Fundamental equity analysis & analyst recommendations sx5 e eurostoxx 50 index components

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
Eurostoxx 50 Index Components
February 2013
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Daily Total Preferred Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in Volume Common Total Debt Stock Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency mio USD) (M) Shares (M) (USD) (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating 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
AIR LIQUIDE SA EUR 37770 737 312 10 0 0 2 46.25 20465 20465 21835 23420 5064 5064 - - 6.90 6.91 7.45 8.23 23.38 23.39 21.69 19.64 8.03 6.86 8.57 9.07 33.04 A 02.07.2007 - -
ALLIANZ SE-REG EUR 63501 1706 452 38 0 3 14 88.38 116683 125630 138147 141209 - - - - 7.45 13.31 15.05 16.18 13.97 13.88 12.35 11.50 -3.51 4.95 - - - AA 27.01.2012 Aa3 03.05.2004
ANHEUSER-BUSCH INBEV NV EUR 149844 1725 1598 54 0 5 7 253.57 52138 52468 53048 59863 20426 20409 5912 5912 5.00 5.93 6.21 6.67 28.04 28.05 26.76 24.91 10.11 19.76 14.83 32.38 51.94 A 01.05.2012 A3 27.03.2012
ARCELORMITTAL EUR 26585 9943 1549 34 0 5 6 68.65 112449 112449 117163 120913 9029 9721 2146 2146 0.01 -3.22 0.99 1.99 - 135.73 28.64 14.28 -13.87 -4.94 -42.31 -25.38 11.54 BB+ 02.08.2012 Ba1 06.11.2012
ASML HOLDING NV EUR 30862 1114 407 1 0 0 4 28.27 6318 6318 6493 8062 1794 1794 186 186 3.58 3.61 3.09 4.73 27.23 27.32 31.77 20.74 -21.73 25.07 -34.23 9.53 37.91 - - Baa2 11.11.2010
ASSICURAZIONI GENERALI EUR 26942 5148 1541 29 0 4 34 33.06 98120 108842 98972 101882 - - - - 1.56 1.02 1.38 1.78 22.56 - 16.70 12.99 -20.84 11.60 - - - A 23.01.2013 Baa2 *- 18.12.2012
AXA SA EUR 43703 6393 2374 22 8 3 41 36.82 131305 135495 131200 130828 - - - - 1.51 1.54 2.42 2.56 15.84 31.76 10.11 9.54 -21.70 3.10 - - - A- 18.12.2012 A2 19.03.2003
BANCO BILBAO VIZCAYA ARGENTA EUR 55289 24949 5449 304 0 3 85 #VALUE! 28995 29724 31293 32941 - - - - 1.00 0.42 1.01 1.19 32.37 20.67 13.40 11.43 -53.20 11.66 - - - BBB- 16.10.2012 Baa3 24.10.2012
BANCO SANTANDER SA EUR 82463 46728 10321 469 0 13 230 #VALUE! 58756 58302 59586 62359 - - - - 0.41 0.32 0.81 0.94 32.85 13.71 12.83 11.11 -58.21 12.95 - - - BBB 16.10.2012 (P)Baa2 24.10.2012
BASF SE EUR 90904 2789 918 17 0 2 3 107.15 98140 103016 104132 106827 15830 17211 3647 3647 8.57 7.32 7.14 7.95 18.06 18.07 18.51 16.62 20.12 9.87 -0.54 4.11 22.31 A+ 10.05.2011 A1 17.11.2010
BAYER AG-REG EUR 80199 2207 827 16 0 0 6 89.31 48776 52195 52782 55336 11968 12751 2384 2384 7.16 3.99 7.24 7.92 32.44 16.40 17.90 16.35 5.48 6.30 0.95 16.44 32.62 A- 30.04.2008 A3 17.07.2006
BAYERISCHE MOTOREN WERKE AG EUR 60524 1486 656 91 0 0 15 137.58 91896 99694 102240 106116 15570 15602 4194 4194 9.93 9.56 10.34 10.36 13.20 13.20 12.20 12.18 18.42 10.11 37.81 1.39 20.90 A 16.04.2012 A2 22.07.2011
BNP PARIBAS EUR 73857 3700 1242 802 10 11 192 #VALUE! 92 K 130 K 54 K 55 K - - - - 7.41 6.89 6.82 7.72 11.52 10.71 11.64 10.28 -4.41 15.21 - - - A+ 25.10.2012 A2 21.06.2012
CARREFOUR SA EUR 19688 2524 674 22 0 1 6 34.70 107431 106984 104141 106013 5200 3481 - - -1.00 -2.10 1.65 1.91 - - 22.48 19.40 1.20 0.13 -14.82 1.53 4.34 BBB 15.03.2012 (P)Baa2 15.03.2012
COMPAGNIE DE SAINT-GOBAIN EUR 22276 1825 526 15 0 1 4 35.94 56237 57192 57394 57955 6709 6563 - - 3.51 2.59 3.14 3.44 21.62 19.96 17.86 16.29 6.65 0.23 6.67 0.54 15.32 BBB 24.07.2009 Baa2 31.07.2009
