Fundamental Equity Analysis - NZX 50 Index of The Top 50 Companies Listed On The New Zealand Exchange PDF

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
NZX 50 Index
The New Zealand Exchange 50 Gross Index is a modified market capitalization
weighted index. This index consists of the top 50 companies by free float adjusted
market capitalization that are listed on the New Zealand Exchange.
September 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
15145788
2013.182
1117
1117
203
220
220
104.18
110.45
110.45
15.87
15.87
14.97
14.97
18.56
Euro Stoxx 50 Pr
EUR
2744155
5716.706
4623
4623
753
780
780
222.37
295.72
295.72
21.72
19.08
16.33
16.33
20.91
NIKKEI 225
JPY
2714150
192.9293
195
195
19
22
22
6.04
7.97
7.97
0.23
0.23
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2804877
32183.27
11159
11159
1938
2633
2633
531.15
805.13
805.13
30.03
22.77
19.81
19.81
27.69
SWISS MARKET INDEX
CHF
1065719
10927.68
4135
4135
936
850
850
441.18
559.04
559.04
20.40
17.37
16.10
16.10
23.63
S&P/TSX COMPOSITE INDEX
CAD
1649440
17200.25
7296
7296
1819
1934
1934
719.71
797.38
797.38
16.13
16.13
14.56
14.56
23.82
S&P/ASX 200 INDEX
AUD
1296356
6254.839
2636
2636
529
673
673
206.48
315.52
315.52
20.82
22.91
13.63
13.63
19.33
HANG SENG INDEX
HKD
1725755
3209.477
1662
1662
369
391
391
281.28
269.79
269.79
1.34
1.44
1.39
1.39
2.94
MSCI EM
USD
7023096
1306.372
964
964
186
175
175
85.07
86.75
86.75
11.02
1.29
10.81
10.81
19.22
FLETCHER BUILDING LTD
NZD
5095
4519
686
6.52
6721
6721
7306
7789
601
601
0.37
0.38
0.43
0.53
15.60
13.50
11.02
2.75
1.05
-1.28
7.06
TELECOM CORP OF NEW ZEALAND
NZD
3162
12440
1817
3.84
3149
3149
3173
3116
690
690
813
813
0.14
0.10
0.14
0.14
13.36
9.57
9.78
9.51
-6.43
-3.59
-14.50
-10.18
17.30
A-
11.11.2011
A3
17.02.2009
RYMAN HEALTHCARE LTD
NZD
2670
449
498
2.85
142
142
220
252
38
38
127
127
0.08
0.22
0.21
0.24
19.51
20.48
18.01
13.44
14.62
13.38
20.01
21.13
AUCKLAND INTL AIRPORT LTD
NZD
3252
3093
1322
4.10
336
336
374
393
259
259
140
140
0.10
0.11
0.10
0.11
18.26
19.06
17.81
3.94
3.67
2.58
2.86
60.75
A-
29.05.2009
SKY NETWORK TELEVISION LTD
NZD
1753
979
389
2.12
683
683
720
748
264
264
290
290
0.28
0.28
0.32
0.35
12.78
11.18
10.19
3.98
4.72
4.16
3.63
30.46
SKYCITY ENTERTAINMENT GROUP
NZD
1739
1266
577
2.18
678
678
711
777
232
232
134
134
0.18
0.17
0.19
0.22
13.64
12.20
10.88
0.74
1.32
-0.46
-0.13
26.98
BBB-
13.07.2008
FISHER & PAYKEL HEALTHCARE C
NZD
1583
250
542
1.68
400
400
511
554
71
71
135
135
0.11
0.11
0.14
0.14
20.14
16.74
16.46
6.85
7.19
34.00
3.24
14.02
CONTACT ENERGY LTD
NZD
3021
465
733
4.04
1976
1976
1997
2078
466
466
461
461
0.22
0.22
0.25
14.98
14.56
13.16
-5.26
-0.57
16.07
0.65
18.63
BBB
28.06.2006
TRADE ME GROUP LTD
NZD
1429
1208
396
1.52
107
107
144
160
97
97
105
105
0.16
0.16
0.17
0.19
18.18
18.33
16.77
15.15
12.82
11.78
71.54
MIGHTY RIVER POWER
NZD
2453
2969
3.35
1066
1066
1205
1231
367
367
394
394
0.06
0.09
0.10
21.36
14.85
14.36
-6.82
-1.91
0.15
24.84
BBB+
25.03.2004
INFRATIL LTD
NZD
1115
240
583
3.15
1873
1873
1846
2014
399
382
424
424
0.12
0.09
0.09
0.13
16.96
16.83
11.67
6.43
0.69
7.71
16.11
XERO LTD
NZD
1672
128
115
1.61
31
31
57
98
-9
-9
-14
-14
-0.10
-0.11
-0.17
-0.12
80.11
-52.54
-22.26
CHORUS LTD
NZD
909
1111
389
2.28
825
825
838
823
526
526
513
513
0.33
0.35
0.30
0.26
5.31
5.56
6.11
7.17
59.68
52.68
50.37
BBB
01.12.2011
Baa2
20.03.2013
WESTPAC BANKING CORP
NZD
89154
298
138
19
33387
31935
14887
15499
1.75
1.80
11.21
10.89
-1.21
4.16
AA-
01.12.2011
Aa2
18.05.2011
KIWI INCOME PROPERTY TRUST
NZD
905
569
996
1.53
157
157
115
123
95
95
102
102
0.07
0.08
0.05
0.05
8.42
8.42
14.51
13.63
-3.39
1.88
-7.62
0.98
47.93
GOODMAN PROPERTY TRUST
NZD
985
277
1202
1.54
119
119
107
113
83
83
99
99
0.05
0.06
0.06
0.06
10.75
10.75
10.34
2.83
3.24
1.84
2.59
55.23
BBB
04.11.2009
PORT OF TAURANGA LTD
NZD
1566
23
134
1.69
193
193
214
229
75
80
109
109
0.43
0.66
0.48
0.51
13.97
19.30
18.25
13.93
12.20
8.18
36.28
BBB+
21.11.2001
EBOS GROUP LTD
NZD
1145
60
1.22
1438
1438
3680
3740
36
42
124
124
0.42
0.39
0.51
0.55
15.87
12.02
11.16
21.88
8.28
15.66
2.82
MAINFREIGHT LTD
NZD
831
38
99
1.01
1487
1487
1554
1671
102
108
115
115
0.53
0.53
0.58
0.65
12.60
11.44
10.14
3.17
10.51
-0.39
64.05
5.76
PRECINCT PROPERTIES NEW ZEAL
NZD
787
1462
997
1.16
101
104
94
97
63
64
84
84
0.12
0.12
0.05
0.05
5.00
15.06
12.94
12.73
2.68
1.77
48.64
ARGOSY PROPERTY LTD
NZD
592
824
688
0.85
70
70
64
72
50
50
59
59
0.06
0.05
0.05
0.04
11.25
10.27
11.66
13.29
-9.09
-2.60
31.50
-2.81
56.43
FONTERRA SHAREHOLDERS FUND
NZD
8789
511
1539
17.36
15601
15054
15878
17616
1133
1235
447
447
0.33
0.37
0.34
0.33
11.77
12.67
12.97
-0.41
-6.04
6.47
A+
03.11.2006
GUINNESS PEAT GROUP PLC
NZD
633
399
0.26
823
832
874
900
50
50
0.01
0.01
16.27
12.65
-1.19
-3.41
-69.84
-25.13
VECTOR LTD
NZD
2122
97
3.94
1009
1009
982
994
500
511
455
455
0.16
0.16
0.12
0.12
10.44
13.57
13.75
1.70
4.70
2.99
39.66
BBB+
16.08.2005
Baa1
18.03.2008
AUST AND NZ BANKING GROUP
NZD
74263
94
44
28384
27415
15546
15228
1.82
1.91
10.15
9.69
0.81
-0.03
AA-
01.12.2011
Aa2
18.05.2011
FREIGHTWAYS LTD
NZD
512
29
154
0.64
320
320
336
354
61
61
63
63
0.18
0.21
0.21
0.23
12.63
12.54
11.19
4.88
3.39
4.96
1.84
14.92
NUPLEX INDUSTRIES LTD
NZD
500
53
198
0.66
1314
1314
1359
1433
91
91
110
110
0.22
0.17
0.25
0.28
11.58
8.09
7.22
2.39
1.27
-7.43
-0.67
5.46
KATHMANDU HOLDINGS LTD
NZD
474
132
200
0.54
274
289
305
337
53
56
43
43
0.14
0.15
0.16
0.18
12.08
11.55
10.48
10.56
-5.07
15.31
PROPERTY FOR INDUSTRY LTD
NZD
429
160
220
0.52
23
23
37
51
20
20
0.10
0.10
0.06
0.06
8.37
7.90
14.88
14.08
-3.59
-1.10
-6.33
-0.67
67.98
SUMMERSET GROUP HOLDINGS LTD
NZD
504
144
215
0.56
22
22
41
49
10
10
0.02
0.05
0.08
0.10
33.56
122.40
23.13
19.15
7.87
12.13
16.16
DNZ PROPERTY FUND LTD
NZD
374
190
250
0.56
47
47
44
46
37
37
38
38
0.14
0.14
0.07
0.07
6.97
7.01
13.60
13.60
-1.12
20.48
-0.28
16.35
62.05
DILIGENT BOARD MEMBER SVCS
NZD
350
254
84
0.25
35
40
52
69
11
12
0.06
0.06
0.07
0.13
47.06
47.06
37.02
20.59
113.19
628.74
23.96
AIR NEW ZEALAND LTD
NZD
1232
377
1095
1.61
3456
3456
3752
3910
574
574
616
616
0.14
0.13
0.16
0.17
6.78
5.57
5.35
2.43
-0.21
19.29
1.20
13.12
NR
19.06.2008
A2 CORP LTD
NZD
380
178
559
0.36
74
74
0.01
0.01
84.63
40.24
METLIFECARE LTD
NZD
531
56
207
0.65
72
72
92
102
42
42
0.52
0.52
0.18
0.22
3.80
10.98
8.92
34.16
4.60
5.91
4.04
VITAL HEALTHCARE PROPERTY TR
NZD
368
671
295
0.59
44
48
47
47
32
36
41
41
0.09
0.09
0.07
0.07
9.52
12.52
12.52
21.30
18.35
59.48
TRUSTPOWER LTD
NZD
1749
16
314
2.47
629
629
631
692
233
233
235
235
0.32
0.31
0.31
0.36
14.21
14.03
12.24
-0.18
1.71
-1.81
5.78
29.28
NEW ZEALAND OIL & GAS LTD
NZD
273
58
0.14
78
78
73
69
53
45
37
37
0.05
0.05
0.04
0.03
10.48
11.98
13.97
17.20
-11.61
-2.62
40.68
HEARTLAND NEW ZEALAND LTD
NZD
264
213
389
1.69
179
179
94
98
120
120
0.02
0.02
0.07
0.07
33.93
33.93
7.54
7.30
53.23
BBB-
04.01.2011
WAREHOUSE GROUP LIMITED/THE
NZD
911
103
310
1.03
1367
1502
1782
2044
105
111
42
42
0.23
0.36
0.21
0.21
6.38
10.88
10.97
3.05
2.69
-8.27
-4.00
5.81
NZX LTD
NZD
254
294
254
0.25
44
47
49
51
17
17
11
11
0.03
0.04
0.04
0.05
19.69
18.08
15.54
1.85
11.10
-9.98
6.53
31.06
OCEANAGOLD CORP
NZD
491
138
0.56
304
345
399
426
114
148
31
31
0.08
0.10
12.70
10.16
-2.03
17.43
-9.50
52.94
33.89
SKELLERUP HOLDINGS LTD
NZD
242
39
193
0.24
149
149
156
165
27
31
31
0.08
0.09
0.10
12.71
11.10
10.20
-6.82
1.64
-14.71
10.74
RESTAURANT BRANDS NZ LTD
NZD
212
27
98
0.22
247
247
256
272
30
30
33
33
0.14
0.13
0.16
0.18
13.14
11.02
9.73
0.99
0.78
-6.54
2.28
9.68
STEEL & TUBE HOLDINGS LTD
NZD
199
59
88
0.22
310
310
325
350
21
24
24
0.12
0.14
0.15
0.18
12.71
11.65
9.86
-2.34
-4.11
-10.28
MICHAEL HILL INTL LTD
NZD
420
383
0.44
433
433
456
495
45
46
55
55
0.08
0.08
0.09
0.09
10.48
10.16
9.38
5.88
5.68
4.27
8.67
AMP LTD
NZD
12548
55
10
18.21
13322
14736
5980
12547
0.23
0.25
12.49
11.55
166.16
TOWER LTD
NZD
289
81
269
0.15
333
234
12
25
0.12
0.03
0.13
0.11
34.07
8.57
9.77
21.47
-3.53
NR
14.03.2007
HALLENSTEIN GLASSON HOLDINGS
NZD
220
20
59
0.20
170
176
174
183
26
28
12
12
0.30
0.25
0.28
9.83
11.52
10.53
3.88
2.67
13.30
-0.76
12.64
PUMPKIN PATCH LTD
NZD
140
736
168
0.19
237
231
227
235
24
23
0.05
0.04
0.05
0.07
14.64
12.75
9.31
2.46
-3.45
-15.42
-8.83
7.93
1000
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
-3.17
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
2.31
2.31
2.14
1.97
2.31
1.48
1.48
1.42
1.36
1.48
10.54
10.54
9.79
10.16
10.54
9.16
9.16
8.46
7.91
9.16
14.97
14.97
13.50
12.20
14.97
2.13
2.13
2.31
2.47
2.13
1843.0
11.5%
Euro Stoxx 50 Pr
1.22
1.22
1.16
1.09
1.22
0.79
0.79
0.77
0.74
0.79
6.18
6.18
5.67
5.13
6.18
7.33
7.33
6.92
6.54
7.33
12.36
12.36
10.97
9.85
12.35
4.14
4.14
4.37
4.72
4.14
3008.9
8.8%
NIKKEI 225
1.51
1.51
1.41
1.32
1.51
0.72
0.72
0.70
0.68
0.72
8.93
8.93
8.22
7.04
8.93
8.78
8.78
8.06
7.59
8.78
17.68
17.68
15.74
14.17
17.68
1.65
1.65
1.81
1.96
1.65
15109.2
7.4%
FTSE 100 INDEX
1.78
1.78
1.66
1.54
1.78
0.91
0.91
0.87
0.83
0.91
8.52
8.52
7.78
6.57
8.52
12.23
12.23
11.01
16.80
12.23
12.65
12.65
11.51
10.57
12.65
3.81
3.81
4.20
4.49
3.81
7055.0
8.5%
SWISS MARKET INDEX
2.41
2.41
2.24
2.08
2.41
2.04
2.04
1.95
1.86
2.04
12.79
12.79
11.51
10.28
12.79
12.86
12.86
11.91
11.11
12.86
15.08
15.08
13.66
12.41
15.08
3.26
3.26
3.64
4.12
3.26
8660.9
9.7%
S&P/TSX COMPOSITE INDEX
1.72
1.72
1.61
1.52
1.72
1.67
1.67
1.54
1.52
1.67
8.79
8.79
7.99
6.71
8.79
8.89
8.89
7.92
7.35
8.89
15.26
15.26
13.56
12.27
15.26
3.15
3.15
3.28
3.40
3.15
14254.9
11.7%
S&P/ASX 200 INDEX
1.88
1.88
1.78
1.70
1.88
1.78
1.78
1.68
1.61
1.78
10.73
10.73
9.85
9.23
10.73
9.29
9.29
8.45
7.89
9.29
14.90
14.90
13.52
12.45
14.90
4.59
4.59
4.89
5.27
4.59
5308.9
3.2%
HANG SENG INDEX
1.34
1.34
1.24
1.17
1.34
1.75
1.75
1.62
1.51
1.75
7.97
7.97
7.55
6.97
7.97
8.22
8.22
7.52
6.87
8.22
10.80
10.80
10.01
9.13
10.80
3.57
3.57
3.84
4.15
3.57
24916.5
10.3%
MSCI EM
1.35
1.35
1.23
1.04
1.35
0.97
0.97
0.91
0.85
0.97
6.99
6.99
6.35
5.32
6.99
7.48
7.48
6.78
6.26
7.48
10.81
10.81
9.67
8.84
10.81
2.90
2.90
3.18
3.44
2.90
1094.0
16.7%
FLETCHER BUILDING LTD
1.75
1.74
1.65
1.56
1.42
0.73
0.70
0.65
0.62
0.62
11.93
11.56
9.85
8.48
8.20
10.35
9.49
8.32
7.58
7.46
20.37
17.11
13.96
12.19
11.11
3.67
3.80
4.34
4.65
4.60
8.83
-6.1%
TELECOM CORP OF NEW ZEALAND
2.90
3.02
2.92
2.91
2.39
0.95
1.00
1.01
1.03
1.04
4.87
4.82
4.68
4.77
4.69
4.67
4.73
4.70
4.74
4.70
12.39
12.39
12.05
12.39
12.39
7.44
7.26
7.26
7.44
7.80
2.22
0.7%
RYMAN HEALTHCARE LTD
4.66
4.04
3.57
3.14
14.80
12.15
10.58
9.25
8.04
23.21
20.61
17.75
15.53
23.45
22.65
22.42
19.66
17.33
30.49
25.95
22.82
19.83
18.89
1.47
1.74
1.96
2.21
1.91
6.39
-6.0%
AUCKLAND INTL AIRPORT LTD
1.67
1.65
1.65
1.61
9.31
8.70
8.28
7.85
7.48
18.99
19.47
18.77
16.84
15.20
15.62
14.65
13.83
13.04
12.39
26.85
24.15
22.57
21.05
19.47
3.72
4.17
4.43
4.75
4.98
3.23
3.7%
SKY NETWORK TELEVISION LTD
1.91
1.81
1.78
1.73
2.53
2.43
2.34
2.26
2.30
8.36
8.16
7.82
7.85
8.04
7.78
7.32
7.07
6.98
7.20
17.25
14.17
12.92
12.44
11.54
7.90
4.97
5.97
5.95
5.95
5.95
4.2%
SKYCITY ENTERTAINMENT GROUP
2.59
2.55
2.44
2.33
2.53
2.45
2.24
2.08
1.80
10.30
9.97
9.12
8.53
7.72
8.94
8.81
7.96
7.31
7.01
16.12
15.47
13.79
12.86
11.75
5.18
5.31
5.65
5.97
6.81
4.38
14.7%
FISHER & PAYKEL HEALTHCARE C
5.30
4.80
4.42
4.01
3.59
3.10
2.86
2.59
2.63
19.84
16.46
15.96
14.51
15.63
12.47
12.34
11.14
11.72
26.21
21.21
20.85
18.44
17.07
3.27
3.27
3.27
3.43
3.27
3.68
0.2%
CONTACT ENERGY LTD
1.15
1.14
1.15
1.15
1.53
1.51
1.45
1.37
9.98
9.49
8.85
8.60
9.84
8.76
8.14
8.07
19.77
18.45
16.68
15.96
15.35
4.56
5.34
5.84
6.38
6.01
15.0%
TRADE ME GROUP LTD
2.77
2.69
2.61
2.54
10.91
9.96
8.95
8.16
7.57
20.87
19.04
16.93
15.76
15.79
14.51
13.09
11.99
11.17
22.96
21.26
19.20
17.25
15.49
3.46
3.74
4.16
4.64
5.10
4.71
3.1%
MIGHTY RIVER POWER
1.73
1.68
1.70
2.24
2.04
2.03
1.99
2.01
1.94
12.00
9.14
8.99
8.88
10.88
8.51
8.44
8.40
7.96
18.50
18.81
18.20
17.62
15.86
5.41
5.95
6.08
6.40
7.21
2.60
17.2%
0.48
10.71
10.04
9.09
7.53
7.40
7.43
6.55
6.08
6.62
26.78
21.33
14.79
11.87
12.05
3.65
4.11
4.73
5.48
4.56
78.35
24.35
0.00
0.00
0.00
0.00
1.60
2.44
14.60
INFRATIL LTD
1.47
1.47
1.40
1.33
0.60
0.60
0.55
0.51
XERO LTD
15.02
16.38
19.17
22.81
52.33
29.35
17.09
10.65
CHORUS LTD
1.71
1.62
1.46
1.29
1.25
1.10
1.09
1.10
1.15
1.15
2.37
2.36
2.56
2.74
2.79
2.21
2.15
2.09
2.02
1.92
5.46
5.18
4.97
4.77
4.51
14.49
13.05
12.66
12.18
12.00
KIWI INCOME PROPERTY TRUST
1.00
1.02
0.99
0.97
8.37
7.88
7.34
7.12
6.85
16.52
18.10
17.81
17.27
16.10
14.92
13.82
13.39
GOODMAN PROPERTY TRUST
1.08
1.05
1.04
1.03
10.25
9.20
8.75
8.37
8.44
14.38
14.18
14.18
13.80
17.31
15.53
14.79
14.12
PORT OF TAURANGA LTD
2.60
2.51
2.45
2.38
7.99
7.31
6.84
6.54
21.05
19.73
18.50
17.01
16.71
15.55
14.48
13.67
EBOS GROUP LTD
4.02
3.79
3.40
6.78
0.89
0.31
0.31
0.22
0.21
17.37
15.54
14.41
13.85
25.96
9.87
9.47
7.00
MAINFREIGHT LTD
3.22
2.46
2.21
1.98
0.55
0.53
0.50
0.46
0.46
11.97
9.98
8.93
8.11
9.22
8.79
7.84
7.09
PRECINCT PROPERTIES NEW ZEAL
1.10
0.99
0.97
0.95
9.78
8.39
8.07
7.85
8.14
18.87
16.39
15.87
15.63
16.23
13.77
13.19
12.81
ARGOSY PROPERTY LTD
1.12
1.09
1.08
1.07
10.61
9.19
8.21
7.70
7.50
15.48
14.77
16.84
15.48
16.72
14.27
12.66
11.84
1.92
1.88
1.80
0.55
0.50
0.49
0.47
8.87
9.55
8.18
14.43
13.58
11.98
11.21
0.37
0.37
0.36
0.35
0.27
1.94
7.21
6.71
3.72
3.32
2.87
2.56
2.28
2.09
2.16
2.13
2.06
2.02
6.62
7.61
7.61
7.34
7.89
8.67
8.52
8.20
8.45
4.69
4.13
4.22
3.99
3.77
13.25
12.47
11.79
11.05
12.95
12.27
11.29
10.40
10.46
10.05
9.29
8.63
6.51
6.02
5.46
5.14
FONTERRA SHAREHOLDERS FUND
43.95
10.00
4.41
7.83
4.45
4.59
4.80
4.80
2.82
17.0%
14.60
-19.0%
7.18
7.75
9.08
10.57
10.57
8.78
8.78
7.80
7.77
7.77
3.08
3.9%
15.33
14.21
13.79
13.26
12.53
5.26
5.95
5.96
6.03
6.28
36.34
-0.2%
12.48
18.69
18.39
17.27
17.01
16.52
5.88
5.53
5.79
5.79
6.32
1.16
1.8%
14.11
13.80
13.62
13.10
12.78
13.62
5.99
6.09
6.18
6.28
6.38
1.10
5.8%
25.00
24.46
23.13
22.09
3.02
3.14
3.30
3.47
13.57
-8.3%
6.67
17.28
15.23
14.14
12.77
11.72
3.40
4.21
4.52
4.90
5.35
10.64
7.5%
7.38
15.91
14.50
12.85
11.43
11.31
2.52
2.71
3.01
3.41
3.01
11.20
5.4%
13.51
17.54
16.39
16.13
15.87
14.71
5.10
5.40
5.70
5.80
5.90
1.06
6.0%
14.55
14.77
16.84
15.74
14.33
6.15
6.15
6.15
6.25
1.01
5.1%
16.06
16.44
13.48
11.56
4.59
4.73
5.32
5.88
7.25
4.1%
10.69
20.61
16.03
11.10
8.24
2.08
2.43
2.43
2.43
9.36
0.65
14.0%
12.98
17.20
17.42
16.36
15.88
5.56
5.56
5.74
5.85
4.81
2.84
5.2%
13.62
12.86
12.28
11.66
11.06
4.90
5.35
5.66
5.95
6.31
35.30
2.9%
16.71
15.89
14.18
12.84
4.51
4.75
5.34
5.94
4.22
0.1%
4.74
11.31
10.26
9.14
8.42
7.90
6.56
6.56
6.94
7.50
8.13
3.34
4.4%
-5.7%
GUINNESS PEAT GROUP PLC
0.85
0.93
0.86
0.80
VECTOR LTD
1.25
1.22
1.22
1.22
AUST AND NZ BANKING GROUP
1.97
1.89
1.78
1.69
FREIGHTWAYS LTD
3.63
3.36
3.16
2.96
1.59
1.52
1.45
1.38
NUPLEX INDUSTRIES LTD
1.13
1.10
1.05
1.00
0.38
0.37
0.35
0.33
0.31
7.71
6.84
6.15
5.73
KATHMANDU HOLDINGS LTD
2.26
2.00
1.86
1.73
1.61
1.75
1.55
1.41
1.28
1.22
19.74
13.39
11.41
10.14
11.41
11.02
9.21
8.20
7.47
6.89
19.11
14.63
13.27
11.81
10.64
2.97
3.73
4.30
4.77
5.27
2.83
PROPERTY FOR INDUSTRY LTD
1.23
1.10
1.08
1.07
0.98
18.46
11.45
8.44
8.26
8.02
19.41
19.13
17.37
17.37
17.14
25.03
15.96
11.62
11.37
11.03
19.70
18.86
17.84
17.60
16.92
5.15
5.38
5.53
5.61
5.83
1.31
-0.8%
SUMMERSET GROUP HOLDINGS LTD
2.58
2.39
2.23
2.06
1.62
14.50
12.18
10.22
8.45
6.46
23.13
17.94
16.17
12.08
6.96
36.77
24.60
20.47
15.93
12.55
48.52
29.31
24.26
18.05
15.34
0.78
1.32
1.59
2.09
2.94
3.48
17.7%
DNZ PROPERTY FUND LTD
1.04
8.92
8.46
8.10
7.87
7.63
17.05
17.80
17.05
16.36
15.60
14.79
14.13
13.70
17.05
17.23
17.23
16.70
15.73
5.56
5.56
5.62
5.74
9.58
5.29
3.97
3.19
2.57
45.38
32.11
18.55
13.25
27.62
17.17
9.45
6.69
4.95
50.91
46.90
26.09
18.55
13.47
0.30
2.61
2.44
2.39
2.20
2.80
2.61
2.47
2.28
2.47
8.48
7.05
6.79
6.42
6.48
5.12
6.53
7.09
7.44
14.22
13.33
11.64
10.00
16.81
15.44
13.33
12.32
15.24
13.91
11.31
10.32
10.00
0.84
1.34
1.81
2.28
16.24
16.05
15.86
15.51
14.98
14.43
14.39
13.89
16.05
15.86
15.86
15.51
15.68
5.80
5.94
6.01
6.09
11.52
11.81
10.26
9.67
10.24
10.53
9.16
8.78
16.65
17.78
15.52
14.80
13.32
5.71
5.71
5.99
6.27
3.70
3.70
4.08
4.61
18.89
17.71
21.79
20.73
30.36
7.18
6.71
6.24
4.94
13.44
9.56
9.25
8.43
7.48
5.58
7.33
8.26
9.19
1.60
16.03
47.25
10.84
0.98
0.97
0.96
16.70
10.44
6.96
0.88
0.82
0.77
0.72
0.34
0.33
0.31
0.30
METLIFECARE LTD
0.98
0.87
0.81
0.75
6.09
5.79
5.22
4.94
VITAL HEALTHCARE PROPERTY TR
1.36
1.33
1.32
1.29
8.18
7.88
7.86
7.61
TRUSTPOWER LTD
1.44
1.45
1.40
1.39
2.74
2.77
2.53
2.41
NEW ZEALAND OIL & GAS LTD
0.97
0.96
0.97
0.93
3.55
3.74
3.94
4.37
4.54
7.52
6.91
7.46
9.77
12.69
HEARTLAND NEW ZEALAND LTD
0.91
0.90
0.88
0.86
3.11
2.80
2.70
2.55
2.35
13.23
9.56
9.05
8.35
7.17
WAREHOUSE GROUP LIMITED/THE
3.95
2.91
2.91
2.91
2.46
0.67
0.51
0.45
0.43
0.50
10.51
8.77
9.69
8.57
8.43
9.23
8.34
7.73
7.23
7.00
18.10
13.79
13.90
12.93
12.37
5.12
5.85
6.44
6.90
NZX LTD
8.13
7.41
7.00
6.30
5.48
5.78
5.16
4.94
4.76
5.10
20.00
17.03
15.56
14.32
1.80
13.85
12.37
11.48
10.81
10.25
26.25
22.91
19.69
18.26
2.66
4.05
4.44
4.21
4.60
OCEANAGOLD CORP
0.81
0.82
0.79
0.77
0.77
1.26
0.97
0.91
1.01
1.11
4.06
3.25
3.10
3.72
4.29
4.90
4.27
3.89
4.74
6.66
26.14
16.08
12.87
21.73
SKELLERUP HOLDINGS LTD
2.80
2.66
2.56
2.43
1.62
1.55
1.47
1.39
11.36
10.60
9.94
9.64
8.89
7.76
7.36
7.01
16.06
14.07
12.93
12.23
11.36
5.03
5.22
5.53
RESTAURANT BRANDS NZ LTD
5.39
5.05
4.66
4.30
0.86
0.83
0.78
0.74
8.33
8.09
7.43
6.79
7.02
6.69
6.02
5.53
15.28
13.96
12.33
11.32
11.00
5.82
6.07
6.44
STEEL & TUBE HOLDINGS LTD
1.68
1.68
1.62
1.57
0.62
0.61
0.57
0.54
10.44
12.03
10.07
9.28
9.51
9.12
7.93
7.25
16.47
14.77
12.50
11.18
10.56
4.91
5.44
MICHAEL HILL INTL LTD
2.57
2.40
2.19
1.92
0.98
0.92
0.85
0.79
9.03
7.88
7.05
6.39
AMP LTD
1.84
1.76
1.74
1.69
1.75
1.81
0.86
0.82
TOWER LTD
0.96
0.70
0.70
0.69
6.78
24.29
11.75
11.28
4.28
4.20
4.10
1.26
1.20
1.15
4.57
3.68
3.09
0.62
0.60
0.58
DILIGENT BOARD MEMBER SVCS

AIR NEW ZEALAND LTD
4.85
9.82
6.81
1.75
7.7%
6.90
30.4%
1.84
28.9%
4.00
25.0%
A2 CORP LTD
HALLENSTEIN GLASSON HOLDINGS

PUMPKIN PATCH LTD
7.50
1.64
3.96
0.54
8.05
0.80
6.19
1.35
-1.8%
8.14
15.3%
2.35
1.00
18.2%
10.35
0.89
3.9%
6.87
3.88
4.6%
32.22
1.30
2.9%
2.56
20.6%
6.10
1.53
-3.5%
7.27
2.85
3.6%
6.49
7.37
2.69
-5.6%
13.4%
9.93
8.69
8.18
8.69
14.04
12.87
11.88
10.94
10.30
4.60
5.32
5.61
5.90
5.83
1.58
11.98
10.91
9.92
14.68
15.83
14.64
13.05
13.08
5.31
5.03
5.52
6.02
6.02
5.55
2.8%
10.41
10.41
9.83
10.29
10.86
12.38
11.42
14.75
5.20
6.38
6.78
7.34
2.15
21.5%
10.54
9.73
9.34
7.19
7.28
7.71
6.85
4.89
4.7%
9.13
6.18
5.53
0.00
1.52
3.62
7.71
1.12
6.7%
9.63
18.31
8.63
6.71
6.16
11.33
1.27
8.18
15.45
7.71
7.04
6.71
7.87
14.15
14.59
13.34
12.42
13.23
9.15
7.74
7.06
3.83
18.75
16.15
11.80
10.00
7.50
1.24
05.09.2013
Fletcher Building Ltd

Fletcher Building Limited manufactures, distributes and sells materials for the
building industry including wood fiber-based products, cement and aggregates,
plasterboard, laminates, lumber and aluminium extrusion. The Company operates
primarily in New Zealand and Australia. The Company is also involved in
residential and commercial construction and operates distribution outlets.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.01.2013)
52-Week Low (06.09.2012)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.06.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FBU NZ EQUITY YTD Change
FBU NZ EQUITY YTD % CHANGE
06/2013
01/yy
9.52
6.47
4'518'613.00
9.41
-1.16%
45.44%
96.72%
686.1
6'456.17
1'899.00
0.0
35.0
123.00
8'267.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-13
.0 M
s-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

30.06.2009
7'103.0
0.75x
652.0
8.21x
(46.0)
-
10
9
8
7
6
5
4
3
2
1
0
s-12
30.06.2010
30.06.2011
6'799.0
7'416.0
0.87x
1.05x
699.0
729.0
8.43x
10.64x
272.0
283.0
17.48x
19.16x
Profitability
30.06.2012
8'873.0
0.68x
752.0
7.98x
185.0
21.58x
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
30.06.2013
8'517.0
0.89x
762.0
9.97x
326.0
17.71x
762.00
542.00
6.36%
4.95%
4.47%
9.20%
8.11%
1.17%
25.5%
8.9%
6.4%
3.8%
1.89
0.97
26.74%
53.96%
6.90
4.55
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.61
1.77
681.00
51.86%
14.45%
1.771
12
2.500
3'630'452
2'195'640
2'091'653
FY+2
06/14 Y
06/15 Y
9'259
9'870
0.89x
0.83x
870.8
993.4
9.49x
8.32x
380.5
470.9
17.11x
13.96x
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
FQ+1
FQ+2
5.18
3.60
2.33
2.49
54.0%
34.8%
1.17
3.70
52.86
80.15
60.33
72.68
Sales/Revenue/Turnover
14.00
10'000.0
9'000.0
12.00
8'000.0
7'000.0
10.00
6'000.0
8.00
5'000.0
6.00
4'000.0
3'000.0
4.00
2'000.0
2.00
0.00
02.07.2010
1'000.0
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Fletcher Building Ltd

Holdings By:
All
Holder Name
JP MORGAN CHASE BANK
CAPITAL GROUP COMPAN
INCOME FUND OF AMERI
PERPETUAL LTD
AMP LIMITED
ACCIDENT COMPENSATIO
SCHRODER INVESTMENT
BLACKROCK
VANGUARD
RBC DEXIA INVESTOR S
FORSYTH BARR LTD
NORGES BANK
FLETCHER BUILD SHARE
FUNDHOST LIMITED
SUMITOMO MITSUI ASSE
ARGO INVESTMENTS LTD
SMARTSHARES LIMITED
DIMENSIONAL FUND ADV
GRANTHAM MAYO VAN OT
CREDIT SUISSE AG
Firm Name
EVA Dimensions
Morgan Stanley
Forsyth Barr
Deutsche Bank
UBS
JPMorgan
Macquarie
CIMB
First NZ Capital
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
ELEY GRIFFITHS GROUP
Multiple Portfolios
n/a
SMARTENZ
n/a
Multiple Portfolios
n/a
Analyst
TIMOTHY STANISH
JAMES RUTLEDGE
ANDREW BOWLEY
EMILY BEHNCKE
DAVID LEITCH
JASON HARLEY STEED
STEPHEN HUDSON
ANDREW G SCOTT
KAR YUE YEO
MATTHEW HENRY
Source
Research
ULT-AGG
EXCH
EXCH
EXCH
Research
EXCH
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
Co File
MF-PART
MF-AGG
Co File
MF-PART
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
underweight
Underwt/In-Line
hold
buy
neutral
underweight
neutral
neutral
underperform
neutral/neutral
Amt Held
93'603'360
42'945'596
34'239'000
34'075'038
33'917'697
23'276'176
17'534'762
12'911'610
9'708'477
8'737'528
6'908'612
6'564'436
2'679'775
2'183'847
2'115'457
1'350'701
1'319'002
1'148'721
1'095'030
1'038'694
% Out
13.64
6.26
4.99
4.97
4.94
3.39
2.56
1.88
1.42
1.27
1.01
0.96
0.39
0.32
0.31
0.2
0.19
0.17
0.16
0.15
Weighting
Change
1
1
3
5
3
1
3
3
1
3
D
M
D
M
M
M
M
M
D
D
Latest Chg
(7'545'000)
(243'431)
(412'082)
(17'598'492)
9'032
265'981
(8'400)
(13'761)
13'765
(28'827)
(12'801)
Target Price
#N/A N/A
8
9
10
9
7
8
9
9
9
File Dt
21.06.2013
11.07.2013
18.10.2012
02.09.2013
22.03.2013
21.06.2013
06.12.2012
03.09.2013
30.06.2013
31.07.2012
31.07.2012
31.12.2012
31.07.2012
30.06.2013
18.02.2013
31.07.2012
31.07.2013
30.04.2013
31.05.2012
31.05.2013
Date
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Corporation
Bank
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.08.2013
22.08.2013
22.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
08.02.2013
05.09.2013
Telecom Corp of New Zealand Ltd

Telecom Corporation of New Zealand Limited provides telecommunications services
by offering local, national and international telephone services to households
and businesses. Telecom's other services include leased circuits, data
communications, directories, cellular, paging and Internet related services and
solutions.
Price/Volume
30.0 M
25.0 M
20.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.05.2013)
52-Week Low (13.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEL NZ EQUITY YTD Change
TEL NZ EQUITY YTD % CHANGE
06/2013
12/yy
2.74
2.14
12'439'607.00
2.205
-19.53%
3.04%
13.33%
1'817.1
4'006.68
976.00
0.0
6.0
118.00
4'870.68
15.0 M
10.0 M
5.0 M
0
s-12
30.06.2010
30.06.2011
5'029.0
4'760.0
1.12x
1.37x
1'635.0
1'210.0
3.44x
5.37x
380.0
164.0
9.45x
Profitability
LTM-4Q
30.06.2012
4'345.0
1.21x
1'072.0
4.92x
1'155.0
14.94x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
3'991.0
1.24x
875.0
5.66x
236.0
17.31x
875.00
336.00
8.42%
8.54%
6.59%
15.59%
11.00%
1.11%
21.9%
8.4%
5.9%
0.77
0.43
27.94%
69.37%
10.61
-
Price/ Cash Flow
12/yy
5'181.0
5.47x
1'630.0
4.25x
478.0
9.43x
n-12
d-12
j-13
f-13 m-13
LTM
12/yy
4'971.0
4.78x
1'620.0
3.79x
302.0
14.28x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
7.26
1.37
1'815.86
-2.63%
0.30%
1.366
12
2.833
4'531'451
5'786'588
6'662'912
FY+2
FQ+1
FQ+2
06/14 Y
06/15 Y
03/13 Q3 06/13 Q4
4'021.1
3'948.3
1.22x
1.22x
1'030.5
1'037.1
4.73x
4.70x
328.0
337.1
12.39x
12.05x
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
11.11.2011
ASTABLE
11.11.2011
A-2
14.11
7.84
0.98
1.12
69.4%
40.9%
1.11
2.79
34.39
-
6.00
6'000.0
5.00
5'000.0
4.00
4'000.0
3.00
3'000.0
2.00
2'000.0
1.00
1'000.0
0.00
02.07.2010
o-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
3
2
Valuation Analysis
30.06.2009
5'340.0
1.40x
1'630.0
4.60x
398.0
12.41x
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Telecom Corp of New Zealand Ltd

Holdings By:
All
Holder Name
BLACKROCK
AMP LTD
SCHRODER INVESTMENT
BANK OF NEW YORK MEL
NEW ZEALAND SUP FUND
JP MORGAN
VANGUARD
HENDERSON GLOBAL INV
FIL LIMITED
INVESCO LTD
ALLIANCE TRUST PLC/U
LAZARD LTD
NORGES BANK
KEMPEN CAPITAL MANAG
PRINCIPAL FINANCIAL
ROBECO INVESTOR SERV
UBS
Firm Name
JPMorgan
Deutsche Bank
Forsyth Barr
Macquarie
Goldman Sachs
UBS
CIMB
First NZ Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
HENDERSON FAR EAST I
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
PAUL BRUNKER
ARIE DEKKER
BLAIR GALPIN
ANDREW LEVY
ADRIAN ALLBON
RICHARD EARY
IAN MARTIN
GREG MAIN
ANDREW S ZAMFOTIS
Source
Research
ULT-AGG
ULT-AGG
EXCH
Research
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-PART
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
hold
hold
neutral
neutral/neutral
neutral
underperform
outperform
buy
Amt Held
210'187'319
128'978'201
109'981'249
91'743'368
67'429'655
53'490'415
46'871'583
36'117'556
22'364'362
15'871'424
15'792'673
11'945'733
9'157'736
8'155'405
7'911'477
7'885'947
7'586'800
6'694'066
6'505'274
6'112'481
% Out
11.57
7.1
6.05
5.05
3.71
2.94
2.58
1.99
1.23
0.87
0.87
0.66
0.5
0.45
0.44
0.43
0.42
0.37
0.36
0.34
Weighting
Change
3
3
3
3
3
3
1
5
5
M
M
M
M
M
U
M
M
U
Latest Chg
(23'944'661)
3'962'246
1'741'168
4'728'841
(12'469'070)
2'152'838
(3'919'524)
(214'692)
368'502
1'371'800
3'986'299
(386'653)
(595'971)
Target Price
2
2
2
2
2
2
2
2
#N/A N/A
File Dt
03.05.2013
03.09.2013
30.06.2012
16.02.2012
03.05.2013
03.09.2013
13.08.2012
30.06.2013
30.06.2013
31.03.2013
28.02.2013
04.09.2013
31.05.2013
31.05.2012
31.07.2013
31.12.2012
30.06.2013
31.07.2013
30.04.2013
28.06.2013
Date
9 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Insurance Company
Investment Advisor
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Date
04.09.2013
26.08.2013
26.08.2013
24.08.2013
23.08.2013
23.08.2013
23.08.2013
23.08.2013
25.07.2013
05.09.2013
Ryman Healthcare Ltd

Ryman Healthcare Limited provides private health care services through its
development, management and operation of retirement villages, nursing homes and
geriatric hospitals. The Company's facilities are located in Christchurch,
Dunedin, Invercargill and Wellington.
Price/Volume
8
7.0 M
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (31.07.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RYM NZ EQUITY YTD Change
RYM NZ EQUITY YTD % CHANGE
03/2013
01/yy
7.24
3.83
449'490.00
6.8
-6.08%
77.55%
88.56%
497.6
3'383.54
225.99
0.0
0.0
0.53
3'609.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
3
2
2.0 M
1.0 M
0
s-12
31.03.2010
31.03.2011
109.1
129.1
10.73x
10.35x
29.4
35.5
39.81x
37.66x
78.4
100.2
13.10x
11.79x
Profitability
31.03.2012
154.1
11.34x
41.3
42.32x
120.8
12.72x
31.03.2013
180.4
15.15x
48.3
56.58x
136.7
18.33x
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
48.31
39.92
22.13%
83.32%
6.64%
19.79%
15.70%
0.09%
26.8%
22.1%
75.8%
1.06
1.02
10.26%
30.77%
1.87
-
Price/ Cash Flow
n-12
d-12
LTM-4Q
LTM
01/yy
01/yy
-
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
FY+1
-
1.47
0.59
331.70
80.08%
50.70%
0.595
7
3.143
482'526
426'610
520'436
FY+2
03/14 Y
03/15 Y
278.5
319.8
12.96x
11.28x
161.0
183.6
22.42x
19.66x
139.2
159.2
25.95x
22.82x
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
FQ+1
FQ+2
4.27
-12.07
4.67
4.68
30.8%
23.5%
0.09
0.09
195.19
-
18.00
200.0
16.00
180.0
14.00
160.0
140.0
12.00
120.0
10.00
8.00
100.0
80.0
6.00
60.0
4.00
40.0
2.00
20.0
0.00
02.04.2010
o-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

31.03.2009
91.5
9.22x
20.9
40.29x
66.1
10.60x
4.0 M
Valuation Analysis
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Ryman Healthcare Ltd

Holdings By:
All
Holder Name
CUMMING GEOFFREY A
HICKMAN KEVIN J
NGAI TAHU CAPITAL LT
ONEPATH (NZ) LIMITED
JP Morgan Chase Bank
WILLIAM BLAIR & COMP
FMR LLC
MFL MUTUAL FUND LTD
YOVICH WALTER
VANGUARD
CHALLIES SIMON
BLACKROCK
CLEMENTS ANDREW J
THRIVENT FINANCIAL F
SMARTSHARES LIMITED
REYNEN BARBARA
SMARTSHARES LIMITED
MACLEOD GORDON
Firm Name
Deutsche Bank
Macquarie
EVA Dimensions
First NZ Capital
Forsyth Barr
Goldman Sachs
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
WILLIAM BLAIR & COMP
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
SMARTENZ
n/a
SMARTFONZ
n/a
Analyst
STEPHEN RIDGEWELL
DANIEL FROST
TIMOTHY STANISH
JAMES SCHOFIELD
JEREMY SIMPSON
MATTHEW HENRY
WADE GARDINER
Source
Co File
EXCH
Co File
EXCH
Co File
Co File
13F
ULT-AGG
Co File
Co File
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-PART
EXCH
MF-PART
EXCH
Recommendation
hold
outperform
sell
outperform
accumulate
neutral/neutral
sell
Amt Held
50'949'900
35'834'955
30'000'000
24'637'020
15'879'834
13'746'548
9'918'624
8'489'507
5'982'133
4'278'680
2'537'698
2'169'226
2'080'974
1'897'233
1'600'000
1'249'289
961'303
937'244
794'308
480'786
% Out
10.24
7.2
6.03
4.95
3.19
2.76
1.99
1.71
1.2
0.86
0.51
0.44
0.42
0.38
0.32
0.25
0.19
0.19
0.16
0.1
Weighting
Change
3
5
1
5
4
3
1
M
M
M
M
D
M
M
Latest Chg
1'809'862
9'918'624
15'977
(3'066'500)
1'019'452
(5'980)
6'072
(9'740)
(34'075)
-
Target Price
6
7
#N/A N/A
8
7
7
5
File Dt
28.05.2013
07.06.2013
28.05.2013
06.06.2013
28.05.2013
28.05.2013
30.06.2013
31.07.2013
28.05.2013
28.05.2013
30.06.2013
16.07.2013
03.09.2013
30.04.2013
15.05.2013
30.04.2013
31.07.2013
16.07.2013
31.07.2013
16.07.2013
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
n/a
n/a
Other
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Other
n/a
Unclassified
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Date
05.08.2013
14.06.2013
06.06.2013
21.05.2013
19.05.2013
16.05.2013
16.05.2013
05.09.2013
Auckland International Airport Ltd

Auckland International Airport Limited owns and operates the Auckland
International Airport. The Airport includes a single runway, an international
terminal and two domestic terminals. The Airport also has commercial facilities
which includes airfreight operations, car rental services, commercial banking
center and office buildings.
Price/Volume
4
120.0 M
100.0 M
80.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AIA NZ EQUITY YTD Change
AIA NZ EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
20.0 M
1
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-13
.0 M
s-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

30.06.2009
350.3
8.60x
276.8
10.89x
41.7
47.21x
60.0 M
06/2013
01/yy
3.30
2.56
3'093'486.00
3.115
-5.61%
21.68%
76.35%
1'322.8
4'120.38
1'141.95
0.0
0.0
69.15
5'193.17
30.06.2010
30.06.2011
346.2
378.5
10.13x
10.52x
274.8
296.9
12.76x
13.41x
29.7
100.8
77.92x
29.09x
Profitability
30.06.2012
405.8
10.58x
317.6
13.51x
142.3
22.68x
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
30.06.2013
426.1
11.74x
328.0
15.24x
178.0
22.07x
328.02
265.96
62.42%
55.52%
4.56%
7.16%
6.32%
0.11%
77.0%
62.4%
41.8%
0.48
0.35
28.99%
45.69%
121.29
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.85
0.85
1'026.57
26.63%
19.10%
0.848
10
2.800
6'917'743
4'444'358
2'806'383
FY+2
06/14 Y
06/15 Y
473.5
497.9
11.10x
10.62x
354.6
375.4
14.65x
13.83x
169.2
181.3
24.15x
22.57x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
29.05.2009
APOS
29.05.2009
A-2
4.76
3.49
3.27
3.48
45.7%
31.4%
0.11
0.12
3.01
-
25.00
450.0
400.0
20.00
350.0
300.0
15.00
250.0
200.0
10.00
150.0
100.0
5.00
50.0
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Auckland International Airport Ltd

Holdings By:
All
Holder Name
AUCKLAND CITY COUNCI
MANUKAU CITY COUNCIL
UBS
BLACKROCK
VANGUARD
NORGES BANK
COHEN & STEERS CAPIT
MASFEN SECURITIES LI
NUVEEN ASSET MANAGEM
BESSEMER GROUP INCOR
PRUDENTIAL FINANCIAL
COLUMBIA WANGER ASSE
CHARLES SCHWAB INVES
SMARTSHARES LIMITED
AMERIPRISE FINANCIAL
SMARTSHARES LIMITED
Firm Name
UBS
Forsyth Barr
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Macquarie
CIMB
First NZ Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
SMARTENZ
Multiple Portfolios
SMARTFONZ
Analyst
LANCE REYNOLDS
ANDREW BOWLEY
GRANT SWANEPOEL
SCOTT KELLY
MARCUS CURLEY
CAROLYN HOLMES
WARREN DOAK
MICHAEL NEWBOLD
PAUL TURNBULL
TIMOTHY STANISH
Source
Co File
Co File
ULT-AGG
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-PART
MF-AGG
MF-PART
Recommendation
neutral
hold
hold
Equalwt/In-Line
neutral/neutral
neutral
neutral
neutral
neutral
sell
Amt Held
165'501'630
130'419'384
109'596'816
69'531'810
48'354'820
16'682'323
11'094'041
8'797'386
5'530'557
5'417'318
4'437'919
3'946'842
3'687'306
3'210'865
2'682'616
2'253'666
2'065'398
1'973'796
1'928'876
1'678'870
% Out
12.51
9.86
8.29
5.26
3.66
1.26
0.84
0.67
0.42
0.41
0.34
0.3
0.28
0.24
0.2
0.17
0.16
0.15
0.15
0.13
Weighting
Change
3
3
3
3
3
3
3
3
3
1
M
D
M
M
M
M
M
M
M
M
Latest Chg
44'600
105'000
1'118'160
(30'000)
(55'244)
12'852
(104'988)
2'253'666
160'570
(20'062)
184'392
(73'006)
Target Price
3
3
3
3
3
3
3
3
3
#N/A N/A
File Dt
15.08.2012
15.08.2012
28.06.2013
15.08.2012
15.08.2012
03.09.2013
30.06.2013
31.12.2012
18.02.2013
30.06.2013
15.08.2012
30.06.2013
30.04.2013
30.04.2013
31.07.2013
31.07.2013
03.09.2013
31.07.2013
31.07.2013
31.07.2013
Date
12 month
12 month
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Other
Other
Unclassified
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.08.2013
22.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
31.07.2013
06.06.2013
05.09.2013
Sky Network Television Ltd

Sky Network Television Limited is a pay-television operator in New Zealand. The
Company broadcasts various pay networks via UHF and Digital satellite platforms
and offers a variety of programming including news, sports, movies, digital
radio and pay-per-view events.
Price/Volume
7
6
5
4
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (31.05.2013)
52-Week Low (19.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SKT NZ EQUITY YTD Change
SKT NZ EQUITY YTD % CHANGE
06/2013
01/yy
5.90
4.50
978'546.00
5.71
-3.22%
26.89%
85.71%
389.1
2'221.99
483.79
0.0
7.4
20.68
2'692.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
s-12
30.06.2010
30.06.2011
725.1
777.0
3.13x
3.31x
271.1
302.1
8.38x
8.51x
102.9
120.1
17.75x
18.02x
Profitability
30.06.2012
824.2
2.83x
317.4
7.36x
123.7
15.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
865.8
2.98x
334.2
7.73x
137.2
15.40x
334.19
199.63
23.06%
21.83%
7.10%
11.36%
8.95%
0.45%
38.6%
23.1%
15.8%
0.74
0.48
25.46%
41.19%
13.34
-
Price/ Cash Flow
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.20
0.88
360.47
27.48%
21.80%
0.885
10
4.000
2'642'457
1'610'837
1'818'232
FY+2
06/14 Y
06/15 Y
912.6
947.8
2.89x
2.74x
367.6
380.8
7.32x
7.07x
156.5
170.0
14.17x
12.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
11.73
8.84
1.39
1.45
41.2%
29.0%
0.45
2.59
27.37
-
9.00
1'000.0
8.00
900.0
7.00
800.0
700.0
6.00
600.0
5.00
4.00
500.0
400.0
3.00
300.0
2.00
200.0
1.00
100.0
0.00
02.07.2010
o-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2009
677.9
2.81x
247.2
7.72x
88.4
18.32x
200.0 M
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
s-13
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Sky Network Television Ltd

Holdings By:
All
Holder Name
JCP INVESTMENT PARTN
HYPERION ASSET MANAG
BNP PARIBAS INV PART
LAZARD ASSET MANAGEM
UBS
PERPETUAL LTD
VANGUARD
AMP LTD
NORGES BANK
BLACKROCK
AGF INVESTMENTS INC
SMARTSHARES LIMITED
SMARTSHARES LIMITED
ING INVESTMENT MANAG
PARVEST INVESTMENT M
Firm Name
Macquarie
UBS
EVA Dimensions
Forsyth Barr
Morgan Stanley
Deutsche Bank
Goldman Sachs
JPMorgan
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
SMARTFONZ
SMARTENZ
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
WARREN DOAK
TRISTAN JOLL
CRAIG STERLING
ROB MERCER
MARK GOODRIDGE
ARIE DEKKER
ADRIAN ALLBON
JARROD MCDONALD
GREG MAIN
Source
EXCH
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-PART
MF-PART
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
neutral
buy
buy
Equalwt/Cautious
buy
neutral/neutral
neutral
neutral
Amt Held
28'512'384
25'001'234
24'031'977
21'331'708
19'453'594
19'090'483
18'878'791
10'133'840
9'170'013
3'755'455
3'446'493
2'465'018
1'712'484
1'305'914
1'238'772
1'027'252
748'728
628'122
586'669
560'874
% Out
7.33
6.42
6.18
5.48
5
4.91
4.85
2.6
2.36
0.97
0.89
0.63
0.44
0.34
0.32
0.26
0.19
0.16
0.15
0.14
Weighting
Change
5
3
5
5
3
5
3
3
3
M
D
U
M
U
M
M
M
M
Latest Chg
(6'086'396)
3'928'362
(49'441)
(750'000)
2'107'329
74'630
(10'500)
(45'398)
(6'735)
(80'868)
70'000
Target Price
6
6
#N/A N/A
7
5
6
6
6
6
File Dt
12.04.2013
16.08.2013
02.05.2013
20.06.2013
30.08.2013
05.06.2013
28.03.2013
13.08.2012
16.11.2012
30.06.2013
13.08.2012
31.12.2012
03.09.2013
30.04.2013
28.03.2013
31.07.2013
31.07.2013
03.09.2013
30.06.2013
31.01.2013
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
Not Provided
Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Insurance Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
05.09.2013
04.09.2013
28.08.2013
26.08.2013
25.08.2013
23.08.2013
23.08.2013
23.08.2013
19.06.2013
05.09.2013
SKYCITY Entertainment Group Ltd

SKYCITY Entertainment Group Ltd. provides gaming and casino services. The
Company offers various casinos accompanied with various bars, hotels,
restaurants, and convention centers. SKYCITY Entertainment Group offers
services in Australia and New Zealand.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2013)
52-Week Low (12.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SKC NZ EQUITY YTD Change
SKC NZ EQUITY YTD % CHANGE
06/2013
01/yy
4.58
3.56
1'265'907.00
3.82
-16.59%
7.30%
25.49%
577.0
2'203.98
615.23
0.0
0.0
51.13
2'768.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2010
30.06.2011
769.9
803.1
2.84x
3.27x
283.6
290.3
7.70x
9.04x
102.0
123.0
18.51x
16.92x
Profitability
30.06.2012
851.5
3.03x
295.6
8.74x
138.5
14.17x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
859.5
3.58x
293.9
10.48x
127.3
19.73x
293.88
217.09
25.26%
19.54%
7.56%
15.71%
11.49%
0.51%
34.2%
25.3%
14.8%
1.12
0.59
37.24%
75.68%
68.59
-
Price/ Cash Flow
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
o-12
n-12
d-12
LTM-4Q
LTM
01/yy
01/yy
-
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
FY+1
-
5.24
0.98
543.27
4.77%
3.41%
0.979
12
3.667
1'380'492
1'474'029
1'330'195
FY+2
06/14 Y
06/15 Y
901.4
985.1
3.12x
3.00x
314.2
347.7
8.81x
7.96x
143.2
159.7
15.47x
13.79x
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
FQ+1
FQ+2
13.07.2008
BBBSTABLE
5.69
3.52
1.92
2.09
75.7%
43.1%
0.51
0.80
5.32
-
16.00
1'000.0
14.00
900.0
800.0
12.00
700.0
10.00
600.0
8.00
500.0
400.0
6.00
300.0
4.00
200.0
2.00
100.0
0.00
02.07.2010
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

30.06.2009
762.3
2.87x
296.3
7.37x
115.3
11.31x
5
5
4
4
3
3
2
2
1
1
0
s-12
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
SKYCITY Entertainment Group Ltd

Holdings By:
All
Holder Name
BLACKROCK
LAZARD ASSET MANAGEM
INVESTORS MUTUAL LTD
AMP LTD
COOPER INVESTORS PTY
VANGUARD
WESTPAC NZ SHR 2002
NORGES BANK
MORRISON NIGEL BARCL
INVESCO LTD
BT FUNDS MANAGEMENT
SMARTSHARES LIMITED
Firm Name
EVA Dimensions
Macquarie
Forsyth Barr
Deutsche Bank
Goldman Sachs
UBS
JPMorgan
Commonwealth Bank
Bell Potter
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
BT INVESTMENT FUNDSMultiple Portfolios
SMARTFONZ
Analyst
CRAIG STERLING
WARREN DOAK
JEREMY SIMPSON
ARIE DEKKER
MARCUS CURLEY
SAM THEODORE
MATTHEW RYAN
BEN BROWNETTE
LAFITANI SOTIRIOU
PAUL TURNBULL
Source
ULT-AGG
Research
ULT-AGG
EXCH
ULT-AGG
EXCH
EXCH
Research
ULT-AGG
Research
MF-AGG
Research
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-PART
MF-AGG
MF-PART
Recommendation
overweight
neutral
buy
hold
Buy/Neutral
neutral
neutral
underweight
buy
neutral
Amt Held
42'061'564
38'689'334
29'761'766
29'545'487
28'799'163
28'512'384
21'858'783
9'873'859
6'384'141
5'764'753
5'167'522
4'956'260
3'606'133
2'586'054
2'351'890
2'226'408
2'004'525
1'462'879
1'425'539
1'163'470
% Out
7.29
6.71
5.16
5.12
4.99
4.94
3.79
1.71
1.11
1
0.9
0.86
0.63
0.45
0.41
0.39
0.35
0.25
0.25
0.2
Weighting
Change
5
3
5
3
5
3
3
1
5
3
U
M
M
M
M
M
M
M
M
M
Latest Chg
(81'039)
(534'422)
(375'000)
(1'379'871)
(127'980)
2'351
(114'517)
238'933
(49'220)
Target Price
#N/A N/A
4
5
4
5
4
4
3
5
4
File Dt
Inst Type
03.09.2013
Investment Advisor
08.03.2013
Investment Advisor
26.04.2013
Unclassified
15.08.2013 Hedge Fund Manager
04.04.2013
Insurance Company
12.04.2013
Insurance Company
08.03.2013
Investment Advisor
30.06.2013
Unclassified
08.03.2013
Bank
31.12.2012
Government
08.03.2013
Other
30.04.2013
Investment Advisor
28.05.2013
n/a
18.02.2013
Investment Advisor
04.09.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
03.09.2013
Investment Advisor
31.07.2013
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
Date
23.08.2013
15.08.2013
15.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
14.08.2013
05.09.2013
Fisher & Paykel Healthcare Corp Ltd

Fisher & Paykel Healthcare Corporation Limited designs, manufactures and markets
heated humidification products and systems for use in respiratory care and the
treatment of sleep apnea. The Company also offers patient warming and neonatal
care products, including warming products and infant resuscitators.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.08.2013)
52-Week Low (14.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FPH NZ EQUITY YTD Change
FPH NZ EQUITY YTD % CHANGE
03/2013
01/yy
3.72
2.11
249'896.00
3.67
-1.34%
73.93%
98.14%
546.6
2'006.17
134.53
0.0
0.0
7.71
2'132.99
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
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
485.5
3.55x
143.5
12.03x
62.2
25.90x
31.03.2010
31.03.2011
474.8
467.7
3.71x
3.69x
87.5
80.2
20.16x
21.50x
71.6
52.5
23.43x
30.78x
Profitability
31.03.2012
466.7
2.77x
63.0
20.54x
64.1
18.36x
31.03.2013
507.3
3.05x
90.1
17.16x
77.1
18.32x
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
90.14
63.73
12.56%
21.56%
12.94%
21.39%
16.61%
0.85%
51.0%
17.8%
12.6%
15.2%
2.36
0.88
21.75%
36.14%
7.20
2.86
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.38
0.92
513.45
78.02%
51.70%
0.921
8
3.250
1'330'389
1'038'690
1'131'605
FY+2
03/14 Y
03/15 Y
647.0
701.5
3.27x
2.99x
171.0
172.8
12.47x
12.34x
94.7
95.6
21.21x
20.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
18.38
6.44
1.41
1.49
36.1%
26.5%
0.85
1.54
50.72
127.50
31.47
146.74
25.00
600.0
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
0.00
02.04.2010
100.0
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Fisher & Paykel Healthcare Corp Ltd

Holdings By:
All
Holder Name
AMP LTD
SUN LIFE FINANCIAL I
T ROWE PRICE ASSOCIA
VANGUARD
NORGES BANK
FIDANTE PARTNERS LTD
BLACKROCK
GLOBAL X MANAGEMENT
EVANS NIGEL THOMAS
WOOLF FISHER TRUST I
SMARTSHARES LIMITED
STATE STREET
WILLIAMS JOHN JULIAN
PAYKEL GARY ALBERT
SMARTSHARES LIMITED
FIL LIMITED
Firm Name
EVA Dimensions
Deutsche Bank
Goldman Sachs
Macquarie
First NZ Capital
Forsyth Barr
UBS
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
SMARTFONZ
n/a
n/a
n/a
SMARTENZ
n/a
Analyst
TIMOTHY STANISH
STEPHEN RIDGEWELL
MARCUS CURLEY
DANIEL FROST
SARNDRA URLICH
JOHN CAIRNS
TRISTAN JOLL
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
EXCH
Co File
MF-PART
ULT-AGG
Co File
Co File
MF-PART
ULT-AGG
Recommendation
hold
buy
neutral/neutral
outperform
neutral
hold
neutral
Amt Held
46'666'600
27'200'396
27'083'276
11'422'541
6'137'434
5'164'464
4'725'484
4'544'800
4'308'805
3'705'203
3'440'550
3'342'651
1'569'034
1'542'415
1'435'241
1'262'362
1'135'160
1'095'125
1'042'717
852'804
% Out
8.54
4.98
4.95
2.09
1.12
0.94
0.86
0.83
0.79
0.68
0.63
0.61
0.29
0.28
0.26
0.23
0.21
0.2
0.19
0.16
Weighting
Change
3
5
3
5
3
3
3
D
M
M
M
D
D
M
Latest Chg
(638'326)
(1'155'924)
48'765
(424'886)
1'499'301
(233'240)
417
(60'684)
(10'560)
99'359
Target Price
#N/A N/A
4
4
4
4
4
4
File Dt
30.06.2013
13.08.2013
06.08.2013
30.06.2013
30.06.2013
30.06.2013
31.12.2012
30.06.2013
23.05.2013
03.09.2013
30.04.2013
30.08.2013
05.07.2013
23.05.2013
31.07.2013
04.09.2013
23.05.2013
31.03.2013
31.07.2013
31.10.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Insurance Company
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Date
02.09.2013
27.08.2013
27.08.2013
27.08.2013
27.08.2013
11.08.2013
31.07.2013
05.09.2013
Contact Energy Ltd

Contact Energy Limited is a diversified and integrated energy company which
focuses on the generation of electricity and the sale of electricity and gas in
New Zealand.
Price/Volume
6
4.0 M
3.5 M
3.0 M
4
Latest Fiscal Year:

LTM as of:
52-Week High (15.04.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CEN NZ EQUITY YTD Change
CEN NZ EQUITY YTD % CHANGE
06/2013
01/yy
5.82
4.85
464'966.00
5.22
-10.31%
7.63%
37.11%
733.3
3'827.84
1'370.00
0.0
0.0
80.00
5'117.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
1.0 M
1
.5 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
2'200.1
2.04x
425.3
10.54x
115.6
29.28x
2.5 M
Valuation Analysis
30.06.2010
30.06.2011
2'143.0
2'209.3
2.20x
2.16x
405.6
419.9
11.65x
11.35x
154.7
150.3
22.24x
22.44x
Profitability
30.06.2012
2'683.0
1.77x
491.0
9.70x
190.0
17.92x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
2'504.0
2.01x
591.0
8.54x
199.0
18.82x
591.00
396.00
15.81%
10.50%
3.23%
5.72%
5.20%
0.41%
23.6%
15.8%
7.9%
0.47
0.22
22.11%
38.73%
14.26
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.79
1.01
348.83
10.54%
5.22%
1.010
10
4.400
214'107
305'468
370'810
FY+2
06/14 Y
06/15 Y
2'531.0
2'632.8
2.05x
1.98x
584.3
628.4
8.76x
8.14x
206.9
229.0
18.45x
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
FQ+1
FQ+2
28.06.2006
BBB
STABLE
12.02.2003
A-2
5.28
2.71
2.18
2.32
38.7%
27.9%
0.41
0.49
25.59
-
18.00
3'000.0
16.00
2'500.0
14.00
2'000.0
12.00
10.00
1'500.0
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Contact Energy Ltd

Holdings By:
All
Holder Name
ORIGIN ENERGY LTD
COMMONWEALTH BANK OF
NZ SUPERANNUATION FU
AMP INVESTMENTS STRA
ORIGIN ENERGY UNIVER
VANGUARD
BLACKROCK
NORGES BANK
SMARTSHARES LIMITED
SMARTSHARES LIMITED
CREDIT SUISSE AG
CAISSE DE DEPOT ET P
PICTET FUNDS
FMR LLC
INVESCO LTD
SEI INVESTMENT MANAG
Firm Name
Forsyth Barr
Deutsche Bank
Goldman Sachs
JPMorgan
Macquarie
First NZ Capital
EVA Dimensions
UBS
Woodward Partners Group Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
SMARTFONZ
SMARTENZ
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
ANDREW HARVEY-GREEN
GRANT SWANEPOEL
MATTHEW HENRY
CHRIS LAYBUTT
STEPHEN HUDSON
NEVILL GLUYAS
DOUG WALTERS
WADE GARDINER
NICK R LEWIS
Source
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-PART
MF-PART
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
Buy/Neutral
neutral
outperform
neutral
overweight
buy
buy
Amt Held
384'150'707
33'904'485
23'843'433
19'889'366
12'222'912
7'587'987
4'767'919
3'887'164
3'556'037
3'160'360
3'099'330
919'968
706'992
550'939
500'870
483'789
479'762
358'793
257'403
235'158
% Out
52.39
4.62
3.25
2.71
1.67
1.03
0.65
0.53
0.48
0.43
0.42
0.13
0.1
0.08
0.07
0.07
0.07
0.05
0.04
0.03
Weighting
Change
5
5
5
3
5
3
5
5
5
M
M
M
M
M
M
M
U
N
Latest Chg
236'434
(126'643)
(38'657)
(7'993)
(4'738)
4'864
400
-
Target Price
6
6
6
5
6
6
#N/A N/A
6
6
File Dt
14.08.2012
10.05.2011
14.08.2012
14.08.2012
14.08.2012
14.08.2012
14.08.2012
30.06.2013
03.09.2013
31.12.2012
14.08.2012
31.07.2013
31.07.2013
31.05.2013
30.04.2013
31.12.2012
30.04.2013
31.07.2013
04.09.2013
30.04.2013
Date
12 month
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Corporation
Bank
Investment Advisor
Insurance Company
n/a
n/a
Holding Company
Unclassified
Investment Advisor
Government
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.08.2013
20.08.2013
20.08.2013
20.08.2013
20.08.2013
19.08.2013
06.06.2013
22.05.2013
12.11.2012
05.09.2013
Trade Me Group Ltd

Trade Me Ltd. operates an online marketplace for New Zealanders. The website
features online auctions and fixed-price sales for new and used goods including
automobiles, real estate and employment advertising. Trade Me also offers
accommodations, dating and group buying advertisements.
Price/Volume
6
250.0 M
200.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (22.05.2013)
52-Week Low (07.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TME NZ EQUITY YTD Change
TME NZ EQUITY YTD % CHANGE
06/2013
01/yy
5.45
3.85
1'207'535.00
4.57
-16.15%
18.70%
36.25%
396.3
1'811.14
165.86
0.0
0.0
48.86
1'928.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100.0 M
50.0 M
1
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-13
.0 M
s-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

30.06.2009
96.0
73.7
55.3
-
150.0 M
Valuation Analysis
30.06.2010
30.06.2011
114.4
104.2
86.5
98.1
63.6
69.7
Profitability
30.06.2012
116.3
13.79x
106.6
15.04x
75.6
19.53x
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
30.06.2013
135.2
15.14x
122.6
16.70x
78.6
24.55x
122.57
113.84
84.20%
80.97%
9.44%
12.13%
10.29%
0.16%
90.7%
84.2%
58.1%
3.13
2.95
19.71%
25.24%
28.10
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.46
327.17
22.32%
17.53%
15
3.067
1'426'202
1'887'413
1'371'431
FY+2
FQ+1
FQ+2
06/14 Y
06/15 Y
09/12 Q1 12/12 Q2
181.9
202.4
10.51x
9.35x
132.9
147.3
14.51x
13.09x
85.0
95.2
21.26x
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
17.06
16.57
0.95
1.35
25.2%
20.2%
0.16
27.62
12.99
-
35.00
160.0
30.00
140.0
120.0
25.00
100.0
20.00
80.0
15.00
60.0
10.00
40.0
5.00
20.0
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Trade Me Group Ltd

Holdings By:
All
Holder Name
BAILLIE GIFFORD OVER
BNP PARIBAS INV PART
AMP LTD
GOLDMAN SACHS GROUP
PERPETUAL LTD
BANK OF AMERICA CORP
ELLERSTON CAPITAL LT
UBS
NORGES BANK
VANGUARD
BLACKROCK
MORGAN SAMUEL GARETH
ING FUNDS MANAGEMENT
Firm Name
Evans & Partners Pty Ltd
First NZ Capital
Forsyth Barr
Deutsche Bank
Morgan Stanley
Goldman Sachs
Credit Suisse
UBS
Macquarie
CIMB
Commonwealth Bank
EVA Dimensions
Portfolio Name
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
HYPERION AUSTRALIAN
n/a
HYPERION SMALL GROWT
n/a
ONEPATH ONEANS PS-IN
Analyst
PETER STAMOULIS
JAMES SCHOFIELD
BLAIR GALPIN
STEPHEN RIDGEWELL
ANDREW MCLEOD
ROBBIE AITKEN
SAMANTHA CARLETON
RICHARD EARY
DANIEL FROST
ALAN STUART
ALICE BENNETT
CRAIG STERLING
Source
EXCH
EXCH
EXCH
Co File
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
Co File
MF-AGG
Co File
ULT-AGG
MF-PART
ULT-AGG
MF-PART
EXCH
MF-PART
Recommendation
Positive
underperform
hold
buy
Overwt/Cautious
Buy/Neutral
underperform
neutral
neutral
outperform
underweight
sell
Amt Held
49'550'653
31'475'406
24'930'329
23'034'251
20'883'017
19'753'816
19'713'592
19'687'539
19'388'866
18'758'359
18'340'426
8'478'463
6'921'647
3'359'047
3'294'776
2'506'682
2'446'351
1'617'961
1'564'668
1'108'659
% Out
12.5
7.94
6.29
5.81
5.27
4.98
4.97
4.97
4.89
4.73
4.63
2.14
1.75
0.85
0.83
0.63
0.62
0.41
0.39
0.28
Weighting
Change
4
1
3
5
5
5
1
3
3
5
1
1
M
D
M
M
M
M
D
U
M
U
M
D
Latest Chg
4'112'969
3'953'366
(5'020'000)
(930'619)
(120'537)
(2'730'847)
(1'648'175)
(1'730'708)
(2'087'748)
419'109
156'435
-
Target Price
#N/A N/A
4
5
5
5
5
4
4
5
5
4
#N/A N/A
File Dt
22.05.2013
20.05.2013
29.08.2013
31.08.2012
21.05.2013
09.08.2013
28.12.2012
15.07.2013
04.01.2013
13.03.2013
09.05.2013
31.08.2012
31.12.2012
31.08.2012
30.06.2013
30.06.2013
03.09.2013
30.06.2013
02.03.2012
30.06.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Insurance Company
Government
n/a
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
26.08.2013
23.08.2013
22.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
21.08.2013
25.03.2013
05.09.2013
Mighty River Power Ltd

Mighty River Power Ltd. provides utility services. The Company generates and
supplies electricity from hydro, geothermal, gas-fired, and wind power stations,
as well as owns and manages bio-energy power plants. Mighty River Power serves
customers throughout New Zealand.
Price/Volume
3
80.0 M
70.0 M
60.0 M
2
Latest Fiscal Year:

LTM as of:
52-Week High (10.05.2013)
52-Week Low (26.08.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MRP NZ EQUITY YTD Change
MRP NZ EQUITY YTD % CHANGE
06/2013
01/yy
2.73
2.16
2'969'397.00
2.22
-18.68%
2.78%
15.79%
1'400.0
3'108.00
1'181.37
0.0
0.3
38.30
4'251.38
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
40.0 M
30.0 M
20.0 M
1
10.0 M
0
m-13
.0 M
j-13
j-13
a-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

30.06.2009
1'799.5
742.7
266.2
-
50.0 M
Valuation Analysis
30.06.2010
30.06.2011
1'541.4
1'142.7
467.1
443.1
120.6
127.1
Profitability
30.06.2012
1'479.3
465.6
67.8
-
30.06.2013
1'351.5
114.7
27.07x
465.56
307.16
20.76%
7.37%
1.20%
2.29%
2.83%
0.26%
31.5%
20.8%
8.5%
0.61
0.55
20.10%
39.20%
5.73
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.85
659.70
7
4.000
1'388'035
2'319'291
2'783'028
FY+2
06/14 Y
06/15 Y
1'527.3
1'559.8
2.74x
2.65x
499.7
503.8
8.51x
8.44x
167.3
172.0
18.81x
18.20x
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
FQ+1
FQ+2
25.03.2004
BBB+
STABLE
30.03.2012
A-2
5.19
1.71
2.46
2.54
39.2%
28.2%
0.26
0.30
63.83
-
2'000.0
1'800.0
1.00
1'600.0
1'400.0
0.80
0.60
0.40
1'200.0
1'000.0
800.0
600.0
400.0
0.20
200.0
0.0
0.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Mighty River Power Ltd

Holdings By:
All
Holder Name
HER MAJESTY THE QUEE
THORNBURG INVESTMENT
SMARTSHARES LIMITED
SMARTSHARES LIMITED
BARING INTERNATIONAL
WHINERAY FRASER
MEEK WILLIAM
HEFFERNAN DOUG
TRIGG MARK
MUNRO JAMES
SELENIUM CORPORATION
WITHERS JOAN
JANES TREVOR DAVID
OLDE MATTHEW
FLACKS PRUDENCE
NATIXIS ASSET MANAGE
SMITH KEITH RAYMOND
MILLER JAMES BRUCE
STRAWSON MARLENE
Firm Name
EVA Dimensions
Forsyth Barr
JPMorgan
Deutsche Bank
Macquarie
Goldman Sachs
UBS
Portfolio Name
n/a
Multiple Portfolios
SMARTFONZ
SMARTMIDZ
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
DOUG WALTERS
ANDREW HARVEY-GREEN
CHRIS LAYBUTT
GRANT SWANEPOEL
STEPHEN HUDSON
MATTHEW HENRY
WADE GARDINER
Source
EXCH
MF-AGG
MF-PART
MF-PART
MF-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
Recommendation
overweight
accumulate
neutral
hold
outperform
neutral/neutral
buy
Amt Held
739'122'254
14'800'000
1'747'505
1'400'709
486'738
205'680
203'680
179'900
170'900
139'360
90'400
76'972
39'900
34'200
26'300
23'474
19'512
17'368
16'200
16'080
% Out
52.79
1.06
0.12
0.1
0.03
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0
0
0
0
0
0
0
0
Weighting
Change
5
4
3
3
5
3
5
D
U
M
M
M
N
N
Latest Chg
7'522'000
486'738
(55'440)
(55'440)
(39'600)
(39'600)
12'500
(9'900)
19'512
2'000
(7'920)
Target Price
#N/A N/A
2
2
3
3
3
3
File Dt
14.05.2013
30.06.2013
31.07.2013
31.07.2013
31.05.2013
24.06.2013
24.06.2013
14.05.2013
24.06.2013
24.06.2013
28.05.2013
28.06.2013
16.05.2013
28.05.2013
24.06.2013
14.05.2013
31.05.2013
14.05.2013
28.05.2013
24.06.2013
Date
Not Provided
12 month
9 month
12 month
12 month
12 month
12 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
n/a
Corporation
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
n/a
n/a
n/a
Date
04.09.2013
29.08.2013
28.08.2013
08.08.2013
15.07.2013
18.06.2013
13.05.2013
05.09.2013
Infratil Ltd
Infratil Limited is an infrastructure investment company. The Company invests
in airports, energy such as renewable and waste-energy, and public
transportation.
Price/Volume
3
14.0 M
12.0 M
10.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (30.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IFT NZ EQUITY YTD Change
IFT NZ EQUITY YTD % CHANGE
03/2013
06/yy
2.52
2.09
240'095.00
2.41
-4.37%
15.31%
74.42%
586.2
1'412.83
1'794.10
0.0
931.1
144.30
3'993.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
4.0 M
2.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
1'576.4
2.37x
199.3
18.72x
(191.0)
-
8.0 M
Valuation Analysis
31.03.2010
31.03.2011
1'860.1
1'985.6
1.70x
1.81x
387.5
423.8
8.15x
8.49x
29.0
64.5
33.08x
10.19x
Profitability
LTM-4Q
31.03.2012
2'194.9
1.65x
500.6
7.23x
51.6
12.70x
31.03.2013
2'373.8
1.68x
505.0
7.89x
3.4
21.50x
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
505.00
7.02%
6.88%
0.06%
0.33%
2.08%
0.44%
20.4%
0.1%
32.98%
178.62%
-
Price/ Cash Flow
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
06/yy
0.0
#DIV/0!
0.0
0.00x
45.9
0.00x
FY+1
.0 M
s-13
3.42
0.88
451.33
19.96%
8.90%
0.884
5
4.000
332'526
342'051
446'274
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
09/12 Q2 12/12 Q3
2'339.7
2'552.7
1.68x
1.47x
537.3
609.7
7.43x
6.55x
66.4
95.2
21.33x
14.79x
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
3.40
3.70
178.6%
48.1%
0.44
0.60
-
8.00
2'500.0
7.00
2'000.0
6.00
5.00
1'500.0
4.00
1'000.0
3.00
2.00
500.0
1.00
0.00
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Infratil Ltd
Holdings By:
All
Holder Name
UTILICO INVESTMENT T
AMP LTD
LLOYD MORRISON TRUST
DIXIELAND TRUST
WOODWARD FUNDS MGMT
PETAGNA LIBERATO
JML CAPITAL LTD
BLACKROCK
NORGES BANK
VANGUARD
HEATLEY CRAIG & BENJ
NANCY HOLDINGS LTD
SMARTSHARES LIMITED
MORRISON HUGH RICHMO
SMARTSHARES LIMITED
SNS INVESTMENT FUND
FRANK RUSSELL TRUST
Firm Name
UBS
First NZ Capital
EVA Dimensions
Forsyth Barr
Deutsche Bank
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
SMARTFONZ
n/a
SMARTENZ
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
WADE GARDINER
ROBERT BODE
DOUG WALTERS
ANDREW HARVEY-GREEN
GRANT SWANEPOEL
MATTHEW HENRY
Source
EXCH
Co File
ULT-AGG
EXCH
EXCH
Research
EXCH
Research
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Research
Research
MF-PART
Research
MF-PART
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
restricted
sell
accumulate
buy
Buy/Neutral
Amt Held
73'038'296
46'391'547
42'013'037
40'348'730
40'348'730
36'348'730
5'765'503
5'765'503
3'975'431
3'205'036
3'127'342
2'781'099
2'162'443
1'893'953
1'541'372
1'456'860
1'122'410
779'757
772'500
582'665
% Out
12.46
7.91
7.17
6.88
6.88
6.2
0.98
0.98
0.68
0.55
0.53
0.47
0.37
0.32
0.26
0.25
0.19
0.13
0.13
0.1
Weighting
Change
5
#N/A N/A
1
4
5
5
M
M
M
M
M
M
Latest Chg
(5'000'000)
(1'000'000)
230
178'491
(66'974)
(10'047)
589
(586'486)
Target Price
3
#N/A N/A
#N/A N/A
3
3
3
File Dt
15.03.2013
15.05.2012
15.05.2012
13.12.2012
13.12.2012
21.06.2013
13.12.2012
21.06.2013
03.09.2013
31.12.2012
30.06.2013
30.04.2013
21.06.2013
21.06.2013
31.07.2013
21.06.2013
31.07.2013
28.03.2013
03.09.2013
31.05.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
Investment Advisor
Insurance Company
Insurance Company
n/a
n/a
Other
n/a
Other
Investment Advisor
Government
Unclassified
Investment Advisor
n/a
Other
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
19.07.2013
05.07.2013
06.06.2013
15.05.2013
14.05.2013
29.01.2013
05.09.2013
Xero Ltd
Xero Limited offers an online accounting system. The software features bank
transaction importing, a cashbook, a general ledger, invoicing, accounts
receivable, accounts payable, financial reporting, and management of expense
claims.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.07.2013)
52-Week Low (11.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XRO NZ EQUITY YTD Change
XRO NZ EQUITY YTD % CHANGE
Price/Volume
03/2013
01/yy
18.90
4.82
128'431.00
18.02
-4.66%
273.86%
91.26%
117.6
2'119.26
0.00
0.0
0.0
78.24
2'041.02
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
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
1.0
(6.8)
-
20
18
16
14
12
10
8
6
4
2
0
s-12
31.03.2010
31.03.2011
3.2
9.3
38.79x
22.34x
(8.1)
(7.5)
(8.5)
(7.5)
Profitability
31.03.2012
19.4
19.59x
(6.6)
(7.9)
-
31.03.2013
39.0
30.57x
(11.0)
(14.4)
-11.01
-15.56
-39.85%
-36.24%
-17.17%
-18.65%
0.46%
-28.2%
-39.9%
-37.0%
10.83
10.34
0.00%
0.00%
22.54
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
0.74
46.57
266.26%
137.11%
0.737
2
1.500
67'163
64'041
137'059
FY+2
03/14 Y
03/15 Y
72.2
124.0
28.74x
17.02x
(17.8)
(3.5)
(23.8)
(16.0)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
.0 M
s-13
FQ+1
FQ+2
0.00
0.0%
0.0%
0.46
6.81
16.19
-
45.0
40.0
1.00
0.80
35.0
30.0
25.0
0.60
20.0
15.0
0.40
0.20
10.0
5.0
0.0
0.00
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Xero Ltd
Holdings By:
All
Holder Name
DRURY RODNEY KENNETH
GIVIA PTY LTD
EDWARDS HAMISH CRAIG
MORGAN SAMUEL GARETH
NEW ZEALAND CENTRAL
VALAR VENTURES LP
BANK OF NEW ZEALAND
SHAW GRAHAM JOHN
FNZ CUSTODIANS LTD
GRIGG ALASTAIR
W5 LTD
BAILLIE GIFFORD AND
WALKER CRAIG
GEORGE GAVIN
SPENCE CORP TRUSTEE
NORMAN PHILIP JOHN
RAVERE PTY LTD
KNOWLES IAN SAMUEL
BLACKROCK
JENKINS ROSS
Firm Name
Forsyth Barr
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
ANDREW HARVEY-GREEN
ANDREW S ZAMFOTIS
Source
EXCH
EXCH
EXCH
EXCH
Co File
Co File
Co File
Co File
Co File
EXCH
Co File
MF-AGG
Co File
Co File
Co File
Co File
Co File
EXCH
ULT-AGG
EXCH
Recommendation
reduce
sell
Amt Held
21'719'779
18'454'545
5'792'298
5'122'609
4'458'640
4'135'870
2'177'778
1'336'010
1'201'531
1'199'115
965'561
750'400
738'898
630'915
630'915
505'546
503'636
469'191
416'756
362'228
% Out
18.47
15.69
4.93
4.36
3.79
3.52
1.85
1.14
1.02
1.02
0.82
0.64
0.63
0.54
0.54
0.43
0.43
0.4
0.35
0.31
Weighting
Change
2
1
D
M
Latest Chg
(833'334)
(1'045'455)
(333'334)
(1'000'000)
4'688
750'400
(100'000)
(34'843)
Target Price
15
#N/A N/A
File Dt
30.11.2012
30.11.2012
30.11.2012
20.12.2012
16.03.2012
16.03.2012
16.03.2012
31.03.2012
16.03.2012
09.07.2013
16.03.2012
28.06.2013
16.03.2012
16.03.2012
16.03.2012
31.03.2012
16.03.2012
29.05.2013
03.09.2013
09.07.2013
Date
12 month
Not Provided
Inst Type
n/a
Corporation
n/a
n/a
Government
Venture Capital
Unclassified
n/a
Investment Advisor
n/a
Corporation
Investment Advisor
n/a
n/a
Other
n/a
Corporation
n/a
Investment Advisor
n/a
Date
04.08.2013
15.01.2013
05.09.2013
Chorus Ltd
Chorus Limited is a wholesale and retail telecommunications company. The
Company maintains and build the Chorus local access network which is made up of
local telephone exchanges, cabinets and copper and fiber cables that connects
New Zealand homes and businesses throughout the country.
Price/Volume
4
14.0 M
12.0 M
10.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.09.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CNU NZ EQUITY YTD Change
CNU NZ EQUITY YTD % CHANGE
06/2013
01/yy
3.57
2.26
1'110'652.00
2.96
-17.09%
30.97%
53.44%
389.3
1'152.33
1'820.00
0.0
0.0
80.00
2'892.33
30.06.2010
-
6.0 M
2
1
4.0 M
2.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
Valuation Analysis
Profitability
30.06.2011
1'050.0
606.0
128.0
-
30.06.2012
595.0
4.70x
400.0
7.00x
102.0
12.08x
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
30.06.2013
1'045.0
2.55x
667.0
4.00x
171.0
5.43x
667.00
344.00
32.92%
22.58%
5.46%
29.71%
10.79%
0.33%
63.8%
32.9%
16.4%
1.11
0.91
54.61%
291.67%
5.74
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
8.61
1.07
364.91
-7.36%
4.20%
1.071
10
3.400
868'173
1'121'436
1'126'632
FY+2
06/14 Y
06/15 Y
1'061.4
1'043.1
2.89x
3.02x
650.4
630.1
4.45x
4.59x
149.4
128.1
7.75x
9.08x
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
FQ+1
FQ+2
01.12.2011
BBB
STABLE
5.56
-0.12
2.61
2.73
291.7%
74.5%
0.33
0.40
63.57
-
4.50
1'200.0
4.00
1'000.0
3.50
800.0
3.00
2.50
600.0
2.00
400.0
1.50
1.00
200.0
0.50
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Chorus Ltd
Holdings By:
All
Holder Name
SCHRODER INVESTMENT
AMP LTD
NEW ZEALAND SUPERANN
VANGUARD
DUFF & PHELPS INVEST
AMP INV STRATEGIC EQ
WESTPAC NZ SHR 2002
NORGES BANK
BLACKROCK
SCHRODERS ASIA LIMIT
ANALYTIC INVESTORS L
TRANSAMERICA INVESTM
SMARTSHARES LIMITED
JOHN HANCOCK INVESTM
JP MORGAN
PRINCIPAL FINANCIAL
Firm Name
CIMB
EVA Dimensions
Forsyth Barr
Deutsche Bank
UBS
JPMorgan
Macquarie
Goldman Sachs
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
ANALYTIC INVESTORS L
Multiple Portfolios
SMARTMIDZ
Multiple Portfolios
n/a
n/a
Analyst
IAN MARTIN
ANDREW S ZAMFOTIS
BLAIR GALPIN
ARIE DEKKER
RICHARD EARY
PAUL BRUNKER
ANDREW LEVY
ADRIAN ALLBON
GREG MAIN
Source
Co File
EXCH
ULT-AGG
EXCH
EXCH
Co File
ULT-AGG
MF-AGG
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-PART
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
outperform
hold
buy
sell
buy
overweight
neutral
neutral/neutral
neutral
Amt Held
41'216'955
38'288'978
30'679'376
28'681'648
24'046'750
9'111'766
7'923'643
7'315'000
6'826'199
5'618'511
3'450'243
2'985'685
2'108'846
1'530'376
982'313
843'628
826'299
493'461
480'620
435'923
% Out
10.59
9.84
7.88
7.37
6.18
2.34
2.04
1.88
1.75
1.44
0.89
0.77
0.54
0.39
0.25
0.22
0.21
0.13
0.12
0.11
Weighting
Change
5
3
5
1
5
5
3
3
3
M
D
M
M
M
M
M
M
M
Latest Chg
(2'157'710)
(4'507'222)
5'414'706
778'817
340
(353'982)
982'313
(95'684)
435'923
Target Price
4
#N/A N/A
3
3
3
4
3
3
3
File Dt
28.08.2012
04.02.2013
06.12.2012
28.12.2012
18.07.2013
28.08.2012
30.06.2013
30.04.2013
28.08.2012
28.08.2012
31.12.2012
03.09.2013
31.01.2013
31.05.2012
30.06.2013
30.06.2013
31.07.2013
31.07.2013
30.04.2013
31.03.2013
Date
12 month
Not Provided
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Insurance Company
n/a
Unclassified
Investment Advisor
n/a
Bank
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.09.2013
02.09.2013
27.08.2013
26.08.2013
26.08.2013
26.08.2013
26.08.2013
07.08.2013
07.08.2013
05.09.2013
Westpac Banking Corp

Westpac Banking Corporation offers general and savings banking services. The
Company provides investment portfolio management and advice, insurance services,
consumer finance, and money market services among other services. Westpac
Banking Corp. serves individuals, businesses, and corporations worldwide.
Price/Volume
45
1.2 M
40
1.0 M
35
30
.8 M
25
09/2012
01/yy
41.37
29.91
298'263.00
36.4
-12.02%
21.71%
60.55%
3'103.7
112'975.74
174'646.00
0.0
1'970.0
24'644.00
-
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
15
.4 M
10
.2 M
5
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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
33'007.0
3'859.0
-
.6 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2013)
52-Week Low (11.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WBC NZ EQUITY YTD Change
WBC NZ EQUITY YTD % CHANGE
30.09.2009
30.09.2010
35'313.0
39'173.0
3'446.0
6'346.0
Profitability
30.09.2011
42'969.0
6'991.0
-
30.09.2012
42'308.0
5'970.0
50.04%
49.41%
0.95%
14.32%
2.87%
0.06%
33.3%
25.87%
394.69%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.97
3'040.04
26.18%
13.99%
0.967
10
3.800
95'494
127'833
125'203
FY+2
09/13 Y
09/14 Y
18'865.3
19'640.1
4.16x
3.96x
7'027.8
7'282.2
14.21x
13.79x
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
.0 M
s-13
FQ+1
FQ+2
01.12.2011
AASTABLE
11.09.1996
A-1+
394.7%
79.1%
0.06
36.52
-
50'000.0
45'000.0
1.00
40'000.0
35'000.0
0.80
0.60
0.40
30'000.0
25'000.0
20'000.0
15'000.0
10'000.0
0.20
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Westpac Banking Corp

Holdings By:
All
Holder Name
NATIONAL AUSTRALIA B
VANGUARD
BLACKROCK
NORGES BANK
AUSTRALIAN FOUNDATIO
PERENNIAL INVESTMENT
FMR LLC
MILTON CORP LTD
MACQUARIE GROUP
DB PLATINUM ADVISORS
PERPETUAL INVESTMENT
SUN LIFE FINANCIAL I
CREDIT SUISSE AG
BT INVESTMENT MANAGE
Firm Name
Nomura
Bell Potter
Commonwealth Bank
Goldman Sachs
BBY Limited
Macquarie
Shaw Stockbroking
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
PERENNIAL VALUE SHAR
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
PERPETUAL WHOLESALE
n/a
n/a
Multiple Portfolios
PERPETUAL WHOLESALE
PERENNIAL GROWTH SHA
Analyst
VICTOR GERMAN
T S LIM
ROSS CURRAN
ANDREW LYONS
BRETT LE MESURIER
MICHAEL WIBLIN
DAVID SPOTSWOOD
DOUG WALTERS
LOU CAPPARELLI
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-PART
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-PART
ULT-AGG
ULT-AGG
MF-AGG
MF-PART
MF-PART
Recommendation
neutral
buy
overweight
Sell/Neutral
buy
outperform
hold
hold
neutral
Amt Held
137'126'097
60'312'493
58'192'816
54'818'364
33'514'733
29'644'754
18'476'000
17'646'487
13'108'376
10'417'683
10'176'077
9'146'851
7'255'337
7'099'537
7'046'220
5'548'058
4'669'874
4'566'344
4'337'627
4'273'227
% Out
4.42
1.94
1.87
1.77
1.08
0.96
0.6
0.57
0.42
0.34
0.33
0.29
0.23
0.23
0.23
0.18
0.15
0.15
0.14
0.14
Weighting
Change
3
5
5
1
5
5
3
3
3
M
M
M
M
M
U
M
M
M
Latest Chg
(81'301'352)
4'631'708
(212)
1'311'684
33'623
362'000
241'347
(316'718)
(36'309)
-
Target Price
38
40
37
32
36
37
34
#N/A N/A
#N/A N/A
File Dt
31.07.2013
22.11.2012
31.05.2013
30.06.2013
03.09.2013
31.12.2012
29.06.2012
31.07.2013
31.07.2013
30.06.2012
30.06.2013
30.06.2011
31.08.2011
31.07.2013
30.06.2013
30.06.2013
31.05.2013
30.06.2013
31.07.2013
31.07.2013
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Bank
Bank
Bank
Unclassified
Investment Advisor
Government
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
05.09.2013
05.09.2013
26.08.2013
19.08.2013
08.08.2013
25.07.2013
16.07.2013
06.06.2013
04.06.2013
05.09.2013
Kiwi Income Property Trust

Kiwi Income Property Trust is a property trust that invests in, manages and
develops a portfolio of diversified properties throughout New Zealand. The
Trust's properties include office, retail and industrial properties.
Price/Volume
1
6.0 M
5.0 M
4.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.05.2013)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KIP NZ EQUITY YTD Change
KIP NZ EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.0 M
0
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
182.7
7.26x
121.5
10.92x
(168.9)
-
3.0 M
03/2013
01/yy
1.23
1.05
568'978.00
1.14
-6.94%
8.57%
51.43%
1'006.2
1'147.02
799.95
0.0
0.0
12.03
1'934.94
31.03.2010
31.03.2011
188.6
196.4
6.68x
8.27x
122.8
129.4
10.26x
12.56x
(8.5)
(26.4)
Profitability
31.03.2012
207.6
8.44x
133.6
13.12x
89.2
11.93x
31.03.2013
198.7
9.83x
120.7
16.19x
109.8
11.67x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
120.68
120.68
34.91%
59.20%
5.12%
9.96%
5.82%
0.09%
60.7%
55.3%
37.62%
70.66%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.79
0.65
998.32
9.13%
1.95%
0.648
6
2.667
470'961
759'136
1'092'850
FY+2
03/14 Y
03/15 Y
145.5
156.2
13.06x
12.26x
129.7
140.0
14.92x
13.82x
61.8
67.9
18.39x
17.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
1.91
0.46
6.53
6.63
70.7%
41.4%
0.09
-
18.00
250.0
16.00
200.0
14.00
12.00
150.0
10.00
8.00
100.0
6.00
50.0
4.00
2.00
0.00
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Kiwi Income Property Trust

Holdings By:
All
Holder Name
CBRE GROUP INC
BLACKROCK
STATE STREET
VANGUARD
BOULDER INVESTMENT A
NOMURA
KIWI INCOME PROP LTD
DIAM
GOLDMAN SACHS JBWERE
INVESCO LTD
HAOCHEN INV LTD
SMARTSHARES LIMITED
CROXEN INVESTMENTS L
NORTHERN TRUST CORPO
EURO PACIFIC ASSET M
CREDIT SUISSE AG
ARROW INVESTMENT ADV
Firm Name
Forsyth Barr
Deutsche Bank
Goldman Sachs
UBS
Macquarie
EVA Dimensions
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
SMARTMIDZ
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JEREMY SIMPSON
CHRIS BYRNE
ROBBIE AITKEN
LANCE REYNOLDS
NICK MAR
DOUG WALTERS
JASON LINDSAY
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-PART
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
not rated
neutral
underperform
overweight
underperform
Amt Held
66'533'040
27'667'800
15'490'160
11'505'108
10'140'102
9'807'826
9'143'360
6'054'933
3'752'708
3'000'000
2'879'632
2'033'429
2'002'135
1'920'197
1'672'241
1'150'049
846'152
829'385
614'020
507'287
% Out
6.61
2.75
1.54
1.14
1.01
0.97
0.91
0.6
0.37
0.3
0.29
0.2
0.2
0.19
0.17
0.11
0.08
0.08
0.06
0.05
Weighting
Change
3
3
#N/A N/A
3
1
5
1
M
M
M
M
M
M
M
Latest Chg
25'951
1'903'534
(4'779'336)
(530'000)
119'559
(223'878)
99'303
(56'200)
(39'729)
Target Price
1
1
#N/A N/A
1
1
#N/A N/A
1
File Dt
17.06.2013
23.07.2012
03.09.2013
04.09.2013
30.06.2013
31.05.2013
21.01.2013
21.06.2013
21.01.2013
18.07.2012
17.07.2012
04.09.2013
20.04.2012
31.07.2013
21.06.2013
30.06.2013
31.05.2013
31.05.2013
03.09.2013
28.06.2013
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
n/a
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.07.2013
24.07.2013
24.07.2013
24.06.2013
14.06.2013
06.06.2013
13.05.2013
05.09.2013
Goodman Property Trust

Goodman Property Trust is a property trust that invests in, manages and
develope portfolio of diversified property assets in Auckland. The Trust's
portfolio comprises of office, industrial and retail properties.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.05.2013)
52-Week Low (18.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GMT NZ EQUITY YTD Change
GMT NZ EQUITY YTD % CHANGE
03/2013
01/yy
1.17
1.00
277'308.00
1.035
-11.54%
4.02%
31.43%
1'206.5
1'248.75
701.20
0.0
0.0
3.10
1'946.85
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
0
s-12
31.03.2010
31.03.2011
132.7
137.5
10.58x
10.52x
95.9
101.1
14.63x
14.31x
2.8
36.7
303.03x
22.46x
Profitability
31.03.2012
145.1
11.13x
102.8
15.71x
40.5
24.58x
31.03.2013
150.3
13.00x
105.2
18.58x
77.9
14.32x
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
105.20
105.20
55.56%
61.01%
4.18%
7.35%
4.57%
0.08%
70.0%
51.8%
34.17%
59.13%
-
Price/ Cash Flow
n-12
d-12
LTM-4Q
LTM
01/yy
01/yy
-
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
FY+1
-
6.38
0.58
1'070.31
9.36%
5.56%
0.575
7
2.429
631'006
708'441
714'730
FY+2
03/14 Y
03/15 Y
135.7
142.7
14.53x
13.88x
125.3
131.7
15.53x
14.79x
88.1
91.9
13.62x
13.10x
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
FQ+1
FQ+2
17.03.2011
BBB
STABLE
2.16
1.56
6.64
6.67
59.1%
37.2%
0.08
-
18.00
160.0
16.00
140.0
14.00
120.0
12.00
100.0
10.00
80.0
8.00
60.0
6.00
40.0
4.00
20.0
2.00
0.00
02.04.2010
o-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

31.03.2009
129.6
9.43x
96.4
12.68x
(74.1)
-
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Goodman Property Trust

Holdings By:
All
Holder Name
FISHER HIGHBROOK LTD
COLONIAL FIRST STATE
MFL MUTUAL FUND LTD
WILLIAMS ALLAN GEORG
STATE STREET
CBRE GROUP INC
VANGUARD
BLACKROCK
DIAM
SMARTSHARES LIMITED
SMITH KEITH RAYMOND
DAKIN JOHN
FCA CORP
NOMURA
WELLS FARGO
PATERSON SUSAN MARIE
SIMMONDS PETER
Firm Name
EVA Dimensions
Goldman Sachs
UBS
Forsyth Barr
Macquarie
First NZ Capital
Deutsche Bank
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SMARTMIDZ
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Analyst
DOUG WALTERS
ROBBIE AITKEN
LANCE REYNOLDS
JEREMY SIMPSON
NICK MAR
JASON LINDSAY
CHRIS BYRNE
Source
Research
Research
MF-AGG
Research
Research
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-PART
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
Recommendation
hold
Sell/Cautious
sell
hold
outperform
underperform
hold
Amt Held
66'290'962
55'989'374
30'123'493
16'448'107
11'734'694
11'710'874
9'050'000
6'973'441
6'672'486
3'240'374
1'983'677
835'724
737'208
560'878
364'809
346'700
337'987
256'147
230'509
188'981
% Out
5.49
4.64
2.5
1.36
0.97
0.97
0.75
0.58
0.55
0.27
0.16
0.07
0.06
0.05
0.03
0.03
0.03
0.02
0.02
0.02
Weighting
Change
3
1
1
3
5
1
3
D
M
M
M
M
D
M
Latest Chg
1'118'801
732'459
885
(233'255)
(44'436)
5'850
(40'000)
1'931
570
Target Price
#N/A N/A
1
1
1
1
1
1
File Dt
21.06.2013
21.06.2013
08.05.2013
21.06.2013
21.06.2013
04.09.2013
31.12.2012
30.06.2013
03.09.2013
21.01.2013
31.07.2013
12.08.2013
30.08.2013
28.06.2013
30.04.2013
21.01.2013
30.06.2013
03.09.2013
21.03.2013
21.03.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Insurance Company
Other
Investment Advisor
Other
n/a
Investment Advisor
Corporation
Unclassified
Investment Advisor
Unclassified
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
n/a
n/a
Date
02.09.2013
10.07.2013
24.06.2013
20.06.2013
14.06.2013
16.05.2013
15.05.2013
05.09.2013
Port of Tauranga Ltd

Port of Tauranga Limited activities include the provision of wharf facilities,
back up land for the storage and transit of import and export cargo, berthage,
cranes, tug and pilotage services for exporters, importers and shipping
companies and the leasing of land and buildings. The Group also operates a
container terminal and has bulk cargo marshalling operations.
Price/Volume
18
16
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.04.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
POT NZ EQUITY YTD Change
POT NZ EQUITY YTD % CHANGE
06/2013
01/yy
15.74
12.37
22'713.00
14.8
-5.97%
19.64%
72.11%
134.1
1'984.92
196.04
0.0
(0.1)
9.24
2'138.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
s-12
30.06.2010
30.06.2011
132.1
167.6
8.25x
8.19x
65.0
77.3
16.77x
17.75x
38.0
58.4
23.42x
20.30x
Profitability
30.06.2012
207.4
8.06x
94.8
17.64x
73.6
20.22x
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
30.06.2013
244.0
112.1
16.63x
94.81
77.71
37.47%
46.91%
11.01%
15.34%
13.61%
0.21%
46.0%
38.2%
46.0%
1.25
1.07
18.96%
26.71%
6.46
-
Price/ Cash Flow
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.18
0.81
44.50
23.19%
14.12%
0.805
7
2.143
16'886
25'195
30'209
FY+2
06/14 Y
06/15 Y
271.4
290.0
8.29x
7.78x
137.5
147.7
15.55x
14.48x
81.1
85.7
24.46x
23.13x
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
FQ+1
FQ+2
21.11.2001
BBB+
STABLE
21.11.2001
A-2
6.81
4.03
1.51
1.90
26.7%
21.1%
0.21
0.25
56.68
-
30.00
300.0
25.00
250.0
20.00
200.0
15.00
150.0
10.00
100.0
5.00
50.0
0.00
02.07.2010
o-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2009
129.6
7.96x
63.9
16.14x
45.2
18.25x
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
s-13
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Port of Tauranga Ltd

Holdings By:
All
Holder Name
QUAYSIDE SECURITIES
NEW ZEALAND CENTRAL
GPERRY AND D A THOMP
FRANK RUSSELL TRUST
LLOYD JAMES CHRISTIE
PENSABENE KAREN MAUR
FORSYTH BARR LTD
F G MCKENZIE AND D A
SMARTSHARES LIMITED
PARKER JOHN SUFFIELD
FCA CORP
SMITH MICHAEL JOHN
SPRING DRYDEN THOMAS
REYNISH ANTHONY PETE
Firm Name
Forsyth Barr
Macquarie
Deutsche Bank
Goldman Sachs
First NZ Capital
UBS
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
SMARTMIDZ
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
ANDREW BOWLEY
STEPHEN HUDSON
ARIE DEKKER
MARCUS CURLEY
KAR YUE YEO
LANCE REYNOLDS
TIMOTHY STANISH
Source
Research
Research
ULT-AGG
Research
MF-AGG
Research
MF-AGG
Research
Research
Research
Research
MF-PART
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
EXCH
Recommendation
hold
underperform
hold
neutral/neutral
underperform
sell
hold
Amt Held
73'687'536
13'815'793
633'811
545'000
413'734
350'000
330'402
307'000
260'000
242'646
200'306
128'058
68'598
68'450
56'739
50'000
40'000
37'108
33'500
26'712
% Out
54.94
10.3
0.47
0.41
0.31
0.26
0.25
0.23
0.19
0.18
0.15
0.1
0.05
0.05
0.04
0.04
0.03
0.03
0.02
0.02
Weighting
Change
3
1
3
3
1
1
3
M
M
M
M
M
M
M
Latest Chg
(23'252)
(31'032)
(15'040)
4'000
Target Price
14
13
15
14
14
12
#N/A N/A
File Dt
29.08.2012
29.08.2012
30.04.2013
29.08.2012
30.06.2013
29.08.2012
31.05.2012
29.08.2012
29.08.2012
29.08.2012
29.08.2012
31.07.2013
03.09.2013
30.06.2011
30.04.2013
30.04.2013
30.06.2011
30.04.2013
30.06.2011
27.02.2009
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Other
Government
Investment Advisor
Other
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Bank
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Date
25.08.2013
23.08.2013
22.08.2013
22.08.2013
22.08.2013
11.06.2013
06.06.2013
05.09.2013
Ebos Group Ltd

Ebos Group Limited supplies and distributes medical consumable products and
equipment to the hospital and primary care sectors of the New Zealand and
Australian healthcare markets. The Company's products include diagnostic
instruments, surgical instruments and prosthesis, feminine protection,
anesthetic equipment and other consumer products.
Price/Volume
12
10
8
6
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.07.2013)
52-Week Low (12.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EBO NZ EQUITY YTD Change
EBO NZ EQUITY YTD % CHANGE
06/2013
01/yy
10.62
7.05
2'115.00
9.9
-6.78%
40.52%
77.90%
146.6
1'451.48
141.75
0.0
0.0
52.65
1'547.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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

30.06.2009
1'340.9
0.22x
37.8
7.76x
19.7
13.14x
30.06.2010
30.06.2011
1'315.1
1'341.0
0.24x
0.24x
39.1
39.1
8.06x
8.11x
23.4
31.6
15.57x
15.20x
Profitability
30.06.2012
1'426.5
0.34x
45.0
10.79x
27.9
14.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
1'822.0
28.2
18.15x
45.00
41.23
2.89%
2.53%
4.82%
15.02%
10.80%
2.30%
11.4%
3.6%
3.3%
1.5%
1.31
0.75
21.54%
67.95%
8.27
7.94
Price/ Cash Flow
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
s-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.34
0.56
131.98
40.96%
39.60%
0.557
4
4.000
29'239
78'774
167'473
FY+2
06/14 Y
06/15 Y
4'663.3
4'739.7
0.37x
0.36x
156.8
163.4
9.87x
9.47x
75.2
82.1
15.23x
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
FQ+1
FQ+2
6.44
5.89
1.80
2.59
68.0%
40.5%
2.30
67.06
44.26
46.08
76.19
12.54
25.00
2'000.0
1'800.0
1'600.0
20.00
1'400.0
15.00
1'200.0
10.00
1'000.0
800.0
600.0
400.0
5.00
200.0
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Ebos Group Ltd

Holdings By:
All
Holder Name
WHYTE ADDER NO3 LTD
MILFORD ASSET MGMT L
TALLOTT BLAIR
HERPA PROPERTIES LTD
PETER MILES MERTON&C
SMARTSHARES LIMITED
DOHERTY DENNIS CONDO
FCA CORP
PRINCIPAL FINANCIAL
FLEXSHARES TRUST
Firm Name
Forsyth Barr
First NZ Capital
EVA Dimensions
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SMARTMIDZ
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JOHN CAIRNS
SARNDRA URLICH
TIMOTHY STANISH
STEPHEN RIDGEWELL
Source
Research
EXCH
Research
EXCH
Research
Research
Co File
ULT-AGG
MF-PART
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
outperform
overweight
hold
Amt Held
4'946'561
4'268'009
4'185'191
3'856'029
1'015'639
936'902
540'947
219'178
187'772
172'791
61'352
32'828
14'390
6'176
918
% Out
3.37
2.91
2.85
2.63
0.69
0.64
0.37
0.15
0.13
0.12
0.04
0.02
0.01
0
0
Weighting
Change
3
5
5
3
M
M
U
M
Latest Chg
606'823
12'116
761
6'176
-
Target Price
10
11
#N/A N/A
7
File Dt
21.06.2013
11.12.2012
21.06.2013
26.02.2013
21.06.2013
21.06.2013
31.07.2012
30.04.2013
31.07.2013
16.11.2012
03.09.2013
30.04.2013
30.04.2013
31.03.2013
31.05.2013
Date
12 month
Not Provided
Not Provided
12 month
Inst Type
Other
Investment Advisor
Insurance Company
n/a
Investment Advisor
Corporation
Corporation
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.08.2013
10.07.2013
08.07.2013
14.11.2012
05.09.2013
Mainfreight Ltd
Mainfreight Limited provides and supplies freight, warehousing and logistics
services throughout New Zealand and Australia. The Company provides freight
forwarding services by road, rail, sea and air along with providing
international freight forwarding services, customs clearance services and
specialized handling of hazardous substances.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (27.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MFT NZ EQUITY YTD Change
MFT NZ EQUITY YTD % CHANGE
03/2013
09/yy
12.20
9.21
37'962.00
10.63
-12.87%
15.42%
47.83%
99.0
1'052.62
280.34
0.0
0.0
48.09
1'284.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
12
.6 M
10
.5 M
.4 M
.3 M
.2 M
.1 M
0
s-12
31.03.2010
31.03.2011
1'131.1
1'339.9
0.63x
0.69x
70.1
84.7
10.09x
10.96x
36.4
25.7
17.17x
34.24x
Profitability
LTM-4Q
31.03.2012
1'812.0
0.66x
130.4
9.13x
80.5
11.80x
31.03.2013
1'884.7
0.72x
129.7
10.42x
65.9
16.98x
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
129.74
99.30
5.27%
5.10%
7.08%
17.84%
11.12%
2.03%
7.3%
5.7%
3.5%
1.33
1.16
29.73%
72.02%
8.05
-
Price/ Cash Flow
09/yy
1'587.9
2.65x
114.2
10.64x
38.3
25.28x
n-12
d-12
j-13
f-13 m-13
LTM
09/yy
1'855.4
2.62x
127.3
9.90x
79.1
12.71x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
2.45
0.96
75.04
12.92%
-7.89%
0.961
7
4.000
72'966
65'587
83'523
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
12/12 Q3 03/13 Q4
1'968.7
2'117.7
0.66x
0.61x
146.2
163.8
8.79x
7.84x
71.5
80.1
14.50x
12.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.40
7.68
1.69
2.04
72.0%
41.9%
2.03
5.31
45.35
-
18.00
2'000.0
16.00
1'800.0
14.00
1'600.0
1'400.0
12.00
1'200.0
10.00
8.00
1'000.0
800.0
6.00
600.0
4.00
400.0
2.00
200.0
0.00
02.04.2010
o-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

31.03.2009
1'264.5
0.41x
73.2
7.16x
35.5
11.41x
14
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Mainfreight Ltd
Holdings By:
All
Holder Name
PLESTED BRUCE G
FISHER FUNDS MANAGEM
HARBOUR ASSET MANAGE
GRAHAM NEIL L
ALLIANZ ASSET MANAGE
BLACKROCK
HEPWORTH JOHN
ROWLANDS DONALD D
VANGUARD
NEWMAN MARK
NORGES BANK
HOWARD-SMITH CARL G
MOGRIDGE BRYAN WILLI
SMARTSHARES LIMITED
HOBBS EMMET JOHN
PREBBLE RICHARD W
STATE STREET
Firm Name
UBS
Macquarie
EVA Dimensions
Forsyth Barr
Deutsche Bank
Goldman Sachs
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
SMARTMIDZ
n/a
n/a
Multiple Portfolios
n/a
Analyst
WADE GARDINER
WARREN DOAK
TIMOTHY STANISH
ANDREW BOWLEY
CHRIS BYRNE
MARCUS CURLEY
KAR YUE YEO
Source
EXCH
EXCH
Co File
Co File
Research
ULT-AGG
ULT-AGG
EXCH
Research
ULT-AGG
ULT-AGG
EXCH
MF-AGG
Co File
Co File
MF-PART
Co File
Co File
MF-AGG
ULT-AGG
Recommendation
neutral
neutral
buy
accumulate
buy
neutral/neutral
outperform
Amt Held
16'715'562
6'020'675
5'473'687
5'017'032
5'000'517
1'827'745
1'006'937
600'787
569'482
494'693
494'536
454'092
365'404
220'000
200'000
172'346
90'000
88'274
62'959
60'363
% Out
16.88
6.08
5.53
5.07
5.05
1.85
1.02
0.61
0.58
0.5
0.5
0.46
0.37
0.22
0.2
0.17
0.09
0.09
0.06
0.06
Weighting
Change
3
3
5
4
5
3
5
D
D
M
M
U
M
U
Latest Chg
26'000
170
100'000
29'425
(20'230)
-
Target Price
11
11
#N/A N/A
11
11
11
13
File Dt
03.05.2013
18.06.2013
01.06.2012
01.06.2012
08.03.2013
30.04.2013
03.09.2013
24.06.2011
16.11.2012
30.04.2013
30.06.2013
30.05.2013
31.12.2012
31.03.2012
31.03.2012
31.07.2013
31.03.2012
31.03.2012
03.09.2013
04.09.2013
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
n/a
Investment Advisor
Corporation
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Unclassified
n/a
Government
n/a
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Date
31.07.2013
31.07.2013
06.06.2013
30.05.2013
29.05.2013
29.05.2013
29.05.2013
05.09.2013
Precinct Properties New Zealand Ltd

Precinct Properties New Zealand Ltd. invests in manages and leases commercial
office properties. The Company invests in properties in Auckland and Wellington.
Price/Volume
1
7.0 M
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.05.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PCT NZ EQUITY YTD Change
PCT NZ EQUITY YTD % CHANGE
06/2013
06/yy
1.12
0.97
1'462'424.00
1
-10.71%
3.63%
22.58%
997.1
997.07
346.50
0.0
0.0
0.70
1'473.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.0 M
1.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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

30.06.2009
133.7
7.20x
89.1
10.80x
(192.8)
-
4.0 M
Valuation Analysis
30.06.2010
30.06.2011
138.1
137.2
7.01x
8.23x
91.2
92.1
10.61x
12.27x
(43.0)
10.4
81.73x
Profitability
LTM-4Q
30.06.2012
127.5
10.02x
79.5
16.08x
45.1
20.64x
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
30.06.2013
157.5
6.52x
79.50
79.50
45.88%
45.96%
3.52%
5.51%
3.87%
0.10%
61.6%
35.4%
25.66%
39.50%
-
Price/ Cash Flow
06/yy
138.1
29.78x
91.2
10.61x
(43.0)
0.00x
LTM
06/yy
137.2
31.07x
92.1
12.27x
10.4
80.95x
FY+1
.0 M
s-13
6.34
0.42
636.83
8.24%
4.73%
0.417
6
2.833
655'808
625'932
717'521
FY+2
FQ+1
FQ+2
06/14 Y
06/15 Y
09/13 Q1 12/13 Q2
118.8
123.5
13.18x
12.72x
107.0
111.7
13.77x
13.19x
64.2
66.6
16.39x
16.13x
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
3.79
-0.91
5.85
5.92
39.5%
28.3%
0.10
-
30.00
160.0
140.0
25.00
120.0
20.00
100.0
80.0
15.00
60.0
10.00
40.0
5.00
0.00
02.07.2010
20.0
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Precinct Properties New Zealand Ltd

Holdings By:
All
Holder Name
HAUMI COMPANY LTD
AMP LTD
FORSYTH BARR LTD
MFL MUTUAL FUND LTD
STATE STREET
NORGES BANK
VANGUARD
BLACKROCK
INVESCO LTD
SMARTSHARES LIMITED
ALBERT D MASON
HORSLEY GRAEME
WELLS FARGO
HUSE DONALD WILLIAM
MACKENZIE FINANCIAL
HANSAINVEST LUX SA
ALASKA PERMANENT FUN
Firm Name
UBS
Deutsche Bank
Goldman Sachs
Macquarie
Forsyth Barr
First NZ Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
SMARTMIDZ
ALBERT D MASON
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LANCE REYNOLDS
CHRIS BYRNE
ROBBIE AITKEN
NICK MAR
JEREMY SIMPSON
STEPHEN REID
DOUG WALTERS
Source
EXCH
EXCH
ULT-AGG
Co File
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-PART
13F
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
hold
neutral/cautious
restricted
accumulate
neutral
underweight
Amt Held
198'524'814
76'876'378
60'697'290
23'431'141
19'741'983
12'961'908
9'087'650
6'027'231
5'880'343
5'876'523
2'801'120
1'652'365
1'580'600
310'000
288'927
250'000
165'923
132'000
116'726
105'880
% Out
19.91
7.71
6.09
2.35
1.98
1.3
0.91
0.6
0.59
0.59
0.28
0.17
0.16
0.03
0.03
0.03
0.02
0.01
0.01
0.01
Weighting
Change
3
3
3
#N/A N/A
4
3
1
U
M
M
M
M
N
M
Latest Chg
(10'093'515)
11'662'194
216'992
1'055
927'041
(197'120)
(12'000)
12'168
132'000
-
Target Price
1
1
1
#N/A N/A
1
1
#N/A N/A
File Dt
01.11.2010
08.05.2013
21.07.2011
31.08.2012
31.08.2012
31.08.2012
04.09.2013
31.12.2012
30.06.2013
03.09.2013
04.09.2013
31.07.2013
30.06.2013
31.08.2012
30.06.2013
31.08.2012
31.05.2013
31.07.2013
31.03.2013
03.09.2013
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Other
Insurance Company
Insurance Company
Bank
Investment Advisor
Other
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
05.09.2013
03.09.2013
03.09.2013
03.09.2013
22.08.2013
20.08.2013
06.06.2013
05.09.2013
Argosy Property Ltd

Argosy Property Limited invests in and manages retail, commercial and
industrial properties in New Zealand.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.05.2013)
52-Week Low (10.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ARG NZ EQUITY YTD Change
ARG NZ EQUITY YTD % CHANGE
03/2013
01/yy
1.06
0.86
823'831.00
0.96
-9.29%
11.56%
55.34%
781.3
750.00
326.05
0.0
0.0
2.27
1'073.78
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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
31.03.2009
108.7
31.03.2010
96.6
64.1
67.3
(63.1)
(59.0)
31.03.2011
92.0
8.68x
63.3
12.61x
26.3
15.05x
31.03.2012
99.8
8.52x
45.1
18.84x
1.9
240.00x
31.03.2013
88.3
11.27x
63.1
15.76x
39.2
14.72x
LTM-4Q
LTM
01/yy
01/yy
-
Profitability
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
63.11
63.11
44.67%
43.79%
4.07%
7.19%
4.36%
0.09%
71.5%
44.4%
32.84%
54.22%
-
Price/ Cash Flow
FY+1
-
6.18
0.26
695.75
16.82%
9.95%
0.264
5
3.400
344'785
661'032
800'594
FY+2
03/14 Y
03/15 Y
81.6
91.3
14.08x
12.74x
75.3
84.9
14.27x
12.66x
49.1
44.5
14.77x
16.84x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
2.27
1.71
5.13
5.17
54.2%
35.2%
0.09
-
50.00
120.0
45.00
100.0
40.00
35.00
80.0
30.00
60.0
25.00
20.00
40.0
15.00
10.00
20.0
5.00
0.00
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Argosy Property Ltd

Holdings By:
All
Holder Name
MFL MUTUAL FUND LTD
AMP LTD
STATE STREET
WHITING PETER JOHN
UNV OF OTAGO FOUNDAT
SOUTHERN CAPITAL LIM
ESSEX CASTLE LTD
REGUS HANSEN TRUSTEE
SMARTSHARES LIMITED
FORHOMES INVESTMENTS
WINSTON BARRY
SCOTT TREVOR DONALD
VANGUARD
FRASER SMITH HOLDING
WELLS FARGO
BLACKROCK
Firm Name
Forsyth Barr
Macquarie
Goldman Sachs
Deutsche Bank
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SMARTMIDZ
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
JEREMY SIMPSON
NICK MAR
ROBBIE AITKEN
CHRIS BYRNE
JASON LINDSAY
Source
EXCH
EXCH
ULT-AGG
EXCH
ULT-AGG
Co File
Co File
Co File
Co File
Co File
MF-PART
Co File
Co File
EXCH
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
hold
neutral
neutral/cautious
buy
neutral
Amt Held
76'900'212
69'239'791
44'678'051
28'527'443
8'809'481
4'010'700
3'961'509
3'500'000
2'700'000
1'708'828
1'666'027
1'614'162
1'597'912
1'508'778
1'035'870
604'888
504'389
248'707
215'328
181'940
% Out
9.84
8.86
5.72
3.65
1.13
0.51
0.51
0.45
0.35
0.22
0.21
0.21
0.2
0.19
0.13
0.08
0.06
0.03
0.03
0.02
Weighting
Change
3
3
3
5
3
Latest Chg
(7'212'680)
1'666'027
396'095
(47'838)
18'568
-
Target Price
M
M
M
M
M
File Dt
09.08.2013
25.06.2013
07.01.2013
20.11.2012
04.09.2013
09.05.2012
09.05.2012
09.05.2012
09.05.2012
09.05.2012
31.05.2013
09.05.2012
09.05.2012
31.03.2012
30.06.2013
28.06.2013
31.03.2012
30.06.2013
03.09.2013
30.04.2013
Date
1
1
1
1
1
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Insurance Company
Other
Insurance Company
Investment Advisor
Investment Advisor
n/a
n/a
Corporation
Corporation
Corporation
Investment Advisor
Corporation
n/a
n/a
Unclassified
Investment Advisor
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Date
05.08.2013
15.07.2013
11.07.2013
01.07.2013
16.01.2013
05.09.2013
Fonterra Cooperative Group Ltd

Fonterra Shareholders Fund is a unit trust that buys the economic rights of
shares in Fonterra Cooperative Group Ltd (FCG NZ). The Fund's dividends and
other distributions from these shares are passed through to unitholders, and
the return on the units depends on the performance of the co-operative.
Price/Volume
9
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.05.2013)
52-Week Low (05.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FSF NZ EQUITY YTD Change
FSF NZ EQUITY YTD % CHANGE
07/2012
01/yy
8.09
6.37
511'135.00
6.97
-13.84%
9.41%
36.60%
1'597.8
11'136.90
4'991.00
5'690.0
35.0
1'033.00
22'001.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
30.0 M
20.0 M
10.0 M
1
0
n-12
.0 M
d-12
j-13
f-13
m-13
a-13
m-13
j-13
j-13
a-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

31.07.2008
31.07.2009
31.07.2010
16'035.0
16'726.0
1'399.0
1'398.0
599.0
669.0
Profitability
31.07.2011
19'871.0
1'555.0
754.0
-
31.07.2012
19'769.0
1'436.0
609.0
-
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
1'436.00
944.00
4.78%
3.42%
4.25%
71.05%
8.62%
1.13%
15.4%
8.2%
5.5%
3.1%
1.62
0.77
33.02%
536.67%
7.43
3.22
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.24
101.98
1.27%
7
3.286
559'866
1'166'951
868'464
FY+2
07/13 Y
07/14 Y
20'121.0
22'323.1
1.05x
0.96x
1'524.9
1'620.4
14.43x
13.58x
697.9
689.9
16.06x
16.44x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
03.11.2006
A+
STABLE
03.11.2006
A-1
3.95
2.10
2.90
3.24
536.7%
42.9%
1.13
4.22
49.25
113.57
34.61
88.74
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
31.07.2009
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
31.07.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Fonterra Cooperative Group Ltd

Holdings By:
All
Holder Name
LOCKUP SHARES
PERPETUAL LTD
CALEDONIA PRIV INV P
MACLEOD DAVID
COLONIAL FIRST STATE
BLACKROCK
NORGES BANK
WILSON JOHN
NEW CAPITAL FUND MAN
SMARTSHARES LIMITED
BARING INTERNATIONAL
JUBAK ASSET MANAGEME
T ROWE PRICE GLOBAL
SHEWAN JOHN
HEYDEN HENRY
Firm Name
Deutsche Bank
Forsyth Barr
UBS
Ord Minnett
Goldman Sachs
Macquarie
First NZ Capital
Portfolio Name
#N/A N/A
n/a
#N/A N/A
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
n/a
Multiple Portfolios
SMARTMIDZ
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
ARIE DEKKER
ANDREW BOWLEY
WADE GARDINER
STEPHEN SCOTT
MARCUS CURLEY
STEPHEN HUDSON
KAR YUE YEO
Source
EXCH
EXCH
EXCH
ULT-AGG
Co File
EXCH
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-PART
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH
Recommendation
hold
sell
sell
hold
Buy/Neutral
outperform
outperform
Amt Held
1'492'534'917
12'081'057
10'124'281
8'942'504
2'393'694
1'692'482
1'361'806
594'323
469'299
312'625
224'355
176'141
50'580
18'637
13'828
4'500
% Out
93.41
0.76
0.63
0.56
0.15
0.11
0.09
0.04
0.03
0.02
0.01
0.01
0
0
0
0
Weighting
Change
3
1
1
3
5
5
5
Latest Chg
1'348'686
889'943
(50'922)
25'625
(14'460)
42'021
-
Target Price
M
D
D
M
M
M
U
File Dt
Inst Type
05.09.2013
Other
21.08.2013
Investment Advisor
02.09.2013
Bank
25.09.2012
n/a
02.09.2013
Investment Advisor
31.05.2013
Investment Advisor
31.12.2012
Government
25.09.2012
n/a
28.03.2013
Investment Advisor
31.07.2013
Investment Advisor
31.05.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
24.04.2013
n/a
24.04.2013
n/a
Date
7
7
7
7
8
7
8
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Date
05.08.2013
01.08.2013
31.07.2013
30.07.2013
25.07.2013
25.07.2013
25.07.2013
05.09.2013
Guinness Peat Group PLC

Guinness Peat Group plc is an investment holding company operating in the
United Kingdom, Australia, New Zealand, and North America. Through
subsidiaries, the Company offers facilities management services, installs
electrical, mechanical, and instrumentation systems and fire prevention
equipment, wholesales produce, develops property, and offers testing services.
Price/Volume
1
80.0 M
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (31.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GPG NZ EQUITY YTD Change
GPG NZ EQUITY YTD % CHANGE
12/2012
01/yy
0.61
0.42
398'672.00
0.57
-6.56%
35.71%
76.32%
1'407.2
802.08
305.00
0.0
24.0
332.00
328.00
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
1.00
30.0 M
20.0 M
10.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'139.0
0.69x
58.0
13.48x
(50.0)
-
40.0 M
31.12.2009
31.12.2010
1'172.0
1'066.0
0.64x
0.68x
66.0
170.0
11.36x
4.24x
(36.0)
53.0
Profitability
31.12.2011
1'059.0
0.48x
87.0
5.80x
1.0
-
31.12.2012
1'043.0
0.46x
10.0
47.46x
(3.0)
10.00
-24.00
-2.30%
-6.33%
3.95%
12.51%
0.68%
27.6%
4.6%
-0.3%
2.87
1.40
21.36%
70.28%
3.39
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.73
1'367.64
12.87%
-4.20%
0.728
6
3.333
22'052'490
6'767'052
4'341'664
FY+2
12/13 Y
12/14 Y
1'108.0
1'141.0
0.33x
0.30x
98.8
114.3
3.32x
2.87x
12.4
26.1
20.61x
16.03x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
0.20
-0.35
70.3%
40.0%
0.68
4.22
107.81
80.79
1'600.0
1'400.0
1'200.0
0.80
0.60
1'000.0
800.0
600.0
0.40
0.20
400.0
200.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Guinness Peat Group PLC

Holdings By:
All
Holder Name
BLACKROCK
SOROS FUND MANAGEMEN
QUANTUM STRATEGIC PA
AMP LTD
MSDC MANAGEMENT LP
DEUTSCHE PRIVATE BAN
BT FUNDS MANAGEMENT(
SALT FUNDS MANAGEMEN
ORBIS HOLDINGS LIMIT
DIRECTOR & RELATED H
HARWOOD CAPITAL LLP
SCHRODER INVESTMENT
LONGLEAF MANAGEMENT
NIXON BLAKE ANDREW
PRIVATE INDIVIDUALS
BRIERLEY RONALD ALFR
Firm Name
Forsyth Barr
Deutsche Bank
First NZ Capital
Macquarie
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
n/a
#N/A N/A
#N/A N/A
Multiple Portfolios
Multiple Portfolios
NORTH ATLANTIC SMALL
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
JOHN CAIRNS
DENNIS M LEE
GREG MAIN
STEPHEN HUDSON
DOUG WALTERS
ADRIAN ALLBON
Source
ULT-AGG
REG
RNS-MAJ
Research
ULT-AGG
RNS-MAJ
RNS-MAJ
Co File
REG
RNS-MAJ
RNS-MAJ
EXCH
REG
REG
MF-PART
MF-AGG
MF-AGG
Research
REG
Research
Recommendation
hold
buy
neutral
outperform
sell
neutral/neutral
Amt Held
138'593'602
133'201'970
133'201'970
99'264'789
94'484'202
79'606'443
75'681'960
69'836'986
59'751'177
55'537'555
54'652'186
54'599'146
42'846'850
40'969'214
40'651'300
25'209'892
21'704'625
17'811'406
10'598'366
9'067'792
% Out
9.85
9.47
9.47
7.05
6.71
5.66
5.38
4.96
4.25
3.95
3.88
3.88
3.04
2.91
2.89
1.79
1.54
1.27
0.75
0.64
Weighting
Change
3
5
3
5
1
3
M
M
M
M
M
D
Latest Chg
5'011'637
(1'446'765)
(9'446'927)
(6'680'553)
(9'020'000)
13'162'683
334'461
-
Target Price
1
1
1
1
#N/A N/A
1
File Dt
Inst Type
03.06.2013
Investment Advisor
11.03.2013
Investment Advisor
21.06.2013
Investment Advisor
03.06.2013
Insurance Company
25.07.2013
Investment Advisor
30.08.2013
Insurance Company
31.12.2012
Investment Advisor
03.06.2013
Unclassified
09.08.2013
Investment Advisor
02.09.2013
Bank
30.08.2013
Other
03.06.2013
Investment Advisor
03.06.2013
Other
31.12.2012
Investment Advisor
31.07.2013
Investment Advisor
21.06.2013
n/a
03.06.2013
Other
21.06.2013
n/a
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Date
29.08.2013
28.08.2013
28.08.2013
14.06.2013
06.06.2013
08.05.2013
05.09.2013
Vector Ltd
Vector Limited is an energy infrastructure company in New Zealand that provides
electricity and gas transmission and distribution along with metering. The
Company is also a wholesaler of LPG and natural gas. Vector also delivers
broadband voice and data communications in the Auckland and Wellington regions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.04.2013)
52-Week Low (04.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VCT NZ EQUITY YTD Change
VCT NZ EQUITY YTD % CHANGE
06/2013
01/yy
2.97
2.58
97'159.00
2.7
-9.09%
4.65%
33.33%
995.8
2'688.54
2'457.54
0.0
16.6
81.59
4'992.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
1'173.9
3.95x
594.2
7.81x
370.5
12.36x
30.06.2010
30.06.2011
1'185.8
1'194.7
3.90x
4.06x
582.8
543.1
7.94x
8.93x
193.5
201.4
11.13x
12.57x
Profitability
30.06.2012
1'252.2
4.05x
634.2
8.00x
198.8
13.40x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
1'279.2
203.3
13.14x
634.23
460.79
36.80%
22.62%
3.73%
9.85%
7.25%
0.23%
50.3%
36.8%
15.9%
1.17
0.99
43.75%
115.29%
7.82
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.46
0.51
222.91
4.19%
4.80%
0.506
7
3.714
145'798
185'470
239'157
FY+2
06/14 Y
06/15 Y
1'244.0
1'260.2
4.24x
4.23x
576.0
586.0
8.67x
8.52x
155.5
152.8
17.20x
17.42x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
16.08.2005
BBB+
STABLE
30.04.2004
NR
3.56
2.10
3.53
3.73
115.3%
53.4%
0.23
0.35
46.80
-
8.00
1'400.0
7.00
1'200.0
6.00
1'000.0
5.00
800.0
4.00
600.0
3.00
400.0
2.00
200.0
1.00
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Vector Ltd
Holdings By:
All
Holder Name
AUCKLAND ENERGY CONS
VECTOR LIMITED
INVESCO LTD
VANGUARD
NORGES BANK
FORSYTH BARR LTD
AXA ROSENBERG INTL
M A JANSSEN LTD
GIBBS ANTHONY IAN
AMUNDI JAPAN
BOWLER RONALD VICTOR
KERSHAW INV LTD
TOKIO MARINE ASSET M
LEGAL & GENERAL
ALLIANZ GLOBAL INVES
Firm Name
Forsyth Barr
Deutsche Bank
Goldman Sachs
UBS
Macquarie
First NZ Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ANDREW HARVEY-GREEN
GRANT SWANEPOEL
MATTHEW HENRY
WADE GARDINER
STEPHEN HUDSON
GREG MAIN
DOUG WALTERS
Source
Research
Research
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
Co File
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
accumulate
buy
neutral/neutral
neutral
outperform
underperform
overweight
Amt Held
751'000'000
14'125'577
4'862'117
4'244'923
2'907'541
2'528'070
2'505'728
1'804'713
1'252'296
999'683
798'586
619'200
552'460
511'019
500'000
475'000
321'750
179'000
125'035
114'856
% Out
75.42
1.42
0.49
0.43
0.29
0.25
0.25
0.18
0.13
0.1
0.08
0.06
0.06
0.05
0.05
0.05
0.03
0.02
0.01
0.01
Weighting
Change
4
5
3
3
5
1
5
U
M
M
M
M
M
U
Latest Chg
921'041
2'900'009
2'054'433
299'587
-
Target Price
3
3
3
3
3
3
#N/A N/A
File Dt
08.03.2013
08.03.2013
08.03.2013
08.03.2013
04.09.2013
30.06.2013
31.12.2012
31.07.2012
30.04.2013
30.06.2013
31.12.2012
31.07.2012
31.07.2012
27.08.2012
31.07.2012
31.07.2012
03.09.2013
15.11.2012
31.07.2013
21.06.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Unclassified
Insurance Company
Investment Advisor
Corporation
Investment Advisor
Unclassified
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Other
n/a
Investment Advisor
n/a
Other
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
25.08.2013
22.08.2013
22.08.2013
22.08.2013
22.08.2013
22.08.2013
04.07.2013
05.09.2013
Australia & New Zealand Banking Group Ltd

Australia and New Zealand Banking Group Limited is an international bank with
activities in general banking, mortgage and installment lending, life insurance,
leasing, hire purchase and general finance. ANZ also provides international and
investment banking, investment and portfolio management and advisory services,
nominee and custodian services, stock broking and executor and trustee services.
Price/Volume
09/2012
03/yy
39.20
29.86
6'178.00
34.3
-12.50%
14.87%
52.89%
2'743.6
94'105.97
118'987.00
871.0
49.0
55'159.00
-
Price/ Cash Flow
1.20
1.00
.7 M
.6 M
.5 M
.4 M
15
.3 M
10
.2 M
.1 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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
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 M
30
20
Latest Fiscal Year:

LTM as of:
52-Week High (01.05.2013)
52-Week Low (26.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ANZ NZ EQUITY YTD Change
ANZ NZ EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.9 M
35
25
Valuation Analysis
30.09.2008
36'622.0
3'319.0
-
40
30.09.2009
30.09.2010
29'836.0
31'324.0
2'943.0
4'501.0
Profitability
LTM-4Q
30.09.2011
35'602.0
5'355.0
-
30.09.2012
35'968.0
5'661.0
45.92%
45.58%
0.88%
14.17%
3.42%
0.05%
32.3%
18.53%
295.25%
-
LTM
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
s-13
0.80
2'669.22
16.70%
11.53%
0.796
19
3.421
15'088
61'162
60'445
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
19'699.3
19'297.0
0.39x
0.32x
6'424.2
6'778.7
12.86x
12.28x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.12.2011
AASTABLE
11.09.1996
A-1+
295.3%
74.3%
0.05
16.65
-
40'000.0
35'000.0
30'000.0
0.80
0.60
25'000.0
20'000.0
15'000.0
0.40
0.20
10'000.0
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Australia & New Zealand Banking Group Ltd

Holdings By:
All
Holder Name
VANGUARD
BLACKROCK
AMP LTD
FMR LLC
AUSTRALIA & NEW ZEAL
NORGES BANK
ANZEST PTY LTD
RANCHLAND HOLDINGS P
DB PLATINUM ADVISORS
JP MORGAN
EQUITY TRUSTEES LTD
BLUEKNIGHT CORP PTY
PERPETUAL TRUSTEE CO
Firm Name
Nomura
Bell Potter
CIMB
Commonwealth Bank
Credit Suisse
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan
Macquarie
BBY Limited
Shaw Stockbroking
S&P Capital IQ
UBS
EVA Dimensions
Paterson Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
PERENNIAL VALUE SHAR
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
ARNHEM CONCENTRATED
PERPETUAL WHOLESALE
n/a
n/a
Analyst
VICTOR GERMAN
T S LIM
JOHN BUONACCORSI
ROSS CURRAN
JARROD MARTIN
JAMES FREEMAN
RICHARD E WILES
ANDREW LYONS
SCOTT MANNING
MICHAEL WIBLIN
BRETT LE MESURIER
DAVID SPOTSWOOD
SITI RUDZIAH SALIKIN
JONATHAN MOTT
DOUG WALTERS
LOU CAPPARELLI
TONY FARNHAM
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-PART
MF-AGG
Co File
EXCH
MF-AGG
ULT-AGG
Co File
Co File
MF-AGG
MF-PART
MF-PART
EXCH
Co File
Recommendation
neutral
hold
outperform
neutral
neutral
buy
Underwt/In-Line
neutral/neutral
underweight
outperform
buy
buy
hold
buy
underweight
neutral
hold
Amt Held
113'925'737
48'957'362
48'481'898
29'266'130
28'834'656
27'351'155
23'949'166
22'032'929
21'707'393
17'899'078
17'051'442
12'078'524
11'687'086
8'187'710
7'902'915
7'898'710
7'482'155
7'120'183
7'000'000
6'936'856
% Out
4.15
1.78
1.77
1.07
1.05
1
0.87
0.8
0.79
0.65
0.62
0.44
0.43
0.3
0.29
0.29
0.27
0.26
0.26
0.25
Weighting
Change
3
3
5
3
3
5
1
3
1
5
5
5
3
5
1
3
3
M
M
M
M
M
M
M
M
D
M
M
M
M
U
M
M
M
Latest Chg
(94'977'033)
400
1'083'201
(818'139)
(32'535)
(11'504)
2'714'560
995
-
Target Price
36
37
35
36
35
38
29
33
35
40
35
34
36
34
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
31.07.2013
31.05.2013
30.06.2013
03.09.2013
31.07.2013
31.07.2013
14.08.2013
31.07.2013
31.12.2012
12.10.2012
31.01.2013
31.07.2013
31.07.2013
12.10.2012
12.10.2012
03.09.2013
30.06.2013
30.06.2013
29.01.2013
12.10.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
3 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Bank
Unclassified
Investment Advisor
Insurance Company
Investment Advisor
Bank
Investment Advisor
Government
Other
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Corporation
Date
05.09.2013
05.09.2013
03.09.2013
26.08.2013
19.08.2013
16.08.2013
16.08.2013
16.08.2013
16.08.2013
16.08.2013
16.08.2013
16.08.2013
16.08.2013
13.06.2013
06.06.2013
04.06.2013
08.11.2011
05.09.2013
Freightways Ltd
Freightways Limited provides express package services throughout New Zealand
along with providing information management and business mail services. The
Company's courier services includes same day and overnight national and
international deliveries, freight forwarding services, computer media transport
and payroll data deliveries.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (05.07.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FRE NZ EQUITY YTD Change
FRE NZ EQUITY YTD % CHANGE
06/2013
09/yy
4.60
3.95
29'262.00
4.21
-8.48%
6.58%
44.62%
154.0
648.33
161.00
0.0
0.0
3.48
805.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2010
30.06.2011
328.5
352.5
1.76x
1.83x
63.4
66.8
9.12x
9.67x
23.2
29.9
18.36x
16.41x
Profitability
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
o-12
LTM-4Q
30.06.2012
382.5
1.97x
72.3
10.44x
37.0
15.77x
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
30.06.2013
406.1
2.08x
76.8
10.99x
40.3
17.02x
76.80
64.66
15.92%
13.23%
9.27%
22.38%
14.31%
0.93%
18.9%
15.9%
9.9%
1.06
0.92
37.16%
85.96%
8.02
-
Price/ Cash Flow
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
n-12
d-12
j-13
f-13 m-13
LTM
09/yy
185.3
0.00x
0.0
0.00x
16.0
0.00x
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
4.45
0.75
138.01
9.55%
1.03%
0.751
7
3.000
257'525
213'045
239'718
FY+2
FQ+1
FQ+2
06/14 Y
06/15 Y
12/12 Q2 03/13 Q3
425.8
448.0
1.89x
1.77x
80.2
86.8
10.05x
9.29x
40.8
45.4
15.89x
14.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.90
5.02
2.05
2.10
86.0%
46.2%
0.93
4.52
45.49
-
18.00
450.0
16.00
400.0
14.00
350.0
12.00
300.0
10.00
250.0
8.00
200.0
6.00
150.0
4.00
100.0
2.00
50.0
0.00
02.07.2010
1.8 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2009
339.5
1.73x
66.5
8.81x
34.6
10.84x
5
5
4
4
3
3
2
2
1
1
0
s-12
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Freightways Ltd
Holdings By:
All
Holder Name
FISHER FUNDS MANAGEM
HARRIS ASSOCIATES LP
AMP LTD
PORT DEVON LTD
BRACEWELL DEAN
BLACKROCK
FORSYTH BARR LTD
INVESCO LTD
LUCERNE ROAD INVESTM
NORGES BANK
CARTREF PORTFOLIO PT
VANGUARD
WELLS STEVE
MITCHELL-LOWE RICHAR
SMARTSHARES LIMITED
TROUGHEAR MARK
Firm Name
Forsyth Barr
Macquarie
Deutsche Bank
Goldman Sachs
EVA Dimensions
UBS
First NZ Capital
Portfolio Name
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
SMARTMIDZ
n/a
Analyst
ANDREW BOWLEY
WARREN DOAK
DENNIS M LEE
MARCUS CURLEY
TIMOTHY STANISH
WADE GARDINER
KAR YUE YEO
Source
EXCH
EXCH
Research
ULT-AGG
Research
Co File
Research
EXCH
ULT-AGG
Co File
ULT-AGG
Research
MF-AGG
Research
ULT-AGG
ULT-AGG
EXCH
EXCH
MF-PART
EXCH
Recommendation
hold
neutral
hold
neutral/neutral
overweight
neutral
underperform
Amt Held
14'327'703
11'547'501
8'031'674
7'719'866
6'924'667
4'775'569
3'453'469
2'530'737
2'105'224
1'815'096
1'770'681
1'652'896
1'203'581
1'167'227
918'434
862'303
570'944
515'920
364'893
354'495
% Out
9.3
7.5
5.22
5.01
4.5
3.1
2.24
1.64
1.37
1.18
1.15
1.07
0.78
0.76
0.6
0.56
0.37
0.34
0.24
0.23
Weighting
Change
3
3
3
3
5
3
1
U
M
M
M
U
M
M
Latest Chg
6'450'458
4'218'857
(1'107'007)
(350'000)
(140)
77'499
1'860
(25'790)
-
Target Price
4
4
4
4
#N/A N/A
4
4
File Dt
02.04.2013
30.08.2013
21.06.2013
04.12.2012
21.06.2013
31.07.2012
21.06.2013
05.04.2012
03.09.2013
31.07.2012
31.03.2013
21.06.2013
31.12.2012
21.06.2013
30.06.2013
30.04.2013
13.09.2011
13.09.2011
30.06.2013
13.09.2011
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Insurance Company
n/a
Other
n/a
Investment Advisor
Bank
Investment Advisor
Other
Government
Other
Unclassified
Investment Advisor
n/a
n/a
Investment Advisor
n/a
Date
14.08.2013
13.08.2013
12.08.2013
12.08.2013
10.07.2013
05.07.2013
04.07.2013
05.09.2013
Nuplex Industries Ltd

Nuplex Industries Limited is a chemical company specialising in the
manufacturer of resins for architectural, industrial and protective coatings.
The Company's products are used in the building and construction,
automotive and vehicle refinish industries as well as the metal, marine,
protective, wood and plastics markets.
Price/Volume
3.0 M
2.5 M
2.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.02.2013)
52-Week Low (06.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NPX NZ EQUITY YTD Change
NPX NZ EQUITY YTD % CHANGE
06/2013
01/yy
3.55
2.70
53'091.00
3.2
-9.86%
18.52%
62.35%
198.1
634.00
289.60
0.0
7.4
91.79
839.17
1.5 M
2
1
1.0 M
.5 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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
4
3
Valuation Analysis
30.06.2009
1'493.7
0.28x
83.1
5.10x
16.7
5.36x
30.06.2010
30.06.2011
1'459.9
1'575.0
0.42x
0.42x
136.4
132.5
4.55x
4.94x
64.2
66.5
8.26x
8.53x
Profitability
30.06.2012
1'615.9
0.45x
127.2
5.65x
62.5
7.81x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
1'664.9
0.47x
115.2
6.77x
42.9
13.18x
115.24
82.11
4.93%
3.73%
3.46%
7.72%
6.83%
1.34%
21.1%
6.9%
4.9%
2.6%
1.94
1.14
23.02%
52.14%
5.16
5.56
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.56
1.22
196.91
16.00%
4.27%
1.216
7
3.857
314'427
343'679
312'958
FY+2
06/14 Y
06/15 Y
1'722.2
1'815.8
0.51x
0.48x
139.3
153.7
6.02x
5.46x
61.8
69.4
10.26x
9.14x
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
FQ+1
FQ+2
6.50
3.77
1.72
2.51
52.1%
34.0%
1.34
5.33
70.71
65.65
83.21
53.15
14.00
1'800.0
12.00
1'600.0
1'400.0
10.00
1'200.0
8.00
1'000.0
6.00
800.0
600.0
4.00
400.0
2.00
0.00
02.07.2010
200.0
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Nuplex Industries Ltd

Holdings By:
All
Holder Name
DELTA LLOYD NV
AMP LTD
DELTA LLOYD FUND MAN
FMR LLC
AXA ROSENBERG INTL
BLACKROCK
NORGES BANK
VANGUARD
BRAZIL FARMING PTY L
TWEEDY BROWNE COMPAN
SEVERIN EMERY STEPHE
AITKEN ROBERT MURRAY
STATE STREET
Firm Name
EVA Dimensions
Macquarie
Forsyth Barr
Deutsche Bank
UBS
First NZ Capital
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
TIMOTHY STANISH
DANIEL FROST
JOHN CAIRNS
DENNIS M LEE
TRISTAN JOLL
GREG MAIN
ADRIAN ALLBON
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
EXCH
Co File
ULT-AGG
Recommendation
buy
neutral
hold
buy
neutral
neutral
Buy/Neutral
Amt Held
23'355'187
17'382'304
12'092'683
12'016'331
10'025'944
4'772'039
3'682'663
3'653'778
3'643'609
3'572'023
1'479'200
1'390'486
1'108'436
1'105'436
550'000
455'000
312'294
240'000
152'424
143'299
% Out
11.79
8.77
6.1
6.06
5.06
2.41
1.86
1.84
1.84
1.8
0.75
0.7
0.56
0.56
0.28
0.23
0.16
0.12
0.08
0.07
Weighting
Change
5
3
3
5
3
3
5
U
M
M
M
M
M
M
Latest Chg
(2'072'601)
2'015'000
1'830'600
(1'000'000)
133'267
85
27'546
455'000
-
Target Price
#N/A N/A
3
3
4
3
3
4
File Dt
13.09.2012
12.10.2012
31.05.2013
29.04.2013
31.05.2013
08.03.2013
30.04.2013
30.06.2012
30.06.2012
30.04.2013
31.12.2012
03.09.2013
31.12.2012
30.06.2013
03.08.2012
31.03.2012
03.09.2013
13.06.2013
30.06.2012
04.09.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Insurance Company
Bank
Insurance Company
Investment Advisor
Other
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Corporation
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Date
28.08.2013
20.08.2013
18.08.2013
15.08.2013
15.08.2013
15.08.2013
15.07.2013
05.09.2013
Kathmandu Holdings Ltd

Kathmandu Holdings Ltd. provides clothing and equipment for the travel and
adventure market. The Company operates retail locations throughout Australia
and New Zealand.
Price/Volume
4
8.0 M
7.0 M
6.0 M
5.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.08.2013)
52-Week Low (21.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KMD NZ EQUITY YTD Change
KMD NZ EQUITY YTD % CHANGE
07/2012
01/yy
3.10
1.64
132'420.00
3
-3.23%
82.93%
91.78%
200.2
600.65
53.74
0.0
0.0
1.81
681.69
3.0 M
2.0 M
1.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

31.07.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
31.07.2009
31.07.2010
215.6
245.8
1.89x
48.7
37.9
12.28x
14.9
9.4
Profitability
31.07.2011
306.1
1.58x
72.0
6.71x
39.1
11.28x
31.07.2012
347.1
1.07x
67.3
5.50x
34.9
9.14x
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
67.34
57.81
16.65%
14.73%
10.34%
14.89%
12.13%
0.97%
63.3%
19.4%
16.6%
10.0%
2.03
0.05
14.41%
19.22%
92.31
1.67
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.33
1.34
185.71
68.85%
52.43%
1.335
10
4.000
1'078'493
478'847
433'824
FY+2
07/13 Y
07/14 Y
386.8
427.5
1.68x
1.51x
74.0
83.1
9.21x
8.20x
40.9
45.6
14.63x
13.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.76
11.57
1.14
1.15
19.2%
16.1%
0.97
8.88
3.97
219.17
68.21
161.88
25.00
400.0
350.0
20.00
300.0
250.0
15.00
200.0
10.00
150.0
100.0
5.00
0.00
31.07.2009
50.0
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
31.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Kathmandu Holdings Ltd

Holdings By:
All
Holder Name
ELEY GRIFFITHS GROUP
FMR LLC
AUSBIL DEXIA LIMITED
HARBOUR ASSET MANAGE
AMP LTD
AUSTRALIAN SUPER PTY
TRIBECA INV PARTNERS
VANGUARD
MACQUARIE GROUP
HALKETT PETER THOMAS
FIDANTE PARTNERS LTD
FIL LIMITED
TRANSAMERICA INVESTM
MANULIFE FUNDS DIREC
TODD MARK ARCHIBALD
MUNDER CAPITAL MANAG
Firm Name
Bell Potter
EVA Dimensions
Deutsche Bank
RBS Morgans
Macquarie
Forsyth Barr
Goldman Sachs
Moelis & Company
First NZ Capital
Octa Phillip Securities Ltd
Portfolio Name
n/a
n/a
n/a
#N/A N/A
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
NOVAPORT SMALLER COM
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
SAM HADDAD
CRAIG STERLING
WASSIM KISIRWANI
JOSEPHINE LITTLE
ADAM SIMPSON
CHELSEA LEADBETTER
GEORGE BATSAKIS
TODD W GUYOT
SARNDRA URLICH
KEN WAGNER
Source
ULT-AGG
ULT-AGG
Co File
EXCH
EXCH
ULT-AGG
Co File
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-PART
ULT-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
buy
underweight
buy
outperform
outperform
hold
Buy/Neutral
buy
neutral
hold
Amt Held
16'609'706
13'050'566
12'066'312
11'970'983
11'698'194
11'287'339
10'512'000
10'341'542
10'113'837
10'110'349
9'810'674
2'313'893
2'086'884
1'485'518
1'122'805
978'135
883'700
600'000
370'480
363'730
% Out
8.3
6.52
6.03
5.98
5.84
5.64
5.25
5.17
5.05
5.05
4.9
1.16
1.04
0.74
0.56
0.49
0.44
0.3
0.19
0.18
Weighting
Change
5
1
5
5
5
3
5
5
3
3
M
D
M
M
M
D
M
M
M
M
Latest Chg
2'132'238
2'023'212
(2'037'056)
(3'075'883)
(649'850)
1'114'789
(128'071)
55'686
3'705
114'300
9'062
(127'634)
Target Price
3
#N/A N/A
3
3
3
3
3
2
3
3
File Dt
Inst Type
03.04.2013
Bank
09.07.2013
Bank
07.09.2012
Investment Advisor
04.09.2013
Insurance Company
03.09.2013
Investment Advisor
11.04.2013
Investment Advisor
07.09.2012
Investment Advisor
27.02.2013
Corporation
04.09.2013
Insurance Company
05.07.2013 Pension Fund (ERISA)
22.08.2013
Investment Advisor
30.06.2013
Unclassified
31.08.2011
Investment Advisor
18.12.2012
n/a
30.06.2013
Investment Advisor
31.10.2012
Investment Advisor
30.06.2013
Investment Advisor
31.12.2012
Unclassified
18.12.2012
n/a
30.06.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
03.09.2013
02.09.2013
30.08.2013
07.08.2013
26.07.2013
06.06.2013
31.05.2013
02.05.2013
17.04.2013
28.03.2013
05.09.2013
Property for Industry Ltd

Property for Industry Limited is a property company that invests in New Zealand
industrial properties. The Company's property portfolio includes sites in
Auckland, Hamilton, Tauranga, Wellington and Christchurch.
Price/Volume
2
7.0 M
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (19.07.2013)
52-Week Low (11.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PFI NZ EQUITY YTD Change
PFI NZ EQUITY YTD % CHANGE
12/2012
06/yy
1.44
1.15
159'656.00
1.32
-8.01%
14.78%
64.91%
411.5
543.18
114.20
0.0
0.0
0.17
657.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
1
0
2.0 M
1.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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
32.6
10.60x
28.2
12.23x
(31.9)
-
4.0 M
Valuation Analysis
31.12.2009
31.12.2010
30.9
32.5
11.03x
26.9
28.6
12.56x
(12.5)
10.0
24.57x
Profitability
LTM-4Q
31.12.2011
30.8
11.58x
27.5
12.95x
16.3
15.53x
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
31.12.2012
29.4
13.02x
25.3
15.12x
26.9
9.97x
25.33
25.33
68.18%
108.71%
7.25%
11.05%
7.65%
0.08%
86.1%
91.6%
29.69%
45.66%
-
Price/ Cash Flow
03/yy
40.6
27.13x
35.8
0.00x
(19.6)
0.00x
LTM
06/yy
22.5
48.39x
19.3
0.00x
13.3
0.00x
FY+1
.0 M
s-13
5.00
0.43
397.63
20.04%
12.61%
0.429
5
1.400
162'048
378'045
454'443
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
47.4
64.4
18.12x
13.33x
41.2
56.5
15.96x
11.62x
22.4
30.6
18.86x
17.84x
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
4.80
-0.39
4.50
4.51
45.7%
31.3%
0.08
-
25.00
35.0
30.0
20.00
25.0
15.00
20.0
15.0
10.00
10.0
5.00
0.00
01.01.2010
5.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Property for Industry Ltd

Holdings By:
All
Holder Name
MASFEN PETER HANBURY
PMG TRUST LIMITED
LYON CLIFFORD STUART
UNI OF OTAGO FOUNDAT
FORHOMES INVESTMENTS
DUNEDIN CITY COUNCIL
H B WILLIAMS TURANGA
FRIMLEY FOUNDATION
FIRST STATE INVESTME
VANGUARD
ROLLESTON HUMPHREY J
BLACKROCK
Firm Name
First NZ Capital
Macquarie
Forsyth Barr
Deutsche Bank
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
STEPHEN REID
NICK MAR
JEREMY SIMPSON
CHRIS BYRNE
ROBBIE AITKEN
Source
Research
Research
Research
Research
Research
Research
Research
Research
Research
Research
MF-AGG
ULT-AGG
Co File
ULT-AGG
Recommendation
underperform
underperform
hold
sell
Sell/Cautious
Amt Held
4'118'056
4'000'905
1'655'707
1'502'148
1'047'750
1'008'739
543'231
536'100
500'000
500'000
438'610
335'395
119'057
48'336
% Out
1
0.97
0.4
0.37
0.25
0.25
0.13
0.13
0.12
0.12
0.11
0.08
0.03
0.01
Weighting
Change
1
1
3
1
1
Latest Chg
180
438'610
217'623
-
Target Price
M
D
M
D
M
File Dt
08.03.2013
08.03.2013
16.11.2012
08.03.2013
16.11.2012
16.11.2012
16.11.2012
16.11.2012
16.11.2012
16.11.2012
31.05.2013
30.06.2013
31.12.2011
03.09.2013
Date
1
1
1
1
1
Not Provided
12 month
12 month
12 month
12 month
Inst Type
Insurance Company
n/a
Investment Advisor
n/a
n/a
n/a
Corporation
Other
n/a
Other
Investment Advisor
Unclassified
n/a
Investment Advisor
Date
28.08.2013
06.08.2013
06.08.2013
05.08.2013
10.07.2013
05.09.2013
Summerset Group Holdings Ltd

Summerset Group Holdings Ltd. is a profit-oriented entity and develops, owns and
operates integrated retirement villages, rest homes and hospitals for the
elderly within New Zealand.
Price/Volume
4
80.0 M
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.05.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SUM NZ EQUITY YTD Change
SUM NZ EQUITY YTD % CHANGE
12/2012
01/yy
3.25
1.85
143'702.00
2.96
-8.92%
60.00%
81.43%
215.9
639.12
78.21
0.0
0.0
2.79
714.24
30.0 M
20.0 M
10.0 M
0
s-12
31.12.2009
31.12.2010
17.8
22.4
(8.7)
7.2
0.4
(1.9)
Profitability
31.12.2011
24.9
13.99x
4.9
71.69x
4.3
56.07x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
27.3
20.35x
5.6
99.40x
14.8
32.18x
5.60
4.02
14.71%
52.70%
2.25%
6.15%
0.04%
20.5%
14.7%
54.2%
0.51
0.17
11.14%
31.43%
31.17
-
Price/ Cash Flow
n-12
d-12
LTM-4Q
LTM
01/yy
01/yy
-
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
FY+1
-
0.00
0.92
74.97
60.74%
33.47%
0.925
6
3.500
210'662
295'197
378'131
FY+2
12/13 Y
12/14 Y
52.5
62.5
14.11x
11.98x
29.0
34.9
24.60x
20.47x
21.7
26.4
29.31x
24.26x
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
FQ+1
FQ+2
0.89
-11.04
13.47
13.97
31.4%
23.9%
0.04
0.04
11.74
-
12.00
30.0
10.00
25.0
8.00
20.0
6.00
15.0
4.00
10.0
2.00
5.0
0.00
01.01.2010
o-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
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Summerset Group Holdings Ltd

Holdings By:
All
Holder Name
SUMMERSET GRP HOLDIN
QPE FUNDS MANAGEMENT
FIRST NZ CAPITAL SEC
MORRIS PAUL
BARLOW NORAH KATHLEE
BLACKROCK
COOK JULIAN
OGDEN JAMES HAROLD
SAUNDERS TRISTAN
CATTO RICHARD
FMR LLC
VANGUARD
CAMPBELL ROBERT JAME
Firm Name
Deutsche Bank
UBS
Macquarie
Forsyth Barr
First NZ Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
STEPHEN RIDGEWELL
WADE GARDINER
DANIEL FROST
JEREMY SIMPSON
JAMES SCHOFIELD
TIMOTHY STANISH
Source
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
ULT-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
ULT-AGG
Co File
Recommendation
hold
neutral
outperform
accumulate
outperform
sell
Amt Held
124'097'647
50'000'000
12'135'908
10'453'900
1'690'239
1'231'413
1'197'140
850'000
365'000
315'897
230'028
69'427
56'010
45'189
35'000
% Out
57.47
23.16
5.62
4.84
0.78
0.57
0.55
0.39
0.17
0.15
0.11
0.03
0.03
0.02
0.02
Weighting
Change
3
3
5
4
5
1
M
M
M
M
M
M
Latest Chg
(30'761'132)
(28'002'511)
6'375
(19'972)
534
28'425
-
Target Price
3
3
4
4
4
#N/A N/A
File Dt
01.11.2011
17.05.2013
17.05.2013
17.05.2013
01.11.2011
31.12.2011
03.09.2013
22.03.2012
19.03.2013
28.05.2013
26.02.2013
30.04.2013
30.04.2013
30.06.2013
31.12.2011
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
Insurance Company
Investment Advisor
n/a
n/a
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Unclassified
n/a
Date
13.08.2013
13.08.2013
13.08.2013
13.08.2013
13.08.2013
06.06.2013
05.09.2013
DNZ Property Fund Ltd

DNZ Property Fund Ltd is a New Zealand property investment company. The Company
is a Portfolio Investment Entity (PIE) in which investors hold shares.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.04.2013)
52-Week Low (11.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DNZ NZ EQUITY YTD Change
DNZ NZ EQUITY YTD % CHANGE
03/2013
01/yy
1.80
1.54
190'263.00
1.62
-10.00%
5.19%
44.23%
292.8
474.39
246.37
0.0
0.0
8.60
712.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
47.9
33.1
(19.2)
-
2
2
2
1
1
1
1
1
0
0
0
s-12
31.03.2010
31.03.2011
61.9
59.1
9.36x
39.9
8.5
65.46x
(15.5)
(35.1)
Profitability
31.03.2012
60.2
9.91x
46.8
12.74x
20.8
16.21x
31.03.2013
59.3
11.29x
46.7
14.36x
45.5
9.41x
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
46.66
46.66
51.84%
90.21%
6.71%
11.54%
6.99%
0.09%
78.6%
76.7%
36.02%
60.33%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.56
0.34
259.51
10.35%
6.44%
0.338
6
2.833
173'692
294'592
322'504
FY+2
03/14 Y
03/15 Y
56.1
58.5
12.88x
12.35x
48.2
50.4
14.79x
14.13x
26.4
27.4
17.23x
17.23x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
2.94
1.39
5.10
5.28
60.3%
37.6%
0.09
-
25.00
70.0
60.0
20.00
50.0
15.00
40.0
30.0
10.00
20.0
5.00
0.00
02.04.2010
10.0
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
DNZ Property Fund Ltd

Holdings By:
All
Holder Name
DUFFY PAUL JOHN
HAYPHIL INVESTMENTS
HASELL ALASTAIR
MFL MUTUAL FUND LTD
ROSE STAR INV LTD
MORRIS ANTONY TREVOR
DIAM
VANGUARD
BROWN PHIL
STATE STREET
BLACKROCK
HARVEY EDWARD JOHN
STOREY TIMOTHY
STIASSNY MICHAEL PET
NOMURA
NIKKO ASSET MANAGEME
Firm Name
Goldman Sachs
Macquarie
EVA Dimensions
Forsyth Barr
Deutsche Bank
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
EXCH
EXCH
EXCH
EXCH
Co File
EXCH
Co File
EXCH
Co File
Co File
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
Analyst
ROBBIE AITKEN
NICK MAR
DOUG WALTERS
JEREMY SIMPSON
CHRIS BYRNE
JASON LINDSAY
Recommendation
neutral/cautious
underperform
overweight
accumulate
hold
underperform
Amt Held
28'670'538
16'069'918
16'069'918
8'908'363
7'411'244
5'946'036
5'150'720
2'973'783
2'200'000
1'750'000
926'150
415'011
317'081
248'359
110'523
104'557
104'557
104'557
103'000
52'797
% Out
9.79
5.49
5.49
3.04
2.53
2.03
1.76
1.02
0.75
0.6
0.32
0.14
0.11
0.08
0.04
0.04
0.04
0.04
0.04
0.02
Weighting
Change
3
1
5
4
3
1
M
M
U
M
M
M
Latest Chg
(2'401'459)
(188'731)
(18'015'133)
85'914
1'464
1'464
1'464
(10'000)
-
Target Price
2
2
#N/A N/A
2
2
1
File Dt
09.08.2013
24.05.2013
24.05.2013
13.12.2012
31.05.2012
16.08.2010
31.05.2012
17.01.2013
31.05.2012
31.05.2012
13.11.2012
30.06.2013
10.06.2013
04.09.2013
03.09.2013
13.12.2012
13.12.2012
13.12.2012
21.01.2013
15.08.2012
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Insurance Company
Bank
Other
n/a
Other
n/a
Other
Investment Advisor
Corporation
n/a
Unclassified
Unclassified
n/a
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Unclassified
Unclassified
Date
10.07.2013
14.06.2013
11.06.2013
26.05.2013
22.05.2013
16.01.2013
05.09.2013
Diligent Board Member Services Inc

Diligent Board Member Services Inc. provides board communication tools. The
Company offers users the ability to prepare, view, and approve board and
committee documents online.
Price/Volume
9
3.5 M
3.0 M
2.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.05.2013)
52-Week Low (24.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DIL NZ EQUITY YTD Change
DIL NZ EQUITY YTD % CHANGE
12/2012
03/yy
8.20
3.50
254'292.00
5.29
-35.49%
51.14%
34.89%
83.8
443.18
2.22
4.9
0.0
33.31
320.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
1.0 M
.5 M
1
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2.9
2.28x
(11.5)
(17.6)
-
31.12.2009
31.12.2010
5.0
8.3
3.65x
5.50x
(4.3)
(1.9)
(3.9)
2.1
Profitability
LTM-4Q
31.12.2011
18.0
6.65x
1.5
79.33x
3.3
75.29x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
43.7
8.04x
13.5
26.02x
9.1
56.49x
13.51
12.30
28.11%
28.42%
26.91%
85.37%
1.47%
77.0%
30.4%
27.6%
20.9%
1.67
1.60
5.10%
15.79%
19.69
-
Price/ Cash Flow
03/yy
23.2
20.51x
3.7
55.86x
5.4
53.60x
LTM
03/yy
50.7
24.37x
15.4
26.55x
9.3
74.66x
FY+1
.0 M
s-13
0.00
0.73
45.60
37.40%
-3.29%
0.735
2
5.000
393'278
289'306
275'122
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
66.1
88.0
4.63x
3.19x
18.7
33.9
17.17x
9.45x
10.0
19.4
2.7
46.90x
26.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-2.23
0.14
15.8%
10.5%
1.47
14.36
18.54
-
35.00
50.0
45.0
30.00
40.0
25.00
35.0
30.0
20.00
25.0
20.0
15.00
15.0
10.00
10.0
5.00
0.00
01.01.2010
5.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Diligent Board Member Services Inc

Holdings By:
All
Holder Name
DANIELS SHARON KAY
WASATCH ADVISORS INC
HULJICH PETER
SPRING STREET PARTNE
HENRY BRIAN
JP MORGAN
CARROLL CAPITAL HOLD
FMR LLC
SODI ALESSANDRO
LAWLER KEVIN
RUSE STEVEN
BLACKROCK
BURKE TRICIA
NORTON JR ROBERT E
CANTALUPPI FAMILY TR
MEISNER DON
RUSSELL MARK
WELDON MARK RHYS
Firm Name
Deutsche Bank
First NZ Capital
Portfolio Name
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
STEPHEN RIDGEWELL
JAMES SCHOFIELD
Source
Co File
EXCH
EXCH
PROXY
EXCH
EXCH
ULT-AGG
PROXY
EXCH
ULT-AGG
PROXY
EXCH
PROXY
ULT-AGG
EXCH
PROXY
PROXY
PROXY
PROXY
PROXY
Recommendation
buy
outperform
Amt Held
6'868'666
6'279'960
6'186'563
5'823'697
5'507'403
4'927'096
4'235'861
4'105'641
4'105'116
2'499'550
2'167'915
1'005'000
673'350
527'340
270'000
165'500
150'000
100'000
85'957
75'000
% Out
8.2
7.5
7.38
6.95
6.57
5.88
5.06
4.9
4.9
2.98
2.59
1.2
0.8
0.63
0.32
0.2
0.18
0.12
0.1
0.09
Weighting
Change
5
5
Latest Chg
867'437
1'335'000
(340'314)
811'872
145'000
58'650
-
Target Price
M
M
File Dt
Inst Type
01.03.2011
n/a
27.03.2013
Investment Advisor
30.08.2013
Insurance Company
01.05.2013
n/a
14.05.2010
n/a
16.08.2013
Investment Advisor
01.05.2013
Corporation
15.05.2013
Investment Advisor
31.07.2013
Investment Advisor
01.05.2013
n/a
03.08.2010
n/a
01.05.2013
n/a
03.09.2013
Investment Advisor
27.11.2009
n/a
01.05.2013
n/a
01.05.2013
n/a
01.05.2013
n/a
01.05.2013
n/a
01.05.2013
n/a
Date
7
7
12 month
Not Provided
Date
30.08.2013
06.08.2013
05.09.2013
Air New Zealand Ltd

Air New Zealand Limited operates an airline business that provides international
and domestic air passenger and cargo transport services throughout New Zealand
and the South West Pacific. The Company also provides engineering and ground
handling services.
Price/Volume
2
12.0 M
10.0 M
1
1
8.0 M
06/2013
01/yy
1.55
1.07
376'886.00
1.425
-8.06%
33.18%
70.83%
1'095.2
1'560.60
1'629.00
0.0
1.0
1'150.00
2'040.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
2.0 M
0
0
s-12
30.06.2010
30.06.2011
3'882.0
4'132.0
0.30x
0.39x
439.0
543.0
2.64x
2.98x
82.0
81.0
14.08x
14.93x
Profitability
30.06.2012
4'248.0
0.38x
585.0
2.76x
71.0
13.23x
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
30.06.2013
4'379.0
0.48x
728.0
2.89x
182.0
8.95x
728.00
317.00
7.24%
5.85%
3.29%
10.40%
7.23%
0.79%
16.6%
7.2%
4.2%
1.09
0.85
29.03%
89.75%
14.38
-
Price/ Cash Flow
n-12
d-12
LTM-4Q
LTM
01/yy
01/yy
-
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
FY+1
-
5.61
1.14
276.60
38.91%
12.29%
1.139
7
4.714
494'919
358'635
678'210
FY+2
06/14 Y
06/15 Y
4'754.0
4'955.3
0.42x
0.47x
781.2
825.7
2.61x
2.47x
220.5
232.2
7.05x
6.79x
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
FQ+1
FQ+2
19.06.2008
NR
18.12.2003
NR
8.00
3.80
0.66
2.24
89.8%
47.3%
0.79
1.45
25.38
-
4.50
5'000.0
4.00
4'500.0
3.50
4'000.0
3'500.0
3.00
3'000.0
2.50
2.00
2'500.0
2'000.0
1.50
1'500.0
1.00
1'000.0
0.50
500.0
0.00
02.07.2010
o-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

30.06.2009
4'439.0
0.15x
(12.0)
21.0
45.00x
6.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.06.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AIR NZ EQUITY YTD Change
AIR NZ EQUITY YTD % CHANGE
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Air New Zealand Ltd

Holdings By:
All
Holder Name
GOVT OF NEW ZEALAND
AMP INVEST S E G T F
AIR NEW ZEALAND LTD
BLACKROCK
ROYAL BANK OF CANADA
LORD ABBETT & CO LLC
VANGUARD
BARFOOT GARTH
NORGES BANK
FYFE ROBERT IAN
MCDONALD ROBERT S
SCHRODER INVESTMENT
STODDART VANESSA
Firm Name
EVA Dimensions
UBS
Forsyth Barr
Macquarie
Deutsche Bank
Goldman Sachs
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
TIMOTHY STANISH
WADE GARDINER
ROB MERCER
RUSSELL SHAW
CHRIS BYRNE
MARCUS CURLEY
PAUL TURNBULL
Source
Co File
EXCH
Co File
Co File
ULT-AGG
Co File
EXCH
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
EXCH
Recommendation
overweight
buy
buy
outperform
buy
Buy/Neutral
neutral
Amt Held
804'191'058
54'779'590
25'383'819
17'024'728
11'218'064
9'795'503
8'552'702
7'157'372
5'561'432
4'025'892
3'574'337
2'880'373
2'763'518
1'942'241
1'685'101
1'449'809
1'068'421
405'189
349'170
336'412
% Out
73.43
5
2.32
1.55
1.02
0.89
0.78
0.65
0.51
0.37
0.33
0.26
0.25
0.18
0.15
0.13
0.1
0.04
0.03
0.03
Weighting
Change
5
5
5
5
5
5
3
D
M
U
M
M
M
D
Latest Chg
173'973
130'000
284'330
48'856
2'880'373
705'120
257'488
41'054
-
Target Price
#N/A N/A
2
2
2
2
2
2
File Dt
01.08.2012
17.09.2012
01.08.2012
01.08.2012
30.04.2013
01.08.2012
19.12.2012
01.08.2012
31.07.2013
03.09.2013
28.03.2013
28.06.2013
30.06.2013
01.08.2012
31.12.2012
21.12.2012
03.09.2013
12.06.2013
30.06.2013
22.03.2013
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Government
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
n/a
Corporation
n/a
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Unclassified
n/a
Government
n/a
Investment Advisor
n/a
Investment Advisor
n/a
Date
04.09.2013
02.09.2013
01.09.2013
30.08.2013
29.08.2013
29.08.2013
29.08.2013
05.09.2013
A2 Corp Ltd
A2 Corporation Limited produces cow milk which is free of a protein called beta
casein A1. This protein is believed to cause heart disease in men and diabetes
in children. The Company sells its beta casein A2 milk products in Australia
and New Zealand.
Price/Volume
1
180.0 M
160.0 M
140.0 M
120.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ATM NZ EQUITY YTD Change
ATM NZ EQUITY YTD % CHANGE
06/2013
01/yy
0.77
0.49
178'224.00
0.74
-3.90%
51.02%
89.29%
650.1
481.05
4.46
0.0
0.0
6.57
462.11
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
60.0 M
40.0 M
20.0 M
0
s-12
30.06.2010
30.06.2011
0.0
42.2
1.58x
(3.2)
2.6
25.45x
(2.2)
2.1
35.00x
Profitability
30.06.2012
62.5
4.26x
3.9
67.93x
4.4
64.86x
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
30.06.2013
94.3
4.1
91.43x
3.92
3.49
5.58%
6.59%
3.32%
4.19%
1.40%
33.5%
3.0%
4.4%
2.03
1.89
8.98%
11.94%
4.49
125.31
Price/ Cash Flow
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
j-13
a-13
.0 M
s-13
0.00
1.16
397.38
51.02%
39.62%
1.160
1
1.000
2'043'651
908'400
823'141
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
06/14 Y
06/15 Y
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+2
-
19.21
-26.15
11.9%
10.7%
1.40
7.98
81.52
2.92
50.12
52.97
4'500.00
100.0
4'000.00
90.0
3'500.00
80.0
70.0
3'000.00
60.0
2'500.00
2'000.00
50.0
40.0
1'500.00
30.0
1'000.00
20.0
500.00
10.0
0.00
02.07.2010
o-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

30.06.2009
0.4
(3.5)
-
100.0 M
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
A2 Corp Ltd
Holdings By:
All
Holder Name
FREEDOM FOODS GROUP
AMP LTD
MOUNTAIN ROAD INVEST
GUARDIANS OF NZ SUPE
EGI FUND 08 10 INV L
CHILD HEALTH RESEARC
HINTON GREG P
MCLACHLAN ULRIKE
FMR LLC
NZ PERMANENT TRUSTEE
IDEA SPHERE INC
HINTON PETER BRUCE
AMP CAPITAL NZ EQ OP
PHIPPS JOHN GORDON
QUINN DRACY FREDERIC
INDEXIQ ADVISORS LLC
Firm Name
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CRAIG STERLING
Source
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
Co File
Co File
EXCH
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
Recommendation
sell
Amt Held
116'536'129
71'033'546
57'903'520
57'558'701
33'605'576
30'000'000
13'915'962
13'660'743
8'101'872
7'178'563
5'307'650
4'500'000
4'000'000
3'293'064
2'421'745
2'000'000
2'000'000
323'908
66'528
30'797
% Out
17.93
10.93
8.91
8.85
5.17
4.61
2.14
2.1
1.25
1.1
0.82
0.69
0.62
0.51
0.37
0.31
0.31
0.05
0.01
0
Weighting
Change
1
Latest Chg
(39'500'000)
(1'975'378)
7'622'705
(80'000'000)
(20'000'000)
(5'000'000)
307'650
30'797
Target Price
#N/A N/A
File Dt
11.12.2012
05.03.2013
18.07.2013
11.12.2012
15.04.2013
12.12.2012
06.09.2012
06.09.2012
07.12.2012
06.09.2012
31.03.2013
06.09.2012
06.09.2012
06.09.2012
06.09.2012
06.09.2012
06.09.2012
03.09.2013
30.04.2013
30.04.2013
Date
Not Provided
Inst Type
Holding Company
Insurance Company
Investment Advisor
Corporation
Other
n/a
Other
Insurance Company
n/a
n/a
Investment Advisor
n/a
Corporation
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
04.07.2013
05.09.2013
Metlifecare Ltd
Metlifecare Limited provides private health care services through its ownership,
operation and management of retirement villages, nursing homes and geriatric
hospitals along with the marketing of services allied to these facilities
throughout New Zealand.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.05.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MET NZ EQUITY YTD Change
MET NZ EQUITY YTD % CHANGE
06/2013
01/yy
3.78
2.78
56'442.00
3.2
-15.34%
15.11%
46.00%
210.5
673.48
68.78
0.0
0.0
9.22
820.34
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
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
58.4
6.75x
8.7
45.27x
(115.7)
-
30.06.2010
30.06.2011
62.8
65.0
6.36x
5.96x
8.5
8.9
47.19x
43.67x
67.5
20.8
3.45x
12.65x
Profitability
30.06.2012
63.4
5.72x
5.5
66.19x
(141.7)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
90.8
120.3
4.94x
5.47
3.92
6.18%
-163.63%
-3.91%
-10.36%
0.05%
5.1%
2.8%
132.5%
1.60
0.82
5.61%
15.67%
5.16
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.31
0.67
123.47
14.64%
3.54%
0.668
4
3.750
96'793
147'417
195'863
FY+2
06/14 Y
06/15 Y
116.3
129.1
6.15x
5.56x
53.1
61.5
15.44x
13.33x
49.0
59.1
13.91x
11.31x
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
FQ+1
FQ+2
0.83
-0.76
37.63
38.22
15.7%
13.5%
0.05
0.05
70.88
-
120.00
140.0
100.00
120.0
100.0
80.00
80.0
60.00
60.0
40.00
40.0
20.00
20.0
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Metlifecare Ltd
Holdings By:
All
Holder Name
RETIREMENT VILLAGES
AMP LTD
GOLDMAN SACHS TRANSDEVON FUNDS MANAGEME
MFL MUTUAL FUND LTD
AMP INVESTMENTS STRA
ARROW INTERN GROUP L
WESTPAC NZ SHR 2002
SPECIAL MANAGED INV
FCA CORP
AIKEN CHRISTOPHER
RYAN ALISTAIR BRUCE
EDWARDS WYNTON ALAN
FLEXSHARES TRUST
Firm Name
Forsyth Barr
UBS
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Analyst
JEREMY SIMPSON
WADE GARDINER
TIMOTHY STANISH
MATTHEW HENRY
Source
Co File
EXCH
ULT-AGG
EXCH
EXCH
EXCH
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
Recommendation
accumulate
buy
underweight
Buy/Neutral
Amt Held
79'393'043
18'589'919
14'287'578
10'563'500
9'831'906
9'004'183
6'590'101
5'430'660
3'140'878
2'461'273
2'243'213
1'970'478
120'385
22'467
9'051
6'676
6'551
2'740
% Out
37.72
8.83
6.79
5.02
4.67
4.28
3.13
2.58
1.49
1.17
1.07
0.94
0.06
0.01
0
0
0
0
Weighting
Change
4
5
1
5
D
M
N
M
Latest Chg
2'007'971
752'775
400'000
(960'390)
60'385
47
5'000
676
4'051
-
Target Price
4
4
#N/A N/A
4
File Dt
22.08.2012
25.01.2013
22.08.2012
05.08.2013
06.06.2013
05.12.2012
22.08.2012
22.08.2012
22.08.2012
22.08.2012
22.08.2012
22.08.2012
30.04.2013
30.04.2013
12.07.2013
12.07.2013
12.07.2013
31.05.2013
Date
12 month
12 month
Not Provided
12 month
Inst Type
Unclassified
Investment Advisor
Insurance Company
Insurance Company
n/a
Investment Advisor
Other
n/a
Other
Bank
Investment Advisor
Other
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Investment Advisor
Date
26.08.2013
23.08.2013
04.07.2013
30.05.2013
05.09.2013
Vital Healthcare Property Trust

Vital Healthcare Property Trust is a property trust that invests in and manages
healthcare facilities in New Zealand and Australia.
Price/Volume
2
70.0 M
60.0 M
50.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (13.05.2013)
52-Week Low (18.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VHP NZ EQUITY YTD Change
VHP NZ EQUITY YTD % CHANGE
06/2013
01/yy
1.44
1.20
670'653.00
1.38
-4.16%
15.32%
79.46%
337.7
466.09
244.47
0.0
0.0
1.33
743.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
1
0
20.0 M
10.0 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
26.7
10.35x
19.0
14.53x
(2.2)
-
40.0 M
Valuation Analysis
30.06.2010
30.06.2011
28.5
42.8
9.48x
12.49x
20.9
32.1
12.92x
16.69x
18.2
7.4
9.48x
35.33x
Profitability
30.06.2012
56.2
10.64x
40.9
14.63x
9.0
39.29x
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
30.06.2013
LTM-4Q
LTM
01/yy
01/yy
34.7
11.90x
40.87
40.87
43.82%
14.79%
3.10%
6.14%
3.36%
0.10%
75.4%
16.0%
42.09%
85.05%
-
Price/ Cash Flow
FY+1
-
4.16
0.48
157.29
18.98%
13.47%
0.480
4
2.500
187'071
181'770
209'444
FY+2
06/14 Y
06/15 Y
59.1
59.3
11.95x
11.85x
51.5
51.7
14.43x
14.39x
28.5
28.8
15.86x
15.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
2.39
-1.73
6.04
6.06
85.1%
46.0%
0.10
-
18.00
60.0
16.00
50.0
14.00
40.0
12.00
10.00
30.0
8.00
20.0
6.00
4.00
10.0
2.00
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Vital Healthcare Property Trust

