Fundamental Equity Analysis - OEX Index - S&P100 Index Memberspdf

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
OEX Index - S&P100 Index Members
July 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
14898194
1991.775
1117
1117
203
220
220
102.58
110.21
110.21
15.75
15.75
14.66
14.66
18.58
Euro Stoxx 50 Pr
EUR
2493756
5284.795
4561
4561
731
763
763
203.59
297.44
297.44
21.63
17.12
14.81
14.81
20.19
NIKKEI 225
JPY
2727065
192.1279
192
192
18
22
22
5.38
7.90
7.90
0.26
0.27
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2587478
11449.56
10098
10098
1411
1676
1676
586.95
805.96
805.96
24.84
21.83
18.09
18.09
21.26
SWISS MARKET INDEX
CHF
1017711
10776.65
4094
4094
859
827
827
416.04
556.80
556.80
20.57
17.07
15.37
15.37
22.10
S&P/TSX COMPOSITE INDEX
CAD
1566664
16493.48
8368
8368
1782
1970
1970
737.98
820.91
820.91
14.92
14.92
13.42
13.42
23.26
S&P/ASX 200 INDEX
AUD
1210714
5733.302
2686
2686
551
684
684
225.02
324.09
324.09
17.92
14.54
12.45
12.45
20.26
HANG SENG INDEX
HKD
1576584
2941
1673
1673
353
398
398
278.90
271.70
271.70
1.22
1.38
1.25
1.25
2.90
MSCI EM
USD
6919194
1278.432
973
973
188
180
180
82.52
90.76
90.76
11.05
11.20
10.05
10.05
19.18
APPLE INC
USD
391520
937
939
121
246.83
156508
171168
186818
58518
57381
10573
10573
44.15
41.89
39.55
43.76
9.96
10.55
9.53
43.06
64.36
65.35
33.93
AA+
23.04.2013
Aa1
23.04.2013
ABBVIE INC
USD
67530
218
1577
18
77.93
18380
18485
18922
7255
1861
1861
3.69
3.12
3.22
13.67
13.25
5.37
30.36
26.10.2012
Baa1
05.11.2012
ABBOTT LABORATORIES
USD
54093
461
1577
20
15
52.77
21494
21588
22416
23742
929
929
1.73
1.54
2.01
2.25
22.53
22.53
17.24
15.39
-44.68
-1.69
A+
26.10.2012
A1
22.09.2010
ACCENTURE PLC-CL A
USD
50251
361
677
44.80
29778
30158
28721
30027
4467
4642
1167
1167
3.84
4.53
4.31
4.50
16.15
16.15
16.96
16.25
8.87
3.88
12.08
8.55
15.39
A+
22.01.2002
AMERICAN ELECTRIC POWER
USD
21347
178
486
19
39.79
14945
15146
15881
16183
4874
4873
1172
1172
3.49
3.50
3.15
3.32
12.56
12.56
13.93
13.24
-1.13
2.04
3.42
4.80
32.17
BBB
07.03.2003
Baa2
14.09.2005
AMERICAN INTERNATIONAL GROUP
USD
66450
380
1476
49
111.54
65656
66513
49652
51377
3.93
3.59
3.93
4.13
12.53
12.53
11.45
10.91
9.77
3.87
A-
02.03.2009
Baa1
12.01.2011
ALLSTATE CORP
USD
22832
117
479
28.57
33315
33416
33593
34165
4.40
4.35
4.69
5.18
11.19
11.19
10.39
9.41
2.02
0.95
A-
29.01.2009
A3
29.01.2009
AMGEN INC
USD
73058
179
756
27
24
75.68
17265
17455
17932
18383
6665
6648
1615
1615
5.72
6.09
7.29
8.26
16.01
16.01
13.35
11.80
10.80
3.45
24.07
2.92
38.09
A+
07.09.2007
Baa1
07.11.2011
AMAZON.COM INC
USD
128447
185
454
11
124.24
61093
63978
74868
91264
2835
3066
965
965
-0.23
-0.56
3.00
5.17
94.18
54.59
27.07
31.59
45.76
25.77
4.79
AA-
26.11.2012
Baa1
26.11.2012
APACHE CORP
USD
32124
370
392
12
45.58
16947
16636
17343
18813
12051
11662
2958
2958
9.31
9.58
8.41
9.37
8.55
8.55
9.74
8.75
0.81
14.07
-2.79
10.48
70.10
A-
26.01.2001
A3
29.11.2010
ANADARKO PETROLEUM CORP
USD
43954
116
501
13
55.51
13307
13613
15211
17165
6197
6547
2213
2213
1.47
4.74
4.27
5.45
18.49
18.49
20.52
16.09
-4.14
10.92
-18.23
2.13
48.09
BBB-
08.09.2006
Baa3
23.03.2012
AMERICAN EXPRESS CO
USD
83079
304
1105
62
22
114.84
33808
34020
32918
34728
10563
10635
4.40
4.48
4.79
5.31
16.88
16.88
15.78
14.23
4.73
1.17
-6.97
-6.66
31.26
BBB+
30.04.2009
A3
24.04.2009
BOEING CO/THE
USD
78106
175
756
10
14
75.52
81698
81208
83895
91775
8118
8057
1960
1960
5.11
5.30
6.34
7.08
19.42
19.42
16.23
14.55
18.86
4.17
8.53
2.21
9.92
29.07.2009
A2
15.03.2006
BANK OF AMERICA CORP
USD
139714
3281
10778
673
19
349
100078
99840
90943
92304
1.13
0.95
0.95
1.33
13.63
13.63
13.63
9.73
-13.26
1.66
A-
29.11.2011
Baa2
21.06.2012
BAXTER INTERNATIONAL INC
USD
37584
124
546
14190
14250
15463
16928
3533
3563
980
980
4.53
4.58
4.66
5.17
15.15
15.15
14.89
13.43
2.14
3.79
-2.30
3.77
25.00
06.12.2012
A3
25.04.2013
BANK OF NEW YORK MELLON CORP
USD
33682
327
1163
62
145
15089
15005
14743
15396
2.32
2.28
2.25
2.55
12.73
12.73
12.89
11.38
-4.52
-2.90
A+
29.11.2011
Aa3 *-
02.07.2013
BRISTOL-MYERS SQUIBB CO
USD
72305
245
1630
74.46
17621
16201
16418
17773
4771
3610
981
981
1.99
1.67
1.82
2.15
26.36
26.36
24.17
20.51
-17.05
-3.68
-35.94
3.29
22.28
A+
06.09.2006
A2
12.09.2006
BERKSHIRE HATHAWAY INC-CL B
USD
279644
330
63
187
148.65
162463
168183
29524
31989
13.07
12.90
34.15
4.33
19.02
AA
16.05.2013
Aa2
04.02.2010
CITIGROUP INC
USD
146332
1161
3029
624
36
751.61
90708
90629
79206
81195
30978
31164
4.01
4.13
4.80
5.47
11.63
11.63
10.02
8.79
-11.58
-2.29
-42.16
-20.63
34.39
A-
29.11.2011
Baa2
21.06.2012
CATERPILLAR INC
USD
53603
235
655
10
60.53
65875
63104
58820
62888
11966
10923
2282
2282
8.65
7.54
6.84
7.95
10.82
10.82
11.91
10.26
9.54
6.15
23.62
12.24
17.31
24.06.2003
A2
15.06.1995
COLGATE-PALMOLIVE CO
USD
53530
202
935
58.20
17085
17200
17672
18612
4314
4122
1145
1145
2.68
2.71
2.85
3.14
21.15
21.15
20.16
18.27
2.10
3.17
1.22
7.63
23.97
AA-
04.05.2001
Aa3
18.06.2001
COMCAST CORP-CLASS A
USD
108617
898
2639
40
17
12
152.48
62570
63002
64113
67869
19977
20323
5359
5359
1.92
2.00
2.42
2.78
20.83
20.83
17.21
14.95
12.05
13.37
8.82
11.13
32.26
A-
14.02.2013
A3
13.02.2013
CAPITAL ONE FINANCIAL CORP
USD
37731
95
582
51
11
69.33
23177
24303
22094
21936
9014
9371
6.24
6.03
6.60
6.69
10.71
10.71
9.79
9.65
25.11
6.31
-7.95
-5.36
38.56
BBB
17.06.2009
Baa1
17.02.2012
CONOCOPHILLIPS
USD
75487
260
1220
22
92.15
57967
58243
50237
52171
19396
20040
5017
5017
5.47
5.61
5.51
6.20
11.00
11.00
11.20
9.97
-9.70
-8.64
-10.41
-8.76
34.41
07.02.2012
A1
26.04.2012
COSTCO WHOLESALE CORP
USD
48564
97
432
47.12
99137
104887
105806
115043
3667
3991
1299
1299
3.94
4.48
4.57
5.05
24.83
24.83
24.36
22.03
11.50
7.95
11.02
10.87
3.81
A+
28.11.2012
A1
26.03.2012
CISCO SYSTEMS INC
USD
129867
3199
5298
16
49
98.74
46061
47880
48591
51210
12971
13483
3829
3829
1.60
1.62
2.01
2.12
14.96
14.96
12.11
11.48
6.58
5.45
18.36
5.10
28.16
A+
10.02.2006
A1
10.02.2006
CVS CAREMARK CORP
USD
71137
209
1231
10
79.25
123133
123098
125698
130862
8981
9355
2402
2402
3.21
3.39
3.94
4.43
17.13
17.13
14.74
13.13
14.97
7.83
13.71
8.81
7.60
BBB+
23.03.2007
Baa2
13.02.2007
CHEVRON CORP
USD
231766
229
1947
12
21
229.62
222580
217734
230022
227252
48426
46203
11867
11867
12.86
12.96
12.38
12.56
9.22
9.22
9.66
9.52
-5.80
1.45
-5.44
7.12
21.22
AA
01.07.1987
Aa1
27.02.2009
DU PONT (E.I.) DE NEMOURS
USD
48398
267
933
12
55.40
34812
36129
35926
38306
4794
4817
2115
2115
3.44
3.39
3.81
4.30
15.53
15.53
13.79
12.24
3.36
5.11
-4.99
2.35
13.33
17.05.2011
A2
15.07.2011
WALT DISNEY CO/THE
USD
114162
405
1780
14
129.20
42278
43765
45215
48055
10850
11349
3677
3677
3.13
3.30
3.47
3.95
19.23
19.23
18.26
16.03
3.39
4.08
12.76
5.45
25.93
22.12.2009
A2
23.05.2007
DOW CHEMICAL CO/THE
USD
39263
200
1203
21
60.98
56786
56450
57380
59677
6645
6568
2129
2129
1.73
1.80
2.37
2.97
18.05
18.05
13.70
10.94
-5.33
3.28
-3.82
1.85
11.64
BBB
11.05.2011
Baa2
02.11.2012
DEVON ENERGY CORPORATION
USD
21831
147
406
12
27.48
9679
8977
9733
11203
5253
4509
1402
1402
3.26
6.82
3.74
5.06
7.88
7.88
14.39
10.62
-15.50
-3.59
-23.63
-6.57
50.23
BBB+
18.03.2008
Baa1
21.09.2007
EBAY INC
USD
69081
526
1294
64.20
14072
14542
16312
19007
4088
4285
1247
1247
1.91
1.99
2.74
3.23
26.74
26.74
19.42
16.48
20.77
11.98
23.39
9.42
29.47
02.03.2010
A2
21.10.2010
EMC CORP/MA
USD
50483
520
2107
46.83
21714
22007
23410
25347
5602
5659
1708
1708
1.24
1.25
1.86
2.08
19.23
19.23
12.94
11.57
8.53
9.81
12.92
15.81
25.71
25.06.2012
A1
07.06.2013
EMERSON ELECTRIC CO
USD
39710
164
724
42.78
24412
24697
24801
25849
5155
5242
1359
1359
3.52
3.62
3.50
3.90
15.25
15.25
15.77
14.16
0.78
0.36
1.16
4.42
21.23
04.02.2002
A2
15.02.2002
EXELON CORP
USD
25307
372
855
20
44.82
23489
24885
25309
25202
6550
6927
1488
1488
1.93
1.97
2.48
2.33
15.05
15.05
11.92
12.69
23.22
6.88
-3.45
-0.89
27.84
BBB
22.07.2009
Baa2
08.11.2012
FORD MOTOR CO
USD
65219
3783
3946
14
24
57.41
134252
137617
136313
143799
12513
12539
3080
3080
1.57
1.54
1.41
1.67
10.76
10.76
11.78
9.92
-1.48
-0.20
-8.19
-0.09
9.11
BB+
21.10.2011
Baa3
22.05.2012
FREEPORT-MCMORAN COPPER
USD
28164
502
949
32.57
18010
17988
21948
25390
6934
6617
1612
1612
3.24
3.24
3.07
3.81
8.40
8.40
8.86
7.14
-13.75
4.92
-31.77
-2.37
36.79
BBB
29.07.2011
Baa3
13.10.2010
FEDEX CORP
USD
31280
57
318
29.35
44287
44287
46028
48701
5597
5580
1399
1399
6.23
6.20
7.04
8.68
15.89
15.89
13.98
11.35
3.77
3.96
3.02
2.68
12.60
BBB
11.02.2004
Baa1
13.01.2012
TWENTY-FIRST CENTURY FOX INC
USD
69679
799
2383
15
10
80.66
33706
35469
31587
33862
6646
6868
1664
1664
1.22
1.23
1.52
1.74
24.42
24.42
19.79
17.31
0.90
2.54
8.36
4.21
19.36
BBB+
30.11.2012
GENERAL DYNAMICS CORP
USD
27849
51
354
28.01
31513
31338
31175
30905
3447
1428
1011
1011
6.48
6.48
6.75
7.06
12.17
12.17
11.68
11.17
-3.56
1.45
-21.98
-0.51
4.56
09.07.1999
A2
07.08.2003
GENERAL ELECTRIC CO
USD
238133
1298
10406
17
16
233.65
144796
143566
148169
152912
25000
24248
5923
5923
1.55
1.54
1.66
1.83
14.91
14.91
13.85
12.62
1.81
-4.28
-0.16
-6.95
16.89
AA+
12.03.2009
Aa3
03.04.2012
GILEAD SCIENCES INC
USD
81179
622
1519
86.79
9703
9952
10629
13015
4288
4522
1133
1133
1.68
1.85
1.96
2.93
28.73
28.73
27.14
18.16
15.71
15.94
4.80
14.12
45.44
A-
23.03.2011
Baa1
23.03.2011
GENERAL MOTORS CO
USD
47385
569
1366
10
26
39.39
152256
151381
156615
166213
5647
5021
3425
3425
3.65
2.79
3.32
4.34
12.34
12.34
10.40
7.94
1.32
-60.70
3.32
BB+
29.09.2011
GOOGLE INC-CL A
USD
295169
145
330
50
248.74
50175
54703
47444
55296
15722
16160
5246
5246
33.53
34.83
46.18
53.38
25.55
25.55
19.28
16.67
32.37
22.23
15.66
21.04
29.54
AA
19.11.2012
Aa2
16.05.2011
GOLDMAN SACHS GROUP INC
USD
72401
171
481
511
73
537.53
41664
41636
34003
34660
20446
20338
14.40
14.61
14.34
15.18
10.40
10.40
10.59
10.01
13.24
-6.82
27.63
-19.57
48.85
A-
29.11.2011
A3
21.06.2012
HALLIBURTON CO
USD
40265
266
929
43.08
28503
28609
29729
32759
5787
5729
1495
1495
3.04
2.77
3.19
4.04
15.62
15.62
13.58
10.72
14.80
13.05
-5.07
7.51
20.03
20.08.2007
A2
01.05.2007
HOME DEPOT INC
USD
113329
328
1484
11
121.78
74754
76070
77470
81138
9450
9855
3371
3371
3.10
3.25
3.66
4.27
23.89
23.89
21.22
18.16
6.19
1.52
13.27
0.65
12.96
A-
16.11.2011
A3
30.08.2011
HONEYWELL INTERNATIONAL INC
USD
62305
132
783
65.12
37665
37686
39131
41400
5082
5220
1734
1734
4.84
5.02
4.96
5.52
15.78
15.78
15.98
14.33
3.11
1.38
43.93
2.19
13.85
03.07.2001
A2
12.10.2001
HEWLETT-PACKARD CO
USD
49082
538
1963
28
11
63.03
120357
115569
111403
109165
14384
13639
3537
3537
0.31
0.09
3.55
3.66
272.41
272.41
7.17
6.96
-5.41
-0.20
-12.15
3.69
11.80
BBB+
30.11.2011
Baa1
28.11.2012
40.80
169104
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
9.96
44.58
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
14898194
1991.775
1117
1117
203
220
220
102.58
110.21
110.21
15.75
15.75
14.66
14.66
18.58
Euro Stoxx 50 Pr
EUR
2493756
5284.795
4561
4561
731
763
763
203.59
297.44
297.44
21.63
17.12
14.81
14.81
20.19
NIKKEI 225
JPY
2727065
192.1279
192
192
18
22
22
5.38
7.90
7.90
0.26
0.27
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2587478
11449.56
10098
10098
1411
1676
1676
586.95
805.96
805.96
24.84
21.83
18.09
18.09
21.26
SWISS MARKET INDEX
CHF
1017711
10776.65
4094
4094
859
827
827
416.04
556.80
556.80
20.57
17.07
15.37
15.37
22.10
CAD
1566664
16493.48
8368
8368
1782
1970
1970
737.98
820.91
820.91
14.92
14.92
13.42
13.42
23.26
S&P/ASX 200 INDEX
AUD
1210714
5733.302
2686
2686
551
684
684
225.02
324.09
324.09
17.92
14.54
12.45
12.45
20.26
HANG SENG INDEX
HKD
1576584
2941
1673
1673
353
398
398
278.90
271.70
271.70
1.22
1.38
1.25
1.25
2.90
MSCI EM
USD
6919194
1278.432
973
973
188
180
180
82.52
90.76
90.76
11.05
11.20
10.05
10.05
19.18
INTL BUSINESS MACHINES CORP
USD
213875
159
1117
33
11
235.40
104507
103241
103484
106439
25119
24941
6240
6240
15.24
15.46
16.71
18.33
12.48
12.48
11.55
10.52
-2.25
-0.66
0.07
6.06
24.16
AA-
30.05.2012
Aa3
23.11.2010
INTEL CORP
USD
118061
1916
4944
13
23
109.52
53341
53015
53528
55775
22160
21148
4620
4620
2.11
1.98
1.89
2.05
11.98
11.98
12.56
11.61
-1.22
8.14
-5.87
10.34
39.89
A+
17.02.1993
A1
14.09.2011
JOHNSON & JOHNSON
USD
245525
439
2778
16
21
239.75
67224
68590
70803
73592
20698
21341
5720
5720
4.85
4.88
5.42
5.79
17.90
17.90
16.14
15.10
3.37
1.71
7.18
2.84
31.11
AAA
17.09.1987
Aaa
10.08.1987
JPMORGAN CHASE & CO
USD
201797
1028
3804
696
472
108184
106713
99197
102201
5.86
5.86
5.74
5.98
9.10
9.10
9.31
8.92
-2.39
0.82
29.11.2011
A2
21.06.2012
COCA-COLA CO/THE
USD
179709
630
4469
33
17
196.81
48017
47915
48409
50591
12761
12686
3940
3940
2.01
2.01
2.13
2.32
20.11
20.11
18.92
17.41
3.17
9.37
5.23
8.68
26.48
AA-
13.09.2012
Aa3
16.08.2007
ELI LILLY & CO
USD
56576
208
1144
57.31
22603
22603
22847
19660
6478
6512
1605
1605
3.39
3.61
3.93
2.74
13.91
13.91
12.79
18.33
-6.93
3.21
-15.78
2.06
28.81
AA-
19.08.2010
A2
08.11.2010
LOCKHEED MARTIN CORP
USD
34415
60
321
37.65
47182
46959
44911
43646
5470
5545
1334
1334
10.20
10.40
9.06
9.04
10.32
10.32
11.86
11.88
1.47
2.13
6.75
0.46
11.81
A-
27.04.2007
Baa1
26.01.2006
LOWE'S COS INC
USD
45524
298
1110
53.40
50521
50456
52147
54342
5183
5190
1851
1851
1.69
1.80
2.12
2.55
23.58
23.58
20.07
16.63
0.62
1.81
6.73
-3.42
10.29
A-
19.09.2012
A3
14.11.2011
MASTERCARD INC-CLASS A
USD
71430
23
123
66.42
7391
7539
8173
9160
4187
4302
1183
1183
22.04
22.91
25.41
30.00
25.65
25.65
23.12
19.59
10.08
10.25
13.87
27.78
57.06
A-
19.08.2011
MCDONALD'S CORP
USD
99573
242
1003
14
110.50
27567
27626
28506
30026
10101
10112
2593
2593
5.37
5.40
5.71
6.25
18.41
18.41
17.41
15.89
2.08
3.57
1.61
8.06
36.61
08.05.2003
A2
17.12.2010
MONDELEZ INTERNATIONAL INC-A
USD
51214
704
1778
19
67.10
35015
44434
36022
37964
5028
6703
1288
1288
1.45
2.11
1.56
1.72
13.63
13.63
18.42
16.68
-2.22
-0.73
1.00
-0.96
15.09
BBB
02.02.2010
Baa2
02.02.2010
MEDTRONIC INC
USD
52496
223
1016
11
11
52.08
16590
16589
16965
17497
5697
5696
1413
1413
3.69
3.72
3.83
4.10
14.01
14.01
13.60
12.70
2.51
3.00
0.30
3.82
34.34
A+
14.02.2012
A2
14.03.2013
METLIFE INC
USD
51466
335
1092
27
16
70.31
68150
69917
68824
71623
5.28
5.38
5.47
5.69
8.74
8.74
8.60
8.27
-2.98
9.74
A-
06.08.2010
A3
16.12.2009
3M CO
USD
76142
148
687
76.70
29904
30052
31013
32684
7771
7806
2032
2032
6.31
6.35
6.69
7.36
17.38
17.38
16.48
15.00
0.99
4.60
4.82
3.91
25.97
AA-
18.03.2009
Aa2
01.05.2009
ALTRIA GROUP INC
USD
70920
324
2010
14
81.06
17500
17479
17567
17812
7539
8026
2034
2034
2.25
2.31
2.40
2.57
15.26
15.26
14.72
13.73
5.30
2.00
15.22
-12.44
45.92
BBB
06.01.2009
Baa1
24.10.2006
MONSANTO CO
USD
52485
128
534
51.85
13504
14769
14940
16067
3760
4206
-102
-102
3.77
4.55
4.58
5.34
21.65
21.65
21.51
18.43
14.23
4.50
20.67
14.20
28.48
A+
21.10.2008
A1
21.02.2012
MERCK & CO. INC.
USD
141318
426
3027
21
16
148.70
47267
46208
45310
45816
16855
16424
3553
3553
3.65
3.68
3.51
3.75
12.72
12.72
13.35
12.49
-1.62
19.65
-5.70
16.19
35.54
AA
24.11.2010
A2
14.05.2013
MORGAN STANLEY
USD
47748
1685
1974
451
47
513.66
32036
33168
31731
33870
12615
11901
1.71
1.54
2.01
2.56
15.80
15.80
12.13
9.53
-18.15
3.15
17.63
-27.19
35.88
A-
29.11.2011
Baa1
21.06.2012
MICROSOFT CORP
USD
280597
2773
8381
12
63
220.31
73723
76012
78725
84772
30923
30645
8701
8701
2.73
2.68
2.76
3.06
12.54
12.54
12.17
10.97
5.40
7.53
3.33
9.15
40.32
AAA
22.09.2008
Aaa
11.05.2009
NIKE INC -CL B
USD
56707
210
894
52.13
25313
25508
27568
29678
3413
3521
1063
1063
2.69
2.65
3.02
3.46
23.98
23.98
21.00
18.34
4.91
5.93
7.28
13.93
A+
10.06.2005
A1
29.04.2008
NATIONAL OILWELL VARCO INC
USD
30623
291
427
32.66
20041
21045
22261
24128
4185
4136
1038
1038
5.98
5.75
5.57
6.59
12.47
12.47
12.86
10.88
36.72
16.12
19.85
13.13
19.65
25.04.2012
A2
14.05.2012
NORFOLK SOUTHERN CORP
USD
22626
193
314
30.42
11040
10989
11242
11951
4046
3994
1088
1088
5.37
5.36
5.61
6.38
13.39
13.39
12.80
11.25
-1.18
2.92
-0.88
3.72
36.35
BBB+
18.07.2005
Baa1
06.05.1997
ORACLE CORP
USD
142351
1558
4646
18
32
129.13
37180
37180
39032
41025
17363
17363
3847
3847
2.23
2.23
2.90
3.18
13.81
13.81
10.60
9.68
0.16
9.72
2.30
12.84
46.70
A+
24.04.2012
A1
24.06.2011
OCCIDENTAL PETROLEUM CORP
USD
72242
132
806
77.78
24172
23776
24742
25611
13701
13369
3661
3661
7.10
6.89
7.16
7.55
13.02
13.02
12.53
11.88
0.97
5.69
-3.30
6.01
56.23
23.06.2008
A1
19.04.2012
PEPSICO INC
USD
124579
182
1544
28
147.12
65492
65645
67547
70702
11801
11733
3443
3443
4.10
4.11
4.40
4.78
19.59
19.59
18.32
16.87
-1.52
9.06
-4.60
6.54
17.87
17.03.2010
A1
25.06.2013
PFIZER INC
USD
198114
2551
7276
37
33
203.76
58986
57601
54272
53096
27270
25049
6495
6495
2.19
2.15
2.18
2.32
12.96
12.96
12.82
12.02
-9.61
4.94
-9.21
6.42
43.49
AA
16.10.2009
A1
15.10.2009
PROCTER & GAMBLE CO/THE
USD
213917
519
2748
30
242.09
83680
83724
84460
86564
18072
17876
3968
3968
3.85
4.09
4.05
4.33
19.09
19.09
19.29
18.04
3.18
0.76
-1.42
-0.55
21.35
AA-
10.05.2005
Aa3
01.07.2005
PHILIP MORRIS INTERNATIONAL
USD
142567
242
1654
23
165.77
31377
31513
32118
33745
14827
14801
3897
3897
5.20
5.25
5.58
6.22
16.60
16.60
15.63
14.01
0.90
5.33
2.72
8.64
46.97
05.03.2008
A2
11.09.2008
QUALCOMM INC
USD
104344
1204
1706
27
73.82
19121
21639
24492
27241
6579
7549
2092
2092
3.59
3.66
4.53
4.88
16.49
16.49
13.34
12.38
27.84
19.92
8.08
15.03
34.89
NR
19.12.2001
RAYTHEON COMPANY
USD
21152
67
328
22.04
24414
24355
23519
22941
3444
3440
765
765
6.20
6.31
5.50
5.59
10.33
10.33
11.84
11.66
-1.52
1.98
5.19
4.99
14.12
A-
04.09.2008
A3
17.10.2011
STARBUCKS CORP
USD
50271
341
749
49.13
13300
14023
14841
16540
2367
2576
744
744
1.77
1.96
2.18
2.63
34.25
34.25
30.83
25.56
13.67
7.38
14.11
10.50
18.37
A-
24.02.2012
Baa2
29.04.2013
SCHLUMBERGER LTD
USD
97701
268
1328
12
103.36
42149
42898
45666
50818
11020
11165
2990
2990
4.16
4.26
4.67
5.67
17.26
17.26
15.75
12.95
14.04
13.15
12.52
5.53
26.03
A+
11.12.2002
A1
03.06.2003
SOUTHERN CO/THE
USD
37409
361
868
22
61.26
16537
16830
17605
18151
6589
6727
1554
1554
2.60
2.66
2.75
2.88
16.17
16.17
15.62
14.94
-6.34
1.48
4.94
6.49
39.97
21.12.2000
Baa1
12.08.2010
SIMON PROPERTY GROUP INC
USD
48830
86
310
23
71.78
4880
4976
5191
5460
3491
3556
948
948
4.72
3.47
3.95
4.41
45.36
45.36
39.82
35.71
13.32
6.37
15.76
7.34
71.45
16.05.2013
AT&T INC
USD
190075
972
5581
70
260.67
127434
126968
128312
130742
31140
30948
11004
11004
2.31
2.36
2.51
2.71
14.99
14.99
14.06
13.05
0.56
0.41
2.08
-5.80
24.37
A-
06.12.2010
A3
29.01.2013
TARGET CORP
USD
44829
148
645
18
57.22
73301
73140
74958
79528
7352
7092
1704
1704
4.36
3.77
4.82
5.53
18.53
18.53
14.50
12.63
4.92
2.48
-1.36
1.19
9.70
A+
20.11.2007
A2
27.11.2007
TIME WARNER INC
USD
56378
290
932
20
73.33
28729
28689
29538
30877
7106
7250
1597
1597
3.36
3.52
3.68
4.27
17.19
17.19
16.44
14.15
-0.85
-0.95
3.33
-18.04
25.27
BBB
27.03.2009
Baa2
06.03.2006
TEXAS INSTRUMENTS INC
USD
39597
550
1108
41.42
12825
12589
12224
12922
3986
3908
943
943
1.91
1.79
1.79
2.20
19.90
19.90
19.90
16.26
-6.63
1.54
-10.10
-2.68
31.04
A+
23.09.2010
A1
25.05.2011
UNITEDHEALTH GROUP INC
USD
66780
198
1019
17
11
73.96
110618
113676
122687
133534
10563
10425
2537
2537
5.28
5.13
5.43
5.83
12.76
12.76
12.05
11.24
8.60
8.38
10.17
4.09
9.17
24.09.2012
A3
21.07.2011
UNION PACIFIC CORP
USD
73140
55
469
81.08
20926
21104
22282
23906
8505
8635
2320
2320
8.24
8.47
9.53
10.90
18.49
18.49
16.45
14.37
7.00
5.33
15.86
12.61
40.92
A-
23.04.2012
Baa1
26.10.2012
UNITED PARCEL SERVICE-CL B
USD
82148
71
953
13
87.50
54127
54425
56478
59903
3201
3227
2305
2305
4.47
4.51
4.98
5.70
19.28
19.28
17.46
15.28
1.92
1.49
-59.29
6.62
5.93
A+
21.09.2012
Aa3
16.01.2013
US BANCORP
USD
67715
370
1869
52
22202
22007
19893
20457
2.87
2.93
3.03
3.23
12.50
12.50
12.07
11.34
3.75
0.35
A+
20.08.2012
A1
06.12.2012
UNITED TECHNOLOGIES CORP
USD
87940
288
919
23
107.62
57708
59691
64542
68191
9208
9625
2850
2850
5.40
5.54
6.11
6.97
17.27
17.27
15.65
13.72
3.50
1.05
1.09
2.29
16.12
02.10.2003
A2
22.04.1993
VISA INC-CLASS A SHARES
USD
122354
133
811
116.66
10421
11100
11721
13023
6572
7042
1820
1820
7.09
7.89
7.48
8.71
23.86
23.86
25.16
21.61
13.42
15.29
14.28
37.44
63.44
A+
20.05.2008
VERIZON COMMUNICATIONS INC
USD
144280
551
2859
52
52
245.30
115846
117024
120547
125249
29620
30737
10596
10596
2.24
2.34
2.80
3.21
21.51
21.51
18.04
15.70
4.48
4.38
0.83
-0.97
26.27
A-
06.12.2010
A3
29.10.2008
WALGREEN CO
USD
41561
336
944
44.93
71633
71349
72261
75584
4630
4525
1260
1260
2.55
2.56
3.07
3.49
17.20
17.20
14.34
12.59
-0.76
4.13
-7.71
3.89
6.34
BBB
02.08.2012
Baa1
02.08.2012
WELLS FARGO & CO
USD
221442
835
5266
185
13
159
91247
90654
84351
85710
3.43
3.60
3.71
3.90
11.62
11.62
11.28
10.73
4.17
13.82
A+
29.11.2011
A2
21.09.2011
WILLIAMS COS INC
USD
22269
166
681
11
35.25
7486
7308
7623
8878
2368
2323
581
581
1.20
1.96
0.75
1.27
16.65
16.65
43.38
25.79
-5.60
-7.09
-31.97
-4.73
31.79
BBB
05.03.2012
Baa3
15.11.2007
WAL-MART STORES INC
USD
244473
365
3314
54
298.29
469162
470331
487913
510039
36302
36459
8819
8819
5.02
5.07
5.30
5.83
14.72
14.72
14.07
12.80
4.97
3.81
4.65
5.13
7.75
AA
09.07.1999
Aa2
06.03.1996
EXXON MOBIL CORP
USD
403953
476
4502
12
10
417.23
420714
406354
426521
435712
65769
64362
16176
16176
7.56
8.00
8.01
8.20
11.35
11.35
11.35
11.08
-2.96
3.78
-5.62
-1.21
15.84
AAA
16.12.1985
WR
16.08.1993
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.26
2.26
2.07
1.88
2.26
1.45
1.45
1.38
1.33
1.45
10.18
10.18
9.51
9.83
10.18
9.03
9.03
8.33
7.78
9.03
14.66
14.66
13.11
11.96
14.66
2.17
2.17
2.34
2.44
2.17
1777.8
10.1%
Euro Stoxx 50 Pr
1.15
1.15
1.09
1.02
1.15
0.75
0.75
0.73
0.71
0.75
5.69
5.69
5.23
4.76
5.69
6.93
6.93
6.55
6.19
6.93
11.46
11.46
10.21
9.21
11.46
4.36
4.36
4.64
5.00
4.36
2969.9
12.7%
NIKKEI 225
1.52
1.52
1.43
1.32
1.52
0.73
0.73
0.71
0.69
0.73
8.97
8.97
8.30
7.60
8.97
8.85
8.85
8.19
7.71
8.85
17.73
17.73
15.75
14.19
17.73
1.64
1.64
1.79
1.94
1.64
14886.7
6.2%
FTSE 100 INDEX
1.69
1.69
1.58
1.46
1.69
0.96
0.96
0.93
0.95
0.96
8.35
8.35
7.62
6.95
8.35
6.83
6.83
6.43
6.05
6.83
12.00
12.00
10.93
10.09
12.00
3.91
3.91
4.21
4.56
3.91
6995.7
9.0%
SWISS MARKET INDEX
2.34
2.34
2.17
2.02
2.34
2.00
2.00
1.90
1.82
2.00
12.00
12.00
10.95
9.76
12.00
13.03
13.03
12.00
11.23
13.03
14.68
14.68
13.23
12.05
14.68
3.31
3.30
3.69
4.23
3.30
8617.2
10.4%
1.62
1.62
1.51
1.41
1.62
1.38
1.38
1.43
1.48
1.38
8.20
8.20
7.40
6.13
8.20
8.37
8.37
7.41
6.83
8.37
14.10
14.10
12.45
11.35
14.10
3.31
3.31
3.46
3.61
3.31
14176.6
16.5%
S&P/ASX 200 INDEX
1.75
1.75
1.65
1.56
1.75
1.64
1.64
1.55
1.48
1.64
9.89
9.89
8.92
8.52
9.89
8.38
8.38
7.61
7.09
8.38
13.57
13.57
12.31
11.38
13.57
4.92
4.92
5.26
5.61
4.92
5209.5
8.6%
HANG SENG INDEX
1.22
1.22
1.12
1.06
1.22
1.58
1.58
1.46
1.34
1.58
7.30
7.30
6.94
6.44
7.30
7.40
7.40
6.77
6.08
7.40
9.72
9.72
8.95
8.22
9.72
3.96
3.96
4.27
4.68
3.96
24849.3
21.4%
MSCI EM
1.32
1.32
1.21
1.09
1.32
0.94
0.94
0.88
0.81
0.94
6.51
6.51
5.96
5.46
6.51
7.11
7.11
6.46
5.95
7.11
10.05
10.05
9.05
8.26
10.05
3.08
3.08
3.41
3.69
3.08
1126.2
23.5%
APPLE INC
3.35
2.83
2.46
2.02
2.01
2.51
2.29
2.10
1.91
1.71
7.60
7.61
7.34
6.85
4.25
4.60
4.16
3.73
3.45
9.42
10.55
9.53
8.67
9.55
0.64
2.72
2.96
3.20
0.00
531.71
27.5%
ABBVIE INC
24.58
11.77
8.18
6.13
3.68
3.66
3.57
3.34
3.15
9.92
11.67
11.21
10.75
10.24
10.47
10.28
9.36
8.62
11.38
13.68
13.25
11.85
10.77
3.75
3.75
3.86
4.08
4.87
47.50
11.4%
ABBOTT LABORATORIES
2.14
2.18
2.03
1.82
1.36
2.41
2.28
2.15
2.01
6.06
13.43
12.35
10.70
4.19
10.33
9.41
8.54
7.71
6.85
17.24
15.40
13.86
12.37
2.25
1.62
1.82
2.07
2.62
39.13
12.8%
ACCENTURE PLC-CL A
10.45
9.27
7.95
6.34
1.81
1.75
1.68
1.57
1.41
14.27
12.77
13.38
11.94
10.26
9.35
9.18
8.60
7.75
19.01
16.96
16.25
14.68
1.80
2.21
2.43
2.54
80.46
10.0%
AMERICAN ELECTRIC POWER
1.40
1.33
1.28
1.24
1.38
1.34
1.32
1.32
1.17
6.33
5.93
6.09
6.23
8.35
8.32
8.06
7.93
10.10
14.44
13.93
13.24
12.75
4.28
4.42
4.61
4.84
51.35
16.9%
AMERICAN INTERNATIONAL GROUP
0.68
0.65
0.60
0.56
1.18
1.34
1.29
1.24
33.10
24.60
11.71
11.45
10.91
9.06
0.00
0.32
0.69
0.84
48.75
8.3%
ALLSTATE CORP
1.15
1.07
0.98
0.90
0.69
0.68
0.67
0.66
13.19
10.39
9.41
8.62
1.80
2.01
2.12
2.21
54.21
11.3%
4.24
4.07
3.97
3.93
3.91
11.82
11.45
9.91
13.45
25.70
10.19
10.41
9.23
9.07
2.07
1.72
1.41
1.17
0.98
43.57
32.90
23.04
14.51
8.62
38.62
26.89
19.89
14.89
3.72
3.79
3.47
3.35
6.63
5.69
5.01
4.57
1.19
AMGEN INC
3.81
3.15
2.76
2.37
AMAZON.COM INC
16.78
13.88
11.41
8.80
APACHE CORP
1.04
0.94
0.85
0.82
1.89
1.85
1.71
1.62
1.52
3.32
3.30
3.01
2.72
ANADARKO PETROLEUM CORP
2.09
1.86
1.66
1.47
3.30
2.89
2.56
2.40
2.27
5.91
5.43
4.78
4.09
AMERICAN EXPRESS CO
4.37
4.11
3.71
3.81
2.63
2.52
2.39
2.24
BOEING CO/THE
9.49
10.26
8.90
7.41
0.96
0.93
0.85
0.83
0.80
14.98
12.61
0.63
0.62
0.58
0.55
0.49
1.60
1.54
1.51
1.48
1.43
31.23
BAXTER INTERNATIONAL INC
5.13
4.62
3.84
3.23
2.97
2.66
2.43
2.22
2.13
2.01
12.74
BANK OF NEW YORK MELLON CORP
0.95
0.92
0.87
0.84
0.84
2.32
2.28
2.19
2.09
BRISTOL-MYERS SQUIBB CO
4.60
5.53
5.33
5.30
4.11
4.40
4.07
4.06
6.44
3.83
10.47
10.96
14.16
9.28
8.05
11.53
10.08
9.38
12.62
11.54
10.53
9.07
15.82
14.31
17.13
17.30
10.18
4.24
10.32
4.33
9.50
9.27
8.15
7.76
7.17
8.94
10.29
9.65
8.65
8.13
7.52
16.87
14.09
17.87
15.01
15.79
14.19
12.41
5.20
14.99
13.35
11.80
11.27
10.94
1.47
1.92
2.26
2.51
114.62
17.7%
146.88
94.18
54.59
32.84
18.77
0.00
0.00
0.00
0.00
316.28
12.1%
8.55
9.74
8.75
8.63
0.86
1.00
1.03
1.02
98.62
20.3%
26.19
20.52
16.09
14.75
0.42
0.42
0.42
0.42
108.62
23.9%
17.34
15.78
14.23
12.82
1.05
1.17
1.29
1.43
75.37
-0.3%
20.53
16.23
14.55
12.90
11.49
1.71
1.85
2.05
2.28
2.24
113.81
10.5%
22.38
13.63
9.74
8.39
6.58
0.30
0.35
1.60
2.58
4.63
13.79
6.4%
15.33
14.89
13.43
12.31
11.15
2.08
2.56
2.70
2.92
3.33
77.00
11.0%
13.62
12.89
11.38
10.31
7.99
1.79
2.01
2.32
2.68
3.20
29.66
2.2%
22.48
24.17
20.51
21.60
19.84
3.10
3.16
3.24
3.32
3.28
45.63
3.6%
14.05
2.44
BERKSHIRE HATHAWAY INC-CL B

CITIGROUP INC
0.75
0.73
0.68
0.63
2.06
1.85
1.80
1.73
CATERPILLAR INC
2.98
2.64
COLGATE-PALMOLIVE CO
9.60
34.16
COMCAST CORP-CLASS A
2.21
2.13
1.96
1.79
2.22
1.91
0.81
0.91
0.85
0.79
0.52
6.78
7.52
6.72
5.90
41.59
191.30
3.13
3.03
2.88
2.72
2.57
18.17
16.96
15.62
14.03
1.74
1.69
1.60
1.54
1.47
7.95
7.35
6.79
6.22
CAPITAL ONE FINANCIAL CORP
0.93
0.87
0.81
CONOCOPHILLIPS
1.42
1.48
1.38
0.77
1.76
1.71
1.72
1.67
1.29
1.22
1.50
1.45
1.54
COSTCO WHOLESALE CORP
3.69
4.31
3.82
3.12
0.49
0.46
0.42
0.39
CISCO SYSTEMS INC
2.47
2.27
2.11
2.03
2.82
2.67
2.54
2.38
CVS CAREMARK CORP
1.96
1.85
1.75
1.64
0.58
0.57
0.54
0.52
CHEVRON CORP
1.72
DU PONT (E.I.) DE NEMOURS
4.81
1.55
1.42
1.30
0.98
1.01
1.02
0.94
3.70
3.05
2.58
1.39
1.35
1.26
WALT DISNEY CO/THE
2.80
2.65
2.49
2.27
2.68
2.52
DOW CHEMICAL CO/THE
1.74
1.87
1.72
1.60
0.70
DEVON ENERGY CORPORATION
0.99
0.99
0.88
0.80
2.49
EBAY INC
3.46
2.99
2.52
2.17
EMC CORP/MA
2.25
2.08
1.86
EMERSON ELECTRIC CO
3.69
3.59
EXELON CORP
1.14
FORD MOTOR CO
1.94
13.98
10.00
8.57
7.68
12.95
10.03
8.79
7.85
0.08
0.16
1.28
2.43
8.9%
55.44
15.3%
98.14
20.4%
5.27
6.69
5.90
5.34
8.97
11.91
10.26
8.86
2.41
2.41
2.61
2.79
13.16
12.72
11.72
10.93
9.84
21.41
20.16
18.27
16.70
14.98
2.09
2.75
3.00
3.53
2.77
61.81
7.7%
7.70
7.22
6.82
6.46
6.15
21.10
17.21
14.95
12.85
10.95
1.53
1.86
2.12
2.39
2.38
47.52
14.3%
10.43
9.79
9.65
9.16
0.31
1.51
2.21
2.50
65.71
1.7%
3.96
4.24
3.91
3.89
4.22
10.83
11.21
9.97
10.22
9.49
4.31
4.34
4.46
4.43
4.27
65.36
5.9%
8.87
28.73
24.36
22.03
19.70
17.69
0.90
7.35
1.16
1.30
1.18
114.04
2.5%
8.97
5.59
5.07
4.72
4.55
14.38
15.37
14.02
13.43
12.84
11.65
10.51
9.58
11.65
10.37
10.11
8.74
6.82
6.52
6.33
5.99
13.24
12.11
11.48
10.70
1.07
2.55
2.86
3.05
25.76
6.0%
0.48
12.17
10.75
9.68
8.62
8.83
8.00
7.53
7.09
17.07
14.74
13.13
11.64
1.12
1.48
1.72
2.29
64.43
10.9%
6.25
5.98
5.71
5.32
4.03
4.11
4.03
3.86
3.66
9.70
9.66
9.52
9.20
8.46
2.94
3.21
3.43
3.60
3.88
133.53
11.7%
1.19
1.11
12.11
10.73
9.09
7.68
8.72
8.24
7.63
6.89
6.40
15.98
13.79
12.24
10.90
10.11
3.22
3.35
3.56
3.63
3.39
54.81
4.2%
2.38
2.21
2.09
14.50
12.78
11.29
9.74
11.48
10.50
9.50
8.64
8.17
20.60
18.26
16.04
13.86
12.42
0.94
1.15
1.31
1.43
1.66
72.07
13.7%
0.68
0.66
0.63
0.59
8.10
7.64
6.57
5.83
8.19
7.31
6.63
6.28
5.52
16.87
13.70
10.94
9.33
8.22
3.77
4.00
4.17
4.25
37.14
14.4%
2.24
1.95
1.94
4.64
4.33
3.56
3.39
5.54
5.28
4.08
3.88
16.66
14.39
10.62
10.13
1.36
1.57
1.64
1.65
70.91
31.9%
4.91
4.23
3.63
3.09
2.71
17.77
14.56
12.76
10.67
13.93
11.98
10.33
8.59
22.62
19.42
16.48
14.05
12.29
0.00
0.00
0.00
0.00
64.00
20.2%
1.65
2.32
2.16
1.99
1.83
1.61
8.80
8.08
7.03
6.57
7.49
6.56
6.06
5.84
14.19
12.94
11.57
10.16
8.31
0.00
0.52
0.83
1.11
29.62
23.3%
3.27
2.91
1.63
1.60
1.54
1.46
12.27
11.89
10.79
9.87
8.90
8.70
8.08
7.59
16.53
15.77
14.16
12.75
2.90
2.97
3.19
3.44
61.29
10.9%
1.05
1.02
0.99
0.91
1.05
1.00
1.00
1.01
0.90
4.88
5.11
5.37
5.39
4.60
7.14
7.32
7.31
7.04
10.32
11.91
12.69
12.15
12.95
7.10
4.86
4.20
4.20
4.19
34.90
18.0%
3.28
3.34
2.68
2.13
2.01
0.52
0.48
0.45
0.42
0.43
9.93
7.52
6.34
5.44
5.46
5.63
5.27
4.60
3.90
3.36
12.36
11.78
9.92
8.20
7.72
1.34
2.41
2.48
2.68
3.10
16.74
0.9%
FREEPORT-MCMORAN COPPER
1.43
1.36
1.23
1.09
1.56
1.28
1.11
1.06
1.08
5.60
4.21
3.28
3.00
4.64
3.59
2.78
2.63
2.25
8.60
8.86
7.14
6.89
4.87
4.52
4.59
4.59
4.59
4.59
36.62
34.5%
FEDEX CORP
1.91
1.64
1.46
1.31
0.71
0.68
0.64
0.61
0.60
7.61
6.54
5.64
5.04
TWENTY-FIRST CENTURY FOX INC
2.70
2.90
2.71
2.67
2.05
2.21
2.06
1.96
1.84
16.83
10.90
14.03
11.46
GENERAL DYNAMICS CORP
1.93
2.27
2.10
1.98
0.86
0.89
0.90
0.92
0.87
9.40
9.70
9.06
GENERAL ELECTRIC CO
1.94
1.92
1.81
1.76
1.62
1.61
1.56
1.52
11.23
10.58
GILEAD SCIENCES INC
7.93
9.59
7.77
4.76
8.50
7.64
6.24
4.88
4.16
25.19
GENERAL MOTORS CO
1.77
1.59
1.40
1.15
0.98
0.31
0.30
0.29
0.26
0.27
7.47
GOOGLE INC-CL A
4.13
3.48
2.93
2.41
2.09
7.08
6.22
5.34
4.62
3.93
GOLDMAN SACHS GROUP INC
1.06
0.98
0.90
0.85
2.21
2.13
2.09
HALLIBURTON CO
2.57
2.29
1.95
1.63
1.43
1.35
HOME DEPOT INC
6.62
7.19
7.30
8.30
1.53
HONEYWELL INTERNATIONAL INC
4.66
4.04
3.41
2.85
1.66
HEWLETT-PACKARD CO
1.50
1.92
1.64
1.33
0.41
2.68
1.17
2.42
1.86
2.89
9.37
0.37
4.31
11.80
123.50
4.82
9.09
9.45
7.43
5.39
4.76
4.11
3.52
16.31
13.98
11.35
9.56
8.87
0.57
0.62
0.71
0.79
1.25
114.72
16.5%
11.96
12.06
11.00
9.84
8.68
21.41
19.79
17.31
14.32
11.79
0.57
0.59
0.65
0.71
0.86
33.16
10.3%
9.45
6.41
6.75
6.69
6.76
6.24
11.36
11.68
11.17
10.65
9.83
2.53
2.73
3.04
3.16
80.13
1.6%
9.11
8.14
8.79
8.04
7.35
6.78
15.32
13.85
12.62
11.69
2.99
3.35
3.75
4.05
25.71
11.7%
23.83
14.59
8.67
18.57
18.33
12.94
9.44
9.52
26.64
27.14
18.17
12.21
9.33
0.00
0.00
0.00
0.00
65.43
23.0%
5.64
4.31
3.88
3.64
3.07
2.89
2.50
2.28
2.11
10.60
10.40
7.94
7.03
5.92
0.00
0.00
0.00
0.00
40.05
16.2%
18.42
16.18
13.64
11.59
10.42
13.53
11.48
9.71
8.19
7.14
22.41
19.28
16.67
14.04
12.19
0.00
0.00
0.00
0.00
942.40
5.9%
2.14
9.89
8.40
8.15
7.72
12.46
10.59
10.01
9.61
1.22
1.33
1.44
1.52
161.19
6.1%
1.23
1.14
9.80
8.50
7.06
6.43
7.12
6.84
5.60
4.96
14.54
13.58
10.72
9.12
0.96
1.14
1.25
1.34
51.00
17.9%
1.46
1.40
1.34
1.29
18.65
15.78
13.30
12.32
12.85
11.45
10.39
9.73
25.44
21.22
18.16
15.95
14.30
1.39
2.02
2.30
2.60
83.67
7.8%
1.59
1.50
1.44
1.33
15.97
12.90
12.09
11.44
10.21
9.42
8.63
8.19
17.67
15.98
14.33
13.07
11.86
1.91
2.08
2.32
2.49
82.95
4.7%
0.44
0.45
0.45
5.51
4.64
4.78
4.82
3.87
4.48
4.49
4.54
6.30
7.16
6.96
7.13
1.98
2.08
2.17
2.35
22.82
-10.3%
9.39
9.16
0.00
2.86
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
%D to Spot
S&P 500 INDEX
2.26
2.26
2.07
1.88
2.26
1.45
1.45
1.38
1.33
1.45
10.18
10.18
9.51
9.83
10.18
9.03
9.03
8.33
7.78
9.03
14.66
14.66
13.11
11.96
14.66
2.17
2.17
2.34
2.44
2.17
1777.8
10.1%
Euro Stoxx 50 Pr
1.15
1.15
1.09
1.02
1.15
0.75
0.75
0.73
0.71
0.75
5.69
5.69
5.23
4.76
5.69
6.93
6.93
6.55
6.19
6.93
11.46
11.46
10.21
9.21
11.46
4.36
4.36
4.64
5.00
4.36
2969.9
12.7%
NIKKEI 225
1.52
1.52
1.43
1.32
1.52
0.73
0.73
0.71
0.69
0.73
8.97
8.97
8.30
7.60
8.97
8.85
8.85
8.19
7.71
8.85
17.73
17.73
15.75
14.19
17.73
1.64
1.64
1.79
1.94
1.64
14886.7
6.2%
FTSE 100 INDEX
1.69
1.69
1.58
1.46
1.69
0.96
0.96
0.93
0.95
0.96
8.35
8.35
7.62
6.95
8.35
6.83
6.83
6.43
6.05
6.83
12.00
12.00
10.93
10.09
12.00
3.91
3.91
4.21
4.56
3.91
6995.7
9.0%
SWISS MARKET INDEX
2.34
2.34
2.17
2.02
2.34
2.00
2.00
1.90
1.82
2.00
12.00
12.00
10.95
9.76
12.00
13.03
13.03
12.00
11.23
13.03
14.68
14.68
13.23
12.05
14.68
3.31
3.30
3.69
4.23
3.30
8617.2
10.4%
1.62
1.62
1.51
1.41
1.62
1.38
1.38
1.43
1.48
1.38
8.20
8.20
7.40
6.13
8.20
8.37
8.37
7.41
6.83
8.37
14.10
14.10
12.45
11.35
14.10
3.31
3.31
3.46
3.61
3.31
14176.6
16.5%
S&P/ASX 200 INDEX
1.75
1.75
1.65
1.56
1.75
1.64
1.64
1.55
1.48
1.64
9.89
9.89
8.92
8.52
9.89
8.38
8.38
7.61
7.09
8.38
13.57
13.57
12.31
11.38
13.57
4.92
4.92
5.26
5.61
4.92
5209.5
8.6%
HANG SENG INDEX
1.22
1.22
1.12
1.06
1.22
1.58
1.58
1.46
1.34
1.58
7.30
7.30
6.94
6.44
7.30
7.40
7.40
6.77
6.08
7.40
9.72
9.72
8.95
8.22
9.72
3.96
3.96
4.27
4.68
3.96
24849.3
21.4%
MSCI EM
1.32
1.32
1.21
1.09
1.32
0.94
0.94
0.88
0.81
0.94
6.51
6.51
5.96
5.46
6.51
7.11
7.11
6.46
5.95
7.11
10.05
10.05
9.05
8.26
10.05
3.08
3.08
3.41
3.69
3.08
1126.2
23.5%
INTL BUSINESS MACHINES CORP
8.62
8.25
6.56
5.30
10.99
2.05
2.07
2.01
1.96
1.88
10.63
9.44
8.52
7.74
6.75
8.94
8.47
7.99
7.48
7.11
12.75
11.55
10.52
9.56
8.86
1.69
1.81
1.95
2.06
2.54
222.10
15.1%
INTEL CORP
2.41
2.15
1.96
1.88
2.21
2.21
2.12
2.04
2.13
6.73
6.81
6.20
6.11
5.05
5.28
4.88
4.89
5.33
10.69
12.56
11.61
11.49
12.18
3.66
3.82
3.89
4.07
24.30
2.3%
JOHNSON & JOHNSON
3.74
3.29
2.92
2.61
3.65
3.47
3.34
3.21
3.07
14.24
13.81
11.81
11.23
11.21
10.42
9.77
9.21
8.64
17.16
16.14
15.11
14.27
13.32
2.69
2.93
3.15
3.21
90.83
3.9%
JPMORGAN CHASE & CO
1.05
0.97
0.89
0.84
2.05
2.03
1.97
1.90
10.79
9.11
10.87
11.93
10.74
9.31
8.92
9.02
2.23
2.67
3.09
3.62
COCA-COLA CO/THE
5.61
5.39
5.02
4.67
3.73
3.71
3.55
3.37
3.25
16.60
17.27
14.57
13.15
12.19
14.64
14.19
13.30
12.27
11.81
20.15
18.92
17.41
16.02
15.07
2.54
2.77
2.95
3.26
3.41
10.19
9.17
8.84
11.67
10.93
9.59
15.10
12.79
18.33
16.06
13.30
3.90
3.90
3.91
3.91
3.90
7.25
7.04
7.06
6.83
5.62
12.73
11.86
11.88
11.04
11.69
3.87
4.38
4.80
5.18
10.33
9.54
8.73
8.10
7.47
24.51
20.07
16.63
13.75
11.48
1.45
1.62
1.82
2.19
9.42
26.73
23.12
19.59
16.38
0.18
0.31
0.34
18.69
17.41
15.89
14.45
13.33
2.88
3.20
2.47
10.84
ELI LILLY & CO
3.60
3.50
3.45
3.39
2.52
2.48
2.88
2.79
2.62
11.41
12.30
13.49
11.74
LOCKHEED MARTIN CORP
14.65
44.40
23.47
13.24
0.74
0.77
0.79
0.82
0.80
9.17
8.98
9.05
9.07
LOWE'S COS INC
3.42
3.60
3.79
3.93
0.90
0.87
0.84
0.81
0.77
14.29
11.91
10.06
10.18
MASTERCARD INC-CLASS A
9.99
9.20
7.11
5.99
9.68
8.75
7.81
6.93
6.18
25.68
19.02
16.56
15.81
15.98
13.95
12.16
10.58
MCDONALD'S CORP
7.10
6.32
5.96
5.60
3.62
3.49
3.32
3.11
2.89
14.52
13.40
12.30
11.10
11.10
10.63
10.00
9.27
MONDELEZ INTERNATIONAL INC-A
1.54
1.47
1.38
1.36
1.46
1.42
1.35
1.27
1.18
109.13
17.24
12.42
10.51
11.99
12.06
11.02
10.11
9.27
20.06
18.42
16.68
15.03
12.87
1.80
MEDTRONIC INC
2.92
2.57
2.28
2.10
3.18
3.09
3.00
2.91
2.79
11.59
11.10
10.35
9.93
8.65
8.45
8.13
7.74
7.63
14.13
13.60
12.70
11.94
11.05
METLIFE INC
0.88
0.86
0.80
0.71
0.76
0.75
0.72
0.70
9.02
8.60
8.27
7.74
3M CO
4.39
3.95
3.53
3.16
2.56
2.46
2.33
2.21
14.89
13.00
11.97
10.31
9.86
9.43
8.81
8.17
17.47
16.48
15.00
ALTRIA GROUP INC
18.29
16.58
13.98
12.50
4.08
4.04
3.98
3.96
20.49
16.38
14.59
12.01
10.77
10.48
10.06
9.80
16.00
14.72
MONSANTO CO
4.40
3.99
3.51
3.05
3.84
3.51
3.27
3.04
3.04
19.96
18.29
15.38
13.32
13.83
12.29
10.66
9.59
9.74
26.49
MERCK & CO. INC.
2.50
2.68
2.54
2.46
3.01
3.12
3.09
3.05
2.97
7.34
8.37
8.18
7.92
7.04
MORGAN STANLEY
0.79
0.76
0.71
0.68
1.74
1.50
1.41
1.36
MICROSOFT CORP
4.02
3.53
2.88
2.51
3.80
3.56
3.31
3.12
NIKE INC -CL B
4.62
4.33
3.87
4.49
4.46
2.24
2.06
1.91
NATIONAL OILWELL VARCO INC
1.52
1.37
1.23
1.11
1.03
1.56
1.38
NORFOLK SOUTHERN CORP
2.28
2.16
1.96
1.77
2.05
ORACLE CORP
3.26
2.80
2.46
2.00
3.81
OCCIDENTAL PETROLEUM CORP
1.76
1.64
1.50
1.39
PEPSICO INC
5.84
5.20
4.89
PFIZER INC
2.57
2.66
PROCTER & GAMBLE CO/THE
3.35
3.35
6.11
9.94
9.41
9.34
7.64
39.29
12.56
9.16
7.68
3.17
10.02
9.27
8.28
7.75
1.77
1.68
22.35
19.33
16.06
1.27
1.18
1.20
12.60
9.96
8.70
8.09
2.01
1.89
1.80
1.68
7.72
7.40
6.83
3.65
3.47
3.31
3.02
10.28
9.65
9.04
3.05
2.92
2.82
2.79
6.43
5.86
5.58
5.12
4.75
1.91
1.84
1.76
1.68
1.59
14.71
12.88
12.16
2.72
2.68
3.39
3.65
3.73
3.75
3.76
10.95
11.76
3.31
3.15
2.55
2.53
2.47
2.38
2.25
17.00
4.53
4.44
4.22
4.04
3.72
14.28
PHILIP MORRIS INTERNATIONAL
12.27
7.45
7.16
3.68
57.96
8.6%
46.79
15.9%
56.86
13.2%
105.15
-2.1%
44.32
4.4%
0.44
606.30
3.2%
3.48
3.81
106.83
7.6%
1.84
2.06
2.45
32.39
12.9%
2.02
2.16
2.32
2.69
55.88
7.2%
1.65
2.14
2.56
2.84
49.53
5.4%
13.76
2.15
2.30
2.49
2.50
111.67
1.2%
13.73
12.85
4.84
5.22
5.67
6.08
36.80
4.2%
21.51
18.43
16.29
15.23
1.16
1.53
1.61
1.65
117.86
19.7%
12.31
13.36
12.49
11.95
11.08
3.59
3.79
3.75
3.86
52.96
13.2%
17.98
12.13
9.53
8.51
0.84
0.86
1.22
1.82
27.30
12.1%
2.30
2.68
2.89
3.14
35.64
6.1%
66.03
4.0%
82.60
15.3%
2.90
2.40
4.26
7.20
6.82
6.22
5.77
6.04
12.52
12.17
10.97
10.11
14.12
12.68
11.38
10.28
9.73
23.75
21.00
18.34
15.84
13.92
1.26
1.42
1.55
1.52
7.62
7.57
6.61
5.96
6.39
12.25
12.86
10.88
9.72
9.38
0.66
0.90
0.97
1.07
6.70
7.54
7.43
6.77
6.30
5.90
13.63
12.80
11.25
10.04
9.17
2.62
2.85
3.05
3.25
85.27
18.7%
6.74
6.91
6.50
6.15
5.82
11.44
10.60
9.68
8.98
0.98
1.38
1.44
1.52
36.06
17.3%
4.71
5.53
5.16
4.82
4.73
12.93
12.53
11.88
11.56
8.34
2.45
2.75
3.14
3.32
3.70
103.80
15.8%
10.44
8.64
11.90
11.32
10.64
9.98
9.27
19.82
18.32
16.87
15.44
13.85
2.64
2.79
2.98
3.18
3.50
88.14
9.4%
9.89
9.66
9.34
6.97
7.97
8.12
8.19
8.96
12.91
12.82
12.02
11.50
11.14
3.14
3.41
3.58
3.72
4.01
31.79
13.8%
15.05
14.38
13.62
13.02
12.74
11.95
11.29
10.39
20.47
19.29
18.04
16.63
15.07
2.70
2.96
3.20
3.42
3.84
84.28
8.0%
13.72
11.91
11.41
11.13
10.84
10.14
9.51
8.90
16.73
15.63
14.01
12.66
11.61
3.76
4.10
4.55
4.96
5.59
98.31
12.8%
7.61
1.39
QUALCOMM INC
3.15
2.69
2.35
2.13
5.52
4.26
3.83
3.59
15.15
13.30
11.86
11.32
10.04
8.05
7.20
6.79
16.60
13.34
12.38
11.74
1.48
1.77
2.00
2.36
75.54
25.1%
RAYTHEON COMPANY
2.49
3.00
2.69
2.16
0.87
0.90
0.92
0.94
0.84
11.92
11.70
12.41
9.26
6.54
7.05
7.07
6.57
11.75
11.84
11.66
9.94
11.46
3.01
3.31
3.67
3.99
64.50
-1.0%
STARBUCKS CORP
9.45
8.57
7.80
6.69
3.77
3.39
3.04
2.72
2.45
26.60
20.56
18.62
15.82
19.25
16.27
13.76
11.71
37.75
30.83
25.55
20.78
18.39
1.03
1.28
1.51
1.86
SCHLUMBERGER LTD
2.77
2.52
2.22
1.89
2.31
2.14
1.92
1.74
12.20
10.51
8.80
8.17
9.24
8.43
7.37
6.47
17.56
15.75
12.95
11.08
1.49
1.67
1.77
1.88
SOUTHERN CO/THE
1.96
1.88
1.80
1.73
2.15
2.12
2.06
1.99
16.40
15.62
14.94
14.21
4.53
4.70
4.87
5.05
SIMON PROPERTY GROUP INC
8.01
5.18
4.98
9.37
10.10
9.36
8.90
8.89
37.28
39.82
35.71
21.30
2.63
3.00
3.24
3.64
AT&T INC
2.06
2.20
2.12
2.04
1.50
1.48
1.45
1.43
TARGET CORP
2.77
2.65
2.46
2.14
1.83
0.61
0.60
0.56
TIME WARNER INC
1.83
1.83
1.52
1.52
1.61
1.96
1.91
TEXAS INSTRUMENTS INC
3.66
3.56
3.46
3.22
3.10
UNITEDHEALTH GROUP INC
2.25
1.99
1.79
1.69
0.61
UNION PACIFIC CORP
3.72
3.41
3.05
2.74
UNITED PARCEL SERVICE-CL B
10.74
16.33
12.23
11.70
US BANCORP
1.97
1.82
1.68
UNITED TECHNOLOGIES CORP
3.44
3.06
VISA INC-CLASS A SHARES
4.44
VERIZON COMMUNICATIONS INC
8.34
8.26
7.79
7.77
9.96
9.74
9.05
8.52
23.44
18.97
17.25
14.74
20.03
18.20
17.20
15.45
1.41
5.93
5.77
5.65
5.54
6.26
6.25
6.00
5.77
5.52
15.02
14.06
13.05
12.22
11.36
5.01
5.12
5.25
5.40
0.53
0.51
8.68
6.30
7.45
7.16
7.65
7.80
7.02
6.69
6.22
14.65
14.50
12.63
10.80
9.77
1.89
2.10
2.37
2.79
1.83
1.75
1.65
13.56
12.72
10.34
9.66
10.59
9.84
9.01
8.38
7.71
18.85
16.44
14.15
12.27
10.50
1.72
1.89
2.03
2.22
3.24
3.07
2.90
2.77
13.82
12.39
10.74
10.45
11.81
11.03
9.52
9.07
9.16
21.65
19.90
16.26
14.81
15.53
1.99
2.86
3.07
0.54
0.50
0.45
11.03
9.65
8.61
8.68
7.30
6.78
6.39
6.40
7.31
12.41
12.05
11.24
10.14
8.85
1.15
1.40
1.47
3.49
3.28
3.06
2.89
2.78
12.32
10.75
9.81
9.15
9.50
8.67
7.88
7.28
6.81
19.01
16.45
14.37
12.82
11.65
1.56
1.80
1.52
1.46
1.37
1.30
1.20
13.14
11.63
10.03
9.82
9.85
9.25
8.47
7.87
6.44
18.97
17.46
15.28
13.60
11.60
2.61
1.52
3.35
3.40
3.31
3.14
12.25
11.73
10.97
9.71
12.79
12.07
11.34
10.32
9.63
2.74
2.42
1.52
1.36
1.29
1.24
1.11
13.53
12.27
10.51
9.52
11.58
9.84
9.01
8.53
17.97
15.65
13.72
12.24
4.11
3.61
3.22
11.79
10.43
9.38
8.32
7.43
26.75
25.00
18.55
17.33
20.20
15.45
13.57
11.78
10.50
30.59
25.16
21.61
3.61
3.90
3.54
3.34
1.25
1.20
1.15
1.12
1.09
4.71
4.01
3.84
3.59
6.47
5.88
5.50
5.25
5.05
21.27
18.04
WALGREEN CO
2.37
2.16
1.99
1.78
0.58
0.58
0.55
0.56
0.43
10.64
13.03
11.95
10.44
9.28
8.29
7.46
7.56
4.84
17.02
WELLS FARGO & CO
1.54
1.40
1.29
1.21
2.59
2.63
2.58
2.50
11.71
10.78
10.26
8.95
WILLIAMS COS INC
4.30
4.32
4.03
4.93
2.94
2.92
2.51
2.40
12.53
14.03
10.23
8.39
13.99
14.33
10.87
9.66
8.44
WAL-MART STORES INC
3.24
3.06
2.84
2.55
2.51
0.52
0.50
0.48
0.45
0.44
9.54
9.11
8.22
7.40
6.53
8.16
7.89
7.50
7.21
EXXON MOBIL CORP
2.49
2.28
2.08
1.90
1.73
0.88
0.95
0.93
0.94
0.93
7.68
7.53
7.15
6.69
5.91
4.77
5.25
5.13
4.76
4.46
1.74
10.72
7.65
13.73
2.09
69.63
3.8%
89.67
22.0%
5.21
47.71
11.0%
3.99
188.61
19.8%
5.55
37.84
7.1%
74.12
6.1%
66.56
10.0%
3.14
35.44
-0.7%
1.60
71.00
8.4%
1.98
2.10
162.78
3.9%
2.82
3.05
3.28
95.00
9.2%
2.11
2.42
2.69
3.13
37.28
1.8%
10.71
2.10
2.29
2.49
2.69
103.53
8.2%
18.26
16.85
0.46
0.68
0.78
0.89
195.23
3.7%
15.70
14.19
13.55
4.00
4.12
4.23
4.37
14.34
12.59
11.22
9.16
2.13
2.50
2.74
3.15
12.53
11.28
10.73
10.12
9.61
2.10
2.68
2.94
3.37
29.33
43.38
25.79
23.00
19.08
3.75
4.44
5.36
6.28
7.26
15.18
14.07
12.80
11.65
10.41
2.16
2.50
2.73
3.07
4.58
11.55
11.35
11.08
10.51
9.70
2.39
2.70
2.92
3.09
2.53
3.57
4.38
6.22
3.30
54.57
8.2%
48.42
10.1%
42.06
0.6%
40.42
23.9%
82.27
10.3%
95.58
5.2%
05.07.2013
Apple Inc
Apple Inc. designs, manufactures, and markets personal computers and related
personal computing and mobile communication devices along with a variety of
related software, services, peripherals, and networking solutions. The Company
sells its products worldwide through its online stores, its retail stores, its
direct sales force, third-party wholesalers, and resellers.
Price/Volume
12.0 M
10.0 M
500
8.0 M
400
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (19.04.2013)
Daily Volume
Current Price (7/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 12.04.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AAPL UW EQUITY YTD Change
AAPL UW EQUITY YTD % CHANGE
09/2012
03/yy
705.07
385.10
937'228.00
417.11
-40.83%
8.31%
11.16%
938.6
391'519.88
0.00
0.0
0.0
121'251.00
246'832.87
6.0 M
300
4.0 M
200
2.0 M
100
0
j-12
30.09.2009
30.09.2010
42'905.0
65'225.0
3.03x
3.32x
12'474.0
19'412.0
10.43x
11.17x
8'235.0
14'013.0
20.08x
19.30x
Profitability
LTM-4Q
30.09.2011
108'249.0
2.72x
35'604.0
8.26x
25'922.0
14.61x
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
30.09.2012
156'508.0
3.23x
58'518.0
8.63x
41'733.0
15.11x
58'518.00
55'241.00
35.30%
35.63%
22.95%
33.34%
33.34%
0.98%
43.9%
33.9%
30.9%
26.7%
1.50
1.04
0.00%
0.00%
23.94
87.18
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
142'360
8.79x
53'298.0
8.45x
38'617.0
14.62x
d-12
03/yy
169'104
9.16x
57'381.0
4.73x
39'672.0
10.57x
j-13
f-13 m-13 a-13 m-13
j-13
.0 M
j-13
FY+1
1.91
0.98
938.19
23.38
-28.92%
-20.78%
0.977
67
4.388
3'229'263
2'900'254
3'520'768
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
171'168
186'818
35'008
37'900
1.67x
1.45x
7.11x
6.43x
53'807.6
59'554.1
10'573.0
11'106.3
4.60x
4.16x
4.39x
4.26x
37'166.2
39'957.6
6'882.7
7'654.8
10.55x
9.53x
10.49x
10.04x
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
23.04.2013
AA+
STABLE
-2.52
0.00
0.0%
0.0%
0.98
14.17
15.20
4.18
56.71
-52.97
Sales/Revenue/Turnover
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
a-12
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
700
600
Valuation Analysis
30.09.2008
37'491.0
2.39x
8'823.0
10.14x
6'119.0
18.91x
800
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Apple Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
NORTHERN TRUST CORPO
JP MORGAN
BANK OF NEW YORK MEL
INVESCO LTD
SUSQUEHANNA INTERNAT
T ROWE PRICE ASSOCIA
JANUS CAPITAL MANAGE
GOLDMAN SACHS GROUP
UBS
NORGES BANK
TIAA CREF INVESTMENT
MORGAN STANLEY
WELLS FARGO
CAPITAL GROUP COMPAN
GEODE CAPITAL MANAGE
Firm Name
S&P Capital IQ
Sanford C. Bernstein & Co
Cross Research
Raymond James
Stifel
Avondale Partners LLC
Janney Montgomery Scott LLC
Pacific Crest Securities
Wells Fargo Securities, LLC
Susquehanna Financial Group
Piper Jaffray
Robert W. Baird & Co
Scotia Capital
RBC Capital Markets
BMO Capital Markets
William Blair & Co
Oppenheimer & Co
JMP Securities
Wedge Partners
Jefferies
Evercore Partners
Topeka Capital Markets Inc
Needham & Co
EVA Dimensions
Morgan Stanley
Credit Suisse
Edward Jones
Canaccord Genuity Corp
Nomura
Cowen and Company
Telsey Advisory Group
Deutsche Bank
Mizuho Securities USA Inc
ISI Group
Barclays
BGC Partners
Independent Research GmbH
Daiwa Securities Co. Ltd.
Lazard Capital Markets
Berenberg Bank
Monness, Crespi, Hardt & Co
Oracle Investment Research
ABG Sundal Collier
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
NORGES BANK
TIAA-CREF INVESTMENT
n/a
n/a
n/a
BANK OF AMERICA
Analyst
SCOTT H KESSLER
TONI SACCONAGHI
SHANNON S CROSS
TAVIS C MCCOURT
AARON C RAKERS
JOHN F BRIGHT
WILLIAM CHOI
ANDY HARGREAVES
MAYNARD UM
CHRISTOPHER CASO
EUGENE E MUNSTER
WILLIAM V POWER
GUS PAPAGEORGIOU
AMIT DARYANANI
KEITH F BACHMAN
ANIL K DORADLA
ITTAI KIDRON
ALEX GAUNA
BRIAN BLAIR
PETER J MISEK
ROBERT CIHRA
BRIAN J WHITE
CHARLES WOLF
ANDREW S ZAMFOTIS
KATHRYN HUBERTY
KULBINDER GARCHA
WILLIAM C KREHER
T MICHAEL WALKLEY
STUART JEFFREY
MATTHEW HOFFMAN
THOMAS FORTE
CHRISTOPHER WHITMORE
ABHEY R LAMBA
BRIAN MARSHALL
BENJAMIN A REITZES
COLIN W GILLIS
MARKUS FRIEBEL
YOKO YAMADA
EDWARD PARKER
ADNAAN AHMAD
JEFFREY FIDACARO
LAURENCE BALTER
PER LINDBERG
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
Recommendation
strong buy
outperform
buy
strong buy
buy
market outperform
buy
sector perform
outperform
neutral
overweight
neutral
sector perform
outperform
market perform
outperform
outperform
market perform
no rating system
hold
overweight
buy
buy
buy
Overwt/In-Line
outperform
hold
buy
neutral
outperform
no rating system
buy
buy
strong buy
overweight
buy
buy
neutral
buy
sell
buy
strong buy
hold
Amt Held
49'261'621
43'247'824
37'551'260
34'747'682
13'848'715
13'755'175
12'562'591
12'498'739
12'059'221
11'659'713
10'717'061
8'808'076
8'140'452
7'531'087
7'319'772
7'093'217
6'951'047
6'599'619
6'577'462
6'507'309
% Out
5.25
4.61
4
3.7
1.48
1.47
1.34
1.33
1.28
1.24
1.14
0.94
0.87
0.8
0.78
0.76
0.74
0.7
0.7
0.69
Weighting
Change
5
5
5
5
5
4
5
3
5
3
5
3
3
5
3
5
5
3
#N/A N/A
3
5
5
5
5
5
5
3
5
3
5
#N/A N/A
5
5
5
5
5
5
3
5
1
5
5
3
M
M
M
U
M
M
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
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
(317'260)
1'164'484
344'973
(6'409'599)
298'410
(1'805'958)
(410'792)
(370'147)
(4'823'496)
(11'939'192)
562'009
2'446'421
252'692
(448'812)
(993'118)
(88'273)
(1'050'711)
1'630'609
149'259
Target Price
550
600
530
600
600
600
500
#N/A N/A
#N/A N/A
440
655
438
423
475
450
#N/A N/A
460
#N/A N/A
#N/A N/A
405
550
888
710
#N/A N/A
540
525
#N/A N/A
560
420
550
540
480
550
600
525
500
610
455
500
360
520
600
400
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.05.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
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
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
04.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
26.06.2013
26.06.2013
25.06.2013
24.06.2013
24.06.2013
24.06.2013
24.06.2013
24.06.2013
23.06.2013
20.06.2013
20.06.2013
19.06.2013
15.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
07.06.2013
06.06.2013
30.05.2013
28.05.2013
21.05.2013
20.05.2013
14.05.2013
25.04.2013
05.07.2013
AbbVie Inc
AbbVie Inc. researches and develops pharmaceutical products. The Company
produces pharmaceutical drugs for specialty therapeutic areas such as
immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and
neuroscience. AbbVie also offers treatments for diseases including Multiple
Sclerosis, Parkinson's, and Alzheimer's disease.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (17.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABBV UN EQUITY YTD Change
ABBV UN EQUITY YTD % CHANGE
Price/Volume
12/2012
03/yy
47.99
32.51
217'752.00
42.64
-11.34%
31.16%
62.79%
1'583.7
67'530.21
17'911.00
0.0
0.0
7'976.00
77'933.21
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
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
j-13
f-13
m-13
a-13
m-13
j-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
50
45
40
35
30
25
20
15
10
5
0
d-12
31.12.2009
31.12.2010
14'214.2
15'637.7
5'799.3
6'214.3
4'636.5
4'177.9
Profitability
LTM-4Q
31.12.2011
17'444.0
5'565.4
3'433.1
-
31.12.2012
18'380.0
3.47x
7'255.0
8.80x
5'275.0
9.26x
7'255.00
6'105.00
33.22%
31.15%
75.5%
28.7%
2.27
1.71
66.32%
532.59%
-
LTM
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
03/yy
4'329.0
17.32x
1'532.0
0.00x
968.0
0.00x
FY+1
1'583.06
9.97
27.47%
14
3.714
1'809'266
1'517'146
1'410'486
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
18'484.9
18'922.1
4'540.5
4'442.2
3.84x
3.63x
7'419.2
7'557.8
1'861.0
1'848.0
10.47x
10.28x
10.33x
10.32x
5'010.8
5'158.7
1'260.6
1'224.0
13.68x
13.25x
13.65x
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
26.10.2012
A
POS
26.10.2012
A-1
86.37
82.40
532.6%
84.2%
-260.37
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
05.07.2013
AbbVie Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
WELLINGTON MANAGEMEN
STATE FARM MUTUAL AU
WELLS FARGO
UBS
SUN LIFE FINANCIAL I
FEDERATED INVESTORS
GOLDMAN SACHS GROUP
FRANKLIN RESOURCES
Firm Name
Morgan Stanley
Edward Jones
Cowen and Company
Jefferies
BMO Capital Markets
Atlantic Equities LLP
EVA Dimensions
Goldman Sachs
Hilliard Lyons
JPMorgan
Spin-Off Research
Barclays
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
FEDERATED INVESTORS
n/a
n/a
Analyst
DAVID R RISINGER
JUDSON CLARK
STEVEN R SCALA
JEFFREY HOLFORD
ALEX ARFAEI
RICHARD J PURKISS
ANDREW S ZAMFOTIS
JAMI E RUBIN
STEPHEN A O'NEIL
CHRISTOPHER T SCHOTT
TEAM COVERAGE
CHARLES ANTHONY BUTLER
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
Recommendation
Overwt/In-Line
hold
outperform
buy
market perform
neutral
hold
buy/attractive
neutral
neutral
hold
equalweight
Amt Held
131'953'478
82'921'627
74'137'316
72'724'731
52'527'453
26'383'128
24'679'333
19'162'420
17'229'673
17'088'238
15'061'000
12'226'992
11'602'743
10'765'680
10'469'574
10'036'175
8'517'099
8'339'139
8'304'127
7'875'871
% Out
8.33
5.24
4.68
4.59
3.32
1.67
1.56
1.21
1.09
1.08
0.95
0.77
0.73
0.68
0.66
0.63
0.54
0.53
0.52
0.5
Weighting
Change
5
3
5
5
3
3
3
5
3
3
3
3
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
126'536'896
74'126'726
72'066'330
48'680'919
17'250'069
24'679'333
18'214'503
15'481'073
17'088'238
15'061'000
3'902'963
11'356'641
10'765'680
10'292'357
(3'729'624)
8'517'099
8'339'139
8'086'626
7'875'871
Target Price
49
#N/A N/A
52
51
47
44
#N/A N/A
52
#N/A N/A
41
47
44
File Dt
31.03.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Inst Type
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
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.07.2013
27.06.2013
27.06.2013
07.06.2013
03.06.2013
31.05.2013
10.05.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
26.04.2013
05.07.2013
Abbott Laboratories
Abbott Laboratories discovers, develops, manufactures, and sells a broad and
diversified line of health care products and services. The Company's products
include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott
markets its products worldwide through affiliates and distributors.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (19.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABT UN EQUITY YTD Change
ABT UN EQUITY YTD % CHANGE
12/2012
03/yy
38.77
29.98
461'128.00
34.7
-10.58%
15.76%
48.60%
1'558.9
54'092.61
20'475.96
0.0
92.3
15'173.98
52'772.81
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
40
16.0 M
35
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
29'527.6
3.02x
8'315.9
10.73x
4'880.7
16.08x
45
31.12.2009
31.12.2010
30'764.7
35'166.7
2.94x
2.49x
8'495.3
9'025.1
10.63x
9.71x
5'745.8
4'626.2
13.83x
11.61x
Profitability
LTM-4Q
31.12.2011
38'851.3
2.46x
9'468.3
10.11x
4'728.4
12.57x
31.12.2012
21'494.0
5.06x
579.0
37.78x
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
1'894.00
8.81%
1.42%
1.47%
3.22%
0.41%
54.3%
9.3%
2.7%
2.36
1.72
30.45%
76.63%
3.73
3.16
Price/ Cash Flow
LTM
03/yy
35'093.6
10.80x
8'573.5
12.09x
5'107.1
15.54x
03/yy
21'587.9
17.92x
1'035.6
0.00x
772.7
22.94x
FY+1
.0 M
j-13
3.75
0.69
1'553.72
11.66
14.47%
11.60%
0.693
27
3.963
2'824'329
2'098'850
1'898'562
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
22'416.4
23'742.4
5'523.5
5'551.1
2.16x
1.93x
5'095.2
5'590.1
929.3
1'105.7
10.33x
9.41x
12.48x
12.30x
3'190.9
3'543.7
695.8
852.6
17.24x
15.40x
16.73x
16.08x
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
26.10.2012
A+
STABLE
26.10.2012
A-1+
76.6%
43.3%
0.41
3.14
97.88
115.51
56.76
199.80
7.00
45'000.0
6.00
40'000.0
35'000.0
5.00
30'000.0
4.00
25'000.0
3.00
20'000.0
15'000.0
2.00
10'000.0
1.00
0.00
01.01.2010
5'000.0
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
05.07.2013
Abbott Laboratories
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
WELLS FARGO
SOUTHEASTERN ASSET M
GRANTHAM MAYO VAN OT
GOLDMAN SACHS GROUP
MONTAG & CALDWELL IN
JENNISON ASSOCIATES
UBS
NORGES BANK
Firm Name
BMO Capital Markets
Cowen and Company
Goldman Sachs
Deutsche Bank
Leerink Swann & Co
William Blair & Co
Edward Jones
Jefferies
Stifel
RBC Capital Markets
Gabelli & Co
Morgan Stanley
Barclays
Argus Research Corp
Credit Suisse
Ameriprise Advisor Services, Inc
Raymond James
Spin-Off Research
Hilliard Lyons
JPMorgan
S&P Capital IQ
First Global Stockbroking
Maxim Group LLC
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
n/a
NORGES BANK
BANK OF AMERICA
Analyst
JOANNE K WUENSCH
LAWRENCE BIEGELSEN
JOSHUA JENNINGS
DAVID H ROMAN
KRISTEN M STEWART
DERRICK SUNG
DANIELLE ANTALFFY
BENJAMIN C ANDREW
JEFF WINDAU
JEFFREY HOLFORD
FREDERICK A WISE
GLENN J NOVARRO
JENNIE TSAI
DAVID R LEWIS
MATTHEW TAYLOR
DAVID H TOUNG
BRUCE NUDELL
E EUGENE ROBINSON
JAYSON BEDFORD
TEAM COVERAGE
STEPHAN B GASTEYGER
STEPHEN A O'NEIL
MICHAEL N WEINSTEIN
HERMAN SAFTLAS
KAVITA THOMAS
ANTHONY PETRONE
Source
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
Recommendation
outperform
outperform
outperform
Buy/Neutral
hold
market perform
market perform
outperform
buy
buy
buy
outperform
buy
Equalwt/In-Line
equalweight
hold
neutral
buy
market perform
hold
neutral
long-term buy
neutral
buy
long-term outperform
not rated
Amt Held
97'567'010
91'806'643
67'065'382
29'915'736
25'471'754
22'968'140
20'941'870
16'425'821
15'903'714
15'536'605
15'061'000
14'775'015
14'554'678
14'485'435
14'247'950
13'711'677
13'424'731
12'815'353
12'625'176
12'394'624
% Out
6.26
5.89
4.3
1.92
1.63
1.47
1.34
1.05
1.02
1
0.97
0.95
0.93
0.93
0.91
0.88
0.86
0.82
0.81
0.8
Weighting
Change
5
5
5
5
3
3
3
5
5
5
5
5
5
3
3
3
3
5
3
3
3
5
3
5
5
#N/A N/A
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
Latest Chg
11'496'654
20'933'465
297'100
(956'473)
(596'015)
(52'390'338)
(4'860'932)
1'417'407
2'493'968
14'986'988
370'144
7'600'472
(107'291)
2'468'230
5'446'932
7'408'947
1'429'792
(5'065'032)
Target Price
40
#N/A N/A
41
43
35
35
#N/A N/A
#N/A N/A
#N/A N/A
44
44
42
#N/A N/A
#N/A N/A
35
#N/A N/A
40
#N/A N/A
#N/A N/A
40
36
40
36
36
#N/A N/A
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
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
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Date
03.07.2013
03.07.2013
03.07.2013
02.07.2013
27.06.2013
26.06.2013
25.06.2013
21.06.2013
13.06.2013
07.06.2013
07.06.2013
28.05.2013
21.05.2013
14.05.2013
10.05.2013
22.04.2013
19.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
17.04.2013
17.04.2013
29.11.2012
26.04.2012
27.01.2009
05.07.2013
Accenture PLC
Accenture PLC provides management and technology consulting services and
solutions. The Company delivers a range of specialized capabilities and
solutions to clients across all industries on a worldwide basis. Accenture's
network of businesses provides consulting, technology, outsourcing, and
alliances.
Price/Volume
90
6.0 M
80
5.0 M
70
60
4.0 M
50
08/2012
05/yy
84.22
56.23
361'121.00
73.14
-13.13%
30.07%
58.77%
644.8
50'251.31
0.03
0.0
478.6
6'642.79
44'795.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
2.0 M
20
1.0 M
10
0
j-12
31.08.2009
31.08.2010
23'171.0
23'094.1
0.85x
0.90x
3'391.7
3'399.1
5.79x
6.14x
1'590.0
1'780.7
12.48x
13.72x
Profitability
LTM-4Q
31.08.2011
27'352.9
1.19x
3'985.2
8.16x
2'277.7
15.75x
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
31.08.2012
29'778.0
1.19x
4'466.8
7.95x
2'553.5
16.03x
4'466.78
3'873.24
13.01%
13.11%
19.90%
67.63%
66.81%
1.88%
30.2%
15.4%
13.3%
8.6%
1.55
1.20
0.00%
0.00%
9.14
-
Price/ Cash Flow
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
LTM
05/yy
29'663.8
4.63x
4'411.4
7.69x
2'587.2
14.75x
05/yy
30'157.6
5.71x
4'641.7
10.80x
3'189.2
18.13x
FY+1
.0 M
j-13
2.21
1.12
642.39
7.41
22.39%
11.14%
1.118
29
3.931
1'886'588
947'731
863'229
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
08/13 Q4 11/13 Q1
28'721.3
30'026.8
7'028.9
7'482.8
1.54x
1.45x
6.46x
6.17x
4'797.7
4'890.8
1'166.6
1'231.7
9.35x
9.18x
9.17x
9.06x
3'145.8
3'136.4
713.5
786.8
16.96x
16.25x
16.48x
16.07x
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
22.01.2002
A+
STABLE
296.58
271.88
-1.28
0.00
0.0%
0.0%
1.88
38.88
39.92
-
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
04.09.2009
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