CRH PLC EUR 15588 1039 728 7 0 0 2 21.11 24143 24707 25003 25645 2211 2203 1373 1373 1.02 1.15 0.98 1.15 24.85 37.24 29.27 24.95 7.06 -2.90 3.47 -10.60 11.91 BBB+ 17.12.2007 - -
DAIMLER AG-REGISTERED SHARES EUR 64336 3559 1066 96 0 2 15 160.14 152620 152620 155983 165094 16312 16626 - - 7.62 7.62 6.21 7.38 10.55 10.55 12.95 10.90 9.72 23.62 - -9.22 14.64 A- 23.02.2012 A3 01.10.2007
DANONE EUR 45568 2019 606 12 0 0 3 55.01 27866 27866 29439 31174 4655 4707 - - 3.70 3.72 4.20 4.65 25.45 25.56 22.54 20.37 10.72 14.53 - 14.41 23.46 A- 25.07.2007 A3 06.11.2007
DEUTSCHE BANK AG-REGISTERED EUR 44942 3571 929 380 0 2 238 #VALUE! 44842 62960 45467 46804 - - - - 4.24 0.91 5.47 6.90 71.10 12.70 11.80 9.36 -48.38 -7.77 - - - A+ 25.01.2012 A2 21.06.2012
DEUTSCHE TELEKOM AG-REG EUR 46947 21425 4321 65 0 6 8 107.62 78319 77945 77606 76899 26976 25806 5787 5787 0.66 -2.30 0.85 0.89 - - 17.00 16.36 -8.06 -1.72 18.65 5.73 44.21 BBB+ 19.05.2008 Baa1 22.12.2011
E.ON SE EUR 34401 13142 1905 40 0 5 9 66.26 150827 167323 150300 147998 5700 6052 2721 2721 -0.01 -0.01 2.95 1.74 - 14.12 7.78 13.16 28.89 17.73 -89.70 -16.95 4.83 A- 27.07.2012 A3 05.10.2011
ENEL SPA EUR 36413 23528 9403 87 0 21 9 136.56 103583 110101 105136 104852 22964 25842 5150 5150 0.59 0.49 0.49 0.48 10.58 - 10.55 10.88 10.45 24.26 3.42 22.44 31.34 BBB+ 08.03.2012 Baa2 05.11.2012
ENI SPA EUR 85796 8681 3634 33 0 5 11 112.38 169944 169944 161957 164874 32800 32800 10055 10055 2.58 3.20 2.67 2.87 9.86 11.08 11.82 10.99 21.54 7.91 -6.06 -1.40 25.77 A 17.01.2012 A3 16.07.2012
ESSILOR INTERNATIONAL EUR 21189 577 209 1 0 0 1 22.34 5594 6222 6660 7176 1228 1367 - - 3.34 3.53 3.75 4.15 37.38 37.19 35.14 31.77 10.22 15.47 2.84 12.10 29.34 - - - -
FRANCE TELECOM SA EUR 26740 18406 2633 52 0 3 11 70.58 58105 58105 56210 55370 20055 19007 4146 4146 0.98 0.41 1.49 1.47 32.56 10.51 9.07 9.19 -5.20 -4.77 - -5.12 42.66 A- 10.02.2005 A3 23.06.2005
GDF SUEZ EUR 46604 4026 2214 76 0 23 20 125.76 121075 127560 124907 110441 21459 22195 - - 2.73 2.15 2.08 1.86 11.98 11.31 12.41 13.90 9.79 45.55 1.28 34.86 23.23 A *- 29.01.2013 A1 03.07.2012
IBERDROLA SA EUR 30982 21885 6139 45 0 0 9 67.20 46402 46533 44358 45909 9605 9550 3056 3056 0.62 0.63 0.53 0.56 10.48 10.43 12.39 11.69 13.09 10.52 3.67 10.80 27.40 BBB 28.11.2012 (P)Baa1 05.11.2012
INDITEX EUR 83774 1558 623 0 0 0 5 78.54 18417 20624 21373 23763 4292 5040 1563 1563 4.14 4.90 5.15 5.82 36.66 - 34.82 30.84 13.50 14.13 11.18 16.59 32.63 - - - -
ING GROEP NV-CVA EUR 33215 17985 3801 277 0 1 24 288.35 54457 56404 60617 62389 - - - - 0.98 1.00 1.32 1.46 11.57 10.80 8.79 7.95 -30.37 -12.38 - - - A 03.09.2009 A3 15.06.2012
INTESA SANPAOLO EUR 29935 117426 16434 355 0 1 53 #VALUE! 33737 29857 23191 22437 - - - - 0.19 -0.72 0.15 0.16 - 12.95 16.55 14.94 2.31 1.95 - - - BBB+ 10.02.2012 Baa2 16.07.2012
KONINKLIJKE PHILIPS ELECTRON EUR 27676 2299 926 6 0 0 5 28.66 33099 33099 33107 34351 3289 3289 786 786 0.37 0.37 2.24 2.56 105.68 32.66 17.21 15.08 13.06 2.02 143.54 -4.73 13.27 A- 11.05.2005 A3 20.04.2006
L'OREAL EUR 90741 491 598 0 0 0 2 88.64 29994 29994 31320 33158 5860 5860 - - 6.33 6.41 6.83 7.40 31.10 31.12 29.18 26.95 13.91 7.72 14.65 6.38 26.09 - - - -
LVMH MOET HENNESSY LOUIS VUI EUR 89830 614 500 9 0 1 3 97.46 37526 37526 40278 43682 9267 9641 3771 3771 9.32 9.16 10.19 11.40 25.79 25.36 23.18 20.72 25.08 14.89 17.15 14.76 34.31 A 20.05.2011 - -
MUENCHENER RUECKVER AG-REG EUR 32341 541 178 7 0 0 3 37.11 81330 88314 77353 82094 - - - - 5.26 24.02 21.22 21.70 10.02 9.59 11.35 11.10 - 12.27 - - - AA- 22.12.2006 - -
