Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110.pdf

7/27/2019 Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110.pdf

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Fundamental Analysis &Analyst RecommendationsQMS Advisors HDAX FlexIndex

August 2013

Q.M.S AdvisorsQ.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

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.


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Currency

Market

Capitalization(in mio

USD)

Daily

Volume(M)

Total

Common

Shares(M)

TotalDebt

(USD)

Preferred

Stock(USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot.Rev.-

LFY

Est.Tot.

Rev. - Tr.

12M

Est.Tot.

Rev.-2013

Est.Tot.

Rev.-2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2 014 E PS - L FY

Est.EPS -

Tr. 12M

Est.EPS -

2013

Est.EPS -

2014

P/ERatio-

LFY

Est. P/E

Ratio- Tr.

12M

Est. P/E

Ratio- 2013

Est. P/E

Ratio- 2014

Est.

Revenue

Growth-1Y

Est.

Revenue

Growth-5Y

Est. EBITDA

Growth-1Y

Est.Est.

EBITDA

Growth-5Y

Est. EBITDA

Margin-

S&P LT

Credit

Rating-

S&PLTCredit

RatingDate

Moody'sLT

Credit

Rating

Moody'sLT Credit

RatingDate

S&P 500 INDEX USD 15542560 2063.949 1115 1115 203 220 220 103.82 110.30 110.30 16.32 16.32 15.36 15.36 18.57

Euro Stoxx 50 Pr EUR 2834541 5821.056 4627 4627 756 788 788 224.74 298.31 298.31 22.26 18.97 16.76 16.76 20.68

NIKKEI 225 JPY 2747255 190.3515 196 196 19 22 22 6.13 8.05 8.05 0.24 0.24 0.18 0.18 0.12

FTSE 100 INDEX GBP 2825284 12239.81 10133 10133 1471 1653 1653 568.27 799.70 799.70 27.75 22.57 19.72 19.72 21.98

SWISS MARKET INDEX CHF 1087020 11076.23 4130 4130 943 857 857 443.54 559.99 559.99 20.72 17.65 16.41 16.41 23.84

S&P/TSX COMPOSITE INDEX CAD 1651860 17014.96 7380 7380 1834 1929 1929 722.96 800.41 800.41 16.26 16.26 14.69 14.69 24.11

S&P/ASX 200 INDEX AUD 1291622 6050.025 2653 2653 543 672 672 195.97 316.42 316.42 21.78 15.50 13.49 13.49 19.90

HANG SENG INDEX HKD 1736331 3209.65 1667 1667 354 395 395 277.24 270.32 270.32 1.35 1.46 1.39 1.39 2.89

MSCI EM USD 7282698 1354.316 999 999 185 186 186 83.50 88.68 88.68 11.57 11.82 10.89 10.89 18.95

ADIDAS AG EUR 23637 5 209 2 0 0 3 23.75 19731 19456 19987 21330 1930 1979 776 776 3.34 3.49 5.86 7.00 42.96 42.96 25.57 21.39 15.53 8.54 27.48 6.00 13.49 - - - -

ADVA OPTICAL NETWORKING SE EUR 264 1 48 0 0 0 0 0.21 438 421 436 468 60 49 17 17 0.46 0.23 0.19 0.29 31.88 30.14 37.77 25.53 8.15 11.51 26.64 7.16 15.54 - - - -

CARL ZEISS MEDITEC AG - BR EUR 2701 1 81 0 0 0 0 2.78 1143 1157 1195 1284 187 189 - - 1.17 1.22 1.40 1.57 36.11 36.11 31.43 28.06 18.01 9.93 19.79 15.11 21.61 - - - -

AIXTRON SE EUR 1721 64 101 0 0 0 0 1.43 302 299 298 497 -144 -220 -3 -3 -1.91 -2.74 -1.02 0.39 - - 57.46 -83.14 37.36 - - -97.84 - - - -

ALLIANZ SE-REG EUR 71357 13 453 38 0 4 16 95.32 127297 128631 138411 142253 - - - - 15.41 32.07 17.28 17.83 6.47 12.09 12.02 11.65 13.10 4.39 - - - AA 27.01.2012 Aa3 03.05.2004

AAREAL BANK AG EUR 1693 4 60 38 0 0 5 34.16 1570 1497 886 933 905 - - - 2.32 2.27 2.19 2.76 16.54 16.54 17.14 13.61 -16.04 -15.48 -17.52 -24.50 - - - WR 26.03.2012

BASF SE EUR 82837 48 918 17 0 1 2 100.63 95624 97500 98261 94613 12819 - 2974 2974 6.96 6.51 7.14 7.83 18.37 18.37 16.76 15.28 -2.47 5.23 -24.45 -2.12 - A+ 10.05.2011 A1 17.11.2010

BAYER AG-REG EUR 95248 18 827 13 0 0 3 107.08 52711 53232 54279 57272 11933 11799 2421 2421 7.41 4.65 7.62 8.60 32.81 23.24 20.04 17.75 11.73 5.65 0.56 8.21 29.39 A- 30.04.2008 A3 17.07.2006

BB BIOTECH AG-REG EUR 1715 0 2.31 - - - - - - - - - - - - - - - - -

BECHTLE AG EUR 1052 0 21 0 0 0 0 1.01 2780 2846 2935 3086 136 132 144 144 3.57 3.40 3.92 4.40 19.54 19.54 16.94 15.10 6.78 11.89 2.56 9.86 6.22 - - - -

BEIERSDORF AG EUR 23015 27 227 0 0 0 2 20.91 8007 8141 8274 8734 1248 1326 333 333 2.70 2.81 3.09 3.52 43.08 43.08 39.18 34.43 9.58 0.37 16.12 4.34 21.59 - - - -

BAYERISCHE MOTOREN WERKE AG EUR 63123 34 656 92 0 0 17 139.32 101880 101354 103540 108351 15927 15544 - - 10.30 10.45 10.43 10.75 12.49 12.49 12.51 12.14 15.46 8.80 3.83 12.34 20.33 A 16.04.2012 A2 22.07.2011

BRENNTAG AG EUR 8183 1 52 2 0 0 0 10.29 12846 12963 13250 13932 932 903 248 248 8.60 8.09 8.65 9.90 26.05 26.05 24.32 21.28 15.44 - 9.28 15.39 9.23 BBB- 09.06.2011 - -

HUGO BOSS AG -ORD EUR 8644 2 69 1 0 0 0 8.97 3110 3154 3305 3588 698 704 255 255 6.05 5.90 6.59 7.57 27.59 26.89 24.70 21.51 18.48 14.74 16.45 17.05 29.59 - - - -

BAYWA-BAYERISCHE WARENVERMIT EUR 1734 2 34 2 0 0 0 4.13 13961 18126 21144 22038 442 39107 130 130 5.13 5.77 3.90 4.22 11.50 10.80 17.00 15.71 13.08 19.76 33.05 16.37 286.02 - - - -

COMMERZBANK AG EUR 12110 131 779 312 3 1 64 26517 25292 12719 13201 - - - - -0.01 -1.52 0.50 1.15 - - 28.06 12.31 -9.02 -7.53 - - - A- 28.05.2013 Baa1 23.04.2013

CELESIO AG EUR 3552 97 170 3 0 0 1 5.74 29525 28838 28622 29063 812 797 192 192 1.16 1.23 1.59 1.81 22.45 17.49 17.28 15.24 0.71 0.38 6.28 -9.30 3.62 - - - -

CANCOM SE EUR 351 7 11 0 0 0 0 0.35 740 749 769 804 37 37 40 40 1.52 1.60 1.74 2.01 25.44 25.44 23.38 20.29 3.34 17.76 16.22 42.58 6.73 - - - -

CONTINENTAL AG EUR 31567 2 200 13 0 1 4 41.96 43399 43490 45042 47819 6536 6608 - - 12.73 13.42 14.13 15.94 15.60 15.32 14.80 13.12 9.70 10.07 20.24 18.78 20.14 BB 24.05.2013 Ba1 12.08.2013

DAIMLER AG-REGISTERED SHARES EUR 77468 61 1068 112 0 2 20 170.10 151527 151393 155537 166276 16092 14462 - - 7.52 8.31 6.31 7.34 11.55 11.55 15.23 13.08 9.65 6.01 -0.85 -6.87 12.66 A- 23.02.2012 A3 01.10.2007

DEUTSCHE BOERSE AG EUR 13873 6 184 2 0 0 1 15.30 2913 2890 2774 2939 1432 1316 374 374 4.55 4.34 4.86 5.47 21.98 22.05 19.61 17.42 -6.38 -4.81 -17.17 -5.08 60.38 AA 13.02.2012 WR 17.05.2006

DEUTSCHE BANK AG-REGISTERED EUR 46069 123 929 369 0 1 195 69334 65372 44521 45380 - - - - 4.10 0.24 5.15 6.18 251.04 25.50 11.63 9.69 -0.91 -8.91 - - - A 02.07.2013 A2 21.06.2012

DEUTSCHE EUROSHOP AG EUR 2310 2 54 2 0 0 0 3.89 286 273 266 275 243 231 54 54 2.97 3.21 2.49 2.57 17.70 18.75 22.78 22.08 15.77 13.20 11.99 23.39 112.05 - - - -

DIALOG SEMICONDUCTOR PLC EUR 1236 37 65 0 0 0 0 1.07 1026 1033 1141 1358 166 166 - - 1.26 1.15 1.40 1.95 27.68 27.45 22.87 16.34 61.93 49.02 58.89 - 21.28 - - - -

DEUTSCHE POST AG-REG EUR 35126 62 1209 6 0 0 4 39.40 73594 73590 75900 79127 5222 5382 1328 1328 1.94 2.02 1.96 2.11 19.11 20.67 19.68 18.23 6.73 1.23 9.83 -3.20 9.70 NR 27.11.2012 WR 31.07.2006

DRILLISCH AG EUR 1005 10 49 0 0 0 0 1.21 429 407 401 409 82 84 92 92 0.61 4.28 1.07 1.43 5.85 5.85 23.33 17.53 -9.65 -3.76 26.96 12.25 26.70 - - - -

DRAEGERWERK AG - PREF EUR 1889 0 17 1 0 0 0 2.14 3147 3184 3227 3348 397 382 382 382 10.12 9.59 9.88 11.05 17.91 18.18 17.37 15.53 6.91 6.08 11.24 14.19 15.91 - - - -

DEUTSCHE TELEKOM AG-REG EUR 58384 200 4319 59 0 6 8 124.72 77117 77290 78117 79088 23503 23198 5909 5909 1.33 -1.56 0.86 0.93 - 12.69 20.29 18.67 -1.09 0.25 -16.24 1.97 39.79 BBB+ 19.05.2008 Baa1 22.12.2011

DUERR AG EUR 2488 2 35 0 0 0 0 2.50 3182 3140 3333 3432 273 287 78 78 4.12 4.48 4.84 5.00 21.27 21.22 19.69 19.05 32.96 16.72 54.55 31.77 12.11 NR 01.11.2010 - -

DEUTSCHE WOHNEN AG-BR EUR 3197 1 146 4 0 0 0 6.77 599 667 499 524 247 279 85 85 1.52 1.27 0.97 1.10 19.46 19.46 25.46 22.46 21.90 10.17 40.29 14.55 58.67 - - - -

EADS NV EUR 2 6 0 0 15 74877 76731 77761 82877 5206 5782 1726 1726 - - 3.54 4.83 - - 22.32 16.37 19.84 9.78 31.56 30.63 9.99 A- 22.09.2010 (P)A2 06.12.2012

E.ON SE EUR 33173 188 1907 34 0 5 8 61.01 175120 174114 155967 156415 11193 13212 - - 2.40 1.63 1.69 1.71 13.48 8.73 13.05 12.85 22.46 13.07 129.62 -6.98 10.06 A- 27.07.2012 A3 05.10.2011

EUROMICRON AG EUR 149 1 7 0 0 0 0 0.26 438 438 469 498 33 33 40 40 1.71 1.63 2.36 2.98 18.15 18.15 12.52 9.92 10.74 21.24 -24.09 14.57 9.91 - - - -

EVOTEC AG EUR 429 6 119 0 0 0 0 0.38 116 109 129 147 8 2 20 20 0.05 -0.03 0.07 0.14 - - 68.29 35.48 11.81 31.86 -56.67 - 1.93 - - - -

FIELMANN AG EUR 4372 3 42 0 0 0 0 3.94 1468 1476 1542 1622 285 285 - - 3.99 3.99 4.25 4.56 34.58 34.58 32.44 30.29 6.75 6.57 4.17 7.13 25.61 - - - -

FRESENIUS MEDICAL CARE AG & EUR 20558 11 307 11 0 1 1 29.02 18295 18825 19336 20206 3741 3728 933 933 5.13 4.40 4.88 5.13 26.30 26.46 23.73 22.55 12.97 8.33 9.53 10.26 26.25 BB+ 19.09.2012 - -

FREENET AG EUR 3155 12 128 1 0 0 0 3.87 4095 4226 4281 4314 467 468 118 118 1.80 2.13 2.44 2.56 15.30 15.30 13.41 12.74 -7.21 36.47 6.22 13.61 14.69 - - - -

FUCHS PETROLUB SE -PREF EUR 5280 2 71 0 0 0 0 5.17 2412 2412 2488 2601 409 421 121 121 3.87 3.95 4.09 4.38 26.69 26.69 25.76 24.10 13.45 8.24 10.49 9.67 23.13 - - - -