31.08.2008
25'313.8
1.08x
3'525.9
7.76x
1'691.8
15.55x
3.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ACN UN EQUITY YTD Change
ACN UN EQUITY YTD % CHANGE
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
05.07.2013
Accenture PLC
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
MORGAN STANLEY
THORNBURG INVESTMENT
LANSDOWNE PARTNERS L
FIDUCIARY MANAGEMENT
WELLS FARGO
AMERIPRISE FINANCIAL
BROWN ADVISORY INC
LONGVIEW PARTNERS (G
CALAMOS ADVISORS LLC
Firm Name
Societe Generale
Argus Research Corp
Morgan Stanley
EVA Dimensions
BMO Capital Markets
Deutsche Bank
Goldman Sachs
Credit Suisse
Edward Jones
JPMorgan
Raymond James
Stifel
BNP Paribas Equity Research
Berenberg Bank
Cowen and Company
Barclays
Jefferies
Evercore Partners
S&P Capital IQ
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
CALAMOS ADVISORS LLC
Analyst
RICHARD NGUYEN
JAMES KELLEHER
KATHRYN HUBERTY
JOSEPH D FORESI
ANDREW S ZAMFOTIS
KEITH F BACHMAN
BRYAN KEANE
JULIO C QUINTEROS JR
GEORGE MIHALOS
JOSH OLSON
TIEN-TSIN HUANG
DAVID J KONING
RODERICK BOURGEOIS
BRIAN GESUALE
DAVID M GROSSMAN
ARVIND RAMNANI
DAUD KHAN
EDWARD S CASO JR
MOSHE KATRI
JAMES E FRIEDMAN
CHRISTOPHER HICKEY
DARRIN D PELLER
JASON KUPFERBERG
DAVID M TOGUT
DYLAN CATHERS
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
Recommendation
sell
hold
Overwt/In-Line
buy
buy
market perform
buy
Buy/Neutral
neutral
hold
overweight
neutral
outperform
market perform
buy
hold
hold
outperform
outperform
Positive
overweight
equalweight
hold
overweight
hold
Amt Held
42'376'622
33'832'726
31'192'429
30'074'388
29'038'367
24'999'491
19'691'827
17'114'652
16'402'622
13'961'114
11'467'160
11'058'770
9'108'726
8'564'997
7'781'183
7'420'390
6'680'245
6'243'776
5'925'297
5'728'875
% Out
6.57
5.25
4.84
4.66
4.5
3.88
3.05
2.65
2.54
2.17
1.78
1.71
1.41
1.33
1.21
1.15
1.04
0.97
0.92
0.89
Weighting
Change
1
3
5
5
5
3
5
5
3
3
5
3
5
3
5
3
3
5
5
4
5
3
3
5
3
M
D
M
M
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
918'683
4'904'005
766'395
129'091
1'612'604
34'102
69'715
129'306
443'115
(2'427'956)
(275'215)
570'792
1'783'496
733'878
1'866'838
(33'710)
423'206
29'802
(440'338)
(727'838)
Target Price
70
#N/A N/A
85
82
#N/A N/A
72
82
85
75
#N/A N/A
76
78
88
#N/A N/A
86
75
69
#N/A N/A
92
88
85
80
71
80
85
File Dt
Inst Type
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
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
12 month
Not Provided
12 month
12 month
12 month
Date
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
30.05.2013
05.07.2013
American Electric Power Co Inc

American Electric Power Company, Inc.(AEP)is a public utility holding company.
The Company provides electric service, consisting of generation, transmission
and distribution, on an integrated basis to their retail customers. AEP serves
portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan,
Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.
Price/Volume
2.0 M
1.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (01.05.2013)
52-Week Low (21.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AEP UN EQUITY YTD Change
AEP UN EQUITY YTD % CHANGE
12/2012
03/yy
51.59
40.57
177'786.00
43.92
-14.89%
8.26%
35.30%
486.0
21'347.10
18'738.00
0.0
0.0
603.00
39'787.10
1.0 M
20
.5 M
10
0
j-12
31.12.2009
31.12.2010
13'489.0
14'427.0
2.48x
2.41x
4'431.0
4'443.0
7.55x
7.83x
1'360.0
1'214.0
11.71x
14.22x
Profitability
LTM-4Q
31.12.2011
15'116.0
2.49x
4'713.0
7.98x
1'946.0
12.02x
31.12.2012
14'945.0
2.60x
4'874.0
7.97x
1'259.0
12.23x
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
4'874.00
2'956.00
19.78%
12.49%
2.29%
8.14%
5.63%
0.28%
64.7%
32.2%
19.5%
8.4%
0.67
0.36
34.47%
122.98%
17.22
3.65
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
15'011.0
9.68x
4'651.0
7.86x
1'981.0
12.45x
d-12
03/yy
15'146.0
10.38x
4'873.0
8.63x
1'233.0
13.90x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
4.28
0.63
485.95
3.27
11.73%
5.01%
0.626
24
3.917
907'613
1'053'697
792'310
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
15'881.5
16'183.1
3'658.7
4'620.4
2.49x
2.48x
10.97x
8.60x
4'786.6
4'942.3
1'172.3
1'443.5
8.32x
8.06x
8.50x
8.44x
1'541.4
1'625.7
388.0
521.0
13.93x
13.24x
13.69x
13.55x
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
07.03.2003
BBB
STABLE
07.03.2003
A-2
4.93
1.67
3.78
3.87
123.0%
55.2%
0.28
21.19
99.87
66.11
67.56
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
01.01.2010
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
2.5 M
50
40
Valuation Analysis
31.12.2008
14'440.0
2.18x
4'087.0
7.70x
1'383.0
9.82x
60
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
05.07.2013
American Electric Power Co Inc

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FRANKLIN RESOURCES
ALLIANZ ASSET MANAGE
FMR LLC
LSV ASSET MANAGEMENT
INVESCO LTD
EATON VANCE MANAGEME
MORGAN STANLEY
NORGES BANK
ROBECO INVESTMENT MG
FEDERATED INVESTORS
AJO, LP
Firm Name
SunTrust Robinson Humphrey
Wolfe Research
ISI Group
Goldman Sachs
BMO Capital Markets
BGC Partners
RBC Capital Markets
Edward Jones
Morgan Stanley
Deutsche Bank
Argus Research Corp
Hilliard Lyons
JPMorgan
Jefferies
Macquarie
Credit Suisse
Barclays
KeyBanc Capital Markets
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
EATON VANCE MANAGEME
n/a
NORGES BANK
ROBECO INVESTMENT MA
FEDERATED INVESTORS
AJO, LP
Analyst
ALI AGHA
STEVEN I FLEISHMAN
HUGH WYNNE
GREG GORDON
NEIL A KALTON
MICHAEL J LAPIDES
MICHAEL S WORMS
KIT KONOLIGE
SHELBY G TUCKER
ANDREW B SMITH
STEPHEN C BYRD
JONATHAN ARNOLD
MICHAEL BURKE
DAVID B BURKS
CHRISTOPHER TURNURE
PAUL B FREMONT
ANGIE STOROZYNSKI
DANIEL EGGERS
DANIEL F FORD
PAUL T RIDZON
AUSTIN BURKETT
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
buy
outperform
market perform
buy
market perform
neutral/neutral
market perform
buy
sector perform
hold
Equalwt/In-Line
hold
buy
buy
neutral
buy
neutral
outperform
overweight
buy
hold
Amt Held
33'661'769
24'611'292
23'842'942
20'263'680
13'085'432
9'831'725
6'659'003
6'483'961
5'814'995
5'475'438
5'113'886
4'830'345
4'657'430
4'429'578
4'148'229
3'705'639
3'416'122
3'354'773
3'306'048
3'299'800
% Out
6.93
5.06
4.91
4.17
2.69
2.02
1.37
1.33
1.2
1.13
1.05
0.99
0.96
0.91
0.85
0.76
0.7
0.69
0.68
0.68
Weighting
Change
5
5
3
5
3
3
3
5
3
3
3
3
5
5
3
5
3
5
5
5
3
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
2'030'086
(18'880)
1'100'112
(175'694)
5'558'343
1'118'234
169'090
210'348
(649'370)
(92'712)
(468'393)
1'238'941
102'555
(241'331)
192'057
651'253
91'933
75'800
1'051'900
Target Price
50
53
52
48
#N/A N/A
46
52
50
51
#N/A N/A
49
49
55
54
50
57
49
56
54
52
#N/A N/A
File Dt
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
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
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
01.07.2013
26.06.2013
24.06.2013
24.06.2013
23.06.2013
17.06.2013
17.06.2013
13.06.2013
10.06.2013
03.06.2013
10.05.2013
10.05.2013
29.04.2013
29.04.2013
29.04.2013
27.04.2013
26.04.2013
24.04.2013
22.04.2013
05.03.2013
05.07.2013
American International Group Inc

American International Group, Inc. is an international insurance organization
serving commercial, institutional and individual customers. AIG provides
property-casualty insurance, life insurance and retirement services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.05.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AIG UN EQUITY YTD Change
AIG UN EQUITY YTD % CHANGE
12/2012
03/yy
46.46
29.90
379'613.00
45.01
-3.14%
50.54%
86.47%
1'476.3
66'450.30
48'500.00
0.0
1'001.0
1'151.00
111'540.29
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
6'896.0
38.32x
(99'289.0)
-
50
45
40
35
30
25
20
15
10
5
0
j-12
31.12.2009
31.12.2010
75'352.0
77'526.0
3.38x
2.92x
(10'949.0)
7'786.0
Profitability
LTM-4Q
31.12.2011
59'812.0
2.13x
20'622.0
33.29x
31.12.2012
65'656.0
1.53x
3'438.0
8.98x
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
17.75%
14.20%
0.44%
2.40%
3.16%
0.12%
5.2%
8.84%
49.49%
-
Price/ Cash Flow
LTM
03/yy
63'272.0
8.39x
0.0
0.00x
22'533.0
20.82x
03/yy
66'513.0
6.82x
0.0
0.00x
2'436.0
10.81x
FY+1
.0 M
j-13
0.00
1.47
1'474.53
24.95
38.96%
27.51%
1.467
24
4.167
6'330'286
3'679'554
3'174'010
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
49'651.5
51'376.5
13'092.0
13'216.5
5'684.8
5'852.6
1'351.8
1'243.3
11.45x
10.91x
12.40x
11.89x
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
02.03.2009
ANEG
14.01.2011
A-2
49.5%
32.9%
0.12
-
25.00
120'000.0
100'000.0
20.00
80'000.0
15.00
60'000.0
10.00
40'000.0
5.00
0.00
01.01.2010
20'000.0
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
05.07.2013
American International Group Inc

Holdings By:
All
Holder Name
FAIRHOLME CAPITAL MA
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
ORBIS HOLDINGS LIMIT
HARRIS ASSOCIATES LP
HOTCHKIS & WILEY CAP
NORGES BANK
POWER CORP OF CANADA
STARR INTERNATIONAL
THIRD POINT LLC
PERRY CORP
FMR LLC
D E SHAW & COMPANY I
BAUPOST GROUP LLC
Firm Name
Sterne, Agee & Leach
Macquarie
Barclays
BMO Capital Markets
William Blair & Co
Portales Partners
Keefe, Bruyette & Woods
Deutsche Bank
S&P Capital IQ
Drexel Hamilton LLC
Nomura
Sandler O'Neill & Partners, LP
Evercore Partners
Argus Research Corp
Goldman Sachs
Morgan Stanley
JPMorgan
FBR Capital Markets
Credit Suisse
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
HARRIS ASSOC LP
HOTCHKIS AND WILEY
n/a
NORGES BANK
n/a
STARR INTERNATIONAL
THIRD POINT LLC
PERRY CORPORATION
n/a
D E SHAW & CO
THE BAUPOST GROUP LL
Analyst
JOHN M NADEL
AMIT KUMAR
JAY H GELB
CHARLES J SEBASKI
JOSH STIRLING
ADAM KLAUBER
NINA GUPTA
MEYER SHIELDS
JOSHUA D SHANKER
CATHY SEIFERT
GLORIA L VOGEL
CLIFFORD H GALLANT III
JOHN A HALL
J PAUL NEWSOME
MARK FINKELSTEIN
LARRY GREENBERG
JOHN M EADE
MICHAEL S NANNIZZI
GREGORY W LOCRAFT
JIMMY S BHULLAR
RANDY BINNER
THOMAS GALLAGHER
AUSTIN BURKETT
Source
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
neutral
outperform
overweight
outperform
outperform
outperform
outperform
market perform
buy
buy
buy
neutral
market perform
buy
equalweight
neutral
buy
neutral/neutral
Equalwt/In-Line
neutral
outperform
restricted
overweight
Amt Held
85'900'077
78'519'193
64'134'469
62'457'845
53'814'436
32'024'532
25'623'367
25'536'301
18'952'115
17'371'134
17'242'192
16'833'645
15'353'972
15'280'332
14'513'353
13'500'000
13'157'260
12'897'675
12'336'817
11'850'200
% Out
5.82
5.32
4.34
4.23
3.65
2.17
1.74
1.73
1.28
1.18
1.17
1.14
1.04
1.04
0.98
0.91
0.89
0.87
0.84
0.8
Weighting
Change
3
5
5
5
5
5
5
3
5
5
5
3
3
5
3
3
5
3
3
3
5
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
37'783
9'016'450
2'213'289
7'635'674
(6'662'436)
1'039'497
5'400'344
4'186'268
1'224'289
(277'068)
1'005'186
2'833'300
(290'713)
585'069
(5'000'000)
(1'708'643)
2'854'066
520'122
4'850'200
Target Price
47
48
52
53
60
#N/A N/A
#N/A N/A
43
56
50
50
46
#N/A N/A
52
48
37
50
46
#N/A N/A
42
47
#N/A N/A
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
Not Provided
Not Provided
12 month
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
6 month
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
Government
Holding Company
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Date
03.07.2013
01.07.2013
01.07.2013
27.06.2013
27.06.2013
27.06.2013
26.06.2013
24.06.2013
19.06.2013
17.06.2013
14.06.2013
04.06.2013
04.06.2013
31.05.2013
15.05.2013
10.05.2013
08.05.2013
07.05.2013
03.05.2013
03.05.2013
02.05.2013
05.04.2013
15.01.2013
05.07.2013
Allstate Corp/The
The Allstate Corporation, through its subsidiaries, provides property-liability
insurance, as well as other types of insurance in the United States and Canada.
The Company primarily sells private passenger automobile and homeowners
insurance through independent and specialized brokers. Allstate also sells life
insurance, annuity, and group pension products through agents.
Price/Volume
3.0 M
2.5 M
2.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (15.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALL UN EQUITY YTD Change
ALL UN EQUITY YTD % CHANGE
12/2012
03/yy
50.69
33.35
117'336.00
48.72
-3.95%
46.09%
87.20%
468.6
22'832.33
6'307.00
0.0
0.0
806.00
28'568.33
1.5 M
20
1.0 M
10
.5 M
0
j-12
31.12.2009
31.12.2010
32'013.0
31'400.0
0.67x
0.71x
854.0
928.0
8.26x
11.23x
Profitability
LTM-4Q
31.12.2011
32'654.0
0.59x
787.0
20.83x
31.12.2012
33'315.0
0.74x
2'306.0
9.12x
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
11.09%
9.92%
1.78%
11.30%
9.58%
0.26%
6.9%
4.97%
30.65%
-
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
32'921.0
2.40x
0.0
0.00x
1'029.0
17.95x
d-12
03/yy
33'416.0
3.01x
0.0
0.00x
2'249.0
11.27x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.87
0.91
460.51
4.26
40.99%
22.58%
0.914
30
4.133
789'427
1'007'987
987'197
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
33'592.9
34'164.6
8'366.0
8'433.3
0.83x
0.84x
2'210.8
2'288.0
496.9
460.8
10.39x
9.41x
10.37x
9.92x
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
ASTABLE
30.6%
23.5%
0.26
-
10.00
40'000.0
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
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
3.5 M
50
40
Valuation Analysis
31.12.2008
29'394.0
0.78x
(1'679.0)
10.17x
60
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
05.07.2013
Allstate Corp/The
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
ARTISAN PARTNERS HOL
CITADEL ADVISORS LLC
MACQUARIE GROUP
AJO, LP
LORD ABBETT & CO LLC
PZENA INVESTMENT MAN
VIKING GLOBAL INVEST
Firm Name
JMP Securities
Macquarie
Drexel Hamilton LLC
William Blair & Co
Deutsche Bank
Credit Suisse
Edward Jones
Barclays
MKM Partners
Nomura
Argus Research Corp
Raymond James
Evercore Partners
Morgan Stanley
Goldman Sachs
RBC Capital Markets
Portales Partners
FBR Capital Markets
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
HOTCHKIS AND WILEY
ARTISAN PARTNERS LP
n/a
n/a
AJO, LP
Analyst
MATTHEW J CARLETTI
AMIT KUMAR
GLORIA L VOGEL
ADAM KLAUBER
JOSHUA D SHANKER
MICHAEL ZAREMSKI
MEYER SHIELDS
JIM SHANAHAN
ROBERT GLASSPIEGEL
J PAUL NEWSOME
JOHN A HALL
JAY H GELB
JOSH STIRLING
HARRY FONG
CLIFFORD H GALLANT III
JOHN M EADE
LORI WILKING
C GREGORY PETERS
VINAY MISQUITH
GREGORY W LOCRAFT
MICHAEL S NANNIZZI
MARK A DWELLE
MARK D HUGHES
NINA GUPTA
DANIEL FARRELL
RANDY BINNER
AUSTIN BURKETT
CATHY SEIFERT
Source
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
Research
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
market perform
neutral
hold
outperform
buy
outperform
market perform
buy
buy
buy
market perform
overweight
outperform
buy
neutral
buy
buy
strong buy
overweight
Equalwt/In-Line
Buy/Neutral
sector perform
neutral
outperform
neutral
market perform
buy
hold
Amt Held
23'924'555
22'140'955
22'048'711
20'147'574
19'788'357
14'325'183
11'259'637
7'612'763
7'288'174
7'251'520
7'211'866
7'163'891
6'467'278
6'466'011
6'149'311
5'732'796
4'893'000
4'763'127
4'753'119
4'601'400
% Out
5.11
4.72
4.7
4.3
4.22
3.06
2.4
1.62
1.56
1.55
1.54
1.53
1.38
1.38
1.31
1.22
1.04
1.02
1.01
0.98
Weighting
Change
3
3
3
5
5
5
3
5
5
5
3
5
5
5
3
5
5
5
5
3
5
3
3
5
3
3
5
3
M
M
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
Latest Chg
282'667
(151'704)
(623'144)
(110'198)
(195'719)
5'711'687
(1'698'158)
(2'872'542)
(100'946)
87'629
1'107'166
(117'260)
2'210'090
480'660
(131'899)
347'700
2'338'640
(1'733'129)
4'601'400
Target Price
#N/A N/A
52
51
#N/A N/A
58
55
50
#N/A N/A
#N/A N/A
55
#N/A N/A
57
55
60
52
55
#N/A N/A
57
54
#N/A N/A
60
51
52
#N/A N/A
50
45
#N/A N/A
43
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
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
Date
02.07.2013
01.07.2013
01.07.2013
27.06.2013
26.06.2013
26.06.2013
24.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
11.06.2013
11.06.2013
04.06.2013
09.05.2013
09.05.2013
06.05.2013
06.05.2013
03.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
25.03.2013
15.01.2013
29.11.2012
05.07.2013
Amgen Inc
Amgen Inc. is an independent biotechnology medicines company that discovers,
develops, manufactures and markets medicines for grievous illnesses. The
Company focuses solely on human therapeutics and concentrates on innovating
novel medicines based on advances in cellular and molecular biology.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.04.2013)
52-Week Low (05.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMGN UW EQUITY YTD Change
AMGN UW EQUITY YTD % CHANGE
12/2012
03/yy
114.95
73.72
178'805.00
97.41
-15.20%
32.14%
53.58%
750.0
73'057.50
26'529.00
0.0
0.0
24'061.00
75'678.50
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
j-12
31.12.2009
31.12.2010
14'642.0
15'053.0
3.65x
3.13x
6'728.0
6'679.0
7.94x
7.05x
4'605.0
4'627.0
12.60x
11.66x
Profitability
LTM-4Q
31.12.2011
15'582.0
3.33x
5'372.0
9.66x
3'683.0
13.74x
31.12.2012
17'265.0
3.92x
6'665.0
10.15x
4'345.0
15.07x
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
6'665.00
5'577.00
32.30%
29.01%
9.11%
23.95%
13.37%
0.35%
83.1%
38.1%
31.8%
25.2%
3.81
3.24
48.86%
139.19%
6.33
1.14
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
15'924.0
12.60x
5'542.0
9.95x
3'742.0
13.70x
d-12
03/yy
17'455.0
15.52x
6'648.0
11.95x
4'595.0
16.85x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.59
0.72
749.10
9.11
32.00%
13.97%
0.718
30
3.933
1'287'625
1'280'999
1'371'878
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
17'931.6
18'383.4
4'486.6
4'553.5
3.90x
3.59x
7'276.2
8'203.0
1'615.0
1'663.0
10.41x
9.23x
5'528.9
6'175.9
1'327.2
1'358.5
13.35x
11.80x
13.41x
12.80x
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
07.09.2007
A+
STABLE
31.05.2012
A-1+
6.18
5.54
0.39
3.59
139.2%
58.2%
0.35
3.27
57.67
320.34
103.74
296.17
16.00
20'000.0
14.00
18'000.0
16'000.0
12.00
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
2'000.0
0.00
01.01.2010
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
15'003.0
4.02x
6'287.0
9.59x
4'052.0
12.89x
120
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
05.07.2013
Amgen Inc
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
FRANKLIN RESOURCES
CLEARBRIDGE INVESTME
DEUTSCHE BANK AG
NORGES BANK
UBS
Firm Name
RBC Capital Markets
Oppenheimer & Co
Leerink Swann & Co
Stifel
Guggenheim Securities LLC
Barclays
Deutsche Bank
Cowen and Company
Edward Jones
ISI Group
S&P Capital IQ
Piper Jaffray
Brean Capital LLC
Jefferies
William Blair & Co
BMO Capital Markets
JPMorgan
Credit Suisse
Goldman Sachs
Argus Research Corp
Hamburger Sparkasse
EVA Dimensions
Cyrrus
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
NORGES BANK
n/a
n/a
Analyst
MICHAEL J YEE
BORIS PEAKER
CHRISTOPHER J RAYMOND
GEOFFREY C PORGES
HOWARD LIANG
JOEL D SENDEK
BRET HOLLEY
ROBYN KARNAUSKAS
ERIC SCHMIDT
JUDSON CLARK
JOSHUA SCHIMMER
E EUGENE ROBINSON
RICHARD J PURKISS
MARK J SCHOENEBAUM
STEVEN SILVER
M IAN SOMAIYA
GENE MACK
EUN K YANG
JOHN S SONNIER
JIM BIRCHENOUGH
GEOFFREY MEACHAM
RAVI MEHROTRA
TERENCE FLYNN
JOHN M EADE
CHRISTOPH SCHOENDUBE
MARCO GUENTHER
ANDREW S ZAMFOTIS
KAVITA THOMAS
TOMAS MENCIK
Source
ULT-AGG
ULT-AGG
ULT-AGG
13G
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
Recommendation
outperform
market perform
neutral
market perform
market perform
hold
neutral
equalweight
buy
outperform
hold
buy
buy
overweight
buy
buy
neutral
buy
buy
market perform
market perform
neutral
neutral
buy/attractive
buy
hold
sell
buy
sector outperform
buy
Amt Held
77'422'383
58'461'730
45'184'994
37'457'491
34'837'876
32'495'177
21'429'549
16'364'300
11'674'470
10'400'385
9'297'824
7'818'173
7'265'604
6'418'002
6'263'455
6'241'700
5'981'818
5'928'739
5'774'523
5'575'256
% Out
10.32
7.79
6.02
4.99
4.65
4.33
2.86
2.18
1.56
1.39
1.24
1.04
0.97
0.86
0.84
0.83
0.8
0.79
0.77
0.74
Weighting
Change
5
3
3
3
3
3
3
3
5
5
3
5
5
5
5
5
3
5
5
3
3
3
3
5
5
3
1
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
1'279'477
481'597
167'527
(2'427'936)
446'107
1'106'490
(402'779)
712'778
187'257
(1'315'085)
777'425
(2'677'850)
145'149
2'476'863
(2'320'132)
1'234'885
(1'652'330)
970'991
1'779'740
Target Price
120
100
101
115
#N/A N/A
#N/A N/A
105
105
115
121
#N/A N/A
125
#N/A N/A
130
92
116
107
110
123
#N/A N/A
83
115
120
130
120
115
#N/A N/A
#N/A N/A
#N/A N/A
78
File Dt
31.03.2013
31.03.2013
03.07.2013
30.04.2013
31.03.2013
02.07.2013
31.03.2013
03.07.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
18 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
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
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
30.06.2013
30.06.2013
28.06.2013
26.06.2013
24.06.2013
14.06.2013
13.06.2013
12.06.2013
12.06.2013
03.06.2013
03.06.2013
03.06.2013
01.06.2013
23.05.2013
17.05.2013
01.05.2013
25.04.2013
25.04.2013
20.03.2013
15.01.2013
17.05.2012
05.04.2012
05.07.2013
Amazon.com Inc
Amazon.com, Inc. is an online retailer that offers a wide range of products.
The Company's products include books, music, videotapes, computers,
electronics, home and garden, and numerous other products. Amazon offers
personalized shopping services, Web-based credit card payment, and direct
shipping to customers.
Price/Volume
3.0 M
2.5 M
2.0 M
150
Latest Fiscal Year:

LTM as of:
52-Week High (02.07.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMZN UW EQUITY YTD Change
AMZN UW EQUITY YTD % CHANGE
12/2012
03/yy
286.54
212.62
185'257.00
282.15
-1.36%
32.70%
96.60%
455.2
128'446.73
4'385.00
0.0
0.0
11'448.00
124'243.72
1.5 M
100
1.0 M
50
.5 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
250
200
Valuation Analysis
31.12.2008
19'166.0
0.98x
1'129.0
16.55x
645.0
36.89x
300
31.12.2009
31.12.2010
24'509.0
34'204.0
2.19x
2.15x
1'507.0
1'974.0
35.69x
37.21x
902.0
1'152.0
63.60x
71.15x
Profitability
LTM-4Q
31.12.2011
48'077.0
1.49x
1'945.0
36.75x
631.0
126.35x
31.12.2012
61'093.0
1.75x
2'835.0
37.68x
(39.0)
-
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
2'835.00
676.00
1.11%
0.64%
-0.36%
-1.12%
-1.24%
2.63%
24.8%
4.8%
1.0%
-0.1%
1.12
0.78
13.47%
53.53%
29.56
9.90
Price/ Cash Flow
LTM
03/yy
51'405.0
6.60x
2'070.0
41.26x
561.0
167.53x
03/yy
63'978.0
6.75x
3'066.0
38.18x
(88.0)
0.00x
FY+1
.0 M
j-13
0.00
1.17
367.60
7.55
22.93%
12.35%
1.173
44
4.273
670'015
725'731
797'932
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
74'867.9
91'264.1
15'746.1
17'018.5
1.64x
1.31x
7.94x
7.29x
4'635.7
6'267.3
964.6
974.4
26.89x
19.89x
25.54x
24.22x
1'425.6
2'399.1
243.6
244.1
94.18x
54.59x
87.82x
79.23x
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
26.11.2012
AASTABLE
13.06.2007
NR
30.82
-10.33
-1.37
1.20
53.5%
34.9%
2.63
10.38
12.35
36.89
58.99
-33.57
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
05.07.2013
Amazon.com Inc
Holdings By:
All
Holder Name
BEZOS JEFFREY P
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
BAILLIE GIFFORD AND
SANDS CAPITAL MANAGE
JP MORGAN
JENNISON ASSOCIATES
MORGAN STANLEY
INVESCO LTD
TORONTO DOMINION BAN
UBS
WINSLOW CAPITAL MANA
WELLS FARGO
Firm Name
Stifel
ISI Group
Raymond James
Cantor Fitzgerald
Piper Jaffray
Barclays
Evercore Partners
RBC Capital Markets
Morgan Stanley
Cowen and Company
BMO Capital Markets
Needham & Co
EVA Dimensions
William Blair & Co
Tigress Financial Partners
Argus Research Corp
Deutsche Bank
Goldman Sachs
Credit Suisse
JPMorgan
Jefferies
Macquarie
B Riley & Co
BGC Partners
Nomura
JMP Securities
S&P Capital IQ
Benchmark Company LLC
Oppenheimer & Co
Wedge Partners
McAdams Wright Ragen Inc
Makor Capital
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
BAILLIE GIFFORD & CO
n/a
JENNISON ASSOCIATES
n/a
n/a
TORONTO DOMINION BAN
n/a
n/a
Analyst
JORDAN ROHAN
GREGORY MELICH
BRETT FODERO
CARLOS KIRJNER
AARON M KESSLER
YOUSSEF H SQUALI
EUGENE E MUNSTER
ANTHONY J DICLEMENTE
SHAWN C MILNE
KEN SENA
MICHAEL GRAHAM
COLIN SEBASTIAN
MARK S MAHANEY
SCOTT W DEVITT
VICTOR ANTHONY
JOHN BLACKLEDGE
EDWARD S WILLIAMS
JAMES CORDWELL
KERRY RICE
KAZUYA NISHIMURA
CRAIG STERLING
MARK R MILLER
IVAN FEINSETH
JOSEPH F BONNER
ROSS SANDLER
HEATH P TERRY
STEPHEN JU
DOUGLAS ANMUTH
BRIAN J PITZ
CHAD BARTLEY
BENJAMIN A SCHACHTER
SCOTT TILGHMAN
COLIN W GILLIS
ARAM RUBINSON
MATTHEW NEMER
RONALD V JOSEY III
MICHAEL SOUERS
DANIEL L KURNOS
THOMAS FORTE
JASON S HELFSTEIN
BRIAN BLAIR
DAN GEIMAN
ALBERT SAPORTA
Source
Form 4
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
Recommendation
buy
buy
buy
outperform
market perform
buy
overweight
equalweight
buy
overweight
hold
outperform
outperform
Overwt/Attractive
buy
outperform
market perform
overweight
hold
outperform
underweight
outperform
buy
hold
buy
buy/attractive
outperform
neutral
buy
outperform
outperform
buy
hold
buy
outperform
market perform
hold
buy
no rating system
outperform
no rating system
hold
sell
Amt Held
86'970'020
42'493'609
20'333'534
18'890'857
16'433'434
14'810'691
13'994'234
11'895'369
8'235'520
6'159'628
6'000'588
5'813'618
5'404'407
5'186'053
4'666'295
4'260'402
4'117'275
4'107'855
3'392'801
3'355'648
% Out
19.1
9.33
4.47
4.15
3.61
3.25
3.07
2.61
1.81
1.35
1.32
1.28
1.19
1.14
1.03
0.94
0.9
0.9
0.75
0.74
Weighting
Change
5
5
5
5
3
5
5
3
5
5
3
5
5
5
5
5
3
5
3
5
1
5
5
3
5
5
5
3
5
5
5
5
3
5
5
3
3
5
#N/A N/A
5
#N/A N/A
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(195'151)
(1'446'850)
122'327
713'177
465'988
(466'579)
29'788
30'532
505'005
(243'527)
(217'105)
46'283
(3'219)
139'472
(112'217)
202
(288'080)
(238'428)
390'774
526'454
Target Price
335
320
310
350
#N/A N/A
315
325
260
310
330
300
325
330
300
350
#N/A N/A
260
325
#N/A N/A
295
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
335
325
320
285
330
330
305
341
245
315
#N/A N/A
#N/A N/A
300
330
370
325
#N/A N/A
#N/A N/A
200
File Dt
15.02.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
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
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
01.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
21.06.2013
20.06.2013
17.06.2013
14.06.2013
12.06.2013
11.06.2013
11.06.2013
10.06.2013
07.06.2013
05.06.2013
03.06.2013
22.05.2013
15.05.2013
13.05.2013
02.05.2013
30.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
26.11.2012
26.10.2012
03.10.2012
05.07.2013
Apache Corp
Apache Corporation is an independent energy company. The Company explores for,
develops, and produces natural gas, crude oil, and natural gas liquids. The
Company has operations in the United States, Canada, Egypt, Australia, offshore
the United Kingdom in the North Sea, and Argentina.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (22.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
APA UN EQUITY YTD Change
APA UN EQUITY YTD % CHANGE
12/2012
03/yy
94.83
67.91
370'335.00
81.98
-13.58%
20.72%
45.77%
391.9
32'124.39
12'345.00
1'227.0
0.0
160.00
45'582.39
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
8'614.8
12'183.0
4.38x
4.50x
2'963.7
8'792.0
12.73x
6.24x
(284.4)
3'032.0
19.64x
13.32x
Profitability
2.0 M
1.5 M
1.0 M
.5 M
a-12
LTM-4Q
31.12.2011
16'810.0
2.55x
12'397.0
3.46x
4'584.0
7.53x
31.12.2012
16'947.0
2.61x
12'051.0
3.66x
2'001.0
8.43x
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
12'051.00
4'942.00
29.16%
28.78%
3.34%
6.23%
4.87%
0.29%
32.3%
70.1%
29.2%
11.8%
0.90
0.59
20.33%
41.01%
5.31
15.09
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
17'389.0
10.60x
12'798.0
3.71x
4'247.0
8.19x
d-12
03/yy
16'636.0
10.80x
11'662.0
3.75x
1'921.0
8.05x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
0.87
1.44
389.86
8.67
-8.30%
4.95%
1.440
35
4.114
914'070
1'091'870
1'022'981
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
17'342.7
18'812.9
4'264.6
4'402.6
2.58x
2.35x
10.61x
10.23x
12'023.9
13'132.9
2'958.2
3'083.5
3.79x
3.47x
3.68x
3.59x
3'379.2
3'848.2
816.3
859.4
9.74x
8.75x
9.49x
9.17x
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
26.01.2001
ASTABLE
05.05.2000
A-2
24.15
5.05
1.05
1.07
41.0%
28.3%
0.29
0.33
68.77
24.18
36.15
58.11
9.00
18'000.0
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
01.01.2010
2.5 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
12'327.8
2.27x
8'988.1
3.11x
712.0
35.66x
100
90
80
70
60
50
40
30
20
10
0
j-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
05.07.2013
Apache Corp
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
FMR LLC
NWQ INVESTMENT MANAG
EAGLE CAPITAL MANAGE
JP MORGAN
INVESCO LTD
DEUTSCHE BANK AG
NORGES BANK
WELLS FARGO
LAZARD ASSET MANAGEM
Firm Name
Tudor Pickering & Co
Raymond James
RBC Capital Markets
Clarkson Capital Markets LLC
Edward Jones
ISI Group
Oppenheimer & Co
Capital One Southcoast, Inc.
Societe Generale
Simmons & Company International
Deutsche Bank
Credit Suisse
Argus Research Corp
Barclays
Stifel
FBR Capital Markets
Morgan Stanley
Goldman Sachs
Macquarie
Peters & Co Ltd
EVA Dimensions
Howard Weil Inc
Johnson Rice & Co
Global Hunter Securities
JPMorgan
Alembic Global Advisors
S&P Capital IQ
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
NORGES BANK
n/a
n/a
Analyst
ROBERT CORDRAY
MATTHEW PORTILLO
BOB BRACKETT
JOHN FREEMAN
LEO P MARIANI
BRIAN W FOOTE
DUANE GRUBERT
BRIAN YOUNGBERG
JONATHAN WOLFF
FADEL GHEIT
RICHARD TULLIS
JOHN HERRLIN
PEARCE W HAMMOND
STEPHEN RICHARDSON
ARUN JAYARAM
JONATHAN GELCIUS
BARRY MACCARTHY
THOMAS R DRISCOLL
AMIR ARIF
REHAN RASHID
DAVID R TAMERON
J EVAN CALIO
BRIAN SINGER
JOSEPH MAGNER
JEFF MARTIN
CRAIG STERLING
PETER KISSEL
CHARLES MEADE
CURTIS R TRIMBLE
JOSEPH D ALLMAN
JAMES J SULLIVAN
MICHAEL KAY
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
Recommendation
buy
accumulate
outperform
outperform
sector perform
outperform
Positive
hold
strong buy
market perform
add
buy
overweight
buy
outperform
hold
overweight
overweight
buy
market perform
outperform
Equalwt/Attractive
neutral/attractive
neutral
sector perform
overweight
sector outperform
equalweight
neutral
neutral
neutral
strong buy
Amt Held
26'828'098
21'772'472
17'824'561
17'684'349
16'982'469
10'786'671
8'496'464
6'117'480
5'223'542
5'013'596
4'984'105
4'080'546
3'710'086
3'036'215
2'985'347
2'808'677
2'642'867
2'608'986
2'556'942
2'537'961
% Out
6.85
5.56
4.55
4.51
4.33
2.75
2.17
1.56
1.33
1.28
1.27
1.04
0.95
0.77
0.76
0.72
0.67
0.67
0.65
0.65
Weighting
Change
5
4
5
5
3
5
4
3
5
3
4
5
5
5
5
3
5
5
5
3
5
3
3
3
3
5
5
3
3
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
N
M
M
M
M
M
M
M
M
D
M
M
M
D
M
M
Latest Chg
(2'487'100)
(1'948'907)
5'682'668
553'677
(38'001)
1'582'385
(23'050)
211'636
455'918
434'797
(1'313'173)
546'488
(81'933)
478'161
(190'295)
52'071
(503'473)
39'298
(142'748)
Target Price
95
103
103
100
94
110
98
#N/A N/A
88
#N/A N/A
112
100
116
105
100
#N/A N/A
105
111
90
100
#N/A N/A
87
97
96
90
#N/A N/A
97
#N/A N/A
88
77
92
116
File Dt
31.03.2013
03.07.2013
31.03.2013
31.03.2013
02.07.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.05.2013
03.07.2013
31.05.2013
31.12.2012
31.03.2013
31.03.2013
30.04.2013
31.03.2013
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
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
12 month
Not Provided
12 month
6 month
12 month
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
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
05.07.2013
05.07.2013
03.07.2013
03.07.2013
01.07.2013
01.07.2013
27.06.2013
26.06.2013
23.06.2013
21.06.2013
18.06.2013
13.06.2013
11.06.2013
05.06.2013
05.06.2013
30.05.2013
29.05.2013
28.05.2013
24.05.2013
23.05.2013
23.05.2013
14.05.2013
10.05.2013
10.05.2013
10.05.2013
10.05.2013
09.05.2013
09.05.2013
09.05.2013
18.04.2013
16.04.2013
15.02.2013
05.07.2013
Anadarko Petroleum Corp

Anadarko Petroleum Corporation is an independent oil and gas exploration and
production company with international operations. In the United States, the
Company operates in Texas and surrounding states, the Rocky Mountain region,
Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration
and/or production operations in Africa, Asia, South America, and the Caribbean.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.05.2013)
52-Week Low (10.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
APC UN EQUITY YTD Change
APC UN EQUITY YTD % CHANGE
12/2012
03/yy
92.17
64.19
115'531.00
87.65
-4.97%
36.55%
81.27%
501.5
43'954.16
13'269.00
0.0
1'253.0
2'471.00
55'509.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
8'210.0
10'842.0
4.93x
4.42x
3'234.0
5'557.0
12.51x
8.62x
(135.0)
761.0
39.83x
Profitability
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
a-12
LTM-4Q
31.12.2011
13'882.0
3.71x
7'579.0
6.79x
(2'649.0)
7.48x
31.12.2012
13'307.0
3.70x
6'197.0
7.95x
2'391.0
50.50x
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
6'197.00
2'233.00
16.78%
26.79%
1.29%
3.36%
2.79%
0.25%
40.8%
48.1%
18.3%
18.0%
1.70
0.99
25.23%
64.32%
9.62
134.02
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
14'070.0
13.83x
7'541.0
6.96x
(709.0)
16.30x
d-12
03/yy
13'613.0
14.57x
6'547.0
8.46x
695.0
18.45x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
0.41
1.37
499.78
7.90
27.52%
18.20%
1.373
34
4.706
662'143
768'535
808'058
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
15'210.6
17'165.0
3'504.8
3'870.8
3.63x
3.12x
15.72x
14.20x
9'736.7
11'072.7
2'213.1
2'485.9
5.69x
5.01x
5.55x
5.29x
2'136.7
2'718.1
453.1
531.7
20.52x
16.09x
19.65x
17.87x
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
08.09.2006
BBBPOS
15.09.2009
NR
6.44
-1.09
1.58
2.15
64.3%
37.7%
0.25
0.35
37.94
2.72
147.02
-
20.00
16'000.0
18.00
14'000.0
16.00
12'000.0
14.00
10'000.0
12.00
10.00
8'000.0
8.00
6'000.0
6.00
4'000.0
4.00
2'000.0
2.00
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
14'079.0
1.99x
7'935.0
3.54x
3'260.0
5.69x
100
90
80
70
60
50
40
30
20
10
0
j-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
05.07.2013
Anadarko Petroleum Corp

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
CARMIGNAC GESTION
JP MORGAN
INVESCO LTD
NEUBERGER BERMAN LLC
HIGHFIELDS CAPITAL M
NORGES BANK
JENNISON ASSOCIATES
DIMENSIONAL FUND ADV
CREDIT SUISSE AG
Firm Name
Jefferies
Raymond James
ISI Group
Oppenheimer & Co
Howard Weil Inc
Iberia Capital Partners LLC
Societe Generale
JPMorgan
FBR Capital Markets
Argus Research Corp
Credit Suisse
Barclays
Macquarie
Spin-Off Research
S&P Capital IQ
Deutsche Bank
Morgan Stanley
Goldman Sachs
RBC Capital Markets
Johnson Rice & Co
Stifel
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
CARMIGNAC GESTION
n/a
n/a
NEUBERGER BERMAN GRO
NORGES BANK
JENNISON ASSOCIATES
n/a
n/a
BANK OF AMERICA
Analyst
MATTHEW PORTILLO
BOB BRACKETT
SUBASH CHANDRA
ANDREW COLEMAN
ROBERT CORDRAY
JONATHAN WOLFF
FADEL GHEIT
PETER KISSEL
RICHARD TULLIS
ERIC FOX
JOHN HERRLIN
DAVID W KISTLER
DAVID R TAMERON
JOHN J GERDES
JOSEPH D ALLMAN
REHAN RASHID
JONATHAN GELCIUS
ARUN JAYARAM
THOMAS R DRISCOLL
JOSEPH MAGNER
TEAM COVERAGE
MICHAEL KAY
JOHN MALONE
STEPHEN RICHARDSON
J EVAN CALIO
BRIAN SINGER
SCOTT HANOLD
CHARLES MEADE
AMIR ARIF
JAMES J SULLIVAN
CRAIG STERLING
Source
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
Recommendation
buy
outperform
buy
outperform
buy
buy
outperform
focus list
strong buy
outperform
buy
overweight
outperform
buy
neutral
market perform
hold
outperform
overweight
outperform
neutral
buy
buy
buy
Overwt/Attractive
buy/attractive
outperform
overweight
buy
overweight
hold
Amt Held
33'522'244
31'640'131
30'435'232
22'660'736
21'619'596
15'580'800
13'050'849
10'201'757
9'883'510
8'627'305
7'784'818
6'829'447
6'365'321
5'873'278
5'702'469
5'375'346
5'152'735
4'810'527
4'493'988
3'921'637
% Out
6.68
6.31
6.07
4.52
4.31
3.11
2.6
2.03
1.97
1.72
1.55
1.36
1.27
1.17
1.14
1.07
1.03
0.96
0.9
0.78
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
3
3
5
5
5
3
5
5
5
5
5
5
5
5
5
3
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
Latest Chg
(244'467)
1'715'317
3'069'451
806'410
(1'295'693)
15'580'800
139'256
63'200
(2'756'634)
(819'047)
802'637
237'252
(687'942)
596'244
1'581'000
(270'527)
61'676
342'113
250'485
Target Price
133
100
111
105
120
95
100
115
139
112
103
128
#N/A N/A
127
98
90
#N/A N/A
109
102
97
86
105
110
101
101
112
100
#N/A N/A
95
108
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
04.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
18 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Date
05.07.2013
03.07.2013
02.07.2013
28.06.2013
28.06.2013
23.06.2013
21.06.2013
19.06.2013
18.06.2013
18.06.2013
13.06.2013
11.06.2013
10.06.2013
03.06.2013
30.05.2013
23.05.2013
20.05.2013
14.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
16.04.2013
27.02.2013
05.07.2013
American Express Co
American Express Company is a global payment and travel company. The Company's
principal products and services are charge and credit payment card products and
travel-related services offered to consumers and businesses around the world.
Price/Volume
90
6.0 M
80
5.0 M
70
60
4.0 M
50
12/2012
03/yy
78.60
53.02
304'213.00
75.62
-3.91%
42.63%
84.28%
1'098.6
83'079.05
62'287.00
0.0
0.0
22'250.00
114'840.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
2.0 M
20
1.0 M
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
31'920.0
2.19x
13'646.0
5.13x
2'699.0
6.82x
3.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.06.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AXP UN EQUITY YTD Change
AXP UN EQUITY YTD % CHANGE
31.12.2009
31.12.2010
26'730.0
30'005.0
3.23x
3.49x
10'413.0
11'624.0
8.30x
9.02x
2'130.0
4'057.0
40.37x
12.58x
Profitability
LTM-4Q
31.12.2011
32'282.0
2.88x
11'355.0
8.19x
4'935.0
11.46x
31.12.2012
33'808.0
3.06x
10'563.0
9.80x
4'482.0
13.06x
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
10'563.00
23.26%
19.08%
2.92%
22.76%
5.65%
0.22%
31.3%
13.3%
40.67%
329.81%
-
Price/ Cash Flow
LTM
03/yy
32'819.0
11.90x
11'307.0
8.93x
5'014.0
13.75x
03/yy
34'020.0
12.11x
10'635.0
9.95x
4'506.0
15.06x
FY+1
.0 M
j-13
1.06
1.04
1'095.57
15.07
28.95%
32.81%
1.038
33
3.455
1'541'752
1'475'899
1'325'484
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
32'918.0
34'728.0
8'262.2
8'206.5
4.20x
4.03x
5'220.2
5'495.9
1'337.9
1'303.6
15.78x
14.23x
15.47x
15.07x
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
30.04.2009
BBB+
STABLE
30.04.2009
A-2
2.99
5.62
329.8%
76.7%
0.22
9.50
-
12.00
40'000.0
35'000.0
10.00
30'000.0
8.00
25'000.0
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
5'000.0
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
05.07.2013
American Express Co
Holdings By:
All
Holder Name
BERKSHIRE HATHAWAY I
BLACKROCK
STATE STREET
VANGUARD GROUP INC
DAVIS SELECTED ADVIS
BARROW HANLEY MEWHIN
FMR LLC
FISHER INVESTMENTS I
GOLDMAN SACHS GROUP
FIRST EAGLE INVESTME
WELLS FARGO
EGERTON CAPITAL LIMI
NORGES BANK
Firm Name
Evercore Partners
Edward Jones
Nomura
RBC Capital Markets
Buckingham Research Group
Barclays
William Blair & Co
Oppenheimer & Co
S&P Capital IQ
Goldman Sachs
FBR Capital Markets
Drexel Hamilton LLC
Argus Research Corp
Morgan Stanley
JPMorgan
Jefferies
Stifel
Portales Partners
Piper Jaffray
Credit Suisse
EVA Dimensions
Meredith Whitney Advisory Group
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
FISHER INVESTMENTS
n/a
n/a
NORGES BANK
Analyst
CHRISTOPHER R DONAT
BRADLEY BALL
JOEL HOUCK
JOHN E MCDONALD
JIM SHANAHAN
SANJAY SAKHRANI
BILL CARCACHE
SAMEER GOKHALE
JASON ARNOLD
DAVID HOCHSTIM
MARK C DEVRIES
ROBERT P NAPOLI
BEN CHITTENDEN
JAMES E FRIEDMAN
SONIA PARECHANIAN
RYAN M. NASH
KAZUKI WATANABE
SCOTT VALENTIN
DAVID W DARST
DAVID B HILDER
DAVID RITTER
BETSY L GRASECK
RICHARD SHANE JR
DANIEL FURTADO
CHRISTOPHER C BRENDLER
WILLIAM H RYAN
MICHAEL J GRONDAHL
MOSHE A ORENBUCH
HENRY J COFFEY JR
AUSTIN BURKETT
MEREDITH A WHITNEY
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
Recommendation
hold
equalweight
market perform
market perform
hold
outperform
buy
neutral
underperform
buy
equalweight
outperform
market perform
Positive
strong buy
neutral/attractive
outperform
market perform
neutral
buy
buy
Equalwt/Attractive
underweight
hold
hold
underperform
neutral
underperform
not rated
hold
hold
Amt Held
151'610'700
120'329'060
55'571'755
45'213'764
45'114'042
39'937'627
29'653'070
24'641'183
19'942'191
17'398'905
14'081'678
13'129'527
10'807'046
10'169'805
9'963'345
8'958'126
8'840'646
8'741'220
7'962'831
7'177'716
% Out
13.8
10.95
5.06
4.12
4.11
3.64
2.7
2.24
1.82
1.58
1.28
1.2
0.98
0.93
0.91
0.82
0.8
0.8
0.72
0.65
Weighting
Change
3
3
3
3
3
5
5
3
1
5
3
5
3
4
5
3
5
3
3
5
5
3
1
3
3
1
3
1
#N/A N/A
3
3
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(500'000)
(711'920)
(985'931)
244'110
(2'398'437)
(2'272'081)
(169'023)
2'607'284
3'173
(784'674)
2'622'138
1'796'698
332'334
(48'917)
529'593
334'271
4'750'320
809'725
Target Price
78
76
#N/A N/A
78
#N/A N/A
80
89
78
54
80
82
#N/A N/A
#N/A N/A
84
96
76
77
62
70
80
80
68
63
62
#N/A N/A
#N/A N/A
65
61
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
01.07.2013
01.07.2013
28.06.2013
26.06.2013
21.06.2013
20.06.2013
20.06.2013
19.06.2013
18.06.2013
17.06.2013
14.06.2013
13.06.2013
12.06.2013
04.06.2013
31.05.2013
20.05.2013
17.05.2013
15.05.2013
14.05.2013
09.05.2013
29.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
17.04.2013
15.01.2013
15.01.2013
17.10.2012
05.07.2013
Boeing Co/The
The Boeing Company, together with its subsidiaries, develops, produces, and
markets commercial jet aircraft, as well as provides related support services to
the commercial airline industry worldwide. The Company also researches,
develops, produces, modifies, and supports information, space, and defense
systems, including military aircraft, helicopters and space and missile systems.
Price/Volume
120
6.0 M
5.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (18.06.2013)
52-Week Low (20.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BA UN EQUITY YTD Change
BA UN EQUITY YTD % CHANGE
12/2012
03/yy
104.15
69.04
175'237.00
102.95
-1.10%
49.12%
96.41%
758.7
78'106.23
10'409.00
0.0
100.0
13'558.00
75'522.23
4.0 M
3.0 M
40
2.0 M
20
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
60'909.0
0.56x
5'437.0
6.26x
2'672.0
6.87x
8.0 M
100
31.12.2009
31.12.2010
68'281.0
64'306.0
0.60x
0.78x
3'786.0
6'692.0
10.86x
7.47x
1'312.0
3'307.0
28.31x
15.41x
Profitability
LTM-4Q
31.12.2011
68'735.0
0.81x
7'480.0
7.46x
4'018.0
15.38x
31.12.2012
81'698.0
0.66x
8'118.0
6.64x
3'900.0
14.76x
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
8'118.00
6'307.00
7.72%
7.23%
4.79%
65.39%
26.23%
0.95%
16.0%
9.9%
7.7%
4.8%
1.27
0.43
11.71%
177.42%
11.89
1.86
Price/ Cash Flow
LTM
03/yy
73'208.0
2.99x
8'092.0
7.03x
4'355.0
14.30x
03/yy
81'208.0
2.78x
8'057.0
7.76x
4'083.0
16.20x
FY+1
.0 M
j-13
1.76
1.13
755.38
9.72
41.96%
38.21%
1.132
31
4.484
1'085'586
1'194'251
1'100'373
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
83'895.5
91'774.8
20'597.1
21'511.0
0.89x
0.80x
3.73x
3.53x
8'150.4
9'265.1
1'959.6
1'970.3
9.27x
8.15x
9.13x
8.79x
4'334.5
4'905.7
1'023.2
1'023.5
16.23x
14.55x
16.00x
15.39x
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
29.07.2009
A
STABLE
05.02.2002
A-1
15.12
11.95
-0.33
1.14
177.4%
63.6%
0.95
8.49
30.69
196.40
45.19
170.08
30.00
90'000.0
80'000.0
25.00
70'000.0
60'000.0
20.00
50'000.0
15.00
40'000.0
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Boeing Co/The
Holdings By:
All
Holder Name
EVERCORE TRUST COMPA
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
UBS
WELLS FARGO
FMR LLC
ALLIANCE BERNSTEIN
Firm Name
Jefferies
Stifel
Oppenheimer & Co
Cowen and Company
Argus Research Corp
Gabelli & Co
RBC Capital Markets
D.A. Davidson & Co
Deutsche Bank
Edward Jones
Drexel Hamilton LLC
Morgan Stanley
Imperial Capital LLC
JPMorgan
Credit Suisse
Goldman Sachs
Barclays
Societe Generale
BB&T Capital Markets
CRT Capital Group
EVA Dimensions
S&P Capital IQ
EarlyBirdCapital Inc
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
HARRIS ASSOC LP
n/a
n/a
Analyst
HOWARD A RUBEL
STEPHEN E LEVENSON
YAIR REINER
SAMUEL J PEARLSTEIN
CAI VON RUMOHR
PETER J ARMENT
DOUGLAS S HARNED
NATHANIEL GABRIEL
JAMES FOUNG
ROBERT STALLARD
JB GROH
MYLES WALTON
CHRISTIAN MAYES
RICHARD WHITTINGTON
JOHN D GODYN
KEN HERBERT
JOSEPH B NADOL III
ROBERT M SPINGARN
NOAH POPONAK
RICHARD SAFRAN
CARTER COPELAND
ZAFAR KHAN
F CARTER LEAKE
MICHAEL W DERCHIN
CRAIG STERLING
IVAN FEINSETH
RICHARD TORTORIELLO
ALEX P HAMILTON
Source
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
buy
buy
outperform
outperform
outperform
buy
outperform
buy
buy
outperform
neutral
buy
hold
buy
Overwt/Attractive
in-line
overweight
outperform
buy/attractive
buy
overweight
hold
buy
buy
hold
neutral
hold
buy
Amt Held
127'714'807
58'386'241
39'198'348
33'607'508
32'450'995
29'590'518
12'816'097
12'375'078
12'278'777
9'901'818
9'726'165
8'778'107
8'414'497
8'013'999
6'755'732
6'695'907
6'691'467
6'296'656
4'693'498
4'638'474
% Out
16.83
7.7
5.17
4.43
4.28
3.9
1.69
1.63
1.62
1.31
1.28
1.16
1.11
1.06
0.89
0.88
0.88
0.83
0.62
0.61
Weighting
Change
5
5
5
5
5
5
5
5
5
5
3
5
3
5
5
3
5
5
5
5
5
3
5
5
3
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
U
M
D
N
M
M
Latest Chg
10'807'207
(5'680'405)
(1'261'110)
1'203'025
(235'453)
(1'600'870)
152'998
12'375'078
816'664
317'528
860'266
429'526
415'223
975'668
1'491'418
19'121
(254'143)
(2'256'367)
(172'021)
163'857
Target Price
115
115
120
#N/A N/A
125
120
123
115
#N/A N/A
116
105
120
#N/A N/A
110
120
98
133
121
115
120
110
94
110
105
#N/A N/A
#N/A N/A
82
88
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
18 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
18 month
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
05.07.2013
03.07.2013
03.07.2013
03.07.2013
02.07.2013
01.07.2013
28.06.2013
25.06.2013
25.06.2013
21.06.2013
20.06.2013
19.06.2013
18.06.2013
17.06.2013
14.06.2013
12.06.2013
11.06.2013
04.06.2013
30.05.2013
28.05.2013
17.05.2013
10.05.2013
26.04.2013
26.04.2013
25.04.2013
13.03.2013
17.01.2013
18.07.2012
05.07.2013
Bank of America Corp

Bank of America Corporation accepts deposits and offers banking, investing,
asset management, and other financial and risk-management products and
services. The Company has a mortgage lending subsidiary, and an investment
banking and securities brokerage subsidiary.
Price/Volume
16
70.0 M
14
60.0 M
12
50.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (31.05.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAC UN EQUITY YTD Change
BAC UN EQUITY YTD % CHANGE
12/2012
03/yy
13.99
6.90
3'281'047.00
12.96
-7.36%
87.83%
83.64%
10'780.4
139'713.69
673'162.00
18'768.0
0.0
349'370.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
6
4
20.0 M
10.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
113'106.0
4'008.0
24.70x
40.0 M
Valuation Analysis
31.12.2009
31.12.2010
153'286.0
135'161.0
6'276.0
(2'238.0)
15.25x
14.70x
Profitability
LTM-4Q
31.12.2011
115'373.0
1'446.0
22.58x
31.12.2012
100'078.0
4'188.0
10.29x
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
12.15%
3.69%
0.23%
1.64%
0.54%
0.05%
5.0%
30.46%
308.52%
-
Price/ Cash Flow
LTM
03/yy
109'598.0
0.00x
0.0
0.00x
50.0
10.96x
03/yy
99'840.0
0.00x
0.0
0.00x
5'018.0
12.81x
FY+1
.0 M
j-13
0.31
1.58
10'775.05
122.99
61.42%
11.91%
1.583
41
3.390
13'182'717
20'053'696
19'870'438
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
90'943.0
92'303.9
22'633.7
22'434.9
10'295.8
14'573.9
3'006.9
2'673.7
13.63x
9.74x
12.20x
11.32x
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
308.5%
74.0%
0.05
8.25
-
7.00
180'000.0
6.00
160'000.0
140'000.0
5.00
120'000.0
4.00
100'000.0
3.00
80'000.0
60'000.0
2.00
40'000.0
1.00
0.00
01.01.2010
20'000.0
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
05.07.2013
Bank of America Corp

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
CITIGROUP INCORPORAT
FMR LLC
JP MORGAN
DODGE & COX
GOLDMAN SACHS GROUP
WELLS FARGO
NORGES BANK
ING GROEP NV
KOREA INVESTMENT COR
Firm Name
Raymond James
Evercore Partners
Oppenheimer & Co
Macquarie
Rafferty Capital Markets
Portales Partners
Edward Jones
Morgan Stanley
Drexel Hamilton LLC
JMP Securities
R.W. Pressprich & Co
Goldman Sachs
Deutsche Bank
RBC Capital Markets
Credit Suisse
Barclays
Scotia Capital
Nomura
JPMorgan
FBR Capital Markets
S&P Capital IQ
Argus Research Corp
HSBC
EVA Dimensions
Phillip Securities
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
DODGE & COX
n/a
n/a
NORGES BANK
n/a
ING GROEP NV
KOREA INVESTMENT COR
Analyst
ANTHONY J POLINI
DAVID A GEORGE
JOHN E MCDONALD
ANDREW A MARQUARDT
MARTY L MOSBY III
CHRISTOPHER M KOTOWSKI
CHRISTOPHER M MUTASCIO
DAVID J KONRAD
TODD L HAGERMAN
RICHARD X BOVE SR
CHARLES W PEABODY
SHANNON L STEMM
ERIC E WASSERSTROM
BETSY L GRASECK
DAVID B HILDER
RICHARD STAITE
MATTHEW H BURNELL
DAVID M TRONE
BRIAN CHARLES
RICHARD N RAMSDEN
MATTHEW D O'CONNOR
JOSEPH K MORFORD
MOSHE A ORENBUCH
KAZUKI WATANABE
JASON M GOLDBERG
JEFFERY HARTE
KEVIN R CHOQUETTE
GLENN P SCHORR
VIVEK JUNEJA
LORI WILKING
PAUL J MILLER JR
STEFAN BONGARDT
JAMES F MITCHELL
ERIK M OJA
DAVID RITTER
ROBERT MURPHY
AUSTIN BURKETT
MEREDITH A WHITNEY
MAGDALENE CHOONG
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
Recommendation
strong buy
neutral
market perform
overweight
buy
market perform
market perform
underperform
neutral
buy
underperform
buy
neutral
Overwt/Attractive
buy
overweight
market perform
market perform
buy
neutral/attractive
hold
outperform
neutral
underperform
equalweight
hold
sector outperform
neutral
overweight
buy
market perform
hold
buy
hold
hold
underweight
sell
hold
neutral
Amt Held
572'394'436
479'318'548
459'729'981
177'288'479
166'760'805
162'027'710
144'154'448
142'985'000
141'688'014
127'482'788
107'954'481
103'211'969
100'589'215
96'860'484
88'104'026
77'988'479
74'274'780
73'845'089
73'429'434
73'090'645
% Out
5.31
4.45
4.26
1.64
1.55
1.5
1.34
1.33
1.31
1.18
1
0.96
0.93
0.9
0.82
0.72
0.69
0.68
0.68
0.68
Weighting
Change
5
3
3
5
5
3
3
1
3
5
1
5
3
5
5
5
3
3
5
3
3
5
3
1
3
3
5
3
5
5
3
3
5
3
3
1
1
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
Latest Chg
40'881'425
15'501'946
5'468'312
(47'924'482)
43'456'150
(84'947'864)
13'419'434
5'413'066
(2'950'541)
(9'567'070)
(56'129'534)
82'500
10'112'559
(54'854'608)
8'311'809
25'290'924
2'107'094
(622'600)
Target Price
15
12
14
15
16
#N/A N/A
14
12
13
18
#N/A N/A
#N/A N/A
14
16
16
17
#N/A N/A
#N/A N/A
16
14
13
14
12
12
14
13
16
12
14
#N/A N/A
12
13
15
13
#N/A N/A
10
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
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
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
03.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
28.06.2013
26.06.2013
26.06.2013
21.06.2013
21.06.2013
21.06.2013
20.06.2013
20.06.2013
16.06.2013
14.06.2013
12.06.2013
10.06.2013
03.06.2013
30.05.2013
24.05.2013
15.05.2013
15.05.2013
14.05.2013
13.05.2013
08.05.2013
07.05.2013
06.05.2013
06.05.2013
26.04.2013
19.04.2013
18.04.2013
18.04.2013
18.04.2013
17.04.2013
09.04.2013
26.03.2013
15.01.2013
17.10.2012
26.01.2011
05.07.2013
Baxter International Inc

Baxter International Inc. develops, manufactures, and markets products and
technologies related to hemophilia, immune disorders, infectious diseases,
kidney disease, trauma and other chronic and acute medical conditions. The
Company's products are used by hospitals, kidney dialysis centers, nursing
homes, rehabilitation centers, doctors' offices, and research laboratories.
Price/Volume
80
50
1.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (20.05.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BAX UN EQUITY YTD Change
BAX UN EQUITY YTD % CHANGE
12/2012
03/yy
73.95
53.49
123'923.00
69.35
-6.18%
29.65%
77.76%
542.0
37'584.38
5'930.00
0.0
40.0
3'270.00
40'802.37
1.0 M
30
20
.5 M
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
31.12.2008
12'348.0
2.81x
3'195.0
10.84x
2'014.0
15.86x
2.5 M
70
31.12.2009
31.12.2010
12'562.0
12'843.0
2.93x
2.44x
3'515.0
2'821.0
10.49x
11.11x
2'205.0
1'420.0
15.40x
12.54x
Profitability
LTM-4Q
31.12.2011
13'893.0
2.18x
3'616.0
8.38x
2'224.0
11.59x
31.12.2012
14'190.0
2.76x
3'533.0
11.07x
2'326.0
14.72x
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
3'533.00
2'821.00
19.88%
20.36%
11.71%
33.46%
19.37%
0.73%
51.5%
25.0%
20.0%
16.4%
1.95
1.20
29.08%
85.47%
6.12
2.42
Price/ Cash Flow
LTM
03/yy
13'997.0
9.80x
3'581.0
10.14x
2'242.0
13.87x
03/yy
14'250.0
10.51x
3'563.0
11.96x
2'290.0
15.87x
FY+1
.0 M
j-13
2.43
0.92
540.85
4.43
31.56%
5.45%
0.917
21
4.429
901'603
762'021
801'308
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
15'463.3
16'928.5
3'703.2
3'996.7
2.77x
2.48x
11.94x
11.00x
4'231.5
4'718.4
980.4
1'064.2
9.65x
8.65x
9.27x
8.71x
2'556.6
2'819.1
619.6
642.4
14.89x
13.43x
14.51x
14.04x
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
06.12.2012
A
STABLE
24.10.2008
A-1
16.28
10.93
0.89
1.65
85.5%
45.9%
0.73
2.41
59.68
150.61
207.93
166.31
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
05.07.2013
Baxter International Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
BROWN BROTHERS HARRI
FMR LLC
INSTITUTIONAL CAPITA
JP MORGAN
WELLS FARGO
ABERDEEN
UBS
Firm Name
Morgan Stanley
Cowen and Company
BMO Capital Markets
Raymond James
Piper Jaffray
Edward Jones
RBC Capital Markets
Leerink Swann & Co
Deutsche Bank
William Blair & Co
Stifel
S&P Capital IQ
Barclays
JPMorgan
CL King & Associates
Argus Research Corp
EVA Dimensions
Goldman Sachs
Maxim Group LLC
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
n/a
Analyst
DAVID R LEWIS
JOSHUA JENNINGS
JOANNE K WUENSCH
LAWRENCE S KEUSCH
MATT MIKSIC
JEFF WINDAU
DERRICK SUNG
GLENN J NOVARRO
DANIELLE ANTALFFY
KRISTEN M STEWART
BENJAMIN C ANDREW
FREDERICK A WISE
HERMAN SAFTLAS
MATTHEW TAYLOR
E EUGENE ROBINSON
MICHAEL N WEINSTEIN
ROBERT M GOLDMAN
DAVID H TOUNG
ANDREW S ZAMFOTIS
DAVID H ROMAN
ANTHONY PETRONE
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
Sch-D
ULT-AGG
13F
13F
Recommendation
Overwt/In-Line
outperform
outperform
outperform
overweight
buy
outperform
outperform
outperform
hold
market perform
hold
buy
overweight
buy
restricted
neutral
hold
overweight
not rated
not rated
Amt Held
42'234'855
28'366'681
25'747'898
25'538'072
18'049'024
13'240'194
11'242'229
11'117'995
9'118'920
9'007'804
8'596'618
8'565'433
8'393'805
8'338'413
7'424'437
7'077'362
6'718'327
5'966'299
4'891'633
4'843'197
% Out
7.79
5.23
4.75
4.71
3.33
2.44
2.07
2.05
1.68
1.66
1.59
1.58
1.55
1.54
1.37
1.31
1.24
1.1
0.9
0.89
Weighting
Change
5
5
5
5
5
5
5
5
5
3
3
3
5
5
5
#N/A N/A
3
3
5
#N/A N/A
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
M
M
Latest Chg
(13'932'300)
849'922
475'992
106'807
(1'785'777)
72'700
(912'697)
(512'471)
(1'222'553)
1'051'585
99'392
177'093
2'165'142
575'004
79'795
92'310
623'787
(62'733)
(1'138'215)
Target Price
81
78
77
75
81
#N/A N/A
82
72
#N/A N/A
75
#N/A N/A
#N/A N/A
76
76
#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
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
30.04.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Date
02.07.2013
02.07.2013
01.07.2013
01.07.2013
27.06.2013
26.06.2013
12.06.2013
11.06.2013
02.06.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
07.05.2013
19.04.2013
18.04.2013
18.04.2013
03.04.2013
05.03.2013
04.12.2012
16.10.2009
05.07.2013
Bank of New York Mellon Corp/The

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial
services company. The Company provides financial services for institutions,
corporations and high-net-worth individuals, providing asset management and
wealth management, asset servicing, issuer services, clearing services and
treasury services.
Price/Volume
35
6.0 M
30
5.0 M
25
4.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BK UN EQUITY YTD Change
BK UN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
10
1.0 M
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
16'238.0
1'386.0
8.77x
3.0 M
15
12/2012
03/yy
30.84
20.13
326'791.00
29.02
-5.84%
44.16%
78.43%
1'160.6
33'681.97
62'098.00
1'068.0
1'011.0
145'340.00
-
31.12.2009
31.12.2010
8'279.0
14'920.0
(1'367.0)
2'518.0
13.21x
Profitability
LTM-4Q
31.12.2011
15'804.0
2'516.0
9.37x
31.12.2012
15'089.0
2'445.0
11.09x
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
26.53%
22.69%
0.48%
4.40%
1.69%
0.05%
16.8%
17.30%
175.60%
-
Price/ Cash Flow
LTM
03/yy
15'370.0
0.00x
0.0
0.00x
2'510.0
11.03x
03/yy
15'005.0
0.00x
0.0
0.00x
1'573.0
12.28x
FY+1
.0 M
j-13
1.79
1.33
1'152.55
10.92
32.68%
14.07%
1.328
28
3.214
2'048'041
1'673'813
1'485'151
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
14'743.4
15'396.1
3'727.0
3'701.2
2'461.9
2'799.5
666.1
670.9
12.89x
11.38x
12.54x
12.18x
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
29.11.2011
A+
NEG
29.11.2011
A-1
175.6%
62.4%
0.05
8.99
-
70.00
18'000.0
60.00
16'000.0
14'000.0
50.00
12'000.0
40.00
10'000.0
30.00
8'000.0
6'000.0
20.00
4'000.0
10.00
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
05.07.2013
Bank of New York Mellon Corp/The

Holdings By:
All
Holder Name
BLACKROCK
DODGE & COX
VANGUARD GROUP INC
STATE STREET
CI INVESTMENTS INC
INVESCO LTD
ARTISAN PARTNERS HOL
MAGELLAN ASSET MANAG
MACQUARIE GROUP
THIRD AVENUE MANAGEM
Firm Name
ISI Group
Jefferies
Evercore Partners
Credit Suisse
Edward Jones
JPMorgan
Raymond James
Goldman Sachs
Macquarie
Barclays
Portales Partners
Argus Research Corp
Nomura
Morgan Stanley
EVA Dimensions
RBC Capital Markets
S&P Capital IQ
Stifel
Portfolio Name
n/a
n/a
DODGE & COX
VANGUARD GROUP INC
n/a
CI INVESTMENTS INC
n/a
n/a
ARTISAN PARTNERS LP
n/a
Analyst
CHARLES BRADLEY HINTZ
BRIAN BEDELL
MARTY L MOSBY III
KENNETH M USDIN
ANDREW A MARQUARDT
HOWARD H CHEN
ROBERT A LEE
JEFFERY HARTE
JIM SHANAHAN
VIVEK JUNEJA
DAVID J LONG
RICHARD X BOVE SR
ALEXANDER BLOSTEIN
JOHN MORAN
JASON M GOLDBERG
CHARLES W PEABODY
DAVID RITTER
GLENN P SCHORR
BETSY L GRASECK
AUSTIN BURKETT
GERARD S CASSIDY
JAMES F MITCHELL
SONIA PARECHANIAN
J JEFFREY HOPSON
Source
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
market perform
neutral
neutral
hold
equalweight
neutral
market perform
hold
hold
neutral
outperform
buy
Sell/Neutral
neutral
overweight
sector perform
buy
neutral
Underwt/Attractive
overweight
sector perform
buy
hold
hold
Amt Held
90'882'620
69'231'992
63'782'833
60'547'154
52'181'793
50'497'239
43'932'417
26'830'128
24'450'290
19'385'000
18'939'115
17'533'891
16'596'588
15'774'800
13'716'297
11'728'073
11'287'780
10'861'899
10'097'313
9'570'525
% Out
7.83
5.96
5.5
5.22
4.5
4.35
3.79
2.31
2.11
1.67
1.63
1.51
1.43
1.36
1.18
1.01
0.97
0.94
0.87
0.82
Weighting
Change
3
3
3
3
3
3
3
3
3
3
5
5
1
3
5
3
5
3
1
5
3
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
(4'003'582)
(69'182)
3'066'473
(1'313'141)
(14'336)
(618'431)
(1'075'306)
160'172
41'600
(694'800)
316'050
470'458
(330'363)
564'750
6'081'149
(230'785)
(322'614)
(147'904)
(720'305)
Target Price
27
29
33
31
30
28
30
30
#N/A N/A
31
33
31
26
33
30
#N/A N/A
35
26
25
#N/A N/A
28
32
33
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
04.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
03.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
26.06.2013
26.06.2013
24.06.2013
21.06.2013
20.06.2013
10.06.2013
05.06.2013
04.06.2013
21.05.2013
10.05.2013
02.05.2013
19.04.2013
19.04.2013
18.04.2013
18.04.2013
17.04.2013
17.04.2013
08.03.2013
18.10.2012
05.07.2013
Bristol-Myers Squibb Co
Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company
develops, licenses, manufactures, markets, and sells pharmaceutical and
nutritional products. Bristol-Myers Squibb products and experimental therapies
address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis,
hepatitis, organ transplant rejection, and psychiatric disorders.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.06.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BMY UN EQUITY YTD Change
BMY UN EQUITY YTD % CHANGE
12/2012
03/yy
49.57
30.64
244'869.00
44.02
-11.26%
43.67%
66.98%
1'642.6
72'305.14
7'394.00
0.0
15.0
6'352.00
74'464.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
17'715.0
2.49x
4'382.0
10.08x
5'247.0
15.60x
50
45
40
35
30
25
20
15
10
5
0
j-12
31.12.2009
31.12.2010
18'808.0
19'484.0
2.10x
2.07x
5'646.0
6'722.0
7.01x
6.01x
10'612.0
3'102.0
13.65x
12.26x
Profitability
LTM-4Q
31.12.2011
21'244.0
2.50x
7'448.0
7.13x
3'709.0
16.31x
31.12.2012
17'621.0
3.07x
4'771.0
11.36x
1'960.0
16.38x
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
4'771.00
4'090.00
23.21%
13.28%
4.29%
9.79%
0.47%
73.8%
22.3%
17.9%
11.1%
1.15
0.71
20.60%
54.28%
4.68
2.69
Price/ Cash Flow
LTM
03/yy
21'484.0
9.23x
7'724.0
6.93x
3'824.0
11.56x
03/yy
16'201.0
14.58x
3'610.0
19.25x
1'468.0
24.66x
FY+1
.0 M
j-13
3.13
0.64
1'640.10
33.68
30.87%
38.78%
0.641
22
3.545
2'968'257
2'973'886
2'537'586
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
16'418.4
17'773.4
4'075.6
4'080.5
4.77x
4.39x
4'146.8
4'938.4
981.0
963.0
17.87x
15.01x
2'968.3
3'471.4
731.2
763.7
24.17x
20.51x
23.12x
22.88x
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
06.09.2006
A+
STABLE
31.05.2012
A-1+
26.21
23.20
0.59
2.19
54.3%
35.2%
0.47
3.32
77.96
135.89
173.41
11.53
20.00
25'000.0
18.00
20'000.0
16.00
14.00
15'000.0
12.00
10.00
10'000.0
8.00
6.00
5'000.0
4.00
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
05.07.2013
Bristol-Myers Squibb Co
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
MARSICO CAPITAL MANA
MORGAN STANLEY
INVESCO LTD
JENNISON ASSOCIATES
LOOMIS SAYLES & COMP
RENAISSANCE TECHNOLO
NORGES BANK
MANAGED ACCOUNT ADVI
Firm Name
JPMorgan
Edward Jones
Cowen and Company
Leerink Swann & Co
William Blair & Co
Jefferies
BMO Capital Markets
Goldman Sachs
MKM Partners
Morgan Stanley
EVA Dimensions
Argus Research Corp
Hilliard Lyons
S&P Capital IQ
Barclays
ISI Group
Cyrrus
MP Advisors Pvt Ltd
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
BANK OF AMERICA
JENNISON ASSOCIATES
LOOMIS SAYLES & CO L
NORGES BANK
MANAGED ACCOUNT ADVI
Analyst
TIMOTHY M ANDERSON
JOHN T BORIS
JUDSON CLARK
STEVEN R SCALA
SEAMUS FERNANDEZ
JOHN S SONNIER
JEFFREY HOLFORD
ALEX ARFAEI
JAMI E RUBIN
JON LECROY
RICHARD J PURKISS
DAVID R RISINGER
ANDREW S ZAMFOTIS
JOHN M EADE
STEPHEN A O'NEIL
HERMAN SAFTLAS
MARK J SCHOENEBAUM
TOMAS MENCIK
VISHAL MANCHANDA
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
market perform
buy
neutral
hold
outperform
outperform
outperform
buy
market perform
buy/attractive
sell
neutral
Equalwt/In-Line
underweight
buy
neutral
hold
equalweight
neutral
sell
underperform
Amt Held
156'463'554
107'308'870
75'687'497
67'337'668
40'450'429
27'866'720
26'110'337
25'494'507
18'884'522
18'753'434
18'442'773
18'159'382
17'987'881
15'404'880
15'189'287
14'115'900
13'547'101
12'612'269
11'870'665
11'076'442
% Out
9.53
6.53
4.61
4.1
2.46
1.7
1.59
1.55
1.15
1.14
1.12
1.11
1.1
0.94
0.92
0.86
0.82
0.77
0.72
0.67
Weighting
Change
3
5
3
3
5
5
5
5
3
5
1
3
3
1
5
3
3
3
3
1
1
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
11'679'882
5'976'238
2'435'470
102'788
6'866'906
(2'125'881)
796'121
928'900
9'101'376
7'645'445
(776'242)
(2'057'463)
3'897'592
1'849'414
(165'810)
853'400
9'362
1'330'604
151'188
Target Price
45
55
48
#N/A N/A
55
#N/A N/A
#N/A N/A
53
50
55
29
36
35
#N/A N/A
46
#N/A N/A
42
42
36
32
26
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
6 month
Not Provided
12 month
Not Provided
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
Date
02.07.2013
01.07.2013
01.07.2013
27.06.2013
27.06.2013
21.06.2013
20.06.2013
11.06.2013
04.06.2013
03.06.2013
03.06.2013
31.05.2013
16.05.2013
16.05.2013
02.05.2013
25.04.2013
25.04.2013
25.04.2013
10.04.2013
05.04.2012
31.01.2012
05.07.2013
Berkshire Hathaway Inc

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety
of business sectors. The Company's principal operations are insurance business
conducted nationwide on a primary basis and worldwide on a reinsurance basis.
Berkshire's other operations include a railway company, a specialty chemical
company, and an international association of diversified businesses.
Price/Volume
140
12.0 M
120
10.0 M
100
8.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.06.2013)
52-Week Low (01.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BRK/B UN EQUITY YTD Change
BRK/B UN 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
40
2.0 M
20
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
.0 M
j-13
j-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
107'786.0
0.58x
11'708.0
5.38x
4'994.0
-
6.0 M
60
12/2012
03/yy
115.97
82.12
330'123.00
113.43
-2.23%
38.13%
90.13%
1'128.4
279'644.16
62'736.00
0.0
3'941.0
186'759.00
148'647.16
31.12.2009
31.12.2010
112'493.0
136'185.0
0.35x
0.78x
15'985.0
25'185.0
2.48x
4.23x
8'055.0
12'967.0
Profitability
LTM-4Q
31.12.2011
143'688.0
0.64x
22'008.0
4.15x
10'254.0
-
31.12.2012
162'463.0
0.62x
29'524.0
3.39x
14'824.0
29'524.00
24'378.00
15.01%
13.69%
3.86%
8.81%
7.27%
0.39%
23.5%
19.0%
15.9%
9.1%
1.49
1.43
14.68%
33.43%
4.71
13.58
LTM
03/yy
03/yy
148'115.0 168'183.0
2.37x
2.51x
24'862.0
31'989.0
3.63x
3.93x
11'988.0
16'471.0
0.00x
0.00x
0.87
1'041.61
15.16
35.39%
26.45%
0.868
3
3.000
1'154'413
1'642'148
1'523'452
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
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
AA
NEG
13.78
9.22
-4.22
1.98
33.4%
24.7%
0.39
1.61
77.46
26.87
95.18
3.83
180'000.0
160'000.0
1.00
0.80
140'000.0
120'000.0
100'000.0
0.60
80'000.0
60'000.0
0.40
0.20
40'000.0
20'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Berkshire Hathaway Inc

Holdings By:
All
Holder Name
GATES FOUNDATION
GATES FOUNDATION
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
JP MORGAN
MORGAN STANLEY
D E SHAW & COMPANY I
ALLIANCE BERNSTEIN
NEW YORK STATE COMMO
Firm Name
Barclays
S&P Capital IQ
EVA Dimensions
Portfolio Name
BILL & MELINDA FOUND
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
D E SHAW & CO
BANK OF AMERICA
n/a
NEW YORK STATE COMMO
Analyst
JAY H GELB
CATHY SEIFERT
AUSTIN BURKETT
Source
13F
Research
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
overweight
hold
underweight
Amt Held
80'831'373
80'831'373
80'574'523
74'358'654
60'047'926
21'622'285
18'831'232
17'522'564
12'340'120
10'892'685
9'439'478
7'785'571
7'326'012
7'139'684
7'137'480
6'213'812
6'047'922
5'986'359
5'686'674
5'542'607
% Out
7.16
7.16
7.14
6.59
5.32
1.92
1.67
1.55
1.09
0.97
0.84
0.69
0.65
0.63
0.63
0.55
0.54
0.53
0.5
0.49
Weighting
Change
5
3
1
M
M
U
Latest Chg
(6'250'000)
3'504'853
(1'469'863)
5'117'354
830'354
955'203
(775'887)
279'959
425'906
149'829
2'539'485
(1'420'308)
505'029
74'052
(1'432'053)
(56'235)
289'699
252'209
(464'600)
Target Price
131
116
#N/A N/A
File Dt
Inst Type
31.03.2013
Endowment
31.03.2013
Endowment
03.07.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013 Pension Fund (ERISA)
Date
Not Provided
Not Provided
Not Provided
Date
01.07.2013
14.06.2013
05.03.2013
05.07.2013
Citigroup Inc
Citigroup Inc. is a diversified financial services holding company that provides
a broad range of financial services to consumer and corporate customers. The
Company services include investment banking, retail brokerage, corporate
banking, and cash management products and services. Citigroup serves cutomers
globally.
Price/Volume
20.0 M
15.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (30.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
C UN EQUITY YTD Change
C UN EQUITY YTD % CHANGE
12/2012
03/yy
53.56
24.91
1'160'618.00
48.09
-10.27%
93.05%
79.44%
3'042.9
146'332.33
623'537.00
2'562.0
1'948.0
36'453.00
751'611.32
10.0 M
20
5.0 M
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
25.0 M
50
40
Valuation Analysis
31.12.2008
104'349.0
8.56x
37'722.0
23.69x
(27'684.0)
-
60
31.12.2009
31.12.2010
108'006.0
111'697.0
7.34x
7.58x
61'666.0
66'021.0
12.86x
12.82x
(1'606.0)
10'602.0
12.95x
Profitability
LTM-4Q
31.12.2011
102'587.0
6.95x
53'554.0
13.31x
11'067.0
7.37x
31.12.2012
90'708.0
7.84x
30'978.0
22.97x
7'541.0
9.87x
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
30'978.00
11.31%
8.75%
0.44%
4.52%
0.99%
0.05%
34.4%
8.3%
33.44%
334.36%
-
Price/ Cash Flow
LTM
03/yy
101'804.0
31.62x
49'778.0
16.37x
10'999.0
10.02x
03/yy
90'629.0
32.34x
31'164.0
23.74x
8'418.0
10.70x
FY+1
.0 M
j-13
0.08
1.78
2'923.84
41.85
74.12%
21.62%
1.778
37
4.216
5'278'466
6'894'616
6'521'898
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
79'206.3
81'194.9
19'688.5
19'549.1
14'554.1
16'504.9
3'554.3
3'525.3
10.03x
8.79x
9.72x
9.41x
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
19.26
20.26
334.4%
76.6%
0.05
-
120.00
180'000.0
160'000.0
100.00
140'000.0
120'000.0
80.00
100'000.0
60.00
80'000.0
60'000.0
40.00
40'000.0
20.00
0.00
01.01.2010
20'000.0
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
05.07.2013
Citigroup Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
GOVT OF SINGAPORE IN
FMR LLC
JP MORGAN
INVESCO LTD
FRANKLIN RESOURCES
NORGES BANK
GOLDMAN SACHS GROUP
ALLIANCE BERNSTEIN
Firm Name
Evercore Partners
Credit Suisse
Oppenheimer & Co
Edward Jones
Macquarie
Portales Partners
JPMorgan
Scotia Capital
JMP Securities
Morgan Stanley
Goldman Sachs
Drexel Hamilton LLC
Raymond James
S&P Capital IQ
Barclays
RBC Capital Markets
Argus Research Corp
Deutsche Bank
Nomura
EVA Dimensions
Vector Servicios Financieros
HSBC
Phillip Securities
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
NORGES BANK
n/a
n/a
n/a
Analyst
JOHN E MCDONALD
ANDREW A MARQUARDT
MARTY L MOSBY III
MOSHE A ORENBUCH
MATTHEW H BURNELL
TOM LEWANDOWSKI
FREDERICK CANNON
DAVID J KONRAD
ERIC E WASSERSTROM
CHARLES W PEABODY
RICHARD X BOVE SR
TODD L HAGERMAN
VIVEK JUNEJA
RICHARD STAITE
KEVIN R CHOQUETTE
DAVID M TRONE
BETSY L GRASECK
RICHARD N RAMSDEN
JAMES F MITCHELL
DAVID B HILDER
ANTHONY J POLINI
ERIK M OJA
KAZUKI WATANABE
JASON M GOLDBERG
GERARD S CASSIDY
DAVID RITTER
JEFFERY HARTE
MATTHEW D O'CONNOR
GLENN P SCHORR
AUSTIN BURKETT
RAFAEL ESCOBAR
ROBERT MURPHY
MEREDITH A WHITNEY
MAGDALENE CHOONG
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
Recommendation
outperform
equalweight
buy
outperform
outperform
outperform
buy
outperform
outperform
buy
underperform
buy
buy
neutral
overweight
focus stock
market perform
Overwt/Attractive
buy/attractive
buy
buy
strong buy
hold
underperform
overweight
outperform
sell
buy
buy
buy
hold
speculative buy
underweight
hold
hold
Amt Held
175'868'434
132'146'131
124'411'244
112'095'403
98'893'298
91'576'594
49'485'998
48'655'289
46'858'987
43'490'082
39'017'836
34'858'351
29'719'126
25'563'949
22'227'669
22'016'291
20'693'221
20'583'094
20'027'700
19'098'424
% Out
5.78
4.34
4.09
3.68
3.25
3.01
1.63
1.6
1.54
1.43
1.28
1.15
0.98
0.84
0.73
0.72
0.68
0.68
0.66
0.63
Weighting
Change
5
3
5
5
5
5
5
5
5
5
1
5
5
3
5
5
3
5
5
5
5
5
3
1
5
5
1
5
5
5
3
4
1
3
3
M
M
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
M
D
Latest Chg
9'480'971
6'387'593
2'999'672
12'276'715
(5'104'755)
(10'000'229)
(164'044)
8'483'678
5'503'046
2'285'856
(39'089)
2'821'208
8'846'077
385'232
1'552'333
1'119'157
498'871
(4'136'138)
Target Price
58
51
63
60
#N/A N/A
59
#N/A N/A
55
62
57
#N/A N/A
58
54
48
59
60
#N/A N/A
58
58
57
58
56
52
42
54
52
#N/A N/A
52
53
50
#N/A N/A
52
36
#N/A N/A
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.12.2009
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
04.07.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
Date
12 month
12 month
12 month
Not Provided
Not Provided
18 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
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
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Government
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
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
28.06.2013
26.06.2013
26.06.2013
26.06.2013
20.06.2013
20.06.2013
18.06.2013
17.06.2013
13.06.2013
13.06.2013
11.06.2013
03.06.2013
30.05.2013
24.05.2013
17.05.2013
17.05.2013
16.05.2013
15.05.2013
13.05.2013
06.05.2013
24.04.2013
23.04.2013
19.04.2013
15.04.2013
15.04.2013
15.01.2013
18.12.2012
01.11.2012
16.10.2012
19.10.2011
05.07.2013
Caterpillar Inc
Caterpillar Inc. designs, manufactures and markets construction, mining and
forestry machinery. The Company also manufactures engines and other related
parts for its equipment, and offers financing and insurance. Caterpillar
distributes its products through a worldwide organization of dealers.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CAT UN EQUITY YTD Change
CAT UN EQUITY YTD % CHANGE
12/2012
03/yy
99.70
78.25
235'072.00
81.5
-18.27%
4.15%
16.78%
657.7
53'602.55
10'486.00
0.0
50.0
3'306.00
60'534.55
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
51'324.0
0.66x
6'428.0
5.26x
3'557.0
7.89x
120
31.12.2009
31.12.2010
32'396.0
42'588.0
1.28x
1.50x
2'913.0
6'259.0
14.19x
10.20x
895.0
2'700.0
29.20x
21.51x
Profitability
LTM-4Q
31.12.2011
60'138.0
1.10x
9'680.0
6.86x
4'928.0
11.52x
31.12.2012
65'875.0
1.00x
11'966.0
5.51x
5'681.0
10.36x
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
11'966.00
9'153.00
13.89%
12.52%
5.76%
29.93%
9.67%
0.73%
27.4%
17.3%
12.8%
8.6%
1.43
0.82
44.92%
228.97%
3.41
2.93
Price/ Cash Flow
LTM
03/yy
63'170.0
4.27x
10'256.0
7.62x
5'289.0
12.76x
03/yy
63'104.0
4.08x
10'923.0
5.87x
4'975.0
11.54x
FY+1
.0 M
j-13
2.48
1.29
656.11
21.44
-3.40%
-8.43%
1.288
27
4.148
1'142'939
1'292'816
1'384'026
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
58'820.0
62'887.7
14'930.7
15'335.9
1.44x
1.19x
5.70x
5.54x
9'043.8
10'270.2
2'282.3
2'460.5
6.69x
5.90x
6.32x
6.08x
4'558.5
5'196.0
1'143.2
1'256.2
11.91x
10.26x
11.44x
10.99x
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
24.06.2003
A
STABLE
04.04.1995
A-1
25.62
14.75
0.63
0.96
229.0%
69.5%
0.73
4.09
106.93
124.66
59.40
161.73
16.00
70'000.0
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
05.07.2013
Caterpillar Inc
Holdings By:
All
Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
GATES FOUNDATION
FMR LLC
NORGES BANK
MORGAN STANLEY
IVY MANAGEMENT INCOR
PRIMECAP MANAGEMENT
DEUTSCHE BANK AG
UBS
WELLS FARGO
Firm Name
BMO Capital Markets
Longbow Research
Piper Jaffray
RBC Capital Markets
Credit Suisse
JPMorgan
Jefferies
William Blair & Co
ISI Group
Edward Jones
Goldman Sachs
Raymond James
Argus Research Corp
Macquarie
Barclays
S&P Capital IQ
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
BANK OF AMERICA
NORGES BANK
n/a
IVY INVESTMENT MANAG
PRIMECAP MANAGEMENT
n/a
n/a
n/a
Analyst
JOEL G TISS
RICHARD RADBOURNE
ELI S LUSTGARTEN
ALEXANDER E POTTER
SETH R WEBER
JAMIE L COOK
ANN DUIGNAN
STEPHEN VOLKMANN
LAWRENCE T DE MARIA
DAVID RASO
ANDREW M CASEY
MATT ARNOLD
JERRY REVICH
THEONI PILARINOS
WILLIAM V SELESKY
TED GRACE
MIRCEA DOBRE
SAMEER RATHOD
ANDY KAPLOWITZ
MICHAEL JAFFE
IVAN FEINSETH
CRAIG STERLING
LAURENCE BALTER
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
Sch-D
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
Recommendation
outperform
overweight
buy
overweight
sector perform
outperform
overweight
hold
outperform
strong buy
market perform
hold
neutral/neutral
outperform
buy
Positive
outperform
neutral
overweight
buy
underperform
buy
buy
Amt Held
69'777'210
34'886'211
33'563'714
33'089'879
19'707'800
13'606'971
10'260'857
10'053'520
9'618'996
9'548'071
6'393'898
5'183'052
4'591'629
4'547'260
4'429'891
4'376'127
3'357'495
3'281'619
3'152'685
3'132'518
% Out
10.61
5.3
5.1
5.03
3
2.07
1.56
1.53
1.46
1.45
0.97
0.79
0.7
0.69
0.67
0.67
0.51
0.5
0.48
0.48
Weighting
Change
5
5
5
5
3
5
5
3
5
5
3
3
3
5
5
4
5
3
5
5
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
Latest Chg
(1'741'369)
(1'933'360)
727'036
12'581'729
660
265'505
2'449'032
235'658
389'479
32'047
(354'900)
127'057
(234'601)
(343'582)
(321'639)
286'463
(140'779)
Target Price
96
105
104
99
92
103
100
75
95
102
#N/A N/A
#N/A N/A
97
100
126
102
96
88
100
109
#N/A N/A
#N/A N/A
115
File Dt
02.07.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
30.04.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Insurance Company
Endowment
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
02.07.2013
02.07.2013
01.07.2013
24.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
12.06.2013
05.06.2013
21.05.2013
26.04.2013
24.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
11.03.2013
15.01.2013
25.07.2012
05.07.2013
Colgate-Palmolive Co
Colgate-Palmolive Company is a consumer products company that markets its
products throughout the world. The Company's products include toothpaste,
toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid,
and laundry products, as well as pet nutrition products for cats and dogs.
Price/Volume
70
8.0 M
60
7.0 M
50
6.0 M
5.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CL UN EQUITY YTD Change
CL UN EQUITY YTD % CHANGE
12/2012
03/yy
62.69
50.77
201'612.00
57.39
-8.55%
13.05%
59.16%
932.7
53'529.82
5'230.00
0.0
201.0
884.00
58'201.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
20
2.0 M
10
1.0 M
0
j-12
31.12.2009
31.12.2010
15'327.0
15'564.0
2.84x
2.75x
3'966.0
3'865.0
10.97x
11.09x
2'291.0
2'203.0
18.80x
17.02x
Profitability
LTM-4Q
31.12.2011
16'734.0
2.89x
4'262.0
11.36x
2'431.0
18.38x
31.12.2012
17'085.0
3.13x
4'314.0
12.39x
2'472.0
19.49x
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
4'314.00
3'889.00
22.76%
22.67%
17.46%
115.16%
1.28%
58.1%
24.0%
21.5%
14.5%
1.22
0.68
39.05%
238.92%
9.46
5.19
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
16'940.0
11.40x
4'292.0
11.83x
2'448.0
19.12x
d-12
03/yy
17'200.0
12.92x
4'122.0
14.49x
2'339.0
21.75x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
2.16
0.64
928.17
10.24
12.28%
11.05%
0.640
28
3.357
1'463'151
1'278'658
1'105'864
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
17'672.1
18'612.3
4'391.6
4'517.1
3.31x
3.16x
13.23x
12.84x
4'573.5
4'964.1
1'144.8
1'196.2
12.72x
11.72x
12.31x
12.08x
2'644.4
2'892.7
662.8
696.6
20.16x
18.27x
19.66x
19.20x
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
04.05.2001
AASTABLE
04.05.2001
A-1+
53.93
46.86
1.07
1.30
238.9%
68.6%
1.28
4.57
38.57
70.33
61.78
40.19
20.00
18'000.0
18.00
16'000.0
16.00
14'000.0
14.00
12'000.0
12.00
10'000.0
10.00
8'000.0
8.00
6'000.0
6.00
4'000.0
4.00
2'000.0
2.00
0.00
01.01.2010
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
15'330.0
2.47x
3'449.0
10.99x
1'957.0
18.73x
4.0 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
05.07.2013
Colgate-Palmolive Co
Holdings By:
All
Holder Name
STATE STREET
VANGUARD GROUP INC
BLACKROCK
FMR LLC
UBS
JP MORGAN
OPPENHEIMERFUNDS INC
NORGES BANK
WELLS FARGO
Firm Name
Credit Suisse
William Blair & Co
B Riley & Co
Barclays
BMO Capital Markets
RBC Capital Markets
Goldman Sachs
Edward Jones
Deutsche Bank
Oppenheimer & Co
EVA Dimensions
JPMorgan
Argus Research Corp
Morgan Stanley
Stifel
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
OPPENHEIMER FUNDS IN
BANK OF AMERICA
NORGES BANK
n/a
Analyst
MICHAEL STEIB
JON R ANDERSEN
LINDA BOLTON WEISER
EDDY HARGREAVES
LAUREN R LIEBERMAN
ALI DIBADJ
CONSTANCE M MANEATY
JASON M GERE
JASON ENGLISH
TIMOTHY A CONDER
JACK P RUSSO
WILLIAM G SCHMITZ
JOSEPH ALTOBELLO
AUSTIN BURKETT
JOHN A FAUCHER
JOHN D STASZAK
DARA MOHSENIAN
WILLIAM CHAPPELL
MARK S ASTRACHAN
ALICE BEEBE LONGLEY
IAN GORDON
IVAN FEINSETH
JOHN SAN MARCO
TEAM COVERAGE
VICTORIA COLLIN
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
outperform
market perform
neutral
sell
equalweight
market perform
market perform
sector perform
neutral/neutral
market perform
hold
hold
market perform
hold
neutral
buy
Equalwt/In-Line
neutral
hold
buy
hold
neutral
buy
outperform
neutral
Amt Held
71'305'318
48'140'406
47'512'850
43'641'720
24'319'594
18'225'122
14'037'182
12'983'276
10'869'704
10'113'650
9'950'190
8'451'000
8'364'360
8'318'800
7'840'454
7'831'496
7'773'276
7'617'896
7'578'616
7'147'788
% Out
7.64
5.16
5.09
4.68
2.61
1.95
1.5
1.39
1.17
1.08
1.07
0.91
0.9
0.89
0.84
0.84
0.83
0.82
0.81
0.77
Weighting
Change
5
3
3
1
3
3
3
3
3
3
3
3
3
3
3
5
3
3
3
5
3
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
(4'080)
(1'618'508)
1'338'698
(4'032'304)
(115'524)
(284'638)
334
224'266
646'710
(2'351'400)
(86'494)
(366'980)
1'970'800
(155'596)
959'742
134'240
(161'124)
(478'312)
Target Price
63
#N/A N/A
63
52
59
61
61
63
61
#N/A N/A
#N/A N/A
63
#N/A N/A
#N/A N/A
63
68
#N/A N/A
58
#N/A N/A
66
61
#N/A N/A
61
58
52
File Dt
Inst Type
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
03.07.2013
03.07.2013
03.07.2013
03.07.2013
03.07.2013
28.06.2013
27.06.2013
26.06.2013
24.06.2013
19.06.2013
14.06.2013
11.06.2013
20.05.2013
20.05.2013
16.05.2013
02.05.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.02.2013
08.02.2013
05.02.2013
25.10.2012
05.07.2013
Comcast Corp
Comcast Corporation provides media and television broadcasting services. The
Company offers video streaming, television programming, high-speed internet,
cable television, and communication services. Comcast serves customers
worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CMCSA UW EQUITY YTD Change
CMCSA UW EQUITY YTD % CHANGE
12/2012
03/yy
43.74
31.04
898'473.00
41.57
-4.88%
33.92%
79.64%
2'129.5
108'617.42
40'458.00
0.0
17'438.0
12'415.00
152'478.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
35'756.0
37'937.0
2.14x
2.28x
13'714.0
14'596.0
5.58x
5.93x
3'638.0
3'635.0
15.29x
16.80x
Profitability
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12
LTM-4Q
31.12.2011
55'842.0
2.12x
18'357.0
6.44x
4'160.0
15.02x
31.12.2012
62'570.0
2.30x
19'977.0
7.21x
6'203.0
19.43x
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
19'977.00
12'179.00
19.46%
18.55%
4.08%
13.41%
9.84%
0.40%
68.1%
32.3%
19.8%
9.9%
1.20
1.07
24.52%
81.97%
13.35
-
Price/ Cash Flow
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
LTM
03/yy
58'592.0
8.30x
18'979.0
7.01x
4'441.0
17.93x
03/yy
63'002.0
9.11x
20'323.0
7.60x
6'416.0
21.04x
FY+1
.0 M
j-13
1.64
1.05
2'127.22
18.71
32.21%
12.27%
1.048
33
4.455
5'015'231
3'956'045
3'664'750
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
64'113.5
67'868.8
15'993.1
16'177.4
2.60x
2.43x
9.63x
9.47x
21'108.2
22'358.5
5'359.5
5'220.9
7.22x
6.82x
7.12x
7.01x
6'437.1
7'230.8
1'677.2
1'606.3
17.21x
14.95x
16.55x
16.06x
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
14.02.2013
APOS
25.05.2004
A-2
7.92
5.66
2.09
2.32
82.0%
37.7%
0.40
2.28
27.35
67.08
-
9.00
70'000.0
8.00
60'000.0
7.00
50'000.0
6.00
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
14.0 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
34'423.0
2.33x
13'132.0
6.10x
2'547.0
18.55x
50
45
40
35
30
25
20
15
10
5
0
j-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
05.07.2013
Comcast Corp
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
DODGE & COX
INVESCO LTD
JP MORGAN
DODGE & COX WORLDWID
NORGES BANK
BANK OF NOVA SCOTIA
ALLIANCE BERNSTEIN
Firm Name
Wunderlich Securities
Jefferies
Raymond James
Edward Jones
Oppenheimer & Co
Pivotal Research Group LLC
RBC Capital Markets
Evercore Partners
ISI Group
Brean Capital LLC
Stifel
Argus Research Corp
Morgan Stanley
Goldman Sachs
Credit Suisse
Macquarie
Nomura
Maxim Group LLC
EVA Dimensions
Deutsche Bank
JPMorgan
Scotia Capital
S&P Capital IQ
New Street Research
BTIG LLC
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
DODGE & COX
n/a
n/a
NORGES BANK
n/a
n/a
n/a
Analyst
MATTHEW HARRIGAN
THOMAS O SEITZ
FRANK G LOUTHAN
DAVID HEGER
TIMOTHY K HORAN
JEFFREY WLODARCZAK
JONATHAN ATKIN
BRYAN KRAFT
VIJAY JAYANT
TODD MITCHELL
WILLIAM V POWER
CHRISTOPHER C KING
MARCI RYVICKER
TONY WIBLE
ANDY HARGREAVES
SHING YIN
JOSEPH F BONNER
CHRISTOPHER WATTS
BENJAMIN SWINBURNE
JASON ARMSTRONG
MICHAEL SENNO
AMY YONG
MICHAEL L MCCORMACK
JOHN TINKER
JAISON BLAIR
CRAIG STERLING
DOUGLAS D MITCHELSON
PHILIP CUSICK
JEFFREY FAN
TUNA AMOBI
CHARLES GAYNOR
RICHARD GREENFIELD
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
MF-PART
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
Recommendation
buy
buy
strong buy
buy
outperform
buy
outperform
overweight
buy
buy
neutral
buy
outperform
buy
sector perform
neutral
hold
overweight
Equalwt/In-Line
buy/attractive
outperform
neutral
buy
buy
no rating system
underweight
buy
overweight
sector outperform
buy
neutral
neutral
Amt Held
165'112'435
151'963'101
126'224'748
110'119'110
98'721'495
64'242'735
54'433'537
49'176'022
41'839'297
38'504'049
35'046'497
34'150'901
26'167'487
23'769'674
22'993'590
21'403'264
20'048'486
20'003'833
19'697'819
18'764'948
% Out
7.75
7.14
5.93
5.17
4.64
3.02
2.56
2.31
1.96
1.81
1.65
1.6
1.23
1.12
1.08
1.01
0.94
0.94
0.93
0.88
Weighting
Change
5
5
5
5
5
5
5
5
5
5
3
5
5
5
3
3
3
5
3
5
5
3
5
5
#N/A N/A
1
5
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
D
M
M
M
M
M
M
Latest Chg
(5'174'064)
(296'900)
7'327'492
1'769'948
(480'781)
(8'178'022)
(8'817'469)
(3'809'815)
2'383'701
4'920'619
766'579
(33'507)
(208'774)
(878'210)
(47'909)
(1'813'297)
(4'982'070)
79'579
Target Price
56
48
46
#N/A N/A
48
50
46
47
47
48
45
45
#N/A N/A
49
#N/A N/A
43
#N/A N/A
48
43
48
48
45
48
48
49
#N/A N/A
48
49
48
46
40
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
03.07.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
Date
18 month
12 month
12 month
Not Provided
18 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
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
Investment Advisor
Government
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Date
05.07.2013
02.07.2013
28.06.2013
26.06.2013
24.06.2013
24.06.2013
16.06.2013
14.06.2013
14.06.2013
13.06.2013
12.06.2013
12.06.2013
12.06.2013
17.05.2013
16.05.2013
16.05.2013
10.05.2013
07.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
13.02.2013
26.01.2011
05.07.2013
Capital One Financial Corp

Capital One Financial Corporation is a diversified bank. The Bank, through its
subsidiaries, offers a broad spectrum of financial products and services to
consumers, small businesses and commercial clients both domestically and
internationally. Capital One has bank locations in Connecticut, Louisiana, New
Jersey, New York, and Texas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.07.2013)
52-Week Low (01.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COF UN EQUITY YTD Change
COF UN EQUITY YTD % CHANGE
12/2012
03/yy
64.69
50.28
95'442.00
64.59
-0.29%
28.46%
94.66%
584.2
37'731.07
51'158.00
0.0
0.0
11'058.00
69'332.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
17'856.0
1.75x
11'282.7
2.77x
(46.0)
12.56x
70
31.12.2009
31.12.2010
15'950.0
19'067.0
1.87x
2.94x
9'877.2
11'715.0
3.02x
4.78x
884.0
2'743.0
16.30x
6.37x
Profitability
LTM-4Q
31.12.2011
18'525.0
2.87x
9'793.0
5.43x
3'147.0
6.02x
31.12.2012
23'177.0
3.19x
9'014.0
8.19x
3'517.0
9.28x
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
9'014.00
22.96%
21.72%
1.07%
8.02%
4.23%
0.08%
38.6%
15.2%
16.35%
126.32%
-
Price/ Cash Flow
LTM
03/yy
18'737.0
10.11x
9'229.0
3.83x
3'534.0
8.75x
03/yy
24'303.0
11.01x
9'371.0
6.80x
3'180.0
9.11x
FY+1
.0 M
j-13
0.31
1.22
579.12
8.03
18.12%
12.16%
1.218
35
4.343
840'388
940'621
1'003'061
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
22'093.7
21'935.6
5'519.0
5'588.7
3'942.2
3'806.0
1'005.2
999.2
9.79x
9.65x
10.06x
10.08x
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
17.06.2009
BBB
NEG
3.37
4.09
126.3%
55.8%
0.08
7.15
-
9.00
25'000.0
8.00
20'000.0
7.00
6.00
15'000.0
5.00
4.00
10'000.0
3.00
5'000.0
2.00
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
05.07.2013
Capital One Financial Corp

Holdings By:
All
Holder Name
DODGE & COX
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
JP MORGAN
ALLIANCE BERNSTEIN
LONE PINE CAPITAL LL
Firm Name
Morgan Stanley
Evercore Partners
Oppenheimer & Co
Stifel
Edward Jones
RBC Capital Markets
Credit Suisse
Portales Partners
Goldman Sachs
Drexel Hamilton LLC
William Blair & Co
FBR Capital Markets
Barclays
Argus Research Corp
Jefferies
JPMorgan
Nomura
S&P Capital IQ
EVA Dimensions
Portfolio Name
DODGE & COX
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
HARRIS ASSOC LP
HOTCHKIS AND WILEY
n/a
Analyst
BETSY L GRASECK
SAMEER GOKHALE
SANJAY SAKHRANI
DAVID A GEORGE
KEVIN ST PIERRE
CHRISTOPHER R DONAT
BRADLEY BALL
BEN CHITTENDEN
JIM SHANAHAN
JASON ARNOLD
MOSHE A ORENBUCH
DAVID HOCHSTIM
TODD L HAGERMAN
RICHARD X BOVE SR
WILLIAM H RYAN
RYAN M. NASH
JAMES E FRIEDMAN
DAVID B HILDER
ROBERT P NAPOLI
SCOTT VALENTIN
JASON M GOLDBERG
DAVID RITTER
DANIEL FURTADO
LORI WILKING
RICHARD SHANE JR
BILL CARCACHE
JOEL HOUCK
DAVID W DARST
SONIA PARECHANIAN
AUSTIN BURKETT
MEREDITH A WHITNEY
Source
13F
ULT-AGG
MF-PART
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
Overwt/Attractive
neutral
outperform
outperform
outperform
hold
overweight
outperform
buy
buy
outperform
neutral
buy
neutral
hold
sector perform
buy/attractive
Positive
buy
market perform
outperform
overweight
hold
buy
buy
overweight
neutral
outperform
neutral
buy
overweight
hold
Amt Held
48'608'415
38'525'873
29'415'832
28'768'392
25'586'122
25'145'007
22'507'505
21'321'488
15'676'344
12'223'385
10'833'760
9'860'053
9'570'380
7'906'389
7'622'118
7'575'730
7'450'892
6'151'810
5'722'174
5'079'222
% Out
8.32
6.6
5.04
4.92
4.38
4.3
3.85
3.65
2.68
2.09
1.85
1.69
1.64
1.35
1.3
1.3
1.28
1.05
0.98
0.87
Weighting
Change
5
3
5
5
5
3
5
5
5
5
5
3
5
3
3
3
5
4
5
3
5
5
3
5
5
5
3
5
3
5
5
3
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
M
M
M
M
M
U
M
Latest Chg
53'812
6'345'964
(2'846'093)
810'746
1'362'678
10'692'407
696'503
5'817'709
1'203'893
(2'834'834)
509'554
1'530'057
1'811'832
(683'457)
25'683
4'440'797
4'422'017
(213'439)
645'772
Target Price
70
63
65
65
76
67
70
72
67
#N/A N/A
65
60
68
60
63
#N/A N/A
69
69
60
#N/A N/A
63
68
#N/A N/A
65
#N/A N/A
60
56
#N/A N/A
57
68
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
18 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
02.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
01.07.2013
28.06.2013
24.06.2013
21.06.2013
18.06.2013
17.06.2013
17.06.2013
17.06.2013
17.06.2013
17.06.2013
24.05.2013
21.05.2013
17.05.2013
16.05.2013
15.05.2013
10.05.2013
30.04.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
08.03.2013
04.02.2013
18.10.2012
05.07.2013
ConocoPhillips
ConocoPhillips explores for, produces, transports and markets crude oil,
natural gas, natural gas liquids, liquefied natural gas and bitumen on a
worldwide basis.
Price/Volume
70
8.0 M
60
7.0 M
50
6.0 M
5.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.05.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COP UN EQUITY YTD Change
COP UN EQUITY YTD % CHANGE
12/2012
03/yy
64.77
52.84
260'493.00
61.74
-4.57%
16.84%
75.45%
1'222.7
75'487.10
21'725.00
0.0
440.0
3'618.00
92'149.10
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
20
2.0 M
10
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
225'424.0
0.46x
35'740.0
2.92x
(16'998.0)
4.81x
4.0 M
30
31.12.2009
31.12.2010
136'016.0
175'752.0
0.77x
0.63x
4'281.0
22'655.0
24.43x
4.91x
4'414.0
11'358.0
16.11x
12.53x
Profitability
LTM-4Q
31.12.2011
64'196.0
1.72x
21'649.0
5.10x
12'436.0
11.43x
31.12.2012
57'967.0
1.54x
19'396.0
4.60x
8'428.0
10.60x
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
19'396.00
12'816.00
22.11%
26.61%
5.44%
13.23%
9.64%
0.42%
27.3%
34.4%
22.9%
14.5%
1.38
0.72
18.55%
45.27%
4.80
39.78
Price/ Cash Flow
LTM
03/yy
64'230.0
7.03x
20'695.0
5.84x
12'345.0
12.18x
03/yy
58'243.0
6.17x
20'040.0
4.50x
7'630.0
10.71x
FY+1
.0 M
j-13
7.48
0.98
1'220.31
24.79
14.49%
8.81%
0.979
26
3.615
1'374'326
1'723'508
1'698'458
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
50'237.1
52'170.5
11'548.1
11'680.6
1.76x
1.71x
7.74x
7.82x
21'744.4
23'576.2
5'016.7
5'023.4
4.24x
3.91x
4.37x
4.29x
6'880.9
7'811.0
1'541.1
1'633.7
11.21x
9.97x
11.02x
10.51x
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
07.02.2012
A
STABLE
07.02.2012
A-1
14.65
3.95
0.81
1.08
45.3%
31.0%
0.42
0.73
76.07
9.18
125.13
-30.26
6.00
250'000.0
5.00
200'000.0
4.00
150'000.0
3.00
100'000.0
2.00
50'000.0
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
05.07.2013
ConocoPhillips
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
IVY MANAGEMENT INCOR
WELLS FARGO
NORGES BANK
FEDERATED INVESTORS
Firm Name
ISI Group
Edward Jones
Raymond James
Oppenheimer & Co
Howard Weil Inc
Jefferies
Societe Generale
Deutsche Bank
Barclays
EVA Dimensions
Argus Research Corp
Credit Suisse
JPMorgan
Macquarie
Cowen and Company
Goldman Sachs
RBC Capital Markets
Morgan Stanley
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
IVY INVESTMENT MANAG
n/a
n/a
NORGES BANK
FEDERATED INVESTORS
Analyst
DOUGLAS T TERRESON
ROBERT KESSLER
BRIAN YOUNGBERG
PAVEL MOLCHANOV
FADEL GHEIT
BLAKE FERNANDEZ
IAIN REID
JOHN HERRLIN
PAUL SANKEY
PAUL Y CHENG
ROGER D READ
JEFFREY A DIETERT
CRAIG STERLING
JONATHAN GELCIUS
EDWARD WESTLAKE
KATHERINE LUCAS MINYARD
JASON D GAMMEL
ASIT SEN
JAMES J SULLIVAN
ARJUN N MURTI
SCOTT HANOLD
J EVAN CALIO
MICHAEL KAY
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
hold
hold
underperform
outperform
sector perform
hold
buy
hold
overweight
outperform
neutral
buy
buy
neutral
overweight
neutral
hold
overweight
neutral/attractive
outperform
Underwt/Attractive
buy
Amt Held
73'418'110
56'668'755
54'773'394
51'094'482
25'696'739
24'123'911
22'968'900
21'672'160
21'452'195
18'451'657
15'722'388
11'119'986
10'235'079
10'126'106
9'343'737
9'078'430
8'905'301
8'851'703
8'462'585
8'296'045
% Out
6
4.63
4.48
4.18
2.1
1.97
1.88
1.77
1.75
1.51
1.29
0.91
0.84
0.83
0.76
0.74
0.73
0.72
0.69
0.68
Weighting
Change
5
3
3
1
5
3
3
5
3
5
5
3
5
5
3
5
3
3
5
3
5
1
5
M
M
D
M
M
D
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
2'241'785
2'100'148
6'268'067
(125'842)
8'632'468
359'043
8'945'713
382'162
829'790
418'657
289'253
493'057
(2'319)
(161'396)
127'055
45'400
(1'327'666)
206'915
Target Price
64
61
#N/A N/A
#N/A N/A
70
64
65
68
62
80
#N/A N/A
#N/A N/A
#N/A N/A
65
70
70
64
#N/A N/A
72
64
63
58
64
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
18 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
03.07.2013
03.07.2013
02.07.2013
28.06.2013
21.06.2013
18.06.2013
17.06.2013
13.06.2013
06.06.2013
05.06.2013
31.05.2013
16.05.2013
01.05.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
16.04.2013
12.04.2013
19.03.2013
31.01.2013
31.01.2013
05.07.2013
Costco Wholesale Corp

Costco Wholesale Corporation operates wholesale membership warehouses in
multiple countries. The Company sells all kinds of food, automotive supplies,
toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty
aids, as well as other goods.
Price/Volume
140
3.0 M
120
2.5 M
100
2.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COST UW EQUITY YTD Change
COST UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
40
.5 M
20
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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

31.08.2008
72'483.0
0.39x
2'622.1
10.74x
1'282.7
22.66x
1.5 M
60
08/2012
05/yy
115.75
86.96
97'054.00
111.21
-3.98%
27.89%
83.19%
436.7
48'563.65
1'382.00
0.0
157.0
4'854.00
47'115.65
31.08.2009
31.08.2010
71'422.0
77'946.0
0.30x
0.28x
2'522.0
2'880.0
8.39x
7.60x
1'086.0
1'303.0
20.07x
19.09x
Profitability
LTM-4Q
31.08.2011
88'915.0
0.34x
3'303.0
9.28x
1'462.0
23.30x
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
31.08.2012
99'137.0
0.39x
3'667.0
10.64x
1'709.0
24.82x
3'667.00
2'759.00
2.78%
2.79%
7.02%
17.62%
14.08%
3.63%
12.4%
3.8%
2.9%
1.7%
1.10
0.48
5.09%
11.18%
97.48
12.50
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
7.56
0.75
432.50
5.49
27.58%
13.21%
0.753
30
3.967
426'326
612'915
616'488
FY+2
FQ+1
FQ+2
05/yy
05/yy
08/13 Y
08/14 Y
08/13 Q4 11/13 Q1
95'097.0 104'887.0 105'805.6 115'043.3
33'011.6
25'655.7
1.35x
1.60x
0.46x
0.42x
1.49x
1.95x
3'465.0
3'991.0
4'043.3
4'480.9
1'299.1
959.0
9.27x
11.67x
11.65x
10.51x
10.84x
10.48x
1'578.0
2'031.0
2'009.6
2'208.2
642.1
462.0
22.76x
24.56x
24.36x
22.03x
22.83x
21.99x
S&P Issuer Ratings
28.11.2012
Long-Term Rating
A+
Long-Term Outlook
STABLE
28.11.2012
Short-Term Rating
A-1
Credit Ratios
34.92
20.83
Net Debt/EBITDA
-0.41
Total Debt/EBITDA
1.22
Reference
Total Debt/Equity
11.2%
Total Debt/Capital
9.9%
Asset Turnover
3.63
8.02
3.81
Inventory Days
29.68
30.32
3.64
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
05.07.2013
Costco Wholesale Corp

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
AMERICAN CENTURY COM
INVESCO LTD
JP MORGAN
NORGES BANK
HARBOR CAPITAL ADVIS
BROWN ADVISORY INC
Firm Name
Stifel
ISI Group
Northcoast Research
Wolfe Research
Raymond James
Cowen and Company
Edward Jones
Deutsche Bank
Argus Research Corp
JPMorgan
Piper Jaffray
Jefferies
Credit Suisse
William Blair & Co
Oppenheimer & Co
S&P Capital IQ
Barclays
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
NORGES BANK
n/a
BANK OF AMERICA
Multiple Portfolios
n/a
Analyst
ROBERT SUMMERS
COLIN MCGRANAHAN
DAVID A SCHICK
GREGORY MELICH
CHARLES P GROM
CHARLES E CERANKOSKY
SCOTT A MUSHKIN
BUDD BUGATCH
FAYE LANDES
BRIAN YARBROUGH
PETER S BENEDICT
DAVID S STRASSER
PAUL TRUSSELL
CHRISTOPHER GRAJA
CHRISTOPHER HORVERS
DAN GEIMAN
JOHN HEINBOCKEL
SEAN NAUGHTON
DANIEL T BINDER
KAHORI TAMADA
JOSEPH I FELDMAN
MICHAEL B EXSTEIN
MARK R MILLER
BRIAN NAGEL
IAN GORDON
ROBERT S DRBUL
AUSTIN BURKETT
IVAN FEINSETH
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
Recommendation
negative
market perform
buy
strong buy
buy
buy
peerperform
market perform
market perform
hold
outperform
buy
buy
buy
overweight
hold
neutral
overweight
hold
neutral
no rating system
outperform
outperform
market perform
hold
equalweight
hold
strong buy
Amt Held
46'424'255
21'671'006
20'160'182
17'719'728
14'112'778
13'348'499
9'849'099
7'993'064
6'102'171
5'864'911
5'510'453
4'898'766
4'840'884
4'623'371
4'427'681
4'333'363
4'078'263
3'498'771
3'455'194
3'327'576
% Out
10.63
4.96
4.62
4.06
3.23
3.06
2.26
1.83
1.4
1.34
1.26
1.12
1.11
1.06
1.01
0.99
0.93
0.8
0.79
0.76
Weighting
Change
2
3
5
5
5
5
3
3
3
3
5
5
5
5
5
3
3
5
3
3
#N/A N/A
5
5
3
3
3
3
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
D
N
Latest Chg
(1'142'400)
(3'954'786)
690'828
28'351
(1'205'940)
(198'268)
876'243
158'518
244'823
(163'845)
(139'469)
(236'414)
495'350
244'538
(118'686)
219'079
357'436
263'860
Target Price
65
115
107
121
130
126
#N/A N/A
#N/A N/A
105
#N/A N/A
125
116
120
125
117
115
98
123
101
111
116
115
#N/A N/A
105
116
110
#N/A N/A
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.05.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
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
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
Investment Advisor
Investment Advisor
Date
05.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
24.06.2013
21.06.2013
21.06.2013
19.06.2013
13.06.2013
11.06.2013
06.06.2013
06.06.2013
06.06.2013
06.06.2013
06.06.2013
06.06.2013
04.06.2013
03.06.2013
31.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
13.03.2013
27.02.2013
05.07.2013
Cisco Systems Inc

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol
(IP)-based networking and other products related to the communications and
information technology (IT) industry and provide services associated with these
products and their use. The Company provides products for transporting data,
voice, and video within buildings, across campuses, and globally.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.06.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CSCO UW EQUITY YTD Change
CSCO UW EQUITY YTD % CHANGE
07/2012
04/yy
24.98
14.97
3'199'471.00
24.3
-2.56%
62.38%
96.11%
5'344.3
129'867.36
16'328.00
0.0
15.0
48'716.00
98'737.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
25
50.0 M
20
40.0 M
15
30.0 M
10
20.0 M
10.0 M
0
j-12
31.07.2009
31.07.2010
36'117.0
40'040.0
2.82x
2.64x
9'153.0
11'194.0
11.13x
9.46x
6'134.0
7'767.0
20.17x
17.07x
Profitability
LTM-4Q
31.07.2011
43'218.0
1.37x
10'959.0
5.39x
6'490.0
13.03x
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
31.07.2012
46'061.0
1.10x
12'971.0
3.91x
8'041.0
9.80x
12'971.00
10'369.00
22.51%
22.06%
10.23%
17.81%
14.43%
0.51%
61.2%
28.2%
22.8%
17.5%
3.49
3.20
17.79%
31.84%
5.80
12.61
Price/ Cash Flow
s-12
o-12
n-12
LTM
04/yy
45'566.0
6.19x
12'632.0
5.98x
7'356.0
14.72x
d-12
04/yy
47'880.0
5.75x
13'483.0
5.84x
9'630.0
12.72x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
2.18
1.00
5'334.68
59.50
45.97%
25.53%
0.998
51
4.353
9'383'306
10'948'011
11'023'756
FY+2
FQ+1
FQ+2
07/13 Y
07/14 Y
07/13 Q4 10/13 Q1
48'590.9
51'210.1
12'395.5
12'444.0
1.99x
1.82x
7.67x
7.55x
15'193.6
15'645.5
3'829.0
3'767.0
6.52x
6.33x
6.42x
6.33x
10'795.9
11'263.9
2'742.0
2'714.4
12.11x
11.48x
11.72x
11.51x
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
10.02.2006
A+
STABLE
31.01.2011
A-1+
21.76
19.87
-2.31
1.21
31.8%
24.1%
0.51
13.75
62.75
28.86
18.13
77.17
20.00
50'000.0
18.00
45'000.0
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
8.00
25'000.0
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
31.07.2009
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

31.07.2008
39'540.0
2.86x
11'189.0
10.09x
8'052.0
16.14x
30
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
05.07.2013
Cisco Systems Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
JP MORGAN
FRANKLIN RESOURCES
FMR LLC
YACKTMAN ASSET MANAG
NORGES BANK
DEUTSCHE BANK AG
Firm Name
JPMorgan
Deutsche Bank
Piper Jaffray
FBR Capital Markets
JMP Securities
Morgan Stanley
Jefferies
William Blair & Co
Raymond James
Stifel
The Juda Group
RBC Capital Markets
Needham & Co
Wedbush
Evercore Partners
Oppenheimer & Co
ISI Group
Nomura
Barclays
BMO Capital Markets
Cowen and Company
Edward Jones
Argus Research Corp
ACI Research
NYKREDIT
Berenberg Bank
Goldman Sachs
S&P Capital IQ
MKM Partners
Northland Securities Inc
FBN Securities
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
NORGES BANK
n/a
n/a
n/a
Analyst
BRIAN J WHITE
ROD HALL
BRIAN T MODOFF
JESS L LUBERT
TROY D JENSEN
SCOTT S THOMPSON
MARKUS FRIEBEL
ERIK SUPPIGER
EHUD A GELBLUM
GEORGE C NOTTER
BRENT A BRACELIN
JAYSON NOLAND SR
JASON NOAH ADER
SIMON M LEOPOLD
SANJIV R WADHWANI
RYAN HUTCHINSON
NATARAJAN SUBRAHMANYAN
MARK SUE
WILLIAM CHOI
ALEXANDER HENDERSON
ROHIT CHOPRA
MARK A MCKECHNIE
ITTAI KIDRON
BRIAN MARSHALL
STUART JEFFREY
BENJAMIN A REITZES
TIMOTHY P LONG
PAUL SILVERSTEIN
WILLIAM C KREHER
JAMES KELLEHER
EDWARD A ZABITSKY
MICHAEL DROSCHNER JORGENSEN
YOKO YAMADA
ALEX KURTZ
JUSTIN H BURGIN
ADNAAN AHMAD
SIMONA JANKOWSKI
MATTHEW S ROBISON
JAMES G MOORMAN
MICHAEL GENOVESE
CATHARINE TREBNICK
SHEBLY SEYRAFI
IVAN FEINSETH
Source
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
underweight
buy
outperform
overweight
market perform
buy
market perform
Overwt/Attractive
hold
outperform
outperform
outperform
outperform
buy
neutral
buy
outperform
neutral
hold
outperform
equalweight
outperform
cautious
buy
overweight
outperform
outperform
hold
buy
sell
outperform
outperform
buy
buy
sell
Buy/Neutral
buy
buy
buy
outperform
outperform
neutral
Amt Held
285'699'560
248'500'974
231'945'441
224'204'515
120'991'753
101'584'228
94'877'178
86'807'571
85'516'392
81'881'343
77'549'877
62'486'663
52'439'220
46'236'225
44'659'307
43'095'418
42'112'414
41'609'629
38'981'530
38'678'910
% Out
5.35
4.65
4.34
4.2
2.26
1.9
1.78
1.62
1.6
1.53
1.45
1.17
0.98
0.87
0.84
0.81
0.79
0.78
0.73
0.72
Weighting
Change
5
1
5
5
5
3
5
3
5
3
5
5
5
5
5
3
5
5
3
3
5
3
5
2
5
5
5
5
3
5
1
5
5
5
5
1
5
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
M
M
M
M
M
M
M
M
M
Latest Chg
8'851'883
15'936'699
4'683'906
40'410'203
8'008'876
(2'683'669)
(3'464'088)
4'636'884
8'020'372
3'322'967
7'729'430
(7'941'844)
(3'941)
5'849'630
2'290'349
(4'034'692)
(5'170'786)
1'460'755
2'407'895
Target Price
29
18
26
#N/A N/A
28
19
29
#N/A N/A
24
22
28
28
#N/A N/A
26
28
#N/A N/A
27
25
22
#N/A N/A
26
26
27
#N/A N/A
27
28
27
32
#N/A N/A
29
18
#N/A N/A
26
26
#N/A N/A
16
28
26
28
28
26
27
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Unclassified
31.05.2013
Investment Advisor
31.05.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
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
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
Not Provided
12 month
18 month
12 month
12 month
12 month
12 month
Not Provided
Date
05.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
25.06.2013
25.06.2013
19.06.2013
13.06.2013
12.06.2013
07.06.2013
05.06.2013
30.05.2013
23.05.2013
21.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.04.2013
05.07.2013
CVS Caremark Corp

CVS Caremark Corporation is an integrated pharmacy health care provider. The
Company's offerings include pharmacy benefit management services, mail order,
retail and specialty pharmacy, disease management programs, and retail clinics.
The company operates drugstores throughout the U.S., the District of Columbia,
and Puerto Rico.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (07.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CVS UN EQUITY YTD Change
CVS UN EQUITY YTD % CHANGE
12/2012
03/yy
60.70
43.65
208'631.00
58.1
-4.33%
33.10%
85.92%
1'224.4
71'137.21
9'828.00
0.0
0.0
1'380.00
79'245.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
87'471.9
0.59x
7'320.4
7.10x
3'212.1
11.78x
70
31.12.2009
31.12.2010
98'729.0
95'778.0
0.56x
0.59x
7'827.0
7'606.0
7.02x
7.37x
3'696.0
3'427.0
12.58x
13.96x
Profitability
LTM-4Q
31.12.2011
107'100.0
0.57x
7'898.0
7.79x
3'461.0
15.58x
31.12.2012
123'133.0
0.55x
8'981.0
7.57x
3'877.0
15.08x
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
8'981.00
7'228.00
5.87%
5.14%
6.14%
10.64%
9.24%
1.86%
18.3%
7.6%
6.1%
3.1%
1.44
0.57
14.91%
26.07%
19.32
9.41
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
1.23
0.78
1'221.84
11.39
23.34%
21.15%
0.782
26
4.808
1'599'177
1'496'919
1'448'921
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
112'203.0 123'098.0 125'697.6 130'862.3
31'149.2
31'207.0
2.13x
2.27x
0.63x
0.60x
2.55x
2.56x
8'046.0
9'355.0
9'898.9
10'521.1
2'401.9
2'411.0
8.06x
8.09x
8.00x
7.53x
7.88x
7.77x
3'524.0
4'057.0
4'697.2
5'063.5
1'134.7
1'133.9
16.54x
16.22x
14.74x
13.13x
14.26x
13.91x
S&P Issuer Ratings
23.03.2007
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
29.04.2004
Short-Term Rating
A-2
Credit Ratios
15.22
11.78
Net Debt/EBITDA
0.87
Total Debt/EBITDA
1.03
Reference
Total Debt/Equity
26.1%
Total Debt/Capital
20.7%
Asset Turnover
1.86
14.42
18.89
Inventory Days
38.77
19.60
39.40
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
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
05.07.2013
CVS Caremark Corp

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
ABERDEEN
JP MORGAN
NORGES BANK
INVESCO LTD
MACKAY SHIELDS LLC
Firm Name
BMO Capital Markets
Raymond James
Edward Jones
Wolfe Research
ISI Group
Morgan Stanley
William Blair & Co
RBC Capital Markets
Credit Suisse
JPMorgan
Cantor Fitzgerald
Goldman Sachs
Argus Research Corp
Macquarie
Barclays
S&P Capital IQ
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
NORGES BANK
n/a
Multiple Portfolios
Analyst
JENNIFER LYNCH
JOHN W RANSOM
THOMAS GALLUCCI
ROBERT SUMMERS
JUDSON CLARK
ANN HYNES
SCOTT A MUSHKIN
ROSS MUKEN
RICKY GOLDWASSER
MARK R MILLER
PETER H COSTA
FRANK G MORGAN
EDWARD J KELLY
LISA C GILL
AJAY JAIN
MATTHEW J FASSLER
CHRISTOPHER GRAJA
DAVID G MAGEE
DANE LEONE
MEREDITH ADLER
JOHN HEINBOCKEL
JOSEPH AGNESE
AUSTIN BURKETT
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
Recommendation
outperform
outperform
buy
Positive
buy
buy
outperform
buy
Overwt/In-Line
outperform
outperform
outperform
outperform
overweight
buy
neutral/neutral
buy
neutral
outperform
overweight
buy
strong buy
buy
Amt Held
78'298'339
65'798'438
56'833'385
51'902'926
49'941'523
42'927'207
30'515'667
28'981'200
21'227'287
20'887'062
19'488'687
17'853'888
16'080'005
13'309'240
11'162'932
10'644'267
10'256'556
10'142'946
8'748'671
8'406'444
% Out
6.39
5.37
4.64
4.24
4.08
3.51
2.49
2.37
1.73
1.71
1.59
1.46
1.31
1.09
0.91
0.87
0.84
0.83
0.71
0.69
Weighting
Change
5
5
5
4
5
5
5
5
5
5
5
5
5
5
5
3
5
3
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'534'020
8'513'495
486'092
(455'268)
2'366'794
(6'111'060)
(1'658'521)
(7'432'222)
(142'490)
2'495'212
325'138
1'958'553
1'750'080
(1'783'531)
214'426
2'018'570
479'267
638'658
(305'522)
Target Price
66
65
67
60
#N/A N/A
56
67
68
60
#N/A N/A
#N/A N/A
71
62
64
65
61
66
63
66
67
60
62
#N/A N/A
File Dt
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.12.2012
03.07.2013
30.04.2013
31.03.2013
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
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
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.07.2013
01.07.2013
01.07.2013
01.07.2013
27.06.2013
24.06.2013
24.06.2013
19.06.2013
18.06.2013
14.06.2013
30.05.2013
24.05.2013
21.05.2013
17.05.2013
14.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
06.02.2013
16.01.2013
05.07.2013
Chevron Corp
Chevron Corporation is an integrated energy company with operations in countries
located around the world. The Company produces and transports crude oil and
natural gas. Chevron also refines, markets, and distributes fuels as well as
is involved in chemical operations, mining operations, power generation and
energy services.
Price/Volume
140
8.0 M
120
7.0 M
100
6.0 M
5.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CVX UN EQUITY YTD Change
CVX UN EQUITY YTD % CHANGE
12/2012
03/yy
127.40
100.66
228'898.00
119.53
-6.22%
18.75%
68.89%
1'939.0
231'766.02
12'192.00
0.0
1'308.0
21'205.00
229'621.01
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
40
2.0 M
20
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
255'112.0
0.58x
44'538.0
3.32x
23'931.0
6.50x
4.0 M
60
31.12.2009
31.12.2010
159'293.0
189'607.0
0.99x
0.96x
26'432.0
38'438.0
5.94x
4.71x
10'483.0
19'024.0
14.69x
9.76x
Profitability
LTM-4Q
31.12.2011
236'286.0
0.87x
51'210.0
4.02x
26'895.0
7.92x
31.12.2012
222'580.0
0.91x
48'426.0
4.19x
26'179.0
8.41x
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
48'426.00
35'013.00
15.73%
20.82%
11.45%
19.49%
0.96%
18.6%
21.2%
14.9%
11.8%
1.63
1.23
5.23%
8.93%
9.90
25.70
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
3.01
1.07
1'938.50
17.66
15.01%
12.30%
1.072
29
4.241
1'544'588
1'717'319
1'685'532
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
237'117.0 217'734.0 230'022.0 227'252.1
54'642.0
55'405.5
3.35x
3.90x
1.00x
1.04x
4.21x
4.17x
52'356.0
46'203.0
55'870.1
56'908.6
11'867.3
12'289.7
3.87x
4.96x
4.11x
4.03x
4.59x
4.36x
27'155.0
25'886.0
24'086.9
24'209.9
5'849.3
6'207.4
8.01x
9.16x
9.66x
9.52x
9.75x
9.65x
S&P Issuer Ratings
01.07.1987
Long-Term Rating
AA
Long-Term Outlook
STABLE
01.07.1987
Short-Term Rating
A-1+
Credit Ratios
Net Debt/EBITDA
-0.08
Total Debt/EBITDA
0.31
Reference
Total Debt/Equity
8.9%
Total Debt/Capital
8.1%
Asset Turnover
0.96
1.61
36.86
Inventory Days
14.20
45.35
1.75
8.00
300'000.0
7.00
250'000.0
6.00
200'000.0
5.00
4.00
150'000.0
3.00
100'000.0
2.00
50'000.0
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
05.07.2013
Chevron Corp
Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
JP MORGAN
FRANKLIN RESOURCES
NORGES BANK
WELLS FARGO
INVESCO LTD
Firm Name
Edward Jones
JPMorgan
Morgan Stanley
Raymond James
Cowen and Company
Oppenheimer & Co
ISI Group
Howard Weil Inc
Jefferies
Societe Generale
Barclays
Argus Research Corp
VTB Capital
Credit Suisse
Deutsche Bank
Macquarie
S&P Capital IQ
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
BANK OF AMERICA
NORGES BANK
n/a
n/a
n/a
Analyst
BRIAN YOUNGBERG
J EVAN CALIO
PAVEL MOLCHANOV
ASIT SEN
ROBERT KESSLER
FADEL GHEIT
ROGER D READ
DOUGLAS T TERRESON
BLAKE FERNANDEZ
IAIN REID
JOHN HERRLIN
PAUL Y CHENG
GORDON GRAY
JONATHAN GELCIUS
JEFFREY A DIETERT
COLIN SMITH
SVEN DIERMEIER
LEZE THAQI
EDWARD WESTLAKE
PAUL SANKEY
JASON D GAMMEL
MICHAEL KAY
LAURENCE BALTER
CRAIG STERLING
ARJUN N MURTI
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
Recommendation
buy
neutral
Overwt/In-Line
outperform
outperform
hold
outperform
outperform
buy
sector outperform
hold
hold
equalweight
buy
buy
overweight
hold
hold
buy
outperform
buy
outperform
strong buy
hold
buy
neutral/attractive
Amt Held
120'672'728
104'156'422
98'040'555
78'133'034
37'588'506
31'537'302
31'438'900
29'333'821
23'728'375
23'323'815
18'387'731
16'787'056
16'404'385
16'281'400
13'180'196
12'648'021
12'416'713
11'559'439
11'426'378
11'329'103
% Out
6.22
5.37
5.06
4.03
1.94
1.63
1.62
1.51
1.22
1.2
0.95
0.87
0.85
0.84
0.68
0.65
0.64
0.6
0.59
0.58
Weighting
Change
5
3
5
5
5
3
5
5
5
5
3
3
3
5
5
5
3
3
5
5
5
5
5
3
5
3
M
M
M
M
M
M
M
N
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
482'591
(3'274'466)
3'489'417
(2'626'304)
751'186
1'159'770
978'505
(4'658'064)
(439'218)
(391'890)
(369'205)
14'943
234'047
(95'262)
452'568
(272'287)
1'002'097
(766'314)
Target Price
#N/A N/A
121
135
125
133
125
140
#N/A N/A
130
140
135
126
145
136
140
#N/A N/A
120
127
#N/A N/A
135
140
148
142
110
#N/A N/A
125
File Dt
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
30.04.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
30.04.2013
03.07.2013
31.03.2013
31.05.2013
Date
Not Provided
6 month
12 month
12 month
12 month
Not Provided
18 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
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
Investment Advisor
Investment Advisor
Government
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
28.06.2013
28.06.2013
25.06.2013
25.06.2013
24.06.2013
24.06.2013
21.06.2013
20.06.2013
19.06.2013
18.06.2013
17.06.2013
07.06.2013
05.06.2013
30.05.2013
17.05.2013
16.05.2013
15.05.2013
06.05.2013
03.05.2013
29.04.2013
28.04.2013
27.04.2013
26.04.2013
01.02.2013
16.01.2013
13.12.2012
05.07.2013
EI du Pont de Nemours & Co

E. I. du Pont de Nemours and Company is a global chemical and life sciences
company, with businesses that include agriculture and industrial biotechnology,
chemistry, biology, materials science and manufacturing. The Company operates
globally and offers a wide range of products and services for markets including
agriculture and food, building and construction, electronics and communications.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DD UN EQUITY YTD Change
DD UN EQUITY YTD % CHANGE
12/2012
03/yy
57.25
41.68
267'204.00
52.58
-8.17%
26.15%
68.85%
920.5
48'398.11
11'740.00
237.0
91.0
4'407.00
55'401.10
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
30'529.0
0.96x
2'904.0
10.14x
2'007.0
9.10x
60
31.12.2009
31.12.2010
26'109.0
31'505.0
1.38x
1.58x
3'086.0
4'419.0
11.67x
11.29x
1'755.0
3'031.0
16.03x
15.15x
Profitability
LTM-4Q
31.12.2011
33'681.0
1.53x
5'046.0
10.23x
3'474.0
12.89x
31.12.2012
34'812.0
1.43x
4'794.0
10.35x
2'788.0
13.08x
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
4'794.00
3'081.00
8.85%
8.95%
9.22%
42.69%
19.82%
0.72%
26.5%
13.3%
8.7%
8.0%
1.56
0.73
23.60%
119.18%
4.36
3.94
Price/ Cash Flow
LTM
03/yy
35'925.0
6.31x
5'513.0
11.15x
3'535.0
14.70x
03/yy
36'129.0
6.07x
4'817.0
10.84x
4'648.0
14.52x
FY+1
.0 M
j-13
3.27
1.15
919.00
25.90
9.89%
18.95%
1.152
27
3.296
1'364'026
1'676'815
1'688'155
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
35'925.7
38'306.3
10'002.0
7'758.3
1.47x
1.33x
5.63x
7.12x
6'725.7
7'264.3
2'114.6
1'158.2
8.24x
7.63x
7.83x
7.58x
3'536.6
3'980.0
1'182.5
486.2
13.79x
12.24x
13.05x
12.41x
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
17.05.2011
A
STABLE
17.05.2011
A-1
9.57
5.99
1.39
2.76
119.2%
53.6%
0.72
2.78
83.73
92.75
55.15
96.29
14.00
40'000.0
12.00
35'000.0
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
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
05.07.2013
EI du Pont de Nemours & Co

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FRANKLIN RESOURCES
DUPONT CAPITAL MANAG
MORGAN STANLEY
JP MORGAN
FMR LLC
GOLDMAN SACHS GROUP
NORGES BANK
WILMINGTON TRUST COM
Firm Name
Macquarie
Jefferies
Argus Research Corp
JPMorgan
BGC Partners
Piper Jaffray
Barclays
Deutsche Bank
Morgan Stanley
RBC Capital Markets
Credit Suisse
Edward Jones
Oppenheimer & Co
EVA Dimensions
Hamburger Sparkasse
Goldman Sachs
S&P Capital IQ
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
BANK OF AMERICA
DUPONT CAPITAL MANAG
n/a
n/a
n/a
n/a
n/a
n/a
NORGES BANK
WILMINGTON TRUST COM
Analyst
FRANK J MITSCH
COOLEY MAY
ANDREW W CASH
LAURENCE ALEXANDER
DONALD D CARSON
WILLIAM V SELESKY
JEFFREY J ZEKAUSKAS
MARK R GULLEY
MIKE J RITZENTHALER
DUFFY FISCHER
DAVID I BEGLEITER
VINCENT ANDREWS
CHRIS NOCELLA
JOHN P MCNULTY
MATT ARNOLD
EDWARD H YANG
HERBERT A HARDT
CRAIG STERLING
FREDERICK M SCHULTZ
HASSAN I AHMED
MARCO GUENTHER
ROBERT KOORT
LEO LARKIN
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
Recommendation
market perform
outperform
reduce
hold
Positive
buy
neutral
sell
neutral
equalweight
buy
Equalwt/Attractive
sector perform
neutral
buy
market perform
neutral
overweight
buy
neutral
hold
neutral/attractive
hold
Amt Held
60'733'220
44'931'435
43'184'430
40'354'000
16'974'273
16'697'828
16'072'793
11'047'590
10'292'361
9'974'422
9'907'239
9'289'820
8'224'253
7'870'300
7'657'466
7'547'295
6'989'386
6'914'198
6'912'093
6'717'535
% Out
6.6
4.88
4.69
4.38
1.84
1.81
1.75
1.2
1.12
1.08
1.08
1.01
0.89
0.86
0.83
0.82
0.76
0.75
0.75
0.73
Weighting
Change
3
5
2
3
4
5
3
1
3
3
5
3
3
3
5
3
3
5
5
3
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
Latest Chg
1'285'316
(175'458)
1'602'674
460'000
424'573
2'105'648
483'739
4'230'738
389'593
3'343'251
3'263'788
(3'078'774)
(2'184'189)
(1'759'561)
(1'022'109)
(350'768)
(197'052)
-
Target Price
#N/A N/A
57
45
56
60
63
58
50
56
56
62
#N/A N/A
56
55
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
43
#N/A N/A
50
50
File Dt
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Insurance Company
Date
05.07.2013
29.06.2013
28.06.2013
20.06.2013
20.06.2013
18.06.2013
18.06.2013
18.06.2013
17.06.2013
14.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
20.05.2013
09.05.2013
30.04.2013
23.04.2013
19.03.2013
27.01.2013
22.01.2013
05.07.2013
Walt Disney Co/The

The Walt Disney Company is an entertainment company that conducts operations in
media networks, studio entertainment, theme parks and resorts, consumer
products, and interactive media. The Company produces motion pictures,
television programs, and musical recordings, as well as books and magazines.
Price/Volume
80
9.0 M
70
8.0 M
60
7.0 M
6.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (09.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DIS UN EQUITY YTD Change
DIS UN EQUITY YTD % CHANGE
09/2012
03/yy
67.89
46.55
405'003.00
63.39
-6.66%
36.18%
79.94%
1'800.9
114'161.68
14'311.00
0.0
2'199.0
3'387.00
129'201.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
j-12
30.09.2009
30.09.2010
36'149.0
38'063.0
1.67x
1.96x
7'328.0
8'439.0
8.25x
8.86x
3'307.0
3'963.0
14.99x
16.08x
Profitability
LTM-4Q
30.09.2011
40'893.0
1.65x
9'622.0
7.00x
4'807.0
11.80x
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
30.09.2012
42'278.0
2.51x
10'850.0
9.79x
5'682.0
16.69x
10'850.00
8'863.00
20.96%
21.90%
7.62%
14.90%
11.56%
0.56%
21.0%
25.9%
21.2%
13.4%
1.07
0.77
19.11%
35.99%
6.51
23.74
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
41'508.0
7.87x
10'103.0
9.28x
5'170.0
15.93x
d-12
03/yy
43'765.0
9.80x
11'349.0
10.33x
5'970.0
17.23x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.18
1.12
1'630.76
36.20
32.45%
27.31%
1.119
35
4.314
2'460'993
2'487'246
2'268'991
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
45'215.2
48'054.7
11'695.6
11'648.1
2.82x
2.61x
10.77x
10.82x
12'292.9
13'589.4
3'677.5
3'123.7
10.50x
9.50x
9.95x
9.69x
6'311.0
7'023.8
1'888.6
1'538.6
18.26x
16.04x
17.13x
16.46x
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
22.12.2009
A
STABLE
22.12.2009
A-1
19.24
12.53
1.14
1.49
36.0%
25.4%
0.56
2.06
55.88
15.33
64.73
21.82
18.00
45'000.0
16.00
40'000.0
14.00
35'000.0
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
09.10.2009
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

30.09.2008
37'843.0
1.95x
8'986.0
8.20x
4'427.0
14.43x
5.0 M
40
0.0
09.04.2010
09.10.2010
09.04.2011
09.10.2011
09.04.2012
09.10.2012
09.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Walt Disney Co/The

Holdings By:
All
Holder Name
LAURENE POWELL JOBS
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
LUCAS GEORGE
NORGES BANK
JENNISON ASSOCIATES
JP MORGAN
WELLS FARGO
Firm Name
B Riley & Co
Edward Jones
Needham & Co
BMO Capital Markets
Goldman Sachs
Cowen and Company
Davenport & Co
Macquarie
Nomura
Morgan Stanley
JPMorgan
S&P Capital IQ
Stifel
BTIG LLC
Deutsche Bank
RBC Capital Markets
Argus Research Corp
Credit Suisse
Hilliard Lyons
Piper Jaffray
Barclays
Wedge Partners
Evercore Partners
Gabelli & Co
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
NORGES BANK
JENNISON ASSOCIATES
n/a
n/a
Analyst
DAVID W MILLER
TODD JUENGER
MATTHEW HARRIGAN
BARTON CROCKETT
ROBIN DIEDRICH
LAURA A MARTIN
DANIEL SALMON
DREW BORST
TONY WIBLE
DOUGLAS CREUTZ
VASILY KARASYOV
MICHAEL C MORRIS
TIMOTHY W NOLLEN
MICHAEL NATHANSON
BENJAMIN SWINBURNE
MARCI RYVICKER
JAISON BLAIR
ALEXIA S QUADRANI
HAMILTON FABER
TUNA AMOBI
DREW E CRUM
RICHARD GREENFIELD
DAVID BANK
JOSEPH F BONNER
MICHAEL SENNO
JEFFREY S THOMISON
JAMES M MARSH JR
MARTIN PYYKKONEN
ALAN GOULD
IVAN FEINSETH
BRETT HARRISS
CRAIG STERLING
EVAN S WILSON
Source
PROXY
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
Co File
13F
13F
13F
13F
Sch-D
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
Recommendation
buy
outperform
hold
buy
buy
hold
outperform
neutral/attractive
neutral
neutral
neutral
buy
outperform
buy
Overwt/Attractive
outperform
no rating system
overweight
neutral
strong buy
buy
buy
buy
outperform
buy
outperform
long-term buy
neutral
equalweight
no rating system
overweight
buy
hold
sell
sector perform
Amt Held
130'844'544
94'331'002
78'979'851
74'953'080
60'948'821
57'140'454
42'206'018
37'076'679
30'420'487
29'167'554
28'484'413
28'240'664
23'264'657
18'325'116
15'484'915
14'991'213
14'235'925
13'616'766
13'206'981
12'790'648
% Out
7.27
5.24
4.39
4.16
3.38
3.17
2.34
2.06
1.69
1.62
1.58
1.57
1.29
1.02
0.86
0.83
0.79
0.76
0.73
0.71
Weighting
Change
5
5
3
5
5
3
5
3
3
3
3
5
5
5
5
5
#N/A N/A
5
3
5
5
5
5
5
5
5
5
3
3
#N/A N/A
5
5
3
1
3
M
M
M
M
M
M
M
D
M
M
M
M
U
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
N
M
D
M
Latest Chg
7'570'987
2'428'922
856'779
(7'078'995)
1'811'194
275'056
(3'841'045)
(1'883'879)
844'179
9'748
(76'532)
(1'664'500)
173'086
(1'782'906)
(247'554)
280'678
Target Price
73
73
63
73
#N/A N/A
#N/A N/A
76
70
69
65
69
71
75
67
70
#N/A N/A
73
75
74
75
72
85
75
71
75
73
78
57
67
#N/A N/A
70
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
07.01.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.05.2013
31.03.2013
06.02.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.05.2013
31.03.2013
30.04.2013
Date
Not Provided
12 month
18 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 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
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.07.2013
01.07.2013
01.07.2013
30.06.2013
27.06.2013
26.06.2013
25.06.2013
20.06.2013
20.06.2013
18.06.2013
16.06.2013
14.06.2013
11.06.2013
06.06.2013
03.06.2013
31.05.2013
31.05.2013
30.05.2013
17.05.2013
14.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
20.03.2013
06.02.2013
06.02.2013
05.08.2011
05.07.2013
Dow Chemical Co/The

The Dow Chemical Company is a diversified chemical company that provides
chemical, plastic, and agricultural products and services to various essential
consumer markets. The Company serves customers in countries around the world in
markets such as food, transportation, health and medicine, personal care, and
construction.
Price/Volume
40
4.0 M
25
20
12/2012
03/yy
36.00
27.45
200'083.00
32.46
-9.89%
18.25%
58.25%
1'209.6
39'263.26
20'987.00
4'000.0
1'137.0
4'318.00
60'980.26
3.0 M
15
2.0 M
10
1.0 M
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
5.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DOW UN EQUITY YTD Change
DOW UN EQUITY YTD % CHANGE
31.12.2008
57'361.0
0.41x
4'316.0
5.46x
579.0
25.58x
6.0 M
35
31.12.2009
31.12.2010
44'875.0
53'674.0
1.25x
1.14x
4'176.0
6'078.0
13.38x
10.11x
648.0
2'310.0
46.12x
17.28x
Profitability
LTM-4Q
31.12.2011
59'985.0
0.92x
6'909.0
7.99x
2'742.0
12.27x
31.12.2012
56'786.0
1.07x
6'645.0
9.14x
1'182.0
18.70x
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
6'645.00
3'947.00
6.95%
2.93%
1.90%
5.44%
4.44%
0.81%
15.0%
11.6%
6.9%
2.1%
2.06
0.82
30.15%
124.35%
10.30
5.24
Price/ Cash Flow
LTM
03/yy
59'971.0
3.88x
6'664.0
9.54x
2'529.0
16.26x
03/yy
56'450.0
4.20x
6'568.0
9.17x
1'320.0
17.70x
FY+1
.0 M
j-13
3.94
1.47
1'204.99
19.27
6.67%
2.45%
1.469
25
3.200
1'301'077
1'680'224
1'827'730
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
57'380.3
59'676.5
14'474.0
14'054.8
1.06x
0.99x
4.36x
4.42x
8'338.8
9'202.3
2'129.4
1'969.7
7.31x
6.63x
7.21x
6.87x
2'801.4
3'510.6
767.0
659.8
13.70x
10.94x
13.26x
12.25x
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
11.05.2011
BBB
STABLE
11.05.2011
A-2
4.91
2.98
2.52
3.06
124.4%
48.8%
0.81
3.27
35.43
69.72
37.46
56.57
16.00
70'000.0
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
05.07.2013
Dow Chemical Co/The

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
DODGE & COX
JP MORGAN
GLOBAL THEMATIC PART
UBS
FMR LLC
CREDIT SUISSE AG
NORGES BANK
WADDELL & REED FINAN
INVESCO LTD
MORGAN STANLEY
Firm Name
Macquarie
Edward Jones
Jefferies
Morgan Stanley
Credit Suisse
Barclays
Cowen and Company
EVA Dimensions
Goldman Sachs
Argus Research Corp
Deutsche Bank
RBC Capital Markets
Hilliard Lyons
JPMorgan
Gilford Securities
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
DODGE & COX
n/a
GLOBAL THEMATIC PART
n/a
n/a
n/a
NORGES BANK
n/a
n/a
n/a
Analyst
FRANK J MITSCH
COOLEY MAY
MATT ARNOLD
ANDREW W CASH
LAURENCE ALEXANDER
VINCENT ANDREWS
JOHN P MCNULTY
HASSAN I AHMED
DUFFY FISCHER
CHARLES NEIVERT
HERBERT A HARDT
CRAIG STERLING
ROBERT KOORT
WILLIAM V SELESKY
DAVID I BEGLEITER
CHRIS NOCELLA
DONALD D CARSON
STEPHEN A O'NEIL
JEFFREY J ZEKAUSKAS
IVAN FEINSETH
PAUL C CHRISTOPHERSON
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
market perform
outperform
sell
reduce
hold
Equalwt/Attractive
outperform
overweight
equalweight
neutral
neutral
hold
buy/attractive
hold
hold
sector perform
neutral
neutral
neutral
neutral
sell
Amt Held
172'008'906
66'934'373
55'361'063
50'852'928
46'940'542
35'168'502
29'788'219
25'381'961
17'217'878
13'203'659
10'935'724
10'907'626
8'609'269
8'228'732
8'123'754
7'892'282
7'714'057
7'160'162
6'632'996
6'573'537
% Out
14.22
5.53
4.58
4.2
3.88
2.91
2.46
2.1
1.42
1.09
0.9
0.9
0.71
0.68
0.67
0.65
0.64
0.59
0.55
0.54
Weighting
Change
3
5
1
2
3
3
5
5
3
3
3
3
5
3
3
3
3
3
3
3
1
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
N
M
Latest Chg
(34'660'778)
2'524'433
2'087'824
370'337
2'725'080
399'429
(31'119)
12'426'794
539'435
(555'116)
915'908
2'671'115
797'811
921'078
242'057
1'521'955
5'652'950
1'371'283
(370'553)
Target Price
#N/A N/A
39
#N/A N/A
30
34
#N/A N/A
39
45
36
#N/A N/A
#N/A N/A
#N/A N/A
42
#N/A N/A
37
36
35
#N/A N/A
34
#N/A N/A
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
03.07.2013
31.03.2013
31.03.2013
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
05.07.2013
01.07.2013
28.06.2013
28.06.2013
26.06.2013
25.06.2013
25.06.2013
24.06.2013
21.06.2013
14.06.2013
20.05.2013
13.05.2013
07.05.2013
07.05.2013
06.05.2013
29.04.2013
29.04.2013
26.04.2013
26.04.2013
13.03.2013
18.09.2012
05.07.2013
Devon Energy Corp

Devon Energy Corporation is an independent energy company that is involved
primarily in oil and gas exploration, development and production, the
transportation of oil, gas, and NGLs and the processing of natural gas. The
Company also has marketing and midstream operations primarily in North America
that include gas, crude oil and NGLs.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (22.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DVN UN EQUITY YTD Change
DVN UN EQUITY YTD % CHANGE
12/2012
03/yy
63.95
50.82
146'752.00
53.77
-15.87%
5.80%
20.41%
406.0
21'830.62
11'644.00
0.0
0.0
6'980.00
27'481.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
j-12
31.12.2009
31.12.2010
8'015.0
9'940.0
4.92x
3.69x
4'270.0
5'859.0
9.24x
6.25x
(2'479.0)
4'550.0
22.88x
13.09x
Profitability
LTM-4Q
31.12.2011
11'454.0
2.42x
6'878.0
4.04x
4'704.0
7.75x
31.12.2012
9'679.0
2.66x
5'253.0
4.91x
(206.0)
15.99x
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
5'253.00
2'442.00
25.23%
-3.28%
-4.60%
-9.34%
0.21%
32.4%
50.2%
18.6%
-2.1%
1.49
1.37
26.88%
54.72%
7.25
-
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
11'804.0
10.12x
7'068.0
4.59x
4'681.0
12.37x
d-12
03/yy
8'977.0
12.21x
4'509.0
6.33x
(1'938.0)
8.27x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.49
1.33
379.91
8.13
-6.70%
4.11%
1.335
33
3.939
611'245
720'872
691'745
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
9'733.4
11'203.3
2'435.4
2'553.2
3.12x
2.82x
12.25x
11.86x
5'204.6
6'731.6
1'402.3
1'525.5
5.28x
4.08x
4.48x
4.35x
1'483.3
2'065.5
357.8
416.8
14.39x
10.62x
12.33x
11.41x
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
18.03.2008
BBB+
STABLE
29.08.2000
A-2
11.57
-6.55
1.25
2.70
54.7%
35.4%
0.21
0.34
50.34
-
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
01.01.2010
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
13'615.0
2.56x
8'952.0
3.89x
(2'148.0)
8.29x
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
05.07.2013
Devon Energy Corp

Holdings By:
All
Holder Name
BLACKROCK
MITCHELL GEORGE PHYD
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
GOLDMAN SACHS GROUP
JP MORGAN
INTERNATIONAL VALUE
GREENHAVEN ASSOCIATE
TWEEDY BROWNE COMPAN
Firm Name
Jefferies
Credit Suisse
Raymond James
Edward Jones
FBR Capital Markets
ISI Group
Oppenheimer & Co
Societe Generale
Howard Weil Inc
Johnson Rice & Co
Peters & Co Ltd
JPMorgan
Argus Research Corp
EVA Dimensions
Barclays
Macquarie
Morgan Stanley
Deutsche Bank
RBC Capital Markets
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
HARRIS ASSOC LP
n/a
n/a
n/a
n/a
INTERNATIONAL VALUE
n/a
TWEEDY BROWNE COMPAN
Analyst
BOB BRACKETT
BIJU Z PERINCHERIL
ARUN JAYARAM
HSULIN PENG
ANDREW COLEMAN
MATTHEW PORTILLO
DUANE GRUBERT
BRIAN YOUNGBERG
REHAN RASHID
JONATHAN WOLFF
FADEL GHEIT
BRIAN T VELIE
DAVID W KISTLER
JOHN HERRLIN
PETER KISSEL
CHARLES MEADE
DAN GRAGER
DAVID R TAMERON
ROBERT CORDRAY
JOSEPH D ALLMAN
JONATHAN GELCIUS
CRAIG STERLING
THOMAS R DRISCOLL
LEZE THAQI
JOSEPH MAGNER
J EVAN CALIO
STEPHEN RICHARDSON
SCOTT HANOLD
JAMES J SULLIVAN
BRIAN SINGER
Source
ULT-AGG
ULT-AGG
13D
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
market perform
buy
outperform
outperform
outperform
hold
Positive
hold
outperform
neutral
outperform
neutral
overweight
buy
sector outperform
equalweight
sector outperform
market perform
buy
neutral
hold
sell
equalweight
buy
neutral
Equalwt/Attractive
hold
outperform
overweight
buy/attractive
Amt Held
25'694'470
23'504'164
23'372'374
17'266'232
16'856'315
16'055'426
8'864'663
8'484'949
8'309'964
7'963'435
6'727'612
5'646'771
5'348'351
5'327'043
4'577'765
4'575'289
4'427'287
4'018'843
3'891'422
3'741'710
% Out
6.33
5.79
5.76
4.25
4.15
3.95
2.18
2.09
2.05
1.96
1.66
1.39
1.32
1.31
1.13
1.13
1.09
0.99
0.96
0.92
Weighting
Change
3
5
5
5
5
3
4
3
5
3
5
3
5
5
5
3
5
3
5
3
3
1
3
5
3
3
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
Latest Chg
(664'000)
(1'597'618)
561'394
886'200
(191'691)
136'109
137'512
279'672
2'636'725
(816'722)
66'479
116'814
(1'804'296)
(732'189)
178'808
(1'668'225)
(522'090)
368'286
4'210
Target Price
66
71
75
68
70
79
75
#N/A N/A
77
#N/A N/A
67
78
83
65
69
#N/A N/A
75
#N/A N/A
74
63
#N/A N/A
#N/A N/A
61
#N/A N/A
61
58
66
72
70
73
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
07.03.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
18 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Date
03.07.2013
02.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
27.06.2013
26.06.2013
26.06.2013
23.06.2013
21.06.2013
18.06.2013
14.06.2013
13.06.2013
06.06.2013
06.06.2013
06.06.2013
28.05.2013
24.05.2013
23.05.2013
22.05.2013
11.05.2013
06.05.2013
03.05.2013
03.05.2013
02.05.2013
01.05.2013
01.05.2013
16.04.2013
04.04.2013
05.07.2013
eBay Inc
eBay Inc. operates an online trading community. The Company's service is used
by buyers and sellers for the exchange of products and services such as coins,
collectibles, computers, memorabilia, stamps and toys, as well as concert and
sporting tickets. eBay also offers, through a subsidiary, secure online
payment services.
Price/Volume
70
60
50
40
Valuation Analysis
30
Latest Fiscal Year:

LTM as of:
52-Week High (11.04.2013)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EBAY UW EQUITY YTD Change
EBAY UW EQUITY YTD % CHANGE
12/2012
03/yy
58.04
38.06
526'102.00
53.23
-8.22%
39.86%
75.63%
1'297.8
69'081.34
4'519.00
0.0
0.0
9'408.00
64'195.34
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
8'541.3
1.82x
2'844.6
5.46x
1'779.5
9.01x
20
31.12.2009
31.12.2010
8'727.4
9'156.3
2.93x
3.42x
2'305.9
2'837.5
11.10x
11.03x
2'389.1
1'801.0
17.84x
20.19x
Profitability
LTM-4Q
31.12.2011
11'651.7
3.02x
3'313.0
10.62x
3'229.4
11.68x
31.12.2012
14'072.0
4.34x
4'088.0
14.95x
2'609.0
26.63x
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
4'088.00
2'888.00
20.52%
21.92%
8.21%
13.65%
0.44%
70.0%
29.5%
20.9%
18.5%
1.96
0.94
12.19%
21.66%
21.14
-
Price/ Cash Flow
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
j-13
LTM
03/yy
12'383.0
12.55x
3'489.4
12.57x
3'323.5
21.62x
03/yy
14'542.0
16.15x
4'285.0
15.25x
2'717.0
27.24x
FY+1
0.00
1.18
1'173.44
15.06
29.20%
4.33%
1.183
44
4.682
2'945'699
3'010'347
2'923'057
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
16'312.1
19'007.1
3'891.6
3'971.3
3.90x
3.21x
16.34x
15.79x
5'361.1
6'221.1
1'246.5
1'289.1
11.98x
10.33x
11.54x
11.05x
3'625.3
4'277.8
836.8
860.1
19.42x
16.48x
18.67x
17.88x
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
02.03.2010
A
STABLE
05.11.2010
A-1
64.89
44.94
-1.14
1.05
21.7%
17.8%
0.44
6.21
17.27
26.35
-
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
05.07.2013
eBay Inc
Holdings By:
All
Holder Name
OMIDYAR PIERRE M
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
BAILLIE GIFFORD AND
WELLS FARGO
UBS
JP MORGAN
JENNISON ASSOCIATES
DODGE & COX
Firm Name
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
BAILLIE GIFFORD & CO
n/a
n/a
n/a
JENNISON ASSOCIATES
DODGE & COX
Analyst

COLIN SEBASTIAN
BRETT FODERO
CARLOS KIRJNER
Raymond James
AARON M KESSLER
Cantor Fitzgerald
YOUSSEF H SQUALI
Piper Jaffray
EUGENE E MUNSTER
Edward Jones
JOSH OLSON
JAMES E FRIEDMAN
SHAWN C MILNE
Compass Point Research & Trading LLC DOUGLAS GREINER
MICHAEL GRAHAM
VICTOR ANTHONY
Stifel
JORDAN ROHAN
JMP Securities
RONALD V JOSEY III
Argus Research Corp
DAVID RITTER
BMO Capital Markets
EDWARD S WILLIAMS
Needham & Co
KERRY RICE
KAZUYA NISHIMURA
Wedbush
GIL B LURIA
SANJAY SAKHRANI
JAMES CORDWELL
IVAN FEINSETH
MATTHEW NEMER
PATRICK DIEDRICKSON
Morgan Stanley
SCOTT W DEVITT
RBC Capital Markets
MARK S MAHANEY
Credit Suisse
STEPHEN JU
JPMorgan
DOUGLAS ANMUTH
Jefferies
BRIAN J PITZ
CHAD BARTLEY
Macquarie
B Riley & Co
SCOTT TILGHMAN
Evercore Partners
KEN SENA
BGC Partners
COLIN W GILLIS
Cowen and Company
JOHN BLACKLEDGE
S&P Capital IQ
SCOTT H KESSLER
Benchmark Company LLC
DANIEL L KURNOS
Barclays
THOMAS FORTE
Deutsche Bank
ROSS SANDLER
EVA Dimensions
ANDREW S ZAMFOTIS
Goldman Sachs
HEATH P TERRY
Source
Form 4
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
Recommendation
outperform
buy
outperform
outperform
buy
overweight
buy
Positive
buy
buy
buy
buy
buy
market outperform
buy
outperform
buy
outperform
outperform
outperform
overweight
buy
outperform
buy
Overwt/Attractive
outperform
neutral
overweight
buy
outperform
neutral
buy
overweight
buy
neutral
hold
buy
equalweight
no rating system
hold
overweight
buy/attractive
Amt Held
121'823'408
63'312'225
61'435'716
53'402'102
48'914'986
48'155'759
34'942'180
32'069'382
28'429'119
22'646'340
22'184'219
18'064'109
17'219'103
16'049'524
15'411'154
13'985'241
13'438'588
13'299'256
12'450'033
11'767'391
% Out
9.39
4.88
4.73
4.11
3.77
3.71
2.69
2.47
2.19
1.74
1.71
1.39
1.33
1.24
1.19
1.08
1.04
1.02
0.96
0.91
Weighting
Change
5
5
5
5
5
5
5
4
5
5
5
5
5
4
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
3
5
5
5
3
3
5
3
#N/A N/A
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
U
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(35'000)
5'198'186
(4'332'713)
1'439'219
3'774'755
253'105
(5'333'310)
103'412
(2'197'027)
(1'015'435)
(6'723'629)
(2'376'920)
(765'182)
420'915
3'034'848
6'086'452
892'843
74'839
1'922'875
(7'451'625)
Target Price
65
65
66
61
64
63
#N/A N/A
66
65
63
67
65
65
67
65
64
60
63
64
65
62
#N/A N/A
#N/A N/A
#N/A N/A
62
64
55
63
66
65
58
65
64
65
#N/A N/A
65
63
60
75
55
#N/A N/A
63
File Dt
29.04.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
03.07.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
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
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
26.06.2013
25.06.2013
21.06.2013
20.06.2013
17.06.2013
12.06.2013
11.06.2013
11.06.2013
10.06.2013
07.06.2013
03.06.2013
22.05.2013
15.05.2013
07.05.2013
07.05.2013
02.05.2013
24.04.2013
19.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
18.04.2013
17.04.2013
15.01.2013
11.01.2013
05.07.2013
EMC Corp/MA
EMC Corporation provides enterprise storage systems, software, networks, and
services. The Company's products store, retrieve, manage, protect, and share
information from all major computing environments and mainframe platforms. EMC
operates offices around the world.
Price/Volume
30
14.0 M
25
12.0 M
10.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (19.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EMC UN EQUITY YTD Change
EMC UN EQUITY YTD % CHANGE
12/2012
03/yy
28.18
21.45
520'165.00
24.03
-14.76%
12.03%
37.44%
2'100.8
50'483.19
1'710.15
0.0
1'166.6
6'167.12
46'828.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
10
4.0 M
2.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
14'876.2
1.24x
2'957.0
6.23x
1'275.1
14.75x
8.0 M
15
Valuation Analysis
31.12.2009
31.12.2010
14'025.9
17'015.1
2.34x
2.72x
2'594.9
3'935.2
12.63x
11.75x
1'088.1
1'900.0
32.69x
23.56x
Profitability
LTM-4Q
31.12.2011
20'007.6
2.20x
4'961.4
8.85x
2'461.3
19.01x
31.12.2012
21'713.9
2.30x
5'602.2
8.93x
2'732.6
20.38x
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
5'602.21
4'074.46
18.76%
17.52%
7.55%
12.76%
12.15%
0.61%
62.8%
25.7%
18.7%
12.6%
1.18
0.93
4.49%
7.65%
8.08
7.39
Price/ Cash Flow
LTM
03/yy
20'494.3
9.83x
5'163.7
11.47x
2'571.0
25.08x
03/yy
22'006.9
9.20x
5'659.1
8.22x
2'725.8
19.12x
FY+1
.0 M
j-13
0.00
1.17
2'088.66
67.63
-5.85%
-4.62%
1.167
44
4.773
4'418'897
4'553'966
4'697'322
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
23'409.9
25'347.1
5'608.7
5'790.5
1.96x
1.76x
8.38x
8.10x
7'171.3
7'762.0
1'707.9
1'832.3
6.56x
6.06x
6.29x
6.23x
4'058.3
4'517.7
914.4
993.4
12.94x
11.57x
12.57x
12.15x
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
25.06.2012
A
STABLE
71.00
60.62
-0.85
0.30
7.6%
6.8%
0.61
7.28
45.16
49.38
40.79
56.37
16.00
25'000.0
14.00
20'000.0
12.00
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
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
05.07.2013
EMC Corp/MA
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
MANNING & NAPIER ADV
GOLDMAN SACHS GROUP
WELLS FARGO
JP MORGAN
JENNISON ASSOCIATES
PRIMECAP MANAGEMENT
DEUTSCHE BANK AG
Firm Name
S&P Capital IQ
Stifel
RBC Capital Markets
Oppenheimer & Co
Edward Jones
BMO Capital Markets
Longbow Research
Craig-Hallum Capital Group LLC
Morgan Stanley
Hilliard Lyons
Deutsche Bank
Argus Research Corp
Brean Capital LLC
Credit Suisse
Jefferies
FBR Capital Markets
Evercore Partners
Piper Jaffray
Barclays
EVA Dimensions
William Blair & Co
ISI Group
Needham & Co
JPMorgan
Raymond James
FBN Securities
Goldman Sachs
Wedge Partners
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
BANK OF AMERICA
PRIMECAP MANAGEMENT
n/a
Analyst
ANGELO ZINO
AARON C RAKERS
AMIT DARYANANI
TONI SACCONAGHI
MAYNARD UM
ITTAI KIDRON
BRIAN J WHITE
BRENT A BRACELIN
ABHEY R LAMBA
EDWARD PARKER
WILLIAM C KREHER
KEITH F BACHMAN
JOE WITTINE
RAJESH GHAI
KATHRYN HUBERTY
STEPHEN TURNER
JAMES KELLEHER
ANANDA BARUAH
KULBINDER GARCHA
WILLIAM CHOI
PETER J MISEK
JAYSON NOLAND SR
DANIEL H IVES
ROBERT CIHRA
ANDREW J NOWINSKI
BENJAMIN A REITZES
JEFFREY FIDACARO
YOKO YAMADA
ANDREW S ZAMFOTIS
JASON NOAH ADER
ALEX KURTZ
BRIAN MARSHALL
JUSTIN H BURGIN
GLENN HANUS
MARK A MOSKOWITZ
BRIAN G ALEXANDER
SHEBLY SEYRAFI
WILLIAM C SHOPE JR
IVAN FEINSETH
KIRK ADAMS
Source
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
Recommendation
strong buy
buy
outperform
market perform
outperform
outperform
buy
outperform
buy
buy
buy
outperform
buy
buy
Equalwt/In-Line
long-term buy
buy
buy
buy
outperform
buy
buy
outperform
outperform
overweight
overweight
overweight
buy
outperform
overweight
market perform
buy
strong buy
buy
buy
neutral
strong buy
outperform
Buy/Cautious
strong buy
no rating system
Amt Held
127'690'886
96'620'530
86'874'308
61'190'026
51'864'011
37'354'239
35'799'883
31'140'612
30'186'250
29'121'617
27'769'811
27'046'362
26'600'034
25'890'134
25'352'630
24'669'059
22'586'308
22'228'849
18'514'870
18'144'914
% Out
6.08
4.6
4.14
2.91
2.47
1.78
1.7
1.48
1.44
1.39
1.32
1.29
1.27
1.23
1.21
1.17
1.08
1.06
0.88
0.86
Weighting
Change
5
5
5
3
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
3
5
5
5
5
#N/A N/A
M
M
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
M
M
D
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
1'139'226
2'714'023
(2'515'646)
22'222'154
1'413'376
167'262
(1'778'781)
8'094'720
11'702'400
(482'939)
(990'578)
1'204'145
3'477'441
(2'176'037)
(10'347'460)
(14'618'634)
3'233'511
37'300
2'525'821
(2'983'380)
Target Price
30
33
30
26
#N/A N/A
28
30
30
30
28
#N/A N/A
28
30
30
#N/A N/A
31
30
30
30
30
29
32
28
31
31
29
28
30
27
#N/A N/A
#N/A N/A
28
36
#N/A N/A
30
26
30
26
28
#N/A N/A
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.05.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
Date
12 month
12 month
12 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
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
04.07.2013
03.07.2013
02.07.2013
02.07.2013
28.06.2013
26.06.2013
26.06.2013
20.06.2013
20.06.2013
20.06.2013
18.06.2013
17.06.2013
17.06.2013
12.06.2013
31.05.2013
31.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
20.05.2013
17.05.2013
17.05.2013
08.05.2013
08.05.2013
07.05.2013
26.04.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
02.04.2013
15.03.2013
03.05.2012
05.07.2013
Emerson Electric Co
Emerson Electric Co. designs and manufactures electronic and electrical
equipment, software, systems and services for industrial, commercial and
consumer markets worldwide through its network power, process management,
industrial automation, climate technologies and tools & storage divisions.
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 (20.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EMR UN EQUITY YTD Change
EMR UN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
24'807.0
1.39x
4'789.0
7.18x
2'412.0
12.79x
1.5 M
30
09/2012
03/yy
60.07
43.59
164'041.00
55.24
-8.11%
26.73%
70.39%
718.9
39'709.97
5'293.00
0.0
147.0
2'367.00
42'780.97
30.09.2009
30.09.2010
20'102.0
21'039.0
1.66x
2.06x
3'871.0
4'325.0
8.60x
10.00x
1'724.0
2'164.0
16.04x
20.04x
Profitability
LTM-4Q
30.09.2011
24'222.0
1.40x
5'096.0
6.64x
2'480.0
12.68x
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
24'412.0
1.56x
5'155.0
7.38x
1'968.0
13.71x
5'155.00
4'332.00
17.75%
12.76%
8.64%
19.65%
13.94%
1.03%
40.0%
21.2%
17.9%
8.1%
1.42
1.03
22.22%
51.41%
5.56
6.23
Price/ Cash Flow
LTM
03/yy
24'061.0
6.63x
4'902.0
8.59x
2'360.0
16.24x
03/yy
24'697.0
6.49x
5'242.0
8.27x
2'067.0
15.42x
FY+1
.0 M
j-13
2.93
1.08
714.48
14.77
25.02%
5.78%
1.083
29
3.690
989'591
950'419
990'592
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
24'800.6
25'848.7
6'459.4
6'828.8
1.71x
1.62x
6.66x
6.22x
4'926.8
5'303.9
1'359.5
1'465.4
8.70x
8.08x
8.44x
8.29x
2'531.9
2'771.1
718.8
802.7
15.77x
14.16x
14.96x
14.48x
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
04.02.2002
A
STABLE
04.02.2002
A-1
21.39
18.63
0.56
1.06
51.4%
33.6%
1.03
7.13
65.60
58.55
60.72
55.99
16.00
30'000.0
14.00
25'000.0
12.00
20'000.0
10.00
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
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
02.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Emerson Electric Co
Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
JP MORGAN
INVESCO LTD
WELLS FARGO
FMR LLC
NORGES BANK
UBS
US BANCORP
HARDING LOEVNER LP
Firm Name
Longbow Research
Nomura
RBC Capital Markets
Credit Suisse
Edward Jones
Argus Research Corp
William Blair & Co
JPMorgan
Oppenheimer & Co
Cowen and Company
Deutsche Bank
Langenberg & Co
MKM Partners
Morgan Stanley
Goldman Sachs
FBR Capital Markets
Macquarie
Barclays
EVA Dimensions
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
NORGES BANK
n/a
US BANCORP
HARDING LOEVNER LP
Analyst
MARK DOUGLASS
RICHARD RADBOURNE
RICHARD M KWAS
STEVEN E WINOKER
SHANNON O'CALLAGHAN
JAMIE SULLIVAN
JULIAN MITCHELL
JOHN A BALIOTTI II
MICHAEL HALLORAN
CHRISTIAN MAYES
NATHANIEL GABRIEL
NICHOLAS P HEYMANN
CHARLES STEPHEN TUSA
CHRISTOPHER D GLYNN
GAUTAM KHANNA
JOHN G INCH
FREDERICK M SCHULTZ
BRIAN KEITH LANGENBERG
JOSHUA C POKRZYWINSKI
NIGEL COE
JOSEPH RITCHIE
AJAY K KEJRIWAL
JOHN S QUEALY
MICHAEL R WOOD
SCOTT R DAVIS
CRAIG STERLING
Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
Sch-D
13F
Recommendation
neutral
overweight
outperform
market perform
buy
outperform
outperform
neutral
outperform
hold
hold
market perform
neutral
market perform
neutral
buy
buy
hold
neutral
Equalwt/In-Line
neutral/neutral
market perform
hold
neutral
equalweight
buy
Amt Held
38'802'430
38'482'478
32'581'713
26'141'807
24'166'245
15'824'112
14'696'847
13'569'888
12'909'860
11'037'162
10'019'911
8'205'723
8'024'040
5'994'012
5'868'203
5'746'889
5'231'555
4'890'358
4'822'585
4'445'933
% Out
5.4
5.35
4.53
3.64
3.36
2.2
2.04
1.89
1.8
1.54
1.39
1.14
1.12
0.83
0.82
0.8
0.73
0.68
0.67
0.62
Weighting
Change
3
5
5
3
5
5
5
3
5
3
3
3
3
3
3
5
5
3
3
3
3
3
3
3
3
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
U
Latest Chg
1'062'029
1'319'027
(810'034)
(541'931)
(216'542)
273'681
453'810
3'721'277
(2'004'895)
(94'255)
(1'419'170)
220'775
(24'519)
263'253
(174'276)
108'233
(1'421)
157'866
Target Price
#N/A N/A
67
#N/A N/A
62
63
66
64
55
66
#N/A N/A
#N/A N/A
64
50
63
#N/A N/A
69
#N/A N/A
60
56
58
60
60
60
55
56
#N/A N/A
File Dt
31.03.2013
03.07.2013
02.07.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
30.04.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
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
Insurance Company
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Date
02.07.2013
02.07.2013
01.07.2013
26.06.2013
26.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
14.06.2013
12.06.2013
22.05.2013
20.05.2013
20.05.2013
20.05.2013
13.05.2013
13.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
07.05.2013
07.05.2013
06.02.2013
05.07.2013
Exelon Corp
Exelon Corporation is a utility services holding company. The Company, through
its subsidiaries distributes electricity to customers in Illinois and
Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area
as well as operates nuclear power plants in states that include Pennsylvania and
New Jersey.
Price/Volume
6.0 M
30
5.0 M
4.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (01.08.2012)
52-Week Low (23.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXC UN EQUITY YTD Change
EXC UN EQUITY YTD % CHANGE
12/2012
03/yy
39.75
28.40
371'641.00
29.57
-25.61%
4.12%
14.80%
855.8
25'307.46
19'603.00
280.0
106.0
1'486.00
44'821.46
3.0 M
15
10
2.0 M
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
35
25
Valuation Analysis
31.12.2008
18'859.0
2.57x
7'607.0
6.38x
2'737.0
13.24x
40
31.12.2009
31.12.2010
17'318.0
18'644.0
2.48x
2.08x
7'351.0
7'669.0
5.84x
5.07x
2'707.0
2'563.0
11.86x
10.26x
Profitability
LTM-4Q
31.12.2011
19'063.0
2.16x
6'784.0
6.08x
2'495.0
12.96x
31.12.2012
23'489.0
1.87x
6'550.0
6.71x
1'160.0
15.38x
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
6'550.00
2'471.00
10.52%
7.65%
1.23%
4.44%
4.50%
0.32%
56.8%
27.8%
10.5%
4.9%
1.30
0.75
24.95%
91.47%
5.74
12.26
Price/ Cash Flow
LTM
03/yy
18'798.0
9.38x
6'186.0
8.38x
2'027.0
8.83x
03/yy
24'885.0
7.72x
6'927.0
7.08x
956.0
17.55x
FY+1
.0 M
j-13
7.12
0.63
854.47
17.62
-16.34%
2.03%
0.630
28
2.929
1'391'702
1'964'707
1'703'371
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
25'308.9
25'201.5
5'695.7
6'453.3
1.71x
1.75x
7.74x
6.84x
6'110.7
6'120.5
1'488.0
1'648.0
7.32x
7.31x
7.08x
7.11x
2'086.5
2'006.7
459.7
580.7
11.91x
12.69x
12.04x
12.16x
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
22.07.2009
BBB
STABLE
22.07.2009
A-2
7.06
0.59
2.75
2.88
91.5%
47.3%
0.32
63.64
29.77
74.80
14.46
9.00
25'000.0
8.00
20'000.0
7.00
6.00
15'000.0
5.00
4.00
10'000.0
3.00
5'000.0
2.00
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
05.07.2013
Exelon Corp
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
STATE STREET
BLACKROCK
VANGUARD GROUP INC
JP MORGAN
GOLDMAN SACHS GROUP
ALTRINSIC GLOBAL ADV
DEUTSCHE BANK AG
MACKAY SHIELDS LLC
INVESCO LTD
PICTET FUNDS
EMPYREAN CAPITAL PAR
Firm Name
Wolfe Research
Goldman Sachs
JPMorgan
Edward Jones
BMO Capital Markets
Macquarie
BGC Partners
Morgan Stanley
Deutsche Bank
Argus Research Corp
Credit Suisse
Drexel Hamilton LLC
Jefferies
RBC Capital Markets
ISI Group
Barclays
S&P Capital IQ
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
HOTCHKIS AND WILEY
n/a
n/a
ALTRINSIC GLOBAL ADV
n/a
Multiple Portfolios
n/a
n/a
EMPYREAN CAPITAL PAR
Analyst
NEIL A KALTON
ALI AGHA
STEVEN I FLEISHMAN
HUGH WYNNE
MICHAEL J LAPIDES
CHRISTOPHER TURNURE
ANDREW PUSATERI
MICHAEL S WORMS
ANGIE STOROZYNSKI
KIT KONOLIGE
STEPHEN C BYRD
JONATHAN ARNOLD
MICHAEL BURKE
DANIEL EGGERS
NATHAN JUDGE
ANDREW L SMITH
PAUL B FREMONT
SHELBY G TUCKER
GREG GORDON
JAMES L DOBSON
NEEL MITRA
DANIEL F FORD
JUSTIN MCCANN
AUSTIN BURKETT
PAUL T RIDZON
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
13F
Recommendation
underperform
neutral
peerperform
market perform
neutral/neutral
neutral
hold
market perform
neutral
hold
Overwt/In-Line
hold
hold
neutral
neutral
hold
hold
outperform
neutral
hold
hold
equalweight
sell
sell
hold
Amt Held
60'718'483
52'685'540
52'475'318
46'410'823
40'562'636
23'795'456
16'278'009
11'735'125
11'511'846
10'542'576
8'786'044
6'434'014
5'771'881
5'771'260
5'453'633
4'940'927
4'783'756
4'647'683
4'551'953
4'200'000
% Out
7.09
6.16
6.13
5.42
4.74
2.78
1.9
1.37
1.35
1.23
1.03
0.75
0.67
0.67
0.64
0.58
0.56
0.54
0.53
0.49
Weighting
Change
1
3
3
3
3
3
3
3
3
3
5
3
3
3
3
3
3
5
3
3
3
3
1
1
3
M
M
M
M
M
M
M
M
M
N
M
D
M
M
M
M
M
M
D
D
M
M
D
D
M
Latest Chg
11'361'463
5'952'890
(743'846)
665'262
1'578'071
(374'520)
212'980
525'798
471'078
180'784
(2'979'076)
2'964'081
151'610
4'405'788
1'367'221
(1'642'338)
3'775'104
(1'410'058)
3'876'925
4'200'000
Target Price
#N/A N/A
#N/A N/A
34
32
32
34
#N/A N/A
36
33
#N/A N/A
36
34
#N/A N/A
30
37
37
37
39
36
37
35
37
34
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.04.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
03.07.2013
01.07.2013
01.07.2013
26.06.2013
23.06.2013
19.06.2013
18.06.2013
17.06.2013
17.06.2013
17.06.2013
03.06.2013
28.05.2013
28.05.2013
28.05.2013
28.05.2013
13.05.2013
09.05.2013
07.05.2013
05.05.2013
02.05.2013
02.05.2013
02.05.2013
30.04.2013
08.02.2013
22.01.2013
05.07.2013
Ford Motor Co
Ford Motor Company designs, manufactures, and services cars and trucks. The
Company also provides vehicle-related financing, leasing, and insurance through
its subsidiary.
Price/Volume
18
35.0 M
16
30.0 M
14
25.0 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
F UN EQUITY YTD Change
F UN EQUITY YTD % CHANGE
12/2012
03/yy
16.74
8.82
3'782'844.00
16.59
-0.66%
88.10%
99.74%
3'860.4
65'218.71
14'300.00
0.0
364.0
24'425.00
57'411.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10.0 M
5.0 M
2
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
145'114.0
0.11x
64.0
238.63x
(14'766.0)
-
10
31.12.2009
31.12.2010
116'283.0
128'954.0
0.36x
0.48x
6'438.0
15'383.0
6.54x
4.03x
2'717.0
6'561.0
24.40x
9.19x
Profitability
LTM-4Q
31.12.2011
136'264.0
0.23x
13'629.0
2.34x
20'213.0
2.17x
31.12.2012
134'252.0
0.31x
12'513.0
3.30x
5'665.0
8.23x
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
12'513.00
6'291.00
4.69%
5.75%
3.11%
34.38%
5.30%
0.73%
13.8%
9.1%
4.5%
4.2%
0.96
0.57
54.61%
658.79%
26.07
15.36
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
1.21
1.30
3'832.27
80.13
77.13%
30.00%
1.296
26
3.846
7'272'903
7'414'723
6'682'969
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
135'595.0 137'617.0 136'313.4 143'799.0
34'997.0
32'564.9
1.06x
1.03x
0.43x
0.39x
1.60x
1.72x
12'887.0
12'539.0
10'860.9
12'446.3
3'079.5
2'881.3
2.99x
3.53x
5.27x
4.60x
4.91x
4.83x
19'058.0
5'880.0
5'708.2
6'690.7
1'435.3
1'293.7
2.62x
8.53x
11.78x
9.92x
11.39x
10.77x
S&P Issuer Ratings
21.10.2011
Long-Term Rating
BB+
Long-Term Outlook
POS
10.06.2008
Short-Term Rating
NR
Credit Ratios
17.45
9.80
Net Debt/EBITDA
-0.65
Total Debt/EBITDA
1.28
Reference
Total Debt/Equity
658.8%
Total Debt/Capital
86.6%
Asset Turnover
0.73
5.65
14.00
Inventory Days
23.76
61.14
-22.39
7.00
200'000.0
180'000.0
6.00
160'000.0
5.00
140'000.0
120'000.0
4.00
100'000.0
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
0.00
01.01.2010
20'000.0
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
05.07.2013
Ford Motor Co
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
ALLIANCE BERNSTEIN
NORGES BANK
GOLDMAN SACHS GROUP
JP MORGAN
UBS
MORGAN STANLEY
Firm Name
Edward Jones
Argus Research Corp
S&P Capital IQ
Stifel
Jefferies
RBC Capital Markets
JPMorgan
Wolfe Research
Deutsche Bank
Morgan Stanley
Credit Suisse
Barclays
EVA Dimensions
Goldman Sachs
CRT Capital Group
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
NORGES BANK
BANK OF AMERICA
n/a
n/a
n/a
n/a
n/a
Analyst
MICHAEL P WARD
MATTHEW T STOVER
CHRISTIAN MAYES
TAKUO KATAYAMA
WILLIAM V SELESKY
EFRAIM LEVY
JAMES J ALBERTINE
H PETER NESVOLD
JOSEPH C AMATURO
JOSEPH SPAK
RYAN BRINKMAN
STEVEN L. DYER
TIMOTHY J DENOYER
ROD LACHE
ADAM JONAS
CHRISTOPHER J CERASO
BRIAN A JOHNSON
IVAN FEINSETH
CRAIG STERLING
PATRICK ARCHAMBAULT
BRETT D HOSELTON
KIRK LUDTKE
Source
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
neutral
hold
neutral
buy
hold
hold
buy
underperform
outperform
overweight
buy
peerperform
hold
Overwt/In-Line
neutral
equalweight
buy
buy
buy/attractive
hold
Fairly Valued
Amt Held
240'872'637
201'820'134
172'157'358
154'008'352
123'663'736
49'825'092
48'810'820
45'856'876
40'291'917
33'644'300
29'655'538
26'674'586
24'497'016
23'936'313
23'358'804
23'155'724
22'023'937
21'559'588
20'467'461
20'403'328
% Out
6.24
5.23
4.46
3.99
3.2
1.29
1.26
1.19
1.04
0.87
0.77
0.69
0.63
0.62
0.61
0.6
0.57
0.56
0.53
0.53
Weighting
Change
5
3
3
3
5
3
3
5
1
5
5
5
3
3
5
3
3
5
5
5
3
3
M
M
M
M
M
D
M
M
M
M
M
U
M
M
M
M
M
N
M
M
M
M
Latest Chg
(12'594'892)
15'413'511
13'003'144
10'196'201
(21'486'299)
2'415'472
1'657'400
13'230'417
(465'751)
1'253'221
1'375'576
6'582'960
(7'979'530)
20'325'156
(5'046'713)
262'980
(1'563'758)
3'549'449
3'133'307
Target Price
19
13
#N/A N/A
15
19
17
#N/A N/A
18
11
18
16
18
#N/A N/A
15
17
14
15
#N/A N/A
#N/A N/A
17
#N/A N/A
17
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
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
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
04.07.2013
03.07.2013
25.06.2013
24.06.2013
21.06.2013
17.06.2013
14.06.2013
07.06.2013
04.06.2013
30.05.2013
28.05.2013
16.05.2013
02.05.2013
01.05.2013
25.04.2013
25.04.2013
25.04.2013
08.03.2013
15.01.2013
10.01.2013
04.12.2012
31.10.2012
05.07.2013
Freeport-McMoRan Copper & Gold Inc

Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold
and molybdenum mining company. The Company primarily mines for copper and owns
mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also,
through a subsidiary, is involved in smelting and refining of copper
concentrates.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FCX UN EQUITY YTD Change
FCX UN EQUITY YTD % CHANGE
12/2012
03/yy
42.21
26.34
501'865.00
27.23
-35.61%
3.37%
8.43%
1'034.3
28'164.34
3'527.00
0.0
3'768.0
3'705.00
32'570.34
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
40
16.0 M
35
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
17'796.0
1.17x
6'154.0
3.40x
(11'067.0)
3.29x
45
31.12.2009
31.12.2010
15'040.0
18'982.0
2.84x
3.15x
7'736.0
10'196.0
5.52x
5.87x
2'749.0
4'336.0
12.99x
14.30x
Profitability
LTM-4Q
31.12.2011
20'880.0
1.75x
10'162.0
3.59x
4'560.0
6.98x
31.12.2012
18'010.0
2.00x
6'934.0
5.20x
3'041.0
10.56x
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
6'934.00
5'755.00
31.95%
30.48%
7.75%
17.17%
14.37%
0.48%
35.8%
36.8%
29.9%
16.9%
3.08
1.39
9.95%
20.10%
16.01
2.68
Price/ Cash Flow
LTM
03/yy
19'776.0
7.92x
8'995.0
4.26x
3'825.0
8.58x
03/yy
17'988.0
8.20x
6'617.0
5.42x
2'925.0
10.21x
FY+1
.0 M
j-13
4.59
1.54
1'019.59
29.01
-17.15%
-16.16%
1.544
24
4.167
2'601'661
3'284'220
3'198'671
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
21'947.9
25'390.2
4'582.2
5'992.0
2.03x
1.76x
9.00x
8.34x
9'046.2
11'710.8
1'612.0
2'580.6
3.59x
2.78x
3.14x
2.81x
3'122.3
4'003.8
576.4
831.7
8.86x
7.14x
8.03x
7.02x
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
29.07.2011
BBB
NEG
25.97
12.88
0.08
1.53
20.1%
14.2%
0.48
0.88
22.80
136.41
72.73
83.90
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
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
05.07.2013
Freeport-McMoRan Copper & Gold Inc

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
NORTHERN CROSS LLC
JP MORGAN
FRANKLIN RESOURCES
DEUTSCHE BANK AG
PAULSON & CO
MORGAN STANLEY
UBS
Firm Name
Jefferies
Barclays
Deutsche Bank
Macquarie
Credit Suisse
BMO Capital Markets
Morgan Stanley
Goldman Sachs
FBR Capital Markets
Stifel
Nomura
Cowen and Company
RBC Capital Markets
Argus Research Corp
EVA Dimensions
JPMorgan
S&P Capital IQ
Hamburger Sparkasse
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
NORTHERN CROSS LLC
Multiple Portfolios
n/a
n/a
n/a
n/a
BANK OF AMERICA
PAULSON & CO
n/a
n/a
n/a
n/a
Analyst
PETER D WARD
DAVID GAGLIANO
JORGE M BERISTAIN
ALDO J MAZZAFERRO JR
RICHARD GARCHITORENA
TONY ROBSON
PARETOSH MISRA
SAL THARANI
MITESH B THAKKAR
PAUL A MASSOUD
CURTIS WOODWORTH
ANTHONY B RIZZUTO JR
FRASER PHILLIPS
GARRETT S. NELSON
WILLIAM V SELESKY
CRAIG STERLING
MICHAEL F GAMBARDELLA
GARY LAMPARD
LEO LARKIN
LAURENCE BALTER
IVAN FEINSETH
INGO SCHMIDT
Source
ULT-AGG
ULT-AGG
13F
13F
MF-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
Recommendation
buy
overweight
buy
neutral
outperform
market perform
Overwt/In-Line
Buy/Neutral
outperform
buy
buy
outperform
sector perform
buy
hold
hold
restricted
suspended coverage
sell
strong buy
strong buy
hold
Amt Held
72'520'446
45'158'085
43'753'478
22'141'542
20'100'711
18'679'954
18'075'575
15'160'387
14'785'627
12'875'638
12'639'500
12'474'581
11'915'227
9'000'000
7'463'168
6'768'586
6'545'931
6'509'210
6'436'407
5'718'812
% Out
7.01
4.37
4.23
2.14
1.94
1.81
1.75
1.47
1.43
1.24
1.22
1.21
1.15
0.87
0.72
0.65
0.63
0.63
0.62
0.55
Weighting
Change
5
5
5
3
5
3
5
5
5
5
5
5
3
5
3
3
#N/A N/A
#N/A N/A
1
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
N
N
Latest Chg
1'604'428
1'788'288
1'518'805
68'129
(2'388'725)
929'417
330'535
774'384
9'718'822
373'220
3'038'969
2'033'156
(138'846)
947'852
210'261
536'740
93'113
(1'047'950)
Target Price
40
40
40
30
38
30
43
35
40
37
38
45
35
40
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
29
50
#N/A N/A
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
02.07.2013
02.07.2013
27.06.2013
27.06.2013
26.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
24.06.2013
24.06.2013
24.04.2013
19.04.2013
18.04.2013
19.02.2013
22.01.2013
31.12.2012
11.12.2012
10.12.2012
05.07.2013
FedEx Corp
FedEx Corp. delivers packages and freight to multiple countries and
territories through an integrated global network. The Company provides
worldwide express delivery, ground small-parcel delivery, less-than-truckload
freight delivery, supply chain management services, customs brokerage services,
and trade facilitation and electronic commerce solutions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (24.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FDX UN EQUITY YTD Change
FDX UN EQUITY YTD % CHANGE
05/2013
05/yy
109.66
83.92
57'237.00
98.5
-10.20%
17.37%
53.81%
317.6
31'280.33
2'990.00
0.0
0.0
4'917.00
29'353.33
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
j-12
31.05.2010
31.05.2011
34'734.0
39'304.0
0.75x
0.74x
3'974.0
4'440.0
6.59x
6.54x
1'184.0
1'452.0
21.99x
19.70x
Profitability
LTM-4Q
31.05.2012
42'680.0
0.63x
5'433.0
4.98x
2'032.0
13.35x
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
31.05.2013
44'287.0
0.65x
5'597.0
5.12x
1'561.0
15.46x
5'597.00
3'211.00
7.25%
5.54%
4.92%
9.72%
8.76%
1.40%
20.1%
12.6%
7.2%
3.5%
1.96
1.73
8.91%
17.19%
9.09
77.64
Price/ Cash Flow
s-12
o-12
n-12
LTM
05/yy
42'680.0
2.48x
5'433.0
4.98x
2'032.0
13.35x
d-12
05/yy
44'287.0
2.63x
5'580.0
5.14x
1'561.0
15.54x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
0.57
1.03
296.78
4.15
7.01%
7.69%
1.027
33
4.152
473'606
587'535
617'762
FY+2
FQ+1
FQ+2
05/14 Y
05/15 Y
08/13 Q1 11/13 Q2
46'027.8
48'700.6
11'023.8
11'504.2
0.64x
0.58x
2.69x
2.58x
6'176.6
7'157.5
1'398.9
1'475.6
4.76x
4.11x
4.80x
4.60x
2'234.3
2'786.9
472.7
514.3
13.98x
11.35x
14.11x
13.41x
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
11.02.2004
BBB
STABLE
11.02.2004
A-2
91.75
36.43
-0.35
0.54
17.2%
14.7%
1.40
2.48
40.17
4.70
18.29
26.80
10.00
50'000.0
9.00
45'000.0
8.00
40'000.0
7.00
35'000.0
6.00
30'000.0
5.00
4.00
25'000.0
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
5'000.0
0.00
04.06.2010
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

31.05.2009
35'497.0
0.50x
3'926.0
4.48x
98.0
19.67x
120
0.0
04.12.2010
04.06.2011
04.12.2011
04.06.2012
04.12.2012
04.06.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.07.2013
FedEx Corp
Holdings By:
All
Holder Name
SMITH FREDERICK WALL
PRIMECAP MANAGEMENT
DODGE & COX
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
GATES FOUNDATION
MACKAY SHIELDS LLC
Firm Name
Jefferies
Cowen and Company
Thompson, Davis & Company
Deutsche Bank
Accountability Research Corp
Wolfe Research
Morgan Stanley
Argus Research Corp
Credit Suisse
JPMorgan
Stephens Inc
Macquarie
Oppenheimer & Co
Barclays
EVA Dimensions
RBC Capital Markets
Edward Jones
William Blair & Co
Raymond James
Stifel
S&P Capital IQ
Nomura
Goldman Sachs
Jyske Bank
Portfolio Name
n/a
PRIMECAP MANAGEMENT
DODGE & COX
n/a
VANGUARD GROUP INC
HARRIS ASSOC LP
n/a
n/a
n/a
Multiple Portfolios
Analyst
H PETER NESVOLD
HELANE R BECKER
DAVID P CAMPBELL
BENJAMIN J HARTFORD
JUSTIN B YAGERMAN
MARK SUAREZ
SCOTT H GROUP
DONALD BROUGHTON
WILLIAM J GREENE
NATHANIEL GABRIEL
THOMAS R WADEWITZ
DAVID VERNON
JACK ATKINS
KELLY A DOUGHERTY
SCOTT A SCHNEEBERGER
BRANDON OGLENSKI
JOSHUA HERRITY
CRAIG STERLING
JOHN L BARNES III
LOGAN PURK
NATHAN J BROCHMANN
ARTHUR W HATFIELD
DAVID G ROSS
KEVIN W STERLING
ANTHONY P GALLO
JAMES CORRIDORE
RORRIE MARS
MARK MCVICAR
TOM KIM
ROBERT JAKOBSEN
Source
Form 4
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
MF-AGG
13F
Recommendation
hold
outperform
buy
outperform
buy
buy
outperform
market perform
Equalwt/Attractive
buy
neutral
neutral
market perform
overweight
outperform
outperform
overweight
no rating system
overweight
underperform
buy
outperform
outperform
buy
hold
market perform
buy
neutral
neutral
buy/attractive
sell
Amt Held
19'748'475
19'717'422
17'359'875
16'598'493
14'985'471
13'811'307
13'465'767
13'080'792
11'793'996
10'884'117
5'671'351
4'613'474
4'387'175
4'037'647
3'217'200
3'044'310
3'024'999
2'849'840
2'736'129
2'621'526
% Out
6.22
6.21
5.47
5.23
4.72
4.35
4.24
4.12
3.71
3.43
1.79
1.45
1.38
1.27
1.01
0.96
0.95
0.9
0.86
0.83
Weighting
Change
3
5
5
5
5
5
5
3
3
5
3
3
3
5
5
5
5
#N/A N/A
5
1
5
5
5
5
3
3
5
3
3
5
1
M
M
M
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
48'004
(389'063)
(567'414)
303'407
880'840
624'415
378'348
66'758
(155'304)
3'183'610
(91'013)
99'235
(58'516)
126'611
3'217'200
(604'322)
(38'778)
268'347
(98'766)
Target Price
102
117
123
116
123
110
122
105
#N/A N/A
115
108
108
102
125
115
124
120
115
#N/A N/A
95
#N/A N/A
#N/A N/A
117
128
#N/A N/A
#N/A N/A
117
108
105
114
103
File Dt
04.04.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
18 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Endowment
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
01.07.2013
01.07.2013
28.06.2013
26.06.2013
25.06.2013
25.06.2013
21.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
19.06.2013
19.06.2013
19.06.2013
19.06.2013
19.06.2013
19.06.2013
19.06.2013
19.06.2013
19.06.2013
18.06.2013
13.06.2013
29.01.2013
05.07.2013
Twenty-First Century Fox Inc

Twenty-First Century Fox, Inc. is a diversified media company. The Company's
media and entertainment operations include the production and distribution
motion pictures and television programming, music, radio broadcasting, and
sports.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FOXA UW EQUITY YTD Change
FOXA UW EQUITY YTD % CHANGE
06/2012
03/yy
30.54
18.79
798'714.00
30.06
-1.54%
59.98%
96.39%
1'516.0
69'678.97
15'455.00
0.0
1'142.0
9'626.00
80'658.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
j-12
30.06.2009
30.06.2010
30'423.0
32'778.0
1.06x
1.12x
4'784.0
5'228.0
6.75x
7.02x
(3'378.0)
2'539.0
26.72x
10.34x
Profitability
LTM-4Q
30.06.2011
33'405.0
1.50x
6'133.0
8.17x
2'739.0
13.72x
30.06.2012
33'706.0
1.78x
6'646.0
9.04x
1'179.0
18.31x
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
6'646.00
5'379.00
15.96%
6.56%
9.14%
20.41%
14.84%
0.55%
19.4%
15.5%
3.5%
2.02
1.69
27.28%
62.61%
5.16
-
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
34'298.0
5.83x
6'861.0
7.89x
3'415.0
13.47x
d-12
03/yy
35'469.0
7.59x
6'868.0
11.90x
5'915.0
24.78x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
0.57
1.08
1'512.55
51.86
50.72%
33.67%
1.084
29
4.621
4'503'270
4'707'044
3'991'552
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
31'587.1
33'862.2
8'061.6
7'529.8
2.52x
2.36x
10.05x
10.77x
6'695.7
7'339.4
1'664.0
1'739.5
12.06x
11.00x
11.39x
11.00x
3'686.1
3'843.2
820.2
888.4
19.79x
17.31x
18.64x
17.82x
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
30.11.2012
BBB+
STABLE
6.18
5.30
1.04
2.40
62.6%
37.4%
0.55
5.94
70.76
-
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
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

30.06.2008
32'996.0
1.49x
6'668.0
7.36x
5'387.0
12.23x
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
05.07.2013
Twenty-First Century Fox Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
DODGE & COX
FMR LLC
FRANKLIN RESOURCES
CHILDRENS INV FUND M
ETON PARK CAPITAL MA
NORGES BANK
LUXOR CAPITAL GROUP
Firm Name
Morgan Stanley
Deutsche Bank
Needham & Co
Goldman Sachs
Macquarie
Spin-Off Research
Gabelli & Co
Credit Suisse
Evercore Partners
Wedbush
BMO Capital Markets
Argus Research Corp
CRT Capital Group
Davenport & Co
WhiteSand Research LLC
S&P Capital IQ
EVA Dimensions
RBC Capital Markets
Nomura
Cowen and Company
Barclays
BTIG LLC
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
DODGE & COX
n/a
n/a
n/a
CHILDRENS INVESTMENT
ETON PARK CAPITAL MA
NORGES BANK
LUXOR CAPITAL GROUP
Analyst
BENJAMIN SWINBURNE
LAURA A MARTIN
DREW BORST
TIMOTHY W NOLLEN
TEAM COVERAGE
MARCI RYVICKER
BRETT HARRISS
MICHAEL SENNO
ALAN GOULD
JAISON BLAIR
JAMES G DIX
TODD JUENGER
DANIEL SALMON
BARTON CROCKETT
JOSEPH F BONNER
LANCE W VITANZA
HAMILTON FABER
MICHAEL C MORRIS
TEAM COVERAGE
TUNA AMOBI
CRAIG STERLING
DAVID BANK
MATTHEW HARRIGAN
MICHAEL NATHANSON
DOUGLAS CREUTZ
RICHARD GREENFIELD
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
Overwt/Attractive
buy
buy
buy/attractive
outperform
buy
outperform
buy
outperform
overweight
no rating system
outperform
outperform
market perform
buy
hold
not rated
overweight
buy
undervalued
buy
underweight
outperform
buy
buy
outperform
overweight
buy
Amt Held
106'117'879
99'936'612
87'698'670
75'774'270
73'895'700
65'428'409
55'422'667
42'536'129
32'253'845
28'811'418
25'629'967
25'369'440
23'000'000
22'414'300
22'321'840
22'076'325
21'393'143
20'186'722
19'150'391
17'535'678
% Out
7
6.59
5.78
5
4.87
4.32
3.66
2.81
2.13
1.9
1.69
1.67
1.52
1.48
1.47
1.46
1.41
1.33
1.26
1.16
Weighting
Change
5
5
5
5
5
5
5
5
5
5
#N/A N/A
5
5
3
5
3
#N/A N/A
5
5
4
5
1
5
5
5
5
5
5
M
M
N
M
N
M
M
M
M
N
N
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
566'560
18'293'949
1'759'231
(4'332'665)
(5'182'417)
(8'561'635)
4'677'032
12'621'905
18'778'277
(854'432)
(8'718'512)
571'703
(5'100'000)
(5'531'000)
141'393
5'146'872
15'984'060
2'615'344
17'535'678
Target Price
30
33
36
35
33
34
#N/A N/A
#N/A N/A
34
34
34
31
40
31
35
#N/A N/A
#N/A N/A
35
32
#N/A N/A
34
#N/A N/A
33
35
30
#N/A N/A
33
26
File Dt
03.07.2013
31.03.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
18 month
12 month
Not Provided
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
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Government
Hedge Fund Manager
Date
04.07.2013
03.07.2013
03.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
30.06.2013
28.06.2013
25.06.2013
23.06.2013
19.06.2013
19.06.2013
19.06.2013
14.06.2013
11.06.2013
29.05.2013
13.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
27.06.2012
05.07.2013
General Dynamics Corp

General Dynamics Corporation is a diversified defense company. The Company
offers a broad portfolio of products and services in business aviation, combat
vehicles, weapons systems and munitions, shipbuilding design and construction,
and information systems, technologies and services.
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 (05.07.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GD UN EQUITY YTD Change
GD UN EQUITY YTD % CHANGE
12/2012
03/yy
79.55
61.09
51'284.00
78.85
-0.79%
29.07%
93.80%
353.2
27'848.77
3'908.00
0.0
0.0
3'296.00
28'013.77
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
29'300.0
0.84x
4'100.0
6.02x
2'459.0
9.26x
50
31.12.2009
31.12.2010
31'981.0
32'466.0
0.87x
0.83x
4'237.0
4'514.0
6.58x
5.99x
2'394.0
2'624.0
11.00x
10.40x
Profitability
LTM-4Q
31.12.2011
32'677.0
0.76x
4'418.0
5.65x
2'526.0
9.13x
31.12.2012
31'513.0
0.80x
3'447.0
7.28x
(332.0)
10.69x
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
3'447.00
2'827.00
8.97%
1.72%
-0.93%
-2.56%
-2.49%
0.90%
16.2%
4.6%
2.6%
-1.1%
1.35
0.65
11.39%
34.31%
7.01
3.43
Price/ Cash Flow
LTM
04/yy
32'458.0
3.20x
4'360.0
6.36x
2'472.0
10.01x
03/yy
31'338.0
3.17x
1'428.0
17.55x
(325.0)
10.88x
FY+1
.0 M
j-13
3.25
1.01
333.66
5.24
22.84%
15.57%
1.015
22
4.273
571'067
655'888
677'997
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
31'174.6
30'905.3
7'726.6
7'849.4
0.88x
0.86x
3.62x
3.54x
4'163.4
4'198.8
1'010.7
1'050.0
6.75x
6.69x
6.70x
6.63x
2'368.4
2'410.6
568.4
595.8
11.68x
11.17x
11.72x
11.59x
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
09.07.1999
A
STABLE
09.07.1999
A-1
20.52
17.84
0.12
2.74
34.3%
25.5%
0.90
9.41
51.96
106.04
33.99
118.91
12.00
35'000.0
10.00
30'000.0
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
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
05.07.2013
General Dynamics Corp

Holdings By:
All
Holder Name
LONGVIEW ASSET MANAG
BLACKROCK
VANGUARD GROUP INC
STATE STREET
CROWN FUND
HENRY CROWN AND CO
INVESCO LTD
SANDERS CAPITAL LLC
WELLS FARGO
ABRAMS BISON INVESTM
UBS
DEUTSCHE BANK AG
FMR LLC
Firm Name
Jefferies
Cowen and Company
Stifel
CRT Capital Group
RBC Capital Markets
Edward Jones
Drexel Hamilton LLC
Deutsche Bank
JPMorgan
Goldman Sachs
Argus Research Corp
Barclays
Credit Suisse
Oppenheimer & Co
EVA Dimensions
Gabelli & Co
Portfolio Name
n/a
LONGVIEW ASSET MANAG
n/a
VANGUARD GROUP INC
n/a
HARRIS ASSOC LP
n/a
n/a
n/a
SANDERS CAPITAL LLC
n/a
ABRAMS BISON INVESTM
n/a
BANK OF AMERICA
n/a
n/a
Analyst
HOWARD A RUBEL
CAI VON RUMOHR
WILLIAM R LOOMIS
BRIAN W RUTTENBUR
ROBERT STALLARD
SAMUEL J PEARLSTEIN
CHRISTIAN MAYES
RICHARD WHITTINGTON
MYLES WALTON
DOUGLAS S HARNED
JOSEPH B NADOL III
NOAH POPONAK
NATHANIEL GABRIEL
CARTER COPELAND
PETER J ARMENT
ROBERT M SPINGARN
YAIR REINER
RICHARD SAFRAN
CRAIG STERLING
BRIAN BETTS
Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Form 4
13F
Form 4
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
Recommendation
buy
outperform
hold
sell
outperform
outperform
buy
buy
buy
market perform
overweight
sell/attractive
buy
overweight
buy
outperform
market perform
neutral
buy
hold
Amt Held
39'413'700
33'399'076
29'784'932
16'879'134
16'850'193
16'204'107
8'398'540
7'705'112
6'160'004
5'424'092
4'473'495
4'467'595
4'033'099
3'771'394
3'336'154
3'270'000
2'855'738
2'708'382
2'680'009
2'661'085
% Out
11.16
9.46
8.43
4.78
4.77
4.59
2.38
2.18
1.74
1.54
1.27
1.26
1.14
1.07
0.94
0.93
0.81
0.77
0.76
0.75
Weighting
Change
5
5
3
1
5
5
5
5
5
3
5
1
5
5
5
5
3
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
Latest Chg
3'674'000
2'016
(1'310'242)
513'719
526'553
(242'640)
(48'000)
(1'761'895)
1'402'248
130'335
495'465
(312'747)
39'328
400'000
(452'667)
(2'804'352)
806'745
88'151
Target Price
82
90
#N/A N/A
54
86
#N/A N/A
#N/A N/A
88
78
81
84
73
82
87
82
83
#N/A N/A
70
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
03.05.2013
Unclassified
31.03.2013
Investment Advisor
03.05.2013
Holding Company
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
03.07.2013
02.07.2013
01.07.2013
01.07.2013
21.06.2013
20.06.2013
17.06.2013
17.06.2013
14.06.2013
12.06.2013
11.06.2013
30.05.2013
03.05.2013
01.05.2013
25.04.2013
24.04.2013
24.04.2013
05.04.2013
06.03.2013
06.03.2009
05.07.2013
General Electric Co
General Electric Company is a globally diversified technology and financial
services company. The Company's products and services include aircraft engines,
power generation, water processing, and household appliances to medical imaging,
business and consumer financing and industrial products.
Price/Volume
30
40.0 M
35.0 M
25
30.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (18.06.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GE UN EQUITY YTD Change
GE UN EQUITY YTD % CHANGE
12/2012
03/yy
24.44
19.37
1'297'593.00
23.03
-5.81%
18.90%
69.82%
10'340.1
238'132.98
17'469.00
0.0
5'444.0
15'583.00
233'646.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10
10.0 M
5
5.0 M
0
j-12
31.12.2009
31.12.2010
154'272.0
148'442.0
1.12x
1.28x
20'435.0
23'747.0
8.45x
8.01x
11'025.0
11'644.0
12.59x
15.84x
Profitability
LTM-4Q
31.12.2011
142'224.0
1.37x
25'040.0
7.76x
14'151.0
12.68x
31.12.2012
144'796.0
1.56x
25'000.0
9.03x
13'641.0
13.54x
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
25'000.00
15'654.00
10.81%
12.02%
2.05%
11.61%
3.29%
0.21%
38.6%
16.9%
10.3%
9.4%
1.12
1.02
49.24%
274.31%
7.17
5.55
Price/ Cash Flow
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
LTM
FY+1
.0 M
j-13
3.13
1.12
10'334.05
83.90
16.49%
11.52%
1.119
22
4.273
8'294'715
9'492'795
8'904'843
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
142'043.0 143'566.0 148'168.5 152'911.9
35'892.4
36'859.8
5.47x
6.51x
3.34x
3.12x
13.21x
12.78x
24'486.0
24'248.0
29'090.3
31'833.0
5'922.8
6'406.0
8.90x
9.67x
8.04x
7.35x
8.58x
8.14x
13'752.0
14'134.0
16'983.5
18'148.6
3'613.6
4'045.3
14.13x
14.97x
13.85x
12.62x
13.98x
13.48x
S&P Issuer Ratings
12.03.2009
Long-Term Rating
AA+
Long-Term Outlook
STABLE
23.11.1981
Short-Term Rating
A-1+
Credit Ratios
18.10
7.15
Net Debt/EBITDA
-0.41
Total Debt/EBITDA
0.51
Reference
Total Debt/Equity
274.3%
Total Debt/Capital
72.4%
Asset Turnover
0.21
2.14
50.90
Inventory Days
65.73
68.38
48.22
9.00
200'000.0
8.00
180'000.0
7.00
160'000.0
140'000.0
6.00
120'000.0
5.00
4.00
100'000.0
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
0.00
01.01.2010
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
180'929.0
0.99x
30'781.0
5.83x
17'410.0
8.39x
25.0 M
15
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
05.07.2013
General Electric Co
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
DODGE & COX
GENERAL ELECTRIC COM
INVESCO LTD
NORGES BANK
FRANKLIN RESOURCES
GOLDMAN SACHS GROUP
WELLS FARGO
UBS
Firm Name
JPMorgan
Morgan Stanley
Credit Suisse
Deutsche Bank
Edward Jones
Hamburger Sparkasse
Barclays
William Blair & Co
EVA Dimensions
Oppenheimer & Co
Langenberg & Co
Argus Research Corp
Nomura
Hilliard Lyons
S&P Capital IQ
Gabelli & Co
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
DODGE & COX
n/a
NORGES BANK
n/a
BANK OF AMERICA
n/a
n/a
n/a
Analyst
STEVEN E WINOKER
NIGEL COE
JULIAN MITCHELL
JOHN G INCH
CHRISTIAN MAYES
MARCO GUENTHER
SCOTT R DAVIS
MARKUS FRIEBEL
NICHOLAS P HEYMANN
CRAIG STERLING
CHRISTOPHER D GLYNN
NATHANIEL GABRIEL
FREDERICK M SCHULTZ
SHANNON O'CALLAGHAN
STEPHEN A O'NEIL
IVAN FEINSETH
RICHARD TORTORIELLO
ZAHID SIDDIQUE
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
Recommendation
market perform
neutral
Equalwt/In-Line
outperform
buy
hold
hold
overweight
buy
market perform
buy
outperform
buy
buy
buy
neutral
long-term buy
neutral
buy
buy
Amt Held
576'698'823
480'968'947
414'289'828
276'404'848
185'496'947
164'165'867
156'799'970
111'915'298
94'657'909
88'985'625
88'939'646
85'296'613
84'870'136
82'210'444
74'273'026
70'549'571
65'672'700
60'031'251
60'019'451
55'995'579
% Out
5.58
4.65
4.01
2.67
1.79
1.59
1.52
1.08
0.92
0.86
0.86
0.82
0.82
0.8
0.72
0.68
0.64
0.58
0.58
0.54
Weighting
Change
3
3
3
5
5
3
3
5
5
3
5
5
5
5
5
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
N
M
M
Latest Chg
18'281'472
13'238'328
(1'387'285)
(2'223'472)
(42'421'515)
4'087'674
1'466'803
(615'743)
(2'922'718)
(4'790'436)
305'827
(4'935'937)
(2'728'891)
3'893'412
1'151'882
(2'125'003)
2'358'776
1'819'715
2'675'579
Target Price
25
22
23
25
28
#N/A N/A
#N/A N/A
26
28
26
#N/A N/A
26
28
25
#N/A N/A
23
27
#N/A N/A
26
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
Date
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
03.07.2013
02.07.2013
19.06.2013
19.06.2013
14.06.2013
14.06.2013
13.06.2013
03.06.2013
24.05.2013
22.05.2013
13.05.2013
12.05.2013
24.04.2013
23.04.2013
22.04.2013
22.04.2013
19.04.2013
06.03.2013
13.02.2013
26.09.2011
05.07.2013
Gilead Sciences Inc

Gilead Sciences, Inc. is a research-based biopharmaceutical company that
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
60
12.0 M
10.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (22.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GILD UW EQUITY YTD Change
GILD UW EQUITY YTD % CHANGE
12/2012
03/yy
58.06
24.80
622'053.00
53.22
-8.19%
114.60%
81.72%
1'525.4
81'179.44
8'224.05
0.0
241.1
2'582.09
86'786.26
8.0 M
6.0 M
20
4.0 M
10
2.0 M
0
j-12
31.12.2009
31.12.2010
7'011.4
7'949.4
5.18x
3.38x
3'742.2
4'227.7
9.71x
6.35x
2'635.8
2'901.3
15.12x
10.53x
Profitability
LTM-4Q
31.12.2011
8'385.4
3.41x
4'092.1
6.99x
2'803.6
11.34x
31.12.2012
9'702.5
6.36x
4'288.4
14.38x
2'591.6
21.83x
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
4'288.38
4'010.18
41.33%
37.23%
13.62%
32.88%
17.67%
0.47%
74.5%
45.4%
42.6%
26.7%
1.44
0.85
38.72%
88.34%
4.84
1.57
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
8'741.7
15.12x
3'975.5
11.33x
2'594.5
14.38x
d-12
03/yy
9'951.7
24.53x
4'521.6
17.74x
2'871.8
26.42x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
0.93
1'512.29
52.73
104.38%
44.91%
0.932
30
4.733
2'762'918
3'277'095
3'585'302
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
10'629.2
13'014.7
2'653.3
2'675.7
7.99x
6.33x
4'723.0
6'689.0
1'133.3
1'134.5
18.33x
12.94x
3'248.2
4'805.7
805.2
793.4
27.14x
18.17x
25.02x
22.32x
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
23.03.2011
ASTABLE
11.88
10.78
1.19
1.77
88.3%
46.3%
0.47
10.43
75.35
232.57
169.26
137.94
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
01.01.2010
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
14.0 M
40
Valuation Analysis
31.12.2008
5'335.8
8.35x
2'845.0
15.67x
1'978.9
24.83x
16.0 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
05.07.2013
Gilead Sciences Inc

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
JENNISON ASSOCIATES
UBS
JP MORGAN
WELLS FARGO
FRANKLIN RESOURCES
Firm Name
Cowen and Company
Stifel
Maxim Group LLC
Needham & Co
Leerink Swann & Co
RBC Capital Markets
BMO Capital Markets
Oppenheimer & Co
Argus Research Corp
JPMorgan
ISI Group
S&P Capital IQ
Jefferies
William Blair & Co
Piper Jaffray
Credit Suisse
Deutsche Bank
Summer Street Research Partners
Barclays
Goldman Sachs
EVA Dimensions
BWS Financial
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
n/a
n/a
Analyst
PHILIP NADEAU
BRIAN C ABRAHAMS
JOEL D SENDEK
GEOFFREY C PORGES
JOSHUA SCHIMMER
JASON KOLBERT
ALAN CARR
HOWARD LIANG
MICHAEL J YEE
JIM BIRCHENOUGH
DAVID FERREIRO
JOHN M EADE
GEOFFREY MEACHAM
MARK J SCHOENEBAUM
STEVEN SILVER
THOMAS WEI
BRET HOLLEY
JOHN S SONNIER
RICHARD J PURKISS
M IAN SOMAIYA
BRIAN P SKORNEY
RAVI MEHROTRA
ROBYN KARNAUSKAS
CAROL A WERTHER
TERENCE FLYNN
ANDREW S ZAMFOTIS
KAVITA THOMAS
HAMED KHORSAND
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
Recommendation
outperform
outperform
buy
outperform
buy
buy
buy
outperform
outperform
outperform
outperform
buy
overweight
buy
strong buy
hold
buy
outperform
neutral
overweight
outperform
outperform
buy
neutral
overweight
neutral/attractive
overweight
market perform
buy
Amt Held
293'810'226
110'933'198
87'617'123
76'993'691
69'391'713
62'447'184
44'130'336
27'694'568
25'407'184
23'700'779
21'982'156
21'810'495
21'435'057
21'422'605
20'951'069
18'115'446
16'813'259
13'946'105
12'731'436
12'603'895
% Out
19.26
7.27
5.74
5.05
4.55
4.09
2.89
1.82
1.67
1.55
1.44
1.43
1.41
1.4
1.37
1.19
1.1
0.91
0.83
0.83
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
3
5
5
5
5
3
5
3
5
3
5
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
M
D
M
M
Latest Chg
(4'864'818)
2'191'716
2'889'576
14'165'833
2'188'569
2'139'466
(1'377'770)
1'703'294
5'905'642
1'980'175
1'066'984
3'604'861
(491'149)
(8'274'001)
238'349
1'800'868
998'353
1'502'667
48'212
376'007
Target Price
65
#N/A N/A
65
69
63
88
62
#N/A N/A
62
85
61
62
80
64
67
40
69
#N/A N/A
53
63
55
67
69
#N/A N/A
65
54
#N/A N/A
#N/A N/A
24
File Dt
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
30.04.2013
30.04.2013
31.03.2013
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
18 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
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
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
Date
03.07.2013
02.07.2013
01.07.2013
28.06.2013
26.06.2013
26.06.2013
21.06.2013
21.06.2013
20.06.2013
17.06.2013
17.06.2013
13.06.2013
12.06.2013
12.06.2013
10.06.2013
07.06.2013
05.06.2013
03.06.2013
31.05.2013
29.05.2013
23.05.2013
17.05.2013
13.05.2013
03.05.2013
02.05.2013
17.04.2013
04.02.2013
09.02.2012
21.04.2011
05.07.2013
General Motors Co
General Motors Co. manufactures and markets new cars and trucks. The Company
offers features for special needs drivers, OnStar vehicle protection, service,
parts, accessories, maintenance, XM satellite radio, features for commercial
owners, and more. General Motors offers its vehicles and services worldwide.
Price/Volume
40
35.0 M
35
30.0 M
30
25.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (04.06.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GM UN EQUITY YTD Change
GM UN EQUITY YTD % CHANGE
12/2012
03/yy
35.40
18.72
569'405.00
34.47
-2.57%
84.13%
92.45%
1'374.7
47'385.43
5'172.00
10'391.0
756.0
26'121.00
39'393.43
15.0 M
15
10
10.0 M
5.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
20.0 M
20
Valuation Analysis
31.12.2009
31.12.2010
104'589.0
135'592.0
0.38x
(9'909.0)
12'007.0
4.30x
104'821.0
6'172.0
13.72x
Profitability
LTM-4Q
31.12.2011
150'276.0
0.11x
14'369.0
1.16x
9'190.0
3.31x
31.12.2012
152'256.0
0.19x
5'647.0
5.24x
6'188.0
7.91x
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
5'647.00
-3'218.00
-2.11%
-18.85%
3.98%
15.47%
1.00%
7.9%
3.3%
-2.6%
4.1%
1.30
0.70
10.74%
62.08%
12.09
9.02
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
0.00
1.26
844.69
83.48
66.76%
19.56%
1.261
24
4.583
2'835'396
4'583'183
3'640'465
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
151'841.0 151'381.0 156'614.8 166'213.2
38'456.1
39'147.7
0.67x
0.70x
0.25x
0.22x
1.03x
1.02x
14'117.0
5'021.0
13'551.8
15'716.9
3'425.2
3'899.0
2.42x
6.17x
2.89x
2.50x
2.81x
2.76x
7'139.0
6'048.0
5'552.5
7'107.9
1'274.8
1'639.9
6.22x
9.96x
10.40x
7.94x
9.58x
8.67x
S&P Issuer Ratings
29.09.2011
Long-Term Rating
BB+
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
9.32
-4.00
Net Debt/EBITDA
-3.81
Total Debt/EBITDA
1.03
Reference
Total Debt/Equity
62.1%
Total Debt/Capital
30.3%
Asset Turnover
1.00
6.16
30.19
Inventory Days
40.48
71.66
-2.34
12.00
160'000.0
140'000.0
10.00
120'000.0
8.00
100'000.0
80'000.0
6.00
60'000.0
4.00
40'000.0
2.00
0.00
01.01.2010
20'000.0
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
05.07.2013
General Motors Co
Holdings By:
All
Holder Name
UNITED STATES GOVERN
UAW RETIREE MED BEN
CANADA GEN INVESTMEN
BLACKROCK
JP MORGAN
MOTORS LIQUIDATION C
VANGUARD GROUP INC
INVESCO LTD
GREENLIGHT CAPITAL I
FRANKLIN RESOURCES
AL SAUD ALWALEED BIN
SAIC MOTOR CORP LTD
FMR LLC
STATE STREET
Firm Name
Morgan Stanley
Stifel
Deutsche Bank
RBC Capital Markets
Credit Suisse
JPMorgan
Jefferies
Barclays
Edward Jones
Argus Research Corp
Goldman Sachs
CRT Capital Group
S&P Capital IQ
Wolfe Research
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
GREENLIGHT CAPITAL I
n/a
n/a
n/a
n/a
n/a
Analyst
MICHAEL P WARD
MATTHEW T STOVER
ADAM JONAS
JAMES J ALBERTINE
ROD LACHE
JOSEPH SPAK
RYAN BRINKMAN
H PETER NESVOLD
BRIAN A JOHNSON
JOSEPH C AMATURO
CHRISTIAN MAYES
WILLIAM V SELESKY
TAKUO KATAYAMA
PATRICK ARCHAMBAULT
STEVEN L. DYER
KIRK LUDTKE
EFRAIM LEVY
TIMOTHY J DENOYER
CRAIG STERLING
Source
Co File
Form 4
PROXY
ULT-AGG
ULT-AGG
ULT-AGG
PROXY
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
Research
Research
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
buy
neutral
Overwt/In-Line
hold
buy
outperform
outperform
overweight
hold
overweight
buy
hold
buy
outperform
buy/attractive
buy
buy
hold
outperform
buy
Amt Held
189'194'989
140'150'000
140'084'746
103'381'380
36'957'616
35'420'071
29'101'877
25'000'000
23'957'498
22'770'505
21'172'063
16'936'455
15'449'003
15'000'000
15'000'000
14'157'780
13'282'691
13'145'619
11'611'451
11'287'595
% Out
13.76
10.2
10.19
7.52
2.69
2.58
2.12
1.82
1.74
1.66
1.54
1.23
1.12
1.09
1.09
1.03
0.97
0.96
0.84
0.82
Weighting
Change
5
3
5
3
5
5
5
5
3
5
5
3
5
5
5
5
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
U
Latest Chg
(30'000'000)
(27'800)
5'707'369
637'609
(1'865'684)
787'439
2'935'312
(4'949'970)
447'570
6'458'147
5'196'931
912'751
18'742
11'287'595
Target Price
46
25
45
#N/A N/A
39
41
44
39
36
38
50
#N/A N/A
43
35
38
38
34
33
37
#N/A N/A
File Dt
Inst Type
05.06.2013
Government
12.06.2013
n/a
01.04.2013
Other
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.05.2013
Investment Advisor
01.04.2013
Other
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
23.11.2010
n/a
23.11.2010
Corporation
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
04.07.2013
03.07.2013
28.06.2013
14.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
11.06.2013
04.06.2013
20.05.2013
15.05.2013
03.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
27.04.2013
05.07.2013
Google Inc
Google Inc. is a global technology company that provides a web based search
engine through its website. The Company offers a wide range of search options,
including web, image, groups, directory, and news searches.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GOOG UW EQUITY YTD Change
GOOG UW EQUITY YTD % CHANGE
12/2012
03/yy
920.50
562.20
144'656.00
890.12
-3.29%
58.33%
90.49%
271.1
295'168.97
5'537.00
0.0
0.0
49'557.00
248'739.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
21'795.6
3.72x
8'131.9
9.96x
4'226.9
18.44x
1000
900
800
700
600
500
400
300
200
100
0
j-12
31.12.2009
31.12.2010
23'650.6
29'321.0
7.29x
5.42x
9'836.5
11'777.0
17.53x
13.48x
6'520.4
8'505.0
30.38x
22.30x
Profitability
LTM-4Q
31.12.2011
37'905.0
4.45x
13'593.0
12.41x
9'737.0
21.30x
31.12.2012
50'175.0
3.77x
15'722.0
12.05x
10'737.0
21.10x
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
15'722.00
12'760.00
25.43%
26.68%
12.88%
16.32%
15.24%
0.63%
58.9%
29.5%
23.4%
21.4%
4.22
3.90
5.90%
7.72%
8.56
73.22
Price/ Cash Flow
LTM
03/yy
39'975.0
14.71x
14'796.0
11.10x
10'829.0
19.37x
03/yy
54'703.0
13.97x
16'160.0
13.34x
11'193.0
22.80x
FY+1
.0 M
j-13
0.00
0.94
270.63
4.26
51.42%
25.48%
0.939
46
4.283
439'728
569'358
598'427
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
47'444.2
55'295.7
11'326.1
11'878.5
4.98x
3.96x
21.66x
20.31x
21'650.4
25'586.8
5'246.3
5'452.0
11.48x
9.71x
10.91x
10.47x
15'655.3
18'196.3
3'645.9
3'778.5
19.28x
16.67x
18.88x
18.13x
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
19.11.2012
AA
STABLE
15.07.2010
A-1+
187.17
148.20
-2.87
0.32
7.7%
7.2%
0.63
4.93
42.62
4.98
21.37
30.52
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Google Inc
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
INVESCO LTD
PRIMECAP MANAGEMENT
JENNISON ASSOCIATES
UBS
GOLDMAN SACHS GROUP
MORGAN STANLEY
WELLS FARGO
Firm Name
S&P Capital IQ
Raymond James
Cantor Fitzgerald
Pivotal Research Group LLC
Stifel
Piper Jaffray
BMO Capital Markets
JPMorgan
Wedbush
Evercore Partners
Edward Jones
Argus Research Corp
Needham & Co
Wedge Partners
RBC Capital Markets
Cowen and Company
JMP Securities
Barclays
Goldman Sachs
Hamburger Sparkasse
Morgan Stanley
Jefferies
Oppenheimer & Co
Hilliard Lyons
William Blair & Co
Deutsche Bank
Credit Suisse
Macquarie
B Riley & Co
BGC Partners
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
PRIMECAP MANAGEMENT
JENNISON ASSOCIATES
n/a
n/a
n/a
n/a
Analyst
SCOTT H KESSLER
VICTOR ANTHONY
CARLOS KIRJNER
AARON M KESSLER
YOUSSEF H SQUALI
BRIAN WIESER
JORDAN ROHAN
EUGENE E MUNSTER
DANIEL SALMON
SHAWN C MILNE
DOUGLAS ANMUTH
JAMES G DIX
KEN SENA
JOSH OLSON
JOSEPH F BONNER
MICHAEL GRAHAM
KERRY RICE
MARKUS FRIEBEL
THOMAS FORTE
MARTIN PYYKKONEN
MARK S MAHANEY
JOHN BLACKLEDGE
RONALD V JOSEY III
COLIN SEBASTIAN
HEATHER BELLINI
PETER STABLER
MARCO GUENTHER
KAZUYA NISHIMURA
SCOTT W DEVITT
BRIAN J PITZ
JASON S HELFSTEIN
STEPHEN TURNER
RALPH SCHACKART
SHAW WU
ROSS SANDLER
STEPHEN JU
EVAN S WILSON
SAMEET SINHA
HAMILTON FABER
LAURENCE BALTER
COLIN W GILLIS
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
Recommendation
hold
buy
outperform
outperform
buy
hold
hold
overweight
market perform
buy
overweight
neutral
overweight
buy
buy
buy
buy
hold
no rating system
no rating system
outperform
outperform
market outperform
overweight
outperform
neutral/attractive
market perform
hold
outperform
Overwt/Attractive
buy
market perform
neutral
outperform
suspended coverage
buy
outperform
outperform
outperform
buy
overweight
sell
hold
Amt Held
18'111'695
15'351'322
12'251'664
11'527'744
11'296'641
9'349'607
6'457'976
4'684'381
4'201'748
3'915'069
3'096'122
2'884'116
2'865'151
2'701'990
2'388'041
2'306'413
2'258'008
2'255'571
2'197'361
2'156'774
% Out
6.68
5.66
4.52
4.25
4.17
3.45
2.38
1.73
1.55
1.44
1.14
1.06
1.06
1
0.88
0.85
0.83
0.83
0.81
0.8
Weighting
Change
3
5
5
5
5
3
3
5
3
5
5
3
5
5
5
5
5
3
#N/A N/A
#N/A N/A
5
5
4
5
5
3
3
3
5
5
5
3
3
5
#N/A N/A
5
5
5
5
5
5
1
3
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
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
598'626
534'520
418'606
521'347
588'218
(107'889)
37'223
97'407
(91'427)
90'269
(111'315)
393'802
108'739
(13'984)
18'230
(194'982)
137'558
33'032
575'393
112'964
Target Price
925
999
1'000
875
1'030
820
#N/A N/A
935
790
1'050
1'025
800
1'050
#N/A N/A
1'065
890
1'000
930
966
#N/A N/A
950
#N/A N/A
955
1'000
1'025
965
#N/A N/A
#N/A N/A
950
996
1'000
820
#N/A N/A
#N/A N/A
#N/A N/A
930
982
980
925
846
1'000
700
760
File Dt
31.03.2013
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.05.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
04.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
25.06.2013
25.06.2013
24.06.2013
23.06.2013
20.06.2013
18.06.2013
17.06.2013
17.06.2013
12.06.2013
12.06.2013
12.06.2013
12.06.2013
11.06.2013
10.06.2013
10.06.2013
10.06.2013
06.06.2013
05.06.2013
03.06.2013
30.05.2013
28.05.2013
17.05.2013
16.05.2013
16.05.2013
22.04.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
16.04.2013
05.07.2013
Goldman Sachs Group Inc/The

The Goldman Sachs Group, Inc., a bank holding company, is a global investment
banking and securities firm specializing in investment banking, trading and
principal investments, asset management and securities services. The Company
provides services to corporations, financial institutions, governments, and
high-net worth individuals.
Price/Volume
180
160
140
120
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.06.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GS UN EQUITY YTD Change
GS UN EQUITY YTD % CHANGE
12/2012
03/yy
168.18
91.16
170'983.00
151.92
-9.64%
66.65%
76.95%
458.5
72'401.10
510'691.00
6'200.0
508.0
72'669.00
537'532.11
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40
20
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
53'579.0
8.34x
35'318.0
12.66x
2'322.0
17.67x
60
31.12.2009
31.12.2010
51'673.0
45'967.0
10.25x
12.69x
28'272.0
22'067.0
18.74x
26.44x
13'385.0
8'354.0
7.37x
11.05x
Profitability
LTM-4Q
31.12.2011
36'793.0
14.05x
16'020.0
32.28x
4'442.0
16.98x
31.12.2012
41'664.0
12.15x
20'446.0
24.75x
7'475.0
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
20'446.00
32.80%
26.90%
0.80%
10.61%
1.26%
0.04%
48.8%
17.9%
54.41%
734.64%
-
Price/ Cash Flow
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
j-13
LTM
03/yy
34'951.0
62.22x
15'103.0
36.35x
3'816.0
19.61x
03/yy
41'636.0
49.94x
20'338.0
26.33x
7'626.0
10.07x
FY+1
1.26
1.30
421.81
6.38
56.41%
19.87%
1.303
34
3.500
585'110
778'684
727'313
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
34'002.5
34'660.2
8'029.4
7'884.3
7'286.6
7'351.2
1'470.3
1'388.0
10.59x
10.01x
10.78x
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
29.11.2011
ANEG
29.11.2011
A-2
22.54
25.66
734.6%
87.0%
0.04
5.03
-
30.00
100'000.0
90'000.0
25.00
80'000.0
70'000.0
20.00
60'000.0
15.00
50'000.0
40'000.0
10.00
30'000.0
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Goldman Sachs Group Inc/The

Holdings By:
All
Holder Name
GOLDMAN SACHS SHRHLD
BLACKROCK
VANGUARD GROUP INC
STATE STREET
DODGE & COX
JENNISON ASSOCIATES
JP MORGAN
ROYAL BANK OF CANADA
INVESCO LTD
ALLIANCE BERNSTEIN
Firm Name
RBC Capital Markets
Evercore Partners
JPMorgan
Oppenheimer & Co
JMP Securities
Mediobanca SpA
Macquarie
Credit Suisse
Portales Partners
HSBC
S&P Capital IQ
Morgan Stanley
Barclays
FBR Capital Markets
Argus Research Corp
Nomura
Deutsche Bank
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
DODGE & COX
JENNISON ASSOCIATES
n/a
n/a
n/a
BANK OF AMERICA
n/a
Analyst
FIONA SWAFFIELD
CHRISTOPHER J ALLEN
MARTY L MOSBY III
KIAN ABOUHOSSEIN
DAVID M TRONE
DOUGLAS C SIPKIN
CHRISTOPHER J WHEELER
FREDERICK CANNON
DAVID J KONRAD
RICHARD STAITE
HOWARD H CHEN
ERIC E WASSERSTROM
CHARLES W PEABODY
MATTHEW H BURNELL
RICHARD X BOVE SR
ROBERT MURPHY
KENNETH M LEON
BETSY L GRASECK
ROGER A FREEMAN
KAZUKI WATANABE
STEVE STELMACH
DAVID RITTER
JEFFERY HARTE
JAMES F MITCHELL
GLENN P SCHORR
MATTHEW D O'CONNOR
AUSTIN BURKETT
MEREDITH A WHITNEY
Source
ULT-AGG
13D
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
sector perform
outperform
equalweight
buy
underweight
market perform
market perform
Positive
neutral
market perform
neutral
neutral
outperform
neutral
sector perform
market perform
buy
underweight
buy
Equalwt/Attractive
equalweight
outperform
outperform
hold
hold
neutral
buy
hold
overweight
hold
Amt Held
29'960'086
27'836'304
24'094'983
19'620'649
19'015'163
14'790'300
12'789'130
11'577'375
6'458'051
6'328'665
5'398'511
3'914'706
3'773'871
3'556'003
3'322'319
3'269'709
3'124'013
2'987'022
2'838'208
2'633'708
% Out
6.53
6.07
5.26
4.28
4.15
3.23
2.79
2.53
1.41
1.38
1.18
0.85
0.82
0.78
0.72
0.71
0.68
0.65
0.62
0.57
Weighting
Change
3
5
3
5
1
3
3
4
3
3
3
3
5
3
3
3
5
1
5
3
3
5
5
3
3
3
5
3
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
U
M
Latest Chg
7'130'681
2'753'217
(3'794'862)
182'279
(310'428)
(184'230)
(2'034'069)
(439'250)
(1'154'956)
112'552
46'766
(4'146'886)
(259'605)
(1'214'073)
545'788
1'297'350
(648'574)
34'404
590'981
(160'215)
Target Price
135
170
169
190
134
#N/A N/A
#N/A N/A
175
146
155
165
152
180
168
#N/A N/A
#N/A N/A
185
117
185
150
155
169
165
#N/A N/A
153
150
157
144
#N/A N/A
#N/A N/A
File Dt
31.03.2013
01.02.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
04.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
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
Inst Type
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.07.2013
03.07.2013
02.07.2013
02.07.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
24.06.2013
20.06.2013
17.06.2013
10.06.2013
10.06.2013
05.06.2013
04.06.2013
30.05.2013
15.05.2013
13.05.2013
23.04.2013
19.04.2013
17.04.2013
17.04.2013
16.04.2013
15.04.2013
05.03.2013
16.10.2012
05.07.2013
Halliburton Co
Halliburton Company provides energy services and engineering and construction
services, as well as manufactures products for the energy industry. The Company
offers services and products and integrated solutions to customers in the
exploration, development, and production of oil and natural gas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HAL UN EQUITY YTD Change
HAL UN EQUITY YTD % CHANGE
12/2012
03/yy
45.75
27.62
265'526.00
43.25
-5.51%
56.59%
82.90%
931.0
40'265.43
4'820.00
0.0
25.0
2'484.00
43'083.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
18'279.0
0.97x
4'686.0
3.79x
2'224.0
4.98x
50
45
40
35
30
25
20
15
10
5
0
j-12
31.12.2009
31.12.2010
14'675.0
17'973.0
1.93x
2.17x
2'920.0
4'118.0
9.71x
9.46x
1'145.0
1'835.0
22.41x
19.86x
Profitability
LTM-4Q
31.12.2011
24'829.0
1.36x
6'096.0
5.54x
2'839.0
10.35x
31.12.2012
28'503.0
1.21x
5'787.0
5.98x
2'635.0
11.42x
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
5'787.00
4'159.00
14.59%
13.41%
7.60%
13.47%
11.27%
1.09%
15.6%
20.0%
14.1%
9.2%
2.75
1.74
17.58%
30.57%
4.96
7.89
Price/ Cash Flow
LTM
03/yy
26'415.0
5.49x
6'670.0
4.92x
2'955.0
9.12x
03/yy
28'609.0
4.83x
5'729.0
7.06x
1'990.0
14.60x
FY+1
.0 M
j-13
0.91
1.64
874.80
22.99
46.13%
25.43%
1.640
34
4.471
1'826'794
2'208'182
2'467'818
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
29'729.3
32'758.6
7'267.4
7'580.1
1.43x
1.26x
5.92x
5.66x
6'280.8
7'662.1
1'495.3
1'666.8
6.84x
5.60x
6.41x
6.08x
2'973.0
3'750.1
677.6
791.3
13.58x
10.72x
12.72x
11.93x
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
20.08.2007
A
STABLE
20.08.2007
A-1
19.42
7.45
0.49
0.84
30.6%
23.4%
1.09
2.95
73.65
46.24
30.57
84.89
25.00
30'000.0
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
5'000.0
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
05.07.2013
Halliburton Co
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
FRANKLIN RESOURCES
INVESCO LTD
CARMIGNAC GESTION
DEUTSCHE BANK AG
GOLDMAN SACHS GROUP
VAN ECK ASSOCIATES C
JP MORGAN
JENNISON ASSOCIATES
NORGES BANK
Firm Name
Credit Suisse
Howard Weil Inc
JPMorgan
BMO Capital Markets
Jefferies
ISI Group
FBR Capital Markets
Cowen and Company
Stephens Inc
Societe Generale
Edward Jones
Morgan Stanley
RBC Capital Markets
Barclays
EVA Dimensions
Argus Research Corp
Raymond James
Johnson Rice & Co
Macquarie
Deutsche Bank
RS Platou Markets
Goldman Sachs
Fearnley Fonds
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
CARMIGNAC GESTION
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
NORGES BANK
Analyst
JAMES WICKLUND
CHARLES P MINERVINO
WILLIAM SANCHEZ
J DAVID ANDERSON
SCOTT GRUBER
ALAN D LAWS
BRAD HANDLER
JUDSON E BAILEY
MEGAN REPINE
JAMES D CRANDELL
LUKE M LEMOINE
MICHAEL MARINO
EDWARD C MUZTAFAGO
BRIAN YOUNGBERG
MATTHEW D CONLAN
OLE SLORER
KURT HALLEAD
JAMES C WEST
CRAIG STERLING
JONATHAN GELCIUS
J MARSHALL ADKINS
DAVID C SMITH
NIGEL BROWNE
MICHAEL K LAMOTTE
BRIAN UHLMER
MICHAEL W URBAN
STEPHEN D GENGARO
TURNER HOLM
WAQAR SYED
TRULS OLSEN
STEWART GLICKMAN
JEFF TILLERY
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
Recommendation
outperform
Positive
sector perform
overweight
outperform
outperform
buy
strong buy
outperform
outperform
add
overweight
buy
hold
outperform
Underwt/In-Line
outperform
overweight
underweight
buy
market perform
overweight
outperform
buy
buy
buy
buy
buy
buy/attractive
not rated
hold
buy
Amt Held
53'459'251
42'810'848
41'490'584
37'143'382
23'099'010
21'759'860
20'633'347
17'312'833
15'733'400
13'338'436
12'973'527
12'695'577
12'256'769
11'277'822
10'144'507
9'571'422
8'769'193
8'457'545
8'356'405
8'078'564
% Out
5.74
4.6
4.46
3.99
2.48
2.34
2.22
1.86
1.69
1.43
1.39
1.36
1.32
1.21
1.09
1.03
0.94
0.91
0.9
0.87
Weighting
Change
5
4
3
5
5
5
5
5
5
5
4
5
5
3
5
1
5
5
1
5
3
5
5
5
5
5
5
5
5
#N/A N/A
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
U
M
M
D
M
Latest Chg
1'213'797
2'011'692
9'825'061
3'781'682
3'950'383
(3'674'175)
(1'374'263)
15'733'400
2'591'296
130'293
712'376
4'437'353
(2'527'758)
(1'055'998)
(1'913'319)
1'621'892
3'664'536
2'641'078
-
Target Price
53
49
50
53
53
56
49
50
50
57
48
56
55
#N/A N/A
#N/A N/A
37
50
64
#N/A N/A
48
#N/A N/A
#N/A N/A
49
52
48
56
45
48
60
#N/A N/A
40
#N/A N/A
File Dt
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
03.07.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
03.07.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
Date
Not Provided
12 month
12 month
6 month
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
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
03.07.2013
03.07.2013
02.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
28.06.2013
25.06.2013
24.06.2013
17.06.2013
17.06.2013
14.06.2013
07.06.2013
03.06.2013
30.05.2013
23.05.2013
22.05.2013
02.05.2013
24.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
21.03.2013
14.02.2013
28.01.2013
20.09.2012
05.04.2011
05.07.2013
Home Depot Inc/The

The Home Depot, Inc. is a home improvement retailer that sells building
materials and home improvement products. The Company sells a wide assortment
of building materials, home improvement and lawn and garden products and
provide a number of services. Home Depot operates throughout the U.S.
(including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.
Price/Volume
90
8.0 M
80
7.0 M
70
6.0 M
60
5.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (22.05.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HD UN EQUITY YTD Change
HD UN EQUITY YTD % CHANGE
01/2013
05/yy
81.56
49.77
327'510.00
77.58
-4.92%
55.88%
87.95%
1'460.8
113'328.59
10'796.00
0.0
0.0
2'494.00
121'783.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
30
20
2.0 M
10
1.0 M
0
j-12
31.01.2010
31.01.2011
66'176.0
67'997.0
0.84x
1.01x
6'609.0
7'557.0
8.45x
9.10x
2'661.0
3'338.0
16.84x
17.90x
Profitability
LTM-4Q
31.01.2012
70'395.0
1.10x
8'343.0
9.32x
3'883.0
18.17x
31.01.2013
74'754.0
1.45x
9'450.0
11.45x
4'535.0
21.74x
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
9'450.00
7'766.00
10.39%
9.66%
10.80%
27.50%
17.69%
1.74%
34.6%
13.0%
10.7%
6.1%
1.34
0.34
26.28%
60.73%
47.89
4.25
Price/ Cash Flow
s-12
o-12
n-12
LTM
04/yy
71'380.0
4.09x
8'621.0
10.11x
4'106.0
19.89x
d-12
05/yy
76'070.0
5.41x
9'855.0
11.82x
4'726.0
22.78x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.62
0.97
1'458.51
31.00
53.27%
26.77%
0.965
30
3.867
2'563'509
2'101'507
1'852'491
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
07/13 Q2 10/13 Q3
77'469.6
81'138.3
21'715.7
18'991.4
1.59x
1.54x
5.64x
6.51x
10'653.0
11'739.3
3'371.2
2'586.2
11.45x
10.39x
11.18x
10.86x
5'242.9
5'864.6
1'754.3
1'263.1
21.22x
18.16x
20.64x
19.79x
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
16.11.2011
ASTABLE
05.07.2007
A-2
14.88
12.82
0.86
1.30
60.7%
37.8%
1.74
3.15
7.75
87.31
53.89
47.82
18.00
90'000.0
16.00
80'000.0
14.00
70'000.0
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
05.02.2010
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

31.01.2009
71'288.0
0.67x
6'261.0
7.57x
2'260.0
12.12x
4.0 M
40
Valuation Analysis
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.07.2013
Home Depot Inc/The

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
JP MORGAN
NORGES BANK
WELLS FARGO
FISHER INVESTMENTS I
ALLIANCE BERNSTEIN
Firm Name
BMO Capital Markets
RBC Capital Markets
Stifel
JPMorgan
Edward Jones
ISI Group
Jefferies
Argus Research Corp
Longbow Research
Barclays
Deutsche Bank
Credit Suisse
Raymond James
Nomura
Landesbank Baden-Wuerttemberg
Piper Jaffray
Morgan Stanley
Goldman Sachs
Oppenheimer & Co
S&P Capital IQ
Gabelli & Co
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
NORGES BANK
n/a
n/a
BANK OF AMERICA
FISHER INVESTMENTS
n/a
Analyst
WAYNE HOOD
COLIN MCGRANAHAN
R SCOT CICCARELLI
PETER S BENEDICT
DAVID A SCHICK
CHRISTOPHER HORVERS
ROBIN DIEDRICH
GREGORY MELICH
DANIEL T BINDER
CHRISTOPHER GRAJA
DAVID S MACGREGOR
ALAN M RIFKIN
JOSEPH I FELDMAN
MICHAEL BAKER
GARY BALTER
DAVID S STRASSER
BUDD BUGATCH
KAHORI TAMADA
ARAM RUBINSON
PER-OLA HELLGREN
PETER J KEITH
DAVID GOBER
MATTHEW J FASSLER
LAURA A CHAMPINE
BRIAN NAGEL
MICHAEL SOUERS
ZAHID SIDDIQUE
CRAIG STERLING
RITESH DOSHI
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
market perform
market perform
outperform
outperform
hold
overweight
hold
strong buy
buy
buy
buy
overweight
no rating system
hold
outperform
neutral
market perform
neutral
neutral
sell
overweight
Equalwt/In-Line
neutral/neutral
hold
outperform
sell
hold
overweight
market perform
Amt Held
242'597'167
91'040'813
68'790'992
68'769'159
47'200'040
32'212'011
24'596'429
20'318'184
20'184'299
17'480'869
14'223'897
13'533'865
11'988'541
11'082'825
10'360'547
10'172'379
10'158'313
8'082'478
7'364'619
7'211'982
% Out
16.61
6.23
4.71
4.71
3.23
2.21
1.68
1.39
1.38
1.2
0.97
0.93
0.82
0.76
0.71
0.7
0.7
0.55
0.5
0.49
Weighting
Change
3
3
5
5
3
5
3
5
5
5
5
5
#N/A N/A
3
5
3
3
3
3
1
5
3
3
3
5
1
3
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
Latest Chg
(16'572'709)
5'142'090
(1'602'415)
(403'909)
3'537'786
(477'903)
467'248
583'747
679'378
1'133'393
1'020'174
(50'136)
(781'262)
(240'013)
241'738
(272'023)
(200'840)
921'253
697'200
Target Price
80
84
88
92
#N/A N/A
84
#N/A N/A
87
91
90
88
85
86
80
85
72
#N/A N/A
80
82
72
90
#N/A N/A
85
75
86
62
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
31.03.2013
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
Date
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
01.07.2013
28.06.2013
27.06.2013
27.06.2013
25.06.2013
24.06.2013
20.06.2013
19.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
10.06.2013
10.06.2013
10.06.2013
05.06.2013
29.05.2013
29.05.2013
28.05.2013
22.05.2013
21.05.2013
21.05.2013
21.05.2013
21.05.2013
21.05.2013
27.02.2013
15.01.2013
18.08.2011
05.07.2013
Honeywell International Inc

Honeywell International Inc. is a worldwide diversified technology and
manufacturing company providing aerospace products and services, control,
sensing and security technologies, turbochargers, automotive products, specialty
chemicals, electronic and advanced materials, process technology for refining
and petrochemicals, and energy efficient products and solutions.
Price/Volume
3.0 M
2.5 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (20.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HON UN EQUITY YTD Change
HON UN EQUITY YTD % CHANGE
12/2012
03/yy
81.24
52.73
131'616.00
79.19
-2.52%
50.18%
90.42%
786.8
62'305.42
7'496.00
0.0
240.0
5'265.00
65'120.42
50
2.0 M
40
1.5 M
30
1.0 M
20
.5 M
10
0
j-12
31.12.2009
31.12.2010
30'908.0
32'350.0
1.37x
1.40x
3'410.0
3'998.0
12.45x
11.33x
1'548.0
2'022.0
15.93x
17.79x
Profitability
LTM-4Q
31.12.2011
36'529.0
1.25x
3'531.0
12.91x
2'067.0
12.24x
31.12.2012
37'665.0
1.38x
5'082.0
10.26x
2'926.0
13.13x
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
5'082.00
4'156.00
11.03%
10.29%
7.47%
24.37%
16.24%
0.92%
24.9%
13.9%
11.3%
7.8%
1.35
0.97
17.91%
57.77%
5.07
6.51
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
37'164.0
4.97x
3'699.0
13.81x
2'185.0
13.25x
d-12
03/yy
37'686.0
5.59x
5'220.0
11.90x
3'069.0
15.01x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.98
1.19
785.21
7.63
45.95%
26.15%
1.189
28
4.571
1'269'999
865'755
853'657
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
39'130.6
41'400.3
9'701.7
9'895.2
1.61x
1.47x
6.66x
6.49x
6'928.6
7'558.7
1'733.8
1'788.6
9.42x
8.63x
9.03x
8.79x
3'945.9
4'424.6
961.2
985.2
15.98x
14.33x
15.69x
15.22x
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
03.07.2001
A
STABLE
03.07.2001
A-1
13.77
11.38
0.52
1.50
57.8%
36.2%
0.92
7.72
71.93
56.09
58.27
64.84
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
01.01.2010
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
3.5 M
80
70
Valuation Analysis
31.12.2008
36'556.0
0.83x
4'432.0
6.87x
2'792.0
7.08x
90
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
05.07.2013
Honeywell International Inc

Holdings By:
All
Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
JP MORGAN
FMR LLC
PRIMECAP MANAGEMENT
MORGAN STANLEY
ADAGE CAPITAL PARTNE
Firm Name
Jefferies
Nomura
Stifel
RBC Capital Markets
Edward Jones
JPMorgan
Drexel Hamilton LLC
William Blair & Co
Credit Suisse
Oppenheimer & Co
Deutsche Bank
Argus Research Corp
FBR Capital Markets
Cowen and Company
Barclays
EVA Dimensions
Morgan Stanley
Langenberg & Co
Goldman Sachs
S&P Capital IQ
Gabelli & Co
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
BANK OF AMERICA
PRIMECAP MANAGEMENT
n/a
Analyst
HOWARD A RUBEL
RICHARD RADBOURNE
SHANNON O'CALLAGHAN
STEVEN E WINOKER
JEFFREY D OSBORNE
ROBERT STALLARD
CHRISTIAN MAYES
RICHARD WHITTINGTON
PETER J ARMENT
NICHOLAS P HEYMANN
JULIAN MITCHELL
CHRISTOPHER D GLYNN
JOHN G INCH
NATHANIEL GABRIEL
AJAY K KEJRIWAL
GAUTAM KHANNA
SCOTT R DAVIS
CRAIG STERLING
NIGEL COE
EDWARD WHEELER
JOSEPH RITCHIE
RICHARD TORTORIELLO
JAMES FOUNG
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
buy
overweight
buy
outperform
buy
outperform
buy
overweight
buy
buy
market perform
neutral
outperform
buy
buy
market perform
outperform
overweight
overweight
Overwt/In-Line
neutral
hold
Buy/Neutral
buy
buy
Amt Held
71'918'684
44'707'651
38'131'868
34'318'137
25'864'938
22'551'872
20'124'942
19'981'462
19'712'106
17'277'548
14'945'000
13'037'562
12'962'181
11'804'107
11'022'111
10'356'620
8'872'070
8'763'695
8'510'268
6'452'803
% Out
9.14
5.68
4.85
4.36
3.29
2.87
2.56
2.54
2.51
2.2
1.9
1.66
1.65
1.5
1.4
1.32
1.13
1.11
1.08
0.82
Weighting
Change
5
5
5
5
5
5
5
5
5
5
3
3
5
5
5
3
5
5
5
5
3
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
M
M
Latest Chg
(1'978'830)
1'798'758
938'617
44'201
130'153
597'535
2'257'316
3'064'820
(301'947)
1'200'000
792'338
(331'200)
336'816
1'019'960
270'634
118'042
(3'042'516)
132'469
(234'431)
Target Price
82
87
85
88
90
86
#N/A N/A
73
90
81
82
73
87
88
82
76
#N/A N/A
80
#N/A N/A
82
80
74
88
75
#N/A N/A
File Dt
Inst Type
02.07.2013
Investment Advisor
03.07.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Date
03.07.2013
02.07.2013
28.06.2013
27.06.2013
25.06.2013
21.06.2013
17.06.2013
17.06.2013
17.06.2013
16.06.2013
22.05.2013
20.05.2013
20.05.2013
17.05.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
20.04.2013
19.04.2013
19.04.2013
19.04.2013
20.03.2013
25.01.2013
23.10.2012
05.07.2013
Hewlett-Packard Co
Hewlett-Packard Company provides imaging and printing systems, computing
systems, and information technology services for business and home. The
Company's products include laser and inkjet printers, scanners, copiers and
faxes, personal computers, workstations, storage solutions, and other computing
and printing systems. Hewlett-Packard sells its products worldwide.
Price/Volume
30
25
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.06.2013)
52-Week Low (20.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HPQ UN EQUITY YTD Change
HPQ UN EQUITY YTD % CHANGE
10/2012
04/yy
25.86
11.35
538'377.00
25.45
-1.70%
124.23%
95.31%
1'928.6
49'081.64
28'436.00
0.0
397.0
11'301.00
63'031.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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

31.10.2008
118'364.0
0.85x
14'185.0
7.05x
8'329.0
10.55x
10
31.10.2009
31.10.2010
114'552.0
126'033.0
1.00x
0.83x
15'798.0
17'736.0
7.26x
5.88x
7'660.0
8'761.0
14.05x
10.29x
Profitability
LTM-4Q
31.10.2011
127'245.0
0.60x
16'373.0
4.64x
7'074.0
6.53x
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
31.10.2012
120'357.0
0.37x
14'384.0
3.11x
(12'650.0)
44.21x
14'384.00
9'289.00
7.72%
-9.91%
-11.46%
-41.35%
0.99%
23.2%
11.8%
7.6%
-10.5%
1.09
0.66
26.14%
126.74%
6.15
13.32
Price/ Cash Flow
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
j-13
LTM
FY+1
2.05
1.20
1'892.29
45.38
28.68%
80.78%
1.203
35
2.829
3'222'828
3'936'282
3'740'412
FY+2
FQ+1
FQ+2
04/yy
04/yy
10/13 Y
10/14 Y
07/13 Q3 10/13 Q4
124'040.0 115'569.0 111'402.8 109'165.2
27'269.3
28'141.6
2.49x
1.76x
0.55x
0.52x
2.27x
2.16x
14'132.0
13'639.0
14'055.4
14'036.0
3'537.3
3'774.2
5.03x
3.93x
4.48x
4.49x
4.42x
4.47x
5'226.0 (13'402.0)
6'892.9
6'980.2
1'679.7
1'938.6
7.50x
220.49x
7.16x
6.96x
7.05x
6.98x
S&P Issuer Ratings
30.11.2011
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
30.11.2011
Short-Term Rating
A-2
Credit Ratios
16.42
12.19
Net Debt/EBITDA
0.99
Total Debt/EBITDA
1.96
Reference
Total Debt/Equity
126.7%
Total Debt/Capital
55.5%
Asset Turnover
0.99
6.21
59.32
Inventory Days
27.40
52.70
33.38
10.00
140'000.0
9.00
120'000.0
8.00
7.00
100'000.0
6.00
80'000.0
5.00
60'000.0
4.00
40'000.0
3.00
2.00
20'000.0
1.00
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
06.05.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Hewlett-Packard Co
Holdings By:
All
Holder Name
DODGE & COX
STATE STREET
BLACKROCK
VANGUARD GROUP INC
FRANKLIN RESOURCES
FMR LLC
RELATIONAL INVESTORS
ALLIANCE BERNSTEIN
INVESCO LTD
JP MORGAN
Firm Name
S&P Capital IQ
RBC Capital Markets
Argus Research Corp
Edward Jones
Jyske Bank
Raymond James
Cross Research
Barclays
BMO Capital Markets
Morgan Stanley
Credit Suisse
Jefferies
Stifel
Deutsche Bank
ISI Group
EVA Dimensions
Evercore Partners
Goldman Sachs
Brean Capital LLC
JPMorgan
Needham & Co
FBN Securities
Wedge Partners
Hamburger Sparkasse
Portfolio Name
DODGE & COX
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
HOTCHKIS AND WILEY
n/a
n/a
Analyst
CHRISTIN ARMACOST
TONI SACCONAGHI
MAYNARD UM
AMIT DARYANANI
BRIAN J WHITE
JAMES KELLEHER
WILLIAM C KREHER
ABHEY R LAMBA
ROBERT JAKOBSEN
BRENT A BRACELIN
BRIAN G ALEXANDER
SHANNON S CROSS
BENJAMIN A REITZES
KEITH F BACHMAN
KATHRYN HUBERTY
KULBINDER GARCHA
PETER J MISEK
JAYSON NOLAND SR
AARON C RAKERS
BRIAN MARSHALL
ANDREW S ZAMFOTIS
YOKO YAMADA
ROBERT CIHRA
WILLIAM C SHOPE JR
ANANDA BARUAH
MARK A MOSKOWITZ
RICHARD J KUGELE
SHEBLY SEYRAFI
JEFFREY FIDACARO
JUN ZHANG
IVAN FEINSETH
MARCO GUENTHER
Source
13F
ULT-AGG
ULT-AGG
13F
MF-PART
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
Form 4
13F
ULT-AGG
13F
13F
ULT-AGG
Sch-D
ULT-AGG
Recommendation
hold
outperform
outperform
sector perform
sell
hold
sell
underperform
buy
sector perform
market perform
hold
equalweight
market perform
Overwt/In-Line
neutral
hold
neutral
hold
sell
neutral
overweight
neutral
underweight
Sell/Cautious
hold
neutral
underperform
sector perform
neutral
no rating system
buy
hold
Amt Held
163'834'221
103'057'210
93'063'139
88'032'484
69'685'402
68'774'365
51'737'001
44'137'588
42'070'800
36'017'347
34'979'034
34'534'517
34'534'517
34'325'885
32'394'117
26'590'803
26'567'363
23'268'034
22'517'711
19'150'279
% Out
8.5
5.34
4.83
4.56
3.61
3.57
2.68
2.29
2.18
1.87
1.81
1.79
1.79
1.78
1.68
1.38
1.38
1.21
1.17
0.99
Weighting
Change
3
5
5
3
1
3
1
1
5
3
3
3
3
3
5
3
3
3
3
1
3
5
3
1
1
3
3
1
3
3
#N/A N/A
5
3
M
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
N
M
Latest Chg
7'236'483
(3'811'433)
124'542
2'922'068
5'155'865
1'048'053
(8'869'024)
7'846'019
3'461'394
(6'782'006)
(1'941'676)
614'058
(11'455'907)
1'195'070
(3'477)
(9'440'379)
Target Price
23
29
#N/A N/A
25
12
#N/A N/A
#N/A N/A
18
28
#N/A N/A
#N/A N/A
24
26
24
28
25
24
25
#N/A N/A
16
#N/A N/A
#N/A N/A
24
18
17
#N/A N/A
25
#N/A N/A
24
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Insurance Company
31.05.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
04.07.2013
02.07.2013
28.06.2013
25.06.2013
24.06.2013
20.06.2013
20.06.2013
20.06.2013
19.06.2013
18.06.2013
18.06.2013
18.06.2013
18.06.2013
17.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
12.06.2013
12.06.2013
12.06.2013
07.06.2013
27.05.2013
23.05.2013
23.05.2013
23.05.2013
23.05.2013
23.05.2013
20.05.2013
11.04.2013
01.04.2013
08.02.2011
05.07.2013
International Business Machines Corp

International Business Machines Corporation (IBM) provides computer solutions
through the use of advanced information technology. The Company's solutions
include technologies, systems, products, services, software, and financing. IBM
offers its products through its global sales and distribution organization, as
well as through a variety of third party distributors and resellers.
Price/Volume
250
8.0 M
200
6.0 M
5.0 M
4.0 M
100
Latest Fiscal Year:

LTM as of:
52-Week High (15.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IBM UN EQUITY YTD Change
IBM UN EQUITY YTD % CHANGE
12/2012
03/yy
215.90
181.87
158'721.00
192.89
-10.69%
6.06%
33.44%
1'108.8
213'875.34
33'269.00
0.0
124.0
11'129.00
235'402.35
3.0 M
2.0 M
50
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
150
Valuation Analysis
31.12.2008
103'630.0
1.29x
21'388.0
6.25x
12'334.0
9.42x
9.0 M
31.12.2009
31.12.2010
95'759.0
99'871.0
1.91x
1.98x
22'009.0
22'982.0
8.32x
8.59x
13'425.0
14'833.0
13.08x
12.97x
Profitability
LTM-4Q
31.12.2011
106'916.0
2.18x
25'101.0
9.30x
15'855.0
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
104'507.0
2.26x
25'119.0
9.41x
16'604.0
12.57x
25'119.00
20'443.00
19.56%
20.96%
14.25%
83.28%
32.07%
0.89%
48.1%
24.2%
19.6%
15.9%
1.13
0.91
27.91%
176.40%
4.02
20.63
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
1.76
0.93
1'107.39
17.23
0.19%
1.59%
0.934
31
3.935
1'501'927
1'139'094
1'176'444
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
106'983.0 103'241.0 103'483.5 106'439.3
25'395.2
25'118.1
8.80x
9.64x
2.29x
2.21x
9.43x
9.55x
25'218.0
24'941.0
27'811.1
29'477.1
6'240.4
6'695.0
10.33x
10.35x
8.47x
7.99x
8.31x
8.05x
16'059.0
16'570.0
18'358.3
19'269.5
3'970.3
4'447.4
15.58x
13.80x
11.55x
10.52x
11.31x
11.05x
S&P Issuer Ratings
30.05.2012
Long-Term Rating
AALong-Term Outlook
STABLE
30.05.2012
Short-Term Rating
A-1+
Credit Ratios
52.66
44.10
Net Debt/EBITDA
0.86
Total Debt/EBITDA
1.34
Reference
Total Debt/Equity
176.4%
Total Debt/Capital
63.7%
Asset Turnover
0.89
7.50
90.85
Inventory Days
17.69
50.29
60.00
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
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
05.07.2013
International Business Machines Corp

Holdings By:
All
Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
FMR LLC
NORGES BANK
JP MORGAN
WELLS FARGO
UBS
Firm Name
S&P Capital IQ
Societe Generale
Barclays
RBC Capital Markets
BMO Capital Markets
Evercore Partners
Stifel
Argus Research Corp
Credit Suisse
Edward Jones
Jefferies
Cowen and Company
EVA Dimensions
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Macquarie
ISI Group
Hamburger Sparkasse
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
NORGES BANK
n/a
BANK OF AMERICA
n/a
n/a
n/a
n/a
Analyst
JIM YIN
RICHARD NGUYEN
TONI SACCONAGHI
BENJAMIN A REITZES
AMIT DARYANANI
JOSEPH D FORESI
MAYNARD UM
BRIAN J WHITE
KEITH F BACHMAN
ROBERT CIHRA
DAVID M GROSSMAN
JAMES KELLEHER
MARKUS FRIEBEL
KULBINDER GARCHA
JOSH OLSON
PETER J MISEK
MOSHE KATRI
KAZUYA NISHIMURA
ANDREW S ZAMFOTIS
KATHRYN HUBERTY
WILLIAM C SHOPE JR
MARK A MOSKOWITZ
BRAD A ZELNICK
BRIAN MARSHALL
IVAN FEINSETH
MARCO GUENTHER
LAURENCE BALTER
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
Sch-D
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
hold
market perform
overweight
sector perform
neutral
market perform
buy
market perform
overweight
buy
buy
hold
neutral
buy
hold
outperform
outperform
overweight
buy
Equalwt/In-Line
Buy/Cautious
neutral
neutral
cautious
neutral
hold
hold
Amt Held
68'121'984
59'914'998
56'669'125
52'371'093
16'651'892
16'339'775
16'001'921
11'129'885
9'696'270
9'316'326
9'100'412
9'008'443
8'855'951
7'882'262
7'738'514
7'122'681
6'991'881
6'929'901
6'009'216
5'692'516
% Out
6.14
5.4
5.11
4.72
1.5
1.47
1.44
1
0.87
0.84
0.82
0.81
0.8
0.71
0.7
0.64
0.63
0.62
0.54
0.51
Weighting
Change
5
3
3
5
3
3
3
5
3
5
5
5
3
3
5
3
5
5
5
5
3
5
3
3
2
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
N
M
D
Latest Chg
6'500
(2'930'022)
1'685'715
1'213'785
47'818
631'840
(220'536)
(2'752)
(619'852)
(241'738)
(372'701)
(482'034)
154'502
85'398
(59'044)
(93'272)
567'419
193'043
Target Price
227
203
225
215
210
208
#N/A N/A
246
220
235
240
235
220
200
#N/A N/A
225
#N/A N/A
225
#N/A N/A
225
#N/A N/A
220
196
215
#N/A N/A
#N/A N/A
#N/A N/A
195
File Dt
31.03.2013
02.07.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.05.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
Date
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
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
04.07.2013
02.07.2013
02.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
24.06.2013
17.06.2013
09.06.2013
07.06.2013
05.06.2013
05.06.2013
04.06.2013
04.06.2013
29.05.2013
21.05.2013
16.05.2013
06.05.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
18.04.2013
20.02.2013
29.01.2013
07.06.2012
05.07.2013
Intel Corp
Intel Corporation designs, manufactures, and sells computer components and
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
30.0 M
25.0 M
15
Latest Fiscal Year:

LTM as of:
52-Week High (10.08.2012)
52-Week Low (21.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INTC UW EQUITY YTD Change
INTC UW EQUITY YTD % CHANGE
12/2012
03/yy
26.90
19.23
1'915'548.00
23.75
-11.66%
23.50%
59.23%
4'971.0
118'061.25
13'448.00
0.0
0.0
22'586.00
109'521.25
20.0 M
15.0 M
10
10.0 M
5
5.0 M
0
j-12
31.12.2009
31.12.2010
35'127.0
43'623.0
2.84x
2.16x
10'994.0
20'226.0
9.08x
4.65x
4'369.0
11'464.0
18.04x
10.58x
Profitability
LTM-4Q
31.12.2011
53'999.0
2.10x
23'541.0
4.81x
12'942.0
10.09x
31.12.2012
53'341.0
1.70x
22'160.0
4.10x
11'005.0
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
22'160.00
14'638.00
27.44%
27.88%
13.31%
21.05%
17.55%
0.68%
62.1%
39.9%
25.2%
20.6%
2.43
1.71
15.94%
26.26%
14.00
4.76
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
54'058.0
8.44x
23'536.0
5.68x
12'520.0
11.85x
d-12
03/yy
53'015.0
7.97x
21'148.0
4.70x
10'312.0
11.01x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
4.67
0.98
4'967.29
229.60
-8.09%
17.44%
0.978
52
3.519
9'125'044
10'649'340
10'745'735
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
53'528.0
55'774.7
12'890.5
13'724.2
2.12x
2.02x
8.80x
8.25x
20'792.8
22'507.2
4'620.0
5'475.1
5.28x
4.88x
5.12x
4.97x
9'790.2
10'849.2
2'062.0
2'678.6
12.56x
11.61x
12.00x
11.51x
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
17.02.1993
A+
STABLE
17.02.1993
A-1+
67.15
33.74
-0.40
0.63
26.3%
20.8%
0.68
1.98
26.00
76.44
49.10
52.88
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
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
35.0 M
20
Valuation Analysis
31.12.2008
37'586.0
1.81x
14'280.0
4.76x
5'292.0
12.66x
40.0 M
25
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
05.07.2013
Intel Corp
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
FRANKLIN RESOURCES
NORGES BANK
UBS
LOOMIS SAYLES & COMP
WELLS FARGO
Firm Name
S&P Capital IQ
Raymond James
Needham & Co
Evercore Partners
Maxim Group LLC
Piper Jaffray
Drexel Hamilton LLC
Morgan Stanley
Jefferies
JMP Securities
BMO Capital Markets
Stifel
MKM Partners
RBC Capital Markets
Wedbush
FBR Capital Markets
B Riley & Co
Oppenheimer & Co
Edward Jones
Wedge Partners
Hamburger Sparkasse
ISI Group
Nomura
Argus Research Corp
Deutsche Bank
Credit Suisse
JPMorgan
Cowen and Company
Roth Capital Partners
Macquarie
Gabelli & Co
Williams Financial Group
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
HARRIS ASSOC LP
n/a
n/a
n/a
BANK OF AMERICA
n/a
NORGES BANK
n/a
LOOMIS SAYLES & CO L
n/a
Analyst
CHRISTIN ARMACOST
STACY A RASGON
HANS C MOSESMANN
VIJAY R RAKESH
N QUINN BOLTON
PATRICK WANG
DAVID M WONG
ASHOK KUMAR
AUGUSTE P RICHARD
RICHARD WHITTINGTON
JOSEPH MOORE
MARK J LIPACIS
ALEX GAUNA
DANIEL L AMIR
SUJI DE SILVA
TRISTAN GERRA
CHRISTOPHER CASO
AMBRISH SRIVASTAVA
KEVIN E CASSIDY
ADA MENAKER
DOUG FREEDMAN
BETSY VAN HEES
CHRISTOPHER ROLLAND
CRAIG ELLIS
RICHARD SCHAFER
WILLIAM C KREHER
KIRK ADAMS
MARCO GUENTHER
SUMIT DHANDA
ROMIT SHAH
ROBERT BURLESON
JAMES KELLEHER
ROSS C SEYMORE
MICHAEL MCCONNELL
MARKUS FRIEBEL
JOHN W PITZER
CHRISTOPHER DANELY
YOKO YAMADA
TIMOTHY M ARCURI
KRISHNA SHANKAR
SHAWN WEBSTER
HENDI SUSANTO
CODY G ACREE
Source
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Sch-D
13F
13F
ULT-AGG
Recommendation
buy
underperform
underperform
neutral
hold
equalweight
outperform
buy
underweight
buy
Underwt/In-Line
hold
market perform
buy
buy
outperform
neutral
market perform
buy
buy
outperform
neutral
outperform
neutral
market perform
hold
no rating system
buy
buy
reduce
hold
hold
buy
sector perform
hold
outperform
neutral
neutral
neutral
neutral
outperform
buy
hold
Amt Held
276'437'731
228'240'221
204'808'492
107'138'879
85'279'273
78'261'710
67'755'999
64'819'813
64'186'193
52'542'260
50'132'035
44'441'646
40'236'837
39'078'900
37'637'260
35'906'844
34'880'071
34'326'752
33'398'075
30'088'017
% Out
5.56
4.59
4.12
2.16
1.72
1.57
1.36
1.3
1.29
1.06
1.01
0.89
0.81
0.79
0.76
0.72
0.7
0.69
0.67
0.61
Weighting
Change
5
1
1
3
3
3
5
5
1
5
1
3
3
5
5
5
3
3
5
5
5
3
5
3
3
3
#N/A N/A
5
5
2
3
3
5
3
3
5
3
3
3
3
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
M
M
M
M
M
M
M
M
Latest Chg
1'062'539
3'877'756
(9'906'771)
(509'130)
13'582'698
2'077'801
3'656'359
2'475'557
(9'163'665)
3'105'060
7'869'083
3'862'608
4'050'872
(102'583)
(3'303)
624'591
8'223'560
(861'587)
Target Price
23
18
#N/A N/A
20
#N/A N/A
22
#N/A N/A
29
20
30
22
27
#N/A N/A
28
28
26
21
21
28
28
29
23
28
23
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
26
18
20
#N/A N/A
26
#N/A N/A
26
28
19
25
#N/A N/A
20
25
#N/A N/A
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Insurance Company
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 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
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
04.07.2013
02.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
26.06.2013
24.06.2013
24.06.2013
24.06.2013
20.06.2013
20.06.2013
19.06.2013
17.06.2013
14.06.2013
13.06.2013
13.06.2013
13.06.2013
13.06.2013
11.06.2013
10.06.2013
06.06.2013
05.06.2013
05.06.2013
05.06.2013
03.06.2013
30.05.2013
19.05.2013
10.05.2013
07.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
05.07.2013
Johnson & Johnson

Johnson & Johnson manufactures health care products and provides related
services for the consumer, pharmaceutical, and medical devices and diagnostics
markets. The Company sells products such as skin and hair care products,
acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical
equipment in countries located around the world.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JNJ UN EQUITY YTD Change
JNJ UN EQUITY YTD % CHANGE
12/2012
03/yy
89.99
66.86
439'445.00
87.41
-2.90%
30.74%
86.12%
2'808.9
245'524.81
16'165.00
0.0
0.0
21'089.00
239'748.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
61'897.0
61'587.0
2.79x
2.57x
19'550.0
19'466.0
8.82x
8.14x
12'266.0
13'334.0
13.91x
13.20x
Profitability
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12
LTM-4Q
31.12.2011
65'030.0
2.55x
19'311.0
8.60x
9'672.0
13.26x
31.12.2012
67'224.0
2.80x
20'698.0
9.09x
10'853.0
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
20'698.00
17'032.00
25.34%
20.49%
8.78%
16.28%
12.82%
0.58%
67.8%
31.1%
25.4%
16.1%
1.90
1.34
13.32%
24.94%
6.10
3.08
Price/ Cash Flow
s-12
o-12
n-12
LTM
04/yy
64'996.0
10.27x
19'292.0
8.64x
10'106.0
13.24x
d-12
03/yy
68'590.0
11.44x
21'341.0
10.44x
10'440.0
16.69x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
2.79
0.65
2'807.31
50.63
32.81%
26.64%
0.650
27
4.037
2'409'382
2'868'074
2'690'688
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
70'802.6
73'592.2
17'710.4
17'553.2
3.31x
3.09x
13.73x
13.72x
22'979.5
24'495.1
5'719.6
5'496.0
10.42x
9.77x
10.61x
10.40x
15'405.1
16'291.2
3'975.7
3'791.6
16.14x
15.11x
16.04x
15.78x
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
17.09.1987
AAA
STABLE
14.07.1987
A-1+
31.99
27.46
-0.27
0.74
24.9%
20.0%
0.58
4.49
59.69
118.28
82.08
83.09
18.00
80'000.0
16.00
70'000.0
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
08.01.2010
12.0 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
63'747.0
2.58x
19'001.0
8.67x
12'949.0
13.15x
100
90
80
70
60
50
40
30
20
10
0
j-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
05.07.2013
Johnson & Johnson

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
JP MORGAN
FMR LLC
FRANKLIN RESOURCES
ABERDEEN
NORGES BANK
INVESCO LTD
Firm Name
Piper Jaffray
Stifel
Cowen and Company
Edward Jones
Leerink Swann & Co
Jefferies
S&P Capital IQ
Morgan Stanley
Deutsche Bank
RBC Capital Markets
Raymond James
Barclays
Credit Suisse
Goldman Sachs
JPMorgan
EVA Dimensions
Argus Research Corp
Hilliard Lyons
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
BANK OF AMERICA
n/a
NORGES BANK
n/a
Analyst
DERRICK SUNG
LAWRENCE BIEGELSEN
MATT MIKSIC
FREDERICK A WISE
JOSHUA JENNINGS
JUDSON CLARK
DANIELLE ANTALFFY
JEFFREY HOLFORD
HERMAN SAFTLAS
DAVID R LEWIS
E EUGENE ROBINSON
RICHARD J PURKISS
KRISTEN M STEWART
GLENN J NOVARRO
JAYSON BEDFORD
ROBERT M GOLDMAN
BRUCE NUDELL
JAMI E RUBIN
MICHAEL N WEINSTEIN
ANDREW S ZAMFOTIS
DAVID H TOUNG
STEPHEN A O'NEIL
KAVITA THOMAS
Source
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
Sch-D
ULT-AGG
13F
13F
ULT-AGG
Recommendation
outperform
outperform
neutral
hold
outperform
buy
outperform
hold
hold
buy
Equalwt/In-Line
buy
overweight
buy
sector perform
outperform
neutral
overweight
underperform
sell/attractive
neutral
overweight
buy
long-term buy
short-term market perform
Amt Held
157'785'489
152'114'097
128'541'211
53'928'701
53'650'809
43'835'495
42'208'194
38'428'379
37'878'592
35'511'570
33'055'258
27'958'062
25'737'206
23'958'058
23'440'282
22'533'754
22'280'873
22'053'497
18'954'298
18'890'497
% Out
5.62
5.42
4.58
1.92
1.91
1.56
1.5
1.37
1.35
1.26
1.18
1
0.92
0.85
0.83
0.8
0.79
0.79
0.67
0.67
Weighting
Change
5
5
3
3
5
5
5
3
3
5
3
5
5
5
3
5
3
5
1
1
3
5
5
5
3
M
M
M
M
M
M
M
M
U
M
M
N
M
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
6'120'090
(960'251)
5'636'646
1'480'871
1'652'521
17'771'844
1'411'347
(171'280)
2'059'994
(5'190'200)
(285'835)
(74'887)
795'957
2'513'776
8'286
148'200
642'914
(304'662)
Target Price
89
#N/A N/A
87
#N/A N/A
95
#N/A N/A
#N/A N/A
91
91
98
#N/A N/A
#N/A N/A
95
92
82
92
#N/A N/A
95
73
85
83
#N/A N/A
96
95
#N/A N/A
File Dt
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.12.2012
31.03.2013
03.07.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
03.07.2013
02.07.2013
01.07.2013
28.06.2013
28.06.2013
27.06.2013
25.06.2013
24.06.2013
19.06.2013
17.06.2013
14.06.2013
14.06.2013
31.05.2013
24.05.2013
24.05.2013
24.05.2013
24.05.2013
24.05.2013
23.05.2013
21.05.2013
14.05.2013
14.05.2013
18.04.2013
16.04.2013
23.04.2012
05.07.2013
JPMorgan Chase & Co

JPMorgan Chase & Co. provides global financial services and retail banking. The
Company provides services such as investment banking, treasury and securities
services, asset management, private banking, card member services, commercial
banking, and home finance. JP Morgan Chase serves business enterprises,
institutions, and individuals.
Price/Volume
60
50
40
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.05.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JPM UN EQUITY YTD Change
JPM UN EQUITY YTD % CHANGE
12/2012
03/yy
55.90
33.10
1'028'414.00
53.39
-4.54%
61.30%
86.27%
3'779.7
201'796.91
695'583.00
9'058.0
0.0
471'833.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
j-12
31.12.2009
31.12.2010
115'632.0
115'475.0
11'728.0
17'370.0
14.96x
8.42x
Profitability
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
LTM-4Q
31.12.2011
110'838.0
18'976.0
6.78x
31.12.2012
108'184.0
21'284.0
7.51x
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
33.19%
29.80%
0.97%
11.32%
2.48%
0.05%
21.9%
29.48%
356.69%
-
Price/ Cash Flow
LTM
03/yy
03/yy
111'162.0 106'713.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
18'345.0
22'889.0
8.78x
8.09x
FY+1
2.25
1.31
3'756.37
44.15
52.96%
23.91%
1.308
41
4.463
3'873'624
4'743'444
4'974'088
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
99'197.3 102'201.0
24'942.4
24'690.5
22'665.1
23'124.6
5'725.4
5'500.5
9.31x
8.92x
10.13x
10.97x
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
356.7%
77.3%
0.05
7.42
-
35.00
140'000.0
30.00
120'000.0
25.00
100'000.0
20.00
80'000.0
15.00
60'000.0
10.00
40'000.0
5.00
20'000.0
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
101'491.0
5'605.0
30.32x
20
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
j-13
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
05.07.2013
JPMorgan Chase & Co

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
FRANKLIN RESOURCES
INVESCO LTD
UBS
NORGES BANK
MORGAN STANLEY
Firm Name
Raymond James
Evercore Partners
Oppenheimer & Co
Mediobanca SpA
Macquarie
Edward Jones
Portales Partners
JMP Securities
Goldman Sachs
S&P Capital IQ
Drexel Hamilton LLC
Nomura
Barclays
Scotia Capital
RBC Capital Markets
Morgan Stanley
Argus Research Corp
FBR Capital Markets
EVA Dimensions
Deutsche Bank
Credit Suisse
HSBC
Oriel Securities Ltd
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
BANK OF AMERICA
n/a
NORGES BANK
n/a
n/a
Analyst
DAVID A GEORGE
JOHN E MCDONALD
ANTHONY J POLINI
ANDREW A MARQUARDT
MARTY L MOSBY III
DAVID J KONRAD
TODD L HAGERMAN
SHANNON L STEMM
ERIC E WASSERSTROM
CHARLES W PEABODY
RICHARD X BOVE SR
RICHARD STAITE
MATTHEW H BURNELL
DAVID M TRONE
STEFAN BONGARDT
RICHARD N RAMSDEN
ERIK M OJA
DAVID B HILDER
KAZUKI WATANABE
GLENN P SCHORR
JASON M GOLDBERG
KEVIN R CHOQUETTE
GERARD S CASSIDY
BETSY L GRASECK
DAVID RITTER
LORI WILKING
PAUL J MILLER JR
JEFFERY HARTE
JAMES F MITCHELL
AUSTIN BURKETT
MATTHEW D O'CONNOR
MOSHE A ORENBUCH
ROBERT MURPHY
MEREDITH A WHITNEY
VIVEK RAJA
Source
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
Recommendation
outperform
outperform
strong buy
overweight
buy
outperform
outperform
outperform
neutral
buy
buy
buy
underperform
buy
overweight
outperform
market perform
buy
buy/attractive
buy
buy
neutral
buy
overweight
sector outperform
outperform
Overwt/Attractive
hold
buy
market perform
buy
buy
buy
buy
outperform
neutral
hold
not rated
Amt Held
246'310'559
176'729'122
167'509'504
100'736'880
90'252'923
83'063'774
81'336'982
60'080'099
55'898'145
50'998'118
47'965'338
43'952'812
39'667'163
35'954'919
30'741'577
29'971'036
29'412'458
28'530'590
27'141'153
25'962'497
% Out
6.52
4.68
4.43
2.67
2.39
2.2
2.15
1.59
1.48
1.35
1.27
1.16
1.05
0.95
0.81
0.79
0.78
0.75
0.72
0.69
Weighting
Change
5
5
5
5
5
5
5
5
3
5
5
5
1
5
5
5
3
5
5
5
5
3
5
5
5
5
5
3
5
3
5
5
5
5
5
3
3
#N/A N/A
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
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
7'346'783
6'968'246
799'181
(3'389'863)
(1'945'000)
12'606'966
8'154'154
1'784'689
2'023'354
(93'847)
(715'670)
(4'118'439)
(4'426)
(2'751'741)
443'208
(5'297)
2'661'434
5'211'773
849'647
Target Price
57
62
64
60
63
68
60
58
57
64
#N/A N/A
60
#N/A N/A
56
60
#N/A N/A
#N/A N/A
64
59
58
60
51
54
60
62
55
60
#N/A N/A
#N/A N/A
50
56
61
#N/A N/A
53
54
54
43
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.05.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
18 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
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
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
28.06.2013
26.06.2013
26.06.2013
26.06.2013
21.06.2013
20.06.2013
20.06.2013
18.06.2013
13.06.2013
12.06.2013
10.06.2013
03.06.2013
29.05.2013
24.05.2013
21.05.2013
17.05.2013
13.05.2013
13.05.2013
13.05.2013
02.05.2013
24.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
13.04.2013
12.04.2013
12.04.2013
05.03.2013
12.10.2012
11.05.2012
05.07.2013
Coca-Cola Co/The
The Coca-Cola Company manufactures, markets, and distributes soft drink
concentrates and syrups. The Company also distributes and markets juice and
juice-drink products. Coca-Cola distributes its products to retailers and
wholesalers in the United States and internationally.
Price/Volume
45
70.0 M
40
60.0 M
35
50.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (31.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KO UN EQUITY YTD Change
KO UN EQUITY YTD % CHANGE
12/2012
03/yy
43.43
35.58
629'860.00
40.35
-7.18%
13.41%
62.55%
4'453.8
179'709.02
32'610.00
0.0
378.0
16'551.00
196'813.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
20
30.0 M
15
20.0 M
10
10.0 M
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
31'944.0
3.42x
9'674.0
11.31x
5'807.0
14.33x
25
31.12.2009
31.12.2010
30'990.0
35'119.0
4.34x
4.65x
9'467.0
9'892.0
14.20x
16.49x
6'824.0
11'809.0
18.65x
18.85x
Profitability
LTM-4Q
31.12.2011
46'542.0
3.72x
12'127.0
14.28x
8'584.0
18.03x
31.12.2012
48'017.0
3.72x
12'761.0
13.98x
9'019.0
18.01x
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
12'761.00
10'779.00
22.45%
24.59%
10.11%
26.34%
13.76%
0.56%
60.3%
26.5%
22.3%
18.8%
1.09
0.77
37.84%
99.45%
9.76
5.40
Price/ Cash Flow
LTM
03/yy
47'162.0
14.65x
12'309.0
14.85x
8'732.0
19.10x
03/yy
47'915.0
15.70x
12'686.0
15.53x
8'716.0
20.15x
FY+1
.0 M
j-13
2.59
0.70
4'015.84
28.47
4.81%
12.90%
0.701
27
4.111
3'352'632
4'031'973
3'879'969
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
48'409.4
50'590.6
13'058.8
12'525.4
4.13x
3.94x
15.75x
16.42x
13'862.5
14'789.3
3'940.3
3'439.1
14.19x
13.30x
14.31x
13.98x
9'584.8
10'275.8
2'865.8
2'490.5
18.92x
17.41x
18.66x
18.17x
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
13.09.2012
AASTABLE
13.09.2012
A-1+
32.14
25.14
1.32
2.77
99.5%
49.6%
0.56
3.21
37.30
67.42
181.72
58.52
20.00
60'000.0
18.00
50'000.0
16.00
14.00
40'000.0
12.00
30'000.0
10.00
8.00
20'000.0
6.00
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
05.07.2013
Coca-Cola Co/The
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
JP MORGAN
NORGES BANK
GATES FOUNDATION
FAYEZ SAROFIM
SUNTRUST BANKS INC
UBS
DEUTSCHE BANK AG
Firm Name
Stifel
Goldman Sachs
Credit Suisse
Morgan Stanley
JPMorgan
Edward Jones
Deutsche Bank
Barclays
BMO Capital Markets
Argus Research Corp
HSBC
Davenport & Co
EVA Dimensions
S&P Capital IQ
National Bank AG
Gabelli & Co
Hamburger Sparkasse
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
NORGES BANK
BANK OF AMERICA
FAYEZ SAROFIM
n/a
n/a
n/a
Analyst
ALI DIBADJ
MARK D SWARTZBERG
JUDY E HONG
MICHAEL STEIB
WILLIAM CHAPPELL
DARA MOHSENIAN
JOHN A FAUCHER
JACK P RUSSO
WILLIAM G SCHMITZ
MICHAEL J BRANCA
BONNIE HERZOG
AMIT SHARMA
JOHN D STASZAK
LARS LUSEBRINK
PATRICK DIEDRICKSON
LAUREN E TORRES
ALICE BEEBE LONGLEY
ANN H GURKIN
AUSTIN BURKETT
ESTHER KWON
IVAN FEINSETH
TEAM COVERAGE
STEFFEN MANSKE
DAMIAN A WITKOWSKI
TINA HECKING-VELTMAN
LAURENCE BALTER
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
outperform
hold
neutral/neutral
outperform
buy
Equalwt/In-Line
neutral
buy
buy
overweight
outperform
market perform
hold
hold
buy
overweight
buy
neutral
underweight
strong buy
neutral
neutral
buy
buy
hold
neutral
Amt Held
400'000'000
223'228'310
205'305'164
171'775'118
158'019'076
75'381'719
61'257'211
57'044'985
41'073'912
38'594'482
35'967'061
34'093'888
34'002'000
33'571'322
29'714'108
28'742'748
26'806'587
25'986'330
24'749'855
23'201'400
% Out
8.98
5.01
4.61
3.86
3.55
1.69
1.38
1.28
0.92
0.87
0.81
0.77
0.76
0.75
0.67
0.65
0.6
0.58
0.56
0.52
Weighting
Change
5
3
3
5
5
3
3
5
5
5
5
3
3
3
5
5
5
3
1
5
3
3
5
5
3
3
M
M
M
M
N
M
M
M
M
M
M
N
M
M
M
M
M
M
D
M
N
M
M
M
M
U
Latest Chg
4'612'649
6'689'095
(2'172'584)
(5'421'580)
(1'146'871)
(15'351'753)
(183'184)
2'312'194
(9'201'965)
(551'845)
131'568
(209'251)
546'356
1'296'891
430'901
(253'513)
-
Target Price
47
#N/A N/A
44
48
47
#N/A N/A
43
#N/A N/A
45
50
#N/A N/A
45
#N/A N/A
45
#N/A N/A
48
47
#N/A N/A
#N/A N/A
48
#N/A N/A
39
44
#N/A N/A
#N/A N/A
39
File Dt
01.04.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
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
Government
Investment Advisor
Endowment
Investment Advisor
Bank
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Insurance Company
Date
28.06.2013
28.06.2013
24.06.2013
24.06.2013
24.06.2013
20.06.2013
19.06.2013
13.06.2013
12.06.2013
12.06.2013
31.05.2013
21.05.2013
18.04.2013
18.04.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
17.04.2013
16.04.2013
25.02.2013
21.02.2013
13.02.2013
13.02.2013
10.05.2012
03.05.2012
05.07.2013
Eli Lilly & Co

Eli Lilly and Company discovers, develops, manufactures, and sells
pharmaceutical products for humans and animals. The Company's products are
sold in countries around the world. Eli Lilly's products include neuroscience
products, endocrine products, anti-infectives, cardiovascular agents, oncology
products, and animal health products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.04.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LLY UN EQUITY YTD Change
LLY UN EQUITY YTD % CHANGE
12/2012
03/yy
58.40
41.59
207'683.00
50.22
-14.09%
20.75%
50.86%
1'126.6
56'575.92
5'531.30
0.0
8.7
5'684.30
57'310.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
20'371.9
2.47x
6'650.5
7.57x
(2'071.9)
10.02x
70
31.12.2009
31.12.2010
21'836.0
23'076.0
1.98x
1.76x
7'667.8
8'100.4
5.63x
5.01x
4'328.8
5'069.5
8.08x
7.28x
Profitability
LTM-4Q
31.12.2011
24'286.5
1.98x
7'691.5
6.27x
4'347.7
9.42x
31.12.2012
22'603.4
2.49x
6'477.5
8.69x
4'088.6
14.55x
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
6'477.50
5'015.30
22.19%
23.93%
14.33%
31.06%
23.34%
0.70%
78.8%
28.8%
22.4%
18.1%
1.55
1.08
16.08%
37.46%
6.61
1.90
Price/ Cash Flow
LTM
03/yy
24'049.3
7.58x
7'392.2
6.39x
4'302.9
9.82x
03/yy
22'603.3
9.94x
6'511.5
9.94x
4'625.4
15.73x
FY+1
.0 M
j-13
3.90
0.71
988.76
15.88
21.06%
3.66%
0.712
21
3.571
1'605'009
1'517'564
1'363'027
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
22'846.6
19'660.0
5'836.9
5'703.4
2.51x
2.85x
6'474.4
4'901.4
1'604.5
1'474.5
8.84x
11.67x
4'272.3
2'941.8
1'096.9
1'074.4
12.79x
18.33x
14.24x
15.77x
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
19.08.2010
AASTABLE
27.01.1987
A-1+
41.31
35.54
0.11
0.84
37.5%
27.2%
0.70
2.94
55.24
191.86
82.55
162.39
14.00
30'000.0
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
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
05.07.2013
Eli Lilly & Co

Holdings By:
All
Holder Name
LILLY ENDOWMENT INCO
LILLY ENDOWMENT INCO
BLACKROCK
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
STATE STREET
FMR LLC
INVESCO LTD
NORGES BANK
DEUTSCHE BANK AG
JP MORGAN
PUTNAM INVESTMENT MA
Firm Name
Goldman Sachs
Morgan Stanley
Cowen and Company
BMO Capital Markets
Edward Jones
JPMorgan
Jefferies
Leerink Swann & Co
ISI Group
MKM Partners
Barclays
Argus Research Corp
Hilliard Lyons
EVA Dimensions
S&P Capital IQ
Cyrrus
MP Advisors Pvt Ltd
Portfolio Name
LILLY ENDOWMENT INC
n/a
n/a
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
n/a
n/a
n/a
NORGES BANK
n/a
n/a
PUTNAM INVESTMENT MA
Analyst
TIMOTHY M ANDERSON
JAMI E RUBIN
JOHN T BORIS
DAVID R RISINGER
STEVEN R SCALA
ALEX ARFAEI
JUDSON CLARK
JEFFREY HOLFORD
SEAMUS FERNANDEZ
MARK J SCHOENEBAUM
RICHARD J PURKISS
JON LECROY
JOHN M EADE
STEPHEN A O'NEIL
ANDREW S ZAMFOTIS
HERMAN SAFTLAS
TOMAS MENCIK
KAVITA THOMAS
VISHAL MANCHANDA
Source
13F
Research
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
Sch-D
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
Recommendation
outperform
neutral/attractive
buy
Underwt/In-Line
market perform
market perform
sell
neutral
hold
outperform
neutral
overweight
neutral
equalweight
buy
neutral
buy
hold
accumulate
moderate outperform
market perform
Amt Held
135'670'804
135'670'804
59'317'671
49'962'586
47'847'118
46'844'876
45'439'242
20'063'900
17'589'715
16'930'183
13'989'922
13'890'506
12'432'702
10'555'805
9'140'536
8'999'127
8'317'429
7'749'452
6'835'084
6'718'329
% Out
12.04
12.04
5.27
4.43
4.25
4.16
4.03
1.78
1.56
1.5
1.24
1.23
1.1
0.94
0.81
0.8
0.74
0.69
0.61
0.6
Weighting
Change
5
3
5
1
3
3
1
3
3
5
3
5
3
3
5
3
5
3
4
4
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(4'607'876)
72'971
984'730
(1'772'813)
2'717'543
887'828
(4'073'551)
1'784'854
92'686
(5'153)
2'446'900
516'638
2'117'415
864'844
31'896
(119'004)
Target Price
59
55
63
48
59
55
#N/A N/A
57
49
#N/A N/A
55
61
54
55
63
#N/A N/A
#N/A N/A
54
45
#N/A N/A
36
File Dt
Inst Type
31.03.2013
Endowment
31.03.2013
Endowment
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Insurance Company
31.12.2012
Government
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
02.07.2013
01.07.2013
01.07.2013
27.06.2013
27.06.2013
25.06.2013
25.06.2013
25.06.2013
24.06.2013
21.06.2013
07.06.2013
31.05.2013
13.05.2013
29.04.2013
25.04.2013
24.04.2013
25.02.2013
04.01.2013
05.04.2012
29.02.2012
03.05.2011
05.07.2013
Lockheed Martin Corp

Lockheed Martin Corporation is a global security company that primarily
researches, designs, develops, manufactures, and integrates advanced technology
products and services. The Company's businesses span space, telecommunications,
electronics, information and services, aeronautics, energy, and systems
integration. Lockheed Martin operates worldwide.
Price/Volume
120
100
80
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.06.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LMT UN EQUITY YTD Change
LMT UN EQUITY YTD % CHANGE
12/2012
03/yy
109.26
85.65
60'056.00
107.41
-1.72%
25.41%
91.27%
320.4
34'414.74
6'308.00
0.0
0.0
1'898.00
37'653.74
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
42'731.0
0.81x
5'976.0
5.83x
3'217.0
11.14x
40
31.12.2009
31.12.2010
43'995.0
45'671.0
0.70x
0.58x
5'269.0
5'321.0
5.87x
4.97x
3'024.0
2'878.0
9.02x
8.96x
Profitability
LTM-4Q
31.12.2011
46'499.0
0.62x
5'124.0
5.63x
2'655.0
8.42x
31.12.2012
47'182.0
0.72x
5'470.0
6.22x
2'745.0
9.05x
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
5'470.00
4'482.00
9.50%
8.63%
7.28%
302.40%
42.28%
1.21%
11.2%
11.8%
9.7%
5.8%
1.14
0.70
16.32%
16174.36%
6.86
15.81
Price/ Cash Flow
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
j-13
LTM
03/yy
47'166.0
2.43x
5'444.0
5.90x
2'793.0
8.73x
03/yy
46'959.0
2.78x
5'545.0
6.16x
2'838.0
9.28x
FY+1
4.00
0.78
319.93
6.40
28.63%
19.16%
0.777
22
3.545
541'742
567'405
506'159
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
44'911.4
43'646.1
11'117.1
11'138.8
0.83x
0.85x
3.44x
3.43x
5'357.0
5'342.1
1'333.7
1'323.3
7.04x
7.06x
7.02x
6.96x
2'917.6
2'869.9
711.0
713.8
11.86x
11.88x
12.12x
12.12x
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
27.04.2007
ASTABLE
18.04.2002
A-2
14.28
11.82
0.58
1.14
16174.4%
99.4%
1.21
10.27
54.07
23.47
19.81
54.03
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
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
05.07.2013
Lockheed Martin Corp

Holdings By:
All
Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
VERITAS ASSET MANAGE
FRANKLIN RESOURCES
JP MORGAN
INVESCO LTD
GOLDMAN SACHS GROUP
Firm Name
Jefferies
Cowen and Company
Stifel
CRT Capital Group
RBC Capital Markets
Drexel Hamilton LLC
JPMorgan
Goldman Sachs
Deutsche Bank
Barclays
Argus Research Corp
FBR Capital Markets
Credit Suisse
Oppenheimer & Co
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
VERITAS ASSET MANAGE
n/a
n/a
HOTCHKIS AND WILEY
n/a
n/a
n/a
BANK OF AMERICA
Analyst
HOWARD A RUBEL
CAI VON RUMOHR
WILLIAM R LOOMIS
BRIAN W RUTTENBUR
ROBERT STALLARD
SAMUEL J PEARLSTEIN
RICHARD WHITTINGTON
JOSEPH B NADOL III
DOUGLAS S HARNED
NOAH POPONAK
MYLES WALTON
CARTER COPELAND
NATHANIEL GABRIEL
RICHARD SAFRAN
PATRICK J MCCARTHY
PETER J ARMENT
ROBERT M SPINGARN
YAIR REINER
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
hold
market perform
hold
Fairly Valued
outperform
market perform
buy
neutral
outperform
buy/attractive
hold
equalweight
hold
neutral
outperform
neutral
neutral
market perform
buy
Amt Held
59'662'358
51'859'557
17'622'975
16'492'930
12'718'720
5'789'659
5'650'594
4'710'002
4'305'075
4'174'288
3'974'688
3'766'946
2'768'869
2'640'444
2'485'435
2'298'720
2'160'089
2'148'184
2'112'786
2'109'693
% Out
18.62
16.19
5.5
5.15
3.97
1.81
1.76
1.47
1.34
1.3
1.24
1.18
0.86
0.82
0.78
0.72
0.67
0.67
0.66
0.66
Weighting
Change
3
3
3
3
5
3
5
3
5
5
3
3
3
3
5
3
3
3
5
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
(1'512'557)
(3'601'319)
(25'895)
1'126'089
76'447
(3'839'117)
363'106
848'800
3'778'168
655'859
(551'482)
148'260
(101'955)
(32'335)
79'204
1'098'618
322'761
(1'542'617)
565'023
240'036
Target Price
95
111
#N/A N/A
#N/A N/A
115
#N/A N/A
110
94
127
127
96
95
#N/A N/A
102
110
#N/A N/A
93
#N/A N/A
#N/A N/A
File Dt
Inst Type
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
03.07.2013
02.07.2013
01.07.2013
01.07.2013
21.06.2013
20.06.2013
17.06.2013
11.06.2013
31.05.2013
30.05.2013
06.05.2013
01.05.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
15.01.2013
05.07.2013
Lowe's Cos Inc

Lowe's Companies, Inc. is a home improvement retailer that distributes building
materials and supplies through stores in the United States. The Company offers
a complete line of products and services for home decorating, maintenance,
repair, remodeling, and property maintenance.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LOW UN EQUITY YTD Change
LOW UN EQUITY YTD % CHANGE
01/2013
05/yy
43.84
24.77
298'025.00
42.45
-3.19%
71.38%
92.03%
1'072.4
45'524.09
9'077.00
0.0
0.0
666.00
53'398.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
48'230.0
0.67x
5'453.0
5.92x
2'195.0
12.26x
50
45
40
35
30
25
20
15
10
5
0
j-12
31.01.2010
31.01.2011
47'220.0
48'815.0
0.75x
0.81x
4'845.0
5'244.0
7.35x
7.56x
1'783.0
2'010.0
17.89x
17.78x
Profitability
LTM-4Q
31.01.2012
50'208.0
0.80x
4'856.0
8.25x
1'839.0
16.09x
31.01.2013
50'521.0
1.01x
5'183.0
9.88x
1'959.0
22.82x
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
5'183.00
3'560.00
7.05%
6.21%
5.48%
13.73%
9.60%
1.40%
34.3%
10.3%
7.1%
3.9%
1.27
0.09
27.79%
65.50%
3.30
Price/ Cash Flow
LTM
05/yy
51'177.0
2.91x
4'980.0
8.69x
1'904.0
20.19x
05/yy
50'456.0
3.64x
5'190.0
9.82x
1'971.0
21.99x
FY+1
.0 M
j-13
1.51
0.89
1'070.04
25.06
56.74%
20.54%
0.886
27
3.741
2'322'212
1'920'692
1'696'856
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
07/13 Q2 10/13 Q3
52'147.4
54'341.8
15'027.7
12'543.8
1.05x
1.04x
3.60x
4.36x
5'596.5
6'113.8
1'850.5
1'306.7
9.54x
8.73x
9.35x
9.11x
2'216.5
2'508.8
835.6
495.2
20.07x
16.63x
19.51x
18.45x
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
19.09.2012
ANEG
15.11.2011
A-2
11.78
9.03
1.52
1.75
65.5%
39.6%
1.40
2.34
110.17
75.87
-
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
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
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.07.2013
Lowe's Cos Inc

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
FMR LLC
JP MORGAN
INVESCO LTD
GOLDMAN SACHS GROUP
NORGES BANK
MANULIFE ASSET MANAG
Firm Name
Morgan Stanley
RBC Capital Markets
Stifel
Raymond James
ISI Group
BMO Capital Markets
Deutsche Bank
Credit Suisse
Edward Jones
Oppenheimer & Co
Piper Jaffray
Longbow Research
Barclays
Nomura
Goldman Sachs
Argus Research Corp
Jefferies
JPMorgan
S&P Capital IQ
EVA Dimensions
Gabelli & Co
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
NORGES BANK
MANULIFE ASSET MANAG
Analyst
DAVID GOBER
DAVID S STRASSER
COLIN MCGRANAHAN
R SCOT CICCARELLI
PETER S BENEDICT
DAVID A SCHICK
BUDD BUGATCH
GREGORY MELICH
WAYNE HOOD
MICHAEL BAKER
GARY BALTER
ROBIN DIEDRICH
BRIAN NAGEL
PETER J KEITH
DAVID S MACGREGOR
ALAN M RIFKIN
ARAM RUBINSON
MATTHEW J FASSLER
CHRISTOPHER GRAJA
DANIEL T BINDER
JOSEPH I FELDMAN
CHRISTOPHER HORVERS
LAURA A CHAMPINE
MICHAEL SOUERS
CRAIG STERLING
PATRICK TODD
Source
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
Overwt/In-Line
neutral
market perform
outperform
outperform
hold
market perform
buy
market perform
buy
outperform
buy
market perform
neutral
buy
equalweight
buy
Buy/Neutral
buy
hold
no rating system
neutral
sell
sell
underweight
buy
Amt Held
84'161'507
58'408'238
54'516'790
48'710'351
40'871'928
40'453'620
24'634'912
16'212'596
16'161'895
15'560'979
14'456'280
14'040'895
11'995'064
11'930'333
11'781'810
11'591'912
9'197'191
8'989'881
8'910'897
8'640'762
% Out
7.85
5.45
5.08
4.54
3.81
3.77
2.3
1.51
1.51
1.45
1.35
1.31
1.12
1.11
1.1
1.08
0.86
0.84
0.83
0.81
Weighting
Change
5
3
3
5
5
3
3
5
3
5
5
5
3
3
5
3
5
5
5
3
#N/A N/A
3
1
1
1
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
D
M
Latest Chg
1'799'933
(1'658'128)
1'209'653
(1'384'964)
9'093'320
2'017'492
(2'940'988)
(830'738)
(4'833'443)
217'186
1'325'954
(168'609)
(45'390)
(2'136'922)
5'368'256
(3'355'689)
(504'457)
(60'802)
(1'224'631)
Target Price
45
33
48
47
48
#N/A N/A
#N/A N/A
47
43
46
46
#N/A N/A
46
42
50
41
48
48
48
41
46
44
28
36
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Corporation
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
18 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
02.07.2013
01.07.2013
01.07.2013
28.06.2013
27.06.2013
27.06.2013
21.06.2013
20.06.2013
17.06.2013
17.06.2013
17.06.2013
17.06.2013
17.06.2013
17.06.2013
11.06.2013
11.06.2013
29.05.2013
23.05.2013
23.05.2013
23.05.2013
23.05.2013
22.05.2013
22.05.2013
22.05.2013
26.02.2013
07.03.2012
05.07.2013
Mastercard Inc
MasterCard, Inc. is a global payment solutions company that provides a variety
of services in support of the credit, debit and related payment programs of
financial institutions. The Company offers transaction processing services for
credit and debit cards, electronic cash, automated teller machines, and
travelers checks.
Price/Volume
700
.6 M
600
.5 M
500
.4 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.06.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MA UN EQUITY YTD Change
MA UN EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
200
.1 M
100
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
4'991.6
3.29x
2'060.3
7.96x
(253.9)
15.05x
.3 M
300
12/2012
03/yy
591.65
404.70
23'055.00
587.64
-0.84%
45.20%
97.07%
116.9
71'429.84
0.00
0.0
12.0
5'003.00
66'422.84
31.12.2009
31.12.2010
5'098.7
5'539.0
6.26x
4.52x
2'408.2
2'905.0
13.25x
8.62x
1'462.5
1'846.0
21.60x
15.92x
Profitability
LTM-4Q
31.12.2011
6'714.0
6.38x
3'677.0
11.65x
1'906.0
19.92x
31.12.2012
7'391.0
7.52x
4'187.0
13.27x
2'759.0
22.29x
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
4'187.00
3'957.00
53.54%
53.20%
24.79%
43.36%
43.49%
0.66%
57.1%
53.9%
37.3%
1.91
1.21
0.00%
0.00%
8.60
-
Price/ Cash Flow
03/yy
6'971.0
23.06x
3'853.0
12.47x
2'026.0
21.24x
LTM
03/yy
7'539.0
28.64x
4'302.0
14.17x
2'843.0
23.62x
FY+1
.0 M
j-13
0.20
0.94
104.56
1.11
33.42%
19.82%
0.941
43
4.302
182'774
160'406
144'415
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
8'172.6
9'159.7
1'998.7
2'130.7
8.08x
6.94x
33.12x
30.78x
4'766.4
5'466.9
1'182.9
1'285.9
13.95x
12.16x
13.49x
13.02x
3'095.6
3'567.4
768.3
835.9
23.12x
19.59x
22.20x
21.26x
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
19.08.2011
APOS
13.10.2009
A-2
209.35
204.55
-1.17
0.00
0.0%
0.0%
0.66
16.42
42.44
-
35.00
8'000.0
30.00
7'000.0
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
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
05.07.2013
Mastercard Inc
Holdings By:
All
Holder Name
MASTERCARD FOUNDATIO
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
JP MORGAN
MORGAN STANLEY
MACQUARIE GROUP
BROWN ADVISORY INC
UBS
Firm Name
RBC Capital Markets
Jefferies
Evercore Partners
Edward Jones
Morgan Stanley
Cowen and Company
William Blair & Co
Oppenheimer & Co
Barclays
Argus Research Corp
JPMorgan
Deutsche Bank
Raymond James
FBR Capital Markets
Macquarie
Nomura
Portales Partners
Credit Suisse
Wedbush
Stifel
S&P Capital IQ
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
HARRIS ASSOC LP
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
DANIEL R PERLIN
JASON KUPFERBERG
TIMOTHY W WILLI
DAVID J KONING
RODERICK BOURGEOIS
DAVID M TOGUT
JOSH OLSON
SMITTIPON SRETHAPRAMOTE
MOSHE KATRI
JAMES FAUCETTE
ROBERT P NAPOLI
DAVID HOCHSTIM
SANJAY SAKHRANI
THOMAS C MCCROHAN
GLENN GREENE
JAMES E FRIEDMAN
DARRIN D PELLER
GREGORY SMITH
DAVID RITTER
TIEN-TSIN HUANG
KAZUKI WATANABE
BRYAN KEANE
LORI WILKING
WAYNE JOHNSON
SCOTT VALENTIN
KEVIN MCVEIGH
BILL CARCACHE
WILLIAM H RYAN
MOSHE A ORENBUCH
ANDREW W JEFFREY
GIL B LURIA
ARVIND RAMNANI
DAVID W DARST
IVAN FEINSETH
SONIA PARECHANIAN
ANDREW S ZAMFOTIS
MEREDITH A WHITNEY
Source
Form 4
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
13F
Recommendation
outperform
buy
market perform
neutral
market perform
overweight
hold
Overwt/In-Line
outperform
outperform
outperform
buy
outperform
neutral
outperform
neutral
overweight
neutral
hold
overweight
outperform
buy
buy
market perform
outperform
outperform
buy
underperform
outperform
buy
neutral
buy
hold
buy
strong buy
hold
overweight
Buy/Neutral
outperform
Amt Held
12'153'057
7'085'863
6'937'954
6'376'281
4'949'310
4'069'021
3'734'817
3'066'857
2'746'675
2'031'622
1'672'816
1'530'749
1'477'454
1'337'376
1'272'362
1'225'740
1'218'703
1'213'984
1'152'689
1'147'436
% Out
10.4
6.06
5.94
5.46
4.24
3.48
3.2
2.62
2.35
1.74
1.43
1.31
1.26
1.14
1.09
1.05
1.04
1.04
0.99
0.98
Weighting
Change
5
5
3
3
3
5
3
5
5
5
5
5
5
3
5
3
5
3
3
5
5
5
5
3
5
5
5
1
5
5
3
5
3
5
5
3
5
5
5
M
M
M
M
M
M
M
N
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
R
M
M
U
M
Latest Chg
(16'639)
376'485
(86'022)
(309'485)
94'131
(68'472)
(45'848)
(12'066)
(6'182)
(105'107)
25'169
21'793
7'666
31'763
(15'128)
(70'442)
7'185
45'473
(283'799)
(143'958)
Target Price
608
623
#N/A N/A
590
579
790
#N/A N/A
640
700
600
#N/A N/A
670
623
475
625
548
575
#N/A N/A
#N/A N/A
603
647
590
#N/A N/A
#N/A N/A
600
600
593
#N/A N/A
600
620
460
620
560
625
#N/A N/A
560
#N/A N/A
575
485
File Dt
18.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
18 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Other
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
03.07.2013
03.07.2013
01.07.2013
28.06.2013
28.06.2013
27.06.2013
24.06.2013
19.06.2013
19.06.2013
17.06.2013
13.06.2013
13.06.2013
12.06.2013
07.06.2013
04.06.2013
04.06.2013
04.06.2013
02.06.2013
23.05.2013
22.05.2013
17.05.2013
13.05.2013
07.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
25.03.2013
27.02.2013
28.01.2013
09.01.2013
20.09.2012
05.07.2013
McDonald's Corp
McDonald's Corporation franchises and operates fast-food restaurants in the
global restaurant industry. The Company's restaurants serve a variety of
value-priced menu products in countries around the world.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.04.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MCD UN EQUITY YTD Change
MCD UN EQUITY YTD % CHANGE
12/2012
03/yy
103.70
83.32
241'657.00
99.32
-4.21%
19.20%
83.56%
1'002.5
99'573.16
13'632.50
0.0
0.0
2'336.10
110'501.76
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
23'522.4
3.30x
7'656.7
10.12x
4'313.2
16.95x
120
31.12.2009
31.12.2010
22'744.7
24'074.6
3.34x
3.74x
7'996.1
8'778.4
9.51x
10.25x
4'551.0
4'946.3
15.47x
16.69x
Profitability
LTM-4Q
31.12.2011
27'006.0
4.17x
9'940.8
11.33x
5'503.1
19.05x
31.12.2012
27'567.0
3.62x
10'101.1
9.87x
5'464.8
16.43x
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
10'101.10
8'612.60
31.24%
29.31%
16.21%
36.59%
20.98%
0.82%
56.3%
36.6%
31.1%
19.8%
1.45
1.09
38.52%
89.14%
22.42
144.68
Price/ Cash Flow
LTM
03/yy
27'441.0
15.31x
10'105.1
10.90x
5'560.8
18.31x
03/yy
27'625.7
14.99x
10'112.4
10.96x
5'468.3
18.47x
FY+1
.0 M
j-13
2.96
0.66
1'001.73
9.15
15.84%
14.40%
0.661
32
4.094
1'302'668
1'342'904
1'269'284
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
28'506.5
30'025.7
7'090.1
7'487.5
3.90x
3.73x
15.65x
14.81x
10'396.7
11'049.6
2'593.0
2'806.9
10.63x
10.00x
10.37x
10.16x
5'710.4
6'107.3
1'409.8
1'557.0
17.41x
15.89x
17.11x
16.68x
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
08.05.2003
A
STABLE
29.10.2001
A-1
18.96
13.24
1.08
1.27
89.1%
47.1%
0.82
1.16
16.28
2.52
17.92
-10.34
16.00
30'000.0
14.00
25'000.0
12.00
20'000.0
10.00
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
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
05.07.2013
McDonald's Corp
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
DEUTSCHE BANK AG
GATES FOUNDATION
WELLS FARGO
NORGES BANK
UBS
JP MORGAN
MORGAN STANLEY
Firm Name
Deutsche Bank
Jefferies
Stephens Inc
Argus Research Corp
Morgan Stanley
Credit Suisse
Edward Jones
JPMorgan
Raymond James
Oppenheimer & Co
Piper Jaffray
Barclays
RBC Capital Markets
BMO Capital Markets
Goldman Sachs
Davenport & Co
S&P Capital IQ
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
NORGES BANK
n/a
n/a
n/a
Analyst
JASON WEST
ANDREW M BARISH
WILL SLABAUGH
DAVID E TARANTINO
JOHN D STASZAK
ALISTAIR M SCOBIE
PETER SALEH
JOHN S GLASS
KEITH SIEGNER
JACK P RUSSO
JOHN W IVANKOE
BRYAN C ELLIOTT
MITCHELL J SPEISER
LYNNE COLLIER
BRIAN J BITTNER
JEFFREY D FARMER
MATTHEW J DIFRISCO
NICOLE MILLER REGAN
JEFFREY A BERNSTEIN
MARK D KALINOWSKI
LARRY A MILLER
SARA H SENATORE
LARS LUSEBRINK
RACHAEL ROTHMAN
PHILLIP JUHAN
MICHAEL KELTER
JEFFREY F OMOHUNDRO
IVAN FEINSETH
JIM YIN
CRAIG STERLING
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
buy
hold
overweight
outperform
hold
neutral
no rating system
Equalwt/In-Line
outperform
buy
overweight
market perform
neutral
buy
market perform
outperform
neutral
overweight
overweight
buy
outperform
market perform
hold
Positive
market perform
neutral/neutral
buy
neutral
buy
overweight
Amt Held
63'090'871
53'687'338
48'748'402
23'910'459
17'491'512
15'589'025
15'391'778
12'551'711
10'380'289
9'872'500
8'864'428
8'411'903
8'198'069
7'975'826
7'894'596
6'801'604
6'381'514
6'204'001
6'089'650
5'930'830
% Out
6.29
5.36
4.86
2.38
1.74
1.55
1.54
1.25
1.04
0.98
0.88
0.84
0.82
0.8
0.79
0.68
0.64
0.62
0.61
0.59
Weighting
Change
5
3
5
5
3
3
#N/A N/A
3
5
5
5
3
3
5
3
5
3
5
5
5
5
3
3
4
3
3
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
1'849'125
2'661'172
(2'329'685)
(7'058'218)
294'415
630'746
778'208
2'204'372
(1'828'187)
(244'563)
2'228'499
215'064
381'652
175'998
(567'303)
802'148
532'134
4'219'419
Target Price
110
91
120
105
#N/A N/A
96
103
#N/A N/A
110
#N/A N/A
101
#N/A N/A
97
107
#N/A N/A
#N/A N/A
#N/A N/A
110
113
115
107
100
109
109
103
107
109
#N/A N/A
110
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.05.2013
31.03.2013
30.04.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
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
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Endowment
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
01.07.2013
01.07.2013
17.06.2013
11.06.2013
11.06.2013
11.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
06.06.2013
04.06.2013
08.05.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
12.04.2013
10.04.2013
16.01.2013
05.07.2013
Mondelez International Inc

Mondelez International Inc. is a food and beverage company. The Company
manufactures and markets packaged food products, including snacks, beverages,
cheese, convenient meals and various packaged grocery products. Mondelez
International sells its products throughout the world.
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 (24.04.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MDLZ UW EQUITY YTD Change
MDLZ UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
10
5.0 M
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
41'932.0
1.40x
5'945.0
9.84x
2'884.0
22.19x
15.0 M
15
12/2012
03/yy
32.09
24.50
704'303.00
28.7
-10.66%
17.14%
53.75%
1'784.5
51'213.79
19'425.00
0.0
140.0
4'475.00
67'099.79
31.12.2009
31.12.2010
38'754.0
49'207.0
1.47x
1.65x
6'056.0
7'130.0
9.44x
11.42x
3'021.0
4'114.0
14.23x
16.17x
Profitability
LTM-4Q
31.12.2011
35'810.0
2.54x
4'978.0
18.30x
3'527.0
38.99x
31.12.2012
35'015.0
1.72x
5'028.0
12.00x
3'028.0
17.60x
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
5'028.00
3'683.00
10.52%
5.07%
3.28%
8.09%
6.93%
0.52%
37.3%
15.1%
12.3%
8.6%
1.05
0.71
25.74%
60.30%
6.54
5.54
Price/ Cash Flow
LTM
03/yy
45'450.0
8.48x
6'737.0
15.22x
3'541.0
21.41x
03/yy
44'434.0
7.84x
6'703.0
11.49x
2'783.0
14.54x
FY+1
.0 M
j-13
2.93
1'779.88
13.99
14.26%
13.67%
24
4.000
2'463'979
3'266'336
3'182'041
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
36'022.3
37'964.4
8'640.0
8'686.5
1.87x
1.75x
5'574.8
6'101.9
1'288.4
1'474.3
12.06x
11.02x
11.87x
11.64x
2'784.3
3'064.3
623.6
743.1
18.42x
16.68x
18.46x
17.90x
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
02.02.2010
BBB
STABLE
09.11.2007
A-2
4.00
2.72
2.35
2.76
60.3%
37.5%
0.52
3.71
55.77
65.93
70.69
50.93
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
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
05.07.2013
Mondelez International Inc

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
INVESCO LTD
TRIAN FUND MANAGEMEN
JP MORGAN
MORGAN STANLEY
FMR LLC
JENNISON ASSOCIATES
INDEPENDENT FRANCHIS
NORGES BANK
UBS
Firm Name
Credit Suisse
Stifel
Morgan Stanley
BMO Capital Markets
Edward Jones
Jefferies
Deutsche Bank
JPMorgan
Barclays
Goldman Sachs
EVA Dimensions
Davenport & Co
Spin-Off Research
Gabelli & Co
S&P Capital IQ
Argus Research Corp
National Bank AG
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
INDEPENDENT FRANCHIS
n/a
NORGES BANK
n/a
Analyst
ALICIA FORRY
ROBERT MOSKOW
CHRISTOPHER R GROWE
JOHN J BAUMGARTNER
ALEXIA HOWARD
MATTHEW GRAINGER
KENNETH B ZASLOW
BRIAN YARBROUGH
JONATHAN P FEENEY
THILO WREDE
ERIC R KATZMAN
KENNETH GOLDMAN
ANDREW LAZAR
JASON ENGLISH
ERIC J LARSON
AUSTIN BURKETT
ANN H GURKIN
TEAM COVERAGE
SARAH DONNELLY
THOMAS GRAVES
JOHN D STASZAK
STEFFEN MANSKE
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
sell
outperform
buy
outperform
outperform
Overwt/In-Line
market perform
buy
neutral
hold
hold
overweight
overweight
Buy/Neutral
buy
hold
buy
hold
buy
hold
hold
buy
Amt Held
104'569'093
86'195'210
77'082'355
43'184'875
42'864'324
40'300'550
39'545'118
36'441'176
35'590'525
32'654'559
29'841'408
26'127'188
24'405'863
17'983'031
16'438'252
16'014'507
14'487'177
14'385'236
13'469'186
12'328'216
% Out
5.86
4.83
4.32
2.42
2.4
2.26
2.22
2.04
1.99
1.83
1.67
1.46
1.37
1.01
0.92
0.9
0.81
0.81
0.75
0.69
Weighting
Change
1
5
5
5
5
5
3
5
3
3
3
5
5
5
5
3
5
3
5
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
Latest Chg
2'104'525
(781'045)
769'143
4'839'570
(15'888'500)
20'885'357
5'014'218
(93'942)
(1'071'293)
3'427'774
(1'296'385)
(144'674)
715'205
702'957
(167'343)
5'115'058
239'731
3'215'356
328'322
Target Price
26
33
34
#N/A N/A
36
33
29
#N/A N/A
31
31
30
35
34
33
33
#N/A N/A
35
32
#N/A N/A
31
#N/A N/A
24
File Dt
Inst Type
03.07.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Unclassified
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
03.07.2013
02.07.2013
02.07.2013
01.07.2013
28.06.2013
25.06.2013
21.06.2013
20.06.2013
20.06.2013
20.06.2013
17.06.2013
11.06.2013
11.06.2013
29.05.2013
24.05.2013
13.05.2013
08.05.2013
08.05.2013
08.05.2013
19.04.2013
07.03.2013
25.01.2010
05.07.2013
Medtronic Inc
Medtronic, Inc. develops therapeutic and diagnostic medical products. The
Company's principal products include those for bradycardia pacing,
tachyarrhythmia management, atrial fibrillation management, heart failure
management, heart valve replacement, malignant and non-malignant pain, and
movement disorders. Medtronic's products are sold worldwide.
Price/Volume
60
3.5 M
3.0 M
2.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (21.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MDT UN EQUITY YTD Change
MDT UN EQUITY YTD % CHANGE
04/2013
04/yy
53.83
37.07
222'560.00
52.11
-3.23%
40.57%
86.28%
1'007.4
52'496.27
10'651.00
0.0
0.0
11'071.00
52'076.27
2.0 M
20
1.5 M
1.0 M
10
.5 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
4.0 M
40
Valuation Analysis
30.04.2009
14'599.0
2.62x
5'273.0
7.25x
2'070.0
10.04x
4.5 M
50
30.04.2010
30.04.2011
15'817.0
15'508.0
3.40x
3.36x
5'902.0
5'374.0
9.10x
9.69x
3'099.0
3'096.0
13.97x
12.87x
Profitability
LTM-4Q
30.04.2012
16'184.0
2.49x
5'680.0
7.11x
3'617.0
11.77x
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
30.04.2013
16'590.0
2.81x
5'697.0
8.19x
3'467.0
12.56x
5'697.00
4'878.00
29.40%
25.62%
10.25%
19.38%
13.09%
0.49%
75.1%
34.3%
29.4%
20.9%
4.57
3.80
30.57%
57.05%
4.40
2.35
Price/ Cash Flow
LTM
04/yy
16'184.0
11.14x
5'680.0
7.11x
3'618.0
11.61x
04/yy
16'589.0
12.16x
5'696.0
8.20x
3'467.0
12.47x
FY+1
.0 M
j-13
2.00
0.88
1'004.17
11.48
36.55%
28.43%
0.882
27
3.889
1'504'948
1'677'161
1'461'518
FY+2
FQ+1
FQ+2
04/14 Y
04/15 Y
07/13 Q1 10/13 Q2
16'965.1
17'497.1
4'118.2
4'182.5
3.41x
3.29x
14.89x
14.56x
6'155.5
6'395.8
1'413.0
1'452.3
8.45x
8.13x
8.70x
8.52x
3'865.1
4'081.3
895.7
933.5
13.60x
12.70x
13.60x
13.38x
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
14.02.2012
A+
STABLE
13.12.2001
A-1+
14.53
13.37
-0.07
1.87
57.0%
36.3%
0.49
6.69
82.67
154.92
53.50
184.08
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
30.04.2010
2'000.0
0.0
30.10.2010
30.04.2011
30.10.2011
30.04.2012
30.10.2012
30.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.07.2013
Medtronic Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
PRIMECAP MANAGEMENT
INVESCO LTD
DODGE & COX
UBS
FMR LLC
NORGES BANK
Firm Name
BMO Capital Markets
Argus Research Corp
Stifel
Leerink Swann & Co
Piper Jaffray
Oppenheimer & Co
Barclays
JPMorgan
Edward Jones
Morgan Stanley
Cowen and Company
Deutsche Bank
RBC Capital Markets
Credit Suisse
Jefferies
Wedbush
Goldman Sachs
William Blair & Co
S&P Capital IQ
EVA Dimensions
Maxim Group LLC
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
PRIMECAP MANAGEMENT
n/a
HARRIS ASSOC LP
n/a
n/a
n/a
DODGE & COX
BANK OF AMERICA
n/a
n/a
NORGES BANK
Analyst
JOANNE K WUENSCH
SEAN D LAVIN
DAVID H TOUNG
FREDERICK A WISE
LAWRENCE BIEGELSEN
DANIELLE ANTALFFY
DERRICK SUNG
BROOKS E WEST
STEVEN LICHTMAN
MATTHEW TAYLOR
MICHAEL N WEINSTEIN
JEFF WINDAU
DAVID R LEWIS
JOSHUA JENNINGS
KRISTEN M STEWART
GLENN J NOVARRO
BRUCE NUDELL
RAJ S DENHOY
TAO LEVY
DAVID H ROMAN
BENJAMIN C ANDREW
GREGORY SIMPSON
PHILLIP SELIGMAN
ANDREW S ZAMFOTIS
MICHAEL ROARKE
ANTHONY PETRONE
Source
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
Recommendation
outperform
neutral
buy
hold
outperform
market perform
outperform
overweight
outperform
equalweight
neutral
hold
Equalwt/In-Line
outperform
hold
sector perform
neutral
hold
neutral
neutral/neutral
market perform
hold
buy
buy
focus list
not rated
Amt Held
57'984'888
52'944'876
51'753'490
45'822'875
41'717'815
32'434'321
30'813'326
29'986'609
21'083'794
14'291'965
12'608'303
11'871'058
11'516'230
10'351'175
9'936'393
9'355'578
8'973'223
8'689'961
8'427'751
8'305'220
% Out
5.76
5.26
5.14
4.55
4.14
3.22
3.06
2.98
2.09
1.42
1.25
1.18
1.14
1.03
0.99
0.93
0.89
0.86
0.84
0.82
Weighting
Change
5
3
5
3
5
3
5
5
5
3
3
3
3
5
3
3
3
3
3
3
3
3
5
5
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
U
M
M
M
Latest Chg
821'244
1'264'839
(1'023'381)
526'791
412'300
(4'279'648)
1'440'261
(638'193)
(576'628)
331'880
1'883'146
2'054'102
(1'852'797)
(429'526)
831'412
(1'833'491)
1'254'180
1'196'087
-
Target Price
58
#N/A N/A
54
#N/A N/A
#N/A N/A
#N/A N/A
59
58
57
54
52
#N/A N/A
#N/A N/A
58
55
52
56
53
52
53
#N/A N/A
53
57
#N/A N/A
45
#N/A N/A
File Dt
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
18 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
18 month
Not Provided
Not Provided
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Date
01.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
26.06.2013
26.06.2013
25.06.2013
25.06.2013
24.06.2013
20.06.2013
18.06.2013
18.06.2013
17.06.2013
17.06.2013
17.06.2013
17.06.2013
30.05.2013
22.05.2013
22.05.2013
22.05.2013
21.05.2013
15.01.2013
19.05.2009
27.01.2009
05.07.2013
MetLife Inc
MetLife, Inc. provides individual insurance, employee benefits and financial
services with operations throughout the United States and the regions of Latin
America, Europe, and Asia Pacific. The Company's products include life
insurance, annuities, automobile and homeowners insurance, retail banking and
other financial services to individuals as well as group insurance.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MET UN EQUITY YTD Change
MET UN EQUITY YTD % CHANGE
12/2012
03/yy
47.38
28.34
335'447.00
47
-0.93%
65.84%
96.40%
1'095.0
51'465.62
26'550.00
2'100.0
505.0
15'738.00
70'310.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
41'057.0
52'265.0
1.07x
1.34x
(2'246.0)
2'790.0
12.32x
10.71x
Profitability
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-12
LTM-4Q
31.12.2011
70'241.0
0.82x
6'423.0
7.12x
31.12.2012
68'150.0
0.72x
1'324.0
6.24x
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
6.85%
2.12%
0.30%
3.92%
3.87%
0.08%
1.9%
3.17%
42.58%
-
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
70'250.0
3.48x
0.0
0.00x
5'402.0
8.23x
d-12
03/yy
69'917.0
2.93x
0.0
0.00x
2'454.0
7.07x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.97
1.55
895.24
28.97
55.82%
44.36%
1.552
24
4.500
1'533'819
1'912'994
1'774'540
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
68'823.6
71'623.3
17'126.9
17'225.6
1.08x
1.04x
6'129.3
6'401.0
1'484.4
1'485.3
8.60x
8.27x
8.75x
8.61x
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
42.6%
29.0%
0.08
-
9.00
80'000.0
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
8.0 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
50'984.0
0.53x
3'209.0
9.63x
50
45
40
35
30
25
20
15
10
5
0
j-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
05.07.2013
MetLife Inc
Holdings By:
All
Holder Name
METLIFE POLICY HOLDE
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
JP MORGAN
FRANKLIN RESOURCES
DODGE & COX
DEUTSCHE BANK AG
UBS
GOLDMAN SACHS GROUP
NORGES BANK
Firm Name
Barclays
Portales Partners
Scotia Capital
JPMorgan
FBR Capital Markets
Deutsche Bank
Credit Suisse
Morgan Stanley
RBC Capital Markets
Raymond James
Macquarie
Evercore Partners
Argus Research Corp
Goldman Sachs
S&P Capital IQ
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
DODGE & COX
n/a
n/a
n/a
NORGES BANK
n/a
Analyst
JOHN M NADEL
JAY H GELB
NINA GUPTA
JOANNE SMITH
JIMMY S BHULLAR
RANDY BINNER
JOHN A HALL
YARON KINAR
THOMAS GALLAGHER
LARRY GREENBERG
NIGEL P DALLY
ERIC N BERG
STEVEN D SCHWARTZ
SEAN DARGAN
EDWARD SHIELDS
MARK FINKELSTEIN
JOHN M EADE
JEFFREY SCHUMAN
CHRISTOPHER GIOVANNI
CATHY SEIFERT
AUSTIN BURKETT
Source
13D
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
Recommendation
buy
equalweight
outperform
focus stock
overweight
outperform
outperform
buy
outperform
neutral
Overwt/In-Line
sector perform
outperform
outperform
buy
overweight
buy
outperform
buy/attractive
buy
underweight
Amt Held
198'022'160
52'341'350
43'407'773
43'224'464
39'622'207
29'746'742
26'621'558
23'055'085
19'345'882
18'548'167
18'333'776
15'860'316
15'329'500
13'292'875
11'270'617
9'516'719
9'244'082
9'241'988
8'791'085
8'736'916
% Out
18.08
4.78
3.96
3.95
3.62
2.72
2.43
2.11
1.77
1.69
1.67
1.45
1.4
1.21
1.03
0.87
0.84
0.84
0.8
0.8
Weighting
Change
5
3
5
5
5
5
5
5
5
3
5
3
5
5
5
5
5
5
5
5
1
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(173'730)
(5'344'888)
1'807'774
3'010'278
(5'759'482)
1'049'495
617'793
1'320'550
5'831'313
193'922
2'448'186
(107'700)
(2'333'717)
2'152'270
801'136
(8'247'983)
(13'587)
7'337'654
Target Price
56
50
#N/A N/A
52
42
55
#N/A N/A
51
48
#N/A N/A
45
51
49
48
47
48
48
50
51
46
#N/A N/A
File Dt
30.04.2013
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.05.2013
31.05.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
03.07.2013
01.07.2013
26.06.2013
20.06.2013
17.06.2013
17.06.2013
11.06.2013
02.06.2013
29.05.2013
23.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
21.05.2013
21.05.2013
15.05.2013
02.05.2013
15.01.2013
05.07.2013
3M Co
3M Co. conducts operations in electronics, telecommunications, industrial,
consumer and office, health care, safety, and other markets. The Company's
businesses share technologies, manufacturing operations, brands, marketing
channels, and other resources. 3M serves customers in countries located around
the world.
Price/Volume
6.0 M
5.0 M
4.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (19.06.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MMM UN EQUITY YTD Change
MMM UN EQUITY YTD % CHANGE
12/2012
03/yy
113.24
85.34
148'343.00
110.32
-2.58%
29.27%
86.42%
690.2
76'142.27
6'001.00
0.0
465.0
5'693.00
76'696.27
3.0 M
40
2.0 M
20
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
100
80
Valuation Analysis
31.12.2008
25'269.0
1.76x
6'394.0
6.96x
3'460.0
11.13x
120
31.12.2009
31.12.2010
23'123.0
26'662.0
2.61x
2.33x
5'971.0
7'038.0
10.11x
8.84x
3'193.0
4'085.0
17.45x
14.89x
Profitability
LTM-4Q
31.12.2011
29'611.0
1.95x
7'414.0
7.80x
4'283.0
13.48x
31.12.2012
29'904.0
2.16x
7'771.0
8.31x
4'444.0
14.72x
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
7'771.00
6'483.00
21.68%
21.24%
13.47%
25.96%
20.05%
0.91%
47.5%
26.0%
21.6%
14.9%
2.20
1.39
17.71%
34.15%
6.88
4.27
Price/ Cash Flow
LTM
03/yy
29'786.0
8.09x
7'494.0
8.41x
4'327.0
14.40x
03/yy
30'052.0
8.84x
7'806.0
9.47x
4'448.0
16.75x
FY+1
.0 M
j-13
2.18
0.97
689.32
11.97
26.08%
20.23%
0.967
21
3.762
803'707
884'223
849'998
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
31'013.1
32'684.2
7'773.2
7'906.9
2.53x
2.37x
10.17x
9.99x
8'128.7
8'693.2
2'032.2
2'092.0
9.43x
8.81x
9.15x
8.94x
4'687.1
5'076.1
1'192.8
1'235.8
16.48x
15.00x
16.07x
15.61x
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
18.03.2009
AASTABLE
23.11.1981
A-1+
40.06
32.41
0.01
0.76
34.1%
25.0%
0.91
3.74
53.08
85.43
40.99
94.45
16.00
35'000.0
14.00
30'000.0
12.00
25'000.0
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
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
05.07.2013
3M Co
Holdings By:
All
Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
FMR LLC
WELLS FARGO
US BANCORP
JP MORGAN
NORGES BANK
UBS
Firm Name
Morgan Stanley
Edward Jones
Barclays
EVA Dimensions
Jefferies
William Blair & Co
Argus Research Corp
Nomura
JPMorgan
Deutsche Bank
Goldman Sachs
Credit Suisse
FBR Capital Markets
Hilliard Lyons
Langenberg & Co
S&P Capital IQ
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
BANK OF AMERICA
n/a
US BANCORP
n/a
NORGES BANK
n/a
Analyst
NIGEL COE
MATT ARNOLD
STEVEN E WINOKER
SCOTT R DAVIS
CRAIG STERLING
LAURENCE ALEXANDER
NICHOLAS P HEYMANN
NATHANIEL GABRIEL
SHANNON O'CALLAGHAN
DAVID I BEGLEITER
JOSEPH RITCHIE
JOHN P MCNULTY
AJAY K KEJRIWAL
STEPHEN A O'NEIL
IVAN FEINSETH
RICHARD TORTORIELLO
MICHAEL ROARKE
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
Sch-D
13F
13F
ULT-AGG
Recommendation
Equalwt/In-Line
buy
market perform
equalweight
overweight
buy
market perform
hold
neutral
underweight
hold
neutral/neutral
neutral
outperform
long-term buy
hold
buy
buy
focus list
Amt Held
51'263'136
41'923'428
34'962'057
19'433'692
13'764'765
11'131'700
10'102'921
9'623'460
9'509'989
9'383'740
7'961'490
7'768'462
7'171'873
6'955'267
6'412'926
5'735'151
5'421'102
5'326'652
4'326'373
4'315'658
% Out
7.43
6.07
5.07
2.82
1.99
1.61
1.46
1.39
1.38
1.36
1.15
1.13
1.04
1.01
0.93
0.83
0.79
0.77
0.63
0.63
Weighting
Change
3
5
3
3
5
5
3
3
3
1
3
3
3
5
5
3
5
5
5
D
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
N
M
N
Latest Chg
(937'756)
755'118
588'236
430'869
(6'305)
161'925
3'197'427
594'973
2'002'957
87'041
192'599
76'915
(408'394)
(84'790)
20'900
712
92'893
(1'902)
Target Price
112
#N/A N/A
115
103
#N/A N/A
128
111
#N/A N/A
105
95
114
112
103
110
125
100
#N/A N/A
110
85
File Dt
Inst Type
02.07.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Insurance Company
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Unclassified
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
01.07.2013
28.06.2013
26.06.2013
26.06.2013
25.06.2013
07.06.2013
22.05.2013
14.05.2013
03.05.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
06.03.2013
06.02.2013
24.04.2009
05.07.2013
Altria Group Inc

Altria Group, Inc. is a holding company. The Company, through subsidiaries,
manufactures and sells cigarettes and other tobacco products, including cigars
and pipe tobacco. Altria holds an interest in a brewery company.
Price/Volume
40
12.0 M
35
10.0 M
30
8.0 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MO UN EQUITY YTD Change
MO UN EQUITY YTD % CHANGE
12/2012
03/yy
37.60
30.01
323'501.00
35.307
-6.17%
17.65%
72.20%
2'008.7
70'919.83
13'878.00
0.0
36.0
2'900.00
81'058.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
2.0 M
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
15'957.0
1.92x
5'142.0
5.95x
4'930.0
9.13x
6.0 M
15
31.12.2009
31.12.2010
16'824.0
16'892.0
3.02x
3.63x
6'234.0
6'540.0
8.16x
9.38x
3'206.0
3'905.0
6.44x
12.90x
Profitability
LTM-4Q
31.12.2011
16'619.0
4.28x
6'543.0
10.86x
3'390.0
15.17x
31.12.2012
17'500.0
4.24x
7'539.0
9.84x
4'180.0
13.98x
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
7'539.00
7'314.00
41.79%
37.01%
11.84%
119.83%
29.12%
0.47%
54.6%
45.9%
44.6%
23.9%
0.77
0.37
39.28%
438.07%
98.20
4.08
Price/ Cash Flow
LTM
03/yy
16'670.0
16.53x
6'661.0
10.87x
3'648.0
14.38x
03/yy
17'479.0
18.03x
8'026.0
9.87x
4'370.0
14.87x
FY+1
.0 M
j-13
4.90
0.61
2'001.98
18.79
6.29%
15.24%
0.608
17
4.176
2'209'238
2'332'059
2'147'566
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
17'567.0
17'811.5
4'617.6
4'502.0
4.66x
4.53x
7'748.1
8'072.9
2'034.3
2'048.0
10.48x
10.06x
10.40x
10.29x
4'804.7
5'110.2
1'259.5
1'268.7
14.72x
13.73x
14.57x
14.31x
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
06.01.2009
BBB
STABLE
18.09.2003
A-2
6.66
6.55
1.26
1.73
438.1%
81.2%
0.47
8.26
3.72
89.39
14.42
64.01
30.00
80'000.0
70'000.0
25.00
60'000.0
20.00
50'000.0
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Altria Group Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
FAYEZ SAROFIM
FRANKLIN RESOURCES
ALLIANCE BERNSTEIN
FEDERATED INVESTORS
INVESCO LTD
UBS
BARCLAYS PLC
Firm Name
Stifel
Edward Jones
Davenport & Co
Morgan Stanley
Jefferies
EVA Dimensions
Goldman Sachs
JPMorgan
S&P Capital IQ
Barclays
Argus Research Corp
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
FAYEZ SAROFIM
BANK OF AMERICA
n/a
n/a
FEDERATED INVESTORS
n/a
n/a
n/a
n/a
Analyst
CHRISTOPHER R GROWE
BONNIE HERZOG
JACK P RUSSO
ANN H GURKIN
DAVID J ADELMAN
THILO WREDE
AUSTIN BURKETT
JUDY E HONG
LARS LUSEBRINK
PATRICK DIEDRICKSON
RAE MAILE
ESTHER KWON
MICHAEL J BRANCA
NATHANIEL GABRIEL
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
outperform
hold
buy
Equalwt/In-Line
hold
overweight
neutral/neutral
buy
buy
overweight
buy
equalweight
hold
Amt Held
175'824'470
104'946'313
96'161'381
84'161'294
38'237'065
31'653'131
27'143'010
21'943'643
20'393'051
18'067'887
16'482'786
16'443'401
15'034'549
14'402'373
13'766'534
13'643'137
12'399'376
11'645'374
11'580'115
11'309'204
% Out
8.75
5.22
4.79
4.19
1.9
1.58
1.35
1.09
1.02
0.9
0.82
0.82
0.75
0.72
0.69
0.68
0.62
0.58
0.58
0.56
Weighting
Change
5
5
3
5
3
3
5
3
5
5
5
5
3
3
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
3'921'105
2'097'289
4'127'835
(1'615'563)
1'048'361
2'075'169
441'853
160'664
(1'632'306)
(15'811)
1'477'305
437'188
(2'240'184)
83'191
(4'799'377)
317'267
1'310'050
(254'277)
51'980
4'059'352
Target Price
38
#N/A N/A
#N/A N/A
38
34
35
#N/A N/A
37
43
#N/A N/A
45
39
31
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
02.07.2013
28.06.2013
25.06.2013
12.06.2013
11.06.2013
11.06.2013
07.06.2013
12.05.2013
29.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
18.03.2013
05.07.2013
Monsanto Co
Monsanto Company provides agricultural products for farmers. The Company's
business segments are seeds and genomics. Monsanto produces a wide range of
seeds and develops biotechnology traits that assist farmers in controlling
insects and weeds as well as provides other seed companies with genetic material
and biotechnology traits for their seed brands.
Price/Volume
2.0 M
1.5 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (15.05.2013)
52-Week Low (10.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MON UN EQUITY YTD Change
MON UN EQUITY YTD % CHANGE
08/2012
05/yy
109.33
81.50
127'613.00
98.45
-9.88%
20.80%
58.89%
533.1
52'484.61
2'074.00
0.0
203.0
3'585.00
51'852.61
1.0 M
40
.5 M
20
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
2.5 M
100
80
Valuation Analysis
31.08.2008
11'365.0
5.53x
3'458.0
18.18x
2'024.0
31.30x
120
31.08.2009
31.08.2010
11'724.0
10'483.0
3.89x
2.78x
4'175.0
2'529.0
10.92x
11.51x
2'109.0
1'096.0
18.65x
22.19x
Profitability
LTM-4Q
31.08.2011
11'822.0
3.08x
3'116.0
11.69x
1'607.0
23.28x
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
31.08.2012
13'504.0
3.35x
3'760.0
12.03x
2'045.0
23.12x
3'760.00
3'138.00
23.24%
22.13%
12.01%
19.18%
17.30%
0.71%
52.2%
28.5%
24.3%
15.1%
2.29
1.30
10.26%
17.53%
4.03
2.65
Price/ Cash Flow
LTM
05/yy
13'653.0
11.45x
3'948.0
10.50x
2'162.0
19.08x
05/yy
14'769.0
13.29x
4'206.0
12.62x
2'502.0
22.13x
FY+1
.0 M
j-13
1.45
1.04
531.32
4.33
19.63%
5.19%
1.040
26
4.346
798'420
799'476
677'695
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
08/13 Q4 11/13 Q1
14'939.6
16'067.0
2'230.4
3'043.4
3.39x
3.09x
22.76x
16.74x
4'218.1
4'863.7
(101.7)
767.0
12.29x
10.66x
10.60x
10.46x
2'478.6
2'888.3
(225.3)
308.3
21.51x
18.43x
19.11x
18.63x
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
21.10.2008
A+
STABLE
24.10.2007
A-1
17.74
14.69
-0.20
0.53
17.5%
14.7%
0.71
3.42
90.66
137.61
32.21
163.69
70.00
16'000.0
60.00
14'000.0
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
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
05.07.2013
Monsanto Co
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
PRIMECAP MANAGEMENT
MACKAY SHIELDS LLC
WELLS FARGO
Firm Name
Gabelli & Co
Piper Jaffray
Macquarie
Morgan Stanley
Argus Research Corp
JPMorgan
Jefferies
BGC Partners
Deutsche Bank
Credit Suisse
Miller Tabak + Co., LLC
S&P Capital IQ
Stifel
Edward Jones
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
PRIMECAP MANAGEMENT
n/a
Multiple Portfolios
n/a
Analyst
FRANK J MITSCH
CHRISTOPHER KAPSCH
AMON R WILKES
MICHAEL E COX
COOLEY MAY
VINCENT ANDREWS
WILLIAM V SELESKY
JEFFREY J ZEKAUSKAS
LAURENCE ALEXANDER
MARK R GULLEY
DONALD D CARSON
DAVID I BEGLEITER
CHRISTOPHER PARKINSON
KEITH CARPENTER
TIM TIBERIO
KEVIN KIRKEBY
COLIN ISAAC
PAUL A MASSOUD
MATT ARNOLD
CHRIS L SHAW
CRAIG STERLING
ROBERT KOORT
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
outperform
buy
buy
overweight
outperform
Overwt/Attractive
buy
overweight
hold
buy
Positive
buy
outperform
buy
hold
hold
underweight
hold
hold
buy
overweight
buy/attractive
Amt Held
34'024'416
31'472'919
28'477'720
23'412'342
13'555'953
12'010'767
11'118'944
9'200'094
9'188'909
8'976'193
7'759'245
7'373'306
7'358'065
6'662'550
6'378'309
6'343'486
6'315'385
6'163'166
5'748'918
5'682'063
% Out
6.38
5.9
5.34
4.39
2.54
2.25
2.09
1.73
1.72
1.68
1.46
1.38
1.38
1.25
1.2
1.19
1.18
1.16
1.08
1.07
Weighting
Change
5
5
5
5
5
5
5
5
3
5
4
5
5
5
3
3
1
3
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
2'974'499
2'128'133
655'081
312'878
1'437'264
(277'362)
(341'910)
(1'287'528)
(1'006'807)
662'862
(325'311)
114'291
(116'807)
1'304'240
(22'517)
369'962
1'095'622
(132'927)
(647'027)
165'308
Target Price
#N/A N/A
121
#N/A N/A
135
117
125
120
111
110
123
128
116
121
121
104
110
90
#N/A N/A
#N/A N/A
119
#N/A N/A
122
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
05.07.2013
03.07.2013
02.07.2013
30.06.2013
29.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
24.06.2013
30.05.2013
29.05.2013
09.04.2013
05.04.2013
05.07.2013
Merck & Co Inc

Merck & Co., Inc. is a global health care company that delivers health
solutions through its prescription medicines, vaccines, biologic therapies,
animal health, and consumer care products, which it markets directly and
through its joint ventures. The Company has operations in pharmaceutical,
animal health, and consumer care.
Price/Volume
12.0 M
10.0 M
8.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (04.06.2013)
52-Week Low (31.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MRK UN EQUITY YTD Change
MRK UN EQUITY YTD % CHANGE
12/2012
03/yy
50.16
40.10
426'294.00
46.8
-6.70%
16.71%
64.12%
3'019.6
141'317.83
20'569.00
0.0
2'443.0
16'141.00
148'697.83
6.0 M
20
4.0 M
10
2.0 M
0
j-12
31.12.2009
31.12.2010
27'428.3
45'987.0
4.52x
2.59x
7'314.7
12'116.0
16.96x
9.84x
12'901.3
861.0
11.24x
10.54x
Profitability
LTM-4Q
31.12.2011
48'047.0
2.49x
17'873.0
6.69x
6'272.0
10.00x
31.12.2012
47'267.0
2.77x
16'855.0
7.76x
6'168.0
11.22x
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
16'855.00
9'877.00
20.90%
18.49%
6.16%
12.08%
9.51%
0.44%
65.2%
35.5%
20.7%
13.0%
1.90
1.30
19.38%
38.79%
5.54
2.47
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
48'198.0
9.58x
18'025.0
6.76x
6'966.0
9.97x
d-12
03/yy
46'208.0
11.77x
16'424.0
8.57x
6'516.0
12.01x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
3.63
0.78
3'018.36
82.26
16.23%
16.45%
0.780
23
4.304
3'319'523
4'241'192
4'107'313
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
45'309.6
45'816.2
11'344.9
11'411.0
3.19x
3.07x
17'765.5
18'170.1
3'552.5
3'891.0
8.37x
8.18x
10'498.4
10'893.9
2'488.2
2'679.6
13.36x
12.49x
13.36x
12.99x
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
24.11.2010
AA
STABLE
23.11.1981
A-1+
23.61
20.87
0.29
1.27
38.8%
27.1%
0.44
2.89
65.92
147.88
48.79
157.88
30.00
60'000.0
25.00
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
10'000.0
0.00
01.01.2010
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
14.0 M
50
40
Valuation Analysis
31.12.2008
23'850.3
2.82x
8'070.3
8.33x
7'808.4
8.89x
60
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
05.07.2013
Merck & Co Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
FMR LLC
JP MORGAN
DODGE & COX
INVESCO LTD
NORGES BANK
GOLDMAN SACHS GROUP
DEUTSCHE BANK AG
Firm Name
Cowen and Company
Edward Jones
Leerink Swann & Co
Barclays
BMO Capital Markets
Argus Research Corp
ISI Group
MKM Partners
Jefferies
Goldman Sachs
JPMorgan
Morgan Stanley
Hilliard Lyons
S&P Capital IQ
EVA Dimensions
MP Advisors Pvt Ltd
Cyrrus
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
DODGE & COX
n/a
NORGES BANK
BANK OF AMERICA
n/a
n/a
Analyst
TIMOTHY M ANDERSON
JOHN T BORIS
STEVEN R SCALA
JUDSON CLARK
SEAMUS FERNANDEZ
ALEX ARFAEI
JOHN M EADE
MARK J SCHOENEBAUM
JON LECROY
JEFFREY HOLFORD
JAMI E RUBIN
RICHARD J PURKISS
DAVID R RISINGER
E EUGENE ROBINSON
STEPHEN A O'NEIL
HERMAN SAFTLAS
ANDREW S ZAMFOTIS
VISHAL MANCHANDA
TOMAS MENCIK
KAVITA THOMAS
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
MF-PART
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
Recommendation
outperform
neutral
market perform
buy
market perform
overweight
outperform
buy
buy
buy
buy
neutral/attractive
overweight
overweight
Underwt/In-Line
buy
neutral
buy
overweight
outperform
accumulate
market perform
Amt Held
205'788'781
177'469'579
140'839'507
130'754'861
129'053'910
91'051'110
71'048'447
57'370'306
56'828'888
51'265'946
47'016'226
45'613'794
30'475'112
30'370'622
24'410'941
20'660'542
20'495'267
20'055'276
19'745'943
19'319'510
% Out
6.82
5.88
4.66
4.33
4.27
3.02
2.35
1.9
1.88
1.7
1.56
1.51
1.01
1.01
0.81
0.68
0.68
0.66
0.65
0.64
Weighting
Change
5
3
3
5
3
5
5
5
5
5
5
3
5
5
1
5
3
5
5
5
4
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
14'307'547
(34'886'701)
4'397'077
(2'133'004)
(6'667'466)
3'645'499
(16'325'333)
(14'082'081)
2'714'341
(1'183'773)
(657'920)
4'105'306
1'226'551
1'486'322
358'549
3'508'729
762'507
3'072'588
Target Price
53
47
51
#N/A N/A
#N/A N/A
60
52
52
50
59
56
50
54
53
#N/A N/A
#N/A N/A
#N/A N/A
51
#N/A N/A
50
43
#N/A N/A
File Dt
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
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
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
01.07.2013
01.07.2013
27.06.2013
27.06.2013
27.06.2013
24.06.2013
20.06.2013
18.06.2013
14.06.2013
11.06.2013
03.06.2013
03.06.2013
31.05.2013
23.05.2013
02.05.2013
01.05.2013
01.02.2013
15.01.2013
16.10.2012
05.04.2012
21.06.2011
05.07.2013
Morgan Stanley
Morgan Stanley, a bank holding company, provides diversified financial services
on a worldwide basis. The Company operates a global securities business which
serves individual and institutional investors and investment banking clients.
Morgan Stanley also operates a global asset management business.
Price/Volume
30
16.0 M
14.0 M
25
12.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (10.06.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MS UN EQUITY YTD Change
MS UN EQUITY YTD % CHANGE
12/2012
03/yy
27.17
12.29
1'685'188.00
24.36
-10.42%
98.21%
78.97%
1'960.1
47'748.40
450'846.00
1'508.0
7'628.0
46'904.00
513'661.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
10
4.0 M
5
2.0 M
0
j-12
31.12.2009
31.12.2010
30'139.0
37'801.0
16.65x
13.22x
15'297.0
14'937.0
32.80x
33.45x
1'346.0
4'703.0
11.22x
12.69x
Profitability
LTM-4Q
31.12.2011
39'138.0
10.82x
10'724.0
39.50x
4'110.0
-
31.12.2012
32'036.0
14.07x
12'615.0
35.74x
68.0
11.18x
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
12'615.00
19.57%
1.61%
0.13%
1.53%
0.31%
0.04%
35.9%
0.2%
57.73%
743.96%
-
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
38'269.0
47.96x
8'603.0
0.00x
3'048.0
332.55x
d-12
03/yy
33'168.0
55.89x
11'901.0
42.77x
1'037.0
14.25x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
0.82
1.72
1'393.06
29.39
63.02%
27.98%
1.722
35
3.629
3'545'201
3'836'025
3'574'002
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
31'730.9
33'870.2
7'913.2
7'784.2
3'924.7
4'980.9
856.8
977.0
12.13x
9.53x
11.41x
10.43x
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
29.11.2011
ANEG
29.11.2011
A-2
38.37
41.97
744.0%
86.6%
0.04
5.38
-
9.00
90'000.0
8.00
80'000.0
7.00
70'000.0
6.00
60'000.0
5.00
50'000.0
4.00
40'000.0
3.00
30'000.0
2.00
20'000.0
1.00
10'000.0
0.00
01.01.2010
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

30.11.2008
62'262.0
5.03x
40'604.0
7.72x
1'707.0
9.58x
10.0 M
15
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
05.07.2013
Morgan Stanley
Holdings By:
All
Holder Name
MITSUBISHI UFJ FINAN
STATE STREET
CHINA INVESTMENT COR
BLACKROCK
VANGUARD GROUP INC
FRANKLIN RESOURCES
FMR LLC
JENNISON ASSOCIATES
INVESCO LTD
JP MORGAN
UBS
CARMIGNAC GESTION
Firm Name
RBC Capital Markets
Evercore Partners
JPMorgan
Oppenheimer & Co
JMP Securities
Mediobanca SpA
Macquarie
Credit Suisse
S&P Capital IQ
Argus Research Corp
Edward Jones
Portales Partners
Drexel Hamilton LLC
Deutsche Bank
Goldman Sachs
Barclays
FBR Capital Markets
Nomura
HSBC
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
FIONA SWAFFIELD
CHRISTOPHER J ALLEN
MARTY L MOSBY III
KIAN ABOUHOSSEIN
DAVID M TRONE
DOUGLAS C SIPKIN
DAVID J KONRAD
RICHARD STAITE
HOWARD H CHEN
ERIC E WASSERSTROM
RICHARD X BOVE SR
KENNETH M LEON
DAVID RITTER
SHANNON L STEMM
CHARLES W PEABODY
DAVID B HILDER
MATTHEW H BURNELL
MATTHEW D O'CONNOR
RICHARD N RAMSDEN
ROGER A FREEMAN
KAZUKI WATANABE
STEVE STELMACH
JEFFERY HARTE
JAMES F MITCHELL
GLENN P SCHORR
ROBERT MURPHY
AUSTIN BURKETT
MEREDITH A WHITNEY
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
MF-AGG
Recommendation
sector perform
outperform
overweight
neutral
overweight
market perform
market perform
neutral
underperform
outperform
underweight
neutral
buy
buy
buy
buy
hold
underperform
buy
market perform
buy
neutral/attractive
equalweight
outperform
outperform
buy
buy
neutral
neutral
sell
hold
Amt Held
435'504'490
140'812'249
125'114'454
69'427'014
63'417'451
51'775'615
47'177'103
42'784'681
41'253'280
31'000'858
30'195'354
29'318'755
28'746'125
19'240'885
16'266'270
14'665'958
13'996'804
11'559'214
11'517'553
11'500'000
% Out
22.22
7.18
6.38
3.54
3.24
2.64
2.41
2.18
2.1
1.58
1.54
1.5
1.47
0.98
0.83
0.75
0.71
0.59
0.59
0.59
Weighting
Change
3
5
5
3
5
3
3
3
1
5
1
3
5
5
5
5
3
1
5
3
5
3
3
5
5
5
5
3
3
1
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
M
M
D
M
Latest Chg
(38'614'412)
651'209
2'438'317
(4'184'072)
(2'549'885)
(1'081'054)
14'558'690
4'684'203
1'742'740
915'506
593'867
2'094'626
14'093'508
(6'145'944)
2'181'643
2'024'911
11'500'000
Target Price
25
29
29
28
29
#N/A N/A
#N/A N/A
24
23
30
24
23
28
29
28
26
#N/A N/A
#N/A N/A
30
#N/A N/A
30
25
25
26
27
26
28
24
25
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Holding Company
02.07.2013
Investment Advisor
31.12.2012
Government
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
04.07.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
03.07.2013
03.07.2013
02.07.2013
02.07.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
26.06.2013
26.06.2013
26.06.2013
24.06.2013
21.06.2013
21.06.2013
21.06.2013
17.06.2013
17.06.2013
17.06.2013
13.06.2013
10.06.2013
30.05.2013
24.05.2013
15.05.2013
13.05.2013
23.04.2013
22.04.2013
18.04.2013
18.04.2013
26.02.2013
12.02.2013
18.10.2012
05.07.2013
Microsoft Corp
Microsoft Corporation develops, manufactures, licenses, sells, and supports
software products. The Company offers operating system software, server
application software, business and consumer applications software, software
development tools, and Internet and intranet software. Microsoft also develops
video game consoles and digital music entertainment devices.
Price/Volume
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.06.2013)
52-Week Low (05.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MSFT UW EQUITY YTD Change
MSFT UW EQUITY YTD % CHANGE
06/2012
03/yy
35.73
26.26
2'772'735.00
33.6
-5.84%
27.95%
81.84%
8'351.1
280'597.16
11'944.00
0.0
0.0
63'040.00
220'309.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
60'420.0
3.77x
24'548.0
9.29x
17'681.0
14.48x
15
30.06.2009
30.06.2010
58'437.0
62'484.0
3.18x
2.70x
23'255.0
26'830.0
8.00x
6.28x
14'569.0
18'760.0
13.77x
10.93x
Profitability
LTM-4Q
30.06.2011
69'943.0
2.53x
29'927.0
5.91x
23'150.0
9.86x
30.06.2012
73'723.0
2.78x
30'923.0
6.64x
16'978.0
11.21x
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
30'923.00
27'956.00
37.92%
30.20%
13.01%
22.57%
19.50%
0.60%
76.2%
40.3%
35.6%
23.0%
2.60
2.41
9.85%
18.00%
6.62
10.61
Price/ Cash Flow
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
j-13
LTM
03/yy
73'031.0
10.16x
30'601.0
7.30x
23'344.0
11.73x
03/yy
76'012.0
9.86x
30'645.0
5.83x
16'406.0
10.67x
FY+1
2.65
0.91
7'611.95
94.81
12.57%
27.60%
0.913
42
3.833
12'658'756
14'280'503
15'589'903
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
78'725.3
84'771.5
20'766.0
18'955.0
2.69x
2.30x
10.49x
11.21x
32'437.9
35'593.1
8'700.8
8'027.3
6.82x
6.22x
6.35x
6.23x
23'282.4
25'649.6
6'246.5
5'688.7
12.17x
10.97x
11.16x
10.89x
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
22.09.2008
AAA
STABLE
09.03.2011
NR
81.38
75.31
-1.97
0.46
18.0%
15.3%
0.60
8.72
55.11
34.39
77.76
13.98
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
05.07.2013
Microsoft Corp
Holdings By:
All
Holder Name
BLACKROCK
GATES III WILLIAM HE
VANGUARD GROUP INC
STATE STREET
BALLMER STEVEN ANTHO
INVESCO LTD
FMR LLC
JP MORGAN
FRANKLIN RESOURCES
DEUTSCHE BANK AG
MORGAN STANLEY
DODGE & COX
NORGES BANK
PRIMECAP MANAGEMENT
Firm Name
Evercore Partners
Stifel
Griffin Securities
Nomura
Deutsche Bank
Raymond James
BMO Capital Markets
RBC Capital Markets
Cowen and Company
Morgan Stanley
FBR Capital Markets
Oppenheimer & Co
Edward Jones
Barclays
Credit Suisse
Jyske Bank
Cross Research
Goldman Sachs
Hamburger Sparkasse
MKM Partners
Argus Research Corp
Hilliard Lyons
JPMorgan
Jefferies
BGC Partners
National Bank AG
S&P Capital IQ
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
DODGE & COX
BANK OF AMERICA
NORGES BANK
PRIMECAP MANAGEMENT
Analyst
STEWART KIRK MATERNE III
YUN KIM
BRAD REBACK
JAY VLEESCHHOUWER
RICHARD G SHERLUND
NANDAN AMLADI
MARK L MOERDLER
MICHAEL TURITS
JASON MAYNARD
KARL KEIRSTEAD
MATTHEW HEDBERG
BRENDAN BARNICLE
GREGG MOSKOWITZ
KEITH WEISS
DAVID M HILAL
SHAUL EYAL
JOSH OLSON
RAIMO LENSCHOW
PHILIP WINSLOW
ROBERT JAKOBSEN
RICHARD T WILLIAMS
HEATHER BELLINI
MARCO GUENTHER
MARKUS FRIEBEL
KAZUYA NISHIMURA
ISRAEL HERNANDEZ
JUSTIN H BURGIN
JOSEPH F BONNER
CHRISTOPHER HICKEY
STEPHEN TURNER
JOHN DIFUCCI
ROSS MACMILLAN
IVAN FEINSETH
COLIN W GILLIS
STEFFEN MANSKE
ANGELO ZINO
ANDREW S ZAMFOTIS
SID PARAKH
Source
ULT-AGG
Form 4
13F
ULT-AGG
PROXY
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
equalweight
neutral
buy
buy
neutral
hold
outperform
outperform
market perform
market perform
sector perform
sector perform
outperform
Overwt/In-Line
market perform
outperform
buy
equalweight
outperform
reduce
buy
sell/attractive
hold
hold
neutral
neutral
buy
hold
overweight
neutral
neutral
hold
neutral
hold
buy
strong buy
buy
buy
Amt Held
443'050'996
398'412'845
354'084'051
335'230'322
333'252'990
313'842'552
151'485'084
149'932'600
112'069'121
110'718'862
109'220'908
105'227'330
92'519'877
81'889'480
81'472'003
78'067'804
76'984'846
68'269'794
66'902'672
61'329'291
% Out
5.31
4.77
4.24
4.01
3.99
3.76
1.81
1.8
1.34
1.33
1.31
1.26
1.11
0.98
0.98
0.93
0.92
0.82
0.8
0.73
Weighting
Change
3
3
5
5
3
3
5
5
3
3
3
3
5
5
3
5
5
3
5
2
5
1
3
3
3
3
5
3
5
3
3
3
3
3
5
5
5
5
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
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
(2'506'237)
(2'998'930)
10'832'225
6'231'803
(17'771'033)
(2'082'887)
15'559'051
11'700'310
8'028'437
3'391'011
(8'252'725)
16'629'045
23'412'339
(1'712'158)
9'972'281
3'526'945
6'253'286
(2'259'014)
Target Price
36
34
38
41
38
35
42
34
#N/A N/A
34
32
#N/A N/A
41
40
30
39
#N/A N/A
35
38
35
37
30
#N/A N/A
35
35
27
#N/A N/A
#N/A N/A
35
#N/A N/A
30
31
#N/A N/A
31
33
35
#N/A N/A
36
File Dt
03.07.2013
28.05.2013
31.03.2013
02.07.2013
14.09.2012
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.05.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
n/a
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
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
03.07.2013
02.07.2013
02.07.2013
02.07.2013
30.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
26.06.2013
25.06.2013
25.06.2013
24.06.2013
24.06.2013
14.06.2013
13.06.2013
10.06.2013
05.06.2013
29.05.2013
27.05.2013
16.05.2013
14.05.2013
25.04.2013
23.04.2013
22.04.2013
19.04.2013
19.04.2013
18.04.2013
16.04.2013
10.04.2013
28.01.2013
25.01.2013
15.01.2013
23.07.2012
05.07.2013
NIKE Inc
NIKE, Inc. designs, develops, and markets athletic footwear, apparel,
equipment, and accessory products for men, women, and children. The Company
sells its products worldwide to retail stores, through its own stores,
subsidiaries, and distributors.
Price/Volume
70
4.5 M
60
4.0 M
3.5 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (14.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NKE UN EQUITY YTD Change
NKE UN EQUITY YTD % CHANGE
05/2013
05/yy
66.06
44.83
209'671.00
63.46
-4.00%
41.57%
84.93%
715.7
56'706.55
1'388.00
0.0
0.0
5'965.00
52'129.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
30
2.0 M
1.5 M
20
1.0 M
10
.5 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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

31.05.2009
19'176.1
1.31x
2'789.8
8.98x
1'486.7
14.79x
3.0 M
40
31.05.2010
31.05.2011
19'014.0
20'862.0
1.60x
1.71x
2'797.7
3'150.0
10.87x
11.32x
1'906.7
2'133.0
18.75x
19.24x
Profitability
LTM-4Q
31.05.2012
24'128.0
1.91x
3'413.0
13.53x
2'223.0
22.76x
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
31.05.2013
25'313.0
2.00x
2'485.0
22.92x
3'413.00
3'254.00
12.86%
12.93%
15.04%
23.08%
1.54%
43.6%
13.9%
12.7%
9.8%
3.47
2.31
7.89%
12.44%
7.97
4.24
Price/ Cash Flow
LTM
05/yy
23'753.0
7.20x
3'446.0
13.40x
2'223.0
22.48x
05/yy
25'508.0
6.94x
2'639.0
0.00x
2'485.0
23.30x
FY+1
.0 M
j-13
1.28
0.91
705.13
4.87
42.41%
23.87%
0.912
29
3.966
1'551'078
1'060'231
931'434
FY+2
FQ+1
FQ+2
05/14 Y
05/15 Y
08/13 Q1 11/13 Q2
27'568.1
29'678.1
6'964.0
6'436.4
1.94x
1.78x
7.72x
8.37x
4'109.2
4'576.3
1'063.3
829.4
12.68x
11.38x
12.93x
12.52x
2'701.9
3'016.5
710.1
541.0
21.00x
18.34x
21.07x
20.46x
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
10.06.2005
A+
STABLE
05.11.1992
A-1
103.42
85.33
-1.06
0.09
12.4%
11.1%
1.54
10.78
45.77
85.98
40.75
91.73
35.00
30'000.0
30.00
25'000.0
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
04.06.2010
0.0
04.12.2010
04.06.2011
04.12.2011
04.06.2012
04.12.2012
04.06.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.07.2013
NIKE Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
UBS
FRANKLIN RESOURCES
MORGAN STANLEY
MACQUARIE GROUP
Firm Name
D.A. Davidson & Co
Morgan Stanley
Deutsche Bank
Goldman Sachs
Argus Research Corp
Credit Suisse
Edward Jones
Hilliard Lyons
JPMorgan
Wedbush
Stifel
ISI Group
Cowen and Company
Piper Jaffray
Barclays
HSBC
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
ANDREW BURNS
KIMBERLY GREENBERGER
CHRISTOPHER SVEZIA
DAVID WEINER
LINDSAY DRUCKER MANN
JOHN D STASZAK
CHRISTIAN BUSS
BRIAN YARBROUGH
JEFFREY S THOMISON
MATTHEW BOSS
ERIC B TRACY
MITCHEL J KUMMETZ
CORINNA FREEDMAN
JIM DUFFY
SAM POSER
CAMILO R LYON
SARA E HASAN
OMAR SAAD
FAYE LANDES
SEAN NAUGHTON
KELLY CHEN
ROBERT S DRBUL
JOHN M ZOLIDIS
ERWAN RAMBOURG
CRAIG STERLING
JASON ASAEDA
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
Equalwt/In-Line
neutral
buy
buy/attractive
hold
neutral
hold
neutral
overweight
neutral
neutral
neutral
buy
neutral
hold
hold
strong buy
outperform
neutral
no rating system
overweight
buy
overweight
overweight
hold
buy
Amt Held
57'237'092
38'344'745
37'632'406
28'057'116
27'973'109
24'211'063
19'263'357
15'886'961
14'923'667
12'891'304
12'888'098
12'286'430
11'648'760
10'916'111
9'257'605
8'763'684
7'181'129
7'139'840
6'765'150
5'947'399
% Out
8
5.36
5.26
3.92
3.91
3.38
2.69
2.22
2.09
1.8
1.8
1.72
1.63
1.53
1.29
1.22
1
1
0.95
0.83
Weighting
Change
3
3
3
5
5
3
3
3
3
5
3
3
3
5
3
3
3
5
5
3
#N/A N/A
5
5
5
5
3
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
D
M
M
Latest Chg
8'131'197
(52'139)
174'900
(4'163'859)
(349'319)
1'891'600
(653'235)
1'112'801
(1'228'269)
155'324
134'881
(410'340)
(1'093'693)
88'258
(67'364)
(99'720)
(1'969'149)
2'723'925
(139'664)
(671'653)
Target Price
67
#N/A N/A
57
68
73
#N/A N/A
66
#N/A N/A
#N/A N/A
70
57
62
58
68
63
61
#N/A N/A
80
68
64
66
75
68
67
#N/A N/A
61
61
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
Date
18 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 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
Not Provided
Date
02.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
29.04.2013
02.04.2013
23.03.2013
22.03.2013
24.12.2012
05.07.2013
National Oilwell Varco Inc

National Oilwell Varco Inc. is a worldwide provider of equipment and components
used in oil and gas drilling and production operations, oilfield services, and
supply chain integration services to the upstream oil and gas industry.
Price/Volume
90
2.5 M
80
2.0 M
70
60
1.5 M
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.09.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NOV UN EQUITY YTD Change
NOV UN EQUITY YTD % CHANGE
12/2012
03/yy
89.25
63.09
291'143.00
71.67
-19.73%
13.60%
27.60%
427.3
30'623.25
3'149.00
0.0
117.0
3'319.00
32'661.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
.5 M
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
13'431.4
0.72x
3'319.1
2.90x
1'952.0
4.81x
1.0 M
30
31.12.2009
31.12.2010
12'712.0
12'156.0
1.32x
2.14x
2'952.0
2'954.0
5.70x
8.80x
1'469.0
1'667.0
11.37x
16.57x
Profitability
LTM-4Q
31.12.2011
14'658.0
1.77x
3'492.0
7.42x
1'994.0
14.16x
31.12.2012
20'041.0
1.45x
4'185.0
6.96x
2'491.0
11.44x
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
4'185.00
3'557.00
17.75%
17.49%
7.98%
12.25%
11.02%
0.70%
26.6%
19.7%
16.5%
12.4%
2.78
1.35
10.00%
15.56%
5.53
2.45
Price/ Cash Flow
LTM
03/yy
15'815.0
6.69x
3'785.0
8.21x
2'193.0
15.30x
03/yy
21'045.0
5.83x
4'136.0
7.80x
2'387.0
12.31x
FY+1
.0 M
j-13
0.70
1.50
426.28
6.53
6.90%
5.45%
1.497
35
4.543
654'748
890'328
912'026
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
22'261.4
24'127.8
5'434.4
5'604.7
1.38x
1.19x
5.89x
5.62x
4'314.1
4'938.3
1'038.0
1'097.3
7.57x
6.61x
7.32x
7.03x
2'376.2
2'791.6
570.1
609.6
12.86x
10.88x
12.32x
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
25.04.2012
A
STABLE
85.41
73.51
0.46
1.05
15.6%
13.4%
0.70
7.33
65.98
148.92
23.47
193.26
90.00
25'000.0
80.00
20'000.0
70.00
60.00
15'000.0
50.00
40.00
10'000.0
30.00
5'000.0
20.00
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
05.07.2013
National Oilwell Varco Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
ALLIANCE BERNSTEIN
DEUTSCHE BANK AG
JP MORGAN
EPOCH INVESTMENT PAR
VAN ECK ASSOCIATES C
Firm Name
Fearnley Fonds
Credit Suisse
JPMorgan
BMO Capital Markets
Jefferies
ISI Group
Cowen and Company
Societe Generale
Edward Jones
Morgan Stanley
Goldman Sachs
Johnson Rice & Co
Macquarie
Raymond James
William Blair & Co
HSBC
Iberia Capital Partners LLC
Argus Research Corp
Howard Weil Inc
RS Platou Markets
EVA Dimensions
RBC Capital Markets
Barclays
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
HARRIS ASSOC LP
n/a
n/a
n/a
n/a
EPOCH INVESTMENT PAR
n/a
Analyst
TRULS OLSEN
JAMES WICKLUND
J DAVID ANDERSON
SCOTT GRUBER
ALAN D LAWS
BRAD HANDLER
THOMAS PATRICK CURRAN
JUDSON E BAILEY
JAMES D CRANDELL
EDWARD C MUZTAFAGO
BRIAN YOUNGBERG
MICHAEL K LAMOTTE
OLE SLORER
WAQAR SYED
DAVID C SMITH
CHARLES P MINERVINO
NIGEL BROWNE
J MARSHALL ADKINS
BRANDON DOBELL
DAVID PHILLIPS
TREY STOLZ
STEPHEN D GENGARO
BRIAN UHLMER
JONATHAN GELCIUS
WILLIAM SANCHEZ
GORAN ANDREASSEN
CRAIG STERLING
JOSEPH D GIBNEY
KURT HALLEAD
JAMES C WEST
STEWART GLICKMAN
JEFF TILLERY
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
Recommendation
buy
neutral
overweight
market perform
outperform
buy
outperform
buy
outperform
buy
buy
buy
Equalwt/In-Line
buy/attractive
equalweight
Positive
outperform
outperform
outperform
overweight
outperform
buy
buy
buy
sector perform
buy
hold
add
sector perform
overweight
strong buy
buy
Amt Held
28'951'192
19'747'022
18'511'878
15'573'621
10'199'065
8'346'234
8'078'111
7'885'877
7'849'536
7'484'300
6'616'862
5'974'258
4'934'555
4'260'914
4'186'718
4'184'336
4'182'789
3'971'605
3'549'221
3'520'288
% Out
6.78
4.62
4.33
3.64
2.39
1.95
1.89
1.85
1.84
1.75
1.55
1.4
1.15
1
0.98
0.98
0.98
0.93
0.83
0.82
Weighting
Change
5
3
5
3
5
5
5
5
5
5
5
5
3
5
3
4
5
5
5
5
5
5
5
5
3
5
3
4
3
5
5
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
M
M
D
M
M
M
M
M
Latest Chg
(1'704'407)
468'948
(107'250)
(2'095'624)
776'187
128'683
431'962
(453'994)
476'087
2'189'500
1'411'178
1'041'360
(325'804)
(938'713)
1'627'892
(427'166)
(2'706'698)
421'704
(768'906)
(343'629)
Target Price
81
74
85
75
88
85
#N/A N/A
77
90
79
#N/A N/A
85
80
86
#N/A N/A
76
84
85
#N/A N/A
88
93
80
80
85
85
84
#N/A N/A
88
78
84
95
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
Date
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
04.07.2013
03.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
27.06.2013
19.06.2013
12.06.2013
10.06.2013
30.05.2013
23.05.2013
22.05.2013
16.05.2013
14.05.2013
13.05.2013
08.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
29.04.2013
26.04.2013
26.04.2013
01.02.2013
12.09.2012
05.07.2013
Norfolk Southern Corp

Norfolk Southern Corporation provides rail transportation services. The Company
transports raw materials, intermediate products, and finished goods primarily
in the Southeast, East, and Midwest and, via interchange with rail carriers, to
and from the rest of the United States. Norfolk Southern also transports
overseas freight through several Atlantic and Gulf Coast ports
Price/Volume
90
3.0 M
80
2.5 M
70
60
2.0 M
50
12/2012
03/yy
80.99
56.05
193'088.00
71.81
-11.42%
28.12%
62.59%
315.1
22'626.50
8'682.00
0.0
0.0
668.00
30'424.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
1.0 M
20
.5 M
10
0
j-12
31.12.2009
31.12.2010
7'969.0
9'516.0
3.19x
2.98x
2'807.0
3'502.0
9.05x
8.10x
1'034.0
1'496.0
19.39x
16.07x
Profitability
LTM-4Q
31.12.2011
11'172.0
2.80x
4'082.0
7.67x
1'916.0
13.11x
31.12.2012
11'040.0
2.49x
4'046.0
6.78x
1'749.0
11.52x
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
4'046.00
3'124.00
28.30%
24.98%
5.97%
17.92%
11.59%
0.37%
36.3%
27.9%
15.8%
1.08
0.85
28.61%
88.95%
9.93
-
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
11'341.0
10.50x
4'240.0
6.75x
2'001.0
11.35x
d-12
03/yy
10'989.0
10.73x
3'994.0
8.03x
1'789.0
14.38x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
2.74
1.14
314.00
4.67
2.77%
17.74%
1.140
30
3.967
477'715
546'415
517'084
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
11'241.6
11'951.0
2'845.5
2'811.6
2.74x
2.60x
10.72x
10.86x
4'102.5
4'498.3
1'088.3
1'050.8
7.43x
6.77x
7.23x
7.03x
1'776.8
1'962.7
473.7
452.4
12.80x
11.25x
12.45x
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
18.07.2005
BBB+
STABLE
06.05.1997
A-2
7.86
3.50
1.95
2.12
89.0%
47.1%
0.37
0.43
36.77
-
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
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
10'661.0
2.18x
3'899.0
5.97x
1'716.0
10.36x
1.5 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NSC UN EQUITY YTD Change
NSC UN 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
05.07.2013
Norfolk Southern Corp

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
WELLS FARGO
UBS
TREASURY GROUP INV S
JP MORGAN
PRUDENTIAL PLC
NORGES BANK
MORGAN STANLEY
FMR LLC
KEYBANK NATIONAL ASS
Firm Name
Jefferies
TD Securities
EVA Dimensions
Stifel
Wolfe Research
Cowen and Company
Edward Jones
Raymond James
Barclays
Goldman Sachs
Morgan Stanley
BMO Capital Markets
RBC Capital Markets
FBR Capital Markets
Deutsche Bank
Argus Research Corp
Credit Suisse
Stephens Inc
S&P Capital IQ
JPMorgan
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
TG RARE INFRASTRUCTU
n/a
n/a
n/a
NORGES BANK
BANK OF AMERICA
n/a
n/a
KEYBANK NATIONAL ASS
Analyst
H PETER NESVOLD
CHERILYN RADBOURNE
CRAIG STERLING
DAVID VERNON
JOHN G LARKIN
SCOTT H GROUP
ANTHONY P GALLO
JASON H SEIDL
LOGAN PURK
DONALD BROUGHTON
PATRICK TYLER BROWN
BENJAMIN J HARTFORD
BRANDON OGLENSKI
TOM KIM
WILLIAM J GREENE
FADI CHAMOUN
WALTER SPRACKLIN
JOHN R MIMS
JUSTIN B YAGERMAN
NATHANIEL GABRIEL
RORRIE MARS
JUSTIN LONG
MARK A LEVIN
KEVIN KIRKEBY
THOMAS R WADEWITZ
MATT TROY
Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
MF-PART
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
buy
buy
hold
market perform
buy
peerperform
market perform
outperform
buy
market perform
outperform
neutral
equalweight
neutral/neutral
Equalwt/Attractive
outperform
outperform
outperform
buy
hold
overweight
outperform
overweight
hold
buy
neutral
Positive
Amt Held
16'382'823
15'515'418
13'615'967
12'733'439
7'348'010
6'097'918
4'656'808
4'636'605
4'569'057
3'713'984
3'655'120
3'175'371
3'028'486
2'605'847
2'513'088
2'237'429
2'188'772
2'122'078
1'730'730
1'671'372
% Out
5.2
4.92
4.32
4.04
2.33
1.94
1.48
1.47
1.45
1.18
1.16
1.01
0.96
0.83
0.8
0.71
0.69
0.67
0.55
0.53
Weighting
Change
5
5
3
3
5
3
3
5
5
3
5
3
3
3
3
5
5
5
5
3
5
5
5
3
5
3
4
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
180'939
(2'726'576)
(339'995)
5'657
167'701
(605'312)
413'283
980'089
(316'155)
(7'537)
1'571'600
2'570'302
(27'535)
150'660
37'596
540'990
(121'287)
Target Price
89
88
#N/A N/A
71
88
#N/A N/A
#N/A N/A
94
#N/A N/A
80
85
85
80
83
#N/A N/A
91
84
90
85
#N/A N/A
87
89
87
#N/A N/A
87
80
88
File Dt
Inst Type
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Unclassified
31.05.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Date
05.07.2013
04.07.2013
04.07.2013
03.07.2013
03.07.2013
03.07.2013
01.07.2013
01.07.2013
28.06.2013
27.06.2013
26.06.2013
25.06.2013
24.06.2013
21.06.2013
20.06.2013
14.06.2013
14.06.2013
07.05.2013
02.05.2013
30.04.2013
26.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
05.07.2013
Oracle Corp
Oracle Corporation supplies software for enterprise information management. 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
40.0 M
30
35.0 M
30.0 M
25.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (15.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORCL UW EQUITY YTD Change
ORCL UW EQUITY YTD % CHANGE
05/2013
05/yy
36.43
28.61
1'558'291.00
30.74
-15.54%
7.44%
26.73%
4'630.8
142'351.00
18'494.00
0.0
497.0
32'216.00
129'126.01
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
j-12
31.05.2010
31.05.2011
26'820.0
35'622.0
4.10x
4.52x
12'138.0
15'524.0
9.06x
10.37x
6'135.0
8'547.0
17.19x
19.46x
Profitability
LTM-4Q
31.05.2012
37'121.0
3.13x
16'973.0
6.84x
9'981.0
13.20x
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
31.05.2013
37'180.0
3.87x
17'363.0
8.28x
10'925.0
15.15x
17'363.00
14'432.00
38.82%
37.38%
13.65%
24.74%
18.60%
0.46%
80.9%
46.7%
38.8%
29.4%
3.24
2.97
22.61%
41.42%
5.98
35.74
Price/ Cash Flow
s-12
o-12
n-12
LTM
05/yy
37'121.0
13.85x
16'972.0
6.84x
9'981.0
13.14x
d-12
05/yy
37'180.0
15.27x
17'363.0
8.28x
10'926.0
15.17x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
0.98
1.14
3'516.20
40.91
3.56%
-7.74%
1.139
45
4.267
9'563'269
8'272'565
7'130'783
FY+2
FQ+1
FQ+2
05/14 Y
05/15 Y
08/13 Q1 11/13 Q2
39'032.1
41'025.4
8'478.8
9'441.5
3.26x
2.93x
15.35x
13.92x
19'854.8
20'987.2
3'846.6
4'595.2
6.50x
6.15x
6.68x
6.58x
13'664.9
14'696.7
2'671.3
3'244.8
10.60x
9.68x
10.58x
10.34x
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
24.04.2012
A+
STABLE
24.04.2012
A-1+
21.79
20.97
-0.79
1.07
41.4%
29.1%
0.46
12.24
60.99
10.21
21.74
49.47
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
04.06.2010
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
45.0 M
35
25
Valuation Analysis
31.05.2009
23'252.0
4.11x
10'531.0
9.08x
5'593.0
17.50x
40
0.0
04.12.2010
04.06.2011
04.12.2011
04.06.2012
04.12.2012
04.06.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.07.2013
Oracle Corp
Holdings By:
All
Holder Name
ELLISON LAWRENCE JOS
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
INVESCO LTD
NORGES BANK
JP MORGAN
PRIMECAP MANAGEMENT
ABERDEEN
Firm Name
S&P Capital IQ
Evercore Partners
EVA Dimensions
Nomura
Raymond James
Macquarie
Stifel
Cowen and Company
Credit Suisse
Jefferies
JMP Securities
BMO Capital Markets
FBR Capital Markets
Societe Generale
Argus Research Corp
Hamburger Sparkasse
Deutsche Bank
Morgan Stanley
Goldman Sachs
RBC Capital Markets
Edward Jones
JPMorgan
Wedbush
William Blair & Co
Piper Jaffray
Barclays
Oppenheimer & Co
Cross Research
MKM Partners
Berenberg Bank
Davenport & Co
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
HARRIS ASSOC LP
NORGES BANK
n/a
PRIMECAP MANAGEMENT
n/a
Analyst
BARBARA COFFEY
STEWART KIRK MATERNE III
JOEL P FISHBEIN JR
ANDREW S ZAMFOTIS
RICHARD G SHERLUND
MARK L MOERDLER
MICHAEL TURITS
BRAD A ZELNICK
BRAD REBACK
JASON MAYNARD
PETER GOLDMACHER
PHILIP WINSLOW
ROSS MACMILLAN
BRENDAN BARNICLE
PATRICK WALRAVENS
KARL KEIRSTEAD
KAZUYA NISHIMURA
J DERRICK WOOD
DAVID M HILAL
RICHARD NGUYEN
JOSEPH F BONNER
MARCO GUENTHER
NANDAN AMLADI
KEITH WEISS
HEATHER BELLINI
MATTHEW HEDBERG
JOSH OLSON
JOHN DIFUCCI
YUN KIM
STEVEN R KOENIG
BHAVAN SURI
CHRISTOPHER HICKEY
MARK R MURPHY
RAIMO LENSCHOW
RICHARD DAVIS JR
BRIAN SCHWARTZ
RICHARD T WILLIAMS
ISRAEL HERNANDEZ
DAUD KHAN
F DRAKE JOHNSTONE
IVAN FEINSETH
Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
Recommendation
buy
equalweight
buy
buy
buy
market perform
outperform
neutral
buy
outperform
market perform
outperform
hold
outperform
market perform
outperform
outperform
Positive
outperform
hold
buy
hold
hold
Overwt/In-Line
buy/attractive
outperform
buy
overweight
buy
neutral
outperform
neutral
overweight
overweight
buy
outperform
hold
buy
sell
buy
buy
Amt Held
1'112'434'580
239'952'572
218'248'544
173'943'841
155'515'462
93'881'599
81'107'202
79'305'376
68'814'590
67'695'851
56'850'717
47'057'601
40'458'447
38'783'279
38'397'212
36'514'551
29'917'072
28'962'386
28'289'333
27'732'588
% Out
24.02
5.18
4.71
3.76
3.36
2.03
1.75
1.71
1.49
1.46
1.23
1.02
0.87
0.84
0.83
0.79
0.65
0.63
0.61
0.6
Weighting
Change
5
3
5
5
5
3
5
3
5
5
3
5
3
5
3
5
5
4
5
3
5
3
3
5
5
5
5
5
5
3
5
3
5
5
5
5
3
5
1
5
5
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
M
M
M
M
M
M
M
M
M
M
D
M
N
Latest Chg
7'200'000
(9'544'420)
(4'295'743)
2'006'738
(5'408'115)
18'873'146
4'166'701
988'951
(593'777)
(9'582'154)
471'664
(2'133'215)
16'398'956
(941'214)
(7'513'808)
9'237'266
(3'150'482)
(150'805)
(177'653)
Target Price
37
34
38
#N/A N/A
39
33
36
34
37
#N/A N/A
30
40
34
35
#N/A N/A
39
34
37
38
37
39
#N/A N/A
32
36
39
35
#N/A N/A
40
43
34
#N/A N/A
33
37
37
38
37
35
38
28
40
#N/A N/A
File Dt
28.12.2012
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.05.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.05.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
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
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
04.07.2013
03.07.2013
03.07.2013
01.07.2013
30.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
26.06.2013
26.06.2013
26.06.2013
25.06.2013
24.06.2013
24.06.2013
24.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
20.06.2013
20.06.2013
20.06.2013
18.06.2013
05.06.2013
21.03.2013
20.02.2013
05.07.2013
Occidental Petroleum Corp

Occidental Petroleum Corporation explores for, develops, produces, and markets
crude oil and natural gas. The Company also manufactures and markets a variety
of basic chemicals, vinyls and performance chemicals. Occidental also gathers,
treats, processes, transports, stores, trades and markets crude oil, natural
gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OXY UN EQUITY YTD Change
OXY UN EQUITY YTD % CHANGE
12/2012
03/yy
95.56
72.43
131'938.00
89.67
-6.21%
23.80%
74.92%
805.6
72'242.07
7'623.00
0.0
32.0
1'592.00
77'784.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
14'814.0
19'045.0
4.58x
4.32x
7'755.0
10'816.0
8.75x
7.61x
2'915.0
4'530.0
21.06x
17.21x
Profitability
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
a-12
LTM-4Q
31.12.2011
23'939.0
3.26x
14'168.0
5.51x
6'771.0
11.53x
31.12.2012
24'172.0
2.80x
13'701.0
4.95x
4'598.0
10.79x
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
13'701.00
9'190.00
38.02%
32.07%
6.90%
11.03%
9.60%
0.37%
46.1%
56.2%
36.5%
19.0%
1.30
0.89
11.87%
19.05%
4.44
10.36
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
24'481.0
12.42x
14'451.0
5.49x
6'781.0
11.46x
d-12
03/yy
23'776.0
11.89x
13'369.0
5.14x
4'394.0
11.38x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
2.52
1.34
794.39
11.92
4.77%
18.78%
1.339
28
4.321
734'773
1'078'043
1'134'383
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
24'741.7
25'611.1
5'972.3
6'228.1
3.14x
2.95x
13.14x
12.56x
15'078.6
16'148.2
3'660.6
3'812.6
5.16x
4.82x
5.17x
5.13x
5'795.6
6'070.1
1'378.0
1'547.0
12.53x
11.88x
12.24x
12.10x
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
23.06.2008
A
STABLE
23.06.2008
A-1
105.39
26.73
0.41
0.57
19.0%
16.0%
0.37
0.48
82.18
35.25
142.97
-25.72
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
01.01.2010
4.0 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
24'217.0
2.05x
14'622.0
3.39x
6'857.0
6.70x
100
90
80
70
60
50
40
30
20
10
0
j-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
05.07.2013
Occidental Petroleum Corp

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
JP MORGAN
DODGE & COX
IRANI RAY R
INVESCO LTD
CI INVESTMENTS INC
UBS
Firm Name
Spin-Off Research
Raymond James
Edward Jones
Oppenheimer & Co
ISI Group
Societe Generale
JPMorgan
Deutsche Bank
Cowen and Company
Argus Research Corp
Goldman Sachs
RBC Capital Markets
Barclays
Morgan Stanley
Credit Suisse
Macquarie
Howard Weil Inc
S&P Capital IQ
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
DODGE & COX
n/a
BANK OF AMERICA
n/a
n/a
CI INVESTMENTS INC
n/a
Analyst
TIM A REZVAN
TEAM COVERAGE
PAVEL MOLCHANOV
DUANE GRUBERT
BRIAN YOUNGBERG
FADEL GHEIT
DOUGLAS T TERRESON
BRIAN T VELIE
JOHN HERRLIN
PAUL SANKEY
ASIT SEN
MATTHEW PORTILLO
JEFFREY A DIETERT
JONATHAN GELCIUS
ARJUN N MURTI
ROGER D READ
LEO P MARIANI
THOMAS R DRISCOLL
J EVAN CALIO
EDWARD WESTLAKE
JASON D GAMMEL
PETER KISSEL
MICHAEL KAY
CRAIG STERLING
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
Form 4
ULT-AGG
13F
13F
ULT-AGG
Recommendation
neutral
buy
outperform
neutral
buy
outperform
strong buy
add
buy
overweight
buy
outperform
buy
overweight
buy
buy/attractive
market perform
sector perform
equalweight
Equalwt/Attractive
outperform
neutral
sector outperform
buy
overweight
Amt Held
50'740'156
42'890'499
35'509'235
25'704'377
21'641'299
15'387'271
14'439'660
14'245'580
13'241'923
11'990'361
11'418'598
9'706'558
9'073'196
8'841'942
8'539'701
7'929'622
7'807'122
7'557'583
6'527'618
6'294'783
% Out
6.3
5.32
4.41
3.19
2.69
1.91
1.79
1.77
1.64
1.49
1.42
1.2
1.13
1.1
1.06
0.98
0.97
0.94
0.81
0.78
Weighting
Change
3
5
5
3
5
5
5
4
5
5
5
5
5
5
5
5
3
3
3
3
5
3
5
5
5
M
N
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
(225'049)
7'307'518
754'618
2'013'009
(6'197'393)
(599'066)
278'387
(9'372'750)
(561'785)
(3'717'040)
452'434
770'734
(1'114'340)
(2'855'914)
2'246'307
(49'245)
280'983
2'266'638
864'450
340'286
Target Price
#N/A N/A
100
100
103
#N/A N/A
115
105
116
115
108
116
110
107
#N/A N/A
105
104
#N/A N/A
88
94
86
110
92
109
100
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
21.12.2012
03.07.2013
31.03.2013
31.03.2013
31.03.2013
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
18 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
03.07.2013
01.07.2013
28.06.2013
27.06.2013
25.06.2013
21.06.2013
19.06.2013
18.06.2013
13.06.2013
03.06.2013
31.05.2013
31.05.2013
28.05.2013
16.05.2013
14.05.2013
06.05.2013
06.05.2013
03.05.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
28.02.2013
05.07.2013
PepsiCo Inc
PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The
Company manufacture or uses contract manufacturers, market and sell a variety of
grain-based snacks, carbonated and non-carbonated beverages and foods in
countries throughout the world.
Price/Volume
90
80
70
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.05.2013)
52-Week Low (31.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PEP UN EQUITY YTD Change
PEP UN EQUITY YTD % CHANGE
12/2012
03/yy
84.78
67.39
181'570.00
80.56
-5.08%
19.54%
76.71%
1'546.4
124'579.30
28'359.00
41.0
105.0
6'619.00
147'122.29
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
43'251.0
2.10x
8'478.0
10.70x
5'142.0
14.85x
30
31.12.2009
31.12.2010
43'232.0
57'838.0
2.31x
2.12x
9'679.0
10'659.0
10.31x
11.51x
5'946.0
6'320.0
16.45x
15.91x
Profitability
LTM-4Q
31.12.2011
66'504.0
1.90x
12'370.0
10.22x
6'443.0
15.08x
31.12.2012
65'492.0
1.94x
11'801.0
10.75x
6'178.0
16.61x
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
11'801.00
9'112.00
13.91%
12.68%
8.18%
27.27%
13.37%
0.88%
52.2%
17.9%
13.8%
9.4%
1.10
0.80
38.00%
127.44%
9.12
7.68
Price/ Cash Flow
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
j-13
LTM
03/yy
66'995.0
7.60x
12'398.0
10.21x
6'427.0
14.98x
03/yy
65'645.0
8.19x
11'733.0
12.28x
6'126.0
19.12x
FY+1
2.67
0.56
1'543.43
13.37
17.23%
19.39%
0.562
25
4.200
1'294'495
1'399'860
1'290'493
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
67'546.8
70'701.7
16'800.1
17'324.3
2.17x
2.07x
8.83x
8.51x
12'991.1
13'818.4
3'442.7
3'617.3
11.32x
10.64x
11.19x
11.05x
6'826.4
7'304.8
1'847.1
1'975.4
18.32x
16.87x
18.19x
17.77x
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
17.03.2010
A
STABLE
17.01.1989
A-1
13.05
10.05
1.91
2.51
127.4%
55.9%
0.88
3.38
39.90
47.39
131.90
-56.84
16.00
70'000.0
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
05.07.2013
PepsiCo Inc
Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
ABERDEEN
FMR LLC
JP MORGAN
MORGAN STANLEY
FRANKLIN RESOURCES
WELLS FARGO
NORGES BANK
Firm Name
Stifel
Deutsche Bank
Goldman Sachs
Credit Suisse
Edward Jones
BMO Capital Markets
Morgan Stanley
Argus Research Corp
JPMorgan
HSBC
Davenport & Co
Gabelli & Co
S&P Capital IQ
Barclays
EVA Dimensions
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
n/a
n/a
n/a
NORGES BANK
Analyst
ALI DIBADJ
MARK D SWARTZBERG
WILLIAM G SCHMITZ
JUDY E HONG
MICHAEL STEIB
JACK P RUSSO
BONNIE HERZOG
AMIT SHARMA
DARA MOHSENIAN
JOHN D STASZAK
PATRICK DIEDRICKSON
JOHN A FAUCHER
LAUREN E TORRES
ANN H GURKIN
DAMIAN A WITKOWSKI
JONATHAN P FEENEY
ESTHER KWON
MICHAEL J BRANCA
IVAN FEINSETH
TEAM COVERAGE
AUSTIN BURKETT
LAURENCE BALTER
VICTORIA COLLIN
Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
Recommendation
outperform
hold
buy
neutral/neutral
neutral
buy
market perform
outperform
Overwt/In-Line
buy
buy
overweight
overweight
neutral
buy
neutral
buy
overweight
neutral
neutral
hold
buy
not rated
Amt Held
81'747'020
77'141'209
63'279'921
60'124'476
27'627'719
25'642'996
25'596'642
24'087'706
23'044'812
21'084'467
16'561'754
15'876'856
15'550'296
14'782'454
14'272'909
13'813'579
12'825'394
12'667'234
12'165'217
12'030'846
% Out
5.29
4.99
4.09
3.89
1.79
1.66
1.66
1.56
1.49
1.36
1.07
1.03
1.01
0.96
0.92
0.89
0.83
0.82
0.79
0.78
Weighting
Change
5
3
5
3
3
5
3
5
5
5
5
5
5
3
5
3
5
5
3
3
3
5
#N/A N/A
M
M
M
M
N
M
M
N
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
3'601'157
(2'527'749)
(636'238)
9'687'756
911'259
(9'347'225)
(722'939)
359'311
38'195
(767'387)
326'300
(2'608'589)
(1'418'569)
2'420'768
(192'933)
963'100
(36'552)
1'481'846
8'098'183
Target Price
89
#N/A N/A
85
88
87
#N/A N/A
#N/A N/A
92
91
92
#N/A N/A
86
89
#N/A N/A
#N/A N/A
82
91
87
#N/A N/A
78
#N/A N/A
75
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
28.06.2013
28.06.2013
27.06.2013
24.06.2013
18.06.2013
14.06.2013
31.05.2013
21.05.2013
09.05.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
18.04.2013
18.04.2013
18.04.2013
25.02.2013
21.02.2013
16.01.2013
25.07.2012
24.03.2010
05.07.2013
Pfizer Inc
Pfizer Inc. is a research-based, global pharmaceutical company that discovers,
develops, manufactures, and markets medicines for humans and animals. The
Company's products include prescription pharmaceuticals, non-prescription
self-medications, and animal health products such as anti-infective medicines
and vaccines.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.04.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PFE UN EQUITY YTD Change
PFE UN EQUITY YTD % CHANGE
12/2012
03/yy
31.14
22.16
2'551'070.00
27.93
-10.31%
26.04%
61.14%
7'093.2
198'113.73
37'460.00
39.0
418.0
32'708.00
203'759.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
30
60.0 M
25
50.0 M
20
40.0 M
15
30.0 M
10
20.0 M
10.0 M
0
j-12
31.12.2009
31.12.2010
50'009.0
67'057.0
3.40x
2.34x
21'810.0
29'319.0
7.79x
5.35x
8'635.0
8'257.0
9.00x
7.92x
Profitability
LTM-4Q
31.12.2011
65'259.0
2.71x
30'037.0
5.89x
10'009.0
9.55x
31.12.2012
58'986.0
3.18x
27'270.0
6.88x
14'570.0
11.45x
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
27'270.00
19'659.00
33.33%
20.48%
8.32%
18.77%
13.62%
0.31%
81.4%
43.5%
31.1%
24.7%
2.15
1.58
20.16%
46.12%
4.28
1.56
Price/ Cash Flow
s-12
o-12
n-12
LTM
04/yy
64'121.0
10.75x
28'334.0
6.53x
9'581.0
10.02x
d-12
03/yy
57'601.0
13.61x
25'049.0
8.40x
15'526.0
13.40x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
3.22
0.77
7'088.76
218.27
26.50%
13.27%
0.772
24
4.292
22'312'922
16'502'724
11'815'752
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
54'271.6
53'095.9
13'758.4
13'247.7
4.04x
3.95x
25'556.1
25'084.7
6'495.0
6'230.0
7.97x
8.12x
8.46x
8.76x
15'189.0
15'317.5
3'980.6
3'750.9
12.82x
12.02x
12.68x
12.50x
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
16.10.2009
AA
STABLE
23.11.1981
A-1+
17.42
16.58
0.20
1.61
46.1%
31.4%
0.31
3.82
85.05
233.47
106.03
179.54
16.00
80'000.0
14.00
70'000.0
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
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
48'296.0
2.35x
22'146.0
5.12x
8'104.0
7.32x
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
05.07.2013
Pfizer Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
FRANKLIN RESOURCES
JP MORGAN
INVESCO LTD
DODGE & COX
DEUTSCHE BANK AG
NORGES BANK
Firm Name
Spin-Off Research
JPMorgan
Leerink Swann & Co
Edward Jones
Cowen and Company
BMO Capital Markets
Morgan Stanley
ISI Group
Jefferies
Argus Research Corp
Hamburger Sparkasse
MKM Partners
S&P Capital IQ
EVA Dimensions
Hilliard Lyons
Barclays
Goldman Sachs
MP Advisors Pvt Ltd
Cyrrus
Fincorp SAOG
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
DODGE & COX
n/a
NORGES BANK
Analyst
TIMOTHY M ANDERSON
TEAM COVERAGE
JOHN T BORIS
SEAMUS FERNANDEZ
JUDSON CLARK
STEVEN R SCALA
ALEX ARFAEI
DAVID R RISINGER
MARK J SCHOENEBAUM
JEFFREY HOLFORD
JOHN M EADE
RICHARD J PURKISS
MARCO GUENTHER
JON LECROY
HERMAN SAFTLAS
ANDREW S ZAMFOTIS
STEPHEN A O'NEIL
JAMI E RUBIN
VISHAL MANCHANDA
TOMAS MENCIK
KAVITA THOMAS
GAURAV RAMAIYA
PAUL C LATTA
Source
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
Recommendation
outperform
buy
reduce
overweight
market perform
buy
outperform
outperform
hold
not rated
buy
buy
buy
overweight
sell
neutral
buy
buy
long-term buy
equalweight
buy/attractive
market perform
hold
moderate outperform
buy
focus list
Amt Held
474'279'852
336'677'440
315'321'414
148'301'523
140'673'343
135'503'244
119'833'582
110'287'763
103'771'812
97'598'338
85'058'992
79'999'525
76'678'805
72'636'352
70'664'971
69'759'556
62'266'769
60'070'940
58'282'831
55'724'978
% Out
6.69
4.75
4.45
2.09
1.98
1.91
1.69
1.55
1.46
1.38
1.2
1.13
1.08
1.02
1
0.98
0.88
0.85
0.82
0.79
Weighting
Change
5
5
2
5
3
5
5
5
3
#N/A N/A
5
5
5
5
1
3
5
5
5
3
5
3
3
4
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
M
Latest Chg
6'614'619
5'309'166
(8'498'204)
(7'729'144)
(1'695'593)
(14'961'567)
(1'426'523)
1'622'862
(2'572'106)
435'154
(164'156)
(38'008'636)
(1'774'696)
1'869'289
(1'488'114)
889'221
296'201
3'789'900
Target Price
32
33
27
33
#N/A N/A
#N/A N/A
33
33
30
#N/A N/A
28
32
32
35
#N/A N/A
29
33
#N/A N/A
34
32
32
21
24
#N/A N/A
24
25
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.05.2013
03.07.2013
31.03.2013
31.03.2013
31.05.2013
31.12.2012
31.03.2013
31.03.2013
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
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
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
27.06.2013
27.06.2013
25.06.2013
25.06.2013
24.06.2013
13.06.2013
07.06.2013
05.06.2013
31.05.2013
28.05.2013
23.05.2013
22.05.2013
11.05.2013
30.04.2013
30.04.2013
30.01.2013
08.08.2012
05.04.2012
09.02.2012
13.10.2011
30.04.2009
05.07.2013
Procter & Gamble Co/The

The Procter & Gamble Company manufactures and markets consumer products in
countries throughout the world. The Company provides products in the laundry
and cleaning, paper, beauty care, food and beverage, and health care segments.
Procter & Gamble's products are sold primarily through mass merchandisers,
grocery stores, membership club stores, drug stores, and neighborhood stores.
Price/Volume
90
12.0 M
80
10.0 M
70
60
8.0 M
50
06/2012
03/yy
82.54
60.87
518'671.00
78.05
-5.51%
28.22%
81.68%
2'740.8
213'917.38
29'778.00
1'195.0
596.0
4'436.00
242'092.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
4.0 M
20
2.0 M
10
0
j-12
30.06.2009
30.06.2010
76'694.0
78'938.0
2.38x
2.52x
18'456.0
19'129.0
9.91x
10.41x
13'436.0
12'736.0
14.68x
16.34x
Profitability
LTM-4Q
30.06.2011
81'104.0
2.55x
18'333.0
11.27x
11'927.0
16.43x
30.06.2012
83'680.0
2.34x
18'072.0
10.82x
10'756.0
15.91x
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
18'072.00
14'868.00
17.77%
15.28%
9.55%
19.69%
13.77%
0.61%
49.3%
21.4%
17.8%
12.9%
0.88
0.42
22.52%
47.84%
13.01
5.81
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
84'328.0
9.99x
18'252.0
11.79x
9'635.0
17.30x
d-12
03/yy
83'724.0
10.35x
17'876.0
13.39x
13'068.0
18.85x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
2.88
0.63
2'738.13
19.79
31.41%
16.80%
0.632
32
3.875
1'996'324
2'684'682
2'585'100
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
84'460.3
86'564.2
20'548.6
21'375.3
2.86x
2.78x
11.76x
11.42x
19'000.8
20'256.6
3'968.0
5'234.7
12.74x
11.95x
12.27x
12.05x
11'798.9
12'481.5
2'238.5
3'255.4
19.29x
18.04x
18.59x
18.10x
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
10.05.2005
AASTABLE
10.05.2005
A-1+
23.50
18.35
1.47
1.80
47.8%
31.7%
0.61
4.03
28.05
62.81
61.19
17.96
18.00
90'000.0
16.00
80'000.0
14.00
70'000.0
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
03.07.2009
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

30.06.2008
81'748.0
2.68x
19'803.0
11.05x
12'075.0
17.08x
6.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.04.2013)
52-Week Low (06.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PG UN EQUITY YTD Change
PG UN 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
05.07.2013
Procter & Gamble Co/The

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
PERSHING SQUARE CAPI
JP MORGAN
MORGAN STANLEY
NORGES BANK
UBS
Firm Name
William Blair & Co
B Riley & Co
BMO Capital Markets
RBC Capital Markets
Credit Suisse
Edward Jones
Goldman Sachs
Barclays
Deutsche Bank
Morgan Stanley
Stifel
S&P Capital IQ
Oppenheimer & Co
Argus Research Corp
Hilliard Lyons
JPMorgan
EVA Dimensions
Gabelli & Co
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
PERSHING SQUARE CAPI
n/a
n/a
BANK OF AMERICA
NORGES BANK
n/a
Analyst
JON R ANDERSEN
LINDA BOLTON WEISER
ALICIA FORRY
ALI DIBADJ
CONSTANCE M MANEATY
JASON M GERE
MICHAEL STEIB
JACK P RUSSO
JASON ENGLISH
LAUREN R LIEBERMAN
WILLIAM G SCHMITZ
TIMOTHY A CONDER
LARS LUSEBRINK
ALICE BEEBE LONGLEY
DARA MOHSENIAN
WILLIAM CHAPPELL
MARK S ASTRACHAN
IAN GORDON
LAURENCE BALTER
JOSEPH ALTOBELLO
JOHN D STASZAK
JEFFREY S THOMISON
JOHN A FAUCHER
IVAN FEINSETH
PATRICK DIEDRICKSON
TEAM COVERAGE
JOHN SAN MARCO
AUSTIN BURKETT
VICTORIA COLLIN
SARAH DONNELLY
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
outperform
neutral
buy
outperform
outperform
sector perform
neutral
buy
neutral/neutral
overweight
buy
market perform
hold
neutral
Equalwt/In-Line
buy
hold
hold
hold
market perform
buy
neutral
overweight
neutral
buy
neutral
buy
underweight
neutral
buy
Amt Held
146'266'408
136'689'650
120'404'997
60'121'933
52'793'078
43'610'797
41'437'961
36'334'549
34'268'315
27'946'892
27'892'120
26'537'423
25'001'635
22'907'647
22'725'237
22'102'179
20'372'600
18'538'813
16'735'995
16'259'487
% Out
5.34
4.99
4.39
2.19
1.93
1.59
1.51
1.33
1.25
1.02
1.02
0.97
0.91
0.84
0.83
0.81
0.74
0.68
0.61
0.59
Weighting
Change
5
3
5
5
5
3
3
5
3
5
5
3
3
3
3
5
3
3
3
3
5
3
5
3
5
3
5
1
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
N
M
M
M
M
M
M
Latest Chg
3'876'301
5'311'290
(4'274'081)
9'442'707
964'896
144'389
6'905'648
(162'119)
139'018
(1'214'676)
179'445
877'947
2'350'896
428'765
2'564'749
2'167'073
Target Price
#N/A N/A
85
87
87
87
83
85
#N/A N/A
82
83
87
#N/A N/A
83
74
#N/A N/A
88
#N/A N/A
83
80
#N/A N/A
86
#N/A N/A
80
#N/A N/A
#N/A N/A
76
81
#N/A N/A
70
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Insurance Company
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
03.07.2013
03.07.2013
03.07.2013
28.06.2013
27.06.2013
26.06.2013
25.06.2013
25.06.2013
24.06.2013
20.06.2013
13.06.2013
13.06.2013
29.05.2013
28.05.2013
24.05.2013
24.05.2013
24.05.2013
24.05.2013
24.05.2013
23.05.2013
25.04.2013
25.04.2013
25.04.2013
25.02.2013
29.01.2013
29.01.2013
28.01.2013
16.01.2013
19.11.2012
02.02.2009
05.07.2013
Philip Morris International Inc

Philip Morris International Inc., through its subsidiaries, affiliates and
their licensees, produces, sells, distributes, and markets a wide range of
branded cigarettes and tobacco products in markets outside of the United States
of America. The Company's portfolio comprises both international and local
brands.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PM UN EQUITY YTD Change
PM UN EQUITY YTD % CHANGE
12/2012
03/yy
96.72
82.11
242'457.00
87.17
-9.90%
6.16%
38.60%
1'635.5
142'567.16
22'839.00
0.0
1'623.0
2'983.00
165'766.16
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
25'705.0
3.82x
11'174.0
8.79x
6'890.0
13.11x
120
31.12.2009
31.12.2010
25'035.0
27'208.0
4.20x
4.48x
10'922.0
12'179.0
9.64x
10.01x
6'342.0
7'259.0
14.70x
14.86x
Profitability
LTM-4Q
31.12.2011
31'097.0
4.92x
14'434.0
10.60x
8'591.0
16.02x
31.12.2012
31'377.0
5.09x
14'827.0
10.78x
8'800.0
16.08x
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
14'827.00
13'929.00
44.39%
41.39%
23.75%
43.08%
0.85%
66.9%
47.0%
44.1%
28.0%
0.97
0.39
60.63%
8.92
1.36
Price/ Cash Flow
LTM
03/yy
31'754.0
18.32x
14'810.0
11.50x
8'833.0
17.44x
03/yy
31'513.0
21.30x
14'801.0
11.84x
8'764.0
17.65x
FY+1
.0 M
j-13
3.81
0.79
1'537.16
11.04
1.23%
6.22%
0.793
22
4.091
2'178'484
1'880'353
1'630'850
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
32'118.1
33'745.0
8'223.0
8'208.7
5.20x
5.01x
15'311.3
16'369.4
3'897.0
4'140.2
10.84x
10.14x
10.63x
10.51x
9'061.2
9'709.8
2'312.0
2'438.9
15.63x
14.01x
15.30x
14.91x
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
05.03.2008
A
STABLE
05.03.2008
A-1
14.72
13.68
1.46
1.73
108.8%
0.85
4.88
40.90
267.74
33.11
305.87
20.00
35'000.0
18.00
30'000.0
16.00
14.00
25'000.0
12.00
20'000.0
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
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
05.07.2013
Philip Morris International Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
MORGAN STANLEY
JP MORGAN
FAYEZ SAROFIM
ABERDEEN
Firm Name
Stifel
Credit Suisse
Barclays
Edward Jones
Goldman Sachs
Jefferies
Morgan Stanley
Nomura
Berenberg Bank
Argus Research Corp
Renaissance Capital
JPMorgan
Davenport & Co
S&P Capital IQ
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
FAYEZ SAROFIM
n/a
BANK OF AMERICA
n/a
Analyst
CHRISTOPHER R GROWE
ROGERIO FUJIMORI
MICHAEL J BRANCA
JACK P RUSSO
JUDY E HONG
THILO WREDE
DAVID J ADELMAN
DAVID HAYES
BONNIE HERZOG
ERIK BLOOMQUIST
NATHANIEL GABRIEL
PATRICK DIEDRICKSON
REY WIUM
RAE MAILE
ANN H GURKIN
ESTHER KWON
TEAM COVERAGE
AUSTIN BURKETT
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
Recommendation
buy
neutral
overweight
buy
Buy/Neutral
hold
Overwt/In-Line
neutral
outperform
buy
buy
buy
hold
neutral
buy
strong buy
neutral
underweight
Amt Held
142'089'661
91'950'440
78'917'908
70'779'041
32'064'748
29'404'427
26'682'667
22'609'871
22'342'915
21'918'878
20'777'875
20'703'300
19'964'097
15'041'647
14'901'652
14'747'270
14'060'363
13'600'984
13'223'436
11'237'714
% Out
8.69
5.62
4.83
4.33
1.96
1.8
1.63
1.38
1.37
1.34
1.27
1.27
1.22
0.92
0.91
0.9
0.86
0.83
0.81
0.69
Weighting
Change
5
3
5
5
5
3
5
3
5
5
5
5
3
3
5
5
3
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(3'606'537)
1'302'339
(2'235'967)
996'199
(1'050'596)
1'285'636
(1'257'787)
(807'514)
117'092
2'046'440
(410'525)
(1'939'264)
(217'528)
(68'022)
2'416'707
(75'964)
731'400
13'773
(2'500'535)
Target Price
100
90
104
#N/A N/A
105
95
95
94
#N/A N/A
100
98
#N/A N/A
97
108
100
103
91
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
01.07.2013
26.06.2013
25.06.2013
24.06.2013
05.06.2013
03.06.2013
23.05.2013
21.05.2013
20.05.2013
19.04.2013
19.04.2013
19.04.2013
18.04.2013
18.04.2013
18.04.2013
27.02.2013
25.02.2013
05.07.2013
QUALCOMM Inc
QUALCOMM, Inc . manufactures digital wireless communications equipment. The
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
12.0 M
10.0 M
50
8.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (05.03.2013)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
QCOM UW EQUITY YTD Change
QCOM UW EQUITY YTD % CHANGE
09/2012
03/yy
68.49
53.09
1'204'006.00
60.39
-11.81%
13.75%
50.78%
1'727.8
104'343.98
0.00
0.0
22.0
26'837.00
73'821.98
6.0 M
30
20
4.0 M
10
2.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
14.0 M
70
60
Valuation Analysis
30.09.2008
11'142.0
5.80x
4'186.0
15.44x
3'160.0
21.73x
80
30.09.2009
30.09.2010
10'416.0
10'982.0
5.46x
4.96x
3'644.0
4'393.0
15.60x
12.41x
1'592.0
3'247.0
33.41x
19.63x
Profitability
LTM-4Q
30.09.2011
14'957.0
4.32x
6'087.0
10.62x
4'260.0
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
30.09.2012
19'121.0
4.17x
6'579.0
12.12x
6'109.0
17.40x
6'579.00
5'682.00
29.72%
34.32%
14.02%
17.99%
17.78%
0.49%
62.9%
34.9%
30.4%
31.9%
2.95
2.61
0.00%
0.00%
14.06
7.21
Price/ Cash Flow
LTM
03/yy
17'364.0
17.05x
6'348.0
13.95x
5'722.0
20.45x
03/yy
21'639.0
14.34x
7'549.0
11.26x
6'250.0
18.27x
FY+1
.0 M
j-13
1.66
1.05
1'706.43
15.71
9.21%
-1.72%
1.047
50
4.600
2'932'723
4'300'807
4'005'205
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
24'492.4
27'240.8
6'051.7
6'321.2
3.37x
2.80x
13.46x
12.70x
9'168.7
10'248.5
2'091.8
2'183.5
8.05x
7.20x
7.74x
7.48x
7'966.6
8'814.0
1'843.8
1'933.9
13.34x
12.38x
13.11x
12.74x
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
19.12.2001
NR
73.10
58.83
-4.05
0.00
0.0%
0.0%
0.49
7.55
26.39
51.43
60.17
13.58
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
02.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
QUALCOMM Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
INVESCO LTD
WELLS FARGO
JP MORGAN
UBS
JACOBS IRWIN MARK
GOLDMAN SACHS GROUP
PRIMECAP MANAGEMENT
MORGAN STANLEY
DEUTSCHE BANK AG
MACQUARIE GROUP
NORGES BANK
Firm Name
S&P Capital IQ
Exane BNP Paribas
Drexel Hamilton LLC
RBC Capital Markets
Brean Capital LLC
Nomura
William Blair & Co
JMP Securities
Edward Jones
Northland Securities Inc
BMO Capital Markets
Morgan Stanley
FBR Capital Markets
Deutsche Bank
Evercore Partners
Barclays
D.A. Davidson & Co
Argus Research Corp
Wedge Partners
Piper Jaffray
Cowen and Company
Berenberg Bank
MKM Partners
Raymond James
Societe Generale
Credit Suisse
JPMorgan
Macquarie
Oppenheimer & Co
Scotia Capital
ACI Research
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
PRIMECAP MANAGEMENT
n/a
n/a
n/a
NORGES BANK
Analyst
JAMES G MOORMAN
JEROME RAMEL
STACY A RASGON
DAVID M WONG
CHRISTOPHER CASO
RICHARD WHITTINGTON
MARK SUE
MIKE BURTON
ROMIT SHAH
ANIL K DORADLA
ALEX GAUNA
WILLIAM C KREHER
T MICHAEL WALKLEY
THOMAS SEPENZIS
TIMOTHY P LONG
EHUD A GELBLUM
CHRISTOPHER ROLLAND
BRIAN T MODOFF
MARK A MCKECHNIE
BLAYNE CURTIS
AALOK K SHAH
SUJI DE SILVA
JAMES KELLEHER
JAMES FAUCETTE
BRIAN BLAIR
AUGUSTE P RICHARD
YOKO YAMADA
MATTHEW HOFFMAN
ADNAAN AHMAD
ADA MENAKER
TAVIS C MCCOURT
IAN ING
PETER KNOX
KULBINDER GARCHA
ROD HALL
SHAWN WEBSTER
VIJAY R RAKESH
ITTAI KIDRON
CODY G ACREE
JAMES CORDWELL
GUS PAPAGEORGIOU
IVAN FEINSETH
EDWARD A ZABITSKY
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
Form 4
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
Recommendation
strong buy
outperform
outperform
outperform
Positive
buy
outperform
buy
buy
outperform
market outperform
buy
buy
outperform
outperform
Overwt/Attractive
outperform
buy
overweight
overweight
neutral
hold
buy
outperform
no rating system
overweight
outperform
outperform
sell
buy
strong buy
buy
hold
outperform
neutral
outperform
buy
outperform
hold
overweight
focus stock
strong buy
short sell
Amt Held
98'526'634
78'646'090
69'165'634
63'992'180
45'839'517
37'221'715
27'955'600
27'042'497
21'352'635
21'111'354
20'328'929
18'545'579
17'557'577
17'355'120
17'026'570
16'936'195
14'544'137
14'202'067
13'514'310
13'118'618
% Out
5.7
4.55
4
3.7
2.65
2.15
1.62
1.57
1.24
1.22
1.18
1.07
1.02
1
0.99
0.98
0.84
0.82
0.78
0.76
Weighting
Change
5
5
5
5
4
5
5
5
5
5
4
5
5
5
5
5
5
5
5
5
3
3
5
5
#N/A N/A
5
5
5
1
5
5
5
3
5
3
5
5
5
3
5
5
5
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
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
1'056'948
2'470'673
(1'590'554)
(1'833'685)
(2'725'712)
(2'037'442)
(247'513)
422'314
1'831'527
(7'055'093)
1'624'440
(66'379)
(2'443'209)
(699'993)
164'657
(1'034'950)
3'594'160
(890'909)
407'826
-
Target Price
85
75
80
#N/A N/A
85
80
72
77
75
#N/A N/A
80
#N/A N/A
85
80
77
78
76
78
75
68
65
65
80
70
#N/A N/A
74
70
#N/A N/A
50
74
83
79
64
85
65
73
75
70
#N/A N/A
80
81
#N/A N/A
40
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
30.04.2013
31.05.2013
31.03.2013
05.03.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.05.2013
31.12.2012
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
18 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
04.07.2013
03.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
27.06.2013
26.06.2013
25.06.2013
24.06.2013
24.06.2013
21.06.2013
20.06.2013
20.06.2013
17.06.2013
17.06.2013
13.06.2013
12.06.2013
12.06.2013
10.06.2013
07.06.2013
07.06.2013
06.06.2013
06.06.2013
06.06.2013
29.05.2013
23.05.2013
22.05.2013
21.05.2013
21.05.2013
10.05.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
18.03.2013
20.02.2013
05.07.2013
Raytheon Co
Raytheon Company is a technology company specializing in defense, homeland
security and other government markets throughout the world. The Company provides
electronics, mission systems integration and other capabilities in the areas of
sensing, effects, and command, control, communications and intelligence systems,
as well as mission support services.
Price/Volume
80
50
1.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (30.05.2013)
52-Week Low (01.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RTN UN EQUITY YTD Change
RTN UN EQUITY YTD % CHANGE
12/2012
03/yy
68.62
52.24
67'475.00
65.16
-5.01%
24.73%
78.82%
324.6
21'151.85
4'731.00
0.0
164.0
4'044.00
22'040.85
1.0 M
30
20
.5 M
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
31.12.2008
23'174.0
0.89x
3'010.0
6.83x
1'672.0
12.39x
2.5 M
70
31.12.2009
31.12.2010
24'881.0
25'183.0
0.77x
0.66x
3'444.0
3'027.0
5.60x
5.53x
1'935.0
1'840.0
10.60x
8.93x
Profitability
LTM-4Q
31.12.2011
24'791.0
0.69x
3'274.0
5.24x
1'866.0
8.53x
31.12.2012
24'414.0
0.81x
3'444.0
5.73x
1'888.0
9.28x
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
3'444.00
2'989.00
12.24%
11.38%
7.37%
23.19%
15.86%
0.93%
21.8%
14.1%
12.3%
7.7%
1.57
0.69
17.73%
58.95%
3.63
Price/ Cash Flow
LTM
04/yy
24'677.0
2.87x
3'397.0
5.54x
1'930.0
8.90x
03/yy
24'355.0
3.30x
3'440.0
5.80x
1'928.0
9.32x
FY+1
.0 M
j-13
3.15
0.86
322.65
4.42
19.51%
15.23%
0.859
22
3.636
445'101
474'261
467'897
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
23'519.1
22'941.3
5'774.3
5'843.3
0.95x
0.95x
3.96x
3.87x
3'140.3
3'130.8
765.4
772.4
7.05x
7.07x
7.07x
6.94x
1'768.3
1'753.3
423.1
424.9
11.84x
11.66x
12.42x
12.35x
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
04.09.2008
ASTABLE
15.07.2005
A-2
16.80
15.15
0.21
1.38
58.9%
36.6%
0.93
12.38
100.22
23.11
-
16.00
30'000.0
14.00
25'000.0
12.00
20'000.0
10.00
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
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
05.07.2013
Raytheon Co
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FRANKLIN RESOURCES
MACQUARIE GROUP
INVESCO LTD
SASCO CAPITAL INCORP
DEUTSCHE BANK AG
AJO, LP
Firm Name
Jefferies
Cowen and Company
Stifel
CRT Capital Group
RBC Capital Markets
JPMorgan
Goldman Sachs
Argus Research Corp
Deutsche Bank
Barclays
Drexel Hamilton LLC
FBR Capital Markets
Credit Suisse
Oppenheimer & Co
EVA Dimensions
Shore Capital Stockbrokers
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
SASCO CAPITAL INCORP
n/a
AJO, LP
n/a
n/a
Analyst
HOWARD A RUBEL
CAI VON RUMOHR
WILLIAM R LOOMIS
BRIAN W RUTTENBUR
ROBERT STALLARD
SAMUEL J PEARLSTEIN
JOSEPH B NADOL III
NOAH POPONAK
DOUGLAS S HARNED
NATHANIEL GABRIEL
MYLES WALTON
CARTER COPELAND
PETER J SKIBITSKI
PATRICK J MCCARTHY
PETER J ARMENT
ROBERT M SPINGARN
YAIR REINER
CRAIG STERLING
RICHARD SAFRAN
GREG JOHNSON
Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
Recommendation
buy
market perform
buy
Fairly Valued
sector perform
outperform
neutral
neutral/attractive
outperform
hold
hold
overweight
hold
market perform
neutral
outperform
market perform
buy
neutral
hold
Amt Held
27'695'758
19'887'033
15'664'626
13'881'833
11'241'991
7'941'327
5'601'812
4'787'676
4'748'964
4'612'749
4'343'343
4'325'839
4'051'054
3'985'182
3'984'474
3'379'660
3'154'567
3'101'100
3'000'000
2'915'912
% Out
8.53
6.13
4.83
4.28
3.46
2.45
1.73
1.47
1.46
1.42
1.34
1.33
1.25
1.23
1.23
1.04
0.97
0.96
0.92
0.9
Weighting
Change
5
3
5
3
3
5
3
3
5
3
3
5
3
3
3
5
3
5
3
3
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
751'613
194'884
422'562
(119'633)
139'714
2'084'299
645'237
(97'165)
635'385
155'549
(200'453)
79'263
(114'913)
(585'715)
449'003
(27'820)
781'459
(318'600)
208'000
Target Price
66
71
73
#N/A N/A
65
#N/A N/A
60
70
79
#N/A N/A
60
67
45
56
#N/A N/A
63
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
03.07.2013
02.07.2013
01.07.2013
24.06.2013
21.06.2013
20.06.2013
11.06.2013
30.05.2013
23.05.2013
07.05.2013
06.05.2013
01.05.2013
29.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
16.01.2013
09.11.2012
09.03.2011
05.07.2013
Starbucks Corp
Starbucks Corporation retails, roasts, and provides its own brand of specialty
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
8.0 M
60
7.0 M
6.0 M
5.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (05.07.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBUX UW EQUITY YTD Change
SBUX UW EQUITY YTD % CHANGE
09/2012
03/yy
68.00
43.05
340'501.00
67.09
-1.34%
55.84%
98.46%
749.3
50'270.54
549.60
0.0
5.5
2'037.00
49'128.53
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
j-12
30.09.2009
30.09.2010
9'774.6
10'707.4
1.50x
1.72x
1'335.8
1'865.1
10.94x
9.85x
390.8
945.6
25.07x
20.10x
Profitability
LTM-4Q
30.09.2011
11'700.4
2.25x
2'074.6
12.67x
1'245.7
24.25x
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
30.09.2012
13'299.5
2.75x
2'367.3
15.42x
1'383.8
28.64x
2'367.30
1'786.70
13.43%
15.48%
18.35%
28.97%
26.54%
1.70%
56.3%
18.4%
14.0%
10.4%
1.90
1.14
6.69%
10.76%
29.29
5.20
Price/ Cash Flow
s-12
o-12
n-12
LTM
04/yy
12'595.9
10.20x
2'174.9
18.70x
1'329.6
34.57x
d-12
03/yy
14'023.3
10.99x
2'576.1
16.10x
1'514.7
29.07x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.19
0.87
728.62
8.85
31.07%
26.01%
0.870
32
4.500
1'100'451
1'399'625
1'344'783
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
14'840.5
16'540.3
3'718.3
3'811.5
3.37x
3.02x
13.19x
12.89x
3'023.1
3'574.2
743.8
793.6
16.27x
13.76x
14.98x
14.36x
1'657.1
1'991.4
403.4
435.0
30.83x
25.55x
28.15x
26.86x
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
24.02.2012
ASTABLE
28.08.2009
A-2
65.94
42.09
-0.45
0.21
10.8%
9.7%
1.70
5.36
12.43
70.00
22.66
53.00
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
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
70
50
Valuation Analysis
30.09.2008
10'383.0
1.15x
1'261.7
9.47x
315.5
21.07x
80
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Starbucks Corp
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
SCHULTZ HOWARD D
MORGAN STANLEY
WELLS FARGO
INVESCO LTD
BROWN ADVISORY INC
JP MORGAN
JENNISON ASSOCIATES
UBS
Firm Name
Longbow Research
Deutsche Bank
Jefferies
Stephens Inc
RBC Capital Markets
Edward Jones
Davenport & Co
Piper Jaffray
William Blair & Co
Goldman Sachs
Barclays
Morgan Stanley
Williams Capital Group
Argus Research Corp
NYKREDIT
BMO Capital Markets
JPMorgan
Oppenheimer & Co
S&P Capital IQ
Credit Suisse
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
n/a
Analyst
ALTON K STUMP
JASON WEST
MARK D KALINOWSKI
ANDREW M BARISH
WILL SLABAUGH
LARRY A MILLER
JACK P RUSSO
JEFFREY F OMOHUNDRO
NICOLE MILLER REGAN
SHARON M ZACKFIA
BONNIE HERZOG
DAVID E TARANTINO
MICHAEL KELTER
JEFFREY A BERNSTEIN
JOHN S GLASS
SARA H SENATORE
MARC RIDDICK
JOHN D STASZAK
MICHAEL DROSCHNER JORGENSEN
PHILLIP JUHAN
JOHN W IVANKOE
MITCHELL J SPEISER
DAN GEIMAN
BRIAN J BITTNER
JIM YIN
ALISTAIR M SCOBIE
PETER SALEH
KEITH SIEGNER
MATTHEW J DIFRISCO
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
Form 4
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
Recommendation
buy
buy
buy
buy
overweight
sector perform
hold
buy
overweight
outperform
market perform
outperform
Buy/Neutral
equalweight
Overwt/In-Line
outperform
market perform
buy
outperform
outperform
overweight
buy
hold
outperform
buy
overweight
no rating system
outperform
buy
underweight
Amt Held
38'249'459
36'552'911
33'898'695
33'479'108
29'777'666
29'068'980
18'875'169
13'009'882
12'699'603
11'282'099
10'449'141
10'195'280
9'247'656
8'955'855
8'250'780
7'684'493
7'606'088
7'061'975
6'913'811
6'491'825
% Out
5.1
4.88
4.52
4.47
3.97
3.88
2.52
1.74
1.69
1.51
1.39
1.36
1.23
1.2
1.1
1.03
1.02
0.94
0.92
0.87
Weighting
Change
5
5
5
5
5
3
3
5
5
5
3
5
5
3
5
5
3
5
5
5
5
5
3
5
5
5
#N/A N/A
5
5
1
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
M
M
Latest Chg
2'655'984
871'315
(866'300)
391'270
167'212
271'120
703'666
494'819
809'552
1'613'328
(153'518)
1'332'073
(2'478'691)
(907'946)
4'507'068
(1'307'247)
233'587
754'508
Target Price
80
71
75
66
70
73
#N/A N/A
76
72
#N/A N/A
#N/A N/A
70
75
65
69
72
61
70
#N/A N/A
64
65
75
62
65
66
65
64
69
74
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
02.07.2013
15.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
03.07.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
02.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
26.06.2013
25.06.2013
21.06.2013
20.06.2013
17.06.2013
13.06.2013
28.05.2013
27.05.2013
09.05.2013
07.05.2013
06.05.2013
05.05.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
15.01.2013
05.07.2013
Schlumberger Ltd
Schlumberger Limited is an oil services company. The Company, through its
subsidiaries, provides a wide range of services, including technology, project
management and information solutions to the international petroleum industry as
well as advanced acquisition and data processing surveys.
Price/Volume
90
6.0 M
80
5.0 M
70
60
4.0 M
50
12/2012
03/yy
82.00
64.20
268'201.00
73.49
-10.48%
14.47%
49.49%
1'329.5
97'701.28
11'630.00
0.0
107.0
6'274.00
103'361.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
2.0 M
20
1.0 M
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
27'162.9
1.92x
8'966.9
5.82x
5'434.8
9.41x
3.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SLB UN EQUITY YTD Change
SLB UN EQUITY YTD % CHANGE
31.12.2009
31.12.2010
22'702.0
27'447.0
3.47x
4.26x
6'596.0
7'133.0
11.94x
16.40x
3'134.0
4'267.0
23.41x
30.05x
Profitability
LTM-4Q
31.12.2011
36'959.0
2.61x
9'794.0
9.84x
4'997.0
18.91x
31.12.2012
42'149.0
2.31x
11'020.0
8.85x
5'490.0
16.64x
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
11'020.00
7'520.00
17.84%
17.06%
9.25%
16.02%
12.85%
0.73%
21.6%
26.0%
17.8%
13.0%
1.95
1.43
18.90%
33.47%
3.92
6.68
Price/ Cash Flow
LTM
03/yy
38'755.0
10.40x
10'301.0
9.66x
5'355.0
18.02x
03/yy
42'898.0
9.29x
11'165.0
9.42x
5'448.0
17.59x
FY+1
.0 M
j-13
1.55
1.36
1'326.11
12.38
10.87%
6.93%
1.365
39
4.590
1'636'849
2'016'391
2'053'317
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
45'666.1
50'817.5
11'123.5
11'585.8
2.23x
1.93x
9.30x
8.88x
12'245.3
14'001.1
2'989.6
3'181.2
8.43x
7.37x
8.05x
7.78x
6'223.4
7'532.9
1'480.4
1'621.9
15.75x
12.95x
14.89x
14.14x
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
11.12.2002
A+
STABLE
11.12.2002
A-1
32.41
18.60
0.50
0.99
33.5%
25.0%
0.73
3.05
93.18
54.66
82.34
54.51
25.00
45'000.0
40'000.0
20.00
35'000.0
30'000.0
15.00
25'000.0
20'000.0
10.00
15'000.0
10'000.0
5.00
5'000.0
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
05.07.2013
Schlumberger Ltd
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
DODGE & COX
JP MORGAN
FMR LLC
NORGES BANK
JENNISON ASSOCIATES
WELLS FARGO
GOLDMAN SACHS GROUP
UBS
Firm Name
Credit Suisse
Howard Weil Inc
JPMorgan
BMO Capital Markets
Jefferies
ISI Group
HSBC
Cowen and Company
Societe Generale
Stephens Inc
Edward Jones
Morgan Stanley
Raymond James
Argus Research Corp
Johnson Rice & Co
Macquarie
FBR Capital Markets
RS Platou Markets
Deutsche Bank
EVA Dimensions
RBC Capital Markets
William Blair & Co
Barclays
S&P Capital IQ
Goldman Sachs
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
DODGE & COX
n/a
n/a
NORGES BANK
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
BANK OF AMERICA
Analyst
JAMES WICKLUND
CHARLES P MINERVINO
WILLIAM SANCHEZ
J DAVID ANDERSON
SCOTT GRUBER
ALAN D LAWS
BRAD HANDLER
JUDSON E BAILEY
DAVID PHILLIPS
JAMES D CRANDELL
EDWARD C MUZTAFAGO
JOHN KELLER
BRIAN YOUNGBERG
OLE SLORER
J MARSHALL ADKINS
MATTHEW D CONLAN
BRIAN UHLMER
JONATHAN GELCIUS
DANIEL BURKE
NIGEL BROWNE
LEZE THAQI
LUKE M LEMOINE
MEGAN REPINE
MICHAEL K LAMOTTE
TURNER HOLM
MICHAEL W URBAN
STEPHEN D GENGARO
CRAIG STERLING
KURT HALLEAD
BRANDON DOBELL
JAMES C WEST
STEWART GLICKMAN
JEFF TILLERY
WAQAR SYED
LAURENCE BALTER
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
Recommendation
neutral
Positive
focus list
overweight
outperform
outperform
buy
strong buy
overweight
outperform
buy
overweight
buy
Overwt/In-Line
outperform
outperform
neutral
buy
equalweight
outperform
buy
add
outperform
buy
buy
buy
buy
underweight
outperform
market perform
overweight
hold
buy
buy/attractive
strong buy
Amt Held
80'904'490
61'838'785
56'261'294
55'152'575
34'238'544
28'282'914
25'578'694
24'029'890
22'606'694
21'318'603
15'399'133
14'688'324
12'743'364
12'026'446
11'961'096
11'732'150
11'649'113
11'560'502
11'175'673
10'788'080
% Out
6.09
4.65
4.23
4.15
2.58
2.13
1.92
1.81
1.7
1.6
1.16
1.1
0.96
0.9
0.9
0.88
0.88
0.87
0.84
0.81
Weighting
Change
3
4
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
3
5
5
4
5
5
5
5
5
1
5
3
5
3
5
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
U
M
M
U
M
M
M
M
M
U
U
Latest Chg
3'503'199
1'709'323
3'073'215
196'027
(557'608)
907'168
(3'130'083)
2'792'073
3'080'413
328'640
(1'103'002)
2'529'362
777'715
(231'514)
2'624'316
1'703'405
(319'145)
(227'370)
99'655
Target Price
79
86
91
97
96
85
86
92
92
93
90
99
#N/A N/A
92
77
#N/A N/A
80
90
#N/A N/A
91
#N/A N/A
90
93
87
85
91
93
#N/A N/A
85
#N/A N/A
103
81
#N/A N/A
95
95
File Dt
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.05.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
Date
Not Provided
12 month
12 month
6 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
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
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
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
03.07.2013
03.07.2013
02.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
28.06.2013
26.06.2013
24.06.2013
14.06.2013
14.06.2013
07.06.2013
30.05.2013
13.05.2013
10.05.2013
09.05.2013
25.04.2013
25.04.2013
23.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
21.04.2013
21.04.2013
20.04.2013
19.04.2013
19.04.2013
19.04.2013
20.09.2012
12.09.2012
26.07.2012
20.07.2012
05.07.2013
Southern Co/The
The Southern Company is a public utility holding company. The Company, through
its subsidiaries, generates, wholesales, and retails electricity in the
southeastern United States. The Company also offers wireless telecommunications
services, and provides businesses with two-way radio, telephone, paging, and
Internet access services as well as wholesales fiber optic solutions.
Price/Volume
60
3.0 M
2.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (23.04.2013)
52-Week Low (23.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SO UN EQUITY YTD Change
SO UN EQUITY YTD % CHANGE
12/2012
03/yy
48.74
41.75
361'278.00
42.98
-11.84%
2.95%
23.61%
870.4
37'409.39
22'434.00
1'082.0
0.0
628.00
61'262.38
2.0 M
1.5 M
20
1.0 M
10
.5 M
0
j-12
31.12.2009
31.12.2010
15'743.0
17'456.0
3.02x
3.07x
5'258.0
5'633.0
9.05x
9.52x
1'708.0
2'040.0
14.44x
16.20x
Profitability
LTM-4Q
31.12.2011
17'657.0
3.46x
6'279.0
9.72x
2'268.0
18.28x
31.12.2012
16'537.0
3.63x
6'589.0
9.11x
2'415.0
16.49x
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
6'589.00
4'444.00
26.87%
22.67%
3.46%
11.55%
6.45%
0.27%
66.1%
40.0%
27.0%
14.6%
0.88
0.33
35.53%
122.61%
10.73
2.21
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
17'249.0
13.62x
6'219.0
9.81x
2'214.0
18.24x
d-12
03/yy
16'830.0
14.82x
6'727.0
9.61x
2'128.0
17.65x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
4.56
0.51
870.14
12.16
-3.52%
2.60%
0.510
24
2.917
1'093'951
1'261'857
1'066'156
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
17'605.4
18'151.2
4'288.2
5'370.7
3.55x
3.56x
14.43x
11.49x
6'292.2
6'775.3
1'554.0
2'246.3
9.74x
9.05x
9.75x
9.74x
2'358.7
2'538.8
584.3
1'005.0
15.62x
14.94x
15.55x
15.29x
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
21.12.2000
A
NEG
21.12.2000
A-1
7.67
1.90
3.38
3.46
122.6%
53.7%
0.27
34.01
165.15
80.12
117.50
9.00
20'000.0
8.00
18'000.0
7.00
16'000.0
14'000.0
6.00
12'000.0
5.00
4.00
10'000.0
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
01.01.2010
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
3.5 M
40
Valuation Analysis
31.12.2008
17'127.0
2.79x
5'210.0
9.18x
1'807.0
15.68x
4.0 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
05.07.2013
Southern Co/The
Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FRANKLIN RESOURCES
FEDERATED INVESTORS
WELLS FARGO
PICTET FUNDS
UBS
NORGES BANK
JP MORGAN
LEGAL & GENERAL
DEUTSCHE BANK AG
FMR LLC
MORGAN STANLEY
APG ALL PENSIONS GRO
Firm Name
BGC Partners
Deutsche Bank
Credit Suisse
Wolfe Research
RBC Capital Markets
ISI Group
BMO Capital Markets
Jefferies
Edward Jones
Drexel Hamilton LLC
Argus Research Corp
Hilliard Lyons
Macquarie
Barclays
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
FEDERATED INVESTORS
n/a
n/a
n/a
NORGES BANK
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
APG ALL PENSIONS GRO
Analyst
KIT KONOLIGE
JONATHAN ARNOLD
DANIEL EGGERS
ALI AGHA
STEVEN I FLEISHMAN
SHELBY G TUCKER
GREG GORDON
NEIL A KALTON
MICHAEL S WORMS
PAUL B FREMONT
ANDREW PUSATERI
ANDREW L SMITH
NATHAN JUDGE
MICHAEL BURKE
DAVID B BURKS
LEZE THAQI
ANGIE STOROZYNSKI
DANIEL F FORD
MICHAEL J LAPIDES
PAUL T RIDZON
AUSTIN BURKETT
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
Recommendation
hold
hold
underperform
neutral
peerperform
outperform
neutral
outperform
market perform
hold
sell
hold
underweight
hold
neutral
buy
neutral
equalweight
Sell/Neutral
hold
sell
Amt Held
45'442'068
42'473'671
41'822'330
22'023'488
12'869'765
11'169'700
10'856'924
7'961'144
7'069'476
5'887'868
5'716'618
5'361'653
4'469'108
4'259'746
4'224'093
4'035'837
3'961'120
3'799'968
3'296'224
3'216'784
% Out
5.22
4.88
4.81
2.53
1.48
1.28
1.25
0.91
0.81
0.68
0.66
0.62
0.51
0.49
0.49
0.46
0.46
0.44
0.38
0.37
Weighting
Change
3
3
1
3
3
5
3
5
3
3
1
3
1
3
3
5
3
3
1
3
1
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(6'117'420)
(178'582)
1'514'682
3'497'585
399'539
(1'673'810)
333'297
953'026
151'791
120'401
(286'017)
609'455
471'155
21'170
(280'473)
(625'357)
988'414
235'451
525'934
Target Price
#N/A N/A
48
50
#N/A N/A
49
50
46
#N/A N/A
49
46
#N/A N/A
47
41
#N/A N/A
#N/A N/A
#N/A N/A
47
51
42
#N/A N/A
#N/A N/A
File Dt
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.05.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
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
Unclassified
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
30.06.2013
24.06.2013
24.06.2013
17.06.2013
14.06.2013
07.06.2013
13.05.2013
10.05.2013
29.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
02.04.2013
22.01.2013
15.01.2013
05.07.2013
Simon Property Group Inc

Simon Property Group, Inc. is a self-administered and self-managed,
real estate investment trust. The Company owns, develops, and manages retail
real estate properties including regional malls, outlet centers,
community/lifestyle centers, and international properties.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPG UN EQUITY YTD Change
SPG UN EQUITY YTD % CHANGE
12/2012
03/yy
182.45
145.21
86'039.00
157.39
-13.93%
8.39%
36.98%
310.0
48'830.07
23'113.01
39.8
1'160.5
1'184.52
71'777.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
3'783.2
8.13x
2'553.0
12.04x
463.6
25.92x
200
180
160
140
120
100
80
60
40
20
0
j-12
31.12.2009
31.12.2010
3'775.2
3'957.6
10.16x
11.81x
2'630.0
2'799.2
14.59x
16.70x
309.4
617.0
40.60x
27.89x
Profitability
LTM-4Q
31.12.2011
4'306.4
13.18x
3'015.6
18.82x
1'024.8
37.05x
31.12.2012
4'880.1
14.78x
3'491.0
20.66x
1'434.5
33.49x
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
3'490.98
2'220.60
22.41%
35.56%
3.33%
18.05%
4.25%
0.15%
71.5%
29.4%
70.93%
393.70%
-
Price/ Cash Flow
03/yy
4'405.5
51.37x
3'097.7
21.82x
1'490.8
28.85x
LTM
03/yy
4'976.2
57.55x
3'555.7
20.45x
1'072.2
45.69x
FY+1
.0 M
j-13
2.76
0.95
306.91
5.21
2.06%
0.90%
0.948
25
4.440
656'587
614'936
509'198
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
5'190.6
5'459.8
1'258.8
1'301.0
14.34x
13.63x
61.08x
59.40x
3'931.4
4'160.8
947.8
979.3
18.20x
17.20x
17.92x
17.60x
1'247.3
1'404.9
272.4
295.2
39.82x
35.71x
39.79x
38.34x
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
16.05.2013
A
STABLE
3.04
-0.91
6.11
6.35
393.7%
76.6%
0.15
-
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
05.07.2013
Simon Property Group Inc

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
COHEN & STEERS CAPIT
FMR LLC
STATE STREET
MORGAN STANLEY
DAIWA SECURITIES GRO
INVESCO LTD
APG ASSET MANAGEMENT
CBRE GROUP INC
LASALLE INVESTMENT M
PGGM VERMOGENSBEHEER
DEUTSCHE BANK AG
PRINCIPAL FINANCIAL
JP MORGAN
NUVEEN ASSET MANAGEM
AEW CAPITAL MANAGEME
Firm Name
Deutsche Bank
Stifel
Barclays
ISI Group
Edward Jones
Argus Research Corp
Imperial Capital LLC
Evercore Partners
RBC Capital Markets
Morgan Stanley
Jefferies
Cowen and Company
JPMorgan
BMO Capital Markets
Goldman Sachs
Raymond James
EVA Dimensions
Hilliard Lyons
S&P Capital IQ
Portfolio Name
VANGUARD GROUP INC
n/a
COHEN & STEERS CAPIT
n/a
n/a
n/a
DAIWA SECURITIES GRO
n/a
APG ASSET MANAGEMENT
n/a
LASALLE INVESTMENT M
PGGM VERMOGENSBEHEER
n/a
n/a
n/a
NUVEEN ASSET MANAGEM
AEW CAPITAL MANAGEME
Analyst
VINCENT CHAO
NATHAN ISBEE
ROSS L SMOTRICH
JEFFREY J DONNELLY
STEVE SAKWA
JIM SHANAHAN
MICHAEL BURKE
DAVID HARRIS
BENJAMIN YANG
RICHARD C MOORE
HAENDEL ST. JUSTE
OMOTAYO T OKUSANYA II
JAMES W SULLIVAN
MICHAEL W MUELLER
PAUL E ADORNATO
ANDREW ROSIVACH
RICHARD J MILLIGAN
AUSTIN BURKETT
CAROL L KEMPLE
ALEXANDER D GOLDFARB
ROBERT MCMILLAN
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
Recommendation
buy
buy
overweight
outperform
buy
hold
buy
in-line
equalweight
outperform
Equalwt/Attractive
buy
outperform
overweight
market perform
Buy/Neutral
outperform
hold
neutral
buy
buy
Amt Held
36'658'923
23'965'140
22'404'707
13'282'358
13'154'584
10'369'785
9'776'460
8'076'914
6'861'136
6'275'741
5'898'821
5'831'802
5'751'387
5'602'903
5'298'987
5'029'717
4'024'890
3'745'571
3'258'005
3'206'900
% Out
11.82
7.73
7.23
4.28
4.24
3.34
3.15
2.61
2.21
2.02
1.9
1.88
1.86
1.81
1.71
1.62
1.3
1.21
1.05
1.03
Weighting
Change
5
5
5
5
5
3
5
3
3
5
3
5
5
5
3
5
5
3
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
1'937'887
1'711'321
593'031
(671'723)
(3'396'029)
459'115
(561'513)
61'548
(165'301)
(877'166)
154'255
53'902
178'006
(1'009'005)
(1'089'939)
96'704
331'828
(147'181)
73'995
(12'700)
Target Price
187
190
180
#N/A N/A
187
#N/A N/A
190
172
168
200
180
195
#N/A N/A
190
175
213
190
#N/A N/A
#N/A N/A
198
194
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Holding Company
03.07.2013
Investment Advisor
31.03.2013 Pension Fund (ERISA)
31.03.2013
Corporation
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
02.07.2013
01.07.2013
01.07.2013
25.06.2013
24.06.2013
19.06.2013
18.06.2013
17.06.2013
12.06.2013
06.06.2013
02.06.2013
24.05.2013
08.05.2013
06.05.2013
30.04.2013
29.04.2013
29.04.2013
27.04.2013
26.04.2013
26.04.2013
26.04.2013
05.07.2013
AT&T Inc
AT&T Inc. is a communications holding company. The Company, through its
subsidiaries and affiliates, provides local and long-distance phone service,
wireless and data communications, Internet access and messaging, IP-based and
satellite television, security services, telecommunications equipment, and
directory advertising and publishing.
Price/Volume
45
30.0 M
40
25.0 M
35
30
20.0 M
25
12/2012
03/yy
39.00
32.71
972'364.00
35.33
-9.38%
8.01%
46.26%
5'380.0
190'075.41
69'844.00
0.0
333.0
4'868.00
260'672.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
10.0 M
10
5.0 M
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
124'028.0
1.94x
42'946.0
5.62x
12'867.0
12.28x
15.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.04.2013)
52-Week Low (09.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
T UN EQUITY YTD Change
T UN EQUITY YTD % CHANGE
31.12.2009
31.12.2010
122'513.0
124'280.0
1.91x
1.92x
40'515.0
39'037.0
5.78x
6.11x
12'138.0
19'864.0
13.18x
12.95x
Profitability
LTM-4Q
31.12.2011
126'723.0
1.82x
30'505.0
7.56x
3'944.0
12.39x
31.12.2012
127'434.0
1.99x
31'140.0
8.14x
7'264.0
14.62x
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
31'140.00
12'997.00
10.20%
8.19%
2.73%
7.65%
6.13%
0.47%
56.7%
24.4%
10.1%
5.7%
0.71
0.55
25.65%
75.62%
10.05
-
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
5.04
0.75
5'375.96
73.91
3.05%
7.45%
0.747
39
3.308
5'088'190
6'078'579
5'361'543
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
127'298.0 126'968.0 128'311.6 130'741.6
31'810.0
32'029.3
7.52x
8.42x
2.07x
2.04x
8.24x
8.21x
30'774.0
30'948.0
41'736.8
43'502.4
11'003.9
10'848.9
8.03x
8.71x
6.25x
6.00x
6.17x
6.13x
4'120.0
7'380.0
13'692.9
14'425.6
3'771.7
3'628.7
12.41x
15.57x
14.06x
13.05x
13.85x
13.65x
S&P Issuer Ratings
06.12.2010
Long-Term Rating
ALong-Term Outlook
STABLE
06.12.2010
Short-Term Rating
A-2
Credit Ratios
8.40
3.15
Net Debt/EBITDA
2.27
Total Debt/EBITDA
2.40
Reference
Total Debt/Equity
75.6%
Total Debt/Capital
43.0%
Asset Turnover
0.47
1.17
36.32
Inventory Days
116.11
6.00
140'000.0
5.00
120'000.0
100'000.0
4.00
80'000.0
3.00
60'000.0
2.00
40'000.0
1.00
20'000.0
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
05.07.2013
AT&T Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
NORGES BANK
JP MORGAN
UBS
FRANKLIN RESOURCES
WELLS FARGO
GOLDMAN SACHS GROUP
Firm Name
Macquarie
Jefferies
BMO Capital Markets
Evercore Partners
Oppenheimer & Co
S&P Capital IQ
RBC Capital Markets
Raymond James
Gabelli & Co
Argus Research Corp
FBR Capital Markets
Deutsche Bank
Morgan Stanley
Edward Jones
JPMorgan
Stifel
Nomura
Cowen and Company
New Street Research
Barclays
EVA Dimensions
Piper Jaffray
Hilliard Lyons
Scotia Capital
William Blair & Co
HSBC
Wedge Partners
Goldman Sachs
Janco Partners Inc
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
NORGES BANK
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
n/a
n/a
Analyst
KEVIN SMITHEN
THOMAS O SEITZ
KEVIN MANNING
JENNIFER M FRITZSCHE
JONATHAN SCHILDKRAUT
WILLIAM V POWER
TIMOTHY K HORAN
JAMES G MOORMAN
MICHAEL BOWEN
JONATHAN ATKIN
FRANK G LOUTHAN
SERGEY DLUZHEVSKIY
JOSEPH F BONNER
DAVID DIXON
GREGORY MILLER
BRETT FELDMAN
SIMON FLANNERY
DAVID HEGER
PHILIP CUSICK
CHRISTOPHER C KING
MICHAEL L MCCORMACK
COLBY SYNESAEL
JONATHAN CHAPLIN
AMIR ROZWADOWSKI
ANDREW S ZAMFOTIS
CHRISTOPHER WATTS
CHRISTOPHER M LARSEN
JUSTIN H BURGIN
DAVID B BURKS
MARKUS FRIEBEL
JEFFREY FAN
JAISON BLAIR
JAMES D BREEN JR
IVAN FEINSETH
RICHARD DINEEN
BRIAN BLAIR
JASON ARMSTRONG
GERARD HALLAREN
Source
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
underperform
hold
market perform
outperform
equalweight
neutral
outperform
hold
sector perform
sector perform
market perform
hold
buy
market perform
hold
hold
Equalwt/In-Line
buy
overweight
hold
buy
market perform
neutral
equalweight
underweight
neutral
overweight
buy
buy
sell
sector underperform
no rating system
market perform
underperform
overweight
no rating system
neutral/neutral
buy
Amt Held
303'728'525
257'834'748
237'002'897
234'603'257
147'966'258
85'043'230
78'884'537
72'256'871
41'221'593
37'223'676
36'531'970
32'851'663
32'755'569
30'433'961
29'927'015
29'821'823
29'793'395
28'812'133
27'647'827
27'404'134
% Out
5.65
4.79
4.41
4.36
2.75
1.58
1.47
1.34
0.77
0.69
0.68
0.61
0.61
0.57
0.56
0.55
0.55
0.54
0.51
0.51
Weighting
Change
1
3
3
5
3
3
5
3
3
3
3
3
5
3
3
3
3
5
5
3
5
3
3
3
1
3
5
5
5
1
1
#N/A N/A
3
1
5
#N/A N/A
3
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
(15'537'356)
2'248'864
(6'378'539)
(1'987'957)
(24'570'517)
1'678'743
353'494
(3'678'104)
(383'305)
(1'533'460)
(100'345)
414'617
867'907
(4'648'943)
735'605
11'323
850'257
2'302'596
Target Price
36
38
34
#N/A N/A
39
37
42
40
#N/A N/A
38
#N/A N/A
#N/A N/A
42
39
35
34
#N/A N/A
#N/A N/A
40
#N/A N/A
38
37
36
38
#N/A N/A
37
42
#N/A N/A
39
33
37
42
#N/A N/A
#N/A N/A
39
#N/A N/A
36
44
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
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
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
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
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Date
04.07.2013
02.07.2013
01.07.2013
01.07.2013
27.06.2013
26.06.2013
24.06.2013
19.06.2013
18.06.2013
16.06.2013
13.06.2013
11.06.2013
10.06.2013
10.06.2013
09.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
05.06.2013
24.05.2013
14.05.2013
26.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
23.04.2013
25.03.2013
20.02.2013
26.11.2012
24.10.2012
26.07.2012
05.07.2013
Target Corp
Target Corporation operates general merchandise discount stores in the United
States. The Company's merchandising operations include general merchandise and
food discount stores and a fully integrated online business. Target also offers
credit to qualified applicants through its branded proprietary credit cards.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.06.2013)
52-Week Low (05.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TGT UN EQUITY YTD Change
TGT UN EQUITY YTD % CHANGE
01/2013
05/yy
72.77
56.70
148'084.00
69.86
-4.01%
23.21%
78.90%
641.7
44'829.39
17'648.00
0.0
0.0
784.00
57'224.39
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
j-12
31.01.2010
31.01.2011
65'357.0
67'390.0
0.81x
0.78x
6'696.0
7'336.0
7.88x
7.13x
2'488.0
2'920.0
15.54x
14.08x
Profitability
LTM-4Q
31.01.2012
69'865.0
0.72x
7'453.0
6.73x
2'929.0
11.47x
31.01.2013
73'301.0
0.77x
7'352.0
7.66x
2'999.0
14.02x
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
7'352.00
5'210.00
7.11%
6.29%
6.19%
17.29%
11.21%
1.62%
31.0%
9.7%
6.8%
4.1%
1.17
0.47
36.64%
106.58%
6.42
Price/ Cash Flow
s-12
o-12
n-12
LTM
04/yy
70'797.0
3.00x
7'490.0
7.38x
2'937.0
13.17x
d-12
05/yy
73'140.0
3.15x
7'092.0
8.12x
2'800.0
18.70x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
2.06
0.71
639.95
17.95
23.65%
19.37%
0.708
27
4.148
1'138'287
1'199'243
1'068'998
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
07/13 Q2 10/13 Q3
74'957.9
79'528.1
17'357.2
17'886.5
0.77x
0.73x
3.33x
3.28x
7'333.5
8'155.2
1'703.8
1'618.9
7.80x
7.02x
7.57x
7.38x
2'892.4
3'352.5
629.3
568.6
14.50x
12.63x
14.57x
14.52x
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
20.11.2007
A+
STABLE
04.08.2000
A-1
9.50
5.26
1.75
2.00
106.6%
51.6%
1.62
2.41
57.82
47.31
36.76
10.00
80'000.0
9.00
70'000.0
8.00
60'000.0
7.00
50'000.0
6.00
5.00
40'000.0
4.00
30'000.0
3.00
20'000.0
2.00
10'000.0
1.00
0.00
05.02.2010
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

31.01.2009
64'948.0
0.64x
6'228.0
6.64x
2'214.0
10.91x
80
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.07.2013
Target Corp
Holdings By:
All
Holder Name
STATE STREET
VANGUARD GROUP INC
BLACKROCK
FMR LLC
JP MORGAN
INVESCO LTD
WELLS FARGO
FRANKLIN RESOURCES
NORGES BANK
Firm Name
Stifel
Piper Jaffray
ISI Group
Edward Jones
Jefferies
JPMorgan
Argus Research Corp
BMO Capital Markets
Cowen and Company
MKM Partners
Deutsche Bank
Credit Suisse
William Blair & Co
S&P Capital IQ
Barclays
EVA Dimensions
Fincorp SAOG
Gilford Securities
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
BANK OF AMERICA
n/a
NORGES BANK
Analyst
COLIN MCGRANAHAN
DAVID A SCHICK
SEAN NAUGHTON
GREGORY MELICH
PETER S BENEDICT
BRIAN YARBROUGH
DANIEL T BINDER
CHRISTOPHER HORVERS
KAHORI TAMADA
CHRISTOPHER GRAJA
DAVID S STRASSER
WAYNE HOOD
JOHN M ZOLIDIS
FAYE LANDES
PATRICK G MCKEEVER JR
JOSEPH I FELDMAN
PAUL TRUSSELL
MICHAEL B EXSTEIN
MARK R MILLER
MATTHEW NEMER
IAN GORDON
ROBERT S DRBUL
ROBERT SUMMERS
CRAIG STERLING
IVAN FEINSETH
GAURAV RAMAIYA
RITESH DOSHI
BERNARD SOSNICK
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
outperform
hold
overweight
strong buy
outperform
buy
hold
overweight
neutral
hold
buy
outperform
neutral
neutral
buy
no rating system
buy
neutral
market perform
outperform
strong buy
overweight
Positive
hold
buy
hold
market perform
hold
Amt Held
60'305'665
33'278'157
32'170'816
25'506'095
20'967'235
15'366'719
13'677'197
13'579'203
11'545'077
11'303'752
10'289'868
9'977'131
9'883'988
9'448'427
8'993'133
7'115'943
5'785'050
5'723'891
5'687'969
5'461'466
% Out
9.4
5.19
5.01
3.97
3.27
2.39
2.13
2.12
1.8
1.76
1.6
1.55
1.54
1.47
1.4
1.11
0.9
0.89
0.89
0.85
Weighting
Change
5
3
5
5
5
5
3
5
3
3
5
5
3
3
5
#N/A N/A
5
3
3
5
5
5
4
3
5
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
D
N
M
M
M
Latest Chg
(865'690)
44'755
2'027'281
760'994
354'971
(4'035'344)
895'537
(2'232'270)
310'776
821'719
(916)
303'959
(877'414)
56'272
3'030'992
119'636
(1'196'888)
3'301'988
509'722
Target Price
83
#N/A N/A
80
76
76
#N/A N/A
64
74
74
#N/A N/A
72
80
65
#N/A N/A
77
72
74
62
#N/A N/A
#N/A N/A
81
75
73
#N/A N/A
#N/A N/A
55
#N/A N/A
#N/A N/A
File Dt
Inst Type
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
01.07.2013
27.06.2013
19.06.2013
17.06.2013
13.06.2013
12.06.2013
04.06.2013
03.06.2013
30.05.2013
28.05.2013
24.05.2013
23.05.2013
23.05.2013
23.05.2013
23.05.2013
23.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
22.05.2013
21.05.2013
25.03.2013
27.02.2013
17.11.2011
18.08.2011
31.05.2011
05.07.2013
Time Warner Inc

Time Warner Inc. is a media and entertainment company. The Company's businesses
include cable television networks that provide programming, feature films,
television and home video production and distribution, and magazine publishing.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TWX UN EQUITY YTD Change
TWX UN EQUITY YTD % CHANGE
12/2012
03/yy
61.73
36.95
290'292.00
60.48
-2.01%
63.68%
93.30%
932.2
56'377.89
19'871.00
0.0
1.0
2'841.00
73'326.89
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
j-12
31.12.2009
31.12.2010
25'388.0
26'888.0
1.78x
1.79x
5'748.0
6'413.0
7.86x
7.52x
2'477.0
2'578.0
15.02x
12.97x
Profitability
LTM-4Q
31.12.2011
28'974.0
1.77x
6'877.0
7.45x
2'886.0
12.37x
31.12.2012
28'729.0
2.14x
7'106.0
8.67x
3'019.0
14.24x
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
7'106.00
6'214.00
21.63%
15.81%
4.72%
10.56%
8.19%
0.43%
44.5%
25.3%
22.2%
10.5%
1.35
1.04
29.09%
66.51%
4.28
8.06
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
29'270.0
6.94x
6'931.0
7.65x
2'816.0
12.53x
d-12
03/yy
28'689.0
8.58x
7'250.0
9.75x
3'156.0
16.38x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
1.77
1.03
880.12
8.05
59.19%
27.76%
1.035
33
4.394
1'434'129
1'228'604
1'218'703
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
29'537.6
30'877.0
7'095.1
7'066.2
2.45x
2.22x
10.07x
10.06x
7'448.4
8'134.5
1'597.0
1'923.6
9.84x
9.01x
9.61x
9.47x
3'470.5
3'892.0
717.3
892.5
16.44x
14.15x
15.67x
15.38x
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
27.03.2009
BBB
STABLE
21.05.2008
A-2
5.23
4.75
2.34
2.68
66.5%
39.9%
0.43
7.45
85.29
45.26
16.07
-44.00
18.00
50'000.0
16.00
45'000.0
14.00
40'000.0
35'000.0
12.00
30'000.0
10.00
8.00
25'000.0
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
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
26'516.0
2.27x
5'541.0
10.88x
(13'402.0)
18.98x
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
05.07.2013
Time Warner Inc

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
DODGE & COX
STATE STREET
FMR LLC
COATUE MANAGEMENT LL
FRANKLIN RESOURCES
NORGES BANK
INVESCO LTD
Firm Name
Deutsche Bank
B Riley & Co
BMO Capital Markets
Cowen and Company
Davenport & Co
Edward Jones
Needham & Co
Wedbush
EVA Dimensions
Barrington Research
Stifel
Argus Research Corp
RBC Capital Markets
Credit Suisse
Macquarie
Nomura
Barclays
Morgan Stanley
JPMorgan
Evercore Partners
S&P Capital IQ
Goldman Sachs
Gabelli & Co
Wedge Partners
D.A. Davidson & Co
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
DODGE & COX
n/a
n/a
COATUE MANAGEMENT LL
n/a
n/a
NORGES BANK
n/a
Analyst
TODD JUENGER
BARTON CROCKETT
DAVID W MILLER
DANIEL SALMON
DOUGLAS CREUTZ
MICHAEL C MORRIS
VASILY KARASYOV
ROBIN DIEDRICH
LAURA A MARTIN
JAMES G DIX
TONY WIBLE
HAMILTON FABER
CRAIG STERLING
JAMES C GOSS
DREW E CRUM
JOSEPH F BONNER
DAVID BANK
MICHAEL SENNO
TIMOTHY W NOLLEN
MATTHEW HARRIGAN
MICHAEL NATHANSON
MARCI RYVICKER
JAISON BLAIR
BENJAMIN SWINBURNE
ALEXIA S QUADRANI
ALAN GOULD
TUNA AMOBI
DREW BORST
BRETT HARRISS
MARTIN PYYKKONEN
DONNA M JAEGERS
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
Recommendation
buy
market perform
buy
buy
market perform
outperform
buy
buy
hold
hold
outperform
neutral
overweight
buy
outperform
buy
buy
outperform
outperform
outperform
buy
neutral
outperform
equalweight
no rating system
Equalwt/Attractive
overweight
overweight
buy
buy/attractive
hold
no rating system
buy
Amt Held
75'884'870
51'417'631
47'464'666
41'751'742
41'332'138
36'245'698
31'421'367
28'114'135
22'364'094
18'893'980
14'459'654
13'707'774
12'491'418
11'902'275
9'506'844
9'347'064
9'297'800
8'816'961
8'602'633
7'988'021
% Out
8.14
5.52
5.09
4.48
4.43
3.89
3.37
3.02
2.4
2.03
1.55
1.47
1.34
1.28
1.02
1
1
0.95
0.92
0.86
Weighting
Change
5
3
5
5
3
5
5
5
3
3
5
3
5
5
5
5
5
5
5
5
5
3
5
3
#N/A N/A
3
5
5
5
5
3
#N/A N/A
5
M
M
M
M
M
M
M
N
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
Latest Chg
(3'308'055)
(286'298)
427'228
(1'246'930)
(560'145)
(6'158'852)
1'554'508
2'799'576
(1'295'410)
(7'615'968)
1'468'055
363'753
1'751'752
(176'495)
10'538
(270'860)
(2'744'763)
109'355
Target Price
69
63
72
67
64
68
64
73
#N/A N/A
#N/A N/A
63
67
73
#N/A N/A
67
65
68
64
66
69
70
60
#N/A N/A
62
70
66
67
65
65
67
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
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
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
18 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
03.07.2013
01.07.2013
30.06.2013
28.06.2013
25.06.2013
18.06.2013
14.06.2013
12.06.2013
03.06.2013
28.05.2013
24.05.2013
17.05.2013
13.05.2013
13.05.2013
09.05.2013
06.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
01.05.2013
01.05.2013
29.04.2013
08.03.2013
07.02.2013
26.10.2011
05.07.2013
Texas Instruments Inc

Texas Instruments Incorporated is a global semiconductor company that designs
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.05.2013)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TXN UW EQUITY YTD Change
TXN UW EQUITY YTD % CHANGE
12/2012
03/yy
37.35
26.06
550'120.00
35.7
-4.31%
36.99%
83.53%
1'109.2
39'596.81
5'686.00
0.0
0.0
3'965.00
41'417.81
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
35
7.0 M
30
6.0 M
25
5.0 M
20
4.0 M
15
3.0 M
10
2.0 M
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
12'501.0
1.38x
3'750.0
4.61x
1'920.0
9.82x
40
31.12.2009
31.12.2010
10'427.0
13'966.0
2.82x
2.50x
3'128.0
5'316.0
9.40x
6.56x
1'470.0
3'228.0
20.71x
12.69x
Profitability
LTM-4Q
31.12.2011
13'735.0
2.61x
4'434.0
8.08x
2'236.0
13.36x
31.12.2012
12'825.0
2.80x
3'986.0
9.02x
1'759.0
16.13x
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
3'986.00
2'687.00
20.95%
15.09%
9.35%
16.86%
11.75%
0.63%
49.7%
31.0%
20.9%
13.7%
2.40
1.51
28.40%
51.87%
8.96
3.59
Price/ Cash Flow
LTM
03/yy
13'465.0
10.80x
4'182.0
9.80x
1'836.0
17.19x
03/yy
12'589.0
11.52x
3'908.0
10.54x
1'856.0
19.78x
FY+1
.0 M
j-13
2.13
1'104.39
18.84
28.50%
17.04%
46
3.217
2'232'249
2'405'461
2'494'308
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
12'224.0
12'922.4
3'059.8
3'204.4
3.30x
3.05x
13.13x
12.47x
3'757.8
4'352.6
942.5
1'065.9
11.03x
9.52x
10.38x
9.96x
2'002.2
2'440.1
495.9
597.2
19.90x
16.26x
18.51x
17.46x
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
23.09.2010
A+
STABLE
01.02.1986
A-1
46.89
41.07
0.47
1.45
51.9%
34.2%
0.63
3.14
40.75
101.65
30.16
109.62
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
05.07.2013
Texas Instruments Inc

Holdings By:
All
Holder Name
BLACKROCK
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
STATE STREET
JP MORGAN
INVESCO LTD
WELLS FARGO
MACKAY SHIELDS LLC
NORGES BANK
Firm Name
Exane BNP Paribas
Drexel Hamilton LLC
BMO Capital Markets
Edward Jones
FBR Capital Markets
Argus Research Corp
Morgan Stanley
JPMorgan
Needham & Co
Wedbush
B Riley & Co
Stifel
Cowen and Company
Barclays
Deutsche Bank
RBC Capital Markets
Credit Suisse
Jefferies
Raymond James
Evercore Partners
Oppenheimer & Co
ISI Group
EVA Dimensions
MKM Partners
Goldman Sachs
Macquarie
Nomura
Gabelli & Co
S&P Capital IQ
Davenport & Co
JMP Securities
Portfolio Name
n/a
n/a
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
n/a
HARRIS ASSOC LP
n/a
n/a
n/a
Multiple Portfolios
NORGES BANK
Analyst
JEROME RAMEL
RICHARD WHITTINGTON
STACY A RASGON
DAVID M WONG
AMBRISH SRIVASTAVA
TRISTAN GERRA
WILLIAM C KREHER
CHRISTOPHER ROLLAND
CODY G ACREE
JAMES KELLEHER
JOSEPH MOORE
CHRISTOPHER DANELY
VERNON P ESSI JR
BETSY VAN HEES
CRAIG ELLIS
TORE E SVANBERG
TIMOTHY M ARCURI
CHRISTOPHER CASO
BLAYNE CURTIS
ROSS C SEYMORE
DOUG FREEDMAN
JOHN W PITZER
WILLIAM STEIN
MARK J LIPACIS
J STEVEN SMIGIE
VIJAY R RAKESH
PATRICK WANG
RICHARD SCHAFER
SUMIT DHANDA
ANDREW S ZAMFOTIS
ADA MENAKER
YOKO YAMADA
JAMES V COVELLO
MICHAEL MCCONNELL
SHAWN WEBSTER
ROBERT BURLESON
ROMIT SHAH
HENDI SUSANTO
CHRISTIN ARMACOST
IVAN FEINSETH
F DRAKE JOHNSTONE
ALEX GAUNA
ISHANSH VIJ
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
13F
Recommendation
underperform
buy
market perform
market perform
outperform
neutral
hold
underperform
buy
hold
Equalwt/In-Line
overweight
hold
outperform
buy
hold
market perform
neutral
equalweight
hold
sector perform
neutral
reduce
buy
market perform
underperform
equalweight
market perform
buy
underweight
neutral
neutral
neutral/attractive
sector perform
neutral
hold
neutral
hold
buy
underperform
neutral
market outperform
market perform
Amt Held
216'840'160
59'618'874
55'969'515
51'292'102
44'058'837
34'269'123
25'759'856
23'909'469
23'430'134
22'414'916
20'273'911
17'942'665
15'617'642
15'194'471
10'685'085
10'071'468
9'086'316
8'048'900
7'922'648
7'618'610
% Out
19.55
5.38
5.05
4.62
3.97
3.09
2.32
2.16
2.11
2.02
1.83
1.62
1.41
1.37
0.96
0.91
0.82
0.73
0.71
0.69
Weighting
Change
1
5
3
3
5
3
3
1
5
3
3
5
3
5
5
3
3
3
3
3
3
3
2
5
3
1
3
3
5
1
3
3
3
3
3
3
3
3
5
1
3
4
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
U
M
M
M
M
M
M
M
M
U
N
M
M
M
Latest Chg
23'721'139
(2'154'247)
(1'794'238)
1'060'083
(648'203)
773'872
4'216'870
(2'722'709)
1'968'204
(3'663'592)
17'631'515
3'045'513
(259'966)
312'397
(457'012)
138'443
(437'981)
(1'191'817)
80'248
Target Price
26
44
38
#N/A N/A
40
35
#N/A N/A
30
41
#N/A N/A
#N/A N/A
37
#N/A N/A
37
39
#N/A N/A
36
32
31
32
35
35
30
42
#N/A N/A
31
35
#N/A N/A
40
#N/A N/A
31
36
36
#N/A N/A
38
35
30
#N/A N/A
42
#N/A N/A
#N/A N/A
33
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
04.07.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
30.04.2013
31.12.2012
31.03.2013
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
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
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
03.07.2013
02.07.2013
01.07.2013
01.07.2013
24.06.2013
20.06.2013
14.06.2013
13.06.2013
13.06.2013
12.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
07.06.2013
05.06.2013
03.05.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
02.04.2013
18.03.2013
28.01.2013
17.10.2012
10.06.2011
05.07.2013
UnitedHealth Group Inc

UnitedHealth Group Incorporated owns and manages organized health systems in the
United States and internationally. The Company provides employers products and
resources to plan and administer employee benefit programs. UnitedHealth also
serves the health needs of older Americans, provides specialized care services,
and provides health care information and research to providers and payers.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.07.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UNH UN EQUITY YTD Change
UNH UN EQUITY YTD % CHANGE
12/2012
03/yy
66.36
50.33
198'233.00
65.47
-1.37%
30.08%
94.88%
1'020.0
66'779.86
16'754.00
0.0
2'121.0
11'437.00
73'959.86
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
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
81'186.0
0.45x
6'244.0
5.85x
2'977.0
9.02x
70
31.12.2009
31.12.2010
87'138.0
94'155.0
0.40x
0.42x
7'350.0
8'928.0
4.77x
4.39x
3'822.0
4'634.0
9.41x
8.57x
Profitability
LTM-4Q
31.12.2011
101'862.0
0.51x
9'588.0
5.45x
5'142.0
10.71x
31.12.2012
110'618.0
0.57x
10'563.0
5.94x
5'526.0
10.27x
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
10'563.00
9'254.00
8.37%
7.79%
6.84%
17.59%
12.38%
1.46%
25.2%
9.2%
8.0%
5.0%
0.78
0.52
20.71%
53.74%
38.71
-
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
1.30
0.95
1'003.78
13.51
21.24%
21.70%
0.949
25
4.640
1'046'520
1'416'909
1'377'490
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
103'712.0 113'676.0 122'686.7 133'534.0
30'520.8
30'689.3
2.02x
2.14x
0.61x
0.54x
2.52x
2.47x
9'710.0
10'425.0
10'888.6
11'545.1
2'537.3
3'004.8
6.12x
6.25x
6.78x
6.39x
6.77x
6.70x
5'184.0
5'330.0
5'531.7
5'898.5
1'277.1
1'552.4
12.25x
11.15x
12.05x
11.24x
11.89x
11.59x
S&P Issuer Ratings
03.11.1998
Long-Term Rating
A
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
16.71
15.02
Net Debt/EBITDA
0.48
Total Debt/EBITDA
1.73
Reference
Total Debt/Equity
53.7%
Total Debt/Capital
33.5%
Asset Turnover
1.46
34.95
9.43
Inventory Days
74.14
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
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
05.07.2013
UnitedHealth Group Inc

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
FMR LLC
JP MORGAN
INVESCO LTD
UBS
MORGAN STANLEY
JENNISON ASSOCIATES
CREDIT SUISSE AG
UNITED HEALTHCARE IN
BUENO EDSON DE GODOY
Firm Name
BMO Capital Markets
Raymond James
Oppenheimer & Co
Wedbush
Cowen and Company
S&P Capital IQ
CRT Capital Group
Deutsche Bank
EVA Dimensions
Goldman Sachs
Barclays
JPMorgan
Stifel
Argus Research Corp
Credit Suisse
Jefferies
Cantor Fitzgerald
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
HARRIS ASSOC LP
n/a
JENNISON ASSOCIATES
n/a
UNITED HEALTHCARE IN
n/a
Analyst
JENNIFER LYNCH
MICHAEL J BAKER
MICHAEL WIEDERHORN
STEVEN P HALPER
SARAH JAMES
CHRISTINE ARNOLD
PHILLIP SELIGMAN
SHERYL R SKOLNICK
SCOTT J FIDEL
PETER H COSTA
CHRIS RIGG
AUSTIN BURKETT
MATTHEW BORSCH
BRIAN M WRIGHT
JOSHUA R RASKIN
JUSTIN LAKE
THOMAS A CARROLL
DAVID H TOUNG
E EUGENE ROBINSON
RALPH GIACOBBE
DAVID H WINDLEY
JOSEPH D FRANCE
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Sch-D
Form 4
Recommendation
outperform
strong buy
outperform
buy
outperform
outperform
buy
buy
hold
outperform
Positive
underweight
Buy/Neutral
buy
overweight
overweight
buy
hold
buy
outperform
buy
buy
Amt Held
86'319'448
52'945'575
48'780'259
46'796'851
46'101'745
44'704'856
33'792'841
26'127'480
22'380'290
18'018'734
16'219'068
15'946'046
14'628'800
14'615'458
12'429'164
11'603'625
10'897'126
10'378'164
9'668'800
8'416'905
% Out
8.46
5.19
4.78
4.59
4.52
4.38
3.31
2.56
2.19
1.77
1.59
1.56
1.43
1.43
1.22
1.14
1.07
1.02
0.95
0.83
Weighting
Change
5
5
5
5
5
5
5
5
3
5
4
1
5
5
5
5
5
3
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
13'315'739
(6'759'876)
(489'374)
518'905
(1'004'803)
(2'701'761)
1'308'974
593'939
452'162
238'191
196'046
368'291
1'143'115
8'365'150
86'515
(570'600)
(6'225'398)
573'711
-
Target Price
70
70
66
70
70
75
72
72
63
#N/A N/A
79
#N/A N/A
72
68
70
70
70
#N/A N/A
#N/A N/A
71
71
70
File Dt
31.03.2013
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
03.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
21.12.2012
Date
Not Provided
12 month
18 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
n/a
Date
03.07.2013
03.07.2013
03.07.2013
02.07.2013
01.07.2013
28.06.2013
28.06.2013
19.06.2013
18.06.2013
17.06.2013
09.06.2013
04.06.2013
21.05.2013
20.05.2013
09.05.2013
07.05.2013
03.05.2013
30.04.2013
22.04.2013
18.04.2013
18.04.2013
18.04.2013
05.07.2013
Union Pacific Corp

Union Pacific Corporation is a rail transportation company. The Company's
railroad hauls a variety of goods, including agricultural, automotive, and
chemical products. Union Pacific offersslong-haul routes from all major West
Coast and Gulf Coast ports to eastern gateways as well as connects with
Canada's rail systems and serves the major gateways to Mexico.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UNP UN EQUITY YTD Change
UNP UN EQUITY YTD % CHANGE
12/2012
03/yy
161.00
115.42
54'839.00
156.69
-2.78%
35.76%
87.49%
466.8
73'139.55
8'997.00
0.0
0.0
1'063.00
81'083.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.8 M
160
1.6 M
140
1.4 M
120
1.2 M
100
1.0 M
80
.8 M
60
.6 M
40
.4 M
20
.2 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
17'970.0
1.77x
5'462.0
5.81x
2'338.0
10.53x
180
31.12.2009
31.12.2010
14'143.0
16'965.0
2.85x
3.17x
4'806.0
6'468.0
8.38x
8.30x
1'890.0
2'780.0
17.98x
16.59x
Profitability
LTM-4Q
31.12.2011
19'557.0
2.99x
7'341.0
7.97x
3'292.0
15.88x
31.12.2012
20'926.0
3.20x
8'505.0
7.87x
3'943.0
15.26x
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
8'505.00
6'745.00
32.23%
30.19%
8.60%
20.76%
15.16%
0.45%
40.9%
32.5%
18.8%
1.16
0.77
19.08%
45.26%
14.87
-
Price/ Cash Flow
LTM
03/yy
20'179.0
11.09x
7'746.0
7.63x
3'516.0
14.99x
03/yy
21'104.0
12.81x
8'635.0
8.62x
4'037.0
16.80x
FY+1
.0 M
j-13
1.65
1.09
464.25
3.91
34.39%
25.83%
1.092
30
4.200
495'826
486'529
487'111
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
22'282.4
23'906.2
5'504.9
5'767.9
3.63x
3.37x
14.72x
14.03x
9'347.4
10'288.8
2'320.0
2'477.3
8.67x
7.88x
8.49x
8.30x
4'439.6
4'963.4
1'096.4
1'194.3
16.45x
14.37x
15.90x
15.38x
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
23.04.2012
ASTABLE
29.05.2002
A-2
15.90
8.91
0.92
1.14
45.3%
31.2%
0.45
0.51
24.55
-
14.00
25'000.0
12.00
20'000.0
10.00
15'000.0
8.00
6.00
10'000.0
4.00
5'000.0
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
05.07.2013
Union Pacific Corp

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
JP MORGAN
JENNISON ASSOCIATES
MACKAY SHIELDS LLC
WELLS FARGO
UBS
NORGES BANK
Firm Name
Jefferies
TD Securities
Wolfe Research
Stifel
Cowen and Company
Edward Jones
Barclays
Goldman Sachs
Morgan Stanley
RBC Capital Markets
JPMorgan
BMO Capital Markets
Deutsche Bank
Argus Research Corp
Credit Suisse
Stephens Inc
Raymond James
FBR Capital Markets
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
JENNISON ASSOCIATES
Multiple Portfolios
n/a
n/a
NORGES BANK
n/a
n/a
Analyst
H PETER NESVOLD
CHERILYN RADBOURNE
SCOTT H GROUP
JOHN G LARKIN
ANTHONY P GALLO
JASON H SEIDL
LOGAN PURK
DAVID VERNON
DONALD BROUGHTON
BENJAMIN J HARTFORD
BRANDON OGLENSKI
TOM KIM
WILLIAM J GREENE
WALTER SPRACKLIN
THOMAS R WADEWITZ
FADI CHAMOUN
JUSTIN B YAGERMAN
RORRIE MARS
NATHANIEL GABRIEL
FREDERICK M SCHULTZ
JUSTIN LONG
PATRICK TYLER BROWN
JOHN R MIMS
MARK A LEVIN
MATT TROY
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
MF-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
Recommendation
buy
hold
outperform
hold
outperform
outperform
hold
market perform
market outperform
outperform
overweight
neutral/neutral
Overwt/Attractive
sector perform
overweight
outperform
buy
neutral
buy
outperform
buy
equalweight
outperform
outperform
hold
Positive
hold
Amt Held
47'955'857
29'889'279
21'541'785
21'314'643
18'584'884
15'037'121
8'951'611
8'839'047
7'158'736
6'677'346
6'487'315
6'302'740
6'063'684
4'975'865
4'709'671
4'213'790
4'051'986
3'864'788
3'294'184
3'227'249
% Out
10.27
6.4
4.61
4.57
3.98
3.22
1.92
1.89
1.53
1.43
1.39
1.35
1.3
1.07
1.01
0.9
0.87
0.83
0.71
0.69
Weighting
Change
5
3
5
3
5
5
3
3
4
5
5
3
5
3
5
5
5
3
5
5
5
3
5
5
3
4
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
Latest Chg
758'614
3'563'174
506'460
(440'166)
(159'197)
(2'249'222)
(979'878)
617'868
(114'073)
(311'717)
107'822
107'336
359'271
(55'775)
(314'523)
708
(469'539)
(361'069)
(399'686)
Target Price
177
161
167
#N/A N/A
#N/A N/A
174
#N/A N/A
152
157
158
170
171
169
148
167
171
164
155
155
175
#N/A N/A
147
150
165
#N/A N/A
161
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
30.04.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
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
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
05.07.2013
04.07.2013
03.07.2013
02.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
27.06.2013
25.06.2013
24.06.2013
21.06.2013
20.06.2013
14.06.2013
04.06.2013
28.05.2013
07.05.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
18.04.2013
15.01.2013
05.07.2013
United Parcel Service Inc

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the
United States and in other countries and territories. The Company also provides
global supply chain services and less-than-truckload transportation, primarily
in the U.S. UPS's business consists of integrated air and ground pick-up and
delivery network
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.05.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UPS UN EQUITY YTD Change
UPS UN EQUITY YTD % CHANGE
12/2012
03/yy
89.96
69.56
70'881.00
87
-3.31%
25.07%
81.37%
724.7
82'148.25
12'870.00
0.0
80.0
7'924.00
87'497.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
51'486.0
1.24x
7'196.0
8.86x
3'003.0
15.76x
100
90
80
70
60
50
40
30
20
10
0
j-12
31.12.2009
31.12.2010
45'297.0
49'545.0
1.42x
1.59x
5'548.0
7'433.0
11.63x
10.60x
2'152.0
3'338.0
24.87x
21.59x
Profitability
LTM-4Q
31.12.2011
53'105.0
1.46x
7'862.0
9.85x
3'804.0
18.62x
31.12.2012
54'127.0
1.39x
3'201.0
23.52x
807.0
16.50x
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
3'201.00
1'343.00
2.48%
1.80%
2.36%
15.27%
6.77%
1.47%
12.0%
5.9%
2.5%
1.5%
1.86
1.67
33.12%
276.60%
9.67
-
Price/ Cash Flow
LTM
03/yy
53'659.0
5.72x
7'977.0
10.46x
3'859.0
20.28x
03/yy
54'425.0
5.83x
3'227.0
26.81x
874.0
19.04x
FY+1
.0 M
j-13
2.68
0.88
724.24
10.36
12.81%
19.72%
0.883
32
4.125
696'423
806'969
825'749
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
56'478.3
59'903.2
13'808.9
13'902.8
1.55x
1.45x
6.44x
6.39x
9'465.2
10'330.8
2'304.9
2'340.5
9.25x
8.47x
9.10x
8.90x
4'711.9
5'189.6
1'135.3
1'158.4
17.46x
15.28x
16.94x
16.36x
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
21.09.2012
A+
NEG
21.09.2012
A-1
7.79
2.55
1.65
3.93
276.6%
73.1%
1.47
3.07
37.74
16.49
-
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
United Parcel Service Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
WELLS FARGO
FRANKLIN RESOURCES
PRIMECAP MANAGEMENT
NORGES BANK
DEUTSCHE BANK AG
Firm Name
Stifel
Wolfe Research
Jefferies
Cowen and Company
Oppenheimer & Co
Deutsche Bank
Thompson, Davis & Company
Goldman Sachs
JPMorgan
Morgan Stanley
RBC Capital Markets
Edward Jones
Macquarie
Barclays
Argus Research Corp
Credit Suisse
Stephens Inc
William Blair & Co
Raymond James
S&P Capital IQ
Nomura
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
PRIMECAP MANAGEMENT
NORGES BANK
n/a
Analyst
DAVID G ROSS
SCOTT H GROUP
H PETER NESVOLD
HELANE R BECKER
BENJAMIN J HARTFORD
SCOTT A SCHNEEBERGER
JUSTIN B YAGERMAN
DAVID P CAMPBELL
TOM KIM
THOMAS R WADEWITZ
DONALD BROUGHTON
ANTHONY P GALLO
WILLIAM J GREENE
RORRIE MARS
JOHN L BARNES III
DAVID VERNON
LOGAN PURK
KELLY A DOUGHERTY
BRANDON OGLENSKI
NATHANIEL GABRIEL
JOSHUA HERRITY
MARK SUAREZ
JACK ATKINS
NATHAN J BROCHMANN
ARTHUR W HATFIELD
KEVIN W STERLING
JAMES CORRIDORE
MARK MCVICAR
CRAIG STERLING
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
hold
peerperform
hold
market perform
neutral
outperform
buy
buy
neutral/attractive
overweight
market perform
market perform
Equalwt/Attractive
overweight
outperform
outperform
hold
outperform
equalweight
buy
outperform
no rating system
buy
equalweight
outperform
strong buy
buy
buy
neutral
overweight
Amt Held
43'355'728
34'060'767
30'198'297
26'112'200
25'469'061
20'845'610
19'017'700
12'601'675
11'183'797
10'416'441
9'519'032
7'843'085
7'384'208
6'782'441
6'748'588
6'157'860
5'840'077
5'826'023
5'783'095
5'770'260
% Out
5.98
4.7
4.17
3.6
3.51
2.88
2.62
1.74
1.54
1.44
1.31
1.08
1.02
0.94
0.93
0.85
0.81
0.8
0.8
0.8
Weighting
Change
3
3
3
3
3
5
5
5
3
5
3
3
3
5
5
5
3
5
3
5
5
#N/A N/A
5
3
5
5
5
5
3
5
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
M
D
Latest Chg
3'353'674
787'559
1'765'297
(1'363'487)
1'261'998
1'316'893
2'467'390
(4'326'545)
(516'647)
431'025
(210'820)
(622'781)
726'878
76'551
(551'850)
24'499
951'838
2'027'071
333'449
Target Price
#N/A N/A
#N/A N/A
80
88
96
97
99
105
97
90
85
#N/A N/A
#N/A N/A
95
100
96
#N/A N/A
93
92
98
96
99
100
90
#N/A N/A
98
95
100
90
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.05.2013
31.03.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
6 month
18 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 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
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
03.07.2013
02.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
26.06.2013
24.06.2013
21.06.2013
21.06.2013
21.06.2013
21.06.2013
20.06.2013
20.06.2013
14.06.2013
07.06.2013
03.06.2013
01.06.2013
22.05.2013
20.05.2013
14.05.2013
07.05.2013
03.05.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
11.04.2013
08.02.2013
05.07.2013
US Bancorp/MN
U.S. Bancorp is a diversified financial services company that provides lending
and depository services, cash management, foreign exchange and trust and
investment management services. The Company also provides credit card
services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp
operates in the Midwest and Western United States.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2013)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
USB UN EQUITY YTD Change
USB UN EQUITY YTD % CHANGE
12/2012
03/yy
36.72
30.96
370'455.00
36.61
-0.30%
18.25%
94.07%
1'849.6
67'715.41
51'818.00
4'769.0
1'269.0
8'252.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
35
7.0 M
30
6.0 M
25
5.0 M
20
4.0 M
15
3.0 M
10
2.0 M
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
19'229.0
2'946.0
15.34x
40
31.12.2009
31.12.2010
19'490.0
20'518.0
2'205.0
3'317.0
21.44x
15.78x
Profitability
LTM-4Q
31.12.2011
21'399.0
4'872.0
11.27x
31.12.2012
22'202.0
5'647.0
11.14x
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
38.91%
38.51%
1.65%
16.31%
5.93%
0.06%
28.1%
14.64%
151.39%
-
Price/ Cash Flow
LTM
03/yy
21'758.0
0.00x
0.0
0.00x
5'164.0
12.40x
03/yy
22'007.0
0.00x
0.0
0.00x
5'737.0
11.59x
FY+1
.0 M
j-13
2.13
1.07
1'846.93
20.26
15.09%
16.02%
1.070
40
3.675
2'315'967
2'782'477
2'608'914
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
19'892.8
20'456.7
4'987.5
4'997.7
5'640.8
5'808.5
1'421.1
1'422.6
12.07x
11.34x
11.97x
11.80x
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
20.08.2012
A+
STABLE
17.06.2009
A-1
151.4%
56.3%
0.06
8.34
-
16.00
25'000.0
14.00
20'000.0
12.00
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
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
05.07.2013
US Bancorp/MN
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
US BANCORP
NORGES BANK
GENERAL RE NEW ENGLA
GENERAL REINSURANCE
UBS
Firm Name
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
US BANCORP
NORGES BANK
GENERAL RE NEW ENGLA
n/a
GENERAL REINSURANCE
n/a
Analyst
BMO Capital Markets

PETER J WINTER
DAVID A GEORGE
JOHN E MCDONALD
Evercore Partners
ANDREW A MARQUARDT
MARTY L MOSBY III
Oppenheimer & Co
Jefferies
KENNETH M USDIN
Raymond James
DAVID J LONG
R SCOTT SIEFERS
Portales Partners
JENNIFER A THOMPSON
TODD L HAGERMAN
Edward Jones
SHANNON L STEMM
ERIC E WASSERSTROM
RBC Capital Markets
JON G ARFSTROM
MATTHEW H BURNELL
JACK MICENKO
RICHARD STAITE
RICHARD X BOVE SR
Goldman Sachs
RICHARD N RAMSDEN
KAZUKI WATANABE
Deutsche Bank
MATTHEW D O'CONNOR
Drexel Hamilton LLC
DAVID B HILDER
EVA Dimensions
AUSTIN BURKETT
Barclays
JASON M GOLDBERG
Scotia Capital
KEVIN R CHOQUETTE
JPMorgan
VIVEK JUNEJA
Morgan Stanley
BETSY L GRASECK
Argus Research Corp
DAVID RITTER
FBR Capital Markets
PAUL J MILLER JR
Credit Suisse
MOSHE A ORENBUCH
Hilliard Lyons
ROSS A DEMMERLE
Compass Point Research & Trading LLC KEVIN BARKER
Nomura
KEITH MURRAY
S&P Capital IQ
ERIK M OJA
MEREDITH A WHITNEY
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
Sch-D
ULT-AGG
13F
13F
13F
13F
Recommendation
market perform
outperform
market perform
equalweight
neutral
market perform
hold
outperform
strong buy
buy
outperform
neutral
hold
neutral
outperform
market perform
Positive
underweight
hold
neutral/attractive
outperform
buy
buy
overweight
overweight
sector perform
neutral
Equalwt/Attractive
hold
outperform
outperform
neutral
neutral
buy
hold
hold
Amt Held
134'266'296
83'666'762
83'325'319
79'194'758
68'645'270
61'458'101
43'963'190
31'536'198
27'521'972
21'720'184
20'198'268
17'502'619
17'491'443
15'618'442
14'559'100
13'969'094
13'652'862
13'369'932
12'678'132
12'612'863
% Out
7.26
4.52
4.5
4.28
3.71
3.32
2.38
1.7
1.49
1.17
1.09
0.95
0.95
0.84
0.79
0.76
0.74
0.72
0.69
0.68
Weighting
Change
3
5
3
3
3
3
3
5
5
5
5
3
3
3
5
3
4
1
3
3
5
5
5
5
5
3
3
3
3
5
5
3
3
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
N
D
M
Latest Chg
6'555'085
(1'599'555)
1'726'353
(379'477)
5'726'479
193'500
3'960'000
1'194'082
1'905'495
(2'965'177)
(330'389)
500
(253'870)
1'693'249
(2'499'466)
(866'712)
(9'830)
200'769
Target Price
36
37
38
35
41
#N/A N/A
39
39
38
39
#N/A N/A
35
#N/A N/A
37
37
#N/A N/A
39
34
37
37
35
38
40
#N/A N/A
40
40
36
36
#N/A N/A
36
38
#N/A N/A
35
38
34
#N/A N/A
File Dt
03.07.2013
31.03.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Insurance Company
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
28.06.2013
27.06.2013
26.06.2013
26.06.2013
25.06.2013
25.06.2013
21.06.2013
20.06.2013
20.06.2013
18.06.2013
18.06.2013
13.06.2013
12.06.2013
11.06.2013
24.05.2013
13.05.2013
11.05.2013
09.05.2013
07.05.2013
06.05.2013
02.05.2013
01.05.2013
17.04.2013
17.04.2013
17.04.2013
16.04.2013
16.04.2013
16.04.2013
05.02.2013
16.01.2013
18.07.2012
05.07.2013
United Technologies Corp

United Technologies Corporation provides technology products and support
services to customers in the aerospace and building industries worldwide. The
Company's products include aircraft engines, elevators and escalators, heating
and air conditioning equipment, helicopters, aerospace systems, fuel cell
systems, and fire and safety equipment.
Price/Volume
120
6.0 M
5.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (22.05.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UTX UN EQUITY YTD Change
UTX UN EQUITY YTD % CHANGE
12/2012
03/yy
98.18
70.95
287'528.00
95.66
-2.68%
34.83%
87.33%
919.3
87'940.31
23'221.00
0.0
1'393.0
4'819.00
107'621.31
4.0 M
3.0 M
40
2.0 M
20
1.0 M
0
j-12
31.12.2009
31.12.2010
52'920.0
54'326.0
1.35x
1.47x
7'723.0
8'542.0
9.28x
9.36x
3'829.0
4'373.0
14.64x
16.19x
Profitability
LTM-4Q
31.12.2011
55'754.0
1.29x
9'109.0
7.89x
4'979.0
13.45x
31.12.2012
57'708.0
1.65x
9'208.0
10.33x
5'130.0
15.19x
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
9'208.00
7'684.00
13.32%
11.98%
8.08%
24.92%
16.98%
0.79%
27.0%
16.1%
13.4%
8.9%
1.24
0.67
25.97%
89.61%
6.08
4.72
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
55'497.0
5.60x
9'124.0
8.81x
4'297.0
15.32x
d-12
03/yy
59'691.0
6.39x
9'625.0
10.97x
6'066.0
16.86x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
2.18
1.11
916.20
5.85
29.55%
18.00%
1.108
27
4.556
1'218'277
1'029'067
971'080
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
64'542.2
68'190.7
16'407.0
16'367.1
1.58x
1.47x
6.49x
6.46x
10'952.8
11'955.4
2'850.3
2'816.4
9.84x
9.01x
9.63x
9.44x
5'581.2
6'289.9
1'427.1
1'424.0
15.65x
13.72x
15.42x
14.90x
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
02.10.2003
A
STABLE
28.01.1992
A-1
10.10
8.57
1.88
2.37
89.6%
46.0%
0.79
8.37
60.00
77.39
46.04
90.69
14.00
70'000.0
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
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
7.0 M
80
Valuation Analysis
31.12.2008
59'757.0
0.98x
8'946.0
6.54x
4'689.0
10.78x
8.0 M
100
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
05.07.2013
United Technologies Corp

Holdings By:
All
Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
FMR LLC
JP MORGAN
UBS
WELLS FARGO
ABERDEEN
JENNISON ASSOCIATES
FRANKLIN RESOURCES
NORGES BANK
INVESCO LTD
Firm Name
Jefferies
Goldman Sachs
Drexel Hamilton LLC
RBC Capital Markets
Morgan Stanley
Deutsche Bank
Edward Jones
Argus Research Corp
JPMorgan
Cowen and Company
William Blair & Co
Credit Suisse
FBR Capital Markets
Nomura
Barclays
Oppenheimer & Co
Langenberg & Co
S&P Capital IQ
EVA Dimensions
Gabelli & Co
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
BANK OF AMERICA
n/a
n/a
n/a
JENNISON ASSOCIATES
n/a
NORGES BANK
n/a
Analyst
HOWARD A RUBEL
RICHARD RADBOURNE
DOUGLAS S HARNED
SAMUEL J PEARLSTEIN
NOAH POPONAK
RICHARD WHITTINGTON
ROBERT STALLARD
NIGEL COE
MYLES WALTON
CHRISTIAN MAYES
NATHANIEL GABRIEL
JOSEPH B NADOL III
CAI VON RUMOHR
NICHOLAS P HEYMANN
JULIAN MITCHELL
PETER J ARMENT
AJAY K KEJRIWAL
FREDERICK M SCHULTZ
SHANNON O'CALLAGHAN
CARTER COPELAND
YAIR REINER
RICHARD TORTORIELLO
CRAIG STERLING
ZAHID SIDDIQUE
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
Recommendation
buy
overweight
market perform
outperform
neutral/attractive
buy
outperform
Overwt/In-Line
buy
buy
buy
overweight
outperform
outperform
outperform
buy
market perform
buy
buy
overweight
market perform
buy
buy
sell
hold
Amt Held
106'425'733
55'539'333
46'229'438
41'377'408
31'568'870
30'502'787
26'052'887
25'767'662
18'671'635
15'478'906
14'540'941
13'712'241
12'529'783
9'490'459
9'275'516
8'374'381
7'852'086
7'312'921
7'048'870
6'930'410
% Out
11.58
6.04
5.03
4.5
3.43
3.32
2.83
2.8
2.03
1.68
1.58
1.49
1.36
1.03
1.01
0.91
0.85
0.8
0.77
0.75
Weighting
Change
5
5
3
5
3
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
3
5
5
1
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
Latest Chg
(4'911'605)
1'503'245
942'203
(4'748'823)
732'542
3'421'354
3'328'730
2'477'324
3'297'350
288'579
6'581
1'680'417
540'504
366'480
(42'200)
(73'180)
(415'167)
(4'007'925)
182'360
Target Price
105
110
98
#N/A N/A
102
100
115
105
105
#N/A N/A
103
110
#N/A N/A
115
98
99
95
#N/A N/A
103
105
#N/A N/A
100
98
#N/A N/A
#N/A N/A
File Dt
02.07.2013
03.07.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
30.04.2013
31.03.2013
30.04.2013
31.12.2012
31.03.2013
03.07.2013
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
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
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
03.07.2013
02.07.2013
28.06.2013
28.06.2013
27.06.2013
24.06.2013
21.06.2013
19.06.2013
14.06.2013
14.06.2013
11.06.2013
11.06.2013
10.06.2013
22.05.2013
21.05.2013
01.05.2013
30.04.2013
26.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
23.01.2013
15.01.2013
20.10.2011
05.07.2013
Visa Inc
Visa Inc. operates a retail electronic payments network and manages global
financial services. The Company also offers global commerce through the
transfer of value and information among financial institutions, merchants,
consumers, businesses and government entities.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2013)
52-Week Low (11.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
V UN EQUITY YTD Change
V UN EQUITY YTD % CHANGE
09/2012
03/yy
188.90
119.59
132'723.00
188.25
-0.37%
57.41%
99.38%
518.0
122'353.95
0.00
0.0
0.0
6'100.00
116'660.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
6'263.0
7.60x
2'939.0
16.20x
804.0
26.24x
200
180
160
140
120
100
80
60
40
20
0
j-12
30.09.2009
30.09.2010
6'911.0
8'065.0
7.98x
7.19x
3'766.0
4'809.0
14.64x
12.06x
2'353.0
2'966.0
21.88x
18.70x
Profitability
LTM-4Q
30.09.2011
9'188.0
7.13x
5'751.0
11.39x
3'650.0
16.59x
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
30.09.2012
10'421.0
9.86x
6'572.0
15.64x
2'144.0
18.94x
6'572.00
6'239.00
59.87%
21.18%
6.64%
8.61%
0.31%
63.4%
60.2%
20.6%
1.48
0.45
0.00%
0.00%
15.24
-
Price/ Cash Flow
LTM
03/yy
9'830.0
30.60x
6'243.0
14.64x
4'206.0
19.34x
03/yy
11'100.0
38.15x
7'042.0
18.32x
2'386.0
21.53x
FY+1
.0 M
j-13
0.58
0.91
517.21
10.51
50.20%
24.68%
0.907
42
4.262
721'215
905'090
902'255
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
11'721.0
13'023.5
2'890.6
3'031.7
10.04x
8.86x
41.04x
38.47x
7'540.3
8'583.4
1'819.7
1'864.3
15.45x
13.57x
14.55x
14.07x
4'928.9
5'592.1
1'176.3
1'200.6
25.16x
21.61x
23.53x
22.52x
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
20.05.2008
A+
STABLE
20.05.2008
A-1
-0.81
0.00
0.0%
0.0%
0.31
6.91
23.96
-
250.00
12'000.0
10'000.0
200.00
8'000.0
150.00
6'000.0
100.00
4'000.0
50.00
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
02.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.07.2013
Visa Inc
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
MORGAN STANLEY
JP MORGAN
UBS
MACQUARIE GROUP
JENNISON ASSOCIATES
SPO ADVISORY CORP
NORGES BANK
PRIMECAP MANAGEMENT
Firm Name
RBC Capital Markets
Jefferies
Evercore Partners
Morgan Stanley
Raymond James
JPMorgan
William Blair & Co
Macquarie
Stifel
Portales Partners
FBR Capital Markets
Nomura
Cowen and Company
Barclays
Deutsche Bank
Credit Suisse
Oppenheimer & Co
Goldman Sachs
Wedbush
Argus Research Corp
Edward Jones
EVA Dimensions
S&P Capital IQ
Fincorp SAOG
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
SPO ADVISORY CORP
NORGES BANK
PRIMECAP MANAGEMENT
Analyst
DANIEL R PERLIN
JASON KUPFERBERG
DAVID J KONING
RODERICK BOURGEOIS
TIMOTHY W WILLI
DAVID M TOGUT
SMITTIPON SRETHAPRAMOTE
JAMES FAUCETTE
WAYNE JOHNSON
TIEN-TSIN HUANG
ROBERT P NAPOLI
KEVIN MCVEIGH
ARVIND RAMNANI
DAVID W DARST
WILLIAM H RYAN
THOMAS C MCCROHAN
SCOTT VALENTIN
DAVID HOCHSTIM
BILL CARCACHE
MOSHE KATRI
JAMES E FRIEDMAN
DARRIN D PELLER
BRYAN KEANE
MOSHE A ORENBUCH
SANJAY SAKHRANI
GREGORY SMITH
GLENN GREENE
GIL B LURIA
DAVID RITTER
JOSH OLSON
KAZUKI WATANABE
LORI WILKING
ANDREW W JEFFREY
ANDREW S ZAMFOTIS
SONIA PARECHANIAN
MEREDITH A WHITNEY
GAURAV RAMAIYA
JENNIFER DUGAN
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
outperform
buy
neutral
market perform
market perform
overweight
Overwt/In-Line
outperform
strong buy
overweight
outperform
outperform
buy
hold
buy
sector perform
neutral
market perform
buy
buy
outperform
Positive
overweight
buy
outperform
outperform
neutral
outperform
Buy/Neutral
neutral
hold
hold
outperform
buy
buy
hold
hold
outperform
buy
buy
Amt Held
30'078'494
29'456'696
24'131'820
20'059'525
14'219'280
13'271'200
13'251'906
9'682'364
7'723'685
6'999'811
6'824'048
6'485'184
6'106'684
5'942'950
5'743'769
5'660'846
5'546'685
4'961'653
4'798'922
4'786'087
% Out
5.81
5.69
4.66
3.87
2.75
2.56
2.56
1.87
1.49
1.35
1.32
1.25
1.18
1.15
1.11
1.09
1.07
0.96
0.93
0.92
Weighting
Change
5
5
3
3
3
5
5
5
5
5
5
5
5
3
5
3
3
3
5
5
5
4
5
5
5
5
3
5
5
3
3
3
5
5
5
3
3
5
5
5
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
M
M
M
M
M
M
U
M
M
N
M
Latest Chg
226'415
(3'192'950)
692'139
(183'578)
936'701
353'314
(313'361)
21'155
48'916
(1'232'725)
151'674
(1'109'549)
796'826
(190'234)
(1'268'280)
453'481
(360'675)
(253'600)
Target Price
186
196
190
181
#N/A N/A
241
215
180
210
191
#N/A N/A
200
205
175
205
#N/A N/A
175
180
210
220
#N/A N/A
184
200
196
192
205
#N/A N/A
200
200
145
#N/A N/A
#N/A N/A
195
#N/A N/A
205
#N/A N/A
169
134
105
105
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
03.07.2013
03.07.2013
28.06.2013
28.06.2013
28.06.2013
20.06.2013
19.06.2013
17.06.2013
17.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
10.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
07.06.2013
06.06.2013
06.06.2013
06.06.2013
06.06.2013
06.06.2013
03.06.2013
31.05.2013
30.05.2013
28.05.2013
17.05.2013
09.05.2013
02.05.2013
27.04.2013
07.02.2013
25.07.2012
27.10.2011
10.06.2011
05.07.2013
Verizon Communications Inc

Verizon Communications Inc. is an integrated telecommunications company that
provides wire line voice and data services, wireless services, Internet
services, and published directory information. The Company also provides network
services for the federal government including business phone lines, data
services, telecommunications equipment and payphones.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.04.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VZ UN EQUITY YTD Change
VZ UN EQUITY YTD % CHANGE
12/2012
03/yy
54.30
40.51
551'327.00
50.43
-7.16%
24.49%
76.14%
2'861.0
144'280.23
51'987.00
0.0
52'376.0
3'563.00
245'304.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
97'354.0
1.80x
32'830.0
5.34x
6'428.0
13.35x
60
31.12.2009
31.12.2010
107'808.0
106'565.0
1.82x
1.83x
32'512.0
31'050.0
6.04x
6.28x
4'894.0
2'549.0
11.16x
18.52x
Profitability
LTM-4Q
31.12.2011
110'875.0
1.85x
29'376.0
6.98x
2'404.0
18.66x
31.12.2012
115'846.0
1.94x
29'620.0
7.58x
875.0
19.32x
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
29'620.00
13'160.00
11.36%
8.54%
0.51%
3.26%
0.52%
60.1%
26.3%
12.1%
0.8%
0.79
0.60
23.08%
156.79%
10.15
49.32
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
4.06
0.70
2'860.56
45.28
17.28%
19.17%
0.695
38
4.000
2'604'536
2'779'460
2'698'610
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
112'127.0 117'024.0 120'547.3 125'249.1
29'824.0
30'188.3
7.23x
7.82x
1.97x
1.83x
8.19x
7.98x
30'122.0
30'737.0
41'715.3
44'592.0
10'596.3
10'739.4
6.82x
7.86x
5.88x
5.50x
5.77x
5.68x
2'651.0
1'141.0
8'028.0
9'152.9
2'082.2
2'134.4
17.12x
20.96x
18.04x
15.70x
17.14x
16.54x
S&P Issuer Ratings
06.12.2010
Long-Term Rating
ALong-Term Outlook
STABLE
06.12.2010
Short-Term Rating
A-2
Credit Ratios
9.95
4.52
Net Debt/EBITDA
1.52
Total Debt/EBITDA
1.72
Reference
Total Debt/Equity
156.8%
Total Debt/Capital
37.8%
Asset Turnover
0.52
1.33
35.94
Inventory Days
7.40
109.05
-75.29
5.00
140'000.0
4.50
120'000.0
4.00
3.50
100'000.0
3.00
80'000.0
2.50
60'000.0
2.00
40'000.0
1.50
1.00
20'000.0
0.50
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
05.07.2013
Verizon Communications Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
JP MORGAN
NORGES BANK
INVESCO LTD
UBS
MORGAN STANLEY
Firm Name
BMO Capital Markets
Scotia Capital
Jefferies
Raymond James
Evercore Partners
Macquarie
Oppenheimer & Co
RBC Capital Markets
Edward Jones
New Street Research
Barclays
Morgan Stanley
Nomura
Cowen and Company
JPMorgan
Stifel
S&P Capital IQ
Deutsche Bank
Argus Research Corp
Hilliard Lyons
FBR Capital Markets
Gabelli & Co
Piper Jaffray
Goldman Sachs
William Blair & Co
Janco Partners Inc
HSBC
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
BANK OF AMERICA
NORGES BANK
n/a
n/a
n/a
n/a
Analyst
KEVIN MANNING
JEFFREY FAN
THOMAS O SEITZ
JENNIFER M FRITZSCHE
GREGORY MILLER
FRANK G LOUTHAN
JONATHAN SCHILDKRAUT
WILLIAM V POWER
KEVIN SMITHEN
TIMOTHY K HORAN
JONATHAN ATKIN
DAVID HEGER
JONATHAN CHAPLIN
MICHAEL BOWEN
AMIR ROZWADOWSKI
SIMON FLANNERY
MICHAEL L MCCORMACK
COLBY SYNESAEL
PHILIP CUSICK
CHRISTOPHER C KING
JAMES G MOORMAN
CHRISTOPHER WATTS
KEVIN CHU
BRETT FELDMAN
JOSEPH F BONNER
DAVID B BURKS
DAVID DIXON
SERGEY DLUZHEVSKIY
CHRISTOPHER M LARSEN
JASON ARMSTRONG
JAMES D BREEN JR
GERARD HALLAREN
JAISON BLAIR
IVAN FEINSETH
RICHARD DINEEN
ANDREW S ZAMFOTIS
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
sector outperform
buy
outperform
buy
outperform
equalweight
neutral
neutral
outperform
sector perform
hold
neutral
outperform
overweight
Equalwt/In-Line
buy
neutral
neutral
hold
hold
overweight
buy
hold
buy
buy
market perform
buy
overweight
Buy/Neutral
market perform
strong buy
no rating system
neutral
overweight
underweight
Amt Held
175'481'575
171'650'927
132'262'840
120'091'729
44'917'104
42'293'793
41'331'439
41'084'149
32'593'025
23'359'444
22'790'541
21'430'757
21'259'449
19'361'073
18'235'707
17'160'696
16'624'471
15'372'051
14'940'699
13'223'147
% Out
6.13
6
4.62
4.2
1.57
1.48
1.44
1.44
1.14
0.82
0.8
0.75
0.74
0.68
0.64
0.6
0.58
0.54
0.52
0.46
Weighting
Change
5
5
5
5
5
5
3
3
3
5
3
3
3
5
5
3
5
3
3
3
3
5
5
3
5
5
3
5
5
5
3
5
#N/A N/A
3
5
1
M
M
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
U
M
N
M
M
Latest Chg
(8'434'577)
(1'548'209)
3'977'676
(826'662)
(4'102'710)
1'081'216
33'559'062
1'472'808
(2'855'297)
1'521'664
3'612'303
(820'248)
509'433
1'689'768
341'795
(631'301)
740'489
10'043'413
(476'110)
Target Price
55
56
56
#N/A N/A
55
54
54
52
55
55
56
#N/A N/A
49
58
59
#N/A N/A
55
#N/A N/A
53
#N/A N/A
53
56
57
47
59
54
53
#N/A N/A
56
54
#N/A N/A
#N/A N/A
56
#N/A N/A
50
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
03.07.2013
31.03.2013
31.05.2013
31.03.2013
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
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
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
04.07.2013
04.07.2013
02.07.2013
02.07.2013
01.07.2013
28.06.2013
27.06.2013
26.06.2013
26.06.2013
24.06.2013
16.06.2013
11.06.2013
05.06.2013
04.06.2013
16.05.2013
13.05.2013
13.05.2013
13.05.2013
02.05.2013
30.04.2013
25.04.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
18.04.2013
18.04.2013
18.04.2013
17.04.2013
25.03.2013
19.02.2013
15.01.2013
05.07.2013
Walgreen Co
Walgreen Company operates retail drugstores that offer a wide variety of
prescription and non-prescription drugs as well as general goods. The Company
operates stores in the United States, the District of Columbia, Puerto Rico and
Guam. Walgreen's also offers health services, including primary and acute care,
wellness, pharmacy and disease management services and health and fitness.
Price/Volume
60
6.0 M
5.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (28.05.2013)
52-Week Low (05.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WAG UN EQUITY YTD Change
WAG UN EQUITY YTD % CHANGE
08/2012
05/yy
51.24
29.35
335'794.00
43.98
-14.23%
49.85%
67.47%
945.0
41'561.26
5'392.00
0.0
0.0
1'297.00
44'933.26
4.0 M
3.0 M
20
2.0 M
10
1.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
40
Valuation Analysis
31.08.2008
59'034.0
0.63x
4'281.0
8.65x
2'157.0
17.20x
8.0 M
50
31.08.2009
31.08.2010
63'335.0
67'420.0
0.53x
0.38x
4'222.0
4'488.0
7.88x
5.74x
2'006.0
2'091.0
15.54x
11.72x
Profitability
LTM-4Q
31.08.2011
72'184.0
0.45x
5'017.0
6.41x
2'714.0
14.57x
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
31.08.2012
71'633.0
0.53x
4'630.0
8.18x
2'127.0
14.00x
4'630.00
3'464.00
4.84%
4.71%
6.81%
12.62%
10.46%
2.26%
28.4%
6.3%
4.6%
3.0%
1.23
0.40
16.11%
29.57%
30.28
7.29
Price/ Cash Flow
LTM
05/yy
72'527.0
1.65x
4'854.0
5.48x
2'566.0
13.00x
05/yy
71'349.0
2.32x
4'525.0
10.72x
2'146.0
18.68x
FY+1
.0 M
j-13
2.50
0.70
869.52
11.64
52.75%
20.28%
0.698
26
3.615
2'049'676
1'454'974
1'359'596
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
08/13 Q4 11/13 Q1
72'261.2
75'583.8
17'976.9
18'226.7
0.62x
0.59x
2.48x
2.48x
5'424.0
6'023.2
1'260.4
1'288.3
8.29x
7.46x
7.86x
7.65x
2'825.3
3'266.6
670.2
685.8
14.34x
12.59x
12.97x
12.54x
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
02.08.2012
BBB
STABLE
02.08.2012
A-2
47.73
31.75
0.75
1.41
29.6%
22.8%
2.26
5.98
12.05
50.09
32.41
32.26
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
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
05.07.2013
Walgreen Co
Holdings By:
All
Holder Name
PESSINA STEFANO
VANGUARD GROUP INC
BLACKROCK
STATE STREET
FMR LLC
FRANKLIN RESOURCES
MACQUARIE GROUP
JP MORGAN
GOLDMAN SACHS GROUP
NORGES BANK
KOHLBERG KRAVIS ROBE
INVESCO LTD
Firm Name
Morgan Stanley
Credit Suisse
Raymond James
Scotia Capital
Barclays
Goldman Sachs
Argus Research Corp
JPMorgan
William Blair & Co
Macquarie
Cantor Fitzgerald
Wolfe Research
Edward Jones
ISI Group
Barrington Research
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
NORGES BANK
KOHLBERG KRAVIS ROBE
n/a
Analyst
RICKY GOLDWASSER
EDWARD J KELLY
DAVID G MAGEE
JOHN W RANSOM
PATRICIA A BAKER
ANDREW P WOLF
JOHN HEINBOCKEL
THOMAS GALLUCCI
ROBERT SUMMERS
MEREDITH ADLER
MATTHEW J FASSLER
CHRISTOPHER GRAJA
LISA C GILL
MARK R MILLER
DANE LEONE
AJAY JAIN
SCOTT A MUSHKIN
JUDSON CLARK
ANN HYNES
ROSS MUKEN
CHARLES R JONES
IVAN FEINSETH
AUSTIN BURKETT
RITESH DOSHI
Source
Form 4
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
Recommendation
Equalwt/In-Line
neutral
buy
outperform
sector outperform
buy
buy
neutral
Positive
equalweight
Buy/Neutral
hold
overweight
outperform
outperform
hold
underperform
hold
buy
cautious
market perform
underperform
sell
market perform
Amt Held
72'925'155
46'634'298
41'687'931
40'594'016
27'639'427
22'692'798
21'104'247
13'342'654
13'105'045
12'184'391
12'107'146
12'106'729
10'331'817
9'795'743
8'676'284
8'016'416
7'928'642
7'571'619
6'424'340
6'183'568
% Out
7.72
4.93
4.41
4.3
2.92
2.4
2.23
1.41
1.39
1.29
1.28
1.28
1.09
1.04
0.92
0.85
0.84
0.8
0.68
0.65
Weighting
Change
3
3
5
5
5
5
5
3
4
3
5
3
5
5
5
3
1
3
5
2
3
1
1
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
M
M
Latest Chg
83'299
1'081'104
1'388'347
(390'940)
7'555'411
1'434'231
1'527'161
1'637'744
196'111
(654'763)
(305'410)
(408'699)
469'281
1'206'072
1'638'203
2'117'766
(1'466'080)
(3'642'592)
Target Price
#N/A N/A
45
55
50
54
53
52
#N/A N/A
56
42
49
#N/A N/A
55
#N/A N/A
52
45
43
#N/A N/A
50
43
45
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
19.04.2013
31.03.2013
03.07.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
03.07.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
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
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Private Equity
Investment Advisor
Date
03.07.2013
03.07.2013
03.07.2013
03.07.2013
03.07.2013
03.07.2013
03.07.2013
03.07.2013
03.07.2013
01.07.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
25.06.2013
25.06.2013
25.06.2013
20.05.2013
13.03.2013
15.01.2013
27.06.2011
05.07.2013
Wells Fargo & Co

Wells Fargo & Company is a diversified financial services company providing
banking, insurance, investments, mortgage, leasing, credit cards, and consumer
finance. The Company operates through physical stores, the Internet and other
distribution channels across North America and elsewhere internationally.
Price/Volume
45
40.0 M
40
35.0 M
35
30.0 M
30
25.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (01.07.2013)
52-Week Low (14.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WFC UN EQUITY YTD Change
WFC UN EQUITY YTD % CHANGE
12/2012
03/yy
41.96
31.25
835'499.00
41.81
-0.41%
33.79%
93.09%
5'296.4
221'441.95
184'554.00
12'883.0
1'357.0
159'173.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
15
10
10.0 M
5.0 M
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
51'652.0
2'655.0
17.14x
20.0 M
20
Valuation Analysis
31.12.2009
31.12.2010
98'636.0
93'249.0
12'275.0
12'362.0
13.15x
12.68x
Profitability
LTM-4Q
31.12.2011
87'597.0
15'869.0
9.11x
31.12.2012
91'247.0
18'897.0
9.97x
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
33.07%
33.07%
1.43%
13.45%
5.98%
0.07%
22.0%
12.97%
127.57%
-
Price/ Cash Flow
LTM
03/yy
88'450.0
0.00x
0.0
0.00x
16'358.0
10.89x
03/yy
90'654.0
0.00x
0.0
0.00x
19'820.0
10.28x
FY+1
.0 M
j-13
2.18
1.15
5'276.54
44.87
28.43%
24.16%
1.150
42
3.881
3'905'004
4'639'752
4'356'134
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
84'350.8
85'710.0
21'141.3
21'026.4
19'930.7
20'005.5
4'969.8
5'006.0
11.28x
10.73x
11.34x
11.20x
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
29.11.2011
A+
NEG
29.11.2011
A-1
127.6%
53.7%
0.07
9.77
-
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
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
05.07.2013
Wells Fargo & Co

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
JP MORGAN
DODGE & COX
FRANKLIN RESOURCES
NORGES BANK
Firm Name
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
DODGE & COX
n/a
n/a
NORGES BANK
n/a
Analyst
Raymond James
ANTHONY J POLINI
Miller Tabak + Co., LLC
TOM MITCHELL
BMO Capital Markets
PETER J WINTER
DAVID A GEORGE
JOHN E MCDONALD
Evercore Partners
ANDREW A MARQUARDT
MARTY L MOSBY III
Oppenheimer & Co
Jefferies
KENNETH M USDIN
R SCOTT SIEFERS
Macquarie
THOMAS ALONSO
Portales Partners
JENNIFER A THOMPSON
TODD L HAGERMAN
Edward Jones
SHANNON L STEMM
ERIC E WASSERSTROM
JACK MICENKO
RICHARD STAITE
RICHARD X BOVE SR
Goldman Sachs
RICHARD N RAMSDEN
Drexel Hamilton LLC
DAVID B HILDER
KAZUKI WATANABE
Barclays
JASON M GOLDBERG
RBC Capital Markets
JOSEPH K MORFORD
Scotia Capital
KEVIN R CHOQUETTE
JPMorgan
VIVEK JUNEJA
Compass Point Research & Trading LLC KEVIN BARKER
Argus Research Corp
DAVID RITTER
LORI WILKING
FBR Capital Markets
PAUL J MILLER JR
JAMES F MITCHELL
Morgan Stanley
BETSY L GRASECK
Deutsche Bank
MATTHEW D O'CONNOR
Credit Suisse
MOSHE A ORENBUCH
Nomura
KEITH MURRAY
S&P Capital IQ
ERIK M OJA
FREDERICK CANNON
EVA Dimensions
AUSTIN BURKETT
MEREDITH A WHITNEY
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
MF-PART
13F
ULT-AGG
Recommendation
strong buy
hold
market perform
outperform
outperform
equalweight
buy
market perform
market perform
buy
buy
outperform
outperform
neutral
buy
neutral
Positive
underweight
buy
neutral/attractive
buy
outperform
overweight
outperform
sector perform
overweight
neutral
sell
buy
outperform
neutral
Equalwt/Attractive
hold
neutral
buy
hold
market perform
hold
hold
Amt Held
458'170'323
283'953'116
230'401'864
205'856'988
184'594'750
164'520'597
116'846'424
95'103'075
75'197'391
75'101'966
66'635'428
64'029'039
60'565'745
55'039'014
49'015'889
45'878'930
43'955'116
43'698'294
41'602'620
40'199'535
% Out
8.65
5.36
4.35
3.89
3.49
3.11
2.21
1.8
1.42
1.42
1.26
1.21
1.14
1.04
0.93
0.87
0.83
0.83
0.79
0.76
Weighting
Change
5
3
3
5
5
3
5
3
3
5
5
5
5
3
5
3
4
1
5
3
5
5
5
5
3
5
3
1
5
5
3
3
3
3
5
3
3
3
3
M
M
M
M
M
M
M
D
M
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
M
M
M
Latest Chg
18'312'462
4'757'505
17'604'566
(1'815'436)
(7'643'169)
(16'777'799)
3'693'875
(6'632'926)
1'729'346
(1'334'345)
225'975
(6'548'092)
921'960
(212'026)
6'574'753
948'027
3'697'310
Target Price
48
40
42
40
44
41
48
43
#N/A N/A
46
46
46
#N/A N/A
42
#N/A N/A
42
45
39
46
41
44
41
45
40
43
41
38
#N/A N/A
#N/A N/A
42
39
41
37
38
42
38
37
#N/A N/A
#N/A N/A
File Dt
31.03.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.05.2013
31.12.2012
31.03.2013
31.03.2013
31.05.2013
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
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
Government
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.07.2013
03.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
02.07.2013
01.07.2013
28.06.2013
27.06.2013
27.06.2013
26.06.2013
25.06.2013
21.06.2013
20.06.2013
20.06.2013
13.06.2013
12.06.2013
11.06.2013
24.05.2013
17.05.2013
13.05.2013
08.05.2013
06.05.2013
02.05.2013
26.04.2013
19.04.2013
17.04.2013
17.04.2013
15.04.2013
15.04.2013
14.04.2013
12.04.2013
12.04.2013
12.04.2013
12.04.2013
27.01.2013
15.01.2013
12.10.2012
05.07.2013
Williams Cos Inc/The

The Williams Companies, Inc. is an integrated natural gas company that produces,
gathers, processes and transports natural gas. The Company's operations are
concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern
Seaboard, and the province of Alberta in Canada.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.04.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WMB UN EQUITY YTD Change
WMB UN EQUITY YTD % CHANGE
12/2012
03/yy
38.54
28.47
165'878.00
32.62
-15.39%
14.58%
43.20%
682.7
22'269.46
10'736.00
0.0
2'675.0
839.00
35'253.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
35
14.0 M
30
12.0 M
25
10.0 M
20
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
j-12
31.12.2009
31.12.2010
8'255.0
6'638.0
2.33x
3.64x
2'970.0
2'902.0
6.49x
8.32x
285.0
(1'097.0)
27.26x
29.54x
Profitability
LTM-4Q
31.12.2011
7'930.0
3.61x
3'481.0
8.23x
376.0
20.00x
31.12.2012
7'486.0
4.66x
2'368.0
14.72x
859.0
27.33x
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
2'368.00
1'612.00
21.53%
17.22%
2.80%
17.73%
7.51%
0.34%
43.2%
31.8%
20.9%
11.5%
1.24
0.99
44.13%
225.93%
10.43
26.80
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
8'078.0
13.33x
3'356.0
8.26x
478.0
26.40x
d-12
03/yy
7'308.0
18.58x
2'323.0
16.59x
597.0
19.12x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
.0 M
j-13
3.91
1.13
681.21
15.12
15.94%
1.67%
1.126
16
4.375
1'366'230
1'648'909
1'409'127
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
7'622.5
8'878.4
1'790.3
1'948.8
4.96x
4.52x
20.00x
18.92x
2'462.9
3'248.3
580.6
587.4
14.33x
10.87x
13.55x
12.43x
497.0
861.2
101.0
117.1
43.38x
25.79x
38.47x
31.89x
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
05.03.2012
BBB
STABLE
19.03.2007
NR
4.17
-0.28
4.27
4.57
225.9%
59.1%
0.34
0.50
34.99
13.62
58.30
-22.04
16.00
18'000.0
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
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
11'890.0
1.28x
3'843.0
3.97x
1'418.0
6.55x
40
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
05.07.2013
Williams Cos Inc/The

Holdings By:
All
Holder Name
STATE STREET
BLACKROCK
VANGUARD GROUP INC
FMR LLC
JP MORGAN
MORGAN STANLEY
SOROBAN CAPITAL PART
INVESCO LTD
KAYNE ANDERSON CAPIT
TORTOISE CAPITAL ADV
PRINCIPAL FINANCIAL
DEUTSCHE BANK AG
WELLS FARGO
GOLDMAN SACHS GROUP
Firm Name
Credit Suisse
Raymond James
Deutsche Bank
Howard Weil Inc
Goldman Sachs
US Capital Advisors
Barclays
Argus Research Corp
BMO Capital Markets
JPMorgan
EVA Dimensions
Morgan Stanley
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
SOROBAN CAPITAL PART
n/a
KAYNE ANDERSON CAPIT
TORTOISE CAPITAL ADV
n/a
n/a
n/a
n/a
n/a
Analyst
JOHN EDWARDS
DARREN HOROWITZ
BRADLEY OLSEN
CURTIS N LAUNER
HOLLY STEWART
THEODORE DURBIN
REBECCA G FOLLOWILL
SHARON LUI
RICHARD GROSS
MICHAEL BURKE
CARL L KIRST
JEREMY TONET
CRAIG STERLING
STEPHEN J MARESCA
Source
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
Recommendation
outperform
outperform
hold
hold
sector outperform
buy/attractive
hold
outperform
overweight
buy
outperform
overweight
underweight
Overwt/Attractive
Amt Held
35'981'653
34'069'219
33'870'156
32'171'940
31'688'507
30'240'979
16'523'750
12'347'856
10'781'600
10'675'203
10'302'336
8'832'780
7'634'884
7'607'242
7'419'862
7'202'012
6'968'573
6'478'991
6'476'036
6'268'229
% Out
5.27
4.99
4.96
4.71
4.64
4.43
2.42
1.81
1.58
1.56
1.51
1.29
1.12
1.11
1.09
1.05
1.02
0.95
0.95
0.92
Weighting
Change
5
5
3
3
5
5
3
5
5
5
5
5
1
5
M
M
U
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
(1'993'905)
4'199'202
788'667
838'930
2'338'474
11'567'509
3'155'377
2'651'882
387'604
(3'367'011)
473'073
(1'851'454)
4'668'694
2'176'866
5'014'266
976'562
891'799
(12'965'802)
2'153'316
(158'830)
Target Price
46
38
37
34
42
40
35
#N/A N/A
43
45
41
41
#N/A N/A
42
File Dt
Inst Type
31.03.2013
Investment Advisor
02.07.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
Date
28.06.2013
26.06.2013
26.06.2013
24.06.2013
24.06.2013
18.06.2013
18.06.2013
14.06.2013
20.05.2013
15.05.2013
10.05.2013
02.04.2013
05.03.2013
12.12.2012
05.07.2013
Wal-Mart Stores Inc

Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood
markets. The Company's discount stores and supercenters offer merchandise such
as apparel, housewares, small appliances, electronics, and hardware. Walmart's
markets offer a full-line supermarket and a limited assortment of general
merchandise. The Company operates nationally and internationally.
Price/Volume
90
12.0 M
80
10.0 M
70
60
8.0 M
50
01/2013
04/yy
79.96
67.37
364'769.00
74.61
-6.65%
10.75%
58.70%
3'276.7
244'472.92
54'136.00
0.0
5'395.0
7'781.00
298'293.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
4.0 M
20
2.0 M
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
404'374.0
0.55x
29'537.0
7.52x
13'400.0
13.80x
6.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (31.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WMT UN EQUITY YTD Change
WMT UN EQUITY YTD % CHANGE
31.01.2010
31.01.2011
408'085.0
421'849.0
0.58x
0.57x
31'159.0
33'183.0
7.63x
7.30x
14'370.0
16'389.0
14.44x
13.80x
Profitability
LTM-4Q
31.01.2012
446'950.0
0.58x
34'688.0
7.53x
15'699.0
13.67x
31.01.2013
469'162.0
0.60x
36'302.0
7.81x
16'999.0
13.93x
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
36'302.00
27'801.00
5.93%
5.49%
8.54%
24.48%
14.81%
2.36%
24.9%
7.8%
5.9%
3.6%
0.83
0.20
26.65%
70.91%
79.95
8.37
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
2.23
0.59
1'637.01
23.36
7.94%
10.72%
0.587
35
3.771
2'482'231
2'058'964
1'889'775
FY+2
FQ+1
FQ+2
04/yy
04/yy
01/14 Y
01/15 Y
07/13 Q2 10/13 Q3
455'779.0 470'331.0 487'912.5 510'038.6 118'897.1 119'152.1
2.19x
2.55x
0.61x
0.58x
2.49x
2.50x
35'300.0
36'459.0
37'804.4
39'749.2
8'818.9
8'389.6
7.12x
8.48x
7.89x
7.50x
8.06x
7.99x
16'042.0
17'041.0
17'388.4
18'494.6
4'141.1
3'832.6
12.71x
15.33x
14.07x
12.80x
13.77x
13.49x
S&P Issuer Ratings
09.07.1999
Long-Term Rating
AA
Long-Term Outlook
STABLE
22.07.1983
Short-Term Rating
A-1+
Credit Ratios
15.61
10.07
Net Debt/EBITDA
1.32
Total Debt/EBITDA
1.57
Reference
Total Debt/Equity
70.9%
Total Debt/Capital
39.8%
Asset Turnover
2.36
4.09
4.57
Inventory Days
43.61
37.94
10.40
12.00
500'000.0
450'000.0
10.00
400'000.0
350'000.0
8.00
300'000.0
6.00
250'000.0
200'000.0
4.00
150'000.0
100'000.0
2.00
0.00
05.02.2010
50'000.0
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.07.2013
Wal-Mart Stores Inc

Holdings By:
All
Holder Name
WALTON ENTERPRISES L
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
DODGE & COX
GATES FOUNDATION
WALTON JIM C
Firm Name
JPMorgan
Stifel
ISI Group
Cowen and Company
Northcoast Research
Credit Suisse
Jefferies
Edward Jones
Wolfe Research
Raymond James
William Blair & Co
BMO Capital Markets
MKM Partners
Barclays
Stephens Inc
HSBC
Deutsche Bank
Argus Research Corp
Gilford Securities
S&P Capital IQ
National Bank AG
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
DODGE & COX
BANK OF AMERICA
n/a
n/a
Analyst
CHRISTOPHER HORVERS
COLIN MCGRANAHAN
DAVID A SCHICK
GREGORY MELICH
FAYE LANDES
CHARLES E CERANKOSKY
MICHAEL B EXSTEIN
DANIEL T BINDER
BRIAN YARBROUGH
SCOTT A MUSHKIN
BUDD BUGATCH
MARK R MILLER
PETER S BENEDICT
WAYNE HOOD
DAVID S STRASSER
PATRICK G MCKEEVER JR
ROBERT S DRBUL
JOHN R LAWRENCE
MATTHEW NEMER
FRANCISCO J CHEVEZ
ZAFER RUZGAR
PAUL TRUSSELL
CHRISTOPHER GRAJA
KAHORI TAMADA
JOSEPH I FELDMAN
BERNARD SOSNICK
JOHN M ZOLIDIS
IAN GORDON
ROBERT SUMMERS
IVAN FEINSETH
MANFRED JAISFELD
AUSTIN BURKETT
LAURENCE BALTER
RITESH DOSHI
Source
Form 4
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
Form 4
13F
13F
13F
Recommendation
neutral
market perform
buy
neutral
market perform
neutral
neutral
buy
buy
peerperform
outperform
market perform
outperform
market perform
buy
neutral
overweight
overweight
market perform
overweight
sell
hold
hold
neutral
no rating system
buy
neutral
hold
Positive
neutral
buy
overweight
sell
moderate outperform
Amt Held
1'609'891'131
91'730'267
89'771'128
75'701'447
49'247'235
34'338'581
33'187'884
22'853'213
16'800'850
14'908'021
14'408'975
13'784'344
12'375'398
11'492'203
11'352'639
11'103'000
10'501'672
10'269'860
9'993'975
9'712'984
% Out
49.13
2.8
2.74
2.31
1.5
1.05
1.01
0.7
0.51
0.45
0.44
0.42
0.38
0.35
0.35
0.34
0.32
0.31
0.31
0.3
Weighting
Change
3
3
5
3
3
3
3
5
5
3
5
3
5
3
5
3
5
5
3
5
1
3
3
3
#N/A N/A
5
3
3
4
3
5
5
1
4
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
N
M
U
D
M
Latest Chg
(2'446'429)
(2'150'138)
(1'852'112)
1'746'053
1'735'672
(8'300'568)
37'049
(499'652)
363'274
(552'280)
962'519
(1'082'806)
246'554
24'635
1'430'004
392'738
Target Price
75
80
83
77
75
#N/A N/A
80
90
#N/A N/A
#N/A N/A
84
#N/A N/A
88
80
80
76
90
87
#N/A N/A
87
67
76
#N/A N/A
81
80
#N/A N/A
77
83
85
#N/A N/A
80
#N/A N/A
60
#N/A N/A
File Dt
07.06.2013
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
07.06.2013
31.03.2013
31.03.2013
31.03.2013
Date
6 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
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Endowment
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
01.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
27.06.2013
26.06.2013
24.06.2013
24.06.2013
21.06.2013
14.06.2013
13.06.2013
11.06.2013
11.06.2013
10.06.2013
07.06.2013
03.06.2013
31.05.2013
28.05.2013
22.05.2013
17.05.2013
17.05.2013
17.05.2013
17.05.2013
16.05.2013
16.05.2013
16.05.2013
15.05.2013
27.02.2013
22.02.2013
18.02.2013
18.02.2013
18.08.2011
05.07.2013
Exxon Mobil Corp

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a
worldwide basis. The Company's operations include exploration and production of
oil and gas, electric power generation, and coal and minerals operations.
Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.10.2012)
52-Week Low (10.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XOM UN EQUITY YTD Change
XOM UN EQUITY YTD % CHANGE
12/2012
03/yy
93.60
82.84
476'191.00
90.85
-3.04%
9.67%
72.96%
4'446.4
403'953.25
11'581.00
0.0
5'797.0
9'582.00
417'227.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-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
425'071.0
0.89x
78'669.0
4.82x
45'220.0
9.22x
100
90
80
70
60
50
40
30
20
10
0
j-12
31.12.2009
31.12.2010
275'564.0
341'578.0
1.18x
1.10x
38'156.0
54'882.0
8.54x
6.87x
19'280.0
30'460.0
17.13x
11.76x
Profitability
LTM-4Q
31.12.2011
433'526.0
0.95x
69'687.0
5.91x
41'060.0
10.07x
31.12.2012
420'714.0
0.94x
65'769.0
6.04x
44'880.0
11.45x
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
65'769.00
49'881.00
11.86%
18.71%
13.12%
27.73%
26.10%
1.19%
15.6%
15.8%
11.9%
10.7%
1.01
0.69
3.47%
6.98%
11.59
21.88
Price/ Cash Flow
LTM
FY+1
.0 M
j-13
2.51
0.96
4'436.05
43.89
8.09%
6.38%
0.964
29
3.552
4'023'636
3'651'884
3'525'508
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
442'887.0 406'354.0 426'521.1 435'711.8 105'380.8 106'387.5
3.59x
4.01x
0.99x
0.97x
3.97x
3.94x
68'333.0
64'362.0
79'465.6
81'220.2
16'175.7
17'745.2
5.99x
6.43x
5.25x
5.13x
5.77x
5.47x
39'860.0
44'930.0
35'552.6
35'529.0
8'618.4
8'957.1
10.47x
11.26x
11.35x
11.08x
11.45x
11.37x
S&P Issuer Ratings
16.12.1985
Long-Term Rating
AAA
Long-Term Outlook
STABLE
16.12.1985
Short-Term Rating
A-1+
Credit Ratios
78.95
37.81
Net Debt/EBITDA
0.11
Total Debt/EBITDA
0.21
Reference
Total Debt/Equity
7.0%
Total Debt/Capital
6.3%
Asset Turnover
1.19
1.81
31.50
Inventory Days
16.68
60.61
12.30
12.00
500'000.0
450'000.0
10.00
400'000.0
350'000.0
8.00
300'000.0
6.00
250'000.0
200'000.0
4.00
150'000.0
100'000.0
2.00
0.00
01.01.2010
50'000.0
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
05.07.2013
Exxon Mobil Corp

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
FMR LLC
NORGES BANK
UBS
GOLDMAN SACHS GROUP
WELLS FARGO
ALLIANCE BERNSTEIN
Firm Name
Raymond James
Edward Jones
Cowen and Company
Oppenheimer & Co
ISI Group
Howard Weil Inc
Jefferies
Societe Generale
Barclays
VTB Capital
Argus Research Corp
Morgan Stanley
Credit Suisse
Macquarie
National Bank AG
Deutsche Bank
JPMorgan
S&P Capital IQ
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
BANK OF AMERICA
NORGES BANK
n/a
n/a
n/a
n/a
n/a
Analyst
PAVEL MOLCHANOV
BRIAN YOUNGBERG
ASIT SEN
ROBERT KESSLER
FADEL GHEIT
ROGER D READ
DOUGLAS T TERRESON
BLAKE FERNANDEZ
IAIN REID
JOHN HERRLIN
PAUL Y CHENG
GORDON GRAY
JEFFREY A DIETERT
COLIN SMITH
JONATHAN GELCIUS
SVEN DIERMEIER
LEZE THAQI
J EVAN CALIO
EDWARD WESTLAKE
JASON D GAMMEL
MANFRED JAISFELD
PAUL SANKEY
MICHAEL KAY
ARJUN N MURTI
CRAIG STERLING
Source
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
Sch-D
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
hold
outperform
hold
market perform
market perform
neutral
sector perform
hold
buy
equalweight
hold
overweight
hold
hold
hold
buy
Underwt/In-Line
neutral
neutral
hold
hold
neutral
strong buy
neutral/attractive
buy
Amt Held
249'170'751
220'488'880
187'796'711
74'266'448
69'946'768
58'160'618
48'351'495
48'014'528
43'225'229
37'062'400
36'257'449
36'121'945
30'394'776
23'064'235
21'503'666
21'387'000
20'928'822
20'926'596
20'715'547
20'082'588
% Out
5.6
4.96
4.22
1.67
1.57
1.31
1.09
1.08
0.97
0.83
0.82
0.81
0.68
0.52
0.48
0.48
0.47
0.47
0.47
0.45
Weighting
Change
5
3
5
3
3
3
3
3
3
5
3
3
5
3
3
3
5
1
3
3
3
3
3
5
3
5
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
Latest Chg
(77'903)
6'057'091
(5'496'752)
930'148
1'445'372
(3'571'856)
(764'186)
(6'314'268)
48'179
(363'986)
213'673
(455'610)
521'542
(16'109)
(3'755'506)
(429'094)
697'390
1'915'793
Target Price
96
#N/A N/A
102
82
#N/A N/A
#N/A N/A
95
97
90
103
102
95
#N/A N/A
90
#N/A N/A
94
#N/A N/A
85
90
99
95
96
96
104
91
#N/A N/A
File Dt
03.07.2013
31.03.2013
02.07.2013
31.03.2013
31.03.2013
31.03.2013
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.05.2013
30.04.2013
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
28.06.2013
25.06.2013
24.06.2013
24.06.2013
21.06.2013
20.06.2013
19.06.2013
18.06.2013
17.06.2013
07.06.2013
05.06.2013
30.05.2013
16.05.2013
15.05.2013
06.05.2013
06.05.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
12.04.2013
15.01.2013

Fundamental Equity Analysis - OEX Index - S&amp;P100 Index Memberspdf

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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

AMERICAN ELECTRIC POWER

AMERICAN INTERNATIONAL GROUP

ANADARKO PETROLEUM CORP

BANK OF AMERICA CORP

BAXTER INTERNATIONAL INC

BANK OF NEW YORK MELLON CORP

BERKSHIRE HATHAWAY INC-CL B

CAPITAL ONE FINANCIAL CORP

COSTCO WHOLESALE CORP

CISCO SYSTEMS INC

CVS CAREMARK CORP

DU PONT (E.I.) DE NEMOURS

WALT DISNEY CO/THE

DOW CHEMICAL CO/THE

DEVON ENERGY CORPORATION

TWENTY-FIRST CENTURY FOX INC

GENERAL DYNAMICS CORP

GILEAD SCIENCES INC

GOLDMAN SACHS GROUP INC

HOME DEPOT INC

HONEYWELL INTERNATIONAL INC

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

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Fundamental Equity Analysis - OEX Index - S&P100 Index Memberspdf

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