2.35 599'105 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 85'553'052 2.23 2'763'356 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 40'930'087 1.07 (35'661'908) 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 31'337'900 0.82 665'045 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'654'369 0.8 (22'538) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 30'275'998 0.79 (1'469'145) 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 29'191'916 0.76 191'764 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 23'645'980 0.62 3'963'556 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 23'055'437 0.6 (6'597'312) 30.11.2012 Investment Advisor
ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'699'641 0.51 - 31.12.2012 Mutual Fund Manager
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'894'298 0.49 3'885'289 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'175'184 0.47 201'990 31.12.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 15'020'303 0.39 (143'690) 30.11.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'099'026 0.34 574'476 31.12.2012 Mutual Fund Manager
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 12'727'018 0.33 - 19.02.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 9'741'760 0.25 (549'162) 28.09.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEROME CASSAGNE add 4 M 7 6 month 21.02.2013
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
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
Rabobank International COR KLUIS buy 5 M 10 12 month 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 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
JPMorgan MICHAEL HUTTNER not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013
Macquarie THOMAS STOEGNER underperform 1 M 7 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
Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 13.02.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 13.02.2013
Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 13.02.2013
ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.02.2013
Berenberg Bank JAMES CHAPPELL buy 5 N 8 Not Provided 28.01.2013
Petercam MATTHIAS DE WIT hold 3 D 8 Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 18.12.2012
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
Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 23.11.2012
Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 12 month 20.11.2012
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
Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 21.08.2012
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:
ING Groep NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Legal & General Group plc is a holding company. The Company, through its
subsidiaries, provides savings, risk and investment management services such as
annuities, long-term savings, life assurance and financial protection products.
Legal & General Group's products are sold through bank, building society
relationships, Independent Financial Advisers and directly to customers.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 157.40
52-Week Low (01.06.2012) 105.30
Daily Volume
155.9
52-Week High % Change -0.95% Dividend Yield 4.30
52-Week Low % Change 48.05% Beta 1.37
% 52 Week Price Range High/Low 98.46% Equity Float 5'906.47
Shares Out 01.02.2013 5'912.9 Short Int -
9'218.15 1 Yr Total Return 35.16%
Total Debt 3'250.00 YTD Return 7.07%
Preferred Stock 0.0 Adjusted BETA 1.373
Minority Interest 66.0 Analyst Recs 27
Cash and Equivalents 14'113.00 Consensus Rating 3.519
Enterprise Value -
Average Volume 5 Day 10'769'440
LGEN LN EQUITY YTD Change - Average Volume 30 Day 11'069'380
LGEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 9'991'372
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
18'202.0 (31'644.0) 43'790.0 38'440.0 18'317.0 0.0 0.0 7'926.3 8'351.0 436.5 -
0.13x - - - - #DIV/0! #DIV/0! 1.09x 1.03x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
724.0 (1'067.0) 863.0 820.0 726.0 0.0 0.0 830.1 882.5 - -
11.62x - 2.72x 6.88x 8.25x 0.00x 0.00x 11.14x 10.54x - -
EBITDA - Long-Term Rating Date 09.02.2010
EBIT - Long-Term Rating A
Operating Margin 6.12% Long-Term Outlook STABLE
Pretax Margin 5.22% Short-Term Rating Date 25.02.2009
Return on Assets 0.00% Short-Term Rating A-1
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 62.5%
Net Income Margin 4.0% Total Debt/Capital 38.2%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.99% Inventory Days -
Tot Debt to Common Equity 62.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Legal & General Group PLCPrice/Volume
Valuation Analysis
5'653'574.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SCHRODER INVESTMENT Multiple Portfolios REG 386'066'239 6.53 (10'233'954) 03.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 291'921'424 4.94 (1'707'207) 19.02.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 290'344'506 4.91 - 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 240'966'463 4.08 245'672 31.12.2012 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios REG 238'287'407 4.03 11'184'585 03.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 215'079'841 3.64 98'290 31.12.2012 Investment Advisor
SWISS REINSURANCE Multiple Portfolios REG 169'171'985 2.86 418'703 03.12.2012 Insurance Company
STANDARD LIFE INVEST Multiple Portfolios REG 162'792'629 2.75 13'696'488 03.12.2012 Investment Advisor
AXA INVESTMENT MANAG Multiple Portfolios REG 154'548'532 2.61 (2'209'633) 03.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 125'180'804 2.12 27'796'179 31.12.2012 Unclassified
THREADNEEDLE ASSET M Multiple Portfolios MF-AGG 118'694'862 2.01 673'846 31.10.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 114'033'951 1.93 21'870'538 03.12.2012 Investment Advisor
AVIVA INVESTORS Multiple Portfolios REG 112'000'485 1.89 (16'190'706) 03.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 108'308'669 1.83 2'913'807 31.12.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 101'018'107 1.71 6'951'655 03.12.2012 Government
ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 93'648'888 1.58 37'648'888 31.12.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 81'906'572 1.39 - 03.12.2012 Government
LEGAL & GENERAL GROU Multiple Portfolios REG 72'641'394 1.23 (2'070'035) 03.12.2012 Unclassified
F&C ASSET MANAGEMENT Multiple Portfolios REG 70'631'364 1.19 403'808 03.12.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios REG 65'293'473 1.1 1'547'523 03.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oriel Securities Ltd MARCUS BARNARD buy 5 M 165 Not Provided 21.02.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 150 12 month 20.02.2013
Credit Suisse CHRIS ESSON neutral 3 M 160 Not Provided 15.02.2013
Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 165 12 month 04.02.2013
Barclays ALAN DEVLIN overweight 5 M 166 Not Provided 04.02.2013
Deutsche Bank OLIVER STEEL buy 5 M 170 12 month 24.01.2013
Macquarie NEIL WELCH outperform 5 M 175 12 month 23.01.2013
Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 165 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
HSBC KAILESH MISTRY overweight 5 M 180 Not Provided 16.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013
Investec KEVIN RYAN hold 3 D 153 12 month 07.01.2013
Societe Generale ABID HUSSAIN hold 3 M 144 12 month 11.12.2012
Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 10.12.2012
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 157 12 month 05.12.2012
Canaccord Genuity Corp BEN COHEN hold 3 M 150 12 month 26.11.2012
Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 154 Not Provided 16.11.2012
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 08.11.2012
Keefe, Bruyette & Woods GREIG N PATERSON underperform 1 M 100 12 month 01.11.2012
Berenberg Bank MATTHEW PRESTON buy 5 M 170 Not Provided 01.11.2012
S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 01.11.2012
Exane BNP Paribas ANDY HUGHES underperform 1 M 116 Not Provided 01.11.2012
JPMorgan ASHIK MUSADDI neutral 3 M 122 Not Provided 24.10.2012
Nomura FAHAD CHANGAZI buy 5 M 185 Not Provided 17.09.2012
Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 137 6 month 01.07.2011
Holdings By:
Legal & General Group PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Loews Corporation is a diversified holding company. The Company, through its
subsidiaries, is involved in a variety of businesses including commercial
property-casualty insurance, offshore drilling, natural gas exploration and
production, operation of natural gas pipeline systems, and the operation of
hotels and resorts.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.02.2013) 44.21
52-Week Low (07.03.2012) 38.00
Daily Volume
43.34
52-Week High % Change -1.97% Dividend Yield 0.58
52-Week Low % Change 14.05% Beta 0.96
% 52 Week Price Range High/Low 85.99% Equity Float 311.43
Shares Out 19.10.2012 393.6 Short Int 1.52
17'058.70 1 Yr Total Return 12.61%
Total Debt 9'001.00 YTD Return 6.36%
Preferred Stock 0.0 Adjusted BETA 0.956
Minority Interest 4'438.0 Analyst Recs 4
Cash and Equivalents 129.00 Consensus Rating 3.500
Enterprise Value 30'778.70
Average Volume 5 Day 359'006
L UN EQUITY YTD Change - Average Volume 30 Day 311'903
L UN EQUITY YTD % CHANGE - Average Volume 3 Month 326'256
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
13'247.0 14'117.0 14'615.0 14'127.0 14'552.0 14'127.0 14'552.0 13'288.0 14'489.0 - -
1.84x 2.05x 2.06x 2.00x - 8.36x 6.14x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'530.0 564.0 1'288.0 1'064.0 568.0 1'059.0 568.0 1'292.0 1'529.0 331.0 315.0
13.58x 12.84x 10.32x 13.79x 17.27x 14.59x 16.84x 12.88x 10.74x 13.17x 12.86x
EBITDA - Long-Term Rating Date 17.11.2011
EBIT - Long-Term Rating A+
Operating Margin 9.61% Long-Term Outlook STABLE
Pretax Margin 9.61% Short-Term Rating Date -
Return on Assets 1.11% Short-Term Rating -
Return on Common Equity 4.47%
Return on Capital 5.36% EBITDA/Interest Exp. -
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 47.8%
Net Income Margin 3.9% Total Debt/Capital 27.9%
Asset Turnover 0.18
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.94% Inventory Days -
Tot Debt to Common Equity 47.79% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Loews CorpPrice/Volume
Valuation Analysis
367'810.00
Current Price (2/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 37'689'638 9.58 (275'419) 31.12.2012 Investment Advisor
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 29'852'965 7.58 (4'293'999) 31.12.2012 Investment Advisor
TISCH JOAN H n/a 13G 24'238'378 6.16 - 31.12.2012 n/a
TISCH WILMA STEIN n/a 13G 20'190'505 5.13 - 31.12.2012 n/a
TISCH JAMES S n/a Form 4 14'794'193 3.76 4'903 19.11.2012 n/a
TISCH ANDREW H n/a Form 4 14'326'197 3.64 4'903 19.11.2012 n/a
BLACKROCK n/a ULT-AGG 14'205'772 3.61 309'901 19.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 13'477'204 3.42 316'343 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 13'207'132 3.36 435'641 19.02.2013 Investment Advisor
EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10'469'714 2.66 1'207'414 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 10'260'782 2.61 818'332 31.12.2012 Unclassified
TISCH JONATHAN M n/a Form 4 8'581'861 2.18 9'090 08.11.2012 n/a
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 7'623'243 1.94 241'220 31.12.2012 Investment Advisor
CORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 5'300'000 1.35 5'300'000 31.12.2012 Investment Advisor
NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 5'158'228 1.31 (796'384) 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4'808'383 1.22 (116'500) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 4'295'906 1.09 290'859 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'926'383 1 54'789 31.12.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3'343'838 0.85 (69'629) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'289'318 0.84 (16'198) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M #N/A N/A Not Provided 19.02.2013
Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M #N/A N/A Not Provided 11.02.2013
Millman Research Associates MICHAEL MILLMAN buy 5 M 46 12 month 11.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Loews Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Manulife Financial Corporation provides financial protection products and
investment management services to individuals, families, businesses, and groups.