FRAPORT AG FRANKFURT AIRPORT EUR 6212 1 92 6 0 0 1 11.49 3237 3315 3416 3504 1131 1143 - - 3.46 3.35 3.23 3.77 26.61 22.30 27.64 23.67 3.96 6.98 7.52 9.07 45.69 - - - -

FRESENIUS SE & CO KGAA EUR 22578 4 178 15 0 7 1 43.17 25573 26569 27378 28872 4983 4983 1291 1291 6.41 7.11 7.81 8.74 23.63 23.50 21.51 19.20 23.73 16.05 21.38 17.39 25.83 BB+ 19.09.2012 WR 30.04.2006

GEA GROUP AG EUR 8067 1 192 2 0 0 1 8.68 7583 7610 7829 8173 843 898 - - 2.26 2.45 2.66 3.02 22.65 23.03 20.85 18.41 7.43 4.01 9.19 11.58 15.64 - - - -

BILFINGER SE EUR 4579 1 44 2 0 0 1 5.21 11280 11280 11538 12088 917 917 - - 8.49 8.26 7.31 8.27 15.97 15.53 18.05 15.94 4.85 0.87 47.87 21.69 10.78 BBB+ 23.10.2012 - -

GAGFAH SA EUR 2596 22 195 7 0 0 0 9.27 1407 1407 1078 1142 475 463 - - 0.37 0.13 0.63 0.78 121.32 89.79 25.21 20.31 -25.11 -0.04 -4.88 28.71 43.63 - - - -

GSW IMMOBILIEN AG EUR 2102 1 51 3 0 0 0 4.46 422 439 333 337 216 224 51 51 2.33 4.10 2.26 2.36 13.47 24.17 24.39 23.40 -3.41 - 0.71 -0.21 67.58 - - - -

GILDEMEISTER AG EUR 1358 1 60 0 0 0 0 1.35 2701 2778 2760 2855 219 240 148 148 1.74 1.78 1.85 2.07 16.84 16.84 16.16 14.48 27.47 7.42 22.96 1.34 11.44 NR 23.09.2009 - -

GERRY WEBER INTL AG EUR 2113 0 46 0 0 0 0 2.07 1064 1101 1155 1282 178 176 - - 2.29 2.21 2.44 2.92 27.56 27.39 25.03 20.88 18.78 11.14 23.06 22.36 21.17 - - - -

GERRESHEIMER AG EUR 1933 0 31 1 0 0 0 2.66 1616 1671 1715 1825 302 310 85 85 2.55 2.47 3.53 4.28 33.10 33.10 23.09 19.09 15.06 4.70 11.62 4.13 24.59 BBB- 23.02.2011 Ba1 17.05.2011

HEIDELBERGCEMENT AG EUR 14626 10 188 11 0 1 2 25.39 18587 18560 19063 20087 3343 3684 1180 1180 1.58 2.24 4.70 6.17 46.16 46.16 22.01 16.76 11.49 0.59 8.57 1.58 26.31 NR 22.11.2012 (P)Ba2 31.05.2011

HENKEL AG & CO KGAA VORZUG EUR 40730 5 434 5 0 0 5 41.09 21888 22027 22369 23445 3688 3664 - - 4.86 4.72 5.35 5.87 28.82 27.64 25.44 23.18 7.69 4.39 18.33 12.71 22.05 A 18.05.2011 A2 01.06.2011

HANNOVER RUECKVERSICHERU-REG EUR 9118 3 121 3 0 1 1 12.54 18242 18809 18837 19480 - - - - 9.44 9.46 9.14 9.13 10.60 10.59 10.97 10.97 17.86 18.09 - - - AA- 10.06.2006 - -

Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.SAdvisors|tel: +41 (0)78 922 08 77 | e-mail: [email protected] |


3/227

Currency

Market


USD)

Daily

Volume(M)

Total

Common

Shares(M)

TotalDebt

(USD)

Preferred

Stock(USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot.Rev.-

LFY

Est.Tot.

Rev. - Tr.

12M

Est.Tot.

Rev.-2013

Est.Tot.


Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2 014 E PS - L FY

Est.EPS -

Tr. 12M

Est.EPS -

2013

Est.EPS -

2014

P/ERatio-

LFY

Est. P/E

Ratio- Tr.

12M

Est. P/E

Ratio- 2013

Est. P/E

Ratio- 2014

Est.

Revenue

Growth-1Y

Est.

Revenue

Growth-5Y

Est. EBITDA

Growth-1Y

Est.Est.

EBITDA

Growth-5Y

Est. EBITDA

Margin-

S&P LT

Credit

Rating-

S&PLTCredit

RatingDate

Moody'sLT

Credit

Rating

Moody'sLT Credit

RatingDate

S&P 500 INDEX USD 15542560 2063.949 1115 1115 203 220 220 103.82 110.30 110.30 16.32 16.32 15.36 15.36 18.57

Euro Stoxx 50 Pr EUR 2834541 5821.056 4627 4627 756 788 788 224.74 298.31 298.31 22.26 18.97 16.76 16.76 20.68

NIKKEI 225 JPY 2747255 190.3515 196 196 19 22 22 6.13 8.05 8.05 0.24 0.24 0.18 0.18 0.12

FTSE 100 INDEX GBP 2825284 12239.81 10133 10133 1471 1653 1653 568.27 799.70 799.70 27.75 22.57 19.72 19.72 21.98



S&P/ASX 200 INDEX AUD 1291622 6050.025 2653 2653 543 672 672 195.97 316.42 316.42 21.78 15.50 13.49 13.49 19.90


MSCI EM USD 7282698 1354.316 999 999 185 186 186 83.50 88.68 88.68 11.57 11.82 10.89 10.89 18.95

HOCHTIEF AG EUR 5853 4 74 6 0 2 4 11.32 33843 34634 33708 34543 1959 2176 - - 1.86 6.00 4.13 5.08 16.80 16.80 24.37 19.85 12.79 8.76 -15.59 43.33 8.55 - - - -

NFINEON TECHNOLOGIES AG EUR 10246 84 1080 0 0 0 3 7.82 5176 5002 5076 5557 1168 962 342 342 0.52 0.33 0.31 0.53 37.92 37.92 40.34 23.82 -3.08 1.66 -26.20 3.48 25.51 - - - -

JENOPTIK AG EUR 784 4 57 0 0 0 0 0.88 776 775 805 864 112 110 - - 1.08 1.02 0.83 1.06 17.79 17.79 21.85 17.06 10.18 3.85 -12.49 3.62 19.01 NR 04.06.2008 WR 15.11.2007

KONTRON AG EUR 286 5 56 0 0 0 0 0.29 725 715 723 765 15 1 21 21 -0.78 -1.02 -0.17 0.21 - - 32.77 -9.58 3.69 -104.84 -34.63 0.20 - - - -

KLOECKNER & CO SE EUR 1426 42 100 1 0 0 1 2.09 9795 9017 8960 9353 80 72 50 50 -2.60 -2.21 -0.44 0.42 - - 45.39 5.47 5.65 -92.74 -38.89 1.06 B+ 27.03.2013 - -

KABEL DEUTSCHLAND HOLDING AG EUR 10005 5 89 5 0 0 1 13.73 2426 2453 2609 2808 1043 1043 297 297 3.70 3.16 3.89 4.56 47.49 47.49 38.53 32.88 10.15 9.48 3.11 16.79 57.01 BB *+ 02.08.2013 B1 *+ 25.07.2013

KRONES AG EUR 2743 1 32 0 0 0 0 2.59 3532 3648 3695 3890 238 260 70 70 2.94 3.39 4.96 5.65 33.92 33.92 23.22 20.38 9.83 5.82 39.66 -0.92 9.43 - - - -

KUKA AG EUR 1548 2 34 0 0 0 0 1.45 2306 2382 2459 2569 174 187 57 57 2.17 2.24 2.56 2.91 27.00 27.00 23.62 20.77 28.04 14.24 60.05 7.53 10.43 BB- 31.07.2013 - -

LEG IMMOBILIEN AG EUR 2853 0 53 3 0 0 0 6.03 686 686 656 691 251 251 - - 0.77 6.89 3.55 4.09 10.36 93.36 20.12 17.47 0.66 - 23.83 - 48.45 - - - -

LEONI AG EUR 1747 3 33 1 0 0 0 2.17 5050 5094 5044 5426 475 407 - - 6.62 4.17 4.36 5.89 16.99 17.03 16.26 12.04 3.85 10.32 1.62 14.09 10.71 - - - -

DEUTSCHE LUFTHANSA-REG EUR 9110 42 460 9 0 0 7 11.00 39951 39891 40870 42266 3272 3330 1721 1721 1.31 2.74 1.55 2.32 9.57 20.22 16.94 11.33 6.46 6.90 -16.42 -3.08 11.07 BBB- 27.08.2009 Ba1 03.09.2009

LINDE AG EUR 35569 3 185 14 0 1 3 48.62 20257 21627 22670 24234 4564 5018 1358 1358 9.18 9.47 11.04 12.45 26.90 27.25 23.07 20.45 14.36 7.28 14.62 10.63 30.76 A 25.05.2012 A3 28.04.2010

LPKF LASER & ELECTRONICS EUR 418 11 22 0 0 0 0 0.43 153 179 161 177 37 43 - - 0.80 1.11 0.91 1.14 22.31 22.31 27.20 21.87 34.88 36.81 56.20 37.84 33.87 - - - -

LANXESS AG EUR 5353 34 83 3 0 0 1 8.09 12056 11293 11116 12006 1672 1176 266 266 8.68 2.86 2.35 5.52 29.79 29.79 36.23 15.47 4.82 9.78 19.54 17.56 13.81 BBB 31.07.2007 - -

MAN SE EUR 16736 1 147 7 0 0 2 23.19 20909 20704 20990 22023 1971 1160 - - 2.73 -2.17 1.78 5.73 - - 84.90 26.42 -5.63 2.07 -49.15 -7.40 7.43 NR 20.12.2012 A3 30.04.2009

METRO AG EUR 12610 6 327 11 0 0 7 21.00 88478 87534 67249 86458 4391 4498 - - 0.86 0.49 0.18 2.81 104.89 96.99 281.24 18.30 1.63 -1.09 -14.00 1.53 6.81 BBB- 11.10.2012 Baa3 09.10.2012

MORPHOSYS AG EUR 1797 2 23 0 0 0 0 1.60 69 107 100 95 11 36 9 9 0.13 0.91 0.42 -0.01 111.28 112.92 242.23 -48.72 34.07 -61.90 -7.75 44.10 - - - -

MERCK KGAA EUR 34547 5 217 6 0 0 3 36.36 14239 14368 14897 15058 3868 4074 1046 1046 6.00 6.32 11.42 12.03 33.55 27.13 18.56 17.62 11.17 11.73 11.24 11.79 37.59 A 29.05.2013 A3 04.07.2013

MTU AERO ENGINES AG EUR 4807 4 51 1 0 0 0 5.48 4479 4868 4965 5335 651 650 - - 4.55 3.45 5.84 6.57 35.56 35.56 20.95 18.65 20.19 10.80 22.09 6.07 17.69 NR 11.05.2010 Baa3 08.06.2012

MUENCHENER RUECKVER AG-REG EUR 34237 8 179 8 0 0 4 36.63 87360 86879 72553 74188 - - - - 23.84 23.09 22.23 22.36 10.96 10.96 11.40 11.32 10.86 8.98 - - - AA- 22.12.2006 - -

AURUBIS AG EUR 2640 4 45 1 0 0 1 2.93 18281 17480 17201 17268 987 591 - - 10.65 -3.79 4.45 5.58 - - 17.49 13.95 4.51 9.13 37.95 19.69 4.31 - - - -

NORDEX SE EUR 728 8 74 0 0 0 0 0.76 1426 1506 1624 1701 30 42 - - -1.65 -1.59 0.13 0.30 - - 99.19 44.28 22.91 11.17 - -20.49 3.68 - - - -

NORMA GROUP SE EUR 1367 1 32 0 0 0 0 1.60 802 808 851 907 171 160 43 43 2.37 2.28 2.69 3.04 24.94 24.94 21.14 18.71 5.30 - 22.51 - 26.18 - - - -

XING AG EUR 533 0 5 0 0 0 0 0.45 96 102 111 125 34 35 31 31 1.90 2.04 2.50 3.54 61.97 63.63 50.60 35.71 14.30 26.43 -72.79 36.47 45.93 - - - -

TELEFONICA DEUTSCHLAND HOLDI EUR 7875 4 1117 2 0 0 0 9.32 6911 6911 6663 6635 1696 1696 445 445 0.37 0.37 0.10 0.14 25.18 25.18 89.24 65.28 4.67 - 14.97 - 32.53 - - - -

PFEIFFER VACUUM TECHNOLOGY EUR 1123 0 10 0 0 0 0 1.08 612 555 570 624 116 97 24 24 6.09 4.83 4.98 6.93 31.25 31.25 30.31 21.76 -14.85 42.02 6.63 12.33 23.08 - - - -

PSI AG EUR 290 0 16 0 0 0 0 0.25 240 243 254 277 22 22 25 25 0.80 0.58 0.87 1.20 42.22 42.22 28.24 20.48 8.87 9.89 20.57 25.50 12.10 - - - -