Holdings By:
All
Holder Name
LANA PAUL DALLA
NORTHWEST VALUE PART
MACQUARIE GROUP
MFL MUTUAL FUND LTD
VANGUARD
MANSELL JAMES HARVEY
DIAM
FCA CORP
HORSLEY GRAEME
EVANS ANDREW HARDWIC
BLACKROCK
NOMURA
NIKKO ASSET MANAGEME
SUMITOMO MITSUI TRUS
CARR DAVID
MITSUB UFJ FINANCIAL
HIGGINS CLAIRE
Firm Name
First NZ Capital
Forsyth Barr
Macquarie
Deutsche Bank
Portfolio Name
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
STEPHEN REID
JEREMY SIMPSON
NICK MAR
CHRIS BYRNE
Source
EXCH
EXCH
ULT-AGG
EXCH
Research
Research
ULT-AGG
Co File
ULT-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
Recommendation
underperform
hold
neutral
hold
Amt Held
76'616'382
76'616'382
61'406'812
22'743'923
3'203'724
2'582'894
1'374'716
1'232'050
935'996
564'063
337'165
262'706
122'548
115'000
57'050
55'900
45'244
28'000
15'232
12'195
% Out
22.68
22.68
18.18
6.73
0.95
0.76
0.41
0.36
0.28
0.17
0.1
0.08
0.04
0.03
0.02
0.02
0.01
0.01
0
0
Weighting
Change
1
3
3
3
Latest Chg
11'000
2'114'982
(363'148)
880'171
8'468
172'627
(14'143)
22'974
183
Target Price
M
M
M
M
File Dt
23.08.2013
27.08.2013
27.08.2013
16.09.2011
08.03.2013
08.03.2013
30.06.2013
31.08.2012
13.11.2012
30.04.2013
17.12.2012
17.12.2012
03.09.2013
21.01.2013
15.08.2012
17.08.2012
17.12.2012
28.01.2013
17.12.2012
30.04.2013
Date
1
1
1
1
Not Provided
12 month
12 month
12 month
Inst Type
n/a
Corporation
Investment Advisor
Investment Advisor
Other
Insurance Company
Unclassified
n/a
Unclassified
Investment Advisor
n/a
n/a
Investment Advisor
Unclassified
Unclassified
Bank
n/a
Holding Company
n/a
Investment Advisor
Date
02.09.2013
25.08.2013
23.08.2013
22.08.2013
05.09.2013
TrustPower Ltd
TrustPower Limited is a regional New Zealand power company which operates
electricity generation networks and also supplies and distributes electricity
and other related services to customers. TrustPower also has operations in
retailing electricity throughout New Zealand.
Price/Volume
9
.3 M
8
.2 M
7
6
.2 M
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.10.2012)
52-Week Low (19.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TPW NZ EQUITY YTD Change
TPW NZ EQUITY YTD % CHANGE
03/2013
12/yy
8.75
7.00
15'650.00
7.06
-19.31%
0.86%
4.00%
313.9
2'216.47
965.41
0.0
0.0
53.97
3'127.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
1
0
s-12
31.03.2010
31.03.2011
755.7
760.2
3.98x
4.03x
274.5
274.5
10.97x
11.15x
119.4
112.4
19.15x
20.17x
Profitability
LTM-4Q
31.03.2012
799.2
3.80x
302.7
10.04x
131.7
17.30x
31.03.2013
797.3
4.18x
295.8
11.26x
123.4
19.64x
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
295.80
229.82
28.82%
20.12%
4.27%
7.90%
7.09%
0.28%
37.1%
28.8%
15.5%
0.98
0.65
32.44%
62.21%
10.54
-
Price/ Cash Flow
12/yy
513.4
13.13x
147.7
0.00x
68.7
0.00x
n-12
d-12
j-13
f-13
LTM
12/yy
312.0
18.88x
97.9
0.00x
56.9
0.00x
m-13
a-13
m-13
j-13
j-13
a-13
FY+1
.0 M
s-13
5.67
0.69
48.76
-5.41%
-14.07%
0.687
7
3.714
27'588
22'183
21'376
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
03/13 Q4 06/13 Q1
799.7
876.7
4.19x
3.67x
297.2
341.3
10.53x
9.16x
123.8
141.8
17.78x
15.52x
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
4.29
1.41
3.08
3.26
62.2%
38.4%
0.28
0.30
34.61
-
20.00
900.0
18.00
800.0
16.00
700.0
14.00
600.0
12.00
500.0
10.00
400.0
8.00
300.0
6.00
200.0
4.00
100.0
2.00
0.00
02.04.2010
o-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

31.03.2009
778.2
3.76x
261.3
11.20x
105.1
21.17x
.1 M
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
TrustPower Ltd
Holdings By:
All
Holder Name
INFRATIL LTD
TECT HOLDINGS LIMITE
ACCRUED EQUITIES INC
HART BRETT ANTHONY
HARKER BRUCE JAMES
SWIER GEOFFREY
FCA CORP
KNOWLES IAN SAMUEL
COONEY MICHAEL JAMES
AITKEN RICHARD HAMMO
BOGOIEVSKI MARKO
WELLS FARGO
HAWKSWORTH VINCENT J
ALASKA PERMANENT FUN
PRINCIPAL FINANCIAL
Firm Name
Deutsche Bank
Forsyth Barr
Macquarie
EVA Dimensions
UBS
First NZ Capital
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
GRANT SWANEPOEL
ANDREW HARVEY-GREEN
STEPHEN HUDSON
DOUG WALTERS
WADE GARDINER
JASON LINDSAY
MATTHEW HENRY
Source
Co File
Co File
Co File
MF-AGG
Co File
ULT-AGG
Co File
MF-AGG
Co File
MF-AGG
Co File
Co File
Co File
Co File
ULT-AGG
EXCH
MF-AGG
ULT-AGG
Recommendation
buy
accumulate
neutral
hold
buy
neutral
neutral/neutral
Amt Held
159'215'388
103'878'838
1'490'790
500'000
440'000
137'222
44'946
41'749
38'565
30'000
24'515
22'880
11'418
10'160
7'603
6'700
5'985
3'356
% Out
50.71
33.09
0.47
0.16
0.14
0.04
0.01
0.01
0.01
0.01
0.01
0.01
0
0
0
0
0
0
Weighting
Change
5
4
3
3
5
3
3
M
M
M
M
U
M
M
Latest Chg
30'000
(1)
3'356
Target Price
8
8
8
#N/A N/A
9
8
8
File Dt
30.04.2013
30.04.2013
30.04.2013
28.06.2013
30.04.2013
30.04.2013
31.03.2013
30.04.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.06.2013
31.07.2013
31.03.2013
31.03.2013
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Holding Company
Holding Company
Insurance Company
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
n/a
Government
Investment Advisor
Date
08.08.2013
01.08.2013
14.06.2013
06.06.2013
15.05.2013
15.05.2013
10.05.2013
05.09.2013
New Zealand Oil & Gas Ltd

New Zealand Oil and Gas Limited produces crude oil and natural gas primarily
through exploration in the Taranaki Basin of New Zealand. The Company also has
coking coal deposit operations in Westland, New Zealand.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (20.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NZO NZ EQUITY YTD Change
NZO NZ EQUITY YTD % CHANGE
06/2013
01/yy
0.96
0.78
57'522.00
0.85
-11.46%
8.97%
33.33%
407.3
346.16
46.80
0.0
0.0
209.22
175.17
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
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
138.7
3.16x
62.5
7.01x
53.2
11.53x
1
1
1
1
1
1
0
0
0
0
0
s-12
30.06.2010
30.06.2011
99.4
106.5
4.23x
2.29x
33.1
52.6
12.70x
4.64x
(3.9)
(76.5)
Profitability
30.06.2012
116.4
1.47x
67.2
2.55x
19.9
16.60x
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
30.06.2013
99.3
25.9
13.33x
67.21
39.10
33.60%
27.82%
5.39%
7.36%
6.84%
0.23%
54.7%
51.5%
28.1%
26.1%
6.28
6.04
9.65%
13.18%
7.64
21.45
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
10.59
0.78
327.54
8.08%
0.42%
0.785
7
4.000
194'607
246'283
294'609
FY+2
06/14 Y
06/15 Y
92.6
87.8
2.01x
2.04x
47.3
42.9
3.70x
4.08x
19.7
16.0
17.71x
21.79x
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
FQ+1
FQ+2
22.84
19.54
-3.03
0.67
13.2%
11.6%
0.23
0.50
47.88
17.06
118.11
30.88
12.00
250.0
10.00
200.0
8.00
150.0
6.00
100.0
4.00
50.0
2.00
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
New Zealand Oil & Gas Ltd

Holdings By:
All
Holder Name
ZETA RESOURCES LTD
RESOURCES TRUST LTD
AMP INV STR E G FUND
SIK ON CHOW
CHOW SIK-ON
RIUO HAURAKI LTD
RADFORD A R
UTILICO INVESTMENTS
BLACKROCK
FORTY TRADERS LTD
LEVERAGED EQUITIES F
NORGES BANK
VANGUARD
TAN CHUNG KING
ALAMGAMATED DAIRIES
MEHASU PTY LTD
HUGH GREEN FOUNDATIO
Firm Name
Forsyth Barr
Macquarie
EVA Dimensions
First NZ Capital
UBS
Deutsche Bank
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
ANDREW HARVEY-GREEN
STEPHEN HUDSON
DOUG WALTERS
JASON FAMILTON
WADE GARDINER
GRANT SWANEPOEL
MATTHEW HENRY
Source
Co File
EXCH
EXCH
Research
Co File
Co File
Research
ULT-AGG
Research
Co File
EXCH
ULT-AGG
Research
Research
MF-AGG
ULT-AGG
Research
Research
Research
Research
Recommendation
accumulate
outperform
buy
neutral
neutral
hold
Buy/Neutral
Amt Held
40'366'191
32'588'122
24'423'374
10'472'932
7'203'683
5'500'000
5'500'000
4'201'281
4'009'792
3'332'768
3'248'878
3'185'174
2'952'200
2'842'714
2'803'627
2'294'409
2'034'000
1'615'966
1'400'000
1'235'895
% Out
9.91
8
6
2.57
1.77
1.35
1.35
1.03
0.98
0.82
0.8
0.78
0.72
0.7
0.69
0.56
0.5
0.4
0.34
0.3
Weighting
Change
4
5
5
3
3
3
5
M
M
M
M
M
D
U
Latest Chg
1'974'259
181'500
(22'261'289)
26'435
925'943
33'673
182'801
-
Target Price
1
1
#N/A N/A
1
1
1
1
File Dt
22.08.2012
07.06.2013
26.11.2012
08.03.2013
22.08.2012
22.08.2012
08.03.2013
30.04.2013
08.03.2013
22.08.2012
07.06.2013
03.09.2013
08.03.2013
08.03.2013
31.12.2012
30.06.2013
08.03.2013
16.11.2012
16.11.2012
16.11.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
Unclassified
Corporation
Insurance Company
n/a
n/a
n/a
n/a
Investment Advisor
Other
n/a
n/a
Investment Advisor
Unclassified
Investment Advisor
Government
Unclassified
n/a
n/a
Other
Other
Date
04.08.2013
14.06.2013
06.06.2013
09.04.2013
06.03.2013
18.02.2013
21.11.2012
05.09.2013
Heartland New Zealand Ltd

Heartland New Zealand Ltd. is a savings and loan. The company accepts
savings deposits and offers home, rural and commercial loans, term investments,
and foreign exchange services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.08.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HNZ NZ EQUITY YTD Change
HNZ NZ EQUITY YTD % CHANGE
06/2013
01/yy
0.88
0.54
213'361.00
0.86
-2.27%
59.79%
97.07%
388.7
334.29
1'939.49
0.0
0.0
89.69
2'143.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2010
-
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
1
1
1
1
1
1
0
0
0
0
0
s-12
Profitability
30.06.2011
181.3
9.53x
126.0
13.71x
7.1
13.80x
30.06.2012
226.3
9.08x
152.7
13.47x
23.6
8.83x
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
30.06.2013
LTM-4Q
LTM
01/yy
01/yy
6.9
41.50x
152.67
27.98%
8.98%
1.06%
7.03%
1.07%
0.10%
67.5%
10.4%
82.60%
517.48%
-
Price/ Cash Flow
FY+1
-
0.00
0.80
195.56
64.02%
27.96%
0.797
3
3.333
3'116'722
665'265
466'873
FY+2
06/14 Y
06/15 Y
119.5
124.0
18.88x
19.04x
34.5
36.7
9.56x
9.25x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
04.01.2011
BBBSTABLE
04.01.2011
A-3
12.12
12.70
517.5%
83.8%
0.10
22.47
-
50.00
250.0
45.00
200.0
40.00
35.00
150.0
30.00
25.00
100.0
20.00
15.00
50.0
10.00
5.00
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Heartland New Zealand Ltd

Holdings By:
All
Holder Name
PYNE GOULD CORP LTD
TORCHLIGHT SECURITIE
RAYMOND TOMLINSON GR
HARROGATE TRUSTEE LI
TALLOTT BLAIR
CARTER PHILIP MAURIC
PGG WRIGHTSON LTD
OCEANIA & EASTERN LT
IRVINE BRUCE ROBERTS
GOULD HOLDINGS LTD
AMP INVESTMENT STR E
HEARTLAND TRUST
LORIS EQUITIES LTD
KENNEDY GRAHAM RUSSE
MAXIMA INVEST LTD
FCA CORP
Firm Name
Deutsche Bank
Forsyth Barr
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
DENNIS M LEE
JOHN CAIRNS
GREG MAIN
Source
EXCH
EXCH
EXCH
Co File
EXCH
EXCH
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
EXCH
Co File
MF-AGG
ULT-AGG
Recommendation
hold
accumulate
neutral
Amt Held
40'381'685
37'998'996
36'695'489
36'360'011
23'351'310
21'123'239
20'973'492
13'333'333
12'285'439
7'780'824
7'417'427
7'310'410
5'365'007
3'776'134
3'094'818
2'946'535
2'116'225
2'066'118
1'252'765
747'075
% Out
10.39
9.78
9.44
9.35
6.01
5.43
5.4
3.43
3.16
2
1.91
1.88
1.38
0.97
0.8
0.76
0.54
0.53
0.32
0.19
Weighting
Change
3
4
3
Latest Chg
17'000'000
(3'930'397)
(40'758)
-
Target Price
M
M
D
File Dt
07.03.2012
16.05.2012
18.03.2013
14.08.2012
13.02.2013
30.05.2013
14.08.2012
14.08.2012
14.08.2012
30.06.2012
14.08.2012
14.08.2012
14.08.2012
14.08.2012
14.08.2012
14.08.2012
12.04.2012
14.08.2012
30.04.2013
30.04.2013
Date
1
1
1
12 month
12 month
Not Provided
Inst Type
Holding Company
Other
n/a
Other
Insurance Company
n/a
n/a
Corporation
Other
n/a
Other
n/a
n/a
n/a
Investment Advisor
Other
n/a
Other
Investment Advisor
Investment Advisor
Date
05.09.2013
27.08.2013
26.08.2013
05.09.2013
Warehouse Group Ltd/The

The Warehouse Group Limited operates general merchandise and stationery supply
retail stores throughout New Zealand.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.05.2013)
52-Week Low (11.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WHS NZ EQUITY YTD Change
WHS NZ EQUITY YTD % CHANGE
07/2012
01/yy
4.40
2.78
102'807.00
3.71
-15.68%
33.45%
58.02%
311.2
1'154.54
228.98
0.0
0.2
16.29
1'306.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.07.2009
31.07.2010
1'720.8
1'672.7
0.74x
0.70x
161.9
159.7
7.88x
7.33x
76.8
60.2
16.02x
18.10x
Profitability
31.07.2011
1'667.8
0.74x
148.4
8.27x
77.8
14.10x
31.07.2012
1'732.2
0.58x
132.9
7.62x
89.8
8.90x
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
132.88
91.25
5.27%
6.64%
16.74%
39.23%
26.78%
2.24%
35.9%
7.4%
5.1%
5.2%
1.42
0.13
31.19%
72.20%
68.17
3.10
Price/ Cash Flow
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
o-12
n-12
d-12
LTM-4Q
LTM
01/yy
01/yy
-
j-13
f-13
m-13
a-13
m-13
j-13
j-13
a-13
FY+1
-
.0 M
s-13
5.93
0.90
64.92
37.11%
29.39%
0.898
8
2.375
52'737
91'523
89'373
FY+2
07/13 Y
07/14 Y
2'258.0
2'590.7
0.59x
0.52x
156.6
169.0
8.34x
7.73x
85.4
83.5
13.79x
13.90x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
14.17
3.36
1.08
1.25
72.2%
41.9%
2.24
5.91
5.34
117.26
45.74
67.83
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
07.08.2009
.8 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2008
1'735.0
0.78x
151.0
8.92x
90.8
13.30x
5
5
4
4
3
3
2
2
1
1
0
s-12
0.0
07.02.2010
07.08.2010
07.02.2011
07.08.2011
07.02.2012
07.08.2012
07.02.2013
07.08.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Warehouse Group Ltd/The

Holdings By:
All
Holder Name
TINDALL STEPHEN ROBE
THE TINDALL FOUNDATI
WOOLWORTHS LTD
GENERAL DISTRIBUTERS
CASH WHOLESALERS LTD
WARDELL BROS & COY L
SRT FAMILY TRUST
TINDALL R G
WAREHOUSE MGMT TRUST
SMITH KEITH RAYMOND
POWELL MARK DAVID
MORRICE IAN R
VANGUARD
NORGES BANK
BLACKROCK
MERANI TRUST
SELWYN TRUST
Firm Name
EVA Dimensions
Deutsche Bank
Forsyth Barr
Macquarie
JPMorgan
First NZ Capital
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
CRAIG STERLING
CHRIS BYRNE
CHELSEA LEADBETTER
WARREN DOAK
SHAUN COUSINS
SARNDRA URLICH
MARCUS CURLEY
Source
Research
Research
Research
Research
Research
Research
Research
EXCH
Research
Research
EXCH
EXCH
EXCH
Co File
ULT-AGG
MF-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
Recommendation
underweight
buy
reduce
neutral
neutral
underperform
Sell/Neutral
Amt Held
84'058'283
66'323'220
30'548'887
30'548'887
10'373'363
10'373'363
3'421'760
3'389'844
3'100'000
2'343'983
1'744'851
1'741'795
1'741'795
1'000'000
993'106
958'839
836'908
675'428
646'866
406'928
% Out
27.01
21.31
9.82
9.82
3.33
3.33
1.1
1.09
1
0.75
0.56
0.56
0.56
0.32
0.32
0.31
0.27
0.22
0.21
0.13
Weighting
Change
1
5
2
3
3
1
1
D
U
M
M
M
M
M
Latest Chg
1'000'000
362'053
545'812
289'868
680
-
Target Price
#N/A N/A
4
3
4
4
3
3
File Dt
08.03.2013
08.03.2013
16.11.2012
08.03.2013
08.03.2013
08.03.2013
08.03.2013
16.04.2012
08.03.2013
08.03.2013
15.03.2013
11.06.2013
11.06.2013
07.09.2012
30.06.2013
31.12.2012
03.09.2013
16.04.2012
30.04.2013
16.04.2012
Date
Not Provided
12 month
12 month
12 month
3 month
Not Provided
12 month
Inst Type
n/a
Other
Corporation
Corporation
Other
Other
Investment Advisor
n/a
n/a
Insurance Company
Other
n/a
n/a
n/a
Unclassified
Government
Investment Advisor
n/a
Investment Advisor
n/a
Date
02.09.2013
02.07.2013
20.06.2013
14.06.2013
10.05.2013
10.04.2013
08.03.2013
05.09.2013
NZX Ltd
NZX Ltd. operates the New Zealand Stock Exchange, the country's primary
national stock exchange. NZX provides markets that facilitate the raising of
capital and the trading of corporate securities and operates markets for
equities, corporate and government bonds, fixed income securities and
alternative equity investments.
Price/Volume
2
1
1
1
1
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.05.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NZX NZ EQUITY YTD Change
NZX NZ EQUITY YTD % CHANGE
12/2012
09/yy
1.49
1.04
293'708.00
1.26
-15.44%
21.15%
48.89%
255.5
321.99
8.97
0.0
0.0
15.24
315.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
0
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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
32.1
16.22x
18.1
28.81x
10.2
51.96x
31.12.2009
31.12.2010
42.8
50.2
6.26x
3.41x
19.9
20.9
13.45x
8.19x
38.7
9.3
6.69x
20.00x
Profitability
LTM-4Q
31.12.2011
54.7
4.75x
25.2
10.30x
14.5
16.87x
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
31.12.2012
56.0
5.38x
22.0
13.67x
9.9
32.61x
22.03
15.30
27.32%
26.00%
8.84%
14.26%
13.76%
0.50%
39.4%
27.3%
17.6%
1.04
0.49
8.88%
17.77%
7.88
-
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
s-13
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
09/yy
11.9
0.00x
0.0
0.00x
9.7
0.00x
FY+1
2.98
0.69
215.69
24.67%
7.11%
0.689
4
2.000
1'177'098
625'354
360'133
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
12/12 Q4 03/13 Q1
62.4
65.1
4.97x
4.70x
25.5
27.5
12.37x
11.48x
14.0
16.1
22.91x
19.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
54.67
51.62
-0.28
0.41
17.8%
15.1%
0.50
39.22
46.45
-
20.00
60.0
18.00
50.0
16.00
14.00
40.0
12.00
30.0
10.00
8.00
20.0
6.00
4.00
10.0
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
01.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
NZX Ltd
Holdings By:
All
Holder Name
NIGEL BABBAGE AND P
WELDON MARK RHYS
ODLIN DAVID MITCHELL
JPMORGAN BANK LUXEMB
AMP INVES STRAT EQUI
FORSYTH BARR LTD
NORWICH UNION LIFE I
KBC GROUP NV
PAVIOUR-SMITH NEIL
HARMOS ANDREW W
HORIZON KINETICS
WILLIAMS NIGEL HENRY
GEDULD E E
MOLLER CHRISTOPHER
MILLER JAMES BRUCE
Firm Name
EVA Dimensions
Deutsche Bank
Forsyth Barr
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
GEDULD E E
n/a
Multiple Portfolios
n/a
Analyst
DOUG WALTERS
STEPHEN RIDGEWELL
JOHN CAIRNS
GREG MAIN
Source
Co File
Co File
EXCH
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
Co File
13F
Co File
MF-AGG
Co File
Recommendation
hold
sell
hold
underperform
Amt Held
19'904'698
10'541'998
9'500'000
5'885'930
5'534'056
3'890'472
3'491'466
3'194'898
2'171'225
1'119'929
937'613
500'104
387'920
359'002
342'390
192'675
157'500
62'580
45'243
40'083
% Out
7.79
4.13
3.72
2.3
2.17
1.52
1.37
1.25
0.85
0.44
0.37
0.2
0.15
0.14
0.13
0.08
0.06
0.02
0.02
0.02
Weighting
Change
3
1
3
1
D
D
M
M
Latest Chg
20'674
-
Target Price
#N/A N/A
1
1
1
File Dt
Inst Type
31.01.2012
Insurance Company
31.01.2012
n/a
29.06.2012
n/a
31.01.2012
n/a
31.01.2012
Bank
31.01.2012
Investment Advisor
31.01.2012
n/a
31.01.2012
Bank
31.01.2012
Insurance Company
28.06.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2011
n/a
31.12.2011
n/a
28.03.2013
Investment Advisor
03.09.2013
Investment Advisor
31.12.2011
n/a
31.12.2011
n/a
30.04.2013
Investment Advisor
31.12.2011
n/a
Date
Not Provided
12 month
12 month
Not Provided
Date
02.09.2013
20.08.2013
20.08.2013
19.08.2013
05.09.2013
OceanaGold Corp
OceanaGold Corporation is a gold mining and exploration company. The Company
currently owns interests in projects in New Zealand and the Philippines.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.10.2012)
52-Week Low (26.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OGC NZ EQUITY YTD Change
OGC NZ EQUITY YTD % CHANGE
12/2012
06/yy
4.50
1.33
137'900.00
2.12
-52.89%
59.40%
30.60%
293.6
622.38
266.87
0.0
0.0
96.50
706.35
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
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-13
j-13
a-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
217.2
0.77x
63.7
2.62x
(54.7)
-
5
5
4
4
3
3
2
2
1
1
0
s-12
31.12.2009
31.12.2010
237.1
305.6
1.89x
3.30x
106.6
141.1
4.20x
7.15x
54.5
44.4
Profitability
LTM-4Q
31.12.2011
395.6
1.61x
164.3
3.88x
44.2
-
31.12.2012
385.4
2.62x
144.5
7.00x
20.7
144.50
53.12
13.78%
8.37%
-4.46%
-7.66%
0.49%
17.7%
42.9%
15.7%
5.4%
0.93
0.56
25.87%
43.76%
25.76
4.66
06/yy
385.3
7.13x
136.5
4.84x
22.1
0.00x
LTM
06/yy
437.0
8.57x
187.7
3.08x
(39.6)
0.00x
FY+1
.0 M
s-13
1.30
283.39
-36.90%
-37.65%
1.298
4
4.000
89'176
100'515
115'806
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/13 Q3 12/13 Q4
505.3
539.3
127.0
152.0
1.33x
1.10x
5.43x
4.48x
165.3
181.7
39.4
60.9
4.27x
3.89x
3.46x
3.40x
5.0
38.7
(0.6)
15.5
16.08x
12.87x
16.73x
12.39x
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
5.98
-6.04
1.15
1.24
43.8%
30.4%
0.49
0.66
14.17
78.35
55.03
17.15
450.0
400.0
1.00
0.80
350.0
300.0
250.0
0.60
200.0
150.0
0.40
0.20
100.0
50.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
OceanaGold Corp
Holdings By:
All
Holder Name
VAN ECK ASSOCIATES C
AMP LTD
UNITED SERVICES AUTO
NEW ZEALAND CENTRAL
ROYAL BANK OF CANADA
FMR LLC
BLACKROCK
US GLOBAL INVESTORS
INVESCO LTD
VANGUARD
NORGES BANK
BOND STREET CUSTODIA
YANDAL INVESTMENTS P
ASKEW JAMES EDWARD
INTERNATIONAL MINING
SPROTT INC
MD MANAGEMENT LTD
DEUTSCHE BANK AG
SFB INVESTMENTS PTY
Firm Name
Cormark Securities Inc.
Forsyth Barr
Macquarie
BMO Capital Markets
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
MIKE KOZAK
ANDREW HARVEY-GREEN
MICHAEL SIPERCO
BRIAN QUAST
Source
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
PROXY
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
PROXY
PROXY
PROXY
SEDI
MF-AGG
MF-AGG
ULT-AGG
PROXY
Recommendation
buy
hold
outperform
market perform
Amt Held
23'372'747
14'660'107
8'700'000
5'252'926
5'005'882
3'565'116
3'202'300
2'592'750
1'930'100
1'897'608
1'796'918
1'486'726
1'289'396
1'123'653
1'097'008
1'097'008
900'000
816'400
806'705
800'000
% Out
7.96
4.99
2.96
1.79
1.71
1.21
1.09
0.88
0.66
0.65
0.61
0.51
0.44
0.38
0.37
0.37
0.31
0.28
0.27
0.27
Weighting
Change
5
3
5
3
Latest Chg
(1'119'773)
(4'700)
(3'629)
1'330'100
(32'694)
154'100
10'000
816'400
(33'657)
-
Target Price
M
D
M
M
File Dt
Inst Type
04.09.2013
Investment Advisor
21.01.2013
Insurance Company
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor
02.04.2013
Government
28.03.2013
Bank
31.07.2013
Investment Advisor
03.09.2013
Investment Advisor
28.03.2013
Investment Advisor
04.09.2013
Investment Advisor
30.06.2013
Unclassified
31.12.2012
Government
02.04.2013
Other
02.04.2013
Investment Advisor
12.04.2013
n/a
30.12.2012
Other
30.04.2013
Investment Advisor
31.07.2013
Investment Advisor
02.04.2013
Other
Date
3
2
3
2
12 month
12 month
12 month
Not Provided
Date
30.07.2013
28.07.2013
27.07.2013
25.07.2013
05.09.2013
Skellerup Holdings Ltd

Skellerup Holdings Limited is a specialist manufacturer and distributor of
rubber and foam products and industrial vacuum pumps, for the construction,
mining, roofing, waterproofing, dairy, general agricultural and liquid waste
management industries.
Price/Volume
2
4.0 M
3.5 M
3.0 M
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (08.10.2012)
52-Week Low (08.07.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SKL NZ EQUITY YTD Change
SKL NZ EQUITY YTD % CHANGE
06/2013
01/yy
1.83
1.27
38'903.00
1.59
-13.11%
25.20%
58.93%
192.8
306.56
12.95
0.0
0.0
10.78
308.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
1
0
1.0 M
.5 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
180.6
0.74x
24.4
5.50x
9.2
7.56x
2.0 M
Valuation Analysis
30.06.2010
30.06.2011
180.5
193.4
0.87x
1.26x
30.2
34.6
5.20x
7.04x
12.0
20.2
9.99x
11.61x
Profitability
30.06.2012
207.2
1.34x
41.7
6.66x
24.7
11.10x
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
30.06.2013
189.3
1.36x
34.0
7.56x
19.0
13.37x
33.96
26.79
14.15%
14.07%
10.61%
15.47%
1.05%
40.0%
14.2%
10.1%
2.05
1.10
7.03%
10.38%
5.28
3.19
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.03
0.94
143.87
1.24%
2.04%
0.944
4
4.000
426'525
302'592
288'616
FY+2
06/14 Y
06/15 Y
197.7
208.7
1.56x
1.49x
39.8
42.0
7.76x
7.36x
22.2
23.5
14.07x
12.93x
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
FQ+1
FQ+2
58.15
44.35
10.4%
9.4%
1.05
4.47
69.09
114.57
33.33
149.89
14.00
250.0
12.00
200.0
10.00
150.0
8.00
6.00
100.0
4.00
50.0
2.00
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Skellerup Holdings Ltd

Holdings By:
All
Holder Name
AMP LTD
AMP INVEST STR EQ G
GUARDIANS OF NZ SUPE
H&G LTD
SK SHARES LTD
WILLIAM DAVID
MAXIMA INVEST LTD
SEAJAY SECURITIES LT
PGG WRIGHTSON EMPLOY
COUTTS ELIZABETH MAR
QUANTEX AG
PARTON IAN MURRY
SCHRODER INVESTMENT
Firm Name
EVA Dimensions
Deutsche Bank
Macquarie
Forsyth Barr
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
TIMOTHY STANISH
DENNIS M LEE
DANIEL FROST
JOHN CAIRNS
Source
ULT-AGG
Co File
EXCH
EXCH
EXCH
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
EXCH
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
buy
neutral
buy
Amt Held
32'885'201
19'119'266
14'437'770
12'373'970
12'028'343
10'616'169
4'010'000
3'877'486
2'427'506
2'000'000
1'814'776
1'457'642
1'400'000
581'960
331'983
102'000
100'000
48'111
27'563
23'498
% Out
17.06
9.92
7.49
6.42
6.24
5.51
2.08
2.01
1.26
1.04
0.94
0.76
0.73
0.3
0.17
0.05
0.05
0.02
0.01
0.01
Weighting
Change
3
5
3
5
D
U
M
M
Latest Chg
(2'203'032)
2'106'804
10'000
30'000
8'018
Target Price
#N/A N/A
2
1
2
File Dt
08.04.2013
04.09.2012
17.05.2013
26.08.2013
27.08.2013
04.09.2012
04.09.2012
04.09.2012
04.09.2012
04.09.2012
04.09.2012
04.09.2012
04.09.2012
11.11.2011
30.04.2013
31.07.2013
08.05.2013
30.04.2013
28.06.2013
30.06.2013
Date
Not Provided
12 month
12 month
12 month
Inst Type
Insurance Company
n/a
Insurance Company
Investment Advisor
Other
Other
n/a
Other
n/a
Other
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
22.08.2013
22.08.2013
02.05.2013
05.09.2013
Restaurant Brands New Zealand Ltd

Restaurant Brands New Zealand Limited operates fast food restaurant chains in
New Zealand & Australia. The Company operates close to 300 stores which operate
under the KFC, Pizza Hut and Starbucks restaurant names.
Price/Volume
4
1.6 M
1.4 M
1.2 M
1.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.05.2013)
52-Week Low (19.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RBD NZ EQUITY YTD Change
RBD NZ EQUITY YTD % CHANGE
02/2013
05/yy
3.08
2.17
27'106.00
2.75
-10.71%
26.73%
62.64%
97.9
269.15
14.90
0.0
0.0
0.80
283.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
.4 M
.2 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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

28.02.2009
309.1
0.33x
30.0
3.36x
8.3
8.12x
.8 M
28.02.2010
28.02.2011
317.8
324.9
0.60x
0.76x
42.7
51.7
4.43x
4.81x
19.5
24.3
8.80x
9.84x
Profitability
LTM-4Q
29.02.2012
308.9
0.66x
41.8
4.89x
16.9
11.32x
28.02.2013
312.8
0.94x
38.4
7.63x
16.2
17.25x
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
38.38
23.74
7.59%
7.00%
14.92%
26.91%
22.63%
2.89%
17.5%
12.3%
7.6%
5.2%
0.15
0.03
13.33%
24.70%
139.39
Price/ Cash Flow
08/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
05/yy
176.3
0.00x
0.0
0.00x
0.0
0.00x
FY+1
.0 M
s-13
5.82
0.79
83.43
28.36%
7.69%
0.787
3
3.333
15'322
47'840
85'315
FY+2
FQ+1
FQ+2
02/14 Y
02/15 Y
11/12 Q3 02/13 Q4
325.0
344.7
0.87x
0.81x
42.4
47.1
6.69x
6.02x
18.7
21.5
13.96x
12.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
41.86
17.42
0.37
0.39
24.7%
19.8%
2.89
3.82
2.62
17.00
-
9.00
330.0
8.00
320.0
7.00
310.0
6.00
5.00
300.0
4.00
290.0
3.00
2.00
280.0
1.00
0.00
05.03.2010
270.0
05.09.2010
05.03.2011
05.09.2011
05.03.2012
05.09.2012
05.03.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Restaurant Brands New Zealand Ltd

Holdings By:
All
Holder Name
ROBERTSHAWE PAUL
DIAB DANIEL
JA-HONG KOO
GOODSON MATTHEW
LLB FONDSLEITUNG AG
VAN ARKEL FNZ EDUARD
PRINCIPAL FINANCIAL
SCHRODER INVESTMENT
Firm Name
First NZ Capital
Macquarie
Forsyth Barr
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
SARNDRA URLICH
WARREN DOAK
CHELSEA LEADBETTER
Source
EXCH
EXCH
EXCH
EXCH
EXCH
Research
Co File
Research
ULT-AGG
Research
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
underperform
outperform
accumulate
Amt Held
12'502'014
9'710'131
9'382'863
8'254'140
8'104'140
5'000'000
2'703'929
641'000
581'292
496'666
189'280
75'000
50'000
22'690
21'157
19'670
16'718
9'982
% Out
12.77
9.92
9.59
8.43
8.28
5.11
2.76
0.65
0.59
0.51
0.19
0.08
0.05
0.02
0.02
0.02
0.02
0.01
Weighting
Change
1
5
4
Latest Chg
1'185'029
(1'100'520)
(980'142)
(50'000)
22'690
-
Target Price
M
M
U
File Dt
18.07.2013
24.05.2013
12.07.2013
11.06.2013
11.06.2013
08.03.2013
12.04.2012
08.03.2013
30.04.2013
08.03.2013
03.09.2013
30.06.2013
12.04.2012
31.03.2013
30.04.2013
30.04.2013
28.06.2013
30.06.2013
Date
2
3
3
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Other
Bank
n/a
Insurance Company
n/a
Unclassified
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.06.2013
14.06.2013
27.05.2013
05.09.2013
Steel & Tube Holdings Ltd

Steel & Tube Holdings Limited produces and distributes steel throughout New
Zealand and its products include steel fasteners, nuts, bolts and screws. The
Company's other activities include steel reinforcing.
Price/Volume
3
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
s-13
3
2
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.02.2013)
52-Week Low (06.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STU NZ EQUITY YTD Change
STU NZ EQUITY YTD % CHANGE
06/2013
01/yy
2.86
2.13
58'785.00
2.85
-0.35%
33.80%
94.52%
88.4
252.07
40.00
0.0
0.0
3.68
276.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
a-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

30.06.2009
484.5
0.61x
49.9
5.89x
26.1
9.46x
30.06.2010
30.06.2011
380.0
385.8
0.63x
0.71x
22.4
32.5
10.67x
8.43x
5.7
17.0
35.38x
13.76x
Profitability
30.06.2012
405.4
0.54x
26.1
8.40x
13.1
13.89x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2013
393.3
15.6
13.48x
26.14
19.93
4.92%
4.50%
6.35%
9.22%
7.94%
1.82%
20.0%
5.3%
4.0%
2.15
0.96
17.36%
26.20%
6.84
3.55
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.56
0.76
29.44
32.34%
19.68%
0.755
5
4.000
101'933
252'329
207'137
FY+2
06/14 Y
06/15 Y
412.0
443.8
0.68x
0.63x
30.4
34.9
9.12x
7.93x
16.9
20.1
14.77x
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
FQ+1
FQ+2
15.14
12.56
26.2%
20.8%
1.82
8.27
53.50
103.08
31.06
133.34
70.00
600.0
60.00
500.0
50.00
400.0
40.00
300.0
30.00
200.0
20.00
100.0
10.00
0.00
02.07.2010
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Steel & Tube Holdings Ltd

Holdings By:
All
Holder Name
ONESTEEL LTD
AMP LTD
WESTPAC NZ SHR 2002
FORSYTH BARR LTD
ELRICK JANIE
ANDERSON JOHN ANTHON
PLENZLER DOROTHY IZA
GRINDELL DAVID
TAYLOR DAVID WILLIAM
CANDY ANTHONY CHARLE
URLWIN ANNE
SMITH JANINE LAUREL
PRITCHARD DEAN ANTHO
PRINCIPAL FINANCIAL
WARNOCK ROSEMARY
Firm Name
Macquarie
Forsyth Barr
Deutsche Bank
First NZ Capital
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
STEPHEN HUDSON
JAMES BASCAND
DENNIS M LEE
KAR YUE YEO
TIMOTHY STANISH
Source
Co File
EXCH
ULT-AGG
EXCH
Research
Research
ULT-AGG
Co File
EXCH
EXCH
Co File
Co File
EXCH
EXCH
MF-AGG
EXCH
Co File
Co File
ULT-AGG
Co File
Recommendation
underperform
accumulate
buy
outperform
overweight
Amt Held
44'452'354
7'609'922
5'415'039
4'694'279
1'617'952
1'016'054
433'800
424'451
280'210
280'210
212'225
168'012
104'210
22'185
12'028
10'000
10'000
10'000
7'361
2'500
% Out
50.26
8.6
6.12
5.31
1.83
1.15
0.49
0.48
0.32
0.32
0.24
0.19
0.12
0.03
0.01
0.01
0.01
0.01
0.01
0
Weighting
Change
1
4
5
5
5
M
M
M
M
N
Latest Chg
1'035'215
886'773
7'361
-
Target Price
2
3
3
3
#N/A N/A
File Dt
10.08.2012
19.08.2013
15.01.2013
26.08.2013
08.03.2013
08.03.2013
30.04.2013
10.08.2012
16.08.2013
16.08.2013
10.08.2012
30.06.2012
16.08.2013
16.08.2011
30.04.2013
24.06.2013
30.06.2012
30.06.2012
31.03.2013
30.06.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Corporation
Insurance Company
Insurance Company
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Bank
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
n/a
n/a
n/a
Investment Advisor
n/a
Date
21.08.2013
19.08.2013
16.08.2013
16.08.2013
26.07.2013
05.09.2013
Michael Hill International Ltd

Michael Hill International Limited manufactures, wholesales and distributes
jewellery. The Company's products consist of rings, bracelets, watches and
other items. Michael Hill operates stores in New Zealand, Australia, Canada and
the United Staes.
Price/Volume
2
6.0 M
5.0 M
1
4.0 M
1
1
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.04.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MHI NZ EQUITY YTD Change
MHI NZ EQUITY YTD % CHANGE
06/2013
01/yy
1.48
1.10
5'000.00
1.39
-6.08%
26.36%
71.05%
382.8
532.16
33.06
0.0
0.0
12.06
552.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
0
1.0 M
0
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

30.06.2009
412.0
0.65x
37.9
7.03x
66.8
3.44x
3.0 M
30.06.2010
30.06.2011
443.3
489.1
0.70x
0.78x
44.9
58.0
6.89x
6.57x
26.0
34.5
10.15x
9.98x
Profitability
30.06.2012
511.2
0.77x
57.5
6.88x
36.5
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
30.06.2013
549.3
40.0
12.48x
57.55
45.22
8.85%
8.22%
10.58%
18.88%
17.10%
1.49%
61.9%
11.0%
8.6%
7.3%
3.07
0.25
10.21%
17.01%
27.94
0.99
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.32
0.73
133.89
32.45%
15.04%
0.729
4
4.500
29'361
76'798
81'360
FY+2
06/14 Y
06/15 Y
577.7
627.7
0.95x
0.88x
70.2
78.4
7.88x
7.05x
43.3
45.4
12.87x
11.88x
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
FQ+1
FQ+2
14.20
9.73
0.35
0.58
17.0%
14.5%
1.49
10.66
13.10
371.37
115.15
283.35
25.00
600.0
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
0.00
02.07.2010
100.0
0.0
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
02.07.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
05.09.2013
Michael Hill International Ltd

Holdings By:
All
Holder Name
HILL RICHARD MICHAE
PETERS LESLIE WAYNE
PARSELL MICHAEL ROBI
EIM CAPITAL MANAGERS
PETERS MACGREGOR PTY
DOUBLE DRAGON SUPER
TAYLOR PHILIP ROY
GWYNNE GARY J
BUTLER WK & CK & ULR
HILL EMMA J
STOCK KEVIN
MCKINNON ROSS
BAGNALL NICHOLAS
Firm Name
EVA Dimensions
Macquarie
Forsyth Barr
First NZ Capital
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
WARREN DOAK
CHELSEA LEADBETTER
SARNDRA URLICH
Source
Research
EXCH
Research
MF-AGG
Research
Research
Research
Co File
Research
Research
ULT-AGG
Research
Co File
Research
EXCH
MF-AGG
EXCH
Recommendation
overweight
neutral
buy
outperform
Amt Held
202'644'452
18'521'000
10'019'364
7'946'000
7'000'000
2'370'000
2'000'000
1'983'599
1'922'000
1'823'640
1'606'452
1'524'750
1'433'503
1'010'000
500'000
21'656
10'000
% Out
52.93
4.84
2.62
2.08
1.83
0.62
0.52
0.52
0.5
0.48
0.42
0.4
0.37
0.26
0.13
0.01
0
Weighting
Change
5
3
5
5
U
M
M
M
Latest Chg
(3'700'000)
(82'170)
-
Target Price
#N/A N/A
1
2
2
File Dt
08.03.2013
09.05.2013
08.03.2013
31.07.2013
08.03.2013
08.03.2013
08.03.2013
31.07.2012
08.03.2013
08.03.2013
30.04.2013
08.03.2013
31.07.2012
16.11.2012
23.05.2013
03.09.2013
14.05.2012
Date
Not Provided
12 month
12 month
Not Provided
Inst Type
n/a
n/a
n/a
Investment Advisor
Other
Other
n/a
n/a
n/a
n/a
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Investment Advisor
n/a
Date
04.09.2013
19.08.2013
19.08.2013
12.08.2013
05.09.2013
AMP Ltd
AMP Limited provides life insurance, superannuation, asset management products,
pensions, retirement planning and other diversified financial services
throughout Australia and New Zealand. The Company services individual
customers, small businesses, corporations and associated superannuation funds.
Price/Volume
8
3.0 M
2.5 M
6
2.0 M
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (03.07.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMP NZ EQUITY YTD Change
AMP NZ EQUITY YTD % CHANGE
12/2012
01/yy
6.95
4.93
54'560.00
5.4
-22.30%
9.53%
19.31%
2'944.6
15'900.65
12'493.00
0.0
97.0
4'207.00
23'075.43
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
1.00
1.0 M
2
.5 M
1
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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
(10'966.0)
580.0
-
1.5 M
31.12.2009
31.12.2010
10'742.0
7'462.0
2.21x
2.52x
739.0
775.0
Profitability
31.12.2011
5'436.0
3.54x
688.0
-
31.12.2012
16'882.0
1.32x
704.0
18.14%
8.20%
0.60%
9.40%
5.35%
0.16%
4.2%
10.52%
168.05%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.03
2'810.94
2.10%
-6.33%
1.028
14
2.571
13'963
68'950
111'722
FY+2
12/13 Y
12/14 Y
7'578.0
15'899.0
2.88x
1.37x
856.6
939.5
15.83x
14.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
168.1%
62.4%
0.16
-
25'000.0
20'000.0
15'000.0
0.80
0.60
0.40
10'000.0
5'000.0
0.0
-5'000.0
0.20
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-10'000.0
-15'000.0
05.09.2013
AMP Ltd
Holdings By:
All
Holder Name
HARRIS ASSOCIATES LP
VANGUARD
AMP LTD
BLACKROCK
NORGES BANK
MACQUARIE GROUP
DAIWA SECURITIES GRO
UBS
DJERRIWARRH INVESTME
ABERDEEN
SCHRODER INVESTMENT
CI INVESTMENTS INC
CREDIT SUISSE AG
LEGG MASON ASSET MAN
MORGAN STANLEY
Firm Name
Bell Potter
EVA Dimensions
Macquarie
Deutsche Bank
Morgan Stanley
Goldman Sachs
Credit Suisse
CIMB
BBY Limited
Commonwealth Bank
Nomura
Shaw Stockbroking
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
LAFITANI SOTIRIOU
DOUG WALTERS
TIM LAWSON
KIEREN CHIDGEY
DANIEL TOOHEY
RYAN FISHER
ANDREW ADAMS
RICHARD COLES
BRETT LE MESURIER
ROSS CURRAN
TOBY LANGLEY
DAVID SPOTSWOOD
JAMES COGHILL
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
underweight
underperform
hold
Overwt/Attractive
neutral/neutral
neutral
neutral
underperform
underweight
neutral
hold
sell
Amt Held
179'159'581
90'851'830
85'146'691
52'290'488
41'034'891
37'284'092
29'623'614
26'081'614
20'665'000
15'782'655
12'068'681
5'894'102
5'597'958
5'518'000
5'380'700
5'346'624
4'456'390
4'393'921
4'316'498
4'295'933
% Out
6.08
3.09
2.89
1.78
1.39
1.27
1.01
0.89
0.7
0.54
0.41
0.2
0.19
0.19
0.18
0.18
0.15
0.15
0.15
0.15
Weighting
Change
5
1
1
3
5
3
3
3
1
1
3
3
1
M
U
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
29'790'007
(74'443'778)
1'212'209
2'424'016
(7'997'296)
77'331
1'254'657
(421'812)
(263'700)
(2'301'317)
(6'172'492)
(48'645)
(2'764'302)
Target Price
7
#N/A N/A
5
6
6
6
6
5
5
5
6
6
5
File Dt
12.08.2013
11.09.2012
30.06.2013
30.06.2013
28.08.2013
03.09.2013
03.09.2013
31.12.2012
29.06.2012
28.06.2013
30.06.2011
21.09.2012
28.06.2013
30.06.2011
31.07.2013
30.06.2013
31.12.2012
31.05.2013
20.09.2012
30.06.2013
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Bank
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.09.2013
26.08.2013
16.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
15.08.2013
24.06.2013
05.09.2013
Tower Ltd
TOWER Limited provides risk insurance and wealth management products and
services. The Company operates in general insurance, health & life insurance,
and investments and funds management.
Price/Volume
3
3.5 M
3.0 M
2.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.07.2013)
52-Week Low (21.08.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TWR NZ EQUITY YTD Change
TWR NZ EQUITY YTD % CHANGE
09/2012
01/yy
2.04
1.65
80'782.00
1.77
-13.24%
7.27%
17.95%
207.2
366.73
81.99
0.0
1.4
186.48
194.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
1.0 M
.5 M
0
s-12
30.09.2009
30.09.2010
481.8
564.2
0.75x
0.63x
49.5
57.6
6.87x
8.20x
Profitability
30.09.2011
331.9
0.69x
33.1
15.60x
30.09.2012
422.2
0.91x
55.3
11.47x
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
18.84%
17.05%
3.96%
15.28%
13.61%
0.15%
13.1%
4.17%
16.49%
-
Price/ Cash Flow
n-12
d-12
LTM-4Q
LTM
01/yy
01/yy
-
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-13
FY+1
-
6.21
0.83
122.36
7.18%
-2.26%
0.826
4
3.000
472'636
216'704
285'662
FY+2
09/13 Y
09/14 Y
15.1
31.2
12.93x
6.19x
35.4
27.2
10.86x
12.38x
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
FQ+1
FQ+2
NR
16.5%
14.1%
0.15
-
30.00
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
02.10.2009
o-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
453.4
0.81x
40.5
8.72x
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
05.09.2013
Tower Ltd
Holdings By:
All
Holder Name
GUINNESS PEAT GROUP
DEVON FUNDS MANAGEME
NORGES BANK
WESTPAC NZ SHR 2002
VANGUARD
FCA CORP
STIASSNY MICHAEL PET
PRINCIPAL FINANCIAL
WOOD DENIS MICHAEL
PIONEER
BLACKROCK
SPENCER JOHN L
FLEXSHARES TRUST
SMITH STEPHEN
Firm Name
Goldman Sachs
EVA Dimensions
Forsyth Barr
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
ADRIAN ALLBON
DOUG WALTERS
JOHN CAIRNS
Source
EXCH
EXCH
EXCH
ULT-AGG
Research
MF-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
Recommendation
Buy/Neutral
sell
hold
Amt Held
69'614'763
17'797'143
14'998'606
3'892'376
2'313'924
1'215'388
1'196'910
808'989
290'481
169'723
102'919
87'277
61'823
43'254
39'558
36'652
21'880
17'247
16'924
11'538
% Out
33.6
8.59
7.24
1.88
1.12
0.59
0.58
0.39
0.14
0.08
0.05
0.04
0.03
0.02
0.02
0.02
0.01
0.01
0.01
0.01
Weighting
Change
5
1
3
M
D
D
Latest Chg
674'359
(1)
100'000
87'277
(38'461)
(1)
(5'174)
3'076
-
Target Price
2
#N/A N/A
2
File Dt
02.07.2012
22.05.2013
01.05.2013
30.04.2013
08.03.2013
31.12.2012
08.03.2013
30.06.2013
03.09.2013
30.04.2013
10.06.2013
31.03.2013
24.05.2012
30.04.2013
28.03.2013
03.09.2013
03.09.2013
05.04.2013
31.05.2013
05.04.2013
Date
12 month
Not Provided
12 month
Inst Type
Holding Company
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Government
Bank
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Date
04.09.2013
11.06.2013
19.05.2013
05.09.2013
Hallenstein Glasson Holdings Ltd

Hallenstein Glasson Holdings Limited owns and operates retail stores that sell
men's, women's, and young men's apparel products and sportswear. The stores are
located throughout New Zealand and Australia.
Price/Volume
7
1.2 M
1.0 M
.8 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.04.2013)
52-Week Low (18.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HLG NZ EQUITY YTD Change
HLG NZ EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
.2 M
1
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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

31.07.2008
193.7
0.77x
28.3
5.30x
15.9
10.68x
.6 M
07/2012
01/yy
5.85
4.42
20'148.00
4.67
-20.17%
5.66%
19.58%
59.6
278.56
0.00
0.0
0.0
25.97
252.36
31.07.2009
31.07.2010
198.2
207.1
0.88x
23.9
34.4
5.29x
12.8
19.6
12.81x
11.21x
Profitability
31.07.2011
205.5
0.91x
28.7
6.51x
18.3
11.58x
31.07.2012
215.6
1.02x
33.5
6.55x
21.0
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
33.55
26.44
12.26%
13.59%
27.45%
34.82%
34.82%
2.73%
58.6%
16.0%
12.7%
9.8%
2.23
1.21
0.00%
0.00%
181.24
6.56
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.49
0.73
44.13
9.21%
-8.39%
0.725
5
2.600
15'712
29'226
45'662
FY+2
07/13 Y
07/14 Y
220.8
231.4
1.16x
1.11x
32.7
35.8
7.71x
7.04x
19.0
21.0
14.59x
13.34x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
-0.73
0.00
0.0%
0.0%
2.73
5.94
2.02
55.77
49.59
51.35
16.00
250.0
14.00
200.0
12.00
10.00
150.0
8.00
100.0
6.00
4.00
50.0
2.00
0.00
07.08.2009
0.0
07.02.2010
07.08.2010
07.02.2011
07.08.2011
07.02.2012
07.08.2012
07.02.2013
07.08.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Hallenstein Glasson Holdings Ltd

Holdings By:
All
Holder Name
GLASSON TIMOTHY CHAR
FORSYTH BARR CUSTODI
TEA CUSTODIANS LTD
ONEPATH WHOLESALE AU
INVESTMENT CUST SERV
PHP BAYLY LTD
POPPLEWELL GRAEME JA
HUMPHRIES DIANE HELE
DUNEDIN CITY COUNCIL
BELL WARREN JAMES
DONOVAN MICHAEL JOHN
PRINCIPAL FINANCIAL
Firm Name
Deutsche Bank
Macquarie
Goldman Sachs
Forsyth Barr
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
CHRIS BYRNE
WARREN DOAK
MARCUS CURLEY
ANDREW BOWLEY
SARNDRA URLICH
Source
Research
Co File
Co File
Co File
Co File
Research
Research
Research
ULT-AGG
EXCH
Co File
Research
Co File
Co File
MF-AGG
ULT-AGG
Recommendation
hold
neutral
neutral/neutral
hold
underperform
Amt Held
11'950'588
1'116'801
859'384
737'807
687'781
602'425
586'593
450'000
260'106
156'576
147'000
124'000
20'143
10'000
6'326
3'370
% Out
20.03
1.87
1.44
1.24
1.15
1.01
0.98
0.75
0.44
0.26
0.25
0.21
0.03
0.02
0.01
0.01
Weighting
Change
3
3
3
3
1
Latest Chg
3'370
Target Price
M
M
M
M
M
File Dt
21.06.2013
01.08.2012
01.08.2012
01.08.2012
01.08.2012
21.06.2013
21.06.2013
21.06.2013
30.04.2013
16.11.2012
01.08.2012
03.08.2012
01.08.2012
01.08.2012
30.04.2013
31.03.2013
Date
5
5
5
5
5
12 month
12 month
12 month
12 month
Not Provided
Inst Type
n/a
n/a
Other
n/a
Investment Advisor
Investment Advisor
Insurance Company
Other
Investment Advisor
n/a
n/a
Other
n/a
n/a
Investment Advisor
Investment Advisor
Date
05.08.2013
14.06.2013
13.06.2013
13.06.2013
13.06.2013
05.09.2013
Pumpkin Patch Ltd/New Zealand

Pumpkin Patch Limited retails a wide range of children's apparel products, as
well as maternity clothing. The Company operates stores in New Zealand,
Australia, and the United Kingdom along with providing mail order and internet
retail services.
Price/Volume
2
4.5 M
4.0 M
3.5 M
3.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PPL NZ EQUITY YTD Change
PPL NZ EQUITY YTD % CHANGE
07/2012
01/yy
1.48
0.75
736'200.00
1.05
-29.05%
40.00%
30.14%
169.1
177.53
60.00
0.0
0.0
5.34
243.27
31.07.2008
399.5
0.84x
53.9
6.20x
17.1
13.10x
2.0 M
1.5 M
1.0 M
.5 M
0
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
j-13
.0 M
s-13
a-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
31.07.2009
31.07.2010
412.3
362.9
0.69x
0.92x
44.3
54.2
6.42x
6.14x
(26.7)
25.5
145.45x
10.89x
Profitability
31.07.2011
291.5
0.81x
37.3
6.36x
(1.9)
10.82x
31.07.2012
300.6
0.69x
30.0
6.93x
(27.5)
14.68x
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
30.00
19.09
6.35%
4.75%
4.62%
20.16%
10.11%
1.89%
54.4%
10.0%
6.4%
-9.2%
0.93
0.13
38.57%
179.33%
19.70
1.93
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
0.69
83.58
-11.02%
-21.64%
0.689
5
2.800
47'391
50'851
151'734
FY+2
07/13 Y
07/14 Y
288.3
298.3
0.80x
0.72x
26.6
31.4
9.15x
7.74x
10.2
14.8
16.15x
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
FQ+1
FQ+2
6.57
5.44
2.24
2.28
179.3%
64.2%
1.89
6.48
18.58
189.94
56.53
160.81
25.00
450.0
400.0
20.00
350.0
300.0
15.00
250.0
200.0
10.00
150.0
100.0
5.00
50.0
0.00
31.07.2009
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
31.07.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
05.09.2013
Pumpkin Patch Ltd/New Zealand

Holdings By:
All
Holder Name
NIGEL P SMITH & WYNA
DUKE RODNEY ADRIAN
CAMERON JANET HEATHE
PRENDERGAST MAURICE
SYNNOTT SALLY R
AMP LTD
WALKLEY BRUCE M
WASHINGTON MATTHEW
THESING ZARINA
COWIE NEIL
TATTERSFIELD KATE
HOFFMAN GLENYS
CARDWELL CHRIS
ROBERTSHAWE PAUL
JACKSON DAVID ALEXAN
GREGORY BRIAN DE
JACOBSEN BRONNY
Firm Name
EVA Dimensions
Macquarie
Forsyth Barr
Goldman Sachs
First NZ Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
Co File
Co File
Co File
EXCH
EXCH
Co File
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
EXCH
EXCH
Analyst
CRAIG STERLING
WARREN DOAK
ANDREW BOWLEY
ROHAN KOREMAN-SMIT
SARNDRA URLICH
Recommendation
underweight
outperform
accumulate
neutral/neutral
underperform
Amt Held
20'000'000
16'674'086
16'086'181
15'499'880
10'570'000
9'506'800
9'321'674
5'638'962
1'165'000
722'633
644'130
546'542
196'885
167'574
141'589
128'767
60'000
50'000
45'000
41'774
% Out
11.83
9.86
9.51
9.17
6.25
5.62
5.51
3.34
0.69
0.43
0.38
0.32
0.12
0.1
0.08
0.08
0.04
0.03
0.03
0.02
Weighting
Change
1
5
4
3
1
D
M
M
M
M
Latest Chg
2'171'800
(500'000)
-
Target Price
#N/A N/A
1
1
1
1
File Dt
31.08.2012
31.08.2012
31.08.2012
12.07.2013
09.05.2013
31.08.2012
31.08.2012
05.06.2013
23.06.2013
23.06.2013
30.04.2013
23.06.2013
23.06.2013
23.06.2013
10.12.2012
23.06.2013
12.07.2013
31.07.2012
10.12.2012
23.06.2013
Date
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Other
n/a
n/a
Insurance Company
n/a
n/a
Insurance Company
Investment Advisor
n/a
n/a
Investment Advisor
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Date
02.09.2013
15.07.2013
01.07.2013
28.06.2013
28.06.2013

Fundamental Equity Analysis - NZX 50 Index of The Top 50 Companies Listed On The New Zealand Exchange PDF

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This material does not constitute investment advice and should not be

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

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

FLETCHER BUILDING LTD

TELECOM CORP OF NEW ZEALAND

RYMAN HEALTHCARE LTD

AUCKLAND INTL AIRPORT LTD

SKY NETWORK TELEVISION LTD

SKYCITY ENTERTAINMENT GROUP

FISHER & PAYKEL HEALTHCARE C

CONTACT ENERGY LTD

TRADE ME GROUP LTD

MIGHTY RIVER POWER

WESTPAC BANKING CORP

KIWI INCOME PROPERTY TRUST

GOODMAN PROPERTY TRUST

PORT OF TAURANGA LTD

EBOS GROUP LTD

PRECINCT PROPERTIES NEW ZEAL

ARGOSY PROPERTY LTD

FONTERRA SHAREHOLDERS FUND

GUINNESS PEAT GROUP PLC

AUST AND NZ BANKING GROUP

NUPLEX INDUSTRIES LTD

KATHMANDU HOLDINGS LTD

PROPERTY FOR INDUSTRY LTD

SUMMERSET GROUP HOLDINGS LTD

DNZ PROPERTY FUND LTD

DILIGENT BOARD MEMBER SVCS

AIR NEW ZEALAND LTD

VITAL HEALTHCARE PROPERTY TR

NEW ZEALAND OIL & GAS LTD

HEARTLAND NEW ZEALAND LTD

WAREHOUSE GROUP LIMITED/THE

SKELLERUP HOLDINGS LTD

RESTAURANT BRANDS NZ LTD

STEEL & TUBE HOLDINGS LTD

MICHAEL HILL INTL LTD

HALLENSTEIN GLASSON HOLDINGS

PUMPKIN PATCH LTD

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

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX