Fundamental Equity Analysis - FTSE 100 Index Members (UKX Index)

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
UKX Index - FTSE 100 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 |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14392574
1935.593
1116
1116
204
220
220
101.42
110.55
110.55
15.42
15.42
14.14
14.14
18.80
Euro Stoxx 50 Pr
EUR
2529002
5372.293
4595
4595
733
768
768
228.31
305.59
305.59
18.52
15.97
13.84
13.84
19.53
NIKKEI 225
JPY
2558234
186.6975
188
188
19
20
20
5.28
5.51
5.51
0.27
0.27
0.26
0.26
0.12
FTSE 100 INDEX
GBP
2682024
11608.24
9587
9587
1446
1647
1647
530.70
818.94
818.94
27.31
17.70
17.70
22.54
SWISS MARKET INDEX
CHF
1032475
10951.8
4099
4099
841
833
833
406.58
549.07
549.07
20.92
18.53
15.49
15.49
21.83
S&P/TSX COMPOSITE INDEX
CAD
1677743
17146.39
7904
7904
1848
2081
2081
794.29
887.81
887.81
15.43
15.43
13.80
13.80
24.27
S&P/ASX 200 INDEX
AUD
1414577
6699.644
2865
2865
604
702
702
251.37
341.05
341.05
21.63
17.51
15.94
15.94
22.29
HANG SENG INDEX
HKD
1702834
3309.148
1659
1659
376
407
407
268.13
266.04
266.04
1.39
1.52
1.40
1.40
3.12
MSCI EM
USD
7697940
1533.773
1085
1085
201
216
216
87.02
95.19
95.19
11.82
13.40
10.81
10.81
20.03
HSBC HOLDINGS PLC
GBp
194198
7288
18476
430
12
387
#VALUE!
103439
109654
0.74
1.17
1.47
1.65
20.50
16.26
14.54
-16.15
A+
29.11.2011
Aa3
21.06.2012
VODAFONE GROUP PLC
GBp
135478
38651
49646
52
13
168.79
70106
67478
66991
68359
27509
21004
0.29
-0.05
0.23
0.25
18.10
16.89
1.75
8.15
36.51
11.89
47.01
A-
30.05.2006
A3
03.08.2011
BP PLC
GBp
132762
4462
19136
74
30
245.66
567256
560136
519122
532825
30874
33312
14010
14010
0.33
0.92
1.29
1.44
17.18
30.88
12.30
10.98
0.03
7.69
-83.62
-17.29
8.98
24.09.2010
ROYAL DUTCH SHELL PLC-A SHS
GBp
208003
749
6331
57
28
345.33
705563
705563
691755
703368
78710
78710
15643
15643
6.21
6.42
6.34
6.43
11.46
11.88
11.60
11.43
-0.97
5.17
-10.34
-1.03
16.85
AA
03.09.2009
Aa1
20.07.2005
GLAXOSMITHKLINE PLC
GBp
112708
2447
4904
28
135.32
39920
39920
40677
42251
12803
12803
3385
3385
1.59
1.40
1.74
1.92
24.74
19.21
19.96
18.06
-5.27
4.88
-20.99
-0.84
48.44
A+
18.02.2008
BRITISH AMERICAN TOBACCO PLC
GBp
101779
585
2026
16
115.25
22942
22942
24307
25379
9278
9278
10049
10049
3.09
2.99
3.48
3.81
26.66
25.79
22.90
20.93
-2.05
12.58
-4.14
19.71
61.08
A-
09.11.2012
ROYAL DUTCH SHELL PLC-B SHS
GBp
208003
1592
6331
57
28
345.32
705563
705563
691755
703368
78710
78710
15643
15643
6.21
6.42
6.34
6.43
11.81
12.25
11.96
11.79
-0.97
5.17
-10.34
-1.03
16.85
AA
03.09.2009
Aa1
20.07.2005
DIAGEO PLC
GBp
76295
834
2531
13
89.67
16254
16680
17328
18529
5779
6082
2654
2654
1.24
1.53
1.56
1.73
29.95
34.95
29.52
26.48
12.56
10.95
27.76
14.74
55.07
A-
01.09.2005
A3
17.10.2005
BHP BILLITON PLC
GBp
173009
2237
5298
43
308.82
109086
101118
102833
113273
51149
42726
24709
24709
5.50
2.76
3.86
4.59
24.21
16.99
17.27
14.56
1.03
10.20
-16.76
12.56
63.82
A+
15.11.2010
(P)A1
15.11.2010
ASTRAZENECA PLC
GBp
61060
801
1247
16
13
95.24
42249
42249
39798
38670
16097
17552
3583
3583
9.15
7.54
8.23
7.93
14.80
12.25
13.56
14.08
-25.26
-2.91
-29.78
-0.72
62.75
AA-
27.07.2007
A1
30.07.2007
RIO TINTO PLC
GBp
92601
1787
1847
41
17
12
185.71
76978
76978
88228
93800
24018
24018
15420
15420
7.06
-2.44
9.02
10.26
15.18
11.88
10.44
-23.88
16.85
-60.94
13.11
47.12
A-
18.04.2011
BG GROUP PLC
GBp
57531
1915
3402
23
103.70
28595
32722
30416
34615
15403
15951
4161
4161
1.95
1.55
1.99
2.36
24.94
19.08
19.40
16.36
-15.34
10.37
2.59
9.25
73.62
BARCLAYS PLC
GBp
55902
28111
12243
661
14
194
#VALUE!
59 K
52 K
44 K
46 K
0.69
-0.13
0.56
0.67
9.58
11.81
9.86
1.61
-9.26
29.11.2011
(P)A3
21.06.2012
STANDARD CHARTERED PLC
GBp
61775
832
2413
171
184
#VALUE!
40640
40640
31312
34405
3.20
3.08
3.59
3.96
18.96
18.25
16.25
14.75
15.91
6.22
A+
01.12.2011
A2
26.11.2010
UNILEVER PLC
GBp
121538
783
2832
15
155.71
77517
77517
80817
85413
12655
12655
2.35
2.39
2.56
2.78
30.81
31.38
28.83
26.54
15.79
8.07
8.73
6.57
24.66
A+
05.10.2000
A1
11.07.2000
SABMILLER PLC
GBp
82313
375
1664
29
152.82
25242
25857
37002
39254
7784
8197
2.91
4.22
3.62
4.08
27.87
35.02
32.43
28.80
15.64
0.93
15.23
7.70
47.88
BBB+
04.08.2003
Baa1
27.10.2005
RECKITT BENCKISER GROUP PLC
GBp
51591
453
734
55.19
14449
14449
15269
16004
4105
4105
3.99
3.81
4.01
4.24
28.51
27.06
27.13
25.66
1.31
19.53
4.23
24.47
42.91
A+
16.12.2003
TESCO PLC
GBp
45656
5085
8032
18
57.91
97476
98230
99944
104232
7713
7470
0.57
0.53
0.48
0.50
16.23
16.27
17.99
17.02
10.20
11.24
6.22
12.48
11.49
A-
29.07.2008
Baa1
20.04.2012
PRUDENTIAL PLC
GBp
40748
2223
2557
10
43.41
83788
83788
87446
89651
1.19
1.31
1.21
1.34
18.43
20.27
19.94
18.00
78.48
A+
17.08.2010
A2
20.12.2002
NATIONAL GRID PLC
GBp
41264
1500
3701
35
72.88
20891
20548
21787
22598
7215
7538
0.77
0.96
0.81
0.83
17.70
20.70
21.09
20.51
-5.38
12.97
-2.12
11.35
55.41
A-
24.08.2007
Baa1
12.01.2007
ANGLO AMERICAN PLC
GBp
36289
1014
1391
25
14
75.65
43439
43439
51703
54057
11602
11602
8034
8034
3.91
-1.70
3.50
4.25
15.55
16.98
13.97
-8.98
20.36
-49.07
-8.82
40.34
BBB+
18.04.2011
Baa1
23.02.2009
IMPERIAL TOBACCO GROUP PLC
GBp
33007
712
990
14
46.61
22160
22160
12241
12664
6810
6810
2282
2282
2.49
1.03
3.21
3.46
49.56
20.50
15.88
14.75
-5.11
90.21
57.87
35.89
46.42
BBB
20.05.2008
BT GROUP PLC
GBp
32241
5566
8151
16
45.12
29160
27348
27396
26802
9349
8882
2469
2469
0.36
0.41
0.38
0.38
14.99
16.91
16.30
16.11
-5.79
-4.81
7.80
2.85
49.05
BBB
19.07.2011
ROLLS-ROYCE HOLDINGS PLC
GBp
31010
584
1872
29.20
18367
18367
22921
24220
2548
2548
1800
1800
1.41
1.86
0.99
1.08
13.38
17.65
25.18
23.00
14.08
17.11
21.12
30.05
20.95
13.04.2012
LLOYDS BANKING GROUP PLC
GBp
51799
110663
70424
287
168
#VALUE!
54989
54989
27562
27462
0.03
-0.03
0.06
0.08
41.90
18.83
13.11
2.65
A-
29.11.2011
A3
21.06.2012
CENTRICA PLC
GBp
28464
3433
5199
35.09
36161
36161
36902
38476
5585
5585
5958
5958
0.39
0.37
0.42
0.47
22.32
21.06
19.75
17.77
7.40
15.93
17.70
12.24
23.33
A-
29.05.2009
A3
21.06.2006
XSTRATA PLC
GBp
49047
1379
3003
26
100.39
47754
47754
51372
54842
12267
12267
6878
6878
1.90
0.60
1.88
2.36
61.68
19.62
19.80
15.76
-10.07
5.24
-45.72
-8.64
38.80
BBB+ *-
29.11.2012
COMPASS GROUP PLC
GBp
22725
917
1855
24.34
25532
25532
26573
28154
2235
2235
0.67
0.48
0.70
0.78
38.75
28.18
26.75
24.20
10.23
18.63
16.91
24.50
13.22
18.02.2013
Baa1
26.11.2009
SSE PLC
GBp
21526
397
945
29.45
47914
47330
47887
49926
2940
3132
1.94
0.37
1.72
1.76
90.75
20.28
19.63
19.14
18.07
27.22
7.36
8.57
10.00
A-
21.08.2009
A3
22.09.2009
WPP PLC
GBp
19719
399
1266
24.36
15667
15667
16648
17506
2485
2485
0.97
1.00
1.22
1.34
23.58
24.34
19.31
17.59
5.29
16.47
6.54
16.21
23.95
BBB
10.11.2008
Baa2
26.03.2012
GLENCORE INTERNATIONAL PLC
GBp
38446
5535
7099
54
112.04
323873
323873
329179
346254
6949
6949
0.27
0.22
0.90
1.12
56.71
45.65
13.77
11.07
22.95
25.78
6.08
-5.44
3.24
BBB
29.11.2012
ARM HOLDINGS PLC
GBp
19310
1071
1381
18.74
871
871
1015
1195
342
342
112
112
0.17
0.18
0.28
0.36
118.32
120.55
73.51
57.85
26.13
30.49
63.77
41.85
59.30
BAE SYSTEMS PLC
GBp
18721
1075
3251
18.25
25102
25102
29168
29011
3321
3321
1814
1814
0.49
0.50
0.64
0.63
17.59
18.01
13.70
13.94
-9.77
4.43
-5.49
6.17
19.98
BBB+
16.10.2007
Baa2
14.04.2005
EXPERIAN PLC
GBp
17087
182
1029
29.22
6777
6777
7178
7782
2232
2293
1.48
0.51
1.26
1.47
75.59
38.08
30.56
26.18
23.40
10.68
26.41
14.38
51.10
TULLOW OIL PLC
GBp
17221
835
908
27.42
3540
3540
4120
4003
1578
1578
1403
1403
0.15
1.04
1.09
1.04
41.62
289.17
39.57
41.76
2.62
32.77
-56.21
8.63
67.31
SHIRE PLC
GBp
16630
209
552
24.54
7021
7021
7646
8217
1834
1880
705
705
1.81
2.03
3.40
3.85
33.59
33.84
20.02
17.70
14.79
16.19
-24.36
27.99
40.44
CRH PLC
GBp
15726
483
726
23.36
28182
28182
28807
30397
2477
2477
893
893
0.76
1.15
1.28
1.65
33.46
50.91
30.26
23.45
4.83
-3.02
-1.46
-15.88
13.27
BBB+
17.12.2007
LEGAL & GENERAL GROUP PLC
GBp
15191
4052
5913
25
#VALUE!
52826
52826
44957
50017
0.21
0.21
0.22
0.24
18.49
18.81
17.48
16.36
137.36
09.02.2010
A3
18.05.2010
OLD MUTUAL PLC
GBp
14848
1738
4892
16.59
27044
27044
#VALUE!
#VALUE!
0.19
0.18
0.30
0.33
24.90
24.57
15.10
13.79
200.69
187.63
Baa2
08.10.2012
PEARSON PLC
GBp
14273
554
807
16.13
7641
7641
9388
9313
1444
1444
0.72
0.53
1.23
1.38
49.60
36.63
21.48
19.17
7.59
2.47
2.24
2.49
28.54
BBB+
25.11.1998
Baa1
01.02.2002
REED ELSEVIER PLC
GBp
13972
1182
1187
20.56
9237
9237
9244
9613
2853
2853
1308
1308
0.68
0.69
0.80
0.86
25.48
26.03
22.14
20.51
2.87
10.41
13.22
13.29
46.65
BBB+
12.12.2008
AVIVA PLC
GBp
13167
6006
2946
12
35
#VALUE!
65754
65754
64966
64009
-0.19
-0.24
0.66
0.72
10.20
9.39
33.87
44.19
A-
15.08.2012
WOLSELEY PLC
GBp
13123
246
286
14.55
20270
19417
20074
21466
719
745
0.42
0.05
2.73
3.27
1544.94
138.98
26.49
22.13
-1.53
-6.73
-67.73
-21.88
5.79
BRITISH SKY BROADCASTING GRO
GBp
21233
436
1674
23.40
10257
10512
10803
11326
2397
2460
646
646
0.79
0.86
0.86
0.91
23.04
23.04
23.04
21.89
5.20
11.56
19.44
14.45
35.35
BBB+
30.11.2009
Baa1
09.04.2009
STANDARD LIFE PLC
GBp
12846
1144
2358
15
1.33
28976
28976
30795
33325
0.50
0.45
0.36
0.39
18.35
16.41
22.70
20.95
167.87
A-
25.02.2009
SMITH & NEPHEW PLC
GBp
10260
302
904
15.93
6248
6248
6656
6944
1888
1867
474
474
1.05
1.23
1.18
1.29
21.00
25.27
21.92
20.09
-4.70
3.46
5.25
8.76
45.12
NEXT PLC
GBp
10503
102
161
11.43
5358
5358
5573
5773
1181
1181
1211
1211
4.78
4.83
4.74
5.20
20.41
20.62
20.82
18.96
4.68
2.07
12.40
5.93
33.28
BBB
13.05.2003
Baa2
06.06.2003
KINGFISHER PLC
GBp
10108
1689
2372
10.17
15969
15969
16653
17312
1494
1494
0.37
0.36
0.36
0.40
17.67
17.17
17.75
15.90
-3.60
4.38
-6.15
15.77
14.13
BBB-
30.04.2008
Baa2
29.03.2012
ASSOCIATED BRITISH FOODS PLC
GBp
22264
183
792
24.45
18505
18505
19777
20986
2368
2368
1.22
1.06
1.45
1.61
39.98
34.69
29.32
26.46
16.20
19.36
31.70
20.41
19.33
LAND SECURITIES GROUP PLC
GBp
9567
760
783
14.37
1014
961
833
896
659
624
1.02
0.52
0.54
0.58
35.65
35.65
34.48
31.96
-6.54
-21.71
-0.38
-10.59
98.16
127870
121335
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
A1
*-
12.03.2013
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14392574
1935.593
1116
1116
204
220
220
101.42
110.55
110.55
15.42
15.42
14.14
14.14
18.80
Euro Stoxx 50 Pr
EUR
2529002
5372.293
4595
4595
733
768
768
228.31
305.59
305.59
18.52
15.97
13.84
13.84
19.53
NIKKEI 225
JPY
2558234
186.6975
188
188
19
20
20
5.28
5.51
5.51
0.27
0.27
0.26
0.26
0.12
FTSE 100 INDEX
GBP
2682024
11608.24
9587
9587
1446
1647
1647
530.70
818.94
818.94
27.31
17.70
17.70
22.54
SWISS MARKET INDEX
CHF
1032475
10951.8
4099
4099
841
833
833
406.58
549.07
549.07
20.92
18.53
15.49
15.49
21.83
CAD
1677743
17146.39
7904
7904
1848
2081
2081
794.29
887.81
887.81
15.43
15.43
13.80
13.80
24.27
S&P/ASX 200 INDEX
AUD
1414577
6699.644
2865
2865
604
702
702
251.37
341.05
341.05
21.63
17.51
15.94
15.94
22.29
HANG SENG INDEX
HKD
1702834
3309.148
1659
1659
376
407
407
268.13
266.04
266.04
1.39
1.52
1.40
1.40
3.12
MSCI EM
USD
7697940
1533.773
1085
1085
201
216
216
87.02
95.19
95.19
11.82
13.40
10.81
10.81
20.03
MARKS & SPENCER GROUP PLC
GBp
9499
880
1606
12.63
15004
15034
15161
15735
1756
1722
1160
1160
0.43
0.46
0.49
0.52
19.18
21.37
18.17
17.02
-14.83
-3.94
17.30
BBB-
07.01.2009
WM MORRISON SUPERMARKETS
GBp
9622
1391
2532
12.92
27361
27361
27339
28159
1991
1991
0.40
0.40
0.39
0.41
15.54
15.57
15.87
15.34
3.87
8.63
0.46
13.01
10.99
(P)A3
30.09.2011
BURBERRY GROUP PLC
GBp
8914
356
439
8.59
2805
2885
2986
3439
707
535
0.95
0.80
1.01
1.15
37.90
45.39
30.16
26.41
35.80
22.35
43.30
25.61
27.99
ROYAL BANK OF SCOTLAND GROUP
GBp
47811
12197
11171
478
164
#VALUE!
42687
40695
34431
31795
0.12
-0.77
0.34
0.49
19.11
18.93
13.12
-26.39
A-
29.11.2011
Baa1
21.06.2012
CAPITA PLC
GBp
8794
196
655
10.81
5062
5062
5723
6181
966
966
905
905
0.79
0.56
0.85
0.93
36.19
25.52
23.84
21.86
21.73
15.14
19.18
22.56
28.83
INTERTEK GROUP PLC
GBp
8149
84
161
9.02
3103
3103
3443
3738
573
573
690
690
1.77
1.63
2.29
2.59
46.82
43.25
33.36
29.49
26.32
32.07
28.26
30.39
27.89
NR
23.10.2006
INTERCONTINENTAL HOTELS GROU
GBp
7925
183
268
13.58
2771
2771
2926
3073
1069
1069
227
227
2.15
2.86
2.39
2.60
23.53
31.17
28.15
25.93
5.72
5.46
11.48
5.61
58.27
BBB
22.06.2011
WR
01.03.2005
SAINSBURY (J) PLC
GBp
10698
1702
1883
14.06
33672
34377
35088
36402
1935
1912
985
985
0.40
0.50
0.45
0.47
17.25
20.05
19.07
18.10
8.53
8.50
7.55
9.95
8.40
NR
13.05.2010
WR
01.06.2006
RANDGOLD RESOURCES LTD
GBp
7749
64
92
11.39
1990
1990
2426
3184
1056
1056
7.10
7.09
8.30
12.12
27.05
27.05
23.12
15.83
25.56
68.71
34.30
80.56
80.13
BRITISH LAND CO PLC
GBp
8053
973
888
11.83
526
530
763
789
0.82
0.44
0.45
0.47
27.86
27.59
27.21
26.42
16.89
-19.18
SMITHS GROUP PLC
GBp
7302
261
393
8.60
4576
4679
4744
4938
911
926
539
539
1.24
1.20
1.43
1.52
23.27
22.58
19.62
18.49
10.00
9.80
1.19
9.49
29.91
BBB+
15.01.2007
Baa2
06.05.2010
UNITED UTILITIES GROUP PLC
GBp
7183
662
682
15.98
2364
2409
2483
2567
1359
1367
0.71
0.72
0.59
0.63
22.13
21.50
27.08
25.38
5.15
-7.70
0.07
1.38
85.70
WEIR GROUP PLC/THE
GBp
7145
276
213
8.19
4K
4K
4K
4K
799
799
418
418
2.15
2.22
2.32
2.54
22.81
23.54
21.89
19.99
16.23
26.89
26.60
46.99
31.47
ITV PLC
GBp
7569
4350
3912
7.51
3317
3317
3485
3612
826
826
0.10
0.10
0.15
0.16
28.17
28.90
19.54
18.25
3.95
-0.02
18.26
17.31
37.62
BB+
30.03.2012
Ba1
21.03.2012
JOHNSON MATTHEY PLC
GBp
6914
134
215
7.99
18159
16637
15546
12351
876
853
2.25
2.25
2.20
2.33
22.68
22.76
23.17
21.85
30.83
13.87
17.32
17.58
7.74
AGGREKO PLC
GBp
7225
384
266
8.12
2391
2391
2470
2626
939
939
1.52
1.57
1.43
1.56
25.83
26.70
28.32
26.12
20.24
28.20
27.15
33.66
59.30
WHITBREAD PLC
GBp
6724
95
178
7.53
2685
2877
3055
3395
706
739
347
347
2.00
2.40
2.24
2.52
23.60
27.54
25.24
22.44
16.84
16.66
14.22
13.25
38.78
GKN PLC
GBp
6518
1001
1632
8.37
9832
9832
11241
11789
1116
1116
0.41
0.46
0.40
0.46
13.22
14.79
15.01
13.13
20.08
16.71
29.28
18.15
17.15
NR
19.04.2002
BUNZL PLC
GBp
6397
122
355
7.53
8094
8094
9001
9292
567
567
625
625
0.92
0.90
1.16
1.22
32.15
31.56
25.17
23.74
7.38
12.53
5.81
11.55
10.57
RSA INSURANCE GROUP PLC
GBp
6282
2924
3590
7.09
13354
13354
13456
14071
0.14
0.14
0.19
0.20
18.42
18.57
13.97
13.43
1.85
9.73
NR
13.08.1997
WR
10.03.1997
IMI PLC
GBp
6288
322
3607
632
632
1.10
1.32
1.44
27.02
26.27
22.48
20.57
4.03
10.08
-0.65
17.32
28.85
REXAM PLC
GBp
6239
472
878
7.61
6513
6513
6891
7130
1013
1013
530
530
0.50
0.46
0.62
0.67
26.04
23.90
19.20
17.69
2.86
4.75
-0.45
9.80
23.50
BBB-
19.02.2009
Baa3
26.09.2001
INTL CONSOLIDATED AIRLINE-DI
GBp
7028
2474
1855
11.62
27363
27363
27955
29110
2101
2101
2527
2527
-0.39
-0.74
0.18
0.44
37.03
15.45
18.89
-11.44
11.60
CARNIVAL PLC
GBp
27520
260
776
14
55.02
23232
23250
23962
25258
5048
5149
799
799
2.85
2.86
3.09
4.02
27.05
26.58
25.02
19.28
-3.93
4.38
-16.65
-4.03
33.45
NR
16.04.2003
A3
03.02.2004
G4S PLC
GBp
6145
984
1411
9.15
11329
11329
12377
13144
998
998
1085
1085
0.24
0.12
0.37
0.41
55.14
27.42
17.78
16.19
-0.42
14.81
4.71
16.52
13.31
BBB-
05.11.2012
SAGE GROUP PLC/THE
GBp
6039
824
1330
6.26
2024
2024
2094
2141
591
591
293
293
0.28
0.28
0.33
0.36
27.48
27.21
23.27
21.42
0.69
6.09
-1.38
7.53
44.09
SEVERN TRENT PLC
GBp
5969
95
238
12.27
2674
2722
2765
2834
1188
1174
1.33
1.41
1.39
1.45
26.76
24.39
27.16
26.08
5.23
5.25
-1.11
4.09
65.16
BBB-
28.01.2010
Baa1
08.09.2009
ABERDEEN ASSET MGMT PLC
GBp
7725
2150
1186
7.55
1313
1313
1529
1730
545
545
308
308
0.26
0.29
0.41
0.48
34.11
37.48
23.70
20.14
16.41
31.35
23.05
39.42
62.73
BABCOCK INTL GROUP PLC
GBp
5839
91
359
6.78
4637
4590
4877
5197
510
512
583
583
0.62
0.72
1.04
1.06
34.20
36.30
23.56
23.02
20.52
29.05
22.64
52.36
16.85
TATE & LYLE PLC
GBp
5768
301
466
6.43
4664
4801
4937
5255
665
574
0.78
0.86
0.84
0.91
21.63
21.80
22.29
20.51
20.43
7.67
7.95
3.22
18.05
BBB
15.07.2011
Baa2
15.02.2013
MEGGITT PLC
GBp
5716
407
785
6.69
2425
2425
2569
2714
742
742
0.48
0.47
0.56
0.62
23.41
22.78
19.47
17.85
15.62
16.33
23.46
26.82
46.24
RESOLUTION LTD
GBp
5807
1773
1418
14
#VALUE!
16810
16810
2367
2655
-0.08
-0.08
0.38
0.42
16.31
14.57
245.62
PETROFAC LTD
GBp
7439
155
340
10.71
9551
9551
10191
11071
1297
1297
757
757
2.64
2.81
3.04
3.44
17.48
18.57
16.16
14.25
13.62
27.47
18.79
35.53
20.52
CRODA INTERNATIONAL PLC
GBp
5728
53
140
6.04
1589
1589
1705
1815
433
433
109
109
1.96
1.96
2.08
2.27
31.48
31.48
29.70
27.20
3.51
5.85
9.71
31.34
41.14
ANTOFAGASTA PLC
GBp
15322
443
986
22.06
10180
10180
9985
9795
5821
5821
1395
1395
2.19
1.58
1.96
1.85
22.42
16.16
18.08
19.16
16.51
36.13
14.38
10.15
86.37
HAMMERSON PLC
GBp
5167
807
713
8.34
541
541
473
505
328
328
0.19
0.19
0.33
0.36
57.52
57.52
33.40
30.45
-19.06
0.46
-20.11
-6.35
91.72
Baa2
12.01.2004
MELROSE INDUSTRIES PLC
GBp
5035
1068
1267
6.55
2343
2343
3541
3721
353
353
0.18
0.05
0.27
0.30
114.44
51.73
22.59
19.88
52.03
177.35
44.84
71.71
22.75
AMEC PLC
GBp
4757
223
308
4.61
6280
6280
6410
6827
548
548
1.23
1.01
1.32
1.48
23.90
19.61
18.28
16.39
41.54
18.93
44.07
34.29
13.19
WOOD GROUP (JOHN) PLC
GBp
4887
340
373
7.63
10303
10303
11024
11607
772
772
1.04
0.99
1.50
1.69
30.27
28.85
19.88
17.63
30.77
16.23
43.98
8.56
11.32
SERCO GROUP PLC
GBp
4684
239
498
5.56
7420
7420
7812
8251
580
580
597
597
0.61
0.75
0.66
0.73
18.81
23.20
21.55
19.49
8.67
18.29
10.16
23.39
11.81
EASYJET PLC
GBp
6273
351
396
6.39
5821
5730
6252
6661
660
660
0.94
0.72
1.18
1.28
33.12
33.40
20.29
18.67
17.59
25.87
32.82
24.63
17.40
ADMIRAL GROUP PLC
GBp
5461
90
274
5.14
1487
1487
2352
2523
1.43
1.44
1.46
1.54
20.96
21.01
20.62
19.51
19.78
33.05
SCHRODERS PLC
GBp
8547
175
267
1.70
2153
2153
1930
2146
499
499
1.43
1.58
1.82
2.10
30.01
33.27
26.12
22.66
-7.69
5.23
-27.90
-2.43
34.98
05.12.2002
LONDON STOCK EXCHANGE GROUP
GBp
5385
146
271
6.21
1218
1272
1271
1317
723
733
1.52
2.92
1.42
1.36
10.26
20.16
21.08
22.12
31.58
27.57
35.54
27.12
87.01
13.03.2012
Baa2
01.07.2011
FRESNILLO PLC
GBp
14872
110
717
22.09
3258
3258
3642
4142
1964
1964
1.55
1.55
1.63
1.92
30.51
30.51
28.95
24.68
-2.43
-23.12
55.13
91.06
HARGREAVES LANSDOWN PLC
GBp
6139
123
474
5.91
361
402
436
497
231
263
142
142
0.36
0.42
0.47
0.54
46.32
46.55
42.02
36.16
22.40
29.60
31.29
44.91
98.78
POLYMETAL INTERNATIONAL PLC
GBp
4996
419
383
9.08
2003
2003
2789
3257
839
839
1.11
1.19
2.01
2.55
24.92
26.68
14.80
11.66
65.46
55.51
63.26
TUI TRAVEL PLC
GBp
5393
3902
1118
5.59
21840
21840
22446
22997
1071
1071
0.35
0.19
0.42
0.46
38.73
20.60
17.42
15.92
-2.33
5.29
-6.99
7.41
VEDANTA RESOURCES PLC
GBp
4129
276
297
26
21
10
42.62
21153
22511
22230
25899
6744
8029
1784
1784
1.58
1.13
2.19
3.63
31.41
18.69
16.13
9.77
34.08
26.50
42.16
16.07
53.87
Ba3 *-
21.03.2013
EVRAZ PLC
GBp
4875
1425
1338
11
16.83
24770
23620
21718
22577
4220
3462
1367
1367
0.91
-2.31
0.12
0.19
64.94
40.00
33.90
40.52
22.14
135
6.55
3311
3311
3464
322
322
1.13
3.01
3.56
A-
*-
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
S&P 500 INDEX
2.17
2.17
1.99
1.81
2.17
1.40
1.40
1.34
1.28
1.40
10.02
10.02
9.72
9.51
10.02
8.80
8.80
8.13
7.62
8.80
14.14
14.14
12.67
11.44
14.14
2.20
2.20
2.36
2.56
2.20
1682.0
%D to Spot
7.6%
Euro Stoxx 50 Pr
1.12
1.12
1.06
1.00
1.12
0.72
0.72
0.70
0.68
0.72
5.22
5.22
4.87
4.64
5.22
7.00
7.00
6.62
6.30
7.00
10.84
10.84
9.70
8.88
10.84
4.44
4.44
4.77
5.08
4.44
2896.5
11.7%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.71
0.71
0.66
0.65
0.71
9.49
9.49
8.15
7.62
9.49
9.50
9.50
8.28
7.76
9.50
24.08
24.08
18.86
14.60
24.08
1.65
1.65
1.65
1.93
1.65
11916.4
-4.6%
FTSE 100 INDEX
1.67
1.67
1.55
1.34
1.67
1.00
1.00
0.97
0.98
1.00
7.84
7.84
7.22
5.21
7.84
7.05
7.05
6.60
6.33
7.05
11.72
11.72
10.63
9.74
11.72
3.92
3.92
4.22
4.66
3.92
6826.8
7.5%
SWISS MARKET INDEX
2.37
2.37
2.20
2.03
2.37
1.98
1.98
1.88
1.80
1.98
12.18
12.18
11.13
9.77
12.18
13.15
13.15
12.16
11.37
13.15
14.77
14.77
13.22
12.00
14.77
3.34
3.34
3.70
4.21
3.34
8029.4
3.9%
1.69
1.69
1.56
1.46
1.69
1.58
1.58
1.48
1.43
1.58
8.44
8.44
7.58
7.00
8.44
8.24
8.24
7.29
6.91
8.24
14.05
14.05
12.39
11.38
14.05
3.12
3.12
3.28
3.48
3.12
14554.2
14.5%
S&P/ASX 200 INDEX
1.90
1.90
1.79
1.69
1.90
1.82
1.82
1.71
1.62
1.82
11.19
11.19
9.99
9.12
11.19
9.54
9.54
8.40
7.80
9.54
15.28
15.28
13.60
12.48
15.28
4.35
4.35
4.66
5.03
4.35
5152.0
3.1%
HANG SENG INDEX
1.34
1.34
1.24
1.15
1.34
1.74
1.74
1.61
1.50
1.74
7.17
7.17
6.65
6.25
7.17
8.13
8.13
7.39
6.84
8.13
10.88
10.88
9.98
9.08
10.88
3.54
3.54
3.83
4.34
3.54
24942.6
11.0%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.95
0.95
0.88
0.84
0.95
6.89
7.09
7.09
6.50
6.11
7.09
10.81
10.81
9.72
9.01
10.81
3.07
3.07
3.57
6.08
3.07
1184.9
15.2%
HSBC HOLDINGS PLC
1.14
1.08
1.03
0.96
0.88
2.84
2.84
2.67
2.55
11.88
10.76
9.63
8.55
7.30
4.10
4.68
5.18
6.00
5.43
776.75
11.7%
VODAFONE GROUP PLC
1.08
1.19
1.15
1.13
1.12
1.94
2.02
1.98
1.96
4.7%
BP PLC
1.12
1.07
1.01
0.94
0.85
0.37
0.39
0.38
ROYAL DUTCH SHELL PLC-A SHS
1.09
1.01
0.94
0.93
0.83
0.44
0.45
GLAXOSMITHKLINE PLC
10.51
12.28
10.92
8.91
6.89
2.81
BRITISH AMERICAN TOBACCO PLC
8.24
8.85
8.33
8.34
8.05
4.39
ROYAL DUTCH SHELL PLC-B SHS
1.12
1.04
0.97
0.96
0.85
DIAGEO PLC
8.45
6.85
5.61
4.58
BHP BILLITON PLC
2.28
2.11
1.85
1.64
ASTRAZENECA PLC
2.61
2.47
2.34
RIO TINTO PLC
1.66
1.48
1.29
BG GROUP PLC
1.72
1.57
BARCLAYS PLC
0.65
0.65
STANDARD CHARTERED PLC
1.44
UNILEVER PLC
6.89
6.89
6.34
5.94
11.48
10.35
8.94
8.34
1.95
7.16
6.87
6.62
6.30
7.64
7.68
8.46
8.40
8.27
8.18
11.75
11.98
11.18
10.54
9.96
7.36
5.67
5.78
5.89
6.11
191.96
0.38
0.46
5.16
4.62
4.20
4.03
3.89
4.34
4.22
3.92
3.99
3.84
7.61
8.14
7.27
6.82
6.45
4.89
5.14
5.50
5.92
6.39
481.53
5.0%
0.45
0.45
0.40
4.56
4.50
4.42
4.26
4.15
3.85
3.74
3.66
3.53
3.31
7.70
7.68
7.57
7.32
7.05
5.34
5.57
5.72
5.94
6.24
2516.79
17.9%
2.77
2.67
2.55
2.45
12.72
10.87
9.97
9.09
8.10
9.16
9.34
8.87
8.52
8.04
13.71
13.22
11.96
10.98
10.19
4.88
5.13
5.42
5.84
6.14
1502.74
-1.1%
4.19
4.01
3.85
3.63
14.96
13.80
12.93
11.65
10.04
12.51
11.47
10.75
10.06
9.54
16.97
15.16
13.86
12.66
11.39
3.84
4.32
4.72
5.16
5.71
3705.01
5.9%
0.44
0.45
0.45
0.45
0.40
4.70
4.64
4.55
4.40
4.27
3.85
3.74
3.66
3.53
3.31
7.94
7.92
7.81
7.54
7.27
5.18
5.41
5.58
5.73
5.89
2463.93
12.0%
3.57
4.70
4.40
4.12
3.85
3.67
21.74
18.38
16.01
14.45
12.83
16.83
15.12
13.96
13.02
12.63
21.86
19.54
17.53
15.85
14.68
2.20
2.35
2.57
2.79
3.09
2064.79
2.6%
1.47
2.41
2.54
2.31
2.21
2.12
6.52
7.73
6.52
6.16
5.77
6.11
7.02
5.95
5.60
5.34
9.19
11.43
9.64
8.86
8.63
3.89
4.10
4.40
4.63
4.76
2279.16
17.6%
2.21
1.99
2.18
2.32
2.38
2.43
2.50
7.91
7.70
8.29
7.97
8.03
5.78
6.40
6.59
6.67
6.97
7.89
8.98
9.32
9.38
9.68
5.99
5.75
5.79
5.80
5.61
3046.57
-5.9%
1.15
0.96
1.82
1.59
1.49
1.45
1.40
7.57
5.29
4.99
4.46
4.46
6.79
5.59
5.09
4.88
4.63
9.46
7.86
6.91
6.90
6.63
3.33
3.79
4.19
4.50
4.26
4043.26
30.0%
1.41
1.24
1.29
2.55
2.86
2.51
2.02
1.60
7.09
7.40
6.24
5.27
5.19
6.14
6.36
5.33
4.26
4.28
12.42
12.85
10.83
8.51
6.65
1.53
1.63
1.78
2.03
2.28
1390.14
24.2%
0.61
0.57
0.50
1.27
1.26
1.23
1.19
1.31
3.01
3.03
2.66
2.36
8.20
7.82
6.53
5.62
6.37
2.22
2.50
3.20
4.45
3.72
365.84
27.1%
1.30
1.20
1.11
1.06
3.23
2.98
2.71
2.48
2.33
11.48
9.85
8.66
7.78
11.70
10.76
9.76
8.98
8.13
3.20
3.59
3.94
4.38
4.51
1900.72
12.1%
5.85
5.28
4.71
4.25
3.71
1.86
1.78
1.68
1.59
1.52
16.27
14.91
13.82
12.66
11.85
12.53
11.73
10.97
10.17
9.72
20.43
19.09
17.57
16.15
15.02
3.02
3.15
3.41
3.74
4.13
2785.50
2.0%
SABMILLER PLC
3.40
3.05
2.81
2.57
2.24
4.92
3.36
3.17
3.00
2.85
19.48
17.10
16.00
14.06
12.55
19.04
15.75
14.40
13.53
11.74
24.61
21.47
19.07
17.13
15.56
1.73
1.98
2.23
2.51
2.63
3283.07
-3.8%
RECKITT BENCKISER GROUP PLC
5.51
5.21
4.57
4.14
3.31
3.58
3.38
3.22
3.03
2.91
17.65
16.40
15.46
14.74
13.05
13.75
13.18
12.51
11.65
10.55
19.26
17.96
16.99
15.81
14.40
2.71
2.88
3.04
3.25
3.57
4410.93
-7.5%
TESCO PLC
1.69
1.62
1.53
1.45
0.46
0.46
0.44
0.42
0.40
8.04
7.88
7.29
6.82
7.24
7.72
7.32
6.88
9.87
11.44
11.91
11.27
10.51
9.93
4.02
3.92
4.10
4.42
4.74
388.11
3.4%
PRUDENTIAL PLC
2.75
2.39
2.13
2.11
1.59
0.54
0.47
0.45
15.20
13.20
11.92
10.94
2.52
2.86
3.06
3.34
3.51
1116.89
5.9%
NATIONAL GRID PLC
2.69
2.65
2.54
2.40
2.28
1.90
1.89
1.83
1.77
1.69
8.00
7.71
7.52
7.24
ANGLO AMERICAN PLC
0.81
0.80
0.76
0.74
1.29
1.06
1.01
0.97
0.86
6.19
4.65
4.35
4.03
IMPERIAL TOBACCO GROUP PLC
2.81
3.54
3.40
3.31
3.11
2.75
2.70
2.61
2.52
2.43
9.97
9.09
8.79
8.07
7.36
BT GROUP PLC
11.53
12.31
7.46
5.46
3.49
1.10
1.18
1.20
1.20
1.21
4.38
4.69
4.88
4.78
5.68
ROLLS-ROYCE HOLDINGS PLC
3.60
2.93
2.54
2.26
1.95
1.67
1.35
1.28
1.18
1.10
17.76
14.44
11.62
9.65
LLOYDS BANKING GROUP PLC
0.76
0.78
0.73
0.69
0.63
1.86
1.88
1.88
1.86
12.15
8.84
7.15
6.15
CENTRICA PLC
3.12
3.01
2.79
2.51
2.15
0.81
0.77
0.74
0.71
10.10
7.38
6.89
6.50
6.42
5.89
5.60
5.32
XSTRATA PLC
1.03
0.98
0.92
0.95
1.60
1.44
1.35
1.20
7.13
6.99
6.05
5.10
8.67
6.86
6.02
4.84
COMPASS GROUP PLC
4.46
4.65
4.10
3.68
0.89
0.86
0.81
0.76
0.74
14.25
15.17
13.05
12.50
11.06
10.38
9.68
8.98
SSE PLC
2.72
2.95
2.79
2.62
0.51
0.45
0.43
0.41
0.36
8.81
7.96
7.49
7.00
6.94
9.64
8.99
8.46
7.81
WPP PLC
1.82
1.74
1.62
1.53
1.26
1.18
1.13
1.08
1.01
10.99
10.12
9.53
9.01
0.09
GLENCORE INTERNATIONAL PLC
1.19
1.07
0.95
0.87
0.19
0.18
0.17
0.16
0.21
10.31
8.22
6.73
5.98
ARM HOLDINGS PLC
10.25
8.94
7.65
6.19
4.76
22.65
19.02
16.15
14.21
12.27
61.41
47.41
37.04
30.60
BAE SYSTEMS PLC
2.66
2.78
2.58
2.62
2.53
0.66
0.64
0.65
0.65
0.63
9.62
13.45
9.50
8.04
EXPERIAN PLC
5.50
5.05
4.27
3.61
3.60
3.60
3.32
3.07
2.92
18.05
12.91
11.64
10.91
TULLOW OIL PLC
3.06
2.89
2.82
2.70
7.24
6.31
6.50
6.45
5.26
11.75
10.49
11.89
12.44
SHIRE PLC
4.03
3.46
2.61
2.14
3.54
3.28
3.06
2.90
2.82
12.04
10.61
9.71
8.93
CRH PLC
1.13
1.12
1.09
1.04
0.66
0.65
0.61
0.57
0.48
9.53
8.53
7.54
6.42
LEGAL & GENERAL GROUP PLC
1.80
1.68
1.59
1.48
1.36
0.38
0.34
0.30
4.55
OLD MUTUAL PLC
1.16
1.09
1.04
1.04
0.98
3.65
PEARSON PLC
1.53
1.59
1.52
1.46
1.53
1.52
1.53
1.49
REED ELSEVIER PLC
5.52
5.35
4.78
3.84
1.50
1.51
1.45
1.43
AVIVA PLC
0.84
0.81
0.75
0.75
0.71
0.13
0.20
0.21
WOLSELEY PLC
2.49
2.94
2.62
2.33
1.94
0.66
0.65
0.61
0.57
BRITISH SKY BROADCASTING GRO
15.67
16.13
12.81
9.13
2.06
1.97
1.87
1.80
STANDARD LIFE PLC
2.03
1.99
1.89
1.77
0.43
0.42
0.39
0.34
SMITH & NEPHEW PLC
2.75
2.38
2.14
1.94
2.47
2.33
2.23
NEXT PLC
25.22
19.15
15.07
11.20
1.94
1.88
KINGFISHER PLC
1.10
1.03
0.97
0.93
0.63
ASSOCIATED BRITISH FOODS PLC
2.41
2.29
2.10
1.93
1.73
LAND SECURITIES GROUP PLC
0.90
0.89
0.85
0.79
0.67
2.86
1.90
1.64
0.67
7.07
9.99
9.48
8.91
8.51
8.35
14.82
13.96
13.58
13.03
13.08
5.27
5.49
5.61
5.78
5.85
723.88
-2.9%
6.27
5.06
4.64
4.45
5.68
13.56
11.24
9.25
8.38
15.14
2.90
3.28
3.48
3.99
5.42
2026.32
17.5%
9.12
8.95
8.59
8.24
7.94
11.21
10.51
9.76
9.07
8.45
4.68
5.19
5.73
6.34
6.90
2637.15
18.0%
4.96
4.90
4.93
4.88
4.89
11.88
10.79
10.67
10.00
9.74
3.10
3.54
3.99
4.54
4.84
267.95
-1.1%
10.62
8.71
8.10
7.47
6.40
19.02
16.67
15.23
14.05
12.98
1.80
2.01
2.27
2.61
2.77
1055.28
-3.4%
20.26
12.47
8.68
7.48
5.72
0.00
0.41
2.06
4.11
3.29
53.63
10.3%
13.47
13.08
11.77
11.43
10.24
4.51
4.73
5.01
5.34
5.83
14.03
13.11
10.44
7.41
2.45
2.71
3.02
3.69
8.54
19.33
17.71
16.02
14.65
7.43
13.14
13.00
12.68
11.62
6.83
14.15
12.78
11.65
11.70
9.12
7.33
4.97
368.25
1.3%
1267.50
17.2%
2.55
2.83
3.11
3.40
832.14
1.0%
10.98
5.39
5.70
5.95
6.19
6.50
1435.85
-2.9%
10.68
9.65
2.69
3.14
3.51
3.94
4.14
1125.65
9.0%
6.26
11.28
2.73
3.12
3.82
4.23
434.00
21.0%
9.14
8.62
8.05
7.54
13.12
10.22
8.15
7.61
47.77
37.61
30.08
24.70
19.80
62.24
48.67
38.28
30.50
22.77
0.44
0.58
0.72
0.89
0.76
972.22
6.2%
5.18
5.05
5.15
5.24
5.07
9.77
9.07
9.23
8.76
7.91
5.05
5.31
5.42
5.73
5.81
356.00
-6.8%
9.89
12.68
12.14
11.06
10.14
9.67
20.96
20.23
17.33
15.65
14.71
1.89
2.00
2.29
2.52
2.78
1209.23
8.0%
8.14
10.38
9.61
9.68
9.88
24.64
26.20
27.65
32.48
25.63
0.84
0.83
0.84
0.97
1.21
1419.92
13.1%
9.25
9.89
9.13
8.11
7.57
7.58
14.73
13.25
11.72
10.53
10.24
0.58
0.66
0.78
0.88
0.91
2336.71
18.2%
9.66
8.97
7.84
6.75
5.48
23.09
20.03
15.54
12.05
9.85
3.72
3.77
3.87
4.06
1365.52
-4.6%
12.15
11.57
10.83
9.83
8.51
4.35
4.88
5.35
6.23
6.11
165.21
-2.9%
11.48
10.00
9.13
8.00
7.28
3.24
4.03
4.48
5.18
5.43
203.99
1.5%
13.73
14.22
12.69
11.25
10.20
3.85
4.10
4.31
4.65
1249.41
8.1%
15.51
14.66
13.58
12.33
3.12
3.16
3.38
3.61
733.30
-5.4%
31.5%
22.83
12.33
9.66
9.05
8.48
11.49
11.64
10.62
9.76
10.02
10.22
9.41
8.34
10.26
9.73
9.19
7.91
7.07
7.02
6.62
6.41
6.38
6.76
6.22
5.65
4.93
8.58
6.62
6.83
6.25
6.59
389.10
0.55
17.46
18.67
13.37
11.93
7.99
12.13
11.30
9.70
8.64
7.65
19.38
17.54
14.65
12.71
10.91
1.80
2.14
2.58
2.98
3.30
3245.32
2.3%
1.72
12.73
11.10
10.59
9.32
9.15
9.95
9.30
9.07
8.57
8.21
17.64
15.25
14.49
13.46
0.40
2.86
3.29
3.52
3.85
121.70
826.18
-5.0%
12.06
15.03
13.87
11.94
11.41
4.08
4.35
4.57
4.85
5.32
334.56
-7.2%
2.12
2.01
12.43
12.06
10.57
9.70
8.71
8.40
7.70
7.15
6.78
15.19
14.51
13.30
12.39
11.57
2.15
2.34
2.56
2.87
3.11
729.28
-2.8%
1.82
1.77
1.70
12.65
11.59
10.42
9.90
9.83
9.43
9.10
8.81
8.46
15.30
13.78
12.55
11.50
10.67
2.35
2.63
2.89
3.19
3.42
4196.95
-3.0%
0.61
0.58
0.55
0.55
10.45
9.13
8.45
7.09
6.93
6.48
5.94
5.39
4.43
12.88
11.75
10.53
9.37
7.40
3.23
3.58
3.90
4.29
5.28
303.00
7.4%
1.20
1.13
1.06
1.00
0.94
14.42
12.19
12.28
11.26
9.53
11.22
10.28
9.57
8.94
8.51
21.63
19.42
17.52
15.85
14.51
1.48
1.67
1.83
2.02
2.30
1757.78
-5.6%
9.96
11.48
10.67
10.08
9.38
21.91
23.36
21.73
19.58
17.36
20.27
21.40
19.76
18.46
17.11
21.39
22.83
21.16
19.48
17.51
3.58
3.68
3.81
3.96
4.45
871.38
7.5%
1.27
7.33
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
S&P 500 INDEX
2.17
2.17
1.99
1.81
2.17
1.40
1.40
1.34
1.28
1.40
10.02
10.02
9.72
9.51
10.02
8.80
8.80
8.13
7.62
8.80
14.14
14.14
12.67
11.44
14.14
2.20
2.20
2.36
2.56
2.20
1682.0
7.6%
Euro Stoxx 50 Pr
1.12
1.12
1.06
1.00
1.12
0.72
0.72
0.70
0.68
0.72
5.22
5.22
4.87
4.64
5.22
7.00
7.00
6.62
6.30
7.00
10.84
10.84
9.70
8.88
10.84
4.44
4.44
4.77
5.08
4.44
2896.5
11.7%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.71
0.71
0.66
0.65
0.71
9.49
9.49
8.15
7.62
9.49
9.50
9.50
8.28
7.76
9.50
24.08
24.08
18.86
14.60
24.08
1.65
1.65
1.65
1.93
1.65
11916.4
-4.6%
FTSE 100 INDEX
1.67
1.67
1.55
1.34
1.67
1.00
1.00
0.97
0.98
1.00
7.84
7.84
7.22
5.21
7.84
7.05
7.05
6.60
6.33
7.05
11.72
11.72
10.63
9.74
11.72
3.92
3.92
4.22
4.66
3.92
6826.8
7.5%
SWISS MARKET INDEX
2.37
2.37
2.20
2.03
2.37
1.98
1.98
1.88
1.80
1.98
12.18
12.18
11.13
9.77
12.18
13.15
13.15
12.16
11.37
13.15
14.77
14.77
13.22
12.00
14.77
3.34
3.34
3.70
4.21
3.34
8029.4
3.9%
1.69
1.69
1.56
1.46
1.69
1.58
1.58
1.48
1.43
1.58
8.44
8.44
7.58
7.00
8.44
8.24
8.24
7.29
6.91
8.24
14.05
14.05
12.39
11.38
14.05
3.12
3.12
3.28
3.48
3.12
14554.2
14.5%
S&P/ASX 200 INDEX
1.90
1.90
1.79
1.69
1.90
1.82
1.82
1.71
1.62
1.82
11.19
11.19
9.99
9.12
11.19
9.54
9.54
8.40
7.80
9.54
15.28
15.28
13.60
12.48
15.28
4.35
4.35
4.66
5.03
4.35
5152.0
3.1%
HANG SENG INDEX
1.34
1.34
1.24
1.15
1.34
1.74
1.74
1.61
1.50
1.74
7.17
7.17
6.65
6.25
7.17
8.13
8.13
7.39
6.84
8.13
10.88
10.88
9.98
9.08
10.88
3.54
3.54
3.83
4.34
3.54
24942.6
11.0%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.95
0.95
0.88
0.84
0.95
6.89
6.89
6.34
5.94
6.89
7.09
7.09
6.50
6.11
7.09
10.81
10.81
9.72
9.01
10.81
3.07
3.07
3.57
6.08
3.07
1184.9
15.2%
MARKS & SPENCER GROUP PLC
2.13
2.45
2.33
2.14
1.82
0.63
0.63
0.60
0.58
0.56
6.56
6.87
6.42
5.84
5.48
6.44
6.44
6.06
5.65
5.55
11.64
12.03
11.27
10.37
9.46
4.36
4.34
4.57
4.95
5.23
387.71
-0.5%
WM MORRISON SUPERMARKETS
1.25
1.17
1.11
1.06
0.35
0.35
0.34
0.33
6.33
6.45
6.12
6.12
6.45
6.61
6.38
6.10
10.31
10.51
10.16
9.65
4.27
4.56
4.81
5.25
BURBERRY GROUP PLC
6.59
5.85
4.87
4.12
3.66
3.18
2.99
2.59
2.34
2.04
17.91
16.33
13.37
11.61
10.05
12.21
11.14
9.76
8.57
7.87
21.55
19.97
17.49
15.30
13.56
1.88
2.09
2.39
2.74
ROYAL BANK OF SCOTLAND GROUP
0.47
0.49
0.47
0.45
0.41
1.34
1.39
1.50
7.58
8.16
12.26
7.76
6.36
6.01
14.23
12.53
8.69
7.13
0.10
0.00
0.00
0.74
CAPITA PLC
6.29
5.54
4.71
3.91
2.70
1.75
1.54
1.42
1.35
1.28
17.81
13.86
12.53
10.05
9.73
12.90
11.95
11.05
10.55
9.70
17.12
15.78
14.47
13.69
12.78
2.62
2.86
3.14
INTERTEK GROUP PLC
8.31
6.73
5.48
4.61
4.54
2.61
2.37
2.18
2.02
1.92
18.51
15.59
13.81
12.02
14.38
14.82
13.07
11.73
10.73
10.42
26.09
22.09
19.53
17.46
17.20
1.20
1.42
INTERCONTINENTAL HOTELS GROU
43.42
114.44
29.95
13.79
4.32
4.09
3.89
3.68
3.53
15.47
13.25
12.16
12.20
12.77
11.68
10.95
10.20
21.36
18.64
17.17
15.55
2.11
1.22
1.16
1.32
0.32
0.30
0.29
0.28
0.28
6.72
15.56
3.53
6.87
6.60
6.32
6.36
13.89
12.63
11.98
11.43
SAINSBURY (J) PLC

RANDGOLD RESOURCES LTD
3.01
2.49
2.02
1.73
BRITISH LAND CO PLC
0.94
0.94
0.89
0.81
SMITHS GROUP PLC
3.21
3.92
3.37
2.91
UNITED UTILITIES GROUP PLC
2.89
2.56
2.43
2.32
WEIR GROUP PLC/THE
3.78
3.25
2.85
ITV PLC
4.85
4.15
JOHNSON MATTHEY PLC
3.05
AGGREKO PLC
WHITBREAD PLC
1.03
5.79
4.82
3.68
3.57
3.84
12.78
9.89
7.21
7.07
9.47
10.55
10.20
9.67
9.04
18.70
18.77
17.96
16.53
1.62
1.54
1.48
1.41
1.39
15.58
13.70
12.40
10.01
3.03
2.89
2.80
2.70
2.69
8.77
8.15
7.36
6.75
2.42
1.82
1.80
1.70
1.61
1.53
16.33
13.02
11.35
3.38
2.78
2.27
2.17
2.10
2.03
2.11
14.56
12.94
3.01
2.69
2.41
0.40
0.44
0.56
0.54
0.71
12.05
4.40
3.76
3.16
2.86
2.56
3.01
2.92
2.75
2.53
2.31
3.10
3.05
2.65
2.32
2.16
2.50
2.20
1.98
1.80
1.68
GKN PLC
3.08
2.59
1.87
1.69
0.67
0.58
0.55
0.53
0.54
BUNZL PLC
4.82
4.37
3.87
3.34
0.79
0.71
0.69
0.66
RSA INSURANCE GROUP PLC
1.08
1.05
1.00
0.97
0.48
0.47
0.45
0.43
IMI PLC
6.44
5.80
4.68
4.12
1.87
1.82
1.74
1.69
1.60
REXAM PLC
1.94
1.81
1.62
1.49
0.94
0.91
0.88
0.81
INTL CONSOLIDATED AIRLINE-DI
1.07
1.09
1.04
0.97
0.31
0.30
0.29
CARNIVAL PLC
1.10
1.08
1.03
0.98
1.79
1.73
G4S PLC
2.60
2.71
2.44
2.24
0.51
SAGE GROUP PLC/THE
2.67
3.16
2.85
2.72
2.97
SEVERN TRENT PLC
3.39
4.29
4.05
3.86
ABERDEEN ASSET MGMT PLC
4.23
3.84
3.44
3.06
BABCOCK INTL GROUP PLC
3.77
3.80
3.43
3.08
TATE & LYLE PLC
3.59
3.26
2.88
2.56
MEGGITT PLC
1.95
1.76
1.60
1.60
RESOLUTION LTD
0.70
0.72
0.73
PETROFAC LTD
5.07
3.74
3.01
CRODA INTERNATIONAL PLC
10.31
8.37
6.56
ANTOFAGASTA PLC
2.13
1.98
HAMMERSON PLC
0.89
MELROSE INDUSTRIES PLC
1.91
AMEC PLC
0.62
11.33
%D to Spot
256.00
-6.6%
3.12
1484.90
11.2%
2.61
5.97
327.52
15.6%
3.37
3.65
863.79
-2.8%
1.61
1.81
1.74
3653.28
8.9%
2.39
2.62
2.90
4.45
4.61
4.83
4.69
2051.17
4.9%
355.41
-5.2%
7165.33
28.6%
608.64
12.6%
1298.12
5.6%
10.68
8.41
5.96
6.03
6.58
17.63
15.31
10.48
10.57
8.45
0.62
0.64
0.86
0.88
16.23
18.75
18.09
16.30
13.53
18.45
18.02
17.49
16.33
14.61
4.83
4.90
5.01
5.20
9.31
8.74
8.26
7.78
13.45
12.99
12.24
11.30
3.07
3.24
3.44
3.67
11.45
10.98
10.49
10.00
10.45
18.95
17.93
16.81
15.43
16.57
4.59
4.93
5.18
5.42
5.22
731.92
4.9%
11.15
10.23
9.77
8.99
8.44
7.82
15.08
14.49
13.23
12.23
11.51
1.66
1.85
2.02
2.25
3.15
2303.85
3.7%
11.75
10.86
9.28
8.27
7.88
7.38
14.72
12.94
12.08
11.14
10.59
1.87
2.65
2.89
3.12
4.76
129.55
1.1%
12.20
11.31
9.20
9.19
9.73
9.32
8.83
15.25
15.34
14.47
13.08
2.40
2.58
2.79
3.10
2465.00
10.3%
14.72
11.49
10.03
7.72
7.23
8.60
8.47
7.94
7.40
6.91
17.48
18.75
17.29
15.83
14.66
1.33
1.44
1.62
17.86
2.29
2044.81
14.8%
12.75
11.40
10.68
9.43
9.28
10.89
9.91
9.00
8.24
7.94
18.85
16.71
14.86
13.42
12.89
1.99
2.27
2.48
2.72
3.03
2641.76
6.4%
11.25
10.17
7.87
5.65
7.49
6.39
5.71
5.31
11.01
9.94
8.69
8.18
2.69
3.03
3.41
3.82
288.92
9.3%
17.21
15.18
14.23
12.96
13.30
12.05
11.50
11.00
18.19
16.67
15.72
14.79
2.18
2.41
2.56
2.72
1154.07
-9.5%
10.32
9.25
8.89
8.69
8.04
6.49
6.57
6.23
122.35
5.8%
22.11
15.70
13.84
11.71
10.28
9.55
8.93
8.47
15.87
14.89
13.62
12.41
2.50
2.72
2.94
3.21
1316.13
1.4%
0.73
10.60
8.89
8.41
7.38
7.25
6.92
6.53
14.59
12.71
11.72
11.12
3.02
3.39
3.67
3.81
560.17
7.2%
0.27
0.27
7.08
5.26
3.64
2.81
7.34
4.60
3.64
3.04
2.96
24.52
10.23
6.79
7.06
0.00
0.07
0.27
1.62
258.22
3.0%
1.65
1.55
1.48
9.15
8.92
7.34
6.66
10.96
10.32
8.98
8.11
7.77
18.20
16.56
12.76
10.80
10.25
3.19
3.44
3.52
3.87
2620.69
16.6%
0.50
0.47
0.44
0.43
12.02
9.13
8.79
6.39
9.14
8.43
7.95
7.41
7.21
12.99
11.77
10.72
9.68
8.74
3.02
3.40
3.68
4.16
2.88
2.82
2.69
15.99
13.95
13.24
13.56
10.54
10.45
9.80
9.25
17.30
15.41
14.18
13.04
3.07
3.30
3.42
3.60
2.24
2.16
2.11
2.06
19.46
17.98
17.27
16.88
18.06
4.23
4.57
4.85
5.14
6.03
5.05
4.46
4.05
19.94
15.69
13.34
11.60
12.19
2.46
3.19
3.73
4.24
1.14
1.20
1.12
1.05
2.29
1.27
1.17
1.10
1.50
2.36
2.22
2.11
2.39
2.45
2.19
2.36
1.16
1.10
1.01
0.92
0.92
13.93
9.25
7.81
6.80
5.36
3.51
3.36
3.16
2.94
2.76
18.21
17.05
15.17
0.12
1.82
1.69
2.31
2.32
2.36
2.37
2.53
6.31
6.51
7.05
7.05
0.87
0.82
0.77
11.99
10.93
10.24
9.57
8.60
24.48
22.32
20.60
18.39
1.92
1.64
0.03
2.16
1.42
1.35
1.31
19.79
14.95
11.86
0.10
2.68
2.57
2.29
2.07
0.77
0.74
0.70
0.66
12.68
10.75
10.09
8.51
WOOD GROUP (JOHN) PLC
2.21
1.98
1.76
1.51
0.72
0.67
0.64
0.60
15.12
11.13
10.21
9.63
SERCO GROUP PLC
2.67
2.37
2.11
1.88
0.63
0.60
0.57
0.53
0.51
15.25
14.27
11.69
9.00
EASYJET PLC
2.39
2.10
1.88
1.66
1.07
1.00
0.94
0.89
0.85
10.69
8.56
7.97
ADMIRAL GROUP PLC
8.26
7.48
6.74
4.31
1.67
2.32
2.16
1.54
SCHRODERS PLC
2.89
2.45
2.23
2.01
5.07
4.43
3.98
3.71
17.11
17.48
LONDON STOCK EXCHANGE GROUP
3.05
2.43
2.23
2.03
4.52
4.24
4.09
3.87
11.41
0.70
2.44
1.69
4.04
0.70
1.71
14.30
7.22
1156.00
2.18
7.84
7.87
7.51
7.09
16.94
12.78
11.32
10.24
0.97
20.32
18.19
15.76
13.41
1.08
1.08
11.54
11.89
9.75
9.26
2.00
2.00
15.02
13.24
11.24
9.60
0.73
2.85
6.69
7.23
4.33
5.27
315.26
9.3%
309.20
-8.8%
1668.92
0.7%
463.59
8.6%
10.12
9.82
9.53
9.36
14.43
11.73
10.05
9.04
11.79
12.22
11.65
11.17
10.23
11.41
17.31
15.60
15.24
13.88
12.59
1.99
2.32
2.53
2.73
3.18
1109.15
3.4%
8.70
9.44
9.34
8.67
8.23
7.85
14.76
14.76
13.58
12.50
11.55
3.05
3.19
3.38
3.60
3.83
854.62
4.3%
9.52
8.85
8.30
7.82
7.40
14.01
12.89
11.82
11.06
11.99
2.36
2.61
2.84
3.22
3.59
497.00
3.1%
12.32
10.80
9.65
9.22
8.75
7.75
7.82
7.93
7.78
7.78
266.33
-1.8%
24.5%
6.50
9.61
5.48
7.69
6.61
5.65
4.84
4.45
11.64
10.70
9.43
8.36
7.97
2.96
3.23
3.65
4.06
5.21
1772.53
13.83
12.68
11.65
10.62
10.00
21.39
19.67
18.01
15.98
14.96
2.17
2.37
2.59
2.90
3.07
2570.19
-5.2%
5.69
3.90
4.30
4.42
4.59
4.92
11.36
11.97
12.69
13.25
14.04
3.75
3.25
2.81
2.68
2.61
1169.09
13.6%
18.82
23.43
21.89
20.26
19.01
18.07
24.12
22.12
20.16
18.32
17.77
3.63
3.85
4.13
4.52
4.61
534.81
11.4%
15.83
10.27
9.37
8.96
16.45
14.95
13.16
12.42
2.62
3.04
3.31
3.57
281.11
6.8%
9.07
8.31
7.50
6.89
13.64
12.10
10.85
10.02
3.16
3.71
4.17
4.50
1231.33
16.2%
10.04
8.57
7.73
7.32
15.48
13.16
11.67
10.58
1.33
1.57
1.77
1.99
918.09
5.9%
9.62
9.32
8.67
8.20
8.01
15.32
14.27
12.90
11.65
10.00
1.43
1.88
2.30
2.93
2.85
650.00
4.5%
8.30
9.37
7.93
7.28
6.69
6.24
17.67
13.44
12.36
11.49
11.42
1.14
2.37
2.58
2.84
2.74
1006.41
-4.0%
14.51
13.65
12.92
11.95
6.50
6.61
7.00
7.02
1182.64
-10.4%
14.98
5.84
3.16
2.67
2.33
2.10
21.07
17.29
15.00
13.48
1.94
2.30
2.58
2.90
2216.05
6.4%
9.55
8.70
6.84
8.91
8.75
8.98
8.44
13.51
13.96
14.64
13.60
2.23
2.27
2.38
2.50
1297.33
-1.3%
1779.08
29.6%
9.08
3.94
8.82
11.97
2.78
FRESNILLO PLC
6.50
5.30
4.70
4.32
6.83
6.17
5.42
5.30
14.26
12.29
10.16
9.43
11.07
9.66
8.24
8.08
20.37
19.16
16.34
14.91
2.78
3.06
3.26
3.56
HARGREAVES LANSDOWN PLC
27.12
21.70
17.04
13.80
17.11
14.08
12.36
11.00
8.25
35.41
24.21
22.14
20.07
26.28
19.18
16.72
14.60
36.01
27.82
23.94
20.75
14.19
2.46
2.96
3.41
3.94
6.42
772.30
-9.9%
POLYMETAL INTERNATIONAL PLC
2.51
2.61
2.11
1.70
3.68
2.71
2.32
2.05
2.02
15.50
9.60
6.72
5.73
9.16
6.77
5.65
4.90
4.92
12.10
9.82
7.73
6.65
6.89
1.10
4.06
5.18
5.12
6.43
1198.37
39.1%
TUI TRAVEL PLC
1.82
2.09
1.91
1.73
0.24
0.24
0.23
0.23
0.23
9.86
8.52
7.41
6.17
5.57
5.06
4.79
4.58
4.35
13.31
11.53
10.54
9.86
7.87
3.69
3.94
4.26
4.57
5.60
VEDANTA RESOURCES PLC
0.86
0.91
0.83
0.76
0.79
0.30
0.28
0.24
0.22
0.22
1.87
1.27
1.06
0.92
7.12
5.75
4.85
4.49
5.01
11.57
10.68
6.45
5.20
13.03
3.25
3.63
4.01
4.25
EVRAZ PLC
0.68
0.82
0.80
0.77
0.63
0.30
0.34
0.33
0.31
0.29
2.50
2.90
3.09
2.59
3.76
5.55
5.13
4.45
3.67
5.88
42.99
26.48
12.04
7.42
11.39
2.99
2.51
2.60
1.38
6.00
2.38
5.47
299.31
-6.3%
1286.00
25.3%
352.64
60.9%
27.03.2013
HSBC Holdings PLC

HSBC Holdings plc is the holding company for the HSBC Group. The Company
provides a variety of international banking and financial services, including
retail and corporate banking, trade, trusteeship, securities, custody, capital
markets, treasury, private and investment banking, and insurance. The Group
operates worldwide.
Price/Volume
12.0 M
10.0 M
10
8.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (30.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 28.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HSBA LN EQUITY YTD Change
HSBA LN EQUITY YTD % CHANGE
12/2012
12/yy
741.20
501.20
7'287'944.00
695.6
-6.27%
38.61%
82.21%
18'484.5
128'578.19
284'987.00
2'728.0
7'887.0
256'366.00
-
6.0 M
4.0 M
2.0 M
2
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
14
12
Valuation Analysis
31.12.2008
126'036.0
5'728.0
19.90x
16
31.12.2009
31.12.2010
97'533.0
91'171.0
5'834.0
13'159.0
31.93x
13.43x
Profitability
LTM-4Q
31.12.2011
94'799.0
16'797.0
8.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2012
84'663.0
14'027.0
13.58x
15.34%
31.46%
0.53%
8.37%
3.38%
0.03%
21.4%
10.58%
165.20%
-
Price/ Cash Flow
12/yy
4'756
8.58x
1'789.0
5.83x
1'085.0
13.25x
LTM
12/yy
4'856
7.73x
1'779.0
4.18x
1'149.0
10.62x
FY+1
4.29
1.09
18'474.42
28.91%
9.18%
1.090
44
4.045
27'755'540
22'664'280
20'333'180
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
68'487
72'602
0.93x
0.41x
18'363.5
20'694.4
10.76x
9.63x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
29.11.2011
A+
NEG
29.11.2011
A-1
165.2%
60.9%
0.03
7.49
-
Sales/Revenue/Turnover
16.00
6'000.0
14.00
5'000.0
12.00
4'000.0
10.00
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
0.0
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
27.03.2013
HSBC Holdings PLC

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
LEGAL & GENERAL
NORGES BANK INVESTME
SCOTTISH WIDOWS
FMR LLC
CAPITAL GROUP COMPAN
FRANKLIN RESOURCES
VANGUARD GROUP INC
VANGUARD GROUP INC
DZ BANK AG
STANDARD LIFE INVEST
ABERDEEN
UBS
SUN LIFE FINANCIAL I
M&G INVESTMENT MANAG
STATE STREET
HSBC INVESTMENTS UK
AVIVA INVESTORS
BNP PARIBAS INV PART
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Macquarie
THOMAS STOEGNER
Mediobanca SpA
CHRISTOPHER J WHEELER
Credit Suisse
AMIT GOEL
Day by Day
VALERIE GASTALDY
AlphaValue
DAVID GRINSZTAJN
Investec
IAN GORDON
Shore Capital Stockbrokers
GARY GREENWOOD
Sanford C. Bernstein & Co
CHIRANTAN BARUA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
BNP Paribas Equity Research
DOMINIC CHAN
Oriel Securities Ltd
VIVEK RAJA
Goldman Sachs
FREDERIK THOMASEN
Numis Securities Ltd
MICHAEL J TRIPPITT
Societe Generale
JAMES INVINE
Deutsche Bank
JASON NAPIER
Morgan Stanley
CHRISTOPHER MANNERS
RBC Capital Markets
PATRICK LEE
DBS Vickers
ALEXANDER LEE
Independent Research GmbH
STEFAN BONGARDT
Citic Securities Co., Ltd
STEVEN CHAN
BOCOM International Holdings
LI SHANSHAN
Canaccord Genuity Corp
GARETH HUNT
S&P Capital IQ
FRANK BRADEN
CCB International Securities Ltd
ADAM CHAN
JPMorgan
RAUL SINHA
Keefe, Bruyette & Woods
MARK J PHIN
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Redburn Partners
FAHED KUNWAR
Espirito Santo Investment Bank Research
SHAILESH RAIKUNDLIA
Berenberg Bank
JAMES CHAPPELL
Barclays
ROHITH CHANDRA-RAJAN
EVA Dimensions
AUSTIN BURKETT
Daniel Stewart & Co
SIMON WILLIS
Liberum Capital Ltd
CORMAC LEECH
JF Apex Securities Bhd
TEAM COVERAGE
AMTD Financial Planning Limited
KENNY TANG SING HING
Mizuho Securities
JIM ANTOS
Grupo Santander
ARTURO DE FRIAS
China International Capital Corp
SALLY NG
Redburn Partners
JON KIRK
Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
Recommendation
outperform
outperform
outperform
hold
sell
add
buy
outperform
buy
outperform
buy
buy
Buy/Neutral
hold
buy
buy
Equalwt/In-Line
sector perform
buy
hold
buy
neutral
buy
buy
neutral
overweight
outperform
hold
buy
buy
buy
overweight
sell
hold
buy
neutral
buy
buy
hold
accumulate
buy
Amt Held
1'324'583'860
1'110'172'768
681'507'879
476'556'585
440'954'225
332'844'458
324'698'913
224'222'452
209'856'599
200'499'704
199'869'719
198'426'753
193'573'011
187'959'754
181'870'790
180'568'727
174'085'246
141'993'045
127'868'417
125'817'709
% Out
7.17
6.01
3.69
2.58
2.39
1.8
1.76
1.21
1.14
1.08
1.08
1.07
1.05
1.02
0.98
0.98
0.94
0.77
0.69
0.68
Weighting
Change
5
5
5
3
1
4
5
5
5
5
5
5
5
3
5
5
3
3
5
3
5
3
5
5
3
5
5
3
5
5
5
5
1
3
5
3
5
5
3
4
5
M
M
M
D
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
U
M
M
N
Latest Chg
(13'049'021)
2'537'898
79'539'775
40'654'991
50'440'600
(2'646'000)
5'636'526
10'505'716
5'126'341
27'428'625
21'768'714
2'568'947
(14'593'182)
2'029'272
(3'241'674)
19'292'369
(3'893'625)
Target Price
800
835
790
#N/A N/A
610
735
#N/A N/A
860
900
825
856
860
940
652
790
760
777
700
820
750
854
746
825
785
692
755
800
720
#N/A N/A
800
680
730
#N/A N/A
650
665
#N/A N/A
676
709
632
668
#N/A N/A
File Dt
12.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
28.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
28.02.2013
01.02.2013
01.02.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013
Date
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
26.02.2013
08.02.2013
04.02.2013
31.01.2013
29.01.2013
28.01.2013
22.01.2013
17.01.2013
09.01.2013
07.12.2012
06.12.2012
06.12.2012
19.11.2012
18.09.2012
12.07.2012
27.01.2011
27.03.2013
Vodafone Group PLC

Vodafone Group PLC is a mobile telecommunications company providing a range of
services, including voice and data communications. The Company operates in
Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa
and the Middle East through its subsidiaries, associates, and investments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.08.2012)
52-Week Low (31.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VOD LN EQUITY YTD Change
VOD LN EQUITY YTD % CHANGE
03/2012
03/yy
191.75
154.20
38'651'308.00
183.35
-4.12%
19.23%
89.35%
48'922.9
89'700.14
34'706.00
0.0
1'267.0
8'461.00
111'754.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
41'017.0
44'472.0
2.36x
2.54x
14'520.0
14'820.0
6.67x
7.62x
3'078.0
8'645.0
21.03x
9.25x
Profitability
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12
LTM-4Q
31.03.2011
45'884.0
2.67x
14'668.0
8.35x
7'968.0
11.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
46'417.0
2.43x
18'214.0
6.20x
6'957.0
12.54x
18'214.00
10'355.00
22.31%
20.57%
-1.22%
-2.22%
-3.81%
0.32%
32.0%
31.1%
14.3%
15.0%
0.83
0.51
24.87%
45.11%
3.76
53.11
Price/ Cash Flow
03/yy
4'233.8
12.62x
1'454.6
10.64x
783.5
19.84x
m-12
j-12
j-12
a-12
LTM
03/yy
4'366.3
13.72x
1'296.0
13.77x
712.7
28.25x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
5.30
0.68
48'897.09
11.93%
19.04%
0.680
33
3.939
86'407'620
#########
#########
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
44'355.0
45'260.8
2.64x
2.57x
13'211.3
13'305.3
8.46x
8.40x
7'536.1
7'856.3
11.98x
11.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.05.2006
ASTABLE
30.05.2006
A-2
9.43
6.96
1.51
2.06
45.1%
30.7%
0.32
2.41
97.36
6.89
-14.42
20.00
5'000.0
18.00
4'500.0
16.00
4'000.0
14.00
3'500.0
12.00
3'000.0
10.00
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
27.11.2009
6.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
35'478.0
2.93x
13'123.0
7.93x
6'660.0
12.01x
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
27.05.2010
27.11.2010
27.05.2011
27.11.2011
27.05.2012
27.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Vodafone Group PLC

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
FRANKLIN RESOURCES
SCOTTISH WIDOWS
FMR LLC
UBS
ABERDEEN
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
STATE STREET
JP MORGAN
DODGE & COX
DODGE & COX
AXA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Credit Suisse
JUSTIN FUNNELL
Grupo Santander
JOHN DAVIES
Goldman Sachs
TIMOTHY BODDY
Morgan Stanley
NICK DELFAS
Jefferies
JEREMY A DELLIS
JOHN KARIDIS
RALPH SZYMCZAK
AlphaValue
JEAN-MICHEL SALVADOR
Societe Generale
OTTAVIO ADORISIO
ROBIN BIENENSTOCK
NICK BROWN
Barclays
MAURICE PATRICK
Macquarie
GUY R PEDDY
New Street Research
JAMES RATZER
Exane BNP Paribas
ANTOINE PRADAYROL
Berenberg Bank
PAUL ANDREW MARSCH
Nomura
JAMES BRITTON
JPMorgan
AKHIL DATTANI
Oddo & Cie
VINCENT MAULAY
Banca Akros(ESN)
ANDREA DEVITA
Hamburger Sparkasse
TINA HECKING-VELTMAN
Deutsche Bank
DAVID A WRIGHT
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
LAWRENCE SUGARMAN
EVA Dimensions
ANDREW S ZAMFOTIS
HSBC
STEPHEN HOWARD
Natixis
BENOIT MAYNARD
DZ Bank AG
JOERI SELS
Northland Capital Partners Ltd
DAVID JOHNSON
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
Recommendation
outperform
hold
Buy/Neutral
Overwt/In-Line
hold
buy
hold
add
sell
underperform
buy
overweight
outperform
buy
underperform
hold
neutral
overweight
buy
hold
hold
hold
sell
buy
buy
buy
buy
overweight
neutral
buy
not rated
Amt Held
3'213'888'547
1'840'749'892
1'829'029'872
1'307'796'665
1'168'679'699
1'115'035'830
905'655'588
890'918'812
835'280'974
785'130'474
628'261'806
619'899'347
526'399'681
517'367'935
514'956'230
508'998'599
463'624'918
413'470'000
409'583'000
402'114'002
% Out
6.57
3.76
3.74
2.67
2.39
2.28
1.85
1.82
1.71
1.6
1.28
1.27
1.08
1.06
1.05
1.04
0.95
0.85
0.84
0.82
Weighting
Change
5
3
5
5
3
5
3
4
1
1
5
5
5
5
1
3
3
5
5
3
3
3
1
5
5
5
5
5
3
5
#N/A N/A
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(25'141'828)
(28'812'480)
141'890'605
(11'916'154)
(52'316'656)
105'084'426
(52'366'577)
19'552'525
100'485'000
72'066'899
99'016'155
(24'829'446)
44'104'574
(15'517'805)
(96'292'120)
(60'869'430)
15'508'600
2'613'000
(2'762'350)
Target Price
180
200
220
205
174
225
172
215
100
135
200
210
205
250
178
185
195
220
200
184
#N/A N/A
173
150
190
188
210
#N/A N/A
205
190
190
#N/A N/A
File Dt
25.03.2013
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.01.2013
31.01.2013
31.01.2013
28.02.2013
31.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
26.03.2013
03.12.2012
31.01.2013
03.12.2012
29.01.2013
31.01.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
15.03.2013
15.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
26.02.2013
14.02.2013
14.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
28.01.2013
18.01.2013
17.01.2013
07.12.2012
02.10.2012
08.11.2011
13.04.2010
27.03.2013
BP PLC
BP plc is an oil and petrochemicals company. The Company explores for and
produces oil and natural gas, refines, markets, and supplies petroleum
products, generates solar energy, and manufactures and markets chemicals. BP's
chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and
polyethylene.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
5.0 M
30
12/2012
12/yy
484.45
389.50
4'461'841.00
458.75
-5.28%
17.80%
77.36%
19'161.2
87'902.01
48'797.00
0.0
1'206.0
20'114.00
162'651.80
25
4.0 M
20
3.0 M
15
2.0 M
10
1.0 M
5
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
361'143.0
0.47x
41'761.0
4.05x
21'157.0
6.81x
7.0 M
40
35
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BP/ LN EQUITY YTD Change
BP/ LN EQUITY YTD % CHANGE
45
31.12.2009
31.12.2010
239'272.0
297'107.0
0.87x
0.53x
33'392.0
38'497.0
6.24x
4.06x
16'578.0
(3'719.0)
10.95x
Profitability
LTM-4Q
31.12.2011
375'517.0
0.44x
45'796.0
3.63x
25'700.0
5.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
375'580.0
0.43x
20'442.0
7.92x
11'582.0
11.34x
20'442.00
7'961.00
2.12%
5.01%
3.90%
10.08%
7.70%
1.25%
11.6%
5.9%
2.4%
3.1%
1.37
0.59
16.26%
41.21%
13.76
12.20
Price/ Cash Flow
LTM
FY+1
4.91
1.04
19'158.33
2.31%
9.44%
1.044
38
3.579
29'512'860
25'806'140
23'933'670
FY+2
FQ+1
FQ+2
12/yy
1'158.5
14.93x
463.4
9.71x
200.9
30.45x
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'373.9 343'710.7 352'783.7
84'754.3
84'530.7
16.10x
0.46x
0.45x
1.82x
1.78x
519.1
38'524.8
41'496.8
9'276.0
9'646.5
11.90x
4.22x
3.92x
3.97x
3.73x
204.0
16'230.9
18'510.6
3'897.7
4'034.0
35.57x
8.14x
7.27x
8.37x
7.74x
S&P Issuer Ratings
24.09.2010
Long-Term Rating
A
Long-Term Outlook
POS
24.09.2010
Short-Term Rating
A-1
Credit Ratios
13.60
-1.75
Net Debt/EBITDA
1.30
Total Debt/EBITDA
2.21
Reference
Total Debt/Equity
41.2%
Total Debt/Capital
29.0%
Asset Turnover
1.25
3.09
26.60
Inventory Days
30.00
33.14
23.17
25.00
1'600.0
1'400.0
20.00
1'200.0
1'000.0
15.00
800.0
10.00
600.0
400.0
5.00
0.00
01.01.2010
200.0
0.0
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
27.03.2013
BP PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
FRANKLIN RESOURCES
UBS
KUWAIT INVESTMENT AU
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
STATE STREET
AVIVA INVESTORS
AXA
GOVT OF SINGAPORE IN
HSBC INVESTMENTS UK
Firm Name
Grupo Santander
Raymond James
Exane BNP Paribas
AlphaValue
EVA Dimensions
Goldman Sachs
Deutsche Bank
Liberum Capital Ltd
Societe Generale
VTB Capital
Morgan Stanley
VSA Capital Ltd
Macquarie
Day by Day
RBC Capital Markets
Simmons & Company International
HSBC
Credit Suisse
Jefferies
Ahorro Corporacion Financiera SA
Natixis
Nomura
Barclays
Investec
S&P Capital IQ
JPMorgan
Tudor Pickering & Co
Jyske Bank
CA Cheuvreux
Kepler Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
JASON KENNEY
SVEN DIERMEIER
BERTRAND HODEE
GORDON GRAY
RICHARD GRIFFITH
ALEJANDRO DEMICHELIS
ALEXANDRE ANDLAUER
CRAIG STERLING
MICHELE DELLA VIGNA
OSWALD CLINT
LUCAS HERRMANN
JENS MUENSTERMANN
ANDREW WHITTOCK
IRENE HIMONA
COLIN SMITH
MARTIJN P RATS
DOUGIE YOUNGSON
JASON D GAMMEL
VALERIE GASTALDY
PETER HUTTON
JEFFREY A DIETERT
PAUL SPEDDING
KIM FUSTIER
IAIN REID
VIRGINIA PEREZ REPES
ANNE PUMIR
THEEPAN JOTHILINGAM
RAHIM KARIM
STUART JOYNER
CHRISTINE TISCARENO
FREDERICK G LUCAS
ROBERT KESSLER
ROBERT JAKOBSEN
DOMINIQUE PATRY
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
hold
buy
market perform
hold
hold
outperform
reduce
hold
neutral/cautious
market perform
buy
buy
hold
hold
hold
Underwt/In-Line
sell
outperform
hold
sector perform
overweight
overweight
neutral
hold
hold
neutral
neutral
underweight
buy
hold
overweight
accumulate
buy
outperform
buy
Amt Held
1'027'123'894
715'298'081
609'649'091
507'765'071
432'628'420
369'828'759
354'793'433
328'143'792
321'514'948
303'860'650
258'130'496
241'527'129
204'110'697
195'306'957
193'700'712
178'132'910
166'069'621
150'610'225
147'434'500
139'991'616
% Out
5.36
3.73
3.18
2.65
2.26
1.93
1.85
1.71
1.68
1.59
1.35
1.26
1.07
1.02
1.01
0.93
0.87
0.79
0.77
0.73
Weighting
Change
3
5
3
3
3
5
2
3
3
3
5
5
3
3
3
1
1
5
3
3
5
5
3
3
3
3
3
1
5
3
5
4
5
5
5
M
M
M
M
M
M
U
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
19'032'430
44'846'385
4'845'711
21'912'486
10'873'302
(277'008)
(1'973'558)
(10'962'271)
5'646'262
7'261'934
(698'478)
12'878'131
(5'019'297)
(592'855)
(6'919'062)
6'546'014
Target Price
530
540
#N/A N/A
500
#N/A N/A
575
425
#N/A N/A
490
510
520
520
445
500
490
442
400
550
#N/A N/A
530
#N/A N/A
550
475
450
6
490
455
480
495
595
525
500
520
500
602
File Dt
25.03.2013
01.11.2012
31.12.2012
30.11.2012
01.11.2012
31.12.2012
31.01.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
01.11.2012
31.12.2012
01.11.2012
26.03.2013
31.01.2013
01.11.2012
31.01.2013
01.11.2012
01.11.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
13.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
01.03.2013
27.02.2013
25.02.2013
22.02.2013
20.02.2013
19.02.2013
15.02.2013
08.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
19.12.2012
15.10.2012
19.09.2012
10.08.2012
16.04.2012
27.03.2013
Royal Dutch Shell PLC

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RDSA LN EQUITY YTD Change
RDSA LN EQUITY YTD % CHANGE
12/2012
12/yy
2'323.50
1'956.50
749'232.00
2134
-8.18%
9.05%
54.63%
3'772.4
137'718.83
37'754.00
0.0
1'433.0
18'550.00
228'640.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
120
12.0 M
100
10.0 M
80
8.0 M
60
6.0 M
40
4.0 M
20
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
458'361.0
0.37x
57'301.0
2.98x
26'277.0
6.16x
140
31.12.2009
31.12.2010
278'188.0
368'056.0
0.76x
0.65x
29'079.0
41'839.0
7.28x
5.69x
12'518.0
20'127.0
14.87x
10.16x
Profitability
LTM-4Q
31.12.2011
470'171.0
0.55x
55'943.0
4.60x
30'918.0
7.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
467'153.0
0.51x
52'114.0
4.58x
26'592.0
8.12x
52'114.00
37'499.00
8.03%
10.76%
7.54%
14.86%
12.75%
1.32%
15.2%
11.2%
8.0%
5.7%
1.18
0.61
10.48%
20.03%
10.56
13.25
Price/ Cash Flow
LTM
FY+1
5.34
1.03
3'770.78
1.03%
1.89%
1.030
31
3.742
2'639'057
3'382'676
3'002'002
FY+2
FQ+1
FQ+2
12/yy
783.4
52.66x
261.9
48.58x
175.3
82.66x
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'134.1 458'011.3 465'699.7 110'420.5 113'829.0
65.98x
0.51x
0.50x
2.04x
1.98x
424.0
61'207.0
62'495.8
10'357.0
10'835.0
41.06x
3.74x
3.66x
5.12x
5.03x
254.8
26'655.6
27'485.2
6'859.0
7'011.0
70.48x
7.68x
7.57x
7.59x
7.57x
S&P Issuer Ratings
03.09.2009
Long-Term Rating
AA
Long-Term Outlook
STABLE
06.03.1990
Short-Term Rating
A-1+
Credit Ratios
22.42
8.41
Net Debt/EBITDA
0.37
Total Debt/EBITDA
0.72
Reference
Total Debt/Equity
20.0%
Total Debt/Capital
16.6%
Asset Turnover
1.32
2.88
34.68
Inventory Days
27.61
40.16
22.13
70.00
1'200.0
60.00
1'000.0
50.00
800.0
40.00
600.0
30.00
400.0
20.00
200.0
10.00
0.00
01.01.2010
0.0
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
27.03.2013

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
UBS
VANGUARD GROUP INC
FRANKLIN RESOURCES
STATE STREET
BP INVESTMENT MANAGE
ABERDEEN
JP MORGAN
NORTHERN TRUST GLOBA
SOCIETE GENERALE PRO
ALLIANZ ASSET MANAGE
Firm Name
Credit Suisse
Raymond James
EVA Dimensions
Jefferies
Day by Day
AlphaValue
JPMorgan
ING Bank
Macquarie
CA Cheuvreux
Hamburger Sparkasse
Investec
HSBC
Barclays
Ahorro Corporacion Financiera SA
RBC Capital Markets
VSA Capital Ltd
Deutsche Bank
Theodoor Gilissen Securities
VTB Capital
Morgan Stanley
S&P Capital IQ
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
KIM FUSTIER
BERTRAND HODEE
CRAIG STERLING
OSWALD CLINT
IAIN REID
VALERIE GASTALDY
ALEXANDRE ANDLAUER
FREDERICK G LUCAS
QUIRIJN MULDER
ROBERT KESSLER
GORDON GRAY
JEFFREY A DIETERT
JASON D GAMMEL
DOMINIQUE PATRY
INGO SCHMIDT
STUART JOYNER
PAUL SPEDDING
SVEN DIERMEIER
RAHIM KARIM
RICHARD GRIFFITH
VIRGINIA PEREZ REPES
PETER HUTTON
JENS MUENSTERMANN
DOUGIE YOUNGSON
LUCAS HERRMANN
JOS VERSTEEG
COLIN SMITH
TEAM COVERAGE
MARTIJN P RATS
CHRISTINE TISCARENO
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
Recommendation
outperform
market perform
buy
market perform
buy
hold
reduce
underweight
buy
buy
buy
overweight
outperform
outperform
buy
hold
neutral
hold
equalweight
buy
hold
sector perform
buy
not rated
hold
buy
hold
hold
not rated
hold
Amt Held
190'130'247
148'916'543
77'887'769
52'066'121
50'156'944
47'208'897
41'114'969
39'669'849
38'832'374
34'834'706
26'147'686
25'767'455
22'400'138
19'530'183
19'189'183
16'493'284
16'292'959
16'129'705
14'890'316
12'949'057
% Out
5.04
3.95
2.06
1.38
1.33
1.25
1.09
1.05
1.03
0.92
0.69
0.68
0.59
0.52
0.51
0.44
0.43
0.43
0.39
0.34
Weighting
Change
5
3
5
3
5
3
2
1
5
5
5
5
5
5
5
3
3
3
3
5
3
3
5
#N/A N/A
3
5
3
3
#N/A N/A
3
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
D
Latest Chg
13'987'593
2'525'344
16'866'612
9'274'558
3'594'333
2'242'231
1'675'222
1'602'657
(1'443'858)
5'779'775
188'418
(1'313'970)
288'938
161'883
5'377'967
(4'117'735)
35'052
12'387'795
(803'892)
2'215'390
Target Price
2'525
#N/A N/A
#N/A N/A
2'410
2'450
#N/A N/A
2'114
2'400
2'843
2'800
2'650
#N/A N/A
2'500
2'431
#N/A N/A
2'168
2'520
2'433
2'550
#N/A N/A
2'567
2'580
2'580
#N/A N/A
2'475
2'722
2'500
2'272
#N/A N/A
2'315
File Dt
25.03.2013
01.01.2013
01.01.2013
31.01.2013
01.01.2013
31.01.2013
31.12.2012
01.01.2013
31.01.2013
01.01.2013
31.12.2012
26.03.2013
01.01.2013
28.02.2013
31.01.2013
31.01.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
28.02.2013
27.02.2013
21.02.2013
15.02.2013
13.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
29.01.2013
24.01.2013
09.01.2013
04.12.2012
03.12.2012
02.10.2012
27.09.2012
18.05.2012
03.05.2012
03.10.2011
27.03.2013
GlaxoSmithKline PLC
GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company
develops, manufactures, and markets vaccines, prescription, and over-the-counter
medicines, as well as health-related consumer products. GlaxoSmithKline
provides products for infections, depression, skin conditions, asthma, heart &
circulatory disease, and cancer.
Price/Volume
45
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (19.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GSK LN EQUITY YTD Change
GSK LN EQUITY YTD % CHANGE
12/2012
12/yy
1'539.50
1'314.00
2'447'132.00
1520
-1.33%
15.60%
86.03%
4'909.5
74'623.91
18'302.00
0.0
937.0
4'265.00
89'597.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
31.12.2009
31.12.2010
28'368.0
28'392.0
2.77x
2.61x
11'117.0
6'932.0
7.08x
10.70x
5'531.0
1'634.0
12.09x
38.59x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.12.2011
27'387.0
3.07x
9'845.0
8.54x
5'261.0
14.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
26'431.0
3.04x
8'477.0
9.49x
4'565.0
14.36x
8'477.00
7'392.00
27.97%
25.32%
11.06%
65.96%
21.91%
0.64%
70.1%
32.1%
28.0%
17.3%
0.99
0.31
44.13%
315.01%
2.01
Price/ Cash Flow
12/yy
2'064.5
19.46x
881.1
10.23x
770.7
15.79x
LTM
12/yy
1'783.0
19.71x
628.1
13.49x
556.8
20.11x
FY+1
4.87
0.66
4'637.64
12.41%
15.47%
0.664
36
3.361
7'702'526
6'841'365
6'725'407
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'931.9
27'974.3
6'353.6
6'529.0
3.31x
3.15x
9'594.4
10'101.6
2'241.0
2'467.0
9.34x
8.87x
9.15x
5'555.5
5'997.1
1'263.3
1'367.5
13.22x
11.96x
13.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.02.2008
A+
STABLE
18.02.2008
A-1
10.49
9.19
1.66
2.16
315.0%
73.1%
0.64
3.02
181.79
137.13
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
01.01.2010
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
24'352.0
3.17x
9'115.0
8.47x
4'602.0
14.50x
15
0.0
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
27.03.2013
GlaxoSmithKline PLC
Holdings By:
All
Holder Name
BLACKROCK
INVESCO LTD
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
UBS
NEWTON INV MGMT
BANK OF NEW YORK MEL
VANGUARD GROUP INC
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
PERPETUAL INVESTMENT
VANGUARD GROUP INC
AXA
STATE STREET
Firm Name
AlphaValue
JPMorgan
Jefferies
EVA Dimensions
Deutsche Bank
Credit Suisse
Day by Day
Berenberg Bank
Panmure Gordon & Co Limited
Bryan Garnier & Cie
Societe Generale
Exane BNP Paribas
Barclays
Leerink Swann & Co
Helvea
Morgan Stanley
Hamburger Sparkasse
S&P Capital IQ
Nomura
Goldman Sachs
Cenkos Securities Ltd
Redburn Partners
Liberum Capital Ltd
CA Cheuvreux
Natixis
Main First Bank AG
Cyrrus
Mirabaud Securities
MP Advisors Pvt Ltd
DZ Bank AG
First Global Stockbroking
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
BRIAN WHITE
ARMELLE MOULIN
JAMES D GORDON
JEFFREY HOLFORD
TIMOTHY M ANDERSON
ANDREW S ZAMFOTIS
MARK CLARK
KERRY HOLFORD
VALERIE GASTALDY
ALISTAIR CAMPBELL
SAVVAS NEOPHYTOU
ERIC LE BERRIGAUD
STEPHEN MCGARRY
FLORENT CESPEDES
MARK PURCELL
SEAMUS FERNANDEZ
FABIAN WENNER
CHRISTOPH SCHOENDUBE
ODILE RUNDQUIST
PETER VERDULT
MARCO GUENTHER
SHO MATSUBARA
AMIT ROY
KEYUR PAREKH
NAVID MALIK
TEAM COVERAGE
NARESH CHOUHAN
MARCEL BRAND
PHILIPPE LANONE
TIMO KUERSCHNER
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
VISHAL MANCHANDA
ELMAR KRAUS
KAVITA THOMAS
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
Recommendation
buy
reduce
underweight
hold
market perform
overweight
hold
neutral
hold
buy
buy
neutral
buy
underperform
overweight
market perform
buy
hold
neutral
Equalwt/Attractive
hold
sell
neutral
neutral/neutral
buy
neutral
underweight
underperform
neutral
hold
suspended coverage
hold
buy
outperform
buy
market perform
Amt Held
271'061'000
188'613'112
153'140'293
143'097'310
137'148'963
134'440'074
115'229'583
88'648'845
85'255'473
72'136'226
71'507'300
60'081'894
55'750'486
53'010'281
52'720'290
51'503'238
51'301'508
49'644'084
44'610'398
43'934'496
% Out
5.52
3.84
3.12
2.91
2.79
2.74
2.35
1.81
1.74
1.47
1.46
1.22
1.14
1.08
1.07
1.05
1.04
1.01
0.91
0.89
Weighting
Change
5
2
1
3
3
5
3
3
3
5
5
3
5
1
5
3
5
3
3
3
3
1
3
3
5
3
1
1
3
3
#N/A N/A
3
5
5
5
3
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
U
R
Latest Chg
9'906'677
24'341'047
30'057'500
13'668'350
21'497
(2'215'605)
(1'180'943)
(1'728'888)
9'684'880
385'845
(188'352)
(9'956'056)
(5'398'021)
73'324
1'468'137
(43'379)
497'126
Target Price
#N/A N/A
1'461
1'550
1'550
1'497
#N/A N/A
1'530
1'450
#N/A N/A
1'530
1'525
1'580
1'810
1'400
1'610
#N/A N/A
1'680
1'560
1'520
1'370
#N/A N/A
1'200
1'340
1'415
1'603
#N/A N/A
1'380
1'250
1'450
1'450
#N/A N/A
1'420
1'640
#N/A N/A
1'500
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
01.01.2013
Investment Advisor
28.02.2013
Unclassified
01.01.2013
Unclassified
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
01.01.2013
Government
28.02.2013
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Unclassified
01.01.2013 Mutual Fund Manager
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
31.07.2012
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
Date
Not Provided
6 month
15 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
25.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
06.03.2013
05.03.2013
01.03.2013
26.02.2013
26.02.2013
20.02.2013
13.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
04.02.2013
28.01.2013
30.11.2012
26.11.2012
05.10.2012
11.09.2012
06.09.2012
03.08.2012
20.07.2012
05.04.2012
02.04.2012
13.01.2012
28.10.2011
23.08.2011
27.03.2013
British American Tobacco PLC

British American Tobacco PLC is the holding company for a group of companies
that manufacture, market and sell cigarettes and other tobacco products,
including cigars and roll-your-own tobacco.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (24.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BATS LN EQUITY YTD Change
BATS LN EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
3'631.00
2'986.50
584'954.00
3497
-3.76%
17.01%
79.05%
1'927.0
67'388.16
10'719.00
0.0
307.0
2'107.00
76'307.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
250
5.0 M
200
4.0 M
150
3.0 M
100
2.0 M
50
1.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
12'122.0
3.84x
3'978.0
11.69x
2'457.0
14.60x
300
31.12.2009
31.12.2010
14'208.0
14'883.0
3.52x
3.90x
5'091.0
5'881.0
9.82x
9.88x
2'713.0
2'879.0
14.72x
16.97x
Profitability
LTM-4Q
31.12.2011
15'399.0
4.56x
6'316.0
11.12x
3'095.0
19.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
15'190.0
4.73x
6'143.0
11.71x
3'841.0
15.69x
6'143.00
5'668.00
37.31%
37.18%
14.11%
49.12%
24.11%
0.56%
40.4%
37.3%
25.3%
1.13
0.52
39.22%
143.46%
7.70
-
Price/ Cash Flow
LTM
12/yy
48'077.0
6.86x
1'945.0
36.75x
632.0
126.35x
12/yy
61'093.0
6.68x
2'834.0
38.09x
(40.0)
696.86x
FY+1
3.86
0.72
1'925.34
13.50%
14.94%
0.723
28
3.964
2'338'294
2'547'987
2'499'984
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'093.4
16'803.5
4.75x
4.53x
6'653.4
7'098.9
11.47x
10.75x
4'410.9
4'743.7
15.16x
13.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
09.11.2012
ASTABLE
16.05.2003
A-2
12.16
10.85
1.40
1.74
143.5%
57.9%
0.56
4.86
47.40
-
40.00
70'000.0
35.00
60'000.0
30.00
50'000.0
25.00
40'000.0
20.00
30'000.0
15.00
20'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
0.0
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
27.03.2013
British American Tobacco PLC

Holdings By:
All
Holder Name
BLACKROCK
REINET INVESTMENTS S
LEGAL & GENERAL
INVESCO LTD
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
CREDIT SUISSE PRIVAT
ABERDEEN
MORGAN STANLEY INVES
VANGUARD GROUP INC
UBS
MORGAN STANLEY
Northern Cross Inter
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
ALLAN GRAY UNIT TRUS
NEWTON INV MGMT
Firm Name
AlphaValue
Day by Day
Deutsche Bank
Investec
Nomura
Jefferies
Goldman Sachs
Avior Research
Redburn Partners
Societe Generale
Morgan Stanley
Natixis
Exane BNP Paribas
Barclays
Credit Suisse
JPMorgan
Renaissance Capital
Berenberg Bank
S&P Capital IQ
EVA Dimensions
Afrifocus Securities
Imara
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ISABELLE COMBEMALE
VALERIE GASTALDY
JONATHAN FELL
THANE DUFF
DAVID HAYES
CHRIS WICKHAM
DIRK VAN VLAANDEREN
FULVIO CAZZOL
DAMIAN MCNEELA
RICHARD TESSENDORF
EDDY HARGREAVES
LARS LUSEBRINK
CHRISTIAN DE ROUALLE
CHAS MANSO DE ZUNIGA
MATTHEW GRAINGER
NICOLAS LANGLET
JAMES BUSHNELL
SIMON HALES
ROGERIO FUJIMORI
RAE MAILE
REY WIUM
ERIK BLOOMQUIST
CARL SHORT
AUSTIN BURKETT
TANUJA CHITRE
RICHARD CLARKE
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
REG
Recommendation
add
hold
buy
hold
buy
hold
buy
buy/attractive
buy
neutral
hold
hold
neutral
hold
Equalwt/Attractive
neutral
outperform
overweight
outperform
overweight
hold
buy
hold
overweight
hold
sell
Amt Held
132'891'526
81'313'066
70'617'321
67'664'399
62'241'180
51'036'377
44'677'384
44'654'616
37'965'898
35'672'165
26'280'778
24'636'075
24'361'035
23'128'725
22'521'571
22'218'678
21'639'256
20'358'179
17'404'651
16'928'208
% Out
6.9
4.22
3.66
3.51
3.23
2.65
2.32
2.32
1.97
1.85
1.36
1.28
1.26
1.2
1.17
1.15
1.12
1.06
0.9
0.88
Weighting
Change
4
3
5
3
5
3
5
5
5
3
3
3
3
3
3
3
5
5
5
5
3
5
3
5
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
M
N
Latest Chg
(3'000'000)
(2'766'594)
1'948'246
3'856'239
(4'619'821)
(2'144'127)
(376'548)
1'305'019
5'499'279
(427'111)
562'275
(1'102'251)
1'491'898
245'915
1'824'714
260'794
892'088
(202'468)
Target Price
3'801
#N/A N/A
3'700
3'577
4'087
3'700
4'000
4'420
3'900
3'761
3'100
3'600
#N/A N/A
3'550
3'450
3'600
3'800
3'725
3'600
4'209
3'550
3'500
3'540
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Bank
28.02.2013
Unclassified
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
21.03.2013
18.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
08.03.2013
07.03.2013
06.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
17.01.2013
18.04.2012
17.05.2011
27.03.2013

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RDSB LN EQUITY YTD Change
RDSB LN EQUITY YTD % CHANGE
12/2011
12/yy
2'374.50
2'020.00
1'592'459.00
2200
-7.37%
8.89%
56.42%
2'600.7
137'718.83
37'754.00
0.0
1'433.0
18'550.00
228'633.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
100
5.0 M
80
4.0 M
60
3.0 M
40
2.0 M
20
1.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
458'361.0
0.37x
57'301.0
2.98x
26'277.0
6.16x
120
31.12.2009
31.12.2010
278'188.0
368'056.0
0.76x
0.65x
29'079.0
41'839.0
7.28x
5.69x
12'518.0
20'127.0
14.87x
10.16x
Profitability
LTM-4Q
31.12.2011
470'171.0
0.55x
55'943.0
4.60x
30'918.0
7.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
467'153.0
0.51x
52'114.0
4.58x
26'592.0
8.12x
52'114.00
37'499.00
8.03%
10.76%
7.54%
14.86%
12.75%
1.32%
15.2%
11.2%
8.0%
5.7%
1.18
0.61
10.48%
20.03%
10.56
13.25
Price/ Cash Flow
LTM
FY+1
5.18
1.01
2'599.25
3.25%
2.46%
1.006
19
3.105
4'486'656
4'445'420
3'719'687
FY+2
FQ+1
FQ+2
12/yy
15'582.0
12.25x
5'372.0
9.66x
3'683.0
13.02x
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'265.0 458'011.3 465'699.7 110'420.5 113'829.0
14.29x
0.51x
0.50x
2.04x
1.98x
6'665.0
61'207.0
62'495.8
10'357.0
10'835.0
10.15x
3.74x
3.66x
5.12x
5.03x
4'345.0
26'655.6
27'485.2
6'859.0
7'011.0
14.46x
7.92x
7.81x
7.82x
7.80x
S&P Issuer Ratings
03.09.2009
Long-Term Rating
AA
Long-Term Outlook
STABLE
06.03.1990
Short-Term Rating
A-1+
Credit Ratios
22.42
8.41
Net Debt/EBITDA
0.37
Total Debt/EBITDA
0.72
Reference
Total Debt/Equity
20.0%
Total Debt/Capital
16.6%
Asset Turnover
1.32
2.88
34.68
Inventory Days
27.61
40.16
22.13
14.00
20'000.0
18'000.0
12.00
16'000.0
10.00
14'000.0
12'000.0
8.00
10'000.0
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
0.00
01.01.2010
2'000.0
0.0
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
27.03.2013

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
CREDIT SUISSE PRIVAT
VANGUARD GROUP INC
QATAR INVESTMENT AUT
PEOPLES REPUBLIC OF
UBS
FRANKLIN RESOURCES
VANGUARD GROUP INC
AXA
ABERDEEN
FMR LLC
BREWIN DOLPHIN LIMIT
JP MORGAN
STATE STREET
THREADNEEDLE ASSET M
Firm Name
Grupo Santander
Goldman Sachs
Exane BNP Paribas
JPMorgan
Liberum Capital Ltd
VTB Capital
Societe Generale
Morgan Stanley
Nomura
RBC Capital Markets
HSBC
Natixis
Barclays
EVA Dimensions
VSA Capital Ltd
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
OSWALD CLINT
JASON KENNEY
MICHELE DELLA VIGNA
FREDERICK G LUCAS
ANDREW WHITTOCK
COLIN SMITH
IRENE HIMONA
MARTIJN P RATS
THEEPAN JOTHILINGAM
GORDON GRAY
PETER HUTTON
PAUL SPEDDING
ANNE PUMIR
RAHIM KARIM
CRAIG STERLING
DOUGIE YOUNGSON
LUCAS HERRMANN
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
market perform
underweight
Sell/Cautious
underperform
underweight
hold
hold
buy
Overwt/In-Line
buy
buy
sector perform
neutral
buy
equalweight
buy
not rated
hold
Amt Held
176'509'095
92'965'731
91'962'723
84'449'282
74'947'205
49'588'750
48'224'986
44'703'170
39'898'819
37'871'476
35'090'143
34'738'840
33'594'566
33'060'303
31'402'252
28'774'373
27'392'377
25'480'564
23'787'695
21'990'967
% Out
6.79
3.57
3.54
3.25
2.88
1.91
1.85
1.72
1.53
1.46
1.35
1.34
1.29
1.27
1.21
1.11
1.05
0.98
0.91
0.85
Weighting
Change
3
1
1
1
1
3
3
5
5
5
5
3
3
5
3
5
#N/A N/A
3
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(2'451'432)
10'540'709
(526'247)
(2'440'260)
1'120'225
1'669'724
3'975'234
932'195
(3'039'278)
1'176'245
(185'589)
(2'304'800)
(766'521)
(1'060'121)
(626'439)
4'342'844
2'600'938
1'154'509
Target Price
2'410
2'409
2'280
2'350
2'400
2'310
2'500
2'700
2'500
2'500
2'650
2'580
2'450
2'600
2'550
#N/A N/A
#N/A N/A
2'475
File Dt
25.03.2013
01.01.2013
08.03.2013
01.01.2013
01.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
31.01.2013
28.02.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
31.01.2013
01.01.2013
31.01.2013
26.03.2013
01.01.2013
Date
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Bank
Investment Advisor
Investment Advisor
Government
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
22.03.2013
20.03.2013
20.03.2013
18.03.2013
15.03.2013
14.03.2013
01.03.2013
27.02.2013
27.02.2013
27.02.2013
21.02.2013
19.02.2013
01.02.2013
01.02.2013
01.02.2013
17.01.2013
04.12.2012
03.12.2012
27.03.2013
Diageo PLC
Diageo plc produces, distills and markets alcoholic beverages. The Company
offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,
gins, and beer.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DGE LN EQUITY YTD Change
DGE LN EQUITY YTD % CHANGE
06/2012
02/yy
2'054.00
1'475.00
834'210.00
2013
-2.14%
36.27%
94.99%
2'509.4
50'514.86
8'629.00
0.0
1'223.0
1'076.00
59'369.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
8'090.0
3.78x
2'516.0
12.17x
1'521.0
15.85x
50
45
40
35
30
25
20
15
10
5
0
m-12
30.06.2009
30.06.2010
9'311.0
9'780.0
3.27x
3.57x
2'777.0
2'984.0
10.96x
11.70x
1'605.0
1'629.0
13.51x
15.99x
Profitability
30.06.2011
9'936.0
3.98x
3'232.0
12.24x
1'900.0
16.71x
30.06.2012
10'762.0
4.68x
3'826.0
13.16x
1'942.0
21.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
3'826.00
3'415.00
31.73%
29.00%
11.04%
44.10%
19.93%
0.48%
60.4%
36.5%
32.8%
18.0%
1.52
0.59
38.61%
154.42%
3.84
1.09
Price/ Cash Flow
LTM-4Q
LTM
02/yy
02/yy
-
FY+1
-
2.24
0.71
2'506.64
34.54%
13.53%
0.707
35
4.286
4'597'891
3'961'409
3'834'203
FY+2
06/13 Y
06/14 Y
11'472.6
12'267.9
5.15x
4.73x
3'926.4
4'252.3
15.12x
13.96x
2'578.3
2'854.1
19.54x
17.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
01.09.2005
ASTABLE
01.09.2005
A-2
5.94
5.19
1.92
2.11
154.4%
55.9%
0.48
3.74
95.26
334.29
294.76
20.00
3'500.0
18.00
3'000.0
16.00
14.00
2'500.0
12.00
2'000.0
10.00
1'500.0
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
06.11.2009
0.0
06.05.2010
06.11.2010
06.05.2011
06.11.2011
06.05.2012
06.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Diageo PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
Cascade Investment C
STATE STREET
FRANKLIN RESOURCES
DIAGEO PLC ESOP
AXA
CI INVESTMENTS INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst

TREVOR STIRLING
Nomura
IAN SHACKLETON
Stifel
MARK D SWARTZBERG
AlphaValue
ISABELLE COMBEMALE
Jefferies
DIRK VAN VLAANDEREN
PHIL CARROLL
CHRIS WICKHAM
RBC Capital Markets
JAMES EDWARDES JONES
JPMorgan
MATTHEW WEBB
Barclays
SIMON HALES
Credit Suisse
CHARLES MILLS
Raymond James
HERMINE DE BENTZMANN
EDDY HARGREAVES
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Investec
MARTIN DEBOO
Societe Generale
NICOLAS CERON
LAETITIA DELAYE
Natixis
OLIVIER DELAHOUSSE
Redburn Partners
CHRIS PITCHER
LARS LUSEBRINK
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Grupo Santander
ANTHONY J BUCALO
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
MITCHELL COLLETT
Deutsche Bank
JAMES ISENWATER
Berenberg Bank
PHILIP MORRISEY
ALEX SMITH
HSBC
ERWAN RAMBOURG
Davy
BARRY GALLAGHER
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
Recommendation
market perform
buy
buy
reduce
buy
buy
buy
sector perform
neutral
overweight
outperform
outperform
hold
buy
neutral
hold
hold
buy
buy
buy
hold
buy
buy
buy
outperform
buy
hold
buy/attractive
buy
buy
buy
neutral
outperform
Amt Held
170'818'263
166'780'393
103'629'142
93'430'267
72'210'629
60'345'332
53'076'191
36'365'999
32'768'036
31'592'406
31'254'191
26'868'931
26'133'318
25'516'958
23'796'416
20'723'095
20'432'541
19'857'996
19'645'452
19'387'391
% Out
6.81
6.65
4.13
3.72
2.88
2.4
2.12
1.45
1.31
1.26
1.25
1.07
1.04
1.02
0.95
0.83
0.81
0.79
0.78
0.77
Weighting
Change
3
5
5
2
5
5
5
3
3
5
5
5
3
5
3
3
3
5
5
5
3
5
5
5
5
5
3
5
5
5
5
3
5
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
32'500
19'483'465
(2'633'373)
116'442
(3'259'491)
21'978'145
751'700
1'138'390
490'603
162'750
7'155'385
1'303'879
(6'773'960)
1'347'040
(262'901)
443'832
(847'762)
2'364'575
(655'760)
Target Price
2'100
2'040
2'400
1'912
1'915
#N/A N/A
2'100
2'100
1'915
2'150
2'350
2'060
1'670
2'460
1'980
1'970
1'900
2'100
2'100
#N/A N/A
1'900
1'900
2'100
2'300
1'850
2'100
#N/A N/A
2'220
2'000
1'760
1'860
1'800
#N/A N/A
File Dt
31.12.2012
25.03.2013
31.01.2013
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.01.2013
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.12.2012
03.12.2012
26.03.2013
31.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
Date
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
19.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
07.03.2013
05.03.2013
28.02.2013
22.02.2013
15.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
25.01.2013
21.01.2013
18.01.2013
17.01.2013
09.01.2013
10.11.2012
29.10.2012
02.10.2012
08.08.2012
25.08.2011
27.03.2013
BHP Billiton PLC

BHP Billiton Plc is an international resources company. The Company's principal
business lines are mineral exploration and production, including coal, iron ore,
gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum
exploration and production. Dually-listed company with BHP AU.
Price/Volume
800
14.0 M
700
12.0 M
600
10.0 M
500
Latest Fiscal Year:

LTM as of:
52-Week High (19.02.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BLT LN EQUITY YTD Change
BLT LN EQUITY YTD % CHANGE
06/2012
12/yy
2'251.50
1'650.50
2'237'435.00
1937.5
-13.99%
17.33%
47.92%
2'111.3
114'549.54
28'330.00
0.0
1'215.0
5'063.00
204'468.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
300
200
4.0 M
100
2.0 M
0
m-12
30.06.2009
30.06.2010
50'211.0
52'798.0
2.97x
2.83x
21'761.0
24'590.0
6.86x
6.07x
5'877.0
12'722.0
21.26x
11.48x
Profitability
30.06.2011
71'739.0
3.00x
38'093.0
5.65x
23'648.0
9.18x
30.06.2012
72'226.0
2.42x
33'866.0
5.15x
15'417.0
9.78x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
33'866.00
27'458.00
38.02%
31.87%
7.60%
14.89%
10.90%
0.52%
42.3%
32.2%
21.3%
0.93
0.44
21.91%
43.01%
8.49
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
3.90
1.41
2'012.24
4.44%
-7.40%
1.408
32
3.656
7'247'555
6'583'069
5'560'194
FY+2
06/13 Y
06/14 Y
68'085.9
74'998.4
2.98x
2.68x
29'120.2
34'351.7
7.02x
5.95x
13'271.3
16'822.1
11.43x
9.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.11.2010
A+
STABLE
06.02.2008
A-1
26.69
10.27
1.07
1.25
43.0%
29.7%
0.52
0.72
43.13
-
20.00
180'000.0
18.00
160'000.0
16.00
140'000.0
14.00
120'000.0
12.00
100'000.0
10.00
80'000.0
8.00
60'000.0
6.00
40'000.0
4.00
20'000.0
2.00
0.00
02.10.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
59'473.0
3.90x
28'137.0
8.24x
15'390.0
13.88x
8.0 M
400
Valuation Analysis
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BHP Billiton PLC

Holdings By:
All
Holder Name
BLACKROCK
GEPF EQUITY
LEGAL & GENERAL
NORGES BANK
ABERDEEN
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
INDUSTRIAL DEVELOPME
PEOPLES REPUBLIC OF
BAILLIE GIFFORD AND
VANGUARD GROUP INC
SCHRODER INVESTMENT
STATE STREET
ALECTA INVESTMENT MA
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Exane BNP Paribas

SYLVAIN BRUNET
AlphaValue
SACHIN KUMAR
Jefferies
Christopher LaFemina
Goldman Sachs
MICHELE DELLA VIGNA
NICK MELLOR
Day by Day
VALERIE GASTALDY
Credit Suisse
PAUL MCTAGGART
JPMorgan
FRASER JAMIESON
PAUL GAIT
RBC Capital Markets
DES KILALEA
Macquarie
JEFFREY LARGEY
Macquarie
KIERAN DALY
Nomura
SAM CATALANO
Morgan Stanley
MENNO SANDERSE
SBG Securities
PETER DAVEY
PETER MALLIN-JONES
Barclays
DAVID BUTLER
Societe Generale
ABHISHEK SHUKLA
SVEN DIERMEIER
Natixis
RAOUDHA BOUZEKRI
Avior Research
CLINTON DUNCAN
BMO Capital Markets
TONY ROBSON
S&P Capital IQ
JOHNSON IMODE
HSBC
ANDREW KEEN
Deutsche Bank
GRANT SPORRE
EVA Dimensions
CRAIG STERLING
Investec
ALBERT MINASSIAN
Redburn Partners
SIMON TOYNE
Liberum Capital Ltd
RICHARD KNIGHTS
Standard Chartered
SUBRAMANIAM VARADA
Source
ULT-AGG
20F
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
20F
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
MF-AGG
Recommendation
neutral
reduce
buy
neutral/neutral
sell
hold
neutral
neutral
outperform
outperform
neutral
neutral
buy
Overwt/In-Line
buy
hold
overweight
sell
hold
buy
outperform
outperform
hold
neutral
buy
overweight
hold
neutral
buy
in-line
Amt Held
168'784'326
87'131'000
85'921'147
63'635'068
61'007'128
49'811'488
38'877'200
37'588'249
35'795'273
33'804'582
29'045'618
24'697'602
23'459'843
22'369'418
21'902'436
20'415'622
19'780'635
19'545'000
19'266'422
18'688'842
% Out
7.99
4.13
4.07
3.01
2.89
2.36
1.84
1.78
1.7
1.6
1.38
1.17
1.11
1.06
1.04
0.97
0.94
0.93
0.91
0.89
Weighting
Change
3
2
5
3
1
3
3
3
5
5
3
3
5
5
5
3
5
1
3
5
5
5
3
3
5
5
3
3
5
3
M
M
M
D
N
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
2'333'522
387'315
3'056'099
5'468'533
1'513'376
8'992'566
(1'247'628)
(1'256'810)
819'531
1'376'028
(1'063'116)
(920'460)
85'032
(4'850'000)
529'365
-
Target Price
2'000
1'894
2'550
2'200
1'703
#N/A N/A
2'400
2'300
2'450
2'300
2'175
2'146
2'400
2'310
2'500
2'155
2'300
1'585
2'300
2'400
3'042
2'500
2'200
2'250
2'380
#N/A N/A
2'306
#N/A N/A
#N/A N/A
2'000
File Dt
25.03.2013
24.08.2012
28.02.2013
05.02.2013
28.02.2013
30.11.2012
31.01.2013
31.12.2012
31.12.2012
24.08.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
26.03.2013
01.11.2012
01.11.2012
01.11.2012
31.12.2012
Date
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
n/a
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Date
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
15.03.2013
15.03.2013
15.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
28.02.2013
28.02.2013
26.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
07.02.2013
30.01.2013
17.01.2013
20.12.2012
06.12.2012
20.09.2012
08.09.2012
27.03.2013
AstraZeneca PLC
AstraZeneca PLC is a holding company. The Company, through its subsidiaries,
researches, manufactures, and sells pharmaceutical and medical products.
AstraZeneca focuses its operations on eight therapeutic areas:
Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous
System, Pain Control, Anaesthesia, and Infection.
Price/Volume
12.0 M
12
10.0 M
8.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (25.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AZN LN EQUITY YTD Change
AZN LN EQUITY YTD % CHANGE
12/2012
01/yy
3'273.00
2'578.50
801'460.00
3239
-0.96%
25.71%
97.62%
1'248.2
40'427.78
10'310.00
0.0
215.0
8'524.00
63'061.09
6.0 M
6
4
4.0 M
2.0 M
0
m-12
31.12.2009
31.12.2010
32'804.0
33'269.0
2.02x
1.84x
13'235.0
14'170.0
5.00x
4.31x
7'521.0
8'053.0
9.05x
8.14x
Profitability
31.12.2011
33'591.0
1.71x
13'276.0
4.32x
9'983.0
6.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
27'973.0
2.18x
10'658.0
5.72x
6'297.0
9.46x
10'658.00
8'140.00
29.10%
27.59%
11.84%
26.81%
21.21%
0.53%
80.7%
41.5%
32.5%
22.5%
1.35
1.02
19.26%
43.43%
4.54
2.76
Price/ Cash Flow
j-12
LTM-4Q
LTM
01/yy
10'020.0
5.78x
2'170.0
7.25x
1'538.0
10.92x
01/yy
8'103.0
7.01x
1'285.0
12.13x
26.0
20.69x
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
5.72
0.75
1'246.05
21.53%
16.02%
0.752
37
2.703
3'766'305
2'535'952
2'340'425
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
26'350.5
25'603.1
6'532.8
6'360.8
2.36x
2.38x
9'855.8
9'574.7
2'372.5
2'303.0
6.40x
6.59x
6.51x
6'692.7
6'369.7
1'668.0
1'607.0
8.98x
9.32x
8.37x
8.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.07.2007
AASTABLE
27.07.2007
A-1+
11.13
10.42
0.15
0.89
43.4%
30.1%
0.53
4.47
80.64
132.78
150.40
63.02
60.00
12'000.0
50.00
10'000.0
40.00
8'000.0
30.00
6'000.0
20.00
4'000.0
10.00
2'000.0
0.00
30.10.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
14
10
Valuation Analysis
31.12.2008
31'601.0
2.11x
11'657.0
5.72x
6'101.0
9.74x
16
0.0
30.04.2010
30.10.2010
30.04.2011
30.10.2011
30.04.2012
30.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
AstraZeneca PLC
Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
AXA
INVESTOR AB
LEGAL & GENERAL
SCOTTISH WIDOWS
VANGUARD GROUP INC
SCHRODER INVESTMENT
UBS
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
STATE STREET
GMO LLC
ALLIANCE BERNSTEIN
Firm Name
Morgan Stanley
Nordea Equity Research
Bryan Garnier & Cie
Redburn Partners
Exane BNP Paribas
Barclays
Societe Generale
Deutsche Bank
ABG Sundal Collier
Credit Suisse
Jefferies
Carnegie
Natixis
Danske Markets
S&P Capital IQ
AlphaValue
Helvea
JPMorgan
Swedbank
Nomura
Day by Day
Berenberg Bank
Pareto Securities
SEB Enskilda
Goldman Sachs
EVA Dimensions
Liberum Capital Ltd
Main First Bank AG
Mirabaud Securities
DZ Bank AG
MP Advisors Pvt Ltd
Edward Jones
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
PETER VERDULT
BRIAN WHITE
ERIK HULTGARD
ERIC LE BERRIGAUD
TEAM COVERAGE
NICOLAS GUYON-GELLIN
MARK PURCELL
STEPHEN MCGARRY
MARK CLARK
PETER HUGREFFE
LUISA HECTOR
JEFFREY HOLFORD
TIMOTHY M ANDERSON
KRISTOFER LILJEBERG
FABIAN WENNER
BEATRICE MUZARD
SAVVAS NEOPHYTOU
MATTIAS HAGGBLOM
SHO MATSUBARA
ARMELLE MOULIN
ODILE RUNDQUIST
ALEXANDRA M HAUBER-SCHUELE
JOHAN UNNERUS
AMIT ROY
VALERIE GASTALDY
ALISTAIR CAMPBELL
TIMO KUERSCHNER
YILMAZ MAHSHID
LARS HEVRENG
KEYUR PAREKH
ANDREW S ZAMFOTIS
NARESH CHOUHAN
TIM FRANKLIN
NICHOLAS TURNER
ELMAR KRAUS
BHAVITA NAGRANI
LINDA BANNISTER
Source
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
Recommendation
Equalwt/Attractive
buy
sell
buy
neutral
neutral
equalweight
sell
hold
sell
underperform
hold
market perform
hold
hold
hold
neutral
hold
hold
sell
add
neutral
underweight
sell
reduce
buy
hold
sell
sell
hold
neutral/neutral
buy
neutral
suspended coverage
reduce
buy
underperform
sell
Amt Held
92'577'683
81'345'820
68'601'379
51'587'810
51'010'537
42'533'598
28'877'534
27'002'295
25'266'060
18'084'946
16'999'885
16'945'000
14'071'861
13'747'211
13'473'072
13'153'411
12'362'004
12'158'200
11'452'982
10'705'870
% Out
7.42
6.52
5.5
4.13
4.09
3.41
2.31
2.16
2.02
1.45
1.36
1.36
1.13
1.1
1.08
1.05
0.99
0.97
0.92
0.86
Weighting
Change
3
5
1
5
3
3
3
1
3
1
1
3
3
3
3
3
3
3
3
1
4
3
1
1
2
5
3
1
1
3
3
5
3
#N/A N/A
2
5
1
1
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
U
M
M
M
Latest Chg
4'654'729
(19'539'361)
(213'062)
(419'253)
4'057'409
103'265
482'103
29'422
(791'342)
3'892'025
7'945'000
256'131
1'293'245
476'641
36'670
560'902
(505'782)
(828'120)
(714'599)
Target Price
3'310
#N/A N/A
3'037
3'540
#N/A N/A
3'300
3'300
2'675
3'100
2'562
3'050
3'000
3'298
3'200
#N/A N/A
2'700
3'383
3'200
3'000
2'700
3'311
2'850
2'750
2'666
2'600
3'181
3'050
2'900
2'843
2'924
3'375
#N/A N/A
3'000
#N/A N/A
2'700
3'700
2'509
#N/A N/A
File Dt
01.02.2013
25.03.2013
01.02.2013
01.02.2013
28.02.2013
01.02.2013
01.02.2013
31.12.2012
31.07.2012
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013
Date
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
15 month
12 month
12 month
3 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
15.03.2013
08.03.2013
18.02.2013
14.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
28.01.2013
17.01.2013
05.10.2012
20.07.2012
02.04.2012
02.02.2012
07.01.2010
20.11.2008
27.03.2013
Rio Tinto PLC

Rio Tinto PLC is an international mining company. The Company has interests in
mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,
uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.
Dually-listed company with RIO AU.
Price/Volume
45
12.0 M
40
10.0 M
35
30
8.0 M
25
12/2012
01/yy
3'838.00
2'649.50
1'787'473.00
3109.5
-18.97%
17.38%
36.68%
1'411.9
61'311.12
26'819.00
0.0
11'156.0
7'615.00
122'961.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
4.0 M
10
2.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
54'264.0
1.53x
18'964.0
4.38x
3'676.0
6.19x
6.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIO LN EQUITY YTD Change
RIO LN EQUITY YTD % CHANGE
31.12.2009
31.12.2010
41'825.0
55'171.0
5.29x
2.71x
10'920.0
22'752.0
20.24x
6.57x
4'872.0
14'238.0
18.14x
9.63x
Profitability
LTM-4Q
31.12.2011
60'537.0
1.80x
26'657.0
4.09x
5'826.0
16.07x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
50'967.0
2.67x
15'902.0
8.55x
(2'990.0)
15'902.00
11'461.00
22.49%
-5.04%
-2.52%
-6.02%
5.92%
0.43%
31.2%
22.5%
-5.9%
1.46
0.94
22.81%
57.23%
11.32
-
Price/ Cash Flow
01/yy
2'215.6
12.65x
469.8
13.90x
285.3
30.00x
LTM
01/yy
2'312.2
11.17x
477.6
14.81x
247.4
34.11x
FY+1
3.55
1.51
1'227.54
-5.09%
-9.85%
1.511
31
4.194
4'419'271
4'934'848
4'259'484
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
58'416.0
62'104.9
2.10x
1.94x
21'990.1
24'140.2
5.59x
5.09x
10'986.9
12'212.8
7.86x
6.91x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.04.2011
ANEG
08.07.2009
A-2
22.98
-2.25
1.21
1.69
57.2%
31.6%
0.43
0.73
32.07
-
35.00
2'500.0
30.00
2'000.0
25.00
1'500.0
20.00
15.00
1'000.0
10.00
500.0
5.00
0.00
05.02.2010
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Rio Tinto PLC

Holdings By:
All
Holder Name
SHINING PROSPECT PTE
BLACKROCK
AXA
LEGAL & GENERAL
SCOTTISH WIDOWS
ABERDEEN
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
AVIVA INVESTORS
VANGUARD GROUP INC
JP MORGAN
SCHRODER INVESTMENT
FMR LLC
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
Morgan Stanley
MENNO SANDERSE
Credit Suisse
PAUL MCTAGGART
SVEN DIERMEIER
EVA Dimensions
CRAIG STERLING
Jefferies
AlphaValue
SACHIN KUMAR
PAUL GAIT
Goldman Sachs
MICHELE DELLA VIGNA
JPMorgan
FRASER JAMIESON
SBG Securities
PETER DAVEY
Macquarie
JEFFREY LARGEY
RBC Capital Markets
DES KILALEA
NICK MELLOR
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
LUC PEZ
BMO Capital Markets
TONY ROBSON
Societe Generale
ABHISHEK SHUKLA
Deutsche Bank
ROBERT CLIFFORD
Natixis
RAOUDHA BOUZEKRI
PETER MALLIN-JONES
Nomura
SAM CATALANO
S&P Capital IQ
JOHNSON IMODE
HSBC
ANDREW KEEN
Redburn Partners
SIMON TOYNE
Barclays
DAVID BUTLER
Liberum Capital Ltd
RICHARD KNIGHTS
Standard Chartered
SUBRAMANIAM VARADA
Axiom Capital
GORDON L JOHNSON
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
Recommendation
Equalwt/In-Line
outperform
hold
hold
buy
add
outperform
Sell/Neutral
overweight
buy
neutral
outperform
sell
hold
outperform
outperform
buy
buy
neutral
buy
buy
strong buy
overweight
buy
overweight
buy
outperform
sell
Amt Held
182'550'329
128'626'019
59'271'193
53'306'336
41'031'494
32'751'832
29'783'762
28'183'471
27'888'087
22'584'269
20'784'742
20'134'091
15'566'865
14'972'836
14'066'647
13'772'088
13'345'435
13'197'558
13'004'093
10'894'531
% Out
12.93
9.11
4.2
3.78
2.91
2.32
2.11
2
1.98
1.6
1.47
1.43
1.1
1.06
1
0.98
0.95
0.93
0.92
0.77
Weighting
Change
3
5
3
3
5
4
5
1
5
5
3
5
1
3
5
5
5
5
3
5
5
5
5
5
5
5
5
1
M
M
D
D
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
N
Latest Chg
605'414
(30'895)
10'311'357
275'493
5'058'654
(363'260)
2'505'810
864'625
(1'535'852)
777'762
559'905
(18'708)
509'965
812'987
(667'279)
3'648'560
49'517
Target Price
3'870
4'000
3'400
#N/A N/A
4'100
3'796
4'575
2'800
4'400
4'300
4'050
4'300
2'910
#N/A N/A
4'700
4'500
3'900
4'720
3'500
4'200
3'700
4'200
4'180
#N/A N/A
4'000
#N/A N/A
3'430
2'059
File Dt
03.12.2012
25.03.2013
03.12.2012
28.02.2013
19.02.2013
03.12.2012
28.02.2013
31.01.2013
31.01.2013
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.01.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
15.03.2013
11.03.2013
08.03.2013
04.03.2013
04.03.2013
04.03.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
07.02.2013
21.01.2013
14.01.2013
30.11.2012
22.11.2012
30.07.2012
27.03.2013
BG Group PLC
BG Group plc specializes in the exploration, production, transmission and
distribution of gas, oil and liquefied natural gas. The Group also develops,
owns and operates gas-fired power generation plants.
Price/Volume
70
3.0 M
60
2.5 M
50
2.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (19.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BG/ LN EQUITY YTD Change
BG/ LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
23'270.8
2.83x
11'459.5
5.75x
5'790.9
10.25x
1.5 M
30
12/2012
12/yy
1'529.50
991.00
1'915'151.00
1119.5
-26.81%
12.97%
27.67%
3'402.5
38'091.15
15'507.00
0.0
57.0
4'434.00
68'660.96
31.12.2009
31.12.2010
15'992.8
17'166.0
4.28x
4.68x
8'440.4
8'672.0
8.10x
9.27x
3'394.9
3'351.0
17.40x
20.19x
Profitability
LTM-4Q
31.12.2011
21'073.0
4.20x
10'026.0
8.83x
4'234.0
17.08x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
18'933.0
3.54x
10'198.0
6.58x
4'519.0
16.87x
10'198.00
7'605.00
40.17%
33.62%
7.14%
14.48%
10.24%
0.34%
48.7%
36.8%
23.9%
1.49
0.54
23.77%
46.94%
3.28
-
Price/ Cash Flow
LTM
12/yy
10'326.0
9.20x
2'245.0
11.14x
1'343.3
20.61x
12/yy
10'945.0
9.49x
2'375.4
10.99x
1'407.0
20.41x
FY+1
1.55
1.21
3'260.90
-23.19%
10.57%
1.212
31
4.097
5'299'171
4'937'506
5'871'065
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
20'138.5
22'918.5
5'177.0
5'244.5
3.48x
3.21x
13.30x
12.93x
10'801.0
12'887.3
2'755.0
2'722.0
6.36x
5.33x
6.18x
5.94x
4'404.7
5'280.2
1'194.5
1'174.5
12.85x
10.83x
12.21x
11.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.20
0.33
1.05
1.47
46.9%
31.9%
0.34
0.53
111.74
-
25.00
12'000.0
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
0.00
03.07.2009
2'000.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BG Group PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
VANGUARD GROUP INC
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
SCHRODER INVESTMENT
STATE FARM MUTUAL AU
AXA
UBS
Firm Name
Raymond James
Jefferies
AlphaValue
Grupo Santander
Goldman Sachs
Exane BNP Paribas
JPMorgan
Societe Generale
RBC Capital Markets
HSBC
Liberum Capital Ltd
Credit Suisse
Equita SIM SpA
Macquarie
Nomura
S&P Capital IQ
Barclays
Morgan Stanley
Investec
EVA Dimensions
Day by Day
Deutsche Bank
CA Cheuvreux
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
BERTRAND HODEE
BRENDAN MICHAEL WARN
ALEXANDRE ANDLAUER
JASON KENNEY
MICHELE DELLA VIGNA
OSWALD CLINT
RICHARD GRIFFITH
FREDERICK G LUCAS
IRENE HIMONA
GORDON GRAY
JEFFREY A DIETERT
PETER HUTTON
PAUL SPEDDING
ANDREW WHITTOCK
THOMAS YOICHI ADOLFF
SVEN DIERMEIER
MASSIMO BONISOLI
JASON D GAMMEL
THEEPAN JOTHILINGAM
CHRISTINE TISCARENO
RAHIM KARIM
MARTIJN P RATS
STUART JOYNER
CRAIG STERLING
VALERIE GASTALDY
LUCAS HERRMANN
ANISH KAPADIA
JEAN-CHARLES LACOSTE
GERARD LANE
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
REG
REG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
buy
sell
buy
Buy/Cautious
outperform
buy
outperform
overweight
hold
buy
overweight
outperform
overweight
hold
neutral
hold
buy
neutral
buy
buy
overweight
Equalwt/In-Line
sell
overweight
hold
hold
hold
suspended coverage
not rated
Amt Held
253'990'367
152'363'377
120'599'210
102'081'949
94'465'521
92'621'382
64'366'135
57'396'054
48'293'192
45'954'406
42'153'440
41'754'612
40'100'800
40'085'000
39'857'836
39'552'694
38'280'582
34'797'279
33'967'551
33'600'933
% Out
7.46
4.48
3.54
3
2.78
2.72
1.89
1.69
1.42
1.35
1.24
1.23
1.18
1.18
1.17
1.16
1.13
1.02
1
0.99
Weighting
Change
5
5
1
5
5
5
5
5
5
3
5
5
5
5
3
3
3
5
3
5
5
5
3
1
5
3
3
3
#N/A N/A
#N/A N/A
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
D
M
M
M
Latest Chg
14'804'992
1'010'042
(4'289'039)
(22'980'265)
11'446'507
5'290'403
4'003'911
3'496'882
5'128'695
1'265'240
1'734'497
14'104'546
1'113'800
13'734'613
22'192'928
1'790'949
(9'463'064)
4'544'498
1'321'095
Target Price
1'400
1'700
942
1'395
1'600
1'890
#N/A N/A
1'470
1'600
1'200
1'300
#N/A N/A
1'360
1'815
1'268
1'150
1'200
1'415
1'300
1'500
1'400
1'420
1'110
1'000
#N/A N/A
#N/A N/A
1'350
1'500
#N/A N/A
#N/A N/A
File Dt
25.03.2013
01.01.2013
01.01.2013
31.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
31.01.2013
31.01.2013
31.01.2013
Date
Not Provided
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Investment Advisor
Unclassified
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
26.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
18.03.2013
07.03.2013
25.02.2013
21.02.2013
21.02.2013
19.02.2013
18.02.2013
15.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
15.01.2013
05.11.2012
02.11.2012
01.11.2012
20.09.2012
05.03.2012
27.03.2013
Barclays PLC
Barclays PLC is a global financial services provider engaged in retail banking,
credit cards, wholesale banking, investment banking, wealth management and
investment management services.
Price/Volume
45
3.5 M
40
3.0 M
35
2.5 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BARC LN EQUITY YTD Change
BARC LN EQUITY YTD % CHANGE
12/2012
02/yy
330.05
148.20
28'111'340.00
287.8
-13.07%
93.59%
76.44%
12'860.7
37'012.98
437'951.00
0.0
9'371.0
128'120.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
20
1.5 M
15
.5 M
5
0
m-12
.0 M
a-12
LTM-4Q
31.12.2009
31.12.2010
41'789.0
40'058.0
9'393.0
3'564.0
11.49x
8.60x
Profitability
31.12.2011
38'428.0
3'007.0
7.02x
31.12.2012
38'837.0
(1'041.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
22.09%
0.79%
-0.07%
-1.91%
-0.05%
0.02%
-3.3%
29.39%
817.29%
-
Price/ Cash Flow
01/yy
2'349.0
12.82x
732.0
10.20x
558.0
15.17x
m-12
j-12
j-12
a-12
LTM
02/yy
2'377.0
12.79x
740.0
10.51x
563.0
15.83x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
2.27
1.87
11'270.39
17.07%
10.53%
1.874
33
4.091
54'646'920
52'266'530
48'537'040
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
29'393.8
30'155.3
-6.81x
-7.31x
4'621.6
5'542.0
7.82x
6.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2011
A
NEG
19.12.2008
A-1
817.3%
87.4%
0.02
5.30
-
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
06.11.2009
1.0 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
37'159.0
4'382.0
3.00x
25
0.0
06.05.2010
06.11.2010
06.05.2011
06.11.2011
06.05.2012
06.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Barclays PLC
Holdings By:
All
Holder Name
QATAR HOLDINGS LLC
AL NAHYAN MANSOUR BI
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
UPPER CHANCE GROUP L
DODGE & COX
DODGE & COX
UBS
BARCLAYS PERSONAL IN
SUMITOMO MITSUI FINA
VANGUARD GROUP INC
FRANKLIN RESOURCES
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
ORBIS INVESTMENT MAN
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Mediobanca SpA
Morgan Stanley
CHRISTOPHER MANNERS
Investec
IAN GORDON
AlphaValue
DAVID GRINSZTAJN
EVA Dimensions
AUSTIN BURKETT
Macquarie
EDWARD FIRTH
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
VIVEK RAJA
Grupo Santander
ARTURO DE FRIAS
MICHAEL J TRIPPITT
JPMorgan
RAUL SINHA
RBC Capital Markets
FIONA SWAFFIELD
Baden Hill LLP
JAMIE MOYES
MARK J PHIN
Societe Generale
JAMES INVINE
HSBC
PETER TOEMAN
SHAILESH RAIKUNDLIA
CHIRANTAN BARUA
Goldman Sachs
FREDERIK THOMASEN
Redburn Partners
FAHED KUNWAR
GARY GREENWOOD
Deutsche Bank
JASON NAPIER
Credit Suisse
CARLA ANTUNES-SILVA
S&P Capital IQ
FRANK BRADEN
STEFAN BONGARDT
GARETH HUNT
Berenberg Bank
JAMES CHAPPELL
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
CORMAC LEECH
Source
REG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
Recommendation
outperform
Overwt/In-Line
buy
add
hold
neutral
reduce
outperform
buy
buy
buy
overweight
outperform
sell
outperform
buy
overweight
buy
outperform
neutral/neutral
buy
hold
buy
neutral
buy
buy
hold
sell
hold
hold
Amt Held
813'964'552
758'437'618
690'750'564
492'619'694
446'002'615
407'194'329
304'001'751
293'887'216
248'872'808
248'069'617
247'149'298
235'301'396
214'395'988
210'027'061
194'608'412
150'580'109
149'488'179
146'704'193
129'472'703
127'348'130
% Out
6.33
5.9
5.37
3.83
3.47
3.17
2.36
2.29
1.94
1.93
1.92
1.83
1.67
1.63
1.51
1.17
1.16
1.14
1.01
0.99
Weighting
Change
5
5
5
4
3
3
2
5
5
5
5
5
5
1
5
5
5
5
5
3
5
3
5
3
5
5
3
1
3
3
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
M
U
D
M
M
M
M
R
U
M
M
M
D
Latest Chg
120'690'937
13'623'199
(55'814'797)
44'011'198
9'654'863
(19'000'000)
(4'091'569)
(58'772'408)
(18'528'345)
(259'690)
(3'613'787)
(11'569'337)
6'134'884
2'971'061
(9'688'810)
Target Price
425
438
345
363
#N/A N/A
320
305
400
380
340
400
375
375
#N/A N/A
400
380
400
418
400
340
#N/A N/A
#N/A N/A
380
290
380
350
280
160
#N/A N/A
230
File Dt
01.02.2013
26.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
29.01.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
Date
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Government
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
14.03.2013
12.03.2013
12.03.2013
11.03.2013
05.03.2013
01.03.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
07.01.2013
14.11.2012
27.03.2013
Standard Chartered PLC

Standard Chartered plc is an international banking group operating principally
in Asia, Africa, and the Middle East. The Company offers its products and
services in the personal, consumer, corporate, institutional and treasury
areas.
Price/Volume
160
4.5 M
140
4.0 M
120
3.5 M
3.0 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.03.2013)
52-Week Low (07.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STAN LN EQUITY YTD Change
STAN LN EQUITY YTD % CHANGE
12/2012
12/yy
1'860.50
1'092.00
831'702.00
1695
-8.98%
55.08%
80.42%
2'413.1
40'901.39
113'172.00
1'495.0
693.0
121'665.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
60
1.5 M
40
1.0 M
20
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
22'429.0
3'241.0
6.41x
2.5 M
80
31.12.2009
31.12.2010
20'558.0
21'355.0
3'380.0
4'332.0
14.69x
13.38x
Profitability
31.12.2011
24'343.0
4'849.0
10.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
26'908.0
4'887.0
12.53x
35.37%
34.97%
0.79%
11.32%
3.31%
0.04%
24.9%
17.78%
257.99%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.28
1.18
1'978.74
9.03%
10.00%
1.177
42
3.881
3'986'690
4'390'414
3'793'590
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
20'731.6
22'779.4
5'809.3
6'447.6
1'900.0
10.76x
9.76x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.12.2011
A+
NEG
10.01.2008
A-1
258.0%
71.1%
0.04
4.59
-
80.00
25'000.0
70.00
20'000.0
60.00
50.00
15'000.0
40.00
10'000.0
30.00
20.00
5'000.0
10.00
0.00
01.01.2010
0.0
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
27.03.2013
Standard Chartered PLC

Holdings By:
All
Holder Name
TEMASEK HOLDINGS PRI
BLACKROCK
ABERDEEN
LEGAL & GENERAL
FMR LLC
VANGUARD GROUP INC
SCOTTISH WIDOWS
VANGUARD GROUP INC
BAILLIE GIFFORD AND
THORNBURG INVESTMENT
JP MORGAN
PEOPLES REPUBLIC OF
DODGE & COX
UBS
Standard Chartered B
WALTER SCOTT & PARTN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Investec
IAN GORDON
Macquarie
THOMAS STOEGNER
Mediobanca SpA
RBC Capital Markets
PATRICK LEE
HSBC
PETER TOEMAN
AlphaValue
DAVID GRINSZTAJN
EVA Dimensions
AUSTIN BURKETT
Credit Suisse
AMIT GOEL
CHIRANTAN BARUA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
VIVEK RAJA
Berenberg Bank
JAMES CHAPPELL
Liberum Capital Ltd
CORMAC LEECH
STEFAN BONGARDT
GARY GREENWOOD
MARK J PHIN
WERNER SCHIRMER
Societe Generale
JAMES INVINE
Deutsche Bank
JASON NAPIER
JPMorgan
RAUL SINHA
China International Capital Corp
SALLY NG
BNP Paribas Equity Research
DOMINIC CHAN
Citic Securities Co., Ltd
STEVEN CHAN
MICHAEL J TRIPPITT
AMTD Financial Planning Limited
KENNY TANG SING HING
Morgan Stanley
CHRISTOPHER MANNERS
S&P Capital IQ
FRANK BRADEN
CCB International Securities Ltd
ADAM CHAN
Mizuho Securities
JIM ANTOS
Day by Day
VALERIE GASTALDY
SHAILESH RAIKUNDLIA
Goldman Sachs
FREDERIK THOMASEN
Redburn Partners
FAHED KUNWAR
Barclays
Grupo Santander
ARTURO DE FRIAS
GARETH HUNT
Daniel Stewart & Co
SIMON WILLIS
JM Financial Institutional Securities P PUNEET GULATI
IIFL
SACHIN NIKHARE
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
MF-AGG
REG
Recommendation
buy
outperform
outperform
sector perform
neutral
reduce
hold
underperform
underperform
buy
neutral
add
sell
hold
buy
buy
market perform
hold
buy
hold
overweight
hold
buy
hold
add
buy
Overwt/In-Line
hold
outperform
buy
buy
buy
neutral/neutral
neutral
overweight
buy
sell
buy
buy
add
Amt Held
432'746'145
165'824'190
157'962'325
85'794'638
54'789'154
53'057'843
51'450'411
49'225'497
46'720'870
45'077'332
39'082'703
30'412'658
30'132'593
28'624'271
28'340'249
27'346'560
24'315'105
24'000'000
23'951'106
20'631'586
% Out
17.93
6.87
6.55
3.56
2.27
2.2
2.13
2.04
1.94
1.87
1.62
1.26
1.25
1.19
1.17
1.13
1.01
0.99
0.99
0.85
Weighting
Change
5
5
5
3
3
2
3
1
1
5
3
4
1
3
5
5
3
3
5
3
5
3
5
3
4
5
5
3
5
5
5
5
3
3
5
5
1
5
5
4
M
M
U
M
M
M
U
M
M
M
M
D
D
D
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M
M
M
Latest Chg
(595'713)
116'049
900'637
2'991'820
2'594'560
(92'936)
23'142'351
(415'238)
2'474'481
194'259
(60'464)
4'925'501
5'884'182
106'661
4'313'147
550'000
(437'402)
Target Price
1'900
2'000
1'837
1'700
1'800
1'778
#N/A N/A
1'400
1'330
2'100
1'750
2'050
1'450
1'875
2'100
#N/A N/A
1'890
1'900
2'100
1'825
2'000
1'821
2'157
1'764
2'057
1'888
2'020
1'980
2'049
2'057
1'854
1'970
1'950
#N/A N/A
1'600
1'960
1'325
1'900
1'800
1'700
File Dt
29.02.2012
25.03.2013
02.01.2013
28.02.2013
02.01.2013
31.01.2013
31.01.2013
31.12.2012
02.01.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
31.01.2013
02.01.2013
29.01.2013
31.01.2013
02.01.2013
31.01.2013
02.01.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Government
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
14.03.2013
12.03.2013
12.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
14.02.2013
29.01.2013
28.01.2013
04.01.2013
17.12.2012
11.12.2012
06.12.2012
08.08.2012
02.08.2012
01.03.2012
27.03.2013
Unilever PLC
Unilever PLC manufactures branded and packaged consumer goods, including food,
detergents, fragrances, home and personal care products. Dually-listed company
with UNA NA.
Price/Volume
80
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
70
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ULVR LN EQUITY YTD Change
ULVR LN EQUITY YTD % CHANGE
12/2012
11/yy
2'782.00
1'993.00
783'098.00
2731
-2.01%
36.78%
97.34%
1'283.5
80'469.99
10'221.00
0.0
557.0
2'866.00
103'093.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
m-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.12.2009
31.12.2010
39'823.0
44'262.0
1.75x
1.62x
6'887.0
7'620.0
10.14x
9.40x
3'370.0
4'244.0
18.57x
15.17x
Profitability
31.12.2011
46'467.0
1.77x
7'921.0
10.40x
4'252.0
17.14x
31.12.2012
51'324.0
1.76x
8'379.0
10.79x
4'480.0
18.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
8'379.00
7'180.00
13.99%
13.02%
9.56%
30.42%
19.56%
1.10%
40.2%
16.3%
14.0%
8.7%
0.77
0.36
22.14%
67.43%
18.04
-
Price/ Cash Flow
LTM
11/yy
9'272.5
4.95x
1'659.2
7.50x
921.9
15.56x
11/yy
10'245.4
5.34x
1'782.2
7.19x
1'015.0
13.74x
FY+1
3.01
0.58
1'212.16
36.68%
16.14%
0.582
28
3.786
2'216'493
2'116'801
2'150'922
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'508.8
56'551.8
12'678.3
13'837.2
1.90x
1.77x
8'790.1
9'406.3
11.73x
10.97x
4'919.9
5'363.3
1'120.0
1'140.0
19.09x
17.57x
18.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.10.2000
A+
STABLE
05.10.2000
A-1
15.93
12.17
0.88
1.22
67.4%
39.4%
1.10
5.63
20.29
-8.85
16.00
10'000.0
14.00
9'000.0
8'000.0
12.00
7'000.0
10.00
6'000.0
8.00
5'000.0
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
06.03.2009
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
40'523.0
1.35x
6'793.0
8.04x
5'027.0
9.21x
30
0.0
06.09.2009
06.03.2010
06.09.2010
06.03.2011
06.09.2011
06.03.2012
06.09.2012
06.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Unilever PLC
Holdings By:
All
Holder Name
BLACKROCK
The Leverhulme Trust
LEGAL & GENERAL
SCOTTISH WIDOWS
MORGAN STANLEY
OPPENHEIMERFUNDS INC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
FMR LLC
UBS
SCHRODER INVESTMENT
VANGUARD GROUP INC
CEDAR ROCK CAPITAL L
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