PROSIEBEN SAT.1 MEDIA AG-PRF EUR 9034 25 212 4 0 0 1 10.18 3124 2898 3401 3584 909 878 191 191 2.04 2.11 2.45 2.69 26.13 26.30 22.45 20.46 9.46 -5.54 -0.44 7.41 40.19 - - WR 01.08.2007

PUMA SE EUR 4465 0 15 0 0 0 1 4.09 4336 4204 4107 4272 248 431 137 137 24.51 3.30 14.45 16.12 118.89 26.90 27.16 24.35 11.53 5.24 -71.20 -19.72 13.59 - - - -

QIAGEN N.V. EUR 5101 1 236 1 0 0 1 5.59 1663 1683 1760 1860 535 513 130 130 0.91 0.96 1.50 1.63 38.85 38.85 24.98 22.97 9.60 10.21 49.70 23.37 40.65 - - - -

QSC AG EUR 543 19 124 0 0 0 0 0.61 638 630 604 623 103 105 105 105 0.19 0.25 0.24 0.31 23.10 23.10 24.68 19.00 0.95 3.65 -4.85 23.81 21.86 - - - -

RATIONAL AG EUR 3422 0 11 0 0 0 0 3.23 577 585 608 667 172 - - - 10.87 10.53 11.04 12.49 37.89 37.89 36.16 31.96 14.65 5.91 27.04 7.54 - - - - -

RHOEN-KLINIKUM AG EUR 3353 3 138 1 0 0 0 4.45 3798 3953 4025 4192 386 423 113 113 0.87 0.86 1.08 1.42 37.31 37.31 29.80 22.63 11.89 9.80 -24.74 4.15 14.40 - - Baa3 03.12.2012

RHEINMETALL AG EUR 1993 2 38 1 0 0 1 2.53 6236 5983 6242 6491 635 428 53 53 6.68 2.81 2.26 5.10 23.73 23.73 29.56 13.09 7.44 4.64 -10.69 4.53 9.49 NR 12.12.2008 Baa3 *- 01.08.2013

RWE AG EUR 18223 154 615 26 4 2 7 44.04 67309 69787 70814 70168 12005 12063 - - 2.58 1.62 5.26 4.04 24.17 27.37 7.44 9.69 4.36 4.23 41.10 4.06 23.58 BBB+ 27.07.2012 Baa1 21.06.2013

SMA SOLAR TECHNOLOGY AG EUR 1234 1 35 0 0 0 1 0.88 1940 1447 1465 1512 230 147 - - 2.86 0.03 -0.89 0.18 1778.14 1778.14 263.43 -16.84 35.86 -53.19 24.06 13.48 - - - -

SAP AG EUR 92101 26 1192 7 0 0 3 94.16 21507 22058 23212 25301 6631 6523 1979 1979 3.15 3.31 4.52 5.06 29.99 29.86 21.99 19.64 18.54 10.27 9.64 14.65 39.20 - - - -

STADA ARZNEIMITTEL AG EUR 2943 4 59 2 0 0 0 4.86 2436 2554 2645 2838 424 458 252 252 1.91 2.34 3.73 4.49 28.03 27.87 17.56 14.59 9.44 4.73 58.44 0.26 23.75 - - - -

STRATEC BIOMEDICAL AG EUR 461 0 12 0 0 0 0 0.45 162 164 176 199 28 27 32 32 1.58 1.51 1.78 2.14 34.46 34.16 29.31 24.29 6.67 17.56 -19.97 6.59 22.05 - - - -

K+S AG-REG EUR 4638 40 191 2 0 0 1 5.12 5217 4846 5268 4912 1432 1348 248 248 3.98 3.58 3.20 1.66 8.98 8.90 10.04 19.31 -2.04 -3.60 -5.03 27.67 36.88 BBB+ *- 05.08.2013 Baa2 *- 07.08.2013

SGL CARBON SE EUR 2297 0 71 1 0 0 0 2.96 2266 2290 2196 2375 266 188 60 60 0.05 -4.87 -2.73 0.75 - - 57.67 14.54 3.44 -21.54 -11.84 10.90 BB- 08.07.2013 WR 16.05.2013

SIEMENS AG-REG EUR 97841 67 856 29 0 1 15 115.56 103800 102201 101527 105141 12797 11537 2187 2187 7.43 7.23 7.13 9.37 20.38 20.57 20.64 15.71 9.08 0.28 -10.60 1.11 14.97 A+ 05.06.2009 - -

SKY DEUTSCHLAND AG EUR 7704 19 779 1 0 0 0 8.16 1767 1893 2062 2410 -68 12 16 16 -0.33 -0.23 -0.17 -0.03 - - 22.64 11.67 88.90 - 0.83 - - - -

SUESS MICROTEC AG EUR 189 3 19 0 0 0 0 0.16 217 201 202 230 26 5 2 2 0.53 -0.30 -0.38 0.56 - - 23.32 -8.77 1.33 -28.13 6.59 3.51 - - - -

SOFTWARE AG EUR 2768 4 87 0 0 0 0 2.88 1388 1321 1326 1397 386 354 - - 2.51 2.27 2.54 2.82 18.63 18.63 16.65 15.00 -6.16 11.87 -5.76 17.46 35.47 - - - -

AXEL SPRINGER AG EUR 5217 2 99 1 0 0 0 6.13 4389 4398 4491 4230 809 812 209 209 3.20 3.10 3.46 3.47 22.53 21.01 20.22 20.12 5.22 4.75 9.30 10.88 24.42 - - - -

SARTORIUS AG-VORZUG EUR 2112 2 17 0 0 0 2.67 1121 1147 1198 1277 239 255 232 232 3.14 4.12 5.31 6.09 35.09 35.09 27.22 23.76 20.36 10.81 28.71 23.70 29.54 - - - -

SYMRISE AG EUR 5493 2 118 1 0 0 0 6.24 2300 2384 2442 2570 449 472 131 131 1.76 1.88 2.16 2.38 32.74 32.97 28.53 25.88 12.66 9.87 9.62 5.96 26.25 - - - -

SALZGITTER AG EUR 2310 6 54 1 0 0 1 2.19 13784 13252 13081 13521 552 552 95 95 -2.04 -9.68 -3.18 1.63 - - 31.30 7.51 -3.26 -41.05 -29.80 5.40 - - - -

SUEDZUCKER AG EUR 6594 5 204 2 0 1 1 9.56 10445 10636 10552 10591 1655 1614 - - 3.94 3.45 3.04 2.96 12.42 13.02 14.10 14.44 16.82 9.09 28.63 28.81 20.12 BBB+ 05.06.2012 - -




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2 014 E PS - L FY

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Moody'sLT Credit

RatingDate

S&P 500 INDEX USD 15542560 2063.949 1115 1115 203 220 220 103.82 110.30 110.30 16.32 16.32 15.36 15.36 18.57

Euro Stoxx 50 Pr EUR 2834541 5821.056 4627 4627 756 788 788 224.74 298.31 298.31 22.26 18.97 16.76 16.76 20.68

NIKKEI 225 JPY 2747255 190.3515 196 196 19 22 22 6.13 8.05 8.05 0.24 0.24 0.18 0.18 0.12

FTSE 100 INDEX GBP 2825284 12239.81 10133 10133 1471 1653 1653 568.27 799.70 799.70 27.75 22.57 19.72 19.72 21.98



S&P/ASX 200 INDEX AUD 1291622 6050.025 2653 2653 543 672 672 195.97 316.42 316.42 21.78 15.50 13.49 13.49 19.90


MSCI EM USD 7282698 1354.316 999 999 185 186 186 83.50 88.68 88.68 11.57 11.82 10.89 10.89 18.95

TAG IMMOBILIEN AG EUR 1545 4 131 3 0 0 0 4.53 525 437 375 375 381 294 - - 1.89 1.05 0.79 0.94 14.96 19.48 19.73 16.74 124.97 42.46 188.90 77.83 86.54 - - - -

THYSSENKRUPP AG EUR 11510 294 514 10 0 1 3 16.96 53194 48186 49391 51256 3415 2956 671 671 -0.50 -0.70 0.36 1.52 - - 81.65 19.49 -8.07 -7.57 -48.10 -17.26 8.13 BB 06.06.2012 Ba1 24.01.2013

TALANX AG EUR 8182 101 208 5 0 6 3 17.07 35050 36736 36541 37981 - - - - 3.80 3.87 3.76 3.99 11.09 11.65 11.43 10.77 17.07 - - - - A- 20.06.2006 - -

TUI AG EUR 3287 12 252 3 0 0 3 3.69 24301 24385 24281 25070 1271 1124 1546 1546 -0.16 -0.70 0.44 0.83 - - 39.35 20.91 6.45 - 25.18 - 6.11 B- 30.07.2010 Caa1 14.01.2011

UNITED INTERNET AG-REG SHARE EUR 6353 19 194 0 0 0 0 6.61 3177 3247 3494 3796 517 545 123 123 0.96 0.85 1.41 1.79 51.16 51.16 30.77 24.26 19.16 12.59 6.78 6.34 22.23 - - - -

VOLKSWAGEN AG-PREF EUR 112266 15 465 156 0 6 34 237.67 255437 259824 266323 280091 32380 32894 - - 61.36 50.09 28.51 33.21 6.51 6.54 11.44 9.82 27.74 16.81 18.98 13.32 16.78 A- 31.08.2009 A3 17.08.2009

WACKER CHEMIE AG EUR 5273 1 50 2 0 0 1 6.46 6145 5892 6045 6449 1145 1030 229 229 2.90 0.80 0.61 2.56 168.52 168.52 219.41 52.31 -7.42 2.36 -31.69 -3.74 23.17 - - - -

WIRECARD AG EUR 3436 5 112 0 0 0 1 3.01 523 574 625 738 145 149 45 45 0.87 0.90 1.00 1.26 45.10 45.10 40.62 32.20 28.49 25.73 39.04 29.14 36.14 - - - -

WINCOR NIXDORF AG EUR 2172 2 30 0 0 0 0 2.33 3106 3288 3262 3388 219 246 102 102 2.78 3.65 3.90 4.76 23.87 23.87 22.34 18.28 0.84 1.19 -31.55 -6.58 9.93 - - - -

ELRINGKLINGER AG EUR 2436 0 63 0 0 0 0 2.84 1494 1521 1581 1683 286 276 - - 1.76 1.82 2.09 2.44 27.98 27.98 24.33 20.86 12.11 17.03 -7.00 5.78 24.45 - - - -




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2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.37 2.37 2.19 2.02 2.37 1.52 1.52 1.45 1.38 1.52 10.80 10.80 10.07 10.50 10.80 9.39 9.39 8.65 8.08 9.39 15.36 15.36 13.85 12.53 15.36 2.09 2.09 2.25 2.39 2.09 1837.3 8.4%

Euro Stoxx 50 Pr 1.25 1.25 1.19 1.12 1.25 0.81 0.82 0.79 0.76 0.81 6.31 6.31 5.80 5.24 6.31 7.39 7.39 6.97 6.59 7.39 12.64 12.65 11.21 10.09 12.64 4.03 4.03 4.27 4.61 4.03 2996.5 5.3%

NIKKEI 225 1.51 1.51 1.42 1.32 1.51 0.73 0.73 0.71 0.69 0.73 8.96 8.96 8.27 7.65 8.96 8.62 8.62 7.91 7.48 8.62 17.75 17.75 15.78 14.25 17.75 1.65 1.65 1.80 1.93 1.65 15121.1 7.6%

FTSE 100 INDEX 1.79 1.79 1.68 1.55 1.79 1.01 1.01 0.98 0.94 1.01 8.59 8.59 7.88 6.62 8.59 7.40 7.40 6.78 6.36 7.40 12.77 12.77 11.57 10.63 12.77 3.76 3.76 4.07 4.41 3.76 7026.3 6.3%

SWISS MARKET INDEX 2.46 2.46 2.28 2.13 2.46 2.08 2.08 1.99 1.90 2.08 13.06 13.06 11.72 10.49 13.06 12.93 12.93 11.97 11.21 12.93 15.37 15.37 13.94 12.65 15.37 3.19 3.19 3.56 4.02 3.19 8671.3 7.5%

S&P/TSX COMPOSITE INDEX 1.72 1.72 1.60 1.50 1.72 1.65 1.65 1.54 1.52 1.65 8.71 8.71 7.92 6.65 8.71 8.82 8.82 7.83 7.30 8.82 15.23 15.23 13.48 12.27 15.23 3.17 3.17 3.30 3.43 3.17 14124.5 11.7%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.77 1.77 1.67 1.60 1.77 10.76 10.76 9.72 9.24 10.76 9.01 9.01 8.20 7.62 9.01 14.83 14.83 13.45 12.42 14.83 4.57 4.57 4.88 5.23 4.57 5237.1 1.5%

HANG SENG INDEX 1.34 1.34 1.24 1.17 1.34 1.74 1.74 1.61 1.49 1.74 8.04 8.04 7.62 7.04 8.04 8.12 8.12 7.44 6.75 8.12 10.75 10.75 9.93 9.08 10.75 3.57 3.57 3.86 4.18 3.57 24685.6 9.5%

MSCI EM 1.41 1.41 1.28 1.16 1.41 0.97 0.97 0.91 0.84 0.97 7.06 7.06 6.41 5.92 7.06 7.28 7.28 6.65 6.16 7.28 10.89 10.89 9.74 8.89 10.89 2.87 2.87 3.16 3.41 2.87 1118.7 15.8%