The Company conducts operations in Canada, the United States, and Asia, as well
as reinsurance operations on a global basis. Manulife offers products such as
annuities, pension products, life insurance, health insurance, and mutual funds.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (12.02.2013) 15.75
52-Week Low (25.07.2012) 10.18
Daily Volume
15.19
52-Week High % Change -3.56% Dividend Yield 3.42
52-Week Low % Change 49.21% Beta 1.27
% 52 Week Price Range High/Low 89.95% Equity Float 1'826.75
Shares Out 31.01.2013 1'827.7 Short Int 38.68
27'763.09 1 Yr Total Return 24.52%
Total Debt 27'810.00 YTD Return 13.38%
Preferred Stock 2'497.0 Adjusted BETA 1.265
Minority Interest 501.0 Analyst Recs 18
Cash and Equivalents 13'484.00 Consensus Rating 4.000
Enterprise Value 45'087.09
Average Volume 5 Day 6'490'630
MFC CT EQUITY YTD Change - Average Volume 30 Day 4'523'389
MFC CT EQUITY YTD % CHANGE - Average Volume 3 Month 4'195'571
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
32'060.0 39'160.0 36'637.0 49'982.0 28'841.0 49'982.0 28'841.0 41'207.3 43'283.3 10'160.5 10'356.5
0.82x 0.66x 1.27x 0.73x 1.46x 3.35x 5.71x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
517.0 1'402.0 (1'663.0) 129.0 1'736.0 129.0 1'736.0 2'395.8 2'799.7 613.8 584.0
65.00x 23.57x - 41.73x 13.93x 43.40x 14.22x 11.72x 10.11x 11.64x 11.38x
EBITDA - Long-Term Rating Date 13.12.2010
EBIT - Long-Term Rating A-
Operating Margin 8.10% Long-Term Outlook STABLE
Pretax Margin 4.05% Short-Term Rating Date -
Return on Assets 0.34% Short-Term Rating -
Return on Common Equity 7.16%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 121.2%
Net Income Margin 6.0% Total Debt/Capital 51.6%
Asset Turnover 0.06
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.72% Inventory Days -
Tot Debt to Common Equity 121.17% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Manulife Financial CorpPrice/Volume
Valuation Analysis
4'399'272.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ROYAL BANK OF CANADA n/a ULT-AGG 132'717'841 7.26 3'189'615 31.01.2013 Bank
IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 65'176'055 3.57 (3'563'431) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 62'308'769 3.41 9'721'612 31.12.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 52'983'403 2.9 4'822'004 31.12.2012 Investment Advisor
THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 46'618'481 2.55 862'500 31.12.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 46'038'435 2.52 1'709'609 31.12.2012 Investment Advisor
JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 38'758'629 2.12 (7'335'379) 31.12.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 36'131'085 1.98 (2'431'543) 31.12.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 34'237'076 1.87 931'433 31.12.2012 Investment Advisor
CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 27'843'660 1.52 1'239'820 31.12.2012 Investment Advisor
BEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 27'549'732 1.51 1'842'493 31.12.2012 Investment Advisor
IA CLARINGTON INVEST Multiple Portfolios MF-AGG 21'002'900 1.15 7'630'300 30.09.2012 Investment Advisor
GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 20'992'205 1.15 (2'094'006) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 20'211'354 1.11 (874'259) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'016'481 1.1 361'536 31.12.2012 Investment Advisor
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 19'397'638 1.06 433'678 31.12.2012 Investment Advisor
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 18'511'526 1.01 3'879'594 31.12.2012 Investment Advisor
GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 17'725'733 0.97 579'978 31.12.2012 Insurance Company
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 17'026'155 0.93 - 30.09.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 16'712'315 0.91 5'187'323 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Canaccord Genuity Corp MARIO MENDONCA hold 3 M 16 12 month 18.02.2013
RBC Capital Markets ANDRE PHILIPPE HARDY sector perform 3 M 15 12 month 15.02.2013
Credit Suisse GABRIEL DECHAINE neutral 3 M 15 Not Provided 12.02.2013
Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 12.02.2013
National Bank Financial PETER D ROUTLEDGE sector perform 3 M 16 12 month 11.02.2013
BMO Capital Markets TOM MACKINNON market perform 3 M 16 Not Provided 08.02.2013
Macquarie SUMIT MALHOTRA neutral 3 M 15 12 month 08.02.2013
Desjardins Securities MICHAEL GOLDBERG buy 5 M 16 12 month 08.02.2013
Cormark Securities Inc. DARKO MIHELIC buy 5 M 17 12 month 08.02.2013
TD Securities DOUG YOUNG buy 5 M 17 12 month 08.02.2013
Veritas Investment Research Co OHAD LEDERER buy 5 M 15 Not Provided 08.02.2013
Barclays JOHN AIKEN overweight 5 M 15 Not Provided 08.02.2013
Morgan Stanley HAYLEY LOCKER Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013
CIBC World Markets ROBERT SEDRAN sector outperform 5 U 16 Not Provided 07.02.2013
Scotia Capital JOANNE SMITH sector outperform 5 M 16 12 month 30.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Manulife Financial Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Marsh & McLennan Companies, Inc. is a global professional services
firm providing advice and solutions in the areas of risk, strategy and human
capital. Marsh & McLennan offers analysis, advice, and transactional
capabilities to clients worldwide
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (06.02.2013) 36.93
52-Week Low (22.06.2012) 30.74
Daily Volume
36.09
52-Week High % Change -2.27% Dividend Yield 3.13
52-Week Low % Change 17.40% Beta 0.85
% 52 Week Price Range High/Low 86.43% Equity Float 543.60
Shares Out 31.12.2012 545.0 Short Int 3.03
19'669.05 1 Yr Total Return 14.87%
Total Debt 2'918.00 YTD Return 5.39%
Preferred Stock - Adjusted BETA 0.854
Minority Interest 57.0 Analyst Recs 19
Cash and Equivalents 2'301.00 Consensus Rating 4.368
Enterprise Value 20'286.05
Average Volume 5 Day 749'325
MMC UN EQUITY YTD Change - Average Volume 30 Day 809'250
MMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 781'951
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
11'518.0 9'831.0 10'550.0 11'526.0 11'924.0 11'526.0 11'924.0 12'489.4 13'122.8 3'189.7 3'169.2
1.25x 1.38x 1.51x 1.55x 1.63x 6.06x 6.48x 1.60x 1.50x 6.49x 6.48x
1'192.0 1'143.0 1'296.0 1'970.0 - 1'970.0 1'677.0 2'428.5 2'646.5 683.0 671.1
12.11x 11.91x 12.32x 9.10x - 9.10x 0.00x 8.35x 7.67x 8.24x 8.08x
(73.0) 227.0 855.0 993.0 1'176.0 993.0 1'176.0 1'334.4 1'474.6 385.0 372.4
16.74x 10.56x 15.62x 17.09x 16.03x 17.09x 16.34x 15.02x 13.50x 15.03x 14.68x
EBITDA 1'970.00 Long-Term Rating Date -
EBIT 1'829.00 Long-Term Rating BBB
Operating Margin 15.34% Long-Term Outlook STABLE
Pretax Margin 14.22% Short-Term Rating Date -
Return on Assets 7.41% Short-Term Rating -
Return on Common Equity 18.83%
Return on Capital 14.45% EBITDA/Interest Exp. 9.90
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 8.49
Net Debt/EBITDA 0.41
Gross Margin - Total Debt/EBITDA 1.36
EBITDA Margin 18.2%
EBIT Margin 15.3% Total Debt/Equity 44.1%
Net Income Margin 9.9% Total Debt/Capital 30.6%
Asset Turnover 0.75
Current Ratio 1.69 Net Fixed Asset Turnover 14.78
Quick Ratio 1.50 Accounts receivable turnover-days 91.53
Debt to Assets 17.89% Inventory Days -
Tot Debt to Common Equity 44.15% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.00 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
Marsh & McLennan Cos IncPrice/Volume
Valuation Analysis
694'899.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 47'523'428 8.72 3'617'377 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 34'696'987 6.37 (3'476'824) 31.12.2012 Investment Advisor
PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 31'612'388 5.8 (1'461'800) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'875'216 5.3 (9'977) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 24'926'000 4.57 312'044 19.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 24'282'559 4.46 1'326'482 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 22'506'540 4.13 530'562 19.02.2013 Investment Advisor
INVESCO LTD INVESCO LTD 13F 18'986'064 3.48 (237'774) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11'784'565 2.16 80'240 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 8'808'089 1.62 4'901'876 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'660'802 1.59 (205'154) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'427'780 1.55 (1'135'116) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 7'018'433 1.29 37'860 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'993'138 1.28 80'083 31.12.2012 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6'862'315 1.26 972'236 31.12.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 6'632'129 1.22 14'830 31.12.2012 Investment Advisor
EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 5'941'464 1.09 (225'790) 31.12.2012 Hedge Fund Manager
NIPPON LIFE INSURANC n/a ULT-AGG 5'341'000 0.98 23'700 31.12.2012 Insurance Company
VERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 4'901'400 0.9 345'136 31.12.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'605'059 0.84 2'972'183 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 40 12 month 15.02.2013
Morgan Stanley GREGORY W LOCRAFT Overwt/In-Line 5 M 40 12 month 13.02.2013
Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M 38 12 month 13.02.2013
Macquarie RAYMOND IARDELLA outperform 5 M 40 12 month 13.02.2013
MKM Partners DARREN MARCUS neutral 3 M 35 12 month 13.02.2013
RBC Capital Markets MARK A DWELLE outperform 5 M 40 12 month 12.02.2013
William Blair & Co ADAM KLAUBER market perform 3 M #N/A N/A Not Provided 12.02.2013
Raymond James C GREGORY PETERS strong buy 5 M 40 12 month 12.02.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 39 12 month 12.02.2013
Miller Tabak + Co., LLC TOM MITCHELL buy 5 M #N/A N/A Not Provided 12.02.2013
Wells Fargo Securities, LLC ELYSE GREENSPAN outperform 5 M #N/A N/A Not Provided 12.02.2013
Portales Partners ALEX J LOPEZ sector perform 3 M #N/A N/A Not Provided 12.02.2013
Barclays JAY H GELB overweight 5 M 41 Not Provided 12.02.2013
Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 U 40 12 month 06.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Sterne, Agee & Leach DANIEL FARRELL buy 5 M 43 12 month 14.01.2013
Credit Suisse MICHAEL ZAREMSKI neutral 3 M 34 Not Provided 07.01.2013
Deutsche Bank JOSHUA D SHANKER buy 5 M 40 12 month 29.11.2012
Holdings By:
Marsh & McLennan Cos Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
MetLife, Inc. provides individual insurance, employee benefits and financial
services with operations throughout the United States and the regions of Latin
America, Europe, and Asia Pacific. The Company's products include life