NOKIA OYJ EUR 14282 21091 3711 7 0 2 13 10.86 40294 40294 39244 39704 -1305 -1305 192 192 - -1.12 0.02 0.21 - - 238.35 24.45 -29.30 -15.96 - -31.68 -4.32 BB- 15.08.2012 Ba3 23.07.2012
REPSOL SA EUR 26663 4722 1221 27 0 5 4 49.92 80280 80164 79252 81245 11362 10340 2254 2254 2.52 2.39 2.14 2.24 11.60 - 12.99 12.40 16.07 5.66 -38.20 -1.50 17.22 BBB- 19.04.2012 - -
RWE AG EUR 22850 2623 587 29 0 2 9 45.75 65634 66077 68182 69378 11064 10210 - - 4.47 5.02 5.44 5.27 9.89 9.89 9.12 9.42 -4.13 8.52 -13.66 3.47 20.63 BBB+ 27.07.2012 A3 19.07.2011
SANOFI EUR 130651 2609 1326 19 0 0 9 141.71 46664 46664 47859 50367 16815 17603 - - 6.29 5.02 8.03 8.94 26.20 21.68 16.38 14.72 6.23 6.40 - 4.60 50.81 AA- 18.02.2011 A2 18.02.2011
SAP AG EUR 98375 2034 1229 7 0 0 4 101.88 21661 21662 24118 26589 6590 6109 1491 1491 3.17 3.16 4.66 5.30 33.79 33.86 22.93 20.18 18.66 12.95 0.73 14.35 37.66 - - - -
SCHNEIDER ELECTRIC SA EUR 41080 1551 540 11 0 0 4 49.56 29893 31325 31925 32804 5030 5200 - - 4.71 4.73 5.12 5.53 20.89 19.60 19.29 17.87 19.14 9.76 7.17 12.32 22.16 A- 26.11.2008 A3 12.01.2009
SIEMENS AG-REG EUR 92488 1732 856 28 0 1 15 107.93 104548 105047 104643 108627 12890 13822 2731 2731 7.48 7.58 8.20 10.08 18.48 18.70 17.10 13.90 9.15 0.15 -10.68 2.23 17.57 A+ 05.06.2009 - -
SOCIETE GENERALE EUR 31955 4572 754 906 0 6 193 #VALUE! 58396 #VALUE! 32105 33061 - - - - 1.83 1.30 4.87 5.80 41.92 14.82 11.24 9.42 -13.25 - - - - A 23.01.2012 A2 21.06.2012
TELEFONICA SA EUR 58752 29612 4480 89 0 8 9 145.20 83906 83701 83298 80861 25894 27912 7419 7419 1.77 1.82 1.58 1.60 9.45 - 10.88 10.80 4.62 2.61 -33.08 0.37 44.53 BBB 20.12.2012 Baa2 18.10.2012
TOTAL SA EUR 119908 4251 2258 44 0 2 23 143.33 243422 243422 239349 239885 43187 42652 11589 11589 6.30 6.32 7.03 7.15 10.71 10.74 9.62 9.46 12.63 6.01 -2.34 1.38 23.40 AA- 12.04.2011 Aa1 30.08.2005
UNIBAIL-RODAMCO SE EUR 22123 268 92 16 0 2 0 40.07 2300 2300 2101 2337 1585 1585 - - 23.66 21.08 13.56 14.72 14.77 13.10 22.95 21.15 -14.95 13.79 0.33 20.70 92.01 A 27.06.2007 WR 16.07.2010
UNICREDIT SPA EUR 32715 63059 2930 447 0 4 75 #VALUE! 56040 35005 33964 33274 - - - - -0.04 -3.34 0.29 0.37 - - 26.27 20.17 2.41 2.27 - - - BBB+ 10.02.2012 Baa2 16.07.2012
UNILEVER NV-CVA EUR 120661 3602 2832 14 0 1 4 131.23 68533 68533 71410 75428 10933 10883 - - 2.06 2.11 2.26 2.45 25.32 26.47 23.61 21.79 13.96 7.13 12.99 5.19 21.20 A+ 05.10.2000 A1 11.07.2000
VINCI SA EUR 27156 1541 536 27 0 1 9 46.40 51587 51587 51927 53173 7355 7282 - - 4.70 4.78 4.68 4.92 13.15 13.25 13.41 12.77 3.50 5.68 1.52 4.97 18.85 BBB+ 29.03.2007 Baa1 23.07.2002
VIVENDI EUR 27340 3696 1287 21 0 4 5 50.86 38474 38101 38093 38382 11813 12537 2469 2469 3.21 1.56 2.68 2.57 17.71 13.40 10.28 10.72 -0.30 6.11 13.77 12.16 43.94 BBB 26.10.2012 Baa2 13.09.2005
VOLKSWAGEN AG-PREF EUR 108335 540 465 125 0 8 33 235.48 212761 250079 256800 274030 28529 31192 - - 44.09 63.57 47.00 31.65 5.07 5.08 6.86 10.18 34.16 18.99 37.72 16.71 16.66 A- 31.08.2009 A3 17.08.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %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%
AIR LIQUIDE SA 2.63 2.44 2.28 2.13 1.90 1.85 1.73 1.61 1.51 1.48 9.80 9.04 8.44 8.51 7.22 9.18 8.45 7.79 7.31 7.01 17.68 16.25 14.71 13.50 12.59 2.78 2.99 3.26 3.56 3.47 101.60 12.1%
ALLIANZ SE-REG 1.07 0.92 0.86 0.81 0.77 0.48 0.46 0.45 0.44 0.43 15.94 9.25 8.61 8.25 8.39 4.19 4.41 4.70 4.93 5.05 114.40 9.7%