ADIDAS AG 3.07 3.01 2.68 2.38 1.88 1.19 1.18 1.11 1.04 0.98 18.89 15.33 13.15 11.24 9.80 12.27 10.83 9.27 8.05 6.93 22.49 19.29 16.13 13.64 11.61 1.43 1.93 2.38 2.88 3.42 95.11 11.6%

ADVA OPTICAL NETWORKING SE 1.33 1.21 1.14 1.06 0.60 0.61 0.56 0.54 0.11 5.71 10.15 6.24 8.08 3.91 4.26 3.68 3.03 13.33 28.49 19.26 16.77 0.00 4.39 5.5%

CARL ZEISS MEDITEC AG - BR 3.19 2.88 2.68 2.46 2.32 2.37 2.26 2.10 1.99 1.91 22.72 21.17 18.93 18.00 15.61 14.54 13.60 12.29 11.31 11.07 27.54 23.71 21.17 19.28 17.77 1.38 1.83 2.00 2.23 2.27 24.39 -2.7%

AIXTRON SE 2.58 3.40 3.18 2.75 2.58 5.90 5.77 3.46 2.59 2.24 604.76 57.99 17.99 14.60 20.95 9.88 9.29 43.34 18.57 19.24 0.33 0.00 0.61 1.66 1.42 11.34 -10.7%

ALLIANZ SE-REG 1.04 1.00 0.94 0.89 0.80 0.52 0.52 0.50 0.49 0.49 10.49 9.06 8.78 8.59 8.29 3.89 4.33 4.54 4.72 4.96 132.06 11.9%

AAREAL BANK AG 0.71 0.68 0.64 0.62 0.54 2.00 1.91 1.82 1.74 1.59 0.63 3.40 1.06 0.92 14.05 12.92 10.26 9.17 6.57 0.27 1.83 3.24 5.24 5.85 22.58 5.8%

BASF SE 2.40 2.33 2.21 2.01 1.75 0.80 0.84 0.88 0.84 0.80 7.77 8.22 7.57 7.37 6.11 6.14 7.48 6.97 6.49 5.63 12.54 12.64 11.52 10.50 8.59 3.79 3.95 4.15 4.39 4.67 74.19 9.0%

BAYER AG-REG 3.60 3.49 3.10 2.73 2.45 1.81 1.75 1.66 1.58 1.51 12.87 11.48 10.39 9.58 8.60 9.77 9.45 8.61 7.94 7.40 16.04 15.11 13.39 12.02 10.95 2.08 2.39 2.66 2.92 3.10 89.63 3.2%

BB BIOTECH AG-REG 116.49 17.1%

BECHTLE AG 1.77 1.61 1.49 1.36 1.21 0.38 0.36 0.34 0.33 0.31 10.85 10.19 9.79 8.94 7.46 7.53 6.96 6.41 6.06 5.57 13.88 12.77 11.39 10.40 9.40 2.43 2.63 2.86 3.16 3.60 39.69 5.0%

BEIERSDORF AG 4.88 4.43 3.96 3.59 3.23 2.88 2.78 2.63 2.48 2.35 26.12 23.13 21.59 20.18 18.07 17.83 16.34 14.79 13.42 12.37 32.33 29.55 25.97 23.37 20.84 1.15 1.16 1.30 1.41 1.58 69.31 0.6%

BAYERISCHE MOTOREN WERKE AG 1.56 1.45 1.31 1.19 1.06 0.62 0.61 0.58 0.56 0.53 5.75 4.83 4.69 4.32 3.45 8.01 8.31 8.04 7.50 6.66 9.56 9.44 9.15 8.75 8.20 3.52 3.63 3.92 4.25 4.59

BRENNTAG AG 3.20 2.87 2.59 2.33 2.06 0.64 0.62 0.59 0.56 0.54 15.00 14.10 12.81 11.86 10.70 10.89 10.83 9.96 9.22 8.90 18.44 18.37 16.05 14.42 13.44 1.94 2.00 2.26 2.50 2.65 124.36 3.8%

HUGO BOSS AG -ORD 10.46 8.47 7.05 5.95 5.34 2.83 2.62 2.41 2.23 2.11 17.08 14.74 13.17 11.74 10.61 12.95 11.82 10.47 9.38 8.66 20.38 18.63 16.23 14.34 13.07 3.48 3.80 4.36 4.94 5.64 97.14 4.9%

BAYWA-BAYERISCHE WARENVERMIT 1.43 1.34 1.22 1.12 0.13 0.08 0.08 0.08 0.07 8.72 6.21 6.19 5.52 4.85 11.13 8.47 8.37 7.94 7.80 21.22 12.82 11.85 10.82 9.33 1.77 1.94 2.07 2.36 2.45 43.29 14.7%

COMMERZBANK AG 0.26 0.35 0.35 0.33 0.30 0.92 0.95 0.92 0.89 0.87 9.01 8.27 6.63 9.46 21.17 9.29 6.04 4.81 0.00 0.00 0.81 3.02 7.20 8.04 0.2%

CELESIO AG 1.08 1.15 1.07 1.00 0.83 0.12 0.12 0.12 0.12 0.12 11.25 7.53 6.95 6.58 6.25 7.63 7.54 7.06 6.66 6.34 13.18 13.11 11.54 10.27 9.27 2.10 2.41 2.83 3.22 3.39 16.28 3.4%

CANCOM SE 3.29 3.04 2.65 2.31 0.47 0.46 0.44 0.42 0.42 14.45 14.75 12.54 11.13 9.56 8.60 7.76 7.00 20.92 17.64 15.31 13.44 1.37 1.65 1.87 1.94 23.17 0.0%

CONTINENTAL AG 2.75 2.47 2.10 1.80 1.54 0.73 0.70 0.66 0.62 0.60 7.22 7.13 6.19 5.63 5.21 6.58 6.22 5.72 5.32 5.23 11.05 11.17 9.90 8.99 8.43 1.67 2.11 2.51 2.91 3.26 119.45 0.3%

DAIMLER AG-REGISTERED SHARES 1.36 1.27 1.19 1.10 0.99 0.51 0.50 0.47 0.44 0.48 6.63 6.54 5.45 4.97 3.44 10.04 8.93 8.99 8.02 6.24 11.82 11.49 9.87 8.45 7.77 3.92 4.01 4.10 4.60 4.58

DEUTSCHE BOERSE AG 3.24 3.05 2.68 2.38 2.13 4.99 5.00 4.72 4.50 4.24 13.16 11.68 11.19 10.21 9.73 10.36 10.66 9.41 8.76 7.55 15.22 14.79 13.14 11.92 10.26 4.11 3.92 4.22 4.49 4.70 54.18 -0.1%

DEUTSCHE BANK AG-REGISTERED 0.57 0.59 0.56 0.53 1.03 1.03 1.02 0.99 0.93 6.01 7.63 6.05 4.49 9.52 8.78 7.31 6.05 5.20 2.21 2.41 3.07 4.13 4.25 39.32 15.3%

DEUTSCHE EUROSHOP AG 1.23 1.22 1.18 1.15 1.19 8.29 8.70 8.39 8.35 7.31 16.70 15.35 14.47 13.89 15.64 16.04 16.81 16.13 15.91 15.03 19.36 17.18 16.65 15.90 14.62 3.56 3.91 4.11 4.31 4.49 33.35 3.2%

DIALOG SEMICONDUCTOR PLC 3.39 2.74 2.27 1.93 1.73 1.61 1.44 1.21 1.08 1.02 18.44 14.86 10.50 8.21 8.69 9.60 7.90 6.05 5.04 5.10 15.79 17.25 12.32 9.81 10.29 0.00 0.00 0.00 0.00 14.69 7.2%

DEUTSCHE POST AG-REG 2.38 2.55 2.31 2.11 1.59 0.48 0.46 0.44 0.43 0.41 13.92 8.84 8.35 7.68 6.35 7.51 7.00 6.49 5.97 5.60 17.00 14.85 13.75 12.31 10.81 3.37 3.46 3.73 4.12 4.49 22.65 3.3%

DRILLISCH AG 5.56 3.36 3.29 3.26 2.28 2.51 2.46 2.41 2.38 35.82 16.02 11.59 10.93 11.22 15.32 13.26 11.74 11.20 10.91 31.82 17.60 13.22 12.42 12.50 6.49 9.12 9.21 8.91 8.66 15.27 7.1%

DRAEGERWERK AG - PREF 2.15 1.97 1.69 1.48 1.51 0.60 0.59 0.56 0.54 0.52 9.28 12.37 9.10 8.78 8.30 5.59 5.59 5.02 4.61 4.09 12.48 13.11 11.71 10.41 9.15 0.90 0.95 2.07 2.29 2.62

DEUTSCHE TELEKOM AG-REG 1.50 1.59 1.52 1.46 1.55 0.76 0.75 0.74 0.74 0.75 3.20 3.19 3.13 3.14 3.09 5.22 5.37 5.28 5.23 5.11 15.40 15.32 14.09 13.38 11.70 7.07 5.34 5.16 5.33 5.74 9.92 0.3%

DUERR AG 4.27 3.76 3.26 2.78 2.30 0.79 0.75 0.72 0.71 0.72 23.34 12.27 11.71 11.37 11.58 9.80 8.46 8.04 7.78 8.17 18.23 14.85 14.37 13.87 14.44 1.75 2.38 2.55 2.58 1.96

DEUTSCHE WOHNEN AG-BR 1.23 1.16 1.10 1.04 1.05 5.92 6.40 6.10 5.82 6.31 25.17 21.89 19.85 19.58 22.62 26.17 19.04 17.58 17.49 18.73 22.13 19.20 16.94 16.49 18.00 1.81 2.26 2.64 2.79 2.89 14.64 3.8%

EADS NV 3.73 3.63 2.94 2.38 1.95 12.19 9.47 7.40 5.93 6.43 23.30 16.84 12.35 10.73 10.02 1.37 2.15 2.89 3.50 3.40 48.36 7.5%

E.ON SE 0.63 0.65 0.63 0.61 0.57 0.22 0.21 0.21 0.21 0.20 3.06 3.65 3.73 3.61 3.72 4.28 4.91 4.89 4.97 5.07 5.58 9.84 9.69 9.88 10.49 8.74 5.65 5.56 5.60 5.06 12.60 0.7%

EUROMICRON AG 0.92 0.87 0.79 0.71 0.34 0.32 0.30 0.28 0.26 7.42 6.87 5.06 4.42 7.59 6.52 5.42 4.91 7.48 9.44 7.48 6.04 3.02 1.98 3.27 5.24 20.94 24.3%

EVOTEC AG 2.07 2.03 1.90 1.70 1.59 3.64 3.32 2.91 2.45 2.30 19.78 21.00 19.09 14.92 11.62 24.41 18.45 13.55 8.97 7.38 35.00 51.51 26.76 14.92 16.75 0.00 0.00 0.00 3.70 35.5%

FIELMANN AG 5.96 5.58 5.37 5.17 4.74 2.97 2.84 2.70 2.58 2.47 20.27 19.97 18.75 17.98 16.16 13.58 12.93 12.20 11.60 10.84 25.98 24.47 22.85 21.63 19.41 3.41 3.62 3.83 4.07 4.29 72.09 -8.2%

FRESENIUS MEDICAL CARE AG & 2.29 2.07 1.91 1.77 1.57 1.50 1.41 1.35 1.27 1.18 11.55 11.56 10.70 9.59 9.10 9.93 9.95 9.62 8.86 7.91 17.73 17.90 17.01 15.27 13.06 1.37 1.43 1.49 1.62 1.79 52.30 5.3%

FREENET AG 2.06 1.88 1.78 1.70 1.61 0.79 0.74 0.73 0.73 0.74 8.87 9.09 8.80 9.02 8.91 8.37 8.16 8.01 7.98 8.03 13.05 10.12 9.61 9.32 8.97 6.34 7.66 8.10 8.36 9.11 19.27 3.7%

FUCHS PETROLUB SE -PREF 5.52 4.84 4.33 3.86 2.18 2.12 2.03 1.94 1.89 20.55 16.61 15.74 14.45 17.91 12.21 11.54 10.89 10.30 10.01 20.68 19.43 18.18 17.14 17.44 1.90 2.37 2.61 2.81 3.15 58.44 -2.6%

FRAPORT AG FRANKFURT AIRPORT 1.58 1.54 1.46 1.39 1.28 1.89 1.82 1.77 1.69 1.62 8.01 7.76 7.31 6.68 6.25 10.17 9.72 9.35 8.66 7.84 19.20 20.85 17.86 15.24 13.55 2.47 2.48 2.60 2.81 3.07 51.11 0.6%

FRESENIUS SE & CO KGAA 2.17 1.98 1.79 1.63 1.45 0.89 0.82 0.78 0.73 0.68 8.92 8.05 6.86 6.09 6.65 8.56 8.13 7.66 7.10 6.46 17.70 16.22 14.49 12.92 11.45 1.12 1.25 1.38 1.55 1.79 103.95 8.8%

GEA GROUP AG 2.55 2.43 2.16 1.97 1.74 1.06 1.03 0.99 0.95 0.91 14.14 12.09 10.43 10.11 8.97 10.26 9.23 8.43 7.98 7.52 17.12 15.73 13.89 12.80 11.99 1.81 2.04 2.29 2.43 2.88 31.92 1.0%

BILFINGER SE 1.67 1.60 1.52 1.43 1.29 0.41 0.40 0.38 0.36 0.33 9.35 8.34 7.77 7.27 6.29 6.82 6.99 6.34 5.87 5.17 13.26 13.62 12.03 10.83 8.83 3.85 3.84 4.16 4.55 4.53 82.90 10.5%

GAGFAH SA 0.84 0.84 0.82 0.80 0.71 2.36 2.41 2.27 2.22 2.35 19.17 22.90 17.47 15.64 15.37 20.13 20.74 20.37 20.16 13.48 22.34 19.01 15.32 13.91 9.25 0.00 0.20 1.70 3.61 3.53 10.68 17.8%

GSW IMMOBILIEN AG 1.10 1.02 0.96 0.93 0.88 7.13 6.32 6.23 5.91 6.19 26.00 21.89 20.76 19.16 19.10 25.33 20.82 20.18 19.48 20.64 24.60 18.40 17.65 15.74 18.74 2.75 3.08 3.29 3.44 3.56 33.06 5.3%

GILDEMEISTER AG 1.38 1.29 1.19 1.09 1.04 0.51 0.49 0.48 0.46 0.47 9.26 7.24 7.28 6.92 8.11 5.63 5.38 5.10 4.79 5.77 12.28 12.19 10.92 10.55 14.55 2.23 2.42 2.67 2.66 2.32 18.99 11.6%

GERRY WEBER INTL AG 4.54 3.92 3.43 3.00 2.64 1.99 1.83 1.65 1.52 1.39 18.21 15.57 13.54 11.99 10.24 11.76 10.70 9.09 8.16 7.11 20.44 18.88 15.75 13.99 11.90 2.17 2.43 2.88 3.24 3.57

GERRESHEIMER AG 2.64 2.48 2.21 1.96 1.80 1.20 1.13 1.06 1.00 0.95 9.47 8.63 7.31 6.71 6.05 8.56 8.09 7.21 6.59 5.99 18.77 17.42 14.40 12.42 10.58 1.43 1.52 1.82 2.08 2.34 48.81 5.1%

HEIDELBERGCEMENT AG 0.84 0.84 0.80 0.75 0.70 0.79 0.77 0.73 0.68 0.64 6.87 6.88 6.05 5.08 4.09 7.82 7.41 6.66 5.96 5.23 21.96 16.61 12.64 9.99 8.03 0.84 1.40 2.09 2.74 3.87 60.06 2.1%

HENKEL AG & CO KGAA VORZUG 3.44 3.22 2.87 2.56 2.21 1.86 1.82 1.74 1.65 1.59 16.65 15.47 14.13 13.11 12.17 11.47 10.71 10.03 9.30 8.64 20.85 19.19 17.48 16.08 14.60 1.19 1.33 1.48 1.60 1.83 80.31 3.8%

HANNOVER RUECKVERSICHERU-REG 1.16 1.07 1.00 0.95 0.91 0.51 0.48 0.47 0.46 0.45 8.39 8.28 8.28 8.17 8.44 5.10 4.88 4.97 5.06 4.73 62.74 10.0%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |


6/227

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.37 2.37 2.19 2.02 2.37 1.52 1.52 1.45 1.38 1.52 10.80 10.80 10.07 10.50 10.80 9.39 9.39 8.65 8.08 9.39 15.36 15.36 13.85 12.53 15.36 2.09 2.09 2.25 2.39 2.09 1837.3 8.4%

Euro Stoxx 50 Pr 1.25 1.25 1.19 1.12 1.25 0.81 0.82 0.79 0.76 0.81 6.31 6.31 5.80 5.24 6.31 7.39 7.39 6.97 6.59 7.39 12.64 12.65 11.21 10.09 12.64 4.03 4.03 4.27 4.61 4.03 2996.5 5.3%

NIKKEI 225 1.51 1.51 1.42 1.32 1.51 0.73 0.73 0.71 0.69 0.73 8.96 8.96 8.27 7.65 8.96 8.62 8.62 7.91 7.48 8.62 17.75 17.75 15.78 14.25 17.75 1.65 1.65 1.80 1.93 1.65 15121.1 7.6%

FTSE 100 INDEX 1.79 1.79 1.68 1.55 1.79 1.01 1.01 0.98 0.94 1.01 8.59 8.59 7.88 6.62 8.59 7.40 7.40 6.78 6.36 7.40 12.77 12.77 11.57 10.63 12.77 3.76 3.76 4.07 4.41 3.76 7026.3 6.3%

SWISS MARKET INDEX 2.46 2.46 2.28 2.13 2.46 2.08 2.08 1.99 1.90 2.08 13.06 13.06 11.72 10.49 13.06 12.93 12.93 11.97 11.21 12.93 15.37 15.37 13.94 12.65 15.37 3.19 3.19 3.56 4.02 3.19 8671.3 7.5%

S&P/TSX COMPOSITE INDEX 1.72 1.72 1.60 1.50 1.72 1.65 1.65 1.54 1.52 1.65 8.71 8.71 7.92 6.65 8.71 8.82 8.82 7.83 7.30 8.82 15.23 15.23 13.48 12.27 15.23 3.17 3.17 3.30 3.43 3.17 14124.5 11.7%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.77 1.77 1.67 1.60 1.77 10.76 10.76 9.72 9.24 10.76 9.01 9.01 8.20 7.62 9.01 14.83 14.83 13.45 12.42 14.83 4.57 4.57 4.88 5.23 4.57 5237.1 1.5%

HANG SENG INDEX 1.34 1.34 1.24 1.17 1.34 1.74 1.74 1.61 1.49 1.74 8.04 8.04 7.62 7.04 8.04 8.12 8.12 7.44 6.75 8.12 10.75 10.75 9.93 9.08 10.75 3.57 3.57 3.86 4.18 3.57 24685.6 9.5%

MSCI EM 1.41 1.41 1.28 1.16 1.41 0.97 0.97 0.91 0.84 0.97 7.06 7.06 6.41 5.92 7.06 7.28 7.28 6.65 6.16 7.28 10.89 10.89 9.74 8.89 10.89 2.87 2.87 3.16 3.41 2.87 1118.7 15.8%

HOCHTIEF AG 1.58 1.39 1.33 1.35 0.17 0.17 0.17 0.17 0.16 4.95 3.62 3.28 3.06 3.46 5.80 5.20 4.99 4.79 4.81 23.33 18.38 14.98 13.39 11.43 2.20 2.95 3.39 3.78 3.44 59.95 4.5%

INFINEON TECHNOLOGIES AG 2.18 2.12 1.96 1.77 1.52 1.99 2.02 1.84 1.72 1.58 14.77 13.10 9.75 7.82 6.81 6.41 7.49 5.79 5.07 4.65 19.81 30.43 17.96 13.99 11.00 1.68 1.66 1.86 2.08 1.68

JENOPTIK AG 1.74 1.65 1.49 1.35 1.26 1.01 0.97 0.91 0.87 0.85 9.79 9.29 9.49 8.54 7.03 8.20 8.50 7.40 6.79 6.41 15.20 16.48 12.87 11.65 11.11 1.60 1.69 1.98 2.14 1.16 10.20 -1.3%

KONTRON AG 0.73 0.79 0.84 0.79 0.77 0.40 0.40 0.37 0.36 0.33 22.43 11.45 12.02 5.78 3.66 24.00 13.35 6.63 3.93 3.15 24.72 9.44 6.26 2.83 2.04 2.60 3.43 7.73 4.04 4.1%

KLOECKNER & CO SE 0.62 0.70 0.69 0.67 0.64 0.14 0.16 0.15 0.15 0.13 33.29 9.32 8.59 7.41 5.63 21.15 11.63 7.44 6.45 5.47 34.24 18.69 17.40 0.00 0.06 0.70 1.29 1.67 10.20 -5.4%

KABEL DEUTSCHLAND HOLDING AG 4.11 3.83 3.56 3.32 3.12 14.04 11.68 10.32 10.12 12.02 10.99 9.96 9.16 8.41 26.21 29.07 24.80 22.16 19.08 3.01 3.70 4.31 4.30 4.76 81.79 -4.1%

KRONES AG 2.39 2.17 1.96 1.78 1.65 0.80 0.74 0.71 0.67 0.65 19.45 11.17 9.97 9.44 9.36 10.91 8.09 7.27 6.64 6.85 26.25 17.51 15.38 13.76 13.85 1.02 1.44 1.73 1.86 5.34 66.09 0.9%

KUKA AG 3.79 3.27 2.77 2.40 2.11 0.67 0.63 0.60 0.58 0.58 12.73 12.48 10.98 10.24 8.85 7.80 7.19 6.60 6.21 6.24 20.25 17.82 15.67 13.47 13.11 0.83 1.14 1.39 1.83 1.71 34.67 0.7%

LEG IMMOBILIEN AG 0.98 0.96 0.92 0.89 0.82 4.59 4.35 4.13 3.98 3.68 16.32 16.22 14.45 13.73 11.88 19.45 20.03 18.52 17.60 16.88 19.60 15.18 13.18 12.99 11.32 1.00 4.27 4.63 4.95 5.52 45.29 11.4%

LEONI AG 1.59 1.52 1.36 1.21 1.05 0.35 0.35 0.32 0.30 0.28 6.73 6.44 5.59 4.65 3.53 4.70 5.46 4.59 4.03 3.55 9.06 12.27 9.08 7.44 6.34 3.59 3.22 3.61 4.18 4.72

DEUTSCHE LUFTHANSA-REG 0.85 0.95 0.89 0.79 0.68 0.23 0.22 0.22 0.21 0.20 2.77 2.51 2.38 2.07 2.29 3.42 2.83 2.48 2.13 2.05 29.18 12.78 8.55 5.87 5.44 1.53 2.38 4.62 6.21 6.41 18.14 21.4%

LINDE AG 1.94 1.97 1.84 1.71 1.57 1.76 1.57 1.47 1.37 1.31 9.64 8.43 8.03 7.78 6.54 10.49 9.08 8.40 7.77 7.22 18.57 17.40 15.42 13.74 12.30 1.83 2.02 2.25 2.48 2.80 160.43 10.8%

LPKF LASER & ELECTRONICS 5.78 5.14 4.40 3.81 3.19 2.90 2.60 2.36 2.13 1.93 21.54 14.49 11.95 13.52 9.25 13.45 11.31 9.96 8.57 7.48 26.31 20.51 16.50 17.05 15.22 1.68 2.39 2.66 2.54 2.97 13.15 -7.1%

LANXESS AG 1.61 1.71 1.54 1.36 1.23 0.44 0.48 0.45 0.42 0.40 4.81 7.17 5.73 4.66 3.79 5.11 8.17 5.93 5.18 4.39 7.32 27.33 11.67 8.66 7.37 1.97 1.89 2.31 2.67 2.66 51.62 6.4%

MAN SE 2.34 2.08 2.09 2.00 2.10 0.80 0.80 0.76 0.73 0.68 23.81 19.99 10.91 8.92 7.03 13.53 15.79 10.49 8.96 7.23 32.14 64.04 19.93 16.19 9.37 1.66 2.92 3.48 3.41 3.28 82.53 -4.3%

METRO AG 1.52 1.70 1.60 1.49 1.25 0.14 0.19 0.15 0.14 0.14 4.87 5.15 5.28 4.71 4.91 8.29 5.15 4.92 4.87 12.11 212.14 13.80 12.05 10.55 4.52 0.23 3.51 3.90 4.27 25.88 -11.6%

MORPHOSYS AG 6.61 5.17 5.12 4.72 5.30 25.99 17.91 18.99 15.87 16.28 197.68 37.49 71.51 186.84 158.23 190.20 285.21 185.15 762.11 182.71 96.21 0.00 0.00 60.13 3.8%

MERCK KGAA 2.43 2.41 2.25 2.10 1.95 2.35 2.32 2.29 2.26 2.27 11.85 10.94 10.27 9.53 8.34 9.31 8.85 8.38 8.14 7.82 15.97 14.01 13.30 12.86 12.33 1.33 1.55 1.66 1.77 2.12 118.33 -2.0%

MTU AERO ENGINES AG 3.38 2.89 2.56 2.29 2.04 1.07 0.97 0.90 0.83 0.77 10.84 12.32 10.65 8.13 7.34 8.44 8.15 7.42 6.68 6.14 15.19 15.84 14.07 12.49 11.19 1.99 2.09 2.34 2.65 3.64 72.13 3.4%

MUENCHENER RUECKVER AG-REG 0.96 0.91 0.87 0.84 0.82 0.47 0.47 0.46 0.45 0.42 8.15 8.59 8.54 8.30 8.76 4.74 4.98 5.16 5.33 5.76 153.42 6.5%

AURUBIS AG 1.00 0.89 0.85 0.81 0.80 0.15 0.15 0.15 0.15 0.14 6.21 8.01 6.21 6.61 5.11 3.89 6.18 5.14 4.85 4.13 7.65 13.19 10.52 9.63 8.02 2.71 2.90 2.94 3.25 3.56 48.71 10.0%

NORDEX SE 1.64 1.95 1.85 1.68 0.53 0.45 0.43 0.41 0.41 11.88 39.70 14.58 10.42 13.96 8.68 6.90 5.85 74.64 33.40 21.56 0.00 0.67 5.34 -28.5%

NORMA GROUP SE 3.50 3.16 2.77 2.47 2.12 1.71 1.61 1.51 1.42 1.35 12.29 11.48 10.54 9.33 8.79 9.94 9.24 8.54 8.03 7.44 16.78 15.95 14.11 12.82 12.27 1.95 2.22 2.46 2.68 2.63 32.10 -0.8%

XING AG 7.75 6.49 5.58 4.71 5.51 4.82 4.24 3.79 3.40 21.80 20.81 17.45 14.12 9.19 16.02 14.29 11.19 9.41 8.83 42.27 38.17 26.93 21.28 15.72 0.86 0.93 1.15 1.63 2.57 65.00 -9.7%

TELEFONICA DEUTSCHLAND HOLDI 1.09 0.98 1.03 1.08 1.17 1.14 1.18 1.19 1.19 1.17 4.45 4.92 4.86 4.77 4.51 5.51 5.63 5.60 5.51 5.35 37.19 67.32 49.24 40.29 19.92 8.46 8.71 8.93 8.93 9.21 6.11 14.9%

PFEIFFER VACUUM TECHNOLOGY 2.97 2.96 2.77 2.60 2.21 1.80 1.97 1.80 1.69 1.55 12.37 13.51 12.70 11.63 9.15 9.30 10.64 8.77 7.70 6.47 18.15 22.86 16.42 14.07 12.02 4.09 3.45 4.46 5.24 6.08 80.73 -5.9%

PSI AG 2.79 2.75 2.47 2.13 1.89 1.22 1.14 1.05 0.97 0.90 19.29 16.32 13.16 10.41 7.42 11.33 10.41 8.25 6.81 5.57 23.33 21.30 15.45 12.01 8.94 2.10 2.32 3.18 4.01 5.59 15.44 10.7%

PROSIEBEN SAT.1 MEDIA AG-PRF 4.40 8.13 6.85 6.03 6.21 2.34 2.66 2.52 2.40 2.37 5.56 7.83 7.24 6.31 12.13 8.95 9.89 9.25 8.83 9.09 16.98 16.96 15.45 14.34 13.80 17.92 4.59 5.14 5.43 4.07 32.32 3.1%

PUMA SE 1.98 1.93 1.77 1.62 1.05 1.09 1.05 1.00 0.97 20.65 14.92 14.59 12.72 17.39 10.00 10.13 9.07 8.23 7.75 16.72 20.49 18.37 16.32 15.76 0.80 0.64 0.77 0.87 0.93 222.08 -0.5%

QIAGEN N.V. 1.86 1.81 1.69 1.58 1.49 4.12 3.84 3.64 3.46 3.30 16.56 15.76 12.85 12.11 11.04 13.81 12.82 11.59 10.73 10.63 21.10 18.84 17.33 15.77 13.84 0.00 0.00 0.00 0.00 0.00 15.84 -1.5%

QSC AG 2.22 2.00 1.83 1.80 0.85 0.90 0.87 0.84 0.84 7.70 7.88 6.23 5.83 11.83 5.89 5.80 5.38 4.95 5.09 23.81 18.60 14.33 11.00 10.45 2.66 3.05 3.60 4.05 4.23

RATIONAL A G 10.63 9.66 8.94 8.01 8.04 5.82 5.63 5.13 4.68 4.31 25.51 26.12 23.16 20.77 18.47 17.85 18.44 16.37 14.85 13.39 26.36 27.27 24.11 21.81 19.72 3.05 3.04 3.23 3.62 4.07 212.75 -6.3%

RHOEN-KLINIKUM AG 1.59 1.53 1.44 1.37 1.24 0.89 0.83 0.80 0.77 0.73 11.15 10.12 8.45 7.35 6.67 11.34 10.22 9.00 8.19 7.44 25.66 22.48 17.07 14.67 12.53 1.90 1.84 2.30 2.74 2.91 19.01 3.9%

RHEINMETALL AG 0.95 1.05 0.98 0.90 0.83 0.32 0.32 0.31 0.29 0.28 3.64 5.80 4.46 3.77 3.06 3.90 5.96 4.18 3.60 3.08 7.99 22.30 9.87 7.36 5.79 4.47 2.56 4.01 4.83 6.78 38.14 0.5%

RWE AG 0.85 0.91 0.87 0.82 0.77 0.27 0.26 0.26 0.25 0.24 2.28 2.37 2.59 2.63 3.00 3.79 3.71 4.12 4.21 4.38 5.47 5.61 7.31 7.95 8.25 9.08 8.83 7.13 6.78 6.17 24.42 9.8%

SMA SOLAR TECHNOLOGY AG 1.13 1.19 1.18 1.15 0.63 0.84 0.82 0.77 0.73 8.67 14.88 12.37 11.41 3.74 18.94 8.53 6.63 11.11 198.70 42.05 2.34 0.05 0.43 0.77 21.49 -19.9%

SAP AG 4.77 4.08 3.49 2.97 2.46 4.26 3.97 3.64 3.37 3.05 17.53 14.96 13.06 11.74 9.75 12.87 11.49 10.42 9.42 8.44 18.32 16.59 14.81 13.32 11.78 1.49 1.64 1.88 2.09 2.12 64.65 14.3%

STADA ARZNEIMITTEL AG 2.38 2.16 1.89 1.67 1.42 1.21 1.11 1.04 0.99 0.94 11.24 10.47 7.86 6.74 6.78 10.25 9.28 8.36 7.85 7.29 14.70 13.26 11.01 9.90 8.62 1.46 1.87 2.20 2.32 2.77 36.85 -1.2%

STRATEC BIOMEDICAL AG 3.84 3.41 3.05 2.74 2.50 2.85 2.63 2.32 2.10 1.92 21.52 23.59 21.29 15.09 14.35 14.84 13.80 11.62 10.55 9.37 23.70 22.11 18.32 15.76 14.72 1.86 1.86 2.14 2.47 2.87

K+S AG-REG 1.04 0.96 0.94 0.90 0.86 0.87 0.88 0.94 0.91 0.85 4.33 4.91 7.96 9.41 6.07 3.66 4.10 6.07 5.91 4.96 6.56 7.58 14.57 15.54 12.00 7.52 5.89 3.35 3.24 4.83 18.83 3.0%

SGL CARBON SE 1.58 2.04 1.96 1.83 1.02 1.05 0.97 0.88 0.78 15.31 41.81 14.16 11.59 15.87 9.17 20.76 11.06 9.06 6.84 25.94 43.50 20.99 16.84 0.82 0.46 0.72 1.18 1.21 18.91 -23.6%

SIEMENS AG-REG 2.25 2.36 2.15 1.98 1.44 0.95 0.96 0.93 0.90 0.86 10.00 11.83 9.42 8.29 8.26 8.79 10.24 7.95 7.43 6.74 13.64 15.58 11.85 10.82 9.36 3.67 3.70 4.03 4.21 4.22 87.05 3.9%

SKY DEUTSCHLAND AG 36.01 18.35 19.31 12.79 7.89 4.35 3.74 3.20 2.80 2.56 64.95 22.16 17.43 167.94 43.47 20.12 14.02 44.46 24.54 0.00 0.00 0.00 0.12 3.02 6.53 -1.4%

SUESS MICROTEC AG 1.11 1.17 1.12 1.04 1.03 0.87 0.93 0.82 0.69 0.66 14.53 29.30 14.31 8.67 5.91 6.68 188.58 7.57 4.22 4.21 22.83 17.59 9.04 10.78 0.00 0.00 9.96 33.9%

SOFTWARE AG 1.94 1.93 1.73 1.57 1.36 1.97 2.09 1.98 1.86 1.72 10.03 10.70 10.06 9.26 7.06 7.15 8.17 7.58 6.89 5.61 10.72 12.56 11.31 10.11 8.39 1.95 1.89 1.96 2.08 2.71 28.65 19.2%

AXEL SPRINGER AG 2.25 2.05 1.88 1.81 1.53 1.19 1.16 1.23 1.22 1.26 8.86 9.40 9.34 9.31 10.15 7.53 7.92 7.97 7.56 7.72 13.73 15.24 15.17 13.95 14.15 4.47 4.33 4.42 4.67 5.78

SARTORIUS AG-VORZUG 4.18 3.62 3.21 2.80 1.87 1.76 1.65 1.56 1.48 19.60 11.47 10.36 9.59 9.25 12.53 11.48 10.44 9.64 8.64 22.31 20.53 17.92 16.08 13.79 1.19 1.38 1.62 1.82 2.01 85.71 4.1%

SYMRISE AG 4.28 4.27 3.88 3.51 3.02 2.41 2.25 2.14 2.04 1.94 17.40 15.91 14.48 13.42 11.69 13.81 12.47 11.69 11.00 10.35 24.83 21.53 19.52 18.18 16.81 1.96 2.14 2.34 2.55 2.77 32.96 -6.0%

SALZGITTER AG 0.40 0.45 0.45 0.43 0.47 0.17 0.18 0.17 0.17 0.15 5.59 6.35 4.06 3.91 2.83 3.93 5.32 3.16 2.71 2.50 23.61 11.94 12.17 1.06 0.79 1.07 1.55 1.98 28.55 -1.5%

SUEDZUCKER AG 1.27 1.21 1.13 1.06 1.00 0.64 0.62 0.62 0.62 0.60 5.97 6.20 6.49 6.17 6.33 5.81 6.53 6.60 6.58 6.11 8.48 10.64 10.89 10.93 10.68 3.56 3.63 3.68 3.74 4.52






7/227

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

P 500 INDEX 2.37 2.37 2.19 2.02 2.37 1.52 1.52 1.45 1.38 1.52 10.80 10.80 10.07 10.50 10.80 9.39 9.39 8.65 8.08 9.39 15.36 15.36 13.85 12.53 15.36 2.09 2.09 2.25 2.39 2.09 1837.3 8.4%

o Stoxx 50 Pr 1.25 1.25 1.19 1.12 1.25 0.81 0.82 0.79 0.76 0.81 6.31 6.31 5.80 5.24 6.31 7.39 7.39 6.97 6.59 7.39 12.64 12.65 11.21 10.09 12.64 4.03 4.03 4.27 4.61 4.03 2996.5 5.3%

KEI 225 1.51 1.51 1.42 1.32 1.51 0.73 0.73 0.71 0.69 0.73 8.96 8.96 8.27 7.65 8.96 8.62 8.62 7.91 7.48 8.62 17.75 17.75 15.78 14.25 17.75 1.65 1.65 1.80 1.93 1.65 15121.1 7.6%

E 100 INDEX 1.79 1.79 1.68 1.55 1.79 1.01 1.01 0.98 0.94 1.01 8.59 8.59 7.88 6.62 8.59 7.40 7.40 6.78 6.36 7.40 12.77 12.77 11.57 10.63 12.77 3.76 3.76 4.07 4.41 3.76 7026.3 6.3%

ISS MARKET INDEX 2.46 2.46 2.28 2.13 2.46 2.08 2.08 1.99 1.90 2.08 13.06 13.06 11.72 10.49 13.06 12.93 12.93 11.97 11.21 12.93 15.37 15.37 13.94 12.65 15.37 3.19 3.19 3.56 4.02 3.19 8671.3 7.5%

P/TSX COMPOSITE INDEX 1.72 1.72 1.60 1.50 1.72 1.65 1.65 1.54 1.52 1.65 8.71 8.71 7.92 6.65 8.71 8.82 8.82 7.83 7.30 8.82 15.23 15.23 13.48 12.27 15.23 3.17 3.17 3.30 3.43 3.17 14124.5 11.7%

P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.77 1.77 1.67 1.60 1.77 10.76 10.76 9.72 9.24 10.76 9.01 9.01 8.20 7.62 9.01 14.83 14.83 13.45 12.42 14.83 4.57 4.57 4.88 5.23 4.57 5237.1 1.5%

NG SENG INDEX 1.34 1.34 1.24 1.17 1.34 1.74 1.74 1.61 1.49 1.74 8.04 8.04 7.62 7.04 8.04 8.12 8.12 7.44 6.75 8.12 10.75 10.75 9.93 9.08 10.75 3.57 3.57 3.86 4.18 3.57 24685.6 9.5%

CI EM 1.41 1.41 1.28 1.16 1.41 0.97 0.97 0.91 0.84 0.97 7.06 7.06 6.41 5.92 7.06 7.28 7.28 6.65 6.16 7.28 10.89 10.89 9.74 8.89 10.89 2.87 2.87 3.16 3.41 2.87 1118.7 15.8%

G IMMOBILIEN AG 1.08 1.00 0.95 0.93 0.91 5.86 4.12 4.12 3.98 4.05 20.40 16.88 14.98 14.47 15.11 13.64 18.50 17.22 16.32 17.63 7.14 14.88 12.63 13.38 2.66 3.59 4.26 4.72 1.68 10.08 13.1%

YSSENKRUPP AG 1.07 2.80 2.45 2.07 1.65 0.21 0.23 0.22 0.21 0.20 12.07 7.49 5.38 4.87 3.42 6.58 6.85 5.19 4.40 3.48 61.59 14.70 9.56 7.50 2.22 0.84 1.99 2.99 5.33

LANX AG 0.86 0.84 0.79 0.74 0.24 0.22 0.22 0.21 0.21 9.04 8.62 8.13 7.71 7.91 4.54 4.78 5.08 5.35 25.91 6.0%

AG 1.00 1.16 1.08 0.99 0.77 0.14 0.14 0.13 0.13 0.12 3.48 4.83 4.18 3.90 3.47 2.86 2.61 2.38 2.17 2.08 24.68 29.68 15.77 11.33 12.02 0.26 0.21 0.89 2.01 3.56 11.30 15.0%

ITED INTERNET AG-REG SHARE 25.23 18.30 11.57 8.20 5.17 2.01 1.82 1.67 1.57 1.50 18.61 16.59 13.63 12.39 11.73 14.79 12.30 10.45 9.12 8.20 30.50 23.24 18.31 15.51 12.72 1.07 1.42 1.78 2.05 2.87

LKSWAGEN AG-PREF 1.12 1.04 0.93 0.83 0.78 0.44 0.42 0.40 0.38 0.37 3.89 4.00 3.69 3.60 3.18 8.21 7.51 6.68 6.19 5.65 8.65 8.63 7.41 6.73 6.05 2.08 2.27 2.91 3.50 4.70 210.29 13.3%

ACKER CHEMIE AG 1.48 1.66 1.59 1.51 1.53 0.86 0.87 0.82 0.76 0.73 5.99 7.76 5.75 4.97 4.13 6.47 7.25 6.06 5.32 4.67 47.58 165.80 39.46 24.30 17.84 0.74 0.26 0.70 1.18 1.55 63.78 -16.4%

RECARD AG 4.67 4.17 3.61 3.12 2.72 6.59 5.50 4.66 3.99 3.46 29.62 25.75 20.66 17.66 14.44 21.01 18.36 15.05 12.64 10.35 33.53 30.64 24.29 20.14 16.41 0.51 0.53 0.63 0.72 1.08

NCOR NIXDORF AG 4.50 3.86 3.26 2.82 2.58 0.71 0.67 0.64 0.62 0.59 12.93 10.33 9.82 8.66 7.44 10.43 8.98 7.72 7.21 7.49 23.08 16.85 13.79 12.51 13.22 2.07 2.84 3.66 4.01 3.79 48.64 -1.8%

INGKLINGER AG 2.88 2.70 2.40 2.15 1.86 1.65 1.54 1.45 1.36 1.27 12.40 11.06 9.75 8.98 7.38 9.08 8.89 8.03 7.38 6.55 19.36 18.35 15.74 13.92 12.24 1.91 1.82 2.10 2.37 2.33




Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: i [email protected] |


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Adidas AG manufactures sports shoes and sports equipment. The Company produces

products that include footwear, sports apparel, and golf clubs and balls. Adidas

sells its products worldwide.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (06.08.2013) 88.50

52-Week Low (30.08.2012) 61.10

Daily Volume

85.22

52-Week High % Change -3.71% Dividend Yield -

52-Week Low % Change 39.48% Beta 0.80

% 52 Week Price Range High/Low 86.50% Equity Float 209.22

Shares Out 30.06.2013 209.2 Short Int -

17'829.40 1 Yr Total Return 39.88%

Total Debt 1'487.00 YTD Return 28.62%Preferred Stock 0.0 Adjusted BETA 0.804

Minority Interest (13.0) Analyst Recs 43

Cash and Equivalents 1'935.00 Consensus Rating 4.279

Enterprise Value 17'911.40

Average Volume 5 Day 840'662

ADS GY EQUITY YTD Change - Average Volume 30 Day 732'969

ADS GY EQUITY YTD % CHANGE - Average Volume 3 Month 793'797

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

10'799.0 10'381.0 11'990.0 13'322.0 14'883.0 14'326 14'676 15'076 16'090 4'262 3'577

0.69x 0.85x 0.87x 0.78x 0.92x 3.20x 4.23x 1.14x 1.04x - -

1'310.0 823.0 1'174.0 1'206.0 1'456.0 1'350.0 1'493.0 1'658.2 1'938.4 585.0 132.7

5.69x 10.72x 8.91x 8.64x 9.36x 9.02x 11.74x 10.83x 9.27x 11.73x 11.52x

642.0 245.0 567.0 613.0 526.0 718.0 552.0 924.8 1'117.6 376.0 63.8

8.35x 30.22x 18.04x 17.15x 26.72x 16.54x 31.71x 19.29x 16.13x 17.85x 17.06x

EBITDA 1'456.00 Long-Term Rating Date -EBIT 1'185.00 Long-Term Rating -

Operating Margin 7.96% Long-Term Outlook -

Pretax Margin 5.72% Short-Term Rating Date -

Return on Assets 4.67% Short-Term Rating -

Return on Common Equity 10.06%

Return on Capital - EBITDA/Interest Exp. 15.01

Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.13

Net Debt/EBITDA 0.06

Gross Margin 49.5% Total Debt/EBITDA 0.88

EBITDA Margin 10.2%

EBIT Margin 6.5% Total Debt/Equity 28.0%

Net Income Margin 3.5% Total Debt/Capital 21.9%

Asset Turnover 1.24

Current Ratio 1.57 Net Fixed Asset Turnover 13.81

Quick Ratio 0.83 Accounts receivable turnover-days 51.57

Debt to Assets 12.76% Inventory Days 129.40

Tot Debt to Common Equity 28.04% Accounts Payable Turnover Day 89.16

Accounts Receivable Turnover 7.08 Cash Conversion Cycle 72.10Inventory Turnover 2.82

Fiscal Year Ended

Adidas AGPrice/Volume

Valuation Analysis

5'288.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

0

10

20

30

40

50

60

70

80

90

100

a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13 a-13

.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

3.5 M

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013

Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow



9/227

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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CAPITAL GROUP COMPAN n/a ULT-AGG 14'632'128 6.99 - 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 14'230'619 6.8 (175'756) 07.08.2013 Investment Advisor

THORNBURG INVESTMENT n/a Research 10'057'706 4.81 - 10.05.2013 Investment Advisor

ROYAL BANK OF SCOTLA n/a Research 9'347'766 4.47 - 23.05.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 4'886'922 2.34 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'879'905 1.85 445'425 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 3'817'396 1.82 (35'387) 28.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'381'799 1.62 680'868 30.06.2013 Investment Advisor

UBS n/a ULT-AGG 3'111'515 1.49 (274) 14.05.2013 Unclassified

INVESCO LTD n/a ULT-AGG 2'725'103 1.3 30'371 08.08.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'769'586 0.85 24'436 28.03.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'592'034 0.76 - 30.04.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'501'992 0.72 (56'474) 30.06.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'271'690 0.61 11'310 31.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'175'770 0.56 (69'440) 30.04.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'154'890 0.55 1'154'890 30.06.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 840'376 0.4 (140'000) 30.04.2013 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 634'642 0.3 (641) 08.08.2013 Investment Advisor

SEB n/a ULT-AGG 629'207 0.3 80'763 30.04.2013 Unclassified

ADIG INVESTMENT Multiple Portfolios MF-AGG 628'434 0.3 5'000 30.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank MICHAEL KUHN hold 3 M 86 12 month 09.08.2013

Nord/LB JULIA SIEKMANN buy 5 M 95 12 month 09.08.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 97 Not Provided 09.08.2013

JPMorgan CHIARA BATTISTINI overweight 5 M 95 15 month 09.08.2013

Raymond James CEDRIC LECASBLE outperform 5 M 95 12 month 09.08.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 81 Not Provided 09.08.2013

Bankhaus Lampe MICHAEL GORNY hold 3 M 84 12 month 09.08.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 91 12 month 09.08.2013

ISI Group OMAR SAAD neutral 3 M 90 12 month 09.08.2013Nomura CHRISTOPHER WALKER buy 5 M 95 12 month 09.08.2013

Equinet Institutional Services(ESN) INGBERT FAUST accumulate 4 M 90 12 month 09.08.2013

Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A Not Provided 09.08.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 110 12 month 09.08.2013

Exane BNP Paribas ANDREAS INDERST outperform 5 M 100 Not Provided 09.08.2013

SRH AlsterResearch NEIL SCHMODDE buy 5 M 108 12 month 09.08.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 100 6 month 08.08.2013

Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 73 12 month 08.08.2013

Baader Bank VOLKER BOSSE buy 5 M 95 12 month 08.08.2013

Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 90 Not Provided 08.08.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 90 12 month 08.08.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 95 6 month 08.08.2013

S&P Capital IQ WILLIAM MACK strong buy 5 M 102 12 month 08.08.2013

Barclays JULIAN EASTHOPE overweight 5 M 95 Not Provided 08.08.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 82 6 month 08.08.2013

Susquehanna Financial Group CHRISTOPHER SVEZIA Positive 4 M 100 12 month 05.08.2013

Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 96 Not Provided 02.08.2013

M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 111 12 month 22.07.2013DZ Bank AG HERBERT STURM buy 5 M 88 Not Provided 12.07.2013

Kepler Cheuvreux JUERGEN KOLB buy 5 M 94 Not Provided 09.07.2013

KochBank Research MARK JOSEFSON buy 5 N 94 Not Provided 25.06.2013

Berenberg Bank JOHN GUY buy 5 M 98 Not Provided 20.06.2013

Hammer Partners SA STEPHAN SEIP buy 5 M 104 Not Provided 17.06.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 111 12 month 17.05.2013

HSBC ERWAN RAMBOURG overweight 5 M 95 Not Provided 14.05.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 07.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.05.2013

Robert W. Baird & Co MITCHEL J KUMMETZ outperform 5 M 95 12 month 03.05.2013

National Bank AG MANFRED JAISFELD hold 3 M 85 Not Provided 03.05.2013

Bank of Valletta TEAM COVERAGE overweight 5 N 97 Not Provided 16.04.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.04.2013

UBS FRED SPEIRS buy 5 M 85 12 month 29.01.2013

Equita SIM SpA FABIO FAZZARI hold 3 M 60 12 month 24.05.2012

Holdings By:

Adidas AGAll



10/227

14.08.2013

ADVA AG Optical Networking designs, develops, and manufactures optical

networking products. The Company's products include wave length division

multiplexing (WDM) communications systems, high-speed fiber optic converters,

EDFA modules, and all-optical switches. ADVA's products are used in high-speed

centralized data storage and disaster recovery.


LTM as of: 06/yy

52-Week High (17.10.2012) 5.42

52-Week Low (29.04.2013) 3.45

Daily Volume

4.16





199.32 1 Yr Total Return -18.43%

Total Debt 29.03 YTD Return 4.52%Preferred Stock 0.0 Adjusted BETA 0.993

Minority Interest 0.0 Analyst Recs 6

Cash and Equivalents 70.27 Consensus Rating 3.333

Enterprise Value 159.01


ADV GY EQUITY YTD Change - Average Volume 30 Day 118'185

ADV GY EQUITY YTD % CHANGE - Average Volume 3 Month 126'788


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

217.7 232.8 291.7 310.9 330.1 330.3 317.9 328.5 352.8 88.8 -

0.18x 0.40x 0.86x 0.46x 0.45x 1.96x 1.97x 0.49x 0.43x - -

12.3 20.3 30.0 37.6 45.1 45.6 37.3 37.5 43.5 12.8 -

3.17x 4.64x 8.40x 3.77x 3.30x 3.36x 3.88x 4.26x 3.68x - -

(8.9) 1.3 7.0 16.9 16.7 27.6 8.5 8.5 12.3 - -

- 84.33x 39.07x 10.07x 11.37x 6.90x 22.29x 28.49x 19.26x - -

EBITDA 45.12 Long-Term Rating Date -EBIT 18.83 Long-Term Rating -





Return on Capital 5.11% EBITDA/Interest Exp. 34.15


Net Debt/EBITDA -1.08


EBITDA Margin 11.7%



Asset Turnover 1.12







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ADVA Optical Networking SEPrice/Volume

Valuation Analysis

1'411.00


0

1

2

3

4

5

6

a-12 s-12 o-12 n-12 d-12 j -13 f-13 m-13 a-13 m-13 j -13 j -13 a-13

.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

5.00

10.00

15.00

20.00

25.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013




11/227

14.08.2013


EGORA GROUP n/a Co File 8'655'909 18.07 - 31.12.2012 Unclassified

DEUTSCHE BANK AG n/a ULT-AGG 4'000'000 8.35 - 30.04.2013 Investment Advisor


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 876'948 1.83 876'948 28.03.2013 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 727'035 1.52 - 30.04.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 482'788 1.01 (431) 30.06.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 450'000 0.94 - 28.03.2013 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 399'700 0.83 67'000 31.05.2013 Investment Advisor

PROTIVA ERIC V n/a Co File 320'000 0.67 - 31.12.2012 n/a

BARING FUND MANAGERS Multiple Portfolios MF-AGG 300'000 0.63 - 30.04.2013 Investment Advisor

PROTIVA BRIAN n/a Co File 294'030 0.61 - 31.12.2012 n/a

BLACKROCK n/a ULT-AGG 277'514 0.58 3'322 07.08.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 189'853 0.4 32'588 30.06.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 186'356 0.39 93 28.03.2013 Investment Advisor

DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 120'578 0.25 - 30.04.2013 Investment Advisor

UBS n/a ULT-AGG 109'745 0.23 (50'000) 30.04.2013 Unclassified

SKANDIA FONDER AB Multiple Portfolios MF-AGG 106'169 0.22 12'553 31.03.2013 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 80'037 0.17 (69'217) 30.04.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 68'277 0.14 - 30.04.2013 Investment Advisor

METZLER ASSET MANAGE Multiple Portfolios MF-AGG 62'600 0.13 10'500 30.04.2012 Investment Advisor


Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 4 Not Provided 06.08.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 01.08.2013

Deutsche Bank BENJAMIN KOHNKE hold 3 M 5 12 month 22.07.2013

Hauck & Aufhaeuser TIM OLIVER WUNDERLICH sell 1 M 3 12 month 18.07.2013

Berenberg Bank ALI FARID KHWAJA buy 5 M 5 Not Provided 18.07.2013

Close Brothers Equity Markets VEYSEL TAZE buy 5 M 5 12 month 18.07.2013

WestLB Equity Markets THOMAS LANGER neutral 3 M #N/A N/A Not Provided 25.04.2012

Holdings By:

ADVA Optical Networking SEAll



12/227

14.08.2013

Carl Zeiss Meditec AG provides complete system solutions in the field of

medical technology for ophthalmology. The Company's products include screening,

diagnostic, and therapeutic systems for the treatment of vision defects,

cataracts, glaucoma, and retinal disorders. Carl Zeiss Meditec operates

worldwide with subsidiaries in the USA and Japan.


LTM as of: 03/yy

52-Week High (15.07.2013) 26.89

52-Week Low (17.09.2012) 17.88

Daily Volume

25.06





2'037.62 1 Yr Total Return 33.43%






AFX GY EQUITY YTD Change - Average Volume 30 Day 33'277

AFX GY EQUITY YTD % CHANGE - Average Volume 3 Month 49'767


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

600.2 640.1 676.7 758.8 861.9 814.5 873.0 901.3 968.7 210.3 235.5

1.13x 1.17x 1.00x 1.26x 1.94x 5.72x 7.99x 1.98x 1.83x - -

80.9 92.4 107.7 122.5 140.8 132.4 142.3 153.0 169.3 - -

8.40x 8.13x 6.29x 7.81x 11.90x 10.28x 14.44x 13.60x 12.29x - -

54.0 50.5 54.9 66.9 71.9 73.5 74.8 85.5 96.9 20.0 20.9

15.30x 17.74x 16.88x 16.27x 22.55x 19.96x 26.68x 23.71x 21.17x - -

EBITDA 140.80 Long-Term Rating Date -EBIT 122.90 Long-Term Rating -





Return on Capital 11.98% EBITDA/Interest Exp. 23.15


Net Debt/EBITDA 0.15


EBITDA Margin 16.3%



Asset Turnover 0.94







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Carl Zeiss Meditec AGPrice/Volume

Valuation Analysis

1'271.00


0

5

10

15

20

25

30

a-12 s-12 o-12 n-12 d-12 j -13 f-13 m-13 a-13 m-13 j -13 j -13 a-13

.0 M

.1 M

.1 M

.2 M

.2 M

.3 M

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013




13/227

14.08.2013


CARL ZEISS AG n/a Co File 52'851'241 65 - 30.09.2012 Corporation

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'100'000 2.58 - 30.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 1'565'000 1.92 - 30.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 664'729 0.82 10'000 30.06.2013 Investment Advisor

ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 576'659 0.71 - 30.09.2012 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 471'552 0.58 - 31.12.2012 Government

SEB n/a ULT-AGG 461'827 0.57 5'829 28.03.2013 Unclassified

ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 300'000 0.37 - 28.03.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 269'630 0.33 269'630 31.12.2012 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 235'266 0.29 35'435 28.06.2013 Investment Advisor

FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 217'008 0.27 - 31.05.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 173'114 0.21 (13'753) 30.06.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 163'830 0.2 - 28.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 151'169 0.19 2'014 07.08.2013 Investment Advisor

ECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 150'000 0.18 (10'000) 30.06.2013 Investment Advisor

GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 134'250 0.17 134'250 28.09.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 131'244 0.16 3'328 31.03.2013 Investment AdvisorROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 130'150 0.16 (442'918) 30.06.2013 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 122'190 0.15 - 31.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 79'237 0.1 12'007 31.12.2012 Investment Advisor


Montega THOMAS RAU buy 5 M 30 12 month 07.08.2013

Deutsche Bank GUNNAR ROMER hold 3 M 24 12 month 05.08.2013

JPMorgan DAVID J ADLINGTON neutral 3 M 24 9 month 16.07.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

Jefferies INGEBORG OIE hold 3 M 20 12 month 05.06.2013

Berenberg Bank SCOTT BARDO buy 5 M 26 Not Provided 28.05.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 28 12 month 15.05.2013

DZ Bank AG SVEN OLAF KUERTEN sell 1 M 18 Not Provided 15.05.2013

Nord/LB HOLGER FECHNER buy 5 U 32 12 month 14.05.2013HSBC HENDRIK LOFRUTHE underweight 1 M 22 Not Provided 14.05.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 24 Not Provided 14.05.2013

Kepler Cheuvreux OLIVER REINBERG reduce 2 M 21 Not Provided 14.05.2013

Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 25 6 month 07.05.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 20.03.2013

Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 16 12 month 09.12.2011

GSC Research MATTHIAS WAHLER sell 1 M #N/A N/A Not Provided 22.04.2010

Holdings By:

Carl Zeiss Meditec AGAll



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Aixtron SE engineers and manufactures metal organic chemical vapor deposition

(MOCVD) equipment for the semiconductor industry. The Company's customers use

its equipment to produce compound semiconductor layer structures for use in

LED, laser, solar cell, transistor, telecommunications, and other applications.

Aixtron markets its products worldwide.


LTM as of: 06/yy

52-Week High (31.05.2013) 13.89

52-Week Low (12.12.2012) 8.38

Daily Volume

12.7





1'298.19 1 Yr Total Return 4.87%






AIXA GY EQUITY YTD Change - Average Volume 30 Day 479'895

AIXA GY EQUITY YTD % CHANGE - Average Volume 3 Month 536'367


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

274.4 302.9 783.8 611.0 227.8 318.1 225.3 225.0 375.2 57.4 71.1

1.30x 6.73x 3.03x 1.14x 3.01x 10.73x 15.69x 5.01x 2.99x 18.88x 15.16x

43.2 75.3 288.9 127.3 (108.6) (36.4) (166.2) (70.4) 51.4 (2.2) 2.4

8.24x 27.09x 8.23x 5.47x - 0.00x 0.00x - 20.95x 76.29x 34.98x

23.0 44.8 192.5 79.5 (145.4) (34.8) (209.3) (83.7) 27.5 (5.6) (0.6)

18.31x 47.96x 14.30x 12.47x - 0.00x 0.00x - 43.34x 668.42x 114.41x

EBITDA -108.64 Long-Term Rating Date -EBIT -125.28 Long-Term Rating -

Operating Margin -54.99% Long-Term Outlook -

Pretax Margin -57.03% Short-Term Rating Date -

Return on Assets -34.88% Short-Term Rating -

Return on Common Equity -43.16%

Return on Capital - EBITDA/Interest Exp. -3746.07

Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -4289.79

Net Debt/EBITDA -


EBITDA Margin -73.8%

EBIT Margin -81.5% Total Debt/Equity 0.0%

Net Income Margin -63.8% Total Debt/Capital 0.0%

Asset Turnover 0.38






Fiscal Year Ended

Aixtron SEPrice/Volume

Valuation Analysis

64'062.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

2

4

6

8

10

12

14

16

a-12 s-12 o-12 n-12 d-12 j -13 f-13 m-13 a-13 m-13 j -13 j -13 a-13

.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

3.5 M

4.0 M

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013 01.07.2013




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CAMMA GMBH n/a 20F 7'650'000 7.48 - 28.02.2013 Corporation

UBS n/a ULT-AGG 5'743'326 5.62 (144'314) 24.07.2013 Unclassified

ALLIANZ GLOBAL INVES n/a Research 5'102'037 4.99 - 17.07.2013 Investment Advisor

BAILLIE GIFFORD AND n/a Research 5'093'343 4.98 - 29.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'966'096 3.88 48'630 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 3'841'807 3.76 236'846 07.08.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 3'470'000 3.39 (10'000) 30.04.2013 Investment Advisor

GENERATION INVESTMEN n/a 20F 3'089'151 3.02 - 31.12.2012 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 2'818'556 2.76 - 30.04.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 2'379'360 2.33 - 31.12.2012 Government

AQR CAPITAL MANAGEME n/a Short (1'962'624) -1.92 (103'110) 02.08.2013 Hedge Fund Manager

OXFORD ASSET MANAGEM n/a Short (1'215'836) -1.19 10'217 04.07.2013 Hedge Fund Manager


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'037'338 1.01 (142'747) 30.06.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'007'257 0.99 (116'049) 31.05.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 953'009 0.93 (286'907) 30.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 932'497 0.91 75'411 30.06.2013 Investment AdvisorSAEMOR CAPITAL BV n/a Short (805'602) -0.79 (173'357) 26.03.2013 Investment Advisor

SCHINDELHAUER KIM n/a 20F 766'500 0.75 - 31.01.2013 n/a

BARRINGTON WILSHIRE n/a Short (705'280) -0.69 112'089 30.07.2013 Hedge Fund Manager


Bankhaus Lampe KARSTEN ILTGEN buy 5 M 16 12 month 05.08.2013

Natixis MAXIME MALLET buy 5 M 15 Not Provided 05.08.2013

Main First Bank AG JUERGEN WAGNER underperform 1 M 10 12 month 31.07.2013

Equinet Institutional Services(ESN) ADRIAN PEHL sell 1 M 7 12 month 30.07.2013

Exane BNP Paribas GERHARD ORGONAS outperform 5 M 15 Not Provided 30.07.2013

Deutsche Bank UWE SCHUPP buy 5 M 14 12 month 29.07.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 29.07.2013

Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 29.07.2013

Societe Generale PETER KNOX sell 1 M 9 12 month 26.07.2013Morgan Stanley ANDREW HUMPHREY Equalwt/Cautious 3 M 12 12 month 26.07.2013

Baader Bank GUENTHER MICHAEL HOLLFELD hold 3 M 13 12 month 26.07.2013

JPMorgan SANDEEP S DESHPANDE neutral 3 M 10 3 month 26.07.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 26.07.2013

Sterne, Agee & Leach ANDREW HUANG neutral 3 M #N/A N/A Not Provided 26.07.2013

Bankhaus Metzler STEPHAN BAUER sell 1 M 8 12 month 26.07.2013

Barclays ANDREW M GARDINER equalweight 3 M 12 Not Provided 26.07.2013

SRH AlsterResearch DANIEL PAWLOWSKI sell 1 M 10 12 month 26.07.2013

Commerzbank Corporates & Markets THOMAS M BECKER hold 3 M 12 6 month 25.07.2013

HSBC CHRISTIAN DOMINIK RATH neutral 3 M 13 Not Provided 25.07.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER sell 1 M 11 Not Provided 25.07.2013

Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 13 12 month 25.07.2013

M.M. Warburg Investment Research MALTE SCHAUMANN sell 1 M 9 12 month 25.07.2013

Berenberg Bank ALI FARID KHWAJA hold 3 M 9 Not Provided 25.07.2013

Kepler Cheuvreux BERND LAUX hold 3 U 12 Not Provided 25.07.2013

DZ Bank AG HARALD SCHNITZER sell 1 M 10 Not Provided 25.07.2013

UBS DAVID MULHOLLAND neutral 3 M 13 12 month 22.07.2013

Close Brothers Equity Markets VEYSEL TAZE sell 1 M 10 12 month 15.07.2013Goldman Sachs SIMON F SCHAFER neutral/neutral 3 D 13 12 month 23.05.2013

Liberum Capital Ltd JANARDAN MENON buy 5 M 13 Not Provided 13.05.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013

National Bank AG SVEN PAULSEN buy 5 M 35 Not Provided 28.07.2011

Holdings By:

Aixtron SEAll



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Allianz SE, through subsidiaries, offers insurance and financial services. The

Company offers property and casualty, life and health, credit, motor vehicle and

travel insurance, and fund management services.


LTM as of: 06/yy

52-Week High (22.05.2013) 122.10

52-Week Low (30.08.2012) 85.37

Daily Volume

118.05





53'824.90 1 Yr Total Return 40.79%

Total Debt 28'651.00 YTD Return 16.96%Preferred Stock 0.0 Adjusted BETA 1.296

Minority Interest 2'665.0 Analyst Recs 41

Cash and Equivalents 12'437.00 Consensus Rating 4.293


Average Volume 5 Day 1'148'534

ALV GY EQUITY YTD Change - Average Volume 30 Day 1'537'201

ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'819'719


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 90'556.0 97'026.0 104'403.4 107'301.8 25'569.0 26'839.0

0.69x 0.75x 0.67x 0.61x 0.69x 2.48x 2.70x 0.66x 0.64x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'317.0 5'859.0 5'868.0 6'048.5 1'315.5 1'453.5

8.51x 8.37x 7.94x 13.13x 4.62x 10.58x 4.64x 9.06x 8.78x - -

EBITDA - Long-Term Rating Date 27.01.2012EBIT - Long-Term Rating AA

Operating Margin 10.61% Long-Term Outlook STABLE

Pretax Margin 8.95% Short-Term Rating Date 23.03.2009

Return on Assets 0.86% Short-Term Rating A-1+


Return on Capital 9.04% EBITDA/Interest Exp. -

Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 53.5%


Asset Turnover 0.14

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 4.12% Inventory Days -

Tot Debt to Common Equity 53.50% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycl

Fundamental Equity Analysis - QMS Advisors HDAX FlexIndex 110.pdf

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