ANDREW WOOD
GRAHAM JONES
AlphaValue
SOPHIE CABO-BROSETA
DARREN SHIRLEY
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
CHRIS WICKHAM
Mirabaud Securities
JULIAN LAKIN
RBC Capital Markets
Credit Suisse
CHARLES MILLS
Liberum Capital Ltd
PABLO ZUANIC
Investec
MARTIN DEBOO
Day by Day
VALERIE GASTALDY
Goldman Sachs
ALEXIS COLOMBO
Barclays
IAIN SIMPSON
HSBC
CEDRIC BESNARD
EVA Dimensions
AUSTIN BURKETT
JPMorgan
CELINE PANNUTI
Berenberg Bank
JAMES TARGETT
Deutsche Bank
HAROLD THOMPSON
Jefferies
ALEX HOWSON
S&P Capital IQ
CARL SHORT
Redburn Partners
JEREMY FIALKO
ALEX SMITH
Nord/LB
WOLFGANG VASTERLING
Nomura
DAVID HAYES
Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
Recommendation
outperform
buy
sell
buy
neutral
Equalwt/In-Line
hold
hold
underperform
neutral
buy
buy
buy
Buy/Neutral
overweight
overweight
overweight
overweight
buy
hold
buy
hold
neutral
neutral
hold
reduce
Amt Held
74'570'243
70'566'764
43'844'579
33'695'100
29'379'103
23'491'012
20'988'391
18'808'791
18'578'700
18'031'348
17'496'650
17'373'510
17'220'914
17'139'553
15'546'745
15'205'740
14'967'376
14'171'028
14'055'878
13'353'349
% Out
5.81
5.5
3.42
2.63
2.29
1.83
1.64
1.47
1.45
1.4
1.36
1.35
1.34
1.34
1.21
1.18
1.17
1.1
1.1
1.04
Weighting
Change
5
5
1
5
3
3
3
3
1
3
5
5
5
5
5
5
5
5
5
3
5
3
3
3
3
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(19'403)
521'877
7'368'008
7'492'327
938'955
7'437'850
1'103'042
313'701
4'229'196
82'924
164'900
257'035
(1'458'747)
(1'475'510)
(201'301)
931'645
(229'486)
Target Price
2'700
3'000
2'419
#N/A N/A
2'900
2'200
2'800
2'800
2'800
2'800
3'250
2'900
2'740
3'100
2'900
2'940
#N/A N/A
2'850
2'800
2'520
2'460
2'600
#N/A N/A
2'280
#N/A N/A
1'870
File Dt
25.03.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
31.12.2012
02.01.2013
02.01.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
Date
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
3 month
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
20.02.2013
11.02.2013
07.02.2013
31.01.2013
30.01.2013
29.01.2013
28.01.2013
25.01.2013
23.01.2013
23.01.2013
23.01.2013
24.09.2012
14.09.2012
03.07.2012
17.01.2012
27.03.2013
SABMiller PLC
SABMiller plc is an international beer company. The Company bottles and
distributes beer through breweries worldwide. SABMiller also bottles and
distributes a number of soft drinks.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAB LN EQUITY YTD Change
SAB LN EQUITY YTD % CHANGE
03/2012
12/yy
3'514.50
2'342.00
375'274.00
3412.5
-2.94%
45.64%
93.90%
1'597.1
54'499.72
19'226.00
0.0
940.0
746.00
101'182.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
17'057.0
2.50x
4'569.0
9.35x
2'023.0
16.26x
200
180
160
140
120
100
80
60
40
20
0
m-12
31.03.2009
31.03.2010
14'883.0
14'195.0
2.25x
4.08x
3'663.0
4'212.0
9.13x
13.74x
1'881.0
1'910.0
11.84x
23.94x
Profitability
31.03.2011
15'145.0
4.42x
4'682.0
14.30x
2'408.0
23.21x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
16'713.0
5.16x
5'154.0
16.73x
4'221.0
15.05x
5'154.00
3'972.00
23.77%
33.52%
9.47%
18.88%
15.36%
0.37%
31.7%
24.4%
25.3%
0.68
0.32
34.55%
76.68%
8.96
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
1.81
0.96
802.58
35.60%
20.74%
0.961
37
3.459
1'608'823
1'994'878
1'925'772
FY+2
03/13 Y
03/14 Y
24'499.3
25'989.8
4.06x
3.75x
6'424.3
7'025.7
15.75x
14.40x
3'831.8
4'326.8
21.47x
19.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
04.08.2003
BBB+
POS
16.10.2006
A-2
4.72
3.37
3.29
3.43
76.7%
42.5%
0.37
1.91
40.84
-
25.00
6'000.0
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
1'000.0
0.0
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
27.03.2013
SABMiller PLC
Holdings By:
All
Holder Name
ALTRIA GROUP INC
BEVCO INTERNATIONAL
PUBLIC INVESTMENT CO
KULCZYK HOLDING
KULCZYK INVESTMENT H
LEGAL & GENERAL
BLACKROCK
FMR LLC
ABERDEEN
SCOTTISH WIDOWS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
GARDNER RUSSO & GARD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
GARDNER RUSSO & GARD
n/a
Analyst
HSBC
LAUREN E TORRES
Credit Suisse
SANJEET AUJLA
Macquarie
WYNAND VAN ZYL
Renaissance Capital
REY WIUM
CHRIS WICKHAM
SBG Securities
BRENDAN GRUNDLINGH
Morgan Stanley
VIKHYAT SHARMA
Nomura
IAN SHACKLETON
TREVOR STIRLING
AlphaValue
ISABELLE COMBEMALE
JPMorgan
MATTHEW WEBB
Grupo Santander
ANTHONY J BUCALO
RBC Capital Markets
EDDY HARGREAVES
Berenberg Bank
PHILIP MORRISEY
Barclays
SIMON HALES
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Investec
MARTIN DEBOO
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
PABLO ZUANIC
ALEX SMITH
Natixis
OLIVIER DELAHOUSSE
Societe Generale
ANDREW HOLLAND
Deutsche Bank
JONATHAN FELL
Jefferies
DIRK VAN VLAANDEREN
PHIL CARROLL
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
MITCHELL COLLETT
Redburn Partners
CHRIS PITCHER
Avior Research
DE WET SCHUTTE
Afrifocus Securities
TANUJA CHITRE
Source
RNS-MAJ
Co File
Co File
Co File
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
REG
REG
MF-AGG
REG
13F
ULT-AGG
Recommendation
neutral
outperform
outperform
sell
add
hold
Equalwt/In-Line
neutral
market perform
sell
overweight
buy
sector perform
hold
buy
equalweight
outperform
buy
hold
sell
neutral
neutral
hold
hold
buy
hold
neutral
hold
outperform
sell
buy/attractive
buy
underperform
hold
Amt Held
430'000'000
225'000'000
67'663'248
60'000'000
60'000'000
35'298'676
34'866'303
32'037'348
29'568'406
21'708'108
21'361'342
19'161'032
15'304'821
12'499'774
12'259'520
10'980'964
10'028'599
9'864'730
9'330'377
8'204'566
% Out
26.92
14.09
4.24
3.76
3.76
2.21
2.18
2.01
1.85
1.36
1.34
1.2
0.96
0.78
0.77
0.69
0.63
0.62
0.58
0.51
Weighting
Change
3
5
5
1
4
3
3
3
3
1
5
5
3
3
5
3
5
5
3
1
3
3
3
3
5
3
3
3
5
1
5
5
1
3
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(844'858)
(1'720'544)
654'378
(755'600)
(34'200)
(4'245'434)
(1'824'542)
2'453'239
(324'670)
(1'401'802)
182'666
265'826
77'255
Target Price
3'600
4'000
3'698
3'400
3'760
3'200
3'300
2'840
3'180
3'033
3'645
3'675
3'500
2'750
3'800
3'350
3'333
2'950
#N/A N/A
2'600
2'860
3'000
2'970
2'900
3'200
#N/A N/A
2'633
3'100
2'950
#N/A N/A
3'520
#N/A N/A
2'641
#N/A N/A
File Dt
Inst Type
29.06.2012
Corporation
08.06.2012
Corporation
08.06.2012
Government
08.06.2012
Holding Company
01.11.2012
Investment Advisor
28.02.2013
Unclassified
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Government
31.12.2012
Investment Advisor
28.02.2013
Unclassified
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
15 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
19.03.2013
12.03.2013
11.03.2013
05.03.2013
01.03.2013
25.02.2013
22.02.2013
15.02.2013
11.02.2013
25.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
17.01.2013
09.01.2013
10.12.2012
19.10.2012
24.08.2012
27.03.2013
Reckitt Benckiser Group PLC

Reckitt Benckiser Group PLC manufactures and distributes a wide range of
household, toiletry, pharmaceutical and food products on a global basis. The
Company's products include fabric treatments , disinfectant spray and cleaners,
dishwashing detergent, personal care, food, and prescription drugs.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RB/ LN EQUITY YTD Change
RB/ LN EQUITY YTD % CHANGE
12/2012
12/yy
4'850.00
3'274.00
453'288.00
4767
-1.77%
45.51%
97.59%
716.6
34'158.73
3'274.00
0.0
1.0
891.00
36'542.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
6'563.0
2.96x
1'612.0
12.05x
1'120.0
16.36x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.12.2009
31.12.2010
7'753.0
8'453.0
3.10x
3.28x
2'030.0
2'375.0
11.84x
11.66x
1'418.0
1'568.0
16.87x
16.28x
Profitability
LTM-4Q
31.12.2011
9'485.0
2.65x
2'644.0
9.49x
1'745.0
13.26x
31.12.2012
9'567.0
3.23x
2'718.0
11.36x
1'829.0
15.36x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
2'718.00
2'570.00
26.86%
25.30%
12.52%
31.45%
21.32%
0.66%
57.9%
28.4%
26.9%
19.1%
0.47
0.14
21.71%
55.29%
5.40
Price/ Cash Flow
12/yy
2'169.5
11.81x
796.1
5.53x
452.8
13.38x
LTM
12/yy
2'197.5
10.67x
701.7
8.27x
328.9
18.34x
FY+1
2.81
0.66
636.76
38.34%
24.90%
0.659
35
2.829
1'256'764
1'269'506
1'075'968
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'109.4
10'596.5
2'452.0
2'473.0
3.58x
3.33x
2'773.4
2'922.0
13.18x
12.51x
1'949.1
2'043.3
17.96x
16.99x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.12.2003
A+
STABLE
01.05.1990
A-1
66.29
62.24
0.88
1.20
55.3%
35.6%
0.66
13.03
67.80
23.86
16.00
2'500.0
14.00
2'000.0
12.00
10.00
1'500.0
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Reckitt Benckiser Group PLC

Holdings By:
All
Holder Name
JAB INVESTMENTS BV
INVESCO LTD
BLACKROCK
FMR LLC
LEGAL & GENERAL
SCOTTISH WIDOWS
MORGAN STANLEY
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
UBS
VANGUARD GROUP INC
FIRST MANHATTAN CO A
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
FIRST MANHATTAN COMP
Analyst

GRAHAM JONES
ANDREW WOOD
AlphaValue
ARMELLE MOULIN
CHRIS WICKHAM
Grupo Santander
PEDRO GIL
RBC Capital Markets
Credit Suisse
CHARLES MILLS
Berenberg Bank
SETH PETERSON
Liberum Capital Ltd
PABLO ZUANIC
Morgan Stanley
ERIK SJOGREN
Goldman Sachs
ROSIE EDWARDS
EDDY HARGREAVES
Societe Generale
Mirabaud Securities
JULIAN LAKIN
Investec
MARTIN DEBOO
JPMorgan
CELINE PANNUTI
Jefferies
ALEX HOWSON
Exane BNP Paribas
EAMONN FERRY
LARS LUSEBRINK
Raymond James
HERMINE DE BENTZMANN
HSBC
CEDRIC BESNARD
Nomura
GUILLAUME DELMAS
Barclays
IAIN SIMPSON
Commerzbank Corporates & Markets ANDREAS RIEMANN
Deutsche Bank
HAROLD THOMPSON
DARREN SHIRLEY
S&P Capital IQ
CARL SHORT
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Redburn Partners
JEREMY FIALKO
ALEX SMITH
Source
REG
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
REG
MF-AGG
REG
REG
REG
REG
ULT-AGG
MF-AGG
13F
Recommendation
hold
outperform
reduce
add
hold
underperform
neutral
hold
sell
Equalwt/In-Line
neutral/attractive
sell
sell
hold
sell
neutral
hold
underperform
hold
outperform
neutral
buy
underweight
hold
buy
hold
hold
hold
underperform
hold
sell
sell
Amt Held
76'659'342
36'115'649
35'939'131
31'502'568
30'898'866
24'940'741
16'359'039
15'260'822
13'704'925
13'054'020
12'921'988
12'791'415
11'262'286
10'715'075
8'962'334
7'394'843
7'286'409
7'024'809
6'986'024
6'769'218
% Out
10.7
5.04
5.02
4.4
4.31
3.48
2.28
2.13
1.91
1.82
1.8
1.79
1.57
1.5
1.25
1.03
1.02
0.98
0.97
0.94
Weighting
Change
3
5
2
4
3
1
3
3
1
3
3
1
1
3
1
3
3
1
3
5
3
5
1
3
5
3
3
3
1
3
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
97'110
(3'521'895)
(1'151'170)
2'518'375
1'434'693
6'346'254
154'056
203'806
131'837
1'135'192
2'130'744
3'028'426
294'364
(645'354)
307'932
26'600
Target Price
4'700
5'000
4'543
4'700
4'200
4'500
4'900
4'490
3'500
4'300
4'320
3'425
4'000
3'950
4'260
4'300
3'640
4'000
4'700
4'630
4'700
4'900
3'700
4'300
4'800
#N/A N/A
4'600
#N/A N/A
3'750
#N/A N/A
#N/A N/A
3'140
File Dt
03.12.2012
31.01.2013
11.02.2013
25.03.2013
31.01.2013
28.02.2013
03.12.2012
03.12.2012
31.12.2012
31.01.2013
03.12.2012
03.12.2012
31.03.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
31.12.2012
31.12.2012
Date
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
21.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
05.03.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
28.01.2013
21.01.2013
17.01.2013
24.09.2012
14.09.2012
27.03.2013
Tesco PLC
Tesco plc is a food retailer. The Group operates stores in the United Kingdom,
Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,
Malaysia, South Korea, China, Thailand, and the United States.
Price/Volume
45
8.0 M
40
7.0 M
35
6.0 M
30
5.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (15.03.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TSCO LN EQUITY YTD Change
TSCO LN EQUITY YTD % CHANGE
02/2012
12/yy
387.35
294.50
5'085'111.00
375.3
-3.20%
27.32%
84.81%
8'054.7
30'229.15
11'749.00
0.0
26.0
3'548.00
38'344.15
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
28.02.2009
28.02.2010
53'898.0
56'910.0
0.70x
0.75x
4'122.0
4'464.0
9.09x
9.57x
2'133.0
2'327.0
12.28x
14.31x
Profitability
28.02.2011
60'455.0
0.67x
4'905.0
8.23x
2'655.0
11.79x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
29.02.2012
64'539.0
0.52x
5'107.0
6.62x
2'806.0
8.66x
5'107.00
3'609.00
5.59%
5.94%
5.38%
15.74%
10.57%
1.29%
8.2%
7.6%
5.2%
4.3%
0.67
0.18
23.14%
66.10%
16.61
Price/ Cash Flow
10
2.0 M
1.0 M
0
m-12
.0 M
a-12
m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
3.94
0.73
7'643.56
16.04%
11.59%
0.726
32
3.500
14'365'660
15'072'880
15'425'250
FY+2
FQ+1
FQ+2
02/13 Y
02/14 Y
08/11 Q2 11/11 Q3
66'173.0
69'012.3
0.56x
0.51x
4'969.3
5'237.4
7.72x
7.32x
2'574.8
2'729.9
11.91x
11.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.07.2008
ANEG
29.07.2008
A-2
9.17
3.11
1.64
2.55
66.1%
39.8%
1.29
2.54
21.92
-
20.00
9'000.0
18.00
8'000.0
16.00
7'000.0
14.00
6'000.0
12.00
5'000.0
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
3.0 M
15
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

29.02.2008
47'298.0
0.79x
3'595.0
10.42x
2'124.0
14.85x
4.0 M
20
Valuation Analysis
0.0
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
27.03.2013
Tesco PLC
Holdings By:
All
Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
LEGAL & GENERAL
FRANKLIN RESOURCES
SCOTTISH WIDOWS
UBS
FMR LLC
MONDRIAN INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
GEICO CORP
VANGUARD GROUP INC
SILCHESTER INTL INVE
ABERDEEN
STATE STREET
GENERAL REINSURANCE
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
Jefferies
JAMES GRZINIC
Cantor Fitzgerald
MICHAEL J DENNIS
JONATHAN PRITCHARD
JPMorgan
JAIME VAZQUEZ
AlphaValue
VIRGINIE BLIN
CLIVE WILLIAM BLACK
Exane BNP Paribas
JOHN KERSHAW
Morgan Stanley
EDOUARD AUBIN
Day by Day
VALERIE GASTALDY
Credit Suisse
ANDREW KASOULIS
PHILIP DORGAN
Nomura
NICK COULTER
Redburn Partners
MARC DE SPEVILLE
Baader Bank
VOLKER BOSSE
Macquarie
SREEDHAR MAHAMKALI
EVA Dimensions
AUSTIN BURKETT
ZAFER RUZGAR
HSBC
JEROME SAMUEL
Aurel - BGC
JEAN-MARIE L'HOME
S&P Capital IQ
WILLIAM MACK
CAROLINE GULLIVER
Barclays
JAMES ANSTEAD
Investec
DAVID MCCARTHY
CA Cheuvreux
ARNAUD JOLY
Natixis
PIERRE-EDOUARD BOUDOT
Deutsche Bank
JAMES G COLLINS
FABIENNE CARON
Goldman Sachs
FRANKLIN WALDING
Merchant Securities
AMISHA CHOHAN
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
MF-AGG
REG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
Recommendation
buy
buy
buy
overweight
reduce
buy
neutral
Underwt/In-Line
hold
outperform
buy
buy
neutral
buy
outperform
hold
buy
overweight
sell
buy
sell
equalweight
sell
underperform
reduce
buy
hold
neutral/neutral
hold
Amt Held
408'516'187
399'699'734
398'866'198
288'620'387
249'889'001
165'943'974
118'272'907
108'307'467
107'524'181
105'137'452
99'385'239
90'584'501
90'000'000
89'847'553
86'150'000
83'932'359
81'651'783
75'403'434
74'866'027
72'862'000
% Out
5.07
4.96
4.95
3.58
3.1
2.06
1.47
1.34
1.33
1.31
1.23
1.12
1.12
1.12
1.07
1.04
1.01
0.94
0.93
0.9
Weighting
Change
5
5
5
5
2
5
3
1
3
5
5
5
3
5
5
3
5
5
1
5
1
3
1
1
2
5
3
3
3
M
M
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
Latest Chg
4'456'725
(597'509)
(342'521)
31'939'698
8'061'010
18'452'445
(407'143)
11'857'234
8'288'371
(26'435)
3'707'992
1'917'566
20'121'589
168'248
1'218'140
-
Target Price
440
443
400
425
380
#N/A N/A
375
310
#N/A N/A
430
440
430
#N/A N/A
410
400
#N/A N/A
420
410
300
380
275
360
295
320
300
394
298
375
#N/A N/A
File Dt
Inst Type
01.01.2013
Investment Advisor
01.01.2013
Government
25.03.2013
Investment Advisor
01.01.2013
Unclassified
28.02.2013
Investment Advisor
01.01.2013
Unclassified
31.01.2013
Unclassified
31.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
31.12.2012
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
28.02.2013
Unclassified
26.03.2013
Investment Advisor
01.01.2013
Insurance Company
Date
12 month
Not Provided
Not Provided
9 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
21.03.2013
19.03.2013
13.03.2013
11.03.2013
11.03.2013
06.03.2013
06.03.2013
26.02.2013
15.02.2013
12.02.2013
23.01.2013
17.01.2013
11.01.2013
10.01.2013
10.01.2013
10.01.2013
08.01.2013
04.01.2013
04.10.2012
04.10.2012
04.10.2012
24.09.2012
28.06.2012
01.05.2012
18.04.2012
27.03.2013
Prudential PLC
Prudential plc is an international company which provides a wide assortment of
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.
Price/Volume
30
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRU LN EQUITY YTD Change
PRU LN EQUITY YTD % CHANGE
12/2012
12/yy
1'178.00
654.50
2'222'867.00
1055
-10.95%
60.28%
84.72%
2'557.3
26'979.45
6'832.00
0.0
5.0
5'074.00
28'742.45
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
31.12.2009
31.12.2010
48'099.0
47'646.0
0.38x
0.39x
676.0
1'431.0
23.20x
11.78x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.12.2011
36'506.0
0.47x
1'490.0
10.85x
31.12.2012
55'476.0
0.43x
2'197.0
10.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
5.57%
5.07%
0.75%
22.56%
14.10%
0.19%
4.0%
2.20%
65.95%
-
Price/ Cash Flow
12/yy
4'754.0
7.81x
1'796.0
4.72x
928.0
11.17x
LTM
12/yy
4'680.0
9.01x
1'836.0
4.72x
924.0
11.05x
FY+1
2.78
1.37
2'447.69
38.61%
23.60%
1.371
27
4.074
4'739'749
4'435'634
3'964'871
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
57'898.0
59'358.0
933.1
0.36x
0.35x
2'014.8
2'240.3
13.20x
11.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.08.2010
A+
NEG
17.08.2010
A-1
66.0%
39.7%
0.19
-
12.00
6'000.0
10.00
5'000.0
8.00
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
03.04.2009
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
(10'269.0)
(396.0)
-
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
25
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Prudential PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
SCOTTISH WIDOWS
FMR LLC
VANGUARD GROUP INC
JP MORGAN
UBS
JANUS CAPITAL MANAGE
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
LAZARD ASSET MANAGEM
AEGON
HSBC INVESTMENTS UK
AVIVA INVESTORS
Firm Name
Exane BNP Paribas
HSBC
EVA Dimensions
AlphaValue
Berenberg Bank
Redburn Partners
Day by Day
Goldman Sachs
Credit Suisse
S&P Capital IQ
JPMorgan
RBC Capital Markets
Morgan Stanley
Macquarie
Barclays
Deutsche Bank
Investec
Societe Generale
Nomura
Daiwa Securities Co. Ltd.
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANDY HUGHES
BARRIE CORNES
KAILESH MISTRY
AUSTIN BURKETT
JEROME CASSAGNE
MATTHEW PRESTON
LANCE BURBIDGE
VALERIE GASTALDY
COLIN L SIMPSON
EAMONN FLANAGAN
CHRIS ESSON
GREIG N PATERSON
EDWARD HOUGHTON
RODERICK WALLACE
MARCUS BARNARD
ASHIK MUSADDI
GORDON AITKEN
JON HOCKING
NEIL WELCH
ALAN DEVLIN
OLIVER STEEL
KEVIN RYAN
ABID HUSSAIN
FAHAD CHANGAZI
TIM PROUDLOVE
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
Recommendation
underperform
buy
overweight
hold
sell
buy
buy
buy
Buy/Neutral
buy
outperform
market perform
outperform
buy
buy
underweight
outperform
Overwt/In-Line
neutral
overweight
buy
hold
buy
reduce
outperform
Amt Held
256'652'047
128'527'550
109'343'285
104'285'746
88'407'117
73'996'286
72'178'671
53'089'266
47'303'661
46'730'225
41'823'885
39'310'345
33'734'493
32'116'464
29'093'870
25'199'103
24'499'349
24'085'771
23'132'403
22'537'114
% Out
10.04
5.03
4.28
4.08
3.46
2.89
2.82
2.08
1.85
1.83
1.64
1.54
1.32
1.26
1.14
0.99
0.96
0.94
0.9
0.88
Weighting
Change
1
5
5
3
1
5
5
5
5
5
5
3
5
5
5
1
5
5
3
5
5
3
5
2
5
M
M
M
U
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'911'502
(136'942)
401'633
3'700'201
17'691'038
(685'857)
(3'596'819)
5'884'645
(4'347'489)
(7'205'386)
(3'852'887)
1'381'546
(468'132)
(6'815'149)
(189'080)
2'472'324
(2'815'055)
Target Price
835
1'160
1'375
#N/A N/A
911
1'350
#N/A N/A
1'200
1'350
#N/A N/A
1'300
950
1'055
1'250
900
781
910
1'135
1'000
1'023
1'060
831
900
680
812
File Dt
01.01.2013
25.03.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
31.01.2013
31.12.2012
01.01.2013
31.01.2013
31.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Inst Type
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
20.02.2013
11.02.2013
05.02.2013
04.02.2013
24.01.2013
07.01.2013
03.12.2012
15.08.2012
01.07.2011
27.03.2013
National Grid PLC

National Grid PLC is an investor-owned utility company which distributes gas.
The PLC owns and operates the electricity transmission network in England and
Wales, the gas transmission network in Great Britain, and electricity
transmission networks in the Northeastern United States. National Grid also
operates the electricity transmission networks in Scotland.
Price/Volume
60
7.0 M
6.0 M
5.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (25.03.2013)
52-Week Low (30.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NG/ LN EQUITY YTD Change
NG/ LN EQUITY YTD % CHANGE
03/2012
12/yy
761.00
622.50
1'499'584.00
745.5
-2.04%
19.76%
92.78%
3'664.7
27'320.61
23'025.00
0.0
7.0
2'723.00
48'255.61
4.0 M
20
3.0 M
2.0 M
10
1.0 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
40
Valuation Analysis
31.03.2008
11'423.0
3.20x
3'589.0
10.20x
3'190.0
11.47x
9.0 M
50
31.03.2009
31.03.2010
15'624.0
14'007.0
2.41x
2.84x
4'037.0
4'309.0
9.34x
9.24x
944.0
1'386.0
14.32x
13.25x
Profitability
31.03.2011
14'343.0
2.90x
4'845.0
8.58x
2'159.0
9.30x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
13'832.0
3.16x
4'777.0
9.14x
2'036.0
11.04x
4'777.00
3'495.00
25.27%
18.50%
4.79%
26.24%
12.28%
0.28%
36.7%
27.0%
14.7%
0.94
0.61
48.64%
249.22%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
5.34
0.48
3'554.87
25.30%
6.05%
0.478
23
3.478
7'055'941
7'462'578
6'748'207
FY+2
03/13 Y
03/14 Y
14'424.9
14'962.4
3.39x
3.35x
5'088.6
5'413.5
9.48x
8.91x
1'952.8
2'008.1
13.96x
13.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
24.08.2007
ASTABLE
24.08.2007
A-2
2.04
0.70
4.19
4.83
249.2%
71.3%
0.28
0.40
-
80.00
12'000.0
70.00
10'000.0
60.00
8'000.0
50.00
40.00
6'000.0
30.00
4'000.0
20.00
2'000.0
10.00
0.00
01.01.2010
0.0
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
27.03.2013
National Grid PLC

Holdings By:
All
Holder Name
BLACKROCK
CRESCENT HOLDING GMB
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
VANGUARD GROUP INC
VANGUARD GROUP INC
STOCK LENDING ACCOUN
STATE STREET
AXA
DEUTSCHE BANK PROP T
PEOPLES REPUBLIC OF
HSBC INVESTMENTS UK
NOMURA
FEDERATED INVESTORS
Firm Name
RBC Capital Markets
Exane BNP Paribas
HSBC
AlphaValue
Credit Suisse
JPMorgan
Societe Generale
Goldman Sachs
Redburn Partners
Nomura
Cantor Fitzgerald
Berenberg Bank
S&P Capital IQ
Liberum Capital Ltd
Barclays
EVA Dimensions
Deutsche Bank
Day by Day
Morgan Stanley
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
JOHN MUSK
IAIN TURNER
VERITY MITCHELL
MYRIAM COHEN
MARK FRESHNEY
EDMUND REID
ASHLEY THOMAS
ANDREW MEAD
JAMIE TUNNICLIFFE
JONATHAN CONSTABLE
ANGELOS ANASTASIOU
LAWSON STEELE
CLIVE ROBERTS
GUILLAUME REDGWELL
PETER BISZTYGA
AUSTIN BURKETT
MARTIN BROUGH
VALERIE GASTALDY
BOBBY CHADA
SVEN DIERMEIER
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
outperform
overweight
reduce
outperform
neutral
sell
Sell/Neutral
buy
buy
sell
hold
hold
hold
overweight
underweight
sell
buy
Overwt/In-Line
hold
Amt Held
399'638'038
182'630'798
149'414'285
132'427'487
94'750'614
90'428'903
69'496'919
66'845'989
60'226'673
44'812'821
43'614'734
42'803'435
37'994'117
35'193'432
34'419'117
33'236'568
28'398'916
27'260'666
24'997'793
24'687'411
% Out
10.9
4.98
4.08
3.61
2.59
2.47
1.9
1.82
1.64
1.22
1.19
1.17
1.04
0.96
0.94
0.91
0.77
0.74
0.68
0.67
Weighting
Change
5
5
5
2
5
3
1
1
5
5
1
3
3
3
5
1
1
5
5
3
M
M
U
M
M
U
M
M
M
M
N
N
M
N
M
M
M
M
M
M
Latest Chg
(35'637'904)
2'720'054
15'922'916
1'757'999
(1'736'674)
(12'319'399)
3'422'249
(2'034'154)
4'093'896
18'660'830
(1'278'846)
(2'110'950)
19'219'117
14'402'655
5'959'620
1'333'083
1'812'745
Target Price
800
780
850
692
800
720
634
604
#N/A N/A
735
617
700
727
730
785
#N/A N/A
600
786
775
710
File Dt
21.02.2013
25.03.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
31.12.2012
03.12.2012
03.12.2012
03.12.2012
26.03.2013
31.01.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Other
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Date
26.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
18.03.2013
11.03.2013
11.03.2013
08.03.2013
28.02.2013
11.02.2013
05.02.2013
29.01.2013
25.01.2013
25.01.2013
17.01.2013
07.01.2013
04.01.2013
13.12.2012
21.11.2012
27.03.2013
Anglo American PLC

Anglo American PLC is a global mining company. The Company's mining portfolio
includes bulk commodities including iron ore, manganese and metallurgical
coal, base metals including copper and nickel and precious metals and minerals
including platinum and diamonds. Anglo American PLC has mining operations in
Africa, Europe, North and South America, Asia and Australia.
Price/Volume
120
6.0 M
5.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2012)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AAL LN EQUITY YTD Change
AAL LN EQUITY YTD % CHANGE
12/2012
12/yy
2'501.50
1'662.50
1'013'873.00
1724
-31.02%
3.79%
8.76%
1'393.7
24'027.12
16'760.00
0.0
6'130.0
9'094.00
50'085.36
4.0 M
3.0 M
40
2.0 M
20
1.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
80
Valuation Analysis
31.12.2008
26'311.0
1.61x
9'986.0
4.23x
5'215.0
5.19x
8.0 M
100
31.12.2009
31.12.2010
20'858.0
27'960.0
3.39x
2.84x
4'465.0
10'301.0
15.82x
7.71x
2'425.0
6'544.0
21.67x
9.58x
Profitability
31.12.2011
30'580.0
1.75x
11'379.0
4.69x
6'169.0
7.24x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
28'761.0
1.97x
7'682.0
7.37x
(1'493.0)
7'682.00
5'393.00
18.75%
-0.83%
-1.97%
-3.89%
0.38%
33.9%
26.7%
18.8%
-5.2%
2.34
1.32
21.12%
44.51%
11.01
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.26
1.41
1'226.37
-26.29%
-7.10%
1.414
32
2.875
3'288'992
3'623'367
3'298'304
FY+2
12/13 Y
12/14 Y
34'232.7
35'791.3
1.53x
1.51x
9'904.2
10'782.7
5.06x
4.64x
2'962.9
3'672.3
11.24x
9.25x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
18.04.2011
BBB+
NEG
19.04.2010
A-2
7.08
1.91
1.00
2.18
44.5%
27.7%
0.38
0.67
33.24
64.36
35.00
6'000.0
30.00
5'000.0
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
01.01.2010
0.0
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
27.03.2013
Anglo American PLC

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
TARL INVESTMENT HOLD
EPOCH TWO INVESTMENT
FMR LLC
SCOTTISH WIDOWS
E OPPENHEIMER & SON
UBS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
CORONATION ASSET MAN
AVIVA INVESTORS
STATE STREET
Firm Name
RBC Capital Markets
S&P Capital IQ
Day by Day
Exane BNP Paribas
AlphaValue
Jefferies
Goldman Sachs
Macquarie
Morgan Stanley
Liberum Capital Ltd
Nomura
EVA Dimensions
Societe Generale
Deutsche Bank
Credit Suisse
JPMorgan
Natixis
SBG Securities
BMO Capital Markets
HSBC
Imara
Investec
Redburn Partners
Barclays
Standard Chartered
Avior Research
CA Cheuvreux
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DES KILALEA
PAUL GAIT
JOHNSON IMODE
VALERIE GASTALDY
RAPHAEL VEVERKA
SACHIN KUMAR
EUGENE KING
KIERAN DALY
MENNO SANDERSE
BEN DAVIS
SAM CATALANO
CRAIG STERLING
ALAIN WILLIAM
SVEN DIERMEIER
GRANT SPORRE
LIAM FITZPATRICK
FRASER JAMIESON
RAOUDHA BOUZEKRI
PETER DAVEY
TONY ROBSON
ANDREW KEEN
STEPHEN MEINTJES
ALBERT MINASSIAN
SIMON TOYNE
IAN ROSSOUW
SUBRAMANIAM VARADA
CLINTON DUNCAN
JOAKIM AHLBERG
SCOTT FINLAY
ALISON TURNER
Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
REG
MF-AGG
REG
MF-AGG
ULT-AGG
REG
ULT-AGG
REG
Recommendation
underperform
outperform
sell
hold
underperform
add
buy
Sell/Neutral
outperform
Equalwt/In-Line
hold
reduce
underweight
sell
sell
buy
neutral
underweight
neutral
sell
market perform
overweight
hold
hold
sell
equalweight
in-line
outperform
outperform
hold
hold
Amt Held
78'986'629
77'592'603
51'483'011
47'275'613
42'166'686
31'057'459
29'466'453
29'199'945
25'200'000
21'574'878
17'579'059
17'290'964
15'661'337
14'290'980
14'199'373
11'914'195
10'535'767
10'437'360
9'755'061
9'024'700
% Out
5.67
5.57
3.69
3.39
3.03
2.23
2.11
2.1
1.81
1.55
1.26
1.24
1.12
1.03
1.02
0.85
0.76
0.75
0.7
0.65
Weighting
Change
1
5
1
3
1
4
5
1
5
3
3
2
1
1
1
5
3
1
3
1
3
5
3
3
1
3
3
5
5
3
3
D
M
D
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
U
N
M
D
M
M
M
M
N
M
Latest Chg
421'636
2'876'024
(2'557'012)
3'632'677
3'080'902
497'364
6'944'224
549'175
1'122'571
1'346'501
1'922'748
(639'640)
383'534
95'026
Target Price
1'800
2'300
1'640
#N/A N/A
1'700
2'073
2'450
1'450
2'250
2'080
#N/A N/A
1'700
#N/A N/A
1'900
1'800
2'290
2'100
1'640
1'900
2'000
2'200
2'240
#N/A N/A
2'259
#N/A N/A
1'970
1'960
2'338
2'250
3'329
2'756
File Dt
25.03.2013
01.11.2012
28.02.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
31.01.2013
31.01.2013
01.11.2012
01.11.2012
31.12.2012
01.11.2012
31.12.2012
01.11.2012
01.11.2012
26.03.2013
01.11.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Investment Advisor
Government
Unclassified
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Other
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
04.03.2013
22.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
07.02.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
08.09.2012
27.08.2012
30.07.2012
21.04.2011
21.04.2011
27.03.2013
Imperial Tobacco Group PLC

Imperial Tobacco Group plc is an international tobacco company that
manufactures, markets, and sells a range of cigarettes, tobaccos,
rolling papers, and cigars.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.07.2012)
52-Week Low (27.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IMT LN EQUITY YTD Change
IMT LN EQUITY YTD % CHANGE
09/2012
12/yy
2'629.00
2'229.00
712'372.00
2235
-15.21%
0.00%
7.87%
977.8
21'853.71
9'587.00
0.0
49.0
631.00
30'858.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.09.2009
30.09.2010
14'748.0
15'018.0
2.00x
1.93x
3'158.0
3'307.0
9.34x
8.75x
663.0
1'505.0
27.61x
12.78x
Profitability
30.09.2011
15'186.0
2.05x
3'260.0
9.53x
1'796.0
12.26x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
14'672.0
2.16x
4'509.0
7.03x
678.0
33.65x
4'509.00
2'747.00
18.72%
7.37%
2.33%
9.91%
9.83%
0.50%
37.4%
30.7%
18.7%
4.6%
0.78
0.38
34.69%
158.86%
5.25
2.97
Price/ Cash Flow
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
4.74
0.57
977.13
-7.87%
-3.14%
0.566
26
3.808
2'355'747
2'126'204
2'055'304
FY+2
09/13 Y
09/14 Y
8'105.1
8'385.1
3.76x
3.59x
3'445.4
3'593.4
8.95x
8.59x
2'089.3
2'202.8
10.51x
9.76x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.05.2008
BBB
STABLE
20.05.2008
A-2
3.06
2.86
1.99
2.13
158.9%
61.2%
0.50
7.22
69.69
123.36
43.60
149.45
30.00
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
08.01.2010
1.8 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
10'116.0
2.96x
1'958.0
15.29x
428.0
35.54x
100
90
80
70
60
50
40
30
20
10
0
m-12
0.0
08.07.2010
08.01.2011
08.07.2011
08.01.2012
08.07.2012
08.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Imperial Tobacco Group PLC

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
INVESCO LTD
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
MORGAN STANLEY
VANGUARD GROUP INC
UBS
AXA
VANGUARD GROUP INC
Firm Name
Berenberg Bank
Natixis
Nomura
Credit Suisse
Exane BNP Paribas
Jefferies
Goldman Sachs
AlphaValue
Day by Day
Societe Generale
JPMorgan
Investec
Morgan Stanley
S&P Capital IQ
Barclays
EVA Dimensions
Renaissance Capital
Redburn Partners
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
DAMIAN MCNEELA
EDDY HARGREAVES
ERIK BLOOMQUIST
NICOLAS LANGLET
DAVID HAYES
ROGERIO FUJIMORI
CHRIS WICKHAM
JAMES BUSHNELL
DIRK VAN VLAANDEREN
FULVIO CAZZOL
ISABELLE COMBEMALE
VALERIE GASTALDY
RAE MAILE
MARTIN DEBOO
MATTHEW GRAINGER
LARS LUSEBRINK
CARL SHORT
SIMON HALES
AUSTIN BURKETT
REY WIUM
CHRISTIAN DE ROUALLE
JONATHAN FELL
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
MF-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
Recommendation
buy
buy
hold
buy
reduce
outperform
buy
underperform
hold
neutral/attractive
buy
buy
buy
neutral
hold
Overwt/Attractive
buy
hold
equalweight
overweight
hold
sell
buy
Amt Held
66'461'651
61'000'000
53'000'000
42'126'524
30'498'871
29'706'695
22'902'506
20'453'291
17'630'376
16'997'045
15'549'556
15'439'779
14'733'204
13'734'190
13'368'645
13'190'673
13'022'970
12'498'191
12'129'371
11'373'592
% Out
6.8
6.24
5.42
4.31
3.12
3.04
2.34
2.09
1.8
1.74
1.59
1.58
1.51
1.4
1.37
1.35
1.33
1.28
1.24
1.16
Weighting
Change
5
5
3
5
2
5
5
1
3
3
5
5
5
3
3
5
5
3
3
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
380'781
(1'077'344)
1'083'885
(864'949)
4'070'578
(4'970'335)
595'616
4'426'083
26'099
465'216
(606'667)
(568'794)
(138'251)
306'789
2'126'754
1'874'094
311'401
Target Price
2'650
2'900
2'800
2'800
2'443
2'700
2'900
2'450
2'500
2'470
3'011
2'518
2'700
3'067
2'450
2'680
2'850
2'450
2'650
#N/A N/A
2'700
#N/A N/A
3'000
File Dt
31.12.2012
30.10.2012
25.03.2013
28.02.2013
01.12.2012
31.01.2013
01.12.2012
31.12.2012
31.12.2012
01.12.2012
31.12.2012
31.07.2012
31.12.2012
01.12.2012
31.01.2013
31.01.2013
01.12.2012
01.12.2012
28.02.2013
01.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
3 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
07.03.2013
07.03.2013
05.03.2013
28.02.2013
20.02.2013
15.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
17.01.2013
16.01.2013
16.01.2013
01.05.2012
27.03.2013
BT Group PLC
BT Group plc provides telecommunications services. The Company provides local
and long-distance telephone call products and services in the UK, international
telephone calls to and from the UK, broadband network solutions and web hosting
to corporate customers, network ADSL, ISDN, and IP services to communication
companies and narrowband and broadband internet access and related services.
Price/Volume
80
50
1.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (15.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BT/A LN EQUITY YTD Change
BT/A LN EQUITY YTD % CHANGE
03/2012
12/yy
282.80
197.40
5'565'642.00
270.9
-4.00%
37.54%
93.91%
7'880.0
21'346.94
10'486.00
0.0
11.0
844.00
29'871.94
1.0 M
30
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
60
Valuation Analysis
31.03.2008
20'704.0
1.28x
5'792.0
4.56x
1'737.0
10.09x
2.5 M
70
31.03.2009
31.03.2010
21'390.0
20'911.0
0.88x
1.01x
3'629.0
5'594.0
5.19x
3.76x
(193.0)
1'028.0
9.33x
Profitability
LTM-4Q
31.03.2011
20'076.0
1.23x
5'886.0
4.19x
1'502.0
9.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
19'307.0
1.46x
6'190.0
4.54x
2'002.0
8.78x
6'190.00
3'218.00
16.67%
12.66%
8.38%
26.06%
0.71%
32.5%
16.5%
10.4%
0.49
0.28
43.79%
808.48%
-
Price/ Cash Flow
LTM
12/yy
10'336.3
4.51x
725.2
15.30x
431.6
26.53x
12/yy
11'359.1
3.44x
713.4
14.45x
593.8
23.07x
FY+1
3.20
0.87
7'870.44
23.90%
17.48%
0.869
28
3.679
14'746'450
14'512'250
14'581'470
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
18'138.9
17'745.4
4'690.3
1.60x
1.59x
6.16x
6'099.7
6'064.4
1'634.5
4.90x
4.93x
1'957.0
1'943.9
571.0
10.79x
10.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.07.2011
BBB
STABLE
19.07.2011
A-2
8.95
5.22
1.45
1.82
808.5%
88.9%
0.71
1.27
-
50.00
12'000.0
45.00
10'000.0
40.00
35.00
8'000.0
30.00
6'000.0
25.00
20.00
4'000.0
15.00
10.00
2'000.0
5.00
0.00
01.01.2010
0.0
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
27.03.2013
BT Group PLC
Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
LEGAL & GENERAL
BT GROUP PLC SHAREVI
FMR LLC
AVIVA INVESTORS
SCOTTISH WIDOWS
ARTEMIS INVESTMENT M
PEOPLES REPUBLIC OF
THREADNEEDLE INVESTM
VANGUARD GROUP INC
BT GROUP PLC EMPLOYE
VANGUARD GROUP INC
MAJEDIE ASSET MANAGE
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Credit Suisse
PAUL SIDNEY
Nomura
JAMES BRITTON
JOHN KARIDIS
AlphaValue
JEAN-MICHEL SALVADOR
JPMorgan
CARL MURDOCK-SMITH
ROBIN BIENENSTOCK
Barclays
MAURICE PATRICK
NICK BROWN
Exane BNP Paribas
MICHAEL WILLIAMS
Berenberg Bank
STUART GORDON
New Street Research
JAMES RATZER
Day by Day
VALERIE GASTALDY
Morgan Stanley
NICK DELFAS
Macquarie
GUY R PEDDY
Liberum Capital Ltd
LAWRENCE SUGARMAN
Deutsche Bank
DAVID A WRIGHT
Societe Generale
OTTAVIO ADORISIO
Goldman Sachs
ANDREW LEE
Jefferies
JEREMY A DELLIS
S&P Capital IQ
JAMES CRAWSHAW
Oddo & Cie
ALEXANDRE IATRIDES
EVA Dimensions
ANDREW S ZAMFOTIS
HSBC
STEPHEN HOWARD
Raymond James
STEPHANE BEYAZIAN
RALPH SZYMCZAK
Source
REG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
MF-AGG
MF-AGG
MF-AGG
REG
REG
REG
Recommendation
outperform
buy
buy
reduce
overweight
outperform
equalweight
neutral
neutral
buy
reduce
buy
Overwt/In-Line
underperform
buy
hold
hold
Buy/Neutral
buy
hold
reduce
overweight
neutral
outperform
sell
Amt Held
778'912'816
414'048'238
326'738'146
284'949'077
218'997'078
176'167'732
153'691'805
151'085'357
139'912'821
134'026'296
128'739'886
121'209'276
103'659'925
95'877'803
90'844'770
86'476'500
82'710'326
81'270'291
81'100'448
79'359'827
% Out
9.88
5.25
4.15
3.62
2.78
2.24
1.95
1.92
1.78
1.7
1.63
1.54
1.32
1.22
1.15
1.1
1.05
1.03
1.03
1.01
Weighting
Change
5
5
5
2
5
5
3
3
3
5
2
5
5
1
5
3
3
5
5
3
2
5
3
5
1
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'748'662
56'100'337
609'027
(2'425'817)
(9'615'159)
1'514'171
(16'511'149)
17'151'093
(6'162'708)
5'420'429
(857'049)
4'103'000
12'800'853
689'067
4'210'755
(197'922)
7'324'283
702'630
Target Price
300
360
330
278
280
285
230
250
250
280
225
309
290
180
300
277
245
320
278
260
175
#N/A N/A
220
245
190
File Dt
01.11.2012
25.03.2013
28.02.2013
01.11.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
01.11.2012
01.11.2012
31.12.2012
31.12.2012
31.12.2012
01.11.2012
01.11.2012
01.11.2012
Date
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
15.03.2013
15.03.2013
13.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
20.02.2013
14.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
30.01.2013
17.01.2013
20.11.2012
04.09.2012
25.07.2012
27.03.2013
Rolls-Royce Holdings PLC

Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines
for civil and military aircraft. The Group designs, constructs and installs
power generation systems, transmission and distribution systems, and equipment
for the marine propulsion, oil and gas pumping, and defense markets.
Price/Volume
70
4.0 M
60
3.5 M
50
3.0 M
2.5 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RR/ LN EQUITY YTD Change
RR/ LN EQUITY YTD % CHANGE
12/2012
12/yy
1'132.00
775.78
584'361.00
1092
-3.71%
40.50%
91.86%
1'880.2
20'531.98
1'383.00
0.0
17.0
2'596.00
19'335.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
10'414.0
11'085.0
0.70x
0.93x
1'396.0
1'404.0
5.26x
7.36x
2'221.0
539.0
4.02x
21.34x
Profitability
31.12.2011
11'124.0
1.25x
1'480.0
9.36x
850.0
16.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
12'161.0
1.25x
1'687.0
8.98x
2'281.0
7.09x
1'687.00
1'200.00
9.87%
22.24%
13.21%
43.01%
40.90%
0.70%
22.6%
13.9%
9.9%
18.8%
1.33
0.79
7.63%
22.72%
4.14
3.56
Price/ Cash Flow
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
1.79
1.01
1'876.27
35.09%
24.79%
1.006
25
3.360
4'458'114
4'302'747
4'216'193
FY+2
12/13 Y
12/14 Y
15'175.8
16'036.3
1.27x
1.17x
2'221.0
2'386.8
8.71x
8.10x
1'235.5
1'351.8
16.67x
15.23x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
13.04.2012
A
STABLE
13.04.2012
A-1
3.52
2.61
-0.72
0.82
22.7%
18.5%
0.70
4.96
88.36
102.75
93.48
97.64
20.00
1'600.0
18.00
1'400.0
16.00
1'200.0
14.00
1'000.0
12.00
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
01.01.2010
1.5 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
9'082.0
0.56x
1'096.0
4.61x
(1'340.0)
-
2.0 M
30
0.0
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
27.03.2013
Rolls-Royce Holdings PLC

Holdings By:
All
Holder Name
INVESCO LTD
FMR LLC
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
SCOTTISH WIDOWS
DEUTSCHE PRIVATE BAN
VANGUARD GROUP INC
SCHRODER INVESTMENT
T ROWE PRICE ASSOCIA
UBS
AEGON
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst

EDWARD STACEY
JPMorgan
DAVID H. PERRY
DOUGLAS S HARNED
RBC Capital Markets
ROBERT STALLARD
Jefferies
SANDY MORRIS
AlphaValue
THOMAS PICHERIT
Societe Generale
ZAFAR KHAN
Investec
ANDREW GOLLAN
Barclays
CARTER COPELAND
S&P Capital IQ
UNAI FRANCO
Morgan Stanley
RUPINDER VIG
CM - CIC Securities(ESN)
HARALD LIBERGE-DONDOUX
Natixis
ERIC CHADEYRAS
Exane BNP Paribas
OLIVIER BROCHET
Deutsche Bank
BEN FIDLER
CHRISTOPHE MENARD
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
BENJAMIN BOURNE
EVA Dimensions
CRAIG STERLING
Credit Suisse
OLIVER SLEATH
Arden Partners Ltd
GRAHAM J WEBSTER
CA Cheuvreux
ANTOINE BOIVIN-CHAMPEAUX
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
MF-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
Recommendation
neutral
overweight
market perform
outperform
buy
reduce
sell
add
overweight
hold
Overwt/In-Line
sell
neutral
outperform
hold
hold
hold
buy
underweight
neutral
add
underperform
Amt Held
112'822'192
102'165'089
93'986'631
75'786'766
58'757'257
45'853'311
45'308'048
43'402'486
43'022'491
41'865'846
36'507'917
36'150'309
30'897'478
27'706'884
26'924'567
25'928'040
25'368'833
24'908'239
21'984'871
21'891'388
% Out
6
5.43
5
4.03
3.13
2.44
2.41
2.31
2.29
2.23
1.94
1.92
1.64
1.47
1.43
1.38
1.35
1.32
1.17
1.16
Weighting
Change
3
5
3
5
5
2
1
4
5
3
5
1
3
5
3
3
3
5
1
3
4
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(3'289'064)
(56'735'470)
1'193'881
3'025'904
5'797'601
1'065'936
2'538'998
699'470
2'652'399
759'881
16'496
(5'380'217)
803'995
(428'418)
(8'010'744)
941'008
(462'155)
(15'824'804)
526'673
Target Price
950
1'300
880
1'180
1'250
987
900
1'125
1'225
1'100
1'200
800
1'100
1'075
930
1'050
#N/A N/A
1'030
#N/A N/A
900
#N/A N/A
800
File Dt
01.11.2012
31.01.2013
25.03.2013
01.11.2012
01.11.2012
01.11.2012
01.11.2012
30.11.2012
31.12.2012
01.11.2012
31.12.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
Date
Not Provided
9 month
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Date
27.03.2013
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
11.03.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
04.02.2013
17.01.2013
16.01.2013
01.10.2012
27.07.2012
27.03.2013
Lloyds Banking Group PLC

Lloyds Banking Group plc, through subsidiaries and associated companies, offers
a range of banking and financial services. The Company provides retail banking,
mortgages, pensions, asset management, insurance services, corporate banking,
and treasury services.
Price/Volume
25
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LLOY LN EQUITY YTD Change
LLOY LN EQUITY YTD % CHANGE
12/2012
01/yy
56.10
24.75
110'662'998.00
48.615
-13.64%
95.80%
73.05%
70'343.6
34'295.87
189'866.00
0.0
685.0
110'971.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
20'413.0
772.0
18.90x
31.12.2009
31.12.2010
44'007.0
43'432.0
2'827.0
(320.0)
6.76x
Profitability
LTM-4Q
31.12.2011
35'780.0
(2'787.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
36'408.0
(1'427.0)
9.48%
-2.60%
-0.15%
-3.17%
-0.49%
0.04%
-6.5%
20.54%
431.52%
-
Price/ Cash Flow
LTM
01/yy
44'844.0
6.16x
12'018.0
6.27x
6'998.0
13.77x
01/yy
47'252.0
5.76x
13'372.0
6.17x
9'317.0
13.06x
FY+1
0.00
1.70
42'726.89
39.12%
1.12%
1.700
33
3.303
#########
#########
#########
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'248.8
18'182.4
4'748.0
4'658.0
2'900.1
4'068.9
12.47x
8.68x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2011
ANEG
29.11.2011
A-2
431.5%
80.9%
0.04
4.85
-
25.00
50'000.0
45'000.0
40'000.0
20.00
35'000.0
15.00
30'000.0
10.00
25'000.0
20'000.0
15'000.0
10'000.0
5.00
5'000.0
0.00
31.07.2009
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Lloyds Banking Group PLC

Holdings By:
All
Holder Name
UNITED KINGDOM GOVER
FMR LLC
BLACKROCK
LEGAL & GENERAL
UBS
FRANKLIN RESOURCES
SCOTTISH WIDOWS
DEUTSCHE PRIVATE BAN
HALIFAX SHARE DEALIN
SCHRODER INVESTMENT
TD WATERHOUSE GROUP
HARRIS ASSOCIATES LP
SELFTRADE
SCHRODER INVESTMENT
PRIVATE INDIVIDUALS
VANGUARD GROUP INC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Mediobanca SpA
Morgan Stanley
CHRISTOPHER MANNERS
Investec
IAN GORDON
Goldman Sachs
FREDERIK THOMASEN
AlphaValue
DAVID GRINSZTAJN
Macquarie
EDWARD FIRTH
Day by Day
VALERIE GASTALDY
Credit Suisse
CARLA ANTUNES-SILVA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
MICHAEL J TRIPPITT
Barclays
VIVEK RAJA
Grupo Santander
ARTURO DE FRIAS
CHIRANTAN BARUA
Societe Generale
JAMES INVINE
GARY GREENWOOD
Deutsche Bank
JASON NAPIER
JPMorgan
RAUL SINHA
MARK J PHIN
RBC Capital Markets
CLAIRE KANE
GARETH HUNT
Berenberg Bank
JAMES CHAPPELL
Daniel Stewart & Co
SIMON WILLIS
S&P Capital IQ
FRANK BRADEN
Redburn Partners
FAHED KUNWAR
Liberum Capital Ltd
CORMAC LEECH
SHAILESH RAIKUNDLIA
EVA Dimensions
AUSTIN BURKETT
HSBC
PETER TOEMAN
Source
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
REG
REG
REG
REG
MF-AGG
ULT-AGG
REG
MF-AGG
Recommendation
neutral
Equalwt/In-Line
hold
neutral/neutral
reduce
underperform
hold
neutral
reduce
outperform
buy
underweight
sell
buy
outperform
buy
buy
buy
neutral
underperform
outperform
hold
sell
sell
hold
buy
buy
sell
sell
overweight
Amt Held
27'608'563'642
2'359'287'182
2'335'851'144
1'661'879'228
1'113'818'748
1'096'594'012
1'089'919'867
1'075'638'770
1'075'023'992
1'052'501'056
742'242'002
739'647'720
724'279'567
675'500'000
609'121'200
597'593'904
590'792'286
539'931'137
456'479'052
445'836'749
% Out
39.25
3.35
3.32
2.36
1.58
1.56
1.55
1.53
1.53
1.5
1.06
1.05
1.03
0.96
0.87
0.85
0.84
0.77
0.65
0.63
Weighting
Change
3
3
3
3
2
1
3
3
2
5
5
1
1
5
5
5
5
5
3
1
5
3
1
1
3
5
5
1
1
5
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
40'204'114
35'727'885
4'371'787
(49'558'902)
(189'806'781)
462'591'455
41'049'793
(14'804'023)
(38'913'754)
(128'253'574)
19'888'448
(36'378'354)
(40'000'000)
(225'724'735)
(17'125'603)
(893'151)
(97'393'597)
(1'330'422)
17'836'770
Target Price
53
53
50
60
47
46
#N/A N/A
45
42
60
63
40
41
66
64
61
#N/A N/A
64
55
51
69
35
24
39
55
#N/A N/A
62
48
#N/A N/A
65
File Dt
23.03.2012
31.01.2013
25.03.2013
28.02.2013
31.01.2013
28.02.2013
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
31.12.2012
31.01.2013
01.12.2012
31.12.2012
Date
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Unclassified
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Date
25.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
05.03.2013
04.03.2013
04.03.2013
03.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
04.02.2013
29.01.2013
17.01.2013
10.01.2013
27.03.2013
Centrica PLC
Centrica PLC is an integrated energy company offering a wide range of home and
business energy solutions. The Company sources, generates, processes, stores,
trades, saves and supplies energy and provides a range of related services.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (22.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CNA LN EQUITY YTD Change
CNA LN EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
369.00
301.20
3'432'503.00
363.6
-1.41%
20.78%
99.85%
5'183.1
18'845.80
5'328.00
0.0
0.0
938.00
23'235.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
21'963.0
22'423.0
0.81x
0.92x
2'721.0
3'336.0
6.54x
6.19x
844.0
1'935.0
22.13x
9.11x
Profitability
31.12.2011
22'824.0
0.81x
3'310.0
5.62x
421.0
33.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
23'942.0
0.91x
3'698.0
5.88x
1'273.0
13.56x
3'698.00
2'422.00
10.12%
10.20%
6.13%
22.09%
14.28%
1.15%
19.8%
15.4%
10.1%
5.3%
0.95
0.14
24.27%
89.89%
38.89
Price/ Cash Flow
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12 m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
4.51
0.64
4'974.47
20.46%
9.05%
0.636
25
3.440
11'146'720
9'598'011
8'481'136
FY+2
12/13 Y
12/14 Y
24'432.9
25'474.9
0.95x
0.90x
3'944.5
4'146.8
5.89x
5.60x
1'413.9
1'496.7
13.08x
11.77x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
29.05.2009
ASTABLE
29.05.2009
A-2
7.44
3.83
1.19
1.44
89.9%
47.3%
1.15
3.33
9.41
9.37
19.73
30.00
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
01.01.2010
3.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
20'872.0
0.68x
2'613.0
5.43x
(137.0)
241.82x
100
90
80
70
60
50
40
30
20
10
0
m-12
0.0
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
27.03.2013
Centrica PLC
Holdings By:
All
Holder Name
INVESCO LTD
ABERDEEN
LEGAL & GENERAL
PETRONAS
BLACKROCK
SCOTTISH WIDOWS
NEWTON INV MGMT
FMR LLC
UBS
JP MORGAN
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
Firm Name
RBC Capital Markets
AlphaValue
Exane BNP Paribas
HSBC
Nomura
Societe Generale
Goldman Sachs
JPMorgan
Raymond James
Cantor Fitzgerald
S&P Capital IQ
Mirabaud Securities
Credit Suisse
Berenberg Bank
Liberum Capital Ltd
Barclays
EVA Dimensions
Morgan Stanley
Deutsche Bank
Redburn Partners
Day by Day
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN MUSK
MYRIAM COHEN
IAIN TURNER
VERITY MITCHELL
JONATHAN CONSTABLE
ASHLEY THOMAS
ANDREW MEAD
EDMUND REID
INGO BECKER
EMMANUEL RETIF
ANGELOS ANASTASIOU
CLIVE ROBERTS
GUS HOCHSCHILD
MARK FRESHNEY
ROBERT CHANTRY
GUILLAUME REDGWELL
PETER BISZTYGA
AUSTIN BURKETT
BOBBY CHADA
MARTIN BROUGH
JAMIE TUNNICLIFFE
VALERIE GASTALDY
Source
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
MF-AGG
Recommendation
sector perform
add
underperform
overweight
neutral
buy
neutral/neutral
neutral
hold
underperform
buy
strong buy
buy
neutral
hold
buy
underweight
overweight
Equalwt/In-Line
hold
buy
hold
Amt Held
258'200'185
244'433'202
199'643'469
199'375'000
198'230'837
192'620'011
178'317'146
168'873'344
135'169'676
115'829'394
110'850'900
107'778'794
90'418'317
81'472'000
77'307'596
74'740'477
74'363'376
68'473'929
67'827'517
67'616'691
% Out
4.98
4.72
3.85
3.85
3.82
3.72
3.44
3.26
2.61
2.23
2.14
2.08
1.74
1.57
1.49
1.44
1.43
1.32
1.31
1.3
Weighting
Change
3
4
1
5
3
5
3
3
3
1
5
5
5
3
3
5
1
5
3
3
5
3
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
2'929'553
(2'602'961)
(217'034)
20'183'664
15'220'210
(3'909'961)
(7'934'002)
2'398'382
10'261'488
(3'099'325)
(10'651'045)
53'727'337
53'600
(11'993'141)
(2'361'053)
16'115'286
1'389'000
1'115'563
Target Price
370
382
280
400
350
400
416
370
320
321
403
525
435
325
370
370
325
#N/A N/A
345
340
#N/A N/A
#N/A N/A
File Dt
Inst Type
23.02.2012
Investment Advisor
28.02.2013
Unclassified
01.11.2012
Unclassified
23.02.2012
Government
25.03.2013
Investment Advisor
30.11.2012
Unclassified
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
01.11.2012
Government
31.01.2013
Unclassified
01.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
21.03.2013
13.03.2013
11.03.2013
11.03.2013
08.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
25.02.2013
15.02.2013
05.02.2013
25.01.2013
25.01.2013
17.01.2013
11.01.2013
07.01.2013
10.12.2012
22.10.2012
27.03.2013
Xstrata PLC
Xstrata plc, a diversified mining group, explores for and mines copper, coking
coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The
Group conducts operations in Australia, South Africa, Germany, Argentina, and
the United Kingdom.
Price/Volume
90
12.0 M
80
10.0 M
70
60
8.0 M
50
12/2012
12/yy
1'201.00
760.47
1'379'296.00
1081.5
-9.99%
42.15%
71.51%
3'002.7
32'474.11
17'067.00
0.0
2'339.0
1'983.00
66'468.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
31.12.2009
31.12.2010
22'732.0
30'499.0
2.83x
2.59x
6'476.0
10'393.0
9.93x
7.61x
661.0
4'688.0
72.41x
14.58x
Profitability
31.12.2011
33'877.0
1.64x
11'648.0
4.76x
5'713.0
7.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
31'618.0
2.18x
8'122.0
8.50x
1'180.0
43.00x
8'122.00
4'790.00
15.15%
6.35%
1.49%
2.68%
2.74%
0.40%
27.7%
25.7%
15.1%
3.7%
1.73
0.81
20.53%
38.39%
9.16
-
Price/ Cash Flow
2.0 M
10
0
m-12
.0 M
a-12 m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
2.79
1.78
1'520.28
0.08%
2.08%
1.785
21
3.524
5'597'255
5'438'155
4'955'808
FY+2
12/13 Y
12/14 Y
34'013.7
36'310.7
1.92x
1.75x
9'689.1
11'041.6
6.86x
6.02x
3'765.6
4'788.3
13.11x
10.44x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
29.11.2012
BBB+ *29.11.2012
A-2 *20.46
-4.82
1.86
2.10
38.4%
26.7%
0.40
0.57
39.95
69.47
40.00
8'000.0
35.00
7'000.0
30.00
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
01.01.2010
4.0 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
27'952.0
0.96x
9'645.0
2.78x
3'595.0
2.49x
6.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XTA LN EQUITY YTD Change
XTA LN EQUITY YTD % CHANGE
0.0
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
27.03.2013
Xstrata PLC
Holdings By:
All
Holder Name
GLENCORE INTERNATION
QATAR HOLDINGS LLC
BLACKROCK
UBS
STATE STREET
LEGAL & GENERAL
JP MORGAN
SCOTTISH WIDOWS
Xstrata Plc Employee
SAFE INVESTMENT COMP
PEOPLES REPUBLIC OF
LLOYDS BANKING GROUP
NORTHERN CROSS LLC
HSBC Prop Trading/Ma
Firm Name
Macquarie
AlphaValue
Jefferies
BMO Capital Markets
Exane BNP Paribas
EVA Dimensions
S&P Capital IQ
RBC Capital Markets
CA Cheuvreux
Redburn Partners
SBG Securities
HSBC
Day by Day
Societe Generale
Nomura
Liberum Capital Ltd
Natixis
Standard Chartered
Credit Suisse
Bank Vontobel AG
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JEFFREY LARGEY
SACHIN KUMAR
PAUL GAIT
TONY ROBSON
SYLVAIN BRUNET
CRAIG STERLING
JENS MUENSTERMANN
JOHNSON IMODE
TIMOTHY HUFF
JOAKIM AHLBERG
SIMON TOYNE
PETER DAVEY
ANDREW KEEN
VALERIE GASTALDY
ALAIN WILLIAM
SAM CATALANO
ASH LAZENBY
RAOUDHA BOUZEKRI
SUBRAMANIAM VARADA
LIAM FITZPATRICK
PATRICK RAFAISZ
ROBERT CLIFFORD
ALAIN GABRIEL
EUGENE KING
BENJAMIN DEFAY
Source
REG
RNS-RUL8
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
RNS-RUL8
ULT-AGG
RNS-RUL8
REG
ULT-AGG
RNS-RUL8
REG
REG
MF-AGG
Recommendation
outperform
reduce
buy
outperform
market perform
neutral
sell
buy
sell
sector perform
outperform
neutral
sell
neutral
hold
hold
restricted
buy
neutral
outperform
restricted
buy
restricted
restricted
not rated
restricted
Amt Held
1'010'403'999
350'410'601
144'628'350
95'879'064
88'851'173
66'130'949
61'700'951
57'610'174
54'135'734
42'863'026
42'642'114
41'205'251
32'530'740
31'187'938
30'417'938
29'719'950
28'945'439
25'475'000
25'223'487
24'663'230
% Out
33.65
11.67
4.82
3.19
2.96
2.2
2.05
1.92
1.8
1.43
1.42
1.37
1.08
1.04
1.01
0.99
0.96
0.85
0.84
0.82
Weighting
Change
5
2
5
5
3
3
1
5
1
3
5
3
1
3
3
3
#N/A N/A
5
3
5
#N/A N/A
5
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
M
M
M
M
U
M
D
M
M
M
M
M
D
D
D
D
M
M
M
U
M
M
M
M
M
M
Latest Chg
(81'328)
16'255'320
204'708
(33'850)
8'186'775
(634'892)
(202'870)
(6'795'572)
(24'936)
66'360
(610'124)
(3'925'000)
2'450'000
(757'180)
137'523
Target Price
1'200
1'100
1'350
1'575
1'220
1'300
#N/A N/A
1'300
1'000
1'100
1'300
#N/A N/A
1'220
1'250
#N/A N/A
1'190
#N/A N/A
#N/A N/A
1'017
1'080
#N/A N/A
1'103
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
02.01.2013
14.01.2013
25.03.2013
25.03.2013
02.01.2013
26.03.2013
22.03.2013
25.03.2013
02.01.2013
02.01.2013
02.01.2013
22.03.2013
21.03.2013
02.02.2012
02.01.2013
28.02.2013
14.09.2012
02.01.2013
02.01.2013
31.12.2012
Date
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Date
22.03.2013
21.03.2013
20.03.2013
15.03.2013
12.03.2013
12.03.2013
08.03.2013
07.03.2013
05.03.2013
04.03.2013
11.02.2013
11.02.2013
11.02.2013
07.02.2013
05.02.2013
31.01.2013
16.01.2013
10.01.2013
20.11.2012
08.09.2012
21.02.2012
07.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012
27.03.2013
Compass Group PLC

Compass Group PLC provides catering and support services in countries
throughout the world. The Company's clients are in locations including
offices, factories, hospitals and care homes, schools and universities, sports
venues, military facilities, offshore platforms and other remote locations.
Price/Volume
45
14.0 M
40
12.0 M
35
10.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CPG LN EQUITY YTD Change
CPG LN EQUITY YTD % CHANGE
09/2012
12/yy
853.00
611.00
917'443.00
823.5
-3.52%
34.70%
88.02%
1'827.1
15'046.11
1'785.00
0.0
10.0
728.00
16'113.11
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
20
6.0 M
15
4.0 M
10
2.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
11'440.0
0.64x
864.0
8.53x
443.0
16.46x
25
30.09.2009
30.09.2010
13'444.0
14'468.0
0.60x
0.74x
1'102.0
1'228.0
7.36x
8.73x
586.0
675.0
12.96x
15.03x
Profitability
30.09.2011
15'833.0
0.68x
1'331.0
8.07x
728.0
14.31x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
16'905.0
0.81x
1'480.0
9.29x
605.0
21.29x
1'480.00
1'143.00
6.76%
4.67%
6.49%
17.99%
13.04%
1.81%
8.8%
6.8%
3.6%
0.87
0.73
19.34%
55.25%
9.57
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.59
0.81
1'821.91
30.22%
15.66%
0.810
32
3.688
3'307'101
3'175'029
2'963'036
FY+2
09/13 Y
09/14 Y
17'594.0
18'640.5
0.93x
0.87x
1'552.7
1'663.9
10.38x
9.68x
846.2
931.5
17.71x
16.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
18.02.2013
A
STABLE
15.74
13.19
0.71
1.21
55.2%
35.5%
1.81
25.87
38.26
-
8.00
70'000.0
7.00
60'000.0
6.00
50'000.0
5.00
40'000.0
4.00
30'000.0
3.00
20'000.0
2.00
10'000.0
1.00
0.00
01.01.2010
0.0
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
27.03.2013
Compass Group PLC

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
ARTISAN PARTNERS HOL
SCOTTISH WIDOWS
INVESCO LTD
FMR LLC
MONDRIAN INVESTMENT
AVIVA INVESTORS
MARATHON ASSET MANAG
UBS
LONGVIEW PARTNERS (G
HSBC INVESTMENTS UK
INVESCO LTD
PEOPLES REPUBLIC OF
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Morgan Stanley
JAMIE ROLLO
Raymond James
JULIEN RICHER
Oddo & Cie
GUILLAUME RASCOUSSIER
Investec
JAMES HOLLINS
RBC Capital Markets
ANDREW BROOKE
Credit Suisse
TIM RAMSKILL
JPMorgan
MIKE J GIBBS
GREG JOHNSON
CATHERINE ROLLAND
Bryan Garnier & Cie
BRUNO DE LA ROCHEBROCHARD
Nomura
TIM BARRETT
WYN ELLIS
JEFFREY HARWOOD
Exane BNP Paribas
MATTHIAS DESMARAIS
Deutsche Bank
RICHARD CARTER
Barclays
VICTORIA LEE
SIMON FRENCH
AlphaValue
BERENICE LACROIX
EVA Dimensions
CRAIG STERLING
Day by Day
VALERIE GASTALDY
Goldman Sachs
NICK EDELMAN
Baden Hill LLP
CRAIG FRASER
Cantor Fitzgerald
KEVIN LAPWOOD
Natixis
GEOFFREY D'HALLUIN
HSBC
LENA THAKKAR
DAVID BROCKTON
Jefferies
JAMES WHEATCROFT
CA Cheuvreux
THOMAS MESMIN
JULIAN CATER
Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
MF-AGG
REG
REG
ULT-AGG
REG
REG
REG
REG
ULT-AGG
REG
REG
MF-AGG
REG
Recommendation
Equalwt/In-Line
market perform
neutral
buy
underperform
outperform
overweight
hold
reduce
neutral
buy
hold
buy
outperform
buy
overweight
hold
reduce
overweight
hold
Buy/Neutral
buy
hold
neutral
underweight
neutral
hold
outperform
hold
Amt Held
181'766'878
120'430'975
88'023'379
70'315'379
50'472'967
44'566'371
43'264'770
37'320'195
35'352'041
31'731'888
30'164'486
29'130'450
29'119'406
26'293'485
25'022'872
24'993'826
23'356'375
23'254'860
22'267'314
21'765'882
% Out
9.95
6.59
4.82
3.85
2.76
2.44
2.37
2.04
1.93
1.74
1.65
1.59
1.59
1.44
1.37
1.37
1.28
1.27
1.22
1.19
Weighting
Change
3
3
3
5
1
5
5
3
2
3
5
3
5
5
5
5
3
2
5
3
5
5
3
3
1
3
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
M
M
R
N
M
M
D
U
M
M
Latest Chg
(878'115)
11'901'405
2'015'817
1'786'354
(365'885)
1'077'028
704'261
1'983'711
(963'504)
(1'471'820)
(488'309)
5'795'071
(3'266'913)
(2'083'666)
(462'367)
(65'566)
(5'654'098)
1'359'774
210'329
2'541'703
Target Price
810
#N/A N/A
800
900
725
940
890
#N/A N/A
780
730
832
850
800
900
898
840
820
816
#N/A N/A
#N/A N/A
915
#N/A N/A
800
775
700
750
710
765
665
File Dt
Inst Type
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
30.11.2012
Unclassified
01.11.2012
Government
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Unclassified
01.11.2012
Investment Advisor
21.03.2013
Investment Advisor
01.11.2012
Government
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
27.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
11.03.2013
27.02.2013
21.02.2013
11.02.2013
08.02.2013
31.01.2013
03.01.2013
28.11.2012
22.11.2012
26.07.2012
27.03.2013
SSE PLC
SSE PLC generates, transmits, distributes and supplies electricity to
industrial, commercial and domestic customers in the United Kingdom and
Ireland. The Company also stores and distributes natural gas, and operates a
telecommunications network that offers bandwidth and capacity to companies,
public sector organizations, Internet service providers, and others.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SSE LN EQUITY YTD Change
SSE LN EQUITY YTD % CHANGE
03/2012
02/yy
1'499.00
1'286.00
397'204.00
1478
-1.47%
14.85%
93.43%
964.3
14'252.66
6'245.60
0.0
0.0
189.20
19'498.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
100
2.5 M
80
2.0 M
60
1.5 M
40
1.0 M
20
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
15'256.3
1.04x
1'559.9
10.18x
872.9
13.88x
120
31.03.2009
31.03.2010
25'424.2
21'550.4
0.60x
0.74x
1'784.1
1'773.4
8.58x
8.97x
112.3
1'235.3
87.20x
8.22x
Profitability
31.03.2011
28'334.2
0.60x
1'856.3
9.13x
1'504.5
7.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
31'723.9
0.59x
1'946.8
9.56x
197.8
63.01x
1'946.80
1'371.50
4.32%
0.85%
1.24%
4.70%
6.42%
1.69%
7.1%
6.6%
4.7%
0.6%
1.00
0.51
31.73%
136.24%
75.49
Price/ Cash Flow
LTM-4Q
LTM
02/yy
02/yy
-
FY+1
-
5.50
0.61
963.71
16.66%
6.06%
0.606
23
3.087
1'900'221
1'699'207
1'805'876
FY+2
03/13 Y
03/14 Y
31'706.3
33'056.0
0.67x
0.66x
2'169.9
2'304.5
8.99x
8.46x
1'059.1
1'078.9
13.00x
12.68x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
21.08.2009
ANEG
21.08.2009
A-2
3.88
0.89
2.53
2.96
136.2%
57.7%
1.69
3.40
4.85
45.98
2.21
16.00
120'000.0
14.00
100'000.0
12.00
80'000.0
10.00
8.00
60'000.0
6.00
40'000.0
4.00
20'000.0
2.00
0.00
04.09.2009
0.0
04.03.2010
04.09.2010
04.03.2011
04.09.2011
04.03.2012
04.09.2012
04.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
SSE PLC
Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
CLEARSTREAM BANKING
RATHBONE UNIT TRUST
VANGUARD GROUP INC
FEDERATED INVESTORS
RENSBURG INVESTMENT
UBS
VANGUARD GROUP INC
TD WATERHOUSE GROUP
HARGREAVES LANSDOWN
Firm Name
RBC Capital Markets
Exane BNP Paribas
HSBC
AlphaValue
Societe Generale
Goldman Sachs
Day by Day
Raymond James
Cantor Fitzgerald
Credit Suisse
Berenberg Bank
S&P Capital IQ
Liberum Capital Ltd
Barclays
Morgan Stanley
EVA Dimensions
Nomura
JPMorgan
Redburn Partners
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JOHN MUSK
IAIN TURNER
VERITY MITCHELL
MYRIAM COHEN
ASHLEY THOMAS
ANDREW MEAD
VALERIE GASTALDY
EMMANUEL RETIF
ANGELOS ANASTASIOU
MARK FRESHNEY
ROBERT CHANTRY
CLIVE ROBERTS
GUILLAUME REDGWELL
PETER BISZTYGA
BOBBY CHADA
AUSTIN BURKETT
JONATHAN CONSTABLE
EDMUND REID
JAMIE TUNNICLIFFE
MARTIN BROUGH
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
MF-AGG
REG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
Recommendation
outperform
outperform
underweight
add
sell
Sell/Neutral
buy
underperform
hold
outperform
hold
hold
buy
overweight
Underwt/In-Line
sell
reduce
underweight
buy
hold
Amt Held
85'895'986
45'004'899
30'027'307
27'301'984
23'492'836
18'976'901
13'858'241
11'911'626
11'195'816
10'670'380
9'927'607
9'783'770
8'732'939
8'669'092
8'656'546
7'231'304
6'788'561
6'244'569
6'238'761
5'773'007
% Out
8.91
4.67
3.11
2.83
2.44
1.97
1.44
1.24
1.16
1.11
1.03
1.01
0.91
0.9
0.9
0.75
0.7
0.65
0.65
0.6
Weighting
Change
5
5
1
4
1
1
5
1
3
5
3
3
5
5
1
1
2
1
5
3
M
M
D
M
M
M
U
M
N
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(9'487'100)
(1'426'950)
(368'384)
1'649'324
6'581'313
14'632
5'769'622
551'675
30'177
410'077
765'375
(78'985)
3'917'020
481'312
(356'830)
70'228
343'533
381'297
(174'849)
Target Price
1'550
1'620
1'490
1'520
1'249
1'154
1'528
1'270
1'433
1'600
1'430
1'500
1'600
1'585
1'185
#N/A N/A
1'265
1'190
#N/A N/A
1'400
File Dt
31.12.2012
25.03.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.03.2012
31.12.2012
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
Date
12 month
Not Provided
Not Provided
6 month
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
21.03.2013
21.03.2013
13.03.2013
11.03.2013
04.03.2013
27.02.2013
11.02.2013
07.02.2013
05.02.2013
05.02.2013
25.01.2013
25.01.2013
24.01.2013
17.01.2013
12.12.2012
23.11.2012
16.10.2012
06.08.2012
27.03.2013
WPP PLC
WPP plc operates a communications services group. The Company's operations
encompass advertising, media investment management, information and
consultancy, public relations and public affairs, healthcare and specialist
communications, and branding and identity services.
Price/Volume
18
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
16
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WPP LN EQUITY YTD Change
WPP LN EQUITY YTD % CHANGE
12/2012
02/yy
1'096.00
733.00
398'538.00
1033
-5.66%
41.06%
85.67%
1'263.9
13'055.63
4'766.50
0.0
249.6
1'945.30
16'126.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'476.9
1.11x
1'107.6
7.51x
439.1
10.48x
31.12.2009
31.12.2010
8'684.3
9'331.0
1.21x
1.29x
1'135.8
1'358.4
9.23x
8.89x
437.7
586.0
16.97x
16.61x
Profitability
LTM-4Q
31.12.2011
10'021.8
1.12x
1'576.7
7.14x
840.1
9.99x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
10'373.1
1.38x
1'645.0
8.70x
822.7
13.42x
1'645.00
1'248.40
12.03%
10.53%
3.32%
12.21%
9.86%
0.42%
91.7%
15.9%
12.0%
7.9%
0.92
0.67
19.16%
69.98%
1.66
2.52
Price/ Cash Flow
02/yy
62'071.0
1.52x
5'367.0
4.76x
3'492.0
8.83x
LTM
02/yy
56'940.0
1.29x
4'156.0
4.82x
2'372.0
9.15x
FY+1
2.76
1.12
1'243.05
23.13%
16.44%
1.122
32
4.063
1'998'413
2'959'047
3'144'777
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
11'022.8
11'590.4
2'482.0
2'688.0
1.42x
1.29x
1'870.0
2'002.6
8.62x
8.05x
1'050.0
1'141.7
12.78x
11.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.11.2008
BBB
STABLE
05.04.2011
A-2
5.49
4.52
1.72
2.90
70.0%
40.3%
0.42
13.86
220.69
145.43
3045.15
-2679.03
10.00
70'000.0
9.00
60'000.0
8.00
7.00
50'000.0
6.00
40'000.0
5.00
30'000.0
4.00
20'000.0
3.00
2.00
10'000.0
1.00
0.00
29.01.2010
0.0
29.07.2010
29.01.2011
29.07.2011
29.01.2012
29.07.2012
29.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
WPP PLC
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
LEGAL & GENERAL
VANGUARD GROUP INC
SORRELL MARTIN STUAR
D E SHAW & CO UK LTD
SCOTTISH WIDOWS
FIRST PACIFIC ADVISO
INVESCO LTD
SUSQUEHANNA INTERNAT
ROYAL BANK OF CANADA
JO HAMBRO CAPITAL MA
UNITED SERVICES AUTO
HARTFORD INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Berenberg Bank
SARAH SIMON
Nomura
MATTHEW WALKER
Exane BNP Paribas
CHARLES BEDOUELLE
AlphaValue
VERONIQUE CABIOC'H
Goldman Sachs
RICHARD JONES
CONOR O'SHEA
Pivotal Research Group LLC
BRIAN WIESER
JPMorgan
FILIPPO PIETRO LO FRANCO
CLAUDIO ASPESI
Investec
STEVEN LIECHTI
BMO Capital Markets
DANIEL SALMON
Societe Generale
LAURENT PICARD
Natixis
JEROME BODIN
Day by Day
VALERIE GASTALDY
Barclays
JULIEN ROCH
Deutsche Bank
PATRICK KIRBY
Macquarie
TIMOTHY W NOLLEN
Jefferies
WILL SMITH
S&P Capital IQ
ALEXANDER WISCH
PAUL RICHARDS
Liberum Capital Ltd
IAN WHITTAKER
Morgan Stanley
PATRICK WELLINGTON
Oddo & Cie
BRUNO HARENG
Credit Suisse
NICK BERTOLOTTI
EVA Dimensions
CRAIG STERLING
HSBC
DAN GRAHAM
ALEX DE GROOTE
GIASONE SALATI
CA Cheuvreux
THOMAS JORION
WYT Ltd
ANTHONY DE LARRINAGA
N+1 Singer Ltd
JOHNATHAN BARRETT
Wells Fargo Securities, LLC
PETER STABLER
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
RNS-DIR
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
buy
outperform
reduce
Buy/Neutral
hold
hold
overweight
outperform
buy
market perform
buy
reduce
buy
overweight
hold
outperform
buy
hold
buy
buy
Equalwt/Attractive
neutral
outperform
buy
overweight
hold
buy
outperform
hold
not rated
outperform
Amt Held
% Out
70'862'918
5.61
61'390'681
4.86
56'149'172
4.44
44'740'301
3.54
41'130'059
3.25
37'363'273
2.96
27'110'460
2.15
18'904'480
1.5
(15'560'800) -1.23
15'428'314
1.22
10'134'960
0.8
10'046'088
0.79
9'354'119
0.74
9'291'280
0.74
(6'323'542)
-0.5
6'235'446
0.49
5'535'125
0.44
4'797'561
0.38
4'239'326
0.34
4'050'134
0.32
Weighting
1
5
5
2
5
3
3
5
5
5
3
5
2
5
5
3
5
5
3
5
5
3
3
5
5
5
3
5
5
3
#N/A N/A
5
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
13'537'605
(1'528'975)
22'182'791
21'688'538
(4'221'727)
(2'314'398)
(6'452'270)
2'697'345
176'552
10'046'088
129'258
904'965
120'937
(19'771)
(325'574)
129'059
168'491
85'141
Target Price
1'050
1'215
1'250
1'080
1'340
1'135
980
1'282
1'300
1'175
1'000
1'210
1'000
1'210
1'230
1'050
1'200
1'150
1'150
1'270
1'180
1'090
950
950
#N/A N/A
960
820
1'360
1'000
844
#N/A N/A
#N/A N/A
File Dt
31.10.2012
25.03.2013
31.01.2013
20.04.2012
31.12.2012
11.03.2013
31.12.2012
14.03.2013
13.02.2013
30.11.2012
31.12.2012
31.01.2013
21.03.2013
31.12.2012
12.12.2012
30.11.2012
30.11.2012
31.01.2013
30.11.2012
28.02.2013
Date
Not Provided
6 month
Not Provided
6 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
3 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Other
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
21.03.2013
20.03.2013
20.03.2013
15.03.2013
08.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
02.03.2013
02.03.2013
01.03.2013
01.03.2013
01.03.2013
21.02.2013
14.02.2013
22.01.2013
21.01.2013
17.01.2013
12.11.2012
26.10.2012
04.09.2012
31.08.2012
18.03.2012
01.03.2012
08.02.2012
27.03.2013
Glencore International PLC

Glencore International PLC, through its subsidiaries, supplies commodities and
raw materials to industrial consumers. The Company operates in three groups:
Metals and Minerals, Energy Products, and Agricultural Products.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2012)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GLEN LN EQUITY YTD Change
GLEN LN EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
439.95
289.35
5'534'741.00
358.55
-18.50%
23.92%
44.85%
7'099.5
25'455.10
35'526.00
0.0
3'034.0
2'820.00
74'184.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
106'364.0
144'978.0
3'074.0
4'474.0
1'633.0
3'751.0
Profitability
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.12.2011
186'152.0
0.39x
4'423.0
16.24x
4'048.0
8.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
214'436.0
0.36x
4'601.0
16.57x
1'004.0
39.57x
4'601.00
3'128.00
1.46%
0.50%
1.05%
3.32%
2.24%
1.9%
2.1%
1.5%
0.5%
1.15
0.45
33.66%
113.63%
12.51
11.13
Price/ Cash Flow
LTM
FY+1
2.91
1.39
3'358.26
-8.31%
2.06%
1.387
17
3.882
14'668'200
15'465'560
13'524'760
FY+2
FQ+1
FQ+2
12/yy
2'537.7
9.29x
421.6
15.85x
244.5
17.76x
12/yy
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
2'928.4 217'949.7 229'254.5
9.79x
0.32x
0.29x
536.9
7'255.9
9'103.7
13.26x
10.22x
8.15x
314.2
4'258.5
4'944.0
20.31x
9.12x
7.33x
S&P Issuer Ratings
29.11.2012
Long-Term Rating
BBB
Long-Term Outlook
STABLE
29.11.2012
Short-Term Rating
A-2
Credit Ratios
3.36
1.19
Net Debt/EBITDA
7.11
Total Debt/EBITDA
7.72
Reference
Total Debt/Equity
113.6%
Total Debt/Capital
50.9%
Asset Turnover
2.24
11.32
29.26
Inventory Days
32.88
29.43
32.71
18.00
3'500.0
16.00
3'000.0
14.00
2'500.0
12.00
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
01.01.2010
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
152'236.0
5'068.0
1'044.0
-
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
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
27.03.2013
Glencore International PLC

Holdings By:
All
Holder Name
GLASENBERG IVAN
MATE BADENE DANIEL F
MISTAKIDIS ARISTOTEL
PETERSON TOR
BEARD ALEXANDER FRAN
BLACKROCK
JSC VERNY CAPITAL
FEGEL GARY
MAHONEY CHRIS
LEGAL & GENERAL
FR GALAXY HOLDINGS S
STATE STREET
ABU DHABI INVESTMENT
POPOVIC NIKOLA
FMR LLC
WOLFENSBERGER CHRIST
BLUMGART STEVEN
ALVAREZ LUIS
CUTLER STUART
Firm Name
Macquarie
Exane BNP Paribas
AlphaValue
Jefferies
BMO Capital Markets
Day by Day
RBC Capital Markets
Societe Generale
Deutsche Bank
Redburn Partners
SBG Securities
EVA Dimensions
Nomura
Liberum Capital Ltd
Standard Chartered
ABN Amro Bank N.V.
Credit Suisse
Morgan Stanley
JPMorgan
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
JEFFREY LARGEY
SYLVAIN BRUNET
SACHIN KUMAR
PAUL GAIT
TONY ROBSON
VALERIE GASTALDY
TIMOTHY HUFF
ALAIN WILLIAM
ROBERT CLIFFORD
SIMON TOYNE
PETER DAVEY
CRAIG STERLING
SAM CATALANO
ASH LAZENBY
SUBRAMANIAM VARADA
TEUN TEEUWISSE
LIAM FITZPATRICK
ALAIN GABRIEL
BENJAMIN DEFAY
Source
RNS-RUL8
RNS-MAJ
RNS-RUL8
Co File
Co File
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
ULT-AGG
ULT-AGG
RNS-RUL8
RNS-RUL8
ULT-AGG
RNS-RUL8
RNS-RUL8
RNS-RUL8
RNS-RUL8
Recommendation
outperform
neutral
reduce
buy
outperform
market perform
hold
outperform
hold
restricted
neutral
hold
sell
restricted
buy
outperform
buy
restricted
restricted
restricted
Amt Held
1'101'848'752
417'468'330
414'730'597
366'074'885
320'260'410
263'354'966
176'742'520
154'814'588
143'834'821
131'943'542
129'372'165
112'185'928
99'636'344
99'299'065
93'437'150
92'847'626
87'403'187
86'736'565
81'654'211
78'568'743
% Out
15.52
5.88
5.84
5.16
4.51
3.71
2.49
2.18
2.03
1.86
1.82
1.58
1.4
1.4
1.32
1.31
1.23
1.22
1.15
1.11
Weighting
Change
5
3
2
5
5
3
3
5
3
#N/A N/A
3
3
1
#N/A N/A
5
5
5
#N/A N/A
#N/A N/A
#N/A N/A
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
2'700'000
3'000'000
(19'162)
(39'649)
16'875'000
(18'700)
8'889
3'072'650
13'162'571
200'000
Target Price
430
450
382
450
475
400
#N/A N/A
425
410
#N/A N/A
#N/A N/A
400
#N/A N/A
#N/A N/A
#N/A N/A
454
415
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
11.06.2012
11.10.2012
24.05.2012
26.03.2012
26.03.2012
25.03.2013
11.10.2012
15.02.2012
15.02.2012
22.03.2013
29.01.2013
25.03.2013
25.03.2013
02.02.2012
15.02.2012
25.03.2013
15.02.2012
15.02.2012
15.02.2012
18.05.2012
Date
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
n/a
n/a
Unclassified
Holding Company
Investment Advisor
Investment Advisor
Government
n/a
Investment Advisor
n/a
n/a
n/a
n/a
Date
22.03.2013
21.03.2013
21.03.2013
20.03.2013
15.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
26.02.2013
11.02.2013
29.01.2013
17.01.2013
16.01.2013
10.01.2013
22.11.2012
31.10.2012
20.03.2012
02.02.2012
02.02.2012
27.03.2013
ARM Holdings PLC

ARM Holdings plc develops processors, data engines, peripherals, software, and
tools. The Group's solutions are used in a variety of applications, including
in the automotive, consumer entertainment, digital imaging, mass storage,
networking, security, and wireless industries.
Price/Volume
60
8.0 M
7.0 M
50
6.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (06.03.2013)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ARM LN EQUITY YTD Change
ARM LN EQUITY YTD % CHANGE
12/2012
12/yy
985.00
463.60
1'070'797.00
915.5
-7.21%
97.15%
87.15%
1'396.5
12'785.07
5.80
0.0
0.0
386.30
12'404.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
20
2.0 M
10
1.0 M
0
m-12
31.12.2009
31.12.2010
305.0
406.6
7.36x
13.31x
63.1
125.6
35.55x
43.09x
40.4
86.0
55.60x
64.66x
Profitability
LTM-4Q
31.12.2011
491.8
15.56x
159.3
48.06x
112.6
70.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
576.9
17.72x
226.5
45.14x
160.7
65.72x
226.50
209.10
36.25%
38.31%
11.62%
14.18%
14.16%
0.42%
94.5%
39.3%
36.2%
27.9%
2.84
2.19
0.40%
0.48%
4.73
13.38
Price/ Cash Flow
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
LTM
12/yy
27'226.0
6.64x
6'939.0
6.11x
2'609.0
12.36x
12/yy
29'740.0
6.19x
7'447.0
6.16x
2'949.0
11.05x
FY+1
0.49
1.01
1'390.51
53.18%
19.01%
1.005
30
3.467
4'180'776
3'641'526
4'073'873
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
672.0
791.1
158.3
160.1
18.14x
15.12x
77.73x
76.79x
329.6
412.1
74.3
72.8
37.61x
30.08x
39.19x
36.12x
265.1
342.9
62.3
62.4
48.67x
38.28x
48.11x
45.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
755.00
687.67
-1.68
0.03
0.5%
0.5%
0.42
21.27
77.44
27.36
84.05
20.76
9.00
35'000.0
8.00
30'000.0
7.00
25'000.0
6.00
5.00
20'000.0
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
01.01.2010
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
298.9
3.63x
90.0
12.05x
43.6
25.11x
5.0 M
30
Valuation Analysis
0.0
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
27.03.2013
ARM Holdings PLC

Holdings By:
All
Holder Name
FMR LLC
BAILLIE GIFFORD AND
BLACKROCK
LEGAL & GENERAL
VANGUARD GROUP INC
SCOTTISH WIDOWS
LONE PINE CAPITAL LL
FRANKLIN RESOURCES
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
APG ALGEMENE PENSIOE
WILLIAM BLAIR & COMP
HARDING LOEVNER LP
NATIXIS ASSET MANAGE
UBS
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Exane BNP Paribas

JEROME RAMEL
AlphaValue
LIONEL PELLICER
BMO Capital Markets
AMBRISH SRIVASTAVA
PIERRE FERRAGU
RBC Capital Markets
ANDREW DUNN
VIJAY ANAND
Barclays
ANDREW M GARDINER
Jefferies
LEE SIMPSON
Morgan Stanley
FRANCOIS MEUNIER
Societe Generale
PETER KNOX
Berenberg Bank
ADNAAN AHMAD
Deutsche Bank
KAI KORSCHELT
Peel Hunt
PAUL GILMER MORLAND
Credit Suisse
JUSTIS MCEVILLY
Redburn Partners
SUMANT WAHI
Day by Day
VALERIE GASTALDY
Goldman Sachs
SIMON F SCHAFER
JPMorgan
SANDEEP S DESHPANDE
CA Cheuvreux
BERND LAUX
Natixis
STEPHANE HOURI
S&P Capital IQ
JAMES CRAWSHAW
NICK JAMES
Investec
JULIAN YATES
Finncap
LORNE DANIEL
EVA Dimensions
ANDREW S ZAMFOTIS
D.A. Davidson & Co
AALOK K SHAH
Liberum Capital Ltd
JANARDAN MENON
Merchant Securities
JULIAN TOLLEY
GEORGE O'CONNOR
Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
REG
REG
13F
REG
REG
ULT-AGG
Recommendation
outperform
sell
outperform
underperform
outperform
neutral
overweight
buy
Equalwt/Cautious
sell
buy
sell
hold
outperform
buy
buy
Buy/Neutral
neutral
outperform
neutral
hold
hold
hold
hold
underweight
neutral
sell
buy
sell
Amt Held
95'690'311
82'157'574
81'330'184
67'090'522
61'899'954
49'773'219
48'892'118
34'034'027
26'857'349
26'616'977
18'045'002
16'369'401
16'092'906
15'992'665
15'841'776
14'958'679
14'519'056
9'719'233
9'530'232
9'033'928
% Out
6.85
5.88
5.82
4.8
4.43
3.56
3.5
2.44
1.92
1.91
1.29
1.17
1.15
1.15
1.13
1.07
1.04
0.7
0.68
0.65
Weighting
Change
5
1
5
1
5
3
5
5
3
1
5
1
3
5
5
5
5
3
5
3
3
3
3
3
1
3
1
5
1
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
Latest Chg
(1'388'313)
1'385'562
209'000
(3'298'076)
93'283
713'733
619'743
7'456'490
(622'766)
(2'524'489)
542'323
(722'733)
3'127'478
460'541
(630'000)
320'681
Target Price
1'000
743
1'200
550
960
920
1'075
1'300
911
640
1'150
445
930
1'130
#N/A N/A
1'090
1'250
625
1'040
955
1'000
920
940
900
#N/A N/A
655
440
680
265
File Dt
Inst Type
01.02.2013
Investment Advisor
31.12.2012
Investment Advisor
01.12.2012
Investment Advisor
25.03.2013
Investment Advisor
01.12.2012
Investment Advisor
01.12.2012
Unclassified
01.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.12.2012
Unclassified
01.12.2012
Government
31.12.2012
Investment Advisor
01.12.2012
Government
01.12.2012
Investment Advisor
01.12.2012 Pension Fund (ERISA)
01.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.12.2012
Investment Advisor
01.12.2012
Investment Advisor
31.01.2013
Unclassified
Date
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
3 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
08.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
21.02.2013
14.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
17.01.2013
23.10.2012
27.07.2012
09.11.2011
02.09.2010
27.03.2013
BAE Systems PLC

BAE Systems plc develops, delivers, and supports advanced defense and aerospace
systems. The Group manufactures military aircraft, surface ships, submarines,
radar, avionics, communications, electronics, and guided weapon systems. BAE
Systems services clients located throughout the world.
Price/Volume
90
3.5 M
80
3.0 M
70
2.5 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BA/ LN EQUITY YTD Change
BA/ LN EQUITY YTD % CHANGE
12/2012
12/yy
395.60
268.60
1'075'269.00
382
-3.59%
42.00%
93.94%
3'244.7
12'394.90
2'988.00
0.0
54.0
3'355.00
12'081.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
40
1.5 M
30
1.0 M
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
16'671.0
0.81x
2'512.0
5.37x
1'745.0
7.60x
50
31.12.2009
31.12.2010
20'374.0
20'980.0
0.60x
0.54x
2'379.0
2'394.0
5.12x
4.72x
(67.0)
1'052.0
11.83x
Profitability
31.12.2011
17'770.0
0.58x
2'282.0
4.53x
1'240.0
7.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
16'620.0
0.64x
2'199.0
4.84x
1'068.0
10.27x
2'199.00
1'530.00
9.21%
8.24%
4.71%
26.83%
0.73%
13.2%
9.2%
6.4%
0.78
0.38
13.41%
80.32%
4.79
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
5.11
0.97
3'242.84
33.66%
13.21%
0.972
22
3.455
6'912'698
7'457'678
6'262'798
FY+2
12/13 Y
12/14 Y
19'311.9
19'207.9
0.67x
0.69x
2'394.8
2'344.6
5.05x
5.15x
1'350.7
1'313.0
9.07x
9.23x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
16.10.2007
BBB+
STABLE
24.04.2006
A-2
1.38
1.15
-0.17
1.36
80.3%
44.2%
0.73
6.95
76.45
-
60.00
5'000.0
4'500.0
50.00
4'000.0
3'500.0
40.00
3'000.0
30.00
2'500.0
2'000.0
20.00
1'500.0
1'000.0
10.00
0.00
01.01.2010
500.0
0.0
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
27.03.2013
BAE Systems PLC

Holdings By:
All
Holder Name
INVESCO LTD
FRANKLIN RESOURCES
AXA
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
BAE SYSTEMS PLC SIP
STATE STREET
UBS
NEWTON INV MGMT
FMR LLC
GRANTHAM MAYO VAN OT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Jefferies
SANDY MORRIS
DOUGLAS S HARNED
AlphaValue
THOMAS PICHERIT
Investec
ANDREW GOLLAN
Societe Generale
ZAFAR KHAN
Day by Day
VALERIE GASTALDY
S&P Capital IQ
UNAI FRANCO
Exane BNP Paribas
TRISTAN SANSON
Deutsche Bank
BEN FIDLER
Morgan Stanley
RUPINDER VIG
Barclays
CARTER COPELAND
RBC Capital Markets
ROBERT STALLARD
JPMorgan
DAVID H. PERRY
EDWARD STACEY
CHRISTOPHE MENARD
EVA Dimensions
CRAIG STERLING
CA Cheuvreux
ANTOINE BOIVIN-CHAMPEAUX
Arden Partners Ltd
GRAHAM J WEBSTER
CM - CIC Securities(ESN)
HARALD LIBERGE-DONDOUX
PAUL BRANT
Source
RNS-RUL8
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
RNS-RUL8
Recommendation
buy
market perform
reduce
hold
hold
hold
sell
neutral
buy
Equalwt/In-Line
overweight
underperform
neutral
buy
hold
buy
outperform
add
buy
buy
Amt Held
434'657'796
188'777'141
173'121'454
157'632'817
131'374'985
117'018'010
115'758'222
114'594'189
104'111'765
90'005'845
89'405'314
87'196'888
65'214'916
64'156'833
58'846'516
55'533'283
53'409'236
47'629'968
41'681'313
38'552'907
% Out
13.4
5.82
5.34
4.86
4.05
3.61
3.57
3.53
3.21
2.77
2.76
2.69
2.01
1.98
1.81
1.71
1.65
1.47
1.28
1.19
Weighting
Change
5
3
2
3
3
3
1
3
5
3
5
1
3
5
3
5
5
4
5
5
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'632'804
(5'493'371)
1'170'655
6'040'640
(1'170'558)
59'046'605
342'354
720'000
1'967'358
(59'234)
35'460
108'276
849'248
(1'632'401)
(845'307)
3'414
9'263'895
3'672'855
(6'837'681)
(33'900)
Target Price
350
347
378
375
350
#N/A N/A
320
360
375
350
370
315
360
425
340
#N/A N/A
360
#N/A N/A
360
345
File Dt
Inst Type
08.10.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Unclassified
01.01.2013
Unclassified
31.07.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Unclassified
28.02.2013
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
Unclassified
01.01.2013
Investment Advisor
26.03.2013
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
08.10.2012
Investment Advisor
Date
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
25.03.2013
22.03.2013
21.03.2013
19.03.2013
18.03.2013
11.03.2013
27.02.2013
26.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
18.02.2013
12.02.2013
17.01.2013
11.10.2012
01.10.2012
03.08.2012
26.03.2012
27.03.2013
Experian PLC
Experian PLC offers credit and marketing services. The Company manages large
databases that enable credit granting and monitoring, and help minimize fraud
and credit risk, offers specialist analytical solutions for credit scoring,
risk management, and processing applications, processes checks and credit
cards, and offers consumers credit reports and scores.
Price/Volume
60
3.0 M
2.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXPN LN EQUITY YTD Change
EXPN LN EQUITY YTD % CHANGE
03/2012
02/yy
1'193.00
859.00
181'756.00
1120
-6.37%
30.03%
84.13%
1'010.1
11'313.08
2'192.00
0.0
159.0
261.00
19'344.71
2.0 M
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
40
Valuation Analysis
31.03.2008
3'789.0
2.72x
1'086.0
9.50x
437.0
17.74x
4.0 M
50
31.03.2009
31.03.2010
3'873.0
3'880.0
2.24x
3.07x
1'139.0
1'124.0
7.62x
10.59x
486.0
600.0
13.34x
16.47x
Profitability
31.03.2011
3'885.0
3.71x
1'258.0
11.44x
581.0
25.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
4'487.0
4.04x
1'478.0
12.26x
655.0
23.33x
1'478.00
1'044.00
23.27%
15.36%
4.19%
14.08%
21.39%
0.57%
62.1%
33.8%
24.1%
14.6%
0.52
0.35
26.88%
79.08%
5.29
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
02/yy
-
FY+1
-
1.93
0.95
1'006.71
15.02%
14.73%
0.949
18
4.500
1'639'504
1'513'142
1'639'254
FY+2
03/13 Y
03/14 Y
4'752.3
5'152.5
4.26x
3.81x
1'592.9
1'748.6
12.14x
11.06x
836.0
981.3
20.23x
17.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
3.36
3.17
1.40
1.81
79.1%
42.8%
0.57
10.20
69.13
21.12
25.00
8'000.0
7'000.0
20.00
6'000.0
5'000.0
15.00
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
05.02.2010
1'000.0
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Experian PLC
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
SCHRODER INVESTMENT
VANGUARD GROUP INC
MORGAN STANLEY
SCOTTISH WIDOWS
JUPITER ASSET MANAGE
TRIMARK INVESTMENT M
LEGAL & GENERAL
TAUBE HODSON STONEX
SWEDBANK ROBUR FONDE
Firm Name
Jefferies
Cantor Fitzgerald
Goldman Sachs
Day by Day
Barclays
HSBC
Evercore Partners
Nomura
JPMorgan
EVA Dimensions
Credit Suisse
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JUSTIN JORDAN
CAROLINE DE LA SOUJEOLE
CHARLES WILSON
VALERIE GASTALDY
GRAHAM BROWN
PAUL D A SULLIVAN
RAJESH KUMAR
DAVID M TOGUT
MATTHEW WALKER
HECTOR FORSYTHE
ROBERT PLANT
CRAIG STERLING
ANDY GROBLER
ROBIN SPEAKMAN
ANDY CHU
Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
add
neutral/neutral
buy
sell
overweight
overweight
overweight
buy
buy
overweight
hold
outperform
buy
buy
Amt Held
51'371'146
50'901'871
34'901'988
32'286'000
12'492'621
11'331'489
10'397'136
9'835'265
9'372'533
8'828'054
8'544'826
7'667'018
6'972'501
5'578'540
5'505'401
4'467'345
3'901'480
3'686'289
3'665'940
3'431'637
% Out
5.09
5.04
3.46
3.2
1.24
1.12
1.03
0.97
0.93
0.87
0.85
0.76
0.69
0.55
0.55
0.44
0.39
0.36
0.36
0.34
Weighting
Change
5
4
3
5
1
5
5
5
5
5
5
3
5
5
5
M
M
M
U
M
N
M
M
M
M
M
M
M
M
M
Latest Chg
1'386'921
11'347
680'530
394'068
410'711
(738'866)
(950'546)
2'999'238
(2'502'390)
(59'173)
(82'066)
4'079'400
109'939
(61'410)
(1'007'000)
963'795
528'260
Target Price
1'200
1'100
1'305
1'192
898
1'250
1'200
1'400
1'215
1'152
1'210
#N/A N/A
1'230
#N/A N/A
1'200
File Dt
25.03.2013
09.05.2012
31.01.2013
31.12.2012
30.11.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.11.2012
31.01.2013
30.11.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
Date
12 month
Not Provided
12 month
3 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
21.03.2013
18.03.2013
25.02.2013
20.02.2013
12.02.2013
07.02.2013
04.02.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
17.01.2013
16.01.2013
08.01.2013
24.10.2012
27.03.2013
Tullow Oil PLC

Tullow Oil plc explores for and produces oil and gas. The Group's assets are in
Africa, Europe, South America and Asia.
Price/Volume
70
16.0 M
60
14.0 M
12.0 M
50
10.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (12.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TLW LN EQUITY YTD Change
TLW LN EQUITY YTD % CHANGE
12/2012
12/yy
1'599.00
1'098.00
834'822.00
1256
-21.45%
14.39%
30.54%
907.8
11'402.18
1'173.60
0.0
92.4
330.20
18'157.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
20
4.0 M
10
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'280.9
7.60x
478.0
20.36x
413.4
21.37x
8.0 M
30
31.12.2009
31.12.2010
911.8
1'089.8
19.23x
17.80x
486.2
628.7
36.06x
30.86x
23.6
71.0
688.29x
243.62x
Profitability
31.12.2011
2'304.2
9.77x
1'663.8
13.54x
649.0
30.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'344.1
8.33x
1'044.6
18.69x
624.3
29.75x
1'044.60
482.70
20.59%
47.60%
6.24%
12.59%
9.78%
0.23%
57.4%
44.6%
20.6%
26.6%
1.05
0.27
12.51%
22.44%
5.13
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
0.63
1.23
898.24
-18.93%
-0.40%
1.225
35
3.600
1'917'914
1'920'296
2'174'538
FY+2
12/13 Y
12/14 Y
2'727.7
2'650.3
6.97x
7.52x
1'889.3
1'875.9
9.61x
9.68x
728.8
689.6
26.20x
27.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
17.71
6.64
0.81
1.12
22.4%
18.1%
0.23
0.59
71.31
-
25.00
16'000.0
14'000.0
20.00
12'000.0
10'000.0
15.00
8'000.0
10.00
6'000.0
4'000.0
5.00
0.00
01.01.2010
2'000.0
0.0
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
27.03.2013
Tullow Oil PLC

Holdings By:
All
Holder Name
BLACKROCK
IFG INTL TRUST CO LT
LEGAL & GENERAL
GENESIS ASSET MANAGE
BAILLIE GIFFORD AND
UBS
GENESIS INVESTMENT M
SCOTTISH WIDOWS
CARMIGNAC GESTION S
FMR LLC
CARMIGNAC GESTION
LANSDOWNE PARTNERS
PEOPLES REPUBLIC OF
Firm Name
Societe Generale
Investec
Nomura
Morgan Stanley
Jefferies
AlphaValue
Goodbody Stockbrokers Ltd
Macquarie
Exane BNP Paribas
HSBC
Barclays
FirstEnergy Capital Corp
Liberum Capital Ltd
RBC Capital Markets
EVA Dimensions
SBG Securities
Deutsche Bank
Credit Suisse
WH Ireland Ltd
Global Hunter Securities
JPMorgan
Merrion Stockbrokers
Day by Day
Goldman Sachs
Mirabaud Securities
N+1 Singer Ltd
Davy
Westhouse Securities
CAL Brokers Limited
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
DAVID MIRZAI
BRIAN GALLAGHER
THEEPAN JOTHILINGAM
JAMIE MADDOCK
BRENDAN MICHAEL WARN
ALEXANDRE ANDLAUER
THOMAS MARTIN
GERRY F HENNIGAN
MARK WILSON
OSWALD CLINT
PETER HITCHENS
RICHARD GRIFFITH
RAHIM KARIM
SANJEEV BAHL
GERRY F DONNELLY
ANDREW WHITTOCK
AL STANTON
CRAIG STERLING
ANISH KAPADIA
LIONEL THEROND
PHIL CORBETT
THOMAS YOICHI ADOLFF
ANGUS B MCPHAIL
JOHN MALONE
JAMES THOMPSON
MUNA MULEYA
VALERIE GASTALDY
CHRISTOPHOR JOST
TEAM COVERAGE
SIMON HAWKINS
JOB LANGBROEK
PETER BASSETT
NANA AGYEI OPOKU-AGYEMANG
Source
ULT-AGG
REG
Co File
ULT-AGG
RNS-MAJ
MF-AGG
REG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
Short
MF-AGG
REG
Recommendation
hold
sell
reduce
Overwt/Attractive
buy
reduce
hold
buy
underperform
outperform
outperform
neutral
add
overweight
hold
outperform
buy
outperform
sell
trim
sell
hold
neutral
buy
neutral
overweight
buy
hold
Buy/Cautious
neutral
buy
outperform
not rated
buy
Amt Held
% Out
88'501'424
9.75
49'204'193
5.42
38'960'366
4.29
34'592'411
3.81
34'047'805
3.75
26'618'768
2.93
25'615'071
2.82
23'871'829
2.63
23'832'447
2.63
22'605'751
2.49
21'305'475
2.35
20'641'618
2.27
17'499'691
1.93
16'994'926
1.87
16'948'666
1.87
16'376'351
1.8
16'367'377
1.8
(16'158'187) -1.78
14'127'789
1.56
13'202'711
1.45
Weighting
3
1
2
5
5
2
3
5
1
5
5
3
4
5
3
5
5
5
1
1
1
3
3
5
3
5
5
3
5
3
5
5
#N/A N/A
5
Change
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
U
U
M
M
M
M
Latest Chg
(10'253'392)
(827'789)
247'443
1'542'288
(193'985)
627'730
(122'239)
(1'255'509)
4'756'712
(79'832)
(6'791'928)
291'947
(239'378)
(2'087'856)
685'886
-
Target Price
1'340
970
1'400
1'730
1'800
1'224
1'150
1'470
959
1'800
1'650
1'381
#N/A N/A
1'720
1'225
1'480
1'683
1'500
#N/A N/A
900
1'250
1'075
1'350
1'515
1'300
1'500
1'780
#N/A N/A
1'453
#N/A N/A
1'370
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
25.03.2013
03.12.2012
13.03.2012
03.12.2012
14.01.2013
31.01.2013
03.12.2012
03.12.2012
03.12.2012
31.01.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
03.12.2012
31.12.2012
11.01.2013
31.12.2012
03.12.2012
Date
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Corporation
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
27.03.2013
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
18.03.2013
14.03.2013
08.03.2013
07.03.2013
07.03.2013
01.03.2013
01.03.2013
01.03.2013
22.02.2013
21.02.2013
19.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
08.02.2013
11.01.2013
20.12.2012
12.12.2012
12.12.2012
27.11.2012
26.11.2012
04.07.2012
30.08.2011
27.03.2013
Shire PLC
Shire PLC markets, licenses and develops prescription medicines. The Group
focuses its operations on attention deficit and hyperactivity disorders, human
genetic therapies, gastrointestinal, and renal diseases.
Price/Volume
250
1.6 M
1.4 M
200
1.2 M
1.0 M
150
.8 M
Valuation Analysis
100
Latest Fiscal Year:

LTM as of:
52-Week High (04.02.2013)
52-Week Low (26.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SHP LN EQUITY YTD Change
SHP LN EQUITY YTD % CHANGE
12/2012
12/yy
2'173.00
1'682.00
208'961.00
1977
-9.11%
17.42%
60.49%
556.9
11'010.79
1'100.00
0.0
0.0
1'482.20
16'247.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
2'986.2
3'456.3
3.89x
4.07x
876.3
1'075.4
13.26x
13.09x
491.6
588.0
20.96x
22.34x
Profitability
.2 M
0
m-12
.0 M
a-12 m-12
LTM-4Q
31.12.2011
4'233.7
4.74x
1'448.0
13.85x
865.0
22.17x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'648.3
3.56x
1'214.5
13.61x
745.4
22.84x
1'214.50
905.90
19.49%
19.63%
10.88%
21.31%
16.89%
0.68%
86.1%
26.8%
20.1%
16.0%
1.95
1.40
15.03%
28.88%
5.57
1.66
Price/ Cash Flow
12/yy
1'588.3
16.29x
659.8
10.59x
94.0
56.33x
j-12
j-12
a-12
LTM
12/yy
1'913.7
23.94x
819.3
15.54x
144.7
68.96x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.58
0.77
556.46
1.62
-6.47%
5.13%
0.767
23
4.522
1'927'948
1'739'587
1'515'374
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'062.3
5'440.5
1'249.5
1'247.3
3.01x
2.56x
12.77x
12.61x
1'779.9
2'002.2
467.0
484.0
9.13x
8.11x
8.06x
1'289.4
1'459.5
310.3
304.3
13.25x
11.72x
12.90x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
31.79
27.88
-0.31
0.88
28.9%
22.4%
0.68
4.92
65.72
220.31
117.50
18.00
2'000.0
16.00
1'800.0
14.00
1'600.0
1'400.0
12.00
1'200.0
10.00
8.00
1'000.0
800.0
6.00
600.0
4.00
400.0
2.00
200.0
0.00
01.01.2010
.4 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'999.7
3.06x
867.6
10.59x
156.0
45.95x
.6 M
50
0.0
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
27.03.2013
Shire PLC
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
LEGAL & GENERAL
CAPITAL GROUP INTERN
VANGUARD GROUP INC
SCHRODER INVESTMENT
SCOTTISH WIDOWS
SWEDBANK ROBUR FONDE
ROYAL LONDON ASSET M
INVESCO LTD
SEB
ALLIANCE BERNSTEIN
BARING FUND MANAGERS
F&C FUND MANAGEMENT
PRINCIPAL FINANCIAL
PRUDENTIAL FINANCIAL
Firm Name
Bryan Garnier & Cie
Jefferies
Exane BNP Paribas
AlphaValue
Credit Suisse
Berenberg Bank
EVA Dimensions
Nomura
Morgan Stanley
JPMorgan
Societe Generale
Deutsche Bank
S&P Capital IQ
Barclays
Goldman Sachs
Day by Day
Redburn Partners
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
MARTIAL DESCOUTURES
PETER WELFORD
NICOLAS GUYON-GELLIN
KAMLA SINGH
KERRY HOLFORD
ADRIAN HOWD
BRIAN WHITE
ANDREW S ZAMFOTIS
JAMES CRITCHLEY
PETER VERDULT
JAMES D GORDON
STEPHEN MCGARRY
MARK CLARK
JACOB THRANE
SAVVAS NEOPHYTOU
BRIAN BOURDOT
KEYUR PAREKH
VALERIE GASTALDY
TEAM COVERAGE
NAVID MALIK
Source
ULT-AGG
ULT-AGG
ULT-AGG
RNS-MAJ
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
buy
outperform
add
outperform
hold
buy
buy
neutral
Overwt/Attractive
overweight
buy
buy
buy
hold
overweight
Buy/Neutral
buy
neutral
buy
Amt Held
54'260'621
34'275'474
22'275'321
9'789'761
8'949'847
6'007'724
4'573'355
4'551'120
2'825'300
2'345'173
2'185'502
1'992'292
1'944'312
1'742'483
1'551'340
1'521'756
1'476'159
1'386'184
1'310'393
965'389
% Out
9.74
6.15
4
1.76
1.61
1.08
0.82
0.82
0.51
0.42
0.39
0.36
0.35
0.31
0.28
0.27
0.27
0.25
0.24
0.17
Weighting
Change
5
5
5
4
5
3
5
5
3
5
5
5
5
5
3
5
5
5
3
5
M
M
M
M
M
D
M
U
N
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
20'903'890
(656'470)
694'811
251'205
881'675
2'001'575
394'229
1'623
846'879
(486'895)
349'830
(48'877)
(85'801)
151'717
78'291
(121'776)
49'072
92'063
Target Price
2'250
2'400
2'400
2'303
2'350
2'250
#N/A N/A
#N/A N/A
2'160
2'400
2'340
2'397
2'325
2'300
2'150
2'350
2'675
2'273
#N/A N/A
2'343
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
23.02.2012
Unclassified
19.01.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
21.03.2013
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
30.11.2012
Bank
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
3 month
Not Provided
Not Provided
Date
26.03.2013
21.03.2013
21.03.2013
21.03.2013
11.03.2013
08.03.2013
01.03.2013
01.03.2013
28.02.2013
21.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
28.01.2013
24.01.2013
26.11.2012
26.06.2012
27.03.2013
CRH PLC
CRH plc manufactures cement, concrete products, aggregates, asphalt, clay
bricks, chemical lime, security fencing products, and roofing, insulation and
other building materials. The Group also operates some 136 builders merchant
locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19
countries, including Ireland, the US, Spain, Germany and the Netherlands.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CRH LN EQUITY YTD Change
CRH LN EQUITY YTD % CHANGE
12/2011
12/yy
1'554.00
1'052.00
483'151.00
1432
-7.92%
36.03%
80.28%
727.1
10'412.36
4'915.00
1.0
36.0
1'799.00
15'469.01
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
70
7.0 M
60
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
m-12
31.12.2009
31.12.2010
17'373.0
17'173.0
1.01x
0.86x
1'803.0
1'614.0
9.69x
9.18x
592.0
432.0
21.54x
25.28x
Profitability
31.12.2011
18'081.0
0.82x
1'656.0
9.01x
590.0
18.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
18'659.0
0.76x
1'640.0
8.70x
552.0
20.01x
1'640.00
845.00
4.53%
3.61%
2.59%
5.25%
5.03%
0.88%
27.3%
8.8%
4.5%
3.0%
1.84
1.15
23.22%
46.65%
7.88
5.79
Price/ Cash Flow
m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
3.69
1.45
683.33
13.12%
17.67%
1.447
32
2.531
2'283'823
2'524'278
2'172'856
FY+2
12/13 Y
12/14 Y
19'073.4
20'125.6
0.80x
0.75x
1'724.8
1'974.8
8.97x
7.84x
601.1
791.3
20.03x
15.54x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
17.12.2007
BBB+
STABLE
07.09.2001
A-2
5.92
3.84
1.90
3.00
46.6%
31.7%
0.88
2.15
46.46
63.19
59.16
50.49
10.00
4'500.0
9.00
4'000.0
8.00
3'500.0
7.00
3'000.0
6.00
2'500.0
5.00
2'000.0
4.00
1'500.0
3.00
1'000.0
2.00
500.0
1.00
0.00
01.01.2010
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
20'887.0
0.78x
2'656.0
6.11x
1'248.0
7.66x
80
0.0
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
27.03.2013
CRH PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
UBS
NORGES BANK
GRWTH FUND OF AMERIC
FIRST EAGLE INVESTME
VANGUARD GROUP INC
MANNING & NAPIER ADV
SCOTTISH WIDOWS
TEMPLETON INVESTMENT
MARKETFIELD ASSET MA
INVESCO LTD
MORGAN STANLEY
MACKAY SHIELDS LLC
LEGAL & GENERAL
INVESTEC ASSET MANAG
Firm Name
Oddo & Cie
AlphaValue
EVA Dimensions
Raymond James
Goldman Sachs
Credit Suisse
Deutsche Bank
JPMorgan
Natixis
Day by Day
Societe Generale
Berenberg Bank
Jefferies
Bryan Garnier & Cie
S&P Capital IQ
Exane BNP Paribas
Merrion Stockbrokers
HSBC
Morgan Stanley
Liberum Capital Ltd
Redburn Partners
Davy
Nord/LB
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
HANS-PETER KUHLMANN
VIRGINIE ROUSSEAU
GAETAN DUPONT
CRAIG STERLING
PHIL ROSEBERG
ARNAUD PALLIEZ
WILL MORGAN
HARRY GOAD
ROBERT EASON
LUIS PRIETO
MICHAEL MORRIS
ABDELKADER BENCHIHA
VALERIE GASTALDY
MURIEL FELLOUS
ROBERT MUIR
MICHAEL F BETTS
SVEN EDELFELT
JAWAHAR HINGORANI
PAUL ROGER
HOWARD SEYMOUR
DAVID HOLOHAN
JOSEP PUJAL
JOHN FRASER-ANDREWS
YURI SEROV
CHARLIE CAMPBELL
WILLIAM JONES
BARRY DIXON
HEINO HAMMANN
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
20F
20F
RNS-MAJ
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
sell
reduce
add
sell
market perform
market perform
neutral/neutral
underperform
sell
buy
neutral
neutral
hold
hold
hold
sell
buy
neutral
hold
neutral
reduce
sell
hold
underweight
Underwt/In-Line
hold
neutral
outperform
hold
Amt Held
46'828'488
28'961'677
27'093'488
26'645'973
21'999'275
21'543'277
21'114'087
11'276'498
8'149'481
7'954'808
7'703'980
5'345'457
4'922'840
4'196'785
3'186'312
2'802'622
2'762'000
2'746'054
2'586'810
2'522'762
% Out
6.44
3.98
3.73
3.66
3.03
2.96
2.9
1.55
1.12
1.09
1.06
0.74
0.68
0.58
0.44
0.39
0.38
0.38
0.36
0.35
Weighting
Change
1
2
4
1
3
3
3
1
1
5
3
3
3
3
3
1
5
3
3
3
2
1
3
1
1
3
3
5
3
D
M
M
D
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
N
M
D
M
M
M
M
M
Latest Chg
(10'758'929)
(7'581'034)
(214'912)
1'580'407
(1'337'651)
318'307
3'376'460
2'283'455
(13'040)
2'571'785
92'614
342'000
850'506
3'567
(874)
Target Price
1'362
1'353
1'626
#N/A N/A
1'450
#N/A N/A
1'478
1'133
1'297
1'600
1'215
1'465
#N/A N/A
1'380
1'558
1'212
1'724
1'293
1'465
1'552
1'000
1'210
1'376
1'283
1'258
1'150
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
21.01.2013
Investment Advisor
31.01.2013
Unclassified
23.03.2012
Investment Advisor
23.03.2012
Government
15.02.2011
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
21.03.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.01.2013
Investment Advisor
Date
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
21.03.2013
21.03.2013
21.03.2013
21.03.2013
18.03.2013
15.03.2013
08.03.2013
07.03.2013
06.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
22.02.2013
04.02.2013
29.01.2013
13.12.2012
09.11.2012
07.11.2012
19.10.2012
14.06.2012
27.03.2013
Legal & General Group PLC

Legal & General Group plc is a holding company. The Company, through its
subsidiaries, provides savings, risk and investment management services such as
annuities, long-term savings, life assurance and financial protection products.
Legal & General Group's products are sold through bank, building society
relationships, Independent Financial Advisers and directly to customers.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LGEN LN EQUITY YTD Change
LGEN LN EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
175.40
105.30
4'052'013.00
170.1
-3.08%
61.44%
93.01%
5'913.0
10'057.94
3'365.00
0.0
39.0
16'652.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
43'790.0
38'440.0
863.0
820.0
2.72x
6.88x
Profitability
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12
LTM-4Q
31.12.2011
18'317.0
726.0
8.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
34'976.0
813.0
10.48x
3.43%
2.96%
0.24%
15.28%
10.70%
0.10%
2.3%
0.97%
61.85%
-
Price/ Cash Flow
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
12/yy
6'150.5
5.49x
656.3
11.27x
385.7
22.88x
LTM
12/yy
5'980.9
4.75x
570.7
12.10x
333.4
25.19x
FY+1
4.50
1.37
5'906.56
33.56%
16.76%
1.369
27
3.519
12'036'370
13'479'500
11'780'630
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
29'766.0
33'116.0
436.5
0.31x
0.27x
877.7
905.4
11.57x
10.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
09.02.2010
A
STABLE
25.02.2009
A-1
61.8%
38.0%
0.10
-
45.00
7'000.0
40.00
6'000.0
35.00
5'000.0
30.00
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
01.01.2010
3.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
(31'644.0)
(1'067.0)
-
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
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
27.03.2013
Legal & General Group PLC

Holdings By:
All
Holder Name
AXA
SCHRODER INVESTMENT
FMR LLC
BLACKROCK
SCHRODER INVESTMENT
SWISS REINSURANCE
SCOTTISH WIDOWS
AVIVA INVESTORS
PEOPLES REPUBLIC OF
LEGAL & GENERAL GROU
F&C ASSET MANAGEMENT
VANGUARD GROUP INC
Firm Name
Barclays
Credit Suisse
Exane BNP Paribas
Berenberg Bank
HSBC
Nomura
S&P Capital IQ
JPMorgan
Day by Day
RBC Capital Markets
Deutsche Bank
Macquarie
Goldman Sachs
EVA Dimensions
Investec
Societe Generale
Redburn Partners
Morgan Stanley
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ALAN DEVLIN
EDWARD HOUGHTON
MARCUS BARNARD
CHRIS ESSON
ANDY HUGHES
MATTHEW PRESTON
KAILESH MISTRY
GREIG N PATERSON
FAHAD CHANGAZI
RODERICK WALLACE
BARRIE CORNES
ASHIK MUSADDI
VALERIE GASTALDY
GORDON AITKEN
OLIVER STEEL
NEIL WELCH
COLIN L SIMPSON
AUSTIN BURKETT
KEVIN RYAN
ABID HUSSAIN
LANCE BURBIDGE
JON HOCKING
BEN COHEN
EAMONN FLANAGAN
TIM PROUDLOVE
Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
ULT-AGG
MF-AGG
REG
REG
REG
MF-AGG
REG
REG
REG
REG
REG
Recommendation
overweight
market perform
buy
neutral
underperform
buy
overweight
underperform
buy
hold
buy
neutral
hold
sector perform
buy
outperform
neutral/neutral
hold
hold
hold
neutral
Equalwt/In-Line
hold
buy
outperform
Amt Held
407'420'137
386'066'239
334'301'816
291'921'424
290'344'506
238'287'407
213'441'502
169'171'985
162'792'629
146'965'053
116'326'902
114'033'951
112'000'485
101'018'107
93'648'888
81'906'572
72'641'394
70'631'364
65'293'473
64'344'533
% Out
6.89
6.53
5.65
4.94
4.91
4.03
3.61
2.86
2.75
2.49
1.97
1.93
1.89
1.71
1.58
1.39
1.23
1.19
1.1
1.09
Weighting
Change
5
3
5
3
1
5
5
1
5
3
5
3
3
3
5
5
3
3
3
3
3
3
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
(2'209'633)
(10'233'954)
101'373'791
(1'707'207)
11'184'585
277'675
418'703
13'696'488
46'947'806
21'328
21'870'538
(16'190'706)
6'951'655
37'648'888
(2'070'035)
403'808
1'547'523
2'300'121
Target Price
181
175
165
175
116
200
195
110
185
155
190
144
#N/A N/A
150
170
175
165
#N/A N/A
153
144
#N/A N/A
157
150
#N/A N/A
137
File Dt
03.12.2012
03.12.2012
31.01.2013
25.03.2013
31.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
25.03.2013
18.03.2013
15.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
25.02.2013
21.02.2013
20.02.2013
24.01.2013
23.01.2013
18.01.2013
17.01.2013
07.01.2013
11.12.2012
10.12.2012
05.12.2012
26.11.2012
08.11.2012
01.07.2011
27.03.2013
Old Mutual PLC

Old Mutual PLC is an international long-term savings, protection and investment
Group. The Company provides life assurance, asset management, banking and
general insurance to customers in Africa, the Americas, Asia and Europe.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.03.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OML LN EQUITY YTD Change
OML LN EQUITY YTD % CHANGE
12/2012
12/yy
213.80
136.60
1'737'517.00
200.9
-6.22%
46.78%
87.69%
4'893.3
9'830.73
3'050.00
273.0
1'692.0
3'863.00
10'982.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
60
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
(2'414.0)
495.0
5.93x
70
31.12.2009
31.12.2010
18'013.0
17'356.0
0.50x
0.55x
(275.0)
(220.0)
13.41x
Profitability
LTM-4Q
31.12.2011
7'689.0
1.33x
729.0
14.26x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
17'906.0
0.55x
1'173.0
14.62x
9.16%
7.79%
0.77%
13.76%
11.90%
0.12%
6.6%
2.13%
38.94%
-
Price/ Cash Flow
LTM
12/yy
46'128.3
2.31x
2'566.7
9.39x
1'275.8
16.80x
12/yy
94'235.2
2.27x
4'672.2
12.27x
1'334.2
22.22x
3.49
1.17
4'097.04
28.52%
12.51%
1.170
21
3.429
8'900'455
9'774'593
7'993'184
FY+1
FY+2
12/13 Y
12/14 Y
FQ+1
FQ+2
09/11 Q3 12/11 Q4
353.0
1'017.4
1'123.2
10.00x
9.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
38.9%
23.7%
0.12
-
25.00
100'000.0
90'000.0
80'000.0
20.00
70'000.0
15.00
60'000.0
10.00
50'000.0
40'000.0
30'000.0
20'000.0
5.00
10'000.0
0.00
01.01.2010
0.0
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
27.03.2013
Old Mutual PLC

Holdings By:
All
Holder Name
CEVIAN CAPITAL
SANLAM ASSET MANAGEM
BLACKROCK
OLD MUTUAL
LEGAL & GENERAL
SCOTTISH WIDOWS
SCHRODER INVESTMENT
VANGUARD GROUP INC
VANGUARD GROUP INC
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
DIMENSIONAL FUND ADV
STATE STREET
COLLINS STEWART LTD
SANLAM COLLECTIVE IN
JP MORGAN
Firm Name
AlphaValue
Day by Day
Imara
Goldman Sachs
Deutsche Bank
Investec
S&P Capital IQ
Credit Suisse
Nedgroup Securities
SBG Securities
Barclays
JPMorgan
Avior Research
RBC Capital Markets
EVA Dimensions
Morgan Stanley
Nomura
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JEROME CASSAGNE
MARCUS BARNARD
VALERIE GASTALDY
TONDERAI MANESWA
COLIN L SIMPSON
LARISSA VAN-DEVENTER
MARK SALMON
RODERICK WALLACE
BRIAN MUSHONGA
GREIG N PATERSON
EDWARD HOUGHTON
DAVID S DANILOWITZ
RISTO KETOLA
ALAN DEVLIN
FRANCOIS DU TOIT
HARRY BOTHA
GORDON AITKEN
AUSTIN BURKETT
JON HOCKING
BEN BATHURST
EAMONN FLANAGAN
Source
REG
REG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
MF-AGG
REG
MF-AGG
REG
REG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
Recommendation
reduce
buy
buy
buy
Buy/Neutral
buy
hold
sell
underperform
underperform
market perform
not rated
buy
equalweight
neutral
outperform
sector perform
sell
Equalwt/In-Line
buy
hold
Amt Held
410'748'581
305'691'719
268'811'081
241'406'155
240'737'104
185'451'357
78'294'908
75'182'544
67'791'621
56'099'783
52'184'053
52'018'689
47'821'797
44'880'947
39'313'687
37'242'823
36'962'867
35'758'032
34'541'968
34'351'633
% Out
8.39
6.25
5.49
4.93
4.92
3.79
1.6
1.54
1.39
1.15
1.07
1.06
0.98
0.92
0.8
0.76
0.76
0.73
0.71
0.7
Weighting
Change
2
5
5
5
5
5
3
1
1
1
3
#N/A N/A
5
3
3
5
3
1
3
5
3
M
M
M
M
M
M
U
D
M
M
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
(5'438'689)
11'251'775
27'971'120
(3'111'564)
123'856
2'583'390
2'178'786
609'391
(637'028)
(4'748'190)
3'223'074
(686'845)
(1'935'953)
11'966'269
Target Price
206
230
244
#N/A N/A
226
230
221
185
161
133
175
206
260
183
209
225
190
#N/A N/A
171
202
#N/A N/A
File Dt
Inst Type
03.12.2012
Other
03.12.2012
Investment Advisor
08.03.2012
Government
25.03.2013
Investment Advisor
31.12.2012
Unclassified
03.12.2012
Unclassified
03.12.2012
Unclassified
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Government
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
31.10.2012
Investment Advisor
03.12.2012
Government
03.12.2012
Investment Advisor
26.03.2013
Investment Advisor
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
Date
6 month
Not Provided
3 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
21.03.2013
19.03.2013
18.03.2013
12.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
27.02.2013
25.02.2013
21.02.2013
21.02.2013
20.02.2013
17.01.2013
05.12.2012
11.07.2012
31.10.2011
27.03.2013
Pearson PLC
Pearson plc is an international media and education company with its principal
operations in the education, business information and consumer publishing
markets. The Company creates and manages intellectual property to inform,
educate and entertain. The Company's content is delivered through books books,
newspapers and online services.
Price/Volume
160
100
12/2012
12/yy
1'302.00
1'105.00
554'329.00
1156
-11.14%
4.71%
36.04%
817.5
9'449.93
2'272.00
0.0
24.0
1'068.00
10'677.93
1.0 M
60
40
.5 M
20
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2009
31.12.2010
5'140.0
5'663.0
1.66x
1.53x
821.0
948.0
10.39x
9.16x
425.0
1'297.0
18.96x
15.27x
Profitability
31.12.2011
4'817.0
2.16x
942.0
11.02x
957.0
10.93x
31.12.2012
5'059.0
2.14x
956.0
11.31x
326.0
33.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
956.00
639.00
12.63%
8.58%
2.89%
5.61%
5.04%
0.45%
56.0%
18.9%
12.6%
6.4%
1.74
0.43
20.02%
39.96%
6.66
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.89
0.75
789.10
-1.13%
-2.61%
0.748
27
3.222
2'691'054
2'711'657
2'440'488
FY+2
12/13 Y
12/14 Y
6'215.9
6'166.1
1.62x
1.59x
1'045.2
1'134.9
10.22x
9.41x
644.9
725.4
14.22x
12.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
25.11.1998
BBB+
STABLE
25.11.1998
A-2
8.46
7.77
1.26
2.38
40.0%
28.5%
0.45
14.25
54.97
-
40.00
1'600.0
35.00
1'400.0
30.00
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
02.10.2009
1.5 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (26.07.2012)
52-Week Low (20.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PSON LN EQUITY YTD Change
PSON LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
120
Valuation Analysis
31.12.2008
4'811.0
1.45x
847.0
8.21x
292.0
13.38x
2.5 M
140
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Pearson PLC
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
LEGAL & GENERAL
LIBYAN INVESTMENT AU
ABERDEEN
SCOTTISH WIDOWS
MACKENZIE FINANCIAL
MACKENZIE FINANCIAL
SARASIN
LINDSELL TRAIN INVES
DWS INVESTMENT SA
UBS
FRANKLIN RESOURCES
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
Berenberg Bank
SARAH SIMON
EVA Dimensions
CRAIG STERLING
CLAUDIO ASPESI
Exane BNP Paribas
SAMI KASSAB
HSBC
DAN GRAHAM
AlphaValue
VERONIQUE CABIOC'H
GARETH R DAVIES
Societe Generale
CHRISTOPHE CHERBLANC
Deutsche Bank
MARK BRALEY
Investec
STEVEN LIECHTI
Macquarie
TIMOTHY W NOLLEN
Natixis
PAVEL GOVCIYAN
Nomura
MATTHEW WALKER
S&P Capital IQ
ALEXANDER WISCH
Barclays
NICK DEMPSEY
Morgan Stanley
PATRICK WELLINGTON
Goldman Sachs
VIGHNESH PADIACHY
GIASONE SALATI
Liberum Capital Ltd
IAN WHITTAKER
Jefferies
DAVID REYNOLDS
Credit Suisse
JOSEPH BARNET-LAMB
ALEX DE GROOTE
JPMorgan
MARK O'DONNELL
Day by Day
VALERIE GASTALDY
CA Cheuvreux
NIKLAS KRISTOFFERSSONN
Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
MF-AGG
REG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
Recommendation
hold
sell
outperform
outperform
underweight
add
hold
sell
hold
hold
neutral
buy
reduce
hold
equalweight
Underwt/Attractive
Buy/Neutral
buy
sell
hold
outperform
hold
overweight
hold
underperform
Amt Held
40'551'847
38'923'069
32'385'175
26'572'179
23'375'817
22'522'305
19'312'999
19'130'761
17'884'414
16'108'031
14'432'921
14'169'408
13'749'673
12'289'596
11'719'600
11'542'527
11'409'427
11'369'381
11'061'943
10'827'974
% Out
4.96
4.76
3.96
3.25
2.86
2.76
2.36
2.34
2.19
1.97
1.77
1.73
1.68
1.5
1.43
1.41
1.4
1.39
1.35
1.32
Weighting
Change
3
1
5
5
1
4
3
1
3
3
3
5
2
3
3
1
5
5
1
3
5
3
5
3
1
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(5'822'202)
(161'535)
(3'877'187)
(37'762)
4'434'586
2'437'466
(214'765)
4'631'557
(125'700)
(132'300)
(273'440)
664'500
423'149
(505'566)
(57'000)
Target Price
1'200
#N/A N/A
1'400
1'400
1'000
1'385
1'192
1'040
1'225
1'150
1'100
1'420
1'195
1'300
1'175
1'140
1'370
1'570
1'050
1'290
1'210
1'125
1'490
#N/A N/A
1'150
File Dt
01.02.2013
25.03.2013
31.12.2011
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.12.2012
28.02.2013
31.01.2013
01.02.2013
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Unclassified
Other
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Unclassified
Unclassified
Investment Advisor
Date
26.03.2013
14.03.2013
12.03.2013
08.03.2013
07.03.2013
07.03.2013
28.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
21.02.2013
22.01.2013
21.01.2013
31.10.2012
29.10.2012
07.08.2012
28.02.2012
27.03.2013
Reed Elsevier PLC

Reed Elsevier PLC is a holding company. The Company is a publisher and
information provider. Reed Elsevier, through its subsidiaries, publishes
information for the scientific and medical professions, legal, and business to
business sector.
Price/Volume
45
300.0 M
40
250.0 M
35
30
200.0 M
25
12/2012
12/yy
790.50
466.10
1'181'691.00
775.5
-2.02%
66.17%
99.68%
1'192.9
9'250.84
3'892.00
0.0
1'108.0
641.00
13'609.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
31.12.2009
31.12.2010
6'071.0
6'055.0
1.80x
1.77x
1'528.0
1'650.0
7.16x
6.51x
195.0
327.0
29.68x
19.86x
Profitability
31.12.2011
6'002.0
1.81x
1'737.0
6.24x
389.0
16.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'116.0
1.96x
1'889.0
6.34x
552.0
13.96x
1'889.00
1'334.00
21.81%
19.41%
4.90%
46.88%
20.24%
0.54%
65.0%
30.9%
21.8%
9.0%
0.65
0.47
35.34%
322.72%
4.89
12.26
Price/ Cash Flow
50.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
2.97
0.90
1'192.47
43.99%
20.64%
0.904
29
3.828
3'243'235
3'659'088
3'290'474
FY+2
12/13 Y
12/14 Y
6'120.6
6'365.0
2.12x
1.94x
1'938.8
2'055.8
7.02x
6.62x
1'187.3
1'273.1
14.66x
13.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
12.12.2008
BBB+
STABLE
12.07.2001
A-2
8.14
7.84
1.72
2.06
322.7%
62.7%
0.54
22.16
74.89
29.86
207.92
-103.16
60.00
6'000.0
50.00
5'000.0
40.00
4'000.0
30.00
3'000.0
20.00
2'000.0
10.00
1'000.0
0.00
01.01.2010
100.0 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'334.0
2.20x
1'337.0
8.76x
241.0
24.70x
150.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
REL LN EQUITY YTD Change
REL LN EQUITY YTD % CHANGE
0.0
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
27.03.2013
Reed Elsevier PLC

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
FMR LLC
SCOTTISH WIDOWS
BLACKROCK
INVESCO LTD
LEGAL & GENERAL
NEWTON INV MGMT
SCHRODER INVESTMENT
UBS
INVESCO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Berenberg Bank
SARAH SIMON
Liberum Capital Ltd
IAN WHITTAKER
Societe Generale
CHRISTOPHE CHERBLANC
HSBC
DAN GRAHAM
AlphaValue
VERONIQUE CABIOC'H
Goldman Sachs
VIGHNESH PADIACHY
CLAUDIO ASPESI
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ANDREA BENEVENTI
JPMorgan
MARK O'DONNELL
EVA Dimensions
CRAIG STERLING
Investec
STEVEN LIECHTI
Macquarie
TIMOTHY W NOLLEN
Nomura
MATTHEW WALKER
GARETH R DAVIES
Exane BNP Paribas
SAMI KASSAB
Barclays
NICK DEMPSEY
Deutsche Bank
MARK BRALEY
Morgan Stanley
PATRICK WELLINGTON
Jefferies
DAVID REYNOLDS
Petercam
KRIS KIPPERS
S&P Capital IQ
ALEXANDER WISCH
Peel Hunt
PATRICK YAU
Credit Suisse
JOSEPH BARNET-LAMB
ALEX DE GROOTE
GIASONE SALATI
N+1 Singer Ltd
JOHNATHAN BARRETT
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
20F
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
REG
MF-AGG
MF-AGG
REG
REG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
neutral
reduce
neutral/neutral
underperform
hold
outperform
overweight
overweight
buy
underperform
buy
add
outperform
overweight
buy
Overwt/Attractive
buy
buy
hold
sell
neutral
buy
sell
not rated
Amt Held
200'840'551
91'969'406
63'278'995
60'105'105
47'677'807
47'667'406
46'602'367
42'254'826
40'627'705
36'357'666
34'080'964
30'756'657
29'906'301
29'850'728
25'067'088
24'449'279
23'946'229
23'539'529
22'365'700
21'709'286
% Out
16.84
7.71
5.3
5.04
4
4
3.91
3.54
3.41
3.05
2.86
2.58
2.51
2.5
2.1
2.05
2.01
1.97
1.87
1.82
Weighting
Change
5
5
5
3
2
3
1
3
5
5
5
5
1
5
4
5
5
5
5
5
5
3
1
3
5
1
#N/A N/A
U
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(6'605'853)
20'665'621
(13'309'322)
4'261
4'271'265
2'629'644
2'531'677
2'212'191
4'146'817
(3'679)
1'292'810
(3'082'095)
(143'074)
(2'639'089)
275'863
Target Price
800
840
825
720
735
800
500
#N/A N/A
730
795
#N/A N/A
800
625
810
830
750
810
790
750
760
610
750
556
620
650
390
#N/A N/A
File Dt
Inst Type
07.03.2013
Investment Advisor
31.01.2013
Investment Advisor
01.01.2013
Unclassified
25.03.2013
Investment Advisor
07.03.2013
Investment Advisor
07.03.2013
Investment Advisor
07.03.2013
Investment Advisor
01.01.2013
Investment Advisor
07.03.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
31.01.2013
Unclassified
31.12.2012
Investment Advisor
21.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
20.03.2013
12.03.2013
11.03.2013
08.03.2013
06.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
23.01.2013
21.01.2013
11.12.2012
12.10.2012
16.02.2012
27.03.2013
Aviva PLC
Aviva PLC is an international insurance company that provides all classes of
general and life assurance, including fire, motor, marine, aviation, and
transport insurance. The Company also supplies a variety of financial services,
including unit trusts, stockbroking, long-term savings, and fund management.
Price/Volume
60
4.5 M
4.0 M
50
3.5 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.12.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AV/ LN EQUITY YTD Change
AV/ LN EQUITY YTD % CHANGE
12/2012
12/yy
390.40
251.10
6'006'055.00
295.9
-24.36%
17.60%
37.76%
2'946.1
8'717.56
8'194.00
1'582.0
1'574.0
22'897.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
59'434.0
50'197.0
0.09x
0.11x
1'085.0
1'463.0
10.51x
14.10x
Profitability
2.0 M
1.5 M
1.0 M
10
0
m-12
.5 M
.0 M
a-12
LTM-4Q
31.12.2011
35'561.0
225.0
11.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
43'536.0
(3'218.0)
3.27%
0.57%
-1.02%
-31.74%
-16.85%
0.14%
-7.4%
2.60%
99.88%
-
Price/ Cash Flow
12/yy
2'766.9
15.30x
619.5
20.55x
357.9
35.75x
m-12
j-12
j-12
a-12
LTM
12/yy
3'133.6
17.16x
727.3
18.91x
420.5
32.85x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
6.43
1.56
2'943.80
-9.53%
-18.57%
1.557
27
3.593
12'212'750
15'125'410
12'347'110
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
43'014.0
42'380.5
1'295.7
1'445.3
6.76x
6.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
ASTABLE
21.03.2013
A-2
99.9%
41.9%
0.14
-
70.00
3'500.0
60.00
3'000.0
50.00
2'500.0
40.00
2'000.0
30.00
1'500.0
20.00
1'000.0
10.00
500.0
0.00
01.01.2010
2.5 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
20'484.0
0.23x
(915.0)
-
3.0 M
30
0.0
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
27.03.2013
Aviva PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
AXA
LEGAL & GENERAL
SCOTTISH WIDOWS
AVIVA PLC SHARE ACCO
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
HARGREAVES LANSDOWN
TD WATERHOUSE GROUP
VANGUARD GROUP INC
EDINBURGH PARTNERS L
UBS
GLOBAL ASSET MANAGEM
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Day by Day
VALERIE GASTALDY
AlphaValue
JEROME CASSAGNE
GREIG N PATERSON
EAMONN FLANAGAN
BEN COHEN
Exane BNP Paribas
ANDY HUGHES
Berenberg Bank
MATTHEW PRESTON
EDWARD HOUGHTON
Barclays
ALAN DEVLIN
Credit Suisse
CHRIS ESSON
Societe Generale
ABID HUSSAIN
HSBC
KAILESH MISTRY
S&P Capital IQ
RODERICK WALLACE
Morgan Stanley
JON HOCKING
JPMorgan
ASHIK MUSADDI
Nomura
FAHAD CHANGAZI
MARCUS BARNARD
BARRIE CORNES
RBC Capital Markets
GORDON AITKEN
Macquarie
NEIL WELCH
Goldman Sachs
COLIN L SIMPSON
EVA Dimensions
AUSTIN BURKETT
Investec
KEVIN RYAN
Deutsche Bank
OLIVER STEEL
Redburn Partners
LANCE BURBIDGE
TIM PROUDLOVE
JOY FERNEYHOUGH
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
MF-AGG
REG
REG
REG
REG
REG
REG
ULT-AGG
REG
REG
Recommendation
hold
buy
outperform
sell
hold
outperform
hold
market perform
underweight
outperform
hold
neutral
hold
Overwt/In-Line
overweight
buy
hold
hold
sector perform
neutral
Buy/Neutral
sell
buy
restricted
neutral
outperform
buy
Amt Held
297'644'862
149'521'223
121'609'159
110'128'385
85'425'908
79'690'535
65'593'903
54'324'031
43'197'280
41'989'681
38'160'440
37'865'993
34'882'960
34'726'322
33'401'190
33'235'920
32'415'215
32'343'612
31'437'995
27'977'798
% Out
10.1
5.08
4.13
3.74
2.9
2.7
2.23
1.84
1.47
1.43
1.3
1.29
1.18
1.18
1.13
1.13
1.1
1.1
1.07
0.95
Weighting
Change
3
5
5
1
3
5
3
3
1
5
3
3
3
5
5
5
3
3
3
3
5
1
5
#N/A N/A
3
5
5
M
U
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
Latest Chg
(3'781'712)
(145'980)
18'716'026
1'091'900
180'879
11'118'500
6'232
2'236'701
(236'469)
(7'987'635)
(2'368'648)
1'572'352
515'452
(4'029'494)
(1'303'182)
3'380'761
(125'831)
Target Price
#N/A N/A
390
432
#N/A N/A
335
379
350
360
289
435
343
360
360
444
443
540
400
340
350
384
416
#N/A N/A
422
#N/A N/A
#N/A N/A
508
605
File Dt
Inst Type
20.03.2013
Investment Advisor
25.03.2013
Investment Advisor
20.03.2013
Investment Advisor
20.03.2013
Unclassified
01.02.2013
Unclassified
01.02.2013
Investment Advisor
01.02.2013
Unclassified
01.02.2013
Government
01.02.2013
Government
01.02.2013
Investment Advisor
31.12.2012
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
01.02.2013
Unclassified
01.02.2013
Investment Advisor
01.02.2013
Investment Advisor
Date
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Date
21.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
12.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
20.02.2013
23.01.2013
18.01.2013
17.01.2013
07.01.2013
21.12.2012
22.11.2012
01.07.2011
31.05.2011
27.03.2013
Wolseley PLC
Wolseley plc distributes bathroom materials, heating and plumbing supplies, and
systems and services. The Company's solutions include transaction processing,
electronic bill payment and presentment, business process outsourcing, document
distribution services, and software and systems solutions.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WOS LN EQUITY YTD Change
WOS LN EQUITY YTD % CHANGE
Price/Volume
07/2012
12/yy
3'354.00
2'111.32
245'795.00
3171
-5.66%
49.86%
85.43%
274.0
8'688.65
840.00
0.0
0.0
819.00
9'633.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.07.2009
31.07.2010
13'301.0
13'203.0
0.36x
0.34x
1'140.0
840.0
4.23x
5.36x
(1'173.0)
(340.0)
Profitability
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
LTM-4Q
31.07.2011
13'558.0
0.42x
863.0
6.63x
271.0
18.26x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.07.2012
13'421.0
0.49x
476.0
13.90x
57.0
108.63x
476.00
291.00
2.17%
1.48%
0.23%
0.52%
0.43%
1.82%
27.5%
3.8%
2.1%
0.4%
1.71
0.95
11.76%
26.81%
7.05
5.51
Price/ Cash Flow
12/yy
4'337.0
10.46x
1'345.0
8.39x
472.0
14.87x
j-12
j-12
a-12
LTM
12/yy
4'482.0
11.60x
1'410.0
9.51x
611.0
17.64x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
1.96
1.32
273.76
0.01
32.94%
9.10%
1.322
26
3.692
1'139'824
829'263
795'317
FY+2
FQ+1
FQ+2
07/13 Y
07/14 Y
04/12 Q3 07/12 Q4
13'290.8
14'212.6
3'157.3
0.68x
0.62x
852.7
993.1
235.0
11.30x
9.70x
498.9
608.0
17.54x
14.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.88
11.03
1.92
2.55
26.8%
21.1%
1.82
10.65
51.93
66.42
76.07
30.45
16.00
5'000.0
14.00
4'500.0
4'000.0
12.00
3'500.0
10.00
3'000.0
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
1.2 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2008
13'079.0
0.38x
1'152.0
4.35x
74.0
2.55x
100
90
80
70
60
50
40
30
20
10
0
m-12
0.0
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
27.03.2013
Wolseley PLC
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
BLACKROCK
STATE STREET
INVESCO LTD
MERITAGE GROUP LP
NORTHERN TRUST CORPO
PITTENGER & ANDERSON
DILLON DONALD F
FINDLAY PARK PARTNER
EGERTON CAPITAL LIMI
BRAVE WARRIOR ADVISO
EMINENCE CAPITAL LLC
JARISLOWSKY FRASER L
LORD ABBETT & CO LLC
Firm Name
Jefferies
Barclays
Deutsche Bank
Raymond James
Oddo & Cie
EVA Dimensions
Liberum Capital Ltd
Day by Day
Goldman Sachs
JPMorgan
Cantor Fitzgerald
Redburn Partners
Exane BNP Paribas
Credit Suisse
Berenberg Bank
RBC Capital Markets
HSBC
Davy
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
MERITAGE GROUP LP
PITTENGER & ANDERSON
n/a
FINDLAY PARK PARTNER
BRAVE WARRIOR ADVISO
EMINENCE CAPITAL LLC
JARISLOWSKY FRASER L
Analyst
SAM CULLEN
PAUL CHECKETTS
THOMAS SYKES
ARNAUD PALLIEZ
ROBERT EASON
VIRGINIE ROUSSEAU
MARK HOWSON
ANDY BROWN
HOWARD SEYMOUR
CRAIG STERLING
CHARLIE CAMPBELL
VALERIE GASTALDY
JOHN WOODMAN
EMILY BIDDULPH
KEVIN LAPWOOD
JOHN MESSENGER
PAUL ROGER
HARRY GOAD
MICHAEL WATTS
OLIVIA PETERS
RAJESH KUMAR
JON BELL
FLORENCE O'DONOGHUE
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
underperform
overweight
buy
market perform
buy
buy
hold
sell
hold
hold
buy
buy
neutral/neutral
overweight
hold
neutral
neutral
outperform
buy
outperform
neutral
hold
neutral
Amt Held
14'479'666
9'774'796
8'529'325
6'971'332
5'912'133
5'449'211
2'847'515
2'619'234
2'072'806
1'900'334
1'898'286
1'891'654
1'755'042
1'716'266
1'705'366
1'422'001
1'411'128
1'265'796
1'204'996
1'193'655
% Out
10.85
7.32
6.39
5.22
4.43
4.08
2.13
1.96
1.55
1.42
1.42
1.42
1.31
1.29
1.28
1.07
1.06
0.95
0.9
0.89
Weighting
Change
1
5
5
3
5
5
3
1
3
3
5
5
3
5
3
3
3
5
5
5
3
3
3
M
M
M
M
M
M
M
M
M
D
U
M
M
M
N
D
M
M
M
M
M
M
D
Latest Chg
3'754'321
949'400
83'298
45'049
202'131
61'900
(99'329)
(407)
(7'517)
1'042
(39'088)
1'011'066
(2'321)
(299'954)
(3'090)
47'434
(172'514)
Target Price
2'540
3'450
3'400
#N/A N/A
3'740
3'410
#N/A N/A
2'500
2'980
#N/A N/A
3'730
3'507
3'440
3'350
2'700
#N/A N/A
3'250
3'348
3'032
3'241
3'139
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
07.09.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
21.03.2013
20.03.2013
04.03.2013
28.02.2013
25.02.2013
11.02.2013
18.01.2013
18.01.2013
17.12.2012
14.12.2012
10.12.2012
05.11.2012
20.08.2012
18.07.2012
27.03.2013
British Sky Broadcasting Group PLC

British Sky Broadcasting Group plc provides a pay television broadcasting
accessories. The Company's products include an extensive line of men's and
women's fashion watches and jewelry sold under proprietary and licensed brands,
handbags, small leather goods, belts, sunglasses, and apparel.
Price/Volume
160
6.0 M
140
5.0 M
120
4.0 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (05.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BSY LN EQUITY YTD Change
BSY LN EQUITY YTD % CHANGE
06/2012
12/yy
905.50
629.00
435'578.00
869.5
-3.98%
38.24%
94.21%
1'616.9
14'058.69
2'414.00
0.0
0.0
1'174.00
15'490.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2009
30.06.2010
5'359.0
5'506.0
1.83x
2.49x
1'104.0
1'182.0
8.89x
11.58x
259.0
878.0
30.57x
13.63x
Profitability
1.0 M
20
0
m-12
.0 M
a-12 m-12
LTM-4Q
30.06.2011
6'565.0
2.41x
1'406.0
11.25x
810.0
19.46x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
6'791.0
1.90x
1'587.0
8.13x
906.0
13.24x
1'587.00
1'243.00
18.30%
17.51%
15.48%
101.38%
29.12%
1.13%
23.4%
18.5%
13.3%
1.08
0.60
43.82%
255.72%
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
12/yy
2'567.3
8.80x
523.9
8.92x
294.7
17.18x
LTM
12/yy
2'857.5
7.86x
554.4
8.44x
343.4
16.51x
FY+1
3.13
0.69
934.85
31.70%
14.80%
0.691
29
3.345
2'584'114
2'829'078
2'669'556
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
7'152.5
7'498.8
1'811.0
1'820.3
2.15x
2.02x
8.16x
8.21x
1'666.1
1'707.9
428.0
415.0
9.30x
9.07x
930.9
958.5
239.7
227.7
15.25x
14.49x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.11.2009
BBB+
STABLE
14.30
12.24
0.88
1.74
255.7%
71.9%
1.13
7.31
-
45.00
3'500.0
40.00
3'000.0
35.00
2'500.0
30.00
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
08.01.2010
2.0 M
40
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
4'952.0
1.99x
970.0
10.14x
(127.0)
-
3.0 M
60
0.0
08.07.2010
08.01.2011
08.07.2011
08.01.2012
08.07.2012
08.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
British Sky Broadcasting Group PLC

Holdings By:
All
Holder Name
BSKYB HOLDCO INC
BLACKROCK
FMR LLC
FRANKLIN RESOURCES
AEGON
SCOTTISH WIDOWS
ODEY ASSET MANAGEMEN
LEGAL & GENERAL
STATE STREET
NOMURA INTERNATIONAL
INVESCO LTD
ODEY ASSET MGMT LTD
BRITISH SKY BROADCAS
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Berenberg Bank
SARAH SIMON
Peel Hunt
PATRICK YAU
JOHN KARIDIS
Credit Suisse
OMAR SHEIKH
AlphaValue
VERONIQUE CABIOC'H
Goldman Sachs
VIGHNESH PADIACHY
CLAUDIO ASPESI
Nomura
MATTHEW WALKER
Day by Day
VALERIE GASTALDY
New Street Research
FRANK KNOWLES
HSBC
ADAM M RUMLEY
CONOR O'SHEA
Macquarie
GUY R PEDDY
Deutsche Bank
LAURIE DAVISON
S&P Capital IQ
ALEXANDER WISCH
PAUL RICHARDS
Barclays
JULIEN ROCH
Morgan Stanley
PATRICK WELLINGTON
Investec
STEVEN LIECHTI
Exane BNP Paribas
MICHAEL WILLIAMS
Jefferies
WILL SMITH
EVA Dimensions
CRAIG STERLING
CA Cheuvreux
THOMAS JORION
JPMorgan
MARK O'DONNELL
Raymond James
STEPHANE BEYAZIAN
GIASONE SALATI
ALEX DE GROOTE
ING Bank
SIMON WALLIS
Natixis
JEROME BODIN
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
RNS-RUL8
REG
ULT-AGG
REG
REG
MF-AGG
REG
REG
MF-AGG
REG
Recommendation
sell
hold
sell
neutral
add
Buy/Neutral
underperform
buy
hold
buy
underweight
buy
outperform
buy
hold
add
equalweight
Equalwt/Attractive
buy
outperform
underperform
hold
underperform
overweight
market perform
buy
not rated
buy
suspended coverage
Amt Held
645'652'521
144'275'740
92'255'500
88'735'928
62'180'113
44'992'780
39'916'152
37'389'881
36'978'729
36'750'929
32'111'245
29'127'229
26'738'843
20'388'936
16'877'130
16'708'784
15'531'610
14'532'207
13'681'795
12'612'223
% Out
39.93
8.92
5.71
5.49
3.85
2.78
2.47
2.31
2.29
2.27
1.99
1.8
1.65
1.26
1.04
1.03
0.96
0.9
0.85
0.78
Weighting
Change
1
3
1
3
4
5
1
5
3
5
1
5
5
5
3
4
3
3
5
5
1
3
1
5
3
5
#N/A N/A
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
Latest Chg
(8'800'626)
(19'085'000)
(130'152)
(869'021)
(1'432'023)
(9'115'597)
(431'754)
(773'923)
(49'407)
3'259'976
(332'629)
(9'662)
(862'242)
2'943'999
60'100
4'699'330
(1'204'732)
865'304
5'232'531
Target Price
650
845
600
800
980
1'070
600
975
#N/A N/A
900
600
960
900
970
860
921
840
860
870
920
650
#N/A N/A
800
910
#N/A N/A
875
#N/A N/A
765
#N/A N/A
File Dt
Inst Type
01.11.2012
Unclassified
25.03.2013
Investment Advisor
14.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Unclassified
30.11.2012
Unclassified
01.11.2012
Unclassified
26.03.2013
Investment Advisor
11.07.2011
Investment Advisor
01.11.2012
Government
28.02.2013
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
28.02.2013
Investment Advisor
01.11.2012
Unclassified
01.11.2012
Unclassified
31.12.2012
Investment Advisor
01.11.2012
Government
Date
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
13.03.2013
12.03.2013
04.03.2013
01.03.2013
21.02.2013
11.02.2013
05.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
24.01.2013
17.01.2013
17.09.2012
12.09.2012
04.09.2012
04.09.2012
25.07.2011
15.06.2010
16.02.2010
27.03.2013
Standard Life PLC

Standard Life PLC is a group holding company for a wide variety of insurance
of which are enabled by Global Positioning System (GPS) technology. The Company
designs, develops, manufactures, and markets hand-held, portable, and fixed
mount GPS-enabled products and other navigation, communications, and information
products under its own brand name.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SL/ LN EQUITY YTD Change
SL/ LN EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
386.70
199.00
1'144'237.00
360.7
-6.78%
81.16%
90.09%
2'358.0
8'505.42
1'976.00
0.0
341.0
9'942.00
880.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
(16'225.0)
100.0
29.28x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.12.2009
31.12.2010
17'167.0
18'569.0
0.08x
213.0
432.0
29.06x
11.75x
Profitability
LTM-4Q
31.12.2011
9'086.0
298.0
15.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
19'185.0
0.01x
698.0
11.19x
4.80%
4.06%
0.42%
16.79%
12.94%
0.11%
3.6%
1.13%
45.37%
-
Price/ Cash Flow
12/yy
2'758.6
6.20x
648.3
8.10x
520.9
14.74x
LTM
12/yy
2'715.7
8.08x
694.6
7.34x
542.4
14.30x
FY+1
7.63
1.24
2'354.68
58.42%
8.55%
1.243
25
2.800
4'856'709
5'097'891
4'698'171
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
20'389.6
22'064.2
538.4
603.0
15.03x
13.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.01.2004
ASTABLE
13.01.2004
NR
45.4%
29.6%
0.11
-
14.00
4'000.0
12.00
3'500.0
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
0.0
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
27.03.2013
Standard Life PLC

Holdings By:
All
Holder Name
PRIVATE INDIVIDUALS
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
NEWTON INV MGMT
FMR LLC
VANGUARD GROUP INC
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
HENDERSON GLOBAL INV
SCHRODER INVESTMENT
STATE STREET
RWC PARTNERS LTD
Firm Name
Barclays
Day by Day
Exane BNP Paribas
S&P Capital IQ
HSBC
Credit Suisse
RBC Capital Markets
JPMorgan
Macquarie
Societe Generale
Deutsche Bank
Goldman Sachs
EVA Dimensions
Investec
Morgan Stanley
Redburn Partners
Berenberg Bank
Nomura
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BARRIE CORNES
ALAN DEVLIN
VALERIE GASTALDY
EDWARD HOUGHTON
ANDY HUGHES
RODERICK WALLACE
KAILESH MISTRY
GREIG N PATERSON
MARCUS BARNARD
CHRIS ESSON
GORDON AITKEN
ASHIK MUSADDI
NEIL WELCH
ABID HUSSAIN
OLIVER STEEL
COLIN L SIMPSON
AUSTIN BURKETT
KEVIN RYAN
JON HOCKING
EAMONN FLANAGAN
LANCE BURBIDGE
MATTHEW PRESTON
BEN BATHURST
TIM PROUDLOVE
Source
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
REG
REG
REG
REG
REG
ULT-AGG
REG
REG
REG
REG
Recommendation
buy
underweight
buy
underperform
outperform
hold
underweight
market perform
add
underperform
sector perform
overweight
outperform
hold
hold
Sell/Neutral
sell
buy
Underwt/In-Line
hold
buy
sell
reduce
hold
Amt Held
1'036'519'084
113'806'452
100'730'729
57'307'886
36'285'342
35'876'476
32'962'353
31'300'278
30'528'602
24'810'875
24'632'319
21'579'330
20'953'671
19'988'853
19'615'519
18'890'275
18'729'100
18'271'783
17'317'577
16'422'300
% Out
43.96
4.83
4.27
2.43
1.54
1.52
1.4
1.33
1.29
1.05
1.04
0.92
0.89
0.85
0.83
0.8
0.79
0.77
0.73
0.7
Weighting
Change
5
1
5
1
5
3
1
3
4
1
3
5
5
3
3
1
1
5
1
3
5
1
2
3
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(15'953'109)
1'507'414
(2'140'745)
1'234'991
(2'379'780)
(4'707'169)
(7'065'125)
3'823'597
(1'888'164)
1'100'647
3'322'539
1'752'700
(1'018'790)
(730'058)
8'107'695
1'970'064
1'451'606
4'361'865
1'178'977
476'348
Target Price
420
317
394
300
395
365
310
338
260
321
260
349
378
330
360
300
#N/A N/A
373
285
#N/A N/A
#N/A N/A
290
260
223
File Dt
Inst Type
03.10.2012
Other
25.03.2013
Investment Advisor
28.02.2013
Unclassified
03.10.2012
Investment Advisor
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
03.10.2012
Investment Advisor
03.10.2012
Government
03.10.2012
Investment Advisor
03.10.2012
Investment Advisor
03.10.2012
Investment Advisor
26.03.2013
Investment Advisor
03.10.2012
Investment Advisor
03.10.2012
Government
03.10.2012
Investment Advisor
Date
Not Provided
Not Provided
3 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Date
25.03.2013
20.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
11.03.2013
07.03.2013
07.03.2013
27.02.2013
20.02.2013
11.02.2013
07.02.2013
30.01.2013
24.01.2013
18.01.2013
17.01.2013
07.01.2013
05.12.2012
26.11.2012
22.11.2012
31.10.2012
21.03.2012
01.07.2011
27.03.2013
Smith & Nephew PLC

Smith & Nephew plc develops and markets advanced medical devices. The Group is
discovers, develops, and commercializes therapeutics to advance the care of
patients suffering from life-threatening diseases. The Company's primary areas
of focus include HIV/AIDS, liver disease and serious cardiovascular and
respiratory conditions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SN/ LN EQUITY YTD Change
SN/ LN EQUITY YTD % CHANGE
12/2012
12/yy
759.00
567.50
301'535.00
750.5
-1.52%
31.72%
99.48%
905.1
6'793.08
468.00
0.0
0.0
178.00
10'549.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'801.0
1.83x
1'049.0
6.65x
377.0
15.00x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.12.2009
31.12.2010
3'772.0
3'962.0
2.68x
2.49x
1'169.0
1'223.0
8.64x
8.08x
472.0
615.0
19.34x
15.23x
Profitability
LTM-4Q
31.12.2011
4'270.0
2.06x
1'208.0
7.29x
582.0
14.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'137.0
2.48x
1'250.0
8.21x
729.0
13.58x
1'250.00
938.00
22.67%
26.59%
14.03%
20.62%
18.75%
0.80%
74.1%
29.9%
22.0%
17.6%
2.31
1.18
8.29%
12.05%
4.56
1.22
Price/ Cash Flow
LTM
12/yy
8'385.4
14.21x
4'094.7
6.98x
2'803.6
11.34x
12/yy
9'702.5
21.53x
4'288.4
14.38x
2'591.6
21.60x
FY+1
2.31
0.86
903.77
20.89%
10.01%
0.864
24
3.500
1'832'336
1'632'606
1'667'207
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'407.2
4'597.9
1'072.3
1'108.0
2.30x
2.13x
9.67x
9.28x
1'255.8
1'370.4
314.0
322.5
8.40x
7.70x
8.03x
694.4
755.3
166.0
172.5
14.51x
13.30x
14.29x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
104.17
82.08
0.23
0.38
12.0%
10.8%
0.80
5.25
80.29
301.01
196.66
184.64
25.00
12'000.0
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
0.00
01.01.2010
2'000.0
0.0
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
27.03.2013
Smith & Nephew PLC

Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
LEGAL & GENERAL
AVIVA INVESTORS
FMR LLC
VANGUARD GROUP INC
AXA
UBS
Firm Name
Societe Generale
Morgan Stanley
Goldman Sachs
Exane BNP Paribas
AlphaValue
EVA Dimensions
Barclays
S&P Capital IQ
Jefferies
Berenberg Bank
Credit Suisse
JPMorgan
Nomura
Day by Day
Deutsche Bank
Investec
Daniel Stewart & Co
Equita SIM SpA
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JUSTIN SMITH
LISA BEDELL CLIVE
MICHAEL K JUNGLING
VERONIKA DUBAJOVA
JULIEN DORMOIS
KAMLA SINGH
ANDREW S ZAMFOTIS
SALLY TAYLOR
CHARLES WESTON
JACOB THRANE
INGEBORG OIE
TOM JONES
SAVVAS NEOPHYTOU
CHRISTOPH GRETLER
DAVID J ADLINGTON
MARTIN BRUNNINGER
BRIAN WHITE
VALERIE GASTALDY
YI-DAN WANG
SEBASTIEN JANTET
NAVID MALIK
VADIM K ALEXANDRE
FABIO FAZZARI
Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
RNS-MAJ
REG
REG
REG
MF-AGG
ULT-AGG
REG
MF-AGG
RNS-MAJ
MF-AGG
ULT-AGG
MF-AGG
REG
ULT-AGG
Recommendation
sell
market perform
Equalwt/Attractive
neutral/neutral
outperform
reduce
overweight
equalweight
add
hold
buy
buy
hold
neutral
neutral
neutral
sell
buy
hold
buy
buy
buy
buy
Amt Held
107'823'255
45'423'030
44'811'205
37'192'814
32'053'564
27'648'521
27'146'459
21'472'113
20'961'946
20'885'005
20'140'592
18'751'707
18'269'229
15'864'866
14'783'322
14'151'049
12'955'806
12'019'345
11'748'075
11'736'785
% Out
11.91
5.02
4.95
4.11
3.54
3.05
3
2.37
2.32
2.31
2.23
2.07
2.02
1.75
1.63
1.56
1.43
1.33
1.3
1.3
Weighting
Change
1
3
3
3
5
2
5
3
4
3
5
5
3
3
3
3
1
5
3
5
5
5
5
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
12'568'680
(690'970)
335'770
458'500
3'478'352
(613'011)
229'678
(294'422)
23'505
12'053'956
(97'189)
46'000
1'030'208
(1'062'565)
1'502'867
498'476
(41'768)
Target Price
585
760
735
765
775
737
#N/A N/A
717
800
750
800
805
720
725
709
596
#N/A N/A
766
638
730
790
766
680
File Dt
Inst Type
01.01.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Unclassified
25.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
01.01.2013
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Investment Advisor
01.01.2013
Investment Advisor
31.12.2012
Investment Advisor
12.01.2011
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
26.03.2013
Investment Advisor
01.01.2013
Unclassified
Date
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
3 month
12 month
12 month
Not Provided
12 month
12 month
Date
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
06.03.2013
05.03.2013
01.03.2013
15.02.2013
12.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
28.01.2013
08.01.2013
10.12.2012
06.07.2012
07.02.2012
23.11.2011
27.03.2013
Next PLC
Next Plc conducts retailing, home shopping, and customer services management
engine through its website. The Company offers a wide range of search options,
including web, image, groups, directory, and news searches.
Price/Volume
900
4.0 M
800
3.5 M
700
3.0 M
600
2.5 M
500
Latest Fiscal Year:

LTM as of:
52-Week High (26.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NXT LN EQUITY YTD Change
NXT LN EQUITY YTD % CHANGE
01/2013
12/yy
4'386.00
2'882.00
102'068.00
4325
-1.39%
50.07%
98.60%
160.8
6'954.05
747.40
0.0
(0.1)
136.30
7'565.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
300
200
1.0 M
100
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
3'271.5
0.86x
624.6
4.49x
302.4
7.03x
2.0 M
400
Valuation Analysis
31.01.2010
31.01.2011
3'406.5
3'297.7
1.23x
1.26x
672.8
691.2
6.21x
6.02x
364.1
401.1
10.43x
9.16x
Profitability
31.01.2012
3'441.1
1.46x
722.5
6.95x
474.9
10.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
3'547.8
2.02x
781.8
9.15x
508.7
12.68x
781.80
664.60
18.73%
18.79%
27.15%
200.12%
55.40%
1.89%
31.5%
22.0%
18.7%
14.3%
1.48
0.17
39.47%
261.60%
6.91
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.43
0.65
151.93
48.46%
16.61%
0.645
28
3.250
769'644
537'300
457'158
FY+2
01/14 Y
01/15 Y
3'690.0
3'822.0
2.02x
1.94x
802.0
831.7
9.43x
9.10x
497.3
525.5
13.78x
12.55x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
13.05.2003
BBB
STABLE
09.03.2010
A-2
26.96
24.14
0.78
0.96
261.6%
72.4%
1.89
6.34
52.97
87.25
25.00
60'000.0
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Next PLC
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
INVESCO LTD
PRIMECAP MANAGEMENT
JENNISON ASSOCIATES
DAVIS SELECTED ADVIS
GOLDMAN SACHS GROUP
SANDS CAPITAL MANAGE
UBS
TIAA CREF INVESTMENT
WELLINGTON MANAGEMEN
NORGES BANK
Firm Name
Jefferies
Wedbush
Robert W. Baird & Co
Wedge Partners
Cantor Fitzgerald
Cowen and Company
Barclays
Edward Jones
Credit Agricole Securities (USA)
Tigress Financial Partners
JMP Securities
Stifel
Sterne, Agee & Leach
Morgan Stanley
BMO Capital Markets
Pacific Crest Securities
Oppenheimer & Co
Nomura
RBC Capital Markets
Atlantic Equities LLP
William Blair & Co
Piper Jaffray
Argus Research Corp
EVA Dimensions
Deutsche Bank
S&P Capital IQ
Telsey Advisory Group
JPMorgan
Hilliard Lyons
Raymond James
Hamburger Sparkasse
Credit Suisse
Needham & Co
Macquarie
B Riley & Company, Inc
BGC Partners
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
PRIMECAP MANAGEMENT
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
n/a
TIAA-CREF INVESTMENT
NORGES BANK
Analyst
HEATHER BELLINI
BRIAN J PITZ
JAMES G DIX
COLIN SEBASTIAN
MARTIN PYYKKONEN
CARLOS KIRJNER
YOUSSEF H SQUALI
JOHN BLACKLEDGE
ANTHONY J DICLEMENTE
JOSH OLSON
JAMES LEE
IVAN FEINSETH
RONALD V JOSEY III
JORDAN ROHAN
KAZUYA NISHIMURA
BRIAN WIESER
SHAW WU
MICHAEL GRAHAM
JASON MAYNARD
SCOTT W DEVITT
DANIEL SALMON
EVAN S WILSON
JASON S HELFSTEIN
BRIAN NOWAK
MARK S MAHANEY
HAMILTON FABER
RALPH SCHACKART
EUGENE E MUNSTER
JOSEPH F BONNER
ANDREW S ZAMFOTIS
ROSS SANDLER
SCOTT H KESSLER
THOMAS FORTE
DOUGLAS ANMUTH
STEPHEN TURNER
AARON M KESSLER
MARCO GUENTHER
MARKUS FRIEBEL
STEPHEN JU
KERRY RICE
BENJAMIN A SCHACHTER
SAMEET SINHA
COLIN W GILLIS
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
neutral/neutral
buy
neutral
outperform
no rating system
outperform
buy
outperform
overweight
buy
buy
strong buy
market outperform
hold
outperform
hold
neutral
buy
market perform
Overwt/Attractive
market perform
outperform
market perform
buy
outperform
overweight
outperform
overweight
buy
hold
buy
hold
no rating system
overweight
neutral
outperform
hold
hold
outperform
buy
outperform
buy
hold
Amt Held
18'215'530
14'812'725
11'833'058
11'006'397
10'616'879
9'457'496
6'419'685
4'586'974
4'016'989
3'824'800
3'207'437
2'756'412
2'715'974
2'501'395
2'490'314
2'380'317
2'222'539
2'173'908
2'116'195
2'046'828
% Out
6.81
5.54
4.42
4.11
3.97
3.54
2.4
1.71
1.5
1.43
1.2
1.03
1.02
0.94
0.93
0.89
0.83
0.81
0.79
0.77
Weighting
Change
3
5
3
5
#N/A N/A
5
5
5
5
5
5
5
4
3
5
3
3
5
3
5
3
5
3
5
5
5
5
5
5
3
5
3
#N/A N/A
5
3
5
3
3
5
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
(5'443)
308'479
347'460
1'637'525
(388'122)
151'141
623'378
27'119
(227'260)
(23'714)
(39'630)
597'897
(130'698)
(90'008)
6'165
(21'961)
(122'117)
320'943
333'660
76'916
Target Price
760
1'000
770
830
#N/A N/A
1'000
900
#N/A N/A
850
#N/A N/A
1'000
#N/A N/A
955
#N/A N/A
925
820
#N/A N/A
830
#N/A N/A
932
790
980
765
860
950
1'000
#N/A N/A
938
875
#N/A N/A
935
825
870
860
#N/A N/A
825
#N/A N/A
800
847
850
795
846
760
File Dt
31.12.2012
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
07.03.2013
05.03.2013
01.03.2013
28.02.2013
22.02.2013
21.02.2013
20.02.2013
10.02.2013
07.02.2013
06.02.2013
05.02.2013
29.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
27.03.2013
Kingfisher PLC
Kingfisher plc sells a wide range of home improvement consumer goods. The
practice management software, to office-based healthcare practitioners. The
Company has operations in North America and other countries. Henry Schein's
operations include direct marketing, telesales, and field sales.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2012)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KGF LN EQUITY YTD Change
KGF LN EQUITY YTD % CHANGE
01/2013
12/yy
317.00
252.00
1'688'596.00
282.1
-11.14%
11.79%
47.69%
2'372.4
6'692.47
431.00
0.0
8.0
398.00
6'733.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
10'026.0
0.44x
672.0
6.60x
209.0
695.50x
100
90
80
70
60
50
40
30
20
10
0
m-12
31.01.2010
31.01.2011
10'503.0
10'450.0
0.50x
0.58x
833.0
915.0
6.36x
6.66x
388.0
494.0
12.87x
12.17x
Profitability
LTM-4Q
31.01.2012
10'831.0
0.57x
1'031.0
6.02x
640.0
9.30x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
10'573.0
0.62x
989.0
6.63x
564.0
11.40x
989.00
741.00
7.01%
6.54%
5.78%
9.51%
8.88%
1.08%
37.4%
9.4%
7.0%
5.3%
1.07
0.14
4.35%
7.01%
3.37
Price/ Cash Flow
LTM
12/yy
8'530.2
3.18x
698.0
9.30x
367.7
16.23x
12/yy
8'940.0
3.48x
759.5
10.37x
388.1
18.05x
FY+1
3.36
0.96
2'369.89
-6.60%
-0.84%
0.961
26
3.808
7'733'028
6'921'363
6'311'885
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
11'026.0
11'462.1
2'707.0
2'890.0
0.60x
0.56x
1'039.8
1'132.9
6.48x
5.94x
568.1
635.1
11.75x
10.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.04.2008
BBBPOS
30.04.2008
A-3
49.45
33.65
0.03
0.44
7.0%
6.5%
1.08
2.85
110.07
29.64
25.00
10'000.0
9'000.0
8'000.0
20.00
7'000.0
15.00
6'000.0
10.00
5'000.0
4'000.0
3'000.0
2'000.0
5.00
1'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Kingfisher PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
TEMPLETON GLOBAL ADV
BLACKROCK
FMR LLC
LEGAL & GENERAL
HSBC INVESTMENTS UK
SCOTTISH WIDOWS
JP MORGAN
PEOPLES REPUBLIC OF
UBS
VANGUARD GROUP INC
Firm Name
Societe Generale
Piper Jaffray
Northcoast Research
Edward Jones
William Blair & Co
Leerink Swann & Co
Jefferies
Stifel
Credit Suisse
JPMorgan
Barrington Research
CL King & Associates
Wallachbeth Capital LLC
Goldman Sachs
ISI Group
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JEFFREY D JOHNSON
KEVIN ELLICH
EDWIN SNYDER
MATTHEW D COLLINS
JOHN C KREGER
DAVID LARSEN
BRANDON COUILLARD
JONATHAN D BLOCK
GLEN SANTANGELO
LISA C GILL
CHARLES R JONES
ROSS TAYLOR
GLEN M LOSEV
ROBERT P JONES
MICHAEL CHERNY
ANDREW S ZAMFOTIS
Source
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
Recommendation
outperform
neutral
buy
buy
outperform
market perform
hold
hold
neutral
neutral
market perform
buy
hold
neutral/neutral
neutral
hold
Amt Held
423'454'189
197'406'849
186'101'763
142'358'584
104'001'992
102'938'516
96'465'249
94'535'069
63'893'910
59'959'956
54'135'204
53'890'493
52'795'729
50'291'639
41'166'998
34'602'970
30'928'345
27'059'859
26'266'422
24'791'175
% Out
17.85
8.32
7.84
6
4.38
4.34
4.07
3.98
2.69
2.53
2.28
2.27
2.23
2.12
1.74
1.46
1.3
1.14
1.11
1.04
Weighting
Change
5
3
5
5
5
3
3
3
3
3
3
5
3
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
65'428'739
21'482'758
4'354'842
11'771'600
(2'352'389)
(19'386'651)
6'082'195
20'742'949
(4'093'498)
9'600'632
1'062'789
10'730'078
267'265
(1'688'639)
796'676
Target Price
98
92
110
#N/A N/A
#N/A N/A
#N/A N/A
80
#N/A N/A
92
89
#N/A N/A
100
85
92
88
#N/A N/A
File Dt
Inst Type
02.01.2013
Investment Advisor
15.02.2012
Investment Advisor
15.02.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.01.2013
Investment Advisor
02.01.2013
Government
02.01.2013
Investment Advisor
02.01.2013
Investment Advisor
02.01.2013
Unclassified
31.01.2013
Unclassified
02.01.2013
Investment Advisor
02.01.2013
Government
31.01.2013
Unclassified
02.01.2013
Investment Advisor
02.01.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
18.03.2013
17.03.2013
26.02.2013
25.02.2013
25.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
04.02.2013
27.03.2013
Associated British Foods PLC

Associated British Foods PLC is a diversified international food, ingredients,
related products. The Company's major products include microprocessors,
chipsets, embedded processors and microcontrollers, flash memory products,
graphics products, network and communications products, systems management
software, conferencing products, and digital imaging products.
Price/Volume
30.0 M
25.0 M
20.0 M
15
Latest Fiscal Year:

LTM as of:
52-Week High (19.03.2013)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABF LN EQUITY YTD Change
ABF LN EQUITY YTD % CHANGE
08/2012
12/yy
1'905.00
1'157.00
182'605.00
1862
-2.68%
60.24%
94.39%
791.7
14'740.97
1'452.00
0.0
387.0
391.00
16'188.97
15.0 M
10
10.0 M
5.0 M
0
m-12
30.09.2009
30.09.2010
9'255.0
10'167.0
0.88x
0.94x
1'082.0
1'304.0
7.52x
7.35x
359.0
546.0
18.89x
15.15x
Profitability
30.09.2011
11'065.0
0.95x
1'296.0
8.15x
541.0
16.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
12'252.0
0.94x
1'568.0
7.36x
555.0
18.13x
1'568.00
1'052.00
8.59%
6.21%
5.43%
9.58%
8.66%
1.20%
24.2%
12.8%
8.6%
4.5%
1.20
0.53
14.18%
24.89%
12.77
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
1.54
0.59
356.29
55.54%
18.54%
0.593
23
3.261
851'703
942'824
1'027'945
FY+2
09/13 Y
09/14 Y
13'094.3
13'894.6
1.22x
1.13x
1'575.3
1'691.9
10.28x
9.57x
755.9
838.0
19.42x
17.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
13.75
7.61
0.68
0.93
24.9%
18.9%
1.20
2.72
28.51
54.48
12.00
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
25
20
Valuation Analysis
30.09.2008
8'235.0
0.85x
878.0
7.96x
357.0
16.50x
30
0.0
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
27.03.2013
Associated British Foods PLC

Holdings By:
All
Holder Name
WITTINGTON PROPTYS L
HOWARD INVESTMENTS L
FMR LLC
NEWTON INV MGMT
LEGAL & GENERAL
ASSOCIATED BRITISH F
BLACKROCK
ABERDEEN
AEGON
GALEWEST LIMITED
VANGUARD GROUP INC
JP MORGAN PRIVATE BA
DIRECTOR & RELATED H
Firm Name
BMO Capital Markets
Piper Jaffray
Drexel Hamilton LLC
Evercore Partners
MKM Partners
Argus Research Corp
JPMorgan
Miller Tabak + Co., LLC
Susquehanna Financial Group
FBR Capital Markets
Longbow Research
Stifel
Barclays
Williams Financial Group
Cowen and Company
Maxim Group LLC
Edward Jones
ISI Group
JMP Securities
RBC Capital Markets
Needham & Co
Lazard Capital Markets
Raymond James
Nomura
Jefferies
Hamburger Sparkasse
Morgan Stanley
Crowell, Weedon & Co
Deutsche Bank
Roth Capital Partners
Credit Suisse
Macquarie
Oppenheimer & Co
S&P Capital IQ
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STACY A RASGON
AMBRISH SRIVASTAVA
TRISTAN GERRA
DAVID M WONG
AUGUSTE P RICHARD
RICHARD WHITTINGTON
VIJAY R RAKESH
PATRICK WANG
DANIEL A BERENBAUM
JAMES KELLEHER
CHRISTOPHER DANELY
CRAIG ELLIS
BRENDAN FURLONG
CHRISTOPHER CASO
CHRISTOPHER ROLLAND
JOANNE FEENEY
KEVIN E CASSIDY
BLAYNE CURTIS
CODY G ACREE
TIMOTHY M ARCURI
ASHOK KUMAR
MICHAEL MCCONNELL
ROBERT BURLESON
WILLIAM C KREHER
SUMIT DHANDA
ALEX GAUNA
DOUG FREEDMAN
N QUINN BOLTON
DANIEL L AMIR
HANS C MOSESMANN
ROMIT SHAH
MARK J LIPACIS
MARCO GUENTHER
JOSEPH MOORE
JAMES D RAGAN
YOKO YAMADA
ROSS C SEYMORE
KRISHNA SHANKAR
JOHN W PITZER
SHAWN WEBSTER
MARKUS FRIEBEL
RICHARD SCHAFER
ANGELO ZINO
Source
Co File
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
REG
REG
Recommendation
underperform
market perform
outperform
outperform
neutral
hold
neutral
equalweight
buy
buy
neutral
neutral
hold
neutral
market perform
neutral
buy
equalweight
hold
neutral
buy
sector perform
hold
hold
buy
market outperform
sector perform
hold
buy
underperform
reduce
hold
buy
Underwt/In-Line
buy
neutral
buy
neutral
outperform
outperform
buy
market perform
hold
Amt Held
431'515'108
28'173'893
24'295'000
17'725'570
15'975'514
15'921'464
14'299'314
14'216'679
11'741'776
11'501'849
8'303'018
7'886'699
5'933'442
5'841'542
5'258'642
4'608'005
4'495'143
4'293'104
3'952'713
3'815'927
% Out
54.51
3.56
3.07
2.24
2.02
2.01
1.81
1.8
1.48
1.45
1.05
1
0.75
0.74
0.66
0.58
0.57
0.54
0.5
0.48
Weighting
Change
1
3
5
5
3
3
3
3
5
5
3
3
3
3
3
3
5
3
3
3
5
3
3
3
5
4
3
3
5
1
2
3
5
1
5
3
5
3
5
5
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
4'314'677
(53'882)
179'534
(1'447'801)
217'025
(1'330'909)
(310'454)
(137'379)
(157'533)
977'135
(17'444)
60'113
(150'000)
Target Price
18
21
26
#N/A N/A
21
22
18
22
24
25
19
24
23
21
23
#N/A N/A
28
20
#N/A N/A
#N/A N/A
29
#N/A N/A
20
#N/A N/A
25
26
24
#N/A N/A
26
#N/A N/A
19
24
#N/A N/A
20
26
21
26
20
28
26
27
#N/A N/A
#N/A N/A
File Dt
Inst Type
15.09.2012
Investment Advisor
01.12.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Unclassified
01.12.2012
Unclassified
01.12.2012
Bank
01.12.2012
Government
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
28.02.2013
Unclassified
01.12.2012
Unclassified
01.12.2012
Unclassified
01.12.2012
Unclassified
31.12.2012
Investment Advisor
01.12.2012
Unclassified
01.12.2012
Investment Advisor
01.12.2012
Other
01.12.2012
Government
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
24.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
11.03.2013
11.03.2013
06.03.2013
06.03.2013
05.03.2013
04.03.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
12.02.2013
31.01.2013
29.01.2013
22.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
27.03.2013
Land Securities Group PLC

Land Securities Group plc is a property investment and management company. The
solutions for small and medium sized businesses, financial institutions,
consumers, and accounting professionals The Company provides software for small
business management and payroll processing, personal finance, and tax
preparation and filing.
Price/Volume
4.0 M
60
3.5 M
03/2012
01/yy
853.50
700.00
760'478.00
810.5
-4.98%
15.86%
77.85%
781.6
6'334.63
3'235.90
0.0
0.2
29.70
9'511.33
2.5 M
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
31.03.2010
821.2
833.4
4.96x
10.25x
519.1
445.7
7.84x
19.16x
(5'191.3)
1'088.9
4.71x
Profitability
31.03.2011
701.9
12.87x
437.6
20.65x
1'241.6
4.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
671.5
13.20x
436.5
20.30x
522.9
10.70x
436.50
431.90
64.32%
76.80%
2.47%
3.75%
5.35%
0.06%
64.3%
65.0%
64.3%
77.9%
2.37
0.13
29.91%
45.22%
1.58
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.63
0.92
705.29
16.76%
0.59%
0.924
22
3.409
1'546'255
1'722'932
1'549'810
FY+2
03/13 Y
03/14 Y
551.8
593.5
18.46x
17.37x
444.4
481.4
21.40x
19.76x
272.0
297.1
22.83x
21.16x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
2.02
0.11
7.68
7.73
45.2%
31.1%
0.06
0.07
231.09
202.47
20.00
4'500.0
18.00
4'000.0
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
31.07.2009
3.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (06.03.2013)
52-Week Low (30.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LAND LN EQUITY YTD Change
LAND LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
70
50
Valuation Analysis
31.03.2008
818.0
15.24x
546.4
22.81x
(830.8)
-
80
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Land Securities Group PLC

Holdings By:
All
Holder Name
BLACKROCK
ALBRIGHT INVESTMENTS
LEGAL & GENERAL
SCOTTISH WIDOWS
PEEL HOLDINGS PLC
STATE STREET
MORGAN STANLEY
COHEN & STEERS CAPIT
PEOPLES REPUBLIC OF
ING INV MANAGEMENT E
AXA
NOMURA
UBS
VANGUARD GROUP INC
HENDERSON GLOBAL INV
VANGUARD GROUP INC
Firm Name
Societe Generale
Raymond James
Cowen and Company
Morgan Stanley
Jefferies
Millman Research Associates
Deutsche Bank
Goldman Sachs
JPMorgan
Janney Montgomery Scott LLC
Macquarie
Oppenheimer & Co
Barclays
Wedbush
Evercore Partners
Northcoast Research
EVA Dimensions
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LARRY BERLIN
WAYNE JOHNSON
TIMOTHY W WILLI
PETER GOLDMACHER
ADAM H HOLT
ROSS MACMILLAN
MICHAEL MILLMAN
THOMAS ERNST JR
GREG DUNHAM
STERLING AUTY
YUN KIM
BRAD A ZELNICK
SCOTT A SCHNEEBERGER
RAIMO LENSCHOW
GIL B LURIA
DAVID M TOGUT
KARTIK MEHTA
ANDREW S ZAMFOTIS
BRENDAN BARNICLE
Source
ULT-AGG
REG
RNS-MAJ
REG
RNS-MAJ
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
Recommendation
equalweight
outperform
market perform
outperform
Equalwt/In-Line
hold
hold
buy
neutral/attractive
overweight
buy
neutral
outperform
equalweight
outperform
equalweight
neutral
overweight
sector perform
Amt Held
50'151'233
41'815'572
31'221'316
31'191'910
31'088'858
27'474'856
25'927'911
24'519'599
23'593'792
14'060'503
12'891'794
12'282'932
11'044'117
10'437'413
10'226'170
10'028'038
9'371'596
9'330'995
9'329'859
9'103'009
% Out
6.42
5.35
3.99
3.99
3.98
3.52
3.32
3.14
3.02
1.8
1.65
1.57
1.41
1.34
1.31
1.28
1.2
1.19
1.19
1.16
Weighting
Change
3
5
3
5
3
3
3
5
3
5
5
3
5
3
5
3
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'066'379
(1'221'618)
(102'729)
(736'632)
7'237'633
(5'518)
2'395'448
11'464'325
912'900
(1'868'121)
1'867'358
1'524'389
118'007
(188'921)
(170'765)
496'705
1'742'710
531'785
Target Price
#N/A N/A
68
#N/A N/A
#N/A N/A
#N/A N/A
66
59
69
67
65
80
62
65
67
76
64
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
01.01.2013
Government
01.01.2013
Investment Advisor
29.11.2011
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Unclassified
01.01.2013
Holding Company
26.03.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
25.03.2013
Investment Advisor
01.01.2013
Government
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
06.02.2013
15.01.2013
29.04.2011
27.03.2013
Marks & Spencer Group PLC

Marks & Spencer Group PLC is a holding company. The Company, through its
Company's surgical system controls Intuitive Surgical endoscopic instruments,
including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors,
scalpels, forceps/pickups, needle holders, endoscopic retractors,
electrocautery, ultrasonic cutters, and accessories during surgical procedures.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MKS LN EQUITY YTD Change
MKS LN EQUITY YTD % CHANGE
03/2012
12/yy
407.40
310.60
880'151.00
389.8
-4.39%
25.40%
86.57%
1'613.5
6'289.34
2'275.80
0.0
(11.4)
456.60
8'359.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
600
.6 M
500
.5 M
400
.4 M
300
.3 M
200
.2 M
100
.1 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
9'022.0
0.96x
1'493.9
5.80x
821.7
8.05x
700
31.03.2009
31.03.2010
9'062.1
9'536.6
0.75x
0.85x
1'138.1
1'268.9
5.96x
6.37x
508.0
526.3
8.21x
11.10x
Profitability
31.03.2011
9'740.3
0.74x
1'289.4
5.60x
612.0
8.73x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
9'934.3
0.79x
1'162.8
6.79x
513.1
11.67x
1'162.80
683.10
6.88%
6.62%
6.52%
19.11%
11.51%
1.33%
37.8%
11.5%
6.7%
5.2%
0.73
0.28
31.29%
81.56%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
4.36
0.79
1'611.70
6.00%
1.88%
0.786
28
2.929
4'343'554
5'804'511
5'487'690
FY+2
03/13 Y
03/14 Y
10'038.4
10'418.2
0.87x
0.84x
1'297.6
1'379.1
6.44x
6.06x
516.9
560.6
12.03x
11.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
07.01.2009
BBBSTABLE
03.07.2008
A-3
8.50
4.38
1.83
2.07
81.6%
45.0%
1.33
2.10
-12.05
40.00
2'500.0
35.00
2'000.0
30.00
25.00
1'500.0
20.00
1'000.0
15.00
10.00
500.0
5.00
0.00
01.01.2010
0.0
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
27.03.2013
Marks & Spencer Group PLC

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BAILLIE GIFFORD AND
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
MORGAN STANLEY
MARSICO CAPITAL MANA
WINSLOW CAPITAL MANA
VIKING GLOBAL INVEST
BROWN ADVISORY INC
ALLIANCE BERNSTEIN
EDGEWOOD MANAGEMENT
JP MORGAN
INVESCO LTD
UBS
MACKAY SHIELDS LLC
Firm Name
Credit Suisse
William Blair & Co
Cantor Fitzgerald
Leerink Swann & Co
Raymond James
Northland Securities Inc
Mizuho Securities USA Inc
SunTrust Robinson Humphrey
JPMorgan
JMP Securities
Goldman Sachs
Barrington Research
Stifel
EVA Dimensions
Portfolio Name
n/a
BAILLIE GIFFORD & CO
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
EDGEWOOD MANAGEMENT
n/a
INVESCO LTD
n/a
Multiple Portfolios
Analyst
DAVID R LEWIS
SPENCER NAM
BENJAMIN C ANDREW
JEREMY FEFFER
RICHARD NEWITTER
LAWRENCE S KEUSCH
JASON R MILLS
SURAJ KALIA
MICHAEL S MATSON
AMIT HAZAN
TYCHO W PETERSON
SEAN D LAVIN
J T HARESCO III
DAVID H ROMAN
CHARLES R JONES
FREDERICK A WISE
ANDREW S ZAMFOTIS
Source
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
MF-AGG
Recommendation
Equalwt/In-Line
buy
outperform
buy
market perform
outperform
buy
underperform
buy
buy
overweight
buy
market outperform
Buy/Neutral
outperform
hold
hold
Amt Held
5'776'094
2'300'257
1'860'003
1'756'880
1'561'366
1'252'626
1'131'468
985'936
969'364
936'203
818'598
748'303
727'270
646'802
575'597
572'264
567'682
547'562
522'564
521'852
% Out
14.3
5.7
4.61
4.35
3.87
3.1
2.8
2.44
2.4
2.32
2.03
1.85
1.8
1.6
1.43
1.42
1.41
1.36
1.29
1.29
Weighting
Change
3
5
5
5
3
5
5
1
5
5
5
5
4
5
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
Latest Chg
482'400
(77'540)
45'236
34'594
34'047
43'778
(300'639)
653'710
295'136
731'598
74'215
441'507
(382'372)
66'396
(78'814)
(12'311)
(8'043)
7'272
(494)
Target Price
#N/A N/A
670
#N/A N/A
575
#N/A N/A
620
527
400
636
649
625
625
620
715
650
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
18.03.2013
14.03.2013
14.03.2013
14.03.2013
01.03.2013
22.02.2013
25.01.2013
23.01.2013
23.01.2013
27.03.2013
WM Morrison Supermarkets PLC

William Morrison Supermarkets plc retails groceries through a chain of
systems for the semiconductor industry. The Company's systems are used to
analyze product and process quality at critical steps in the manufacture of
circuits and provide feedback so that fabrication problems can be identified.
KLA-Tencor operates sales, service, and application centers worldwide.
Price/Volume
2.0 M
01/2013
12/yy
305.80
247.50
1'391'417.00
274.2
-10.37%
10.75%
48.89%
2'323.5
6'371.02
2'451.00
0.0
0.0
270.00
8'552.02
1.0 M
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2010
31.01.2011
15'410.0
16'479.0
0.56x
0.48x
1'209.0
1'224.0
7.10x
6.40x
598.0
632.0
12.68x
11.03x
Profitability
31.01.2012
17'663.0
0.50x
1'314.0
6.76x
690.0
10.97x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
18'116.0
0.47x
1'318.0
6.49x
647.0
9.45x
1'318.00
950.00
5.24%
4.85%
6.35%
12.18%
9.49%
1.78%
6.7%
7.3%
5.2%
3.6%
0.57
0.19
23.28%
46.86%
100.92
21.96
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
4.30
0.51
2'184.28
-6.20%
4.22%
0.511
26
2.462
7'803'506
8'533'957
7'883'165
FY+2
01/14 Y
01/15 Y
18'101.3
18'644.4
0.49x
0.49x
1'293.5
1'341.5
6.61x
6.38x
609.9
628.6
10.51x
10.16x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
14.64
5.24
1.65
1.86
46.9%
31.9%
1.78
2.14
3.68
16.89
31.88
-11.31
35.00
3'500.0
30.00
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
03.07.2009
1.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (28.03.2012)
52-Week Low (08.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MRW LN EQUITY YTD Change
MRW LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
50
40
Valuation Analysis
31.01.2009
14'528.0
0.54x
961.0
8.16x
460.0
15.57x
60
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
WM Morrison Supermarkets PLC

Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
VANGUARD GROUP INC
JP MORGAN
AMERIPRISE FINANCIAL
STATE STREET
PRIMECAP MANAGEMENT
FMR LLC
INVESCO LTD
RENAISSANCE TECHNOLO
CITADEL ADVISORS LLC
CLEARBRIDGE INVESTME
EPOCH INVESTMENT PAR
GOLDMAN SACHS GROUP
Firm Name
Jefferies
Exane BNP Paribas
RBC Capital Markets
Piper Jaffray
Stifel
Goldman Sachs
Cowen and Company
Deutsche Bank
Credit Suisse
EVA Dimensions
S&P Capital IQ
First Global Stockbroking
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
PRIMECAP MANAGEMENT
n/a
n/a
INVESCO LTD
GOLDMAN SACHS GROUP
Analyst
EDWIN MOK
JEROME RAMEL
BEN PANG
MAHESH SANGANERIA
JAGADISH IYER
PATRICK J HO
WESTON TWIGG
MEHDI HOSSEINI
JAMES V COVELLO
TIMOTHY M ARCURI
VISHAL SHAH
SATYA KUMAR
MARK HELLER
ANDREW S ZAMFOTIS
ANGELO ZINO
ISHANSH VIJ
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
outperform
buy
outperform
overweight
buy
outperform
neutral
Sell/Neutral
neutral
hold
outperform
buy
buy
buy
market perform
Amt Held
22'627'316
15'847'397
10'207'414
7'117'585
6'915'022
6'903'570
5'050'800
4'192'094
3'012'005
2'636'341
2'625'824
2'528'135
2'300'784
2'272'086
1'796'300
1'708'804
1'665'757
1'545'691
1'537'676
1'478'800
% Out
13.62
9.54
6.14
4.28
4.16
4.16
3.04
2.52
1.81
1.59
1.58
1.52
1.38
1.37
1.08
1.03
1
0.93
0.93
0.89
Weighting
Change
5
5
5
5
5
5
5
3
1
3
3
5
5
5
5
3
N
M
M
M
M
M
M
M
M
N
U
M
M
M
R
M
Latest Chg
(370'332)
(735'483)
2'028'630
337'635
126'226
(79'000)
(1'402'932)
(321'290)
(2'104'992)
100'118
(507'988)
376'200
29'564
1'702'853
793'685
100'773
157'204
105'700
Target Price
61
65
66
60
62
58
61
50
50
#N/A N/A
56
63
62
#N/A N/A
57
#N/A N/A
File Dt
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Insurance Company
Date
26.03.2013
26.03.2013
21.03.2013
15.03.2013
15.03.2013
26.02.2013
25.02.2013
13.02.2013
07.02.2013
04.02.2013
25.01.2013
25.01.2013
25.01.2013
15.01.2013
26.10.2012
05.02.2011
27.03.2013
Burberry Group PLC

Burberry Group PLC is a global luxury brand with British heritage, core
packaged food and beverages for North American Grocery stores. Kraft Foods
offers a wide range of branded beverages, cheese, grocery products and
convenient meals.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.04.2012)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BRBY LN EQUITY YTD Change
BRBY LN EQUITY YTD % CHANGE
Price/Volume
03/2012
12/yy
1'605.00
998.00
356'118.00
1335
-16.95%
33.57%
56.01%
442.1
5'902.09
208.60
0.0
24.1
546.90
5'689.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
995.4
2.02x
233.9
8.61x
135.2
14.40x
60
31.03.2009
31.03.2010
1'201.5
1'185.1
1.01x
2.41x
215.6
272.1
5.65x
10.51x
(6.0)
81.4
20.36x
Profitability
LTM-4Q
31.03.2011
1'501.3
3.22x
363.8
13.30x
208.4
23.81x
31.03.2012
1'857.2
3.37x
468.1
13.36x
263.3
24.78x
468.10
380.50
20.49%
19.71%
15.00%
28.54%
24.66%
1.24%
69.9%
18.5%
13.5%
14.2%
1.68
1.08
12.95%
24.05%
12.19
1.60
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
9'100.0
3.93x
898.0
0.00x
560.0
0.00x
FY+1
1.95
1.30
440.14
-12.51%
8.73%
1.298
29
3.345
1'695'706
1'179'814
1'275'263
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'977.3
2'277.2
477.7
430.7
2.86x
2.43x
511.3
583.1
11.14x
9.76x
287.5
340.2
19.97x
17.49x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
33.92
24.78
-0.67
0.40
24.1%
19.0%
1.24
5.69
30.04
228.26
78.35
141.12
20'000.0
18'000.0
1.00
16'000.0
14'000.0
0.80
0.60
0.40
12'000.0
10'000.0
8'000.0
6'000.0
4'000.0
0.20
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Burberry Group PLC

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
JP MORGAN
LEGAL & GENERAL
SCHRODER INVESTMENT
JENNISON ASSOCIATES
BAILLIE GIFFORD AND
SCOTTISH WIDOWS
SCHRODER INVESTMENT
VANGUARD GROUP INC
MERRILL LYNCH & COMP
PEOPLES REPUBLIC OF
CREDIT AGRICOLE GROU
Firm Name
Societe Generale
EVA Dimensions
Goldman Sachs
BMO Capital Markets
Edward Jones
RBC Capital Markets
Argus Research Corp
Stifel
Jefferies
Davenport & Co
Morgan Stanley
Deutsche Bank
Credit Suisse
JPMorgan
Barclays
S&P Capital IQ
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ALICIA FORRY
AUSTIN BURKETT
DIANE GEISSLER
JASON ENGLISH
ALEXIA HOWARD
KENNETH B ZASLOW
BRIAN YARBROUGH
EDWARD AARON
JOHN D STASZAK
CHRISTOPHER R GROWE
THILO WREDE
ANN H GURKIN
JONATHAN P FEENEY
ERIC J LARSON
MATTHEW GRAINGER
ERIC R KATZMAN
ROBERT MOSKOW
KENNETH GOLDMAN
ANDREW LAZAR
THOMAS GRAVES
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Co File
RNS-MAJ
ULT-AGG
REG
REG
REG
MF-AGG
REG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
REG
REG
REG
Recommendation
buy
hold
outperform
neutral/neutral
market perform
outperform
hold
outperform
hold
buy
buy
buy
neutral
buy
Equalwt/In-Line
hold
outperform
neutral
overweight
hold
Amt Held
43'198'349
40'656'191
37'533'086
29'240'776
21'664'800
19'912'489
19'396'137
12'469'746
11'034'562
10'187'956
10'063'862
9'716'174
9'559'824
9'147'718
8'033'235
7'787'637
7'512'410
6'696'720
6'519'326
5'169'361
% Out
9.77
9.2
8.49
6.61
4.9
4.5
4.39
2.82
2.5
2.3
2.28
2.2
2.16
2.07
1.82
1.76
1.7
1.51
1.47
1.17
Weighting
Change
5
3
5
3
3
5
3
5
3
5
5
5
3
5
3
3
5
3
5
3
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'197'500
(10'172'288)
791'494
924'834
(935'463)
(1'800'361)
143'568
381'440
4'801'296
2'322'973
6'080'394
40'235
(703'649)
243'473
27'992
477'091
769'776
Target Price
56
#N/A N/A
54
51
47
53
#N/A N/A
50
#N/A N/A
49
52
53
46
50
47
46
50
49
51
46
File Dt
25.03.2013
19.03.2013
31.12.2012
30.11.2012
22.05.2012
10.01.2013
01.11.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
01.11.2012
31.12.2012
31.12.2012
01.11.2012
01.11.2012
01.11.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Bank
Date
27.03.2013
22.03.2013
20.03.2013
17.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
07.03.2013
07.03.2013
01.03.2013
27.02.2013
21.02.2013
19.02.2013
18.02.2013
16.02.2013
15.02.2013
15.02.2013
15.02.2013
16.10.2012
27.03.2013
Royal Bank of Scotland Group PLC

Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and
companies operating outside the continental United States, principally in
Europe, Asia, and Latin America.
Price/Volume
80
7.0 M
70
6.0 M
60
5.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (28.01.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RBS LN EQUITY YTD Change
RBS LN EQUITY YTD % CHANGE
12/2012
12/yy
369.60
193.30
12'196'971.00
283.2
-24.27%
44.80%
52.58%
6'077.9
31'655.69
316'688.00
0.0
2'318.0
108'458.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
30
20
2.0 M
10
1.0 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
54'331.0
(23'710.0)
-
4.0 M
40
Valuation Analysis
31.12.2009
31.12.2010
40'844.0
37'526.0
(2'672.0)
(1'001.0)
Profitability
LTM-4Q
31.12.2011
34'247.0
(1'997.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
28'263.0
(5'971.0)
28.75%
-24.44%
-0.42%
-8.35%
-1.37%
0.02%
-28.3%
24.13%
464.83%
-
Price/ Cash Flow
LTM
12/yy
9'510.8
13.73x
4'262.9
8.10x
(772.7)
0.00x
12/yy
10'310.8
14.84x
4'757.2
8.76x
322.8
0.00x
FY+1
0.00
1.68
2'112.27
0.30
-2.37%
-13.74%
1.685
32
2.906
13'003'730
13'867'430
12'037'890
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
22'796.6
21'051.6
5'901.0
5'359.0
2'442.7
3'518.8
12.53x
8.69x
11.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2011
ASTABLE
29.11.2011
A-2
464.8%
81.8%
0.02
2.49
-
7.00
12'000.0
6.00
10'000.0
5.00
8'000.0
4.00
6'000.0
3.00
4'000.0
2.00
2'000.0
1.00
0.00
01.01.2010
0.0
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
27.03.2013
Royal Bank of Scotland Group PLC

Holdings By:
All
Holder Name
UNITED KINGDOM GOVER
COATUE MANAGEMENT LL
COMCAST CORP
CASCADE INVESTMENT L
BLUE RIDGE CAPITAL L
DODGE & COX
VANGUARD GROUP INC
FMR LLC
STATE STREET
AMERICAN CENTURY COM
ETON PARK CAPITAL MA
MAVERICK CAPITAL LTD
TIGER GLOBAL MANAGEM
SLEEP, ZAKARIA & CO
GATES FOUNDATION
NORGES BANK
Firm Name
Berenberg Bank
ISI Group
Evercore Partners
Barclays
HSBC
Morgan Stanley
Stifel
Goldman Sachs
JPMorgan
Credit Suisse
EVA Dimensions
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
DODGE & COX
VANGUARD GROUP INC
n/a
n/a
MAVERICK CAPITAL LTD
SLEEP, ZAKARIA & CO
BILL & MELINDA FOUND
NORGES BANK
Analyst
MATTHEW HARRIGAN
VIJAY JAYANT
BRYAN KRAFT
JEFFREY WLODARCZAK
MICHAEL BISHOP
NICOLAS COTE-COLISSON
BENJAMIN SWINBURNE
CHRISTOPHER C KING
TIMOTHY BODDY
DANIEL X MORRIS
JUSTIN FUNNELL
CRAIG STERLING
HENRIK NYBLOM
Source
ULT-AGG
13G
13F
13G/PRXY
13G
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
strong buy
overweight
buy
overweight
overweight
not rated
buy
not rated
restricted
outperform
sell
buy
Amt Held
10'240'573
8'584'691
8'102'429
7'681'369
7'381'014
3'900'000
3'758'684
3'672'844
3'626'082
3'605'167
2'958'710
2'655'038
2'635'034
2'471'200
2'385'018
2'300'000
2'210'000
2'119'515
2'056'197
1'872'138
% Out
7.25
6.07
5.73
5.43
5.22
2.76
2.66
2.6
2.57
2.55
2.09
1.88
1.86
1.75
1.69
1.63
1.56
1.5
1.45
1.32
Weighting
Change
5
5
5
5
5
5
#N/A N/A
5
#N/A N/A
#N/A N/A
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'720'594
3'593'100
(43'700)
(1'999'643)
1'474'161
(1'229'118)
191'797
(1'516'764)
57'469
897'807
(3'950'000)
(209'351)
187'404
Target Price
84
85
83
88
76
80
#N/A N/A
80
#N/A N/A
#N/A N/A
65
#N/A N/A
67
File Dt
25.03.2013
05.02.2013
31.12.2012
31.03.2012
16.06.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
18 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Endowment
Government
Investment Advisor
Date
26.03.2013
25.03.2013
07.03.2013
06.03.2013
26.02.2013
15.02.2013
14.02.2013
14.02.2013
05.02.2013
05.02.2013
21.01.2013
15.01.2013
14.12.2012
27.03.2013
Capita PLC
Capita PLC provides an integrated range of services across the United
businesses. The Company owns interests in home shopping television networks
and lifestyle and travel services Internet websites.
Price/Volume
25
7.0 M
6.0 M
20
5.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CPI LN EQUITY YTD Change
CPI LN EQUITY YTD % CHANGE
12/2012
12/yy
915.00
600.00
196'323.00
888.5
-3.01%
47.92%
95.87%
655.3
5'822.57
1'661.20
0.0
0.0
327.90
7'155.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
3.0 M
2.0 M
1.0 M
0
m-12
31.12.2009
31.12.2010
2'686.8
2'744.0
2.04x
2.01x
382.1
504.0
14.34x
10.97x
188.9
235.0
24.42x
18.12x
Profitability
31.12.2011
2'930.2
1.91x
567.8
9.87x
238.0
16.05x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'351.8
1.87x
639.9
9.81x
236.0
20.36x
639.90
471.70
14.07%
8.65%
6.38%
33.66%
11.41%
0.91%
28.1%
19.1%
14.1%
7.0%
0.99
0.26
43.00%
189.18%
-
Price/ Cash Flow
m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
2.65
0.71
652.75
22.08%
17.55%
0.713
25
3.000
1'338'871
1'596'869
1'391'321
FY+2
12/13 Y
12/14 Y
3'789.3
4'092.2
1.82x
1.65x
599.1
647.8
11.95x
11.05x
362.4
388.1
15.78x
14.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
13.91
11.83
2.08
2.60
189.2%
65.4%
0.91
9.74
-
12.00
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
01.01.2010
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'441.4
2.25x
371.9
14.77x
165.8
27.08x
15
0.0
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
27.03.2013
Capita PLC
Holdings By:
All
Holder Name
INVESCO LTD
BROWN BROTHERS HARRI
MACQUARIE GROUP
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
MERITAGE GROUP LP
GOLDMAN SACHS GROUP
UNITED STATES STEEL
PRINCIPAL FINANCIAL
SAC CAPITAL ADVISORS
HORIZON KINETICS
FPR PARTNERS LLC
INVESCO LTD
Firm Name
Morgan Stanley
Stifel
Wunderlich Securities
Topeka Capital Markets Inc
Wedge Partners
Portfolio Name
DODGE & COX
BROWN BROTHERS HARRI
n/a
n/a
n/a
HARRIS ASSOC LP
VANGUARD GROUP INC
n/a
MERITAGE GROUP LP
GOLDMAN SACHS GROUP
UNITED STATES STEEL
n/a
n/a
FPR PARTNERS LLC
INVESCO LTD
Analyst
CRAIG STERLING
BARTON CROCKETT
DAVID GOBER
BENJAMIN MOGIL
MATTHEW HARRIGAN
MATTHEW NEMER
THOMAS FORTE
VICTOR ANTHONY
MARTIN PYYKKONEN
Source
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
sell
buy
Equalwt/In-Line
buy
buy
market perform
no rating system
buy
no rating system
Amt Held
27'022'608
24'681'853
24'537'419
23'246'941
19'991'838
19'739'481
19'730'463
14'068'260
12'733'184
10'769'953
10'459'416
10'164'241
9'677'945
7'624'453
6'752'704
6'387'620
6'286'911
6'114'848
5'979'990
5'766'417
% Out
5.27
4.81
4.79
4.53
3.9
3.85
3.85
2.74
2.48
2.1
2.04
1.98
1.89
1.49
1.32
1.25
1.23
1.19
1.17
1.12
Weighting
Change
1
5
3
5
5
3
#N/A N/A
5
#N/A N/A
D
M
M
M
M
M
M
M
M
Latest Chg
(2'943'360)
386'568
4'061'744
17'945'695
(508'478)
306'458
551'860
(655'318)
(365'600)
(626'635)
159'159
2'540'365
1'433'223
2'889'408
444'143
4'950'027
1'036'740
320'700
(586'668)
Target Price
#N/A N/A
24
#N/A N/A
23
28
#N/A N/A
25
27
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
Not Provided
Date
25.03.2013
12.03.2013
05.03.2013
05.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
07.11.2012
27.03.2013
Intertek Group PLC

Intertek Group plc offers product inspection services. The Company tests
The Company offers a broad range of products and services, including systems,
instruments, reagents, and custom services. Life's portfolio of products
includes technologies for capillary electrophoresis based sequencing,
sequencing, mass spectrometry sample preparation, and cell culture.
Price/Volume
12/2012
12/yy
3'509.00
2'382.00
84'093.00
3355
-4.36%
40.89%
90.42%
160.8
5'395.40
717.20
0.0
25.3
166.50
5'971.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
31.12.2009
31.12.2010
1'237.3
1'374.2
1.79x
2.20x
260.4
274.9
8.49x
11.00x
114.7
128.6
17.33x
21.99x
Profitability
31.12.2011
1'749.4
2.21x
319.6
12.09x
138.8
23.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'054.3
2.71x
379.4
14.65x
173.8
28.64x
379.40
283.30
13.79%
12.49%
9.73%
30.17%
15.91%
1.15%
18.5%
13.8%
8.5%
1.68
1.30
39.08%
113.91%
6.02
-
Price/ Cash Flow
3.0 M
2.5 M
30
2.0 M
1.5 M
20
1.0 M
10
0
m-12
.5 M
.0 M
a-12
m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
1.22
0.69
160.20
35.66%
8.29%
0.691
25
3.480
333'953
351'479
323'030
FY+2
12/13 Y
12/14 Y
2'279.9
2'475.1
2.56x
2.31x
456.8
509.0
13.07x
11.73x
243.4
277.1
22.09x
19.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
23.10.2006
NR
11.09
7.73
1.45
1.89
113.9%
52.3%
1.15
7.24
60.82
-
16.00
4'000.0
14.00
3'500.0
12.00
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
3.5 M
40
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'003.5
1.56x
204.8
7.62x
93.8
13.18x
4.5 M
60
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.03.2013)
52-Week Low (09.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITRK LN EQUITY YTD Change
ITRK LN EQUITY YTD % CHANGE
70
0.0
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
27.03.2013
Intertek Group PLC

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
ALLIANCE BERNSTEIN
Cantillon Capital
MORGAN STANLEY
LEGAL & GENERAL
BAILLIE GIFFORD AND
UBS
SANFORD C BERNSTEIN
SCOTTISH WIDOWS
Firm Name
Credit Suisse
Edward Jones
EVA Dimensions
Leerink Swann & Co
William Blair & Co
Cantor Fitzgerald
Oppenheimer & Co
Piper Jaffray
Macquarie
Wallachbeth Capital LLC
Morgan Stanley
Goldman Sachs
Credit Suisse
First Analysis Corp
JPMorgan
Maxim Group LLC
Barclays
ISI Group
Jefferies
S&P Capital IQ
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DOUG SCHENKEL
MATTHEW D COLLINS
ANDREW S ZAMFOTIS
PETER R LAWSON
DANIEL L LEONARD
AMANDA MURPHY
SUNG JI NAM
DAVID FERREIRO
WILLIAM R QUIRK
JONATHAN P GROBERG
DIFEI YANG
DANIEL BRENNAN
ISAAC RO
VAMIL DIVAN
GREG CHODACZEK
TYCHO W PETERSON
JEFF T ELLIOTT
BRYAN BROKMEIER
PAUL R KNIGHT
CHARLES ANTHONY BUTLER
ROSS MUKEN
JON WOOD
JEFFREY LOO
Source
ULT-AGG
Research
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
REG
ULT-AGG
Recommendation
neutral
hold
hold
neutral
market perform
market perform
hold
outperform
neutral
outperform
buy
Equalwt/In-Line
Sell/Neutral
outperform
equalweight
neutral
outperform
buy
outperform
equalweight
neutral
buy
buy
Amt Held
10'818'828
10'387'486
10'375'838
9'127'492
8'053'997
7'192'178
6'727'263
6'696'993
6'372'856
4'422'134
3'783'142
3'760'277
3'103'000
2'428'398
2'352'943
2'263'914
2'172'981
2'117'053
2'109'219
2'017'834
% Out
6.73
6.46
6.45
5.68
5.01
4.47
4.18
4.16
3.96
2.75
2.35
2.34
1.93
1.51
1.46
1.41
1.35
1.32
1.31
1.25
Weighting
Change
3
3
3
3
3
3
3
5
3
5
5
3
1
5
3
3
5
5
5
3
3
5
5
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
M
M
Latest Chg
(2'559'673)
(2'298'044)
245'261
(401'459)
(952'125)
93'400
165'944
(261'390)
32'944
270'000
857'375
(6'381)
(288'049)
(102'985)
87'638
514'940
346'640
Target Price
#N/A N/A
#N/A N/A
#N/A N/A
60
#N/A N/A
#N/A N/A
58
67
63
66
74
#N/A N/A
48
69
45
64
66
75
74
60
65
58
#N/A N/A
File Dt
31.12.2012
01.12.2012
31.01.2013
01.12.2012
25.03.2013
31.01.2013
01.12.2012
31.01.2013
28.02.2013
01.12.2012
31.01.2013
01.12.2012
01.12.2012
31.01.2013
01.12.2012
01.12.2012
31.12.2012
30.11.2012
01.12.2012
01.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
18 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Government
Unclassified
Date
25.03.2013
22.03.2013
11.03.2013
07.03.2013
05.03.2013
25.02.2013
25.02.2013
24.02.2013
22.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
18.01.2013
02.10.2012
27.03.2013
InterContinental Hotels Group PLC

InterContinental Hotels Group PLC operates a global hotel business comprised of
linear integrated circuits. The Company's products include high performance
amplifiers, comparators, voltage references, monolithic filters, linear
regulators, DC-DC converters, battery chargers, data converters, communications
interface circuits, and RF signal conditioning circuits.
Price/Volume
45
6.0 M
40
5.0 M
35
30
4.0 M
25
12/2012
12/yy
2'044.00
1'386.62
183'426.00
1955
-4.40%
40.92%
85.09%
268.4
5'247.21
1'258.00
0.0
9.0
201.00
8'991.13
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
31.12.2009
31.12.2010
1'538.0
1'628.0
3.40x
3.88x
472.0
552.0
11.06x
11.46x
213.0
293.0
19.86x
19.19x
Profitability
1.0 M
5
0
m-12
.0 M
a-12
LTM-4Q
31.12.2011
1'768.0
3.24x
658.0
8.71x
460.0
11.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'835.0
4.63x
708.0
12.00x
544.0
14.63x
708.00
614.00
33.46%
30.30%
17.46%
127.25%
42.60%
0.59%
57.9%
38.6%
33.5%
29.6%
0.85
0.70
38.55%
408.44%
5.71
193.00
Price/ Cash Flow
01/yy
1'336.0
20.77x
706.1
9.36x
496.1
13.90x
m-12
j-12
j-12
a-12
LTM
12/yy
1'282.8
22.14x
636.2
11.54x
395.8
20.00x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
2.17
1.16
260.03
0.27
38.09%
16.08%
1.156
29
3.655
734'662
936'870
852'277
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'937.6
2'034.6
425.5
490.0
4.75x
4.44x
21.25x
18.50x
769.8
821.0
150.0
207.0
11.68x
10.95x
11.72x
11.51x
420.6
448.2
259.0
284.0
18.64x
17.17x
9.36x
10.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.06.2011
BBB
STABLE
18.02.2005
NR
12.42
11.65
1.49
1.78
408.4%
79.9%
0.59
1.52
64.12
1.90
57.60
8.42
20.00
1'600.0
18.00
1'400.0
16.00
1'200.0
14.00
1'000.0
12.00
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
03.07.2009
2.0 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'897.0
1.90x
661.0
5.47x
262.0
9.15x
3.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IHG LN EQUITY YTD Change
IHG LN EQUITY YTD % CHANGE
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
InterContinental Hotels Group PLC

Holdings By:
All
Holder Name
JP MORGAN
VANGUARD GROUP INC
BLACKROCK
STATE STREET
BANK OF AMERICA CORP
INVESCO LTD
JP MORGAN
NEUBERGER BERMAN LLC
GOLDMAN SACHS GROUP
FMR LLC
NORGES BANK
Firm Name
MKM Partners
Longbow Research
ISI Group
Stifel
Drexel Hamilton LLC
Deutsche Bank
Credit Suisse
JPMorgan
Raymond James
Macquarie
Morgan Stanley
Goldman Sachs
Jefferies
Oppenheimer & Co
Nomura
Piper Jaffray
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
BANK OF AMERICA
INVESCO LTD
n/a
NEUBERGER BERMAN GRO
GOLDMAN SACHS GROUP
n/a
n/a
NORGES BANK
Analyst
AMBRISH SRIVASTAVA
DAVID M WONG
DANIEL A BERENBAUM
JOANNE FEENEY
WILLIAM STEIN
SUMIT DHANDA
TORE E SVANBERG
RICHARD WHITTINGTON
ROSS C SEYMORE
JOHN W PITZER
CHRISTOPHER DANELY
J STEVEN SMIGIE
SHAWN WEBSTER
CHRISTOPHER CASO
JOSEPH MOORE
JAMES V COVELLO
MARK J LIPACIS
MICHAEL MCCONNELL
CRAIG ELLIS
RICHARD SCHAFER
ROMIT SHAH
AUGUSTE P RICHARD
ANDREW S ZAMFOTIS
Source
ULT-AGG
13F
13F
13F
Sch-D
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
Recommendation
market perform
outperform
neutral
buy
neutral
strong buy
buy
buy
hold
outperform
underweight
underperform
outperform
neutral
Equalwt/In-Line
neutral/attractive
hold
underperform
neutral
outperform
neutral
overweight
overweight
Amt Held
28'051'250
17'490'900
15'279'740
14'457'182
13'355'946
13'149'330
9'811'143
8'233'100
6'790'653
6'644'258
5'525'424
3'969'889
3'918'427
3'376'310
3'328'502
2'833'058
2'826'455
2'714'529
2'524'415
1'861'718
% Out
12.06
7.52
6.57
6.22
5.74
5.65
4.22
3.54
2.92
2.86
2.38
1.71
1.68
1.45
1.43
1.22
1.22
1.17
1.09
0.8
Weighting
Change
3
5
3
5
3
5
5
5
3
5
1
1
5
3
3
3
3
1
3
5
3
5
5
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'505'250)
23'904
(1'018'036)
1'493
(19'937)
101'134
652'100
294'543
6'017'757
373'526
(3'419'188)
475'836
(62'075)
83'206
(425'282)
(97'291)
1'073'440
412'780
251'633
Target Price
35
#N/A N/A
33
42
36
43
42
45
33
40
25
#N/A N/A
37
35
#N/A N/A
35
38
#N/A N/A
34
43
30
39
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
30.09.2012
Insurance Company
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Government
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
18 month
12 month
12 month
Not Provided
Date
25.03.2013
25.03.2013
22.03.2013
20.03.2013
12.03.2013
11.03.2013
20.02.2013
13.02.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
15.01.2013
27.03.2013
J Sainsbury PLC
J Sainsbury plc retails food. The Company operates Sainsbury supermarkets in
toy products on a worldwide basis. The Company sells its products to retailers
and directly to consumers. Mattel's products include branded fashion dolls,
infant and preschool products, toy cars, and electrical vehicles, among others.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (13.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBRY LN EQUITY YTD Change
SBRY LN EQUITY YTD % CHANGE
Price/Volume
03/2012
12/yy
380.30
278.60
1'702'117.00
375
-1.34%
34.67%
96.36%
1'888.8
7'082.95
2'767.00
0.0
0.0
739.00
9'308.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.03.2009
31.03.2010
18'911.0
19'964.0
0.38x
0.39x
1'074.0
1'156.0
6.70x
6.74x
289.0
585.0
18.83x
10.37x
Profitability
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.03.2011
21'102.0
0.40x
1'220.0
6.95x
640.0
10.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
22'294.0
0.35x
1'281.0
6.04x
598.0
9.48x
1'281.00
782.00
3.51%
3.58%
5.02%
11.05%
8.82%
1.86%
5.4%
5.6%
3.3%
2.7%
0.64
0.27
22.42%
49.16%
21.61
Price/ Cash Flow
12/yy
6'266.1
6.08x
1'202.4
7.94x
768.5
12.56x
LTM
12/yy
6'420.9
7.90x
1'195.3
10.63x
776.5
14.65x
FY+1
4.37
0.74
1'225.89
25.29%
8.72%
0.736
26
2.808
5'466'303
5'091'166
5'186'151
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
06/13 Q1 09/13 Q2
23'231.9
24'102.0
0.40x
0.38x
1'355.9
1'409.7
6.87x
6.60x
575.4
608.4
12.63x
11.98x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.05.2010
NR
13.05.2010
NR
7.40
0.31
1.76
2.19
49.2%
33.0%
1.86
2.43
16.85
-15.32
18.00
7'000.0
16.00
6'000.0
14.00
5'000.0
12.00
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
17'837.0
0.41x
1'002.0
7.28x
329.0
17.38x
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
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
27.03.2013
J Sainsbury PLC
Holdings By:
All
Holder Name
QATAR INVESTMENT AUT
VANGUARD GROUP INC
STATE STREET
PRIMECAP MANAGEMENT
CORNERSTONE INVESTME
INVESCO LTD
EDGE ASSET MANAGEMEN
MANAGED ACCOUNT ADVI
NORGES BANK
Firm Name
Jefferies
Monness, Crespi, Hardt & Co
EVA Dimensions
Stifel
BMO Capital Markets
Goldman Sachs
Longbow Research
Needham & Co
KeyBanc Capital Markets
Barclays
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
PRIMECAP MANAGEMENT
n/a
ARTISAN PARTNERS LP
INVESCO LTD
EDGE ASSET MANAGEMEN
NORGES BANK
Analyst
ERIC O HANDLER
LINDA BOLTON WEISER
JIM CHARTIER
CRAIG STERLING
DREW E CRUM
GERRICK L JOHNSON
MICHAEL A SWARTZ
TIMOTHY A CONDER
MICHAEL KELTER
JAMES L HARDIMAN
SEAN P MCGOWAN
SCOTT W HAMANN
FELICIA R KANTOR HENDRIX
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
buy
neutral
hold
hold
outperform
buy
outperform
neutral/cautious
buy
buy
buy
equalweight
Amt Held
30'339'567
27'510'900
21'552'139
19'932'925
16'419'806
15'622'302
13'796'644
9'035'305
7'773'226
6'818'003
6'423'432
5'845'037
5'289'229
4'744'712
3'802'167
3'728'848
3'194'203
3'103'095
2'953'635
2'838'342
% Out
8.81
7.99
6.26
5.79
4.77
4.53
4
2.62
2.26
1.98
1.86
1.7
1.54
1.38
1.1
1.08
0.93
0.9
0.86
0.82
Weighting
Change
5
5
3
3
3
5
5
5
3
5
5
5
3
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(862'000)
(1'227'792)
606'526
(1'588'071)
209'910
488'774
(28'000)
(409'088)
(153'300)
(313'838)
52'526
545'032
(600)
(352'951)
29'712
(50'725)
(75'421)
182'402
342'408
Target Price
45
47
36
#N/A N/A
#N/A N/A
50
45
#N/A N/A
40
45
42
42
39
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
25.03.2013
20.03.2013
20.03.2013
11.03.2013
05.03.2013
19.02.2013
19.02.2013
19.02.2013
14.02.2013
11.02.2013
04.02.2013
03.02.2013
01.02.2013
27.03.2013
Randgold Resources Ltd

Randgold Resources Ltd. provides mining services. The Company offers
acquisition, development, and exploration of gold and other precious metal in
Africa.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.10.2012)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RRS LN EQUITY YTD Change
RRS LN EQUITY YTD % CHANGE
12/2012
12/yy
7'875.00
4'480.00
64'248.00
5570
-29.46%
24.00%
31.96%
92.1
5'130.86
18.02
0.0
166.1
390.76
7'542.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
30
3.0 M
25
2.5 M
20
2.0 M
15
1.5 M
10
1.0 M
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
338.6
9.01x
97.3
31.34x
41.6
78.87x
35
31.12.2009
31.12.2010
432.8
484.6
15.50x
14.79x
142.3
164.3
47.15x
43.62x
69.4
103.5
94.26x
72.03x
Profitability
LTM-4Q
31.12.2011
1'127.1
7.97x
569.8
15.77x
377.1
24.74x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'317.8
6.59x
699.2
12.43x
431.8
20.57x
699.18
567.44
43.06%
43.12%
15.26%
17.98%
20.11%
0.47%
52.8%
53.1%
43.1%
32.8%
4.10
1.66
0.58%
0.69%
-
Price/ Cash Flow
12/yy
2'460.6
10.96x
839.7
8.44x
483.4
16.48x
LTM
12/yy
2'404.5
12.26x
800.9
9.66x
369.7
18.54x
FY+1
0.00
0.63
82.97
-0.73%
-6.64%
0.628
23
4.174
272'069
365'074
341'036
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'606.4
2'107.9
4.61x
3.25x
896.8
1'265.8
8.41x
5.96x
521.5
741.5
15.31x
10.48x
16.20x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
582.65
114.09
-0.53
0.03
0.7%
0.6%
0.47
0.87
138.94
16.00
3'000.0
14.00
2'500.0
12.00
2'000.0
10.00
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Randgold Resources Ltd

Holdings By:
All
Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
PACIFIC CENTURY GROU
FMR LLC
CARMIGNAC GESTION
WELLS FARGO
LEGAL & GENERAL
MASSACHUSETTS MUTUAL
FRANKLIN RESOURCES
COMGEST SA
STATE STREET
VANGUARD GROUP INC
BRISTOW D MARK
SCOTTISH WIDOWS
COMGEST GROWTH PLC
DWS INVESTMENT SA
ROYAL LONDON ASSET M
IG INVESTMENT MANAGE
Firm Name
Goldman Sachs
SBG Securities
Nomura
Societe Generale
CIBC World Markets
Barclays
Deutsche Bank
Morgan Stanley
RBC Capital Markets
GMP
Clarus Securities
JPMorgan
Liberum Capital Ltd
Investec
Day by Day
EVA Dimensions
Davy
BMO Capital Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TIM DUDLEY
EUGENE KING
MICHAEL STARKE
TYLER BRODA
BRUCE ALWAY
CAILEY BARKER
LEON ESTERHUIZEN
IAN ROSSOUW
GRANT SPORRE
ALAIN GABRIEL
JONATHAN GUY
BROCK SALIER
NANA SANGMUAH
ALLAN COOKE
KATE CRAIG
HUNTER HILLCOAT
VALERIE GASTALDY
CRAIG STERLING
BART JAWORSKI
ANDREW BREICHMANAS
Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
RNS-DIR
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral/neutral
hold
reduce
buy
buy
sector perform
overweight
buy
Overwt/In-Line
outperform
buy
buy
overweight
buy
buy
buy
underweight
outperform
market perform
Amt Held
12'890'359
6'334'035
6'249'762
5'271'384
4'555'052
4'350'752
3'817'444
2'386'554
2'215'042
2'041'700
1'894'654
892'284
786'704
716'507
519'961
350'000
309'369
255'369
179'857
179'019
% Out
13.99
6.88
6.78
5.72
4.94
4.72
4.14
2.59
2.4
2.22
2.06
0.97
0.85
0.78
0.56
0.38
0.34
0.28
0.2
0.19
Weighting
Change
5
3
3
2
5
5
3
5
5
5
5
5
5
5
5
5
5
1
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
U
M
M
M
Latest Chg
(691'639)
163'956
1
(161'450)
36'786
19'837
10'442
232'006
(19'169)
20'000
91
Target Price
8'300
7'800
6'500
4'650
8'000
8'000
6'500
6'500
7'360
6'800
7'500
7'800
7'671
7'560
#N/A N/A
6'882
7'530
#N/A N/A
#N/A N/A
7'823
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Corporation
11.03.2013
Investment Advisor
31.12.2011
Investment Advisor
31.01.2013
Unclassified
28.02.2013
Unclassified
31.12.2011
Insurance Company
31.12.2011
Investment Advisor
31.12.2011
Unclassified
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
18.03.2013
n/a
30.11.2012
Unclassified
30.06.2011
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
Not Provided
12 month
3 month
Not Provided
Not Provided
Not Provided
Date
25.03.2013
15.03.2013
11.03.2013
07.03.2013
01.03.2013
01.03.2013
20.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
01.02.2013
01.02.2013
29.01.2013
23.01.2013
15.01.2013
08.01.2013
07.11.2012
27.03.2013
British Land Co PLC

British Land Company plc invests, both directly and through joint ventures, in
income-producing and freehold commercial properties in order to maximize their
growth and potential. The Company trades, finances, and develops property.
Their portfolio consists of offices, retail superstores, shopping centers,
leisure, industrial, and distribution spaces.
Price/Volume
40
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BLND LN EQUITY YTD Change
BLND LN EQUITY YTD % CHANGE
03/2012
12/yy
588.00
461.70
972'761.00
540.5
-8.25%
16.85%
69.52%
986.4
5'331.60
2'621.00
0.0
0.0
384.00
7'834.60
31.03.2008
685.0
14.37x
(1'563.0)
-
15
10
5
0
m-12
31.03.2009
31.03.2010
515.0
407.0
12.19x
13.96x
(3'881.0)
1'140.0
3.62x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.03.2011
313.0
20.99x
840.0
5.77x
31.03.2012
348.0
18.67x
480.0
8.87x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
233.00
66.95%
137.64%
3.20%
5.13%
0.04%
86.8%
66.7%
137.9%
1.30
1.11
32.13%
51.35%
1.95
-
Price/ Cash Flow
12/yy
1'424.3
16.38x
528.1
11.52x
381.6
19.80x
LTM
12/yy
1'490.4
15.21x
405.4
14.10x
148.3
21.30x
FY+1
3.67
0.98
882.74
14.90%
-1.70%
0.980
22
3.864
3'630'233
3'675'431
2'953'406
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
06/12 Q1 09/12 Q2
505.3
522.7
79.0
18.91x
18.59x
417.8
433.2
18.75x
18.09x
269.4
282.0
64.9
18.02x
17.49x
16.55x
17.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
51.4%
33.9%
0.04
0.07
187.69
-
20.00
1'600.0
18.00
1'400.0
16.00
1'200.0
14.00
1'000.0
12.00
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
03.04.2009
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
35
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
British Land Co PLC

Holdings By:
All
Holder Name
NORGES BANK
BLACKROCK
FMR LLC
STICHTING PENSIOEN F
LEGAL & GENERAL
SCOTTISH WIDOWS
STATE STREET
STICHTING PENSIOENFO
MORGAN STANLEY
UBS
COHEN & STEERS CAPIT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
ABN AMRO ASSET MGMT
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Societe Generale
MARC MOZZI
JPMorgan
HARM M MEIJER
Jefferies
MICHAEL PREW
Peel Hunt
KEITH CRAWFORD
AlphaValue
PIERRE-LOUP ETIENNE
Day by Day
VALERIE GASTALDY
Goldman Sachs
JULIAN LIVINGSTON-BOOTH
MATTHEW S SAPERIA
Deutsche Bank
MARTIN ALLEN
Kempen & Co
RYAN PALECEK
MICHAEL BURT
MARK HUGHES
Morgan Stanley
BART GYSENS
Investec
ALAN CARTER
Exane BNP Paribas
NICK WEBB
CHRISTOPHER SPEARING
EVA Dimensions
AUSTIN BURKETT
Credit Suisse
STEVE BRAMLEY-JACKSON
Liberum Capital Ltd
ALISON WATSON
Barclays
AARON GUY
Fairfax I.S. Limited
AOIFE MCGRATH
Source
RNS-MAJ
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
REG
MF-AGG
Recommendation
buy
overweight
hold
hold
reduce
hold
neutral/neutral
hold
buy
overweight
neutral
buy
Overwt/Attractive
buy
outperform
hold
underweight
outperform
hold
equalweight
corporate
Amt Held
62'598'618
52'861'598
51'816'357
43'681'563
39'473'304
36'703'190
34'793'042
31'772'051
27'842'633
26'072'345
16'319'499
15'703'463
13'733'216
13'277'808
12'537'752
12'434'747
11'965'643
11'832'247
11'385'489
10'561'672
% Out
6.35
5.36
5.25
4.43
4
3.72
3.53
3.22
2.82
2.64
1.65
1.59
1.39
1.35
1.27
1.26
1.21
1.2
1.15
1.07
Weighting
Change
5
5
3
3
2
3
3
3
5
5
3
5
5
5
5
3
1
5
3
3
#N/A N/A
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
Latest Chg
17'985'340
491'778
2'096'212
89'065
1'728'241
13'961'285
119'980
(44'642)
648'018
1'256'487
(1'949'575)
764'053
1'942'914
432'580
(2'393'639)
7'805'653
268'000
1'668'599
7'478'923
Target Price
630
665
528
550
548
#N/A N/A
585
#N/A N/A
720
610
603
600
630
#N/A N/A
590
615
#N/A N/A
605
528
609
#N/A N/A
File Dt
Inst Type
15.03.2013
Government
25.03.2013
Investment Advisor
01.03.2013
Investment Advisor
21.03.2013
Government
01.03.2013
Investment Advisor
01.03.2013
Unclassified
01.03.2013
Unclassified
26.03.2013
Investment Advisor
01.03.2013
Investment Advisor
01.03.2013
Investment Advisor
01.03.2013
Investment Advisor
01.03.2013
Unclassified
01.03.2013
Investment Advisor
25.03.2013
Investment Advisor
01.03.2013
Investment Advisor
01.03.2013
Government
01.03.2013
Investment Advisor
17.07.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
12.03.2013
01.03.2013
17.01.2013
26.09.2012
10.08.2012
18.07.2012
25.02.2010
27.03.2013
Smiths Group PLC

Smiths Group plc is a global technology company. The company delivers products
and services for the threat & contraband detection, medical devices, energy and
communications market worldwide.
Price/Volume
12
25.0 M
10
20.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (19.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SMIN LN EQUITY YTD Change
SMIN LN EQUITY YTD % CHANGE
07/2012
02/yy
1'342.00
975.00
260'535.00
1229
-8.72%
25.64%
79.84%
393.4
4'834.45
997.00
0.0
8.0
205.60
5'696.35
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
2
0
m-12
31.07.2009
31.07.2010
2'664.6
2'769.6
1.38x
1.88x
544.3
580.3
6.78x
8.96x
269.5
310.0
10.17x
14.82x
Profitability
31.07.2011
2'842.0
1.83x
598.7
8.67x
383.8
14.59x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.07.2012
3'030.1
1.65x
603.4
8.27x
256.6
16.32x
603.40
461.30
15.22%
12.08%
8.37%
27.05%
15.97%
0.83%
45.7%
19.8%
15.2%
8.5%
1.56
0.97
27.65%
102.49%
4.99
3.51
Price/ Cash Flow
LTM-4Q
LTM
03/yy
02/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
3.16
1.06
392.38
21.41%
3.90%
1.062
21
3.476
929'274
782'867
754'132
FY+2
07/13 Y
07/14 Y
3'141.2
3'269.2
1.79x
1.68x
651.4
689.6
8.74x
8.26x
368.3
390.6
12.99x
12.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.01.2007
BBB+
STABLE
19.04.2000
A-2
8.37
7.67
1.39
1.84
102.5%
50.4%
0.83
11.34
73.98
105.09
95.87
123.33
9.00
10'000.0
8.00
9'000.0
7.00
8'000.0
7'000.0
6.00
6'000.0
5.00
4.00
5'000.0
4'000.0
3.00
3'000.0
2.00
2'000.0
1.00
1'000.0
0.00
04.09.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2008
2'321.2
2.08x
431.7
11.20x
268.5
16.62x
15.0 M
Valuation Analysis
0.0
04.03.2010
04.09.2010
04.03.2011
04.09.2011
04.03.2012
04.09.2012
04.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Smiths Group PLC

Holdings By:
All
Holder Name
BLACKROCK
LEGAL & GENERAL
NEWTON INV MGMT
DWS INVESTMENT SA
SCOTTISH WIDOWS
DEUTSCHE BANK AG
RENSBURG INVESTMENT
Firm Name
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Barclays
ALLAN SMYLIE
Deutsche Bank
MARTIN WILKIE
Societe Generale
ALASDAIR LESLIE
Arden Partners Ltd
DAVID LARKAM
Investec
CHRIS DYETT
RBC Capital Markets
ANDREW CARTER
EDWARD STACEY
Exane BNP Paribas
JONATHAN R MOUNSEY
EVA Dimensions
CRAIG STERLING
Morgan Stanley
BEN UGLOW
Credit Suisse
ANDRE KUKHNIN
JPMorgan
GLEN H LIDDY
Jefferies
SANDY MORRIS
SCOTT CAGEHIN
HSBC
SEAN D MCLOUGHLIN
Day by Day
VALERIE GASTALDY
Berenberg Bank
ALEXANDER VIRGO
Nomura
JUHO LAHDENPERA
Gabelli & Co
WAYNE PINSENT
Source
REG
REG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
REG
ULT-AGG
REG
REG
REG
ULT-AGG
MF-AGG
MF-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
Recommendation
underweight
buy
sell
neutral
buy
underperform
neutral
outperform
overweight
Equalwt/Cautious
outperform
overweight
buy
hold
overweight
buy
buy
neutral
buy
Amt Held
17'634'120
17'351'791
16'400'000
15'818'211
15'200'000
13'667'513
11'361'652
11'171'749
9'886'445
9'231'910
9'110'247
8'838'154
8'445'657
7'767'438
7'746'982
6'521'955
5'957'384
5'694'339
5'512'090
5'428'572
% Out
4.48
4.41
4.17
4.02
3.86
3.47
2.89
2.84
2.51
2.35
2.32
2.25
2.15
1.97
1.97
1.66
1.51
1.45
1.4
1.38
Weighting
Change
1
5
1
3
5
1
3
5
5
3
5
5
5
3
5
5
5
3
5
M
M
M
D
M
M
M
M
U
M
M
M
M
M
N
M
M
M
M
Latest Chg
293'688
62'001
(6'361)
(440'340)
(378'487)
(2'771'371)
818'190
(114'815)
144'462
1'062'145
(609)
207'527
(1'041'720)
510'500
(3'115'615)
642'148
1'844'500
(420'630)
Target Price
1'157
1'400
1'200
1'300
1'425
1'200
1'220
1'375
#N/A N/A
1'281
1'420
1'500
1'400
1'400
1'400
1'338
1'350
1'150
#N/A N/A
File Dt
Inst Type
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Government
01.01.2013
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Bank
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
Date
27.03.2013
26.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
07.02.2013
24.01.2013
08.01.2013
06.11.2012
05.05.2011
27.03.2013
United Utilities Group PLC

United Utilities Group PLC manages and operates the regulated electricity
distribution, water and wastewater networks in North West England. The Company
also manages other infrastructure assets in the United Kingdom and overseas.
Price/Volume
35
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
30
25
20
Valuation Analysis
15
Latest Fiscal Year:

LTM as of:
52-Week High (14.08.2012)
52-Week Low (12.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UU/ LN EQUITY YTD Change
UU/ LN EQUITY YTD % CHANGE
03/2012
12/yy
816.00
590.00
661'616.00
697.5
-14.52%
18.22%
51.11%
681.9
4'756.17
5'855.20
0.0
0.0
321.20
10'582.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
2'362.9
3.78x
905.7
9.87x
909.2
14.60x
10
31.03.2009
31.03.2010
2'427.2
1'573.1
3.57x
5.71x
998.8
1'105.7
8.69x
8.13x
179.1
403.5
18.25x
10.98x
Profitability
31.03.2011
1'513.3
6.01x
899.6
10.10x
458.2
11.38x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
1'564.9
6.16x
900.0
10.71x
316.5
13.16x
900.00
602.20
38.48%
17.92%
3.30%
18.54%
0.16%
56.7%
37.2%
20.2%
1.09
0.76
58.37%
331.81%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
4.70
0.60
661.17
20.62%
3.56%
0.599
20
3.150
3'400'939
2'760'444
2'942'956
FY+2
03/13 Y
03/14 Y
1'644.2
1'699.6
6.26x
6.21x
964.2
1'008.5
10.98x
10.49x
290.8
308.6
17.93x
16.81x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
28.01.2010
A-3
2.85
1.26
6.44
6.61
331.8%
76.8%
0.16
0.19
-
14.00
80'000.0
12.00
70'000.0
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
United Utilities Group PLC

Holdings By:
All
Holder Name
AXA
BLACKROCK
PICTET ASSET MANAGEM
LEGAL & GENERAL
NOMURA
FRANKLIN RESOURCES
NEWTON INV MGMT
BARCLAYS PERSONAL IN
SCOTTISH WIDOWS
TD WATERHOUSE GROUP
PEOPLES REPUBLIC OF
HARGREAVES LANSDOWN
CO-OPERATIVE INSURAN
VANGUARD GROUP INC
Firm Name
RBC Capital Markets
HSBC
AlphaValue
Goldman Sachs
Credit Suisse
Day by Day
Baden Hill LLP
Nomura
JPMorgan
Cantor Fitzgerald
Exane BNP Paribas
S&P Capital IQ
Barclays
EVA Dimensions
Societe Generale
Morgan Stanley
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN MUSK
VERITY MITCHELL
MYRIAM COHEN
ANDREW MEAD
GUY MACKENZIE
VALERIE GASTALDY
ROY CAMPBELL
JONATHAN CONSTABLE
EDMUND REID
ANGELOS ANASTASIOU
IAIN TURNER
CLIVE ROBERTS
HARRY WYBURD
AUSTIN BURKETT
ASHLEY THOMAS
BOBBY CHADA
JAMES BRAND
Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
REG
REG
REG
REG
REG
REG
Recommendation
underperform
neutral
add
neutral/neutral
underperform
buy
sell
neutral
neutral
buy
neutral
sell
equalweight
sell
buy
Overwt/In-Line
buy
Amt Held
41'587'948
34'976'790
34'090'439
25'417'099
21'148'243
20'495'921
16'048'587
15'593'893
14'000'000
12'112'597
10'780'410
10'763'202
10'653'109
10'464'744
9'861'003
8'614'636
7'984'072
7'613'884
7'470'989
7'373'817
% Out
6.1
5.13
5
3.73
3.1
3.01
2.35
2.29
2.05
1.78
1.58
1.58
1.56
1.53
1.45
1.26
1.17
1.12
1.1
1.08
Weighting
Change
1
3
4
3
1
5
1
3
3
5
3
1
3
1
5
5
5
M
M
U
M
M
U
M
M
M
N
M
M
M
M
M
M
M
Latest Chg
(277'460)
585'034
188'493
2'341'984
2'009'113
2'211'521
7'365'597
677'916
(1'644'175)
3'592'473
4'081'154
248'244
(556'329)
527'792
822'884
24'089
11'677
Target Price
680
775
766
829
660
816
#N/A N/A
765
720
792
740
603
700
#N/A N/A
779
700
770
File Dt
Inst Type
01.01.2013
Investment Advisor
25.03.2013
Investment Advisor
23.05.2012
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Government
01.01.2013
Unclassified
26.03.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Government
01.01.2013
Investment Advisor
01.01.2013
Insurance Company
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
Date
12 month
Not Provided
6 month
12 month
Not Provided
3 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Date
26.03.2013
21.03.2013
21.03.2013
11.03.2013
07.03.2013
05.03.2013
01.03.2013
21.02.2013
13.02.2013
11.02.2013
08.02.2013
30.01.2013
25.01.2013
17.01.2013
15.01.2013
04.09.2012
11.05.2012
27.03.2013
Weir Group PLC/The

The Weir Group PLC is an engineering solutions provider focused on the minerals,
oil and gas and power markets. The Company manufactures and supplies engineering
products and services for mining and minerals processing, power generation, oil
and gas production, water supply and other industrial uses. The Weir Group
supplies pumps, valves, compressors and turbines.
Price/Volume
35
30.0 M
30
25.0 M
25
20.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WEIR LN EQUITY YTD Change
WEIR LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
10
5.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'353.6
0.66x
203.7
4.38x
170.8
5.76x
15.0 M
15
12/2012
12/yy
2'490.00
1'352.00
275'613.00
2222
-10.76%
64.35%
73.37%
212.9
4'730.42
1'080.00
0.0
3.2
391.10
5'422.52
31.12.2009
31.12.2010
1'390.2
1'635.0
1.17x
2.47x
230.1
338.7
7.08x
11.91x
128.8
185.1
12.20x
18.88x
Profitability
31.12.2011
2'292.0
2.17x
449.7
11.05x
298.3
15.42x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'538.3
1.84x
528.9
8.85x
315.4
12.75x
528.90
442.80
17.44%
16.70%
10.18%
26.04%
16.34%
0.82%
34.9%
20.8%
17.4%
12.4%
2.19
1.24
32.90%
82.63%
5.95
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
1.71
1.46
205.47
27.97%
18.25%
1.458
23
3.565
863'000
1'059'566
866'650
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
2'631.0
2'789.2
2.04x
1.85x
554.8
603.4
9.77x
8.99x
311.2
344.0
14.49x
13.23x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.09
8.50
1.30
2.04
82.6%
45.2%
0.82
7.33
61.00
101.11
14.00
60'000.0
12.00
50'000.0
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
0.0
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
27.03.2013
Weir Group PLC/The

Holdings By:
All
Holder Name
AXA
ABERDEEN
LEGAL & GENERAL
AXA FRAMLINGTON INV
FMR LLC
LANSDOWNE PARTNERS
BROOKSIDE CAPITAL MA
SCHRODER INVESTMENT
BLACKROCK
EAST SIDE CAPITAL LL
SCOTTISH WIDOWS
BAILLIE GIFFORD AND
STEADFAST CAPITAL MA
Firm Name
Societe Generale
EVA Dimensions
Investec
Nomura
Berenberg Bank
Credit Suisse
Exane BNP Paribas
Jefferies
Barclays
RBC Capital Markets
JPMorgan
Baden Hill LLP
CA Cheuvreux
Morgan Stanley
Deutsche Bank
Cowen Securities LLC
Goldman Sachs
Arden Partners Ltd
N+1 Singer Ltd
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
ALASDAIR LESLIE
CRAIG STERLING
THOMAS RANDS
JUHO LAHDENPERA
ALEXANDER VIRGO
JONATHAN HURN
JONATHAN R MOUNSEY
ANDREW DOUGLAS
NICK WEBSTER
ANDREW CARTER
GLEN H LIDDY
SCOTT CAGEHIN
ANTOINE HNEIN
HARRY PHILIPS
OLIVER GIRAKHOU
BEN UGLOW
PETER REILLY
DOUG GARBER
ADAM PINCKARD
DAVID LARKAM
JO REEDMAN
Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
Short
REG
REG
REG
REG
ULT-AGG
ULT-AGG
Short
REG
ULT-AGG
REG
ULT-AGG
REG
Short
Recommendation
sell
hold
hold
neutral
hold
neutral
outperform
hold
overweight
outperform
overweight
buy
sell
add
outperform
Underwt/Cautious
buy
sell
Buy/Neutral
neutral
not rated
Amt Held
% Out
12'014'465
5.64
10'463'664
4.92
9'810'232
4.61
9'384'275
4.41
8'646'153
4.06
8'475'979
3.98
(7'268'078) -3.41
6'382'319
3
5'933'635
2.79
5'744'762
2.7
5'349'175
2.51
4'823'504
2.27
4'777'377
2.24
(3'846'556) -1.81
3'821'801
1.8
3'758'411
1.77
3'728'788
1.75
3'630'537
1.71
3'568'485
1.68
(3'379'019) -1.59
Weighting
1
3
3
3
3
3
5
3
5
5
5
5
1
4
5
1
5
1
5
3
#N/A N/A
Change
M
U
M
M
D
M
M
M
M
M
M
M
M
M
N
M
M
M
M
D
M
Latest Chg
(96'940)
(488'930)
674'122
22'243
(228'360)
(2'082'854)
79'630
(188'859)
4'932'525
78'296
(959'132)
1'061'866
1'630'814
(1'188'154)
(665'944)
673'114
249'384
106'258
Target Price
1'870
#N/A N/A
2'400
1'950
2'552
2'520
2'600
2'500
2'405
2'550
2'600
2'600
1'720
2'200
2'400
1'830
2'400
1'530
3'150
#N/A N/A
#N/A N/A
File Dt
01.02.2013
05.03.2013
01.02.2013
01.02.2013
01.02.2013
11.02.2013
01.11.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
27.02.2013
01.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
14.03.2013
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Other
Date
22.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
12.03.2013
08.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
25.02.2013
21.02.2013
14.02.2013
11.02.2013
11.02.2013
17.01.2013
05.11.2012
19.06.2012
27.03.2013
ITV PLC
ITV plc is a United Kingdom media company covering broadcasting, news, and
production. The Company owns all of the regional Channel 3 licenses in England
and Wales. ITV owns ITV1, a commercial television channel, as well as ITV2, a
partial interest in GMTV, and other interests.
Price/Volume
90
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
80
70
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITV LN EQUITY YTD Change
ITV LN EQUITY YTD % CHANGE
12/2012
12/yy
132.90
68.55
4'350'148.00
128.1
-4.06%
86.00%
95.49%
3'912.3
5'011.66
639.00
0.0
15.0
690.00
4'975.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'029.0
1.21x
247.0
9.96x
(2'556.0)
-
30
31.12.2009
31.12.2010
1'879.0
2'064.0
1.54x
1.52x
240.0
438.0
12.06x
7.18x
91.0
269.0
22.33x
10.11x
Profitability
LTM-4Q
31.12.2011
2'140.0
1.30x
488.0
5.68x
247.0
10.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'196.0
1.86x
547.0
7.46x
267.0
15.32x
547.00
460.00
20.95%
15.85%
9.34%
32.90%
28.77%
0.77%
24.9%
20.9%
12.2%
1.88
0.98
22.86%
78.21%
-
Price/ Cash Flow
12/yy
1'703.2
14.91x
473.5
15.33x
286.2
29.92x
LTM
12/yy
2'060.7
18.89x
571.2
14.78x
340.0
28.41x
FY+1
2.04
1.11
3'752.78
46.39%
21.20%
1.114
28
3.643
10'620'790
14'410'770
13'288'130
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
2'307.3
2'391.5
456.0
2.07x
1.91x
12.32x
601.8
631.6
8.27x
7.88x
394.1
414.7
12.94x
12.08x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.03.2012
BB+
POS
06.08.2008
B
2.19
1.99
-0.09
1.17
78.2%
43.4%
0.77
13.60
-
45.00
2'500.0
40.00
2'000.0
35.00
30.00
1'500.0
25.00
20.00
1'000.0
15.00
500.0
10.00
5.00
0.00
01.01.2010
0.0
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
27.03.2013
ITV PLC
Holdings By:
All
Holder Name
BRITISH SKY BROADCAS
SKY HOLDINGS LIMITED
FMR LLC
AXA
BLACKROCK
BRANDES INVESTMENT P
LEGAL & GENERAL
LEGAL AND GENERAL IN
AXA FRAMLINGTON INV
RUFFER INVESTMENT MA
SCOTTISH WIDOWS
RUFFER LLP
JP MORGAN
Firm Name
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Berenberg Bank
SARAH SIMON
AlphaValue
VERONIQUE CABIOC'H
Goldman Sachs
RICHARD JONES
CLAUDIO ASPESI
Day by Day
VALERIE GASTALDY
S&P Capital IQ
ALEXANDER WISCH
ALEX DE GROOTE
RODDY DAVIDSON
CONOR O'SHEA
Deutsche Bank
LAURIE DAVISON
Investec
STEVEN LIECHTI
Macquarie
ANGUS TWEEDIE
Peel Hunt
PATRICK YAU
Nomura
WILLIAM MAIRS
Barclays
JULIEN ROCH
Morgan Stanley
PATRICK WELLINGTON
Credit Suisse
OMAR SHEIKH
JPMorgan
FILIPPO PIETRO LO FRANCO
GIASONE SALATI
PAUL RICHARDS
Exane BNP Paribas
ADRIEN DE SAINT HILAIRE
Liberum Capital Ltd
IAN WHITTAKER
EVA Dimensions
CRAIG STERLING
HSBC
DAN GRAHAM
Jefferies
WILL SMITH
Source
REG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
REG
Co File
ULT-AGG
Co File
REG
REG
REG
REG
REG
REG
13F
REG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
hold
sell
Buy/Neutral
outperform
buy
sell
buy
add
hold
sell
hold
outperform
buy
buy
equalweight
Overwt/Attractive
outperform
neutral
sell
add
outperform
buy
hold
underweight
hold
Amt Held
291'684'730
291'684'730
240'001'700
221'546'934
213'598'277
196'103'145
194'304'930
155'033'195
153'692'144
146'078'266
104'632'310
84'665'233
81'652'583
80'787'915
76'144'837
74'328'141
73'946'918
72'947'106
65'931'596
63'786'556
% Out
7.46
7.46
6.13
5.66
5.46
5.01
4.97
3.96
3.93
3.73
2.67
2.16
2.09
2.06
1.95
1.9
1.89
1.86
1.69
1.63
Weighting
Change
3
1
5
5
5
1
5
4
3
1
3
5
5
5
3
5
5
3
1
4
5
5
3
1
3
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(12'224'187)
(866'485)
415'535
(3'309'120)
14'235'016
(5'029'646)
16'511'797
(2'473'210)
(2'384'446)
22'117'971
17'312'822
21'828'248
6'131'143
(6'140'195)
Target Price
91
120
154
155
139
105
180
144
125
100
110
130
130
130
115
135
130
126
76
140
135
155
#N/A N/A
83
77
File Dt
Inst Type
01.11.2012
Corporation
31.12.2011
Investment Advisor
31.01.2013
Investment Advisor
20.02.2013
Investment Advisor
25.03.2013
Investment Advisor
01.11.2012
Investment Advisor
31.12.2011
Investment Advisor
28.02.2013
Unclassified
31.12.2011
n/a
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
30.11.2012
Unclassified
31.01.2013
Unclassified
Date
Not Provided
6 month
12 month
12 month
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
26.03.2013
22.03.2013
20.03.2013
19.03.2013
11.03.2013
07.03.2013
07.03.2013
07.03.2013
04.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
21.02.2013
17.01.2013
25.10.2012
26.07.2012
27.03.2013
Johnson Matthey PLC

Johnson Matthey PLC is a specialty chemicals company which manufactures
catalysts, pharmaceutical materials, and pollution control systems. The
Company also refines platinum, gold and silver, and produces color and coating
materials for the glass, ceramics, tile, plastics, paint, ink, and construction
industries. Johnson Matthey has operations around the world.
Price/Volume
03/2012
12/yy
2'579.00
2'013.30
134'104.00
2234
-13.34%
11.01%
38.13%
204.9
4'577.86
499.30
0.0
0.4
150.70
5'288.26
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
31.03.2009
31.03.2010
7'847.8
7'839.4
0.36x
0.54x
401.2
402.2
7.05x
10.53x
174.1
164.2
12.84x
22.50x
Profitability
31.03.2011
9'984.8
0.46x
520.5
8.76x
181.5
21.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
12'023.2
0.45x
580.2
9.33x
315.9
15.86x
580.20
433.40
3.60%
3.40%
9.66%
22.91%
15.80%
3.40%
6.3%
5.1%
3.8%
2.6%
1.74
0.90
15.29%
32.60%
15.48
Price/ Cash Flow
3.0 M
2.5 M
15
2.0 M
1.5 M
10
1.0 M
5
0
m-12
.5 M
.0 M
a-12
m-12
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
2.48
1.25
204.63
-2.08%
-5.93%
1.246
16
3.500
606'883
539'977
559'561
FY+2
03/13 Y
03/14 Y
10'293.0
8'177.5
0.51x
0.63x
543.3
567.6
9.73x
9.32x
297.6
312.7
15.34x
14.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
16.39
12.13
1.26
1.43
32.6%
24.6%
3.40
12.33
23.65
31.18
18.00
8'000.0
16.00
7'000.0
14.00
6'000.0
12.00
5'000.0
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
3.5 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
7'498.7
0.66x
374.4
13.16x
186.2
22.71x
4.5 M
30
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JMAT LN EQUITY YTD Change
JMAT LN EQUITY YTD % CHANGE
35
0.0
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
27.03.2013
Johnson Matthey PLC

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
SCOTTISH WIDOWS
LEGAL & GENERAL
BAILLIE GIFFORD AND
JOHNSON MATTHEY PLC
AVIVA INVESTORS
AXA FRAMLINGTON INV
NEPTUNE INVESTMENT M
Firm Name
HSBC
AlphaValue
EVA Dimensions
JPMorgan
Morgan Stanley
Deutsche Bank
Goldman Sachs
Liberum Capital Ltd
Credit Suisse
Day by Day
S&P Capital IQ
Redburn Partners
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
GEOFF HAIRE
MARTIN SCHNEE
CRAIG STERLING
MARTIN EVANS
PAUL R WALSH
CHARLES PICK
MARTIN DUNWOODIE
RAKESH PATEL
ADAM COLLINS
RHIAN O'CONNOR
VALERIE GASTALDY
SHO MATSUBARA
TONY JONES
Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
REG
MF-AGG
13F
MF-AGG
REG
REG
REG
REG
REG
Recommendation
neutral
reduce
overweight
neutral
Underwt/In-Line
add
buy
Buy/Neutral
buy
outperform
hold
hold
neutral
Amt Held
20'254'207
15'393'158
10'470'589
10'363'251
7'570'675
6'099'801
5'551'656
5'278'231
5'222'338
5'110'819
4'967'991
4'463'881
3'969'348
3'965'899
3'851'250
3'569'501
3'361'546
3'121'157
2'858'947
2'323'271
% Out
9.88
7.51
5.11
5.06
3.69
2.98
2.71
2.58
2.55
2.49
2.42
2.18
1.94
1.94
1.88
1.74
1.64
1.52
1.4
1.13
Weighting
Change
3
2
5
3
1
4
5
5
5
5
3
3
3
M
M
U
M
M
M
M
M
M
M
D
M
M
Latest Chg
89'602
(1'208'166)
(8'683)
(282'632)
2'399'232
(2'091'877)
5'428'717
131'579
(1'054'394)
1'308'506
(999'339)
(210'338)
5'635
32'197
325'169
(161'440)
(951'213)
235'699
(66'217)
(98'729)
Target Price
2'300
2'395
#N/A N/A
2'150
2'200
2'515
2'550
2'900
3'000
2'400
#N/A N/A
2'350
#N/A N/A
File Dt
25.03.2013
31.01.2013
01.12.2012
01.12.2012
01.12.2012
07.03.2013
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
31.12.2012
31.12.2012
31.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
Date
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
21.03.2013
21.03.2013
20.03.2013
22.02.2013
18.02.2013
16.02.2013
15.02.2013
15.02.2013
12.02.2013
07.01.2013
27.11.2012
05.10.2012
27.03.2013
Aggreko PLC
Aggreko plc provides specialist power and temperature control rental services in
two main product areas, mobile electricity generators and temperature control
equipment. Aggreko also supplies oil-free diesel compressors used to eliminate
oil based contaminants in the food, pharmaceutical and textile industries. The
Group operates through approximately 118 depots in 23 countries worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (31.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AGK LN EQUITY YTD Change
AGK LN EQUITY YTD % CHANGE
12/2012
01/yy
2'415.00
1'548.00
384'374.00
1781
-26.13%
15.25%
30.57%
268.6
4'783.40
615.90
0.0
0.0
22.90
5'376.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
946.6
1.65x
318.4
4.90x
122.7
9.74x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.12.2009
31.12.2010
1'023.9
1'229.9
2.62x
3.34x
403.4
472.9
6.64x
8.69x
168.4
213.1
14.84x
18.67x
Profitability
31.12.2011
1'396.1
4.05x
526.9
10.72x
260.1
20.60x
31.12.2012
1'583.2
3.30x
621.6
8.41x
276.0
16.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
621.60
380.70
24.05%
23.18%
14.17%
28.66%
20.00%
0.81%
61.5%
39.3%
24.0%
17.4%
1.12
0.54
29.01%
58.95%
5.68
3.76
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.34
1.05
257.87
-20.26%
2.53%
1.046
25
3.880
908'868
1'038'900
1'026'636
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
1'635.6
1'738.8
3.20x
2.92x
634.8
677.4
8.47x
7.94x
255.5
279.5
18.75x
17.29x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.37
6.84
0.95
0.99
58.9%
37.1%
0.81
1.34
64.39
97.45
76.78
85.07
20.00
7'000.0
18.00
6'000.0
16.00
14.00
5'000.0
12.00
4'000.0
10.00
3'000.0
8.00
2'000.0
6.00
4.00
1'000.0
2.00
0.00
24.04.2009
0.0
24.10.2009
24.04.2010
24.10.2010
24.04.2011
24.10.2011
24.04.2012
24.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Aggreko PLC
Holdings By:
All
Holder Name
BAILLIE GIFFORD AND
BLACKROCK
SALVESEN ALASTAIR ER
LEGAL & GENERAL
PRIVATE INDIVIDUALS
LANSDOWNE PARTNERS
UBS
SPEIRS & JEFFERY STO
FMR LLC
SCOTTISH WIDOWS
KIMBERLEY GRANGE INV
INVESTEC BANK (UK) L
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
GE ASSET MANAGEMENT
VANGUARD GROUP INC
Firm Name
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

HECTOR FORSYTHE
RBC Capital Markets
ANDREW BROOKE
Deutsche Bank
ANDY CHU
MICHAEL DONNELLY
Jefferies
WILLIAM KIRKNESS
Cantor Fitzgerald
CAROLINE DE LA SOUJEOLE
Peel Hunt
ANDREW NUSSEY
Goldman Sachs
CHARLES WILSON
WH Ireland Ltd
NICK SPOLIAR
MIKE MURPHY
Investec
JOHN LAWSON
JPMorgan
Nicholas de la Grense
PAUL JONES
AlphaValue
LIONEL PELLICER
Berenberg Bank
SIMON MEZZANOTTE
HSBC
ALEX MAGNI
EVA Dimensions
CRAIG STERLING
Day by Day
VALERIE GASTALDY
Credit Suisse
DAVID RIGBY
DAVID BROCKTON
S&P Capital IQ
CLIVE ROBERTS
Barclays
PAUL CHECKETTS
Arden Partners Ltd
GEOFF ALLUM
Source
REG
REG
ULT-AGG
ULT-AGG
RNS-MAJ
ULT-AGG
REG
Short
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
REG
Recommendation
buy
outperform
buy
buy
buy
buy
hold
Buy/Neutral
buy
hold
buy
neutral
hold
buy
hold
neutral
sell
hold
neutral
neutral
hold
overweight
neutral
Amt Held
% Out
16'535'077
6.16
14'760'487
5.5
12'600'810
4.69
10'568'492
3.93
9'995'283
3.72
9'911'786
3.69
8'391'217
3.12
(7'727'861) -2.88
6'195'331
2.31
5'930'488
2.21
5'909'565
2.2
5'755'174
2.14
5'521'305
2.06
4'873'223
1.81
4'862'100
1.81
4'724'801
1.76
4'684'746
1.74
3'678'747
1.37
3'312'584
1.23
3'125'515
1.16
Weighting
Change
5
5
5
5
5
5
3
5
5
3
5
3
3
5
3
3
1
3
3
3
3
5
3
M
M
U
N
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
Latest Chg
388'329
1'376'462
(1'522'547)
(894'717)
(20'376)
(126'635)
(348'827)
100'355
3'414'961
59'579
(2'280'341)
659'991
743'000
1'888'342
(193'744)
(591'689)
274'861
Target Price
#N/A N/A
2'100
2'250
2'502
2'200
2'200
1'800
2'425
2'300
1'938
1'940
1'870
1'742
2'437
1'720
1'650
#N/A N/A
#N/A N/A
1'850
1'700
2'300
2'360
1'450
File Dt
01.02.2013
01.02.2013
25.03.2013
21.03.2013
27.12.2012
28.02.2013
01.02.2013
02.01.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
9 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Unclassified
Other
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
27.03.2013
20.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
12.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
26.02.2013
08.02.2013
17.01.2013
20.12.2012
18.12.2012
18.12.2012
17.12.2012
22.10.2012
30.09.2011
27.03.2013
Whitbread PLC
Whitbread PLC is a hotel and restaurant group. The Company operates businesses
operations include the production and distribution of motion pictures and
television programming. The Company provides television, direct satellite, and
cable broadcasting and the publication of newspapers, magazines, books and
promotional inserts.
Price/Volume
02/2012
12/yy
2'694.00
1'767.00
95'065.00
2483
-7.98%
40.29%
81.66%
179.3
4'451.76
544.60
0.0
6.4
40.30
4'985.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
14.0 M
12.0 M
20
10.0 M
15
8.0 M
6.0 M
10
4.0 M
2.0 M
0
m-12
28.02.2009
28.02.2010
1'334.6
1'435.0
1.45x
2.16x
354.6
364.9
5.44x
8.51x
91.8
161.0
14.17x
15.94x
Profitability
28.02.2011
1'599.6
2.20x
427.1
8.23x
223.3
13.43x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
29.02.2012
1'778.0
1.98x
467.3
7.52x
267.3
11.13x
467.30
357.60
20.11%
17.20%
9.39%
21.54%
16.99%
0.63%
83.8%
25.7%
19.7%
15.0%
0.40
0.24
18.40%
42.65%
12.27
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
2.15
0.85
178.84
40.59%
1.31%
0.846
24
3.875
482'968
567'227
460'447
FY+2
02/13 Y
02/14 Y
2'023.0
2'247.8
2.47x
2.23x
502.9
553.8
9.91x
9.00x
261.9
294.6
16.71x
14.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
10.05
3.48
1.08
1.18
42.7%
29.8%
0.63
0.74
29.67
-106.02
20.00
40'000.0
18.00
35'000.0
16.00
30'000.0
14.00
25'000.0
12.00
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
03.07.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

29.02.2008
1'216.7
2.24x
339.6
8.04x
557.9
25.77x
18.0 M
30
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.02.2013)
52-Week Low (27.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WTB LN EQUITY YTD Change
WTB LN EQUITY YTD % CHANGE
35
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Whitbread PLC
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
YACKTMAN ASSET MANAG
STATE STREET
DODGE & COX
CHILDRENS INV FUND M
FMR LLC
HIGHFIELDS CAPITAL M
EAGLE CAPITAL MANAGE
NORGES BANK
INVESCO LTD
WADDELL & REED FINAN
Firm Name
AlphaValue
Needham & Co
Morgan Stanley
Barclays
Credit Suisse
Wedbush
Macquarie
Davenport & Co
S&P Capital IQ
RBC Capital Markets
Argus Research Corp
EVA Dimensions
Gabelli & Co
Evercore Partners
Cowen and Company
Deutsche Bank
Goldman Sachs
BTIG LLC
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
DODGE & COX
n/a
CHILDRENS INVESTMENT
n/a
HIGHFIELDS CAPITAL M
EAGLE CAPITAL MANAGE
NORGES BANK
INVESCO LTD
Analyst
MICHAEL NATHANSON
BARTON CROCKETT
TODD JUENGER
LAURA A MARTIN
BENJAMIN SWINBURNE
MARCI RYVICKER
VASILY KARASYOV
MICHAEL SENNO
JAMES G DIX
TIMOTHY W NOLLEN
MICHAEL C MORRIS
MATTHEW HARRIGAN
TUNA AMOBI
JAISON BLAIR
DAVID BANK
JOSEPH F BONNER
CRAIG STERLING
BRETT HARRISS
ALAN GOULD
DOUGLAS CREUTZ
HAMILTON FABER
DOUGLAS D MITCHELSON
DREW BORST
RICHARD GREENFIELD
Source
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
buy
outperform
buy
Overwt/Attractive
outperform
overweight
Positive
neutral
outperform
outperform
buy
buy
buy
no rating system
outperform
hold
hold
buy
overweight
outperform
overweight
buy
not rated
buy
Amt Held
106'117'879
85'939'439
81'642'663
80'106'935
78'438'973
73'990'044
50'745'635
34'348'479
34'295'229
31'740'887
29'665'850
28'100'000
27'945'300
24'797'737
22'180'447
19'150'391
17'590'189
17'571'378
16'929'453
14'275'510
% Out
6.95
5.63
5.35
5.25
5.14
4.85
3.32
2.25
2.25
2.08
1.94
1.84
1.83
1.62
1.45
1.25
1.15
1.15
1.11
0.94
Weighting
Change
5
5
5
5
5
5
5
4
3
5
5
5
5
5
#N/A N/A
5
3
3
5
5
5
5
5
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
566'560
531'944
(49'269'500)
(449'404)
4'133'923
(9'828'325)
1'242'647
(12'657'102)
3'537'977
1'713'651
25'400
9'100'000
(3'592'000)
(375'426)
1'184'087
(668)
(3'322'085)
2'373'660
2'887'188
1'726'350
Target Price
31
35
36
34
32
#N/A N/A
33
34
28
26
33
34
36
31
34
32
#N/A N/A
#N/A N/A
#N/A N/A
30
#N/A N/A
33
32
#N/A N/A
30
File Dt
25.03.2013
31.12.2012
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
18 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Government
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Date
25.03.2013
24.03.2013
22.03.2013
15.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
20.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
28.01.2013
28.06.2012
27.06.2012
27.03.2013
GKN PLC
GKN plc produces automotive components and aerospace vehicles, and supplies a
and consumers around the world. The Company's products include a speech
recognizer, call steering, and a product that converts text into speech.
Price/Volume
30
8.0 M
7.0 M
25
6.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (06.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GKN LN EQUITY YTD Change
GKN LN EQUITY YTD % CHANGE
12/2012
12/yy
291.20
171.50
1'000'885.00
264.3
-9.31%
53.99%
79.03%
1'632.9
4'315.71
1'052.00
0.0
353.0
181.00
5'539.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
10
2.0 M
5
0
m-12
1.0 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'376.0
0.32x
379.0
3.68x
(109.0)
-
5.0 M
15
Valuation Analysis
31.12.2009
31.12.2010
4'223.0
5'084.0
0.52x
0.80x
344.0
570.0
6.41x
7.13x
(36.0)
305.0
11.34x
Profitability
LTM-4Q
31.12.2011
5'746.0
0.66x
619.0
6.17x
279.0
10.17x
31.12.2012
6'510.0
0.76x
739.0
6.71x
480.0
7.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
739.00
471.00
7.24%
9.03%
8.45%
33.97%
21.77%
1.15%
11.4%
7.2%
7.4%
1.29
0.11
16.78%
66.84%
-
Price/ Cash Flow
12/yy
1'375.6
20.25x
287.0
28.46x
47.6
46.59x
LTM
12/yy
1'753.1
19.19x
379.8
22.20x
175.7
25.08x
FY+1
2.73
1.49
1'628.68
28.68%
15.43%
1.494
15
3.867
4'716'385
5'708'944
4'979'199
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
7'442.5
7'805.4
0.73x
0.67x
867.5
969.7
6.39x
5.71x
418.6
487.8
9.94x
8.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.04.2002
NR
8.59
5.36
1.18
1.42
66.8%
35.3%
1.15
3.45
-
25.00
1'800.0
1'600.0
20.00
1'400.0
1'200.0
15.00
1'000.0
800.0
10.00
600.0
400.0
5.00
200.0
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
GKN PLC
Holdings By:
All
Holder Name
WARBURG PINCUS LLC
FMR LLC
VANGUARD GROUP INC
BLACKROCK
PRIMECAP MANAGEMENT
FRANKLIN RESOURCES
JP MORGAN
INVESCO LTD
STATE STREET
RICCI PAUL A
WESTFIELD CAPITAL MG
FAIRPOINTE CAPITAL L
PIONEER INVESTMENT M
LUTHER KING CAPITAL
ING INV MANAGEMENT E
Firm Name
Societe Generale
Avondale Partners LLC
Raymond James
Morgan Stanley
Goldman Sachs
Needham & Co
FBR Capital Markets
Stifel
Oppenheimer & Co
Craig-Hallum Capital Group LLC
Northland Securities Inc
Piper Jaffray
EVA Dimensions
Deutsche Bank
Wedbush
Wedge Partners
Portfolio Name
WARBURG PINCUS LLC
n/a
n/a
VANGUARD GROUP INC
n/a
PRIMECAP MANAGEMENT
n/a
n/a
n/a
INVESCO LTD
n/a
n/a
WESTFIELD CAPITAL MA
LUTHER KING CAPITAL
ING INVESTMENT MANAG
Analyst
GRAY W POWELL
JOHN F BRIGHT
SHYAM PATIL
JOANNA MAKRIS
DANIEL CUMMINS
JENNIFER LOWE
GREG DUNHAM
SCOTT ZELLER
DANIEL H IVES
TOM RODERICK
SHAUL EYAL
JEFF VAN RHEE
MICHAEL JAMES LATIMORE
RICHARD DAVIS JR
MARK R MURPHY
ANDREW S ZAMFOTIS
NANDAN AMLADI
SCOTT P SUTHERLAND
BRIAN BLAIR
Source
13F
13D
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
Form 4
13F
13F
13F
13F
13F
13F
Recommendation
market perform
market outperform
strong buy
buy
neutral
Overwt/In-Line
neutral/neutral
hold
outperform
hold
outperform
hold
outperform
buy
neutral
sell
buy
underperform
no rating system
Amt Held
53'004'254
43'058'531
29'398'004
17'827'119
11'852'538
11'461'824
10'658'433
10'227'210
8'690'776
7'787'480
6'720'544
5'183'885
4'322'359
4'014'898
3'948'645
3'843'339
3'545'481
2'994'953
2'812'375
2'652'333
% Out
16.76
13.61
9.3
5.64
3.75
3.62
3.37
3.23
2.75
2.46
2.12
1.64
1.37
1.27
1.25
1.22
1.12
0.95
0.89
0.84
Weighting
Change
3
4
5
5
3
5
3
3
5
3
5
3
5
5
3
1
5
1
#N/A N/A
M
M
M
M
N
M
M
D
M
D
M
D
M
M
M
M
M
M
M
Latest Chg
(9'945'723)
(6'904'115)
2'746'103
(214'677)
332'670
41'737
(715'000)
(120'464)
(258'843)
315'957
(66'250)
122'473
338'110
104'968
593'927
(6'741)
58'903
406'379
Target Price
#N/A N/A
35
28
26
21
28
22
#N/A N/A
28
#N/A N/A
30
24
26
26
22
#N/A N/A
30
19
#N/A N/A
File Dt
31.12.2012
14.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
01.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Private Equity
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.03.2013
12.03.2013
06.03.2013
04.03.2013
20.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
15.01.2013
15.11.2012
07.08.2012
15.03.2012
27.03.2013
Bunzl PLC
Bunzl plc is a distribution group supplying a range of non-food consumable
graphics processors and related software. The Company's products provide
interactive 3D graphics to the mainstream personal computer market.
Price/Volume
16
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.03.2013)
52-Week Low (29.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BNZL LN EQUITY YTD Change
BNZL LN EQUITY YTD % CHANGE
12/2012
01/yy
1'328.00
985.50
122'140.00
1275
-4.22%
29.07%
88.61%
332.2
4'235.13
829.50
0.0
0.0
81.20
4'983.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
m-12
31.12.2009
31.12.2010
4'648.7
4'829.6
0.67x
0.68x
319.7
331.7
9.72x
9.88x
148.9
159.0
14.53x
14.64x
Profitability
31.12.2011
5'109.5
0.74x
361.3
10.52x
123.8
23.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'359.2
0.81x
375.2
11.55x
195.3
16.85x
375.20
293.60
5.48%
5.03%
6.87%
23.08%
14.20%
1.89%
7.0%
5.5%
3.6%
1.23
0.62
28.20%
93.68%
8.39
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.22
0.77
314.64
29.72%
26.07%
0.773
19
2.579
792'362
708'405
599'055
FY+2
12/13 Y
12/14 Y
5'959.6
6'152.3
0.82x
0.77x
413.7
433.3
12.05x
11.50x
252.7
269.6
16.67x
15.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
7.42
6.96
1.99
2.21
93.7%
48.4%
1.89
48.63
43.61
-
50.00
4'500.0
45.00
4'000.0
40.00
3'500.0
35.00
3'000.0
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
05.02.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'177.3
0.71x
297.9
10.01x
142.2
13.25x
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Bunzl PLC
Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
HUANG JEN-HSUN
PRIMECAP MANAGEMENT
MORGAN STANLEY
ALLIANCE BERNSTEIN
ROBECO INVESTMENT MG
INVESCO LTD
CONTRARIUS INVESTMEN
NORGES BANK
JENNISON ASSOCIATES
GEODE CAPITAL MANAGE
CHARLES SCHWAB INVES
Firm Name
HSBC
Raymond James
Evercore Partners
MKM Partners
Wedbush
Stifel
Nomura
JMP Securities
Longbow Research
RBC Capital Markets
JPMorgan
Oppenheimer & Co
Barclays
FBR Capital Markets
Wedge Partners
Deutsche Bank
Morgan Stanley
Brean Murray Carret & Co
Jefferies
Needham & Co
Macquarie
Goldman Sachs
EVA Dimensions
Hudson Square Research
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
PRIMECAP MANAGEMENT
n/a
n/a
ROBECO INVESTMENT MA
INVESCO LTD
CONTRARIUS INVESTMEN
NORGES BANK
JENNISON ASSOCIATES
CHARLES SCHWAB INVES
Analyst
AMBRISH SRIVASTAVA
HANS C MOSESMANN
DAVID M WONG
VIJAY R RAKESH
PATRICK WANG
DANIEL A BERENBAUM
BETSY VAN HEES
CRAIG ELLIS
KEVIN E CASSIDY
ROMIT SHAH
ALEX GAUNA
JOANNE FEENEY
CHRISTOPHER CASO
DOUG FREEDMAN
HARLAN SUR
RICHARD SCHAFER
BLAYNE CURTIS
IVAN FEINSETH
CHRISTOPHER ROLLAND
BRENDAN FURLONG
BRIAN BLAIR
ROSS C SEYMORE
JOSEPH MOORE
MIKE BURTON
KRISHNA SHANKAR
MARK J LIPACIS
RAJVINDRA S. GILL
SHAWN WEBSTER
DANIEL L AMIR
JAMES SCHNEIDER
MICHAEL MCCONNELL
ROBERT BURLESON
ANDREW S ZAMFOTIS
DANIEL ERNST
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
Form 4
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
market perform
strong buy
outperform
neutral
underweight
neutral
outperform
neutral
buy
buy
market perform
neutral
negative
sector perform
neutral
market perform
equalweight
neutral
market perform
buy
no rating system
hold
Equalwt/In-Line
hold
buy
hold
hold
neutral
neutral
neutral/attractive
sector perform
buy
buy
buy
Amt Held
79'493'214
37'668'172
32'149'359
25'512'316
22'168'135
17'973'300
14'176'500
11'701'670
11'551'047
8'945'165
8'041'269
7'938'442
7'745'598
6'491'625
5'915'747
5'785'902
5'155'045
4'243'814
4'076'221
3'757'015
% Out
12.91
6.12
5.22
4.14
3.6
2.92
2.3
1.9
1.88
1.45
1.31
1.29
1.26
1.05
0.96
0.94
0.84
0.69
0.66
0.61
Weighting
Change
3
5
5
3
1
3
5
3
5
5
3
3
2
3
3
3
3
3
3
5
#N/A N/A
3
3
3
5
3
3
3
3
3
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
Latest Chg
(9'978'177)
1'164'492
609'454
(979'500)
(12'739'300)
3'158'033
7'413'768
645'257
6'139'523
108'110
(498'513)
245'590
786'088
942'748
713'619
(1'293'529)
(36'419)
2'239'918
Target Price
12
17
#N/A N/A
#N/A N/A
11
14
17
13
18
15
#N/A N/A
#N/A N/A
11
12
14
#N/A N/A
13
#N/A N/A
14
17
#N/A N/A
13
#N/A N/A
#N/A N/A
17
14
#N/A N/A
14
#N/A N/A
14
#N/A N/A
16
#N/A N/A
18
File Dt
31.12.2012
31.12.2012
25.03.2013
25.03.2013
20.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
25.03.2013
24.03.2013
24.03.2013
22.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
04.03.2013
20.02.2013
20.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
15.01.2013
10.05.2010
27.03.2013
RSA Insurance Group PLC

RSA Insurance Group PLC is a worldwide commercial insurer. The Company
tools, supplies, equipment, and accessories. The Company sells its products to
do-it-yourself customers and professional mechanics or service technicians.
O'Reilly operates stores throughout the United States.
Price/Volume
120
4.0 M
3.5 M
100
3.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (19.02.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RSA LN EQUITY YTD Change
RSA LN EQUITY YTD % CHANGE
12/2012
12/yy
137.30
97.00
2'924'085.00
115.6
-15.88%
19.07%
47.39%
3'598.3
4'159.63
1'607.00
125.0
129.0
1'329.00
4'691.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
40
1.0 M
20
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'143.0
0.67x
574.0
3.97x
2.5 M
60
Valuation Analysis
31.12.2009
31.12.2010
7'458.0
7'924.0
0.67x
0.62x
418.0
346.0
4.88x
6.23x
Profitability
LTM-4Q
31.12.2011
8'735.0
0.49x
426.0
8.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
8'842.0
0.57x
344.0
13.26x
6.79%
5.42%
1.52%
9.02%
7.91%
0.39%
3.9%
7.05%
44.33%
-
Price/ Cash Flow
12/yy
5'788.8
6.40x
1'029.8
10.30x
507.7
20.93x
LTM
12/yy
6'182.2
7.07x
1'154.5
9.48x
585.7
18.83x
FY+1
6.33
1.00
3'585.14
8.33%
-8.11%
0.996
28
2.857
10'200'920
17'611'160
13'677'100
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/11 Q3 12/11 Q4
8'908.9
9'316.5
0.41x
0.45x
452.9
484.4
9.25x
8.89x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
NR
44.3%
29.3%
0.39
-
25.00
7'000.0
6'000.0
20.00
5'000.0
15.00
4'000.0
3'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
1'000.0
0.0
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
27.03.2013
RSA Insurance Group PLC

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
STATE STREET
RUANE CUNNIFF & GOLD
PRINCIPAL FINANCIAL
SELECT EQUITY GROUP
INVESCO LTD
GAMCO
O'REILLY DAVID E
Firm Name
Piper Jaffray
ISI Group
Northcoast Research
Edward Jones
Raymond James
Nomura
EVA Dimensions
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Stephens Inc
BB&T Capital Markets
Gabelli & Co
RBC Capital Markets
Credit Suisse
Oppenheimer & Co
S&P Capital IQ
Barclays
William Blair & Co
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
SELECT EQUITY GROUP
INVESCO LTD
n/a
OPPENHEIMER FUNDS IN
n/a
Analyst
DAVID A SCHICK
PETER J KEITH
GREGORY MELICH
NICHOLAS MITCHELL
COLIN MCGRANAHAN
BRIAN YARBROUGH
DANIEL R WEWER JR
ARAM RUBINSON
CRAIG STERLING
MICHAEL BAKER
DAVID GOBER
MATTHEW J FASSLER
CHRISTOPHER HORVERS
JOHN R LAWRENCE
BRET D JORDAN
BRIAN SPONHEIMER
R SCOT CICCARELLI
GARY BALTER
CRAIG R KENNISON
BRIAN NAGEL
MICHAEL SOUERS
ALAN M RIFKIN
DANIEL H HOFKIN
Source
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
Form 4
13F
13F
Recommendation
buy
neutral
neutral
neutral
market perform
buy
strong buy
neutral
overweight
hold
Overwt/In-Line
neutral/neutral
neutral
overweight
buy
buy
outperform
outperform
neutral
market perform
buy
overweight
outperform
Amt Held
7'468'481
7'108'025
6'109'760
4'888'553
3'658'781
2'624'914
2'623'402
2'201'413
2'164'498
2'121'541
2'106'437
2'080'092
1'769'464
1'762'790
1'667'578
1'666'774
1'538'303
1'480'017
1'414'240
1'350'050
% Out
6.71
6.39
5.49
4.39
3.29
2.36
2.36
1.98
1.94
1.91
1.89
1.87
1.59
1.58
1.5
1.5
1.38
1.33
1.27
1.21
Weighting
Change
5
3
3
3
3
5
5
3
5
3
5
3
3
5
5
5
5
5
3
3
5
5
5
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(303'624)
206'740
(234'802)
(40'817)
(3'711)
175'909
(1'360'800)
87'264
639'137
2'112'349
(846'503)
(43'557)
323'143
61'805
107'970
393'150
(30'510)
(502)
459'235
(1'155'963)
Target Price
102
97
106
#N/A N/A
106
#N/A N/A
112
98
#N/A N/A
102
108
110
106
115
112
#N/A N/A
113
115
110
92
112
120
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
08.02.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
24.03.2013
13.03.2013
12.03.2013
05.03.2013
05.03.2013
01.03.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
27.03.2013
IMI PLC
IMI PLC manufactures fluid controls, retail displays, and other products. The
Company offers databases and relational servers, application development and
decision support tools, and enterprise business applications. Oracle's software
runs on network computers, personal digital assistants, set-top devices, PCs,
workstations, minicomputers, mainframes, and massively parallel computers.
Price/Volume
30.0 M
30
25.0 M
20.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (07.03.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IMI LN EQUITY YTD Change
IMI LN EQUITY YTD % CHANGE
12/2012
02/yy
1'370.00
763.50
135'167.00
1298
-5.26%
70.01%
88.62%
320.7
4'163.02
246.60
0.0
48.0
123.20
4'334.42
15.0 M
15
10
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
1'785.0
1'917.0
1.07x
1.77x
308.6
370.0
6.21x
9.16x
130.2
224.7
12.71x
14.23x
Profitability
31.12.2011
2'135.0
1.28x
420.5
6.48x
200.4
12.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'192.0
1.69x
418.7
8.83x
230.6
15.12x
418.70
343.40
15.67%
14.46%
13.34%
38.42%
27.71%
1.27%
42.5%
19.1%
15.7%
10.5%
1.84
0.26
14.30%
38.80%
-
Price/ Cash Flow
LTM-4Q
LTM
02/yy
02/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
2.50
1.52
319.44
37.07%
18.32%
1.518
22
3.591
830'061
766'288
661'267
FY+2
12/13 Y
12/14 Y
2'293.3
2'388.4
1.87x
1.73x
454.1
485.4
9.55x
8.93x
276.3
301.0
14.89x
13.62x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
19.57
17.74
0.29
0.59
38.8%
26.5%
1.27
8.88
70.78
20.00
40'000.0
18.00
35'000.0
16.00
30'000.0
14.00
25'000.0
12.00
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
05.06.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
35
25
Valuation Analysis
31.12.2008
1'897.0
0.64x
275.0
4.40x
112.9
7.68x
40
0.0
05.12.2009
05.06.2010
05.12.2010
05.06.2011
05.12.2011
05.06.2012
05.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
IMI PLC
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
INVESCO LTD
JP MORGAN
NORGES BANK
PRIMECAP MANAGEMENT
ABERDEEN
GOLDMAN SACHS GROUP
Firm Name
Societe Generale
Jefferies
BMO Capital Markets
Morgan Stanley
Wedbush
William Blair & Co
Raymond James
Macquarie
Stifel
Longbow Research
Barclays
Edward Jones
FBR Capital Markets
Deutsche Bank
RBC Capital Markets
Argus Research Corp
Credit Suisse
JPMorgan
Davenport & Co
Berenberg Bank
Nomura
Cowen and Company
JMP Securities
Cross Research
Piper Jaffray
MKM Partners
Evercore Partners
Oppenheimer & Co
EVA Dimensions
Goldman Sachs
Hamburger Sparkasse
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
n/a
NORGES BANK
n/a
PRIMECAP MANAGEMENT
n/a
GOLDMAN SACHS GROUP
Analyst
RICHARD NGUYEN
ROSS MACMILLAN
MARK L MOERDLER
KARL KEIRSTEAD
KEITH WEISS
STEVEN R KOENIG
LAURA J LEDERMAN
MICHAEL TURITS
BRAD A ZELNICK
BRAD REBACK
JASON MAYNARD
JOEL P FISHBEIN JR
KEVIN M BUTTIGIEG
RAIMO LENSCHOW
JOSH OLSON
DAVID M HILAL
CHRISTOPHER HICKEY
THOMAS ERNST JR
MATTHEW HEDBERG
JOSEPH F BONNER
PHILIP WINSLOW
JOHN DIFUCCI
YUN KIM
BRENDAN BARNICLE
F DRAKE JOHNSTONE
RICHARD DAVIS JR
DAUD KHAN
RICHARD G SHERLUND
PETER GOLDMACHER
PATRICK WALRAVENS
J DERRICK WOOD
RICHARD T WILLIAMS
MARK R MURPHY
ISRAEL HERNANDEZ
EDWARD MAGUIRE
STEWART KIRK MATERNE III
BRIAN SCHWARTZ
ANDREW S ZAMFOTIS
IVAN FEINSETH
HEATHER BELLINI
KAZUYA NISHIMURA
MARCO GUENTHER
Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Recommendation
hold
hold
market perform
outperform
Overwt/In-Line
neutral
outperform
outperform
neutral
buy
outperform
buy
buy
overweight
buy
outperform
neutral
hold
outperform
buy
outperform
overweight
buy
outperform
buy
buy
buy
buy
neutral
market perform
Positive
hold
overweight
buy
underperform
equalweight
outperform
overweight
buy
Buy/Neutral
outperform
hold
Amt Held
1'112'434'580
249'496'992
222'486'587
171'937'103
159'352'080
78'316'425
77'278'005
76'931'851
75'285'789
65'680'186
56'379'053
49'190'816
43'932'887
39'724'493
38'397'212
32'702'179
32'112'868
28'440'138
27'001'141
26'051'615
% Out
23.62
5.3
4.72
3.65
3.38
1.66
1.64
1.63
1.6
1.39
1.2
1.04
0.93
0.84
0.82
0.69
0.68
0.6
0.57
0.55
Weighting
Change
3
3
3
5
5
3
5
5
3
5
5
5
5
5
5
5
3
3
5
5
5
5
5
5
5
5
5
5
3
3
4
3
5
5
1
3
5
5
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
D
N
M
M
M
Latest Chg
7'200'000
(12'392'864)
(374'398)
1'391'323
6'018'875
1'366'222
(4'612'811)
(1'872'445)
15'270'822
(2'439'523)
(610'493)
(1'571'164)
(11'533'565)
4'197'117
1'152'929
(4'513'686)
(1'663'800)
(2'801'171)
(120'100)
(6'302'603)
Target Price
37
36
34
43
39
36
#N/A N/A
36
36
37
#N/A N/A
41
38
38
#N/A N/A
39
33
29
37
39
40
40
43
44
40
42
35
39
#N/A N/A
#N/A N/A
40
35
37
38
35
36
40
#N/A N/A
#N/A N/A
39
38
#N/A N/A
File Dt
28.12.2012
31.12.2012
25.03.2013
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
21.02.2013
20.02.2013
24.01.2013
24.12.2012
19.12.2012
27.03.2013
Rexam PLC
Rexam Plc manufactures and distributes packaging materials. The Company
heavy-duty trucks, and related aftermarket distribution of parts. The Company
also offers finance and leasing services to its customers and dealers.
Price/Volume
60
3.5 M
50
3.0 M
2.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2013)
52-Week Low (25.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
REX LN EQUITY YTD Change
REX LN EQUITY YTD % CHANGE
12/2012
12/yy
531.50
391.87
472'150.00
522.5
-1.69%
33.33%
92.09%
790.6
4'130.63
2'212.00
0.0
0.0
1'307.00
5'035.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'618.0
1.09x
644.0
7.83x
172.0
13.10x
2.0 M
30
Valuation Analysis
31.12.2009
31.12.2010
4'533.0
4'619.0
1.00x
1.01x
619.0
710.0
7.32x
6.60x
(29.0)
124.0
25.49x
12.28x
Profitability
31.12.2011
4'232.0
1.07x
673.0
6.72x
376.0
10.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'312.0
1.10x
671.0
7.06x
214.0
14.39x
671.00
493.00
11.43%
8.21%
3.43%
9.29%
6.82%
0.69%
15.6%
11.4%
5.0%
1.12
0.86
34.76%
96.72%
8.99
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.91
0.85
789.09
0.00
24.94%
19.34%
0.847
15
4.000
1'393'022
1'852'048
1'719'710
FY+2
12/13 Y
12/14 Y
4'562.6
4'720.5
1.12x
1.06x
694.4
728.0
7.25x
6.92x
322.3
349.0
12.71x
11.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
19.02.2009
BBBSTABLE
22.02.2006
A-3
6.16
3.49
1.35
3.30
96.7%
49.2%
0.69
2.83
40.70
-
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
0.00
01.01.2010
2'000.0
0.0
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
27.03.2013
Rexam PLC
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FIDUCIARY MANAGEMENT
HOTCHKIS & WILEY CAP
NWQ INVESTMENT MANAG
INVESCO LTD
PIGOTT MARK CHARLES
NORGES BANK
PRIMECAP MANAGEMENT
FMR LLC
US BANCORP
Firm Name
Credit Suisse
Wolfe Trahan & Co
BMO Capital Markets
Jefferies
Piper Jaffray
Northcoast Research
D.A. Davidson & Co
Edward Jones
RBC Capital Markets
Deutsche Bank
Barclays
Credit Suisse
JPMorgan
EVA Dimensions
Goldman Sachs
McAdams Wright Ragen Inc
Portfolio Name
n/a
n/a
BANK OF AMERICA
VANGUARD GROUP INC
n/a
n/a
FIDUCIARY MANAGEMENT
HOTCHKIS AND WILEY
INVESCO LTD
n/a
NORGES BANK
PRIMECAP MANAGEMENT
n/a
US BANCORP
Analyst
KRISTINE KUBACKI
DAVID LEIKER
TIMOTHY J DENOYER
JOEL G TISS
STEPHEN VOLKMANN
JEFFREY A KAUFFMAN
ANDREW M CASEY
ALEXANDER E POTTER
BRIAN M RAYLE
JB GROH
LOGAN PURK
SETH R WEBER
A RHEM WOOD JR
PATRICK NOLAN
ANDY KAPLOWITZ
JAMIE L COOK
ANN DUIGNAN
CRAIG STERLING
JERRY REVICH
MICHAEL ROARKE
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Form 4
13F
13F
ULT-AGG
13F
13F
Recommendation
market perform
neutral
underperform
outperform
buy
neutral
outperform
overweight
buy
buy
hold
sector perform
hold
hold
equalweight
neutral
neutral
buy
neutral/neutral
hold
Amt Held
23'256'303
18'461'288
16'314'903
15'213'703
15'159'900
13'607'825
8'943'143
5'994'403
4'801'832
4'668'942
4'504'875
4'228'702
3'766'406
3'580'078
3'314'022
3'001'169
2'892'300
2'792'880
2'470'981
2'286'146
% Out
6.58
5.22
4.62
4.3
4.29
3.85
2.53
1.7
1.36
1.32
1.27
1.2
1.07
1.01
0.94
0.85
0.82
0.79
0.7
0.65
Weighting
Change
3
3
1
5
5
3
5
5
5
5
3
3
3
3
3
3
3
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'822'240
849'346
1'220'425
289'007
(2'646'713)
499'538
(506'101)
5'994'403
(26'056)
(2'196'600)
45'025
(651'306)
(407'964)
(118'991)
295
489'739
726'600
1'838'017
3'453
29'627
Target Price
44
41
36
57
55
#N/A N/A
#N/A N/A
55
55
65
#N/A N/A
50
#N/A N/A
50
44
47
47
#N/A N/A
48
60
File Dt
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
05.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
18 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
20.03.2013
19.03.2013
18.03.2013
12.03.2013
04.03.2013
04.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
15.01.2013
04.01.2013
26.10.2012
27.03.2013
International Consolidated Airlines Group SA

International Consolidated Airlines Group SA provides international and
employee benefits outsourcing solutions for small- to medium-sized businesses
in the United States. The Company's services range from calculating payroll and
filing tax payments to administering retirement plans and workers' compensation.
Price/Volume
40
4.5 M
35
4.0 M
30
3.5 M
3.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (28.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IAG LN EQUITY YTD Change
IAG LN EQUITY YTD % CHANGE
12/2012
11/yy
274.00
136.00
2'474'474.00
250.8
-8.47%
84.41%
86.88%
1'855.4
4'653.27
4'798.00
0.0
300.0
2'909.00
7'692.64
2.0 M
15
1.5 M
10
1.0 M
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
20
31.12.2009
31.12.2010
13'456.0
14'798.0
0.41x
0.48x
(134.0)
1'069.0
6.58x
(777.0)
100.0
58.52x
Profitability
LTM-4Q
31.12.2011
16'103.0
0.29x
1'505.0
3.14x
562.0
5.67x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
18'117.0
0.35x
1'391.0
4.61x
(943.0)
1'391.00
-23.00
-0.13%
-5.50%
-4.76%
-18.60%
0.92%
7.7%
-0.1%
-5.2%
0.66
0.54
24.19%
100.90%
15.59
-
Price/ Cash Flow
11/yy
2'162.8
19.59x
924.8
10.96x
538.8
19.56x
LTM
11/yy
2'268.6
19.67x
972.1
11.86x
559.7
21.13x
FY+1
0.00
1.40
1'628.87
40.74%
35.71%
1.399
35
3.686
6'540'326
7'595'583
6'781'712
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'509.3
19'273.9
0.46x
0.45x
1'673.2
2'110.7
4.60x
3.64x
262.6
569.8
24.52x
10.23x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.60
0.28
1.36
3.45
100.9%
48.7%
0.92
1.86
23.47
-
18.00
2'500.0
16.00
2'000.0
14.00
12.00
1'500.0
10.00
8.00
1'000.0
6.00
500.0
4.00
2.00
0.00
05.06.2009
0.0
05.12.2009
05.06.2010
05.12.2010
05.06.2011
05.12.2011
05.06.2012
05.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
International Consolidated Airlines Group SA

Holdings By:
All
Holder Name
BANKIA SA
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
WELLS FARGO
GENERAL ELECTRIC COM
INVESCO LTD
PARNASSUS INVESTMENT
MACKENZIE FINANCIAL
GOLDMAN SACHS GROUP
SELECT EQUITY GROUP
NORGES BANK
JP MORGAN
UBS
Firm Name
Day by Day
RBC Capital Markets
Stifel
Oppenheimer & Co
BMO Capital Markets
Goldman Sachs
Edward Jones
Jefferies
William Blair & Co
EVA Dimensions
JPMorgan
Raymond James
Cowen and Company
Barclays
Credit Suisse
First Analysis Corp
Evercore Partners
Northcoast Research
S&P Capital IQ
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
BANK OF AMERICA
n/a
GENERAL ELECTRIC COM
INVESCO LTD
PARNASSUS INVESTMENT
MACKENZIE FINANCIAL
GOLDMAN SACHS GROUP
SELECT EQUITY GROUP
NORGES BANK
n/a
n/a
Analyst
RODERICK BOURGEOIS
DANIEL R PERLIN
CRAIG J MAURER
DAVID M GROSSMAN
TIMOTHY W WILLI
GLENN GREENE
JEFFREY M SILBER
PAUL THOMAS
JOSEPH D FORESI
JOSH OLSON
JASON KUPFERBERG
MARK S MARCON
TIMOTHY J MCHUGH
ANDREW S ZAMFOTIS
TIEN-TSIN HUANG
MICHAEL J BAKER
MOSHE KATRI
GARY E BISBEE
GEORGE MIHALOS
JAMES ROBERT MACDONALD
DAVID M TOGUT
KARTIK MEHTA
DYLAN CATHERS
BRYAN KEANE
Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
Recommendation
market perform
sector perform
sell
hold
market perform
market perform
market perform
neutral/neutral
neutral
hold
underperform
neutral
outperform
overweight
underweight
market perform
neutral
underweight
neutral
equalweight
equalweight
neutral
hold
hold
Amt Held
37'657'753
31'260'364
21'056'674
17'344'339
17'128'429
14'408'697
12'948'892
8'970'426
7'788'270
6'532'589
5'640'812
4'605'086
3'780'000
3'680'600
3'283'336
3'166'795
2'970'094
2'915'069
2'819'076
2'649'962
% Out
10.35
8.59
5.79
4.77
4.71
3.96
3.56
2.47
2.14
1.8
1.55
1.27
1.04
1.01
0.9
0.87
0.82
0.8
0.78
0.73
Weighting
Change
3
3
1
3
3
3
3
3
3
3
1
3
5
5
1
3
3
1
3
3
3
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(21'975)
3'918'327
5'873'342
403'746
560'492
263'449
957'885
9'133
(302'963)
(170'531)
(27'271)
10'000
1'244'500
(812'816)
(511'503)
320'357
179'459
114'620
190'034
Target Price
29
34
30
#N/A N/A
#N/A N/A
#N/A N/A
34
36
33
#N/A N/A
31
34
#N/A N/A
#N/A N/A
34
#N/A N/A
#N/A N/A
30
35
37
34
#N/A N/A
35
33
File Dt
Inst Type
27.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Unclassified
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
27.03.2013
26.03.2013
26.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
13.03.2013
12.03.2013
08.03.2013
08.03.2013
15.01.2013
11.01.2013
21.12.2012
21.12.2012
21.12.2012
20.12.2012
20.12.2012
20.12.2012
14.12.2012
20.09.2012
20.07.2012
27.03.2013
Carnival PLC
Carnival plc owns and operates cruise ships. The Company offers cruise
distributes OTC and generic prescription pharmaceuticals, infant formulas,
nutritional products, active pharmaceutical ingredients and pharmaceutical and
medical diagnostic products. The Company's primary markets and locations of
manufacturing and logistics operations are the US, UK, Mexico, and Australia.
Price/Volume
140
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
120
100
80
Valuation Analysis
60
Latest Fiscal Year:

LTM as of:
52-Week High (29.01.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CCL LN EQUITY YTD Change
CCL LN EQUITY YTD % CHANGE
11/2012
12/yy
2'638.00
1'864.93
259'894.00
2247
-14.82%
20.49%
49.81%
215.5
18'220.98
8'958.00
0.0
0.0
465.00
36'429.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.11.2008
14'646.0
1.73x
3'978.0
6.35x
2'330.0
7.12x
40
30.11.2009
30.11.2010
13'460.0
14'469.0
2.66x
2.82x
3'463.0
3'763.0
10.34x
10.83x
1'790.0
1'978.0
14.69x
16.28x
Profitability
LTM-4Q
30.11.2011
15'793.0
2.26x
3'756.0
9.50x
1'912.0
14.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.11.2012
15'382.0
2.59x
3'342.0
11.94x
1'298.0
24.26x
3'342.00
1'815.00
11.80%
8.46%
3.80%
6.25%
5.46%
0.40%
44.2%
22.1%
12.1%
8.4%
0.25
0.10
22.87%
37.44%
44.88
22.16
Price/ Cash Flow
12/yy
2'959.7
12.24x
629.1
15.96x
344.9
24.02x
LTM
12/yy
3'262.6
13.66x
774.3
13.59x
443.0
20.46x
FY+1
2.95
0.97
183.90
15.52%
-4.08%
0.974
19
3.842
917'350
1'044'208
920'152
FY+2
FQ+1
FQ+2
11/13 Y
11/14 Y
05/13 Q2 08/13 Q3
15'865.4
16'723.6
3'580.0
4'922.3
2.26x
2.11x
10.24x
7.29x
3'528.8
4'054.9
529.3
1'761.7
10.32x
8.98x
10.28x
9.69x
1'595.5
2'071.6
55.2
1'283.0
16.56x
12.76x
15.87x
14.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.04.2003
NR
9.95
3.01
2.61
2.75
37.4%
27.2%
0.40
0.49
8.13
16.47
154.05
-66.82
30.00
3'500.0
25.00
3'000.0
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Carnival PLC
Holdings By:
All
Holder Name
Carnival Investments
VANGUARD GROUP INC
ARKIN MOSHE
FMR LLC
JENNISON ASSOCIATES
STATE STREET
MACQUARIE GROUP
INVESCO LTD
SELECT EQUITY GROUP
Firm Name
EVA Dimensions
Morgan Stanley
Buckingham Research Group
William Blair & Co
JPMorgan
Deutsche Bank
CLAL Finance Betucha
Goldman Sachs
Needham & Co
Stifel
Barrington Research
RBC Capital Markets
EVA Dimensions
I.B.I.
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
Multiple Portfolios
INVESCO LTD
SELECT EQUITY GROUP
Analyst
LOUISE CHEN
DAVID R RISINGER
LINDA BOLTON WEISER
DAVID G BUCK
RANDALL STANICKY
JON R ANDERSEN
CHRISTOPHER T SCHOTT
DAVID M STEINBERG
JONATHAN KREIZMAN
JAMI E RUBIN
ELLIOT WILBUR
ANNABEL SAMIMY
CHARLES R JONES
SHIBANI MALHOTRA
ANDREW S ZAMFOTIS
NATALI GOTLIEB
Source
ULT-AGG
13F
13D
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
Overwt/In-Line
buy
buy
buy
outperform
neutral
hold
market perform
sell/attractive
hold
buy
outperform
sector perform
hold
reduce
Amt Held
6'461'001
5'448'243
4'531'281
3'880'595
3'834'248
3'752'470
3'328'393
3'161'232
1'861'196
1'728'076
1'290'980
1'283'048
1'278'770
1'239'862
1'192'720
1'140'823
1'041'325
1'025'163
1'017'844
778'624
% Out
6.91
5.82
4.84
4.15
4.1
4.01
3.56
3.38
1.99
1.85
1.38
1.37
1.37
1.33
1.27
1.22
1.11
1.1
1.09
0.83
Weighting
Change
5
5
5
5
5
5
3
3
3
1
3
5
5
3
3
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
120'566
(463'579)
(834'279)
(562'479)
89'036
(241'297)
456'270
(100'236)
(13'319)
(150'075)
(107'000)
(161'001)
(18'934)
407'787
(86'938)
18'786
(35'542)
55'105
194'065
Target Price
130
125
133
145
128
#N/A N/A
108
115
106
112
#N/A N/A
125
142
111
#N/A N/A
89
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.03.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Date
22.03.2013
21.03.2013
20.03.2013
18.03.2013
18.03.2013
08.03.2013
19.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
04.02.2013
01.02.2013
15.01.2013
09.05.2012
27.03.2013
G4S PLC
G4S PLC offers security services. The Company offers security guards, alarms,
on a variety of products and services. The Company's product allows customers
to name their own price on products or services and communicates that demand
directly to participating sellers or to their private databases. Participants
include domestic and international airlines, and hotel chains.
Price/Volume
900
2.5 M
800
2.0 M
700
600
1.5 M
500
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GFS LN EQUITY YTD Change
GFS LN EQUITY YTD % CHANGE
12/2012
12/yy
310.50
237.30
983'621.00
288.4
-7.12%
21.53%
76.37%
1'410.7
4'068.37
2'462.00
0.0
55.0
525.00
6'060.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
.5 M
100
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'928.5
0.75x
532.2
8.31x
151.2
15.53x
1.0 M
300
31.12.2009
31.12.2010
7'009.0
7'258.0
0.74x
0.71x
637.0
645.0
8.19x
8.00x
202.0
223.0
17.49x
15.07x
Profitability
31.12.2011
7'522.0
0.75x
641.0
8.75x
181.0
18.49x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
7'501.0
0.75x
661.0
8.49x
48.0
32.47x
661.00
430.00
5.73%
2.33%
0.85%
3.60%
6.13%
1.34%
20.6%
8.8%
5.7%
0.6%
1.68
0.37
43.84%
209.35%
47.46
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.11
0.82
1'398.46
7.65%
12.44%
0.819
23
3.652
3'209'846
3'266'610
2'908'767
FY+2
12/13 Y
12/14 Y
8'194.6
8'702.4
0.71x
0.65x
718.5
762.8
8.43x
7.95x
342.5
372.9
11.77x
10.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
05.11.2012
BBBSTABLE
05.11.2012
A-3
3.16
2.40
2.93
3.72
209.4%
66.7%
1.34
14.37
7.71
55.14
35.00
6'000.0
30.00
5'000.0
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
01.01.2010
0.0
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
27.03.2013
G4S PLC
Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
JP MORGAN
INVESCO LTD
UBS
MACQUARIE GROUP
MACKAY SHIELDS LLC
Firm Name
Credit Suisse
Evercore Partners
Monness, Crespi, Hardt & Co
JMP Securities
Cowen and Company
Piper Jaffray
RBC Capital Markets
Deutsche Bank
Morgan Stanley
Goldman Sachs
Credit Suisse
JPMorgan
Jefferies
Macquarie
Stifel
Nomura
S&P Capital IQ
Benchmark Company LLC
Barclays
Ascendiant Capital Markets
Raymond James
Millman Research Associates
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
n/a
INVESCO LTD
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
NAVED KHAN
KEN SENA
WILLIAM LENNAN
IVAN FEINSETH
RONALD V JOSEY III
KEVIN KOPELMAN
MICHAEL J OLSON
KAZUYA NISHIMURA
JAKE FULLER
MARK S MAHANEY
ROSS SANDLER
SCOTT W DEVITT
HEATH P TERRY
STEPHEN JU
DOUGLAS ANMUTH
BRIAN MULLAN
BRIAN P FITZGERALD
THOMAS WHITE
MICHAEL B PURCELL
BRIAN NOWAK
SCOTT H KESSLER
JAMES CORDWELL
DANIEL L KURNOS
EDWARD WOO
CHAD BARTLEY
AARON M KESSLER
MICHAEL MILLMAN
CRAIG STERLING
Source
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
Recommendation
buy
overweight
neutral
strong buy
market outperform
outperform
overweight
neutral
buy
outperform
hold
Equalwt/Attractive
buy/attractive
outperform
overweight
neutral
buy
outperform
buy
buy
hold
overweight
buy
overweight
buy
outperform
outperform
hold
overweight
Amt Held
4'627'871
3'812'408
2'501'932
2'185'936
2'106'662
1'770'983
1'361'625
1'174'200
1'169'858
1'115'144
988'269
976'991
924'834
872'997
862'631
839'300
773'065
664'529
572'001
567'850
% Out
9.28
7.64
5.02
4.38
4.22
3.55
2.73
2.35
2.35
2.24
1.98
1.96
1.85
1.75
1.73
1.68
1.55
1.33
1.15
1.14
Weighting
Change
5
5
3
5
4
5
5
3
5
5
3
3
5
5
5
3
5
5
5
5
3
5
5
5
5
5
5
3
5
M
M
M
M
N
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(287'074)
130'868
52'433
97'425
354'525
49'346
(142)
28'824
561'028
286'848
(74'602)
8'264
(117'033)
31'140
(8'975)
9'458
160'500
(10'002)
Target Price
800
850
#N/A N/A
#N/A N/A
850
#N/A N/A
800
745
859
900
745
750
825
895
835
740
820
820
860
850
875
840
800
775
875
879
840
785
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
05.03.2013
01.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
15.01.2013
27.03.2013
Sage Group PLC/The

The Sage Group plc is a software publishing company. The Group develops,
Company licenses its code division multiple access (CDMA) and orthogonal
frequency division multiplexing access intellectual property to other companies,
and produces CDMA-based integrated circuits, and produces equipment and software
used to track workers and assets, and software for wireless content enablement.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGE LN EQUITY YTD Change
SGE LN EQUITY YTD % CHANGE
09/2012
12/yy
356.30
245.30
824'323.00
339
-4.86%
38.20%
82.79%
1'179.5
3'998.34
209.20
0.0
(2.1)
61.60
4'143.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
70
14.0 M
60
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
1'295.0
2.38x
322.6
9.54x
166.3
15.34x
80
30.09.2009
30.09.2010
1'439.3
1'277.7
2.42x
2.99x
346.2
363.0
10.06x
10.53x
189.5
227.3
16.14x
16.95x
Profitability
30.09.2011
1'334.1
2.55x
394.8
8.63x
189.0
13.19x
30.09.2012
1'340.2
3.22x
391.2
11.02x
296.6
16.82x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
391.20
343.90
25.66%
24.94%
11.37%
19.24%
17.57%
0.51%
93.7%
29.2%
25.7%
22.1%
0.47
0.42
8.46%
15.21%
5.15
33.72
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.99
1.00
1'177.60
18.79%
17.49%
1.002
27
2.815
2'711'820
2'903'223
2'747'656
FY+2
09/13 Y
09/14 Y
1'386.5
1'417.8
3.03x
2.93x
396.5
423.0
10.45x
9.80x
246.9
268.3
15.41x
14.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
29.64
28.17
0.38
0.53
15.2%
13.2%
0.51
9.29
71.09
10.85
242.91
-160.97
35.00
25'000.0
30.00
20'000.0
25.00
15'000.0
20.00
15.00
10'000.0
10.00
5'000.0
5.00
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sage Group PLC/The

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
INVESCO LTD
JP MORGAN
UBS
JACOBS IRWIN MARK
GOLDMAN SACHS GROUP
PRIMECAP MANAGEMENT
DEUTSCHE BANK AG
NORGES BANK
Firm Name
Baader Bank
Piper Jaffray
Morgan Stanley
MKM Partners
Nomura
Evercore Partners
Cowen and Company
RBC Capital Markets
William Blair & Co
BMO Capital Markets
Edward Jones
Societe Generale
D.A. Davidson & Co
Argus Research Corp
Credit Suisse
Raymond James
Scotia Capital
Berenberg Bank
S&P Capital IQ
FBR Capital Markets
Oppenheimer & Co
JMP Securities
Wedge Partners
Drexel Hamilton LLC
JPMorgan
Barclays
Deutsche Bank
Goldman Sachs
Macquarie
Davenport & Co
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
n/a
n/a
GOLDMAN SACHS GROUP
PRIMECAP MANAGEMENT
DEUTSCHE BANK AKTIEN
NORGES BANK
Analyst
JEROME RAMEL
DAVID M WONG
AUGUSTE P RICHARD
EHUD A GELBLUM
DANIEL A BERENBAUM
CHRISTOPHER CASO
ROMIT SHAH
MARK A MCKECHNIE
MATTHEW HOFFMAN
IVAN FEINSETH
IAN ING
MARK SUE
ANIL K DORADLA
STACY A RASGON
TIMOTHY P LONG
WILLIAM C KREHER
PETER KNOX
AALOK K SHAH
JAMES KELLEHER
KULBINDER GARCHA
TAVIS C MCCOURT
GUS PAPAGEORGIOU
ADNAAN AHMAD
JAMES G MOORMAN
CHRISTOPHER ROLLAND
T MICHAEL WALKLEY
ITTAI KIDRON
ALEX GAUNA
BRIAN BLAIR
RICHARD WHITTINGTON
ROD HALL
BLAYNE CURTIS
YOKO YAMADA
BRIAN T MODOFF
SIMONA JANKOWSKI
MIKE BURTON
SHAWN WEBSTER
F DRAKE JOHNSTONE
CODY G ACREE
JAMES CORDWELL
SRINI PAJJURI
ANDREW S ZAMFOTIS
JAMES FAUCETTE
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
Form 4
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
outperform
outperform
overweight
Overwt/Attractive
buy
Positive
buy
overweight
outperform
strong buy
buy
outperform
outperform
outperform
outperform
buy
hold
neutral
buy
outperform
outperform
focus stock
sell
strong buy
outperform
buy
outperform
market outperform
no rating system
buy
neutral
overweight
outperform
buy
Buy/Neutral
buy
outperform
buy
hold
overweight
outperform
overweight
outperform
Amt Held
97'445'750
76'175'417
70'105'195
65'989'412
48'565'229
39'259'157
28'145'539
28'068'364
26'620'183
20'000'786
18'812'964
18'545'579
18'055'113
17'971'145
16'861'913
16'431'203
15'415'875
15'097'814
15'092'976
13'118'618
% Out
5.67
4.43
4.08
3.84
2.83
2.28
1.64
1.63
1.55
1.16
1.09
1.08
1.05
1.05
0.98
0.96
0.9
0.88
0.88
0.76
Weighting
Change
5
5
5
5
5
4
5
5
5
5
5
5
5
5
5
5
3
3
5
5
5
5
1
5
5
5
5
4
#N/A N/A
5
3
5
5
5
5
5
5
5
3
5
5
5
5
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
(1'097'545)
1'586'995
2'748'797
(13'864'751)
(1'402'853)
1'723'682
(3'535'861)
3'817'042
(44'394)
(101'415)
(894'092)
(66'379)
(97'239)
(245'290)
1'737'652
(5'446'906)
(4'025'353)
(2'711'518)
3'254'562
1'609'301
Target Price
75
#N/A N/A
83
73
74
85
75
85
#N/A N/A
#N/A N/A
79
77
#N/A N/A
80
80
#N/A N/A
64
65
80
85
80
81
50
84
76
83
72
75
#N/A N/A
80
70
77
71
78
80
80
75
72
#N/A N/A
80
74
#N/A N/A
70
File Dt
25.03.2013
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
05.03.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
18 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
18 month
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
10.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
03.03.2013
25.02.2013
25.02.2013
22.02.2013
13.02.2013
12.02.2013
11.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
27.03.2013
Severn Trent PLC

Severn Trent plc supplies water, waste, and utility services throughout the
acquisition, development, and exploration of gold and other precious metal in
Africa.
Price/Volume
140
1.2 M
120
1.0 M
100
.8 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.08.2012)
52-Week Low (05.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SVT LN EQUITY YTD Change
SVT LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
40
.2 M
20
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'552.4
4.38x
699.7
9.73x
209.5
15.89x
.6 M
60
03/2012
12/yy
1'836.00
1'442.71
95'275.00
1658
-9.59%
15.06%
62.62%
238.4
3'952.02
4'398.80
0.0
7.9
295.10
8'124.42
31.03.2009
31.03.2010
1'642.2
1'703.9
3.74x
3.86x
713.6
813.9
8.60x
8.07x
(57.8)
249.2
11.32x
Profitability
31.03.2011
1'711.3
4.38x
792.5
9.45x
272.6
12.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
1'770.6
4.39x
786.7
9.89x
171.8
21.30x
786.70
499.90
28.23%
8.85%
2.86%
24.61%
0.23%
43.1%
26.7%
9.7%
1.52
0.86
57.02%
451.85%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
4.36
0.60
231.31
16.26%
5.46%
0.601
18
3.111
538'310
594'984
600'769
FY+2
03/13 Y
03/14 Y
1'830.4
1'876.3
4.51x
4.46x
827.7
852.4
9.82x
9.53x
221.9
233.9
17.98x
17.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
28.01.2010
BBBSTABLE
28.01.2010
A-3
2.34
1.23
5.36
5.67
451.9%
81.8%
0.23
0.27
-
160.00
1'400.0
140.00
1'200.0
120.00
1'000.0
100.00
800.0
80.00
600.0
60.00
400.0
40.00
200.0
20.00
0.00
01.01.2010
0.0
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
27.03.2013
Severn Trent PLC

Holdings By:
All
Holder Name
BLACKROCK
VAN ECK ASSOCIATES C
FMR LLC
CARMIGNAC GESTION
FRANKLIN RESOURCES
AGF INVESTMENTS INC
JENNISON ASSOCIATES
JP MORGAN
TOCQUEVILLE ASSET MA
PAULSON & CO
WELLS FARGO
INVESCO LTD
GAMCO
MACKENZIE FINANCIAL
ASA BERMUDA LIMITED
NIKKO ASSET MANAGEME
Firm Name
RBC Capital Markets
BMO Capital Markets
HSBC
Clarus Securities
S&P Capital IQ
GARP Research
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
AGF INVESTMENTS INC
JENNISON ASSOCIATES
n/a
TOCQUEVILLE ASSET MA
PAULSON & CO
n/a
INVESCO LTD
n/a
MACKENZIE FINANCIAL
ASA BERMUDA LIMITED
n/a
Analyst
TANYA M JAKUSCONEK
ANDREW BREICHMANAS
PATRICK CHIDLEY
NANA SANGMUAH
TIM DUDLEY
LEO LARKIN
SETH DADDS
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
sector perform
market perform
overweight
buy
buy
buy
buy
buy
Amt Held
8'568'474
6'627'558
4'049'382
3'917'000
1'652'413
1'264'736
1'196'861
1'013'740
968'495
952'220
930'502
850'000
821'510
818'535
656'494
533'200
444'700
399'700
385'000
321'000
% Out
9.3
7.19
4.4
4.25
1.79
1.37
1.3
1.1
1.05
1.03
1.01
0.92
0.89
0.89
0.71
0.58
0.48
0.43
0.42
0.35
Weighting
Change
3
3
5
5
5
5
5
5
M
M
M
M
M
M
M
M
Latest Chg
(1'044'783)
365'169
(992'666)
(633'099)
(232'219)
(47'000)
(132'195)
(96'778)
(224'221)
(175'960)
(72'716)
1'320
30'000
164'900
171'000
(15'400)
(11'600)
Target Price
109
110
125
120
145
125
#N/A N/A
#N/A N/A
File Dt
25.03.2013
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
18 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Hedge Fund Manager
Hedge Fund Manager
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Unclassified
Date
14.03.2013
25.02.2013
31.01.2013
29.01.2013
17.12.2012
16.11.2012
10.08.2012
18.11.2011
27.03.2013
Aberdeen Asset Management PLC

Aberdeen Asset Management PLC operates an investment management group, which
develops, and commercializes pharmaceutical products for the treatment of
serious medical conditions. The Company has therapeutic candidates in clinical
trials for the potential treatment of cancer, eye diseases, and inflammatory
diseases, and has preclinical programs in other diseases and disorders.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADN LN EQUITY YTD Change
ADN LN EQUITY YTD % CHANGE
Price/Volume
09/2012
12/yy
442.30
232.70
2'150'201.00
426.8
-3.69%
83.07%
93.37%
1'198.4
5'114.79
81.50
0.0
212.1
406.40
5'001.99
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
430.1
2.84x
114.9
10.64x
35.2
27.55x
200
180
160
140
120
100
80
60
40
20
0
m-12
30.09.2009
30.09.2010
421.9
638.2
4.39x
3.16x
132.0
226.4
14.02x
8.90x
(8.1)
92.6
18.72x
Profitability
30.09.2011
784.0
2.56x
313.2
6.40x
169.7
11.51x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
869.2
4.12x
361.0
9.91x
208.7
16.46x
361.00
274.60
31.59%
31.03%
6.00%
19.80%
17.03%
0.25%
41.5%
31.6%
24.0%
1.10
0.15
2.00%
7.49%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.70
1.07
918.68
68.03%
16.04%
1.074
23
4.130
4'234'882
3'742'919
3'704'651
FY+2
09/13 Y
09/14 Y
1'012.6
1'145.6
4.86x
4.12x
426.4
497.5
11.73x
10.05x
332.2
383.4
15.69x
13.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
48.78
47.76
-0.90
0.23
7.5%
5.9%
0.25
44.35
-
70.00
1'600.0
60.00
1'400.0
1'200.0
50.00
1'000.0
40.00
800.0
30.00
600.0
20.00
400.0
10.00
200.0
0.00
01.01.2010
0.0
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
27.03.2013
Aberdeen Asset Management PLC

Holdings By:
All
Holder Name
MITSUBISHI UFJ FINAN
FMR LLC
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
STATE STREET
YANCOPOULOS GEORGE D
INVESCO LTD
TOUCHSTONE ADVISORS
DEUTSCHE BANK AG
PINNACLE ASSOCIATES
GCIC LTD/CANADA
Firm Name
Exane BNP Paribas
Jefferies
RBC Capital Markets
Barclays
Leerink Swann & Co
EVA Dimensions
BMO Capital Markets
Goldman Sachs
JPMorgan
Cowen and Company
Piper Jaffray
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
ARTISAN PARTNERS LP
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
Multiple Portfolios
n/a
PINNACLE ASSOCIATES
GOODMAN & COMPANY IN
Analyst
JASON KANTOR
BIREN AMIN
JOSHUA SCHIMMER
ADNAN BUTT
YING HUANG
JOSEPH PANTGINIS
JOSEPH P SCHWARTZ
CHRISTOPHER J RAYMOND
ANDREW S ZAMFOTIS
JIM BIRCHENOUGH
TERENCE FLYNN
JONATHAN M ASCHOFF
GEOFFREY MEACHAM
PHILIP NADEAU
EDWARD A TENTHOFF
ROBYN KARNAUSKAS
Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
Form 4
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
outperform
hold
neutral
outperform
overweight
buy
outperform
outperform
hold
outperform
buy/attractive
hold
neutral
neutral
neutral
buy
Amt Held
15'816'953
14'536'840
14'104'017
6'746'671
5'977'244
3'857'640
3'223'869
3'119'564
2'525'132
2'517'641
2'477'586
1'122'864
1'029'377
828'000
803'814
795'113
766'916
765'640
747'954
599'800
% Out
16.58
15.24
14.79
7.07
6.27
4.04
3.38
3.27
2.65
2.64
2.6
1.18
1.08
0.87
0.84
0.83
0.8
0.8
0.78
0.63
Weighting
Change
5
3
3
5
5
5
5
5
3
5
5
3
3
3
3
5
M
M
M
M
N
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
1'017'401
(2'346'800)
3'344'742
(618'760)
(228'913)
(610'504)
36'747
460'591
(1'010'842)
(8'774)
50'846
964'817
22'000
(153'262)
(5'936)
(154'017)
70'587
(9'490)
9'100
Target Price
187
179
#N/A N/A
190
194
200
#N/A N/A
205
#N/A N/A
192
196
#N/A N/A
150
#N/A N/A
140
190
File Dt
Inst Type
13.10.2010
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
19.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
Date
19.03.2013
19.03.2013
03.03.2013
28.02.2013
28.02.2013
19.02.2013
19.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
25.10.2012
27.03.2013
Babcock International Group PLC

Babcock International Group plc offers support services to public sector
accessories stores. Ross offers name brand and designer apparel, accessories,
footwear, and home fashions at discount prices.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.03.2013)
52-Week Low (27.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAB LN EQUITY YTD Change
BAB LN EQUITY YTD % CHANGE
03/2012
02/yy
1'113.00
774.50
90'570.00
1073
-3.59%
38.54%
90.84%
360.3
3'865.71
761.50
0.0
8.6
100.30
4'491.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
70
3.5 M
60
3.0 M
50
2.5 M
40
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'555.9
1.05x
138.8
11.79x
67.3
19.06x
80
31.03.2009
31.03.2010
1'901.9
1'923.4
0.88x
0.88x
168.9
189.6
9.89x
8.92x
72.0
106.0
11.48x
13.02x
Profitability
31.03.2011
2'703.2
1.10x
293.5
10.12x
101.1
20.60x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
3'070.4
1.15x
337.5
10.45x
100.8
18.55x
337.50
213.60
6.96%
5.63%
3.26%
11.24%
8.50%
0.99%
18.3%
11.2%
7.3%
3.3%
0.83
0.52
25.40%
83.55%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
02/yy
-
FY+1
-
2.17
0.73
340.90
37.62%
11.13%
0.733
19
3.684
692'981
729'144
664'202
FY+2
03/13 Y
03/14 Y
3'229.0
3'441.0
1.37x
1.25x
385.7
402.0
11.65x
11.17x
245.5
249.9
15.60x
15.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
7.34
6.41
1.79
2.08
83.6%
45.3%
0.99
13.35
10.97
20.00
12'000.0
18.00
10'000.0
16.00
14.00
8'000.0
12.00
6'000.0
10.00
8.00
4'000.0
6.00
4.00
2'000.0
2.00
0.00
05.02.2010
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Babcock International Group PLC

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
JP MORGAN
MACKAY SHIELDS LLC
ORBAN GEORGE P
JENNISON ASSOCIATES
AKRE CAPITAL MANAGEM
Firm Name
Peel Hunt
Morgan Stanley
RBC Capital Markets
William Blair & Co
Johnson Rice & Co
FBR Capital Markets
MKM Partners
EVA Dimensions
Credit Suisse
Jefferies
Stifel
Piper Jaffray
Northcoast Research
S&P Capital IQ
BMO Capital Markets
Deutsche Bank
JPMorgan
Crowell, Weedon & Co
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
Multiple Portfolios
n/a
JENNISON ASSOCIATES
n/a
Analyst
OMAR SAAD
KIMBERLY GREENBERGER
HOWARD TUBIN
DANIEL H HOFKIN
DAVID M MANN
DUTCH FOX
DAVID J GLICK
IKE BORUCHOW
MARK K MONTAGNA
EVREN DOGAN KOPELMAN
PATRICK G MCKEEVER JR
DANA TELSEY
CRAIG STERLING
MICHAEL B EXSTEIN
RANDAL J KONIK
RICHARD E JAFFE
LAURA A CHAMPINE
ALEX J FUHRMAN
JEFFERY STEIN
MORRY BROWN
JASON ASAEDA
JOHN D MORRIS
MICHAEL BAKER
BRIAN J TUNICK
SCOTT M SWANSON
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
Form 4
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
buy
Equalwt/Cautious
sector perform
outperform
overweight
outperform
neutral
neutral
market outperform
market perform
buy
no rating system
buy
outperform
hold
hold
hold
overweight
buy
buy
buy
market perform
buy
neutral
buy
Amt Held
28'175'226
16'672'005
11'478'180
8'870'387
7'836'463
7'065'366
5'910'719
4'282'701
3'849'624
3'771'842
3'661'156
3'258'732
2'977'172
2'756'802
2'716'295
2'597'864
2'509'699
1'962'013
1'937'709
1'711'027
% Out
12.67
7.5
5.16
3.99
3.52
3.18
2.66
1.93
1.73
1.7
1.65
1.47
1.34
1.24
1.22
1.17
1.13
0.88
0.87
0.77
Weighting
Change
5
3
3
5
5
5
3
3
4
3
5
#N/A N/A
5
5
3
3
3
5
5
5
5
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(501'655)
1'851'549
(3'335'778)
(28'658)
410'306
243'294
3'854'546
(765'265)
(448'489)
2'972'491
(361'361)
(782'991)
13'659
16'000
333'564
612'200
957'912
14'114
(10'813)
(811'119)
Target Price
70
#N/A N/A
67
#N/A N/A
#N/A N/A
69
60
60
66
#N/A N/A
68
64
#N/A N/A
68
55
#N/A N/A
65
71
65
70
64
58
66
60
70
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
9 month
18 month
Date
24.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
15.03.2013
14.03.2013
09.01.2013
03.12.2012
16.11.2012
27.03.2013
Tate & Lyle PLC

Tate & Lyle PLC is the holding company for an international group of companies
in a variety of form factors using our flash memory, proprietary controller and
firmware technologies. The Company's solutions include removable cards,
embedded products, universal serial bus, or USB, drives, digital media players,
wafers and components.
Price/Volume
60
03/2012
12/yy
852.00
627.50
301'442.00
819
-3.99%
30.36%
91.09%
466.3
3'819.05
946.00
0.0
25.0
424.00
4'260.05
6.0 M
5.0 M
4.0 M
20
3.0 M
2.0 M
10
0
m-12
1.0 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
31.03.2010
3'553.0
2'533.0
0.69x
1.15x
296.0
373.0
8.24x
7.83x
65.0
15.0
13.36x
Profitability
31.03.2011
2'720.0
1.17x
418.0
7.62x
163.0
13.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
3'088.0
1.24x
440.0
8.70x
305.0
10.70x
440.00
337.00
10.91%
12.27%
10.49%
30.95%
17.31%
1.13%
12.0%
8.5%
9.9%
2.01
1.00
32.55%
91.58%
9.41
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
12/yy
-
FY+1
-
3.08
0.64
465.08
20.01%
7.35%
0.644
19
3.684
1'419'578
1'413'449
1'314'429
FY+2
03/13 Y
03/14 Y
3'268.8
3'479.1
1.31x
1.19x
456.3
491.4
9.34x
8.67x
263.3
288.1
14.76x
13.58x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.07.2011
BBB
STABLE
15.07.2011
A-2
13.33
10.24
1.16
2.26
91.6%
47.2%
1.13
3.53
38.91
-
30.00
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
08.01.2010
7.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (22.03.2013)
52-Week Low (10.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TATE LN EQUITY YTD Change
TATE LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
40
Valuation Analysis
31.03.2008
2'867.0
1.23x
339.0
10.44x
194.0
22.69x
9.0 M
50
0.0
08.07.2010
08.01.2011
08.07.2011
08.01.2012
08.07.2012
08.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Tate & Lyle PLC

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
PRIMECAP MANAGEMENT
MORGAN STANLEY
LEGG MASON INC
KENSICO CAPITAL MANA
DISCOVERY CAPITAL MA
HARARI ELI
NORGES BANK
INVESCO LTD
Firm Name
Investec
Cowen and Company
MKM Partners
Argus Research Corp
Raymond James
Piper Jaffray
RBC Capital Markets
Macquarie
Morgan Stanley
Goldman Sachs
Wedbush
Cross Research
Stifel
Needham & Co
EVA Dimensions
Nomura
Deutsche Bank
JPMorgan
Jefferies
S&P Capital IQ
Gabelli & Co
Credit Suisse
JMP Securities
BOE Securities
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
PRIMECAP MANAGEMENT
n/a
Multiple Portfolios
KENSICO CAPITAL MANA
DISCOVERY CAPITAL MA
n/a
NORGES BANK
INVESCO LTD
Analyst
RYAN GOODMAN
VIJAY R RAKESH
TRISTAN GERRA
MEHDI HOSSEINI
MONIKA GARG
TIMOTHY M ARCURI
DANIEL A BERENBAUM
MARK C NEWMAN
JAMES KELLEHER
HANS C MOSESMANN
CRAIG ELLIS
JAGADISH IYER
DOUG FREEDMAN
DEEPON NAG
JOSEPH MOORE
JAMES SCHNEIDER
BETSY VAN HEES
STEVEN B FOX
DANIEL L AMIR
KEVIN E CASSIDY
RAJVINDRA S. GILL
ANDREW S ZAMFOTIS
SIDNEY HO
BOB GUJAVARTY
HARLAN SUR
SUNDEEP BAJIKAR
ANGELO ZINO
HENDI SUSANTO
JOHN W PITZER
IVAN FEINSETH
ALEX GAUNA
BINDAL PARIKH TOTLANI
Source
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
Form 5
13F
13F
Recommendation
underperform
buy
neutral
Positive
outperform
neutral
neutral
outperform
buy
outperform
buy
overweight
outperform
outperform
Overwt/In-Line
buy/attractive
outperform
buy
buy
buy
buy
sell
buy
hold
neutral
buy
buy
buy
outperform
strong buy
market perform
buy
Amt Held
17'359'506
14'144'750
13'772'396
10'649'095
9'770'368
9'546'595
7'073'816
5'720'676
5'493'814
4'819'428
4'511'060
4'482'305
4'451'294
4'244'000
3'585'900
3'510'069
3'388'893
3'283'017
2'897'220
2'626'387
% Out
7.18
5.85
5.69
4.4
4.04
3.95
2.92
2.37
2.27
1.99
1.87
1.85
1.84
1.75
1.48
1.45
1.4
1.36
1.2
1.09
Weighting
Change
1
5
3
4
5
3
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
1
5
3
3
5
5
5
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
N
M
M
Latest Chg
519'757
273'650
(4'813'870)
173'278
(2'981'651)
113'023
147'100
(297'990)
389'070
(177'894)
3'542'305
41'763
1'084'200
2'131'900
(259'067)
(38'398)
(3'685'038)
(245'762)
Target Price
58
60
47
70
56
#N/A N/A
43
65
65
62
67
60
65
65
60
58
55
60
58
54
60
#N/A N/A
55
45
56
59
58
#N/A N/A
55
#N/A N/A
#N/A N/A
46
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
02.01.2011
n/a
31.12.2012
Government
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
27.03.2013
26.03.2013
25.03.2013
24.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
04.03.2013
27.02.2013
14.02.2013
08.02.2013
04.02.2013
01.02.2013
31.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
02.11.2012
17.10.2012
01.08.2012
27.03.2013
Meggitt PLC
Meggitt plc operates an engineering group, which specializes in aerospace,
infrastructure in the United States. The Company offers both site leasing and
site development services. SBA leases antenna space on its multi-tenant towers
to a variety of wireless service providers under long-term lease contracts. The
Company also offers site development consulting and construction.
Price/Volume
80
50
12/2012
12/yy
496.80
362.50
407'156.00
482.1
-3.06%
32.86%
91.36%
785.1
3'784.89
747.40
0.0
0.0
104.90
4'427.39
1.0 M
30
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2009
31.12.2010
1'150.5
1'162.0
2.25x
2.84x
379.3
362.5
6.83x
9.11x
138.8
138.8
12.67x
18.43x
Profitability
31.12.2011
1'455.3
2.43x
425.5
8.31x
184.9
14.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'605.8
2.27x
491.6
7.41x
243.3
12.29x
491.60
336.90
20.98%
18.19%
6.18%
13.16%
11.22%
0.41%
42.1%
30.6%
21.0%
15.2%
1.20
0.18
19.24%
39.23%
3.27
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.45
1.01
742.94
23.77%
28.11%
1.015
16
3.813
1'394'636
1'401'534
1'501'782
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'701.1
1'797.0
2.58x
2.38x
500.3
533.2
8.85x
8.30x
291.3
312.3
12.89x
11.82x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
7.35
6.82
1.31
1.52
39.2%
28.2%
0.41
6.95
112.01
104.66
30.00
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
01.01.2010
1.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (25.03.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MGGT LN EQUITY YTD Change
MGGT LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
60
Valuation Analysis
31.12.2008
1'162.6
1.82x
290.1
7.29x
99.1
10.67x
2.5 M
70
0.0
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
27.03.2013
Meggitt PLC
Holdings By:
All
Holder Name
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
BLACKROCK
TIMESSQUARE CAPITAL
BAMCO INC
JENNISON ASSOCIATES
COLUMBIA WANGER ASSE
MACKAY SHIELDS LLC
INVESCO LTD
FRANKLIN RESOURCES
POINTSTATE CAPITAL
STATE STREET
Firm Name
Portfolio Name
n/a
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
n/a
TIMESSQUARE CAPITAL
BAMCO INC
JENNISON ASSOCIATES
COLUMBIA WANGER ASSE
Multiple Portfolios
INVESCO LTD
n/a
n/a
POINTSTATE CAPITAL L
n/a
n/a
Analyst

JENNIFER M FRITZSCHE
Macquarie
KEVIN SMITHEN
Stifel
BEN LOWE
Evercore Partners
JONATHAN SCHILDKRAUT
MICHAEL BOWEN
Cowen and Company
COLBY SYNESAEL
RBC Capital Markets
JONATHAN ATKIN
Piper Jaffray
CHRISTOPHER M LARSEN
Morgan Stanley
SIMON FLANNERY
GREGORY MILLER
JPMorgan
PHILIP CUSICK
Raymond James
RICHARD H PRENTISS JR
Nomura
MICHAEL L MCCORMACK
CHRISTOPHER WATTS
New Street Research
JONATHAN CHAPLIN
Goldman Sachs
JASON ARMSTRONG
Deutsche Bank
BRETT FELDMAN
EVA Dimensions
ANDREW S ZAMFOTIS
S&P Capital IQ
JAMES G MOORMAN
Source
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
Recommendation
outperform
neutral
buy
overweight
outperform
outperform
top pick
overweight
Overwt/In-Line
buy
overweight
strong buy
buy
neutral
buy
buy/attractive
buy
sell
buy
Amt Held
12'208'555
6'338'878
6'263'342
5'888'125
5'855'874
5'682'550
5'501'746
5'253'590
4'427'000
4'204'203
3'516'522
3'289'965
3'083'619
2'946'325
2'928'535
2'740'060
2'646'346
2'522'500
2'434'513
2'375'509
% Out
9.62
4.99
4.93
4.64
4.61
4.48
4.33
4.14
3.49
3.31
2.77
2.59
2.43
2.32
2.31
2.16
2.08
1.99
1.92
1.87
Weighting
Change
5
3
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
140'821
81'285
(53'029)
145'095
(4'426)
(617'000)
(178'257)
1'508'618
(30'000)
1'134'458
(29'000)
1'631'825
1'352'937
(875'071)
404'165
(158'405)
117'525
1'373'100
(461'740)
136'640
Target Price
#N/A N/A
77
83
83
98
#N/A N/A
85
83
77
85
80
81
85
73
75
78
85
#N/A N/A
84
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
15.03.2013
13.03.2013
13.03.2013
12.03.2013
07.03.2013
06.03.2013
01.03.2013
26.02.2013
24.02.2013
24.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
22.01.2013
15.01.2013
15.01.2013
02.01.2013
27.03.2013
Resolution Ltd
Resolution Limited is a life insurance company. The Company provides life
enterprise applications, client compute applications, client non-compute
applications, personal data backup systems, portable external storage systems
and digital media systems. The Company also provides data storage services for
businesses, including online backup, data protection and recovery solutions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RSL LN EQUITY YTD Change
RSL LN EQUITY YTD % CHANGE
12/2012
12/yy
278.40
189.80
1'773'061.00
271.1
-2.80%
42.57%
91.65%
1'418.1
3'844.49
1'099.00
0.0
321.0
9'449.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
35
35.0 M
30
30.0 M
25
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
40
31.12.2009
31.12.2010
2'816.0
11'115.0
1'280.0
765.0
0.65x
2.89x
Profitability
LTM-4Q
31.12.2011
4'238.0
(62.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
11'130.0
(72.0)
-0.29%
-1.73%
-0.06%
-1.30%
0.09%
-0.6%
0.86%
20.44%
-
Price/ Cash Flow
LTM
12/yy
11'560.0
2.36x
1'968.0
4.23x
915.0
7.42x
12/yy
16'332.0
2.89x
4'319.0
2.70x
3'233.0
3.96x
FY+1
7.81
1.06
1'407.35
10.63%
9.33%
1.055
19
3.158
3'611'942
2'816'208
2'663'164
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/11 Q3 12/11 Q4
1'567.0
1'758.0
272.0
1.88x
1.67x
360.4
404.1
10.80x
9.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
20.4%
16.2%
0.09
-
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00
10'000.0
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
0.00
03.07.2009
2'000.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Resolution Ltd
Holdings By:
All
Holder Name
FMR LLC
FMR LLC
LEGG MASON INC
VANGUARD GROUP INC
BLACKROCK
STATE STREET
ALKEN ASSET MANAGEME
LSV ASSET MANAGEMENT
GREENLIGHT CAPITAL I
NORGES BANK
FIRST TRUST
INVESCO LTD
ROBECO INVESTMENT MG
GOLDMAN SACHS GROUP
BARCLAYS PLC
Firm Name
RBC Capital Markets
Longbow Research
BMO Capital Markets
Stifel
Barclays
Argus Research Corp
Deutsche Bank
Morgan Stanley
Goldman Sachs
RBC Capital Markets
JPMorgan
Needham & Co
Evercore Partners
Noble Financial Group
S&P Capital IQ
Cross Research
FBN Securities
EVA Dimensions
Wedge Partners
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
NORGES BANK
n/a
INVESCO LTD
ROBECO INVESTMENT MA
GOLDMAN SACHS GROUP
n/a
n/a
Analyst
ANANDA BARUAH
JOE WITTINE
MAYNARD UM
IVAN FEINSETH
KEITH F BACHMAN
YOKO YAMADA
MONIKA GARG
EDWARD PARKER
AARON C RAKERS
BENJAMIN A REITZES
JAMES KELLEHER
SHERRI SCRIBNER
KATHRYN HUBERTY
WILLIAM C SHOPE JR
AMIT DARYANANI
MARK A MOSKOWITZ
RICHARD J KUGELE
JAYSON NOLAND SR
ROBERT CIHRA
MARK S MILLER
ANGELO ZINO
CHRISTIAN SCHWAB
STEVEN B FOX
AVI SILVER
SHEBLY SEYRAFI
ANDREW S ZAMFOTIS
KIRK ADAMS
Source
Form 3
ULT-AGG
RNS-MAJ
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
Recommendation
buy
neutral
market perform
buy
market perform
neutral
sector perform
buy
hold
underweight
hold
hold
Equalwt/In-Line
neutral/neutral
sector perform
underweight
hold
neutral
equalweight
hold
sell
buy
hold
underperform
sector perform
buy
no rating system
Amt Held
45'239'490
31'929'428
23'472'945
22'855'845
19'056'988
15'824'233
12'445'351
10'436'769
9'947'957
8'890'851
8'370'896
7'870'096
6'463'432
6'463'429
5'381'133
4'189'394
4'022'832
3'744'195
3'325'324
3'306'052
% Out
12.61
8.9
6.54
6.37
5.31
4.41
3.47
2.91
2.77
2.48
2.33
2.19
1.8
1.8
1.5
1.17
1.12
1.04
0.93
0.92
Weighting
Change
5
3
3
5
3
3
3
5
3
1
3
3
3
3
3
1
3
3
3
3
1
5
3
1
3
5
#N/A N/A
M
M
M
N
M
U
M
M
M
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
Latest Chg
(771'386)
(493'828)
(357'691)
3'016'421
(1'069'926)
(11'717)
(575'260)
1'200'912
(8'217'244)
4'757'641
(1'143)
(907'092)
(866'533)
3'049'571
2'460'369
(142'206)
2'707'096
(298'500)
Target Price
39
#N/A N/A
#N/A N/A
#N/A N/A
35
36
#N/A N/A
42
#N/A N/A
29
#N/A N/A
40
#N/A N/A
29
35
20
#N/A N/A
35
36
25
31
40
39
35
40
#N/A N/A
#N/A N/A
File Dt
Inst Type
27.01.2012
Corporation
31.12.2012
Investment Advisor
22.11.2010
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
9 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
26.03.2013
20.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
06.03.2013
11.02.2013
06.02.2013
31.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
15.01.2013
14.01.2013
27.03.2013
Petrofac Ltd
Petrofac Limited is an international provider of facilities solutions to the
retail stores in the United States and Canada. The Company retails home
appliances, as well as tools, lawn and garden products, home electronics, and
other products. Sears Holdings also provides automotive repair and maintenance.
Price/Volume
80
4.5 M
70
4.0 M
60
3.5 M
3.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.04.2012)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PFC LN EQUITY YTD Change
PFC LN EQUITY YTD % CHANGE
12/2012
02/yy
1'784.00
1'324.00
155'011.00
1424
-20.18%
7.55%
25.87%
345.9
4'925.49
349.00
0.0
1.0
699.00
7'090.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'329.5
0.34x
420.9
2.69x
265.0
6.46x
2.5 M
40
31.12.2009
31.12.2010
3'655.4
4'354.2
1.20x
1.69x
550.2
637.7
7.94x
11.56x
353.6
557.8
16.07x
15.03x
Profitability
31.12.2011
5'800.7
1.05x
764.0
7.96x
539.4
14.05x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'324.0
1.36x
859.0
10.04x
632.0
14.18x
859.00
729.00
11.53%
12.10%
12.36%
47.52%
41.04%
1.24%
17.1%
13.6%
11.5%
10.0%
1.03
0.59
6.55%
22.53%
6.03
8.03
Price/ Cash Flow
LTM-4Q
LTM
01/yy
02/yy
-
FY+1
-
2.98
1.20
246.99
-13.78%
-12.26%
1.202
23
3.522
1'268'154
1'457'684
1'109'118
FY+2
12/13 Y
12/14 Y
6'747.2
7'330.3
1.09x
1.00x
1'073.1
1'254.5
6.61x
5.65x
694.1
782.8
10.70x
9.43x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
171.80
92.40
-0.41
0.41
22.5%
18.4%
1.24
8.44
60.66
45.56
85.61
20.61
70.00
60'000.0
60.00
50'000.0
50.00
40'000.0
40.00
30'000.0
30.00
20'000.0
20.00
10'000.0
10.00
0.00
05.02.2010
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Petrofac Ltd
Holdings By:
All
Holder Name
ASFARI AYMAN
RBS PARTNERS L P
LAMPERT EDWARD S
FAIRHOLME CAPITAL MA
TISCH THOMAS J
HORIZON KINETICS
STATE STREET
VANGUARD GROUP INC
BLACKROCK
INVESCO LTD
FINE CAPITAL PARTNER
OLD WEST INVESTMENT
CHOU ASSOCIATES MANA
NORGES BANK
SOUTHPOINT CAPITAL A
DEUTSCHE BANK AG
UOB GLOBAL STRATEGIE
BARCLAYS PLC
Firm Name
Societe Generale
Argus Research Corp
Credit Suisse
EVA Dimensions
Longbow Research
S&P Capital IQ
Imperial Capital LLC
Portfolio Name
RBS PARTNERS L P
n/a
n/a
FAIRHOLME CAPITAL MA
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
FINE CAPITAL PARTNER
OLD WEST INVESTMENT
CHOU ASSOCIATES MANA
NORGES BANK
SOUTHPOINT CAPITAL A
Multiple Portfolios
n/a
Analyst
GREGORY MELICH
CHRISTOPHER GRAJA
GARY BALTER
CRAIG STERLING
DAVID S MACGREGOR
JASON ASAEDA
MARY ROSS-GILBERT
Source
13F
13D
13D
13F
PROXY
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
Recommendation
sell
hold
underperform
overweight
not rated
hold
underperform
Amt Held
36'334'181
33'856'069
25'041'046
18'146'573
3'869'816
3'047'600
2'515'679
1'722'598
1'446'408
1'114'743
1'106'100
948'073
905'445
683'700
344'220
325'000
323'511
306'600
300'019
300'000
% Out
34.15
31.82
23.54
17.06
3.64
2.86
2.36
1.62
1.36
1.05
1.04
0.89
0.85
0.64
0.32
0.31
0.3
0.29
0.28
0.28
Weighting
Change
1
3
1
5
#N/A N/A
3
1
M
M
M
U
M
M
M
Latest Chg
(5'939'961)
(2'478'112)
1'212'493
(58'140)
(84'798)
106'510
52'457
(1'864)
(109'420)
406'900
(10'500)
905'445
(54'262)
125'000
(241'439)
3'400
16'219
-
Target Price
22
#N/A N/A
20
#N/A N/A
#N/A N/A
44
#N/A N/A
File Dt
31.12.2012
20.03.2013
20.03.2013
31.12.2012
10.02.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Hedge Fund Manager
Hedge Fund Manager
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Government
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Date
24.03.2013
05.03.2013
04.03.2013
01.03.2013
14.01.2013
08.01.2013
02.05.2012
27.03.2013
Croda International PLC

Croda International plc is the holding company for a group of companies that
broad range of chemicals, biochemicals and equipment. The Company's chemical
products and kits are used in scientific research, including genomic and
proteomic, biotechnology, pharmaceutical development and as key components in
pharmaceutical, diagnostic and other high technology manufacturing.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
1.0 M
60
12/2012
12/yy
2'784.00
2'000.00
53'071.00
2710
-2.66%
35.50%
91.96%
140.0
3'792.64
261.50
0.0
0.1
53.80
4'000.44
50
.8 M
40
.6 M
30
.4 M
20
.2 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
911.1
1.24x
143.5
7.87x
61.0
10.82x
1.4 M
80
70
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (01.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CRDA LN EQUITY YTD Change
CRDA LN EQUITY YTD % CHANGE
90
31.12.2009
31.12.2010
827.5
1'001.9
1.70x
2.44x
136.7
232.7
10.32x
10.49x
23.8
130.8
18.78x
16.94x
Profitability
LTM-4Q
31.12.2011
1'028.0
2.68x
269.2
10.24x
167.5
15.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'051.9
3.36x
286.5
12.33x
161.9
18.28x
286.50
255.40
24.28%
24.07%
16.18%
53.06%
29.34%
1.05%
34.0%
27.2%
24.3%
15.4%
2.22
0.31
26.06%
75.97%
4.15
Price/ Cash Flow
12/yy
2'505.0
12.45x
761.0
9.74x
457.0
16.61x
LTM
12/yy
2'623.0
13.58x
809.0
10.86x
460.0
19.01x
FY+1
2.20
0.89
138.63
30.72%
14.06%
0.890
18
3.556
270'417
329'740
316'498
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
1'128.6
1'201.6
250.3
297.0
3.51x
3.26x
315.6
343.4
72.2
78.6
12.68x
11.65x
12.85x
12.72x
186.6
205.2
41.2
47.1
19.67x
18.01x
19.97x
19.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.81
25.39
0.72
0.91
76.0%
43.2%
1.05
3.10
88.29
-
20.00
3'000.0
18.00
2'500.0
16.00
14.00
2'000.0
12.00
1'500.0
10.00
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
01.01.2010
0.0
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
27.03.2013
Croda International PLC

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
STATE FARM INSURANCE
FMR LLC
HARDING LOEVNER LP
WELLS FARGO
INVESCO LTD
JP MORGAN
SELECT EQUITY GROUP
MACKENZIE FINANCIAL
FRANKLIN RESOURCES
CAPITAL COUNSEL LLC
Firm Name
HSBC
Longbow Research
Jefferies
Macquarie
JPMorgan
Leerink Swann & Co
Edward Jones
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
n/a
HARDING LOEVNER LP
n/a
INVESCO LTD
n/a
SELECT EQUITY GROUP
MACKENZIE FINANCIAL
n/a
CAPITAL COUNSEL LLC
Analyst
TRACY MARSHBANKS
DMITRY SILVERSTEYN
MICHAEL J SISON
TIM EVANS
JON WOOD
JEFF T ELLIOTT
JONATHAN P GROBERG
TYCHO W PETERSON
DANIEL L LEONARD
PETER R LAWSON
MATT ARNOLD
CRAIG STERLING
PAUL R KNIGHT
ISAAC RO
Source
13F
ULT-AGG
13F
Sch-D
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
equalweight
neutral
buy
market perform
hold
outperform
neutral
neutral
market perform
neutral
buy
underweight
outperform
neutral/neutral
Amt Held
14'033'160
9'664'000
8'082'331
6'628'173
6'362'714
6'162'455
6'110'994
3'280'000
3'251'389
2'841'014
2'714'070
2'675'280
2'317'018
2'267'527
2'083'764
1'817'182
1'173'300
1'150'995
1'138'832
1'136'232
% Out
11.65
8.02
6.71
5.5
5.28
5.12
5.07
2.72
2.7
2.36
2.25
2.22
1.92
1.88
1.73
1.51
0.97
0.96
0.95
0.94
Weighting
Change
3
3
5
3
3
5
3
3
3
3
5
1
5
3
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
1'410'000
94'282
102'546
249'486
(100'000)
93'101
198'666
(10'687)
(174'811)
111'294
(591'966)
(13'366)
38'300
(2'553)
(26'160)
9'630
Target Price
#N/A N/A
#N/A N/A
86
#N/A N/A
67
85
76
74
#N/A N/A
70
#N/A N/A
#N/A N/A
89
72
File Dt
Inst Type
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Insurance Company
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
14.03.2013
01.03.2013
07.02.2013
16.01.2013
27.03.2013
Antofagasta PLC
Antofagasta plc owns and operates copper mines in Chile and conducts
The Company provides its services throughout the continental United States for
a monthly subscription fee. Sirius delivers various streams of commercial-free
music in every genre, as well as streams of news, sports, weather, talk,
comedy, and public radio.
Price/Volume
12/2012
12/yy
1'392.00
972.00
443'329.00
1029
-26.08%
5.86%
11.67%
985.9
10'144.47
1'889.20
0.0
1'694.2
4'296.50
14'608.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
2'962.6
4'577.1
5.22x
5.42x
1'676.9
2'881.1
9.23x
8.60x
667.7
1'051.8
23.65x
23.56x
Profitability
LTM-4Q
31.12.2011
6'076.0
3.14x
3'519.3
5.41x
1'236.6
15.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'740.1
3.04x
3'854.4
5.32x
1'032.0
20.54x
3'854.40
3'360.20
49.85%
40.86%
8.40%
15.51%
17.50%
0.55%
63.4%
57.2%
49.9%
15.3%
4.35
3.30
14.68%
26.57%
6.33
4.76
Price/ Cash Flow
12/yy
3'014.5
12.53x
941.2
9.64x
427.0
26.00x
m-12
j-12
j-12
a-12
LTM
12/yy
3'402.0
15.43x
1'135.5
15.08x
3'472.7
5.35x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
1.35
1.56
345.83
-10.71%
-22.28%
1.562
28
3.143
1'643'335
2'331'777
1'955'072
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
6'611.0
6'485.4
1'587.8
1'761.5
2.25x
2.22x
3'395.1
3'306.8
923.4
1'010.0
4.30x
4.42x
1'292.9
1'229.4
11.97x
12.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
33.37
25.81
-0.62
0.49
26.6%
17.7%
0.55
1.04
57.78
76.88
68.81
77.50
18.00
4'000.0
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
01.01.2010
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'372.6
1.29x
1'776.4
2.45x
1'706.5
3.58x
45.0 M
3
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ANTO LN EQUITY YTD Change
ANTO LN EQUITY YTD % CHANGE
0.0
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
27.03.2013
Antofagasta PLC
Holdings By:
All
Holder Name
METALINVEST ESTABLIS
VANGUARD GROUP INC
BLACKROCK
FMR LLC
OMEGA ADVISORS
MACKAY SHIELDS LLC
STATE STREET
INVESCO LTD
ALGER MANAGEMENT INC
SLATE PATH CAPITAL L
COLUMBUS CIRCLE INVE
SCOUT CAPITAL MANAGE
HHR ASSET MANAGEMENT
Firm Name
Exane BNP Paribas
Piper Jaffray
ISI Group
EVA Dimensions
Barrington Research
Macquarie
S&P Capital IQ
Gabelli & Co
Morgan Stanley
RBC Capital Markets
Maxim Group LLC
Goldman Sachs
Wedge Partners
Portfolio Name
#N/A N/A
VANGUARD GROUP INC
n/a
n/a
OMEGA ADVISORS INC
Multiple Portfolios
n/a
INVESCO LTD
FRED ALGER MANAGEMEN
SLATE PATH CAPITAL L
COLUMBUS CIRCLE INVE
SCOUT CAPITAL MANAGE
n/a
HHR ASSET MANAGEMENT
Analyst
BRYAN KRAFT
BARTON CROCKETT
JAMES M MARSH JR
MATTHEW HARRIGAN
VIJAY JAYANT
CRAIG STERLING
JAMES C GOSS
AMY YONG
TUNA AMOBI
BRETT HARRISS
BENJAMIN SWINBURNE
DAVID BANK
JOHN TINKER
JEFFREY WLODARCZAK
MATTHEW NIKNAM
MARTIN PYYKKONEN
Source
Form 4
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
overweight
buy
overweight
hold
buy
underweight
outperform
neutral
buy
sell
Equalwt/In-Line
sector perform
buy
buy
buy/attractive
no rating system
Amt Held
3'292'800'312
172'865'323
140'713'322
135'891'974
127'023'677
124'012'478
71'479'203
69'783'900
68'693'100
60'022'765
56'266'945
45'794'813
45'224'130
43'300'000
36'750'000
32'879'946
30'000'000
27'983'700
26'076'542
25'068'700
% Out
50.2
2.64
2.15
2.07
1.94
1.89
1.09
1.06
1.05
0.92
0.86
0.7
0.69
0.66
0.56
0.5
0.46
0.43
0.4
0.38
Latest Chg
1'293'509'076
27'210
12'403'250
(8'464'407)
42'264'166
124'012'478
7'546'900
(61'592'700)
1'049'754
7'889'974
(4'437'368)
17'004'984
(35'500'000)
36'750'000
30'945'906
10'000'000
11'026'600
2'195'735
(6'405'600)
Weighting
Change
Target Price
5
5
5
3
5
1
5
3
5
1
3
3
5
5
5
#N/A N/A
M
M
M
M
M
U
M
D
M
M
M
M
M
M
N
M
4
4
3
3
4
#N/A N/A
4
3
4
#N/A N/A
3
3
4
4
4
#N/A N/A
File Dt
18.01.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
18 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
18.03.2013
12.03.2013
27.02.2013
26.02.2013
20.02.2013
18.02.2013
11.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
17.12.2012
02.11.2012
27.03.2013
Hammerson PLC
Hammerson plc invests in and develops property. The Company develops, builds
customers include consumers and businesses in the United States, Canada, the
United Kingdom, and Germany. Staples serves its customers through office
superstores, mail order catalogs, the Internet, and a contract business.
Price/Volume
18
25.0 M
16
20.0 M
14
12
15.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.03.2013)
52-Week Low (16.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HMSO LN EQUITY YTD Change
HMSO LN EQUITY YTD % CHANGE
12/2012
02/yy
529.50
399.60
807'327.00
479.9
-9.58%
19.82%
65.90%
712.8
3'420.88
2'080.40
0.0
74.5
57.10
5'518.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
2
0
m-12
31.12.2009
31.12.2010
404.8
401.5
12.88x
12.08x
67.6
273.1
77.10x
17.75x
(344.5)
615.4
4.78x
Profitability
31.12.2011
409.7
11.32x
250.8
18.50x
335.7
7.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
358.0
15.58x
217.4
25.66x
138.4
38.75x
217.40
215.90
60.31%
26.12%
2.19%
3.63%
3.94%
0.06%
62.9%
60.7%
60.3%
38.7%
0.75
0.22
32.47%
54.02%
7.47
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
02/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
3.70
1.01
677.97
15.84%
-1.95%
1.014
22
3.591
1'909'526
1'870'050
1'600'259
FY+2
12/13 Y
12/14 Y
313.1
334.1
17.50x
16.99x
252.1
272.4
21.89x
20.26x
155.9
166.6
22.12x
20.16x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
2.11
-2.22
9.31
9.57
54.0%
34.6%
0.06
0.06
48.97
112.88
-
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
05.02.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
408.5
12.25x
210.4
23.78x
(1'572.6)
-
10.0 M
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Hammerson PLC
Holdings By:
All
Holder Name
FMR LLC
PZENA INVESTMENT MAN
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
MACQUARIE GROUP
INTERNATIONAL VALUE
JP MORGAN
AMERICAN INTERNATION
HAWKINS CAPITAL LP
Firm Name
Societe Generale
Jefferies
Argus Research Corp
JPMorgan
Morgan Stanley
Goldman Sachs
Credit Suisse
Edward Jones
Oppenheimer & Co
Nomura
S&P Capital IQ
Barclays
EVA Dimensions
Deutsche Bank
Portfolio Name
n/a
n/a
PZENA INVESTMENT MAN
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
n/a
HARRIS ASSOC LP
n/a
INTERNATIONAL VALUE
n/a
n/a
HAWKINS CAPITAL LP
Analyst
GREGORY MELICH
DAVID S STRASSER
COLIN MCGRANAHAN
DANIEL T BINDER
CHRISTOPHER GRAJA
CHRISTOPHER HORVERS
SCOTT TILGHMAN
JOSEPH I FELDMAN
DAVID GOBER
MATTHEW J FASSLER
GARY BALTER
BRIAN YARBROUGH
BRADLEY B THOMAS
BRIAN NAGEL
ANTHONY CHUKUMBA
ARAM RUBINSON
IAN GORDON
ALAN M RIFKIN
CRAIG STERLING
MICHAEL BAKER
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
Recommendation
sell
buy
market perform
hold
buy
overweight
buy
no rating system
Equalwt/In-Line
neutral/neutral
outperform
buy
hold
market perform
buy
neutral
buy
equalweight
buy
hold
Amt Held
56'637'268
43'906'031
39'176'664
31'134'639
29'294'133
28'893'250
21'366'148
20'406'686
19'929'275
19'007'702
17'292'484
15'647'400
13'838'509
12'570'879
12'213'457
10'927'474
9'822'560
9'014'859
6'428'000
6'222'400
% Out
8.47
6.57
5.86
4.66
4.38
4.32
3.2
3.05
2.98
2.84
2.59
2.34
2.07
1.88
1.83
1.63
1.47
1.35
0.96
0.93
Weighting
Change
1
5
3
3
5
5
5
#N/A N/A
3
3
5
5
3
3
5
3
5
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
6'485'929
(2'969'235)
(715'650)
339'748
(2'812'132)
63'620
(797'005)
815'780
2'079'444
7'918'900
(5'699'100)
231'016
(539'530)
10'034'655
1'485'386
3'125'563
8'648'346
(128'903)
-
Target Price
12
17
13
14
15
14
18
14
#N/A N/A
13
15
#N/A N/A
#N/A N/A
12
16
15
15
13
#N/A N/A
11
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
Date
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
18 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
24.03.2013
18.03.2013
12.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
15.01.2013
15.08.2012
27.03.2013
Melrose Industries PLC

Melrose Industries PLC is an international engineering group with worldwide
coffee. The Company operates retail locations worldwide and sells whole bean
coffees through its sales group, direct response business, supermarkets, and on
the World Wide Web. Starbucks also produces and sells bottled coffee drinks and
a line of ice creams.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MRO LN EQUITY YTD Change
MRO LN EQUITY YTD % CHANGE
12/2012
12/yy
278.40
198.20
1'067'962.00
263.2
-5.64%
32.54%
81.42%
1'266.6
3'333.76
1'154.20
0.0
7.1
156.50
4'338.56
8.0 M
7.0 M
6.0 M
40
5.0 M
30
4.0 M
3.0 M
20
2.0 M
10
1.0 M
0
m-12
31.12.2009
31.12.2010
1'298.5
1'035.4
0.94x
1.77x
156.6
147.2
7.78x
12.47x
79.5
141.1
16.36x
14.95x
Profitability
31.12.2011
1'153.9
1.40x
180.2
8.99x
286.4
13.49x
31.12.2012
1'551.4
2.47x
233.7
16.41x
42.5
50.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
233.70
203.20
13.10%
5.93%
1.37%
3.57%
0.50%
31.2%
15.1%
13.1%
2.7%
1.33
0.23
26.14%
66.54%
5.40
3.67
Price/ Cash Flow
m-12
LTM-4Q
LTM
01/yy
12/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
-
2.47
1.23
1'221.78
11.93%
17.54%
1.230
12
4.333
3'034'646
3'072'873
2'696'413
FY+2
12/13 Y
12/14 Y
2'344.8
2'463.9
1.83x
1.70x
422.3
463.3
10.27x
9.37x
223.0
252.8
14.95x
13.16x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
5.87
4.56
4.27
4.94
66.5%
39.9%
0.50
5.81
67.75
99.72
91.55
35.00
14'000.0
30.00
12'000.0
25.00
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
2'000.0
0.00
02.10.2009
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
60
50
Valuation Analysis
31.12.2008
895.3
1.09x
103.6
9.45x
(48.3)
21.16x
70
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Melrose Industries PLC

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
SCHULTZ HOWARD D
MORGAN STANLEY
INVESCO LTD
JP MORGAN
BROWN ADVISORY INC
ALLIANCE BERNSTEIN
NORGES BANK
Firm Name
Arden Partners Ltd
Piper Jaffray
William Blair & Co
Jefferies
BMO Capital Markets
Longbow Research
JPMorgan
Oppenheimer & Co
Morgan Stanley
Edward Jones
Argus Research Corp
McAdams Wright Ragen Inc
Cowen and Company
Barclays
RBC Capital Markets
Credit Suisse
EVA Dimensions
Deutsche Bank
Williams Capital Group
S&P Capital IQ
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
n/a
n/a
n/a
NORGES BANK
Analyst
WILL SLABAUGH
NICOLE MILLER REGAN
SHARON M ZACKFIA
ANDREW M BARISH
PHILLIP JUHAN
ALTON K STUMP
MATTHEW J DIFRISCO
DAVID E TARANTINO
SARA H SENATORE
JOHN W IVANKOE
BRIAN J BITTNER
JOHN S GLASS
BONNIE HERZOG
JACK P RUSSO
PETER SALEH
JOHN D STASZAK
MARK D KALINOWSKI
MITCHELL J SPEISER
DAN GEIMAN
PAUL L WESTRA
ALISTAIR M SCOBIE
JEFFREY A BERNSTEIN
LARRY A MILLER
KEITH SIEGNER
DIANE GEISSLER
CRAIG STERLING
JASON WEST
MARC RIDDICK
JIM YIN
MICHAEL KELTER
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
Form 4
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
overweight
overweight
outperform
buy
outperform
buy
buy
outperform
outperform
overweight
outperform
Overwt/In-Line
market perform
hold
no rating system
buy
buy
buy
hold
neutral
overweight
equalweight
sector perform
outperform
buy
underweight
buy
market perform
buy
Buy/Neutral
Amt Held
36'552'911
36'386'396
35'633'395
34'345'408
33'027'380
28'587'974
18'875'169
12'738'762
11'555'223
10'787'280
10'729'471
9'639'589
9'401'174
8'540'739
8'369'222
7'623'782
6'680'224
6'621'549
5'994'504
5'938'815
% Out
4.88
4.86
4.76
4.58
4.41
3.82
2.52
1.7
1.54
1.44
1.43
1.29
1.25
1.14
1.12
1.02
0.89
0.88
0.8
0.79
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
5
3
3
#N/A N/A
5
5
5
3
3
5
3
3
5
5
1
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'474'627
(2'111'027)
(13'662'548)
427'047
542'156
(1'050'000)
(106'141)
4'664'754
303'498
1'274'414
(104'731)
(2'276'793)
(1'398'536)
2'216'565
7'567'551
(311'680)
1'675'484
528'915
(5'544'671)
Target Price
66
65
#N/A N/A
60
64
65
74
65
65
62
62
61
#N/A N/A
#N/A N/A
64
64
65
62
58
#N/A N/A
65
56
63
66
69
#N/A N/A
60
55
58
62
File Dt
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
26.03.2013
06.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
25.03.2013
25.03.2013
22.03.2013
21.03.2013
19.03.2013
19.03.2013
17.03.2013
15.03.2013
11.03.2013
08.03.2013
07.03.2013
04.03.2013
28.02.2013
25.02.2013
10.02.2013
29.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
15.01.2013
04.01.2013
12.12.2012
14.11.2012
08.10.2012
27.03.2013
AMEC PLC
AMEC PLC provides consulting, engineering and project management services to the
Company offers waste collection, transportation, treatment, and disposal to
customers in the United States, Canada, Mexico, Argentina, Chile, the United
Kingdom and Ireland.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.09.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMEC LN EQUITY YTD Change
AMEC LN EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
1'174.00
914.00
222'831.00
1060
-9.71%
15.97%
56.15%
297.1
3'149.59
176.00
0.0
4.0
275.00
3'054.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
100
.5 M
80
.4 M
60
.3 M
40
.2 M
20
.1 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'606.4
0.35x
209.8
4.31x
199.7
7.64x
120
31.12.2009
31.12.2010
2'539.1
2'951.0
0.76x
1.07x
155.6
238.0
12.45x
13.23x
171.7
231.0
16.64x
15.75x
Profitability
31.12.2011
3'261.0
0.78x
281.0
9.06x
232.0
14.34x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'158.0
0.72x
363.0
8.25x
216.0
14.97x
363.00
308.00
7.41%
6.33%
8.69%
17.62%
16.97%
1.67%
12.8%
8.7%
7.4%
5.2%
1.13
1.05
6.99%
16.31%
4.89
906.25
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
3.44
1.15
294.74
-1.93%
5.68%
1.154
21
3.762
820'299
1'257'461
1'198'552
FY+2
12/13 Y
12/14 Y
4'243.9
4'520.4
0.71x
0.64x
367.4
407.4
8.31x
7.50x
256.2
286.8
12.10x
10.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
45.38
43.00
-0.27
0.48
16.3%
14.0%
1.67
106.62
74.78
0.40
54.27
20.91
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
01.01.2010
0.0
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
27.03.2013
AMEC PLC
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
BLACKROCK
BROWN ADVISORY INC
STATE STREET
MORGAN STANLEY
SCHULER JACK W
JENNISON ASSOCIATES
INVESCO LTD
RAINIER INVESTMENT M
MUNDER CAPITAL MANAG
IRONBRIDGE CAPITAL M
JP MORGAN
Firm Name
EVA Dimensions
Wedbush
Northcoast Research
Wellington Shields & Co. LLC
William Blair & Co
Goldman Sachs
Barrington Research
Barclays
Morgan Stanley
Raymond James
Stifel
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
INVESCO LTD
RAINIER INVESTMENT M
MUNDER CAPITAL MANAG
IRONBRIDGE CAPITAL M
n/a
Analyst
SCOTT A SCHNEEBERGER
DAVID J MANTHEY
AL KASCHALK
EDWIN SNYDER
ELLIOTT LEO SCHLANG
RYAN S DANIELS
ISAAC RO
RICHARD CLOSE
KEVIN M STEINKE
GARY E BISBEE
DAVID R LEWIS
WILLIAM H FISHER
SHLOMO H ROSENBAUM
MICHAEL E HOFFMAN
CRAIG STERLING
STEWART SCHARF
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
Form 5
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
outperform
neutral
outperform
buy
hold
outperform
Buy/Neutral
market perform
outperform
equalweight
Equalwt/In-Line
outperform
buy
hold
underweight
buy
Amt Held
8'000'000
5'094'418
5'056'747
4'301'701
3'860'777
3'807'649
3'510'378
2'223'645
2'010'215
1'340'632
1'284'891
1'188'539
1'088'554
978'232
964'000
935'357
920'001
892'357
847'832
825'400
% Out
9.29
5.92
5.87
5
4.48
4.42
4.08
2.58
2.34
1.56
1.49
1.38
1.26
1.14
1.12
1.09
1.07
1.04
0.98
0.96
Weighting
Change
5
3
5
5
3
5
5
3
5
3
3
5
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'910'000)
133'100
199'768
77'721
(106'937)
(563'164)
137'464
(1'021'855)
579'900
(7'119)
(419'965)
(265'898)
513'193
(94'366)
(54'400)
(8'350)
(227'790)
(13'642)
93'050
50'821
Target Price
115
110
110
110
79
#N/A N/A
115
92
110
103
#N/A N/A
103
117
85
#N/A N/A
105
File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
18 month
12 month
Not Provided
Not Provided
12 month
12 month
18 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
25.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
13.03.2013
12.03.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
04.02.2013
15.01.2013
08.11.2012
27.03.2013
John Wood Group PLC

John Wood Group PLC is an international energy service company that provides
solutions to help businesses and consumers secure and manage their information.
The Company offers software and services that protect, manage and control
information risks related to security, data protection, storage, compliance and
management.
Price/Volume
30
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.10.2012)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WG/ LN EQUITY YTD Change
WG/ LN EQUITY YTD % CHANGE
12/2012
12/yy
883.50
649.00
340'360.00
867
-1.81%
33.67%
88.49%
373.2
3'235.43
326.80
0.0
8.2
172.30
5'049.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'243.1
0.33x
485.1
3.53x
251.6
5.54x
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
25
31.12.2009
31.12.2010
4'927.1
4'085.1
0.56x
1.14x
424.6
284.8
6.46x
16.32x
163.2
166.0
15.52x
58.32x
Profitability
31.12.2011
5'666.8
0.65x
396.0
9.36x
2'302.3
93.55x
31.12.2012
6'821.3
0.67x
511.3
8.93x
257.0
18.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
511.30
382.00
5.60%
4.93%
6.39%
12.26%
11.26%
1.70%
17.6%
7.5%
5.6%
3.8%
1.52
1.04
7.85%
14.67%
5.82
13.32
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
1.30
1.41
344.94
22.43%
19.41%
1.411
17
3.882
912'498
994'310
1'031'258
FY+2
12/13 Y
12/14 Y
7'299.1
7'684.9
0.67x
0.60x
589.4
653.2
8.57x
7.73x
347.5
398.5
13.16x
11.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
35.51
30.69
0.30
0.64
14.7%
12.8%
1.70
39.14
62.87
27.48
31.33
59.02
12.00
8'000.0
7'000.0
10.00
6'000.0
8.00
5'000.0
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
0.00
03.04.2009
1'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
John Wood Group PLC

Holdings By:
All
Holder Name
BLACKROCK
BLACKROCK
STATE STREET
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
FRANKLIN RESOURCES
FMR LLC
INVESCO LTD
UBS
DEUTSCHE BANK AG
AJO, LP
CAMBIAR INVESTORS LL
THIRD POINT LLC
RS INVESTMENT MANAGE
Firm Name
EVA Dimensions
Oppenheimer & Co
RBC Capital Markets
Credit Suisse
Morgan Stanley
Cowen and Company
Cross Research
Jefferies
JPMorgan
Raymond James
MKM Partners
William Blair & Co
JMP Securities
Argus Research Corp
Goldman Sachs
First Analysis Corp
Stephens Inc
FBR Capital Markets
Macquarie
Stifel
Barclays
Topeka Capital Markets Inc
EVA Dimensions
Deutsche Bank
GARP Research
Portfolio Name
DODGE & COX
n/a
n/a
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
n/a
n/a
INVESCO LTD
n/a
BANK OF AMERICA
AJO, LP
CAMBIAR INVESTORS LL
THIRD POINT LLC
RS INVESTMENT MANAGE
Analyst
KEVIN M BUTTIGIEG
SHAUL EYAL
ROBERT P BREZA
PHILIP WINSLOW
GRAY W POWELL
KEITH WEISS
GREGG MOSKOWITZ
RICHARD T WILLIAMS
DANIEL CUMMINS
JOEL P FISHBEIN JR
AARON SCHWARTZ
JOHN DIFUCCI
MICHAEL TURITS
ISRAEL HERNANDEZ
JONATHAN HO
PATRICK WALRAVENS
JOSEPH F BONNER
GREG DUNHAM
CRAIG NANKERVIS
STEVEN M ASHLEY
JONATHAN B RUYKHAVER
DANIEL H IVES
BRAD A ZELNICK
TODD C WELLER
BRIAN S FREED
RAIMO LENSCHOW
FREDERICK D ZIEGEL
ROB D OWENS
ANDREW S ZAMFOTIS
THOMAS ERNST JR
BRETT CARSON
Source
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
neutral
market perform
outperform
outperform
market perform
Overwt/In-Line
outperform
buy
buy
neutral
buy
overweight
market perform
buy
outperform
market outperform
buy
Sell/Neutral
equalweight
neutral
equalweight
market perform
outperform
hold
hold
overweight
hold
sector perform
buy
hold
neutral
Amt Held
58'417'616
37'276'207
35'181'951
32'536'487
31'667'369
26'186'565
25'051'948
20'962'410
19'069'170
12'558'686
11'901'387
10'723'533
10'434'459
8'851'837
8'659'900
8'646'838
8'206'507
7'995'572
6'700'000
6'523'851
% Out
8.48
5.41
5.1
4.72
4.59
3.8
3.63
3.04
2.77
1.82
1.73
1.56
1.51
1.28
1.26
1.25
1.19
1.16
0.97
0.95
Weighting
Change
3
3
5
5
3
5
5
5
5
3
5
5
3
5
5
4
5
1
3
3
3
3
5
3
3
5
3
3
5
3
3
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
Latest Chg
(1'011'900)
(4'449'595)
3'230'389
581'145
(968'400)
(1'447'720)
2'109'501
(499'026)
(1'292'719)
5'868'240
(150'292)
(2'297'195)
(1'237'789)
18'506
(876'600)
(274'113)
3'515'139
(2'355'921)
700'000
179'760
Target Price
#N/A N/A
#N/A N/A
30
28
#N/A N/A
28
#N/A N/A
23
27
#N/A N/A
25
27
#N/A N/A
27
#N/A N/A
26
27
17
#N/A N/A
23
19
22
24
#N/A N/A
22
25
23
#N/A N/A
#N/A N/A
17
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
18 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
22.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
12.03.2013
12.03.2013
12.03.2013
04.03.2013
01.03.2013
28.02.2013
22.02.2013
13.02.2013
12.02.2013
01.02.2013
01.02.2013
28.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
15.01.2013
14.06.2012
30.01.2009
27.03.2013
Serco Group PLC

Serco Group plc provides outsourcing services to governments, international
and supplies analog technologies, digital signal processing (DSP) and
microcontroller (MCU) semiconductors. The Company also operates materials and
controls, and educational and productivity solutions businesses. Texas
Instruments has manufacturing or sales operations in countries around the world.
Price/Volume
40
25
15.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (05.03.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SRP LN EQUITY YTD Change
SRP LN EQUITY YTD % CHANGE
12/2012
12/yy
650.00
507.50
238'749.00
622
-4.38%
22.46%
88.77%
498.6
3'101.11
780.50
0.0
1.3
198.60
3'684.31
10.0 M
15
10
5.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
30
Valuation Analysis
31.12.2008
3'123.5
0.87x
207.7
13.03x
99.5
21.99x
25.0 M
35
31.12.2009
31.12.2010
3'970.0
4'326.7
0.75x
0.69x
285.6
326.9
10.37x
9.14x
130.2
156.7
19.81x
17.42x
Profitability
31.12.2011
4'646.4
0.64x
359.9
8.31x
175.1
13.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'913.0
0.66x
384.1
8.46x
245.3
10.71x
384.10
287.00
5.84%
6.15%
7.63%
23.02%
15.04%
1.53%
15.1%
7.8%
5.8%
5.0%
1.15
1.06
24.04%
69.22%
6.43
67.69
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
1.63
0.80
496.82
14.17%
17.56%
0.796
25
3.560
956'993
1'204'101
1'068'451
FY+2
12/13 Y
12/14 Y
5'172.4
5'462.9
0.70x
0.64x
395.1
425.0
9.32x
8.67x
210.1
233.5
14.27x
12.90x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
7.82
6.75
1.51
2.03
69.2%
40.9%
1.53
25.50
56.88
5.41
37.88
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
01.01.2010
0.0
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
27.03.2013
Serco Group PLC

Holdings By:
All
Holder Name
INVESCO LTD
BLACKROCK
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
STATE STREET
INSTITUTIONAL CAPITA
INVESCO LTD
BARROW HANLEY MEWHIN
MACKAY SHIELDS LLC
NORGES BANK
Firm Name
Peel Hunt
BMO Capital Markets
Needham & Co
MKM Partners
Longbow Research
JPMorgan
RBC Capital Markets
Oppenheimer & Co
Deutsche Bank
ISI Group
Morgan Stanley
Wedbush
FBR Capital Markets
Macquarie
Stifel
Evercore Partners
Cowen and Company
Gabelli & Co
Barclays
Goldman Sachs
Credit Suisse
Jefferies
Raymond James
Nomura
Edward Jones
Argus Research Corp
EVA Dimensions
Drexel Hamilton LLC
Davenport & Co
JMP Securities
Portfolio Name
n/a
n/a
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
n/a
HARRIS ASSOC LP
INVESCO LTD
Multiple Portfolios
NORGES BANK
Analyst
JEROME RAMEL
AMBRISH SRIVASTAVA
TRISTAN GERRA
DAVID M WONG
VERNON P ESSI JR
DANIEL A BERENBAUM
JOANNE FEENEY
CHRISTOPHER DANELY
CODY G ACREE
IVAN FEINSETH
CRAIG ELLIS
DOUG FREEDMAN
STACY A RASGON
RICHARD SCHAFER
ROSS C SEYMORE
SUMIT DHANDA
JOSEPH MOORE
BETSY VAN HEES
CHRISTOPHER ROLLAND
SHAWN WEBSTER
TORE E SVANBERG
PATRICK WANG
TIMOTHY M ARCURI
HENDI SUSANTO
CHRISTOPHER CASO
SRINI PAJJURI
BLAYNE CURTIS
JAMES V COVELLO
JOHN W PITZER
WILLIAM STEIN
MARK J LIPACIS
MICHAEL MCCONNELL
J STEVEN SMIGIE
VIJAY R RAKESH
ROBERT BURLESON
ROMIT SHAH
WILLIAM C KREHER
JAMES KELLEHER
ANDREW S ZAMFOTIS
RICHARD WHITTINGTON
YOKO YAMADA
F DRAKE JOHNSTONE
ALEX GAUNA
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
Recommendation
underperform
outperform
neutral
market perform
hold
neutral
underperform
overweight
buy
underperform
buy
sector perform
market perform
market perform
hold
buy
Equalwt/In-Line
outperform
underperform
neutral
buy
equalweight
neutral
hold
neutral
underperform
equalweight
neutral/attractive
neutral
reduce
buy
sector perform
outperform
underperform
hold
neutral
hold
hold
sell
hold
neutral
neutral
market outperform
Amt Held
193'119'021
61'637'232
57'763'753
50'232'019
44'358'198
33'495'251
26'632'178
26'078'508
21'542'986
21'461'930
15'877'608
14'896'737
14'882'074
12'143'612
11'142'097
9'910'097
9'524'297
8'945'581
7'922'648
7'538'362
% Out
17.48
5.58
5.23
4.55
4.02
3.03
2.41
2.36
1.95
1.94
1.44
1.35
1.35
1.1
1.01
0.9
0.86
0.81
0.72
0.68
Weighting
Change
1
5
3
3
3
3
1
5
5
1
5
3
3
3
3
5
3
5
1
3
5
3
3
3
3
1
3
3
3
2
5
3
5
1
3
3
3
3
1
3
3
3
4
M
M
M
M
M
M
M
M
M
N
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
U
M
M
Latest Chg
14'033'650
(538'050)
1'296'171
111'975
2'896'053
122'698
(608'552)
352'635
2'656'532
(1'447'465)
(1'266'900)
(150'090)
2'472'433
36'568
(160'993)
1'013'978
(350'053)
740'405
(817'051)
Target Price
26
40
31
#N/A N/A
#N/A N/A
29
27
37
41
#N/A N/A
39
30
38
#N/A N/A
31
39
#N/A N/A
39
28
37
40
35
#N/A N/A
#N/A N/A
30
34
30
35
35
30
41
#N/A N/A
39
30
35
28
#N/A N/A
#N/A N/A
#N/A N/A
32
34
#N/A N/A
33
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
25.02.2013
14.02.2013
13.02.2013
28.01.2013
28.01.2013
17.10.2012
27.03.2013
easyJet PLC
easyJet plc, a low-cost passenger airline, conducts operations throughout the
analytics. The Company offers data, statistical, and actuarial services, as
well as standardized insurance policy programs, underwriting information, and
rating-integrity tools. Verisk Analytics provides data and software information
services to the property, casualty, and mortgage fields in the United States.
Price/Volume
70
3.0 M
60
2.5 M
50
2.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EZJ LN EQUITY YTD Change
EZJ LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
2'362.8
0.46x
138.0
7.94x
83.2
15.88x
1.5 M
30
09/2012
12/yy
1'086.00
464.60
350'843.00
1048
-3.68%
125.14%
95.65%
396.3
4'153.66
957.00
0.0
0.0
883.00
4'227.66
30.09.2009
30.09.2010
2'666.8
2'973.0
0.62x
0.55x
108.9
259.0
15.22x
6.30x
71.2
121.0
22.47x
13.05x
Profitability
LTM-4Q
30.09.2011
3'452.0
0.40x
359.0
3.85x
225.0
6.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
3'854.0
0.62x
437.0
5.43x
255.0
9.29x
437.00
332.00
8.61%
8.23%
5.82%
14.58%
9.56%
0.87%
11.5%
8.8%
6.6%
1.05
0.79
22.28%
53.34%
37.75
-
Price/ Cash Flow
12/yy
1'331.8
20.85x
588.6
12.74x
282.8
24.77x
LTM
12/yy
1'534.3
24.44x
695.8
14.25x
329.1
26.55x
FY+1
2.06
0.91
249.59
119.01%
39.65%
0.909
29
3.862
1'276'276
1'700'715
1'613'999
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
4'139.8
4'410.2
0.96x
0.86x
533.0
580.5
7.93x
7.28x
317.7
345.0
13.44x
12.36x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.48
2.32
0.17
2.19
53.3%
34.8%
0.87
1.67
9.70
-
25.00
1'800.0
1'600.0
20.00
1'400.0
1'200.0
15.00
1'000.0
800.0
10.00
600.0
400.0
5.00
200.0
0.00
01.01.2010
0.0
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
27.03.2013
easyJet PLC
Holdings By:
All
Holder Name
EASYGROUP HOLDINGS L
GREATBANC TRUST CO
MORGAN STANLEY
VANGUARD GROUP INC
BLACKROCK
FMR LLC
BAMCO INC
INDEPENDENT FRANCHIS
GENERAL RE NEW ENGLA
STATE STREET
TCW GROUP INC
ALKEON CAPITAL MANAG
Firm Name
Credit Suisse
William Blair & Co
Barclays
Evercore Partners
Macquarie
Morgan Stanley
Credit Suisse
JPMorgan
EVA Dimensions
Portfolio Name
GREATBANC TRUST CO
n/a
n/a
VANGUARD GROUP INC
ARTISAN PARTNERS LP
n/a
n/a
n/a
n/a
BAMCO INC
n/a
INDEPENDENT FRANCHIS
GENERAL RE NEW ENGLA
n/a
TCW GROUP INCORPORAT
Analyst
WAYNE JOHNSON
TIMOTHY J MCHUGH
MANAV PATNAIK
JAMES E FRIEDMAN
WILLIAM CLARK
DAVID M TOGUT
ERIC J BOYER
KEVIN MCVEIGH
SUZANNE E STEIN
KELLY A FLYNN
ANDREW W JEFFREY
ANDREW C STEINERMAN
CRAIG STERLING
Source
13F
Research
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
Recommendation
outperform
outperform
overweight
Positive
outperform
equalweight
outperform
neutral
Equalwt/In-Line
outperform
buy
overweight
underweight
Amt Held
17'040'371
17'040'371
14'092'883
6'580'257
5'893'700
5'882'233
5'842'300
5'494'000
5'069'940
4'866'200
4'642'699
4'239'140
3'653'546
3'308'130
3'205'152
2'994'350
2'589'266
2'382'710
2'369'700
2'294'945
% Out
10.13
10.13
8.38
3.91
3.51
3.5
3.47
3.27
3.02
2.89
2.76
2.52
2.17
1.97
1.91
1.78
1.54
1.42
1.41
1.36
Weighting
Change
5
5
5
4
5
3
5
3
3
5
5
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(516'368)
(3'122'010)
180'700
740'600
187'418
3'819'375
(491'000)
10'898
110'100
14'880
(321'904)
403'142
(106'343)
711'010
129'393
198'967
12'000
(44'490)
Target Price
62
#N/A N/A
62
63
63
59
#N/A N/A
64
55
63
68
65
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
Not Provided
Date
26.03.2013
21.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
01.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
15.01.2013
27.03.2013
Admiral Group PLC

Admiral Group Plc principally sells private motor insurance, together with
novel, small molecule pharmaceuticals for the treatment of diseases for which
there are currently limited or no effective treatments. The Company is
developing drugs for the treatment of viral diseases, multidrug resistance in
cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.
Price/Volume
70
12.0 M
60
10.0 M
50
8.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.03.2013)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADM LN EQUITY YTD Change
ADM LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
20
2.0 M
10
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
422.8
5.35x
144.9
16.56x
6.0 M
30
12/2012
12/yy
1'378.00
1'016.47
89'921.00
1320
-4.21%
29.86%
85.34%
273.9
3'615.57
0.80
0.0
3.6
216.60
3'403.37
31.12.2009
31.12.2010
507.5
640.8
5.83x
5.97x
156.9
193.8
20.14x
20.94x
Profitability
LTM-4Q
31.12.2011
870.3
2.39x
221.2
10.40x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
984.3
3.01x
258.4
12.20x
35.01%
35.01%
8.88%
60.73%
60.32%
0.34%
26.3%
0.02%
0.18%
-
Price/ Cash Flow
12/yy
1'410.6
25.64x
256.7
25.55x
29.6
50.32x
LTM
12/yy
1'527.0
25.90x
42.4
199.38x
(107.0)
135.16x
FY+1
6.86
0.72
225.95
20.31%
13.79%
0.722
23
2.609
440'463
480'853
425'188
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
1'557.3
1'670.5
2.03x
1.89x
263.9
280.7
13.65x
12.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
0.2%
0.2%
0.34
-
70.00
1'800.0
60.00
1'600.0
1'400.0
50.00
1'200.0
40.00
1'000.0
30.00
800.0
600.0
20.00
400.0
10.00
0.00
01.01.2010
200.0
0.0
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
27.03.2013
Admiral Group PLC

Holdings By:
All
Holder Name
JENNISON ASSOCIATES
BLACKROCK
VANGUARD GROUP INC
GOLDMAN SACHS GROUP
STATE STREET
JP MORGAN
FMR LLC
LOOMIS SAYLES & COMP
SECTORAL ASSET MANAG
WESTFIELD CAPITAL MG
ALLIANCE BERNSTEIN
Firm Name
JPMorgan
JMP Securities
ISI Group
RBC Capital Markets
S&P Capital IQ
Morgan Stanley
William Blair & Co
Maxim Group LLC
Credit Suisse
Needham & Co
Leerink Swann & Co
Cowen and Company
Piper Jaffray
Summer Street Research Partners
Barclays
Argus Research Corp
Goldman Sachs
Deutsche Bank
Portfolio Name
n/a
JENNISON ASSOCIATES
n/a
VANGUARD GROUP INC
GOLDMAN SACHS GROUP
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
LOOMIS SAYLES & CO L
n/a
SECTORAL ASSET MANAG
WESTFIELD CAPITAL MA
n/a
Analyst
ANDREW S ZAMFOTIS
GEOFFREY MEACHAM
LIISA A BAYKO
MARK J SCHOENEBAUM
GEOFFREY C PORGES
BRIAN C ABRAHAMS
MICHAEL J YEE
STEVEN SILVER
DAVID FRIEDMAN
BRIAN P SKORNEY
Y KATHERINE XU
JASON KOLBERT
RAVI MEHROTRA
KIMBERLY LEE
ALAN CARR
HOWARD LIANG
PHILIP NADEAU
EDWARD A TENTHOFF
CAROL A WERTHER
YING HUANG
JOSHUA SCHIMMER
JOHN M EADE
TERENCE FLYNN
ROBYN KARNAUSKAS
Source
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Recommendation
overweight
overweight
market outperform
buy
outperform
outperform
outperform
buy
Equalwt/In-Line
outperform
outperform
buy
neutral
buy
buy
outperform
neutral
neutral
buy
overweight
neutral
hold
sell/attractive
buy
Amt Held
21'497'754
17'766'754
17'027'587
10'112'270
9'925'186
7'855'731
7'156'935
7'054'536
6'450'390
6'128'285
5'312'819
5'015'968
4'857'111
3'738'088
3'632'636
3'478'934
3'397'168
3'097'022
3'093'350
2'700'464
% Out
9.85
8.14
7.8
4.63
4.55
3.6
3.28
3.23
2.96
2.81
2.43
2.3
2.23
1.71
1.66
1.59
1.56
1.42
1.42
1.24
Weighting
Change
5
5
4
5
5
5
5
5
3
5
5
5
3
5
5
5
3
3
5
5
3
3
1
5
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
6'434'175
2'436'793
445'927
4'089'468
282'156
134'750
(2'039'261)
673'868
(7'215'596)
(41'873)
3'457'379
891'004
1'110'564
(281'322)
619'648
(267'942)
(57'718)
1'332'387
(48'444)
Target Price
#N/A N/A
86
100
58
66
#N/A N/A
70
60
45
53
69
60
48
54
65
#N/A N/A
#N/A N/A
57
56
68
#N/A N/A
#N/A N/A
38
75
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
25.03.2013
21.03.2013
20.03.2013
18.03.2013
11.03.2013
11.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
14.02.2013
13.12.2012
06.12.2012
27.03.2013
Schroders PLC
Schroders PLC is an international asset management group. The Group manages
acquires programming for television, the Internet, mobile devices, video games,
and other consumer electronics products. Viacom also produces, finances, and
distributes motion pictures to movie theaters and on DVDs, television, digital
and other platforms internationally.
Price/Volume
70
8.0 M
60
7.0 M
6.0 M
50
5.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SDR LN EQUITY YTD Change
SDR LN EQUITY YTD % CHANGE
12/2012
12/yy
2'261.00
1'163.00
174'762.00
2082
-7.92%
79.02%
88.07%
226.0
5'658.91
26.10
0.0
0.0
4'562.60
1'122.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
20
2.0 M
10
1.0 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'230.2
110.2
76.7
31.27x
4.0 M
30
31.12.2009
31.12.2010
1'037.6
1'394.8
0.87x
1.25x
149.1
395.1
6.05x
4.43x
95.4
307.9
38.78x
16.59x
Profitability
31.12.2011
1'501.9
404.9
315.8
11.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'425.4
330.1
283.2
16.09x
330.10
318.10
22.32%
25.26%
1.98%
14.26%
0.10%
76.9%
23.2%
22.3%
19.9%
1.14
0.36
0.18%
1.26%
-
Price/ Cash Flow
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.07
1.33
101.01
31.95%
25.27%
1.326
21
3.619
489'708
408'072
334'088
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
1'277.9
1'421.0
276.0
2.27x
1.73x
420.3
481.5
2.67x
2.33x
331.3
378.1
139.0
17.29x
15.00x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.12.2002
A
POS
06.12.1994
A-1
-13.74
0.08
1.3%
1.2%
0.10
91.37
18.98
-
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
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012
02.07.2012
02.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Schroders PLC
Holdings By:
All
Holder Name
FLAVIDA LIMITED
INVESCO LTD
VANGUARD GROUP INC
STATE STREET
ALLIANCE BERNSTEIN
FMR LLC
BERKSHIRE HATHAWAY I
GOLDMAN SACHS GROUP
NORGES BANK
UBS
Firm Name
Exane BNP Paribas
Nomura
Needham & Co
Argus Research Corp
Morgan Stanley
Edward Jones
Cowen and Company
Wedbush
Barrington Research
Evercore Partners
Stifel
Deutsche Bank
Credit Suisse
Macquarie
Gabelli & Co
Piper Jaffray
EVA Dimensions
RBC Capital Markets
Davenport & Co
S&P Capital IQ
Maxim Group LLC
Barclays
JPMorgan
Goldman Sachs
BTIG LLC
Portfolio Name
n/a
INVESCO LTD
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
GOLDMAN SACHS GROUP
NORGES BANK
n/a
Analyst
TODD JUENGER
MICHAEL NATHANSON
BARTON CROCKETT
LAURA A MARTIN
JOSEPH F BONNER
BRIAN WIESER
BENJAMIN SWINBURNE
ROBIN DIEDRICH
DAVID W MILLER
MARCI RYVICKER
DOUGLAS CREUTZ
JAISON BLAIR
JAMES G DIX
JAMES C GOSS
ALAN GOULD
HAMILTON FABER
DREW E CRUM
DOUGLAS D MITCHELSON
MICHAEL SENNO
TIMOTHY W NOLLEN
MATTHEW HARRIGAN
BRETT HARRISS
JAMES M MARSH JR
CRAIG STERLING
DAVID BANK
TONY WIBLE
MICHAEL C MORRIS
TUNA AMOBI
JOHN TINKER
VASILY KARASYOV
ALEXIA S QUADRANI
DREW BORST
RICHARD GREENFIELD
Source
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
underperform
buy
buy
buy
hold
buy
Equalwt/Attractive
hold
buy
outperform
outperform
no rating system
neutral
market perform
equalweight
neutral
buy
buy
neutral
neutral
hold
buy
neutral
overweight
outperform
buy
buy
buy
buy
Positive
overweight
overweight
buy/attractive
buy
Amt Held
27'912'240
21'332'067
20'456'391
19'654'657
17'653'439
14'671'342
12'227'118
11'125'914
8'696'805
8'451'839
8'369'726
7'607'200
7'477'711
7'150'598
6'688'470
6'645'993
6'259'248
6'201'501
5'429'025
5'227'927
% Out
6.29
4.81
4.61
4.43
3.98
3.31
2.76
2.51
1.96
1.9
1.89
1.71
1.68
1.61
1.51
1.5
1.41
1.4
1.22
1.18
Weighting
Change
1
5
5
5
3
5
3
3
5
5
5
#N/A N/A
3
3
3
3
5
5
3
3
3
5
3
5
5
5
5
5
5
4
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
U
M
Latest Chg
2'216'492
(1'023'522)
(114'878)
488'860
(4'250'834)
1'311'187
(394'750)
(919'049)
(1'038'400)
2'109'419
(410'113)
7'477'711
(505'843)
(1'049'307)
246'859
(103'712)
(58'140)
(555'990)
125'147
Target Price
58
66
71
63
#N/A N/A
77
64
#N/A N/A
68
#N/A N/A
#N/A N/A
72
63
#N/A N/A
62
66
65
65
58
62
56
#N/A N/A
58
#N/A N/A
64
65
67
66
68
65
68
66
68
50
File Dt
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Date
25.03.2013
25.03.2013
24.03.2013
15.03.2013
11.03.2013
08.03.2013
07.03.2013
04.03.2013
04.03.2013
04.03.2013
21.02.2013
10.02.2013
07.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
29.01.2013
22.01.2013
14.01.2011
27.03.2013
London Stock Exchange Group PLC

London Stock Exchange Group plc is the United Kingdom's primary stock exchange.
telephony and fixed line telephony services that offer a variety of
entertainment and communications services to residential and commercial
customers throughout the U.K.
Price/Volume
60
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
50
40
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LSE LN EQUITY YTD Change
LSE LN EQUITY YTD % CHANGE
03/2012
12/yy
1'431.00
913.50
146'422.00
1315
-8.11%
43.95%
78.55%
271.1
3'565.08
757.10
0.0
72.9
216.00
4'112.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
m-12
31.03.2009
31.03.2010
671.4
621.8
3.14x
3.88x
424.4
347.4
4.96x
6.94x
(338.0)
90.4
21.03x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.03.2011
667.2
3.88x
387.6
6.68x
151.6
14.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
806.7
4.24x
478.8
7.14x
522.0
5.34x
478.80
383.50
47.54%
79.30%
0.40%
42.48%
29.83%
0.01%
94.3%
57.6%
43.2%
64.7%
1.00
0.00
0.74%
54.99%
10.14
-
Price/ Cash Flow
12/yy
3'991.8
10.52x
1'590.2
5.98x
75.9
29.97x
LTM
12/yy
4'100.5
10.33x
1'653.5
7.15x
2'852.6
21.76x
FY+1
2.18
1.19
173.84
32.84%
20.86%
1.191
18
3.000
466'683
629'581
485'334
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
841.3
872.1
209.0
212.0
4.81x
4.55x
470.1
457.7
8.75x
8.98x
265.0
259.3
13.96x
14.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.03.2012
A- *01.07.2011
A-2
8.31
8.02
0.99
1.47
55.0%
34.3%
0.01
11.87
36.09
-145.09
9.00
4'500.0
8.00
4'000.0
7.00
3'500.0
6.00
3'000.0
5.00
2'500.0
4.00
2'000.0
3.00
1'500.0
2.00
1'000.0
1.00
500.0
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
546.4
7.18x
337.4
11.63x
168.3
17.07x
20
0.0
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
27.03.2013
London Stock Exchange Group PLC

Holdings By:
All
Holder Name
BORSE DUBAI LTD
SCHRODER INVESTMENT
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
NORGES BANK
FMR LLC
TIMESSQUARE CAPITAL
BLACKROCK
STATE STREET
LANSDOWNE PARTNERS L
Firm Name
Portfolio Name
n/a
n/a
SCHRODER INVESTMENT
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
NORGES BANK
n/a
n/a
TIMESSQUARE CAPITAL
n/a
n/a
BANK OF AMERICA
n/a
LANSDOWNE PARTNERS L
Analyst
RBC Capital Markets

MATTHEW HARRIGAN
Peel Hunt
PATRICK YAU
ROBIN BIENENSTOCK
Exane BNP Paribas
MICHAEL WILLIAMS
Berenberg Bank
STUART GORDON
Evercore Partners
BRYAN KRAFT
Deutsche Bank
DAVID A WRIGHT
Macquarie
GUY R PEDDY
ANDREW HOGLEY
New Street Research
FRANK KNOWLES
Barclays
MICHAEL BISHOP
EVA Dimensions
CRAIG STERLING
Morgan Stanley
NICK DELFAS
Jefferies
JEREMY A DELLIS
Nomura
HENRIK NYBLOM
Goldman Sachs
TIMOTHY BODDY
JPMorgan
CARL MURDOCK-SMITH
Credit Suisse
PAUL SIDNEY
HSBC
ADAM M RUMLEY
Raymond James
STEPHANE BEYAZIAN
Source
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
buy
hold
market perform
outperform
hold
equalweight
hold
neutral
neutral
Under Review
overweight
underweight
Underwt/In-Line
hold
buy
not rated
restricted
restricted
overweight
market perform
Amt Held
67'738'315
21'521'125
17'425'463
16'109'508
10'948'447
10'865'101
10'623'866
9'548'492
9'532'507
7'864'855
6'959'260
6'425'839
5'616'796
5'550'366
4'920'000
4'692'969
4'600'000
4'093'694
3'924'506
3'870'260
% Out
25.15
7.99
6.47
5.98
4.06
4.03
3.94
3.55
3.54
2.92
2.58
2.39
2.09
2.06
1.83
1.74
1.71
1.52
1.46
1.44
Weighting
Change
5
3
3
5
3
3
3
3
3
#N/A N/A
5
1
1
3
5
#N/A N/A
#N/A N/A
#N/A N/A
5
3
M
M
M
M
M
D
D
D
D
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
(10'701'700)
(8'373)
(73'760)
1'467'296
(1'410'417)
(77'084)
(1'495'052)
(2'911'928)
(423'785)
(2'051'750)
(412'968)
(649'743)
(2'507'819)
53'958
4'600'000
3'629'865
(1'269'016)
574'260
Target Price
55
46
45
49
47
47
50
46
46
#N/A N/A
48
#N/A N/A
31
33
40
#N/A N/A
#N/A N/A
#N/A N/A
43
#N/A N/A
File Dt
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
18 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
13.03.2013
08.03.2013
06.03.2013
12.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
24.01.2013
12.11.2012
04.09.2012
27.03.2013
Fresnillo PLC
Fresnillo plc is a silver and gold mining and exploration company. The Company
including voice and data communications. Vodafone has equity interests in 28
countries and Partner Networks in a further 7 countries with almost all the
Group's mobile subsidiaries operating principally under the brand name Vodafone.
In the United States their associated undertaking operates as Verizon Wireless.
Price/Volume
35
12.0 M
30
10.0 M
25
8.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.11.2012)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FRES LN EQUITY YTD Change
FRES LN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
4.0 M
10
2.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
720.5
3.17x
335.5
6.80x
127.9
18.02x
6.0 M
15
12/2012
12/yy
2'033.00
1'259.00
110'393.00
1373
-32.46%
9.05%
18.09%
717.2
9'846.61
0.00
0.0
368.6
613.77
14'625.68
31.12.2009
31.12.2010
849.9
1'409.6
10.57x
12.98x
496.0
938.7
18.12x
19.49x
322.0
665.1
28.48x
28.04x
Profitability
31.12.2011
2'192.7
7.56x
1'535.8
10.80x
901.7
18.83x
31.12.2012
2'157.4
9.86x
1'300.7
16.35x
736.1
29.23x
1'300.69
1'046.80
48.52%
53.97%
24.01%
35.90%
35.71%
0.70%
62.6%
60.3%
48.5%
34.1%
6.49
3.46
0.00%
0.00%
11.99
5.42
LTM-4Q
LTM
12/yy
12/yy
-
FY+1
-
2.79
0.74
164.22
-16.36%
-25.66%
0.743
15
2.867
678'225
855'994
699'020
FY+2
12/13 Y
12/14 Y
2'411.3
2'742.4
6.13x
5.32x
1'513.5
1'774.9
9.66x
8.24x
788.4
938.7
19.16x
16.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
331.64
199.05
-0.47
0.00
0.0%
0.0%
0.70
1.61
30.53
67.57
45.59
50'000.0
45'000.0
1.00
40'000.0
35'000.0
0.80
0.60
0.40
30'000.0
25'000.0
20'000.0
15'000.0
10'000.0
0.20
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Fresnillo PLC
Holdings By:
All
Holder Name
PENOLES
INVESCO LTD
DODGE & COX
HOTCHKIS & WILEY CAP
BLACKROCK
MORGAN STANLEY
MACKAY SHIELDS LLC
LETKO BROSSEAU & ASS
BMO FINANCIAL CORP
UBS
FISHER INVESTMENTS I
Firm Name
BMO Capital Markets
Edward Jones
Davenport & Co
EVA Dimensions
Portfolio Name
n/a
INVESCO LTD
DODGE & COX
HOTCHKIS AND WILEY
n/a
n/a
BANK OF AMERICA
Multiple Portfolios
LETKO BROSSEAU & ASS
BMO FINANCIAL CORP
n/a
FISHER INVESTMENTS
Analyst
TIMOTHY BODDY
ROBIN BIENENSTOCK
DAVID HEGER
WILLIAM V POWER
F DRAKE JOHNSTONE
TEAM COVERAGE
Source
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
ULT-AGG
Sch-D
13F
13F
Recommendation
Buy/Neutral
underperform
buy
outperform
neutral
dropped coverage
Amt Held
45'364'547
30'692'969
29'093'934
24'142'133
22'026'860
18'034'949
16'309'108
15'551'430
15'077'867
12'781'495
11'472'680
10'689'113
9'732'151
9'574'678
9'441'183
9'168'053
8'083'610
7'608'755
7'016'978
7'012'239
% Out
0.93
0.63
0.59
0.49
0.45
0.37
0.33
0.32
0.31
0.26
0.23
0.22
0.2
0.2
0.19
0.19
0.17
0.16
0.14
0.14
Weighting
Change
5
1
5
5
3
#N/A N/A
M
M
M
M
M
M
Latest Chg
1'801'302
(893'927)
(1'007'886)
(816'942)
(229'054)
(46'157)
678'457
3'409'811
999'300
(652'843)
(705'862)
(2'337'983)
345'250
(360'362)
66'747
328'670
(1'620'266)
(2'793'264)
Target Price
33
21
#N/A N/A
30
#N/A N/A
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Date
26.03.2013
14.03.2013
13.03.2013
13.03.2013
07.02.2013
18.01.2013
27.03.2013
Hargreaves Lansdown PLC

Hargreaves Lansdown PLC provides investment management and financial planning
collection, storage, management, protection and use of digital content,
including audio and video. The Company's products include hard drives,
solid-state drives, and home entertainment and networking products.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HL/ LN EQUITY YTD Change
HL/ LN EQUITY YTD % CHANGE
Price/Volume
06/2012
12/yy
929.50
439.77
123'069.00
857
-7.80%
94.87%
87.54%
474.3
4'064.91
0.00
0.0
0.4
159.95
3'916.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
120.3
5.26x
59.0
10.72x
42.4
16.20x
60
30.06.2009
30.06.2010
132.8
159.0
6.63x
9.63x
71.6
87.8
12.32x
17.44x
52.1
61.3
9.16x
25.66x
Profitability
LTM-4Q
30.06.2011
207.9
13.26x
126.8
21.75x
91.8
30.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
238.7
9.85x
153.0
15.37x
113.0
21.90x
153.03
150.61
63.09%
64.02%
47.03%
100.15%
100.23%
0.96%
65.4%
64.5%
47.3%
1.95
1.71
0.00%
0.00%
2.68
-
Price/ Cash Flow
LTM
12/yy
9'344.0
1.87x
1'549.0
2.31x
688.0
7.64x
12/yy
15'648.0
2.11x
3'716.0
2.23x
2'082.0
4.51x
FY+1
1.98
1.34
206.66
81.69%
26.73%
1.337
12
3.083
743'769
664'890
715'888
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
288.8
329.0
13.46x
11.65x
204.2
234.2
19.18x
16.72x
141.0
164.4
27.82x
23.94x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.86
0.00
0.0%
0.0%
0.96
44.60
136.80
-
4.00
14'000.0
3.50
12'000.0
3.00
10'000.0
2.50
8'000.0
2.00
6'000.0
1.50
4'000.0
1.00
2'000.0
0.50
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Hargreaves Lansdown PLC

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
INVESCO LTD
APG ALL PENSIONS GRO
HERNDON CAPITAL MANA
COMMONWEALTH BANK OF
BRANDYWINE GLOBAL IN
NORGES BANK
FMR LLC
AQR CAPITAL MANAGEME
Firm Name
Longbow Research
BMO Capital Markets
Cross Research
Argus Research Corp
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Needham & Co
Stifel
Noble Financial Group
Barclays
FBN Securities
Evercore Partners
EVA Dimensions
Wedge Partners
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
APG ALL PENSIONS GRO
HERNDON CAPITAL MANA
COMMONWEALTH BANK OF
BRANDYWINE GLOBAL IN
NORGES BANK
n/a
AQR CAPITAL MANAGEME
Analyst
AMIT DARYANANI
ANANDA BARUAH
JOE WITTINE
MAYNARD UM
IVAN FEINSETH
KEITH F BACHMAN
YOKO YAMADA
EDWARD PARKER
STEVEN B FOX
MONIKA GARG
JAMES KELLEHER
AVI SILVER
SHERRI SCRIBNER
KATHRYN HUBERTY
WILLIAM C SHOPE JR
MARK A MOSKOWITZ
RICHARD J KUGELE
JAYSON NOLAND SR
AARON C RAKERS
MARK S MILLER
CHRISTIAN SCHWAB
BENJAMIN A REITZES
SHEBLY SEYRAFI
ROBERT CIHRA
ANDREW S ZAMFOTIS
KIRK ADAMS
JIM YIN
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
outperform
buy
neutral
market perform
buy
market perform
neutral
buy
hold
sector perform
hold
underperform
buy
Equalwt/In-Line
neutral/neutral
neutral
strong buy
neutral
buy
buy
buy
equalweight
sector perform
overweight
buy
no rating system
sell
Amt Held
25'000'000
14'363'112
11'722'308
9'062'161
8'852'610
6'662'900
6'319'955
5'689'830
5'407'491
4'620'895
3'772'247
3'448'194
3'125'852
3'090'511
3'063'188
3'019'274
2'968'439
2'865'152
2'743'512
2'526'308
% Out
10.39
5.97
4.87
3.77
3.68
2.77
2.63
2.36
2.25
1.92
1.57
1.43
1.3
1.28
1.27
1.25
1.23
1.19
1.14
1.05
Weighting
Change
5
5
3
3
5
3
3
5
3
3
3
1
5
3
3
3
5
3
5
5
5
3
3
5
5
#N/A N/A
1
N
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(303'477)
(3'211'794)
(764'673)
1'070'249
(1'393'600)
1'584'764
(278'610)
848'713
(499'946)
2'334'512
101'212
188'163
(56'703)
3'003'257
525'076
1'265'072
1'173'309
1'071'930
641'724
Target Price
55
54
#N/A N/A
#N/A N/A
#N/A N/A
45
51
54
49
#N/A N/A
#N/A N/A
47
60
#N/A N/A
40
40
52
50
55
52
54
45
50
55
#N/A N/A
#N/A N/A
27
File Dt
Inst Type
17.09.2012
Corporation
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
9 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
26.03.2013
26.03.2013
20.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
12.03.2013
12.03.2013
06.03.2013
30.01.2013
29.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
15.01.2013
14.01.2013
30.11.2012
27.03.2013
Polymetal International PLC

Polymetal International PLC is a holding company. The Company's subsidiary
in the United States. The Company's stores provides full range of merchandise,
featuring products that are free of artificial flavors, sweeteners, colors,
preservatives, and added chemicals. Whole Foods also develops, produces, and
markets nutriceuticals and nutritional supplements.
Price/Volume
120
3.5 M
3.0 M
80
2.5 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (09.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
POLY LN EQUITY YTD Change
POLY LN EQUITY YTD % CHANGE
12/2011
01/yy
1'231.00
726.71
419'466.00
861.5
-30.02%
18.55%
30.59%
384.0
3'308.00
1'003.10
0.0
148.5
658.80
6'009.32
31.12.2008
-
2.0 M
1.5 M
40
1.0 M
20
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
100
31.12.2009
Profitability
31.12.2010
925.4
406.3
239.0
-
31.12.2011
1'326.4
5.27x
555.6
12.57x
289.3
21.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
555.58
458.93
34.60%
30.82%
9.53%
19.12%
12.98%
0.44%
52.8%
41.9%
34.6%
21.8%
1.47
0.71
27.47%
60.21%
23.11
1.27
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.54
160.37
-4.03%
-26.68%
26
4.000
825'115
790'402
596'059
FY+2
12/12 Y
12/13 Y
1'846.6
2'156.2
3.24x
2.68x
889.3
1'065.8
6.77x
5.65x
502.4
645.4
9.82x
7.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
19.33
3.27
0.62
1.81
60.2%
35.6%
0.44
0.75
15.80
286.33
24.20
277.92
25.00
14'000.0
12'000.0
20.00
10'000.0
15.00
8'000.0
6'000.0
10.00
4'000.0
5.00
0.00
02.10.2009
2'000.0
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Polymetal International PLC

Holdings By:
All
Holder Name
PEARLMOON
JENNISON ASSOCIATES
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
JP MORGAN
INVESCO LTD
NORGES BANK
FRANKLIN RESOURCES
Firm Name
Northcoast Research
Morgan Stanley
Raymond James
Longbow Research
Edward Jones
BMO Capital Markets
Cantor Fitzgerald
Goldman Sachs
Deutsche Bank
Argus Research Corp
RBC Capital Markets
JPMorgan
William Blair & Co
Guggenheim Securities LLC
Cowen and Company
Barclays
Credit Suisse
Williams Capital Group
EVA Dimensions
S&P Capital IQ
Gabelli & Co
Portfolio Name
JENNISON ASSOCIATES
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
Multiple Portfolios
n/a
INVESCO LTD
NORGES BANK
n/a
Analyst
SEAN NAUGHTON
CHARLES E CERANKOSKY
MARK WILTAMUTH
BENJAMIN BROWNLOW
PHILIP TERPOLILLI
DAVID G MAGEE
BRIAN YARBROUGH
ROBERT SUMMERS
IVAN FEINSETH
KAREN SHORT
AJAY JAIN
ERIC J LARSON
STEPHEN GRAMBLING
SHANE HIGGINS
CHRISTOPHER GRAJA
EDWARD AARON
KENNETH GOLDMAN
MARK R MILLER
SCOTT VAN WINKLE
ANDREW P WOLF
JOHN HEINBOCKEL
PAUL L WESTRA
MEREDITH ADLER
JOSEPH I FELDMAN
EDWARD J KELLY
MARC RIDDICK
KATE WENDT
AUSTIN BURKETT
JOSEPH AGNESE
JUSTYN PUTNAM
Source
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
neutral
buy
Overwt/In-Line
market perform
neutral
buy
buy
Positive
buy
outperform
buy
neutral
Buy/Neutral
buy
hold
outperform
overweight
outperform
buy
hold
neutral
outperform
equalweight
no rating system
neutral
market perform
outperform
underweight
hold
buy
Amt Held
11'110'126
9'822'593
9'819'236
9'695'592
7'717'483
7'096'216
6'551'626
4'417'783
4'158'633
3'689'977
3'094'554
2'868'018
2'822'000
2'699'598
2'100'974
2'040'189
1'941'788
1'557'922
1'540'444
1'526'265
% Out
5.99
5.3
5.3
5.23
4.16
3.83
3.54
2.38
2.24
1.99
1.67
1.55
1.52
1.46
1.13
1.1
1.05
0.84
0.83
0.82
Weighting
Change
3
5
5
3
3
5
5
4
5
5
5
3
5
5
3
5
5
5
5
3
3
5
3
#N/A N/A
3
3
5
1
3
5
D
M
M
N
M
M
U
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
Latest Chg
(59'264)
86'880
(64'386)
2'547'726
225'139
56'020
(961'753)
285'109
381'633
439'586
(858'303)
(289'568)
(406'600)
(144'121)
35'900
1'287'030
582'564
14'611
(153'770)
96'533
Target Price
89
112
110
#N/A N/A
#N/A N/A
105
#N/A N/A
110
#N/A N/A
105
104
88
103
100
#N/A N/A
100
103
#N/A N/A
112
#N/A N/A
105
#N/A N/A
88
105
90
99
#N/A N/A
#N/A N/A
99
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
25.03.2013
25.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
12.03.2013
06.03.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
15.01.2013
08.11.2012
28.11.2008
27.03.2013
TUI Travel PLC

Tui Travel PLC operates as an international leisure travel group in the
resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest
rooms and suites, restaurants, a golf course, and an on-site luxury automotive
dealership.
Price/Volume
140
1.8 M
120
1.6 M
1.4 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TT/ LN EQUITY YTD Change
TT/ LN EQUITY YTD % CHANGE
09/2012
12/yy
334.60
156.50
3'902'378.00
319.4
-4.54%
104.09%
86.41%
1'118.0
3'570.93
938.00
0.0
44.0
849.00
3'703.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
60
.8 M
.6 M
40
.4 M
20
.2 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
13'931.8
0.18x
837.4
3.01x
(270.7)
-
1.2 M
80
30.09.2009
30.09.2010
13'851.0
13'514.0
0.23x
0.20x
644.0
649.0
4.89x
4.07x
(67.0)
(123.0)
Profitability
LTM-4Q
30.09.2011
14'687.0
0.12x
685.0
2.47x
85.0
19.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
14'460.0
0.19x
709.0
3.88x
138.0
18.80x
709.00
490.00
3.39%
1.39%
1.56%
7.99%
10.05%
1.64%
10.3%
4.9%
3.4%
1.0%
0.42
0.27
10.88%
59.94%
28.66
199.46
Price/ Cash Flow
12/yy
5'269.8
13.17x
1'536.9
10.36x
613.4
19.02x
LTM
12/yy
5'154.3
12.59x
1'442.5
10.95x
502.0
21.35x
FY+1
3.66
1.20
409.47
70.95%
16.08%
1.203
24
3.417
2'073'535
2'771'696
2'959'587
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
14'861.3
15'226.2
0.24x
0.22x
732.1
773.9
5.06x
4.79x
323.8
356.7
11.53x
10.54x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.62
2.15
0.13
1.32
59.9%
36.8%
1.64
13.79
12.77
1.83
81.79
-67.19
16.00
6'000.0
14.00
5'000.0
12.00
4'000.0
10.00
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
0.0
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
27.03.2013
TUI Travel PLC

Holdings By:
All
Holder Name
TUI AG
WYNN STEPHEN A
WYNN ELAINE P
BLACKROCK
VANGUARD GROUP INC
STATE STREET
LATEEF INVESTMENT MA
INVESCO LTD
COLUMBIA MANAGEMENT
PACIFIC HEIGHTS ASSE
GOLDMAN SACHS GROUP
SOROBAN CAPITAL PART
BAMCO INC
NORGES BANK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
LATEEF INVESTMENT MA
INVESCO LTD
Multiple Portfolios
PACIFIC HEIGHTS ASSE
GOLDMAN SACHS GROUP
SOROBAN CAPITAL PART
BAMCO INC
NORGES BANK
Analyst
Nomura
JOHN KEMPF
RACHAEL ROTHMAN
Cantor Fitzgerald
ROBERT A LAFLEUR
JAKE FULLER
ISI Group
IAN WEISSMAN
CAMERON MCKNIGHT
Stifel
STEVEN M WIECZYNSKI
Compass Point Research & Trading LLC MICHAEL TURNER
JPMorgan
JOSEPH R GREFF
BRIAN MCGILL
CHRISTOPHER E JONES
Morgan Stanley
THOMAS ALLEN
Deutsche Bank
CARLO SANTARELLI
Macquarie
CHAD BEYNON
DAVID BAIN
Nomura
HARRY C CURTIS
S&P Capital IQ
ESTHER KWON
Gabelli & Co
AMIT KAPOOR
BRYAN MAHER
ALISTAIR M SCOBIE
JON OH
Barclays
FELICIA R KANTOR HENDRIX
Credit Suisse
JOEL H SIMKINS
Union Gaming Research
BILL LERNER
Goldman Sachs
STEVEN KENT
EVA Dimensions
CRAIG STERLING
Imperial Capital LLC
GREGG M KLEIN
Phillip Securities
MAGDALENE CHOONG
Source
13F
PROXY
Form 4
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
outperform
Positive
buy
buy
buy
outperform
hold
neutral
overweight
buy
no rating system
Equalwt/In-Line
buy
neutral
neutral
buy
buy
buy
buy
neutral
outperform
overweight
outperform
buy
Buy/Neutral
underweight
outperform
neutral
Amt Held
15'039'402
10'026'708
9'659'355
5'410'939
4'603'200
4'181'036
3'561'098
3'115'910
3'044'202
2'552'192
1'781'415
1'469'017
1'374'520
1'208'000
1'007'868
994'084
990'000
921'613
798'333
794'161
% Out
14.9
9.94
9.57
5.36
4.56
4.14
3.53
3.09
3.02
2.53
1.77
1.46
1.36
1.2
1
0.99
0.98
0.91
0.79
0.79
Weighting
Change
5
4
5
5
5
5
3
3
5
5
#N/A N/A
3
5
3
3
5
5
5
5
3
5
5
5
5
5
1
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
N
Latest Chg
434'885
(82'795)
515'471
2'386'800
155'885
128'934
141'999
582'867
63'898
55'727
179'320
678'903
(12'807)
990'000
(87'840)
17'786
107'904
Target Price
133
146
151
145
144
#N/A N/A
#N/A N/A
119
148
175
131
127
146
119
120
141
140
#N/A N/A
150
130
132
139
144
150
159
#N/A N/A
145
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
13.12.2012
n/a
04.02.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
12.03.2013
04.03.2013
01.03.2013
19.02.2013
10.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
17.01.2013
15.01.2013
07.01.2013
18.07.2012
27.03.2013
Vedanta Resources PLC

Vedanta Resources Plc mines and processes metals. The Company mines copper,
solutions. The Company's solutions include advanced integrated circuits,
software design tools, predefined system functions delivered as cores of logic,
and field engineering support. Xilinx sells its products through several
channels of distribution to customers in the United States and overseas.
Price/Volume
45
3.0 M
40
2.5 M
35
30
2.0 M
25
03/2012
12/yy
1'345.00
821.00
275'543.00
1026
-23.72%
24.97%
43.89%
266.4
2'733.57
16'955.40
0.0
13'768.9
6'885.30
28'215.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
1.0 M
10
.5 M
5
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
8'203.7
1.86x
3'003.9
5.07x
879.0
13.63x
1.5 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VED LN EQUITY YTD Change
VED LN EQUITY YTD % CHANGE
31.03.2009
31.03.2010
6'578.9
7'930.5
1.13x
2.54x
1'856.1
2'035.7
4.01x
9.90x
219.4
602.3
12.64x
19.21x
Profitability
LTM-4Q
31.03.2011
11'427.2
1.87x
3'490.6
6.14x
770.8
13.50x
31.03.2012
14'005.3
2.12x
4'465.0
6.64x
59.8
89.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4'465.00
3'056.60
21.82%
12.46%
0.53%
4.40%
8.19%
0.39%
25.4%
35.7%
22.0%
0.4%
1.30
0.95
36.91%
364.59%
5.69
Price/ Cash Flow
12/yy
2'269.6
13.27x
740.1
10.22x
567.7
14.64x
LTM
12/yy
2'195.5
15.02x
670.8
12.62x
479.3
19.62x
FY+1
3.61
1.91
81.61
-18.41%
-11.32%
1.911
13
3.231
743'908
744'068
747'758
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
14'718.4
17'147.6
3'601.0
3'879.0
1.87x
1.55x
3.80x
4'907.8
5'816.2
1'181.0
5.75x
4.85x
359.9
644.1
10.68x
6.45x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15.02.2011
NEG
3.81
1.43
1.85
3.20
364.6%
47.9%
0.39
0.58
64.34
18.10
20.00
2'500.0
18.00
2'000.0
16.00
14.00
1'500.0
12.00
10.00
1'000.0
8.00
6.00
500.0
4.00
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Vedanta Resources PLC

Holdings By:
All
Holder Name
VOLCAN INVESTMENTS L
VANGUARD GROUP INC
JP MORGAN
GOLDMAN SACHS GROUP
STATE STREET
ASHMORE WELATH MANAG
BAILLIE GIFFORD AND
JENNISON ASSOCIATES
INVESCO LTD
FRANKLIN RESOURCES
Firm Name
Societe Generale
MKM Partners
Macquarie
Argus Research Corp
Deutsche Bank
Morgan Stanley
JPMorgan
William Blair & Co
Piper Jaffray
Barclays
Credit Suisse
Jefferies
Raymond James
ISI Group
Goldman Sachs
Drexel Hamilton LLC
Wedge Partners
Nomura
EVA Dimensions
GARP Research
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
GOLDMAN SACHS GROUP
n/a
n/a
ASHMORE WEALTH MANAG
JENNISON ASSOCIATES
INVESCO LTD
n/a
n/a
Analyst
AMBRISH SRIVASTAVA
TRISTAN GERRA
DAVID M WONG
DANIEL A BERENBAUM
BRENDAN FURLONG
SHAWN WEBSTER
JAMES KELLEHER
ROSS C SEYMORE
JOSEPH MOORE
WILLIAM STEIN
CHRISTOPHER DANELY
JOHN VINH
ANIL K DORADLA
IAN ING
AUGUSTE P RICHARD
SRINI PAJJURI
BLAYNE CURTIS
JOHN W PITZER
MARK J LIPACIS
HANS C MOSESMANN
RUBEN ROY
SUMIT DHANDA
JAMES SCHNEIDER
RICHARD WHITTINGTON
ROBERT BURLESON
JUN ZHANG
ROMIT SHAH
ANDREW S ZAMFOTIS
SETH DADDS
Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
Recommendation
outperform
neutral
outperform
neutral
hold
neutral
hold
hold
Equalwt/In-Line
neutral
overweight
sector perform
outperform
neutral
overweight
buy
equalweight
outperform
hold
outperform
neutral
buy
neutral/attractive
buy
hold
no rating system
neutral
buy
neutral
Amt Held
21'658'314
15'888'421
14'275'610
13'174'040
12'815'197
12'748'300
10'757'907
8'567'292
6'376'000
5'991'619
5'633'885
5'122'754
5'015'969
4'488'960
4'488'952
4'142'451
4'031'844
3'586'099
3'289'997
3'097'986
% Out
8.28
6.07
5.46
5.04
4.9
4.87
4.11
3.28
2.44
2.29
2.15
1.96
1.92
1.72
1.72
1.58
1.54
1.37
1.26
1.18
Weighting
Change
5
3
5
3
3
3
3
3
3
3
5
3
5
3
5
5
3
5
3
5
3
5
3
5
3
#N/A N/A
3
5
3
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
897'763
700'472
(1'972'440)
773'804
562'584
(1'375'000)
30'999
(1'748'957)
6'376'000
1'087'094
589'194
137'121
(1'708'902)
(105'305)
160'666
(9'980)
3'879'923
(285'572)
(1'220'960)
(96'421)
Target Price
41
35
#N/A N/A
34
36
40
#N/A N/A
37
#N/A N/A
38
41
#N/A N/A
#N/A N/A
#N/A N/A
43
44
36
42
37
42
39
39
41
44
36
#N/A N/A
30
#N/A N/A
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
13.03.2013
08.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
20.02.2013
13.02.2013
18.01.2013
18.01.2013
17.01.2013
15.01.2013
26.07.2012
27.03.2013
Evraz PLC
Evraz PLC mines iron ore and coal, and manufactures steel. The Company mines
content, and a community platform that delivers consumer experiences and
advertising solutions across digitial screens. The Company's site includes a
hierarchical, subject-based directory of Web sites, which enables users to
locate and access information.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EVR LN EQUITY YTD Change
EVR LN EQUITY YTD % CHANGE
12/2011
12/yy
398.80
206.80
1'424'964.00
219.2
-45.04%
6.00%
6.46%
1'472.6
3'227.90
7'245.00
0.0
236.0
801.00
11'139.94
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
25
31.12.2008
31.12.2009
20'380.0
9'772.0
5'335.0
1'057.0
1'797.0
(295.0)
Profitability
LTM-4Q
31.12.2010
13'394.0
2'203.0
486.0
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
16'400.0
0.88x
2'794.0
5.17x
461.0
16.31x
2'794.00
1'641.00
10.01%
5.32%
0.90%
2.67%
2.33%
0.85%
23.9%
14.7%
6.2%
2.8%
1.77
0.67
42.68%
130.66%
5.21
Price/ Cash Flow
12/yy
4'984.2
12.98x
1'473.0
11.37x
1'048.8
19.43x
LTM
12/yy
4'986.6
11.61x
1'457.1
11.15x
3'945.5
17.01x
FY+1
5.14
334.65
-38.28%
-15.33%
27
3.667
4'726'186
3'377'109
3'370'277
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/11 Q4 03/12 Q1
14'379.7
14'948.3
3'923.0
0.80x
0.78x
2'008.1
2'172.7
5.55x
5.13x
130.5
198.0
42.99x
26.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.95
2.14
2.64
3.41
130.7%
55.6%
0.85
1.83
70.29
58.86
25.00
8'000.0
7'000.0
20.00
6'000.0
5'000.0
15.00
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Evraz PLC
Holdings By:
All
Holder Name
LANEBROOK LTD
FILO DAVID
THIRD POINT LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
YANG JERRY
FMR LLC
INVESCO LTD
CITIGROUP INCORPORAT
NORGES BANK
CRAMER ROSENTHAL MCG
D E SHAW & COMPANY I
DEUTSCHE BANK AG
MACQUARIE GROUP
Firm Name
UFS-Finance Investment Company
Cantor Fitzgerald
Cowen and Company
Oppenheimer & Co
BGC Partners
JMP Securities
Raymond James
Needham & Co
BMO Capital Markets
RBC Capital Markets
Morgan Stanley
Piper Jaffray
Barclays
Goldman Sachs
Stifel
Wedge Partners
S&P Capital IQ
Gabelli & Co
Macquarie
Credit Suisse
JPMorgan
Jefferies
William Blair & Co
Nomura
EVA Dimensions
Evercore Partners
Deutsche Bank
Portfolio Name
THIRD POINT LLC
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
INVESCO LTD
CITIGROUP INCORPORAT
NORGES BANK
CRAMER ROSENTHAL MCG
D E SHAW & CO
n/a
Analyst
PETER STABLER
CARLOS KIRJNER
YOUSSEF H SQUALI
JOHN BLACKLEDGE
BRIAN WIESER
JASON S HELFSTEIN
COLIN W GILLIS
RONALD V JOSEY III
AARON M KESSLER
LAURA A MARTIN
KAZUYA NISHIMURA
DANIEL SALMON
MARK S MAHANEY
JORDAN MONAHAN
EUGENE E MUNSTER
HEATH P TERRY
JORDAN ROHAN
MARTIN PYYKKONEN
SCOTT H KESSLER
BRETT HARRISS
BENJAMIN A SCHACHTER
STEPHEN JU
DOUGLAS ANMUTH
BRIAN J PITZ
RALPH SCHACKART
SAMEET SINHA
BRIAN NOWAK
HAMILTON FABER
JAMES LEE
ANDREW S ZAMFOTIS
EVAN S WILSON
KEN SENA
LLOYD WALMSLEY
Source
13F
Form 4
Form 4
ULT-AGG
13F
ULT-AGG
Form 4
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
market perform
market perform
buy
neutral
buy
outperform
hold
market perform
outperform
buy
neutral
market perform
outperform
Equalwt/Attractive
neutral
overweight
buy/attractive
buy
no rating system
hold
buy
neutral
neutral
neutral
hold
market perform
buy
neutral
neutral
underperform
buy
sector perform
equalweight
hold
Amt Held
73'000'400
71'361'390
62'000'000
52'947'475
48'917'794
46'610'995
46'610'564
35'693'952
35'419'632
28'229'816
27'807'651
15'898'615
14'005'513
14'000'000
13'830'883
13'158'797
10'725'954
9'997'715
9'766'006
9'740'706
% Out
6.63
6.48
5.63
4.81
4.44
4.23
4.23
3.24
3.22
2.56
2.52
1.44
1.27
1.27
1.26
1.19
0.97
0.91
0.89
0.88
Weighting
Change
3
3
5
3
5
5
3
3
5
5
3
3
5
3
3
5
5
5
#N/A N/A
3
5
3
3
3
3
3
5
3
3
1
5
3
3
3
M
M
M
M
M
U
D
N
N
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
(500'000)
(11'000'400)
2'834'452
1'641'768
421'157
800'000
(40'053'983)
24'881'661
(3'381'146)
27'786'182
14'394'332
2'372'881
(11'000'000)
(446)
(8'208'344)
2'010'559
2'847'197
2'053'676
(153'900)
Target Price
#N/A N/A
23
26
#N/A N/A
23
27
21
#N/A N/A
26
26
23
20
24
23
21
26
26
25
#N/A N/A
22
#N/A N/A
23
21
22
20
#N/A N/A
26
18
21
21
#N/A N/A
#N/A N/A
22
15
File Dt
31.12.2012
27.08.2012
01.02.2013
25.03.2013
31.12.2012
26.03.2013
25.11.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Hedge Fund Manager
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Government
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Date
26.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
11.03.2013
10.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
01.03.2013
12.02.2013
07.02.2013
01.02.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
28.01.2013
28.01.2013
27.11.2012

Fundamental Equity Analysis - FTSE 100 Index Members (UKX Index)

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Fundamental Equity Analysis - FTSE 100 Index Members (UKX Index)

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

HSBC HOLDINGS PLC

VODAFONE GROUP PLC

ROYAL DUTCH SHELL PLC-A SHS

BRITISH AMERICAN TOBACCO PLC

ROYAL DUTCH SHELL PLC-B SHS

BHP BILLITON PLC

RIO TINTO PLC

STANDARD CHARTERED PLC

RECKITT BENCKISER GROUP PLC

NATIONAL GRID PLC

ANGLO AMERICAN PLC

IMPERIAL TOBACCO GROUP PLC

ROLLS-ROYCE HOLDINGS PLC

LLOYDS BANKING GROUP PLC

COMPASS GROUP PLC

GLENCORE INTERNATIONAL PLC

ARM HOLDINGS PLC

BAE SYSTEMS PLC

TULLOW OIL PLC

LEGAL & GENERAL GROUP PLC

OLD MUTUAL PLC

REED ELSEVIER PLC

BRITISH SKY BROADCASTING GRO

STANDARD LIFE PLC

SMITH & NEPHEW PLC

ASSOCIATED BRITISH FOODS PLC

LAND SECURITIES GROUP PLC

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

MARKS & SPENCER GROUP PLC

BURBERRY GROUP PLC

ROYAL BANK OF SCOTLAND GROUP

INTERTEK GROUP PLC

INTERCONTINENTAL HOTELS GROU

SAINSBURY (J) PLC

RANDGOLD RESOURCES LTD