ANHEUSER-BUSCH INBEV NV 3.77 3.49 3.17 2.91 2.59 3.84 3.77 3.34 3.11 2.97 14.87 13.30 12.37 11.36 10.31 12.44 12.27 10.79 9.84 9.48 24.27 20.04 18.66 16.66 15.42 1.46 2.04 2.39 2.78 3.27 70.98 1.6%
ARCELORMITTAL 0.46 0.47 0.46 0.43 0.41 0.32 0.30 0.29 0.29 0.28 5.17 5.34 3.93 3.21 2.36 7.39 6.43 5.39 4.73 4.31 93.33 21.45 10.70 7.45 5.91 3.53 1.26 2.06 2.32 1.57 14.18 18.6%
ASML HOLDING NV 5.34 4.54 3.87 3.28 4.88 4.75 3.83 3.21 2.59 18.73 20.88 13.74 11.05 15.45 16.89 11.65 9.21 7.65 22.14 23.79 15.53 11.56 8.63 0.83 0.99 1.14 1.27 53.37 -3.1%
ASSICURAZIONI GENERALI 1.27 1.01 0.93 0.87 0.79 0.28 0.27 0.26 0.26 0.27 17.66 12.51 9.73 8.84 7.91 2.31 2.51 3.31 3.88 4.94 13.40 3.4%
AXA SA 0.69 0.69 0.66 0.62 0.55 0.38 0.33 0.33 0.32 0.30 8.13 7.57 7.15 6.63 6.59 5.12 5.32 5.67 6.05 6.48 15.85 15.7%
BANCO BILBAO VIZCAYA ARGENTA 1.00 0.95 0.90 0.85 1.81 1.77 1.68 1.62 3.29 3.30 3.17 21.41 10.04 8.56 7.53 5.53 5.54 5.74 6.46 7.62 0.3%
BANCO SANTANDER SA 0.77 0.78 0.77 0.74 1.40 1.38 1.32 1.30 2.23 2.30 2.15 10.50 9.61 8.32 7.82 10.05 10.29 9.90 8.53 6.23 6.2%
BASF SE 2.87 2.63 2.41 2.22 1.96 0.94 0.87 0.85 0.85 0.81 7.79 8.46 7.74 7.32 7.02 6.93 6.48 6.13 5.82 5.43 11.92 13.86 12.44 11.39 10.82 3.20 3.48 3.63 3.90 3.86 76.19 2.8%
BAYER AG-REG 3.00 3.00 2.72 2.45 2.15 1.65 1.52 1.45 1.38 1.32 11.74 10.38 9.07 8.46 7.64 8.73 8.46 7.64 7.15 6.66 15.04 13.40 12.24 11.15 10.38 2.28 2.50 2.78 3.06 3.27 75.10 3.4%
BAYERISCHE MOTOREN WERKE AG 1.66 1.49 1.34 1.22 1.16 0.66 0.59 0.57 0.54 0.55 5.02 5.47 5.26 4.99 3.71 7.61 7.82 7.80 7.60 7.44 9.21 9.14 9.12 8.95 8.82 3.36 3.68 3.91 4.14 4.11 77.86 10.0%
BNP PARIBAS 0.72 0.68 0.64 0.61 1.41 1.38 1.34 1.32 5.58 4.97 4.45 5.57 8.18 8.72 7.70 7.46 3.37 3.80 4.54 5.60 52.18 17.2%
CARREFOUR SA 1.57 1.89 1.79 1.64 1.53 0.18 0.19 0.19 0.18 0.18 5.38 6.10 5.19 4.86 4.50 6.70 6.98 6.69 6.32 6.12 14.79 16.83 14.53 12.94 11.39 3.86 2.53 2.84 3.14 3.71 21.62 4.0%
COMPAGNIE DE SAINT-GOBAIN 0.90 0.92 0.90 0.86 0.82 0.40 0.39 0.38 0.37 0.35 5.36 5.92 5.72 5.21 4.55 5.44 6.15 5.97 5.45 4.74 9.50 13.37 12.20 10.15 8.15 4.01 3.71 3.95 4.22 4.87 33.36 6.2%
CRH PLC 1.10 1.07 1.05 1.02 0.97 0.65 0.62 0.61 0.57 0.51 8.57 9.03 8.43 7.14 5.70 9.65 9.87 9.12 7.90 6.56 21.03 21.92 18.68 14.53 10.81 3.91 3.93 4.01 4.16 4.36 15.21 -5.3%
DAIMLER AG-REGISTERED SHARES 1.12 1.07 1.00 0.93 0.83 0.42 0.41 0.39 0.37 0.37 5.47 5.18 4.59 3.67 3.16 9.37 9.47 8.34 7.45 6.31 9.76 9.70 8.17 7.09 7.00 4.74 4.53 5.01 5.71 46.80 3.7%
DANONE 2.54 2.38 2.24 2.12 1.86 1.64 1.55 1.46 1.37 1.30 12.52 12.12 10.59 9.75 8.70 11.41 10.91 10.20 9.31 8.73 17.58 16.88 15.25 13.91 12.57 2.75 2.89 3.11 3.46 3.90 52.34 -1.4%
DEUTSCHE BANK AG-REGISTERED 0.60 0.59 0.55 0.51 0.47 1.00 0.99 0.96 0.93 0.84 6.39 5.38 4.63 10.11 8.84 7.01 5.67 5.20 2.08 2.10 2.62 3.14 2.97 39.51 9.1%
DEUTSCHE TELEKOM AG-REG 0.93 1.21 1.20 1.19 1.28 0.60 0.60 0.61 0.61 0.60 2.38 2.66 2.58 2.57 3.98 4.33 4.48 4.61 4.63 4.52 12.02 12.73 12.25 11.72 10.38 8.60 8.59 6.67 6.35 6.92 9.33 14.7%
E.ON SE 0.62 0.65 0.64 0.62 0.62 0.27 0.23 0.23 0.23 0.22 4.02 3.15 3.81 3.70 3.76 5.41 4.65 5.21 5.13 5.09 10.41 5.83 9.86 9.24 9.47 7.77 8.54 5.74 5.90 5.73 13.34 3.6%
ENEL SPA 0.69 0.67 0.64 0.61 0.58 0.37 0.35 0.35 0.34 0.32 2.52 3.09 2.99 2.70 3.72 5.82 6.18 6.24 6.13 5.94 6.68 7.90 8.15 7.63 7.29 9.00 5.17 5.21 5.52 5.66 3.28 13.2%
ENI SPA 1.07 1.01 0.95 0.91 0.53 0.53 0.52 0.50 3.85 3.47 3.22 3.06 2.86 2.92 2.79 2.72 8.80 8.85 8.23 7.93 9.61 6.10 6.24 6.37 6.55 6.79 19.87 12.4%
ESSILOR INTERNATIONAL 5.02 4.32 3.91 3.54 2.99 3.78 3.18 2.95 2.73 2.49 21.61 19.80 17.47 15.80 17.35 18.49 15.34 14.08 12.87 11.98 29.74 26.32 23.79 21.58 19.50 1.25 1.34 1.48 1.63 1.83 81.18 9.9%
FRANCE TELECOM SA 0.73 0.71 0.69 0.63 0.68 0.46 0.48 0.48 0.49 0.49 1.98 2.13 2.20 2.65 2.21 3.87 4.08 4.20 4.30 4.31 5.87 6.79 6.89 6.91 6.81 10.62 10.44 10.33 10.22 10.61 9.51 25.7%
GDF SUEZ 0.51 0.52 0.51 0.52 0.50 0.38 0.37 0.42 0.42 0.42 2.85 2.90 3.34 3.15 3.37 5.75 5.51 6.46 6.27 5.99 9.58 9.29 10.41 9.73 9.10 10.51 10.37 10.17 10.21 8.97 17.35 19.9%
IBERDROLA SA 0.64 0.63 0.62 0.59 0.74 0.70 0.67 0.66 0.68 3.90 4.24 4.26 3.97 6.49 6.63 6.34 6.13 5.83 8.08 9.28 8.75 9.05 9.05 8.45 7.96 7.99 7.77 8.39 4.39 18.7%
INDITEX 8.78 7.33 6.38 5.60 4.88 4.55 3.92 3.53 3.17 2.89 23.69 19.39 17.43 15.58 14.30 18.25 14.72 13.12 11.72 10.75 32.66 26.08 23.10 20.61 18.68 1.79 2.22 2.56 2.90 3.26 107.88 7.2%
ING GROEP NV-CVA 0.49 0.46 0.44 0.42 0.58 0.55 0.53 0.46 8.39 6.58 5.96 5.84 0.00 0.34 3.31 4.61 8.07 24.3%
INTESA SANPAOLO 0.38 0.46 0.45 0.43 0.42 1.36 1.29 1.33 1.30 1.26 3.13 2.87 2.90 2.78 9.23 12.40 11.19 8.49 7.52 4.36 3.78 4.14 5.31 5.38 1.45 5.1%
KONINKLIJKE PHILIPS ELECTRON 1.73 1.72 1.62 1.37 1.33 0.84 0.84 0.81 0.77 0.77 10.55 8.66 7.36 6.51 6.33 7.80 6.24 5.71 5.17 5.30 18.12 12.89 11.29 10.08 9.27 3.50 3.64 3.91 4.51 4.36 23.90 10.4%
L'OREAL 3.54 3.12 2.88 2.64 2.33 3.04 2.90 2.74 2.56 2.45 18.60 17.20 15.89 14.69 13.58 14.98 13.97 12.98 11.97 11.60 23.37 21.85 20.18 18.35 17.38 1.97 2.19 2.40 2.72 2.91 110.96 -0.8%
LVMH MOET HENNESSY LOUIS VUI 2.66 2.45 2.22 2.00 1.64 2.40 2.23 2.06 1.90 1.80 13.99 13.00 11.78 11.21 11.32 10.40 9.57 8.65 7.83 7.62 18.38 17.36 15.52 13.82 12.56 2.26 2.49 2.81 3.12 2.97 153.16 15.6%
MUENCHENER RUECKVER AG-REG 0.91 0.85 0.81 0.76 0.74 0.42 0.42 0.39 0.36 0.35 7.64 8.50 8.31 8.48 9.13 5.02 5.14 5.27 5.59 5.37 141.18 4.5%
NOKIA OYJ 1.41 1.45 1.39 1.34 1.30 0.35 0.36 0.36 0.35 0.35 136.00 10.98 4.87 2.44 11.46 5.41 3.79 2.87 2.27 178.50 18.31 11.70 11.42 1.65 1.12 1.09 2.21 5.25 2.99 4.8%
REPSOL SA 0.75 0.74 0.71 0.68 0.61 0.31 0.34 0.33 0.32 0.29 3.29 3.99 3.91 3.63 3.56 4.44 5.31 5.20 4.84 4.52 9.35 9.73 9.28 8.52 8.12 7.42 5.67 5.70 5.90 6.10 18.53 19.0%
RWE AG 0.94 1.07 0.99 0.95 0.90 0.32 0.34 0.33 0.32 0.32 2.81 2.87 2.93 2.78 2.97 4.15 3.97 3.90 3.89 3.87 6.51 6.83 7.06 7.19 7.58 7.37 7.27 7.14 7.17 6.95 31.61 13.6%
SANOFI 1.69 1.66 1.59 1.51 1.40 2.81 2.73 2.59 2.46 2.37 10.48 10.49 9.66 8.06 7.59 7.90 8.05 7.43 6.90 6.66 11.92 12.26 11.02 10.00 9.33 3.76 3.99 4.42 4.95 5.41 78.78 6.8%
SAP AG 5.06 4.34 3.64 3.03 2.55 4.52 4.08 3.70 3.39 3.14 18.60 14.88 13.08 11.51 10.69 13.79 11.92 10.52 9.47 8.42 19.43 17.17 15.11 13.38 12.52 1.40 1.59 1.85 2.08 2.00 65.15 8.6%
SCHNEIDER ELECTRIC SA 1.94 1.79 1.68 1.57 1.40 1.29 1.25 1.19 1.12 13.20 11.29 10.37 9.58 9.34 10.25 9.80 9.21 8.41 8.16 15.06 14.45 13.38 11.99 11.42 3.04 3.18 3.44 3.78 3.94 56.50 2.0%
SIEMENS AG-REG 2.11 2.14 1.94 1.76 1.37 0.89 0.88 0.85 0.82 0.79 9.40 10.50 8.57 7.77 7.90 8.15 8.49 7.08 6.56 6.81 12.81 12.81 10.41 9.63 8.85 3.90 4.00 4.34 4.61 4.87 84.77 7.8%
SOCIETE GENERALE 0.55 0.52 0.49 0.46 1.04 1.00 0.97 0.94 4.68 4.19 3.80 4.76 11.07 8.41 7.06 6.46 1.65 3.38 4.37 5.32 34.11 11.2%
TELEFONICA SA 2.00 1.91 1.73 1.61 1.40 0.70 0.71 0.73 0.73 0.72 2.91 3.02 3.02 2.89 2.65 5.16 5.13 5.27 5.25 5.29 6.25 8.15 8.09 7.87 7.28 15.92 1.24 6.99 7.74 8.24 11.42 18.1%
TOTAL SA 1.16 1.08 0.99 0.91 0.50 0.50 0.50 0.51 3.92 3.78 3.66 3.42 3.24 3.18 3.22 3.10 3.04 6.96 7.21 7.08 6.64 6.17 6.16 6.28 6.40 6.64 6.74 44.98 18.5%
UNIBAIL-RODAMCO SE 1.32 1.20 1.10 1.01 0.85 12.51 10.53 9.47 9.05 8.16 17.50 16.95 15.67 13.97 12.18 22.83 21.48 19.85 18.50 17.87 18.38 17.19 15.84 14.49 13.00 4.81 5.06 5.43 5.83 6.13 181.38 3.9%
UNICREDIT SPA 0.25 0.39 0.39 0.38 0.42 0.97 0.96 0.98 0.95 0.93 1.02 2.41 2.31 2.10 13.22 19.67 15.11 9.14 7.69 0.14 1.44 2.06 3.57 3.74 4.17 -1.5%
UNILEVER NV-CVA 5.43 4.94 4.35 3.85 3.44 1.77 1.69 1.60 1.51 1.44 15.09 13.92 12.91 11.83 10.98 11.93 11.17 10.44 9.68 9.26 18.95 17.68 16.32 15.00 13.93 3.17 3.39 3.62 3.84 4.17 31.22 4.2%
VINCI SA 1.45 1.37 1.30 1.22 1.03 0.53 0.52 0.51 0.50 0.47 5.15 5.03 4.83 4.59 4.30 6.35 6.28 6.09 5.84 5.46 10.21 10.04 9.56 8.92 7.99 5.07 5.14 5.38 5.77 5.96 43.63 23.8%
VIVENDI 0.86 0.99 0.95 0.91 0.82 0.71 0.72 0.71 0.70 0.69 3.33 3.38 3.68 3.56 3.29 4.59 4.79 4.86 4.76 4.65 6.90 7.70 8.03 7.60 7.19 9.10 6.52 6.46 6.76 7.82 17.84 15.3%
VOLKSWAGEN AG-PREF 1.41 1.10 0.99 0.87 0.81 0.52 0.42 0.40 0.38 0.36 4.42 3.84 4.19 3.79 3.44 8.99 8.08 7.04 6.35 5.65 9.58 5.13 7.62 6.71 6.49 1.68 2.14 2.66 3.14 4.14 200.83 11.1%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 20.02.2013
Air Liquide SA
Air Liquide SA, through its subsidiaries, produces, markets, and sells Price/Volume
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
120 3.5 M
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
100 3.0 M
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia. 2.5 M
80
2.0 M
60
Valuation Analysis 1.5 M
Latest Fiscal Year: 12/2012 40
1.0 M
LTM as of: 12/yy 20 .5 M
52-Week High (21.09.2012) 100.00
0 .0 M
52-Week Low (18.05.2012) 83.45 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 736'929.00
Current Price (2/dd/yy) 90.6 Market Data
52-Week High % Change -9.40% Dividend Yield -
52-Week Low % Change 8.56% Beta 0.76
% 52 Week Price Range High/Low 44.82% Equity Float 310.66
Shares Out 07.12.2012 312.2 Short Int -
Market Capitalization 28'285.98 1 Yr Total Return 6.29%
Total Debt 7'273.70 YTD Return -4.68%
Preferred Stock 0.0 Adjusted BETA 0.764
Minority Interest 232.6 Analyst Recs 35
Cash and Equivalents 1'154.20 Consensus Rating 3.486
Enterprise Value 34'638.08 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'140'082
AI FP EQUITY YTD Change - Average Volume 30 Day 753'002
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 637'984
Fiscal Year Ended 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 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
Total Revenue 13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'255.5 15'326.0 16'352.3 17'539.3 3'960.0 3'939.5
TEV/Revenue 1.73x 2.25x 2.38x 2.25x 2.35x 0.00x 0.00x 2.10x 1.94x - -
EBITDA 2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'098.5 4'447.1 - -
TEV/EBITDA 7.71x 9.08x 9.50x 9.13x 9.50x 0.00x 0.00x 8.45x 7.79x - -
Net Income 1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'737.6 1'918.9 - -
P/E 13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 16.25x 14.71x - -
Profitability S&P Issuer Ratings
EBITDA 3'792.30 Long-Term Rating Date 02.07.2007
EBIT 2'560.50 Long-Term Rating A
Operating Margin 16.71% Long-Term Outlook POS
Pretax Margin 14.63% Short-Term Rating Date 06.05.2004
Return on Assets 6.55% Short-Term Rating A-1
Return on Common Equity 16.12% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 14.00
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11