insurance, annuities, automobile and homeowners insurance, retail banking and
other financial services to individuals as well as group insurance.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.03.2012) 39.54
52-Week Low (05.06.2012) 27.65
Daily Volume
35.89
52-Week High % Change -9.23% Dividend Yield 2.06
52-Week Low % Change 29.80% Beta 1.53
% 52 Week Price Range High/Low 69.30% Equity Float 886.47
Shares Out 31.12.2012 1'091.7 Short Int 22.48
39'181.11 1 Yr Total Return -4.76%
Total Debt 26'550.00 YTD Return 9.50%
Preferred Stock 2'100.0 Adjusted BETA 1.526
Minority Interest 505.0 Analyst Recs 24
Cash and Equivalents 15'738.00 Consensus Rating 4.333
Enterprise Value 52'598.11
Average Volume 5 Day 2'425'580
MET UN EQUITY YTD Change - Average Volume 30 Day 1'819'475
MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'110'008
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
50'984.0 41'057.0 52'265.0 70'262.0 68'150.0 70'253.0 68'150.0 69'972.1 72'113.8 17'204.7 17'339.3
0.53x 1.07x 1.34x 0.82x 0.72x 3.78x 2.92x 0.89x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'209.0 (2'246.0) 2'790.0 6'981.0 1'324.0 6'589.0 1'324.0 5'818.8 6'254.7 1'411.0 1'428.8
9.63x 12.32x 10.31x 6.21x 6.24x 6.81x 6.25x 6.78x 6.35x 6.85x 6.77x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A-
Operating Margin 4.86% Long-Term Outlook STABLE
Pretax Margin 2.12% Short-Term Rating Date -
Return on Assets 0.16% Short-Term Rating -
Return on Common Equity 2.00%
Return on Capital 3.57% 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 42.6%
Net Income Margin 1.9% Total Debt/Capital 29.0%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.17% Inventory Days -
Tot Debt to Common Equity 42.58% 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
MetLife IncPrice/Volume
Valuation Analysis
1'848'073.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
METLIFE POLICY HOLDE n/a 13D 203'576'838 18.65 (3'556'363) 07.11.2012 n/a
BLACKROCK n/a ULT-AGG 52'515'080 4.81 (1'885'712) 19.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 48'480'872 4.44 4'841'471 19.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 41'416'690 3.79 1'333'652 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 36'642'769 3.36 (5'204'712) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 35'509'275 3.25 827'405 31.12.2012 Unclassified
MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 25'462'420 2.33 1'540'428 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 22'437'292 2.06 744'827 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 18'355'097 1.68 6'030'319 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 18'025'332 1.65 605'225 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 17'492'065 1.6 1'940'893 31.12.2012 Investment Advisor
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15'626'592 1.43 (1'360'601) 31.12.2012 Investment Advisor
DODGE & COX DODGE & COX 13F 15'437'200 1.41 15'437'200 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'412'130 1.23 351'832 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 13'290'583 1.22 (482'005) 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 12'569'684 1.15 2'143'394 31.12.2011 Government
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 9'118'347 0.84 (1'067'997) 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 8'883'483 0.81 137'386 31.12.2012 Unclassified
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'831'580 0.81 (4'077'272) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8'745'373 0.8 (19'860) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank YARON KINAR hold 3 M 40 12 month 21.02.2013
Argus Research Corp JOHN M EADE buy 5 M 46 Not Provided 19.02.2013
Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 15.02.2013
FBR Capital Markets RANDY BINNER outperform 5 M 50 12 month 15.02.2013
Macquarie SEAN DARGAN outperform 5 M 45 12 month 15.02.2013
S&P Capital IQ CATHY SEIFERT buy 5 M 43 Not Provided 15.02.2013
Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 45 12 month 14.02.2013
RBC Capital Markets ERIC N BERG sector perform 3 M 50 12 month 14.02.2013
Credit Suisse THOMAS GALLAGHER outperform 5 M 44 Not Provided 14.02.2013
JPMorgan JIMMY S BHULLAR overweight 5 M 41 9 month 14.02.2013
Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 42 12 month 14.02.2013
Raymond James STEVEN D SCHWARTZ outperform 5 M 44 12 month 14.02.2013
Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 44 12 month 14.02.2013
Scotia Capital JOANNE SMITH focus stock 5 M 47 12 month 14.02.2013
Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 14.02.2013
Portales Partners NINA GUPTA sector perform 3 N #N/A N/A Not Provided 14.02.2013
Sterne, Agee & Leach JOHN M NADEL buy 5 M 48 12 month 13.02.2013
Evercore Partners MARK FINKELSTEIN overweight 5 M 40 12 month 13.02.2013
Barclays JAY H GELB equalweight 3 M 37 Not Provided 13.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 45 12 month 08.01.2013
Holdings By:
MetLife Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (05.02.2013) 139.75
52-Week Low (04.06.2012) 95.85
Daily Volume
133.55
52-Week High % Change -4.44% Dividend Yield -
52-Week Low % Change 39.33% Beta 0.95
% 52 Week Price Range High/Low 89.29% Equity Float 178.94
Shares Out 30.09.2012 179.3 Short Int -
23'951.02 1 Yr Total Return 27.96%
Total Debt 5'562.00 YTD Return -1.80%
Preferred Stock 0.0 Adjusted BETA 0.947
Minority Interest 247.0 Analyst Recs 41
Cash and Equivalents 2'490.00 Consensus Rating 3.366
Enterprise Value 27'524.02
Average Volume 5 Day 589'417
MUV2 GY EQUITY YTD Change - Average Volume 30 Day 638'424
MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 611'161
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
47'151.0 53'891.0 59'111.0 60'908.0 - 61'764.0 49'754.0 58'288.6 61'709.4 - -
0.56x 0.44x 0.42x 0.33x - 1.29x 1.45x 0.51x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'555.0 2'521.0 2'422.0 702.0 3'200.0 702.0 3'200.0 2'830.5 2'888.2 - -
14.34x 8.39x 8.69x 24.03x 7.62x 23.74x 7.56x 8.40x 8.22x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating AA-
Operating Margin 0.74% Long-Term Outlook STABLE
Pretax Margin 0.26% Short-Term Rating Date -
Return on Assets 1.32% Short-Term Rating -
Return on Common Equity 13.69%
Return on Capital 12.08% EBITDA/Interest Exp. -
Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 0.0%
Net Income Margin 1.2% Total Debt/Capital 19.3%
Asset Turnover 0.26
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.25% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Muenchener Rueckversicherungs AGPrice/Volume
Valuation Analysis
453'966.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERKSHIRE HATHAWAY I n/a ULT-AGG 18'292'803 10.2 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 17'598'935 9.81 (341'649) 19.02.2013 Investment Advisor
PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2011 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'304'459 1.84 75'261 31.12.2012 Investment Advisor
CREDIT SUISSE AG n/a Research 3'097'431 1.73 - 25.04.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'375'402 1.32 (45'342) 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 1'606'533 0.9 (448) 31.12.2012 Investment Advisor
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'583'488 0.88 62'941 30.11.2012 Mutual Fund Manager
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'155'674 0.64 1'135'418 31.01.2013 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'059'394 0.59 698'268 31.12.2012 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 953'106 0.53 2'470 30.11.2012 Investment Advisor
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 836'088 0.47 4'122 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 674'788 0.38 - 31.07.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 638'641 0.36 (84'166) 30.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor
SARASIN n/a ULT-AGG 571'730 0.32 195'044 30.11.2012 Unclassified
FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 549'131 0.31 6'600 30.11.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 525'186 0.29 (123'320) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue DIETER HEIN reduce 2 M 138 6 month 21.02.2013
Bankhaus Lampe ANDREAS SCHAEFER hold 3 N 145 12 month 20.02.2013
Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 18.02.2013
CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013
Credit Suisse ADAM MCINALLY neutral 3 M 140 Not Provided 15.02.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013
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
Nord/LB JULIA SIEKMANN hold 3 M 145 12 month 06.02.2013
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 140 Not Provided 06.02.2013
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 06.02.2013
S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 06.02.2013
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 165 12 month 05.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 160 12 month 05.02.2013
Independent Research GmbH STEFAN BONGARDT hold 3 M 145 12 month 05.02.2013
Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 05.02.2013
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
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 136 6 month 05.02.2013
Nomura MICHAEL KLIEN reduce 2 M 128 12 month 05.02.2013
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 05.02.2013
DZ Bank AG THORSTEN WENZEL buy 5 M 154 12 month 05.02.2013
Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 05.02.2013
Helvea DANIEL BISCHOF neutral 3 M 130 12 month 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
JPMorgan MICHAEL HUTTNER overweight 5 M 150 9 month 29.01.2013
RBC Capital Markets GORDON AITKEN underperform 1 M 115 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Natixis BENOIT VALLEAUX neutral 3 M 137 Not Provided 10.01.2013
Canaccord Genuity Corp BEN COHEN buy 5 M 142 12 month 09.01.2013
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 150 12 month 08.01.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 100 12 month 13.12.2012
Macquarie HADLEY COHEN neutral 3 M 140 12 month 27.11.2012
Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 09.11.2012
National Bank AG MANFRED JAISFELD buy 5 M 145 Not Provided 07.11.2012
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:
Muenchener Rueckversicherungs AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Ping An Insurance (Group) Company of China Limited provides a variety of
insurance service in China. The Company writes property, casualty, and life
insurance. Ping An Insurance also offers financial services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (04.02.2013) 72.70
52-Week Low (04.06.2012) 53.00
Daily Volume
64.95
52-Week High % Change -10.66% Dividend Yield 0.77
52-Week Low % Change 22.55% Beta 1.48
