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2
Table of contents
08 Sector Recommendations
10 Model Portfolio
12 Rating Changes
14 Figures
15 Marketdata
17 Recent Research
3
14.04.2011
CL Top Fundamental Picks
ALCOA Valor Rating Cur. Price Target Price Date of entry / Price
Materials, US 986'052 OP USD 16.55 20.00 13.01.2011 15.9
– Thanks to relatively low prices and attractive material properties, aluminium is gaining market share. High Low
Cyclicality
– Falling global oversupply of aluminium is likely to lift aluminium prices further.
– Focus on aluminium, attractive bauxite mines and below-average production costs provide upside potential. Balance Sheet
Strong Weak
ALLIANZ Valor Rating Cur. Price Target Price Date of entry / Price
Insurance, DE 322'646 OP EUR 104.4 120.00 05.08.2009 70.58
– Allianz is well diversified and has substantial activities in growth markets like Eastern Europe and India. High Low
Cyclicality
– Strong capitalization has allowed the company to hold on to substantial stock investments despite the crisis.
– Severe competition in German non-life insurance a headwind. Valuation is very attractive, however. Balance Sheet
Strong Weak
ANHEUSER-BUSCH INBEV Valor Rating Cur. Price Target Price Date of entry / Price
Food, Beverage & Tobacco, BE 1'147'290 OP EUR 41.57 50.00 21.07.2010 41.48
– Leading position in the top five beer markets China, USA, Russia, Brazil and Germany. High Low
Cyclicality
– Positioning, top line growth, cost savings and debt reduction are all in favor of ABI.
– Considering A-B InBev's good growth prospects and high profitability, the share is very attractively valued. Balance Sheet
Strong Weak
BNP PARIBAS Valor Rating Cur. Price Target Price Date of entry / Price
Banks, FR 123'397 OP EUR 53.47 62.00 19.01.2011 53.02
– BNP is one of the best capitalized banks in Europe (Basel 3 common Tier 1 Ratio of 8.5% by Dec 2012). High Low
Cyclicality
– With the exception of Italy, BNP has a limited exposure to the European periphery.
– The Fortis acquisition synergies estimate of EUR 900 m could be surpassed by a wide margin. Balance Sheet
Strong Weak
BP PLC Valor Rating Cur. Price Target Price Date of entry / Price
Energy, GB 844'183 OP GBp 464.2 550.00 24.03.2011 478
– Above-average leverage to higher oil prices provides good earnings momentum. High Low
Cyclicality
– Uncertainty around Macondo settlement remains, but substantial reserves and cash flows provide protection.
– Still substantial valuation discount to peers is likely to narrow further. Balance Sheet
Strong Weak
BRITISH AMERICAN TOBACCO Valor Rating Cur. Price Target Price Date of entry / Price
Food, Beverage & Tobacco, GB 909'525 OP GBp 2530 2'700.00 24.02.2011 2260
– With an EMMA revenue share of 53%, BAT is benefitting form increasing cigarette consumption in those regions. High Low
Cyclicality
– High margins, healthy balance sheet, strong cash flows and attractive dividend yield as positive attributes.
– Tobacco companies are less affected by higher raw material prices and are cheaper than other consumer staples.Balance Sheet
Strong Weak
CITIGROUP Valor Rating Cur. Price Target Price Date of entry / Price
Diversified Financials, US 942'676 OP USD 4.5 5.50 22.07.2010 3.94
– There is clear evidence of a turnaround after the return to profitability. High Low
Cyclicality
– After massive recapitalizations, the bank now has strong capital levels. No further dilution is expected.
– The bank is currently trading below tangible book value and offers a recovery story. Balance Sheet
Strong Weak
4
14.04.2011
CL Top Fundamental Picks
HENKEL Valor Rating Cur. Price Target Price Date of entry / Price
Household & Personal Products, D 335'910 OP EUR 43.74 53.00 27.10.2010 43.15
– Undisputed market leader in adhesive technology which has a promising future. Stong emerging market exposure. High Low
Cyclicality
– Due to its strong position Henkel wants to outperform its underlying markets again in 2011.
– Despite higher raw material prices, Henkel confirmed its operating margin target of 14% in 2012. Balance Sheet
Strong Weak
HEWLETT-PACKARD Valor Rating Cur. Price Target Price Date of entry / Price
Technology Hardware, US 938'718 OP USD 41.13 51.00 24.02.2011 43.18
– HP's broad product range enables the company to offer complete IT solutions at attractive prices. High Low
Cyclicality
– HP is gaining substantial market share in networking, among others from Cisco.
– HP's valuation is attractive, thanks to a P/E ratio below 10, a solid balance sheet and high cash flows. Balance Sheet
Strong Weak
KABA Valor Rating Cur. Price Target Price Date of entry / Price
Capital Goods, CH 1'179'595 OP CHF 387 440.00 11.03.2010 298
– Over the next three years Kaba is targeting average organic growth of 4-6%. High Low
Cyclicality
– Kaba is examining various strategic options for its Door Automation Business.
– Undemandig valuation leaving plenty of upside potential. Balance Sheet
Strong Weak
NOVARTIS Valor Rating Cur. Price Target Price Date of entry / Price
Pharma & Biotech, CH 1'200'526 OP CHF 49.61 60.00 21.10.2010 55.1
– Novartis has launched ten new products in four years. High Low
Cyclicality
– Integration of Alcon supports profits ahead of upcoming patent expiries in pharma division.
– Sandoz well positioned to benefit from growth in generics. Balance Sheet
Strong Weak
ROYAL DUTCH SHELL A Valor Rating Cur. Price Target Price Date of entry / Price
Energy, NL 1'987'674 OP EUR 25.28 29.50 09.12.2010 24.35
– In 2011 the oil price should continue to strengthen and we expect further recovery in refinery margins. High Low
Cyclicality
– Several large projects will come on stream in the next two years. Shell's output should rise as a result.
Balance Sheet
– Under CEO Peter Voser Shell has been more tightly managed. There is scope for further operational improvement.
Strong Weak
SIEMENS Valor Rating Cur. Price Target Price Date of entry / Price
Capital Goods, DE 827'766 OP EUR 93.74 110.00 23.09.2010 76.45
5
14.04.2011
Closed Top Recommendations
K+S AG 10.03.2011 Measured in terms of the GSCI Agricultural Index, agricultural prices have risen 14.10.2010
by 93% since their June lows, which has helped the stock to outperform the
general stock market by 14% since being in the Top Pick list. The company is
very likely to report good results over the coming quarters. However, its current
valuation already factors in another substantial earnings recovery and its longer-
term valuation is starting to look expensive. A normalisation of global weather
patterns is likely to bring lower agricultural prices by spring 2012, even though
prices may continue to rise in the short term.
MICROSOFT 10.03.2011 Despite rising competition, Microsoft has managed to extend the strong growth 15.07.2010
experienced in recent years by disclosing record results in recent quarters.
Furthermore, the cooperation with Nokia announced in February will enable it to
regain substantial market share in smart phone operating systems. These news,
however, have not helped the stock's performance: It has risen by just 2% since
being added to the list (vs. +19% for the general market), which is why it has
now been cancelled. Few investors may currently like the stock and there are no
further apparent, company specific catalysts. However, we continue to expect a
strong performance in the medium and longer term.
SAP 24.02.2011 SAP has clearly outperformed the market and the sector recently, thanks to 28.04.2010
positive operational news and new product launches. The stock has also
outperformed the market by 9.9% since its inclusion in the Top Pick list.
Although SAP is one of the most attractive longer-term investments in the
European tech sector, the stock is looking a bit overbought in the short term.
SYNGENTA 24.02.2011 We are reducing the exposure to agricultural stocks in the Top Pick list after a 23.09.2010
very strong performance. Despite K+S being the riskier stock of the two, we
prefer it for now as we see a higher potential for earnings upgrades in the short-
term. We maintain our Outperform rating and price target of CHF 330.
SWATCH GROUP BR 19.01.2011 Despite excellent sales figures investors took profit. The outstanding share price 27.01.2010
performance in 2010 and the strength of the Swiss franc are the main factors.
The stock gained 37.7% since inception and outperformed the SMI by about
33%. Due to the healthy growth outlook we stick to our Outperform rating.
Currently, we see more price potential in other sectors, however.
FRANCE TELECOM 13.01.2011 We want to add more risk to our list which is why we are removing France 25.08.2010
Telecom – a relatively defensive stock. France Telecom is still attractively valued
and offers a sustainable dividend yield of above 8%. France Telecom is up by 3%
since it was added to the list.
BRITISH AMERICAN TOBACCO 09.12.2010 Consumer Staples lost attractiveness owing to negative earnings revisions and 22.09.2010
price momentum. Due to its strong positioning in emerging markets, attractive
margin, high dividend yield and the relatively compelling valuation against the
sector we stick to our Outperform Rating for BAT, however.
SWISS RE 28.10.2010 The reinsurance industry has seen its capital base recovering to a pre-crisis level 01.07.2009
in the last 18 months. This likely to result in pricing pressure. Swiss Re has
excess capital of about CHF 2-3 bn, which will be returned to shareholders
probably not before 2012. Since the inclusion in the Top Fundamental Picks, the
share has outperformed both the European insurance sector by 19.8% and the
SMI by 10.7%.
SANOFI-AVENTIS 21.10.2010 We are restricted on Sanofi-aventis. The company has recently made a public 13.01.2010
offer to acquire Genzyme, a U.S. biotechnology company.
ERICSSON 23.09.2010 Recent news flow on mobile network equipment have pointed to a further 24.06.2010
deterioration of pricing levels and a positive trigger for the stock does not seem
to materialize for now. However, Ericsson remains Outperform-rated, due to
the inexpensive valuation and attractive growth outlook.
AHOLD 22.09.2010 The restructuring of the US business is almost complete and Ahold is already 18.06.2009
earning high margins in the Netherlands. Apart from share buybacks, Ahold will
likely use its high cash holding for targeted acquisitions, which could support the
share price. However, these catalysts are likely to take time to materialize.
Explanatory notes
•Our views are intended to be fundamental in nature.
•Where possible the portfolio should reflect sector views with proportionatley a larger number of stocks where we have an overweight view.
•We will provide a brief rationale for our recommendations each week. Please see our company notes for further colour.
6
14.04.2011
CL Top Dividend Picks
Market Cap Performance P/BV P/E Dividend Yield Dividend Ex-Date Other Liquid
Company Country ISIN / Valor Rating Crncy Price in m 3 m % 12 m % 2010E 2011E 2012E 2010E 2011E 2012E 2010E 2011E 2012E Frequency Expected Listings
PHILIP MORRIS INTL US US7181721090 OP USD 66.1 118'808 18.2 31.9 31.2 48.7 77.5 17.1 14.8 13.4 3.7% 4.1% 4.7% Quarterly 21.06.2011
Consumer Staples 3'754'629
PFIZER US US7170811035 OP USD 20.5 163'582 13.5 24.2 1.7 1.5 1.4 9.2 9.2 9.0 3.5% 3.9% 4.2% Quarterly 04.05.2011
Health Care 962'004
KRAFT FOODS US US50075N1046 OP USD 32.4 56'665 4.0 9.8 1.7 1.5 1.4 16.0 14.5 12.9 3.6% 3.7% 3.8% Quarterly 27.06.2011
Consumer Staples 1'213'349
MCDONALD'S US US5801351017 OP USD 76.9 80'219 6.7 15.1 5.9 5.3 4.9 16.7 15.2 14.0 3.0% 3.2% 3.6% Quarterly 26.05.2011
Consumer Discretionary 950'605
CONOCO PHILLIPS US US20825C1045 OP USD 77.7 111'027 16.5 45.0 1.6 1.5 1.3 13.1 9.7 8.7 2.8% 3.2% 3.5% Quarterly 19.05.2011
Energy 1'330'331
3M COMPANY US US88579Y1010 OP USD 92.9 66'098 6.1 13.4 4.2 3.8 3.3 16.2 14.9 13.3 2.3% 2.4% 2.5% Quarterly 18.05.2011
Industrials 1'405'105
VODAFONE GB GB00B16GWD56 OP GBp 176.4 90'852 2.7 25.8 1.0 1.0 0.9 11.4 10.6 10.6 4.7% 5.0% 5.6% Semi-annual 01.06.2011 US
Telecommunication Services 2'582'928
BRITISH AMERICAN TOBACCO GB GB0002875804 OP GBp 2523.5 50'234 12.4 17.9 5.7 5.0 4.5 14.5 13.1 12.0 4.5% 4.9% 5.4% Semi-annual 17.08.2011 US
Consumer Staples 909'525
TELEFONICA ES ES0178430E18 OP EUR 17.9 81'627 1.8 7.7 3.3 3.3 3.2 10.2 9.7 9.3 7.8% 8.9% 9.8% Semi-annual 05.11.2011
Telecommunication Services 826'858
ENI IT IT0003132476 EUR 17.2 68'972 -1.3 5.1 1.3 1.1 1.0 9.2 7.6 7.0 5.8% 6.0% 6.2% Semi-annual 23.05.2011 US
Energy 1'252'314 confirmed
GDF SUEZ FR FR0010208488 OP EUR 27.1 61'073 -2.7 1.1 1.0 0.9 0.9 13.8 13.0 11.7 5.6% 5.8% 6.1% Semi-annual 04.05.2011 US
Utilities 2'200'367 confirmed
DEUTSCHE POST DE DE0005552004 EUR 12.8 15'439 -3.8 6.3 1.6 1.5 1.4 12.1 10.5 9.6 4.8% 5.3% 5.6% Annual 26.05.2011
Industrials 1'124'244 confirmed
ALLIANZ DE DE0008404005 OP EUR 103.3 46'950 9.9 17.6 1.0 1.0 0.9 9.2 8.7 7.9 4.4% 4.8% 5.1% Annual 05.05.2011 US,UK
Financials 322'646 confirmed
ROYAL DUTCH SHELL A NL GB00B03MLX29 OP EUR 25.2 158'047 1.0 19.7 1.6 1.4 1.2 11.8 8.7 7.8 4.6% 4.6% 4.8% Quarterly 04.05.2011
Energy 1'987'674
BASF DE DE000BASF111 OP EUR 63.0 57'846 7.9 40.4 2.9 2.5 2.2 11.5 10.5 9.7 3.4% 3.8% 4.0% Annual 09.05.2011
Materials 11'450'563 confirmed
ZURICH FIN SERVICES CH CH0011075394 OP CHF 239.8 35'131 2.4 -0.8 1.3 1.2 1.1 10.6 9.4 8.5 6.3% 6.8% 7.0% Annual 04.04.2012 US
Financials 1'107'539
SWISSCOM CH CH0008742519 OP CHF 407.1 21'089 -1.1 8.9 3.1 3.0 2.8 11.2 11.0 10.7 5.4% 5.5% 5.9% Annual 26.04.2011 US
Telecommunication Services 874'251 confirmed
SWISS PRIME SITE CH CH0008038389 CHF 73.2 3'980 5.3 18.0 1.2 1.2 1.2 20.7 19.4 19.0 4.8% 4.8% 4.9% Annual 21.04.2011
Financials 803'838 confirmed
NOVARTIS CH CH0012005267 OP CHF 49.8 131'301 -6.0 -8.7 2.0 1.8 1.7 10.7 10.1 10.0 4.2% 4.4% 4.6% Annual 24.02.2012
Health Care 1'200'526
NESTLE CH CH0038863350 OP CHF 53.5 185'551 1.0 2.0 3.1 2.9 2.8 16.6 16.1 14.6 3.2% 3.6% 4.0% Annual 18.04.2011 US
Consumer Staples 3'886'335 confirmed
7
04/14/2011
Sector Recommendations
Consumer Discretionary
Sector Top Picks Rating* Earnings revisions Momentum Valuation
VW, Swatch, Adidas, Carnival, 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
Gategroup, WPP, Walt Disney - - 9 9 9
Subsectors Fiscal stimulus, low borrowing rates, high demand from Asia and signs of recovery from the labor market have been important
- Automobiles & Components supports for the sector. This coupled with strong inventory and cost management has propelled earnings and sent margins to a new
- Consumer Durables all-time high. Further labor market gains will be required to turn the sector's earnings estimates revisions in positive territory again
- Consumer Services (currently neutral), and a renewed downturn in housing would hamper consumers' sentiment. Input cost inflation mainly puts de-
mand in emerging markets to the test. The tragedy in Japan weighs on the sentiment for luxury goods stocks. Automobile: Rising
- Media
raw material costs are an issue for the car industry, especially for volume players as they have limited pricing power.
- Retailing
Consumer Staples
Sector Top Picks Rating* Earnings revisions Momentum Valuation
Tesco, Nestlé, Danone, Kraft, ABI 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
BAT, PMI, Henkel, P&G - + 9 9 9
Subsectors Rising raw material costs are weighing on gross profits. The negative pricing seems to have come to an end, however positive pricing
- Food & Staples Retailing will become increasingly difficult to push through as the economic environment in Western Europe and the US remains tough. Cost
- Food Beverage & Tobacco cutting defends profitability meanwhile. A strong positioning in fast growing emerging markets is in favor of producers of consumer
- Household & Personal Products staples, however, input cost inflation mainly puts demand in emerging markets to the test. Staple Retailing: A (too) strong increase in
food prices could weigh on food retailers as it could also be hard for them to pass on higher raw material prices.
Energy
Sector Top Picks Rating* Earnings revisions Momentum Valuation
BG, BP, Royal Dutch Shell 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
Fugro, Chevron, ConocoPhillips + + 9 9 9
Subsectors Global oil markets have been steadily tightening. This process is expected to continue in 2011. Investors are starting to anticipate
- Exploration & Production the possibility of much higher prices within a few years. Nat gas prices are low due to weakness in Europe and the massive increase
- Integrated Oils in supply now coming on stream in the US. As investment in US nat gas projects is scaled back, prices should rise. Our focus is on oil
- Oil Services rather than natural gas related investments. We also believe that the outlook for service companies and companies supplying
capital equipment to energy concerns is favorable. Gradually the Macondo spill is moving to the background – but activity in the
Gulf of Mexico will remain depressed until the regulatory fall-out becomes clearer.