Margin Analysis Net Debt/EBITDA 1.61
Gross Margin - Total Debt/EBITDA 1.92
EBITDA Margin 24.7% Reference
EBIT Margin 16.7% Total Debt/Equity 71.2%
Net Income Margin 10.5% Total Debt/Capital 41.1%
Structure Asset Turnover 0.62
Current Ratio 1.03 Net Fixed Asset Turnover 1.23
Quick Ratio 0.77 Accounts receivable turnover-days 66.93
Debt to Assets 29.09% Inventory Days -
Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.47 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
14.00 18'000.0
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00 10'000.0
6.00
8'000.0
6'000.0
4.00
4'000.0
2.00 2'000.0
0.00
0.0
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 20.02.2013
Air Liquide SA
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'647'329 1.81 119'140 31.12.2012 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'574'842 1.47 6'156 31.12.2012 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.47 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'544'338 1.14 229'303 19.02.2013 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'311'536 0.74 (157'627) 30.11.2012 Mutual Fund Manager
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'814'483 0.58 47'020 31.12.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'445'902 0.46 (10'563) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'126'673 0.36 1'125 15.02.2013 Investment Advisor
AIR LIQUIDE n/a Co File 1'119'676 0.36 - 31.12.2011 Corporation
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'030'417 0.33 - 15.02.2013 Investment Advisor
THREADNEEDLE ASSET M Multiple Portfolios MF-AGG 983'348 0.31 23'544 31.10.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 918'293 0.29 (66'890) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 886'970 0.28 (92'423) 31.12.2012 Investment Advisor
THREADNEEDLE INVESTM THREADNEEDLE EUROPEA UT-UK 750'992 0.24 21'023 31.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 730'867 0.23 308'898 28.09.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 716'601 0.23 (9'134) 28.09.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 608'059 0.19 (36'412) 31.12.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund Manager
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 96 Not Provided 19.02.2013
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 18.02.2013
S&P Capital IQ JOHNSON IMODE hold 3 M 95 12 month 18.02.2013
Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013
AlphaValue FABRICE FARIGOULE add 4 U 97 6 month 18.02.2013
Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013
Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013
Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 15.02.2013
Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 15.02.2013
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013
Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 14.02.2013
Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 14.02.2013
HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 14.02.2013
Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013
Nomura JEAN DE WATTEVILLE neutral 3 M 106 12 month 14.02.2013
Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013
Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013
Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012
JPMorgan NEIL C TYLER neutral 3 M 100 9 month 07.12.2012
Macquarie CHRISTIAN FAITZ outperform 5 M 100 12 month 21.11.2012
Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 15.11.2012
CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012
CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012
Goldman Sachs RAKESH PATEL neutral/neutral 3 M 116 12 month 17.10.2012
Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012
Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012
DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 20.02.2013
Allianz SE
Allianz SE, through subsidiaries, offers insurance and financial services. The Price/Volume
Company offers property and casualty, life and health, credit, motor vehicle and
120 10.0 M
travel insurance, and fund management services. 9.0 M
100 8.0 M
80 7.0 M
6.0 M
60 5.0 M
Valuation Analysis 4.0 M
Latest Fiscal Year: 12/2011 40 3.0 M
LTM as of: 09/yy 20 2.0 M
1.0 M
52-Week High (02.01.2013) 108.65
0 .0 M
52-Week Low (04.06.2012) 68.50 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13
Daily Volume 1'705'546.00
Current Price (2/dd/yy) 104.3 Market Data
52-Week High % Change -4.00% Dividend Yield -
52-Week Low % Change 52.26% Beta 1.24
% 52 Week Price Range High/Low 91.78% Equity Float 455.95
Shares Out 31.10.2012 456.0 Short Int -
Market Capitalization 47'555.59 1 Yr Total Return 20.71%
Total Debt 28'411.00 YTD Return -0.48%
Preferred Stock 0.0 Adjusted BETA 1.238
Minority Interest 2'338.0 Analyst Recs 42
Cash and Equivalents 10'492.00 Consensus Rating 4.310
Enterprise Value 66'187.59 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'488'619
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'520'056
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'530'919
Fiscal Year Ended 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
Total Revenue 94'767.0 76'195.0 82'711.0 89'740.0 87'384.0 87'402.0 94'084.0 103'458.3 105'751.4 25'563.3 -
TEV/Revenue 2.57x 0.69x 0.75x 0.67x 0.61x 2.77x 2.48x 0.60x 0.56x - -
EBITDA - - - - - 0.0 0.0 - - - -
TEV/EBITDA - - - - - 0.00x 0.00x - - - -
Net Income 7'966.0 (2'444.0) 4'297.0 5'053.0 2'545.0 3'188.0 4'441.0 5'097.9 5'450.3 1'132.0 -
P/E 8.22x 8.51x 8.37x 7.94x 13.13x 9.98x 9.32x 9.25x 8.61x - -
Profitability S&P Issuer Ratings
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% Credit Ratios
Return on Capital 7.26% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 63.3%
Net Income Margin 2.9% Total Debt/Capital 37.5%
Structure 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 63.26% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
7.00 100'000.0
90'000.0
6.00
80'000.0
5.00 70'000.0
60'000.0
4.00
50'000.0
3.00 40'000.0
30'000.0
2.00
20'000.0
1.00 10'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 20.02.2013
Allianz SE
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 15.02.2013 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 - 15.02.2013 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
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
Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 96 12 month 13.02.2013
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
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 06.02.2013
Oddo & Cie NICOLAS JACOB buy 5 M 120 12 month 04.02.2013
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
Nomura MICHAEL KLIEN neutral 3 M 103 Not Provided 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 Research FERNEYHOUGH
JOY neutral 3 M 92 Not Provided 11.11.2011
Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011
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