Fundamental Analysis - SLI Index Members

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
Swiss Leader Index - SLI Index
Q4-2012
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. Index Analysis - Financial Statements
Name: SLI SWISS LEADER INDEX Currency: CHF Number of Member Stocks: 30
View Current 30.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007 29.12.2006 30.12.2005 31.12.2004 31.12.2003 31.12.2002 31.12.2001 29.12.2000 31.12.1999 31.12.1998 31.12.1997 31.12.1996 29.12.1995 30.12.1994 31.12.1993 31.12.1992
CY 2012 CY1 2011 CY1 2010 CY1 2009 CY1 2008 CY1 2007 CY1 2006 CY1 2005 CY1 2004 CY1 2003 CY1 2002 CY1 2001 CY1 2000 CY1 1999 CY1 1998 CY1 1997 CY1 1996 CY1 1995 CY1 1994 CY1 1993 CY1 1992
Index Summary
Income Statement
Earnings Per Share 49.8 62.92 66.94 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EPS Before XO 36.8 120.52 246.97 192.45 130.69
Diluted EPS from Continuing Ops 51.1 119.58 237.65 190.9 140.74
EPS Positive 57.3 126.38 246.97 214.07 141.65
Sales Per Share 721.5 1906.17 3485.57 3235.49 1877.49
Dividends Per Share 31.8 22.7593 108.525 115.7297 5.2533
EBITDA Per Share 128.5 344.7 626.62 605.11 310.04
Balance Sheet
Book Value Per Share 569.8 2256.82 2256.82 2087.4 2153.91
Enterprise Value Per Share 1760.5 8190 8190 8979.21 7640.74
Net Debt Per Share 218.5 5966.83 5966.83 5496.08 5117.82
Cash Flow
Cash Flow Per Share 206.0 101.47 30.77 257.45 175.64
Free Cash Flow Per Share 169.0 -34.58 -195.75 36.24 47.86
Price Ratios
Price/EPS 19.8 11.3082 11.3082 15.4066 10.3113
P/E Before XO 26.7 11.3082 11.3082 15.4066 10.3113
Diluted P/E Cont Ops 19.3 11.7518 11.7518 15.5312 8.6643
Price/EPS Positive 17.2 11.3082 11.3082 13.8504 9.4549
Price/Book 1.7 1.2375 1.2375 1.4204 1.0755
Price/Sales 1.4 0.8013 0.8013 0.9164 0.6392
Price/Cash Flow 4.8 90.7571 90.7571 11.5166 5.39
Dividend Yield 3.2 3.8859 3.8859 3.9032 5.094
Price/EBITDA 7.7 4.457 4.457 4.8998 3.7728
Market Data
Last Price 984.8 876.66 1017.26 1003.34 789.67 1296.41 1313.44 1070.22 795.5 756.88 623.19 876.64 1116.81 1000 0 0 0 0 0 0 0
Volume 97453968 16242538992 15768470760 18240397242 25416338804 9816948244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Index Market Cap 360558.2 342032.44 407267.94 323058.19 247895.07 417766.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Market Cap 8.79051E+11 810940.13 887932.69 882548.5 723139.69 1107557.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free Float Market Cap 786296.3125 719334.88 775596.75 807643.81 678381.5 1039621.38 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Average Market Cap 29301.7 27031.34 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Income Statement
Earnings Per Share 49.8 62.92 66.94 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EPS Before XO 36.8 59.94 67.41 23.7 4.67 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Diluted EPS from Continuing Ops 51.1 63.92 70.07 27.13 10.79 82.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EPS Positive 57.3 64.02 67.61 52.98 73.82 94.58 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales Per Share 721.5 682.92 687.24 682.41 921.73 857.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Per Share 31.8 29.9825 25.6438 19.564 26.8883 27.3566 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Per Share - Gross 31.8 29.98 25.64 19.56 26.89 27.36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Per Share - Net 31.8 29.98 25.64 19.56 26.89 27.36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EBITDA Per Share 128.5 138.43 141.76 114.28 265.63 276.02 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
R&D Expenditures 30334539.4 28.46 31.79 27.58 63.58 29.88 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Balance Sheet
Asset Fields
Cash & Equivalents Per Share 868.7 757.72 456.47 625.85 620.21 494.73 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Current Assets 301.2 280.37 296.2 328.45 779.61 409.72 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 6625.4 6303.49 5202.39 4693.08 7563.06 6012.55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Liability Fields
Current Liabilities 218.9 194.76 202.86 207.15 540.13 266.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Debt 1570.4 1440.89 1350.93 1190.6 2292.63 1656.43 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt Per Share 218.5 294.15 561.97 247.93 782.06 510.69 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Liabilities 6017.1 5713.29 4704.62 4229.97 6797.45 5496.31 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Shareholders' Equity 608.3 590.2 497.77 463.11 765.61 516.24 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reference Items
Book Value Per Share 569.8 549.13 461.58 416.55 475.42 480.86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Enterprise Value Per Share 1760.5 1708.65 1807.08 1609.37 2831.78 2782.25 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings 367.3 351.02 289.62 265.98 133.19 358.22 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Capital Expenditures -30.6 -26.69 -26.78 -32.49 -69.99 -33.76 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill 156.4 158.17 151.35 123.46 232.82 131.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flow
Free Cash Flow Per Share 169.0 130.79 94.47 177.36 45.46 -163.83 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Financing Activities -70879676.8 -87.17 -33.81 -296.87 -314.49 271.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash from Investing Activities 66683670.0 -221.31 -194.53 -158.94
Ratio Analysis
Price/EPS 19.8 13.934 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
P/E Before XO 26.7 14.6262 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Diluted P/E Cont Ops 19.3 13.7139 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/EPS Positive 17.2 13.6935 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/Book 1.7 1.5965 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/Sales #N/A Field Not Applicable 1.2837 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/Cash Flow 4.8 11.8607 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividend Yield 3.2 3.4201 2.5209 1.9499 3.405 2.1102 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividend Yield - Gross 3.2 3.42 2.52 1.95 3.41 2.11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividend Yield - Net 3.2 3.42 2.52 1.95 3.41 2.11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Price/EBITDA 7.7 6.3329 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Debt to Total Equity 258.2 244.14 271.39 257.09 299.45 320.86 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Debt to Total Assets 23.7 22.86 25.97 25.37 30.31 27.55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales Per Employee 567116.1 602251.69 523225.09 550140.5 704718 662885.94 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Current Ratio 1.4 1.44 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EV/T12M Sales 2.4 2.502 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EV/T12M EBITDA 13.7 12.3431 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt to EBITDA 1.7 2.12 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
Gross Margin 50.2 54.5 55.44 56.92 56.65 52.13 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Margin 14.8 17.55 18.37 11.2 13.01 18.56 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit Margin 7.5 13.99 14.01 9.58 9.14 15.35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EBITDA Margin 17.8 20.27 20.63 16.75 28.82 32.19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Return on Assets 5.8 8.85 7.45 7.46 8.57 9.44 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Return on Common Equity 19.1 28.82 35.29 15.53 12.75 25.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Return on Capital 11.4 14.78 12.31 12.6 14.61 17.83 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Market Data
Last Price 984.8 876.66 1017.26 1003.34 789.67 1296.41 1313.44 1070.22 795.5 756.88 623.19 876.64 1116.81 1000 0 0 0 0 0 0 0
Volume 97453968.0 16242538992 15768470760 18240397242 25416338804 9816948244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Index Market Cap 360558.2 342032.44 407267.94 323058.19 247895.07 417766.27 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Market Cap 879051000000.0 810940.13 887932.69 882548.5 723139.69 1107557.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free Float Market Cap 786296.3 719334.88 775596.75 807643.81 678381.5 1039621.38 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Average Market Cap 29301.7 27031.34 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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3. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred 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 USD) Volume (M) Shares (M) (USD) Stock (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 13501320 1959.859 1088 1088 201 209 209 98.32 103.52 103.52 14.85 14.85 14.10 14.10 19.05
Euro Stoxx 50 Pr EUR 2452028 10664.43 4590 4590 751 776 776 156.20 302.50 302.50 27.26 14.57 14.08 14.08 20.74
NIKKEI 225 JPY 2217829 180.0788 230 230 23 25 25 5.19 8.07 8.07 0.29 0.23 0.18 0.18 0.14
FTSE 100 INDEX GBP 2627474 13758.85 9500 9500 1555 1649 1649 720.72 828.40 828.40 21.28 20.10 18.51 18.51 26.05
SWISS MARKET INDEX CHF 889516 10974.68 3953 3953 805 789 789 385.37 516.36 516.36 19.52 19.23 14.57 14.57 22.25
S&P/TSX COMPOSITE INDEX CAD 1687782 19171.77 7809 7809 1963 1969 1969 829.83 848.81 848.81 15.50 15.50 15.16 15.16 25.45
S&P/ASX 200 INDEX AUD 1234057 8085.91 2907 2907 634 712 712 272.01 349.86 349.86 17.43 14.82 13.55 13.55 23.51
HANG SENG INDEX HKD 1551647 2368.555 1452 1452 342 358 358 255.34 244.93 244.93 1.35 1.46 1.41 1.41 3.09
MSCI EM USD 7362430 1352.449 964 964 179 183 183 80.15 89.14 89.14 12.56 13.07 11.29 11.29 18.90
ABB LTD-REG CHF 44807 966 2290 4 0 1 6 52.66 40562 41083 42446 45070 6073 5823 1571 1571 1.48 1.37 1.48 1.68 16.14 16.12 14.86 13.09 21.64 8.17 21.54 13.08 15.99 A 08.06.2010 - -
ACTELION LTD-REG CHF 6573 42 117 0 0 0 1 5.75 1829 1799 1836 1832 465 430 140 140 0.97 2.63 2.84 3.24 20.48 26.50 18.92 16.58 -6.63 7.30 -20.00 9.24 27.15 - - - -
ADECCO SA-REG CHF 9667 86 170 2 0 0 1 9.33 21936 22095 22241 23044 1003 1031 287 287 2.90 2.82 2.96 3.46 15.88 15.88 15.13 12.92 10.81 1.85 17.16 0.39 4.88 BBB 12.10.2011 Baa3 20.10.2009
BALOISE HOLDING AG - REG CHF 4020 29 47 2 0 0 2 3.59 8212 8685 8533 8825 - - - - 1.38 1.75 9.83 10.62 49.00 49.19 8.71 8.06 -19.60 -1.64 - - - - - - -
CIE FINANCIERE RICHEMON-BR A CHF 36110 370 522 1 0 0 4 26.47 9467 9467 11005 11943 2513 2513 - - 2.95 3.01 3.60 4.02 18.36 18.72 15.31 13.74 30.60 14.71 43.82 18.26 28.34 - - - -
CLARIANT AG-REG CHF 3767 230 283 3 0 0 1 5.98 7869 8228 8324 8593 933 871 258 258 1.26 0.62 1.13 1.45 21.76 16.78 11.88 9.31 3.75 -0.99 -0.73 -1.39 12.66 BBB- 14.03.2011 Ba1 03.03.2009
CREDIT SUISSE GROUP AG-REG CHF 29880 953 1220 433 0 8 373 #VALUE! 45583 42160 25981 28790 - - - - 1.48 0.46 1.96 2.65 52.17 17.78 12.24 9.02 -16.23 -16.16 - - - A 19.12.2008 (P)A2 21.06.2012
GEBERIT AG-REG CHF 8572 11 39 0 0 0 1 8.28 1994 2011 2364 2482 568 574 600 600 10.48 10.76 11.41 12.43 21.80 21.73 20.56 18.87 -1.82 -1.93 -7.76 -1.43 30.41 A- 25.05.2010 - -
GIVAUDAN-REG CHF 8794 3 9 2 0 0 1 10.39 4180 4309 4482 4686 806 871 - - 32.95 39.09 56.10 61.54 25.99 26.09 18.11 16.50 -8.16 1.53 -13.69 4.65 20.59 - - - -
HOLCIM LTD-REG CHF 22124 155 320 15 0 3 3 38.17 22148 22377 23134 24529 4226 4263 1326 1326 0.92 1.00 3.60 4.71 71.44 71.44 19.92 15.23 -4.48 -4.83 -13.13 -8.80 20.37 BBB 22.01.2009 Baa2 09.04.2009
JULIUS BAER GROUP LTD CHF 7024 163 205 10 0 0 15 #VALUE! 2191 2155 1882 2240 - - - - 1.36 1.55 2.43 2.54 24.65 24.65 15.70 15.03 -1.19 - - - - - - - -
KUEHNE & NAGEL INTL AG-REG CHF 13709 11 119 0 0 0 1 12.96 17316 17486 19560 19676 1061 924 259 259 5.56 4.46 5.28 6.06 27.33 27.33 23.10 20.12 -4.05 2.07 -4.53 3.77 6.54 - - - -
LONZA GROUP AG-REG CHF 2803 116 53 3 0 0 0 5.59 3K 4K 4K 4K 573 - 343 343 3.17 3.10 4.44 5.24 18.12 18.18 12.64 10.71 0.48 11.01 -18.15 0.61 21.30 - - - -
NESTLE SA-REG CHF 204864 686 3172 24 0 2 9 222.57 89441 92740 98173 106542 16432 16893 - - 3.16 3.32 3.61 3.92 20.43 20.52 18.77 17.32 -5.15 -2.80 -1.51 -1.26 19.62 AA 16.08.2007 - -
NOVARTIS AG-REG CHF 166717 1573 2407 22 0 0 5 195.70 62530 61565 61056 61950 19024 17981 - - 4.04 3.80 5.64 5.88 18.47 18.63 12.45 11.95 16.75 9.98 13.14 13.83 32.48 AA- 07.04.2008 Aa2 10.07.2008
ROCHE HOLDING AG-GENUSSCHEIN CHF 164951 269 863 29 0 3 12 186.08 45410 46213 48331 50967 16893 15699 - - 11.72 10.64 14.49 16.07 19.08 19.16 14.02 12.64 -11.11 -0.10 -1.44 2.08 39.72 AA 17.09.2012 - -
SCHINDLER HOLDING-PART CERT CHF 14697 18 116 1 0 0 3 12.73 8386 8562 8886 9277 971 1005 - - 4.96 5.24 6.39 7.02 24.72 24.88 20.28 18.46 -4.34 -8.83 -17.65 1.49 12.36 - - - -
SGS SA-REG CHF 16236 2 8 1 0 0 1 16.91 5122 5448 5905 6492 1084 1113 - - 74.91 75.14 88.16 102.02 29.45 29.60 25.10 21.69 0.90 5.36 -22.50 5.86 22.59 - - - -
SIKA AG-BR CHF 5224 1 3 1 0 0 1 5.67 4865 4945 5130 5457 510 533 320 320 106.44 103.76 122.94 143.37 20.78 22.37 17.53 15.04 3.39 1.46 -18.38 -1.59 11.19 A- 02.05.2000 - -
SONOVA HOLDING AG-REG CHF 7052 23 67 0 0 0 0 7.12 1729 1729 1915 2079 391 391 219 219 3.96 3.97 5.14 5.99 28.11 28.26 21.71 18.65 0.21 9.38 -2.17 3.93 24.13 - - - -
SULZER AG-REG CHF 5023 18 34 1 0 0 0 5.38 3820 4164 4254 4520 514 546 345 345 8.72 9.00 9.64 11.07 17.39 17.52 16.24 14.14 13.22 3.98 -5.51 7.22 14.38 - - - -
SWATCH GROUP AG/THE-BR CHF 21920 30 54 0 0 0 2 20.84 7222 7748 8279 8993 1968 2140 1156 1156 25.07 28.32 29.42 32.79 15.61 15.63 15.03 13.48 11.47 8.63 11.91 10.22 29.09 - - - -
SWISS LIFE HOLDING AG-REG CHF 3956 14 32 3 0 0 5 1.47 18461 19365 18807 18654 - - - - 20.51 18.85 19.99 19.58 6.86 6.79 6.47 6.61 -3.31 -1.19 - - - BBB 03.05.2012 - -
SWISS PRIME SITE-REG CHF 4397 38 54 4 0 0 0 8.93 610 615 664 605 379 379 - - 3.90 7.51 3.91 3.93 11.50 23.74 22.11 21.95 -5.24 39.23 -0.82 21.06 66.34 - - - -
SWISS RE AG CHF 24599 141 343 22 0 2 12 31.86 29679 31251 30911 33845 - - - - 8.00 10.70 7.48 7.91 7.06 7.30 10.10 9.55 -2.58 -3.93 - - - - - - -
SWISSCOM AG-REG CHF 21128 12 52 9 0 0 0 30.67 12243 12135 12089 12034 4591 4555 1236 1236 13.83 13.40 36.99 36.28 32.42 32.42 11.75 11.97 -4.64 0.96 -1.18 2.87 40.04 A 30.06.2009 A2 27.06.2007
SYNGENTA AG-REG CHF 34562 81 91 3 0 0 2 38.98 14166 14767 15205 16137 3085 3116 - - 20.34 19.50 23.29 26.03 21.50 20.61 18.00 16.10 14.92 9.03 18.62 14.55 23.25 A 15.06.2007 - -
TRANSOCEAN LTD CHF 17144 200 #VALUE! 14 0 0 4 27.76 9761 10218 10694 11236 1978 1438 991 991 - - 3.18 4.86 - - 17.13 11.20 -3.65 21.29 -57.89 2.68 21.64 - - - -
UBS AG-REG CHF 49029 2103 3747 395 0 5 43 331.28 43647 40078 28430 31530 18646 16091 - - 1.07 0.74 1.09 1.50 18.52 18.99 12.53 9.08 -12.96 -23.15 -17.83 -31.03 45.61 A 29.11.2011 A2 21.06.2012
ZURICH INSURANCE GROUP AG CHF 37531 37 146 13 #VALUE! 3 9 47.11 56564 61722 61442 63485 - - - - 27.31 29.34 30.20 31.87 9.89 9.96 9.61 9.10 -23.36 12.50 - - - - - - -
CLARIANT AG-REG CHF 3767 230 283 3 0 0 1 5.98 7869 8228 8324 8593 933 871 258 258 1.26 0.62 1.13 1.45 21.76 16.78 11.88 9.31 3.75 -0.99 -0.73 -1.39 12.66 BBB- 14.03.2011 Ba1 03.03.2009
PSP SWISS PROPERTY AG-REG CHF 4214 9 43 2 0 0 0 6.21 303 251 296 301 247 246 58 58 3.71 9.44 3.77 3.74 10.33 13.60 25.85 26.07 28.63 8.37 38.96 11.70 86.91 - - - -
SULZER AG-REG CHF #VALUE! 0 #VALUE! 1 0 0 0 #VALUE! 3820 4164 4254 4520 514 546 345 345 - - 9.64 11.07 - - #VALUE! #VALUE! 13.22 3.98 -5.51 7.22 14.38 - - - -
SWISS LIFE HOLDING AG-REG CHF 3956 14 32 3 0 0 5 1.47 18461 19365 18807 18654 - - - - 20.51 18.85 19.99 19.58 6.86 6.79 6.47 6.61 -3.31 -1.19 - - - BBB 03.05.2012 - -
PARTNERS GROUP HOLDING AG CHF 5499 5 25 0 0 0 0 5.40 479 513 454 538 252 267 146 146 8.27 9.03 10.47 12.39 24.36 24.81 21.01 17.75 0.36 14.82 -28.17 8.12 56.19 - - - -
GALENICA AG-REG CHF 3890 2 6 1 0 0 0 4.87 3716 3786 3695 3810 427 436 - - 36.79 39.12 40.33 42.01 16.27 16.36 15.79 15.15 1.05 7.93 -10.53 23.43 12.27 - - - -
LINDT & SPRUENGLI AG-PC CHF 7753 0 0 0 0 0 1 7.31 2657 2685 2859 3047 450 458 388 388 1151.08 1181.92 127.41 139.20 2.85 2.87 26.46 24.22 -3.75 -1.65 -0.35 2.21 18.10 - - - -
DUFRY AG-REG CHF 3499 4 27 2 0 0 0 5.07 2816 3175 3455 3789 368 443 154 154 4.47 5.07 10.43 12.28 27.06 27.23 13.16 11.17 1.12 - 5.31 18.42 13.94 - - - -
SCHINDLER HOLDING AG-REG CHF 14697 2 116 1 0 0 3 12.73 8386 8562 8886 9277 971 1005 - - 4.96 5.24 6.39 7.02 24.62 24.77 20.19 18.38 -4.34 -8.83 -17.65 1.49 12.36 - - - -
LONZA GROUP AG-REG CHF 2803 116 53 3 0 0 0 5.59 2874 3697 4094 4292 573 - 343 343 3.17 3.10 4.44 5.24 18.12 18.18 12.64 10.71 0.48 11.01 -18.15 0.61 21.30 - - - -
GAM HOLDING AG CHF 2408 25 177 0 0 0 1 #VALUE! 867 1050 593 643 - - - - -0.56 -0.34 0.90 1.13 - - 15.63 12.47 -16.90 - - - - - - - -
HELVETIA HOLDING AG-REG CHF 3083 0 9 0 0 0 1 2.29 8004 8004 7851 8107 - - - - 34.75 34.75 40.47 43.34 10.83 10.83 9.30 8.69 1.88 5.00 - - - - - - -
BARRY CALLEBAUT AG-REG CHF 4849 1 5 1 0 0 0 5.88 4863 4584 5089 5473 487 - - - 54.02 46.06 51.21 57.71 21.67 21.78 19.49 17.29 0.70 3.74 3.22 2.79 10.70 BBB- 13.12.2011 - -
PARGESA HOLDING SA-BR CHF 5754 2 85 5 0 10 2 17.14 5049 5221 6388 6514 977 1502 - - -0.82 1.84 5.15 6.30 39.17 39.40 13.96 11.42 2.39 -1.03 3.18 -6.00 20.66 - - - -
FISCHER (GEORG)-REG CHF 1636 2 4 1 0 0 0 2.19 3884 3891 3969 3986 400 383 209 209 42.00 40.57 40.05 42.43 10.42 10.42 10.56 9.97 5.92 -1.30 14.93 -4.89 11.01 - - - -
BANQUE CANTONALE VAUDOIS-REG CHF 4585 1 9 8 0 0 5 #VALUE! 1443 1438 1094 1124 - - - - 36.63 37.82 37.73 38.54 14.98 - 15.02 14.70 0.01 -5.85 - - - AA 05.12.2011 - -
OC OERLIKON CORP AG-REG CHF 3136 251 323 1 0 0 1 3.23 4465 4378 4091 4105 637 713 - - 0.73 1.06 0.85 0.89 9.79 9.80 12.13 11.61 17.23 -3.76 107.13 7.24 15.24 - - - -
LOGITECH INTERNATIONAL-REG CHF #VALUE! 0 #VALUE! 0 0 0 1 #VALUE! 2473 2460 2474 2541 154 170 42 42 - - 0.63 0.97 - - #VALUE! #VALUE! -2.11 5.83 -36.22 -12.62 6.66 - - - -
KABA HOLDING AG-REG B CHF 1498 1 4 0 0 0 0 1.49 1012 1012 1041 1074 164 164 171 171 23.65 24.13 24.18 27.02 17.48 17.48 17.44 15.61 0.26 -4.73 26.98 -3.56 17.32 - - - -
ALLREAL HOLDING AG-REG CHF 2339 1 14 2 0 0 0 4.04 269 654 296 307 185 172 204 204 7.71 9.33 7.61 8.05 16.78 21.16 20.58 19.45 -69.64 67.83 1.94 10.20 73.55 - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 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
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.18 2.18 1.99 1.82 2.18 1.34 1.34 1.29 1.24 1.34 9.58 9.58 8.72 8.00 9.58 9.39 9.39 8.72 8.09 9.39 14.10 14.10 12.64 11.33 14.10 2.09 2.09 2.33 2.52 2.09 1576.6 8.0%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.72 0.72 0.70 0.68 0.72 5.29 5.29 5.00 4.61 5.29 13.75 13.75 13.08 12.43 13.75 10.90 10.90 9.86 8.96 10.90 4.19 4.19 4.67 5.04 4.19 2685.8 5.1%
NIKKEI 225 1.10 1.10 1.03 0.96 1.10 0.51 0.51 0.48 0.48 0.51 6.44 6.44 5.87 5.62 6.44 7.24 7.24 6.61 6.27 7.24 14.40 14.40 12.75 10.66 14.40 2.29 2.29 2.33 2.68 2.29 9986.3 10.1%
FTSE 100 INDEX 1.62 1.62 1.50 1.40 1.62 1.00 1.00 0.96 0.95 1.00 7.32 7.32 6.71 6.23 7.32 8.34 8.34 7.69 7.28 8.34 11.42 11.42 10.31 9.50 11.42 4.02 4.02 4.31 4.61 4.02 6346.0 8.8%
SWISS MARKET INDEX 2.12 2.12 1.98 1.83 2.12 1.78 1.78 1.68 1.59 1.78 11.68 11.68 10.11 9.10 11.68 13.92 13.92 12.78 11.90 13.92 13.65 13.65 12.18 11.09 13.65 3.54 3.54 3.91 4.26 3.54 7003.9 6.1%
S&P/TSX COMPOSITE INDEX 1.75 1.75 1.62 1.49 1.75 1.62 1.62 1.50 1.45 1.62 8.84 8.84 7.91 7.21 8.84 9.74 9.74 8.49 7.93 9.74 14.87 14.87 12.99 11.80 14.87 2.93 2.93 3.06 3.24 2.93 14041.0 13.4%
S&P/ASX 200 INDEX 1.66 1.66 1.56 1.48 1.66 1.57 1.57 1.47 1.40 1.57 9.57 9.57 8.75 8.21 9.57 11.36 11.36 10.11 9.40 11.36 13.03 13.03 11.70 10.85 13.03 4.92 4.92 5.28 5.66 4.92 4664.8 6.4%
HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.84 1.84 1.70 1.57 1.84 6.60 6.60 6.13 5.83 6.60 6.62 6.62 6.02 5.55 6.62 10.90 10.90 10.09 9.13 10.90 3.56 3.56 3.80 4.16 3.56 22505.7 8.8%
MSCI EM 1.50 1.50 1.36 1.23 1.50 1.04 1.04 0.96 0.89 1.04 7.10 7.10 6.37 5.72 7.10 7.38 7.38 6.62 6.07 7.38 11.29 11.29 9.94 9.01 11.29 2.90 2.90 3.11 3.46 2.90 1131.3 12.4%
ABB LTD-REG 2.66 2.59 2.32 2.10 1.99 1.19 1.13 1.06 1.01 0.98 11.99 11.21 9.81 8.91 10.13 8.51 8.62 7.71 7.24 6.82 13.03 13.92 12.26 11.26 10.91 3.55 3.68 3.94 4.18 4.29 20.01 10.4%
ACTELION LTD-REG 3.63 3.38 3.26 2.76 2.43 3.42 3.58 3.59 3.48 3.35 25.76 13.10 10.96 10.47 8.49 24.02 11.82 11.22 10.47 8.94 17.15 17.71 15.53 13.71 11.99 1.70 1.58 1.68 1.79 2.13 51.62 9.4%
ADECCO SA-REG 2.00 1.92 1.79 1.64 1.49 0.36 0.36 0.35 0.33 0.31 12.71 12.26 10.01 9.00 8.18 9.44 9.46 8.19 7.02 6.11 13.53 14.28 12.20 10.25 8.21 2.42 3.60 4.08 4.61 5.51 51.84 8.4%
BALOISE HOLDING AG - REG 0.89 0.84 0.81 0.76 0.77 0.43 0.47 0.46 0.42 0.39 44.45 8.18 7.57 7.18 7.97 5.80 6.05 6.15 6.27 6.31 85.70 13.8%
CIE FINANCIERE RICHEMON-BR A 3.31 2.67 2.29 2.00 1.74 5.90 4.94 2.50 2.32 2.20 16.78 12.35 11.03 9.87 9.47 11.39 9.02 8.31 7.57 7.20 20.30 14.42 12.95 11.63 10.99 0.98 1.27 1.48 1.70 1.85 68.62 16.5%
CLARIANT AG-REG 1.27 1.19 1.09 1.01 0.48 0.45 0.44 0.42 0.41 6.99 7.11 5.26 4.79 4.54 6.17 6.19 5.47 5.05 4.66 9.76 11.23 8.80 7.57 7.26 1.48 2.48 3.00 3.46 3.06 12.71 6.6%
CREDIT SUISSE GROUP AG-REG 0.74 0.77 0.75 0.70 0.56 1.04 1.15 1.04 0.98 0.95 7.34 16.99 7.04 6.12 8.98 11.56 8.53 7.67 8.63 3.35 3.36 3.77 4.23 3.89 21.05 -0.7%
GEBERIT AG-REG 5.50 5.62 5.06 4.67 3.90 3.63 3.45 3.29 3.17 16.84 15.25 14.63 13.72 13.56 14.47 13.82 12.86 12.06 11.46 20.89 19.35 17.76 16.51 15.16 2.91 3.20 3.44 3.66 3.82 202.00 -2.3%
GIVAUDAN-REG 2.36 2.23 2.14 2.06 2.11 1.96 1.88 1.79 1.78 13.39 11.29 10.31 9.61 9.37 13.14 11.32 10.39 9.70 9.75 19.80 16.98 15.48 14.24 15.09 2.47 3.03 3.51 3.99 4.55 903.00 1.2%
HOLCIM LTD-REG 1.15 1.13 1.07 1.02 0.93 1.02 0.96 0.90 0.85 0.79 7.58 6.68 5.99 5.14 4.78 9.32 8.50 7.54 6.58 5.96 25.89 18.79 14.36 10.89 9.25 2.12 1.87 2.28 2.85 3.71 61.93 -2.2%
JULIUS BAER GROUP LTD 1.53 1.45 1.43 1.37 1.34 3.71 3.73 3.14 2.71 2.38 14.35 21.90 13.79 11.43 15.02 14.72 14.09 11.55 9.79 1.90 2.13 2.24 2.75 3.16 36.38 8.6%
KUEHNE & NAGEL INTL AG-REG 5.08 5.29 4.85 4.43 4.10 0.66 0.70 0.70 0.64 0.62 15.41 16.42 14.75 12.96 445.83 12.37 13.01 11.18 10.10 10.96 20.27 21.64 18.85 16.81 15.05 2.75 3.45 3.82 4.29 4.56 114.81 7.3%
LONZA GROUP AG-REG 1.06 1.06 1.00 0.94 0.87 1.00 0.68 0.65 0.63 0.61 5.09 4.25 4.45 4.10 3.80 9.07 7.86 7.07 6.64 6.30 11.52 11.93 10.10 8.93 8.20 3.92 3.98 4.03 4.27 4.62 49.20 -0.8%
NESTLE SA-REG 3.18 3.14 2.95 2.76 2.64 2.30 2.09 1.92 1.82 1.75 15.95 14.50 13.57 12.54 11.31 13.19 12.00 10.98 10.25 9.55 19.31 17.58 16.23 15.09 13.83 3.27 3.50 3.74 3.97 4.14 62.19 4.5%
NOVARTIS AG-REG 2.12 2.10 2.01 1.89 1.69 2.85 2.91 2.87 2.77 2.68 10.31 10.06 9.74 9.03 8.32 11.20 10.78 10.49 9.87 9.41 11.07 11.66 11.19 10.10 9.33 3.93 3.95 4.16 4.48 4.95 60.05 4.1%
ROCHE HOLDING AG-GENUSSCHEIN 11.04 9.21 6.86 5.44 4.29 3.64 3.41 3.24 3.12 3.08 11.46 11.20 10.04 9.22 9.13 10.38 9.70 8.76 8.33 8.29 14.31 13.13 11.84 11.06 10.68 3.82 4.14 4.59 4.96 5.17 189.89 6.6%
SCHINDLER HOLDING-PART CERT 4.70 4.29 3.72 3.23 1.78 1.66 1.59 1.52 1.47 18.77 16.52 14.15 12.96 12.25 10.57 9.65 8.97 8.63 21.75 19.24 17.52 16.27 14.51 1.98 1.92 2.15 2.39 2.13 111.46 -3.3%
SGS SA-REG 7.08 7.01 6.45 5.80 5.70 3.20 2.75 2.50 2.28 2.23 19.34 15.92 13.59 11.95 11.68 15.33 13.50 11.61 10.10 9.62 26.59 23.54 20.34 17.53 16.14 3.31 3.48 3.56 3.96 5.32 1902.08 -2.2%
SIKA AG-BR 2.61 2.41 2.25 2.02 1.08 1.02 0.96 0.89 0.84 11.89 11.38 10.32 8.97 10.59 9.35 8.37 7.52 7.19 19.90 16.50 14.15 12.54 11.18 2.41 2.51 2.73 3.03 1918.57 1.0%
SONOVA HOLDING AG-REG 4.35 3.86 3.34 2.94 2.75 4.08 3.68 3.39 3.14 2.91 19.73 17.81 14.94 12.87 12.80 17.78 15.14 13.11 11.75 10.50 25.01 20.61 17.70 15.74 13.83 1.27 1.32 1.53 1.72 2.17 96.86 -2.5%
SULZER AG-REG 2.29 2.05 1.87 1.70 1.50 1.35 1.18 1.11 1.04 1.06 10.47 10.69 9.58 8.93 8.67 10.28 9.07 8.10 7.39 3.60 17.10 15.21 13.24 11.82 2.51 2.12 2.29 2.58 2.86 12.17 136.71 -0.4%
SWATCH GROUP AG/THE-BR 2.82 2.32 2.04 1.80 1.54 2.99 2.65 2.44 2.26 2.21 16.52 14.28 11.94 10.66 11.23 10.33 9.15 8.23 7.46 7.09 16.47 14.20 12.74 11.57 10.68 1.58 1.73 1.98 2.23 2.45 460.84 17.8%
SWISS LIFE HOLDING AG-REG 0.48 0.38 0.37 0.36 0.38 0.21 0.21 0.21 0.21 0.19 6.14 6.17 6.30 6.08 6.34 4.17 3.98 4.16 4.33 3.90 133.36 15.5%
SWISS PRIME SITE-REG 1.21 1.16 1.15 1.14 5.34 6.62 7.27 7.25 9.05 15.86 20.61 20.15 20.09 20.36 18.35 21.27 23.50 23.22 22.92 18.82 20.71 20.56 20.29 20.36 4.62 4.72 4.79 4.82 4.75 78.33 3.4%
SWISS RE AG 0.86 0.80 0.78 0.74 0.67 0.89 0.85 0.78 0.65 0.72 24.57 7.79 12.69 9.47 8.96 8.48 8.52 4.65 5.58 5.67 5.72 5.99 62.33 0.3%
SWISSCOM AG-REG 3.55 3.78 3.37 3.07 2.94 1.73 1.75 1.76 1.76 1.77 4.98 5.49 5.65 5.15 5.23 6.26 6.49 6.53 6.54 6.63 10.11 11.03 11.24 11.23 12.14 5.75 5.77 6.00 6.19 6.39 397.17 4.0%
SYNGENTA AG-REG 4.16 4.00 3.51 2.94 1.88 2.59 2.43 2.29 2.18 2.09 15.83 14.07 12.46 11.61 11.39 12.57 11.57 10.53 9.94 9.26 19.11 17.02 15.23 14.23 13.40 2.14 2.45 2.71 2.96 3.32 360.26 3.6%
TRANSOCEAN LTD 0.72 1.07 0.97 0.87 0.74 1.89 1.71 1.63 1.49 1.46 7.95 7.07 5.47 4.57 9.09 7.68 6.20 5.35 5.45 33.63 16.01 10.47 7.86 7.90 4.99 1.30 2.11 1.09 0.00 57.42 28.5%
UBS AG-REG 0.87 0.82 0.77 0.72 0.72 1.63 1.72 1.56 1.49 9.53 11.04 7.03 6.42 10.80 11.75 8.51 7.60 7.73 0.79 1.43 3.37 5.14 7.93 13.20 10.2%
ZURICH INSURANCE GROUP AG 1.17 1.20 1.14 1.06 0.93 0.61 0.65 0.63 0.61 0.56 7.93 9.64 9.00 8.53 8.09 7.40 7.20 7.08 7.14 7.42 8.40 256.44 7.5%
CLARIANT AG-REG 1.27 1.19 1.09 1.01 0.48 0.45 0.44 0.42 0.41 6.99 7.11 5.26 4.79 4.54 6.17 6.19 5.47 5.05 4.66 9.76 11.23 8.80 7.57 7.26 1.48 2.48 3.00 3.46 3.06 12.71 6.6%
PSP SWISS PROPERTY AG-REG 1.19 1.11 1.08 1.07 14.66 14.22 13.98 13.69 26.49 21.98 22.70 25.65 25.92 24.66 20.40 25.25 24.89 24.37 22.64 25.31 24.37 24.58 24.58 23.54 3.37 3.59 3.64 3.72 3.72 88.00 2.3%
SULZER AG-REG 136.71
SWISS LIFE HOLDING AG-REG 0.48 0.38 0.37 0.36 0.38 0.21 0.21 0.21 0.21 0.19 6.14 6.17 6.30 6.08 6.34 4.17 3.98 4.16 4.33 3.90 133.36 15.5%
PARTNERS GROUP HOLDING AG 9.13 7.55 6.32 5.22 14.15 12.10 10.23 8.83 7.70 22.25 17.41 16.61 13.08 22.12 19.11 15.93 13.85 11.86 22.00 19.68 16.62 14.39 2.59 3.08 3.45 3.86 189.88 -1.6%
GALENICA AG-REG 3.32 2.43 2.16 1.93 1.71 1.11 1.05 1.02 0.97 0.90 11.83 12.26 11.11 10.33 9.99 11.12 10.93 10.71 9.91 8.19 17.14 14.84 14.24 13.18 10.51 1.43 1.69 1.83 1.97 2.28 588.17 4.9%
LINDT & SPRUENGLI AG-PC 4.09 4.16 3.77 3.43 3.36 2.92 2.71 2.54 2.39 2.23 19.05 19.62 17.63 16.17 15.11 16.26 14.91 13.82 12.80 11.96 27.48 25.03 22.91 21.02 19.91 1.62 1.88 2.09 2.31 2.39 3027.78 1.4%
DUFRY AG-REG 3.85 3.17 2.60 2.14 1.74 1.23 1.01 0.92 0.85 0.78 12.06 8.90 7.89 7.24 5.45 13.13 9.51 8.44 7.69 6.85 19.57 12.44 10.56 9.28 8.02 0.07 0.00 0.17 1.23 135.67 11.7%
SCHINDLER HOLDING AG-REG 4.66 4.25 3.69 3.21 1.78 1.66 1.59 1.52 1.47 18.62 16.39 14.04 12.86 12.25 10.57 9.65 8.97 8.63 21.58 19.09 17.38 16.15 14.40 2.15 2.06 2.29 2.52 118.33 3.5%
LONZA GROUP AG-REG 1.06 1.06 1.00 0.94 0.87 1.00 0.68 0.65 0.63 0.61 5.09 4.25 4.45 4.10 3.80 9.07 7.86 7.07 6.64 6.30 11.52 11.93 10.10 8.93 8.20 3.92 3.98 4.03 4.27 4.62 49.20 -0.8%
GAM HOLDING AG 0.97 1.05 0.98 0.90 3.70 4.06 3.74 3.48 3.15 13.52 14.82 12.18 10.51 13.71 14.52 11.58 9.99 3.94 4.11 4.38 4.89 12.73 3.5%
HELVETIA HOLDING AG-REG 0.91 0.81 0.78 0.75 0.76 0.40 0.39 0.38 0.35 0.34 10.77 8.79 8.20 7.86 6.87 4.84 4.99 5.12 5.30 5.40 385.25 15.4%
BARRY CALLEBAUT AG-REG 3.14 3.29 2.92 2.58 2.23 0.98 0.95 0.89 0.83 0.78 14.01 14.58 13.90 11.84 13.70 12.21 12.63 11.60 10.53 9.63 19.08 18.32 16.25 14.18 12.27 1.64 1.69 1.96 2.26 2.39 856.25 -2.5%
PARGESA HOLDING SA-BR 0.68 0.68 0.65 0.62 0.95 0.90 0.88 0.85 11.79 17.10 13.39 11.17 44.38 40.32 34.89 30.99 13.68 13.15 10.76 9.42 4.48 4.29 4.53 4.74 69.72 9.9%
FISCHER (GEORG)-REG 1.29 1.20 1.11 1.01 0.81 0.42 0.41 0.41 0.39 0.37 5.37 5.48 5.14 4.85 3.52 5.36 5.56 5.34 4.94 4.08 9.76 9.96 9.40 8.33 6.47 3.25 3.59 3.74 4.12 4.64 438.57 17.3%
BANQUE CANTONALE VAUDOIS-REG 1.30 1.29 1.28 1.26 4.25 4.19 4.07 3.96 3.91 10.85 10.94 10.67 10.24 14.03 14.11 13.81 13.23 6.46 6.42 6.54 6.70 498.75 -0.1%
OC OERLIKON CORP AG-REG 1.72 1.65 1.44 1.29 1.07 0.73 0.77 0.76 0.74 0.70 6.06 5.93 6.34 6.08 5.90 5.38 4.83 4.92 4.71 5.10 16.71 11.38 10.89 10.15 9.85 0.00 2.81 3.31 3.49 3.80 10.63 16.9%
LOGITECH INTERNATIONAL-REG 10.29
KABA HOLDING AG-REG B 2.78 2.33 2.15 1.89 1.47 1.44 1.39 1.34 1.29 11.84 10.67 10.02 8.74 8.91 8.69 8.14 7.56 7.22 16.62 16.24 14.53 13.15 12.56 2.10 2.35 2.51 2.74 2.56 396.67 7.9%
ALLREAL HOLDING AG-REG 1.18 1.13 1.10 1.08 8.42 7.89 7.61 7.42 15.02 18.42 17.29 17.59 21.73 19.80 18.45 17.55 17.66 19.29 18.23 16.98 3.92 3.98 4.22 4.34 143.46 4.4%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 24.09.2012
ABB Ltd
ABB Limited provides power and automation technologies. The Company operates Price/Volume
under segments that include power products, power systems, automation products,
25 35.0 M
process automation and robotics.
30.0 M
20
25.0 M
15 20.0 M
Valuation Analysis 10 15.0 M
Latest Fiscal Year: 12/2011 10.0 M
LTM as of: 06/yy 5
5.0 M
52-Week High (03.02.2012) 19.44
0 .0 M
52-Week Low (04.10.2011) 14.17 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12
Daily Volume 966'121.00
Current Price (9/dd/yy) 18.13 Market Data
52-Week High % Change -6.87% Dividend Yield -
52-Week Low % Change 27.92% Beta 1.26
% 52 Week Price Range High/Low 78.22% Equity Float 2'145.69
Shares Out 30.06.2012 2'314.7 Short Int -
Market Capitalization 41'966.29 1 Yr Total Return 24.29%
Total Debt 3'996.00 YTD Return 6.58%
Preferred Stock 0.0 Adjusted BETA 1.264
Minority Interest 559.0 Analyst Recs 42
Cash and Equivalents 5'767.00 Consensus Rating 3.929
Enterprise Value 49'320.52 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 6'468'365
ABBN VX EQUITY YTD Change - Average Volume 30 Day 5'874'922
ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 6'007'317
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 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4
Total Revenue 29'183.0 34'912.0 31'795.0 31'589.0 37'990.0 35'164.0 38'478.0 39'754.5 42'212.5 9'816.9 11'171.8
TEV/Revenue 2.11x 0.83x 1.18x 1.42x 1.10x 5.70x 4.40x 1.18x 1.08x 4.95x 4.26x
EBITDA 4'682.0 5'259.0 4'892.0 4'733.0 5'688.0 5'429.0 5'454.0 5'731.3 6'408.5 1'471.6 1'663.1
TEV/EBITDA 13.16x 5.48x 7.67x 9.49x 7.37x 10.79x 7.67x 8.62x 7.71x 7.94x 7.81x
Net Income 3'757.0 3'118.0 2'901.0 2'561.0 3'168.0 3'022.0 2'961.0 3'186.3 3'615.0 786.4 926.0
P/E 20.67x 10.76x 15.27x 19.85x 13.65x 19.47x 12.71x 13.92x 12.26x 12.81x 12.45x
Profitability S&P Issuer Ratings
EBITDA 5'688.00 Long-Term Rating Date 08.06.2010
EBIT 4'693.00 Long-Term Rating A
Operating Margin 12.35% Long-Term Outlook STABLE
Pretax Margin 11.98% Short-Term Rating Date 08.06.2010
Return on Assets 8.34% Short-Term Rating A-1
Return on Common Equity 20.66% Credit Ratios
Return on Capital 18.25% EBITDA/Interest Exp. 27.48
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 22.55
Margin Analysis Net Debt/EBITDA -0.31
Gross Margin 30.1% Total Debt/EBITDA 0.70
EBITDA Margin 15.0% Reference
EBIT Margin 12.4% Total Debt/Equity 25.3%
Net Income Margin 8.3% Total Debt/Capital 19.7%
Structure Asset Turnover 1.00
Current Ratio 1.44 Net Fixed Asset Turnover 8.19
Quick Ratio 0.82 Accounts receivable turnover-days 71.60
Debt to Assets 10.08% Inventory Days 72.95
Tot Debt to Common Equity 25.33% Accounts Payable Turnover Day 62.20
Accounts Receivable Turnover 5.10 Cash Conversion Cycle 82.35
Inventory Turnover 5.00
Price/ Cash Flow Sales/Revenue/Turnover
18.00 40'000.0
16.00 35'000.0
14.00 30'000.0
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
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 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 |