% 52 Week Price Range High/Low 66.50% Equity Float 1'564.20
Shares Out 31.10.2012 3'129.7 Short Int -
481'299.16 1 Yr Total Return -2.49%
Total Debt 322'062.00 YTD Return 0.08%
Preferred Stock 0.0 Adjusted BETA 1.477
Minority Interest 40'475.0 Analyst Recs 30
Cash and Equivalents 94'582.00 Consensus Rating 4.233
Enterprise Value 651'372.99
Average Volume 5 Day 10'902'580
2318 HK EQUITY YTD Change - Average Volume 30 Day 47'140'420
2318 HK EQUITY YTD % CHANGE - Average Volume 3 Month 35'102'580
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
139'137.0 87'666.0 152'961.0 195'052.0 272'683.0 244'495.0 313'844.0 321'397.7 380'716.5 - -
5.10x 3.19x 3.24x 3.37x 2.06x 9.11x 7.64x 1.80x 1.53x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
18'688.0 1'418.0 13'883.0 17'311.0 19'475.0 19'074.0 21'041.0 21'888.3 28'722.5 - -
30.00x 173.82x 31.68x 32.03x 16.61x 14.56x 17.85x 18.20x 14.14x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 19.28% Long-Term Outlook -
Pretax Margin 11.01% Short-Term Rating Date -
Return on Assets 1.05% Short-Term Rating -
Return on Common Equity 14.71%
Return on Capital 9.85% 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 246.1%
Net Income Margin 7.1% Total Debt/Capital 65.3%
Asset Turnover 0.16
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 14.09% Inventory Days -
Tot Debt to Common Equity 246.10% 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
Ping An Insurance Group Co of China LtdPrice/Volume
Valuation Analysis
19'307'952.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHAROEN POKPHAND GRO n/a ULT-AGG 1'232'815'614 39.39 1 06.02.2013 Holding Company
JP MORGAN n/a ULT-AGG 279'150'433 8.92 2'131'000 14.02.2013 Unclassified
DIAMOND EPOCH LTD #N/A N/A EXCH 256'694'218 8.2 - 01.02.2013 Other
BLACKROCK n/a ULT-AGG 229'704'872 7.34 (2'930'930) 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 96'820'967 3.09 (2'885'500) 31.12.2012 Investment Advisor
JINJUN CO LTD n/a EXCH 76'000'000 2.43 (120'000'000) 24.08.2011 Corporation
FMR LLC n/a ULT-AGG 45'370'339 1.45 5'262'045 31.12.2012 Investment Advisor
UBS n/a ULT-AGG 40'846'297 1.31 (83'300) 08.02.2013 Unclassified
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 25'632'500 0.82 (668'000) 28.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 20'890'300 0.67 1'798'500 31.12.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 17'892'689 0.57 1'311'300 28.09.2012 Mutual Fund Manager
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 17'379'914 0.56 - 30.06.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 16'944'635 0.54 (894'024) 30.06.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 13'215'000 0.42 (82'443'000) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 12'302'000 0.39 3'583'000 31.10.2012 Unclassified
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11'165'702 0.36 509'500 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 7'906'500 0.25 1'634'000 31.01.2013 Investment Advisor
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 7'906'000 0.25 - 31.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'775'500 0.22 (2'213'000) 30.06.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 6'448'500 0.21 1'641'500 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Core Pacific OLIVE XIA buy 5 M 80 12 month 21.02.2013
Credit Suisse ARJAN VAN VEEN outperform 5 M 80 Not Provided 20.02.2013
Nomura DAVID CHUNG neutral 3 M 67 Not Provided 20.02.2013
JF Apex Securities Bhd TEAM COVERAGE hold 3 M 74 Not Provided 05.02.2013
Capital Securities Corp TEAM COVERAGE buy 5 M 70 Not Provided 04.02.2013
BOCOM International Holdings LI WENBING buy 5 M 83 12 month 04.02.2013
Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 03.02.2013
Jefferies BARON NIE buy 5 M 83 12 month 03.02.2013
Standard Chartered JENNIFER LAW outperform 5 M 72 12 month 31.01.2013
UOB Kay Hian EDMOND LAW buy 5 M 84 Not Provided 21.01.2013
JPMorgan CHAN BAO LING overweight 5 M 76 9 month 16.01.2013
DBS Vickers PING CHENG buy 5 M 79 12 month 16.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
ABC International FRANCIS CHAN sell 1 M 68 12 month 14.01.2013
SWS Research Co Ltd ROBERT HU neutral 3 M 62 Not Provided 11.01.2013
Deutsche Bank ESTHER CHWEI buy 5 U 86 12 month 07.01.2013
CCB International Securities Ltd KENNETH YUE outperform 5 M 77 Not Provided 07.01.2013
ICBC International Securities PIUS CHENG buy 5 M 75 Not Provided 14.12.2012
Bank of China International SUN PENG hold 3 M 66 Not Provided 12.12.2012
Goldman Sachs MANCY SUN Buy/Neutral 5 M 79 12 month 13.11.2012
Kim Eng Securities IVAN LI buy 5 M 70 12 month 06.11.2012
Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 02.11.2012
Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012
HSBC JAMES GARNER restricted #N/A N/A M #N/A N/A Not Provided 18.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 64 Not Provided 16.10.2012
BNP Paribas Equity Research DORRIS CHEN hold 3 M 67 12 month 21.08.2012
Phillip Securities CHEN XINGYU buy 5 M 80 Not Provided 02.03.2012
China International Capital Corp TANG SHENGBO buy 5 M 77 12 month 27.10.2011
Mirae Asset Securities IVAN CHEUNG hold 3 D 58 12 month 18.10.2011
China Merchants Securities LUO JINMING buy 5 M 60 Not Provided 12.02.2009
Holdings By:
Ping An Insurance Group Co of China Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
The Progressive Corporation is an insurance holding company. The Company,
through its subsidiaries, provide personal and commercial automobile insurance
and other specialty property-casualty insurance and related services throughout
the United States.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 24.61
52-Week Low (02.08.2012) 18.32
Daily Volume
24.3
52-Week High % Change -1.26% Dividend Yield 1.17
52-Week Low % Change 32.64% Beta 0.86
% 52 Week Price Range High/Low 95.07% Equity Float 556.16
Shares Out 31.12.2012 604.6 Short Int 18.75
14'691.78 1 Yr Total Return 19.28%
Total Debt 2'063.10 YTD Return 16.61%
Preferred Stock 0.0 Adjusted BETA 0.855
Minority Interest 0.0 Analyst Recs 22
Cash and Equivalents 155.70 Consensus Rating 2.727
Enterprise Value 16'562.28
Average Volume 5 Day 1'409'909
PGR UN EQUITY YTD Change - Average Volume 30 Day 1'164'161
PGR UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'174'744
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
12'831.3 14'552.5 14'945.0 15'494.7 16'788.5 15'494.7 16'788.5 17'441.1 18'544.4 4'357.0 4'385.9
0.95x 0.97x 1.00x 0.92x - 3.79x 2.69x 0.95x 0.89x 2.90x 2.88x
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(70.0) 1'057.5 1'068.3 1'015.5 902.3 1'015.5 902.3 902.6 943.4 274.4 196.3
11.48x 11.68x 13.16x 13.18x 18.19x 13.18x 18.19x 16.41x 15.19x 16.39x 16.25x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating A+
Operating Margin 8.60% Long-Term Outlook STABLE
Pretax Margin 7.85% Short-Term Rating Date -
Return on Assets 4.05% Short-Term Rating -
Return on Common Equity 15.28%
Return on Capital 12.10% EBITDA/Interest Exp. -
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 34.3%
Net Income Margin 5.4% Total Debt/Capital 25.6%
Asset Turnover 0.75
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.09% Inventory Days -
Tot Debt to Common Equity 34.34% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Progressive Corp/ThePrice/Volume
Valuation Analysis
1'018'157.00
Current Price (2/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
12'000.0
14'000.0
16'000.0
18'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 50'531'368 8.36 (5'782'026) 31.12.2012 Investment Advisor
LEWIS PETER BENJAMIN n/a Form 4 43'682'459 7.23 (1'410'288) 30.11.2012 n/a
MORGAN STANLEY n/a ULT-AGG 38'883'783 6.43 1'683'178 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 36'669'158 6.07 - 31.12.2012 Investment Advisor
BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 24'453'486 4.04 1'291'054 31.12.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 24'349'461 4.03 546'180 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'189'506 4 904'615 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 23'105'024 3.82 544'138 19.02.2013 Investment Advisor
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 22'420'667 3.71 1'276'467 31.12.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 22'215'050 3.67 942'094 31.12.2012 Investment Advisor
BARCLAYS PLC BARCLAYS PLC 13F 17'385'566 2.88 16'892'287 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 12'299'752 2.03 (552'882) 31.12.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 10'093'577 1.67 1'517'177 31.12.2012 Investment Advisor
PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 10'012'688 1.66 11'500 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 9'716'474 1.61 (340'324) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 9'033'096 1.49 (3'483'615) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'448'536 1.23 56'027 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'107'990 1.01 (927'757) 31.12.2012 Investment Advisor
JOHN W BRISTOL & COM JOHN W BRISTOL & COM 13F 6'029'753 1 (297'034) 31.12.2012 Investment Advisor
ING GROEP NV ING GROEP NV 13F 5'128'000 0.85 5'128'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 24 12 month 20.02.2013
Goldman Sachs MICHAEL S NANNIZZI Sell/Neutral 1 M 21 12 month 15.02.2013
Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 15.02.2013
Janney Montgomery Scott LLC ROBERT GLASSPIEGEL neutral 3 M #N/A N/A Not Provided 15.02.2013
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 25 12 month 15.02.2013
Macquarie RAYMOND IARDELLA underperform 1 M 20 12 month 14.02.2013
MKM Partners HARRY FONG buy 5 M 28 12 month 14.02.2013
Barclays JAY H GELB equalweight 3 D 26 Not Provided 14.02.2013
Morgan Stanley GREGORY W LOCRAFT Underwt/In-Line 1 M #N/A N/A Not Provided 13.02.2013
William Blair & Co ADAM KLAUBER underperform 1 M #N/A N/A Not Provided 13.02.2013
Raymond James C GREGORY PETERS strong buy 5 M 28 12 month 13.02.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME hold 3 M 25 12 month 13.02.2013
Evercore Partners VINAY MISQUITH equalweight 3 M 24 12 month 13.02.2013
Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 13.02.2013
Portales Partners NINA GUPTA sector perform 3 U #N/A N/A Not Provided 13.02.2013
Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 31.01.2013
Credit Suisse MICHAEL ZAREMSKI underperform 1 M 20 Not Provided 23.01.2013
RBC Capital Markets MARK A DWELLE outperform 5 M 24 12 month 18.01.2013
FBR Capital Markets RANDY BINNER market perform 3 M 19 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank JOSHUA D SHANKER sell 1 M 18 12 month 15.11.2012
Holdings By:
Progressive Corp/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Prudential Financial, Inc. provides financial services throughout the United
States and several locations worldwide. The Company offers a variety of
products and services, including life insurance, mutual funds, annuities,
pension and retirement related services and administration, and asset
management.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.03.2012) 65.16
52-Week Low (04.06.2012) 44.47
Daily Volume
56.05
52-Week High % Change -13.98% Dividend Yield 2.59
52-Week Low % Change 26.04% Beta 1.50
% 52 Week Price Range High/Low 55.97% Equity Float 460.99
Shares Out 31.10.2012 462.0 Short Int 2.75
26'119.30 1 Yr Total Return -5.65%
Total Debt 33'176.00 YTD Return 5.10%
Preferred Stock 0.0 Adjusted BETA 1.496
Minority Interest 588.0 Analyst Recs 25
Cash and Equivalents 14'251.00 Consensus Rating 4.280
Enterprise Value 47'795.30
Average Volume 5 Day 609'144
PRU UN EQUITY YTD Change - Average Volume 30 Day 684'971
PRU UN EQUITY YTD % CHANGE - Average Volume 3 Month 718'070
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
29'219.0 32'566.0 38'200.0 49'045.0 84'815.0 49'040.0 84'815.0 52'809.1 54'926.0 12'354.4 12'463.4
1.25x 1.25x 1.25x 0.88x - 3.79x 1.69x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(1'117.0) 3'124.0 3'195.0 3'666.0 469.0 3'630.0 381.0 3'649.0 4'047.6 867.8 906.1
11.55x 9.03x 9.52x 7.82x 8.51x 8.35x 8.71x 7.20x 6.45x 7.19x 6.99x
EBITDA - Long-Term Rating Date 17.02.2009
EBIT - Long-Term Rating A
Operating Margin 13.11% Long-Term Outlook STABLE
Pretax Margin 10.81% Short-Term Rating Date 15.02.2006
Return on Assets 0.20% Short-Term Rating A-1
Return on Common Equity 3.32%
Return on Capital 3.06% 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 89.1%
Net Income Margin 0.6% Total Debt/Capital 46.7%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.31% Inventory Days -
Tot Debt to Common Equity 89.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Prudential Financial IncPrice/Volume
Valuation Analysis
641'619.00
Current Price (2/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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70'000.0
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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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 33'453'781 7.24 3'710'691 19.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 20'265'805 4.39 449'784 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 19'147'061 4.14 577'008 19.02.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 15'056'369 3.26 2'131'248 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 12'182'867 2.64 (681'083) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 10'553'869 2.28 (1'484'042) 31.12.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'021'431 1.74 676'519 31.12.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 7'586'223 1.64 (88'667) 31.12.2011 Government
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 6'330'064 1.37 (24'683) 31.12.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'726'453 1.24 401'714 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'592'068 1.21 (113'154) 31.12.2012 Investment Advisor
CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 5'371'178 1.16 4'534'645 31.12.2012 Hedge Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'199'705 1.13 1'403'023 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 4'749'833 1.03 (17'709) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'202'938 0.91 (269'008) 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'102'725 0.89 6'179 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 3'840'147 0.83 (175'083) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'600'000 0.78 - 31.12.2012 Investment Advisor
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 3'062'675 0.66 514'244 31.12.2012 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'937'330 0.64 18'288 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 75 12 month 19.02.2013
Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 67 12 month 19.02.2013
FBR Capital Markets RANDY BINNER outperform 5 M 70 12 month 19.02.2013
Portales Partners NINA GUPTA sector perform 3 N #N/A N/A Not Provided 14.02.2013
Evercore Partners MARK FINKELSTEIN overweight 5 M 65 12 month 13.02.2013
Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 12.02.2013
Raymond James STEVEN D SCHWARTZ strong buy 5 M 82 12 month 11.02.2013
Sandler O'Neill & Partners, LP EDWARD SHIELDS hold 3 M 59 Not Provided 11.02.2013
Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.02.2013
Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 08.02.2013
Macquarie SEAN DARGAN neutral 3 M 62 12 month 08.02.2013
Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 71 12 month 07.02.2013
RBC Capital Markets ERIC N BERG top pick 5 M 90 12 month 07.02.2013
JPMorgan JIMMY S BHULLAR overweight 5 M 67 9 month 07.02.2013
S&P Capital IQ ROBERT MCMILLAN buy 5 M 66 Not Provided 07.02.2013
Barclays JAY H GELB equalweight 3 M 62 Not Provided 07.02.2013
Credit Suisse THOMAS GALLAGHER outperform 5 M 65 Not Provided 06.02.2013
Sterne, Agee & Leach JOHN M NADEL buy 5 M 80 12 month 06.02.2013
Scotia Capital JOANNE SMITH sector perform 3 M 61 12 month 30.01.2013
Deutsche Bank YARON KINAR buy 5 M 67 12 month 16.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 14.11.2012
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 21.11.2011
Holdings By:
Prudential Financial Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Prudential plc is an international company which provides a wide assortment of
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.02.2013) 989.00
52-Week Low (01.06.2012) 654.50
Daily Volume
959.5
52-Week High % Change -2.98% Dividend Yield 2.67
52-Week Low % Change 46.60% Beta 1.33
% 52 Week Price Range High/Low 96.41% Equity Float 2'447.67
Shares Out 01.02.2013 2'557.3 Short Int -
24'537.06 1 Yr Total Return 38.57%
Total Debt 7'923.00 YTD Return 10.86%
Preferred Stock - Adjusted BETA 1.326
Minority Interest 43.0 Analyst Recs 27
Cash and Equivalents 7'257.00 Consensus Rating 4.111
Enterprise Value 24'231.06
Average Volume 5 Day 3'845'747
PRU LN EQUITY YTD Change - Average Volume 30 Day 3'743'157
PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'778'077
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
32'870.0 (10'269.0) 48'099.0 47'646.0 36'506.0 0.0 0.0 49'797.0 57'898.0 933.1 -
0.59x - 0.38x 0.39x 0.47x #DIV/0! #DIV/0! 0.36x 0.32x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
947.0 (396.0) 676.0 1'431.0 1'490.0 0.0 0.0 1'748.7 1'944.9 - -
24.66x - 23.20x 11.78x 10.85x 0.00x 0.00x 13.93x 12.53x - -
EBITDA - Long-Term Rating Date 17.08.2010
EBIT - Long-Term Rating A+
Operating Margin 6.05% Long-Term Outlook NEG
Pretax Margin 5.32% Short-Term Rating Date 17.08.2010
Return on Assets 0.57% Short-Term Rating A-1
Return on Common Equity 17.77%
Return on Capital 11.06% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 86.9%
Net Income Margin 4.1% Total Debt/Capital 46.4%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.90% Inventory Days -
Tot Debt to Common Equity 86.90% 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
Prudential PLCPrice/Volume
Valuation Analysis
1'688'394.00
Current Price (2/dd/yy) Market Data
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-10'000.0
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 256'652'047 10.04 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 128'527'550 5.03 1'911'502 19.02.2013 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 109'343'285 4.28 (3'426'400) 01.09.2012 Government
LEGAL & GENERAL n/a ULT-AGG 104'422'688 4.08 (2'480'541) 01.09.2012 Unclassified
BAILLIE GIFFORD AND Multiple Portfolios REG 88'005'484 3.44 6'184'930 01.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 73'253'657 2.86 (685'857) 31.12.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 68'974'059 2.7 1'266'568 31.12.2012 Unclassified
FMR LLC n/a ULT-AGG 54'416'212 2.13 (2'477'186) 31.12.2012 Investment Advisor
M&G INVESTMENT MANAG Multiple Portfolios REG 50'900'480 1.99 2'349'806 01.09.2012 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 46'515'731 1.82 (10'468'461) 01.09.2012 Investment Advisor
UBS n/a ULT-AGG 46'132'289 1.8 (47'271) 28.12.2012 Unclassified
JP MORGAN n/a ULT-AGG 41'096'800 1.61 (2'879'736) 31.12.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios REG 37'587'380 1.47 (1'798'097) 01.09.2012 Investment Advisor
PEOPLES REPUBLIC OF Multiple Portfolios REG 32'116'464 1.26 6'524'975 01.09.2012 Government
AEGON n/a ULT-AGG 31'314'498 1.22 (1'575'145) 01.09.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios REG 27'712'324 1.08 2'776'676 01.09.2012 Investment Advisor
LANSDOWNE PARTNERS L n/a Short (26'336'610) -1.03 (2'301'258) 20.12.2012 Hedge Fund Manager
LAZARD ASSET MANAGEM n/a ULT-AGG 25'693'022 1 (3'128'089) 31.12.2012 Unclassified
MORGAN STANLEY INVES Multiple Portfolios REG 25'352'169 0.99 (3'324'924) 01.09.2012 Investment Advisor
HSBC INVESTMENTS UK Multiple Portfolios REG 24'274'851 0.95 2'269'984 01.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
AlphaValue JEROME CASSAGNE reduce 2 M 902 6 month 21.02.2013
RBC Capital Markets GORDON AITKEN outperform 5 M 910 12 month 20.02.2013
Credit Suisse CHRIS ESSON outperform 5 M 1'080 Not Provided 15.02.2013
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
Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'055 12 month 04.02.2013
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
JPMorgan ASHIK MUSADDI underweight 1 M 781 9 month 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
HSBC KAILESH MISTRY overweight 5 M 1'095 Not Provided 16.01.2013
Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 950 12 month 09.01.2013
Investec KEVIN RYAN hold 3 M 831 12 month 07.01.2013
S&P Capital IQ RODERICK WALLACE strong buy 5 M 1'100 12 month 21.12.2012
Exane BNP Paribas ANDY HUGHES underperform 1 M 745 Not Provided 17.12.2012
Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 06.12.2012
Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'085 Not Provided 04.12.2012
Societe Generale ABID HUSSAIN buy 5 M 900 12 month 03.12.2012
Berenberg Bank MATTHEW PRESTON buy 5 M 1'080 Not Provided 03.12.2012
Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 22.11.2012
Oriel Securities Ltd MARCUS BARNARD buy 5 M 900 Not Provided 14.11.2012
Day by Day VALERIE GASTALDY buy 5 M 957 3 month 16.10.2012
Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 1'081 12 month 11.10.2012
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:
Prudential PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
QBE Insurance Group Limited is an insurance company which underwrites most forms
of commercial and industrial insurance policies, as well as individual policies.
QBE also manages Lloyds syndicates and provides investment management services.
The Company provides its services both domestically and internationally.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (04.04.2012) 14.71
52-Week Low (05.12.2012) 10.02
Daily Volume
13.14
52-Week High % Change -10.67% Dividend Yield 6.66
52-Week Low % Change 31.14% Beta 1.21
% 52 Week Price Range High/Low 71.22% Equity Float 1'193.49
Shares Out 16.10.2012 1'196.7 Short Int -
15'725.26 1 Yr Total Return 17.96%
Total Debt 4'757.00 YTD Return 20.55%
Preferred Stock 0.0 Adjusted BETA 1.209
Minority Interest 52.0 Analyst Recs 15
Cash and Equivalents 1'457.00 Consensus Rating 2.733
Enterprise Value 18'882.76
Average Volume 5 Day 5'502'611
QBE AT EQUITY YTD Change - Average Volume 30 Day 5'163'217
QBE AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'052'321
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
9'714.6 10'603.6 10'933.1 12'021.0 16'135.0 - - 17'545.1 17'980.9 - -
2.75x 2.12x 2.00x 1.76x 1.12x - - 1.21x 1.19x - -
- - - - - - - - - - -
- - - - - - - - - - -
1'614.5 1'583.8 1'562.5 1'278.0 704.0 - - 1'146.5 1'500.5 - -
14.77x 12.36x 13.03x 15.01x 20.46x - - 14.54x 11.85x - -
EBITDA - Long-Term Rating Date 28.06.2012
EBIT - Long-Term Rating A
Operating Margin 7.05% Long-Term Outlook NEG
Pretax Margin 5.38% Short-Term Rating Date -
Return on Assets 1.64% Short-Term Rating -
Return on Common Equity 6.95%
Return on Capital 6.66% EBITDA/Interest Exp. -
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 45.8%
Net Income Margin 4.4% Total Debt/Capital 31.3%
Asset Turnover 0.35
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 10.18% Inventory Days -
Tot Debt to Common Equity 45.80% 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
QBE Insurance Group LtdPrice/Volume
Valuation Analysis
5'544'580.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a ULT-AGG 169'005'891 14.12 22'462'268 08.01.2013 Unclassified
CREDIT SUISSE AG n/a EXCH 125'774'584 10.51 (12'756'433) 18.03.2011 Investment Advisor
COMMONWEALTH BANK OF n/a EXCH 111'084'158 9.28 13'495'710 19.12.2012 Bank
NATIONAL AUSTRALIA B n/a EXCH 32'716'423 2.73 (26'444'095) 31.08.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'632'535 1.72 323'284 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 17'776'192 1.49 991'300 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 12'645'397 1.06 30'908 19.02.2013 Investment Advisor
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'830'982 0.57 146'001 30.09.2012 Mutual Fund Manager
AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 6'365'000 0.53 - 29.06.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5'683'815 0.47 106'906 31.12.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 5'430'228 0.45 160'478 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 4'484'726 0.37 - 28.09.2012 Investment Advisor
ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 3'631'156 0.3 - 30.06.2011 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'610'967 0.22 (2'088'890) 14.09.2012 Investment Advisor
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 2'577'880 0.22 67'133 30.11.2012 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'265'624 0.19 (15'523) 31.05.2012 Investment Advisor
TAUBE HODSON STONEX Multiple Portfolios MF-AGG 2'116'882 0.18 (107'370) 30.11.2012 Investment Advisor
UBS n/a ULT-AGG 1'952'414 0.16 (39'106) 28.12.2012 Unclassified
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'942'512 0.16 9'288 28.12.2012 Mutual Fund Manager
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'716'057 0.14 20'996 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura TOBY LANGLEY buy 5 M 14 Not Provided 21.02.2013
JPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 14 9 month 15.02.2013
Credit Suisse ANDREW ADAMS outperform 5 M 13 Not Provided 13.02.2013
Commonwealth Bank ROSS CURRAN underweight 1 M 12 12 month 08.02.2013
Macquarie TIM LAWSON neutral 3 M 13 12 month 07.02.2013
Morgan Stanley DANIEL TOOHEY Equalwt/Attractive 3 M 12 12 month 31.01.2013
CIMB RICHARD COLES neutral 3 M 12 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs RYAN FISHER neutral/neutral 3 M 11 12 month 14.01.2013
Deutsche Bank KIEREN CHIDGEY hold 3 M 12 12 month 07.01.2013
BBY Limited BRETT LE MESURIER underperform 1 M 9 12 month 10.12.2012
Shaw Stockbroking TIM BUCKLEY buy 5 U #N/A N/A Not Provided 10.03.2010
Holdings By:
QBE Insurance Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Sampo Oyj offers multi-line insurance. The Company offers life and pension and
property/casualty insurance.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 28.50
52-Week Low (04.06.2012) 17.91
Daily Volume
27.94
52-Week High % Change -1.96% Dividend Yield -
52-Week Low % Change 56.00% Beta 0.93
% 52 Week Price Range High/Low 97.36% Equity Float -
Shares Out 20.02.2013 558.8 Short Int -
15'646.40 1 Yr Total Return 40.54%
Total Debt 2'378.00 YTD Return 14.79%
Preferred Stock 0.0 Adjusted BETA 0.935
Minority Interest 0.0 Analyst Recs 27
Cash and Equivalents 1'034.00 Consensus Rating 3.259
Enterprise Value 16'990.40
Average Volume 5 Day 1'057'443
SAMAS FH EQUITY YTD Change - Average Volume 30 Day 923'453
SAMAS FH EQUITY YTD % CHANGE - Average Volume 3 Month 807'487
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
4'634.0 5'655.0 6'305.0 5'342.0 6'415.0 5'342.0 6'416.0 5'638.5 5'652.4 - -
1.78x 1.92x 2.05x - 2.33x 7.10x 8.71x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
675.0 641.0 1'104.0 1'038.0 1'404.0 1'038.0 1'404.0 1'349.4 1'424.7 335.5 348.0
11.22x 14.93x 10.18x 10.36x 9.71x 5.18x 7.91x 11.69x 11.04x 11.48x 10.86x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 15.46% Long-Term Outlook -
Pretax Margin 25.19% Short-Term Rating Date -
Return on Assets 4.52% Short-Term Rating -
Return on Common Equity 14.75%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 23.5%
Net Income Margin 21.9% Total Debt/Capital 19.0%
Asset Turnover 0.21
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 7.42% Inventory Days -
Tot Debt to Common Equity 23.51% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
SampoPrice/Volume
Valuation Analysis
461'976.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOLIDIUM OY n/a Research 79'280'080 14.19 - 31.01.2013 Holding Company
VARMA MUTUAL PENSION n/a Research 47'709'421 8.54 - 31.01.2013 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 22'872'997 4.09 - 31.12.2012 Investment Advisor
WAHLROOS BJORN n/a Research 11'761'383 2.1 - 31.01.2013 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'111'481 1.63 382'597 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'096'795 1.27 (545'761) 31.12.2012 Investment Advisor
ILMARINEN MUTUAL PEN n/a Research 5'850'422 1.05 - 31.01.2013 Insurance Company
KALEVA MUTUAL INSURA n/a Research 5'668'476 1.01 - 31.01.2013 Insurance Company
UMB BANK N A Multiple Portfolios MF-AGG 5'350'770 0.96 237'817 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'050'788 0.9 (325'137) 31.12.2012 Investment Advisor
FINLAND STATE PENSIO n/a Research 4'260'000 0.76 - 31.01.2013 Government
THREADNEEDLE ASSET M Multiple Portfolios MF-AGG 4'231'895 0.76 105'058 31.10.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 4'067'878 0.73 (476'757) 30.11.2012 Investment Advisor
THREADNEEDLE INVESTM THREADNEEDLE EUROPEA UT-UK 3'798'781 0.68 66'922 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'329'672 0.6 40'614 19.02.2013 Investment Advisor
LOCAL GOVERNMENT PEN n/a Research 2'552'530 0.46 - 31.01.2013 Pension Fund (ERISA)
SWISS NATIONAL BANK n/a Research 2'457'137 0.44 - 31.01.2013 Government
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'172'644 0.39 411'981 30.09.2012 Investment Advisor
UBS n/a ULT-AGG 2'170'127 0.39 (340'986) 28.12.2012 Unclassified
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'949'210 0.35 (18'522) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays CLAUDIA GASPARI equalweight 3 D 28 Not Provided 20.02.2013
Berenberg Bank PETER ELIOT hold 3 M 30 Not Provided 19.02.2013
Deutsche Bank JAN WOLTER hold 3 M 26 12 month 14.02.2013
Pohjola Bank Plc (ESN) ANTTI SAARI reduce 2 D 27 12 month 14.02.2013
Macquarie HADLEY COHEN outperform 5 M 29 12 month 14.02.2013
Carnegie GIANANDREA ROBERTI buy 5 M #N/A N/A Not Provided 14.02.2013
Nordea Equity Research PAAVO AHONEN hold 3 M 29 12 month 14.02.2013
Handelsbanken MATTI AHOKAS accumulate 4 M 29 12 month 14.02.2013
DNB Markets HAKON FURE hold 3 M 29 Not Provided 14.02.2013
AlphaValue JEROME CASSAGNE reduce 2 M 25 6 month 14.02.2013
ABG Sundal Collier JAKOB BRINK buy 5 M 31 6 month 13.02.2013
Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 27 12 month 13.02.2013
Credit Suisse CHRIS ESSON outperform 5 M 30 Not Provided 13.02.2013
Evli Bank Plc KIMMO RAMA buy 5 M 27 12 month 13.02.2013
Danske Markets PER GRONBORG sell 1 M 27 12 month 13.02.2013
Keefe, Bruyette & Woods KARL MORRIS underperform 1 M 23 12 month 11.02.2013
Mediobanca SpA SIMONETTA CHIRIOTTI neutral 3 M 28 6 month 30.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013
Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 22 12 month 13.12.2012
SEB Enskilda MIKA KOSKINEN hold 3 M 23 Not Provided 10.12.2012
Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 22 12 month 05.12.2012
CA Cheuvreux HANS PLUIJGERS outperform 5 M 25 Not Provided 09.08.2012
Societe Generale EMMANUELLE CALES hold 3 M 22 12 month 31.05.2012
JPMorgan ANDREAS VAN EMBDEN underweight 1 M 20 Not Provided 23.02.2012
Holdings By:
Sampo ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Sun Life Financial Inc. is an international financial services organization
providing a diverse range of wealth accumulation and protection products and
services. The Company provides insurance, mutual funds, annuities, pensions,
investment management, trust services, and banking services. Sun Life serves
individuals and corporate customers worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 30.03
52-Week Low (04.06.2012) 19.76
Daily Volume
28.92
52-Week High % Change -3.70% Dividend Yield 4.98
52-Week Low % Change 46.36% Beta 1.03
% 52 Week Price Range High/Low 89.19% Equity Float 599.25
Shares Out 31.01.2013 599.6 Short Int 24.91
17'339.37 1 Yr Total Return 43.39%
Total Debt 4'889.00 YTD Return 9.67%
Preferred Stock 2'503.0 Adjusted BETA 1.033
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 7'034.00 Consensus Rating 3.118
Enterprise Value 17'697.37
Average Volume 5 Day 2'100'416
SLF CT EQUITY YTD Change - Average Volume 30 Day 1'252'380
SLF CT EQUITY YTD % CHANGE - Average Volume 3 Month 1'400'360
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
14'548.0 27'572.0 24'801.0 19'830.0 17'559.0 22'240.0 18'676.0 21'791.7 22'590.7 5'566.0 5'407.5
0.97x 0.50x 0.70x 0.49x 0.92x 2.39x 3.02x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
855.0 613.0 1'499.0 (270.0) 1'674.0 (199.0) 1'627.0 1'423.2 1'627.2 393.4 410.0
- 30.56x 11.63x 20.54x 10.59x 21.24x 10.22x 11.30x 10.62x 11.35x 11.21x
EBITDA - Long-Term Rating Date 24.02.2012
EBIT - Long-Term Rating A
Operating Margin 11.83% Long-Term Outlook NEG
Pretax Margin 9.74% Short-Term Rating Date 06.03.2009
Return on Assets 0.74% Short-Term Rating A-1
Return on Common Equity 11.11%
Return on Capital 9.32% 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 34.6%
Net Income Margin 9.5% Total Debt/Capital 22.6%
Asset Turnover 0.08
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 2.17% Inventory Days -
Tot Debt to Common Equity 34.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Sun Life Financial IncPrice/Volume
Valuation Analysis
1'776'238.00
Current Price (2/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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ROYAL BANK OF CANADA n/a ULT-AGG 45'412'621 7.57 5'014'354 31.01.2013 Bank
IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 23'473'093 3.92 (14'937) 31.12.2012 Investment Advisor
THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 15'505'568 2.59 (955'347) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 15'285'841 2.55 142'216 31.12.2012 Investment Advisor
TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14'375'481 2.4 2'896'551 31.12.2012 Investment Advisor
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 12'708'859 2.12 867'408 31.12.2012 Investment Advisor
TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 12'024'655 2.01 1'042'553 31.12.2012 Investment Advisor
CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11'607'221 1.94 407'764 31.12.2012 Investment Advisor
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 10'544'568 1.76 1'422'122 31.12.2012 Investment Advisor
IA CLARINGTON INVEST Multiple Portfolios MF-AGG 9'530'096 1.59 12'600 30.09.2012 Investment Advisor
CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 9'292'573 1.55 (235'071) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'322'300 1.39 (1'466'400) 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 7'155'314 1.19 (675'688) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'560'372 1.09 122'300 31.12.2012 Investment Advisor
GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 5'800'795 0.97 (433'537) 31.12.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 5'762'400 0.96 2'702'500 31.12.2012 Investment Advisor
AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3'144'675 0.52 747'625 31.12.2012 Investment Advisor
APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 2'869'340 0.48 (110'916) 31.12.2012 Investment Advisor
CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'856'457 0.48 460'000 31.12.2012 Investment Advisor
FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'746'771 0.46 (628'379) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
National Bank Financial PETER D ROUTLEDGE sector perform 3 M 31 12 month 19.02.2013
Canaccord Genuity Corp MARIO MENDONCA hold 3 M 29 12 month 18.02.2013
RBC Capital Markets ANDRE PHILIPPE HARDY sector perform 3 M 28 12 month 15.02.2013
Credit Suisse GABRIEL DECHAINE outperform 5 M 31 Not Provided 15.02.2013
Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 15.02.2013
Desjardins Securities MICHAEL GOLDBERG hold 3 M 31 12 month 15.02.2013
Cormark Securities Inc. DARKO MIHELIC market perform 3 M 29 12 month 15.02.2013
TD Securities DOUG YOUNG buy 5 M 32 12 month 15.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 15.02.2013
BMO Capital Markets TOM MACKINNON market perform 3 M 29 Not Provided 14.02.2013
Morgan Stanley NIGEL P DALLY Equalwt/In-Line 3 M #N/A N/A Not Provided 14.02.2013
Scotia Capital JOANNE SMITH sector perform 3 M 28 12 month 13.02.2013
Veritas Investment Research Co OHAD LEDERER sell 1 M 29 Not Provided 13.02.2013
CIBC World Markets ROBERT SEDRAN sector perform 3 M 28 Not Provided 14.01.2013
Barclays JOHN AIKEN suspended coverage #N/A N/A M #N/A N/A Not Provided 17.12.2012
Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 24.09.2012
Holdings By:
Sun Life Financial Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Swiss Re AG offers reinsurance, insurance and insurance linked financial
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (21.02.2013) 76.60
52-Week Low (22.02.2012) 50.00
Daily Volume
75.45
52-Week High % Change -1.50% Dividend Yield -
52-Week Low % Change 50.89% Beta 1.16
% 52 Week Price Range High/Low 99.37% Equity Float 370.21
Shares Out 31.12.2012 370.7 Short Int -
27'969.84 1 Yr Total Return 46.17%
Total Debt 19'898.00 YTD Return 14.49%
Preferred Stock 0.0 Adjusted BETA 1.162
Minority Interest 24.0 Analyst Recs 37
Cash and Equivalents 10'837.00 Consensus Rating 3.189
Enterprise Value 39'125.37
Average Volume 5 Day 1'208'043
SREN VX EQUITY YTD Change - Average Volume 30 Day 1'105'172
SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 964'773
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
24'011.7 30'624.0 28'484.0 27'797.0 33'116.0 27'797.0 33'116.0 31'900.3 34'319.4 - -
1.03x 0.50x 1.13x 1.02x 1.08x 3.93x 3.87x 1.22x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
(800.3) 467.4 863.0 2'626.0 4'201.0 2'626.0 4'180.0 2'857.7 2'951.2 - -
- 33.44x 21.30x 6.64x 6.09x 6.64x 5.97x 10.02x 9.72x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 17.37% Long-Term Outlook -
Pretax Margin 16.51% Short-Term Rating Date -
Return on Assets 1.89% Short-Term Rating -
Return on Common Equity 13.15%
Return on Capital 9.38% EBITDA/Interest Exp. -
Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 58.5%
Net Income Margin 12.7% Total Debt/Capital 36.9%
Asset Turnover 0.15
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.22% Inventory Days -
Tot Debt to Common Equity 58.52% 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
Swiss Re AGPrice/Volume
Valuation Analysis
2'334'142.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 19'016'988 5.13 (465'989) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 15'114'719 4.08 763'755 19.02.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'188'586 3.56 (222'639) 31.12.2012 Investment Advisor
DODGE & COX n/a Co File 12'639'368 3.41 - 31.12.2011 Investment Advisor
MFS INVESTMENT MANAG n/a Co File 11'485'890 3.1 - 31.12.2011 Investment Advisor
BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2011 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'610'148 1.51 (9'893) 28.12.2012 Mutual Fund Manager
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5'482'330 1.48 154'354 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 2'870'923 0.77 (16'783) 31.10.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'181'639 0.59 (8'205) 31.10.2012 Mutual Fund Manager
SARASIN n/a ULT-AGG 1'986'440 0.54 4'568 28.12.2012 Unclassified
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'464'844 0.4 (33'255) 30.11.2012 Mutual Fund Manager
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'299'889 0.35 (264'683) 30.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'238'106 0.33 - 30.04.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 1'214'600 0.33 (801) 31.12.2012 Unclassified
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'102'833 0.3 (174'506) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 833'022 0.22 (181'060) 31.12.2012 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 635'477 0.17 (6'100) 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 21.02.2013
Oddo & Cie NICOLAS JACOB buy 5 M 78 Not Provided 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
Bankhaus Metzler JOCHEN SCHMITT buy 5 M 78 12 month 19.02.2013
Main First Bank AG RENE LOCHER underperform 1 M 72 12 month 19.02.2013
CA Cheuvreux FRANK KOPFINGER select list 5 M 86 Not Provided 18.02.2013
Credit Suisse ADAM MCINALLY neutral 3 M 68 Not Provided 15.02.2013
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013
AlphaValue DIETER HEIN sell 1 D 63 6 month 14.02.2013
Helvea DANIEL BISCHOF neutral 3 M 70 12 month 13.02.2013
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 79 12 month 12.02.2013
Nomura MICHAEL KLIEN reduce 2 M 60 12 month 12.02.2013
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 06.02.2013
Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 80 Not Provided 06.02.2013
Kepler Capital Markets FABRIZIO CROCE buy 5 U 83 Not Provided 05.02.2013
Barclays ANDREW BROADFIELD overweight 5 M 78 Not Provided 04.02.2013
JPMorgan MICHAEL HUTTNER overweight 5 M 71 9 month 31.01.2013
Mediobanca SpA GIANLUCA FERRARI neutral 3 M 75 6 month 30.01.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 66 12 month 28.01.2013
Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 67 Not Provided 28.01.2013
Goldman Sachs VINIT MALHOTRA Sell/Neutral 1 M 67 12 month 18.01.2013
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 12 month 09.01.2013
Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 50 12 month 13.12.2012
S&P Capital IQ RODERICK WALLACE hold 3 M 78 12 month 30.11.2012
Macquarie HADLEY COHEN neutral 3 D 72 12 month 27.11.2012
Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 71 12 month 15.11.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012
Nord/LB VOLKER SACK buy 5 U 74 Not Provided 09.11.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 68 Not Provided 09.11.2012
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:
Swiss Re AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and
life insurance, and asset management services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (20.02.2013) 2'898.00
52-Week Low (04.06.2012) 1'651.00
Daily Volume
2788
52-Week High % Change -3.80% Dividend Yield 1.88
52-Week Low % Change 68.87% Beta 1.24
% 52 Week Price Range High/Low 98.96% Equity Float 667.68
Shares Out 31.01.2013 769.5 Short Int -
2'145'434.00 1 Yr Total Return 29.21%
Total Debt 1'436'988.00 YTD Return 17.00%
Preferred Stock 0.0 Adjusted BETA 1.241
Minority Interest 16'261.0 Analyst Recs 16
Cash and Equivalents 380'792.00 Consensus Rating 4.500
Enterprise Value 1'954'778.96
Average Volume 5 Day 3'525'040
8766 JT EQUITY YTD Change - Average Volume 30 Day 3'294'960
8766 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'144'149
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
2'937'717.0 2'747'081.0 3'074'931.0 3'175'791.0 3'377'787.0 ######### ######### ######### ######### 857'600.0 -
1.41x 0.96x 1.18x 0.90x 0.83x 2.31x 2.49x 0.57x 0.56x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
108'766.0 23'141.0 128'418.0 71'924.0 6'001.0 (86'757.0) 113'094.0 113'399.6 131'204.9 - -
27.56x 82.22x 16.15x 24.05x 290.41x 0.00x 16.16x 19.03x 16.53x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 4.83% Long-Term Outlook -
Pretax Margin 4.54% Short-Term Rating Date -
Return on Assets -0.06% Short-Term Rating -
Return on Common Equity -0.60%
Return on Capital -0.34% EBITDA/Interest Exp. -
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 78.0%
Net Income Margin 0.2% Total Debt/Capital 43.6%
Asset Turnover 0.20
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.80% Inventory Days -
Tot Debt to Common Equity 78.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Tokio Marine Holdings IncPrice/Volume
Valuation Analysis
3'082'300.00
Current Price (2/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'000'000.0
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3'500'000.0
4'000'000.0
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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 60'652'000 7.88 13'908'000 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 54'385'589 7.07 (932'638) 19.02.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 46'660'000 6.06 2'764'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 34'462'300 4.48 - 15.06.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 19'939'000 2.59 (78'500) 31.01.2013 Holding Company
MEIJI YASUDA LIFE IN n/a Co File 19'179'000 2.49 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 16'969'000 2.21 (1'233'000) 30.09.2012 Other
STATE STREET n/a ULT-AGG 15'599'791 2.03 980'000 20.02.2013 Investment Advisor
MITSUBISHI HEAVY IND n/a Co File 14'074'000 1.83 - 30.09.2012 Corporation
MELLON BANK NA n/a Co File 12'666'000 1.65 438'000 30.09.2012 Investment Advisor
EMPLOYEES' STOCKHOLD n/a Co File 11'785'000 1.53 151'000 30.09.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'711'613 1.52 (75'946) 31.12.2012 Investment Advisor
ASAHI GLASS CO LTD n/a Co File 10'256'000 1.33 - 31.12.2011 Corporation
NOMURA n/a ULT-AGG 7'627'500 0.99 (274'000) 31.01.2013 Unclassified
MITSUBISHI ESTATE CO n/a Co File 6'929'500 0.9 - 31.03.2012 Corporation
NIPPON YUSEN KK n/a Co File 6'912'000 0.9 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 5'869'600 0.76 - 15.06.2012 Unclassified
SHIZUOKA BANK LTD n/a Co File 5'602'948 0.73 - 31.03.2012 Bank
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'369'700 0.44 (38'400) 31.01.2013 Holding Company
MITSUBISHI ELECTRIC n/a Co File 3'219'000 0.42 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura WATARU OHTSUKA buy 5 M 3'300 12 month 19.02.2013
JPMorgan NATSUMU TSUJINO overweight 5 M 3'800 12 month 15.02.2013
Jefferies MAKARIM SALMAN buy 5 M 3'626 12 month 14.02.2013
Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 M 3'000 Not Provided 14.02.2013
Tokai Tokyo Securities TATSUO MAJIMA neutral 3 M #N/A N/A Not Provided 13.02.2013
Morgan Stanley HIDEYASU BAN Overwt/Attractive 5 M 3'200 12 month 13.02.2013
Credit Suisse TAKEHITO YAMANAKA neutral 3 M 2'750 Not Provided 13.02.2013
Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 3'400 12 month 13.02.2013
SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 M 2'600 12 month 13.02.2013
Barclays AZUMA OHNO equalweight 3 M 2'400 Not Provided 13.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI neutral 3 M 2'400 12 month 13.02.2013
Deutsche Bank MASAO MURAKI buy 5 M 2'920 12 month 12.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Macquarie SCOTT G RUSSELL outperform 5 M 2'300 12 month 06.12.2012
Mizuho Securities RIE NISHIHARA buy 5 M 2'500 12 month 19.11.2012
Goldman Sachs TAKANORI MIYOSHI Buy/Neutral 5 M 3'400 24 month 10.02.2012
Holdings By:
Tokio Marine Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
The Travelers Companies, Inc. provides commercial and personal property and
casualty insurance products and services to businesses, government units,
associations and individuals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.02.2013) 81.07
52-Week Low (07.03.2012) 55.88
Daily Volume
80.11
52-Week High % Change -1.18% Dividend Yield 2.23
52-Week Low % Change 43.36% Beta 0.83
% 52 Week Price Range High/Low 96.19% Equity Float 376.56
Shares Out 11.02.2013 378.0 Short Int 4.10
30'277.95 1 Yr Total Return 38.99%
Total Debt 6'350.00 YTD Return 11.54%
Preferred Stock 0.0 Adjusted BETA 0.829
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 330.00 Consensus Rating 4.077
Enterprise Value 36'297.95
Average Volume 5 Day 507'953
TRV UN EQUITY YTD Change - Average Volume 30 Day 514'726
TRV UN EQUITY YTD % CHANGE - Average Volume 3 Month 567'998
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
24'477.0 24'680.0 25'112.0 25'446.0 25'740.0 25'446.0 25'740.0 25'916.1 26'493.8 6'471.3 6'499.3
1.32x 1.31x 1.22x 1.16x 1.29x 4.65x 4.88x 1.40x 1.37x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'924.0 3'622.0 3'216.0 1'426.0 2'473.0 1'426.0 2'473.0 2'708.0 2'717.9 742.7 615.5
8.59x 7.93x 8.90x 18.04x 11.57x 18.21x 11.57x 11.10x 10.60x 11.10x 10.93x
EBITDA - Long-Term Rating Date 28.07.2011
EBIT - Long-Term Rating A
Operating Margin 13.77% Long-Term Outlook STABLE
Pretax Margin 12.30% Short-Term Rating Date 28.07.2011
Return on Assets 2.36% Short-Term Rating A-1
Return on Common Equity 9.91%
Return on Capital 8.81% EBITDA/Interest Exp. -
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 25.0%
Net Income Margin 9.6% Total Debt/Capital 20.0%
Asset Turnover 0.25
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 6.05% Inventory Days -
Tot Debt to Common Equity 25.00% 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
Travelers Cos Inc/ThePrice/Volume
Valuation Analysis
514'246.00
Current Price (2/dd/yy) Market Data
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0.0
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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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] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 33'540'635 8.87 - 19.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 22'631'987 5.99 73'306 19.02.2013 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 17'337'640 4.59 430'226 31.12.2012 Investment Advisor
SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 16'307'385 4.31 (1'312'817) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 13'456'258 3.56 4'269'331 31.12.2012 Investment Advisor
MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 9'930'820 2.63 (107'654) 31.12.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'813'454 2.6 (57'119) 31.12.2012 Investment Advisor
CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'343'903 1.94 (587'239) 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 6'604'716 1.75 377'615 31.12.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'691'457 1.51 (247'574) 31.12.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'535'994 1.46 (965'523) 31.12.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 5'135'152 1.36 (312'747) 31.12.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 4'835'668 1.28 (535'325) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'826'840 1.28 (498'067) 31.12.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 4'745'685 1.26 (421'072) 31.12.2012 Investment Advisor
LEGG MASON INC Multiple Portfolios MF-AGG 3'959'271 1.05 (310'675) 31.12.2012 Investment Advisor
MACQUARIE GROUP LTD n/a ULT-AGG 3'665'861 0.97 (133'263) 31.12.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'618'674 0.96 2'279'896 31.12.2012 Investment Advisor
MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'543'517 0.94 (118'988) 31.12.2012 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 3'196'942 0.85 (181'885) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co JOSH STIRLING market perform 3 M 77 12 month 20.02.2013
Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 86 12 month 15.02.2013
Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.02.2013
Deutsche Bank JOSHUA D SHANKER hold 3 M 74 12 month 06.02.2013
RBC Capital Markets MARK A DWELLE top pick 5 M 88 12 month 04.02.2013
FBR Capital Markets RANDY BINNER market perform 3 M 65 12 month 04.02.2013
Macquarie AMIT KUMAR outperform 5 M 86 12 month 29.01.2013
Portales Partners NINA GUPTA sector perform 3 M #N/A N/A Not Provided 25.01.2013
Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 24.01.2013
Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 23.01.2013
Argus Research Corp JOHN M EADE buy 5 M 85 Not Provided 23.01.2013
Credit Suisse MICHAEL ZAREMSKI outperform 5 M 83 Not Provided 23.01.2013
William Blair & Co ADAM KLAUBER market perform 3 M #N/A N/A Not Provided 23.01.2013
JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 23.01.2013
MKM Partners HARRY FONG neutral 3 M 85 12 month 23.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 23.01.2013
Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 87 12 month 23.01.2013
Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 88 12 month 22.01.2013
Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 22.01.2013
Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 89 12 month 22.01.2013
Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 79 12 month 22.01.2013
Evercore Partners VINAY MISQUITH equalweight 3 M 83 12 month 22.01.2013
Barclays JAY H GELB overweight 5 M 87 Not Provided 22.01.2013
S&P Capital IQ CATHY SEIFERT hold 3 M 80 Not Provided 18.10.2012
Holdings By:
Travelers Cos Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Zurich Insurance Group AG provides insurance-based financial services. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.01.2013) 264.00
52-Week Low (05.06.2012) 192.50
Daily Volume
253.4
52-Week High % Change -4.02% Dividend Yield -
52-Week Low % Change 31.64% Beta 1.20
% 52 Week Price Range High/Low 91.19% Equity Float 148.14
Shares Out 31.12.2012 148.3 Short Int 0.42
37'579.25 1 Yr Total Return 20.59%
Total Debt 12'521.00 YTD Return 4.11%
Preferred Stock 0.0 Adjusted BETA 1.199
Minority Interest 2'368.0 Analyst Recs 39
Cash and Equivalents 9'098.00 Consensus Rating 3.436
Enterprise Value 46'152.14
Average Volume 5 Day 550'708
ZURN VX EQUITY YTD Change - Average Volume 30 Day 439'884
ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 403'527
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
32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 52'980.0 70'446.0 60'452.2 62'644.9 - -
0.99x 0.50x 0.64x 0.73x 0.64x 3.11x 2.48x 0.91x - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
3'039.0 3'963.0 3'428.0 3'750.0 3'878.0 3'750.0 3'872.0 4'325.6 4'551.0 1'146.0 988.0
9.86x 7.83x 10.92x 8.80x 10.08x 8.80x 10.07x 9.43x 8.94x 9.18x 9.39x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 8.34% Long-Term Outlook -
Pretax Margin 7.48% Short-Term Rating Date -
Return on Assets 0.97% Short-Term Rating -
Return on Common Equity 11.74%
Return on Capital 9.17% EBITDA/Interest Exp. -
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 36.3%
Net Income Margin 5.5% Total Debt/Capital 25.4%
Asset Turnover 0.18
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.06% Inventory Days -
Tot Debt to Common Equity 36.30% 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
Zurich Insurance Group AGPrice/Volume
Valuation Analysis
310'524.00
Current Price (2/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
21.02.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 6'475'809 4.37 3'004 19.02.2013 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 3'587'304 2.42 168'230 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'087'350 2.08 22'537 31.12.2012 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 2'266'979 1.53 (85) 28.12.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 2'237'458 1.51 (4'054) 31.12.2012 Investment Advisor
UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'414'418 0.95 (14'169) 31.10.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 760'603 0.51 (26'750) 31.10.2012 Mutual Fund Manager
TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 601'051 0.41 20'468 31.12.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 559'536 0.38 16'355 31.12.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 540'678 0.36 - 31.07.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 487'809 0.33 (5'360) 30.11.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 420'245 0.28 10'384 31.12.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 329'296 0.22 32'803 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 313'506 0.21 56'299 31.12.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 297'808 0.2 16'869 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 281'822 0.19 7'978 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
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
Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 19.02.2013
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
Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 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
Exane BNP Paribas THOMAS JACQUET neutral 3 M 245 Not Provided 15.02.2013
Helvea DANIEL BISCHOF neutral 3 M 255 12 month 15.02.2013
Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 14.02.2013
Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 252 6 month 14.02.2013
AlphaValue DIETER HEIN add 4 M 281 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
Barclays ANDREW BROADFIELD equalweight 3 M 260 Not Provided 04.02.2013
Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 30.01.2013
RBC Capital Markets GORDON AITKEN sector perform 3 M 280 12 month 28.01.2013
Deutsche Bank ROBIN BUCKLEY hold 3 M 265 12 month 24.01.2013
Sanford C. Bernstein & Co THOMAS SEIDL outperform 5 M 250 12 month 17.01.2013
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
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 300 Not Provided 08.01.2013
Raymond James DANNY JACQUES outperform 5 M 262 Not Provided 19.12.2012
Canaccord Genuity Corp BEN COHEN buy 5 M 260 Not Provided 18.12.2012
Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 267 12 month 05.12.2012
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
CS Capital CHRISTOPHER PARKINSON neutral 3 M #N/A N/A Not Provided 05.08.2010
Holdings By:
Zurich Insurance Group AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |