Fundamental Analysis - SX5E Index (Eurostoxx50) Members with Tables

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 - SX5E Index
April 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 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 14281184 1923.576 1116 1116 204 220 220 101.41 110.54 110.54 15.30 15.30 14.04 14.04 18.80
Euro Stoxx 50 Pr EUR 2555033 5428.22 4634 4634 740 776 776 230.14 308.17 308.17 19.06 16.44 14.23 14.23 19.71
NIKKEI 225 JPY 2553542 187.175 188 188 19 20 20 5.27 5.50 5.50 0.27 0.27 0.25 0.25 0.12
FTSE 100 INDEX GBP 2684101 11617.73 9620 9620 1448 1651 1651 532.11 821.22 821.22 27.64 - 17.91 17.91 22.26
SWISS MARKET INDEX CHF 1031986 10949.77 4120 4120 845 836 836 408.90 551.91 551.91 21.14 18.80 15.66 15.66 21.93
S&P/TSX COMPOSITE INDEX CAD 1670979 17101.32 7899 7899 1847 2081 2081 793.83 887.70 887.70 15.34 15.34 13.72 13.72 24.22
S&P/ASX 200 INDEX AUD 1406910 6765.465 2874 2874 607 705 705 252.31 342.22 342.22 21.52 17.41 15.86 15.86 22.41
HANG SENG INDEX HKD 1692292 3630.113 1766 1766 362 478 478 267.66 266.29 266.29 1.38 1.51 1.39 1.39 2.94
MSCI EM USD 7658673 1544.178 1079 1079 201 220 220 86.99 95.05 95.05 11.75 13.38 10.76 10.76 20.03
AIR LIQUIDE SA EUR 38129 169 311 9 0 0 1 46.30 19722 19722 21011 22524 4880 4880 - - 6.69 6.66 7.17 7.93 23.58 23.70 21.90 19.81 7.74 6.61 8.26 8.74 31.84 A 02.07.2007 - -
ALLIANZ SE-REG EUR 63690 543 453 37 0 3 16 87.98 123562 123561 134052 137749 - - - - 15.06 14.70 15.60 16.33 12.23 12.02 11.52 11.01 12.72 3.88 - - - AA 27.01.2012 Aa3 03.05.2004
ANHEUSER-BUSCH INBEV NV EUR 155231 463 1602 57 0 6 18 244.51 51162 51162 57945 62722 19882 19882 - - 5.74 5.83 6.39 7.22 27.45 27.82 25.03 22.17 2.35 19.25 1.29 22.83 50.01 A 01.05.2012 A3 27.03.2012
ARCELORMITTAL EUR 22181 2761 1549 33 0 4 6 60.50 108368 108368 111347 116268 8702 9201 1860 1860 0.01 -3.10 0.87 1.85 - 109.16 25.36 11.91 -13.37 -4.76 -40.77 -24.46 10.93 BB+ 02.08.2012 Ba1 06.11.2012
ASML HOLDING NV EUR 27744 317 407 1 0 0 3 25.25 6089 6089 6253 7814 1729 1729 180 180 3.45 3.47 2.94 4.56 25.04 25.13 29.55 19.10 -20.94 24.16 -32.98 9.18 36.54 - - Baa2 11.11.2010
ASSICURAZIONI GENERALI EUR 25464 2630 1541 30 0 4 28 31.34 104788 105575 98010 99834 - - - - 0.93 0.11 1.69 1.90 191.45 - 12.45 11.06 13.92 11.65 - - - A 23.01.2013 Baa2 21.03.2013
AXA SA EUR 42255 1373 2389 14 8 3 39 19.70 147586 147586 129398 131691 - - - - 2.35 2.28 2.54 2.71 9.98 9.67 8.97 8.41 21.40 76.58 - - - A- 18.12.2012 A2 19.03.2003
BANCO BILBAO VIZCAYA ARGENTA EUR 49356 14096 5433 291 0 3 82 #VALUE! 45325 29418 30027 31639 - - - - 0.77 0.33 1.00 1.13 35.43 35.83 11.64 10.33 8.46 12.49 - - - BBB- 16.10.2012 Baa3 24.10.2012
BANCO SANTANDER SA EUR 74005 25421 10321 473 0 12 234 #VALUE! 56074 56074 57221 60012 - - - - 0.77 0.31 0.76 0.88 29.48 11.19 11.92 10.24 -56.80 12.27 - - - BBB 16.10.2012 (P)Baa2 24.10.2012
BASF SE EUR 82652 972 918 17 0 2 2 99.10 101311 101311 104563 103421 16192 16192 4513 4513 6.44 6.83 7.68 8.27 16.95 17.99 15.07 14.00 9.16 8.45 7.90 4.79 20.57 A+ 10.05.2011 A1 17.11.2010
BAYER AG-REG EUR 84280 511 827 12 0 0 3 93.39 51165 51165 53456 56145 11583 11073 3237 3237 7.19 3.81 7.58 8.38 34.43 19.95 17.30 15.66 11.39 5.58 0.55 7.97 27.85 A- 30.04.2008 A3 17.07.2006
BAYERISCHE MOTOREN WERKE AG EUR 57546 584 656 89 0 0 17 130.42 98891 98891 102538 107481 15460 15460 - - 9.99 10.00 10.04 10.34 11.53 11.53 11.48 11.15 15.01 8.33 3.71 -0.81 20.12 A 16.04.2012 A2 22.07.2011
BNP PARIBAS EUR 64511 2076 1240 1303 9 11 180 #VALUE! 88 K 125 K 52 K 53 K - - - - 7.04 6.86 6.45 7.37 9.74 9.27 10.36 9.06 -4.25 14.66 - - - A+ 25.10.2012 A2 21.06.2012
CARREFOUR SA EUR 19604 417 709 14 0 1 9 26.29 98815 98815 101617 104813 5011 3355 - - 0.28 0.30 1.86 2.12 119.29 44.50 19.12 16.80 -5.86 -3.25 - 1.48 4.19 BBB 15.03.2012 (P)Baa2 15.03.2012
COMPAGNIE DE SAINT-GOBAIN EUR 20381 553 531 16 0 1 5 31.84 55589 55589 55342 57233 3393 3393 - - 1.28 1.88 3.14 3.79 26.33 38.57 15.72 13.02 3.31 0.25 -61.14 -18.58 7.86 BBB 24.07.2009 Baa2 31.07.2009
CRH PLC EUR 16005 166 726 6 0 0 2 20.06 24011 24011 24544 25898 2110 2110 761 761 0.65 0.98 1.09 1.40 28.79 43.80 26.02 20.18 4.11 -2.37 -1.24 -13.53 11.31 BBB+ 17.12.2007 - -
DAIMLER AG-REGISTERED SHARES EUR 60300 953 1068 109 0 2 19 151.95 147081 147081 150523 159678 15620 15690 - - 7.30 7.35 5.98 7.09 9.89 9.89 12.15 10.25 9.37 22.76 -0.82 -6.67 13.73 A- 23.02.2012 A3 01.10.2007
DANONE EUR 44228 360 593 12 0 0 4 52.68 26855 26855 28432 30191 4661 4661 - - 3.58 3.59 4.07 4.49 24.98 25.03 22.07 19.98 10.33 14.00 5.02 14.60 22.33 A- 25.07.2007 A3 06.11.2007
DEUTSCHE BANK AG-REGISTERED EUR 37713 2191 929 366 0 2 229 #VALUE! 43215 60676 43528 44813 - - - - 4.09 0.88 4.97 6.44 59.67 10.66 10.50 8.11 -46.62 -7.49 - - - A+ 25.01.2012 A2 21.06.2012
DEUTSCHE TELEKOM AG-REG EUR 46761 5001 4319 57 0 6 8 102.34 74854 74854 74333 74043 22813 22787 5568 5568 1.29 -1.58 0.91 0.95 - 10.94 15.24 14.72 -1.06 -1.78 -15.76 1.91 39.17 BBB+ 19.05.2008 Baa1 22.12.2011
E.ON SE EUR 34891 3227 1907 33 0 5 8 65.40 169982 169982 142882 145391 10865 10865 12298 12298 2.33 1.47 1.68 1.79 15.30 9.64 13.33 12.51 21.80 21.06 125.82 -6.77 8.23 A- 27.07.2012 A3 05.10.2011
EADS NV EUR 43982 791 822 6 0 0 14 35.90 72680 72680 75573 80604 5053 5131 1387 1387 1.87 1.92 3.46 4.64 35.48 35.46 19.75 14.72 19.26 14.82 30.63 29.73 9.08 A- 22.09.2010 (P)A2 06.12.2012
ENEL SPA EUR 31365 18160 9403 86 0 21 13 125.35 106420 106420 103509 104386 20782 20782 - - 0.12 0.12 0.43 0.45 37.06 - 9.99 9.50 8.50 11.76 -7.84 13.83 25.13 BBB+ 08.03.2012 Baa2 05.11.2012
ENI SPA EUR 84179 4195 3634 31 0 5 10 109.80 163777 163777 151612 155903 31610 31610 9093 9093 0.85 3.08 2.52 2.67 9.68 10.87 11.84 11.18 20.76 7.62 -5.84 -1.35 24.84 A 17.01.2012 A3 16.07.2012
ESSILOR INTERNATIONAL EUR 24159 145 215 1 0 0 1 24.81 6420 6420 6897 7471 1410 1410 - - 3.61 3.61 4.00 4.42 40.03 40.09 36.14 32.74 24.55 14.95 24.64 14.67 28.25 - - - -
FRANCE TELECOM SA EUR 28193 2857 2627 50 0 3 11 70.44 55997 55997 54170 53378 15923 15923 3996 3996 0.95 0.40 1.41 1.38 34.33 14.45 9.71 9.95 -5.01 -4.59 -22.66 -10.88 36.59 A- *- 27.02.2013 A3 23.06.2005
GDF SUEZ EUR 47583 1144 2357 74 0 15 15 121.74 124872 124872 104487 104681 23679 23679 - - 1.72 0.92 1.76 1.83 27.67 14.77 14.44 13.86 9.03 9.21 18.66 26.59 24.40 A *- 29.01.2013 A1 03.07.2012
IBERDROLA SA EUR 30723 9634 6053 42 0 0 8 65.00 44011 44845 42965 44357 9237 9890 2946 2946 0.59 0.61 0.52 0.54 10.40 10.35 12.14 11.59 10.38 10.14 3.26 10.35 28.38 BBB 28.11.2012 (P)Baa1 05.11.2012
INDITEX EUR 82218 266 623 0 0 0 5 76.99 20520 20520 22813 25320 5034 5035 1066 1066 4.87 4.87 5.51 6.18 34.84 - 30.80 27.47 20.09 13.33 27.92 16.38 31.58 - - - -
ING GROEP NV-CVA EUR 28331 9946 3801 267 0 1 23 274.21 52481 54357 49358 54228 - - - - 0.94 0.96 1.29 1.42 9.87 9.21 7.39 6.68 -29.26 -11.93 - - - A 03.09.2009 A3 15.06.2012
INTESA SANPAOLO EUR 24040 91195 16434 364 0 1 51 #VALUE! 22922 22758 21625 22168 - - - - 0.12 0.17 0.14 0.20 11.42 16.33 13.14 9.69 -37.96 -15.18 - - - BBB+ 10.02.2012 Baa2 16.07.2012
KONINKLIJKE PHILIPS ELECTRON EUR 28957 764 915 6 0 0 5 29.90 31898 31898 32000 33064 3169 3169 758 758 0.37 0.35 2.10 2.43 110.57 79.42 18.53 16.04 12.59 1.94 138.78 -4.56 12.79 A- 11.05.2005 A3 20.04.2006
L'OREAL EUR 94679 222 598 0 0 0 2 92.66 28906 28906 30170 31938 5648 5648 - - 6.10 6.18 6.59 7.14 32.64 32.66 30.58 28.24 13.41 7.44 14.11 6.14 25.14 - - - -
LVMH MOET HENNESSY LOUIS VUI EUR 85875 219 500 9 0 1 3 93.23 36164 36164 38951 42288 8931 9291 3634 3634 8.98 8.83 9.75 10.94 24.66 24.25 22.32 19.89 24.17 14.35 16.53 14.22 33.06 A 20.05.2011 - -
MUENCHENER RUECKVER AG-REG EUR 34306 205 179 8 0 0 4 38.99 84797 85105 71849 74391 - - - - 23.14 23.14 21.08 21.59 10.64 10.64 11.68 11.40 10.54 9.26 - - - AA- 22.12.2006 - -
REPSOL SA EUR 26801 2690 1256 25 0 1 8 44.23 75826 80225 78528 79449 9030 9411 2303 2303 2.12 2.25 2.13 2.22 11.95 - 12.62 12.10 20.28 9.04 27.00 -6.33 15.09 BBB- 19.04.2012 - -
RWE AG EUR 23202 937 615 26 0 2 7 44.16 65334 #VALUE! 68801 69794 11652 - - - 2.51 - 5.03 4.58 - - 9.63 10.59 4.24 5.28 11.94 3.94 - BBB+ 27.07.2012 A3 19.07.2011
SANOFI EUR 132583 675 1323 19 0 0 8 143.24 44971 44971 46139 48698 15936 16335 - - 5.61 4.84 7.74 8.64 26.59 22.92 16.63 14.90 6.00 6.17 -2.14 3.94 46.74 AA- 18.02.2011 A2 18.02.2011
SAP AG EUR 97936 743 1192 7 0 0 3 101.31 20876 20876 23174 25536 6352 5887 1432 1432 3.06 3.05 4.46 5.05 33.64 33.71 23.01 20.30 17.99 12.48 9.07 13.84 36.29 - - - -
SCHNEIDER ELECTRIC SA EUR 40647 504 547 10 0 0 5 46.53 30815 30815 31336 32954 4938 4938 - - 4.58 4.36 5.31 5.91 21.59 20.58 17.74 15.92 9.22 10.22 3.87 5.82 20.62 A- 26.11.2008 A3 12.01.2009
SIEMENS AG-REG EUR 97476 648 856 27 0 1 15 112.35 100754 101235 100661 104505 12422 13320 2632 2632 7.21 7.31 7.84 9.70 19.48 19.71 18.17 14.68 8.82 0.14 -10.29 2.15 16.93 A+ 05.06.2009 - -
SOCIETE GENERALE EUR 25795 5318 754 953 7 6 142 #VALUE! 56277 #VALUE! 30568 31851 - - - - 5.18 1.23 4.61 5.56 34.68 12.02 9.22 7.65 -12.77 - - - - A 23.01.2012 A2 21.06.2012
TELEFONICA SA EUR 63425 110692 4551 86 0 9 15 143.64 80242 80242 76560 76891 26811 26858 5890 5890 1.06 1.14 1.46 1.52 15.75 - 12.27 11.79 -0.99 2.53 9.58 -2.33 43.07 BBB 20.12.2012 Baa2 18.10.2012
TOTAL SA EUR 115496 1269 2258 43 0 2 22 138.07 234589 234589 233029 231598 41620 41104 11168 11168 6.07 6.09 6.79 6.83 10.32 10.34 9.25 9.19 12.17 5.79 -2.25 1.33 22.55 AA- 12.04.2011 Aa1 30.08.2005
UNIBAIL-RODAMCO SE EUR 22328 51 92 15 0 2 0 39.62 2217 2217 2030 2223 1528 1528 - - 22.80 20.32 13.04 14.16 14.90 13.23 23.21 21.38 -14.41 13.29 0.32 19.95 88.67 A 27.06.2007 WR 16.07.2010
UNICREDIT SPA EUR 25047 52362 5789 372 0 5 106 #VALUE! 32235 32421 31587 32630 - - - - -0.03 0.25 0.28 0.53 22.18 - 19.93 10.57 -51.87 -4.49 - - - BBB+ 10.02.2012 Baa2 16.07.2012
UNILEVER NV-CVA EUR 123515 870 2832 13 0 1 4 133.70 66046 66046 68774 72671 10537 10537 - - 1.96 2.03 2.17 2.36 25.77 26.76 24.10 22.18 13.45 6.87 12.52 5.00 20.53 A+ 05.10.2000 A1 11.07.2000
VINCI SA EUR 26545 876 536 26 0 1 8 45.09 50422 49715 50113 51132 7088 7018 - - 4.53 4.60 4.52 4.79 12.81 12.90 13.03 12.31 5.25 5.47 1.46 4.79 18.16 BBB+ 29.03.2007 Baa1 23.07.2002
VIVENDI EUR 27779 1283 1323 23 0 4 5 49.44 37311 37311 37128 37552 5761 8404 - - 0.37 0.18 2.30 2.45 147.16 56.38 11.72 11.03 0.81 8.98 -63.56 -8.50 28.99 BBB 26.10.2012 Baa2 13.09.2005
VOLKSWAGEN AG-PREF EUR 90906 227 465 151 0 6 33 214.51 247942 247942 262952 276740 31430 31430 5645 5645 59.56 59.93 27.91 32.24 4.33 4.34 9.30 8.05 26.93 15.64 18.42 12.93 16.31 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 2.15 2.15 1.98 1.79 2.15 1.39 1.39 1.33 1.27 1.39 9.94 9.94 9.64 9.43 9.94 8.74 8.74 8.08 7.57 8.74 14.04 14.04 12.58 11.37 14.04 2.22 2.22 2.38 2.58 2.22 1681.4 8.4%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.74 0.74 0.71 0.69 0.74 5.33 5.33 4.98 4.74 5.33 7.00 7.00 6.62 6.30 7.00 11.06 11.06 9.91 9.07 11.06 4.34 4.34 4.68 4.97 4.34 2895.5 9.3%
NIKKEI 225 1.50 1.50 1.41 1.32 1.50 0.70 0.70 0.66 0.65 0.70 9.45 9.45 8.14 7.61 9.45 9.55 9.55 8.32 7.80 9.55 24.05 24.05 18.83 14.59 24.05 1.65 1.65 1.66 1.94 1.65 11908.4 -4.5%
FTSE 100 INDEX 1.68 1.68 1.56 1.35 1.68 1.01 1.01 0.97 0.99 1.01 7.90 7.90 7.28 5.26 7.90 7.04 7.04 6.59 6.32 7.04 11.81 11.81 10.71 9.81 11.81 3.89 3.89 4.18 4.62 3.89 6809.6 6.5%
SWISS MARKET INDEX 2.39 2.39 2.21 2.04 2.39 1.99 1.99 1.89 1.81 1.99 12.25 12.25 11.20 9.83 12.25 13.09 13.09 12.11 11.32 13.09 14.86 14.86 13.30 12.08 14.86 3.32 3.32 3.68 4.18 3.32 8026.2 3.2%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.57 1.57 1.48 1.42 1.57 8.41 8.41 7.55 7.01 8.41 8.22 8.22 7.27 6.88 8.22 14.00 14.00 12.34 11.35 14.00 3.13 3.13 3.29 3.49 3.13 14540.6 14.7%
S&P/ASX 200 INDEX 1.88 1.88 1.78 1.68 1.88 1.80 1.80 1.70 1.61 1.80 11.09 11.09 9.90 9.04 11.09 9.59 9.59 8.44 7.83 9.59 15.15 15.15 13.47 12.37 15.15 4.39 4.39 4.70 5.07 4.39 5149.3 4.0%
HANG SENG INDEX 1.33 1.33 1.23 1.14 1.33 1.63 1.63 1.50 1.40 1.63 7.12 7.12 6.58 6.16 7.12 7.59 7.59 6.93 6.39 7.59 10.80 10.80 9.89 9.01 10.80 3.57 3.57 3.86 4.37 3.57 24932.1 11.7%
MSCI EM 1.43 1.43 1.30 1.21 1.43 0.95 0.95 0.88 0.84 0.95 6.85 6.85 6.30 5.89 6.85 7.03 7.03 6.45 6.05 7.03 10.76 10.76 9.67 8.97 10.76 3.08 3.08 3.59 6.74 3.08 1183.8 15.8%
AIR LIQUIDE SA 2.76 2.57 2.39 2.23 1.99 1.94 1.81 1.69 1.59 1.55 10.26 9.46 8.83 8.33 7.56 9.55 8.81 8.11 7.57 7.27 18.51 17.02 15.39 14.09 13.13 2.65 2.85 3.10 3.36 3.36 101.28 6.8%
ALLIANZ SE-REG 0.95 0.90 0.86 0.81 0.75 0.48 0.48 0.46 0.46 0.44 9.63 8.95 8.55 8.37 7.88 4.23 4.50 4.73 4.84 5.07 118.03 8.7%
ANHEUSER-BUSCH INBEV NV 3.61 3.36 3.12 2.87 2.52 3.91 3.45 3.19 3.01 2.96 13.79 12.79 11.87 10.79 9.46 12.31 10.82 9.78 9.08 8.95 20.66 19.45 17.23 15.45 14.31 1.97 2.41 2.75 3.28 3.88 75.39 0.4%
ARCELORMITTAL 0.39 0.40 0.39 0.36 0.34 0.26 0.26 0.25 0.24 0.24 4.32 4.63 3.35 3.15 1.97 6.77 6.19 5.06 4.54 3.94 77.90 19.70 9.26 6.57 4.93 4.23 1.61 2.33 2.63 1.88 13.80 33.4%
ASML HOLDING NV 5.10 4.40 3.75 3.03 4.55 4.44 3.55 2.98 2.42 17.88 20.62 13.34 10.82 14.34 15.88 10.80 8.30 7.10 21.13 22.96 14.84 11.06 8.24 0.87 1.04 1.19 1.36 53.78 2.4%
ASSICURAZIONI GENERALI 0.99 0.93 0.87 0.80 0.25 0.26 0.26 0.26 0.23 14.95 9.67 8.59 7.85 7.99 2.25 3.45 4.30 4.67 4.80 13.52 6.4%
AXA SA 0.69 0.64 0.61 0.56 0.54 0.33 0.33 0.32 0.30 7.53 6.97 6.53 6.23 5.75 5.31 5.70 6.03 6.36 16.38 19.2%
BANCO BILBAO VIZCAYA ARGENTA 0.93 0.87 0.83 0.78 1.68 1.64 1.56 1.51 3.05 2.99 2.90 3.01 19.83 9.05 8.03 7.10 5.97 6.01 6.04 6.61 7.86 11.7%
BANCO SANTANDER SA 0.71 0.74 0.72 0.74 0.85 1.30 1.29 1.23 1.19 1.18 2.08 2.06 1.95 2.32 9.78 9.26 7.95 7.73 8.03 10.79 11.09 10.65 9.99 11.00 6.15 12.7%
BASF SE 2.47 2.41 2.24 2.09 1.79 0.82 0.79 0.80 0.76 0.76 7.98 7.70 7.11 6.89 5.85 6.24 6.00 5.67 5.33 5.28 12.89 11.71 10.88 10.10 9.48 3.69 3.91 4.09 4.30 4.36 77.17 10.4%
BAYER AG-REG 3.28 3.10 2.79 2.55 2.20 1.65 1.58 1.50 1.42 1.37 11.73 10.16 9.31 8.44 7.91 8.78 8.25 7.68 7.15 6.82 14.62 13.44 12.17 11.02 10.26 2.29 2.62 2.87 3.13 3.34 79.46 0.3%
BAYERISCHE MOTOREN WERKE AG 1.46 1.34 1.23 1.10 1.05 0.58 0.56 0.54 0.51 0.51 5.39 5.22 4.98 4.80 3.35 7.72 7.96 7.69 7.93 6.69 8.96 8.92 8.67 8.30 8.19 3.75 3.95 4.25 4.41 3.88 79.43 14.1%
BNP PARIBAS 0.65 0.62 0.59 0.55 1.28 1.25 1.21 1.17 1.17 5.06 4.51 4.03 3.74 7.41 8.05 7.04 6.45 3.72 4.36 5.28 6.19 6.44 52.31 29.6%
CARREFOUR SA 1.95 1.85 1.70 1.56 1.56 0.20 0.19 0.19 0.18 0.18 6.43 5.49 5.04 5.26 4.64 5.54 5.29 4.98 4.74 4.51 17.12 14.85 13.06 11.57 10.67 2.44 2.89 3.31 3.82 3.72 22.90 6.6%
COMPAGNIE DE SAINT-GOBAIN 0.88 0.87 0.84 0.79 0.37 0.37 0.36 0.34 0.34 5.63 5.61 5.12 4.48 5.67 5.61 5.17 4.65 4.24 12.70 12.22 10.12 8.15 6.89 3.90 4.43 4.46 4.68 33.03 10.7%
CRH PLC 1.14 1.13 1.10 1.05 0.66 0.65 0.62 0.58 0.48 9.61 8.60 7.61 6.48 9.73 9.04 7.89 6.79 5.52 23.30 20.22 15.68 12.16 9.94 3.69 3.74 3.84 4.02 15.81 -7.5%
DAIMLER AG-REGISTERED SHARES 1.09 1.05 0.97 0.88 0.81 0.41 0.40 0.38 0.36 0.36 5.33 5.05 4.44 3.67 3.07 9.24 9.34 8.20 7.31 6.22 9.49 9.44 7.97 6.89 6.80 4.88 4.64 5.11 5.77 47.46 8.1%
DANONE 2.60 2.45 2.32 2.15 1.87 1.66 1.56 1.46 1.38 1.31 12.78 12.53 11.01 9.90 9.03 11.36 10.84 10.10 9.36 8.58 17.95 17.15 15.53 14.31 12.89 2.70 2.80 3.06 3.36 3.88 54.56 0.7%
DEUTSCHE BANK AG-REGISTERED 0.52 0.51 0.49 0.45 0.41 0.87 0.87 0.84 0.82 0.73 5.56 4.84 4.24 3.98 8.80 8.16 6.30 5.28 4.53 2.39 2.45 3.09 3.61 3.41 38.64 22.5%
DEUTSCHE TELEKOM AG-REG 1.28 1.28 1.23 1.20 1.34 0.62 0.63 0.63 0.62 0.63 2.72 2.61 2.64 2.75 2.63 4.41 4.58 4.57 4.51 4.41 13.10 11.85 11.44 11.11 10.48 8.31 6.37 6.10 6.28 6.95 9.16 9.0%
E.ON SE 0.68 0.69 0.67 0.65 0.62 0.24 0.24 0.24 0.23 0.21 3.31 4.08 4.05 3.84 3.58 4.72 5.33 5.22 5.21 5.05 6.05 10.36 9.72 9.73 9.18 8.07 5.44 5.61 5.54 5.90 13.41 -1.0%
EADS NV 3.42 3.39 2.72 2.32 1.99 0.62 0.58 0.55 0.52 0.51 11.18 8.67 7.76 5.61 6.90 6.37 5.09 4.35 3.96 3.85 21.36 15.34 11.44 9.45 8.80 1.49 2.32 3.13 3.79 3.66 42.96 4.2%
ENEL SPA 0.60 0.59 0.57 0.54 0.56 0.30 0.30 0.30 0.30 0.29 2.71 2.68 2.46 2.61 2.71 5.87 6.03 5.97 5.84 5.71 7.06 7.76 7.38 6.95 6.99 5.79 5.36 5.52 5.94 5.75 3.04 17.3%
ENI SPA 1.09 1.04 0.98 0.92 0.88 0.54 0.56 0.54 0.52 0.56 3.92 3.62 3.38 3.20 3.72 2.90 2.98 2.87 2.75 2.78 8.96 9.20 8.68 8.05 9.60 5.99 6.11 6.24 6.44 6.33 20.11 11.7%
ESSILOR INTERNATIONAL 5.11 4.61 4.21 3.60 3.76 3.50 3.23 2.97 2.75 23.41 20.25 18.51 17.52 21.63 17.70 16.44 15.03 13.77 12.73 31.14 28.08 25.44 23.49 21.21 1.13 1.18 1.29 1.38 1.48 82.08 -6.1%
FRANCE TELECOM SA 0.80 0.82 0.81 0.78 0.80 0.50 0.52 0.53 0.53 0.54 2.17 2.22 2.29 2.38 2.34 4.02 4.25 4.37 4.46 4.49 6.42 7.55 7.73 7.63 7.36 9.71 9.41 9.10 8.81 9.27 9.63 16.4%
GDF SUEZ 0.55 0.55 0.56 0.57 0.53 0.40 0.46 0.45 0.45 0.42 3.07 3.42 3.31 3.60 3.30 5.56 6.75 6.64 6.48 5.95 9.83 11.22 10.77 10.25 8.89 9.79 9.57 9.60 8.69 9.21 16.67 8.8%
IBERDROLA SA 0.66 0.65 0.64 0.63 0.63 0.76 0.72 0.69 0.67 0.71 4.02 4.31 4.38 3.94 6.52 6.64 6.39 6.14 5.98 8.34 9.43 9.00 9.12 9.62 8.21 7.73 7.71 7.66 7.89 4.33 13.9%
INDITEX 7.50 6.86 5.97 5.21 3.90 4.00 3.60 3.25 2.95 2.66 19.81 18.08 16.13 14.45 15.07 13.60 12.14 10.98 9.76 26.76 23.94 21.35 19.17 17.09 2.22 2.45 2.79 3.12 3.55 108.25 5.6%
ING GROEP NV-CVA 0.44 0.40 0.38 0.37 0.52 0.57 0.52 0.51 7.42 5.75 5.19 4.96 5.99 0.00 0.30 3.29 4.84 7.98 38.9%
INTESA SANPAOLO 0.38 0.37 0.36 0.36 1.07 1.11 1.08 1.06 2.38 2.41 2.29 2.18 11.67 10.21 7.53 6.16 7.16 4.46 4.55 6.03 6.99 7.86 1.41 23.3%
KONINKLIJKE PHILIPS ELECTRON 1.88 1.88 1.77 1.63 1.45 0.91 0.90 0.88 0.84 0.83 11.46 9.40 7.98 7.49 6.87 8.47 6.82 6.21 5.64 5.59 19.67 14.40 12.47 11.12 9.69 3.23 3.35 3.61 3.85 3.93 24.21 3.0%
L'OREAL 3.85 3.37 3.11 2.86 2.40 3.29 3.14 2.96 2.78 2.65 20.25 18.75 17.37 16.23 15.36 16.27 15.20 14.14 13.25 12.46 25.45 23.77 21.94 20.12 18.98 1.81 2.02 2.20 2.45 2.62 113.54 -6.7%
LVMH MOET HENNESSY LOUIS VUI 2.64 2.44 2.21 2.00 1.62 2.38 2.20 2.03 1.88 1.75 13.88 12.89 11.67 10.83 11.17 10.34 9.47 8.58 7.79 7.50 18.24 17.34 15.46 13.83 12.35 2.28 2.50 2.81 3.13 3.30 152.49 16.0%
MUENCHENER RUECKVER AG-REG 1.00 0.93 0.89 0.84 0.82 0.48 0.48 0.46 0.45 0.38 8.42 9.07 8.86 8.91 9.86 4.58 4.74 4.88 5.14 5.27 147.33 -0.9%
REPSOL SA 0.77 0.73 0.70 0.66 0.58 0.34 0.34 0.34 0.36 0.39 4.16 4.10 3.92 3.87 3.98 4.89 4.63 4.48 4.31 4.07 10.33 9.81 9.40 9.03 8.55 5.46 5.78 5.92 6.10 6.11 18.75 15.5%
RWE AG 1.12 1.14 1.09 1.04 0.92 0.35 0.34 0.33 0.32 0.31 3.00 3.13 3.18 3.42 2.89 3.92 3.89 3.98 4.04 4.06 7.19 7.49 8.23 8.52 8.25 6.90 6.76 6.47 6.20 6.28 30.15 3.1%
SANOFI 1.78 1.74 1.67 1.60 1.48 2.96 2.87 2.72 2.58 2.49 11.04 10.99 10.12 8.62 7.93 8.31 8.51 7.84 7.24 6.95 12.56 12.92 11.58 10.52 9.70 3.57 3.79 4.20 4.67 5.20 79.18 1.9%
SAP AG 5.23 4.46 3.74 3.13 2.63 4.67 4.23 3.84 3.51 3.25 19.21 15.31 13.57 11.82 11.04 14.28 12.28 10.88 9.61 8.72 20.07 17.88 15.77 13.89 12.93 1.36 1.54 1.78 1.98 1.94 65.45 5.7%
SCHNEIDER ELECTRIC SA 1.84 1.76 1.64 1.54 1.32 1.30 1.23 1.16 11.59 11.09 9.85 9.40 9.59 8.92 8.19 7.65 14.84 13.79 12.37 11.31 3.09 3.40 3.71 4.05 59.03 3.8%
SIEMENS AG-REG 2.31 2.34 2.12 1.93 1.50 0.97 0.97 0.93 0.90 0.87 10.28 11.03 9.34 8.50 8.64 8.82 9.18 7.65 7.13 7.37 14.01 14.12 11.41 10.54 9.67 3.57 3.64 3.94 4.18 4.45 86.64 0.8%
SOCIETE GENERALE 0.46 0.44 0.41 0.39 0.87 0.84 0.81 0.78 3.92 3.51 3.18 2.85 9.27 7.17 5.95 5.29 1.97 3.92 5.19 6.63 33.60 30.8%
TELEFONICA SA 2.16 2.06 1.94 1.77 1.69 0.79 0.83 0.82 0.82 0.82 3.39 3.48 3.44 3.58 4.46 5.27 5.48 5.46 5.45 5.46 8.92 9.54 9.16 8.75 8.91 1.18 6.91 7.29 6.88 8.86 11.29 4.2%
TOTAL SA 1.16 1.09 1.00 0.91 0.91 0.50 0.50 0.50 0.51 0.52 3.92 3.77 3.67 3.40 3.26 3.18 3.19 3.12 3.01 2.68 6.95 7.19 7.14 6.71 6.23 6.16 6.28 6.41 6.66 6.86 45.78 20.7%
UNIBAIL-RODAMCO SE 1.38 1.25 1.16 1.05 0.89 13.10 11.00 10.04 9.55 8.56 18.33 17.75 16.41 14.75 12.76 23.45 22.02 20.34 18.95 18.27 19.24 18.04 16.61 15.19 13.85 4.59 4.83 5.19 5.60 5.90 181.68 -0.6%
UNICREDIT SPA 0.31 0.31 0.30 0.29 0.77 0.79 0.77 0.74 1.91 1.92 1.75 1.60 23.50 15.48 8.22 5.70 1.73 2.32 3.99 5.39 3.96 18.0%
UNILEVER NV-CVA 5.73 5.17 4.55 4.09 3.63 1.88 1.80 1.70 1.60 1.53 15.94 14.64 13.59 12.37 11.60 12.62 11.84 11.06 10.24 9.79 20.02 18.72 17.24 15.84 14.71 3.00 3.20 3.42 3.63 3.94 31.63 -0.1%
VINCI SA 1.46 1.38 1.31 1.19 1.04 0.54 0.53 0.52 0.51 0.47 5.21 5.05 4.91 4.62 4.35 6.42 6.33 6.16 5.93 5.52 10.32 10.13 9.57 9.11 8.07 5.02 5.07 5.29 5.67 5.90 43.76 23.0%
VIVENDI 1.04 1.07 1.03 1.02 1.03 0.76 0.75 0.74 0.73 0.72 3.57 3.85 3.72 3.51 3.59 4.84 4.95 4.82 4.74 4.60 8.12 9.11 8.57 8.27 8.16 6.15 6.03 6.28 6.60 7.95 17.84 9.4%
VOLKSWAGEN AG-PREF 0.94 0.87 0.77 0.67 0.65 0.37 0.35 0.33 0.31 0.31 3.29 3.35 2.98 3.06 2.63 7.64 6.94 6.21 5.80 5.01 7.30 7.23 6.25 5.65 5.25 2.46 2.81 3.45 4.34 4.19 192.58 22.9%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 26.03.2013
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: 09/yy 20 .5 M
52-Week High (21.09.2012) 100.00
0 .0 M
52-Week Low (18.05.2012) 83.45 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12
Daily Volume 169'244.00
Current Price (3/dd/yy) 94.83 Market Data
52-Week High % Change -5.19% Dividend Yield -
52-Week Low % Change 13.63% Beta 0.76
% 52 Week Price Range High/Low 64.95% Equity Float 311.10
Shares Out 08.03.2013 312.5 Short Int -
Market Capitalization 29'629.93 1 Yr Total Return 7.50%
Total Debt 7'273.70 YTD Return -0.23%
Preferred Stock 0.0 Adjusted BETA 0.756
Minority Interest 232.6 Analyst Recs 35
Cash and Equivalents 1'154.20 Consensus Rating 3.543
Enterprise Value 35'982.03 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 910'620
AI FP EQUITY YTD Change - Average Volume 30 Day 933'595
AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 770'134
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 09/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 13'003.5 14'255.5 16'327.5 17'503.5 3'966.8 3'976.0
TEV/Revenue 1.73x 2.25x 2.38x 2.25x 2.34x 0.00x 0.00x 2.20x 2.03x - 9.03x
EBITDA 2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'091.5 4'441.9 - 1'976.0
TEV/EBITDA 7.71x 9.08x 9.50x 9.13x 9.48x 0.00x 0.00x 8.81x 8.11x - -
Net Income 1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'733.8 1'918.7 - 879.0
P/E 13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 17.02x 15.39x - -
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. 13.84
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 6.51
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 16'000.0
12.00 14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00 4'000.0
2.00 2'000.0
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 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 |

5. 26.03.2013
Air Liquide SA
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'602'821 1.62 332'555 30.06.2011 Mutual Fund Manager
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'158'340 1.46 - 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'834'874 1 61'554 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'442'705 0.51 (1'613) 07.03.2012 Investment Advisor
AIR LIQUIDE n/a Co File 1'339'624 0.47 - 31.12.2010 Corporation
AMUNDI Multiple Portfolios MF-AGG 1'178'326 0.42 111'689 30.12.2011 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'151'189 0.41 (369) 31.01.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'055'066 0.37 (452'336) 31.12.2011 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'033'942 0.36 (5'605) 31.12.2011 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 872'830 0.31 (582) 07.03.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 816'304 0.29 (2'392) 30.12.2011 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 812'698 0.29 653'801 30.12.2011 Investment Advisor
MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 795'418 0.28 (9'820) 07.03.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 775'161 0.27 - 31.10.2011 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 694'738 0.24 (31'780) 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 678'737 0.24 (22'020) 31.01.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 608'046 0.21 (1'432) 30.09.2011 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 581'653 0.2 (8'773) 07.03.2012 Investment Advisor
LBPAM Multiple Portfolios MF-AGG 507'326 0.18 (993) 30.11.2011 Mutual Fund Manager
ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 457'871 0.16 - 30.09.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 115 Not Provided 05.03.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 02.03.2012
AlphaValue VERONIQUE COLAS add 4 M 101 6 month 01.03.2012
Macquarie JUERGEN RECK outperform 5 M 108 12 month 25.02.2012
Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 104 Not Provided 24.02.2012
Day by Day VALERIE GASTALDY buy 5 U 109 3 month 22.02.2012
Collins Stewart PAUL W SATCHELL hold 3 M 90 Not Provided 22.02.2012
Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 104 6 month 21.02.2012
BHF-Bank ANNETT WEBER market weight 3 M 101 12 month 21.02.2012
Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 110 Not Provided 21.02.2012
CA Cheuvreux KLAUS RINGEL outperform 5 D 108 Not Provided 21.02.2012
Independent Research GmbH STEFAN ROEHLE hold 3 M 106 6 month 21.02.2012
Societe Generale PETER CLARK buy 5 M 106 12 month 20.02.2012
Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.02.2012
Barclays Capital GUNTHER ZECHMANN underwt/positive 1 M 98 Not Provided 20.02.2012
Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 100 12 month 17.02.2012
Credit Suisse CHRIS COUNIHAN neutral 3 M 109 Not Provided 17.02.2012
Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 96 12 month 17.02.2012
CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 96 12 month 17.02.2012
Nomura JEAN DE WATTEVILLE reduce 2 M 110 12 month 17.02.2012
Standard & Poor's Equity Research ANKIT JAIN hold 3 M 101 12 month 17.02.2012
Main First Bank AG THOMAS SWOBODA neutral 3 M 102 Not Provided 09.02.2012
Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 101 Not Provided 08.02.2012
JPMorgan NEIL C TYLER overweight 5 M 108 12 month 02.02.2012
Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 122 12 month 30.01.2012
HSBC GEOFF HAIRE neutral 3 M 104 Not Provided 26.01.2012
ING Wholesale Banking FABIAN SMEETS not rated #N/A N/A M #N/A N/A Not Provided 19.01.2012
Citi ANDREW BENSON neutral 3 M 100 Not Provided 12.12.2011
Deutsche Bank TIMOTHY JONES hold 3 M 98 12 month 02.12.2011
DZ Bank AG PETER SPENGLER buy 5 M 100 12 month 27.10.2011
Oddo & Cie JEAN-PIERRE DMIRDJIAN buy 5 M 100 Not Provided 26.10.2011
Alembic Global Advisors HASSAN I AHMED neutral 3 M 105 12 month 03.01.2011
Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 26.05.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 26.03.2013
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 16.0 M
travel insurance, and fund management services.
14.0 M
100
12.0 M
80
10.0 M
60 8.0 M
Valuation Analysis
6.0 M
Latest Fiscal Year: 12/2012 40
4.0 M
LTM as of: 12/yy 20
2.0 M
52-Week High (14.03.2013) 114.05
0 .0 M
52-Week Low (04.06.2012) 68.50 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12
Daily Volume 542'623.00
Current Price (3/dd/yy) 108.55 Market Data
52-Week High % Change -4.91% Dividend Yield -
52-Week Low % Change 58.47% Beta 1.25
% 52 Week Price Range High/Low 86.06% Equity Float 451.47
Shares Out 31.12.2012 456.0 Short Int -
Market Capitalization 49'493.38 1 Yr Total Return 23.80%
Total Debt 28'651.00 YTD Return 3.58%
Preferred Stock 0.0 Adjusted BETA 1.251
Minority Interest 2'665.0 Analyst Recs 43
Cash and Equivalents 12'437.00 Consensus Rating 4.279
Enterprise Value 68'372.37 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'585'730
ALV GY EQUITY YTD Change - Average Volume 30 Day 1'974'630
ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'710'488
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 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
Total Revenue 76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 89'413.0 64'190.0 104'171.7 107'045.1 - -
TEV/Revenue 0.69x 0.75x 0.67x 0.61x 0.69x 2.71x 2.83x 0.59x 0.57x - -
EBITDA - - - - - 0.0 0.0 - - - -
TEV/EBITDA - - - - - 0.00x 0.00x - - - -
Net Income (2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 4'966.0 2'545.0 5'440.3 5'682.2 - -
P/E 8.51x 8.37x 7.94x 13.13x 9.18x 8.08x 13.15x 8.95x 8.55x - -
Profitability S&P Issuer Ratings
EBITDA - Long-Term Rating Date 27.01.2012
EBIT - Long-Term Rating AA
Operating Margin 10.61% Long-Term Outlook STABLE
Pretax Margin 8.95% Short-Term Rating Date 23.03.2009
Return on Assets 0.77% Short-Term Rating A-1+
Return on Common Equity 10.50% Credit Ratios
Return on Capital 8.01% 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 53.5%
Net Income Margin 5.4% Total Debt/Capital 33.8%
Structure Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.12% Inventory Days -
Tot Debt to Common Equity 53.50% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
6.00 100'000.0
90'000.0
5.00
80'000.0
70'000.0
4.00
60'000.0
3.00 50'000.0
40'000.0
2.00 30'000.0
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 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. 26.03.2013
Allianz SE
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK INC n/a EXCH 22'861'350 5.02 - 29.06.2011 Investment Advisor
AXA n/a Research 13'449'857 2.95 - 30.07.2010 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 11'190'894 2.46 (9'000) 07.03.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'848'109 1.28 (33'373) 31.01.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'710'817 1.25 2'479'720 31.01.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 5'061'636 1.11 (90'446) 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'838'347 1.06 84'632 31.12.2011 Investment Advisor
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 4'712'955 1.04 213'077 31.12.2011 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'510'090 0.99 150'583 31.03.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'305'644 0.95 1'036'531 30.12.2011 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'973'507 0.87 282'800 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'756'586 0.83 (512) 07.03.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'607'698 0.79 217'890 31.01.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 2'536'585 0.56 54'500 31.10.2011 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 2'497'805 0.55 (150'830) 31.10.2011 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'321'367 0.51 (846'227) 30.12.2011 Mutual Fund Manager
DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'141'056 0.47 10'236 31.10.2011 Mutual Fund Manager
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'894'650 0.42 (1'026'500) 31.12.2011 Investment Advisor
COMINVEST ASSET MANA Multiple Portfolios MF-AGG 1'717'202 0.38 97'100 31.10.2011 Mutual Fund Manager
SOCIETE GENERALE Multiple Portfolios MF-AGG 1'713'830 0.38 898'985 30.12.2011 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 100 6 month 09.03.2012
DZ Bank AG THORSTEN WENZEL buy 5 M 105 12 month 09.03.2012
Main First Bank AG MICHAEL HAID buy 5 M 105 12 month 07.03.2012
Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 D 120 12 month 04.03.2012
Morgan Stanley JON HOCKING Overwt/In-Line 5 M 108 12 month 02.03.2012
Oddo & Cie NICOLAS JACOB neutral 3 M 85 12 month 02.03.2012
Barclays Capital ANDREW BROADFIELD overwt/neutral 5 M 109 Not Provided 02.03.2012
Exane BNP Paribas THOMAS JACQUET outperform 5 M 108 Not Provided 01.03.2012
Societe Generale EMMANUELLE CALES buy 5 M 100 12 month 29.02.2012
Credit Suisse RICHARD BURDEN outperform 5 M 111 Not Provided 29.02.2012
Commerzbank Corporates & Markets ROLAND PFAENDER add 4 M 100 6 month 28.02.2012
HSBC KAILESH MISTRY overweight 5 M 110 Not Provided 28.02.2012
Macquarie HADLEY COHEN outperform 5 M 110 12 month 28.02.2012
Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 104 12 month 28.02.2012
Mediobanca SpA GIANLUCA FERRARI outperform 5 M 110 12 month 27.02.2012
Nord/LB CONSTANTIN ROHRBACH hold 3 U 85 12 month 27.02.2012
JPMorgan MICHAEL HUTTNER neutral 3 M 109 9 month 27.02.2012
CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 105 Not Provided 27.02.2012
Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 27.02.2012
Kepler Capital Markets FABRIZIO CROCE hold 3 M 73 Not Provided 27.02.2012
Nomura NICK HOLMES neutral 3 M 100 Not Provided 27.02.2012
Collins Stewart BEN COHEN buy 5 M 100 Not Provided 27.02.2012
Independent Research GmbH MATTHIAS ENGELMAYER hold 3 M 97 6 month 24.02.2012
Standard & Poor's Equity Research TONY SILVERMAN hold 3 M 109 12 month 24.02.2012
RBC Capital Markets JEAN-FRANCOIS TREMBLAY outperform 5 M 110 12 month 23.02.2012
Raymond James DANNY JACQUES market perform 3 D 95 Not Provided 23.02.2012
Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 92 Not Provided 23.02.2012
National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 23.02.2012
Bankhaus Metzler JOCHEN SCHMITT sell 1 M 81 12 month 23.02.2012
WestLB Equity Markets ANDREAS SCHAEFER neutral 3 M #N/A N/A Not Provided 23.02.2012
Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 88 18 month 23.02.2012
Day by Day VALERIE GASTALDY buy 5 U 103 3 month 17.02.2012
AlphaValue DIETER HEIN add 4 M 104 6 month 16.02.2012
ING Wholesale Banking MAARTEN ALTENA buy 5 M 105 12 month 14.02.2012
Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 110 12 month 08.02.2012
Banco Sabadell MARIO LODOS sell 1 D 97 Not Provided 06.02.2012
Natixis BENOIT VALLEAUX buy 5 M 106 Not Provided 26.01.2012
Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 23.01.2012
Berenberg Bank MICHAEL BROOM buy 5 M 123 12 month 09.01.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.01.2012
Grupo Santander VALVANERA GOMEZ PASTOR buy 5 M 104 Not Provided 16.12.2011
Deutsche Bank SPENCER HORGAN buy 5 M 100 12 month 06.12.2011
Jefferies JAMES SHUCK hold 3 M 85 12 month 14.11.2011
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