Financials
Sector Top Picks Rating* Earnings revisions Momentum Valuation
Citi, JPM, Barclays, BNP 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
Allianz, Zurich + = 9 9 9
Subsectors Insurers: By its nature, the insurance sector has a high exposure to the recent events in Japan with preliminary estimates for insured
- Banks losses of about USD 25bn. Only a minor part of the economic losses will be paid by private insurers. Earthquake losses in the residen-
- Diversified Financials tial segment are not covered by private insurers. A Japanese government entity covers these losses without any material reinsur-
- Insurance ance. The insurance industry will still experience substantial losses in the industrial and commercial lines. However, tsunami coverage
is usually not part of the normal policy wording. Losses stemming from the nuclear events are usually excluded in P&C but not in life
- Real Estate
insurace policies. For European insurers, we don't expect capital-threatening claims. Banks: We continue to prefer US names.
Health Care
Sector Top Picks Rating* Earnings revisions Momentum Valuation
Fresenius M.C., Medco Health, 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
Novartis, Pfizer = - 9 9 9
Subsectors Pharma companies guided expectations down for 2011 as they continue to feel the impact of healthcare reform in the U.S. and
- Pharmaceuticals Europe. New product launches, which are a key positive driver of the sector continue to be too scarce to change sentiment. We
- Biotechnology recommend to diversify into healthcare services, which can benefit from an increased usage of generics (Medco Health) or have
- Health Care Equipment predictable demand and pricing environment (FMC).
- Health Care Services
Sector Recommendations
Industrials
Sector Top Picks Rating* Earnings revisions Momentum Valuation
ABB, Sulzer, Kaba 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
Siemens, 3M, Honeywell, CSX = + 9 9 9
Subsectors Industrials was the second best performing sector in 2010. The sector consistently outperformed throughout the year. Industrials
- Capital Goods earnings momentum is the second strongest in the market. The cyclical recovery for these companies continues at a solid pace.
- Commercial Services The sector does no longer look cheap on our valuation measures. The loss of momentum in many leading indicators calls for a mid
- Transportation term correction. Mid to long term the sector might get another boost from rising energy prices and also from the consequences
of the Japanese catastrophe. Energy efficiency and energy safety is a appropriate response to this issue. ABB and Siemens are
good bets in this space.
Information Technology
Sector Top Picks Rating* Earnings revisions Momentum Valuation
Microsoft, SAP, HP, Ericsson 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
Corning - + 9 9 9
Subsectors Japan is a very important country for the global technology supply chain, for example in resins widely used for printed circuit
- Semiconductors boards or in semiconductors, where Japan accounts for over 30% of global capacity according to Citigroup. Substantial damage at
- Software & Services some factories, rolling blackouts and already low levels of spare capacities in some areas even before the recent earthquakes are
- Technology Hardware likely to trigger supply chain disruptions in the months ahead. We continue to favour rather defensive companies with high cash
flows and strong balance sheets and see attractive opportunities. Software and IT services companies are generally much better
protected in operational terms than pure hardware plays.
Materials
Sector Top Picks Rating* Earnings revisions Momentum Valuation
BASF, Lonza, DuPont 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
Alcoa, Rio Tinto + + 9 9 9
Subsectors Prices of most metals have reached new highs in January and February and are currently providing record profit margins to miners.
- Chemicals However, the risks are also substantial: Rising inventories of at least some metals, high oil and food prices, a partially overheated
- Construction Chinese real estate market, high government debt levels and now a potential nuclear desaster in Japan. In mining, we favour more
- Metals&Mining defensive companies with low production costs. Uranium equities have lost at least some of their long-term drivers. In chemicals,
we currently prefer large, diversified companies with good pricing power such as BASF and DuPont.
Telecommunication Services
Sector Top Picks Rating* Earnings revisions Momentum Valuation
Swisscom, Telefonica 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
France Telecom, AT&T + - 9 9 9
Subsectors The Telecom sector trades at a small discount to the market. The dividend yield at 5.5% is twice the global average but the payout
none ratio is also considerably higher. The earnings growth outlook is uninspiring with EPS forecast to grow by 5-6% in 2011. With the
sector generating little revenue growth this may remain an issue. A bright spot is that the sector continues to generate lots of
cash and some companies are using this for buybacks.
Utilities
Sector Top Picks Rating* Earnings revisions Momentum Valuation
Enel 3 Mt. 12 Mt neg neutral pos neg neutral pos expensive neutral attractive
= - 9 9 9
Subsectors The accidents at nuclear power plants in Japan have had several consequences for European utilities: Germany has delayed a deci-
none sion to prolong the lifetime of nuclear plants, the price of gas has increased in anticipation of a higher demand and power price
futures have also gone up. On balance, higher gas and power prices are likely to outweigh a lower utilization of nuclear power assets.
We have become more positive on utilities and upgraded Enel. We like Enel for its favorable energy mix and supportive regulatory
environment in its domestic market Italy. We continue to be cautious on German utilities as they are pressured by high debt, regula-
tory demands to invest more in renewable forms of energy and generally less support from the government.
Energy
BP PLC OP CHEVRON OP
ROYAL DUTCH SHELL A OP CONOCO PHILLIPS OP
Materials
LONZA GROUP OP BASF OP ALCOA OP
SYNGENTA OP K+S AG OP
RIO TINTO OP
Capital Goods
KABA OP PHILIPS ELECTRONICS OP 3M COMPANY OP
SIEMENS OP CATERPILLAR OP
Commercial Services
SGS OP
Consumer Durables
LVMH OP
Consumer Services
GATEGROUP HOLDING OP CARNIVAL CORP OP
Media
WPP GROUP OP WALT DISNEY OP
Banks
BARCLAYS OP
BNP PARIBAS OP
Diversified Financials
UBS OP CITIGROUP OP
JPMORGAN CHASE OP
Insurance
SWISS RE r ALLIANZ OP
Software
SAP OP
Technology Hardware
ERICSSON OP CORNING OP
HEWLETT-PACKARD OP
Telecommunication
SWISSCOM OP FRANCE TELECOM OP
VODAFONE OP
This document does not constitute an offer or an invita tion to buy or sell any security and the opinions expressed herein are those of Clariden Leu Ltd. at a particular tim e. Changes in the overall environment ma y affect those appr aisals. Clariden Leu Ltd. as the editor does
not accept any liability for the content of this doc um ent. It is expressly pointed out that Clariden Leu Ltd. may invest or m ay have invested in the securities referred herein. Neither this docum ent nor any copy thereof m ay be sent or taken into the United States or
distributed in the United States. In certain other jurisdic tions the distribution may be restricted by local law or r egulation. This document m ay not be reproduced either in whole, or in part, without the written perm ission of Clariden Leu Ltd.
Equities
Sanofi-aventis The acquisition of Genzyme helps Sanofi-aventis to make up for some profits lost to patent expiries in the
restricted t MP period 2011-13. Sentiment towards Sanofi has been cautious given the com-pany's mixed track record in the
13.04.11 development and launch of new drugs. The absence of promising new launches in the next three years mainly
justifies that we resume coverage with a Marketperform. The price target assumes that Sanofi's valuation gap
relative to peers could close somewhat.
12
Agenda: Company – Economic events
Monday April 18, 2011 Tuesday April 19, 2011 Wednesday April 20, 2011 Thursday April 21, 2011 Friday April 22, 2011
Company results Company results Company results Company results Company results
Citigroup Actelion Abbott Laboratories Du Pont
Kühne & Nagel Goldman Sachs American Express General Electric
Philips Electronics IBM Amgen Honeywell
Texas Instruments Intel AT&T McDonald's
Johnson & Johnson United Technologies Newmont Mining
Novartis Nokia
Temenos Philip Morris International
Tesco Schlumberger
US Bancorp Verizon Communications
Economic events Economic events Economic events Economic events Economic events
10:00 US NAHB Housing Market Index 01:00 JN Consumer Confidence 10:00 US Existing Home Sales MoM 01:00 JN Leading Index Ci
10:00 EC Euro-Zone Consumer Confi. 02:00 EC EU 25 New Car Registrat. 10:00 US Existing Home Sales 04:30 GE IFO – Business Climate
05:00 EC Construction Output WDA 04:30 UK Retail Sales Ex Auto Fuel YoY
08:30 US Building Permits MOM% 08:30 US Initial Jobless Claims
08:30 US Housing Starts MOM% 08:30 US Continuing Claims
10:00 US House Price Index MoM
10:00 US Leading Indicators
10:00 US Philadelphia Fed.
13
Figures
Switzerland
SMI 6378.4 -1.2% -1.7% 0.2% -4.3% -9.7%
SPI 5819.1 -1.2% -1.4% 0.3% -3.0% -6.0%
SMIM 1403.9 -0.8% -0.8% -1.3% 6.1% 15.0%
United States
Dow Jones 12271.0 -1.3% 5.2% 6.7% 8.7% 26.0%
S&P500 1314.4 -1.6% 2.9% 5.1% 5.5% 13.3%
Nasdaq 2761.5 -1.4% 1.2% 4.3% 24.2% 24.2%
S&P 400 Midcap 974.1 -2.6% 5.7% 7.8% 27.8% 33.5%
S&P 600 Smallcap 435.6 -3.7% 3.5% 5.1% 24.3% 19.0%
Brazil
Brazil Bovespa 66486.5 -3.7% -6.0% -4.1% 6.2% 74.5%
Europe
Stoxx50 2607.7 -0.7% -1.7% 2.0% -4.1% -9.2%
Euro-Stoxx 50 2927.6 -0.7% 1.5% 6.0% -9.0% -4.9%
Stoxx 600 277.5 -1.1% -1.3% 1.7% 0.5% -0.4%
Great Britain
FTSE100 5974.8 -0.5% 1.0% 3.1% 15.7% 22.2%
Germany
Dax Xetra 7153.9 -0.5% 1.5% 3.8% 8.7% 21.3%
France
CAC40 3982.3 -1.0% 0.8% 5.3% -5.7% -6.1%
Italy
FTSE MIB 21920.3 -1.0% 3.7% 9.6% -24.0% -27.5%
Japan
Nikkei 225 9653.9 0.6% -8.1% -4.9% -23.7% -39.5%
Russia
Russian RTS 2042.3 -2.3% 9.8% 16.5% 0.8% 39.2%
China
Shanghai B Share 328.3 1.8% 6.4% 7.7% 35.0% 288.0%
Emerging Markets
MSCI EM 1185.3 -1.5% 2.2% 3.3% 9.8% 65.7%
United States
Energy 300.3 -4.0% 8.6% 11.5% 1.5% 50.1%
Materials 174.3 -3.7% 1.8% 2.6% -4.4% 35.6%
Industrial 145.8 -2.4% 4.4% 7.2% 5.1% 17.7%
Consumer Discretionary 116.5 -0.9% 3.8% 4.6% 34.3% 26.2%
Consumer Staples 121.9 0.7% 4.5% 4.7% 18.9% 51.2%
Health Care 105.7 0.3% 5.3% 7.6% 15.0% 20.9%
Financials 73.6 -2.5% -0.5% 2.6% -27.5% -40.1%
Information Technology 94.8 -0.8% -1.1% 2.6% 22.9% 27.7%
Telecommunications 38.8 -0.6% 5.2% 3.5% 9.7% 26.7%
Utility 95.4 -1.9% 1.5% 2.5% -11.2% 22.8%
Europe
Energy 175.8 -2.5% 1.3% 5.6% 0.7% -5.1%
Materials 263.1 -1.4% -0.7% -0.5% -5.6% 33.5%
Industrial 156.9 -2.6% -1.7% 0.9% 0.6% 3.7%
Consumer Discretionary 95.2 -2.3% -4.6% -2.4% 10.5% 0.9%
Consumer Staples 151.9 0.2% 0.6% -1.5% 10.1% 33.0%
Health Care 94.9 0.6% -0.7% 0.6% 8.5% -15.5%
Financials 63.0 0.1% 0.6% 7.6% -36.7% -47.9%
Information Technology 50.4 -1.9% 0.2% 4.5% -16.4% -38.3%
Telecommunications 73.0 -1.0% 2.4% 5.2% -2.7% 7.5%
Utility 120.6 0.8% 3.2% 4.8% -26.4% -6.9%
14
Performance SMI-members since 1.1.2011 Performance Euro Stoxx 50-members since 1.1.2011
10.7 SYNGENTA AG-REG 24.6 AXA SA
5.4 TOTAL SA
15
Markets and Forecasts at a Glance
Equity Indices
12mth fwd 12mth Earnings Dividend
31.12.10 13.04.11 YTD Risk Premium 3mth* 12mth*
P/E Growth Yield
S&P 500 1258 1314 4.5% 13.1 14.6% 2.2% 4.2% ≈ ↓
DJ Euro Stoxx 50 2793 2928 4.9% 9.5 11.8% 4.4% 7.1% ↑ ↑
FTSE 100 5900 5975 1.3% 10.3 16.8% 3.4% 6.1% ↓ ≈
SMI 6436 6380 -0.9% 11.6 9.8% 3.0% 6.5% ↓ ↓
Topix** 899 847 -5.8% 12.6 11.0% 2.1% 6.7% ≈ ≈
MSCI EM USD 1151 1185 2.9% 11.1 15.7% 2.3% 2.7% ↑ ↑
Sources: Clariden Leu, Datastream, Bloomberg, IBES * relative to MSCI World / ** one day after
Equity Outlook relative to MSCI World Fixed Income Outlook relative to Cash
Regions 3mth 12mth Sectors 3mth 12mth 3mth 12mth
North America = - Energy + + Government CHF = -
UK - = Materials + + EUR = -
Europe ex UK ex CH + + Industrials = + USD = -
Switzerland - - Cons. Discretionary - - Investment Grade + +
Japan = = Consumer Staples - + Emerging Market Bonds = +
EMMA Asia + + Health Care = - High Yield Bonds +(++) +
EMMA Latin America + + Financials + = Convertible Bonds =(+) +
EMMA Eastern Europe = + Inf. Technology - +
Rating: ++ highly favorable + favorable = neutral – unfavorable
Telecom + -
-- Highly unfavorable
Utilities = - Source: Clariden Leu
Interest Rates
Central Bank Interest Rates (Last forecast change as of 06.04.11) Yield in %
4.0
31.12.10 (%) 14.04.11 (%) YTD (Bp) 12mth LIBOR
USA 0.25 0.25 0 0.50% ↑
Eurozone 1.00 1.25 25 1.75% ↑ 3.0
Risk averse
Commodities
31.12.10 14.04.11 YTD 3mth 12mth
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011
Gold per oz 1418.75 1461.2 3% = ↑
Source: Datastream, Clariden Leu
Oil (WTI) per barrel 91.38 107.11 17% = ↑ ↑ positive outlook ≈ neutral outlook ↓ negative outlook
Country USA
• Opportunities: Economic recovery, increasing alumina
sales prices, completed cost reductions, energy mix
mainly consists of renewable energies.
Model Portfolio Yes • Risks: Global excess capacity and high aluminium inven-
Valor/Bloomberg/Reuters 986'052/aa us /AA.N tories, economic risks (e.g. downturn in China), compos-
ites replacing aluminium (e.g. in aircraft construction).
Risk Class Dynamic
• Conclusion: Attractive medium-term upside potential.
AL CO A 14 .0 4.2 0 11
Aluminium price increases surpass cost inflation 50 50
interest rates may trigger their sale. Despite this risk, though,
10 10
the aluminum price has so far risen much faster than Alcoa's
production costs. As with other metals shares, the short-term 5 5
risks for Alcoa are high (energy prices, slowdown in China). In the 2 006 2007 2008 2009 2010
ALC OA
medium term, however, the stock offers substantial upside. H OCH 46 .4 5 18 .0 7. 20 07 ,TIEF 5 .4 8 1 8 .03 .2 00 9 ,SCHL USS So
16 .5
ur5ce:
1 3Th
.04omso
.2 01 n
1 Dat ast rea m
17
ALCOA INC
Profit & Loss 2008 2009 2010 2011E 2012E Earnings Per Share
USD mn 3.5
Sales 26'901 18'439 21'013 24'509 25'610 3.0
EBITDA 3'313 359 2'705 4'420 4'715 2.5
Operating profit 2'079 -952 1'254 3'044 3'633 2.0
1.5
Margin 8% -5% 6% 12% 14%
1.0
Net profit -74 -1'151 254 1'512 1'618
0.5
0.0
Balance Sheet 2008 2009 2010 -0.5
USD mn -1.0
Total Assets 37'822 38'472 39'293 -1.5
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Total Liabilities 23'490 22'952 22'207
Total Shareholders' Equity 14'332 15'520 17'086
Net debt 9'816 8'378 7'622
Net debt/Equity 0.7 0.5 0.4
P/E Ratio
35
Per Share Data 2008 2009 2010 2011E 2012E
30
USD
EPS 1.0 -0.9 0.5 1.4 1.6 25
Dividend 0.7 0.3 0.1 0.1 0.1 20
Book Value 14.6 12.7 13.3 14.1 15.7 15
10
Ratios 2008 2009 2010 2011E 2012E
P/E 12.1 n.m. 28.5 11.9 10.6 5
P/Book 0.8 1.3 1.2 1.2 1.1 0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
P/Sales 0.3 0.8 0.7 0.7 0.7
EV/EBITDA 6.5 75.9 9.9 6.4 5.7
EV/Sales 0.8 1.5 1.3 1.2 1.0
Dividend yield 6.0% 1.6% 0.8% 0.7% 0.9%
Operating Margin (%)
16
Profitability 2008 2009 2010 2011E 2012E 14
ROE -1% -10% 2% 10% 10%
12
ROA 0% -3% 1% 5% 5%
10
8
Coverage Ratios 2008 2009 2010 2011E 2012E
6
Net debt/EBITDA 3.0 23.3 2.8 1.6 1.2
Div payout 244% n.m. 47% 9% 9% 4
2
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Issuer Information
Market Cap. (m) 17'588
Fiscal year end 12/2010
ISIN Number US0138171014 Event Calendar
Last price USD 16.6 14.04.2011 July 11, 2011 Quarterly results
52 week high USD 18.5 08.04.2011 May 4, 2011 Dividend ex date
52 week low USD 9.8 01.07.2010
Geographic Sales Split 2008 2009 2010 Product Sales Split 2008 2009 2010
U.S. 14'335 9'546 10'560 50% Aluminium 8'021 5'252 7'070 34%
Australia 3'228 2'287 2'842 14% Flat-rolled aluminium products 8'966 6'069 6'277 30%
Spain 1'733 1'099 1'234 6% Aluminium components 6'199 4'689 4'584 22%
Brazil 1'287 897 1'182 6% Alumina 2'924 2'161 2'815 13%
Netherlands 1'263 1'002 940 4% Adjustment 791 268 267 1%
Norway 24 477 809 4%
Other 3'023 1'122 1'436 16%
*) Data is directly imported from Bloomberg and may deviate from adjusted figures on the 1st page.
The information and opinions expressed in this document were produced by the Investment Research department of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. The report is published solely for
information purposes and does not constitute an offer or an invitation by, or on behalf of, Clariden Leu Ltd. to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction . It
has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Although the information has been obtained from and is based up on sources that Clariden Leu Ltd. believes to be reliable, no
representation is made that the information is accurate or complete. Clariden Leu Ltd. does not accept liability for any loss arising from the use of thi s report. The price and value of investments mentioned and any income that might accrue
may fluctua e and may rise or fall. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise
constitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any
products mentioned in this document. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Risks include but are not necessarily limited to: political risks, currency risks,
and market risks. Before entering into any transaction, investors should consider the suitability of the transact ion to individual circumstances and objectives. Cl ar iden Leu Ltd. recommends that investors independently assess, with a
professional financial advisor, the specific financial risks as well as legal , regulatory, credit, tax and accounting consequences. Clariden Leu Ltd. may, to the extent permitted by law, participate or invest in other financing transactions with
the issuer of the securities referred to herein, perform services or solicit business from such i ssuers, and/or have a position or effect transactions in the securities or options thereof. Neither this document nor any copy thereof may be
sent , taken into or distributed in the United Stat es or in Japan or to any US Person. Local law or regulation may restrict the distribution of research reports into certain jurisdiction. This document may not be reproduced either in whole or in
part, without the written permisson of Cl ariden Leu Ltd. © Clariden Leu Ltd. All rights reserved.
18
Company Note
13.04.2011
Country Switzerland
• Company aims to raise cash return to shareholders after
reducing its leverage ratio from the current 29% to
25%. This likely means higher dividends from 2012 on-
Model Portfolio No wards.
Valor/Bloomberg/Reuters 1'064'593/givn vx /GIVN.VX • Target price still assumes a premium both to its direct
competitor IFF and to other Swiss chemical stocks.
Risk Class Moderate
19
GIVAUDAN-REG
Profit & Loss 2008 2009 2010 2011E 2012E Earnings Per Share
CHF mn 80.0
Sales 4'087 3'959 4'239 4'225 4'423 70.0
EBITDA 822 758 866 933 1'010 60.0
Operating profit 467 463 557 655 772
50.0
Margin 11% 12% 13% 16% 17%
40.0
Net profit 111 199 340 500 583
30.0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Total Liabilities 4'904 4'401 3'477
Total Shareholders' Equity 2'093 2'812 3'446
Net debt 3'091 2'230 1'299
Net debt/Equity 147.7% 79.3% 37.7%
P/E Ratio
90
Per Share Data 2008 2009 2010 2011E 2012E 80
CHF 70
EPS 29.1 40.5 62.4 57.3 65.0 60
Dividend 9.4 20.6 21.5 26.0 30.3 50
Book Value 277.2 336.4 378.9 396.5 408.0 40
30
Ratios 2008 2009 2010 2011E 2012E 20
P/E 53.2 33.0 26.6 16.3 14.4 10
P/Book 2.8 2.5 2.7 2.4 2.3 0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
P/Sales 1.4 1.7 2.1 2.0 1.9
EV/EBITDA 11.0 12.0 12.1 10.4 9.4
EV/Sales 2.2 2.3 2.5 2.3 2.1
Dividend yield 1.2% 2.5% 2.1% 2.8% 3.2%
Operating Margin (%)
20
Profitability 2008 2009 2010 2011E 2012E 18
ROE 5% 8% 11% 14% 16% 16
ROA 1% 3% 5% 7% 9% 14
12
10
Coverage Ratios 2008 2009 2010 2011E 2012E
8
Net debt/EBITDA 3.8 2.9 1.5 1.2 0.8 6
Div payout 65% 88% 58% 45% 47% 4
2
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Issuer Information
Market Cap. (m) 8'624
Fiscal year end 12/2010
ISIN Number CH0010645932 Event Calendar
Last price CHF 934.0 13.04.2011 04.08.2011 Semi annual result
52 week high CHF 1037.1 08.12.2010 29.03.2012 Dividend ex date
52 week low CHF 841.3 25.05.2010
Geographic Sales Split 2008 2009 2010 Product Sales Split 2008 2009 2010
Rest of Europe 1'449 1'311 1'313 31% Flavours 2'189 2'135 2'251 53%
Asia Pacific 864 916 1'046 25% Fragrances 1'898 1'824 1'988 47%
USA and Canada 1'003 944 999 24%
Latin America 453 459 515 12%
Africa, Middle East 270 279 315 7%
Switzerland 48 50 51 1%
*) Data is directly imported from Bloomberg and may deviate from adjusted figures on the 1st page.
The information and opinions expressed in this document were produced by the Investment Research department of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. The report is published solely for
information purposes and does not constitute an offer or an invitation by, or on behalf of, Clariden Leu Ltd. to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction . It
has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Although the information has been obtained from and is based up on sources that Clariden Leu Ltd. believes to be reliable, no
representation is made that the information is accurate or complete. Clariden Leu Ltd. does not accept liability for any loss arising from the use of thi s report. The price and value of investments mentioned and any income that might accrue
may fluctua e and may rise or fall. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise
constitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any
products mentioned in this document. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Risks include but are not necessarily limited to: political risks, currency risks,
and market risks. Before entering into any transaction, investors should consider the suitability of the transact ion to individual circumstances and objectives. Cl ar iden Leu Ltd. recommends that investors independently assess, with a
professional financial advisor, the specific financial risks as well as legal , regulatory, credit, tax and accounting consequences. Clariden Leu Ltd. may, to the extent permitted by law, participate or invest in other financing transactions with
the issuer of the securities referred to herein, perform services or solicit business from such i ssuers, and/or have a position or effect transactions in the securities or options thereof. Neither this document nor any copy thereof may be
sent , taken into or distributed in the United Stat es or in Japan or to any US Person. Local law or regulation may restrict the distribution of research reports into certain jurisdiction. This document may not be reproduced either in whole or in
part, without the written permisson of Cl ariden Leu Ltd. © Clariden Leu Ltd. All rights reserved.
20
Company Note
14.04.2011
Last Event: Iron ore output at Rio Tinto dropped by 3% to 42 5500 5500
China suggest that the current margins are not sustainable in the 500 500
medium term. Thanks to its low production costs, however, Rio is 2 006 2007 2008 2009 2010
RIO TIN TO
more resilient to bad news than other mining companies. H OCH 56 8 4.4 3 14 .0 5. 20 0 8,TIEF 9 48 .3 7 03 .1 2. 20 08 ,SCH LU SS 44 3Th
2.3omso
9
So ur ce: n Dat ast rea m
21
RIO TINTO PLC
Profit & Loss 2008 2009 2010 2011E 2012E Earnings Per Share
USD mn 700.0
Sales 54'264 41'825 56'576 66'140 66'690
600.0
EBITDA 18'964 10'920 22'748 32'785 32'648
500.0
Operating profit 15'489 7'493 19'311 29'169 27'975
Margin 29% 18% 34% 44% 42% 400.0
Net profit 3'676 4'872 14'324 19'191 18'879 300.0
200.0
Balance Sheet 2008 2009 2010
USD mn 100.0
Total Assets 89'616 97'236 112'402 0.0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Total Liabilities 67'155 51'311 47'128
Total Shareholders' Equity 22'461 45'925 65'274
Net debt 38'607 18'309 3'872
Net debt/Equity 1.7 0.4 0.1
P/E Ratio
45
Per Share Data 2008 2009 2010 2011E 2012E 40
GBp 35
EPS 361.9 207.5 461.9 609.4 603.6 30
Dividend 61.3 28.8 69.9 73.3 78.1 25
Book Value 911.1 1384.6 1910.9 2365.4 2839.1 20
15
Ratios 2008 2009 2010 2011E 2012E 10
P/E 6.2 18.1 9.5 7.1 7.2 5
P/Book 1.4 2.4 2.3 1.8 1.5 0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
P/Sales 0.5 2.3 2.4 2.2 2.2
EV/EBITDA 3.6 11.7 6.5 4.6 4.3
EV/Sales 1.3 3.1 2.6 2.3 2.1
Dividend yield 6.3% 0.8% 1.5% 1.7% 1.8%
Operating Margin (%)
50
Profitability 2008 2009 2010 2011E 2012E 45
ROE 16% 15% 28% 29% 24% 40
ROA 4% 5% 14% 22% 19% 35
30
25
Coverage Ratios 2008 2009 2010 2011E 2012E
20
Net debt/EBITDA 2.0 1.7 0.2 -0.1 -0.3 15
Div payout 39% 17% 15% 12% 13% 10
5
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Issuer Information
Market Cap. (m) 89'225
Fiscal year end 12/2010
ISIN Number GB0007188757 Event Calendar
Last price GBp 4327.0 14.04.2011 August 4, 2011 Quarterly results
52 week high GBp 4717.5 09.02.2011 August 10, 2011 Dividend ex date
52 week low GBp 2751.0 20.05.2010
Geographic Sales Split 2008 2009 2010 Product Sales Split 2008 2009 2010
China 10'934 10'691 16'743 30% Iron ore 16'527 12'598 24'024 42%
North America 12'984 10'190 11'187 20% Aluminium 18'297 12'038 15'206 27%
Japan 8'825 5'921 9'410 17% Copper 5'748 6'206 7'782 14%
Europe 12'015 6'337 8'682 15% Other 7'378 4'743 5'734 10%
Rest of the world 13'307 10'897 14'301 25% Energy 8'018 6'709 5'652 10%
Adjustments -3'801 -2'211 -3'747 -7% Diamonds, minerals 3'820 2'618 3'035 5%
Consolidation, minorities -5'524 -3'087 -4'857 -9%
*) Data is directly imported from Bloomberg and may deviate from adjusted figures on the 1st page.
The information and opinions expressed in this document were produced by the Investment Research department of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. The report is published solely for
information purposes and does not constitute an offer or an invitation by, or on behalf of, Clariden Leu Ltd. to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction . It
has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Although the information has been obtained from and is based up on sources that Clariden Leu Ltd. believes to be reliable, no
representation is made that the information is accurate or complete. Clariden Leu Ltd. does not accept liability for any loss arising from the use of thi s report. The price and value of investments mentioned and any income that might accrue
may fluctua e and may rise or fall. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise
constitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any
products mentioned in this document. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Risks include but are not necessarily limited to: political risks, currency risks,
and market risks. Before entering into any transaction, investors should consider the suitability of the transact ion to individual circumstances and objectives. Cl ar iden Leu Ltd. recommends that investors independently assess, with a
professional financial advisor, the specific financial risks as well as legal , regulatory, credit, tax and accounting consequences. Clariden Leu Ltd. may, to the extent permitted by law, participate or invest in other financing transactions with
the issuer of the securities referred to herein, perform services or solicit business from such i ssuers, and/or have a position or effect transactions in the securities or options thereof. Neither this document nor any copy thereof may be
sent , taken into or distributed in the United Stat es or in Japan or to any US Person. Local law or regulation may restrict the distribution of research reports into certain jurisdiction. This document may not be reproduced either in whole or in
part, without the written permisson of Cl ariden Leu Ltd. © Clariden Leu Ltd. All rights reserved.
22
Company Note
13.04.2011
23
SANOFI-AVENTIS
Profit & Loss 2008 2009 2010 2011E 2012E Earnings Per Share
EUR mn 8.0
Sales 27'568 29'306 30'384 30'742 31'601
6.0
EBITDA 10'833 12'805 12'570 12'625 12'211
4.0
Operating profit 6'457 7'818 7'904 9'914 9'331
Margin 23% 27% 26% 32% 30% 2.0
Net profit 7'068 8'826 9'215 8'758 8'061 0.0
-2.0
Balance Sheet 2008 2009 2010
EUR mn -4.0
Total Assets 71'987 80'049 85'264 -6.0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Total Liabilities 26'916 31'603 31'976
Total Shareholders' Equity 45'071 48'446 53'288
Net debt 1'780 4'135 1'795
Net debt/Equity 3.9% 8.5% 3.4%
P/E Ratio
60
Per Share Data 2008 2009 2010 2011E 2012E
50
EUR
EPS 5.4 6.8 7.1 6.8 6.2 40
Dividend 2.2 2.4 2.5 2.6 2.6
30
Book Value 34.4 36.8 40.7 41.4 43.4
20
Ratios 2008 2009 2010 2011E 2012E
10
P/E 15.4 14.1 12.3 7.6 8.3
P/Book 1.3 1.5 1.2 1.2 1.2 0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
P/Sales 2.2 2.5 2.1 2.2 2.1
EV/EBITDA 5.7 6.0 5.1 5.5 5.6
EV/Sales 2.2 2.6 2.1 2.2 2.2
Dividend yield 4.8% 4.4% 5.2% 5.0% 5.1%
Operating Margin (%)
40
Profitability 2008 2009 2010 2011E 2012E 35
ROE 9% 11% 11% 15% 14%
30
ROA 5% 7% 7% 9% 9%
25
20
Coverage Ratios 2008 2009 2010 2011E 2012E
15
Net debt/EBITDA 0.2 0.3 0.1 0.1 0.1
Div payout 75% 62% 65% 38% 42% 10
5
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Issuer Information
Market Cap. (m) 67'465
Fiscal year end 12/2010
ISIN Number FR0000120578 Event Calendar
Last price EUR 51.5 13.04.2011 28.04.2011 Quarterly result
52 week high EUR 55.4 14.04.2010 16.05.2011 Dividend ex date
52 week low EUR 44.0 30.07.2010
Geographic Sales Split 2008 2009 2010 Product Sales Split 2008 2009 2010
Emerging Markets 9'075 30% Pharmaceuticals 24'707 25'823 26'576 87%
Europe 12'096 12'059 8'997 30% Vaccines 2'861 3'483 3'808 13%
United States 8'609 9'426 8'968 29%
Rest of the World 6'863 7'821 3'344 11%
*) Data is directly imported from Bloomberg and may deviate from adjusted figures on the 1st page.
The information and opinions expressed in this document were produced by the Investment Research department of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. The report is published solely for
information purposes and does not constitute an offer or an invitation by, or on behalf of, Clariden Leu Ltd. to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction . It
has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Although the information has been obtained from and is based up on sources that Clariden Leu Ltd. believes to be reliable, no
representation is made that the information is accurate or complete. Clariden Leu Ltd. does not accept liability for any loss arising from the use of thi s report. The price and value of investments mentioned and any income that might accrue
may fluctua e and may rise or fall. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise
constitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any
products mentioned in this document. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Risks include but are not necessarily limited to: political risks, currency risks,
and market risks. Before entering into any transaction, investors should consider the suitability of the transact ion to individual circumstances and objectives. Cl ar iden Leu Ltd. recommends that investors independently assess, with a
professional financial advisor, the specific financial risks as well as legal , regulatory, credit, tax and accounting consequences. Clariden Leu Ltd. may, to the extent permitted by law, participate or invest in other financing transactions with
the issuer of the securities referred to herein, perform services or solicit business from such i ssuers, and/or have a position or effect transactions in the securities or options thereof. Neither this document nor any copy thereof may be
sent , taken into or distributed in the United Stat es or in Japan or to any US Person. Local law or regulation may restrict the distribution of research reports into certain jurisdiction. This document may not be reproduced either in whole or in
part, without the written permisson of Cl ariden Leu Ltd. © Clariden Leu Ltd. All rights reserved.
24
Company Note
12.04.2011
SUL Z ER R 12 .0 4.2 0 11
Complementary acquisition in the pump segment 200 200
Last Event: Sulzer plans to take over the wastewater pump arm
180 180
of Swedish Cardo Flow Solutions for CHF 858 m. CF Solutions is
a full-service provider of pumps and related equipment chiefly
160 160
for the wastewater sector. The company posted sales of CHF
463 m in 2010.
140 140
Outlook: The planned takeover will mark Sulzer’s active entry
into the attractive wastewater pump market, giving it a strong 120 120
foothold there. The wastewater pump business is less cyclical
than pump activities in the oil and gas markets, which is why 100 100
economic cycles are likely to be better navigated. The takeover
should have a positive impact on earnings per share as of 2012. 80 80
It is to be financed by disposable liquid funds and borrowed
capital. The takeover makes sense since it rounds out Sulzer’s 60 60
range of pump products and Cardo Flow can benefit from Sul-
zer’s strong global service network. Sulzer will strengthen its 40 40
growth profile through the acquisition. 2006 2007 2008 2009 2 010
SULZE R 'R'
H OCH 18 5 .90 1 2. 11 .2 00 7 ,TI EF 43 .0 0 02 .0 3.2 0 09 ,SCH LUSS
So14 6. 60Th1omso
ur ce: 1. 04 .2
n 01
Dat1 ast rea m
25
SULZER AG-REG
Profit & Loss 2008 2009 2010 2011E 2012E Earnings Per Share
CHF mn 12.0
Sales 3'714 3'350 3'184 3'499 3'909
10.0
EBITDA 575 471 508 526 604
Operating profit 475 360 403 423 484 8.0
Margin 13% 11% 13% 12% 12%
6.0
Net profit 323 270 300 297 338
4.0
Balance Sheet 2008 2009 2010
2.0
CHF mn
Total Assets 3'430 3'384 3'492 0.0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Total Liabilities 1'884 1'595 1'591
Total Shareholders' Equity 1'546 1'789 1'901
Net debt -306 -671 -553
Net debt/Equity -19.8% -37.5% -29.1%
P/E Ratio
30
Per Share Data 2008 2009 2010 2011E 2012E
25
CHF
EPS 9.6 9.1 9.0 8.7 10.1 20
Dividend 2.8 2.8 3.0 2.9 3.3
15
Book Value 44.9 52.9 56.2 61.5 68.1
10
Ratios 2008 2009 2010 2011E 2012E
5
P/E 6.3 10.1 16.0 16.6 14.4
P/Book 1.3 1.5 2.5 2.4 2.1 0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
P/Sales 0.5 0.8 1.5 1.4 1.3
EV/EBITDA 3.1 4.4 8.4 8.0 6.7
EV/Sales 0.5 0.6 1.3 1.2 1.0
Dividend yield 4.7% 3.5% 2.1% 2.0% 2.3%
Operating Margin (%)
14
Profitability 2008 2009 2010 2011E 2012E
12
ROE 21% 16% 16% 15% 15%
ROA 9% 8% 9% 11% 12% 10
8
Coverage Ratios 2008 2009 2010 2011E 2012E 6
Net debt/EBITDA -0.5 -1.4 -1.1 -1.4 -1.5
4
Div payout 30% 35% 34% 33% 33%
2
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Issuer Information
Market Cap. (m) 4'968
Fiscal year end 12/2010
ISIN Number CH0038388911 Event Calendar
Last price CHF 145.0 12.04.2011 21.07.2011 Semi annual result
52 week high CHF 152.3 08.04.2011 18.04.2011 Dividend ex date
52 week low CHF 88.2 25.05.2010
Geographic Sales Split 2008 2009 2010 Product Sales Split 2008 2009 2010
Europe 1'290 1'047 1'024 32% Sulzer Pumps 1'817 1'857 1'576 50%
North America 997 952 840 26% Sulzer Metco 744 556 624 20%
Asia, Australia 1'026 885 803 25% Sulzer Chemtech 823 632 575 18%
Latin America 247 239 324 10% Sulzer Turbo Service 314 291 399 13%
Africa 154 228 192 6% Consolidation 16 14 10 0%
*) Data is directly imported from Bloomberg and may deviate from adjusted figures on the 1st page.
The information and opinions expressed in this document were produced by the Investment Research department of Clariden Leu Ltd. as of the date of writing and are subject to change without notice. The report is published solely for
information purposes and does not constitute an offer or an invitation by, or on behalf of, Clariden Leu Ltd. to buy or sell any securities or related financial instruments or to participate in any particular trading strategy in any jurisdiction . It
has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Although the information has been obtained from and is based up on sources that Clariden Leu Ltd. believes to be reliable, no
representation is made that the information is accurate or complete. Clariden Leu Ltd. does not accept liability for any loss arising from the use of thi s report. The price and value of investments mentioned and any income that might accrue
may fluctua e and may rise or fall. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise
constitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any
products mentioned in this document. Investments in emerging markets are speculative and considerably more volatile than investments in established markets. Risks include but are not necessarily limited to: political risks, currency risks,
and market risks. Before entering into any transaction, investors should consider the suitability of the transact ion to individual circumstances and objectives. Cl ar iden Leu Ltd. recommends that investors independently assess, with a
professional financial advisor, the specific financial risks as well as legal , regulatory, credit, tax and accounting consequences. Clariden Leu Ltd. may, to the extent permitted by law, participate or invest in other financing transactions with
the issuer of the securities referred to herein, perform services or solicit business from such i ssuers, and/or have a position or effect transactions in the securities or options thereof. Neither this document nor any copy thereof may be
sent , taken into or distributed in the United Stat es or in Japan or to any US Person. Local law or regulation may restrict the distribution of research reports into certain jurisdiction. This document may not be reproduced either in whole or in
part, without the written permisson of Cl ariden Leu Ltd. © Clariden Leu Ltd. All rights reserved.
26
EQUITIES
14.04.2011 / Investment Research, Tel. +41 58 205 75 75
Company Country Rec. Risk Valor Reuters Bloom- Cur- Price 52 Weeks Performance P/E P/E Div. Market Last
berg rency 13.04.2011 high / low 12 months 2011 2012 Yield Cap CHF Update
EQUITIES EUROPE
Energy 9.5 8.6 561.6
BG GROUP GB OP M 1'007'667 BG.L bg/ ln GBp 1'497.00 1'595.00 966.90 29.66 17.3 15.6 1.0 73.9 02/11
BP PLC GB OP D 844'183 BP.L bp/ ln GBp 464.20 658.20 296.00 -28.05 6.4 6.4 3.9 127.4 02/11
FUGRO NL OP M 2'165'936 FUGRc.AS fur na EUR 62.52 63.68 36.87 19.22 15.7 13.1 2.5 6.3 03/11
ROYAL DUTCH SHELL A NL OP C 1'987'674 RDSa.AS rdsa na EUR 25.28 26.74 19.73 11.57 8.8 7.8 4.6 204.6 02/11
TOTAL FR MP M 524'773 TOTF.PA fp fp EUR 42.05 44.55 35.66 -4.00 7.8 7.4 5.6 127.1 02/11
TRANSOCEAN CH MP A 4'826'551 RIG.N rig us USD 78.36 92.67 41.88 -10.32 14.0 11.7 3.0 22.3 03/11
Materials 10.6 9.3 519.9
BAYER DE MP M 10'367'293 BAYGn.DE bayn gr EUR 55.54 59.17 43.10 9.40 11.9 10.6 2.9 59.3 03/11
BHP BILLITON GB MP D 675'391 BLT.L blt ln GBp 2'540.00 2'653.50 1'678.00 9.47 9.9 8.4 2.3 230.8 02/11
GIVAUDAN CH MP M 1'064'593 GIVN.VX givn vx CHF 928.50 1'037.06 841.27 -2.02 16.3 14.3 2.8 8.6 04/11
HOLCIM CH MP M 1'221'405 HOLN.VX holn vx CHF 73.95 85.00 59.65 -9.17 17.9 14.1 2.1 24.3 03/11
K+S AG DE OP M 337'898 SDFG.DE sdf gr EUR 53.04 58.85 35.55 23.60 14.7 12.3 2.9 13.3 03/11
LONZA GROUP CH OP M 1'384'101 LONN.VX lonn vx CHF 72.45 90.95 65.75 -14.21 12.5 10.7 2.9 3.8 04/11
RIO TINTO GB OP D 402'589 RIO.L rio ln GBp 4'408.50 4'717.50 2'751.00 10.23 7.2 7.3 1.7 131.2 04/11
SYNGENTA CH OP M 1'103'746 SYNN.VX synn vx CHF 305.00 324.30 222.00 9.40 17.4 15.6 2.3 28.7 02/11
THYSSEN KRUPP DE MP M 412'006 TKAG.DE tka gy EUR 29.82 32.32 19.68 12.32 13.9 8.6 2.1 19.9 02/11
Capital Goods 14.0 12.5 220.9
ABB CH OP M 1'222'171 ABBN.VX abbn vx CHF 21.82 23.46 17.87 -5.69 16.4 14.3 2.8 50.4 02/11
ALSTOM FR MP M 2'229'080 ALSO.PA alo fp EUR 43.75 48.94 30.78 -7.95 15.0 12.8 2.6 16.6 01/11
GEBERIT CH MP M 3'017'040 GEBN.VX gebn vx CHF 201.00 219.90 159.10 7.00 18.5 16.7 3.2 8.3 03/11
KABA CH OP M 1'179'595 KABN.S kabn sw CHF 387.00 407.50 270.00 21.67 14.0 13.8 2.4 1.5 03/11
PHILIPS ELECTRONICS NL OP D 1'106'818 PHG.AS phia na EUR 21.43 27.01 20.58 -13.87 11.9 10.4 3.7 27.2 01/11
SCHWEITER CH OP D 1'075'492 swtq.s swtq sw CHF 665.00 780.00 525.00 7.46 17.3 13.3 1.7 1.0 03/11
SIEMENS DE OP M 827'766 SIEGn.DE sie gy EUR 93.74 99.39 67.00 27.44 12.7 11.8 3.3 110.8 03/11
SULZER CH OP D 3'838'891 SUN.S sun sw CHF 143.70 152.30 88.15 37.35 17.1 14.9 1.9 5.1 04/11
Commercial Services 20.1 17.4 13.0
SGS CH OP M 249'745 SGSN.VX sgsn vx CHF 1'657.00 1'680.00 1'310.58 13.48 20.1 17.4 3.1 13.0 01/11
Automobiles 9.2 8.0 184.0
BMW DE MP D 324'410 BMWG.DE bmw gy EUR 57.59 65.49 34.64 63.20 10.0 8.8 3.1 47.9 03/11
DAIMLER DE MP D 945'657 DCXGn.DE dai gr EUR 50.98 59.09 35.30 36.30 9.5 8.1 4.3 69.1 02/11
GEORG FISCHER REG CH OP D 175'230 FIN.S fi/n sw CHF 532.50 578.50 327.75 35.17 13.6 10.9 2.3 2.2 03/11
VOLKSWAGEN PREF. DE OP D 352'781 VOWG_p.D vow3 gy EUR 111.60 139.45 64.02 61.50 8.2 7.1 2.4 64.8 03/11
27
Company Country Rec. Risk Valor Reuters Bloom- Cur- Price 52 Weeks Performance P/E P/E Div. Market Last
berg rency 13.04.2011 high / low 12 months 2011 2012 Yield Cap CHF Update
EQUITIES EUROPE
Consumer Durables 17.8 15.6 133.7
ADIDAS DE OP M 11'730'015 ADSG.DE ads gy EUR 45.49 51.55 38.42 8.88 14.5 12.5 2.1 12.3 03/11
LVMH FR OP M 507'170 LVMH.PA mc fp EUR 111.20 129.05 78.26 23.35 18.3 16.2 2.2 70.7 03/11
RICHEMONT CH MP D 4'503'965 CFR.VX cfr vx CHF 51.15 57.75 35.50 24.19 19.0 16.2 1.3 29.6 01/11
SWATCH GROUP BR CH OP M 1'225'515 UHR.VX uhr vx CHF 393.80 434.80 279.70 19.41 16.7 14.5 1.5 21.1 02/11
Consumer Services 10.6 8.9 1.2
GATEGROUP HOLDING CH OP D 10'018'595 GATE.S gate sw CHF 44.30 53.50 30.50 10.38 10.6 8.9 1.4 1.2 04/11
Media 9.6 8.9 46.2
VIVENDI FR OP M 1'165'915 VIV.PA viv fp EUR 20.58 22.07 16.18 2.33 8.8 8.3 7.0 32.7 03/11
WPP GROUP IE OP M 4'635'625 WPP.L wpp ln GBp 734.00 864.00 603.50 3.76 11.6 10.4 2.8 13.5 03/11
Retailing 13.3 11.4 9.1
KINGFISHER GB OP M 1'626'624 KGF.L kgf ln GBp 263.80 272.90 196.70 10.84 13.3 11.4 2.5 9.1 03/11
Food & Staples Retailing 12.4 11.2 47.7
TESCO GB OP C 408'910 TSCO.L tsco ln GBp 406.00 454.90 364.90 -8.89 12.4 11.2 3.5 47.7 12/10
Food, Beverage & Tobacco 15.6 14.1 439.8
ANHEUSER-BUSCH INBEV BE OP M 1'147'290 ABI.BR abi bb EUR 41.57 46.33 35.06 11.03 15.9 14.0 1.8 86.5 03/11
BARRY CALLEBAUT CH OP M 900'296 BARN.S barn sw CHF 805.50 809.00 628.81 15.25 15.1 13.3 1.9 4.2 04/11
BRITISH AMERICAN TOBACCO GB OP M 909'525 BATS.L bats ln GBp 2'530.00 2'568.50 1'950.00 13.42 13.1 12.0 4.9 73.4 02/11
DANONE FR OP M 487'663 DANO.PA bn fp EUR 46.84 48.50 39.35 2.72 16.0 14.4 2.9 40.1 04/11
DIAGEO GB OP C 837'159 DGE.L dge ln GBp 1'200.00 1'266.00 1'024.00 3.72 15.1 13.8 3.4 43.8 02/11
LINDT & SPRÜNGLI REG CH MP M 1'057'075 LISN.S lisn sw CHF 31'000.00 31'200.00 25'155.00 9.82 26.7 24.2 1.6 6.9 03/11
NESTLE CH OP C 3'886'335 NESN.VX nesn vx CHF 52.55 56.90 48.92 -0.19 16.0 14.6 3.6 184.9 02/11
Household & Personal Products 13.8 12.2 22.2
HENKEL DE OP M 335'910 HNKG_p.DE hen3 gy EUR 43.74 48.59 35.69 6.15 13.8 12.2 1.8 22.2 02/11
Health Care Equipment & Services 18.6 16.9 44.3
FRESENIUS MEDICAL CARE DE OP C 520'878 FMEG.DE fme gy EUR 50.00 50.07 37.53 20.31 20.1 18.0 1.3 19.5 02/11
GALENICA AG CH MP M 1'553'646 GALN.S galn sw CHF 561.50 586.00 386.00 36.23 15.1 13.9 1.5 3.7 03/11
SONOVA CH MP D 1'254'978 SOON.VX soon vx CHF 84.90 139.20 81.60 -37.43 19.3 17.4 1.3 5.6 03/11
SYNTHES CH OP M 1'863'105 SYST.VX syst vx CHF 129.90 135.00 109.30 0.85 17.4 16.0 1.2 15.5 02/11
Pharma & Biotech 9.8 9.5 435.3
ACTELION CH MP D 1'053'247 ATLN.VX atln vx CHF 52.00 57.95 39.19 7.67 15.9 13.0 1.2 6.8 04/11
GLAXOSMITHKLINE GB UP M 1'102'657 GSK.L gsk ln GBp 1'246.00 1'324.00 1'088.00 -2.24 10.9 10.1 5.5 93.9 02/11
NOVARTIS CH OP C 1'200'526 NOVN.VX novn vx CHF 49.61 58.35 47.61 -11.76 10.1 10.0 4.4 131.4 04/11
ROCHE GS CH MP C 1'203'204 ROG.VX rog vx CHF 133.10 177.80 124.40 -23.86 9.9 9.0 5.4 116.3 04/11
SANOFI-AVENTIS FR MP M 699'381 SASY.PA san fp EUR 51.43 55.40 44.01 -6.69 7.6 8.2 5.0 86.9 04/11
Banks 9.4 7.8 449.7
BANCO SANTANDER ES MP A 817'651 SAN.EU san sm EUR 8.50 10.88 7.11 -22.29 7.9 6.7 7.0 91.2 02/11
28
Company Country Rec. Risk Valor Reuters Bloom- Cur- Price 52 Weeks Performance P/E P/E Div. Market Last
berg rency 13.04.2011 high / low 12 months 2011 2012 Yield Cap CHF Update
EQUITIES EUROPE
Banks 9.4 7.8 449.7
BARCLAYS GB OP A 1'399'446 BARC.L barc ln GBp 308.85 394.25 253.00 -18.27 9.0 7.0 2.3 54.3 02/11
BNP PARIBAS FR OP D 123'397 BNPP.PA bnp fp EUR 53.47 59.93 40.81 -8.56 7.4 6.5 4.5 81.7 02/11
HSBC HOLDINGS GB MP M 411'161 HSBA.L hsba ln GBp 661.60 739.50 595.20 -5.01 11.5 9.5 4.1 169.9 02/11
JULIUS BÄR CH OP M 10'248'496 BAER.VX baer vx CHF 39.64 44.50 29.57 4.01 14.1 11.9 1.7 8.1 02/11
SOCIETE GENERALE FR OP A 519'928 SOGN.PA gle fp EUR 46.64 52.70 29.71 0.07 7.5 6.2 4.6 44.5 02/11
Diversified Financials 7.7 6.8 159.5
DEUTSCHE BANK DE OP D 829'257 DBKGn.DE dbk gy EUR 42.69 55.25 35.93 -22.71 7.2 6.3 2.4 50.6 02/11
ING NL MP A 1'256'533 ING.AS inga na EUR 9.16 9.50 5.34 15.91 6.4 5.8 0.7 44.5 03/11
UBS CH OP D 2'489'948 UBSN.VX ubsn vx CHF 16.89 19.13 13.94 -9.09 8.9 7.9 0.2 64.4 02/11
Insurance 8.9 8.1 100.5
ALLIANZ DE OP M 322'646 ALVG.DE alv gy EUR 104.40 108.85 75.82 9.78 8.7 7.9 4.7 60.8 03/11
BALOISE CH MP M 1'241'051 BALN.VX baln vx CHF 92.55 103.60 73.40 -2.68 9.4 8.5 5.1 4.6 08/10
ZURICH FIN SERVICES CH OP M 1'107'539 ZURN.VX zurn vx CHF 241.20 257.20 207.45 -0.97 9.4 8.5 6.8 35.1 02/11
Software 16.6 14.8 72.2
SAP DE OP C 345'952 SAPG.DE sap gy EUR 44.05 45.05 33.60 21.09 16.4 14.7 1.6 69.8 01/11
TEMENOS CH OP D 1'245'391 TMNSF.PK temn sw CHF 33.45 39.55 23.40 7.58 21.3 18.3 0.0 2.4 02/11
Technology Hardware 13.8 12.1 37.5
ERICSSON SE OP M 614'663 ERICb.ST ericb ss SEK 80.25 90.45 68.85 0.51 13.8 12.2 3.1 36.6 01/11
KUDELSKI CH OP D 1'226'836 KUD.S kud sw CHF 16.75 34.95 14.80 -51.44 15.1 11.3 1.9 0.9 03/11
Telecommunication 10.8 10.5 374.6
DEUTSCHE TELEKOM DE MP M 1'026'592 DTEGn.DE dte gy EUR 11.09 11.21 8.51 9.28 14.5 13.8 6.4 61.9 03/11
FRANCE TELECOM FR OP M 720'128 FTE.PA fte fp EUR 15.70 17.57 14.01 -10.34 9.2 9.2 9.0 53.7 11/10
SWISSCOM CH OP C 874'251 SCMN.VX scmn vx CHF 407.50 433.50 356.80 2.96 11.0 10.6 5.5 21.1 02/11
TELEFONICA ES OP M 826'858 TEF.EU tef sm EUR 18.00 19.69 14.67 -1.05 9.7 9.3 8.9 105.7 03/11
VODAFONE GB OP M 2'582'928 VOD.L vod ln GBp 176.55 185.00 126.50 16.81 10.6 10.5 5.1 132.2 02/11
Utilities 11.4 10.4 227.7
E.ON DE MP M 4'334'819 EONGn.DE eoan gy EUR 22.51 28.93 20.21 -20.77 11.9 10.7 5.8 58.3 04/11
ENEL IT OP M 1'250'633 ENEI.MI enel im EUR 4.63 4.64 3.42 10.68 9.7 9.3 6.2 56.1 03/11
GDF SUEZ FR OP M 2'200'367 GAZEUR.PA gsz fp EUR 27.38 30.05 22.64 -4.90 13.0 11.6 5.8 79.2 04/11
RWE DE UP M 1'158'883 RWEG.DE rwe gy EUR 47.16 68.12 42.25 -30.54 9.4 9.1 5.9 34.1 04/11
29
Company Country Rec. Risk Valor Reuters Bloom- Cur- Price 52 Weeks Performance P/E P/E Div. Market Last
berg rency 13.04.2011 high / low 12 months 2011 2012 Yield Cap CHF Update
31