Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
NDX Index - Nasdaq 100 Index
April 2013
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
14281184
1923.576
1116
1116
204
220
220
101.41
110.54
110.54
15.38
15.38
14.11
14.11
18.80
Euro Stoxx 50 Pr
EUR
2553062
5424.032
4630
4630
739
775
775
229.96
307.93
307.93
19.02
16.41
14.21
14.21
19.70
NIKKEI 225
JPY
2554354
186.4402
188
188
19
20
20
5.28
5.50
5.50
0.27
0.27
0.25
0.25
0.12
FTSE 100 INDEX
GBP
2682474
11610.68
9614
9614
1447
1650
1650
531.79
820.72
820.72
27.64
17.91
17.91
22.24
SWISS MARKET INDEX
CHF
1031660
10946.31
4119
4119
844
836
836
408.77
551.74
551.74
21.20
18.86
15.71
15.71
21.93
S&P/TSX COMPOSITE INDEX
CAD
1675907
17151.75
7923
7923
1852
2088
2088
796.17
890.32
890.32
15.37
15.37
13.74
13.74
24.29
S&P/ASX 200 INDEX
AUD
1408237
6730.544
2878
2878
607
705
705
252.53
342.62
342.62
21.54
17.43
15.87
15.87
22.39
HANG SENG INDEX
HKD
1692248
3310.555
1659
1659
376
407
407
268.25
266.15
266.15
1.38
1.51
1.39
1.39
3.12
MSCI EM
USD
7658673
1544.178
1079
1079
201
220
220
86.99
95.05
95.05
11.75
13.38
10.76
10.76
20.03
ACTIVISION BLIZZARD INC
USD
16104
1000
1112
11.73
4856
4856
4277
4682
1779
1779
189
189
1.01
1.00
0.85
1.03
14.46
14.46
17.03
14.04
51.86
36.64
NR
11.07.2008
ADOBE SYSTEMS INC
USD
21436
552
494
19.31
4404
4366
4118
4539
1477
1296
288
288
1.64
1.41
1.42
1.79
30.31
30.31
30.10
23.84
4.45
3.06
0.67
4.71
29.68
BBB+
25.01.2010
Baa1
25.01.2010
AKAMAI TECHNOLOGIES INC
USD
6240
623
178
5.14
1374
1374
1510
1715
519
519
151
151
1.15
1.15
1.96
2.21
30.50
30.50
17.91
15.85
18.59
15.60
12.01
19.00
37.78
NR
12.11.2002
ALEXION PHARMACEUTICALS INC
USD
17832
346
195
16.99
1134
1134
1509
1894
424
424
135
135
1.38
1.33
2.89
3.33
68.68
68.68
31.57
27.43
44.76
59.85
61.86
37.38
ALTERA CORP
USD
11236
529
320
8.72
1783
1783
1823
2075
628
628
120
120
1.72
1.71
1.54
1.87
20.55
20.55
22.86
18.83
-13.63
8.79
-28.72
14.97
35.23
A-
04.11.2011
A2
01.05.2012
AMAZON.COM INC
USD
118040
266
454
11
112.10
61093
61093
75720
92943
2835
2834
958
958
0.05
0.36
3.36
5.69
721.39
721.39
77.30
45.64
27.07
30.56
45.76
25.77
4.64
AA-
26.11.2012
Baa1
26.11.2012
AMGEN INC
USD
73226
417
756
27
24
75.71
17265
17265
18045
18399
6665
6665
1782
1782
6.00
5.96
7.19
8.23
16.43
16.43
13.61
11.90
10.80
3.45
24.07
2.92
38.60
A+
07.09.2007
Baa1
07.11.2011
ANALOG DEVICES INC
USD
13999
647
298
10.77
2701
2675
2697
2988
942
923
225
225
2.13
2.11
2.18
2.70
21.68
21.68
21.03
16.94
-9.76
1.99
-20.98
4.28
34.52
A-
29.09.2010
A3
25.06.2009
APPLE INC
USD
434671
1105
939
121
297.56
156508
164687
181211
204263
58518
59255
13978
13978
44.15
44.10
44.13
49.77
10.48
10.48
10.48
9.29
44.58
41.47
64.36
65.35
35.98
NR
16.04.2004
WR
31.03.2004
APPLIED MATERIALS INC
USD
16093
2523
1197
16.29
8719
8103
7822
9351
1422
1285
317
317
0.75
0.62
0.61
1.07
21.63
21.63
22.13
12.50
-17.10
0.23
-45.03
-11.81
15.86
A-
21.12.1999
A3
20.08.1997
AUTODESK INC
USD
9123
417
224
7.50
2312
2312
2447
2649
478
478
161
161
1.09
1.14
2.12
2.46
35.61
35.61
19.17
16.52
4.36
1.06
1.66
-1.18
20.66
BBB
05.12.2012
Baa2
10.12.2012
AUTOMATIC DATA PROCESSING
USD
31429
725
484
29.94
10665
10945
11314
12148
2342
2375
779
779
2.74
2.79
2.91
3.17
23.23
23.23
22.28
20.42
7.95
5.09
6.64
4.99
21.70
AAA
29.10.1998
AVAGO TECHNOLOGIES LTD
USD
8805
232
245
7.66
2K
2K
2K
3K
744
740
173
173
2.27
2.29
2.62
2.98
15.62
15.62
13.64
11.99
1.20
8.15
-0.13
39.47
31.13
BAIDU INC - SPON ADR
USD
30095
478
350
12
32
167.63
22306
22306
30384
39327
12133
12133
2805
2805
29.83
29.82
33.59
41.93
17.94
17.94
15.92
12.75
53.83
63.25
43.39
75.53
54.39
A3
06.11.2012
BED BATH & BEYOND INC
USD
14622
459
236
13.84
9500
10245
10909
11614
1752
1782
655
655
4.06
4.38
4.58
5.06
14.76
14.76
14.13
12.78
8.46
8.66
19.02
11.38
17.40
BBB+
30.06.2011
BIOGEN IDEC INC
USD
41849
438
237
39.25
5516
5516
6412
7509
2204
2204
532
532
5.73
5.73
7.79
9.63
30.91
30.91
22.74
18.39
9.27
9.86
3.06
11.87
39.96
BBB+
04.12.2008
Baa2
19.03.2012
BMC SOFTWARE INC
USD
6541
371
162
6.69
2172
2198
2224
2320
769
702
222
222
2.36
2.16
3.42
3.84
21.19
21.19
13.39
11.92
5.17
4.81
6.32
13.24
31.93
BBB+
22.07.2010
Baa2
23.07.2010
BROADCOM CORP-CL A
USD
19605
1097
569
17.58
8006
8006
8443
9303
1297
1297
284
284
1.45
1.44
2.76
3.04
23.93
23.93
12.48
11.33
8.35
16.32
2.94
48.35
16.20
A-
11.08.2011
A2
27.10.2010
CA INC
USD
11389
636
466
10.14
4814
4680
4637
4677
1805
1836
403
403
1.90
1.99
2.42
2.54
12.55
12.55
10.34
9.84
8.69
1.88
11.15
14.58
39.23
BBB+
11.04.2011
Baa2
13.08.2010
CATAMARAN CORP
USD
10848
347
205
11.65
9940
9940
14511
16281
367
367
146
146
0.87
0.87
1.87
2.36
60.69
60.69
28.25
22.42
99.78
303.30
120.71
82.08
3.70
BB
22.05.2012
CELGENE CORP
USD
47109
682
420
46.29
5507
5507
6112
7016
2199
2199
724
724
4.01
3.90
5.68
6.85
28.85
28.85
19.80
16.42
13.73
29.21
32.20
36.40
39.93
BBB+
04.10.2010
Baa2
04.10.2010
CERNER CORP
USD
16057
211
172
15.22
2665
2665
3005
3383
794
794
219
219
2.26
2.26
2.80
3.29
41.26
41.26
33.30
28.32
20.98
12.78
18.13
17.35
29.80
C.H. ROBINSON WORLDWIDE INC
USD
9396
371
161
9.51
11359
11359
12978
14119
713
713
192
192
2.76
2.74
3.07
3.48
21.54
21.54
19.22
16.94
9.89
8.96
-1.63
5.84
6.28
CHECK POINT SOFTWARE TECH
USD
9574
814
199
6.28
1343
1343
1423
1517
761
761
192
192
2.94
2.96
3.43
3.76
15.71
15.71
13.57
12.38
7.68
12.54
9.76
17.15
56.71
CISCO SYSTEMS INC
USD
110638
2102
5298
16
49
80.56
46061
47252
48708
51403
12971
13372
3802
3802
1.55
1.62
2.00
2.11
12.79
12.79
10.39
9.83
6.58
4.44
18.36
5.10
28.30
A+
10.02.2006
A1
10.02.2006
CITRIX SYSTEMS INC
USD
13233
823
186
12.30
2586
2586
2971
3355
606
606
188
188
1.86
1.75
3.14
3.60
40.57
40.57
22.59
19.72
17.21
13.28
5.10
15.29
23.42
NR
04.02.2005
COGNIZANT TECH SOLUTIONS-A
USD
22519
368
302
19.66
7346
7346
8620
10011
1518
1518
405
405
3.44
3.44
4.30
4.98
21.69
21.69
17.35
15.00
20.02
26.92
20.42
28.37
20.66
COMCAST CORP-CLASS A
USD
108404
1457
2639
40
17
12
153.89
62570
62570
64235
68029
19977
19977
5022
5022
1.92
1.93
2.39
2.74
21.49
21.49
17.34
15.16
12.05
16.15
8.82
11.13
31.93
A-
14.02.2013
A3
13.02.2013
COSTCO WHOLESALE CORP
USD
46133
164
432
#VALUE!
45.52
99137
103128
106075
115242
3667
3874
930
930
3.89
4.32
4.55
5.03
24.46
24.46
23.22
21.01
11.50
8.06
11.02
10.87
3.76
DELL INC
USD
25335
3115
1738
13
21.66
56940
56940
55902
56163
4156
4156
974
974
1.48
1.49
1.57
1.72
9.73
9.73
9.25
8.44
-8.27
-1.66
-22.56
0.13
7.30
DENTSPLY INTERNATIONAL INC
USD
5985
161
142
7.47
2928
2928
3051
3187
537
537
153
153
1.98
1.95
2.42
2.69
21.49
21.49
17.29
15.59
15.40
7.52
27.33
5.25
DIRECTV
USD
32576
1649
587
18
49.04
29740
29740
31930
34148
7447
7447
1891
1891
4.52
4.54
4.90
5.77
12.52
12.52
11.61
9.86
9.23
10.57
7.32
DISCOVERY COMMUNICATIONS-A
USD
28342
344
304
32.39
4487
4521
5545
6087
1978
1975
522
522
2.52
2.51
3.40
4.21
31.69
31.69
23.43
18.88
7.65
DOLLAR TREE INC
USD
10985
892
225
10.86
7395
7395
7935
8637
1095
1095
254
254
2.68
2.53
2.78
3.21
19.11
19.11
17.39
15.09
11.52
EBAY INC
USD
67133
1333
1294
62.24
14072
14071
16351
18761
4088
4090
1237
1237
1.95
1.94
2.76
3.23
26.67
26.67
18.78
16.03
EQUINIX INC
USD
10342
119
49
13.02
1896
1914
2216
2544
818
819
236
236
2.99
2.99
3.76
5.26
70.88
70.88
56.38
EXPEDIA INC
USD
8406
690
135
7.83
4030
4030
4678
5253
809
809
103
103
2.70
2.71
3.46
4.13
22.91
22.91
17.94
EXPEDITORS INTL WASH INC
USD
7393
828
206
6.14
5981
5981
6380
6951
571
571
143
143
1.57
1.57
1.80
2.05
22.80
22.80
EXPRESS SCRIPTS HOLDING CO
USD
47825
910
818
16
60.96
93858
94235
100902
102195
4657
4672
1544
1544
2.46
2.43
4.27
4.91
24.05
F5 NETWORKS INC
USD
6882
192
79
6.36
1377
1420
1562
1808
461
475
142
142
3.46
3.51
5.02
5.81
FACEBOOK INC-A
USD
60042
4811
2372
10
52.77
5089
5089
6672
8427
1187
1187
739
739
0.01
0.02
0.57
0.77
FASTENAL CO
USD
14971
244
297
14.89
3134
3134
3471
3910
727
727
191
191
1.42
1.42
1.63
1.91
FISERV INC
USD
11551
100
133
14.42
4482
4482
4887
5102
1410
1410
373
373
4.38
4.48
5.97
6.65
FOSSIL INC
USD
5665
210
53
5.57
2858
2858
3166
3453
554
554
105
105
5.37
5.41
6.06
GARMIN LTD
USD
6511
273
196
3.64
2716
2716
2555
2508
695
695
112
112
2.76
2.85
GILEAD SCIENCES INC
USD
69238
762
1519
75.12
9703
9703
10748
12727
4288
4288
1116
1116
1.70
GOOGLE INC-CL A
USD
268688
116
330
50
224.67
50175
51379
47959
56130
15722
15684
5178
5178
HENRY SCHEIN INC
USD
7981
89
88
8.83
8940
8940
9516
10039
759
759
185
185
INTEL CORP
USD
106141
3444
4944
13
23
97.00
53341
53341
53942
56527
22160
22160
4602
INTUIT INC
USD
19482
544
295
19.32
4151
4211
4594
5017
1419
1307
1427
2.12
-0.50
28.11.2012
A1
26.03.2012
*-
05.02.2013
Baa1 *-
05.02.2013
18.33
BBB+
02.09.2011
Baa2
16.08.2011
12.83
25.04
BBB
25.02.2011
8.50
43.69
BBB
09.03.2011
11.62
15.79
17.48
14.81
20.77
13.73
23.39
9.42
29.07
02.03.2010
A2
21.10.2010
40.30
20.76
29.85
23.95
49.56
42.81
BB
28.02.2013
Ba3
28.02.2013
15.02
16.86
8.40
12.52
2.11
20.08
BBB-
22.12.2011
Ba1
30.10.2009
19.84
17.44
-2.76
1.93
-13.03
4.22
9.54
24.05
13.70
11.89
103.47
43.89
81.37
32.09
4.96
BBB+
31.05.2012
Baa3
04.06.2009
24.98
24.98
17.43
15.07
19.57
19.35
24.19
28.96
33.43
1260.00
1260.00
44.29
32.56
37.13
-42.91
23.32
35.55
35.55
30.91
26.43
13.25
8.59
17.41
11.95
23.21
19.31
19.31
14.50
13.00
3.34
1.00
4.83
8.80
31.46
BBB-
02.03.2010
Baa2
08.11.2007
6.88
17.64
17.64
15.76
13.88
11.30
15.87
5.81
20.38
19.40
2.41
2.46
11.68
11.68
13.80
13.54
-1.55
-8.13
7.15
-6.49
25.58
1.70
2.07
2.90
26.74
26.74
21.91
15.68
15.71
19.77
4.80
14.12
44.20
A-
23.03.2011
Baa1
23.03.2011
34.02
33.74
45.83
53.82
24.02
24.02
17.68
15.06
32.37
24.66
15.66
21.04
30.53
AA
19.11.2012
Aa2
16.05.2011
4.44
4.43
4.87
5.39
20.57
20.57
18.71
16.92
4.80
7.43
8.80
10.46
8.50
4602
2.13
2.13
2.02
2.18
10.06
10.06
10.59
9.82
-1.22
6.39
-5.87
10.34
41.54
A+
17.02.1993
A1
14.09.2011
1427
2.50
2.36
3.44
3.78
27.85
27.85
19.10
17.40
10.05
3.29
8.49
11.70
31.04
BBB
29.05.2008
Baa1
04.06.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
A+
A-
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
14281184
1923.576
1116
1116
204
220
220
101.41
110.54
110.54
15.38
15.38
14.11
14.11
18.80
Euro Stoxx 50 Pr
EUR
2553062
5424.032
4630
4630
739
775
775
229.96
307.93
307.93
19.02
16.41
14.21
14.21
19.70
NIKKEI 225
JPY
2554354
186.4402
188
188
19
20
20
5.28
5.50
5.50
0.27
0.27
0.25
0.25
0.12
FTSE 100 INDEX
GBP
2682474
11610.68
9614
9614
1447
1650
1650
531.79
820.72
820.72
27.64
17.91
17.91
22.24
SWISS MARKET INDEX
CHF
1031660
10946.31
4119
4119
844
836
836
408.77
551.74
551.74
21.20
18.86
15.71
15.71
21.93
CAD
1675907
17151.75
7923
7923
1852
2088
2088
796.17
890.32
890.32
15.37
15.37
13.74
13.74
24.29
S&P/ASX 200 INDEX
AUD
1408237
6730.544
2878
2878
607
705
705
252.53
342.62
342.62
21.54
17.43
15.87
15.87
22.39
HANG SENG INDEX
HKD
1692248
3310.555
1659
1659
376
407
407
268.25
266.15
266.15
1.38
1.51
1.39
1.39
3.12
MSCI EM
USD
7658673
1544.178
1079
1079
201
220
220
86.99
95.05
95.05
11.75
13.38
10.76
10.76
20.03
INTUITIVE SURGICAL INC
USD
20081
164
40
2957
936
936
230
230
15.98
15.96
17.59
20.65
31.16
31.16
28.27
24.08
23.99
26.50
26.25
29.59
42.95
KLA-TENCOR CORPORATION
USD
8648
424
167
6.82
3172
3127
2885
3313
1108
1034
213
213
4.64
4.25
3.26
4.52
12.25
12.25
15.95
11.52
-0.10
7.21
-11.07
9.66
33.07
BBB
28.04.2008
Baa1
29.04.2008
KRAFT FOODS GROUP INC
USD
30476
659
#VALUE!
39.81
18339
#VALUE!
18808
19311
3285
817
817
2.91
2.81
3.12
18.30
16.45
-1.69
BBB
19.07.2012
Baa2
16.07.2012
LIBERTY GLOBAL INC-A
USD
17843
685
259
28
43.20
10311
10311
13284
14933
4757
4757
1306
1306
-1.71
-1.79
1.90
2.95
37.62
24.31
8.41
2.82
9.34
7.11
46.14
06.02.2013
LIBERTY INTERACTIVE CORP-A
USD
11739
835
545
19.63
10054
10054
10402
10929
1809
1809
436
436
-0.34
-0.29
1.16
1.38
18.74
15.69
4.55
5.26
1.97
1.87
17.99
BB
29.09.2011
LIFE TECHNOLOGIES CORP
USD
10912
270
171
13.07
3799
3799
3928
4071
1167
1167
299
299
2.72
2.70
4.37
4.77
23.72
23.72
14.65
13.43
0.60
27.22
0.54
29.53
30.72
BBB+
29.11.2012
Baa3
06.03.2012
LINEAR TECHNOLOGY CORP
USD
8814
516
230
8.33
1267
1283
1287
1431
638
636
151
151
1.71
1.69
1.79
2.07
22.43
22.43
21.20
18.34
-14.65
3.85
-21.96
2.10
49.59
MATTEL INC
USD
15007
546
342
15.18
6421
6421
6834
7142
1195
1195
89
89
2.47
2.50
2.80
3.07
17.42
17.42
15.56
14.21
2.47
0.84
-0.59
5.79
18.62
BBB+
04.04.2011
Baa1
29.04.2011
MAXIM INTEGRATED PRODUCTS
USD
9409
569
293
8.69
2404
2405
2465
2685
783
801
201
201
1.27
1.56
1.79
2.11
20.62
20.62
18.01
15.27
-2.78
3.93
-10.98
11.36
33.31
BBB+
09.05.2012
Baa1
10.06.2010
MICROCHIP TECHNOLOGY INC
USD
7172
361
193
6.52
1383
1490
1600
1845
497
405
110
110
1.66
1.53
1.84
2.15
23.99
23.99
19.96
17.11
-6.99
13.84
-14.74
1.38
27.20
MICRON TECHNOLOGY INC
USD
10136
5505
1018
11.74
8234
8047
8633
10369
1523
1467
599
599
-1.06
-1.06
-0.38
0.75
#VALUE!
13.16
-6.30
15.62
-46.75
0.62
18.23
BB-
30.06.2011
Ba3
20.08.2012
MICROSOFT CORP
USD
236587
2197
8381
12
63
182.46
73723
72930
79390
85801
30923
29120
8110
8110
2.73
2.56
2.84
3.14
11.00
11.00
9.93
8.97
5.40
5.66
3.33
9.15
39.93
AAA
22.09.2008
Aaa
11.05.2009
MONDELEZ INTERNATIONAL INC-A
USD
53491
1074
1778
19
68.58
35 K
49 K
37 K
39 K
5028
7727
1384
1384
1.39
2.24
1.57
1.76
13.44
13.44
19.22
17.08
-2.22
0.57
1.00
-0.96
15.84
BBB
02.02.2010
Baa2
02.02.2010
MONSTER BEVERAGE CORP
USD
8084
387
166
7.76
2061
2061
2323
2612
571
571
137
137
1.86
1.86
2.24
2.66
26.25
26.25
21.84
18.33
20.99
14.14
20.63
19.62
27.72
MYLAN INC
USD
11479
1254
395
16.88
6796
6817
7181
7728
1719
1831
465
465
1.89
1.93
2.86
3.20
15.04
15.04
10.14
9.07
10.87
8.37
9.83
31.53
26.87
BBB-
20.11.2012
Baa3
20.11.2012
NETAPP INC
USD
12005
984
365
7.52
6233
6318
6372
6923
1049
967
369
369
1.61
1.37
2.28
2.53
24.31
24.31
14.63
13.17
21.68
14.59
5.21
22.10
15.30
BBB+
04.12.2012
Baa1
05.12.2012
NEWS CORP-CL A
USD
70531
831
2383
15
#VALUE!
10
80.68
33706
34333
35613
38024
6646
6754
1688
1688
1.41
1.57
1.68
1.98
19.26
19.26
18.02
15.30
0.90
2.06
8.36
4.21
19.67
BBB+
30.11.2012
NUANCE COMMUNICATIONS INC
USD
6322
934
312
7.70
1652
1753
2167
2446
380
380
193
193
0.96
0.89
1.81
2.03
22.46
22.46
11.07
9.86
25.23
18.98
41.82
33.78
21.66
BB-
11.02.2011
Ba3
06.08.2012
NVIDIA CORP
USD
7700
1551
617
3.99
4280
4280
4256
4635
874
874
128
128
0.94
0.91
0.85
0.97
13.74
13.74
14.72
12.89
7.06
11.62
2.58
-2.04
20.43
NR
07.05.2009
O'REILLY AUTOMOTIVE INC
USD
11530
192
113
12.38
6182
6182
6660
7075
1154
1154
300
300
4.75
4.75
5.72
6.48
21.81
21.81
18.11
15.98
6.80
22.91
12.10
24.62
18.67
BBB
18.01.2012
Baa3
11.01.2011
ORACLE CORP
USD
148244
3115
4905
16
31
135.03
37121
37149
37444
39560
16973
17286
5889
5889
2.00
2.16
2.69
2.93
14.61
14.61
11.73
10.76
4.21
11.70
9.33
18.51
46.53
A+
24.04.2012
A1
24.06.2011
PACCAR INC
USD
17726
400
353
15.48
17051
17051
16096
17675
2296
2296
426
426
3.12
3.12
3.18
3.57
16.07
16.07
15.79
14.04
4.25
6.40
6.65
1.08
13.47
A+
29.04.2010
A1
25.02.2009
PAYCHEX INC
USD
12672
640
363
12.37
2230
2269
2325
2465
952
972
243
243
1.51
1.54
1.59
1.70
22.62
22.62
21.86
20.47
6.98
2.40
8.75
4.19
42.85
PERRIGO CO
USD
10996
150
93
11.91
3173
3263
3587
4027
713
774
238
238
4.51
5.00
5.68
6.64
23.51
23.51
20.69
17.71
15.18
15.43
20.05
33.72
23.73
PRICELINE.COM INC
USD
34640
93
50
31.02
5261
5261
6530
7724
1895
1895
340
340
27.86
27.91
38.76
46.07
24.89
24.89
17.92
15.08
20.79
29.06
30.44
60.37
36.02
BBB
07.03.2012
QUALCOMM INC
USD
113998
1090
1706
27
85.68
19121
20458
24134
26887
6579
7149
2345
2345
2.79
3.84
4.51
4.91
17.28
17.28
14.72
13.52
27.84
20.60
8.08
15.03
34.94
NR
19.12.2001
RANDGOLD RESOURCES LTD-ADR
USD
7794
81
92
7.59
1318
1318
1607
2150
699
699
4.70
4.70
5.86
8.20
18.01
18.01
14.43
10.31
16.92
45.49
22.71
53.34
53.06
REGENERON PHARMACEUTICALS
USD
16545
74
97
16.42
1378
1378
1881
2292
495
495
168
168
6.75
6.61
5.09
6.79
25.69
25.69
33.39
25.00
209.20
65.37
35.88
ROSS STORES INC
USD
13216
582
227
12.72
9721
9721
10266
10979
1457
1457
424
424
3.53
3.53
3.85
4.33
16.84
16.84
15.44
13.73
12.93
10.88
19.12
21.88
14.99
BBB+
08.06.2011
SANDISK CORP
USD
13367
507
241
9.35
5053
5053
5608
6170
1113
1113
317
317
1.70
1.69
3.78
4.22
32.70
32.70
14.61
13.10
-10.77
7.31
-38.39
15.61
22.03
BB
20.12.2011
SBA COMMUNICATIONS CORP-CL A
USD
9118
226
127
14.25
954
954
1222
1310
602
602
185
185
-1.00
-0.98
-0.79
-0.17
#VALUE!
#VALUE!
36.65
23.27
39.32
23.72
63.14
B+
10.04.2012
WR
01.08.2006
SEAGATE TECHNOLOGY
USD
12876
2574
396
13.84
14939
16332
14137
13697
3926
4319
704
704
6.51
7.57
5.19
5.40
4.74
4.74
6.91
6.64
36.17
4.37
148.80
21.32
26.45
BB+
07.03.2011
SEARS HOLDINGS CORP
USD
5414
128
106
8.34
39854
39854
36896
36739
-146
-146
-2.03
-2.61
-2.66
-2.17
#VALUE!
#VALUE!
-4.12
-4.12
-131.75
-0.37
CCC+
05.01.2012
SIGMA-ALDRICH
USD
9224
259
120
9.18
2623
2623
2712
2840
809
809
199
199
3.85
3.87
4.14
4.42
19.79
19.79
18.51
17.31
4.71
4.39
6.31
7.73
30.84
A+
28.09.2011
A2
25.10.2010
SIRIUS XM RADIO INC
USD
20234
4587
5262
22.15
3402
3402
3811
4177
1136
1136
257
257
0.09
0.54
0.10
0.13
5.71
5.71
31.16
23.73
12.85
37.39
20.65
33.38
BB
26.10.2011
B1
08.08.2012
STAPLES INC
USD
8896
1166
669
9.56
24381
24524
23895
23939
2015
2000
418
418
0.85
0.87
1.33
1.42
15.30
15.30
10.03
9.35
-1.15
4.45
-4.75
0.80
8.15
BBB
02.07.2008
Baa2
08.07.2008
STARBUCKS CORP
USD
42688
380
749
40.78
13300
13663
14921
16722
2367
2446
689
689
1.79
1.86
2.16
2.63
30.57
30.57
26.28
21.65
13.67
6.80
14.11
10.50
17.90
A-
24.02.2012
Baa3
13.05.2009
STERICYCLE INC
USD
9008
97
86
10.35
1913
1913
2140
2327
545
556
156
156
3.30
3.31
3.70
4.18
31.61
31.61
28.31
25.04
14.15
15.02
11.17
16.22
29.08
NR
18.07.2007
SYMANTEC CORP
USD
16933
2022
724
15.76
6730
6839
6886
7005
1795
1834
497
497
1.20
1.24
1.71
1.93
19.81
19.81
14.35
12.76
8.72
3.43
8.92
5.06
26.82
BBB
13.09.2010
Baa2
13.09.2010
TEXAS INSTRUMENTS INC
USD
38402
863
1108
40.12
12825
12825
12173
12983
3986
3988
719
719
1.91
1.79
1.71
2.16
19.40
19.40
20.27
16.11
-6.63
-1.58
-10.10
-2.68
31.10
A+
23.09.2010
A1
25.05.2011
VERISK ANALYTICS INC-CLASS A
USD
11227
156
168
12.59
1534
1534
1725
1884
696
696
181
181
1.92
1.92
2.35
2.64
31.97
31.97
26.12
23.23
15.20
18.20
15.57
45.35
BBB-
29.03.2011
Ba1
29.03.2011
VERTEX PHARMACEUTICALS INC
USD
11856
394
217
11.20
1527
1527
1160
1047
42
42
-15
-15
0.67
0.31
-0.56
-0.88
175.29
175.29
#VALUE!
#VALUE!
8.25
155.92
-83.50
2.77
VIACOM INC-CLASS B
USD
30442
523
507
38.33
13887
13249
13796
14412
4137
3913
905
905
4.21
4.20
4.71
5.38
14.60
14.60
13.03
11.40
-6.89
2.72
0.29
29.53
BBB+
29.07.2010
Baa1
05.08.2010
VIRGIN MEDIA INC
USD
12958
769
269
14.29
4101
4101
4255
4389
1654
1654
425
425
1.09
1.04
1.54
2.03
30.58
30.58
20.67
15.68
2.72
-0.06
3.98
5.67
40.32
06.02.2013
VODAFONE GROUP PLC-SP ADR
USD
140115
1846
#VALUE!
35
#VALUE!
46417
44677
45079
45316
18214
13907
1.63
1.70
11.62
11.15
1.16
5.40
24.18
7.88
31.13
A-
30.05.2006
A3
03.08.2011
WESTERN DIGITAL CORP
USD
11711
1120
246
#VALUE!
#VALUE!
10.02
12478
15648
15048
14751
2890
3716
757
757
7.78
9.19
7.97
7.83
5.29
5.29
6.11
6.21
30.99
18.63
108.97
35.83
23.75
NR
29.04.1999
WHOLE FOODS MARKET INC
USD
16100
287
185
15.20
11699
12164
13059
14931
1112
1171
299
299
2.71
2.85
2.87
3.40
30.48
30.48
30.23
25.54
15.74
9.56
25.78
18.10
9.62
BBB-
07.08.2012
WYNN RESORTS LTD
USD
12568
372
101
17.02
5154
5154
5389
5665
1442
1442
410
410
5.22
5.27
6.08
6.73
23.63
23.63
20.47
18.52
-2.19
15.11
-6.15
15.28
27.99
BB+
10.06.2011
XILINX INC
USD
9992
455
264
9.22
2241
2195
2170
2305
719
671
161
161
1.99
1.80
1.77
2.00
21.22
21.22
21.58
19.13
-5.43
1.77
-16.86
11.13
30.55
BBB+u
04.04.2012
YAHOO! INC
USD
25969
3571
1115
20.03
4987
4987
4601
4767
1457
1457
361
361
1.13
1.17
1.16
1.28
20.15
20.15
20.38
18.38
0.05
-5.80
-1.08
1.47
29.22
NR
18.04.2008
18.76
2179
2179
2563
B+
*+
BB
*-
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
2.16
2.16
1.99
1.80
2.16
1.40
1.40
1.33
1.28
1.40
9.99
9.99
9.69
9.48
9.99
8.74
8.74
8.08
7.57
8.74
14.11
14.11
12.64
11.43
14.11
2.21
2.21
2.37
2.56
2.21
1681.4
7.8%
Euro Stoxx 50 Pr
1.14
1.14
1.08
1.02
1.14
0.73
0.73
0.71
0.69
0.73
5.32
5.32
4.97
4.74
5.32
7.00
7.00
6.62
6.30
7.00
11.05
11.05
9.90
9.06
11.05
4.35
4.35
4.68
4.98
4.35
2895.5
9.4%
NIKKEI 225
1.50
1.50
1.41
1.32
1.50
0.70
0.70
0.66
0.65
0.70
9.47
9.47
8.14
7.61
9.47
9.50
9.50
8.28
7.76
9.50
24.04
24.04
18.83
14.58
24.04
1.65
1.65
1.66
1.94
1.65
11916.4
-4.5%
FTSE 100 INDEX
1.68
1.68
1.56
1.35
1.68
1.01
1.01
0.97
0.99
1.01
7.91
7.91
7.28
5.26
7.91
7.04
7.04
6.59
6.32
7.04
11.82
11.82
10.72
9.82
11.82
3.89
3.89
4.18
4.61
3.89
6809.6
6.4%
SWISS MARKET INDEX
2.39
2.39
2.22
2.05
2.39
2.00
2.00
1.90
1.82
2.00
12.30
12.30
11.24
9.87
12.30
13.09
13.09
12.11
11.32
13.09
14.91
14.91
13.35
12.12
14.91
3.31
3.31
3.67
4.16
3.31
8026.2
2.8%
1.68
1.68
1.55
1.45
1.68
1.57
1.57
1.48
1.42
1.57
8.40
8.40
7.54
7.00
8.40
8.22
8.22
7.27
6.88
8.22
13.98
13.98
12.32
11.33
13.98
3.14
3.14
3.29
3.49
3.14
14540.6
14.8%
S&P/ASX 200 INDEX
1.88
1.88
1.78
1.68
1.88
1.80
1.80
1.70
1.61
1.80
11.09
11.09
9.90
9.04
11.09
9.54
9.54
8.40
7.80
9.54
15.14
15.14
13.48
12.37
15.14
4.39
4.39
4.70
5.07
4.39
5152.0
4.1%
HANG SENG INDEX
1.33
1.33
1.23
1.15
1.33
1.73
1.73
1.60
1.49
1.73
7.12
7.12
6.60
6.21
7.12
8.13
8.13
7.39
6.84
8.13
10.80
10.80
9.91
9.02
10.80
3.57
3.57
3.85
4.37
3.57
24942.6
11.8%
MSCI EM
1.43
1.43
1.30
1.21
1.43
0.95
0.95
0.88
0.84
0.95
6.85
6.85
6.30
5.89
6.85
7.03
7.03
6.45
6.05
7.03
10.76
10.76
9.67
8.97
10.76
3.08
3.08
3.59
6.74
3.08
1183.8
15.8%
ACTIVISION BLIZZARD INC
1.43
1.35
1.27
1.18
3.33
3.77
3.44
3.28
3.30
12.08
15.02
13.23
11.12
6.77
8.20
7.00
6.39
6.53
12.90
17.03
14.04
12.35
11.76
1.21
1.29
1.31
0.85
15.99
10.6%
ADOBE SYSTEMS INC
3.20
3.02
2.78
2.48
4.93
5.21
4.72
4.10
3.41
14.63
18.72
16.19
13.44
10.86
16.13
13.55
11.28
18.49
30.10
23.84
18.04
12.72
0.00
0.00
0.00
0.00
43.69
2.2%
AKAMAI TECHNOLOGIES INC
2.77
2.45
2.19
2.01
4.53
4.13
3.64
3.19
2.75
13.74
12.35
10.95
10.14
8.37
8.05
6.96
5.97
19.83
17.91
15.85
14.08
11.46
0.00
0.00
0.00
0.00
41.59
18.6%
ALEXION PHARMACEUTICALS INC
11.23
8.75
6.44
4.96
15.79
11.81
9.42
7.70
6.47
48.26
33.38
25.99
21.19
36.54
26.02
19.05
14.35
44.54
31.57
27.43
22.03
17.78
0.00
0.00
0.00
0.00
113.89
24.7%
ALTERA CORP
3.40
3.09
2.79
2.70
6.26
6.16
5.41
4.87
17.84
17.90
14.07
15.92
13.71
14.59
11.79
10.70
20.39
22.86
18.83
16.19
1.02
1.16
1.22
1.25
35.91
2.2%
AMAZON.COM INC
15.45
12.12
9.86
7.53
1.90
1.56
1.27
1.05
0.86
40.11
26.94
18.00
13.21
7.67
34.79
24.02
17.53
13.01
135.20
77.29
45.63
26.70
17.28
0.00
0.00
0.00
0.00
318.97
22.8%
AMGEN INC
3.83
3.19
2.79
2.29
4.26
4.06
3.98
3.96
3.94
11.88
13.12
12.09
13.38
21.66
10.21
10.11
9.17
9.26
15.07
13.60
11.90
11.39
11.06
1.46
1.90
2.30
2.55
97.95
0.1%
ANALOG DEVICES INC
3.36
3.00
2.67
2.46
5.18
5.19
4.68
4.28
17.19
17.36
14.42
12.39
11.38
11.59
9.51
8.64
21.41
21.03
16.94
14.74
2.52
2.88
3.06
3.04
APPLE INC
3.71
3.01
2.42
1.94
2.78
2.40
2.13
1.88
1.78
8.43
8.37
7.85
7.55
5.09
4.95
4.42
4.00
10.44
10.49
9.30
8.50
0.57
2.34
2.46
2.56
APPLIED MATERIALS INC
2.11
2.25
2.11
1.71
1.86
2.06
1.72
1.70
8.43
20.95
11.06
9.38
9.93
12.41
8.17
8.07
18.57
22.13
12.50
13.08
2.50
2.60
2.61
AUTODESK INC
4.47
3.99
3.47
2.86
3.98
3.73
3.44
3.10
2.75
15.86
13.88
12.91
11.73
11.54
10.39
9.30
8.49
21.27
19.17
16.52
14.41
0.00
0.00
0.00
AUTOMATIC DATA PROCESSING
5.17
4.71
4.27
4.01
2.94
2.78
2.59
2.39
2.26
18.16
16.92
15.99
14.95
13.35
12.77
11.70
10.76
23.68
22.28
20.42
18.46
2.39
2.58
AVAGO TECHNOLOGIES LTD
3.67
3.13
2.68
2.17
3.73
3.68
3.31
2.90
2.69
12.14
11.90
9.86
8.28
BAIDU INC - SPON ADR
7.17
4.90
3.50
2.58
1.93
8.49
6.15
4.76
3.80
3.02
14.71
12.56
9.97
8.09
BED BATH & BEYOND INC
3.92
3.48
3.07
2.66
2.55
1.55
1.34
1.26
1.19
1.12
14.36
12.10
11.15
BIOGEN IDEC INC
5.60
5.11
4.25
3.48
7.63
6.53
5.57
4.98
4.48
23.74
21.54
BMC SOFTWARE INC
5.32
10.65
8.76
6.85
3.01
2.94
2.82
2.70
9.71
BROADCOM CORP-CL A
2.57
2.21
1.93
1.68
2.45
2.32
2.11
1.95
11.61
CA INC
2.29
2.11
1.98
1.86
2.37
2.46
2.44
2.42
8.16
8.03
7.38
7.28
5.85
5.85
5.71
5.59
CATAMARAN CORP
2.07
2.26
2.11
1.92
1.09
0.75
0.67
0.59
0.60
22.93
25.76
23.30
16.76
32.81
17.37
14.21
12.43
11.56
CELGENE CORP
7.86
6.07
4.72
3.60
8.53
7.71
6.71
5.64
4.77
23.61
17.74
14.86
10.53
16.76
14.78
12.92
10.65
10.29
CERNER CORP
5.89
5.06
4.38
3.75
6.06
5.34
4.75
4.23
3.78
25.32
22.98
20.40
17.95
18.58
15.72
13.66
12.03
C.H. ROBINSON WORLDWIDE INC
7.51
5.98
5.51
4.72
0.83
0.72
0.67
0.60
18.60
17.56
15.37
13.72
12.39
11.25
10.10
CHECK POINT SOFTWARE TECH
2.86
2.56
2.27
2.01
7.10
6.73
6.31
6.00
12.81
11.96
10.99
10.76
7.82
7.52
CISCO SYSTEMS INC
2.11
1.90
1.76
1.67
2.40
2.27
2.15
2.02
9.93
9.22
8.93
8.30
5.55
5.28
CITRIX SYSTEMS INC
4.29
4.00
3.66
3.13
5.19
4.45
3.94
3.56
17.25
14.67
13.14
13.11
15.19
COGNIZANT TECH SOLUTIONS-A
4.71
3.70
2.99
2.49
3.07
2.61
2.25
1.96
22.23
20.33
16.57
17.77
COMCAST CORP-CLASS A
2.20
2.19
2.12
1.90
1.77
1.73
1.69
1.59
1.53
1.46
7.93
7.35
6.75
6.20
COSTCO WHOLESALE CORP
3.51
4.13
3.73
3.13
3.15
0.47
0.43
0.40
0.38
0.35
13.66
14.11
12.94
DELL INC
2.40
2.02
1.74
1.37
0.45
0.45
0.45
0.45
7.71
6.73
6.46
DENTSPLY INTERNATIONAL INC
2.76
2.42
2.12
1.91
2.06
1.96
1.88
1.81
14.90
13.08
1.10
1.02
0.95
0.90
0.85
6.97
5.67
6.25
1.53
DIRECTV
5.61
3.13
4.93
9.12
3.51
10.56
10.00
17.08
48.09
5.1%
600.48
29.7%
2.46
14.48
8.0%
0.00
42.31
4.2%
2.71
2.90
64.63
-0.3%
9.56
9.88
8.55
7.13
13.10
13.64
11.99
10.21
1.52
1.99
2.21
2.52
3.52
41.31
15.4%
11.57
9.01
7.21
5.72
17.79
15.92
12.75
10.32
8.18
0.00
0.00
0.00
0.00
0.00
124.82
45.0%
9.30
8.10
7.49
7.06
6.66
6.07
16.53
14.13
12.78
11.53
10.07
0.00
0.00
0.00
0.00
68.53
6.0%
16.64
12.08
16.61
14.24
11.04
9.44
26.93
22.74
18.39
15.53
13.42
0.00
0.00
0.00
0.00
179.76
1.5%
9.10
7.93
7.59
7.58
8.05
7.62
7.25
13.81
13.39
11.92
11.19
0.00
0.00
0.00
0.00
46.88
2.4%
13.24
11.71
10.93
11.18
11.21
9.73
9.61
11.87
12.48
11.33
11.31
1.15
1.28
1.32
1.40
40.45
17.4%
11.14
10.34
9.84
9.39
1.60
4.02
4.02
4.00
25.00
0.1%
46.98
28.25
22.42
18.51
16.15
0.00
0.00
0.00
0.00
62.80
18.9%
22.95
19.80
16.42
12.87
10.19
0.00
0.00
0.00
0.00
114.92
2.1%
39.53
33.30
28.32
24.24
19.92
0.00
0.00
0.00
0.00
95.00
1.9%
9.33
21.00
19.22
16.94
14.97
2.26
2.42
2.64
2.95
69.39
17.6%
7.02
6.81
14.66
13.57
12.38
11.42
0.00
0.00
0.00
0.00
55.00
18.3%
5.12
4.93
11.29
10.40
9.84
9.10
1.25
2.72
2.80
2.97
23.83
14.9%
13.17
11.71
10.03
25.21
22.59
19.72
17.69
0.00
0.00
0.00
0.00
84.37
18.8%
12.94
11.26
9.66
8.33
20.23
17.35
15.00
13.18
0.00
0.00
0.00
0.00
84.50
13.2%
7.77
7.36
6.91
6.51
6.21
21.05
17.38
15.20
13.05
11.27
1.53
1.86
2.10
2.41
2.47
46.62
12.2%
12.40
11.14
10.09
9.55
8.60
27.30
23.24
21.01
19.28
17.33
0.94
7.82
1.19
1.31
1.24
108.00
2.2%
5.56
4.33
5.02
4.58
3.91
8.51
9.25
8.44
6.25
1.10
2.23
2.28
2.83
14.24
-1.8%
12.16
10.74
12.76
12.01
11.21
10.50
18.96
17.29
15.59
14.36
0.51
0.58
0.63
0.66
43.56
4.0%
4.67
3.99
6.60
6.22
5.77
5.48
5.12
13.54
11.61
9.86
8.76
6.72
0.00
0.00
0.00
0.00
57.99
2.0%
15.51
13.23
11.84
10.80
9.63
29.85
23.43
18.88
16.09
13.31
0.00
0.00
0.00
71.70
-9.9%
4.92
4.75
4.58
4.15
3.77
6.28
5.11
4.66
4.32
3.88
25.74
20.63
16.90
14.30
DOLLAR TREE INC
7.05
5.60
5.10
4.29
3.20
1.49
1.38
1.27
1.17
1.05
16.56
13.87
12.47
10.05
8.87
9.93
9.22
8.23
7.52
6.76
19.32
17.39
15.09
13.03
11.17
0.00
0.00
0.00
EBAY INC
3.36
2.85
2.42
2.13
1.75
4.77
4.10
3.58
3.14
2.83
17.27
15.65
12.77
11.05
10.65
13.49
11.57
10.01
8.53
7.60
21.99
18.79
16.04
13.85
12.35
0.00
0.00
0.00
0.00
EQUINIX INC
4.38
4.25
3.81
3.37
2.87
5.44
4.67
4.07
3.60
3.26
18.44
18.00
14.89
13.11
10.56
14.73
12.71
10.92
9.74
8.83
79.85
56.38
40.30
25.49
21.41
0.00
0.00
1.13
3.01
EXPEDIA INC
4.66
4.11
3.32
2.77
2.11
1.80
1.60
1.47
1.37
10.32
11.00
9.02
10.61
10.00
8.74
7.59
6.74
5.79
19.92
17.94
15.02
13.72
12.27
0.68
0.71
0.73
0.67
EXPEDITORS INTL WASH INC
3.64
3.47
3.19
2.83
1.24
1.16
1.06
0.97
19.51
17.48
15.38
13.98
10.42
9.61
8.57
7.84
22.28
19.84
17.44
15.48
1.56
1.71
1.91
EXPRESS SCRIPTS HOLDING CO
1.96
1.96
1.87
1.73
0.51
0.47
0.47
0.46
11.78
9.95
8.74
6.54
11.30
9.21
8.36
7.81
15.69
13.70
11.89
10.32
0.00
0.00
F5 NETWORKS INC
5.17
4.19
3.34
2.77
4.98
4.41
3.81
3.27
18.02
17.58
16.87
16.70
11.24
10.26
8.59
7.36
19.72
17.43
15.07
12.35
0.00
FACEBOOK INC-A
4.09
4.64
4.08
3.46
3.09
11.94
9.00
7.12
5.66
4.57
33.38
25.12
19.87
15.90
12.12
18.82
15.67
11.87
9.23
49.03
44.29
32.56
23.73
17.21
FASTENAL CO
8.74
8.02
6.68
5.62
4.59
4.78
4.31
3.83
3.34
3.21
34.58
29.10
25.18
21.53
20.35
20.50
17.54
15.02
12.86
35.65
30.91
26.43
22.24
19.57
FISERV INC
3.47
3.00
2.61
2.57
2.36
2.26
2.19
2.09
16.91
14.69
13.06
11.61
10.04
9.01
8.50
8.19
7.67
16.82
14.50
13.00
11.89
FOSSIL INC
5.17
4.21
3.37
2.87
1.99
1.79
1.64
1.48
1.33
16.96
14.57
12.41
11.32
10.18
9.19
8.38
7.44
6.60
17.67
15.76
13.88
12.16
2.34
2.55
2.60
2.80
9.94
11.21
10.47
5.14
6.09
6.03
5.87
11.30
13.80
13.54
14.05
GILEAD SCIENCES INC
6.78
5.38
4.22
3.37
7.24
6.44
5.44
4.53
3.90
21.51
20.26
12.44
7.52
16.10
15.90
11.61
8.07
22.75
21.93
15.69
11.20
9.05
GOOGLE INC-CL A
3.76
3.17
2.69
2.22
6.44
5.60
4.78
4.34
3.86
16.77
14.15
11.99
11.00
12.22
10.17
8.68
7.48
20.40
17.71
15.08
13.04
11.73
HENRY SCHEIN INC
3.14
2.81
2.46
2.17
0.89
0.84
0.80
0.75
17.01
13.73
12.79
11.90
11.80
10.96
10.23
9.84
20.84
18.71
16.92
INTEL CORP
2.18
1.93
1.76
1.74
1.98
1.96
1.88
1.83
1.85
6.07
5.94
5.53
5.39
4.46
4.64
4.26
4.23
4.07
9.65
10.61
INTUIT INC
7.34
5.41
4.52
4.86
4.63
4.24
3.88
3.52
3.22
17.79
15.93
14.53
13.20
12.16
11.01
9.92
9.34
9.05
22.13
19.10
2.36
GARMIN LTD
1.90
2.29
13.33
6.61
DISCOVERY COMMUNICATIONS-A
0.46
2.42
12.70
10.08
7.04
7.09
6.46
49.84
3.1%
60.97
17.8%
249.29
17.6%
73.53
18.4%
2.07
44.71
24.9%
0.00
0.00
63.97
9.5%
0.00
0.00
0.00
113.91
30.1%
0.00
0.00
0.00
0.00
33.48
32.9%
1.66
0.97
1.37
1.46
50.50
0.0%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5.26
5.37
5.52
0.00
0.00
0.00
0.00
0.00
0.00
15.13
0.00
0.00
9.83
10.38
4.06
4.26
4.38
17.40
15.71
0.57
1.03
1.03
8.48
10.18
2.72
1.53
88.47
2.2%
115.64
21.1%
5.41
42.60
28.0%
0.00
49.35
8.5%
0.00
866.85
6.8%
90.55
-0.7%
4.68
23.39
9.0%
1.03
68.07
3.6%
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
2.16
2.16
1.99
1.80
2.16
1.40
1.40
1.33
1.28
1.40
9.99
9.99
9.69
9.48
9.99
8.74
8.74
8.08
7.57
8.74
14.11
14.11
12.64
11.43
14.11
2.21
2.21
2.37
2.56
2.21
1681.4
7.8%
Euro Stoxx 50 Pr
1.14
1.14
1.08
1.02
1.14
0.73
0.73
0.71
0.69
0.73
5.32
5.32
4.97
4.74
5.32
7.00
7.00
6.62
6.30
7.00
11.05
11.05
9.90
9.06
11.05
4.35
4.35
4.68
4.98
4.35
2895.5
9.4%
NIKKEI 225
1.50
1.50
1.41
1.32
1.50
0.70
0.70
0.66
0.65
0.70
9.47
9.47
8.14
7.61
9.47
9.50
9.50
8.28
7.76
9.50
24.04
24.04
18.83
14.58
24.04
1.65
1.65
1.66
1.94
1.65
11916.4
-4.5%
FTSE 100 INDEX
1.68
1.68
1.56
1.35
1.68
1.01
1.01
0.97
0.99
1.01
7.91
7.91
7.28
5.26
7.91
7.04
7.04
6.59
6.32
7.04
11.82
11.82
10.72
9.82
11.82
3.89
3.89
4.18
4.61
3.89
6809.6
6.4%
SWISS MARKET INDEX
2.39
2.39
2.22
2.05
2.39
2.00
2.00
1.90
1.82
2.00
12.30
12.30
11.24
9.87
12.30
13.09
13.09
12.11
11.32
13.09
14.91
14.91
13.35
12.12
14.91
3.31
3.31
3.67
4.16
3.31
8026.2
2.8%
1.68
1.68
1.55
1.45
1.68
1.57
1.57
1.48
1.42
1.57
8.40
8.40
7.54
7.00
8.40
8.22
8.22
7.27
6.88
8.22
13.98
13.98
12.32
11.33
13.98
3.14
3.14
3.29
3.49
3.14
14540.6
14.8%
S&P/ASX 200 INDEX
1.88
1.88
1.78
1.68
1.88
1.80
1.80
1.70
1.61
1.80
11.09
11.09
9.90
9.04
11.09
9.54
9.54
8.40
7.80
9.54
15.14
15.14
13.48
12.37
15.14
4.39
4.39
4.70
5.07
4.39
5152.0
4.1%
HANG SENG INDEX
1.33
1.33
1.23
1.15
1.33
1.73
1.73
1.60
1.49
1.73
7.12
7.12
6.60
6.21
7.12
8.13
8.13
7.39
6.84
8.13
10.80
10.80
9.91
9.02
10.80
3.57
3.57
3.85
4.37
3.57
24942.6
11.8%
MSCI EM
1.43
1.43
1.30
1.21
1.43
0.95
0.95
0.88
0.84
0.95
6.85
6.85
6.30
5.89
6.85
3.08
3.08
3.59
6.74
3.08
1183.8
15.8%
INTUITIVE SURGICAL INC
5.48
4.39
3.57
2.95
9.31
7.84
6.79
6.00
5.32
25.53
22.17
18.79
608.92
22.5%
KLA-TENCOR CORPORATION
2.62
2.49
2.19
1.89
2.74
3.00
2.61
2.54
10.23
14.21
10.80
14.5%
KRAFT FOODS GROUP INC
5.54
5.72
5.30
5.14
1.65
1.62
1.58
1.54
1.47
12.32
19.57
LIBERTY GLOBAL INC-A
11.16
16.44
14.52
1.74
1.34
1.19
1.11
0.96
6.20
LIBERTY INTERACTIVE CORP-A
1.72
1.69
1.48
1.30
1.17
1.13
1.07
1.02
0.98
LIFE TECHNOLOGIES CORP
2.01
2.11
1.92
1.75
2.88
2.78
2.68
2.59
2.55
LINEAR TECHNOLOGY CORP
12.17
9.50
8.10
5.87
6.92
6.85
6.16
5.60
MATTEL INC
5.04
4.61
4.69
2.32
2.20
2.10
MAXIM INTEGRATED PRODUCTS
3.76
3.57
3.24
2.89
3.90
3.82
MICROCHIP TECHNOLOGY INC
3.64
3.81
3.69
3.91
5.18
MICRON TECHNOLOGY INC
1.32
1.37
1.25
1.08
MICROSOFT CORP
3.37
2.87
2.32
MONDELEZ INTERNATIONAL INC-A
1.61
1.59
1.49
MONSTER BEVERAGE CORP
9.84
8.67
MYLAN INC
2.77
NETAPP INC
2.95
NEWS CORP-CL A
7.03
7.03
6.45
6.05
7.03
10.76
10.76
9.67
8.97
10.76
20.64
17.96
15.33
13.25
11.33
32.53
28.27
24.08
20.91
18.69
9.41
6.01
8.35
6.38
5.80
11.61
15.95
11.52
10.61
13.83
12.94
12.39
11.32
10.47
9.90
17.83
18.30
16.45
14.92
6.03
4.57
4.49
8.97
7.54
6.67
6.42
6.89
28.76
37.62
24.31
8.75
14.66
18.87
10.61
9.93
9.42
8.80
8.32
22.65
18.74
13.84
11.48
10.72
9.53
9.57
9.42
8.96
8.65
8.89
16.11
14.65
18.51
17.50
15.42
13.85
12.87
13.21
11.51
10.32
19.90
2.04
14.02
16.44
11.91
10.89
11.11
10.25
9.63
9.37
3.50
3.19
14.34
12.79
11.19
9.73
11.08
10.18
8.93
4.48
3.89
3.57
16.24
14.12
12.70
10.89
13.09
14.20
1.21
1.17
0.98
0.91
5.98
6.25
3.54
3.01
7.15
5.52
1.89
3.20
2.97
2.75
2.59
2.66
8.40
7.60
6.84
6.41
5.92
5.67
5.16
4.78
4.97
10.49
9.96
9.00
8.22
1.47
1.52
1.46
1.38
1.30
1.23
114.45
15.38
12.40
11.62
12.24
11.62
10.79
10.18
9.22
21.03
19.21
17.07
15.29
13.20
8.53
7.63
3.90
3.48
3.10
2.75
2.58
28.14
21.80
18.32
15.38
13.31
11.87
10.28
8.75
7.30
25.89
21.84
18.33
15.12
3.33
2.59
2.00
1.69
1.60
1.49
1.43
1.40
5.75
7.89
6.48
5.57
8.38
8.42
8.01
7.07
7.13
11.24
10.14
9.07
8.43
2.56
2.28
1.95
1.93
1.88
1.73
1.62
1.61
5.92
9.11
8.83
7.87
5.87
6.25
5.55
5.33
14.00
14.63
13.17
11.95
2.72
2.62
2.40
2.16
2.07
1.98
1.86
1.78
1.70
16.93
12.24
12.58
11.01
11.96
11.11
9.97
9.11
21.54
18.03
15.31
12.93
NUANCE COMMUNICATIONS INC
2.38
2.16
2.00
1.90
3.62
2.92
2.58
2.43
11.83
11.42
10.00
7.43
11.69
8.86
7.96
7.47
11.75
11.07
9.86
9.21
NVIDIA CORP
1.61
1.50
1.41
1.36
1.80
1.81
1.66
1.54
11.49
9.10
8.59
8.74
4.41
5.02
4.40
3.73
11.61
14.72
12.89
10.98
O'REILLY AUTOMOTIVE INC
5.13
5.55
5.15
4.18
1.87
1.73
1.63
1.54
1.44
12.84
13.15
10.86
9.67
10.79
9.81
9.14
8.53
22.08
18.11
15.98
14.13
ORACLE CORP
3.57
3.26
2.66
2.25
4.00
3.97
3.76
3.56
3.30
11.87
10.46
9.91
9.10
7.30
7.40
6.76
6.27
13.03
11.70
10.73
9.82
PACCAR INC
3.02
2.79
2.45
1.99
1.10
1.10
1.00
0.99
10.84
10.40
9.35
7.53
8.04
7.13
7.54
16.24
15.79
14.04
13.02
PAYCHEX INC
7.68
7.41
6.82
6.35
5.67
5.45
5.14
4.81
4.56
17.96
17.70
16.36
15.45
12.90
12.39
11.68
10.79
10.41
23.00
21.86
20.47
18.89
17.33
PERRIGO CO
5.72
4.83
3.87
3.10
3.44
3.07
2.73
2.59
2.46
21.66
19.60
16.43
12.78
15.24
13.26
11.51
10.80
10.26
23.76
20.69
17.71
16.40
PRICELINE.COM INC
8.91
6.22
4.67
3.42
6.59
5.30
4.48
3.94
3.61
20.85
17.38
15.00
13.33
15.90
12.52
10.36
8.93
7.81
22.42
17.92
15.08
QUALCOMM INC
3.46
3.00
2.63
2.34
6.03
4.72
4.24
4.05
3.96
16.64
13.60
12.83
12.51
11.65
9.38
8.57
7.89
18.24
14.72
RANDGOLD RESOURCES LTD-ADR
2.99
2.52
2.03
5.69
4.85
3.63
4.95
13.32
10.05
7.14
6.47
10.43
9.03
5.81
17.93
14.43
REGENERON PHARMACEUTICALS
12.37
9.40
6.95
11.57
12.20
8.80
7.22
6.08
5.29
31.60
22.52
12.97
34.73
21.66
14.21
13.08
17.20
37.60
ROSS STORES INC
7.45
6.50
5.60
4.64
1.36
1.29
1.20
1.12
1.01
12.54
11.35
9.91
9.16
8.62
8.06
7.40
6.80
6.34
SANDISK CORP
1.84
1.69
1.52
1.34
2.65
2.38
2.17
1.91
1.85
23.19
11.22
10.79
10.75
9.31
5.80
5.09
5.26
5.33
SBA COMMUNICATIONS CORP-CL A
15.55
28.28
9.61
7.46
6.96
6.49
6.15
26.67
18.65
16.00
14.51
24.24
18.71
17.01
15.56
14.60
SEAGATE TECHNOLOGY
4.33
3.81
3.87
2.88
0.86
0.91
0.94
0.94
4.71
4.26
4.28
4.46
SEARS HOLDINGS CORP
1.11
1.64
1.79
1.98
0.14
0.15
0.15
0.15
SIGMA-ALDRICH
3.60
3.07
2.73
2.61
3.51
3.40
3.25
3.10
2.99
17.08
16.42
15.16
SIRIUS XM RADIO INC
4.17
6.39
15.43
205.67
5.93
5.31
4.84
4.41
4.03
24.68
22.04
19.28
STAPLES INC
1.42
1.32
1.24
1.17
1.06
0.36
0.37
0.37
0.37
0.36
6.09
5.87
5.77
5.84
4.74
STARBUCKS CORP
8.01
7.44
6.60
5.41
3.74
3.20
2.86
2.55
2.26
2.00
22.55
18.31
15.90
13.54
15.93
STERICYCLE INC
5.91
4.82
4.03
3.64
4.74
4.21
3.87
3.45
23.83
21.64
18.85
18.26
SYMANTEC CORP
3.58
3.26
3.01
2.47
2.52
2.46
2.42
2.34
9.56
9.77
9.72
7.74
6.61
TEXAS INSTRUMENTS INC
3.56
3.56
3.47
3.42
3.00
3.15
2.95
2.83
2.60
13.44
12.28
10.78
10.49
VERISK ANALYTICS INC-CLASS A
42.33
18.05
11.28
7.87
7.35
6.51
5.96
5.49
5.07
23.16
20.88
18.86
17.56
VERTEX PHARMACEUTICALS INC
11.86
11.09
16.17
17.53
7.85
10.22
11.32
9.17
5.79
47.96
VIACOM INC-CLASS B
4.25
4.34
4.05
3.98
2.19
2.21
2.11
2.03
1.93
13.64
11.74
10.35
9.17
7.39
9.19
9.08
8.57
8.11
7.75
14.70
13.03
VIRGIN MEDIA INC
18.70
2.50
2.14
2.39
2.08
2.01
1.95
1.89
1.83
7.00
6.07
5.64
4.82
3.58
8.64
8.19
7.90
7.55
7.62
33.06
20.67
1.89
2.05
2.04
2.01
14.71
8.55
8.61
12.33
WESTERN DIGITAL CORP
1.54
1.34
1.15
1.08
0.98
0.78
0.79
0.82
4.25
3.93
3.80
4.80
3.57
3.01
3.20
3.60
6.39
WHOLE FOODS MARKET INC
4.33
4.23
3.77
3.28
1.38
1.23
1.08
0.94
0.84
20.08
18.63
15.39
12.22
14.26
12.51
10.76
9.11
3.68
11.89
11.25
10.26
9.83
10.93
10.23
9.95
15.12
17.24
16.39
14.44
13.22
13.99
12.14
9.26
21.67
22.04
19.44
13.09
12.10
11.53
11.40
1.18
1.86
4.03
4.27
VODAFONE GROUP PLC-SP ADR
WYNN RESORTS LTD
2.45
158.25
25.63
17.78
11.23
2.45
2.33
2.22
2.04
XILINX INC
3.90
3.59
3.28
3.01
4.51
4.61
4.33
3.92
YAHOO! INC
1.80
1.73
1.55
1.39
5.83
5.64
5.45
5.28
1.25
5.13
10.36
2.68
3.04
3.12
3.02
59.60
13.77
3.24
3.93
4.09
4.39
50.32
-2.0%
17.39
12.45
0.00
0.00
0.00
0.00
78.78
10.0%
15.69
13.06
11.68
0.00
0.00
0.00
0.00
24.20
11.5%
13.43
12.34
11.52
0.00
0.00
0.00
0.00
63.31
-1.1%
21.20
18.34
16.13
2.59
2.69
2.78
2.89
37.34
-1.5%
17.28
15.56
14.21
13.35
2.84
3.16
3.56
3.59
43.27
-0.7%
8.02
21.05
18.01
15.27
13.73
2.74
2.99
3.09
3.16
34.59
7.5%
11.79
10.63
19.53
19.96
17.11
14.63
3.79
3.84
3.89
3.96
39.27
7.0%
3.74
3.22
13.16
9.41
0.00
0.00
0.00
0.00
11.72
18.1%
2.74
3.21
3.42
3.75
32.90
16.5%
1.71
1.77
1.95
2.33
11.49
0.00
0.00
0.00
0.00
8.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.56
0.57
0.57
0.57
32.35
6.9%
0.00
26.46
32.4%
14.5%
8.42
7.93
3.42
4.46
4.71
5.47
17.24
13.79
12.30
12.07
13.06
11.46
11.02
10.37
9.61
17.14
23.96
19.08
15.61
13.50
12.02
4.99
4.93
4.78
13.45
11.37
9.73
16.05
14.41
6.90
6.41
11.42
11.19
9.55
9.12
18.15
16.07
14.59
13.35
0.1%
58.67
20.1%
32.93
13.5%
39.17
17.6%
2.42
2.52
2.56
14.31
0.00
0.00
0.00
0.00
109.26
5.5%
0.76
0.93
0.82
0.93
37.88
20.4%
2.81
2.54
2.78
2.25
48.80
-2.7%
3.63
3.73
3.83
3.91
32.63
-6.4%
14.74
0.22
0.25
0.26
0.40
123.92
5.4%
13.03
11.68
0.00
0.00
0.00
824.32
18.7%
13.52
12.76
11.09
1.35
1.51
1.70
10.31
10.83
0.56
0.63
1.43
33.39
25.00
22.92
18.75
0.00
0.00
0.00
0.00
16.85
15.44
13.73
12.23
10.56
0.94
1.10
1.21
1.41
26.73
14.61
13.10
11.98
12.28
0.00
0.00
83.51
56.91
0.00
0.00
0.00
2.35
4.01
4.33
0.00
0.00
0.00
6.91
6.64
12.57
6.03
2.03
2.24
75.85
14.3%
120.19
42.1%
188.00
10.7%
65.95
11.0%
58.88
6.5%
0.00
81.76
13.8%
4.38
35.51
-1.0%
28.82
-43.4%
19.91
18.51
17.31
15.87
15.39
1.04
1.14
1.20
1.31
49.76
31.16
23.73
19.04
11.64
1.07
0.00
0.00
0.00
3.98
9.64
10.03
9.35
8.77
7.39
3.31
3.62
3.82
4.00
8.89
32.00
26.33
21.69
18.09
15.79
1.22
1.50
1.78
2.16
13.26
31.91
28.31
25.04
21.98
6.04
15.33
14.35
12.76
11.22
0.00
0.00
1.03
1.43
24.92
1.4%
8.16
21.06
20.29
16.13
14.67
15.43
2.05
2.87
3.07
3.21
34.19
-1.6%
12.40
30.51
26.12
23.23
1235.00
22.30
0.00
0.00
0.00
0.00
11.40
9.99
8.84
1.70
1.86
1.93
2.06
15.68
12.11
9.27
0.35
0.34
0.33
0.35
11.62
11.15
10.93
5.64
5.50
5.38
6.11
6.21
6.57
0.00
1.91
2.20
34.57
30.23
25.54
21.38
0.64
2.30
9.07
22.94
20.47
18.52
16.08
7.63
10.73
20.04
21.58
19.13
16.74
1.98
19.31
20.38
18.38
16.75
0.00
44.69
0.00
30.13
0.61
5.30
59.51
17.09
11.23
2.29
7.96
10.77
1.28
4.81
20.49
18.39
16.12
77.20
0.8%
3.60
16.7%
14.06
5.7%
63.88
12.1%
106.90
2.2%
61.70
0.5%
61.88
13.9%
64.75
5.6%
43.96
-8.6%
5.36
29.65
3.5%
2.59
50.77
4.3%
1.02
1.36
100.16
15.3%
3.21
3.24
3.26
138.92
11.5%
2.30
2.49
2.54
38.84
1.7%
0.00
0.00
0.00
22.96
-2.6%
0.44
4.01
27.03.2013
Activision Blizzard Inc

Activision Blizzard, Inc. publishes, develops, and distributes interactive
entertainment software and peripheral products. The Company's products cover
diverse game categories, including action/adventure, action sports, racing,
role playing, simulation, first-person action, music-based gaming and strategy.
Price/Volume
16
14.0 M
14
12.0 M
12
10.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (15.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ATVI UW EQUITY YTD Change
ATVI UW EQUITY YTD % CHANGE
12/2012
12/yy
15.07
10.46
999'988.00
14.46
-4.05%
38.31%
86.78%
1'113.7
16'104.06
0.00
0.0
0.0
4'375.00
11'729.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
4.0 M
2.0 M
2
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

31.12.2008
3'026.0
2.75x
421.0
19.80x
(107.0)
32.00x
8.0 M
Valuation Analysis
31.12.2009
31.12.2010
4'279.0
4'447.0
2.49x
2.52x
1'034.0
1'312.0
10.30x
8.55x
113.0
418.0
26.45x
25.39x
Profitability
LTM-4Q
31.12.2011
4'755.0
2.20x
1'788.0
5.84x
1'085.0
13.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2012
4'856.0
1.53x
1'779.0
4.18x
1'149.0
10.51x
1'779.00
1'451.00
29.88%
30.02%
8.36%
10.47%
0.35%
65.8%
36.6%
29.9%
23.7%
2.37
1.92
0.00%
0.00%
7.16
9.27
Price/ Cash Flow
12/yy
4'756
8.58x
1'789.0
5.83x
1'085.0
13.25x
LTM
12/yy
4'856
7.73x
1'779.0
4.18x
1'149.0
10.62x
FY+1
1.24
0.80
425.85
15.45
13.93%
37.96%
0.797
26
4.846
1'299'422
2'192'225
2'133'043
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'277
4'682
706
609
2.50x
2.05x
16.59x
19.66x
1'430.4
1'675.4
188.7
96.3
8.20x
7.00x
8.09x
8.23x
964.8
1'170.1
125.0
52.6
17.03x
14.04x
16.99x
17.40x
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
11.07.2008
NR
-2.46
0.00
0.0%
0.0%
0.35
31.95
51.10
39.46
78.81
12.30
Sales/Revenue/Turnover
16.00
6'000.0
14.00
5'000.0
12.00
4'000.0
10.00
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Activision Blizzard Inc

Holdings By:
All
Holder Name
VIVENDI UNIVERSAL SA
BLACKROCK
GOLDMAN SACHS GROUP
FMR LLC
DAVIS SELECTED ADVIS
INVESCO LTD
VANGUARD GROUP INC
JENNISON ASSOCIATES
RS INVESTMENT MANAGE
INVESTEC ASSET MANAG
STATE STREET
NEUBERGER BERMAN LLC
WELLINGTON MANAGEMEN
ALLIANZ ASSET MANAGE
PRIMECAP MANAGEMENT
DNB NOR ASSET MANAGE
SCOTT & STRINGFELLOW
BURGUNDY ASSET MANAG
LEVIN CAPITAL STRATE
DIMENSIONAL FUND ADV
Firm Name
Wedbush
Stifel
MKM Partners
Longbow Research
BMO Capital Markets
Brean Murray Carret & Co
Cowen and Company
Piper Jaffray
Argus Research Corp
Robert W. Baird & Co
Sterne, Agee & Leach
National Alliance Capital Markets
Atlantic Equities LLP
Credit Suisse
Hilliard Lyons
Janney Montgomery Scott LLC
Jefferies
William Blair & Co
Macquarie
S&P Capital IQ
Ascendiant Capital Markets
Pacific Crest Securities
EVA Dimensions
Wedge Partners
Goldman Sachs
Hudson Square Research
Portfolio Name
n/a
n/a
GOLDMAN SACHS GROUP
n/a
INVESCO LTD
VANGUARD GROUP INC
JENNISON ASSOCIATES
n/a
NEUBERGER BERMAN GRO
n/a
PRIMECAP MANAGEMENT
DNB NOR ASSET MANAGE
SCOTT & STRINGFELLOW
LEVIN CAPITAL STRATE
Analyst
MICHAEL PACHTER
DREW E CRUM
ERIC O HANDLER
JAMES L HARDIMAN
EDWARD S WILLIAMS
TODD MITCHELL
DOUGLAS CREUTZ
MICHAEL J OLSON
JOSEPH F BONNER
COLIN SEBASTIAN
ARVIND BHATIA
MICHAEL HICKEY
CHRISTOPHER HICKEY
STEPHEN JU
JEFFREY S THOMISON
SHAWN C MILNE
BRIAN J PITZ
RALPH SCHACKART
BENJAMIN A SCHACHTER
JIM YIN
EDWARD WOO
EVAN S WILSON
ANDREW S ZAMFOTIS
BRIAN BLAIR
BRIAN KARIMZAD
DANIEL ERNST
Source
13D
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
outperform
buy
buy
neutral
outperform
buy
outperform
overweight
buy
outperform
buy
buy
overweight
outperform
buy
buy
buy
outperform
outperform
buy
buy
outperform
buy
no rating system
Buy/Neutral
buy
Amt Held
683'643'890
55'463'866
31'765'437
23'174'317
19'976'589
19'404'727
13'176'188
11'250'425
10'994'976
10'895'776
9'637'705
9'221'191
7'549'964
6'454'601
6'044'400
5'618'546
5'605'412
5'424'077
5'332'947
5'074'509
% Out
61.39
4.98
2.85
2.08
1.79
1.74
1.18
1.01
0.99
0.98
0.87
0.83
0.68
0.58
0.54
0.5
0.5
0.49
0.48
0.46
Weighting
Change
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
#N/A N/A
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
(35'000'000)
(1'740'335)
26'306'631
8'647'721
(1'188'820)
(1'294'285)
(214'795)
(1'395)
378'217
245'147
440'853
767'452
(28'824'951)
(2'115'251)
308'200
662'822
(18'574)
1'713'049
5'332'947
102'063
Target Price
21
17
17
#N/A N/A
17
15
#N/A N/A
17
18
15
17
16
14
16
15
14
16
#N/A N/A
15
15
16
15
#N/A N/A
#N/A N/A
16
16
File Dt
Inst Type
15.11.2011
Corporation
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
25.03.2013
25.03.2013
25.03.2013
21.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
25.02.2013
21.02.2013
19.02.2013
14.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
15.01.2013
26.11.2012
09.11.2011
23.04.2009
27.03.2013
Adobe Systems Inc

Adobe Systems Incorporated develops, markets, and supports computer software
products and technologies. The Company's products allow users to express and
use information across all print and electronic media. Adobe offers a line of
application software products, type products, and content for creating,
distributing, and managing information.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADBE UW EQUITY YTD Change
ADBE UW EQUITY YTD % CHANGE
11/2012
03/yy
43.42
29.52
552'443.00
42.74
-1.55%
44.78%
95.14%
501.5
21'436.16
1'508.16
0.0
0.0
3'538.35
19'306.88
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.11.2009
30.11.2010
2'945.9
3'800.0
5.97x
3.60x
1'014.2
1'309.1
17.34x
10.45x
386.5
774.7
44.23x
20.38x
Profitability
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12
LTM-4Q
30.11.2011
4'216.3
2.83x
1'467.3
8.13x
832.8
15.32x
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
30.11.2012
4'403.7
3.42x
1'477.0
10.20x
832.8
21.10x
1'477.04
1'177.27
26.73%
25.41%
7.39%
11.14%
9.65%
0.45%
89.0%
29.7%
22.7%
18.9%
3.41
3.27
15.12%
22.63%
8.75
-
Price/ Cash Flow
03/yy
4'233.8
12.62x
1'454.6
10.64x
783.5
19.84x
m-12
j-12
j-12
a-12
LTM
03/yy
4'366.3
13.72x
1'296.0
13.77x
712.7
28.25x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
0.98
468.19
10.96
23.42%
13.43%
0.981
26
3.500
1'531'074
1'095'489
1'021'079
FY+2
FQ+1
FQ+2
11/13 Y
11/14 Y
05/13 Q2 08/13 Q3
4'117.6
4'539.1
1'011.9
1'018.5
4.59x
4.16x
19.63x
19.46x
1'197.4
1'425.5
288.4
300.1
16.13x
13.55x
14.86x
13.84x
738.5
914.2
171.5
183.6
30.10x
23.84x
29.44x
28.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.01.2010
BBB+
STABLE
21.89
17.87
-1.64
1.18
22.6%
18.5%
0.45
7.07
41.60
48.84
-
20.00
5'000.0
18.00
4'500.0
16.00
4'000.0
14.00
3'500.0
12.00
3'000.0
10.00
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
27.11.2009
6.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.11.2008
3'579.9
2.94x
1'330.6
7.90x
871.8
12.80x
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
27.05.2010
27.11.2010
27.05.2011
27.11.2011
27.05.2012
27.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Adobe Systems Inc

Holdings By:
All
Holder Name
PRIMECAP MANAGEMENT
CAPITAL GROUP COMPAN
VALUEACT HOLDINGS LP
BANK OF NEW YORK MEL
BLACKROCK
DODGE & COX
VANGUARD GROUP INC
STATE STREET
MACQUARIE GROUP
INVESCO LTD
JP MORGAN
FMR LLC
INSTITUTIONAL CAPITA
GOLDMAN SACHS GROUP
UBS
NORTHERN TRUST CORPO
OPPENHEIMERFUNDS INC
TIAA CREF INVESTMENT
Firm Name
Lazard Capital Markets
Deutsche Bank
Morgan Stanley
Goldman Sachs
RBC Capital Markets
Argus Research Corp
Credit Suisse
Edward Jones
Sanford C. Bernstein & Co
FBR Capital Markets
Macquarie
Stifel
Griffin Securities
Cowen and Company
JMP Securities
Piper Jaffray
Wedge Partners
Jefferies
Wells Fargo Securities, LLC
EVA Dimensions
Portfolio Name
PRIMECAP MANAGEMENT
n/a
n/a
n/a
DODGE & COX
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
n/a
GOLDMAN SACHS GROUP
n/a
OPPENHEIMER FUNDS IN
TIAA-CREF INVESTMENT
n/a
Analyst
BRETT FODERO
THOMAS ERNST JR
JENNIFER LOWE
HEATHER BELLINI
ROBERT P BREZA
JOSEPH F BONNER
PHILIP WINSLOW
JOSH OLSON
RICHARD FETYKO
BRENDAN BARNICLE
STEVEN M ASHLEY
MARK L MOERDLER
DAVID M HILAL
BRAD A ZELNICK
BLAIR ABERNETHY
JAY VLEESCHHOUWER
PETER GOLDMACHER
PATRICK WALRAVENS
MICHAEL J OLSON
KIRK ADAMS
ROSS MACMILLAN
JASON MAYNARD
ANDREW S ZAMFOTIS
CHRISTOPHER HICKEY
Source
13F
ULT-AGG
13F
Research
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
Recommendation
neutral
buy
Equalwt/In-Line
Sell/Neutral
outperform
hold
neutral
hold
neutral
sector perform
neutral
outperform
underperform
outperform
hold
buy
outperform
market outperform
neutral
no rating system
hold
market perform
hold
neutral
Amt Held
41'990'090
32'056'800
31'303'362
31'303'362
28'969'101
24'243'681
23'408'246
22'068'491
19'658'202
16'028'894
14'441'727
9'585'287
9'284'149
8'570'714
8'333'959
8'316'859
6'606'256
6'262'292
6'230'316
6'094'062
% Out
8.37
6.39
6.24
6.24
5.78
4.83
4.67
4.4
3.92
3.2
2.88
1.91
1.85
1.71
1.66
1.66
1.32
1.25
1.24
1.22
Weighting
Change
3
5
3
1
5
3
3
3
3
3
3
5
1
5
3
5
5
4
3
#N/A N/A
3
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(921'300)
8'670'057
452'801
(254'043)
2'214'496
507'549
154'535
609'606
2'526'910
(301'806)
1'778'118
8'570'714
432'333
(470'074)
(148'465)
13'690
307'156
343'947
Target Price
#N/A N/A
50
#N/A N/A
34
52
#N/A N/A
35
#N/A N/A
38
#N/A N/A
43
52
30
46
#N/A N/A
48
#N/A N/A
46
43
#N/A N/A
43
#N/A N/A
#N/A N/A
36
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
25.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
15.01.2013
14.12.2012
27.03.2013
Akamai Technologies Inc

Akamai Technologies, Inc. provides services for accelerating and improving the
delivery of content and applications over the Internet, ranging from live and
on-demand streaming video capabilities to conventional content on websites, to
tools that help people transact business and reach out to new and existing
customers.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
5.0 M
30
12/2012
12/yy
42.52
25.90
623'142.00
35.08
-17.50%
35.44%
55.23%
177.9
6'240.11
0.00
0.0
0.0
1'095.24
5'144.87
25
4.0 M
20
3.0 M
15
2.0 M
10
1.0 M
5
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
790.9
2.51x
313.7
6.32x
145.1
11.61x
7.0 M
40
35
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AKAM UW EQUITY YTD Change
AKAM UW EQUITY YTD % CHANGE
45
31.12.2009
31.12.2010
859.8
1'023.6
4.04x
7.36x
347.3
398.0
10.01x
18.93x
145.9
171.2
19.34x
52.28x
Profitability
LTM-4Q
31.12.2011
1'158.5
3.88x
463.4
9.71x
200.9
30.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'373.9
4.50x
519.1
11.90x
204.0
35.57x
519.06
314.89
22.92%
23.41%
8.25%
9.06%
9.06%
0.56%
68.6%
37.8%
22.9%
14.8%
3.59
3.23
0.00%
0.00%
6.39
-
Price/ Cash Flow
12/yy
1'158.5
14.93x
463.4
9.71x
200.9
30.45x
LTM
12/yy
1'373.9
16.10x
519.1
11.90x
204.0
35.57x
FY+1
0.00
1.31
171.97
15.60
-6.90%
-14.25%
1.311
29
3.966
762'414
1'103'705
1'059'625
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'510.2
1'715.0
357.3
363.5
3.49x
2.93x
14.28x
13.87x
639.5
739.7
151.4
153.3
8.05x
6.96x
8.01x
7.75x
348.8
396.5
84.9
81.9
17.91x
15.85x
18.10x
17.88x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
12.11.2002
NR
-2.11
0.00
0.0%
0.0%
0.56
4.31
57.23
34.55
-
25.00
1'600.0
1'400.0
20.00
1'200.0
1'000.0
15.00
800.0
10.00
600.0
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Akamai Technologies Inc

Holdings By:
All
Holder Name
T ROWE PRICE ASSOCIA
VANGUARD GROUP INC
BLACKROCK
STATE STREET
FMR LLC
MORGAN STANLEY
LEIGHTON F THOMSON
INVESCO LTD
COATUE MANAGEMENT LL
BROOKSIDE CAPITAL IN
CLEARBRIDGE INVESTME
FAIRPOINTE CAPITAL L
EARNEST PARTNERS LLC
NORGES BANK
MANAGED ACCOUNT ADVI
COLUMBUS CIRCLE INVE
Firm Name
D.A. Davidson & Co
Oppenheimer & Co
Craig-Hallum Capital Group LLC
FBN Securities
Tigress Financial Partners
Jefferies
S&P Capital IQ
Maxim Group LLC
FBR Capital Markets
Macquarie
William Blair & Co
Raymond James
B Riley & Company, Inc
Stifel
Cowen and Company
Credit Agricole Securities (USA)
JPMorgan
Dougherty & Company LLC
Canaccord Genuity Corp
Piper Jaffray
Morgan Stanley
Goldman Sachs
Credit Suisse
EVA Dimensions
Battle Road Research
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
INVESCO LTD
BROOKSIDE CAPITAL MA
EARNEST PARTNERS LLC
NORGES BANK
Analyst
DONNA M JAEGERS
TIMOTHY K HORAN
JEFF VAN RHEE
SHEBLY SEYRAFI
IVAN FEINSETH
AARON SCHWARTZ
SCOTT H KESSLER
GRAY W POWELL
GREG MESNIAEFF
DAVID M HILAL
KEVIN SMITHEN
RICHARD FETYKO
CHAD BARTLEY
JAMES D BREEN JR
MICHAEL TURITS
SAMEET SINHA
BEN LOWE
COLBY SYNESAEL
EDWARD MAGUIRE
STERLING AUTY
MARK KELLEHER
GREGORY MILLER
MICHAEL J OLSON
JENNIFER LOWE
HEATHER BELLINI
PHILIP WINSLOW
ANDREW S ZAMFOTIS
TEAM COVERAGE
Source
13G
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
Form 4
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
outperform
buy
outperform
strong buy
hold
strong buy
outperform
buy
market perform
outperform
neutral
sector perform
outperform
market perform
buy
hold
outperform
buy
neutral
buy
buy
overweight
Equalwt/In-Line
neutral/neutral
underperform
underweight
hold
Amt Held
20'446'047
10'552'831
9'381'857
7'880'054
6'167'160
5'657'984
4'997'389
4'155'077
3'803'876
3'782'211
3'406'403
3'301'129
3'182'552
3'060'013
2'650'409
2'471'613
1'823'137
1'444'989
1'407'918
1'398'929
% Out
11.49
5.93
5.27
4.43
3.47
3.18
2.81
2.34
2.14
2.13
1.91
1.86
1.79
1.72
1.49
1.39
1.02
0.81
0.79
0.79
Weighting
Change
5
5
5
5
5
3
5
5
5
3
5
3
3
5
3
5
3
5
5
3
5
5
5
3
3
1
1
3
M
M
M
N
M
M
U
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'548'410
162'538
351'376
3'835'050
(2'835'333)
(686'077)
352'843
30'000
(527'044)
377'785
(1'528'393)
624'104
(271'044)
(538'495)
2'632
(48'222)
95'439
87'951
843'390
Target Price
45
43
44
45
#N/A N/A
40
45
#N/A N/A
44
36
42
40
#N/A N/A
#N/A N/A
#N/A N/A
41
#N/A N/A
#N/A N/A
45
42
50
45
40
#N/A N/A
40
30
#N/A N/A
#N/A N/A
File Dt
Inst Type
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
13.03.2013
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
Date
18 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
22.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
25.02.2013
07.02.2013
07.02.2013
07.02.2013
15.01.2013
07.06.2012
27.03.2013
Alexion Pharmaceuticals Inc

Alexion Pharmaceuticals, Inc., a biopharmaceutical company, researches and
develops proprietary immunoregulatory compounds for the treatment of autoimmune
and cardiovascular diseases. The Company develops C5 complement inhibitors and
Apogens which are two classes of potential therapeutic compounds designed to
selectively target specific disease-causing segments of the immune system.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (07.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALXN UW EQUITY YTD Change
ALXN UW EQUITY YTD % CHANGE
12/2012
12/yy
119.53
81.39
345'720.00
91.35
-23.58%
12.24%
26.11%
195.2
17'832.37
149.00
0.0
0.0
989.50
16'991.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
120
12.0 M
100
10.0 M
80
8.0 M
60
6.0 M
40
4.0 M
20
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
259.1
11.40x
42.2
69.99x
33.1
92.79x
140
31.12.2009
31.12.2010
386.8
541.0
10.81x
12.96x
99.5
166.4
41.99x
42.14x
295.2
97.0
53.07x
76.71x
Profitability
LTM-4Q
31.12.2011
783.4
16.24x
261.9
48.58x
175.3
74.48x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'134.1
15.35x
424.0
41.06x
254.8
67.93x
423.96
400.07
35.28%
35.06%
12.71%
16.41%
15.95%
0.57%
88.9%
37.4%
35.3%
22.5%
4.15
3.57
5.70%
7.56%
4.20
1.44
Price/ Cash Flow
12/yy
783.4
52.66x
261.9
48.58x
175.3
82.66x
LTM
12/yy
1'134.1
65.98x
424.0
41.06x
254.8
70.48x
FY+1
0.00
0.83
192.56
4.06
-2.07%
-2.62%
0.831
25
4.600
285'753
599'186
510'584
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'509.4
1'893.6
335.9
364.2
11.06x
8.55x
50.79x
46.62x
653.1
892.3
135.0
147.0
26.02x
19.05x
26.84x
590.9
697.9
121.5
138.5
31.57x
27.43x
31.65x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
57.28
54.33
-1.98
0.35
7.6%
7.0%
0.57
6.84
87.12
255.05
49.27
292.90
70.00
1'200.0
60.00
1'000.0
50.00
800.0
40.00
600.0
30.00
400.0
20.00
200.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Alexion Pharmaceuticals Inc

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
JENNISON ASSOCIATES
VANGUARD GROUP INC
SANDS CAPITAL MANAGE
STATE STREET
JANUS CAPITAL MANAGE
VIKING GLOBAL INVEST
AMERIPRISE FINANCIAL
AMERICAN CENTURY COM
INVESCO LTD
HARBOR CAPITAL ADVIS
JP MORGAN
TOUCHSTONE ADVISORS
ARTISAN PARTNERS HOL
Firm Name
Cowen and Company
Leerink Swann & Co
Morgan Stanley
Goldman Sachs
JPMorgan
Jefferies
William Blair & Co
Stifel
Oppenheimer & Co
Guggenheim Securities LLC
Piper Jaffray
Barclays
S&P Capital IQ
EVA Dimensions
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
JENNISON ASSOCIATES
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
Multiple Portfolios
n/a
Multiple Portfolios
ARTISAN PARTNERS LP
Analyst
CHRISTOPHER J RAYMOND
GEOFFREY C PORGES
SALVEEN J RICHTER
ERIC SCHMIDT
BRIAN C ABRAHAMS
JOSHUA SCHIMMER
KIMBERLY LEE
HOWARD LIANG
DAVID FRIEDMAN
TERENCE FLYNN
JONATHAN M ASCHOFF
GEOFFREY MEACHAM
EUN K YANG
JOHN S SONNIER
STEPHEN D WILLEY
DAVID FERREIRO
BRET HOLLEY
M IAN SOMAIYA
YING HUANG
STEVEN SILVER
ANDREW S ZAMFOTIS
ROBYN KARNAUSKAS
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
MF-AGG
13F
Recommendation
outperform
market perform
buy
outperform
market perform
buy
neutral
outperform
Overwt/In-Line
buy/attractive
buy
overweight
hold
outperform
buy
outperform
buy
overweight
overweight
buy
buy
buy
Amt Held
30'257'061
18'500'374
14'952'509
13'337'767
10'056'686
8'519'061
8'078'606
7'722'801
4'713'716
4'014'242
3'693'290
3'135'927
2'830'500
2'722'627
2'696'867
2'669'856
2'667'173
2'567'502
2'268'866
1'575'200
% Out
15.5
9.48
7.66
6.83
5.15
4.36
4.14
3.96
2.41
2.06
1.89
1.61
1.45
1.39
1.38
1.37
1.37
1.32
1.16
0.81
Weighting
Change
5
3
5
5
3
5
3
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
215
495'500
(2'556'631)
(697'284)
737'216
250'074
227'389
327'372
961'192
4'014'242
517'382
111'414
65'670
(494'724)
20'210
406'152
(1'204'145)
(45'482)
(76'000)
133'000
Target Price
125
92
132
#N/A N/A
#N/A N/A
102
107
#N/A N/A
108
122
120
120
88
#N/A N/A
118
115
121
122
118
116
#N/A N/A
117
File Dt
Inst Type
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
20.03.2013
11.03.2013
04.03.2013
04.03.2013
26.02.2013
20.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
25.01.2013
15.01.2013
25.10.2012
27.03.2013
Altera Corp
Altera Corporation is a global semiconductor company that designs, manufactures,
and markets programmable logic devices and associated development tools. The
Company's products, include a variety of programmable logic devices and hardcopy
application-specific integrated circuits.
Price/Volume
45
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.03.2012)
52-Week Low (24.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALTR UW EQUITY YTD Change
ALTR UW EQUITY YTD % CHANGE
12/2012
12/yy
40.14
29.59
528'618.00
35.14
-12.46%
18.76%
52.61%
319.8
11'236.10
500.00
0.0
0.0
3'017.59
8'718.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
31.12.2009
31.12.2010
1'195.4
1'954.4
4.74x
4.66x
333.6
895.9
17.00x
10.16x
251.1
782.9
26.94x
14.29x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.12.2011
2'064.5
4.36x
881.1
10.23x
770.7
15.79x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'783.0
4.75x
628.1
13.49x
556.8
19.99x
628.10
591.24
33.16%
33.20%
12.46%
17.60%
15.40%
0.40%
69.6%
35.2%
33.2%
31.2%
6.78
6.15
10.73%
15.00%
6.41
3.94
Price/ Cash Flow
12/yy
2'064.5
19.46x
881.1
10.23x
770.7
15.79x
LTM
12/yy
1'783.0
19.71x
628.1
13.49x
556.8
20.11x
FY+1
1.02
1.27
318.69
5.45
-9.66%
2.33%
1.271
32
3.656
710'706
1'015'133
978'217
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'823.5
2'075.1
413.7
449.6
4.62x
3.89x
20.99x
19.17x
597.4
739.4
120.0
141.7
14.59x
11.79x
14.70x
13.39x
493.4
610.9
105.2
116.0
22.86x
18.83x
22.86x
21.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.11.2011
ASTABLE
78.75
71.11
-4.01
0.80
15.0%
13.0%
0.40
9.44
57.06
92.93
32.70
117.30
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
01.01.2010
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'367.2
3.06x
434.3
9.62x
359.7
14.16x
15
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Altera Corp
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
SUN LIFE FINANCIAL I
VANGUARD GROUP INC
GOLDMAN SACHS GROUP
PRIMECAP MANAGEMENT
STATE STREET
JP MORGAN
EAGLE CAPITAL MANAGE
WADDELL & REED FINAN
INVESCO LTD
CADIAN CAPITAL MANAG
BAILLIE GIFFORD AND
Firm Name
BMO Capital Markets
Nomura
MKM Partners
Raymond James
Miller Tabak + Co., LLC
Jefferies
RBC Capital Markets
Mizuho Securities USA Inc
GARP Research
Macquarie
Argus Research Corp
ISI Group
Drexel Hamilton LLC
Piper Jaffray
Goldman Sachs
Barclays
Deutsche Bank
Morgan Stanley
Credit Suisse
JPMorgan
William Blair & Co
SunTrust Robinson Humphrey
Wedge Partners
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
GOLDMAN SACHS GROUP
PRIMECAP MANAGEMENT
n/a
n/a
n/a
ARTISAN PARTNERS LP
INVESCO LTD
BAILLIE GIFFORD & CO
Analyst
AMBRISH SRIVASTAVA
TRISTAN GERRA
DAVID M WONG
ROMIT SHAH
DANIEL A BERENBAUM
HANS C MOSESMANN
BRENDAN FURLONG
MARK J LIPACIS
DOUG FREEDMAN
RUBEN ROY
STEPHEN SAUNDERS
SHAWN WEBSTER
JAMES KELLEHER
SUMIT DHANDA
JOHN VINH
RICHARD WHITTINGTON
IAN ING
AUGUSTE P RICHARD
JAMES SCHNEIDER
BLAYNE CURTIS
ROSS C SEYMORE
JOSEPH MOORE
JOHN W PITZER
CHRISTOPHER DANELY
ANIL K DORADLA
SRINI PAJJURI
WILLIAM STEIN
ROBERT BURLESON
JUN ZHANG
ANDREW S ZAMFOTIS
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
outperform
neutral
outperform
reduce
neutral
strong buy
hold
hold
sector perform
buy
buy
neutral
hold
neutral
sector perform
buy
neutral
overweight
buy/attractive
equalweight
hold
Overwt/In-Line
neutral
neutral
market perform
buy
neutral
hold
no rating system
hold
Amt Held
24'871'009
17'460'092
15'117'297
14'317'894
14'051'363
13'119'135
12'485'525
11'419'255
9'597'620
9'206'161
8'573'092
8'500'000
8'407'529
8'347'713
5'994'701
4'782'958
4'610'400
3'609'232
3'444'400
3'436'351
% Out
7.78
5.46
4.73
4.48
4.39
4.1
3.9
3.57
3
2.88
2.68
2.66
2.63
2.61
1.87
1.5
1.44
1.13
1.08
1.07
Weighting
Change
5
3
5
2
3
5
3
3
3
5
5
3
3
3
3
5
3
5
5
3
3
5
3
3
3
5
3
3
#N/A N/A
3
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
8'679'679
3'940'534
291'013
4'649'182
(776'600)
130'132
(6'994'056)
(412'673)
333'798
22'060
(600'000)
666'690
1'286'209
(962'960)
(117'329)
(5'000)
(348'696)
1'490'000
379'626
Target Price
40
33
#N/A N/A
27
32
42
34
35
36
41
#N/A N/A
38
#N/A N/A
29
#N/A N/A
45
#N/A N/A
36
41
35
32
36
30
29
#N/A N/A
40
32
34
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
18.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
07.03.2013
04.03.2013
28.02.2013
27.02.2013
26.02.2013
25.02.2013
20.02.2013
11.02.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
18.01.2013
15.01.2013
27.03.2013
Amazon.com Inc
Amazon.com, Inc. is an online retailer that offers a wide range of products.
The Company's products include books, music, videotapes, computers,
electronics, home and garden, and numerous other products. Amazon offers
personalized shopping services, Web-based credit card payment, and direct
shipping to customers.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (16.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMZN UW EQUITY YTD Change
AMZN UW EQUITY YTD % CHANGE
12/2012
12/yy
284.68
183.66
265'757.00
259.685
-8.78%
41.39%
71.63%
454.6
118'040.09
5'510.00
0.0
0.0
11'448.00
112'102.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
250
5.0 M
200
4.0 M
150
3.0 M
100
2.0 M
50
1.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
19'166.0
0.98x
1'129.0
16.55x
645.0
36.89x
300
31.12.2009
31.12.2010
24'509.0
34'204.0
2.19x
2.15x
1'507.0
1'974.0
35.69x
37.21x
902.0
1'152.0
63.45x
71.15x
Profitability
LTM-4Q
31.12.2011
48'077.0
1.49x
1'945.0
36.75x
631.0
126.35x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
61'093.0
1.77x
2'835.0
38.08x
(39.0)
5017.40x
2'835.00
676.00
1.11%
0.64%
-0.14%
-0.50%
-0.42%
2.11%
24.8%
4.6%
1.1%
-0.1%
1.12
0.78
16.93%
67.26%
20.59
8.34
Price/ Cash Flow
LTM
12/yy
48'077.0
6.86x
1'945.0
36.75x
632.0
126.35x
12/yy
61'093.0
6.68x
2'834.0
38.09x
(40.0)
696.86x
FY+1
0.00
1.18
366.92
7.35
28.01%
3.40%
1.180
43
4.256
799'145
822'788
893'988
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
75'719.6
92'943.2
16'180.5
15'981.5
1.48x
1.16x
7.07x
7.11x
4'673.5
6'406.4
957.6
1'068.9
24.02x
17.53x
23.58x
22.38x
1'478.2
2'507.9
263.1
325.1
77.29x
45.63x
78.72x
70.28x
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
26.11.2012
AASTABLE
13.06.2007
NR
30.82
-10.33
-2.10
1.94
67.3%
40.2%
2.11
10.65
17.78
43.88
95.23
-33.57
40.00
70'000.0
35.00
60'000.0
30.00
50'000.0
25.00
40'000.0
20.00
30'000.0
15.00
20'000.0
10.00
10'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Amazon.com Inc
Holdings By:
All
Holder Name
BEZOS JEFFREY P
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
BAILLIE GIFFORD AND
JP MORGAN
JENNISON ASSOCIATES
MORGAN STANLEY
INVESCO LTD
UBS
TORONTO DOMINION BAN
WINSLOW CAPITAL MANA
Firm Name
ISI Group
William Blair & Co
Cantor Fitzgerald
Cowen and Company
Barclays
JMP Securities
Evercore Partners
EVA Dimensions
BMO Capital Markets
JPMorgan
Stifel
Piper Jaffray
Topeka Capital Markets Inc
Nomura
Daiwa Securities Co. Ltd.
Telsey Advisory Group
Morgan Stanley
Oppenheimer & Co
Argus Research Corp
Deutsche Bank
Goldman Sachs
RBC Capital Markets
Credit Suisse
Jefferies
Needham & Co
Raymond James
Macquarie
Benchmark Company LLC
Wedge Partners
McAdams Wright Ragen Inc
BGC Partners
S&P Capital IQ
First Global Stockbroking
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
JENNISON ASSOCIATES
n/a
INVESCO LTD
n/a
Analyst
SHAWN C MILNE
COLIN SEBASTIAN
GREGORY MELICH
CARLOS KIRJNER
MARK R MILLER
YOUSSEF H SQUALI
JOHN BLACKLEDGE
CHAD BARTLEY
ANTHONY J DICLEMENTE
RONALD V JOSEY III
KEN SENA
CRAIG STERLING
EDWARD S WILLIAMS
DOUGLAS ANMUTH
MICHAEL GRAHAM
JORDAN ROHAN
EUGENE E MUNSTER
VICTOR ANTHONY
BRIAN NOWAK
KAZUYA NISHIMURA
THOMAS FORTE
SCOTT W DEVITT
JASON S HELFSTEIN
JOSEPH F BONNER
ROSS SANDLER
HEATH P TERRY
MARK S MAHANEY
STEPHEN JU
BRIAN J PITZ
KERRY RICE
AARON M KESSLER
SCOTT TILGHMAN
MATTHEW NEMER
JAMES CORDWELL
DANIEL L KURNOS
JAMES LEE
BRIAN BLAIR
DAN GEIMAN
COLIN W GILLIS
MICHAEL SOUERS
TEAM COVERAGE
RITESH DOSHI
Source
Form 4
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
buy
outperform
buy
outperform
outperform
buy
outperform
outperform
equalweight
market perform
overweight
sell
market perform
neutral
hold
buy
overweight
buy
buy
outperform
no rating system
Overwt/Attractive
outperform
hold
buy
buy/attractive
outperform
outperform
buy
hold
market perform
outperform
buy
outperform
overweight
buy
outperform
no rating system
hold
hold
hold
hold
market perform
Amt Held
86'970'020
43'940'459
20'211'207
18'170'531
15'967'446
15'535'787
13'841'567
11'864'837
7'730'515
6'405'541
6'217'693
5'456'857
5'407'626
5'046'581
4'778'512
4'522'854
4'405'355
4'260'200
3'037'780
3'002'027
% Out
19.13
9.67
4.45
4
3.51
3.42
3.05
2.61
1.7
1.41
1.37
1.2
1.19
1.11
1.05
1
0.97
0.94
0.67
0.66
Weighting
Change
5
5
5
5
5
5
5
5
3
3
5
1
3
3
3
5
5
5
5
5
#N/A N/A
5
5
3
5
5
5
5
5
3
3
5
5
5
5
5
5
#N/A N/A
3
3
3
3
3
M
M
M
M
M
M
M
M
M
N
M
D
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
(195'151)
4'330'950
1'315'756
(211'684)
407'611
(672'592)
141'685
18'391
238'226
374'494
(801'059)
(186'717)
(822'311)
(13'747)
75'209
(623'769)
(179'692)
(100)
(14'891)
257'610
Target Price
310
325
320
320
#N/A N/A
300
#N/A N/A
346
260
#N/A N/A
330
#N/A N/A
260
300
300
335
329
360
300
295
370
325
325
#N/A N/A
335
330
330
334
330
#N/A N/A
#N/A N/A
305
341
#N/A N/A
325
330
290
#N/A N/A
#N/A N/A
220
250
#N/A N/A
#N/A N/A
File Dt
15.02.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
18 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
24.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
16.03.2013
15.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
12.03.2013
06.03.2013
22.02.2013
20.02.2013
13.02.2013
11.02.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
26.11.2012
26.10.2012
26.10.2012
26.10.2012
27.04.2012
27.07.2011
27.03.2013
Amgen Inc
Amgen Inc. is an independent biotechnology medicines company that discovers,
develops, manufactures and markets medicines for grievous illnesses. The
Company focuses solely on human therapeutics and concentrates on innovating
novel medicines based on advances in cellular and molecular biology.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (16.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMGN UW EQUITY YTD Change
AMGN UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
98.03
65.38
417'252.00
97.84
-0.19%
49.65%
97.85%
748.4
73'226.39
26'541.00
0.0
0.0
24'061.00
75'706.39
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
100
5.0 M
80
4.0 M
60
3.0 M
40
2.0 M
20
1.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
15'003.0
4.02x
6'287.0
9.59x
4'052.0
12.89x
120
31.12.2009
31.12.2010
14'642.0
15'053.0
3.65x
3.13x
6'728.0
6'679.0
7.94x
7.05x
4'605.0
4'627.0
11.71x
11.68x
Profitability
LTM-4Q
31.12.2011
15'582.0
3.33x
5'372.0
9.66x
3'683.0
12.87x
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
17'265.0
3.92x
6'665.0
10.15x
4'345.0
14.37x
6'665.00
5'577.00
32.30%
29.01%
8.42%
22.81%
12.22%
0.33%
83.1%
38.6%
32.3%
25.2%
3.81
3.24
48.88%
139.25%
6.38
1.12
Price/ Cash Flow
LTM
12/yy
15'582.0
12.25x
5'372.0
9.66x
3'683.0
13.02x
12/yy
17'265.0
14.29x
6'665.0
10.15x
4'345.0
14.46x
FY+1
1.47
0.71
747.54
14.88
47.70%
13.97%
0.712
33
3.970
1'434'266
1'826'069
1'689'150
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'044.7
18'398.7
4'368.8
4'514.1
3.81x
3.54x
7'499.5
8'265.9
1'782.0
1'782.0
10.11x
9.17x
10.47x
5'527.7
6'219.2
1'427.9
1'356.4
13.60x
11.90x
13.61x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
07.09.2007
A+
STABLE
31.05.2012
A-1+
6.18
5.54
0.37
3.98
139.2%
58.2%
0.33
3.21
57.39
327.87
89.08
296.17
14.00
20'000.0
18'000.0
12.00
16'000.0
10.00
14'000.0
12'000.0
8.00
10'000.0
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Amgen Inc
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
FRANKLIN RESOURCES
BANK OF AMERICA CORP
NORGES BANK
LSV ASSET MANAGEMENT
SUSQUEHANNA INTERNAT
LEGG MASON INC
Firm Name
Edward Jones
Leerink Swann & Co
BMO Capital Markets
Morgan Stanley
William Blair & Co
Hamburger Sparkasse
Stifel
Cowen and Company
S&P Capital IQ
RBC Capital Markets
Credit Suisse
Piper Jaffray
Argus Research Corp
Jefferies
ISI Group
Oppenheimer & Co
Independent Research GmbH
JPMorgan
Barclays
EVA Dimensions
Goldman Sachs
Deutsche Bank
Cyrrus
Portfolio Name
n/a
n/a
n/a
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
n/a
INVESCO LTD
n/a
BANK OF AMERICA
NORGES BANK
Multiple Portfolios
Analyst
JUDSON CLARK
HOWARD LIANG
JIM BIRCHENOUGH
MARSHALL URIST
GENE MACK
GEOFFREY C PORGES
JOHN S SONNIER
MARCO GUENTHER
JOEL D SENDEK
BRET HOLLEY
ERIC SCHMIDT
STEVEN SILVER
MICHAEL J YEE
RAVI MEHROTRA
M IAN SOMAIYA
JOHN M EADE
EUN K YANG
JOSHUA SCHIMMER
MARK J SCHOENEBAUM
BORIS PEAKER
RICHARD J PURKISS
CHRISTOPH SCHOENDUBE
GEOFFREY MEACHAM
CHARLES ANTHONY BUTLER
ANDREW S ZAMFOTIS
TERENCE FLYNN
ROBYN KARNAUSKAS
KAVITA THOMAS
TOMAS MENCIK
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
Recommendation
hold
market perform
market perform
Equalwt/In-Line
buy
neutral
market perform
market perform
sell
hold
neutral
outperform
buy
outperform
neutral
overweight
buy
buy
buy
buy
market perform
overweight
buy
neutral
equalweight
buy
neutral/attractive
buy
sector outperform
buy
Amt Held
76'142'906
58'002'657
44'895'140
42'036'924
34'391'769
31'109'405
21'832'328
15'651'522
11'669'900
11'487'213
11'107'530
10'496'023
8'561'832
8'520'399
7'581'069
7'120'455
6'263'455
5'365'370
5'306'546
5'225'051
% Out
10.17
7.75
6
5.62
4.6
4.16
2.92
2.09
1.56
1.53
1.48
1.4
1.14
1.14
1.01
0.95
0.84
0.72
0.71
0.7
Weighting
Change
3
3
3
3
5
3
3
3
1
3
3
5
5
5
3
5
5
5
5
5
3
5
5
3
3
5
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
U
M
M
Latest Chg
2'810'500
3'329'190
(2'963'375)
648'331
313'379
(1'069'549)
706'375
(4'012'727)
(484'470)
3'592'934
(660'498)
1'929'023
(189'300)
734'423
(145'272)
5'419'529
(677'420)
1'981'232
(176'156)
Target Price
#N/A N/A
#N/A N/A
83
#N/A N/A
98
86
104
#N/A N/A
#N/A N/A
#N/A N/A
95
#N/A N/A
104
95
100
107
96
100
106
92
89
115
103
85
90
#N/A N/A
91
108
#N/A N/A
78
File Dt
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
9 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.03.2013
22.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
15.03.2013
12.03.2013
04.03.2013
01.03.2013
25.02.2013
25.02.2013
15.02.2013
07.02.2013
07.02.2013
15.01.2013
13.12.2012
22.10.2012
17.05.2012
05.04.2012
27.03.2013
Analog Devices Inc

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used
in analog and digital signal processing. The Company's products are used in
communications, computer, industrial, instrumentation, military/aerospace,
automotive, and high-performance consumer electronics applications. Analog
Devices sells its products worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADI UW EQUITY YTD Change
ADI UW EQUITY YTD % CHANGE
10/2012
02/yy
47.16
34.25
647'283.00
45.75
-2.99%
33.58%
89.08%
306.0
13'998.79
821.60
0.0
0.0
3'900.38
10'771.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.10.2008
2'582.9
1.90x
781.6
6.28x
786.3
12.00x
50
45
40
35
30
25
20
15
10
5
0
a-12
LTM-4Q
31.10.2009
31.10.2010
2'014.9
2'761.5
3.00x
2.81x
478.3
1'037.5
12.64x
7.49x
247.8
712.1
26.42x
14.21x
Profitability
31.10.2011
2'993.3
2.85x
1'192.5
7.15x
867.4
13.91x
31.10.2012
2'701.1
3.25x
942.3
9.32x
651.2
18.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
942.31
832.48
30.82%
30.12%
11.70%
15.75%
13.57%
0.49%
64.5%
34.5%
30.4%
24.1%
8.94
8.08
14.62%
19.72%
8.47
3.15
Price/ Cash Flow
02/yy
2'912.9
11.98x
1'117.4
8.18x
784.7
15.90x
LTM
02/yy
2'675.2
13.57x
923.5
11.08x
643.1
21.17x
FY+1
2.62
302.88
5.32
9.59%
30
3.933
690'032
826'644
797'643
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
04/13 Q2 07/13 Q3
2'696.8
2'988.0
660.9
687.0
4.01x
3.43x
17.22x
16.33x
929.3
1'133.1
225.4
247.3
11.59x
9.51x
10.78x
10.18x
670.9
843.0
162.7
178.6
21.03x
16.94x
19.70x
18.60x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.09.2010
ASTABLE
18.03.2008
A-2
35.66
30.66
-3.49
0.82
19.7%
16.5%
0.49
5.53
42.97
115.39
42.62
121.28
20.00
3'500.0
18.00
3'000.0
16.00
14.00
2'500.0
12.00
2'000.0
10.00
1'500.0
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
06.11.2009
0.0
06.05.2010
06.11.2010
06.05.2011
06.11.2011
06.05.2012
06.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Analog Devices Inc

Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
JP MORGAN
STATE STREET
INVESCO LTD
CANTILLON CAPITAL MA
PIONEER INVESTMENT M
SILVER BRIDGE CAPITA
FIRST PACIFIC ADVISO
JOHN W BRISTOL & COM
M&G INVESTMENT MANAG
RENAISSANCE TECHNOLO
ALKEON CAPITAL MANAG
Firm Name
Morgan Stanley
BMO Capital Markets
MKM Partners
Edward Jones
RBC Capital Markets
ISI Group
Raymond James
Deutsche Bank
Argus Research Corp
Credit Suisse
JPMorgan
Stephens Inc
Macquarie
Barclays
Drexel Hamilton LLC
Goldman Sachs
Jefferies
Nomura
EVA Dimensions
GARP Research
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
ARTISAN PARTNERS LP
INVESCO LTD
CANTILLON CAPITAL MA
SILVER BRIDGE CAPITA
JOHN W BRISTOL & COM
Analyst
JOSEPH MOORE
AMBRISH SRIVASTAVA
TRISTAN GERRA
DAVID M WONG
VIJAY R RAKESH
DANIEL A BERENBAUM
WILLIAM C KREHER
CRAIG ELLIS
DOUG FREEDMAN
STACY A RASGON
WILLIAM STEIN
SUMIT DHANDA
ROBERT BURLESON
J STEVEN SMIGIE
ROSS C SEYMORE
JAMES KELLEHER
JOHN W PITZER
CHRISTOPHER DANELY
HARSH KUMAR
SHAWN WEBSTER
BLAYNE CURTIS
RICHARD WHITTINGTON
JAMES V COVELLO
MARK J LIPACIS
MICHAEL MCCONNELL
ROMIT SHAH
ANDREW S ZAMFOTIS
ISHANSH VIJ
BRETT CARSON
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
Equalwt/In-Line
market perform
outperform
outperform
neutral
neutral
hold
buy
sector perform
market perform
neutral
strong buy
buy
strong buy
hold
buy
outperform
overweight
equalweight
outperform
equalweight
buy
neutral/attractive
hold
outperform
neutral
overweight
moderate outperform
neutral
Amt Held
42'481'445
17'590'220
15'828'824
14'178'802
13'626'694
12'688'403
12'288'343
7'920'850
6'993'850
6'478'386
6'176'564
5'944'729
5'046'951
4'771'606
3'907'800
3'674'800
3'515'380
3'460'117
3'284'000
3'074'952
% Out
13.88
5.75
5.17
4.63
4.45
4.15
4.02
2.59
2.29
2.12
2.02
1.94
1.65
1.56
1.28
1.2
1.15
1.13
1.07
1
Weighting
Change
3
3
5
5
3
3
3
5
3
3
3
5
5
5
3
5
5
5
3
5
3
5
3
3
5
3
5
4
3
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
2'350'000
221'721
(1'046'664)
390'542
904'321
272'270
(67'101)
(153'600)
4'514'096
(88'400)
(285'009)
202'723
67'978
(6'552)
57'700
(170'259)
(2'000)
(435'000)
240'000
Target Price
#N/A N/A
45
52
#N/A N/A
41
41
#N/A N/A
57
46
41
45
52
50
57
45
52
50
51
41
49
45
55
44
51
55
40
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
22.03.2013
19.03.2013
15.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
06.03.2013
22.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
15.01.2013
23.05.2011
21.05.2009
27.03.2013
Apple Inc
Apple Inc. designs, manufactures, and markets personal computers and related
personal computing and mobile communication devices along with a variety of
related software, services, peripherals, and networking solutions. The Company
sells its products worldwide through its online stores, its retail stores, its
direct sales force, third-party wholesalers, and resellers.
Price/Volume
12.0 M
600
10.0 M
8.0 M
400
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (04.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AAPL UW EQUITY YTD Change
AAPL UW EQUITY YTD % CHANGE
09/2012
12/yy
705.07
419.00
1'105'317.00
462.88
-34.35%
10.47%
15.58%
939.1
434'671.16
0.00
0.0
0.0
121'251.00
297'559.17
6.0 M
300
200
4.0 M
100
2.0 M
0
m-12
30.09.2009
30.09.2010
42'905.0
65'225.0
3.03x
3.32x
12'474.0
19'412.0
10.43x
11.17x
8'235.0
14'013.0
20.08x
19.30x
Profitability
LTM-4Q
30.09.2011
108'249.0
2.72x
35'604.0
8.26x
25'922.0
14.61x
30.09.2012
156'508.0
3.23x
58'518.0
8.63x
41'733.0
15.11x
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
58'518.00
55'241.00
35.30%
35.63%
24.94%
38.41%
38.41%
0.98%
43.9%
36.0%
33.5%
26.7%
1.50
1.04
0.00%
0.00%
16.05
71.10
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
LTM
FY+1
1.15
0.96
938.73
19.43
-22.62%
-12.67%
0.958
64
4.500
3'031'029
3'609'170
3'984'129
FY+2
FQ+1
FQ+2
12/yy
12/yy
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
127'841.0 164'687.0 181'210.6 204'263.1
42'751.1
39'983.9
8.29x
10.49x
1.72x
1.41x
6.86x
7.20x
45'482.0
59'255.0
60'120.6
67'410.2
13'977.7
12'754.9
6.16x
5.76x
4.95x
4.42x
4.81x
4.69x
32'982.0
41'747.0
41'526.6
47'056.9
9'599.0
8'992.3
11.54x
11.56x
10.49x
9.30x
10.27x
9.90x
S&P Issuer Ratings
16.04.2004
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
-2.31
Total Debt/EBITDA
0.00
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
0.0%
Asset Turnover
0.98
14.17
22.69
Inventory Days
5.12
84.69
-52.97
20.00
180'000.0
18.00
160'000.0
16.00
140'000.0
14.00
120'000.0
12.00
100'000.0
10.00
80'000.0
8.00
60'000.0
6.00
40'000.0
4.00
20'000.0
2.00
0.00
02.10.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
700
500
Valuation Analysis
30.09.2008
37'491.0
2.39x
8'823.0
10.14x
6'119.0
18.91x
800
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Apple Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
JP MORGAN
INVESCO LTD
MORGAN STANLEY
UBS
NORGES BANK
CITIGROUP INCORPORAT
GOLDMAN SACHS GROUP
GEODE CAPITAL MANAGE
JENNISON ASSOCIATES
Firm Name
Piper Jaffray
Scotia Capital
Oppenheimer & Co
Evercore Partners
EVA Dimensions
RBC Capital Markets
Edward Jones
Credit Suisse
Monness, Crespi, Hardt & Co
ABG Sundal Collier
Barclays
BMO Capital Markets
Cowen and Company
Exane BNP Paribas
Jefferies
Stifel
Nomura
ISI Group
BTIG LLC
Argus Research Corp
Wedge Partners
Raymond James
Societe Generale
Cross Research
William Blair & Co
Berenberg Bank
JMP Securities
Needham & Co
S&P Capital IQ
Morgan Stanley
JPMorgan
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
n/a
n/a
n/a
n/a
NORGES BANK
GOLDMAN SACHS GROUP
JENNISON ASSOCIATES
Analyst
SHAW WU
EUGENE E MUNSTER
TONI SACCONAGHI
GUS PAPAGEORGIOU
ITTAI KIDRON
ROBERT CIHRA
ANDREW S ZAMFOTIS
AMIT DARYANANI
WILLIAM C KREHER
BRIAN J WHITE
KULBINDER GARCHA
JEFFREY FIDACARO
PER LINDBERG
T MICHAEL WALKLEY
BENJAMIN A REITZES
KEITH F BACHMAN
MATTHEW HOFFMAN
ALEXANDER PETERC
IVAN FEINSETH
WILLIAM CHOI
PETER J MISEK
AARON C RAKERS
STUART JEFFREY
MAYNARD UM
AVI SILVER
ABHEY R LAMBA
BRIAN MARSHALL
WALTER P PIECYK JR
JAMES KELLEHER
BRIAN BLAIR
WILLIAM V POWER
TAVIS C MCCOURT
ANDY PERKINS
SHANNON S CROSS
ANIL K DORADLA
ADNAAN AHMAD
ANDY HARGREAVES
ALEX GAUNA
CHARLES WOLF
SCOTT H KESSLER
KATHRYN HUBERTY
THOMAS FORTE
MARK A MOSKOWITZ
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
buy
overweight
outperform
sector perform
outperform
overweight
overweight
outperform
buy
buy
outperform
buy
sell
buy
overweight
outperform
outperform
outperform
strong buy
buy
hold
buy
neutral
outperform
outperform
buy
strong buy
buy
buy
no rating system
neutral
outperform
buy
buy
outperform
sell
sector perform
market perform
buy
strong buy
Overwt/In-Line
no rating system
overweight
Amt Held
49'566'789
42'083'340
41'472'347
36'866'613
23'598'905
16'882'717
15'541'148
13'550'305
12'973'383
12'677'606
10'155'052
8'062'807
7'890'584
7'768'584
7'650'330
7'531'087
6'999'016
6'361'655
6'358'050
5'985'132
% Out
5.28
4.48
4.42
3.93
2.51
1.8
1.65
1.44
1.38
1.35
1.08
0.86
0.84
0.83
0.81
0.8
0.75
0.68
0.68
0.64
Weighting
Change
5
5
5
3
5
5
5
5
5
5
5
5
1
5
5
5
5
5
5
5
3
5
3
5
5
5
5
5
5
#N/A N/A
3
5
5
5
5
1
3
3
5
5
5
#N/A N/A
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
136'948
1'096'729
(4'409'314)
43'240
118'759
804'173
(883'277)
90'528
293'843
(1'805'929)
974'700
932'696
(842'844)
(249'589)
(7'786'595)
677'078
6'601'182
(1'211'280)
(559'069)
(286'097)
Target Price
630
767
725
528
550
675
#N/A N/A
600
#N/A N/A
888
600
670
400
600
530
580
#N/A N/A
700
#N/A N/A
610
420
650
490
#N/A N/A
505
575
600
540
600
#N/A N/A
465
600
560
580
#N/A N/A
360
#N/A N/A
#N/A N/A
710
600
630
550
725
File Dt
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
9 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
23.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
26.02.2013
25.02.2013
22.02.2013
13.02.2013
12.02.2013
27.03.2013
Applied Materials Inc

Applied Materials, Inc. develops, manufactures, markets, and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry. The Company's customers include semiconductor
wafer and integrated circuit manufacturers, flat panel liquid crystal displays,
solar photovoltaic cells and modules and other electronic devices manufacturers.
Price/Volume
12.0 M
12
10.0 M
8.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.02.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMAT UW EQUITY YTD Change
AMAT UW EQUITY YTD % CHANGE
10/2012
01/yy
13.99
9.96
2'522'965.00
13.41
-4.11%
34.71%
85.73%
1'200.0
16'092.59
1'946.00
0.0
0.0
1'937.00
16'285.59
6.0 M
6
4
4.0 M
2.0 M
0
m-12
31.10.2009
31.10.2010
5'013.6
9'548.7
3.06x
1.47x
53.4
1'934.1
287.63x
7.25x
(305.3)
937.9
14.03x
Profitability
31.10.2011
10'517.0
1.16x
2'587.0
4.71x
1'926.0
9.71x
31.10.2012
8'719.0
1.46x
1'422.0
8.97x
109.0
14.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'422.00
1'000.00
11.47%
3.62%
0.21%
0.33%
0.41%
0.64%
38.0%
15.9%
10.7%
1.3%
2.25
1.39
16.08%
26.90%
6.04
3.27
Price/ Cash Flow
j-12
LTM-4Q
LTM
01/yy
10'020.0
5.78x
2'170.0
7.25x
1'538.0
10.92x
01/yy
8'103.0
7.01x
1'285.0
12.13x
26.0
20.69x
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
2.68
1.28
1'189.49
15.71
7.93%
17.99%
1.275
21
3.524
2'728'404
3'268'027
3'293'184
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
04/13 Q2 07/13 Q3
7'822.2
9'351.3
1'907.4
2'122.4
2.05x
1.63x
8.64x
7.75x
1'311.6
1'992.0
317.3
448.3
12.41x
8.17x
9.56x
8.50x
734.5
1'239.2
163.3
245.8
22.13x
12.50x
16.62x
13.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
21.12.1999
ASTABLE
14.97
13.26
0.15
1.51
26.9%
21.2%
0.64
8.73
60.31
111.15
36.97
125.35
60.00
12'000.0
50.00
10'000.0
40.00
8'000.0
30.00
6'000.0
20.00
4'000.0
10.00
2'000.0
0.00
30.10.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
14
10
Valuation Analysis
31.10.2008
8'129.2
1.63x
1'693.6
7.84x
960.7
14.62x
16
0.0
30.04.2010
30.10.2010
30.04.2011
30.10.2011
30.04.2012
30.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Applied Materials Inc

Holdings By:
All
Holder Name
HARRIS ASSOCIATES LP
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
ALLIANCE BERNSTEIN
PARNASSUS INVESTMENT
EDINBURGH PARTNERS L
PRIMECAP MANAGEMENT
INTERNATIONAL VALUE
PERKINS INVESTMENT M
ASHMORE WELATH MANAG
NORGES BANK
FRANK RUSSELL TRUST
THIRD AVENUE MANAGEM
Firm Name
Exane BNP Paribas
Credit Suisse
Stifel
RBC Capital Markets
Piper Jaffray
Edward Jones
D.A. Davidson & Co
Needham & Co
Cowen and Company
S&P Capital IQ
Argus Research Corp
Deutsche Bank
Susquehanna Financial Group
EVA Dimensions
Goldman Sachs
Portfolio Name
HARRIS ASSOC LP
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
ARTISAN PARTNERS LP
n/a
PRIMECAP MANAGEMENT
INTERNATIONAL VALUE
ASHMORE WEALTH MANAG
NORGES BANK
FRANK RUSSELL COMPAN
THIRD AVENUE MANAGEM
Analyst
JEROME RAMEL
SATYA KUMAR
PATRICK J HO
MAHESH SANGANERIA
JAGADISH IYER
WESTON TWIGG
WILLIAM C KREHER
THOMAS DIFFELY
EDWIN MOK
TIMOTHY M ARCURI
ANGELO ZINO
JAMES KELLEHER
VISHAL SHAH
BEN PANG
MARK HELLER
MEHDI HOSSEINI
ANDREW S ZAMFOTIS
JAMES V COVELLO
ISHANSH VIJ
Source
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
underperform
neutral
buy
outperform
overweight
sector perform
hold
buy
hold
outperform
strong buy
buy
hold
neutral
underperform
negative
hold
Buy/Neutral
Moderate Underperformer
Amt Held
72'270'054
67'930'668
53'777'175
49'142'947
46'613'936
39'341'476
33'460'335
31'940'038
30'904'569
22'526'396
21'102'107
16'814'617
16'333'533
15'709'205
15'222'919
12'707'676
12'359'710
10'182'490
9'950'494
9'850'907
% Out
6.02
5.66
4.48
4.1
3.88
3.28
2.79
2.66
2.58
1.88
1.76
1.4
1.36
1.31
1.27
1.06
1.03
0.85
0.83
0.82
Weighting
Change
1
3
5
5
5
3
3
5
3
5
5
5
3
3
1
2
3
5
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
43'721
(1'712'433)
(420'124)
(3'279'475)
3'685'210
7'695'341
2'547'592
4'532'400
(2'425'271)
(3'696'753)
3'964'607
(416'248)
978'253
(145'500)
2'466'230
(2'123'881)
12'359'710
2'242'176
(4'615'059)
544'496
Target Price
12
13
17
17
16
#N/A N/A
#N/A N/A
17
#N/A N/A
#N/A N/A
17
16
13
13
14
9
#N/A N/A
17
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
18 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
26.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
13.03.2013
05.03.2013
26.02.2013
26.02.2013
26.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
18.01.2013
10.01.2013
27.05.2011
27.03.2013
Autodesk Inc
Autodesk, Inc. supplies PC software and multimedia tools. The Company's
two-dimensional and three-dimensional products are used across industries and
in the home for architectural design, mechanical design, geographic information
systems and mapping, and visualization applications. Autodesk's software
products are sold worldwide through a network of dealers and distributors.
Price/Volume
45
12.0 M
40
10.0 M
35
30
8.0 M
25
01/2013
01/yy
42.69
27.97
416'901.00
40.6
-4.90%
45.16%
85.80%
224.7
9'122.82
745.60
0.0
0.0
2'365.40
7'503.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
4.0 M
10
2.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
2'315.2
1.21x
505.4
5.57x
183.6
10.10x
6.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2012)
52-Week Low (24.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADSK UW EQUITY YTD Change
ADSK UW EQUITY YTD % CHANGE
31.01.2010
31.01.2011
1'713.7
1'951.8
2.52x
3.98x
246.3
387.6
17.54x
20.04x
58.0
212.0
44.06x
43.74x
Profitability
LTM-4Q
31.01.2012
2'215.6
2.95x
469.8
13.90x
285.3
29.51x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
2'312.2
3.06x
477.6
14.81x
247.4
35.67x
477.60
349.80
15.13%
13.41%
6.57%
12.60%
0.61%
89.7%
20.7%
15.1%
10.7%
2.45
2.35
17.31%
36.49%
5.19
-
Price/ Cash Flow
01/yy
2'215.6
12.65x
469.8
13.90x
285.3
30.00x
LTM
01/yy
2'312.2
11.17x
477.6
14.81x
247.4
34.11x
FY+1
0.00
1.59
223.61
3.15
-3.77%
14.85%
1.587
20
3.800
614'410
862'134
778'539
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
2'447.2
2'649.2
583.5
598.3
2.86x
2.48x
12.81x
12.44x
722.3
807.1
160.7
175.7
10.39x
9.30x
10.27x
9.93x
480.0
553.9
102.5
116.2
19.17x
16.52x
19.20x
18.26x
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
05.12.2012
BBB
STABLE
-3.39
1.56
36.5%
26.7%
0.61
21.08
70.46
140.80
-
35.00
2'500.0
30.00
2'000.0
25.00
1'500.0
20.00
15.00
1'000.0
10.00
500.0
5.00
0.00
05.02.2010
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Autodesk Inc
Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
MANNING & NAPIER ADV
INVESCO LTD
WESTEND ADVISORS LLC
SOROBAN CAPITAL PART
TPG-AXON MANAGEMENT
CITADEL ADVISORS LLC
FRANKLIN RESOURCES
FMR LLC
Firm Name
Wedbush
Griffin Securities
Credit Suisse
Jefferies
Argus Research Corp
Morgan Stanley
RBC Capital Markets
JPMorgan
Stifel
Cowen and Company
MKM Partners
Barclays
Wedge Partners
Goldman Sachs
EVA Dimensions
GARP Research
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
ARTISAN PARTNERS LP
n/a
TPG-AXON MANAGEMENT
n/a
n/a
Analyst
STEVEN R KOENIG
JAY VLEESCHHOUWER
PHILIP WINSLOW
ROSS MACMILLAN
JOSEPH F BONNER
KEITH WEISS
MATTHEW HEDBERG
STERLING AUTY
STEVEN M ASHLEY
BLAIR ABERNETHY
GREGG MOSKOWITZ
ISRAEL HERNANDEZ
RAIMO LENSCHOW
KIRK ADAMS
BRENDAN BARNICLE
RICHARD DAVIS JR
HEATHER BELLINI
ANDREW S ZAMFOTIS
ROBERT J FURLONG
Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
Recommendation
outperform
buy
neutral
buy
hold
Equalwt/In-Line
outperform
neutral
outperform
hold
neutral
neutral
equalweight
no rating system
outperform
hold
Buy/Neutral
overweight
neutral
Amt Held
20'985'000
14'298'153
13'591'633
11'871'323
10'316'335
9'085'582
9'017'360
8'445'671
6'525'880
5'033'823
4'189'258
3'654'500
3'355'300
3'249'113
3'172'757
3'145'074
2'696'684
2'693'544
2'534'340
2'509'593
% Out
9.34
6.36
6.05
5.28
4.59
4.04
4.01
3.76
2.9
2.24
1.86
1.63
1.49
1.45
1.41
1.4
1.2
1.2
1.13
1.12
Weighting
Change
5
5
3
5
3
3
5
3
5
3
3
3
3
#N/A N/A
5
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
6'700'000
(1'254'431)
133'888
(451'684)
4'334'211
(701'524)
(611'503)
(2'543'056)
(2'826'611)
(835'441)
(282'183)
98'400
353'500
(77'821)
3'172'757
(263'126)
2'696'684
370'325
50'000
(171'385)
Target Price
45
42
35
47
#N/A N/A
#N/A N/A
50
38
43
#N/A N/A
#N/A N/A
41
42
#N/A N/A
45
38
45
#N/A N/A
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
26.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
26.03.2013
26.03.2013
20.03.2013
20.03.2013
01.03.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.01.2013
15.01.2013
22.05.2009
27.03.2013
Automatic Data Processing Inc

Automatic Data Processing, Inc. is a global provider of business outsourcing
solutions. The Company's services include a wide range of human resource,
payroll, tax and benefits administration solutions. Automatic Data also
provides solutions to auto, truck, motorcycle, marine and recreational vehicle
dealers.
Price/Volume
70
3.0 M
60
2.5 M
50
2.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ADP UW EQUITY YTD Change
ADP UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
8'776.5
2.25x
2'087.8
9.47x
1'235.7
19.40x
1.5 M
30
06/2012
12/yy
65.05
50.90
725'089.00
64.8
-0.38%
27.31%
98.23%
485.0
31'429.12
34.30
0.0
0.0
1'665.40
29'941.21
30.06.2009
30.06.2010
8'838.4
8'927.7
1.83x
2.02x
2'191.8
2'137.1
7.38x
8.46x
1'332.6
1'211.4
14.89x
16.78x
Profitability
LTM-4Q
30.06.2011
9'879.5
2.47x
2'196.5
11.09x
1'254.2
20.82x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
10'665.2
2.37x
2'342.3
10.81x
1'388.5
20.31x
2'342.30
1'959.00
18.37%
19.90%
4.28%
22.37%
22.36%
0.33%
49.6%
21.7%
18.1%
13.0%
1.08
0.13
0.11%
0.56%
7.40
-
Price/ Cash Flow
LTM
12/yy
10'326.0
9.20x
2'245.0
11.14x
1'343.3
20.61x
12/yy
10'945.0
9.49x
2'375.4
10.99x
1'407.0
20.41x
FY+1
2.50
0.95
483.63
7.22
19.65%
14.46%
0.953
28
3.750
749'128
758'717
737'152
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
11'314.5
12'147.6
3'105.8
2'817.9
2.58x
2.37x
9.35x
10.26x
2'344.2
2'557.6
778.9
481.0
12.77x
11.70x
12.33x
12.00x
1'411.6
1'533.8
474.2
282.2
22.28x
20.42x
21.47x
20.88x
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
29.10.1998
AAA
STABLE
27.03.2002
A-1+
304.19
286.00
-0.63
0.01
0.6%
0.6%
0.33
15.41
49.46
9.19
-
25.00
12'000.0
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
0.00
03.07.2009
2'000.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Automatic Data Processing Inc

Holdings By:
All
Holder Name
VANGUARD GROUP INC
STATE STREET
BLACKROCK
INVESCO LTD
DEUTSCHE BANK AG
CEDAR ROCK CAPITAL L
ALLIANCE BERNSTEIN
BROWN BROTHERS HARRI
FIDUCIARY MANAGEMENT
WELLS FARGO
JP MORGAN
NORGES BANK
JENSEN INVESTMENT MA
Firm Name
RBC Capital Markets
BMO Capital Markets
Goldman Sachs
Jefferies
William Blair & Co
Stifel
Edward Jones
Argus Research Corp
S&P Capital IQ
Cowen and Company
Barclays
Credit Suisse
First Analysis Corp
JPMorgan
Raymond James
Evercore Partners
Oppenheimer & Co
EVA Dimensions
Northcoast Research
Deutsche Bank
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
BANK OF AMERICA
INVESCO LTD
DEUTSCHE BANK AKTIEN
CEDAR ROCK CAPITAL L
n/a
n/a
n/a
NORGES BANK
Analyst
RODERICK BOURGEOIS
DANIEL R PERLIN
TIMOTHY W WILLI
JEFFREY M SILBER
PAUL THOMAS
JOSEPH D FORESI
JASON KUPFERBERG
MARK S MARCON
TIMOTHY J MCHUGH
DAVID M GROSSMAN
JOSH OLSON
JOHN M EADE
DYLAN CATHERS
MOSHE KATRI
GARY E BISBEE
GEORGE MIHALOS
JAMES ROBERT MACDONALD
TIEN-TSIN HUANG
MICHAEL J BAKER
DAVID M TOGUT
GLENN GREENE
JAMES E FRIEDMAN
CRAIG J MAURER
ANDREW S ZAMFOTIS
KARTIK MEHTA
BRYAN KEANE
Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
Recommendation
outperform
outperform
market perform
outperform
Buy/Neutral
neutral
underperform
outperform
market perform
buy
hold
buy
buy
neutral
equalweight
outperform
equalweight
neutral
outperform
overweight
market perform
Positive
underperform
hold
neutral
hold
Amt Held
25'296'439
24'859'646
24'301'584
24'184'018
20'150'291
19'284'761
13'066'138
10'617'982
8'045'478
7'558'234
6'495'027
6'117'004
6'078'556
6'042'415
4'977'288
4'647'529
4'209'825
3'901'533
3'787'494
3'640'609
% Out
5.22
5.13
5.01
4.99
4.15
3.98
2.69
2.19
1.66
1.56
1.34
1.26
1.25
1.25
1.03
0.96
0.87
0.8
0.78
0.75
Weighting
Change
5
5
3
5
5
3
1
5
3
5
3
5
5
3
3
5
3
3
5
5
3
4
1
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
294'033
2'903'272
470'727
811'385
(799'916)
1'576'794
688'945
(479'675)
(40'973)
3'601'447
(126'433)
3'013'821
334'687
30'902
165'701
(162'194)
45'612
302'378
325'044
176'733
Target Price
62
61
#N/A N/A
68
71
61
55
66
#N/A N/A
65
#N/A N/A
68
67
#N/A N/A
60
67
#N/A N/A
63
66
71
#N/A N/A
67
62
#N/A N/A
#N/A N/A
58
File Dt
31.12.2012
26.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Date
27.03.2013
26.03.2013
21.03.2013
18.03.2013
18.03.2013
15.03.2013
12.03.2013
08.03.2013
08.03.2013
07.03.2013
28.02.2013
15.02.2013
14.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
15.01.2013
14.12.2012
25.01.2012
27.03.2013
Avago Technologies Ltd

Avago Technologies Ltd. manufactures semiconductor products such as
optoelectronics, radio-frequency and microwave components, and
application-specific integrated circuits. The Company's products are used in
mobile phones, consumer electronics, enterprise and telecom networking gear,
optical mice, automotive electronics, and military and aerospace systems.
Price/Volume
3.0 M
10/2012
02/yy
39.21
29.71
232'485.00
35.78
-8.75%
20.43%
63.89%
246.1
8'805.09
3.00
0.0
0.0
1'084.00
7'657.09
25
2.0 M
20
1.5 M
15
1.0 M
10
.5 M
5
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
LTM-4Q
31.10.2009
31.10.2010
1'484.0
2'093.0
2.46x
2.67x
300.0
629.0
12.19x
8.90x
(44.0)
415.0
57.69x
13.71x
Profitability
31.10.2011
2'336.0
3.18x
745.0
9.99x
552.0
14.93x
31.10.2012
2'364.0
3.06x
744.0
9.71x
563.0
14.90x
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
744.00
589.00
24.92%
24.75%
21.10%
24.70%
24.66%
0.89%
48.4%
31.1%
24.4%
23.8%
4.89
4.12
0.10%
0.12%
8.28
6.12
Price/ Cash Flow
01/yy
2'349.0
12.82x
732.0
10.20x
558.0
15.17x
LTM
02/yy
2'377.0
12.79x
740.0
10.51x
563.0
15.83x
FY+1
1.70
1.27
243.97
2.30
-5.93%
13.62%
1.265
20
4.700
416'631
725'209
720'103
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
04/13 Q2 07/13 Q3
2'391.8
2'661.8
556.6
605.2
3.11x
2.59x
13.74x
12.52x
775.5
895.9
173.1
195.4
9.88x
8.55x
9.35x
8.74x
672.9
782.6
148.3
174.8
13.64x
11.99x
13.16x
12.52x
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
744.00
503.00
-1.55
0.00
0.1%
0.1%
0.89
5.38
44.79
60.62
62.43
39.42
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
06.11.2009
2.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (30.03.2012)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AVGO UW EQUITY YTD Change
AVGO UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
40
35
Valuation Analysis
31.10.2008
1'699.0
331.0
83.0
-
45
0.0
06.05.2010
06.11.2010
06.05.2011
06.11.2011
06.05.2012
06.11.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Avago Technologies Ltd

Holdings By:
All
Holder Name
JENNISON ASSOCIATES
FMR LLC
BLACKROCK
VANGUARD GROUP INC
INVESCO LTD
MAVERICK CAPITAL LTD
JP MORGAN
UBS
SAC CAPITAL ADVISORS
STATE STREET
RAINIER INVESTMENT M
WESTPAC BANKING CORP
Firm Name
Wedge Partners
Jefferies
Longbow Research
RBC Capital Markets
D.A. Davidson & Co
Barclays
Credit Suisse
JPMorgan
Nomura
EVA Dimensions
BNP Paribas Equity Research
Goldman Sachs
Deutsche Bank
Williams Financial Group
Portfolio Name
n/a
JENNISON ASSOCIATES
n/a
n/a
VANGUARD GROUP INC
INVESCO LTD
n/a
n/a
n/a
Multiple Portfolios
WESTPAC BANKING CORP
Analyst
CHRISTOPHER J CRESPI
MARK J LIPACIS
JOANNE FEENEY
T MICHAEL WALKLEY
IAN ING
DOUG FREEDMAN
AALOK K SHAH
BLAYNE CURTIS
VIJAY R RAKESH
JOHN W PITZER
CHRISTOPHER DANELY
BRENDAN FURLONG
ROMIT SHAH
ANDREW S ZAMFOTIS
NITIN KUMAR
MIKE BURTON
JAMES SCHNEIDER
ROSS C SEYMORE
CODY G ACREE
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
no rating system
buy
buy
buy
buy
outperform
neutral
overweight
buy
outperform
neutral
buy
buy
overweight
hold
buy
buy/attractive
buy
not rated
Amt Held
66'208'020
12'247'507
12'169'187
12'160'304
11'336'064
9'684'318
7'305'417
5'692'111
5'275'181
4'960'860
4'551'860
4'162'501
4'124'830
4'123'058
4'067'400
3'896'410
3'425'362
3'346'280
3'167'358
3'128'480
% Out
26.9
4.98
4.95
4.94
4.61
3.94
2.97
2.31
2.14
2.02
1.85
1.69
1.68
1.68
1.65
1.58
1.39
1.36
1.29
1.27
Weighting
Change
#N/A N/A
5
5
5
5
5
3
5
5
5
3
5
5
5
3
5
5
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U
M
M
Latest Chg
5'086'800
(460'816)
(5'174'982)
747'847
5'361'238
257'060
(2'842'341)
(53'175)
1'165'019
3'680'860
224'927
(22'575)
107'734
876'000
832'140
1'586'987
22'910
3'155'858
(517'499)
Target Price
#N/A N/A
42
40
43
44
42
37
40
44
42
32
41
40
#N/A N/A
36
41
44
40
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
18 month
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
25.03.2013
21.03.2013
20.03.2013
19.03.2013
15.03.2013
14.03.2013
07.03.2013
06.03.2013
05.03.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
21.02.2013
14.02.2013
12.12.2012
30.11.2012
17.08.2012
27.03.2013
Baidu Inc
Baidu, Inc. operates an Internet search engine. The Company offers algorithmic
search, enterprise search, pay for performance and news, MP3, and image
searches.
Price/Volume
160
4.5 M
140
4.0 M
120
3.5 M
3.0 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (18.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BIDU UW EQUITY YTD Change
BIDU UW EQUITY YTD % CHANGE
12/2012
12/yy
154.15
83.32
477'986.00
86.07
-44.16%
3.30%
3.88%
272.0
30'094.99
11'941.23
0.0
1'159.9
32'484.86
167'626.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
60
1.5 M
40
1.0 M
20
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'198.3
8.68x
1'377.4
20.15x
1'048.1
29.52x
2.5 M
80
31.12.2009
31.12.2010
4'447.8
7'915.1
20.91x
26.99x
1'921.9
4'400.1
48.38x
48.55x
1'485.1
3'525.2
65.75x
62.98x
Profitability
LTM-4Q
31.12.2011
14'500.8
16.93x
8'461.6
29.02x
6'638.6
38.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
22'306.0
8.93x
12'133.2
16.42x
10'456.0
20.96x
12'133.21
11'051.32
49.54%
53.64%
30.30%
50.58%
0.65%
71.1%
54.4%
49.5%
46.9%
4.21
4.10
26.15%
45.83%
24.08
-
Price/ Cash Flow
LTM
12/yy
14'500.8
74.71x
0.0
0.00x
6'638.6
38.66x
12/yy
22'306.0
44.23x
12'133.2
16.42x
10'456.0
20.97x
FY+1
0.00
1.35
12.06
-42.63%
-14.18%
1.351
30
3.933
668'576
849'616
878'141
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
30'383.9
39'327.5
6'017.6
7'491.7
5.46x
3.86x
30.80x
24.60x
14'488.3
18'610.6
2'804.6
3'649.1
11.57x
9.01x
11.38x
10.71x
11'836.3
14'911.6
2'267.9
2'955.9
15.92x
12.75x
15.99x
15.17x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
112.49
-1.69
0.98
45.8%
30.5%
0.65
6.66
15.20
180.27
-
80.00
25'000.0
70.00
20'000.0
60.00
50.00
15'000.0
40.00
10'000.0
30.00
20.00
5'000.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Baidu Inc
Holdings By:
All
Holder Name
BAILLIE GIFFORD AND
INVESCO LTD
LAZARD ASSET MANAGEM
FMR LLC
THORNBURG INVESTMENT
VONTOBEL ASSET MANAG
ORBIS HOLDINGS LIMIT
CARMIGNAC GESTION
VANGUARD GROUP INC
JENNISON ASSOCIATES
GENERAL ELECTRIC COM
MORGAN STANLEY
SCHRODER INVESTMENT
TRILOGY GLOBAL ADVIS
Firm Name
Portfolio Name
n/a
INVESCO LTD
n/a
n/a
VONTOBEL ASSET MANAG
ARTISAN PARTNERS LP
Multiple Portfolios
Multiple Portfolios
JENNISON ASSOCIATES
n/a
SCHRODER INVESTMENT
TRILOGY GLOBAL ADVIS
Analyst
Oppenheimer & Co
ANDY YEUNG
Morgan Stanley
RICHARD W JI
Wedge Partners
JUAN LIN
Nomura
JIN YOON
FAWNE JIANG
Stifel
GEORGE I ASKEW
BOCOM International Holdings
MA YUAN
Goldman Sachs
PIYUSH MUBAYI
Deutsche Bank
ALAN HELLAWELL
Macquarie
JIONG SHAO
China International Capital Corp
JIN YU
Credit Suisse
WALLACE CHEUNG
JPMorgan
DICK WEI
Jefferies
CYNTHIA JINHONG MENG
Raymond James
AARON M KESSLER
HSBC
CHI TSANG
Bank of China International
THOMAS CHONG
CIMB
WENDY HUANG
S&P Capital IQ
SCOTT H KESSLER
Maxim Group LLC
ECHO HE
Piper Jaffray
EUGENE E MUNSTER
Barclays
ALICIA YAP
EVAN S WILSON
EVA Dimensions
ANDREW S ZAMFOTIS
First Shanghai Securities Ltd
TSOI HO
Standard Chartered
DON SEE
Yuanta Securities Investment ConsultingTEAM COVERAGE
Guotai Junan
DUNDAS DENG
Source
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
MF-AGG
MF-AGG
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
market perform
Equalwt/Attractive
no rating system
buy
buy
hold
buy
neutral/neutral
hold
outperform
buy
underperform
overweight
hold
market perform
overweight
buy
outperform
strong buy
sell
overweight
equalweight
outperform
overweight
buy
outperform
Under Review
buy
Amt Held
28'247'850
25'076'338
18'925'723
11'512'523
8'773'726
7'955'010
7'601'344
7'595'841
7'558'634
7'064'519
6'746'927
5'682'934
5'499'558
4'742'187
4'379'366
4'209'633
3'549'170
2'448'675
2'416'560
2'242'423
% Out
10.38
9.22
6.96
4.23
3.23
2.92
2.79
2.79
2.78
2.6
2.48
2.09
2.02
1.74
1.61
1.55
1.3
0.9
0.89
0.82
Weighting
Change
3
3
#N/A N/A
5
5
3
5
3
3
5
5
1
5
3
3
5
5
5
5
1
5
3
5
5
5
5
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
2'611'797
1'671'900
(2'370'395)
3'352'541
1'165'777
440'190
5'567'325
(3'398'993)
2'202'823
1'581'606
2'439'910
305'000
95'502
(2'602'940)
(916'771)
(771'577)
(353'048)
(1'858'488)
698'529
Target Price
#N/A N/A
105
#N/A N/A
128
120
#N/A N/A
132
89
119
132
120
80
140
112
#N/A N/A
131
122
133
120
80
140
108
140
#N/A N/A
126
180
#N/A N/A
200
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
22.03.2013
20.03.2013
19.03.2013
18.03.2013
06.03.2013
19.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
17.01.2013
08.11.2012
31.10.2012
25.07.2012
27.03.2012
27.03.2013
Bed Bath & Beyond Inc

Bed Bath & Beyond Inc. operates a nationwide chain of retail stores. The
Company, through its retail stores, sells a wide assortment of merchandise
principally including domestics merchandise and home furnishings as well as
food, giftware, health and beauty care items and infant and toddler
merchandise.
Price/Volume
80
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.06.2012)
52-Week Low (20.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BBBY UW EQUITY YTD Change
BBBY UW EQUITY YTD % CHANGE
02/2012
11/yy
75.83
54.33
459'214.00
64.66
-14.73%
19.01%
48.05%
226.1
14'621.93
0.00
0.0
0.0
1'759.56
13'837.22
29.02.2008
7'048.9
1.01x
995.8
7.14x
562.8
14.03x
30
20
10
0
m-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
28.02.2009
28.02.2010
7'208.3
7'828.8
0.67x
1.20x
849.5
1'164.9
5.72x
8.08x
425.1
600.0
12.99x
18.09x
Profitability
28.02.2011
8'758.5
1.17x
1'472.3
6.96x
791.3
15.59x
29.02.2012
9'499.9
1.31x
1'752.2
7.11x
989.5
14.86x
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
1'752.24
1'568.37
16.51%
16.52%
16.58%
25.74%
1.67%
41.4%
17.4%
15.5%
10.4%
3.09
1.31
0.00%
0.00%
2.38
Price/ Cash Flow
LTM
11/yy
9'272.5
4.95x
1'659.2
7.50x
921.9
15.56x
11/yy
10'245.4
5.34x
1'782.2
7.19x
1'015.0
13.74x
FY+1
0.00
0.90
219.45
11.13
-4.02%
15.65%
0.895
28
4.143
687'744
731'883
721'148
FY+2
FQ+1
FQ+2
02/13 Y
02/14 Y
02/13 Q4 05/13 Q1
10'908.9
11'613.8
3'396.2
2'565.6
1.24x
1.14x
3.99x
5.34x
1'846.4
1'959.9
655.0
388.1
7.49x
7.06x
7.11x
7.03x
1'041.1
1'092.8
375.9
211.3
14.13x
12.78x
13.16x
12.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.06.2011
BBB+
STABLE
-0.44
0.00
0.0%
0.0%
1.67
7.90
153.10
57.25
-
16.00
10'000.0
14.00
9'000.0
8'000.0
12.00
7'000.0
10.00
6'000.0
8.00
5'000.0
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
06.03.2009
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
70
0.0
06.09.2009
06.03.2010
06.09.2010
06.03.2011
06.09.2011
06.03.2012
06.09.2012
06.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Bed Bath & Beyond Inc

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
STATE STREET
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
JP MORGAN
GOLDMAN SACHS GROUP
EISENBERG WARREN
MONTAG & CALDWELL IN
INVESCO LTD
FEINSTEIN LEONARD
BAILLIE GIFFORD AND
GREEN VALLEY INVESTO
PUTNAM INVESTMENT MA
Firm Name
Morgan Stanley
ISI Group
S&P Capital IQ
Oppenheimer & Co
BB&T Capital Markets
Jefferies
Nomura
Credit Suisse
Goldman Sachs
Williams Capital Group
EVA Dimensions
Deutsche Bank
Argus Research Corp
Gilford Securities
Wedbush
William Blair & Co
JPMorgan
KeyBanc Capital Markets
Raymond James
Barclays
GARP Research
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
n/a
GOLDMAN SACHS GROUP
n/a
ARTISAN PARTNERS LP
INVESCO LTD
n/a
PUTNAM INVESTMENT MA
Analyst
DAVID GOBER
GREGORY MELICH
COLIN MCGRANAHAN
MICHAEL SOUERS
BRIAN NAGEL
MATTHEW NEMER
PETER S BENEDICT
ANTHONY CHUKUMBA
JOHN MARRIN
ARAM RUBINSON
JOSEPH I FELDMAN
GARY BALTER
MATTHEW J FASSLER
MARC RIDDICK
CRAIG STERLING
MICHAEL BAKER
LAURA A CHAMPINE
CHRISTOPHER GRAJA
DAVID G MAGEE
BERNARD SOSNICK
JOAN L STORMS
DANIEL H HOFKIN
CHRISTOPHER HORVERS
BRADLEY B THOMAS
BUDD BUGATCH
ALAN M RIFKIN
ROBERT J FURLONG
Source
ULT-AGG
13G
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
Form 4
13F
13F
13F
Recommendation
Underwt/In-Line
neutral
outperform
buy
outperform
market perform
neutral
buy
buy
neutral
no rating system
outperform
Sell/Neutral
outperform
overweight
buy
buy
buy
buy
buy
outperform
outperform
neutral
hold
strong buy
overweight
neutral
Amt Held
23'381'935
22'803'561
11'393'794
10'416'242
10'190'717
6'309'436
4'773'018
4'211'263
4'021'741
3'586'653
3'470'639
3'206'710
3'084'372
3'005'500
2'697'686
2'156'877
2'150'887
2'056'392
2'000'000
1'955'301
% Out
10.34
10.08
5.04
4.61
4.51
2.79
2.11
1.86
1.78
1.59
1.53
1.42
1.36
1.33
1.19
0.95
0.95
0.91
0.88
0.86
Weighting
Change
1
3
5
5
5
3
3
5
5
3
#N/A N/A
5
1
5
5
5
5
5
5
5
5
5
3
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'905'265)
572'841
(1'346'419)
516'584
60'752
(156'200)
189'426
2'061'609
4'012'176
26'037
(1'007'536)
(51'870)
3'005'500
(584'935)
36'927
130'302
2'000'000
175'993
Target Price
57
62
80
77
71
#N/A N/A
64
75
72
65
70
70
56
80
#N/A N/A
63
74
80
75
#N/A N/A
77
#N/A N/A
65
#N/A N/A
85
70
#N/A N/A
File Dt
31.12.2012
31.01.2013
25.03.2013
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
24.03.2013
24.03.2013
22.03.2013
21.03.2013
19.03.2013
14.03.2013
13.03.2013
13.03.2013
01.03.2013
01.03.2013
10.02.2013
04.02.2013
28.01.2013
24.01.2013
15.01.2013
09.01.2013
07.01.2013
20.12.2012
20.12.2012
20.12.2012
20.12.2012
20.12.2012
19.12.2012
19.12.2012
19.12.2012
19.12.2012
16.12.2010
27.03.2013
Biogen Idec Inc

Biogen Idec Inc. develops, manufactures, and commercializes therapies,
focusing on neurology, oncology, and immunology. The Company's products
addresses diseases such as multiple sclerosis, non-Hodgkin's lymphoma,
rheumatoid arthritis, crohn's disease, and psoriasis.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (16.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BIIB UW EQUITY YTD Change
BIIB UW EQUITY YTD % CHANGE
12/2012
12/yy
178.87
124.23
438'340.00
177.09
-1.00%
42.55%
96.74%
236.3
41'848.52
1'140.80
0.0
2.3
3'742.37
39'249.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'097.5
3.19x
2'160.2
6.05x
783.2
13.34x
200
180
160
140
120
100
80
60
40
20
0
m-12
31.12.2009
31.12.2010
4'377.3
4'716.4
3.06x
3.27x
1'723.4
1'923.1
7.77x
8.03x
970.1
1'005.3
13.11x
13.82x
Profitability
LTM-4Q
31.12.2011
5'048.6
4.87x
2'138.7
11.50x
1'234.4
21.12x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'516.5
5.81x
2'204.1
14.53x
1'380.0
25.54x
2'204.13
1'838.48
33.33%
33.55%
14.39%
20.62%
18.05%
0.58%
90.1%
40.0%
33.3%
25.0%
1.96
1.44
11.26%
16.39%
8.68
1.41
Price/ Cash Flow
12/yy
5'048.6
17.24x
2'138.7
11.50x
1'234.4
21.20x
LTM
12/yy
5'516.5
22.83x
2'204.1
14.53x
1'380.0
25.54x
FY+1
0.00
0.94
235.99
2.65
40.29%
20.74%
0.944
30
4.133
356'022
416'743
462'976
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'412.0
7'509.5
1'413.1
1'537.7
6.46x
5.19x
2'756.4
3'554.5
531.7
573.7
14.24x
11.04x
15.11x
1'842.8
2'290.3
376.9
430.8
22.74x
18.39x
22.74x
20.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.12.2008
BBB+
STABLE
35.61
31.50
-1.18
0.52
16.4%
14.1%
0.58
3.33
42.18
259.73
107.28
194.63
25.00
6'000.0
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Biogen Idec Inc

Holdings By:
All
Holder Name
FMR LLC
PRIMECAP MANAGEMENT
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
MARSICO CAPITAL MANA
LEGG MASON INC
INVESCO LTD
UBS
Firm Name
Jefferies
BMO Capital Markets
Morgan Stanley
Credit Suisse
Oppenheimer & Co
Barclays
Argus Research Corp
Leerink Swann & Co
RBC Capital Markets
Cowen and Company
Stifel
Goldman Sachs
ISI Group
Deutsche Bank
JPMorgan
William Blair & Co
Piper Jaffray
Summer Street Research Partners
EVA Dimensions
S&P Capital IQ
Pareto Securities
BWS Financial
Portfolio Name
n/a
PRIMECAP MANAGEMENT
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
Multiple Portfolios
INVESCO LTD
n/a
Analyst
THOMAS WEI
JIM BIRCHENOUGH
MARSHALL URIST
GEOFFREY C PORGES
BRIAN C ABRAHAMS
RITU BARAL
BRET HOLLEY
RAVI MEHROTRA
DAVID FERREIRO
JOHN M EADE
MARKO KOZUL
MICHAEL J YEE
ERIC SCHMIDT
JOEL D SENDEK
TERENCE FLYNN
MARK J SCHOENEBAUM
ROBYN KARNAUSKAS
GENE MACK
GEOFFREY MEACHAM
JOHN S SONNIER
WILLIAM TANNER
M IAN SOMAIYA
CAROL A WERTHER
ANDREW S ZAMFOTIS
STEVEN SILVER
KAVITA THOMAS
YILMAZ MAHSHID
HAMED KHORSAND
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
buy
market perform
Overwt/In-Line
market perform
market perform
buy
neutral
outperform
market perform
overweight
buy
outperform
outperform
outperform
buy
neutral
buy/attractive
buy
buy
buy
neutral
outperform
neutral
neutral
neutral
buy
hold
moderate outperform
hold
buy
Amt Held
23'263'262
20'849'653
16'996'294
12'806'982
11'609'895
10'336'438
10'063'286
9'638'356
8'899'722
5'726'910
5'113'956
4'462'281
4'442'767
4'288'109
3'800'651
3'351'094
3'224'018
2'905'069
2'725'961
2'643'230
% Out
9.84
8.82
7.19
5.42
4.91
4.37
4.26
4.08
3.77
2.42
2.16
1.89
1.88
1.81
1.61
1.42
1.36
1.23
1.15
1.12
Weighting
Change
5
3
5
3
3
5
3
5
3
5
5
5
5
5
5
3
5
5
5
5
3
5
3
3
3
5
3
4
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
362'835
(285'460)
(296'806)
(922'590)
884'978
251'801
222'476
(609'681)
206'053
1'901'232
(1'159'058)
(94'247)
(712'695)
(983'499)
384'184
(361'833)
5'432
(22'800)
725'938
(208'543)
Target Price
201
186
188
183
#N/A N/A
187
158
200
152
180
195
#N/A N/A
180
#N/A N/A
184
160
190
159
170
187
155
#N/A N/A
#N/A N/A
179
#N/A N/A
#N/A N/A
154
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
05.03.2013
01.03.2013
28.02.2013
14.02.2013
12.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
29.01.2013
15.01.2013
18.10.2012
27.02.2012
10.01.2012
11.12.2009
27.03.2013
BMC Software Inc

BMC Software, Inc. provides management solutions for mainframe and distributed
information technology systems. The Company's portfolio of software solutions
spans enterprise systems, applications, databases and IT process management.
BMC also provides maintenance and support for its products and performs software
implementation, integration and education services for its customers.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.03.2013)
52-Week Low (01.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BMC UW EQUITY YTD Change
BMC UW EQUITY YTD % CHANGE
03/2012
12/yy
47.89
35.50
370'595.00
45.78
-4.41%
28.96%
82.97%
142.9
6'541.46
821.60
0.0
0.0
1'583.00
6'692.26
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'731.6
2.80x
524.3
9.25x
313.6
18.37x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.03.2009
31.03.2010
1'871.9
1'911.2
2.84x
3.06x
584.1
684.9
9.11x
8.54x
238.1
406.1
17.19x
18.81x
Profitability
LTM-4Q
31.03.2011
2'065.3
3.61x
722.8
10.32x
456.2
21.72x
31.03.2012
2'172.0
2.64x
768.5
7.46x
401.0
17.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
768.50
543.90
25.04%
24.40%
7.82%
30.66%
18.84%
0.52%
73.8%
31.9%
21.2%
18.5%
1.54
1.41
16.89%
56.83%
6.77
-
Price/ Cash Flow
12/yy
2'169.5
11.81x
796.1
5.53x
452.8
13.38x
LTM
12/yy
2'197.5
10.67x
701.7
8.27x
328.9
18.34x
FY+1
0.00
1.00
140.97
9.55
14.59%
15.43%
0.997
14
3.643
666'740
563'230
533'879
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'224.0
2'319.7
591.4
531.4
2.86x
2.53x
10.74x
11.60x
831.0
878.7
222.0
203.5
8.05x
7.62x
7.36x
7.29x
534.3
560.3
136.9
120.4
13.39x
11.92x
12.06x
11.75x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.07.2010
BBB+
STABLE
27.25
26.31
0.21
1.90
56.8%
36.2%
0.52
25.26
54.04
25.07
-
16.00
2'500.0
14.00
2'000.0
12.00
10.00
1'500.0
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
BMC Software Inc

Holdings By:
All
Holder Name
MACQUARIE GROUP
ELLIOTT MANAGEMENT C
DODGE & COX
VANGUARD GROUP INC
BLACKROCK
STATE STREET
CRAMER ROSENTHAL MCG
GLENVIEW CAPITAL MAN
INVESCO LTD
BESSEMER GROUP INCOR
MORGAN STANLEY
D E SHAW & COMPANY I
NORGES BANK
HUSSMAN ECONOMETRICS
Firm Name
Cowen and Company
RBC Capital Markets
Jefferies
Raymond James
Longbow Research
Evercore Partners
EVA Dimensions
Oppenheimer & Co
Credit Suisse
JPMorgan
Portfolio Name
n/a
n/a
DODGE & COX
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
n/a
D E SHAW & CO
NORGES BANK
HUSSMAN ECONOMETRICS
Analyst
GREGG MOSKOWITZ
JOEL P FISHBEIN JR
MATTHEW HEDBERG
AARON SCHWARTZ
MICHAEL TURITS
ABHEY R LAMBA
KEVIN M BUTTIGIEG
STEWART KIRK MATERNE III
ANDREW S ZAMFOTIS
SHAUL EYAL
PHILIP WINSLOW
JOHN DIFUCCI
YUN KIM
J DERRICK WOOD
Source
ULT-AGG
13D
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
neutral
neutral
outperform
buy
market perform
neutral
buy
equalweight
underweight
outperform
neutral
neutral
buy
Positive
Amt Held
14'177'031
13'692'000
12'687'878
9'242'657
7'922'917
6'294'015
5'600'796
5'210'579
3'963'393
3'861'878
3'419'033
3'382'300
2'703'247
2'114'478
1'908'484
1'707'305
1'609'799
1'342'552
1'336'072
1'250'000
% Out
9.92
9.58
8.88
6.47
5.54
4.4
3.92
3.65
2.77
2.7
2.39
2.37
1.89
1.48
1.34
1.19
1.13
0.94
0.94
0.87
Weighting
Change
3
3
5
5
3
3
5
3
1
5
3
3
5
4
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
302'000
(556'400)
128'721
(228'286)
17'214
(504'144)
(102'900)
(102'651)
(866'326)
(125'847)
129'500
(5'163)
1'467'673
(36'314)
310'049
(73'169)
39'488
81'326
500'000
Target Price
#N/A N/A
#N/A N/A
47
48
#N/A N/A
46
48
44
#N/A N/A
44
40
34
52
50
File Dt
11.02.2013
30.01.2013
31.12.2012
31.12.2012
25.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
18 month
Not Provided
9 month
12 month
12 month
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
06.03.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
27.03.2013
Broadcom Corp
Broadcom Corporation provides integrated silicon solutions that enable broadband
digital data transmission of voice, data, and video content to the home and
within the business enterprise. The Company designs, develops, and supplies
integrated circuits for cable set-top boxes, cable modems, high-speed
networking, direct satellite and digital broadcast, and digital subscriber line.
Price/Volume
45
8.0 M
40
7.0 M
35
6.0 M
30
5.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (27.03.2012)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BRCM UW EQUITY YTD Change
BRCM UW EQUITY YTD % CHANGE
12/2012
12/yy
39.66
28.60
1'097'361.00
34.46
-13.11%
20.49%
52.98%
518.0
19'604.90
1'693.00
0.0
0.0
3'722.00
17'575.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
4'490.3
6'818.3
2.85x
2.95x
356.1
1'291.0
35.95x
15.57x
65.3
1'081.8
76.76x
20.94x
Profitability
10
2.0 M
1.0 M
0
m-12
.0 M
a-12
LTM-4Q
31.12.2011
7'389.0
1.62x
1'260.0
9.52x
927.0
16.49x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
8'006.0
2.11x
1'297.0
13.01x
719.0
22.90x
1'297.00
852.00
10.64%
8.19%
7.10%
10.01%
0.79%
49.7%
16.2%
10.6%
9.0%
2.25
1.85
15.11%
21.60%
11.29
8.50
Price/ Cash Flow
12/yy
7'389.0
7.92x
1'235.0
9.71x
927.0
16.68x
m-12
j-12
j-12
a-12
LTM
12/yy
8'006.0
8.93x
1'297.0
13.01x
719.0
23.06x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
1.16
1.08
516.69
8.10
-10.43%
4.10%
1.085
49
4.551
1'507'244
2'194'952
2'032'107
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'442.9
9'303.0
1'914.1
2'052.9
2.10x
1.75x
9.93x
9.16x
1'568.5
1'806.7
283.8
350.3
11.21x
9.73x
11.94x
11.36x
1'666.4
1'876.1
334.2
398.8
12.48x
11.33x
12.54x
12.13x
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
11.08.2011
ASTABLE
43.23
35.10
-1.56
1.31
21.6%
17.8%
0.79
18.77
32.41
43.08
43.88
31.61
20.00
9'000.0
18.00
8'000.0
16.00
7'000.0
14.00
6'000.0
12.00
5'000.0
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
3.0 M
15
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'658.1
1.37x
498.4
12.84x
214.8
20.45x
4.0 M
20
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Broadcom Corp
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
JP MORGAN
STATE STREET
JENNISON ASSOCIATES
INVESCO LTD
LEGG MASON INC
LORD ABBETT & CO LLC
DEUTSCHE BANK AG
Firm Name
BMO Capital Markets
FBR Capital Markets
Exane BNP Paribas
Evercore Partners
MKM Partners
Stifel
Cowen and Company
Wedge Partners
RBC Capital Markets
D.A. Davidson & Co
Edward Jones
William Blair & Co
Wedbush
ISI Group
Piper Jaffray
Raymond James
JMP Securities
Nomura
Oppenheimer & Co
Drexel Hamilton LLC
Barclays
Argus Research Corp
JPMorgan
Societe Generale
Deutsche Bank
Morgan Stanley
Credit Suisse
Jefferies
Needham & Co
Macquarie
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
JENNISON ASSOCIATES
INVESCO LTD
Multiple Portfolios
Multiple Portfolios
Analyst
AMBRISH SRIVASTAVA
CHRISTOPHER ROLLAND
DANIEL L AMIR
JEROME RAMEL
TRISTAN GERRA
DAVID M WONG
PATRICK WANG
DANIEL A BERENBAUM
CRAIG ELLIS
CHRISTOPHER CASO
KEVIN E CASSIDY
TIMOTHY M ARCURI
BRIAN BLAIR
DOUG FREEDMAN
AALOK K SHAH
STACY A RASGON
ROBERT BURLESON
WILLIAM C KREHER
ANIL K DORADLA
BETSY VAN HEES
SUMIT DHANDA
AUGUSTE P RICHARD
GARY W MOBLEY
RUBEN ROY
J STEVEN SMIGIE
ALEX GAUNA
ROMIT SHAH
MIKE BURTON
RICHARD SCHAFER
RICHARD WHITTINGTON
BLAYNE CURTIS
JAMES KELLEHER
HARLAN SUR
PETER KNOX
ROSS C SEYMORE
JOSEPH MOORE
JOHN W PITZER
MARK J LIPACIS
N QUINN BOLTON
SHAWN WEBSTER
CODY G ACREE
SRINI PAJJURI
MICHAEL MCCONNELL
Source
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
MF-AGG
13F
13F
Recommendation
outperform
outperform
buy
underperform
outperform
market perform
overweight
buy
buy
Positive
buy
outperform
no rating system
outperform
buy
outperform
buy
buy
outperform
outperform
buy
overweight
buy
buy
market perform
market outperform
buy
buy
outperform
buy
overweight
buy
overweight
hold
buy
Overwt/In-Line
outperform
buy
buy
neutral
buy
outperform
outperform
Amt Held
34'885'074
33'275'931
32'676'043
22'937'805
21'611'182
21'343'957
17'606'581
15'680'788
13'125'552
12'011'561
9'533'071
7'935'621
6'958'491
6'634'244
6'251'821
5'482'859
4'949'433
4'704'744
4'551'715
3'676'030
% Out
6.73
6.42
6.31
4.43
4.17
4.12
3.4
3.03
2.53
2.32
1.84
1.53
1.34
1.28
1.21
1.06
0.96
0.91
0.88
0.71
Weighting
Change
5
5
5
1
5
3
5
5
5
4
5
5
#N/A N/A
5
5
5
5
5
5
5
5
5
5
5
3
4
5
5
5
5
5
5
5
3
5
5
5
5
5
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'518'740)
2'364'108
834'084
4'111'018
979'113
2'511'764
(152'306)
(862'301)
1'756'103
(1'754'943)
2'374'769
176'864
69'246
97'009
665'488
795'681
(10'611)
46'990
1'700'682
Target Price
40
42
45
32
38
#N/A N/A
40
43
45
39
43
#N/A N/A
#N/A N/A
45
44
37
40
#N/A N/A
#N/A N/A
41
39
50
40
40
#N/A N/A
42
35
40
45
45
40
46
45
37
39
39
45
40
39
35
40
38
41
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
18 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Date
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
24.03.2013
22.03.2013
21.03.2013
21.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
13.03.2013
11.03.2013
08.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
27.02.2013
25.02.2013
25.02.2013
20.02.2013
14.02.2013
14.02.2013
13.02.2013
11.02.2013
04.02.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
27.03.2013
CA Inc
CA, Inc. designs, develops, markets, licenses, and supports standardized
computer software products. The Company's products are used with mainframe
computers and in client/server environments. CA offers various enterprise
systems management, information management, and business applications solutions
to a variety of organizations.
Price/Volume
30
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CA UW EQUITY YTD Change
CA UW EQUITY YTD % CHANGE
03/2012
12/yy
28.00
21.49
635'557.00
24.98
-10.79%
16.27%
53.65%
455.9
11'388.97
1'301.00
0.0
0.0
2'679.00
10'141.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
31.03.2009
31.03.2010
4'271.0
4'227.0
1.93x
2.58x
1'503.0
1'572.0
5.49x
6.95x
671.0
771.0
11.44x
16.19x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.03.2011
4'429.0
2.36x
1'624.0
6.45x
827.0
15.21x
31.03.2012
4'814.0
2.38x
1'805.0
6.35x
951.0
14.51x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'805.00
1'404.00
29.16%
28.13%
7.91%
16.59%
13.88%
0.40%
86.6%
39.2%
30.3%
19.8%
1.06
0.95
10.84%
24.11%
5.76
-
Price/ Cash Flow
12/yy
4'754.0
7.81x
1'796.0
4.72x
928.0
11.17x
LTM
12/yy
4'680.0
9.01x
1'836.0
4.72x
924.0
11.05x
FY+1
4.00
1.06
327.85
7.94
-6.65%
14.79%
1.056
14
3.429
906'295
908'262
1'069'077
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
4'637.0
4'676.8
1'145.0
1'144.2
2.10x
1.94x
8.78x
8.67x
1'733.7
1'777.3
402.5
443.0
5.85x
5.71x
5.65x
5.46x
1'109.7
1'130.9
252.9
279.9
10.34x
9.84x
10.10x
9.82x
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
11.04.2011
BBB+
STABLE
28.20
27.08
-0.68
0.71
24.1%
19.4%
0.40
12.89
63.58
46.18
-
12.00
6'000.0
10.00
5'000.0
8.00
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
03.04.2009
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
4'277.0
2.63x
1'248.0
9.02x
500.0
18.29x
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
25
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
CA Inc
Holdings By:
All
Holder Name
CAREAL HOLDING AG
NWQ INVESTMENT MANAG
BLACKROCK
STATE STREET
VANGUARD GROUP INC
HOTCHKIS & WILEY CAP
INVESCO LTD
BARROW HANLEY MEWHIN
AMERICAN INTERNATION
ROBECO INVESTMENT MG
CREDIT SUISSE AG
AJO, LP
NORDEA INV MANAGEMEN
Firm Name
Longbow Research
Evercore Partners
JPMorgan
RBC Capital Markets
Jefferies
Raymond James
Oppenheimer & Co
Credit Suisse
EVA Dimensions
Cowen and Company
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
HOTCHKIS AND WILEY
INVESCO LTD
n/a
ROBECO INVESTMENT MA
CREDIT SUISSE AG
AJO, LP
NORDEA INVESTMENT MA
Analyst
KEVIN M BUTTIGIEG
JOHN DIFUCCI
JOEL P FISHBEIN JR
MATTHEW HEDBERG
AARON SCHWARTZ
MICHAEL TURITS
SHAUL EYAL
ABHEY R LAMBA
PHILIP WINSLOW
MARK L MOERDLER
ANDREW S ZAMFOTIS
GREGG MOSKOWITZ
Source
13D
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
neutral
equalweight
overweight
neutral
sector perform
hold
market perform
outperform
buy
neutral
underperform
buy
neutral
Amt Held
125'813'380
22'342'814
19'880'570
15'856'480
14'410'711
13'622'366
8'833'656
7'990'175
6'430'928
6'086'388
5'699'040
4'609'383
4'526'919
4'417'122
4'295'400
3'715'551
3'704'282
3'683'900
3'564'380
3'535'206
% Out
27.6
4.9
4.36
3.48
3.16
2.99
1.94
1.75
1.41
1.33
1.25
1.01
0.99
0.97
0.94
0.81
0.81
0.81
0.78
0.78
Weighting
Change
3
3
5
3
3
3
3
5
5
3
1
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(5'173'367)
274'826
(151'728)
(943'896)
1'477'711
3'604'277
342'966
(1'075'420)
32'440
4'363'449
(64'061)
3'890'100
(493'237)
(293'749)
862'627
(329'700)
(813'813)
185'925
Target Price
#N/A N/A
27
34
#N/A N/A
27
26
#N/A N/A
26
28
22
19
#N/A N/A
#N/A N/A
File Dt
04.07.2012
31.12.2012
25.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.03.2013
19.03.2013
28.02.2013
25.02.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
18.01.2013
15.01.2013
14.12.2012
27.03.2013
Catamaran Corp
Catamaran Corporation provides pharmacy benefits management (PBM)
services and healthcare IT solutions to the healthcare benefits management
industry. The Company's product offerings and solutions combine a wide range of
software applications, application service provider (ASP) processing services,
and professional services.
Price/Volume
60
7.0 M
6.0 M
5.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (06.03.2013)
52-Week Low (28.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CTRX UW EQUITY YTD Change
CTRX UW EQUITY YTD % CHANGE
12/2011
12/yy
57.40
35.89
347'084.00
52.8
-8.01%
47.14%
78.62%
205.5
10'848.46
1'173.40
0.0
2.8
370.78
11'653.84
4.0 M
20
3.0 M
2.0 M
10
1.0 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
40
Valuation Analysis
31.12.2008
862.9
0.50x
38.4
11.20x
15.1
20.76x
9.0 M
50
31.12.2009
31.12.2010
1'438.6
1'948.4
0.92x
1.19x
91.1
114.8
14.52x
20.19x
46.1
64.7
28.41x
41.60x
Profitability
LTM-4Q
31.12.2011
4'975.5
0.64x
166.4
19.06x
91.8
38.59x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
9'940.1
1.05x
367.4
28.48x
116.7
54.05x
367.37
217.02
2.18%
1.91%
2.77%
4.42%
2.36%
7.4%
3.7%
2.2%
1.2%
1.25
0.88
15.89%
25.47%
20.57
941.67
Price/ Cash Flow
LTM
12/yy
4'975.5
2.55x
166.5
19.06x
91.8
38.85x
12/yy
9'940.1
3.23x
367.4
28.48x
116.7
54.05x
FY+1
0.91
204.57
2.46
46.02%
12.08%
0.912
26
4.346
354'870
454'640
408'810
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
14'511.3
16'280.9
3'524.3
3'583.1
0.79x
0.68x
3.28x
3.22x
671.0
820.2
145.9
156.3
17.37x
14.21x
17.68x
16.49x
391.7
499.5
85.9
92.9
28.25x
22.42x
28.27x
26.27x
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
22.05.2012
BB
STABLE
13.77
12.26
2.18
3.19
25.5%
20.3%
2.36
156.71
17.79
0.39
13.24
4.94
80.00
12'000.0
70.00
10'000.0
60.00
8'000.0
50.00
40.00
6'000.0
30.00
4'000.0
20.00
2'000.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Catamaran Corp
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
ALLIANCE BERNSTEIN
INVESCO LTD
GREYSTONE MANAGED IN
JP MORGAN
HARTFORD INVESTMENT
PRUDENTIAL FINANCIAL
JENNISON ASSOCIATES
ROYAL BANK OF CANADA
TIGER CONSUMER MANAG
STATE STREET
CONNOR CLARK & LUNN
Firm Name
Credit Suisse
Jefferies
Morgan Stanley
ISI Group
Raymond James
William Blair & Co
Leerink Swann & Co
Paradigm Capital Inc
Oppenheimer & Co
TD Securities
EVA Dimensions
Stonecap Securities Inc
BMO Capital Markets
JPMorgan
CIBC World Markets
Cantor Fitzgerald
Scotia Capital
Cowen and Company
JMP Securities
Maxim Group LLC
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
INVESCO LTD
GREYSTONE MANAGED IN
n/a
Multiple Portfolios
n/a
JENNISON ASSOCIATES
n/a
n/a
TIGER CONSUMER MANAG
n/a
CONNOR CLARK & LUNN
Analyst
GLEN SANTANGELO
BRIAN TANQUILUT
RICKY GOLDWASSER
MICHAEL CHERNY
MICHAEL J BAKER
BROOKS O NEIL
AMANDA MURPHY
DAVID LARSEN
GABRIEL LEUNG
BRET D JONES
LENNOX GIBBS
ANDREW S ZAMFOTIS
SCOTT RATTEE
JENNIFER LYNCH
DAVID S MACDONALD
LISA C GILL
STEPHANIE PRICE
TOM LISTON
PAUL STEEP
CHARLES RHYEE
TIM MCDONOUGH
ANTHONY V VENDETTI
ROBERT P JONES
Source
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
outperform
buy
Overwt/In-Line
strong buy
market perform
buy
outperform
outperform
buy
market perform
buy
sell
outperform
market perform
buy
overweight
sector perform
buy
sector perform
outperform
market outperform
buy
buy/attractive
Amt Held
30'629'845
18'118'825
13'419'480
7'901'802
7'640'808
4'722'589
3'664'716
3'584'630
3'101'723
2'956'696
2'722'566
2'474'818
2'470'131
2'187'503
2'154'069
2'094'791
2'082'583
2'028'935
1'988'509
1'970'410
% Out
14.91
8.82
6.53
3.85
3.72
2.3
1.78
1.74
1.51
1.44
1.33
1.2
1.2
1.06
1.05
1.02
1.01
0.99
0.97
0.96
Weighting
Change
5
5
5
5
3
5
5
5
5
3
5
1
5
3
5
5
3
5
3
5
4
5
5
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
343'251
(2'132'436)
4'044'482
(472'937)
274'344
10'232
2'929'645
135'274
1'565'958
(343'480)
(205'724)
246'729
866'943
349'578
333'985
74'871
(144'985)
1'153'410
Target Price
61
65
62
60
#N/A N/A
75
#N/A N/A
#N/A N/A
64
#N/A N/A
61
#N/A N/A
63
59
62
62
60
65
58
#N/A N/A
65
66
62
File Dt
Inst Type
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Date
26.03.2013
22.03.2013
15.03.2013
14.03.2013
08.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
22.01.2013
27.03.2013
Celgene Corp
Celgene Corporation is a global biopharmaceutical company. The Company focuses
on the discovery, development, and commercialization of therapies designed to
treat cancer and immune-inflammatory related diseases.
Price/Volume
120
8.0 M
7.0 M
100
6.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (14.03.2013)
52-Week Low (21.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CELG UW EQUITY YTD Change
CELG UW EQUITY YTD % CHANGE
12/2012
12/yy
115.41
58.53
681'830.00
112.5
-2.52%
92.21%
94.88%
418.7
47'108.75
3'079.79
0.0
0.0
3'900.27
46'288.27
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
40
2.0 M
20
1.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'254.8
10.27x
528.7
43.81x
(1'533.7)
35.21x
5.0 M
60
Valuation Analysis
31.12.2009
31.12.2010
2'689.9
3'625.7
8.39x
7.30x
1'010.1
1'296.0
22.35x
20.43x
776.7
880.5
33.54x
25.83x
Profitability
LTM-4Q
31.12.2011
4'842.1
5.93x
1'663.3
17.27x
1'318.2
22.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'506.7
5.83x
2'198.8
14.61x
1'456.2
19.57x
2'198.84
1'915.39
34.78%
30.54%
13.40%
25.99%
18.78%
0.51%
94.6%
39.9%
34.8%
26.4%
3.27
2.88
26.25%
54.08%
5.78
1.33
Price/ Cash Flow
12/yy
4'842.1
22.09x
1'663.3
17.27x
1'318.2
22.02x
LTM
12/yy
5'506.7
22.51x
2'198.8
14.61x
1'456.2
20.12x
FY+1
0.00
0.75
417.33
6.43
44.16%
42.91%
0.754
33
4.606
654'366
932'472
1'014'648
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'111.7
7'015.8
1'465.9
1'525.0
7.26x
6.05x
3'131.7
3'580.3
723.5
749.5
14.78x
12.92x
15.52x
2'432.2
2'852.0
580.3
605.8
19.80x
16.42x
19.79x
18.90x
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
04.10.2010
BBB+
STABLE
07.09.2011
A-2
34.79
32.25
-0.37
1.40
54.1%
35.1%
0.51
10.16
63.34
274.73
132.49
205.59
35.00
6'000.0
30.00
5'000.0
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Celgene Corp
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
INVESCO LTD
FMR LLC
CARMIGNAC GESTION
EDGEWOOD MANAGEMENT
MACKAY SHIELDS LLC
DEUTSCHE BANK AG
Firm Name
RBC Capital Markets
Cantor Fitzgerald
JMP Securities
Cowen and Company
BMO Capital Markets
Morgan Stanley
Credit Suisse
William Blair & Co
Leerink Swann & Co
Stifel
Oppenheimer & Co
Barclays
Piper Jaffray
JPMorgan
ISI Group
S&P Capital IQ
Jefferies
Goldman Sachs
Argus Research Corp
Deutsche Bank
EVA Dimensions
Wallachbeth Capital LLC
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
INVESCO LTD
n/a
n/a
Multiple Portfolios
EDGEWOOD MANAGEMENT
Multiple Portfolios
Analyst
BRIAN C ABRAHAMS
MICHAEL J YEE
MARA GOLDSTEIN
GEOFFREY C PORGES
MICHAEL G KING JR
JOSHUA SCHIMMER
ERIC SCHMIDT
JIM BIRCHENOUGH
MARSHALL URIST
GENE MACK
RAVI MEHROTRA
JOHN S SONNIER
HOWARD LIANG
JOEL D SENDEK
BORIS PEAKER
BRET HOLLEY
YING HUANG
M IAN SOMAIYA
GEOFFREY MEACHAM
MARK J SCHOENEBAUM
STEVEN SILVER
THOMAS WEI
TERENCE FLYNN
JOHN M EADE
ROBYN KARNAUSKAS
CAROL A WERTHER
ANDREW S ZAMFOTIS
DIFEI YANG
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
MF-AGG
13F
13F
MF-AGG
13F
Recommendation
outperform
outperform
outperform
buy
outperform
market outperform
buy
outperform
outperform
Overwt/In-Line
buy
neutral
outperform
outperform
buy
market perform
buy
overweight
overweight
overweight
buy
strong buy
buy
neutral/attractive
hold
hold
buy
buy
buy
Amt Held
24'465'445
18'961'055
18'865'806
17'736'780
12'321'174
11'021'127
8'545'914
7'344'888
7'170'974
6'951'282
5'932'771
5'659'738
5'654'758
5'006'788
4'817'550
4'689'500
4'472'808
4'391'058
4'056'619
3'736'273
% Out
5.84
4.53
4.51
4.24
2.94
2.63
2.04
1.75
1.71
1.66
1.42
1.35
1.35
1.2
1.15
1.12
1.07
1.05
0.97
0.89
Weighting
Change
5
5
5
5
5
4
5
5
5
5
5
3
5
5
5
3
5
5
5
5
5
5
5
3
3
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
(68'196)
(5'121'865)
122'374
(1'838'326)
343'769
518'543
(293'492)
2'189'655
(98'854)
(127'088)
(170'216)
(213'700)
(284'437)
(938'919)
(1'123'361)
(808'227)
(151'870)
336'096
Target Price
#N/A N/A
115
107
121
137
130
128
#N/A N/A
113
115
115
110
#N/A N/A
#N/A N/A
116
#N/A N/A
122
113
126
115
95
125
114
89
#N/A N/A
105
122
#N/A N/A
99
File Dt
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
24.03.2013
20.03.2013
20.03.2013
15.03.2013
07.03.2013
07.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
03.03.2013
28.02.2013
28.02.2013
20.02.2013
11.02.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
15.01.2013
08.01.2013
27.03.2013
Cerner Corp
Cerner Corporation is a worldwide supplier of healthcare solutions and
services. The Company's Solutions are designed to optimize clinical and
financial outcomes for healthcare organizations ranging from single-doctor
practices, to health systems, to entire countries, for the pharmaceutical and
medical device industries, and for the healthcare commerce system.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (25.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CERN UW EQUITY YTD Change
CERN UW EQUITY YTD % CHANGE
12/2012
12/yy
93.88
67.66
210'837.00
93.24
-0.68%
37.81%
97.56%
172.2
16'056.65
196.14
0.0
0.0
1'036.79
15'216.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
1'671.9
1'850.2
3.81x
4.04x
481.6
552.7
13.22x
13.54x
193.5
237.3
35.69x
34.08x
Profitability
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
LTM-4Q
31.12.2011
2'203.2
4.42x
672.4
14.48x
306.6
34.80x
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
31.12.2012
2'665.4
4.60x
794.2
15.43x
397.2
33.66x
794.24
571.66
21.45%
22.05%
11.85%
15.44%
14.66%
0.80%
77.2%
29.8%
21.4%
14.9%
3.09
2.78
5.29%
6.92%
4.67
25.89
Price/ Cash Flow
12/yy
2'203.2
18.02x
672.4
14.48x
306.6
34.70x
j-12
j-12
a-12
LTM
12/yy
2'665.4
18.80x
794.2
15.43x
397.2
33.66x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
0.96
152.13
9.61
22.43%
20.09%
0.962
24
4.042
208'386
264'083
269'010
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'005.0
3'383.1
709.2
730.3
4.81x
4.10x
967.7
1'113.6
219.2
237.2
15.72x
13.66x
15.71x
494.3
583.5
110.8
119.2
33.30x
28.32x
33.32x
32.05x
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
156.72
120.52
-1.06
0.25
6.9%
6.5%
0.80
5.04
77.91
14.06
67.81
24.16
30.00
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
08.01.2010
1.8 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'676.0
1.80x
449.4
6.70x
188.7
18.93x
100
90
80
70
60
50
40
30
20
10
0
m-12
0.0
08.07.2010
08.01.2011
08.07.2011
08.01.2012
08.07.2012
08.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Cerner Corp
Holdings By:
All
Holder Name
FMR LLC
PATTERSON NEAL L
VANGUARD GROUP INC
ILLIG CLIFFORD W
BLACKROCK
STATE STREET
JP MORGAN
MACKAY SHIELDS LLC
INVESCO LTD
TCW GROUP INC
TOUCHSTONE ADVISORS
FRANKLIN RESOURCES
Firm Name
Leerink Swann & Co
Raymond James
Avondale Partners LLC
Piper Jaffray
Jefferies
William Blair & Co
Oppenheimer & Co
Argus Research Corp
First Analysis Corp
EVA Dimensions
Morgan Stanley
Cowen and Company
Maxim Group LLC
Credit Suisse
JPMorgan
ISI Group
S&P Capital IQ
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
ARTISAN PARTNERS LP
n/a
Multiple Portfolios
INVESCO LTD
TCW GROUP INCORPORAT
Multiple Portfolios
n/a
n/a
Analyst
DAVID LARSEN
STEVEN P HALPER
JAMIE STOCKTON
ALEXANDER Y DRAPER
RICHARD CLOSE
EUGENE MANNHEIMER
SEAN W WIELAND
DAVID H WINDLEY
ERIC W COLDWELL
RYAN S DANIELS
BRET D JONES
DAVID H TOUNG
FRANK SPARACINO
ANDREW S ZAMFOTIS
RICKY GOLDWASSER
CHARLES RHYEE
ANTHONY V VENDETTI
GLEN SANTANGELO
LISA C GILL
GREG T BOLAN
MICHAEL CHERNY
JEFFREY LOO
Source
ULT-AGG
Form 4
13F
13F
Form 4
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
MF-AGG
13F
13F
MF-AGG
ULT-AGG
13F
13F
ULT-AGG
Recommendation
market perform
buy
market perform
outperform
market outperform
neutral
overweight
buy
outperform
outperform
underperform
buy
overweight
overweight
Equalwt/In-Line
neutral
hold
neutral
overweight
buy
neutral
strong buy
Amt Held
12'700'072
12'056'024
9'374'174
8'609'866
7'544'562
7'524'187
5'945'448
5'621'196
5'600'000
4'266'715
4'202'633
3'691'773
3'162'947
2'539'177
2'460'507
2'130'994
2'083'462
2'047'600
1'982'694
1'897'931
% Out
7.37
7
5.44
5
4.38
4.37
3.45
3.26
3.25
2.48
2.44
2.14
1.84
1.47
1.43
1.24
1.21
1.19
1.15
1.1
Weighting
Change
3
5
3
5
4
3
5
5
5
5
1
5
5
5
3
3
3
3
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
2'767'147
(1'500)
1'320'072
212'583
(1'469'240)
224'327
(84'988)
(100'000)
34'300
(185'150)
730'621
(89'373)
(156'818)
162'795
51'735
(165'178)
(7'446)
73'112
(127'039)
Target Price
#N/A N/A
101
#N/A N/A
100
97
91
100
97
94
#N/A N/A
54
95
97
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
88
93
100
95
92
File Dt
Inst Type
31.12.2012
Investment Advisor
01.03.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.03.2013
n/a
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
18 month
18 month
Not Provided
12 month
12 month
12 month
Not Provided
18 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
Date
21.03.2013
20.03.2013
18.03.2013
13.03.2013
12.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
27.02.2013
25.02.2013
12.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
23.01.2013
27.03.2013
CH Robinson Worldwide Inc

C.H. Robinson Worldwide, Inc. provides multimodal transportation services and
logistics solutions. The Company operates a network of offices in North
America, Europe, Asia, South America, and the Middle East. C.H. Robinson
provides a variety of logistics services, such as fresh produce sourcing and
freight consolidation.
Price/Volume
80
50
1.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (29.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CHRW UW EQUITY YTD Change
CHRW UW EQUITY YTD % CHANGE
12/2012
12/yy
67.93
50.82
370'730.00
59.01
-13.13%
16.12%
47.87%
159.2
9'395.82
321.66
0.0
0.0
210.02
9'507.46
1.0 M
30
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
60
Valuation Analysis
31.12.2008
8'578.6
1.05x
602.8
14.87x
359.2
26.46x
2.5 M
70
31.12.2009
31.12.2010
7'577.2
9'274.3
1.25x
1.40x
615.3
652.2
15.45x
19.88x
360.8
387.0
27.57x
34.42x
Profitability
LTM-4Q
31.12.2011
10'336.3
1.07x
725.2
15.30x
431.6
26.63x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
11'359.1
0.91x
713.4
14.45x
593.8
22.91x
713.41
675.32
5.95%
8.44%
24.03%
43.14%
37.86%
4.60%
8.4%
6.3%
5.9%
5.2%
1.36
1.32
11.47%
21.38%
8.73
-
Price/ Cash Flow
LTM
12/yy
10'336.3
4.51x
725.2
15.30x
431.6
26.53x
12/yy
11'359.1
3.44x
713.4
14.45x
593.8
23.07x
FY+1
2.27
0.85
156.98
5.31
-7.59%
-6.09%
0.848
32
3.438
449'598
532'824
559'868
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
12'978.5
14'118.8
2'967.9
3'368.6
0.71x
0.65x
3.19x
2.81x
845.3
941.1
191.5
214.9
11.25x
10.10x
11.29x
10.95x
490.0
547.5
110.4
124.8
19.22x
16.94x
19.20x
18.56x
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
0.16
0.45
21.4%
17.6%
4.60
82.11
41.92
22.54
-
50.00
12'000.0
45.00
10'000.0
40.00
35.00
8'000.0
30.00
6'000.0
25.00
20.00
4'000.0
15.00
10.00
2'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
CH Robinson Worldwide Inc

Holdings By:
All
Holder Name
PRIMECAP MANAGEMENT
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
MERCHANTS' GATE CAPI
MACKENZIE FINANCIAL
POLEN CAPITAL MANAGE
INVESCO LTD
CAPITAL COUNSEL LLC
Firm Name
Longbow Research
Morgan Stanley
Wolfe Trahan & Co
Macquarie
Edward Jones
RBC Capital Markets
Thompson, Davis & Company
Jefferies
Goldman Sachs
Credit Suisse
JPMorgan
Stephens Inc
Raymond James
FBR Capital Markets
Stifel
Wunderlich Securities
Oppenheimer & Co
Cowen Securities LLC
EVA Dimensions
William Blair & Co
Deutsche Bank
S&P Capital IQ
Portfolio Name
PRIMECAP MANAGEMENT
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
BANK OF AMERICA
n/a
MACKENZIE FINANCIAL
INVESCO LTD
CAPITAL COUNSEL LLC
Analyst
MATTHEW S BROOKLIER
DAVID VERNON
WILLIAM J GREENE
SCOTT H GROUP
KELLY A DOUGHERTY
LOGAN PURK
JOHN L BARNES III
DAVID P CAMPBELL
H PETER NESVOLD
MATT TROY
RYAN BOUCHARD
TOM KIM
CHRISTOPHER J CERASO
THOMAS R WADEWITZ
BENJAMIN J HARTFORD
JACK ATKINS
PATRICK TYLER BROWN
JOHN R MIMS
JOHN G LARKIN
JEFFREY A KAUFFMAN
CHAZ G JONES
SCOTT A SCHNEEBERGER
THOMAS S ALBRECHT
JASON H SEIDL
CRAIG STERLING
NATHAN J BROCHMANN
ANTHONY P GALLO
JUSTIN B YAGERMAN
JAMES CORRIDORE
Source
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
neutral
outperform
Equalwt/Attractive
outperform
neutral
hold
sector perform
buy
hold
neutral
market perform
neutral/attractive
neutral
neutral
neutral
equalweight
market perform
outperform
sell
buy
hold
market perform
hold
hold
hold
outperform
market perform
buy
buy
Amt Held
9'609'274
8'920'704
8'388'906
7'414'398
6'861'475
6'473'551
5'120'000
5'079'005
4'408'198
3'746'268
2'791'765
2'683'000
2'436'066
2'117'531
2'029'264
1'975'439
1'962'668
1'918'183
1'794'464
1'480'315
% Out
6.04
5.6
5.27
4.66
4.31
4.07
3.22
3.19
2.77
2.35
1.75
1.69
1.53
1.33
1.27
1.24
1.23
1.2
1.13
0.93
Weighting
Change
3
5
3
5
3
3
3
5
3
3
3
3
3
3
3
3
3
5
1
5
3
3
3
3
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
Latest Chg
139'500
149'590
(64'505)
375'802
262'805
257'866
1'438'324
834'268
(57'335)
2'515
(26'610)
30'963
475'964
1'975'439
(662'340)
31'929
(185'129)
(33'562)
Target Price
#N/A N/A
74
#N/A N/A
78
58
#N/A N/A
63
94
61
65
67
66
65
62
73
66
#N/A N/A
80
#N/A N/A
78
64
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
72
76
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
27.03.2013
22.03.2013
20.03.2013
15.03.2013
12.03.2013
08.03.2013
07.03.2013
05.03.2013
01.03.2013
13.02.2013
11.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
10.11.2012
25.09.2012
27.03.2013
Check Point Software Technologies Ltd

Check Point Software Technologies Ltd. develops, markets and supports a range
of software and hardware products and services for information technology (IT)
security and offers its customers a network and gateway security solutions, data
and endpoint security solutions and management solutions.
Price/Volume
70
4.0 M
60
3.5 M
50
3.0 M
2.5 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.04.2012)
52-Week Low (18.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CHKP UW EQUITY YTD Change
CHKP UW EQUITY YTD % CHANGE
12/2012
12/yy
64.99
40.60
813'573.00
46.5
-28.45%
14.53%
24.19%
205.9
9'574.02
0.00
0.0
0.0
3'295.36
6'278.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
924.4
1'097.9
5.67x
6.58x
483.7
594.4
10.83x
12.16x
357.5
452.8
18.12x
21.72x
Profitability
1.0 M
10
.5 M
0
m-12
.0 M
a-12
LTM-4Q
31.12.2011
1'247.0
6.37x
693.7
11.44x
544.0
20.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'342.7
4.61x
761.4
8.12x
620.0
16.20x
761.42
746.54
55.60%
58.60%
14.28%
19.32%
0.31%
88.4%
56.7%
55.6%
46.2%
2.21
2.15
0.00%
0.00%
3.67
-
Price/ Cash Flow
12/yy
1'247.0
26.65x
693.7
11.44x
544.0
20.60x
m-12
j-12
j-12
a-12
LTM
12/yy
1'342.7
22.26x
761.4
8.12x
620.0
16.09x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
0.88
159.71
6.37
-26.74%
-2.39%
0.878
32
4.313
623'078
487'155
515'189
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'422.8
1'516.8
328.3
346.9
5.48x
4.73x
22.97x
21.54x
834.4
893.9
191.8
201.6
7.52x
7.02x
7.52x
7.36x
688.1
737.2
158.5
166.8
13.57x
12.38x
13.58x
13.25x
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
21.34
21.11
-4.33
0.00
0.0%
0.0%
0.31
36.48
99.65
15.80
-
20.00
1'600.0
18.00
1'400.0
16.00
1'200.0
14.00
1'000.0
12.00
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
01.01.2010
1.5 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
808.5
3.18x
402.3
6.39x
324.0
11.37x
2.0 M
30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Check Point Software Technologies Ltd

Holdings By:
All
Holder Name
SHWED GIL
NACHT MARIUS
FMR LLC
FRANKLIN RESOURCES
SCHRODER INVESTMENT
CARMIGNAC GESTION
INVESCO LTD
FARALLON CAPITAL MAN
JENNISON ASSOCIATES
WESTFIELD CAPITAL MG
WILLIAM BLAIR & COMP
Firm Name
Stifel
BMO Capital Markets
Nomura
FBR Capital Markets
Needham & Co
Raymond James
Oppenheimer & Co
Jefferies
Argus Research Corp
MKM Partners
First Analysis Corp
Macquarie
Morgan Stanley
RBC Capital Markets
Credit Suisse
JPMorgan
Stephens Inc
William Blair & Co
Cowen and Company
FBN Securities
EVA Dimensions
Deutsche Bank
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
n/a
n/a
SCHRODER INVESTMENT
Multiple Portfolios
INVESCO LTD
n/a
HARRIS ASSOC LP
FARALLON CAPITAL MAN
JENNISON ASSOCIATES
WESTFIELD CAPITAL MA
Analyst
TODD C WELLER
JOEL P FISHBEIN JR
KARL KEIRSTEAD
GRAY W POWELL
FREDERICK D ZIEGEL
RICHARD G SHERLUND
DANIEL H IVES
SCOTT ZELLER
MICHAEL TURITS
SHAUL EYAL
AARON SCHWARTZ
JOSEPH F BONNER
ISRAEL HERNANDEZ
CRAIG NANKERVIS
BRAD A ZELNICK
BRIAN S FREED
KEITH WEISS
ROBERT P BREZA
PHILIP WINSLOW
STERLING AUTY
ROB D OWENS
JONATHAN B RUYKHAVER
JONATHAN HO
GREGG MOSKOWITZ
SHEBLY SEYRAFI
DANIEL CUMMINS
ANDREW S ZAMFOTIS
THOMAS ERNST JR
GREG DUNHAM
Source
20F
20F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
MF-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
neutral
market perform
outperform
buy
buy
outperform
hold
outperform
outperform
buy
hold
buy
equalweight
outperform
buy
Equalwt/In-Line
sector perform
outperform
overweight
outperform
overweight
outperform
neutral
outperform
neutral
overweight
hold
neutral/neutral
Amt Held
24'963'760
21'214'986
15'280'180
12'621'374
9'955'180
8'768'144
7'995'556
6'439'019
6'399'218
5'390'445
5'040'047
4'220'341
4'047'800
2'672'000
2'392'593
2'183'420
2'089'800
1'850'161
1'846'238
1'748'270
% Out
12.12
10.3
7.42
6.13
4.84
4.26
3.88
3.13
3.11
2.62
2.45
2.05
1.97
1.3
1.16
1.06
1.01
0.9
0.9
0.85
Weighting
Change
5
3
3
5
5
5
5
3
5
5
5
3
5
3
5
5
3
3
5
5
5
5
5
3
5
3
5
3
3
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
987'407
235'870
(8'911'572)
4'046'942
572'741
2'901'491
1'253'232
(29'658)
424'233
4'047'800
1'181'000
794'584
(524'608)
(1'196'313)
1'850'161
(36'863)
543'420
Target Price
55
#N/A N/A
48
#N/A N/A
68
55
55
#N/A N/A
52
56
56
#N/A N/A
48
#N/A N/A
55
60
#N/A N/A
47
55
53
55
55
#N/A N/A
#N/A N/A
60
50
#N/A N/A
50
49
File Dt
Inst Type
31.01.2013
n/a
31.01.2013
n/a
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
18 month
12 month
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
26.03.2013
25.03.2013
24.03.2013
15.03.2013
11.03.2013
10.03.2013
06.03.2013
04.03.2013
04.03.2013
03.03.2013
28.02.2013
12.02.2013
12.02.2013
29.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
17.01.2013
18.10.2012
17.10.2012
27.03.2013
Cisco Systems Inc

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol
(IP)-based networking and other products related to the communications and
information technology (IT) industry and provide services associated with these
products and their use. The Company provides products for transporting data,
voice, and video within buildings, across campuses, and globally.
Price/Volume
25
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (11.03.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CSCO UW EQUITY YTD Change
CSCO UW EQUITY YTD % CHANGE
07/2012
01/yy
21.98
14.97
2'102'008.00
20.75
-5.60%
38.66%
83.89%
5'332.0
110'638.46
16'328.00
0.0
15.0
48'716.00
80'563.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2008
39'540.0
2.86x
11'189.0
10.09x
8'052.0
16.14x
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
f-13 m-13
31.07.2009
31.07.2010
36'117.0
40'040.0
2.82x
2.64x
9'153.0
11'194.0
11.13x
9.46x
6'134.0
7'767.0
17.79x
16.96x
Profitability
LTM-4Q
31.07.2011
43'218.0
1.37x
10'959.0
5.39x
6'490.0
12.57x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.07.2012
46'061.0
1.10x
12'971.0
3.91x
8'041.0
10.12x
12'971.00
10'369.00
22.51%
22.06%
10.04%
17.79%
14.26%
0.51%
61.2%
28.3%
22.7%
17.5%
3.49
3.20
17.79%
31.84%
5.99
11.64
Price/ Cash Flow
LTM
01/yy
44'844.0
6.16x
12'018.0
6.27x
6'998.0
13.77x
01/yy
47'252.0
5.76x
13'372.0
6.17x
9'317.0
13.06x
FY+1
2.12
0.99
5'322.18
61.50
1.91%
5.60%
0.989
49
4.245
8'847'501
9'486'852
9'196'968
FY+2
FQ+1
FQ+2
07/13 Y
07/14 Y
04/13 Q3 07/13 Q4
48'708.3
51'403.4
12'204.0
12'524.3
2.09x
1.74x
6.31x
6.00x
15'215.0
15'696.1
3'802.0
4'002.0
5.28x
5.12x
5.12x
5.02x
10'665.0
11'156.2
2'630.9
2'720.4
10.40x
9.84x
10.24x
10.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.02.2006
A+
STABLE
31.01.2011
A-1+
21.76
19.87
-2.25
1.22
31.8%
24.1%
0.51
13.28
60.78
31.27
16.63
77.17
25.00
50'000.0
45'000.0
40'000.0
20.00
35'000.0
15.00
30'000.0
10.00
25'000.0
20'000.0
15'000.0
10'000.0
5.00
5'000.0
0.00
31.07.2009
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Cisco Systems Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
JP MORGAN
INVESCO LTD
FMR LLC
FRANKLIN RESOURCES
GRANTHAM MAYO VAN OT
YACKTMAN ASSET MANAG
FIRST EAGLE INVESTME
NORGES BANK
DEUTSCHE BANK AG
Firm Name
Jefferies
Raymond James
FBR Capital Markets
Stifel
Edward Jones
RBC Capital Markets
Nomura
S&P Capital IQ
William Blair & Co
Berenberg Bank
Argus Research Corp
ISI Group
BMO Capital Markets
Oppenheimer & Co
Morgan Stanley
JPMorgan
Needham & Co
Wedbush
Davenport & Co
JMP Securities
Piper Jaffray
MKM Partners
Northland Securities Inc
Barclays
FBN Securities
Evercore Partners
Deutsche Bank
Wedge Partners
EVA Dimensions
Goldman Sachs
BGC Partners
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
Multiple Portfolios
n/a
INVESCO LTD
n/a
n/a
n/a
NORGES BANK
Analyst
GEORGE C NOTTER
SIMON M LEOPOLD
SCOTT S THOMPSON
SANJIV R WADHWANI
BRIAN J WHITE
WILLIAM C KREHER
BRENT A BRACELIN
MARK SUE
STUART JEFFREY
JOANNA MAKRIS
JAMES G MOORMAN
YOKO YAMADA
JASON NOAH ADER
ADNAAN AHMAD
WILLIAM CHOI
JAMES KELLEHER
BRIAN MARSHALL
TIMOTHY P LONG
ALEX KURTZ
ITTAI KIDRON
EHUD A GELBLUM
ROD HALL
ALEXANDER HENDERSON
JAYSON NOLAND SR
ROHIT CHOPRA
MARKUS FRIEBEL
F DRAKE JOHNSTONE
MATTHEW S ROBISON
JESS L LUBERT
ERIK SUPPIGER
RYAN HUTCHINSON
TROY D JENSEN
MICHAEL GENOVESE
CATHARINE TREBNICK
BENJAMIN A REITZES
SHEBLY SEYRAFI
MARK A MCKECHNIE
BRIAN T MODOFF
ANDREW S ZAMFOTIS
SIMONA JANKOWSKI
IVAN FEINSETH
COLIN W GILLIS
Source
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
hold
outperform
underperform
buy
buy
hold
outperform
outperform
buy
buy
buy
outperform
outperform
sell
neutral
buy
cautious
outperform
buy
outperform
Overwt/Attractive
underweight
hold
outperform
outperform
hold
buy
buy
outperform
market perform
neutral
overweight
buy
outperform
overweight
outperform
equalweight
buy
no rating system
buy
Buy/Neutral
neutral
buy
Amt Held
276'768'876
232'564'275
225'135'431
183'794'312
144'509'645
112'982'877
98'235'021
96'443'571
86'751'700
82'170'687
77'496'020
70'428'507
69'820'447
52'443'161
47'768'835
46'147'106
43'095'418
42'368'958
40'386'595
37'520'775
% Out
5.19
4.36
4.22
3.45
2.71
2.12
1.84
1.81
1.63
1.54
1.45
1.32
1.31
0.98
0.9
0.87
0.81
0.79
0.76
0.7
Weighting
Change
3
5
1
5
5
3
5
5
5
5
5
5
5
1
3
5
2
5
5
5
5
1
3
5
5
3
5
5
5
3
3
5
5
5
5
5
3
5
#N/A N/A
5
5
3
5
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
N
M
Latest Chg
(27'443'381)
(1'696'027)
(6'694'074)
65'261'717
4'376'292
12'991'203
(10'116'927)
19'583'032
(271'698)
2'085'888
6'196'339
(4'001'080)
(52'225)
(1'195'030)
(540'834)
4'202'738
3'103'045
7'990'890
6'191'620
Target Price
22
25
17
25
26
#N/A N/A
25
24
25
25
26
24
#N/A N/A
14
20
26
#N/A N/A
25
26
24
24
18
#N/A N/A
25
24
24
24
24
#N/A N/A
#N/A N/A
#N/A N/A
25
25
26
24
25
23
24
#N/A N/A
#N/A N/A
25
#N/A N/A
21
File Dt
Inst Type
22.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
9 month
Not Provided
12 month
12 month
12 month
12 month
18 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
26.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
08.03.2013
06.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
01.03.2013
27.02.2013
25.02.2013
25.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
04.02.2013
18.01.2013
15.01.2013
09.12.2012
03.12.2012
16.08.2012
27.03.2013
Citrix Systems Inc

Citrix Systems, Inc. designs, develops, and markets technology solutions that
allow applications to be delivered, supported, and shared on-demand. The Company
develops and markets comprehensive solutions across all dimensions of
application, server and desktop virtualization as well as application and
network optimization.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.04.2012)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CTXS UW EQUITY YTD Change
CTXS UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
87.98
56.57
823'223.00
70.99
-19.31%
25.49%
45.91%
186.4
13'232.81
0.00
0.0
0.0
928.63
12'304.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
1'614.1
1'874.7
4.34x
6.37x
364.7
459.8
19.19x
25.97x
191.0
277.1
30.37x
46.86x
Profitability
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12 m-12
LTM-4Q
31.12.2011
2'206.4
4.78x
576.2
18.30x
356.3
32.47x
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
31.12.2012
2'586.1
4.37x
605.7
18.66x
352.5
35.28x
605.65
390.78
15.11%
15.86%
7.93%
12.05%
12.05%
0.58%
84.4%
23.4%
15.1%
13.6%
1.28
1.16
0.00%
0.00%
4.64
42.03
Price/ Cash Flow
12/yy
2'206.4
21.29x
576.2
18.30x
356.3
32.30x
j-12
j-12
a-12
LTM
12/yy
2'586.1
20.53x
605.7
18.66x
352.5
37.50x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
1.46
184.83
2.51
-10.55%
7.97%
1.456
38
4.184
617'548
533'508
648'544
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'971.4
3'355.3
677.0
711.0
4.07x
3.44x
18.08x
16.95x
934.2
1'050.9
188.2
214.8
13.17x
11.71x
13.25x
12.65x
594.2
684.5
118.9
132.8
22.59x
19.72x
22.62x
21.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.02.2005
NR
-1.53
0.00
0.0%
0.0%
0.58
8.91
78.93
8.71
58.16
29.47
30.00
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
01.01.2010
3.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'583.4
2.32x
294.8
12.44x
178.3
19.81x
100
90
80
70
60
50
40
30
20
10
0
m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Citrix Systems Inc

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
INVESCO LTD
ALLIANCE BERNSTEIN
MORGAN STANLEY
BROWN ADVISORY INC
HARDING LOEVNER LP
LEGG MASON INC
KEYBANK NATIONAL ASS
Firm Name
Stifel
Longbow Research
FBN Securities
Evercore Partners
Morgan Stanley
Nomura
Oppenheimer & Co
Berenberg Bank
William Blair & Co
Needham & Co
Raymond James
Drexel Hamilton LLC
Jefferies
MKM Partners
JMP Securities
Goldman Sachs
RBC Capital Markets
Credit Suisse
JPMorgan
Stephens Inc
FBR Capital Markets
Cowen and Company
Barclays
EVA Dimensions
Deutsche Bank
Noble Financial Group
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
n/a
n/a
n/a
HARDING LOEVNER LP
Multiple Portfolios
KEYBANK NATIONAL ASS
Analyst
ABHEY R LAMBA
BRAD REBACK
JOEL P FISHBEIN JR
IVAN FEINSETH
KEVIN M BUTTIGIEG
SHEBLY SEYRAFI
KEITH WEISS
RICHARD G SHERLUND
SHAUL EYAL
DAUD KHAN
BHAVAN SURI
SCOTT ZELLER
MICHAEL TURITS
JAMES N GILMAN
MARK L MOERDLER
ROSS MACMILLAN
ROB D OWENS
ISRAEL HERNANDEZ
PATRICK WALRAVENS
JASON MAYNARD
HEATHER BELLINI
MATTHEW HEDBERG
PHILIP WINSLOW
JOHN DIFUCCI
STEVEN M ASHLEY
DANIEL H IVES
GREGG MOSKOWITZ
J DERRICK WOOD
EDWARD MAGUIRE
RAIMO LENSCHOW
ANDREW S ZAMFOTIS
THOMAS ERNST JR
SUSAN BAUR
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
13F
Recommendation
buy
buy
buy
strong buy
neutral
outperform
overweight
Equalwt/In-Line
neutral
market perform
hold
outperform
buy
outperform
hold
outperform
buy
outperform
buy
market perform
outperform
neutral/neutral
sector perform
neutral
underweight
outperform
overweight
outperform
outperform
Positive
outperform
equalweight
hold
buy
buy
Amt Held
15'136'139
11'851'019
8'355'023
7'734'370
6'506'574
5'862'079
5'739'377
5'257'890
4'082'862
3'929'338
3'874'190
3'768'917
3'732'787
3'581'960
3'431'077
2'765'576
2'671'828
2'436'445
2'367'537
2'054'417
% Out
8.12
6.36
4.48
4.15
3.49
3.14
3.08
2.82
2.19
2.11
2.08
2.02
2
1.92
1.84
1.48
1.43
1.31
1.27
1.1
Weighting
Change
5
5
5
5
3
5
5
3
3
3
3
5
5
5
3
5
5
5
5
3
5
3
3
3
1
5
5
5
5
4
5
3
3
5
5
M
M
M
R
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(6'151'934)
104'224
(179'482)
1'043'984
887'659
1'496'089
1'062'062
1'053'573
(83'316)
(313'208)
2'291'404
417'815
668'154
75'282
40'871
184'746
170'063
82'767
1'086'635
Target Price
85
83
95
#N/A N/A
#N/A N/A
85
85
#N/A N/A
85
#N/A N/A
76
#N/A N/A
85
78
72
102
85
90
88
#N/A N/A
#N/A N/A
80
85
73
56
80
86
100
#N/A N/A
95
82
76
#N/A N/A
95
101
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
19.03.2013
18.03.2013
10.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
26.02.2013
25.02.2013
21.02.2013
14.02.2013
05.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
15.01.2013
14.06.2012
26.04.2012
27.03.2013
Cognizant Technology Solutions Corp

Cognizant Technology Solutions Corporation provides custom Information
Technology (IT) consulting and technology services as well as outsourcing
services. The Company's core competencies include technology strategy
consulting, complex systems development, enterprise software package
implementation and maintenance, data warehousing and business intelligence.
Price/Volume
90
12.0 M
80
10.0 M
70
60
8.0 M
50
12/2012
12/yy
81.05
53.93
367'892.00
74.62
-7.93%
38.36%
76.29%
301.8
22'518.97
0.00
0.0
0.0
2'863.76
19'655.21
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
31.12.2009
31.12.2010
3'278.7
4'592.4
3.68x
4.37x
707.9
972.0
17.06x
20.63x
535.0
733.5
25.47x
30.92x
Profitability
2.0 M
10
0
m-12
.0 M
a-12 m-12
LTM-4Q
31.12.2011
6'121.2
2.79x
1'260.6
13.53x
883.6
22.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
7'346.5
2.64x
1'518.1
12.80x
1'051.3
21.48x
1'518.08
1'361.50
18.53%
18.89%
17.48%
23.87%
23.87%
1.22%
41.8%
20.7%
18.5%
14.3%
3.50
3.06
0.00%
0.00%
5.82
26.51
Price/ Cash Flow
12/yy
6'121.2
12.47x
1'260.6
13.53x
883.6
22.56x
j-12
j-12
a-12
LTM
12/yy
7'346.5
10.11x
1'518.1
12.80x
1'051.3
21.48x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
1.18
300.31
3.01
-3.60%
0.77%
1.182
29
4.621
666'963
519'967
568'322
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'619.6
10'011.3
2'007.3
2'110.5
2.27x
1.85x
9.72x
9.13x
1'745.3
2'033.8
405.4
423.8
11.26x
9.66x
11.28x
10.84x
1'311.2
1'523.6
306.8
321.5
17.35x
15.00x
17.32x
16.66x
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
-1.89
0.00
0.0%
0.0%
1.22
8.50
62.89
13.80
7.66
69.03
40.00
8'000.0
35.00
7'000.0
30.00
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
01.01.2010
4.0 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'816.3
1.60x
591.5
7.62x
430.8
12.54x
6.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CTSH UW EQUITY YTD Change
CTSH UW EQUITY YTD % CHANGE
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Cognizant Technology Solutions Corp

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
LONE PINE CAPITAL LL
JP MORGAN
INVESCO LTD
ALLIANCE BERNSTEIN
EDGEWOOD MANAGEMENT
BROWN ADVISORY INC
GENESIS ASSET MANAGE
CALAMOS ADVISORS LLC
Firm Name
RBC Capital Markets
JPMorgan
Nomura
Credit Suisse
Berenberg Bank
BMO Capital Markets
Morgan Stanley
Goldman Sachs
BNP Paribas Equity Research
Cowen and Company
Barclays
EVA Dimensions
Jefferies
Needham & Co
William Blair & Co
Oppenheimer & Co
Deutsche Bank
Piper Jaffray
BOE Securities
Centrum Broking Pvt Ltd
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
EDGEWOOD MANAGEMENT
n/a
n/a
GENESIS ASSET MANAGE
CALAMOS ADVISORS LLC
Analyst
RODERICK BOURGEOIS
DANIEL R PERLIN
TIEN-TSIN HUANG
JOSEPH D FORESI
ASHWIN MEHTA
EDWARD S CASO JR
JAMES E FRIEDMAN
JESSE HULSING
GEORGE MIHALOS
DAUD KHAN
KEITH F BACHMAN
KATHRYN HUBERTY
JULIO C QUINTEROS JR
ARVIND RAMNANI
MOSHE KATRI
DARRIN D PELLER
ANDREW S ZAMFOTIS
JASON KUPFERBERG
MAYANK TANDON
DAVID J KONING
BHAVAN SURI
GLENN GREENE
GEORGE A PRICE
CHRISTOPHER HICKEY
BRYAN KEANE
MARK J ZGUTOWICZ
BINDAL PARIKH TOTLANI
GIRISH PAI
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
outperform
outperform
overweight
buy
buy
outperform
Positive
sector perform
outperform
hold
outperform
Equalwt/In-Line
neutral/neutral
buy
outperform
overweight
hold
buy
buy
outperform
outperform
outperform
buy
overweight
buy
overweight
buy
hold
Amt Held
17'371'723
16'558'747
13'391'893
12'081'543
11'426'637
10'912'591
10'151'194
7'242'399
7'054'287
6'260'736
6'100'206
5'913'487
5'568'034
5'319'826
4'294'290
4'188'728
3'994'216
3'404'286
3'243'161
2'925'763
% Out
5.76
5.49
4.44
4
3.79
3.62
3.36
2.4
2.34
2.07
2.02
1.96
1.85
1.76
1.42
1.39
1.32
1.13
1.07
0.97
Weighting
Change
5
5
5
5
5
5
4
3
5
3
5
3
3
5
5
5
3
5
5
5
5
5
5
5
5
5
5
3
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'260'736
229'104
400'238
196'560
320'797
5'889'084
(629'607)
(399'683)
340'942
(167'623)
1'901'297
223'113
116'916
58'892
(35'135)
(205'411)
3'404'286
1'885'322
341'215
Target Price
85
85
86
90
89
#N/A N/A
88
#N/A N/A
85
61
85
72
75
83
#N/A N/A
86
#N/A N/A
80
90
92
#N/A N/A
88
86
86
92
73
77
78
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
18 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
24.03.2013
19.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
01.03.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
28.01.2013
23.11.2012
22.08.2012
08.07.2011
27.03.2013
Comcast Corp
Comcast Corporation is a global media and technology company with two primary
businesses. The Company provides video, high-speed Internet and phone services
to residential and business customers. Comcast also operates news and
entertainment cable networks, a national and a Spanish broadcast network, TV
production operations, TV station groups, film studios, theme parks and resorts.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
10.0 M
30
12/2012
12/yy
42.00
28.10
1'457'297.00
41.56
-1.05%
47.90%
97.95%
2'122.3
108'404.07
40'458.00
0.0
17'438.0
12'415.00
153'885.07
25
8.0 M
20
6.0 M
15
4.0 M
10
2.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
34'423.0
2.33x
13'132.0
6.10x
2'547.0
18.55x
14.0 M
40
35
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CMCSA UW EQUITY YTD Change
CMCSA UW EQUITY YTD % CHANGE
45
31.12.2009
31.12.2010
35'756.0
37'937.0
2.14x
2.28x
13'714.0
14'596.0
5.58x
5.93x
3'638.0
3'635.0
15.19x
16.77x
Profitability
LTM-4Q
31.12.2011
55'842.0
2.12x
18'357.0
6.44x
4'160.0
15.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
62'570.0
2.30x
19'977.0
7.21x
6'203.0
19.46x
19'977.00
12'179.00
19.46%
18.55%
3.84%
12.84%
9.11%
0.39%
68.1%
31.9%
19.5%
9.9%
1.20
1.07
24.52%
81.97%
12.68
-
Price/ Cash Flow
LTM
12/yy
55'842.0
8.52x
18'357.0
6.44x
4'160.0
15.01x
12/yy
62'570.0
8.83x
19'977.0
7.21x
6'203.0
19.36x
FY+1
1.56
1.07
2'120.37
30.95
39.63%
11.18%
1.073
32
4.563
4'083'910
4'155'336
3'837'537
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
64'234.9
68'029.0
15'441.5
15'990.0
2.62x
2.44x
11.23x
10.78x
20'933.0
22'280.9
5'021.5
5'330.9
7.36x
6.91x
7.33x
7.16x
6'388.8
7'180.1
1'370.2
1'629.2
17.38x
15.20x
17.57x
16.79x
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
14.02.2013
APOS
25.05.2004
A-2
7.92
5.66
1.40
2.03
82.0%
37.7%
0.39
2.28
28.87
59.15
-
8.00
70'000.0
7.00
60'000.0
6.00
50'000.0
5.00
40'000.0
4.00
30'000.0
3.00
20'000.0
2.00
10'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Comcast Corp
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
DODGE & COX
INVESCO LTD
JP MORGAN
NORGES BANK
ALLIANCE BERNSTEIN
GCIC LTD/CANADA
Firm Name
JPMorgan
Goldman Sachs
Edward Jones
Pivotal Research Group LLC
Macquarie
Morgan Stanley
Argus Research Corp
Credit Suisse
Oppenheimer & Co
Evercore Partners
RBC Capital Markets
Raymond James
Deutsche Bank
Jefferies
Stifel
Scotia Capital
Nomura
S&P Capital IQ
Maxim Group LLC
New Street Research
ISI Group
EVA Dimensions
BTIG LLC
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
DODGE & COX
INVESCO LTD
n/a
NORGES BANK
n/a
GOODMAN & COMPANY IN
Analyst
PHILIP CUSICK
JASON ARMSTRONG
DAVID HEGER
JEFFREY WLODARCZAK
MARCI RYVICKER
AMY YONG
BENJAMIN SWINBURNE
JOSEPH F BONNER
MICHAEL SENNO
TIMOTHY K HORAN
CHRISTOPHER WATTS
BRYAN KRAFT
JONATHAN ATKIN
TODD MITCHELL
FRANK G LOUTHAN
MATTHEW HARRIGAN
SHING YIN
JAISON BLAIR
DOUGLAS D MITCHELSON
TONY WIBLE
THOMAS O SEITZ
ANDY HARGREAVES
CHRISTOPHER C KING
JEFFREY FAN
MICHAEL L MCCORMACK
TUNA AMOBI
JOHN TINKER
CHARLES GAYNOR
VIJAY JAYANT
CRAIG STERLING
RICHARD GREENFIELD
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
overweight
buy/attractive
buy
buy
outperform
neutral
Equalwt/In-Line
hold
outperform
outperform
overweight
overweight
outperform
buy
outperform
buy
neutral
no rating system
buy
buy
buy
sector perform
buy
sector outperform
buy
buy
buy
neutral
buy
hold
neutral
Amt Held
170'286'499
152'232'792
122'446'969
108'349'162
98'374'255
72'420'757
63'251'006
52'985'837
39'427'371
33'384'322
30'125'878
26'200'994
24'679'889
23'978'448
22'993'590
22'281'474
19'975'360
18'685'369
17'865'247
16'042'220
% Out
8.02
7.17
5.77
5.11
4.64
3.41
2.98
2.5
1.86
1.57
1.42
1.23
1.16
1.13
1.08
1.05
0.94
0.88
0.84
0.76
Weighting
Change
5
5
5
5
5
3
3
3
5
5
5
5
5
5
5
5
3
#N/A N/A
5
5
5
3
5
5
5
5
5
3
5
3
3
M
M
M
M
M
D
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(15'203'842)
(136'836)
4'965'013
2'257'020
1'987'933
(11'233'339)
(2'617'597)
(6'273'501)
6'577'191
6'326
(1'342'104)
1'422'866
(1'113'877)
710'946
1'226'195
3'494'798
36'016
1'272'776
(1'760'635)
(436'600)
Target Price
49
47
#N/A N/A
48
#N/A N/A
45
42
#N/A N/A
48
45
48
46
46
48
44
47
40
47
48
48
45
#N/A N/A
45
46
48
46
48
40
47
#N/A N/A
#N/A N/A
File Dt
31.12.2012
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
18 month
12 month
12 month
12 month
12 month
12 month
18 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
24.03.2013
12.03.2013
06.03.2013
04.03.2013
22.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
15.01.2013
26.01.2011
27.03.2013
Costco Wholesale Corp

Costco Wholesale Corporation operates wholesale membership warehouses in
multiple countries. The Company sells all kinds of food, automotive supplies,
toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty
aids, as well as other goods.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (08.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COST UW EQUITY YTD Change
COST UW EQUITY YTD % CHANGE
08/2012
02/yy
105.96
76.56
164'241.00
105.72
-0.23%
38.08%
98.97%
436.4
46'133.18
1'382.00
157.0
4'854.00
45'523.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
100
2.5 M
80
2.0 M
60
1.5 M
40
1.0 M
20
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.08.2008
72'483.0
0.39x
2'622.1
10.74x
1'282.7
22.66x
120
31.08.2009
31.08.2010
71'422.0
77'946.0
0.30x
0.28x
2'522.0
2'880.0
8.39x
7.60x
1'086.0
1'303.0
20.46x
19.18x
Profitability
LTM-4Q
31.08.2011
88'915.0
0.34x
3'303.0
9.28x
1'462.0
23.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.08.2012
99'137.0
0.39x
3'667.0
10.64x
1'709.0
25.16x
3'667.00
2'759.00
2.78%
2.79%
6.92%
17.53%
13.59%
3.64%
12.4%
3.8%
2.9%
1.7%
1.10
0.48
5.09%
11.18%
86.23
12.43
Price/ Cash Flow
LTM
FY+1
7.89
0.74
432.15
6.38
25.19%
7.33%
0.745
28
4.036
715'834
739'957
696'108
FY+2
FQ+1
FQ+2
02/yy
02/yy
08/13 Y
08/14 Y
05/13 Q3 08/13 Q4
93'396.0 103'128.0 106'074.6 115'242.1
24'295.1
33'139.4
1.38x
1.49x
0.43x
0.39x
1.92x
1.40x
3'392.0
3'874.0
4'090.6
4'518.5
930.4
1'298.1
9.91x
11.35x
11.14x
10.09x
10.78x
10.53x
1'516.0
1'958.0
2'003.7
2'198.1
450.2
638.4
24.48x
23.65x
23.24x
21.01x
22.46x
21.94x
S&P Issuer Ratings
28.11.2012
Long-Term Rating
A+
Long-Term Outlook
STABLE
28.11.2012
Short-Term Rating
A-1
Credit Ratios
34.92
20.83
Net Debt/EBITDA
-0.20
Total Debt/EBITDA
1.26
Reference
Total Debt/Equity
11.2%
Total Debt/Capital
9.9%
Asset Turnover
3.64
7.96
4.30
Inventory Days
29.84
28.11
3.64
16.00
120'000.0
14.00
100'000.0
12.00
80'000.0
10.00
8.00
60'000.0
6.00
40'000.0
4.00
20'000.0
2.00
0.00
04.09.2009
0.0
04.03.2010
04.09.2010
04.03.2011
04.09.2011
04.03.2012
04.09.2012
04.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Costco Wholesale Corp

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
INVESCO LTD
NORGES BANK
JP MORGAN
BERKSHIRE HATHAWAY I
Firm Name
Northcoast Research
ISI Group
William Blair & Co
Morgan Stanley
BMO Capital Markets
Argus Research Corp
Stifel
Cowen and Company
EVA Dimensions
Credit Suisse
Edward Jones
JPMorgan
Jefferies
Raymond James
Oppenheimer & Co
Piper Jaffray
Barclays
Deutsche Bank
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
INVESCO LTD
NORGES BANK
n/a
n/a
BANK OF AMERICA
Multiple Portfolios
Analyst
CHARLES E CERANKOSKY
GREGORY MELICH
MARK R MILLER
JOHN HEINBOCKEL
MARK WILTAMUTH
KAHORI TAMADA
KAREN SHORT
CHRISTOPHER GRAJA
PETER S BENEDICT
DAVID A SCHICK
FAYE LANDES
JOSEPH I FELDMAN
AUSTIN BURKETT
MICHAEL B EXSTEIN
BRIAN YARBROUGH
CHRISTOPHER HORVERS
DAVID S STRASSER
DANIEL T BINDER
COLIN MCGRANAHAN
BUDD BUGATCH
BRIAN NAGEL
SEAN NAUGHTON
ROBERT S DRBUL
ROBERT SUMMERS
IVAN FEINSETH
PAUL TRUSSELL
DAN GEIMAN
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
MF-AGG
Recommendation
buy
strong buy
outperform
neutral
Overwt/In-Line
neutral
outperform
buy
outperform
buy
neutral
no rating system
hold
outperform
hold
overweight
buy
hold
market perform
market perform
market perform
overweight
equalweight
negative
strong buy
buy
hold
Amt Held
51'504'375
21'671'006
19'469'354
17'510'444
15'318'718
13'559'317
8'972'856
7'834'546
6'028'756
5'846'843
5'649'922
5'135'180
4'427'681
4'378'833
4'345'534
4'333'363
4'196'949
3'799'389
3'546'132
3'279'692
% Out
11.8
4.97
4.46
4.01
3.51
3.11
2.06
1.8
1.38
1.34
1.29
1.18
1.01
1
1
0.99
0.96
0.87
0.81
0.75
Weighting
Change
5
5
5
3
5
3
5
5
5
5
3
#N/A N/A
3
5
3
5
5
3
3
3
3
5
3
2
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
N
M
M
Latest Chg
(1'398'958)
(3'954'786)
612'041
163'599
(2'770'670)
914'367
187'224
(52'440)
716'763
(762'123)
13'503
(571'875)
1'674'312
1'416'393
403'832
1'112'363
(109'758)
(52'878)
77'350
Target Price
115
116
#N/A N/A
98
113
108
115
115
117
107
#N/A N/A
110
#N/A N/A
115
#N/A N/A
113
116
92
102
#N/A N/A
105
113
105
65
#N/A N/A
110
102
File Dt
31.12.2012
25.03.2013
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
Not Provided
18 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
24.03.2013
22.03.2013
20.03.2013
19.03.2013
15.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
12.03.2013
04.03.2013
27.02.2013
15.02.2013
11.10.2012
27.03.2013
Dell Inc
Dell Inc. offers a wide range of computers and related products. The Company
sells personal computers, servers and networking products, storage systems,
mobility products, software and peripherals, and services. Dell serves
consumers and businesses in the Americas, Europe, the Middle East, Africa, and
the Asia Pacific region.
Price/Volume
18
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
16
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.04.2012)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DELL UW EQUITY YTD Change
DELL UW EQUITY YTD % CHANGE
01/2013
02/yy
16.84
8.70
3'115'058.00
14.5
-13.90%
66.76%
71.27%
1'747.2
25'334.70
9'085.00
0.0
21.0
12'777.00
21'663.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
61'101.0
0.19x
3'961.0
2.87x
2'478.0
6.93x
31.01.2010
31.01.2011
52'902.0
61'494.0
0.35x
0.27x
3'024.0
4'403.0
6.06x
3.83x
1'433.0
2'635.0
13.58x
9.20x
Profitability
LTM-4Q
31.01.2012
62'071.0
0.41x
5'367.0
4.76x
3'492.0
8.87x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
56'940.0
0.35x
4'156.0
4.82x
2'372.0
9.21x
4'156.00
3'012.00
5.29%
4.99%
5.15%
24.21%
13.57%
1.24%
21.4%
7.3%
5.3%
4.2%
1.19
0.97
19.11%
85.07%
5.80
32.13
Price/ Cash Flow
LTM
02/yy
62'071.0
1.52x
5'367.0
4.76x
3'492.0
8.83x
02/yy
56'940.0
1.29x
4'156.0
4.82x
2'372.0
9.15x
FY+1
0.55
1.10
1'470.39
38.47
-11.08%
43.93%
1.104
30
3.133
4'695'212
4'447'010
7'157'540
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
55'902.0
56'163.4
13'547.7
13'977.5
0.36x
0.33x
1.63x
1.42x
4'312.7
4'727.9
973.6
1'154.7
5.02x
4.58x
4.78x
4.53x
2'753.1
2'916.4
626.7
685.6
9.25x
8.44x
9.29x
9.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.02.2013
A- *05.02.2013
A-1 *15.39
13.49
-0.89
2.19
85.1%
45.9%
1.24
26.80
62.79
11.33
94.54
-20.41
10.00
70'000.0
9.00
60'000.0
8.00
7.00
50'000.0
6.00
40'000.0
5.00
30'000.0
4.00
20'000.0
3.00
2.00
10'000.0
1.00
0.00
29.01.2010
0.0
29.07.2010
29.01.2011
29.07.2011
29.01.2012
29.07.2012
29.01.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Dell Inc
Holdings By:
All
Holder Name
DELL MICHAEL S
SOUTHEASTERN ASSET M
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
FRANKLIN RESOURCES
DODGE & COX
INVESCO LTD
MORGAN STANLEY
SCHRODER INVESTMENT
NORGES BANK
PZENA INVESTMENT MAN
Firm Name
Morgan Stanley
S&P Capital IQ
BMO Capital Markets
Edward Jones
Jefferies
Stifel
Argus Research Corp
Wedge Partners
Needham & Co
Raymond James
Cowen and Company
Maxim Group LLC
Cross Research
FBN Securities
ISI Group
Deutsche Bank
Crowell, Weedon & Co
Goldman Sachs
Credit Suisse
JPMorgan
Evercore Partners
Barclays
EVA Dimensions
RBC Capital Markets
Jyske Bank
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
HARRIS ASSOC LP
n/a
DODGE & COX
INVESCO LTD
n/a
SCHRODER INVESTMENT
NORGES BANK
Analyst
JAYSON NOLAND SR
TONI SACCONAGHI
KATHRYN HUBERTY
ANANDA BARUAH
SHAW WU
MAYNARD UM
ANGELO ZINO
BRIAN J WHITE
JEFFREY FIDACARO
KEITH F BACHMAN
WILLIAM C KREHER
PETER J MISEK
BRENT A BRACELIN
AARON C RAKERS
ABHEY R LAMBA
JAMES KELLEHER
JUN ZHANG
RICHARD J KUGELE
BRIAN G ALEXANDER
MATTHEW HOFFMAN
ASHOK KUMAR
SHANNON S CROSS
AVI SILVER
SHEBLY SEYRAFI
BRIAN MARSHALL
CHRISTOPHER WHITMORE
JAMES D RAGAN
WILLIAM C SHOPE JR
KULBINDER GARCHA
MARK A MOSKOWITZ
ROBERT CIHRA
BENJAMIN A REITZES
ANDREW S ZAMFOTIS
AMIT DARYANANI
ROBERT JAKOBSEN
Source
13G
13D
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
Recommendation
neutral
market perform
restricted
hold
neutral
market perform
hold
buy
neutral
market perform
hold
hold
sector perform
hold
neutral
sell
no rating system
hold
market perform
neutral
hold
hold
underperform
sector perform
neutral
hold
neutral
not rated
restricted
restricted
suspended coverage
suspended coverage
overweight
sector perform
strong buy
Amt Held
273'332'371
121'514'858
82'129'627
67'817'664
63'098'665
62'291'737
32'607'204
31'497'454
28'739'667
25'888'998
23'983'550
23'331'742
20'513'052
19'112'269
18'760'153
14'912'159
14'374'325
14'050'626
12'735'099
12'677'923
% Out
15.64
6.95
4.7
3.88
3.61
3.57
1.87
1.8
1.64
1.48
1.37
1.34
1.17
1.09
1.07
0.85
0.82
0.8
0.73
0.73
Weighting
Change
3
3
#N/A N/A
3
3
3
3
5
3
3
3
3
3
3
3
1
#N/A N/A
3
3
3
3
3
1
3
3
3
3
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
Latest Chg
(1'810'700)
5'586'760
(7'236'164)
139'595
3'390
22'548'224
370'700
8'722'100
4'511'397
(85'300)
(9'214'269)
(248'673)
369'712
843'092
14'912'159
(2'616'894)
9'838'823
(477'474)
(1'738'375)
Target Price
15
15
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
15
18
#N/A N/A
14
#N/A N/A
14
#N/A N/A
#N/A N/A
14
#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
14
14
#N/A N/A
14
14
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
12
17
File Dt
Inst Type
31.12.2012
n/a
14.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
20.03.2013
14.03.2013
07.03.2013
07.03.2013
06.03.2013
28.02.2013
26.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
16.01.2013
09.01.2013
24.05.2012
27.03.2013
DENTSPLY International Inc

DENTSPLY International Inc. manufactures and distributes dental supplies on a
worldwide basis. The Company's products include dental prosthetics, endodontic
instruments, dental sealants, ultrasonic scalers, dental x-ray equipment, and
intraoral cameras. DENTSPLY also provides impression materials, orthodontic
appliances, and dental operatory software systems, and other dental products.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XRAY UW EQUITY YTD Change
XRAY UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
43.50
35.04
160'617.00
41.9
-3.68%
19.58%
81.09%
142.8
5'985.41
1'521.00
0.0
40.7
80.13
7'467.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
2'159.4
2'221.0
2.44x
2.25x
453.3
457.2
11.61x
10.91x
274.3
265.7
19.11x
18.08x
Profitability
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.12.2011
2'537.7
2.63x
421.6
15.85x
244.5
17.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'928.4
2.43x
536.9
13.26x
314.2
20.01x
536.86
407.66
13.92%
11.18%
6.46%
15.49%
10.05%
0.60%
53.1%
18.3%
13.9%
10.7%
1.20
0.56
30.59%
68.86%
6.73
3.59
Price/ Cash Flow
12/yy
2'537.7
9.29x
421.6
15.85x
244.5
17.76x
LTM
12/yy
2'928.4
9.79x
536.9
13.26x
314.2
20.31x
FY+1
0.53
1.12
142.51
7.16
5.27%
5.94%
1.124
17
3.471
176'830
226'952
227'401
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'051.4
3'186.6
735.0
797.4
2.35x
2.19x
10.28x
9.41x
621.6
666.1
153.3
169.5
12.01x
11.21x
11.75x
347.3
382.3
79.9
95.4
17.29x
15.59x
17.48x
17.16x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.09.2011
BBB+
STABLE
25.08.2011
A-2
9.44
7.82
2.68
2.83
68.9%
40.3%
0.60
4.86
54.37
101.99
40.71
115.66
18.00
3'500.0
16.00
3'000.0
14.00
2'500.0
12.00
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
01.01.2010
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'193.7
2.06x
469.7
9.61x
283.9
15.02x
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
DENTSPLY International Inc

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
SELECT EQUITY GROUP
ATLANTA CAPITAL MANA
FMR LLC
MUNDER CAPITAL MANAG
COLUMBIA WANGER ASSE
PRINCIPAL FINANCIAL
INVESCO LTD
LUTHER KING CAPITAL
ASTER INVESTMENT MGM
Firm Name
Northcoast Research
William Blair & Co
Wellington Shields & Co. LLC
Edward Jones
Jefferies
Barrington Research
Stifel
Morgan Stanley
Goldman Sachs
Credit Suisse
CL King & Associates
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
SELECT EQUITY GROUP
n/a
n/a
INVESCO LTD
LUTHER KING CAPITAL
ASTER INVESTMENT MAN
Analyst
JEFFREY D JOHNSON
EDWIN SNYDER
JOHN C KREGER
ELLIOTT LEO SCHLANG
MATTHEW D COLLINS
BRANDON COUILLARD
CHARLES R JONES
JONATHAN D BLOCK
STEVE BEUCHAW
ROBERT P JONES
GLEN SANTANGELO
ROSS TAYLOR
ANDREW S ZAMFOTIS
PHILLIP SELIGMAN
Source
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
Recommendation
outperform
buy
market perform
hold
buy
buy
outperform
hold
Equalwt/In-Line
neutral/neutral
neutral
buy
underweight
buy
Amt Held
21'763'768
12'383'186
9'477'744
8'484'604
7'674'325
5'604'196
4'708'489
3'696'111
3'008'167
2'847'602
2'285'400
2'268'847
2'100'664
2'090'500
1'984'283
1'733'160
1'681'810
1'576'984
1'501'637
1'288'000
% Out
15.24
8.67
6.63
5.94
5.37
3.92
3.3
2.59
2.11
1.99
1.6
1.59
1.47
1.46
1.39
1.21
1.18
1.1
1.05
0.9
Weighting
Change
5
5
3
3
5
5
5
3
3
3
3
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
2'267'669
329'154
146'210
186'430
202'230
443'308
43'840
106'680
(403'831)
(200'000)
(9'049)
2'218
441'000
(66'306)
(55'406)
69'982
(153'629)
225'220
(163'890)
Target Price
46
48
#N/A N/A
#N/A N/A
#N/A N/A
44
45
#N/A N/A
#N/A N/A
44
43
48
#N/A N/A
41
File Dt
Inst Type
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
26.03.2013
19.03.2013
17.03.2013
01.03.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
15.01.2013
25.10.2012
27.03.2013
DIRECTV
DIRECTV provides digital television entertainment in the United States and
Latin America. The Company acquires, promotes, sells and distributes digital
entertainment programming via satellite to residential and commercial
subscribers.
Price/Volume
60
8.0 M
7.0 M
50
6.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (26.03.2013)
52-Week Low (13.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DTV UW EQUITY YTD Change
DTV UW EQUITY YTD % CHANGE
12/2012
12/yy
57.00
42.87
1'649'497.00
56.84
-0.28%
32.59%
98.87%
573.1
32'576.07
17'966.00
0.0
400.0
1'902.00
49'040.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
20
2.0 M
10
1.0 M
0
m-12
31.12.2009
31.12.2010
21'565.0
24'102.0
1.68x
1.72x
5'265.0
6'342.0
6.88x
6.55x
942.0
2'198.0
23.16x
16.10x
Profitability
LTM-4Q
31.12.2011
27'226.0
1.56x
6'939.0
6.11x
2'609.0
12.32x
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
31.12.2012
29'740.0
1.54x
7'447.0
6.16x
2'949.0
11.10x
7'447.00
5'085.00
17.10%
14.94%
15.13%
30.07%
1.53%
47.6%
25.0%
17.1%
9.9%
1.00
0.83
87.40%
11.50
45.03
Price/ Cash Flow
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
12/yy
27'226.0
6.64x
6'939.0
6.11x
2'609.0
12.36x
LTM
12/yy
29'740.0
6.19x
7'447.0
6.16x
2'949.0
11.05x
FY+1
0.00
0.89
544.49
13.44
17.93%
13.32%
0.892
25
4.000
1'544'031
1'943'783
1'474'898
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
31'929.7
34'147.5
7'529.2
7'770.8
1.58x
1.51x
6.53x
6.38x
7'887.2
8'495.6
1'890.6
2'125.9
6.22x
5.77x
6.22x
6.06x
2'725.5
2'916.2
645.0
784.0
11.61x
9.86x
11.60x
10.92x
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
25.02.2011
BBB
STABLE
19.11.2012
A-2
8.60
4.73
2.16
2.41
138.9%
1.53
3.76
31.81
8.13
27.99
11.95
9.00
35'000.0
8.00
30'000.0
7.00
25'000.0
6.00
5.00
20'000.0
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
01.01.2010
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
19'693.0
1.40x
4'911.0
5.62x
1'521.0
16.85x
5.0 M
30
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
DIRECTV
Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
MALONE JOHN C
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
INVESCO LTD
FMR LLC
UBS
HIGHFIELDS CAPITAL M
GAMCO
GOLDMAN SACHS GROUP
JP MORGAN
ARROWSTREET CAP LIMI
Firm Name
Edward Jones
Credit Suisse
S&P Capital IQ
Nomura
JPMorgan
RBC Capital Markets
Morgan Stanley
Goldman Sachs
Jefferies
Macquarie
Evercore Partners
ISI Group
New Street Research
EVA Dimensions
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
INVESCO LTD
n/a
n/a
n/a
GOLDMAN SACHS GROUP
n/a
ARROWSTREET CAPITAL
Analyst
TODD MITCHELL
SHING YIN
DAVID HEGER
MICHAEL SENNO
CHRISTOPHER WATTS
MARCI RYVICKER
TUNA AMOBI
JEFFREY WLODARCZAK
MICHAEL L MCCORMACK
PHILIP CUSICK
JONATHAN ATKIN
BENJAMIN SWINBURNE
JASON ARMSTRONG
THOMAS O SEITZ
AMY YONG
MATTHEW HARRIGAN
BRYAN KRAFT
JAISON BLAIR
ANDY HARGREAVES
VIJAY JAYANT
ANDREW ENTWISTLE
CRAIG STERLING
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Form 4
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
buy
buy
buy
neutral
overweight
market perform
hold
buy
reduce
neutral
sector perform
Overwt/In-Line
neutral/attractive
buy
neutral
buy
overweight
no rating system
sector perform
neutral
buy
buy
buy
Amt Held
53'171'004
38'143'004
34'037'500
29'320'520
27'717'717
27'668'108
25'794'847
21'475'390
11'804'878
9'372'647
8'896'992
8'059'587
7'579'945
7'166'238
6'655'107
6'407'491
6'262'271
5'634'474
5'566'742
5'486'422
% Out
9.28
6.66
5.94
5.12
4.84
4.83
4.5
3.75
2.06
1.64
1.55
1.41
1.32
1.25
1.16
1.12
1.09
0.98
0.97
0.96
Weighting
Change
5
5
5
3
5
3
3
5
2
3
3
5
3
5
3
5
5
#N/A N/A
3
3
5
5
5
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(10'640'111)
4'481'900
(387'527)
26'100'639
(410'119)
(1'255'886)
(1'593'165)
(1'148'717)
(2'371'987)
(1'016'243)
(368'428)
(2'973'987)
(400'468)
(159'295)
(370'220)
(206'840)
(22'895)
(1'503'828)
728'393
Target Price
66
64
#N/A N/A
58
64
#N/A N/A
52
64
40
55
53
56
56
60
52
65
60
62
#N/A N/A
55
61
#N/A N/A
57
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
16.06.2010
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
9 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
25.03.2013
25.03.2013
22.03.2013
15.03.2013
15.03.2013
06.03.2013
06.03.2013
06.03.2013
25.02.2013
19.02.2013
17.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
15.01.2013
05.11.2012
27.03.2013
Discovery Communications Inc

Discovery Communications, Inc. provides non-fiction entertainment. The Company
operates a wide range of educational television channels as well as offers
consumer and educational products and services, and a diversified portfolio of
digital media services.
Price/Volume
90
3.5 M
80
3.0 M
70
2.5 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DISCA UW EQUITY YTD Change
DISCA UW EQUITY YTD % CHANGE
12/2012
12/yy
80.25
48.03
344'355.00
79.53
-0.90%
65.58%
97.77%
145.1
28'342.03
5'243.00
2.0
2.0
1'201.00
32'388.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
40
1.5 M
30
1.0 M
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'443.0
2.21x
1'350.0
5.63x
317.0
14.60x
50
31.12.2009
31.12.2010
3'516.0
3'773.0
3.13x
5.42x
1'204.0
1'517.0
9.14x
13.49x
560.0
653.0
30.37x
24.10x
Profitability
LTM-4Q
31.12.2011
4'168.0
4.59x
1'823.0
10.50x
1'132.0
15.64x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'487.0
5.20x
1'978.0
11.80x
943.0
25.19x
1'978.00
1'861.00
41.48%
33.83%
7.59%
14.73%
9.88%
0.36%
72.9%
43.7%
41.1%
21.0%
2.89
2.46
40.55%
83.37%
4.16
-
Price/ Cash Flow
12/yy
4'204.0
16.92x
1'822.0
10.50x
1'132.0
15.40x
LTM
12/yy
4'521.0
17.78x
1'975.0
11.82x
943.0
25.29x
FY+1
0.00
1.00
142.71
11.79
60.67%
25.28%
0.999
28
3.571
340'878
492'667
434'755
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'545.3
6'087.4
1'186.0
1'437.6
6.11x
5.63x
28.21x
23.36x
2'448.7
2'735.3
522.3
658.1
13.23x
11.84x
13.21x
12.77x
1'229.9
1'456.0
249.5
332.3
23.43x
18.88x
23.42x
21.93x
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
09.03.2011
BBB
STABLE
7.98
7.67
2.05
2.65
83.4%
45.4%
0.36
11.79
87.92
18.17
-
60.00
5'000.0
4'500.0
50.00
4'000.0
3'500.0
40.00
3'000.0
30.00
2'500.0
2'000.0
20.00
1'500.0
1'000.0
10.00
0.00
01.01.2010
500.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Discovery Communications Inc

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
STATE STREET
VANGUARD GROUP INC
ING INVESTMENT MANAG
INVESCO LTD
GOLDMAN SACHS GROUP
FIRST MANHATTAN CO A
BAMCO INC
Firm Name
MKM Partners
Needham & Co
Davenport & Co
Goldman Sachs
RBC Capital Markets
Credit Suisse
Macquarie
Nomura
Cowen and Company
S&P Capital IQ
Morgan Stanley
JPMorgan
Barrington Research
Evercore Partners
Barclays
Piper Jaffray
Deutsche Bank
EVA Dimensions
Wedge Partners
Gabelli & Co
BTIG LLC
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
GOLDMAN SACHS GROUP
FIRST MANHATTAN COMP
BAMCO INC
n/a
Analyst
ERIC O HANDLER
TODD JUENGER
LAURA A MARTIN
BRIAN WIESER
DAVID W MILLER
BARTON CROCKETT
MICHAEL C MORRIS
DREW BORST
DAVID BANK
MICHAEL SENNO
AMY YONG
MICHAEL NATHANSON
DOUGLAS CREUTZ
TUNA AMOBI
JAISON BLAIR
BENJAMIN SWINBURNE
ALEXIA S QUADRANI
JAMES C GOSS
ALAN GOULD
VASILY KARASYOV
HAMILTON FABER
JAMES M MARSH JR
CRAIG STERLING
MARTIN PYYKKONEN
BRETT HARRISS
RICHARD GREENFIELD
MARLA S BACKER
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
neutral
outperform
hold
hold
buy
buy
buy
sell/attractive
outperform
underperform
neutral
neutral
outperform
buy
no rating system
Equalwt/Attractive
neutral
market perform
equalweight
neutral
neutral
equalweight
neutral
buy
overweight
no rating system
buy
neutral
buy
Amt Held
27'072'344
14'119'015
8'863'543
8'372'355
4'118'371
3'171'565
2'890'950
2'806'506
2'802'220
2'664'481
2'640'394
2'454'004
2'322'118
2'309'576
2'018'003
1'965'867
1'960'332
1'791'677
1'691'786
1'682'717
% Out
18.65
9.73
6.11
5.77
2.84
2.19
1.99
1.93
1.93
1.84
1.82
1.69
1.6
1.59
1.39
1.35
1.35
1.23
1.17
1.16
Weighting
Change
3
5
3
3
5
5
5
1
5
1
3
3
5
5
#N/A N/A
3
3
3
3
3
3
3
3
5
5
#N/A N/A
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
913'978
267'760
46'425
(13'621)
621'142
1'508'900
(66'715)
1'305'897
(13'148)
424'082
1'143'456
(143'123)
(50'824)
498'261
(246'723)
(8'638)
(214'110)
(107'385)
(3'591'432)
192'217
Target Price
72
87
#N/A N/A
73
90
90
80
62
74
68
65
65
#N/A N/A
78
82
73
74
#N/A N/A
69
68
51
70
40
78
#N/A N/A
#N/A N/A
#N/A N/A
44
36
File Dt
31.12.2012
25.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
22.03.2013
15.03.2013
15.03.2013
06.03.2013
25.02.2013
19.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
11.02.2013
28.01.2013
15.01.2013
10.10.2012
01.08.2012
11.10.2010
15.09.2009
27.03.2013
Dollar Tree Inc

Dollar Tree, Inc. operates a discount variety store chain in the United States.
The Company sells an assortment of everyday general merchandise at the $1.00
price point.
Price/Volume
60
4.0 M
3.5 M
50
3.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (20.06.2012)
52-Week Low (09.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DLTR UW EQUITY YTD Change
DLTR UW EQUITY YTD % CHANGE
01/2013
02/yy
56.82
37.13
892'166.00
48.35
-14.90%
30.24%
57.01%
227.2
10'985.43
271.30
0.0
0.0
399.90
10'856.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
20
1.0 M
10
0
m-12
.5 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
4'644.9
0.81x
527.5
7.17x
229.5
16.88x
2.5 M
30
Valuation Analysis
31.01.2010
31.01.2011
5'231.2
5'882.4
0.77x
1.03x
670.6
816.0
5.97x
7.44x
320.5
397.3
13.91x
15.79x
Profitability
LTM-4Q
31.01.2012
6'630.5
1.47x
946.0
10.32x
488.3
21.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
7'394.5
1.20x
1'095.4
8.11x
619.3
14.97x
1'095.40
920.10
12.44%
13.24%
24.38%
41.12%
35.00%
2.91%
35.9%
14.8%
12.4%
8.4%
2.18
0.59
9.86%
16.27%
5.16
Price/ Cash Flow
01/yy
6'630.5
5.09x
946.0
10.32x
488.3
20.85x
LTM
02/yy
7'394.5
5.62x
1'095.4
8.11x
619.3
15.86x
FY+1
0.00
0.77
219.23
5.04
1.10%
19.21%
0.771
25
4.040
808'056
931'551
848'206
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
7'935.3
8'637.5
1'867.9
1'859.0
1.36x
1.26x
5.80x
5.82x
1'177.7
1'319.4
254.3
252.2
9.22x
8.23x
9.16x
8.93x
618.8
685.1
128.2
127.4
17.39x
15.09x
17.36x
16.88x
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
391.21
279.71
-0.12
0.25
16.3%
14.0%
2.91
8.28
71.95
24.24
-
25.00
8'000.0
7'000.0
20.00
6'000.0
5'000.0
15.00
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
05.02.2010
1'000.0
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Dollar Tree Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
MORGAN STANLEY
BLUE RIDGE CAPITAL L
ETON PARK CAPITAL MA
JENNISON ASSOCIATES
BROCK JR MACON F
LUXOR CAPITAL GROUP
INVESCO LTD
Firm Name
Morgan Stanley
Raymond James
JPMorgan
Nomura
Deutsche Bank
Johnson Rice & Co
FBR Capital Markets
Feltl & Company
MKM Partners
Barclays
Northcoast Research
BMO Capital Markets
Goldman Sachs
RBC Capital Markets
Credit Suisse
Jefferies
Wedbush
Buckingham Research Group
Piper Jaffray
EVA Dimensions
Morgan Stanley
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
n/a
LUXOR CAPITAL GROUP
INVESCO LTD
Analyst
MARK WILTAMUTH
DANIEL R WEWER JR
ANTHONY CHUKUMBA
MATTHEW BOSS
ARAM RUBINSON
PAUL TRUSSELL
DAVID M MANN
DUTCH FOX
MATTHEW NEMER
BRENT R RYSTROM
PATRICK G MCKEEVER JR
MEREDITH ADLER
JOSEPH I FELDMAN
NICHOLAS MITCHELL
WAYNE HOOD
STEPHEN GRAMBLING
R SCOT CICCARELLI
EDWARD J KELLY
DANIEL T BINDER
JOAN L STORMS
JOHN M ZOLIDIS
LAURA A CHAMPINE
PETER J KEITH
CRAIG STERLING
JOSEPH PARKHILL
JOSEPH AGNESE
Source
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
Form 4
13F
13F
13F
13F
13F
13F
Recommendation
Equalwt/In-Line
strong buy
buy
overweight
neutral
hold
equalweight
market perform
outperform
strong buy
buy
equalweight
no rating system
neutral
outperform
Buy/Neutral
outperform
outperform
hold
outperform
neutral
hold
neutral
overweight
Equalwt/In-Line
hold
Amt Held
14'931'182
13'657'132
11'804'692
11'394'576
10'690'471
8'359'549
7'838'676
6'500'000
5'285'877
4'500'000
3'949'867
3'621'416
3'480'399
3'267'686
3'203'362
3'123'498
3'043'869
2'746'830
2'657'227
2'391'153
% Out
6.57
6.01
5.2
5.02
4.71
3.68
3.45
2.86
2.33
1.98
1.74
1.59
1.53
1.44
1.41
1.37
1.34
1.21
1.17
1.05
Weighting
Change
3
5
5
5
3
3
3
3
5
5
5
3
#N/A N/A
3
5
5
5
5
3
5
3
3
3
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
153'153
7'912'671
7'119'050
(797'605)
(13'711'833)
3'184'024
1'870'000
(827'100)
4'500'000
2'395'188
1'017'576
1'772'662
6'108
3'203'362
503'260
(104'819)
(488'100)
(1'788'861)
2'391'153
Target Price
#N/A N/A
53
60
45
48
43
#N/A N/A
43
#N/A N/A
53
50
42
48
#N/A N/A
60
53
50
55
41
54
46
46
47
#N/A N/A
40
48
File Dt
25.03.2013
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
01.04.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Date
25.03.2013
14.03.2013
13.03.2013
04.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
15.01.2013
07.01.2013
16.08.2012
27.03.2013
eBay Inc
eBay Inc. operates an online trading community. The Company's service is used
by buyers and sellers for the exchange of products and services such as coins,
collectibles, computers, memorabilia, stamps and toys, as well as concert and
sporting tickets. eBay also offers, through a subsidiary, secure online
payment services.
Price/Volume
70
16.0 M
60
14.0 M
12.0 M
50
10.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (10.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EBAY UW EQUITY YTD Change
EBAY UW EQUITY YTD % CHANGE
12/2012
12/yy
57.26
35.32
1'332'741.00
51.78
-9.52%
46.60%
72.88%
1'296.5
67'133.41
4'519.00
0.0
0.0
9'408.00
62'244.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
20
4.0 M
10
2.0 M
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13 m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
8'541.3
1.82x
2'844.6
5.46x
1'779.5
9.01x
8.0 M
30
31.12.2009
31.12.2010
8'727.4
9'156.3
2.93x
3.42x
2'305.9
2'837.5
11.10x
11.03x
2'389.1
1'801.0
15.90x
20.17x
Profitability
LTM-4Q
31.12.2011
11'651.7
3.02x
3'313.0
10.62x
3'229.4
17.23x
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
31.12.2012
14'072.0
4.34x
4'088.0
14.95x
2'609.0
26.15x
4'088.00
2'888.00
20.52%
21.92%
8.11%
13.46%
0.44%
70.0%
29.1%
20.5%
18.5%
1.96
0.94
12.19%
21.66%
18.72
-
Price/ Cash Flow
LTM
12/yy
11'651.7
12.60x
3'313.0
10.62x
3'229.4
17.33x
12/yy
14'071.0
15.16x
4'090.0
14.94x
2'610.0
26.29x
FY+1
0.00
1.24
1'172.15
10.89
35.98%
1.49%
1.242
44
4.500
3'578'202
3'002'050
2'969'003
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'351.1
18'761.3
3'765.3
3'946.7
3.76x
3.11x
16.34x
15.38x
5'392.5
6'235.5
1'237.2
1'298.8
11.57x
10.01x
11.57x
11.11x
3'637.3
4'253.1
823.4
872.0
18.79x
16.04x
18.82x
18.14x
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
02.03.2010
A
STABLE
05.11.2010
A-1
64.89
44.94
-1.20
1.10
21.7%
17.8%
0.44
6.29
19.55
25.36
-
25.00
16'000.0
14'000.0
20.00
12'000.0
10'000.0
15.00
8'000.0
10.00
6'000.0
4'000.0
5.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
eBay Inc
Holdings By:
All
Holder Name
OMIDYAR PIERRE M
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
VANGUARD GROUP INC
INVESCO LTD
BAILLIE GIFFORD AND
DODGE & COX
JP MORGAN
UBS
Firm Name
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
INVESCO LTD
DODGE & COX
n/a
n/a
Analyst
Cantor Fitzgerald
YOUSSEF H SQUALI
JMP Securities
RONALD V JOSEY III
Compass Point Research & Trading LLC DOUGLAS GREINER
VICTOR ANTHONY
SHAWN C MILNE
Keefe, Bruyette & Woods
SANJAY SAKHRANI
Stifel
JORDAN ROHAN
RBC Capital Markets
MARK S MAHANEY
JPMorgan
DOUGLAS ANMUTH
COLIN SEBASTIAN
CARLOS KIRJNER
Wedbush
GIL B LURIA
Cowen and Company
JOHN BLACKLEDGE
JAMES E FRIEDMAN
Piper Jaffray
EUGENE E MUNSTER
Morgan Stanley
SCOTT W DEVITT
Jefferies
BRIAN J PITZ
Macquarie
THOMAS FORTE
Edward Jones
JOSH OLSON
Barclays
Argus Research Corp
DAVID RITTER
Nomura
BRIAN NOWAK
JAMES LEE
MICHAEL GRAHAM
Evercore Partners
KEN SENA
BMO Capital Markets
EDWARD S WILLIAMS
KAZUYA NISHIMURA
Raymond James
AARON M KESSLER
Credit Suisse
STEPHEN JU
Needham & Co
KERRY RICE
SCOTT TILGHMAN
BGC Partners
COLIN W GILLIS
MATTHEW NEMER
S&P Capital IQ
SCOTT H KESSLER
JAMES CORDWELL
DANIEL L KURNOS
CHAD BARTLEY
EVA Dimensions
ANDREW S ZAMFOTIS
Goldman Sachs
HEATH P TERRY
IVAN FEINSETH
Deutsche Bank
ROSS SANDLER
Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
Recommendation
buy
market outperform
neutral
hold
buy
outperform
buy
outperform
overweight
outperform
outperform
outperform
neutral
Positive
overweight
Overwt/Attractive
buy
outperform
no rating system
buy
equalweight
buy
buy
buy
hold
overweight
outperform
outperform
outperform
neutral
buy
buy
buy
market perform
hold
overweight
buy
outperform
overweight
buy/attractive
buy
hold
Amt Held
121'858'408
68'453'183
58'093'760
51'962'883
47'412'395
45'140'231
40'275'490
32'968'767
31'965'970
30'626'146
28'907'848
20'441'029
19'219'016
17'984'285
15'628'609
13'224'417
12'566'376
11'689'306
11'256'041
10'734'813
% Out
9.4
5.28
4.48
4.01
3.66
3.48
3.11
2.54
2.47
2.36
2.23
1.58
1.48
1.39
1.21
1.02
0.97
0.9
0.87
0.83
Weighting
Change
5
4
3
3
5
5
5
5
5
5
5
5
3
4
5
5
5
5
#N/A N/A
5
3
5
5
5
3
5
5
5
5
3
5
5
5
3
3
5
5
5
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
N
M
M
M
M
M
M
M
M
M
M
M
M
M
N
N
Latest Chg
(30'000)
477'861
(32'761)
1'287'075
(847'963)
4'482'329
(5'193'294)
(4'169'104)
(1'802'736)
(10'212'918)
(1'345'350)
(2'197'523)
(984'371)
49'071
492'872
2'942'485
522'751
2'454'742
10'696'161
Target Price
56
67
50
54
65
62
63
57
56
60
66
64
#N/A N/A
66
63
62
62
58
61
#N/A N/A
60
65
58
64
56
64
64
60
61
50
60
64
65
#N/A N/A
60
62
63
62
#N/A N/A
63
#N/A N/A
55
File Dt
21.12.2012
31.12.2012
22.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
14.03.2013
14.03.2013
28.02.2013
22.02.2013
22.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
16.01.2013
15.01.2013
11.01.2013
03.12.2012
20.09.2012
27.03.2013
Equinix Inc
Equinix, Inc. provides core Internet exchange services to networks, Internet
infrastructure companies, enterprises, and content providers. The Company
operates Internet Business Exchange centers in several countries, where
customers can interconnect with the providers that serve Internet networks and
users for their peering, transit, and traffic exchange requirements.
Price/Volume
250
1.0 M
.8 M
12/2012
12/yy
231.21
146.52
119'378.00
211.92
-8.34%
44.64%
77.22%
48.8
10'342.47
3'010.75
0.0
84.2
418.71
13'018.69
.6 M
.4 M
50
.2 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2009
31.12.2010
882.5
1'220.3
5.74x
4.27x
353.7
474.0
14.32x
10.99x
69.4
36.9
59.63x
65.53x
Profitability
LTM-4Q
31.12.2011
1'569.8
4.45x
659.7
10.59x
94.0
56.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'895.7
6.72x
817.7
15.57x
144.7
68.96x
817.73
419.44
22.13%
10.36%
2.43%
6.75%
5.40%
0.32%
50.2%
42.8%
22.0%
7.6%
1.19
1.08
49.09%
128.92%
12.64
-
Price/ Cash Flow
12/yy
1'588.3
16.29x
659.8
10.59x
94.0
56.33x
LTM
12/yy
1'913.7
23.94x
819.3
15.54x
144.7
68.96x
FY+1
0.00
1.15
48.34
7.97
39.55%
2.77%
1.148
23
4.304
140'846
240'961
201'845
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'215.6
2'543.7
522.1
543.7
6.05x
5.17x
25.24x
24.19x
1'024.3
1'192.7
235.7
247.2
12.71x
10.92x
12.86x
12.33x
200.0
283.4
42.3
47.7
56.38x
40.30x
56.26x
50.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.02.2013
BB
STABLE
4.08
0.27
3.16
3.67
128.9%
55.4%
0.32
0.54
28.96
55.69
-
18.00
2'000.0
16.00
1'800.0
14.00
1'600.0
1'400.0
12.00
1'200.0
10.00
8.00
1'000.0
800.0
6.00
600.0
4.00
400.0
2.00
200.0
0.00
01.01.2010
1.2 M
150
100
Latest Fiscal Year:

LTM as of:
52-Week High (14.02.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EQIX UW EQUITY YTD Change
EQIX UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
200
Valuation Analysis
31.12.2008
704.7
4.18x
235.5
12.53x
107.9
18.60x
1.6 M
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Equinix Inc
Holdings By:
All
Holder Name
BLACKROCK
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
PAULSON & CO
OZ MANAGEMENT LP
FIR TREE INCORPORATE
STATE STREET
FMR LLC
BAMCO INC
JAT CAPITAL MANAGEME
NORGES BANK
Firm Name
FBN Securities
Stifel
Evercore Partners
Oppenheimer & Co
Piper Jaffray
Cowen and Company
Morgan Stanley
RBC Capital Markets
JPMorgan
Jefferies
Stephens Inc
Raymond James
William Blair & Co
Nomura
Deutsche Bank
EVA Dimensions
Goldman Sachs
Gabelli & Co
Portfolio Name
n/a
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
PAULSON & CO
OZ MANAGEMENT
FIR TREE INCORPORATE
n/a
n/a
BAMCO INC
JAT CAPITAL MANAGEME
NORGES BANK
n/a
Analyst
GRAY W POWELL
SHEBLY SEYRAFI
TODD C WELLER
JONATHAN SCHILDKRAUT
TIMOTHY K HORAN
CHRISTOPHER M LARSEN
COLBY SYNESAEL
SIMON FLANNERY
JONATHAN ATKIN
STERLING AUTY
THOMAS O SEITZ
BARRY MCCARVER
FRANK G LOUTHAN
GREGORY MILLER
MICHAEL BOWEN
JAMES D BREEN JR
MICHAEL L MCCORMACK
BRETT FELDMAN
ANDREW S ZAMFOTIS
CHRISTOPHER WATTS
SCOTT GOLDMAN
SERGEY DLUZHEVSKIY
Source
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
outperform
outperform
buy
overweight
market perform
overweight
outperform
Equalwt/In-Line
outperform
not rated
buy
equalweight
strong buy
buy
outperform
outperform
buy
buy
sell
neutral
neutral/neutral
buy
Amt Held
4'163'477
2'794'535
2'791'546
2'395'429
2'255'616
2'100'000
1'984'857
1'713'479
1'484'582
1'476'908
1'317'763
1'201'665
1'170'000
1'090'449
998'974
955'463
937'081
889'814
847'955
778'738
% Out
8.53
5.73
5.72
4.91
4.62
4.3
4.07
3.51
3.04
3.03
2.7
2.46
2.4
2.23
2.05
1.96
1.92
1.82
1.74
1.6
Weighting
Change
5
5
5
5
3
5
5
3
5
#N/A N/A
5
3
5
5
5
5
5
5
1
3
3
5
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
709'516
549'226
57'735
112'178
(124'775)
79'954
10'974
267'873
(818'672)
547'748
431'551
651'445
177'197
431'500
235'618
(1'421'727)
15'191
Target Price
#N/A N/A
270
265
265
#N/A N/A
245
#N/A N/A
#N/A N/A
250
#N/A N/A
250
215
245
250
240
#N/A N/A
235
270
#N/A N/A
205
216
#N/A N/A
File Dt
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Government
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
20.03.2013
15.03.2013
12.03.2013
12.03.2013
12.03.2013
01.03.2013
22.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
15.01.2013
15.01.2013
02.11.2012
14.09.2012
14.09.2012
27.03.2013
Expedia Inc
Expedia, Inc. provides branded online travel services for leisure and small
business travelers. The Company offers a wide range of travel shopping and
reservation services, providing real-time access to schedule, pricing and
availability information for airlines, hotels, and car rental companies.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.02.2013)
52-Week Low (16.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXPE UW EQUITY YTD Change
EXPE UW EQUITY YTD % CHANGE
12/2012
12/yy
68.09
30.71
689'640.00
62.08
-8.83%
102.12%
83.92%
122.6
8'406.25
1'249.35
0.0
109.1
1'938.14
7'826.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
70
7.0 M
60
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
m-12
31.12.2009
31.12.2010
2'955.4
3'033.6
1.28x
2.33x
875.4
704.0
4.31x
10.04x
299.5
421.5
19.06x
21.54x
Profitability
LTM-4Q
31.12.2011
3'449.0
1.13x
719.2
5.41x
472.3
11.89x
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
31.12.2012
4'030.3
1.92x
809.3
9.56x
280.2
22.76x
809.30
548.75
13.62%
8.69%
4.12%
12.51%
9.91%
0.59%
77.7%
20.1%
13.6%
7.0%
0.88
0.80
17.63%
54.79%
10.06
-
Price/ Cash Flow
12/yy
3'449.0
6.99x
693.9
5.61x
472.3
6.58x
m-12
j-12
j-12
a-12
LTM
12/yy
4'030.3
5.90x
809.3
9.56x
280.2
22.67x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
1.55
1.03
107.18
9.41
85.16%
1.23%
1.028
29
3.828
596'728
633'597
641'175
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'677.5
5'252.9
966.5
1'221.4
1.57x
1.29x
7.81x
5.90x
895.5
1'031.3
102.8
238.9
8.74x
7.59x
8.67x
8.51x
487.7
579.1
32.0
131.6
17.94x
15.02x
18.02x
17.44x
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
22.12.2011
BBBSTABLE
9.22
6.53
-0.85
1.54
54.8%
34.3%
0.59
11.05
36.37
-
10.00
4'500.0
9.00
4'000.0
8.00
3'500.0
7.00
3'000.0
6.00
2'500.0
5.00
2'000.0
4.00
1'500.0
3.00
1'000.0
2.00
500.0
1.00
0.00
01.01.2010
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'937.0
0.67x
774.6
2.53x
(2'517.8)
-
80
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Expedia Inc
Holdings By:
All
Holder Name
LIBERTY MEDIA CORP JP MORGAN
VANGUARD GROUP INC
BLACKROCK
FMR LLC
DILLER BARRY
STATE STREET
INVESCO LTD
GOLDMAN SACHS GROUP
JANA PARTNERS LLC
DEUTSCHE BANK AG
PAR CAPITAL MANAGEME
Firm Name
Cantor Fitzgerald
Evercore Partners
JMP Securities
Cowen and Company
Piper Jaffray
Deutsche Bank
Morgan Stanley
Goldman Sachs
RBC Capital Markets
Credit Suisse
JPMorgan
Jefferies
Raymond James
Macquarie
Stifel
Nomura
Millman Research Associates
Barclays
EVA Dimensions
Knight
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
INVESCO LTD
GOLDMAN SACHS GROUP
n/a
JANA PARTNERS LLC
PAR CAPITAL MANAGEME
Analyst
JAKE FULLER
NAVED KHAN
KEN SENA
WILLIAM LENNAN
RONALD V JOSEY III
KEVIN KOPELMAN
MICHAEL J OLSON
EDWARD WOO
JAMES CORDWELL
ROSS SANDLER
SCOTT W DEVITT
HEATH P TERRY
MARK S MAHANEY
STEPHEN JU
DOUGLAS ANMUTH
BRIAN MULLAN
BRIAN P FITZGERALD
AARON M KESSLER
THOMAS WHITE
MICHAEL B PURCELL
BRIAN NOWAK
MICHAEL MILLMAN
DANIEL L KURNOS
CHAD BARTLEY
CRAIG STERLING
TEAM COVERAGE
Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
Form 4
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
buy
buy
equalweight
neutral
market perform
outperform
neutral
buy
overweight
buy
Equalwt/Attractive
neutral/attractive
sector perform
neutral
neutral
neutral
hold
outperform
neutral
hold
neutral
buy
buy
equalweight
sector perform
buy
buy
Amt Held
10'277'576
9'279'710
8'301'519
6'143'414
5'693'902
4'860'232
4'408'396
3'878'902
3'746'816
3'117'727
2'458'402
2'347'269
2'311'184
2'310'848
2'121'920
1'784'128
1'645'994
1'360'489
1'300'692
1'221'000
% Out
8.38
7.57
6.77
5.01
4.64
3.96
3.6
3.16
3.06
2.54
2.01
1.91
1.89
1.89
1.73
1.46
1.34
1.11
1.06
1
Weighting
Change
5
5
3
3
3
5
3
5
5
5
3
3
3
3
3
3
3
5
3
3
3
5
5
3
3
5
5
M
M
M
M
N
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
467'672
2'902'924
(2'611'077)
450'667
(2'341'833)
(3'570'502)
6'069
(672'878)
2'770'516
(155'445)
2'438'791
312'750
546'800
979'605
160'188
569'939
601'068
369'956
6'266
-
Target Price
78
77
70
#N/A N/A
#N/A N/A
#N/A N/A
73
81
77
80
#N/A N/A
70
73
72
67
70
70
77
70
#N/A N/A
62
70
80
72
#N/A N/A
#N/A N/A
47
File Dt
28.02.2013
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
28.02.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Corporation
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Date
25.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
13.03.2013
22.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
15.01.2013
28.03.2012
27.03.2013
Expeditors International of Washington Inc

Expeditors International of Washington, Inc. is a global logistics company.
The Company provides air and ocean freight forwarding, vendor consolidation,
customs clearance, marine insurance, distribution, and other international
logistics services.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.04.2012)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EXPD UW EQUITY YTD Change
EXPD UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
47.48
34.20
828'056.00
35.8
-24.60%
4.68%
12.05%
206.5
7'392.61
0.00
0.0
4.9
1'260.84
6'136.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
4'092.3
5'967.6
1.58x
1.76x
426.6
585.5
15.13x
17.93x
240.2
344.2
31.32x
34.34x
Profitability
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12
LTM-4Q
31.12.2011
6'150.5
1.20x
656.3
11.27x
385.7
22.88x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'980.9
1.15x
570.7
12.10x
333.4
25.19x
570.74
530.80
8.87%
9.20%
11.45%
16.54%
16.51%
2.05%
13.2%
9.5%
8.9%
5.6%
2.80
2.72
0.00%
0.00%
6.08
-
Price/ Cash Flow
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
12/yy
6'150.5
5.49x
656.3
11.27x
385.7
22.88x
LTM
12/yy
5'980.9
4.75x
570.7
12.10x
333.4
25.19x
FY+1
1.56
1.11
202.61
3.01
-22.00%
-9.48%
1.108
23
3.826
880'764
775'821
619'559
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'380.3
6'951.2
1'470.8
1'592.5
0.95x
0.86x
4.14x
3.83x
638.9
716.1
143.0
154.1
9.61x
8.57x
9.77x
9.47x
371.1
417.4
82.8
90.3
19.84x
17.44x
19.92x
19.31x
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
456.23
418.16
-2.21
0.00
0.0%
0.0%
2.05
10.92
60.16
44.00
-
45.00
7'000.0
40.00
6'000.0
35.00
5'000.0
30.00
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
01.01.2010
3.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'633.9
1.12x
514.8
12.29x
301.0
24.28x
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Expeditors International of Washington Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
INTERNATIONAL VALUE
LATEEF INVESTMENT MA
PRIMECAP MANAGEMENT
MACQUARIE GROUP
DF DENT & COMPANY
GOLDMAN SACHS GROUP
Firm Name
Stifel
Morgan Stanley
Macquarie
RBC Capital Markets
Edward Jones
Thompson, Davis & Company
Wolfe Trahan & Co
Jefferies
William Blair & Co
Credit Suisse
Raymond James
FBR Capital Markets
JPMorgan
Stephens Inc
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
INTERNATIONAL VALUE
n/a
PRIMECAP MANAGEMENT
n/a
D F DENT & COMPANY
GOLDMAN SACHS GROUP
Analyst
DAVID G ROSS
WILLIAM J GREENE
BENJAMIN J HARTFORD
KELLY A DOUGHERTY
JOHN L BARNES III
LOGAN PURK
DAVID P CAMPBELL
SCOTT H GROUP
H PETER NESVOLD
NATHAN J BROCHMANN
CHRISTOPHER J CERASO
PATRICK TYLER BROWN
JOHN R MIMS
JEFFREY A KAUFFMAN
RYAN BOUCHARD
THOMAS R WADEWITZ
JACK ATKINS
KEVIN W STERLING
MATT TROY
CRAIG STERLING
TOM KIM
MICHAEL ROARKE
Source
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
Underwt/Attractive
neutral
neutral
sector perform
buy
buy
peerperform
buy
outperform
outperform
market perform
market perform
buy
market outperform
neutral
equalweight
hold
neutral
overweight
buy/attractive
hold
Amt Held
16'713'579
10'745'095
9'548'061
8'466'673
7'414'472
5'932'567
5'198'445
4'872'939
4'200'000
4'108'880
3'512'183
3'205'897
3'196'323
2'930'404
2'854'140
2'808'886
2'744'167
2'734'305
2'688'000
2'253'930
% Out
8.09
5.2
4.62
4.1
3.59
2.87
2.52
2.36
2.03
1.99
1.7
1.55
1.55
1.42
1.38
1.36
1.33
1.32
1.3
1.09
Weighting
Change
5
1
3
3
3
5
5
3
5
5
5
3
3
5
4
3
3
3
3
5
5
3
M
M
M
M
M
N
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
181'667
37'627
335'654
687'308
(277'133)
619'357
(224'020)
4'200'000
(118'507)
329'426
(94'350)
(19'047)
99'104
(99'296)
(85'903)
551'707
(3'193'290)
(606'000)
1'557'129
Target Price
43
#N/A N/A
40
38
39
#N/A N/A
67
#N/A N/A
44
#N/A N/A
44
#N/A N/A
34
53
46
36
40
#N/A N/A
42
#N/A N/A
51
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
21.03.2013
20.03.2013
13.03.2013
12.03.2013
07.03.2013
07.03.2013
05.03.2013
05.03.2013
01.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
15.01.2013
10.01.2013
11.05.2012
27.03.2013
Express Scripts Holding Co

Express Scripts Holding Company. is a full service pharmacy benefit management
and specialty managed care company serving clients throughout North America.
The Company's customers include managed care organizations, insurance carriers,
third party administrators, employers, and union-sponsored benefit plans.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (14.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ESRX UW EQUITY YTD Change
ESRX UW EQUITY YTD % CHANGE
12/2012
12/yy
66.00
49.80
909'724.00
58.43
-11.47%
17.33%
53.27%
818.5
47'824.90
15'915.00
0.0
10.7
2'793.90
60'956.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
60
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
21'978.0
0.68x
1'378.2
10.77x
776.1
17.57x
70
31.12.2009
31.12.2010
24'722.3
44'973.2
0.59x
0.68x
1'604.2
2'315.6
9.13x
13.18x
827.6
1'181.2
26.27x
23.30x
Profitability
LTM-4Q
31.12.2011
46'128.3
0.52x
2'567.8
9.39x
1'275.8
16.31x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
93'858.1
0.61x
4'657.1
12.31x
1'312.9
21.95x
4'657.10
2'784.50
2.97%
2.33%
3.62%
10.32%
6.91%
2.56%
7.8%
5.0%
3.0%
1.4%
0.82
0.63
27.39%
68.06%
25.48
85.30
Price/ Cash Flow
LTM
FY+1
0.00
1.08
816.05
11.45
9.81%
8.20%
1.084
27
4.444
1'184'091
1'809'915
1'633'507
FY+2
FQ+1
FQ+2
12/yy
46'128.3
2.31x
2'566.7
9.39x
1'275.8
16.80x
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
94'235.2 100'902.4 102'194.7
25'493.0
25'344.9
2.27x
0.57x
0.54x
2.34x
2.32x
4'672.2
6'617.4
7'290.3
1'543.8
1'637.6
12.27x
9.21x
8.36x
9.17x
8.93x
1'334.2
3'402.1
3'832.8
762.2
866.7
22.22x
13.70x
11.89x
13.66x
13.20x
S&P Issuer Ratings
31.05.2012
Long-Term Rating
BBB+
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
7.52
7.26
Net Debt/EBITDA
2.81
Total Debt/EBITDA
3.41
Reference
Total Debt/Equity
68.1%
Total Debt/Capital
40.5%
Asset Turnover
2.56
91.91
14.36
Inventory Days
4.29
7.97
10.73
25.00
100'000.0
90'000.0
80'000.0
20.00
70'000.0
15.00
60'000.0
10.00
50'000.0
40'000.0
30'000.0
20'000.0
5.00
10'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Express Scripts Holding Co

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
JENNISON ASSOCIATES
INVESCO LTD
BROWN ADVISORY INC
Firm Name
Edward Jones
Leerink Swann & Co
Raymond James
Morgan Stanley
JPMorgan
ISI Group
Credit Suisse
Argus Research Corp
BMO Capital Markets
RBC Capital Markets
William Blair & Co
Macquarie
Oppenheimer & Co
Cowen and Company
Maxim Group LLC
Jefferies
JMP Securities
S&P Capital IQ
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
INVESCO LTD
n/a
Analyst
THOMAS GALLUCCI
JUDSON CLARK
DAVID LARSEN
MICHAEL J BAKER
RICKY GOLDWASSER
LISA C GILL
ROSS MUKEN
DAVID S MACDONALD
GLEN SANTANGELO
DAVID H TOUNG
JENNIFER LYNCH
FRANK G MORGAN
JOHN C KREGER
DANE LEONE
BRET D JONES
CHARLES RHYEE
ANTHONY V VENDETTI
BRIAN TANQUILUT
ANN HYNES
TIM MCDONOUGH
HERMAN SAFTLAS
ANDREW S ZAMFOTIS
ROBERT P JONES
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
buy
buy
outperform
outperform
Overwt/In-Line
overweight
neutral
buy
outperform
hold
market perform
outperform
outperform
neutral
outperform
outperform
buy
hold
buy
market outperform
buy
sell
buy/attractive
Amt Held
51'799'425
36'089'956
34'950'626
32'371'271
29'035'082
20'497'371
17'645'363
17'628'445
17'578'199
16'454'404
14'192'525
14'065'675
11'914'976
10'735'527
9'471'265
9'050'000
8'820'756
8'291'195
6'922'492
6'565'630
% Out
6.33
4.41
4.27
3.95
3.55
2.5
2.16
2.15
2.15
2.01
1.73
1.72
1.46
1.31
1.16
1.11
1.08
1.01
0.85
0.8
Weighting
Change
5
5
5
5
5
5
3
5
5
3
3
5
5
3
5
5
5
3
5
4
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
140'545
1'081'676
21'078'481
1'103'409
2'274'019
(9'888'972)
2'233'833
(7'879'281)
(3'465'126)
871'282
(1'336'070)
357'583
258'313
1'831'211
(626'400)
9'050'000
(5'088'700)
(5'091'773)
703'698
(2'173'623)
Target Price
68
#N/A N/A
#N/A N/A
65
64
68
59
68
65
#N/A N/A
59
62
#N/A N/A
60
62
#N/A N/A
70
56
63
67
65
#N/A N/A
64
File Dt
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Date
25.03.2013
22.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
08.03.2013
07.03.2013
28.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
15.01.2013
06.11.2012
27.03.2013
F5 Networks Inc
F5 Networks, Inc. provides integrated Internet traffic management solutions
designed to improve the availability and performance of mission-critical
Internet-based servers and applications. The Company's software-based solutions
manage, control and optimize Internet traffic and content. F5's solutions
automatically deliver Internet content for service providers and e-businesses.
Price/Volume
160
100
09/2012
12/yy
139.46
81.07
191'959.00
87.57
-37.21%
8.02%
11.13%
78.6
6'882.21
0.00
0.0
0.0
532.15
6'364.47
1.0 M
60
40
.5 M
20
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2009
30.09.2010
653.1
882.0
4.27x
8.97x
152.7
253.8
18.26x
31.17x
91.5
151.2
33.72x
55.46x
Profitability
LTM-4Q
30.09.2011
1'151.8
4.41x
371.5
13.67x
241.4
24.00x
30.09.2012
1'377.2
5.59x
461.4
16.70x
275.2
30.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
461.44
426.30
30.95%
31.38%
14.89%
21.76%
21.76%
0.76%
82.9%
33.4%
30.7%
20.0%
1.67
1.54
0.00%
0.00%
7.16
13.33
Price/ Cash Flow
12/yy
1'205.3
24.10x
392.1
20.01x
252.2
34.01x
LTM
12/yy
1'420.3
17.60x
474.8
14.99x
278.2
27.71x
FY+1
0.00
1.51
78.29
5.22
-34.70%
-9.86%
1.514
39
4.103
334'936
423'057
417'853
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
1'561.6
1'808.1
375.9
396.8
3.62x
2.67x
15.34x
14.28x
620.1
741.3
141.8
153.8
10.26x
8.59x
9.92x
9.32x
400.6
466.6
97.6
101.4
17.43x
15.07x
16.75x
16.20x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-1.09
0.00
0.0%
0.0%
0.76
25.16
51.15
27.45
48.86
26.53
40.00
1'600.0
35.00
1'400.0
30.00
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
02.10.2009
1.5 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (03.04.2012)
52-Week Low (25.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FFIV UW EQUITY YTD Change
FFIV UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
120
Valuation Analysis
30.09.2008
650.2
2.55x
128.2
12.94x
74.3
25.14x
2.5 M
140
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
F5 Networks Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
JP MORGAN
ALLIANCE BERNSTEIN
TOUCHSTONE ADVISORS
FRANKLIN RESOURCES
HARDING LOEVNER LP
BNP PARIBAS INV PART
FMR LLC
ZEVENBERGEN CAPITAL
Firm Name
Jefferies
JPMorgan
William Blair & Co
ISI Group
BMO Capital Markets
MKM Partners
Stifel
Oppenheimer & Co
Raymond James
Barclays
FBN Securities
Morgan Stanley
Goldman Sachs
RBC Capital Markets
Needham & Co
FBR Capital Markets
Nomura
JMP Securities
Piper Jaffray
Wedbush
EVA Dimensions
Deutsche Bank
Wedge Partners
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
n/a
Multiple Portfolios
n/a
HARDING LOEVNER LP
n/a
n/a
ZEVENBERGEN CAPITAL
Analyst
GEORGE C NOTTER
ALEX KURTZ
BRIAN J WHITE
ROD HALL
BRENT A BRACELIN
NACHI HOSHINO
JASON NOAH ADER
BRIAN MARSHALL
TIMOTHY P LONG
MICHAEL GENOVESE
SANJIV R WADHWANI
ITTAI KIDRON
JESS L LUBERT
RYAN HUTCHINSON
SIMON M LEOPOLD
WILLIAM CHOI
CATHARINE TREBNICK
BENJAMIN A REITZES
SHEBLY SEYRAFI
EHUD A GELBLUM
KENT SCHOFIELD
MARK SUE
ALEXANDER HENDERSON
JAYSON NOLAND SR
SCOTT S THOMPSON
MATTHEW S ROBISON
SID PARAKH
STUART JEFFREY
ERIK SUPPIGER
TROY D JENSEN
ROHIT CHOPRA
JOANNA MAKRIS
ANDREW S ZAMFOTIS
BRIAN T MODOFF
SUSAN BAUR
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
Recommendation
hold
buy
buy
neutral
outperform
outperform
outperform
buy
outperform
buy
hold
market perform
outperform
buy
market perform
neutral
market perform
equalweight
sector perform
Overwt/Attractive
Buy/Neutral
outperform
hold
neutral
outperform
hold
hold
neutral
market outperform
overweight
outperform
buy
hold
buy
no rating system
hold
Amt Held
6'500'573
5'480'713
4'706'782
3'380'610
2'653'320
2'641'815
2'055'929
1'900'382
1'702'180
1'638'455
1'621'830
1'525'508
1'409'318
1'361'176
1'337'177
1'281'547
1'281'144
1'251'721
959'270
872'736
% Out
8.27
6.97
5.99
4.3
3.38
3.36
2.62
2.42
2.17
2.08
2.06
1.94
1.79
1.73
1.7
1.63
1.63
1.59
1.22
1.11
Weighting
Change
3
5
5
3
5
5
5
5
5
5
3
3
5
5
3
3
3
3
3
5
5
5
3
3
5
3
3
3
4
5
5
5
3
5
#N/A N/A
3
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'695'348
89'928
(9'620)
1'146'896
1'036'287
(225'686)
(181'767)
36'040
448'354
(1'464'392)
510'952
98'533
6'545
41'773
459'877
94'505
35'154
400'186
(14'050)
Target Price
92
118
118
90
125
100
#N/A N/A
125
120
120
#N/A N/A
#N/A N/A
#N/A N/A
115
#N/A N/A
98
95
90
110
125
111
130
#N/A N/A
110
120
105
110
104
130
107
112
145
#N/A N/A
116
#N/A N/A
126
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
18 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
26.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
13.03.2013
05.03.2013
01.03.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
22.02.2013
14.02.2013
12.02.2013
11.02.2013
11.02.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
17.01.2013
15.01.2013
25.10.2012
15.06.2012
19.04.2012
27.03.2013
Facebook Inc
Facebook Inc. operates a social networking website. The Company's website
allows people to communicate with their family, friends, and coworkers.
Facebook develops technologies that facilitate the sharing of information,
photographs, website links, and videos. Facebook users have the ability to share
and restrict information based on their own specific criteria.
Price/Volume
45
300.0 M
40
250.0 M
35
30
200.0 M
25
12/2012
12/yy
43.00
17.55
4'811'090.00
25.2
-41.40%
43.59%
30.06%
1'684.2
60'041.69
2'356.00
0.0
0.0
9'626.00
52'771.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
31.12.2009
31.12.2010
777.0
1'974.0
340.0
1'171.0
122.0
372.0
Profitability
50.0 M
5
0
m-12
.0 M
j-12
LTM-4Q
31.12.2011
3'711.0
2'079.0
668.0
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'089.0
10.98x
1'187.0
47.07x
32.0
2661.97x
1'187.00
538.00
10.57%
9.71%
-0.14%
-0.19%
0.59%
0.47%
73.2%
23.3%
10.6%
0.6%
10.71
9.83
15.60%
20.04%
8.04
-
Price/ Cash Flow
12/yy
3'711.0
0.00x
2'080.0
0.00x
764.0
0.00x
j-12
a-12
s-12
LTM
12/yy
5'089.0
29.55x
1'187.0
47.07x
(15.0)
1330.98x
o-12
n-12
d-12
j-13
f-13
m-13
FY+1
0.00
1'630.82
32.24
-5.37%
41
3.976
4'914'341
7'963'358
9'907'331
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'672.4
8'426.9
1'446.3
1'601.9
7.58x
5.81x
40.81x
36.77x
3'368.2
4'446.3
739.4
795.2
15.67x
11.87x
15.80x
15.32x
1'425.5
2'025.4
308.9
340.4
44.29x
32.56x
44.13x
41.86x
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
23.27
-0.94
-6.12
1.98
20.0%
16.7%
0.47
2.63
45.53
-
60.00
6'000.0
50.00
5'000.0
40.00
4'000.0
30.00
3'000.0
20.00
2'000.0
10.00
1'000.0
0.00
01.01.2010
100.0 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
272.0
(56.0)
-
150.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.05.2012)
52-Week Low (04.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FB UW EQUITY YTD Change
FB UW EQUITY YTD % CHANGE
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Facebook Inc
Holdings By:
All
Holder Name
FMR LLC
MORGAN STANLEY
VANGUARD GROUP INC
BLACKROCK
JENNISON ASSOCIATES
UBS
BAILLIE GIFFORD AND
GOLDMAN SACHS GROUP
INVESCO LTD
SANDBERG SHERYL KARA
ELEVATION MANAGEMENT
MERITECH CAPITAL ASS
MACKAY SHIELDS LLC
Firm Name
Jefferies
Cantor Fitzgerald
Cowen and Company
Wedge Partners
JMP Securities
Needham & Co
BMO Capital Markets
Nomura
Wedbush
S&P Capital IQ
Morgan Stanley
Piper Jaffray
William Blair & Co
Edward Jones
BTIG LLC
JPMorgan
Argus Research Corp
Deutsche Bank
Goldman Sachs
RBC Capital Markets
Credit Suisse
Raymond James
Macquarie
Stifel
Evercore Partners
Oppenheimer & Co
Barclays
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
n/a
GOLDMAN SACHS GROUP
INVESCO LTD
n/a
ELEVATION MANAGEMENT
n/a
n/a
Multiple Portfolios
Analyst
BRIAN J PITZ
COLIN SEBASTIAN
CARLOS KIRJNER
YOUSSEF H SQUALI
JOHN BLACKLEDGE
EVAN S WILSON
MARTIN PYYKKONEN
RONALD V JOSEY III
THOMAS FORTE
LAURA A MARTIN
KAZUYA NISHIMURA
BRIAN WIESER
DANIEL SALMON
BRIAN NOWAK
JASON MAYNARD
MICHAEL PACHTER
SCOTT H KESSLER
VICTOR ANTHONY
SCOTT W DEVITT
ARVIND BHATIA
EUGENE E MUNSTER
JAMES LEE
RALPH SCHACKART
JOSH OLSON
RICHARD GREENFIELD
DOUGLAS ANMUTH
JOSEPH F BONNER
ROSS SANDLER
HEATHER BELLINI
MARK S MAHANEY
STEPHEN JU
AARON M KESSLER
JORDAN ROHAN
KEN SENA
JASON S HELFSTEIN
WILLIAM BIRD
ANDREW S ZAMFOTIS
TEAM COVERAGE
HAMILTON FABER
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Form 4
13F
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
hold
outperform
market perform
buy
neutral
sector perform
no rating system
market perform
no rating system
buy
outperform
buy
market perform
buy
outperform
outperform
hold
buy
Overwt/Attractive
buy
overweight
buy
outperform
buy
sell
overweight
hold
buy
Buy/Neutral
outperform
neutral
outperform
outperform
hold
equalweight
outperform
equalweight
neutral
underweight
hold
not rated
Amt Held
77'644'473
39'095'420
33'281'620
33'193'967
26'797'536
26'311'904
22'992'371
22'376'854
21'438'888
21'263'110
20'578'390
20'370'317
18'422'852
18'204'867
18'122'565
17'788'268
16'989'027
16'268'858
14'532'244
14'165'900
% Out
4.61
2.32
1.98
1.97
1.59
1.56
1.37
1.33
1.27
1.26
1.22
1.21
1.09
1.08
1.08
1.06
1.01
0.97
0.86
0.84
Weighting
Change
3
5
3
5
3
3
#N/A N/A
3
#N/A N/A
5
5
5
3
5
5
5
3
5
5
5
5
5
5
5
1
5
3
5
5
5
3
5
5
3
3
5
3
3
1
3
#N/A N/A
M
M
M
M
M
M
M
N
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
U
M
Latest Chg
37'380'569
15'722'220
6'803'009
13'789'661
9'685'751
12'411'139
6'546'408
9'675'216
4'888'178
21'263'110
364'134
20'370'317
(20'142'720)
17'235'166
17'425'168
(176'452)
16'989'027
16'268'858
4'277'820
308'300
Target Price
30
34
27
35
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
38
33
30
36
32
32
#N/A N/A
35
31
40
34
37
38
40
#N/A N/A
#N/A N/A
22
35
#N/A N/A
37
40
32
31
37
30
#N/A N/A
32
33
30
#N/A N/A
#N/A N/A
29
45
File Dt
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
20.03.2013
31.12.2012
31.12.2012
31.01.2013
31.01.2013
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Venture Capital
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
15.03.2013
15.03.2013
15.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
05.03.2013
01.03.2013
14.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
15.01.2013
19.06.2012
14.05.2012
27.03.2013
Fastenal Co
Fastenal Company sell industrial and construction supplies in a wholesale and
retail fashion. The Company markets its products and services throughout the
United States, Canada, Mexico, Puerto Rico, Singapore, China, and The
Netherlands.
Price/Volume
60
4.5 M
4.0 M
50
3.5 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FAST UW EQUITY YTD Change
FAST UW EQUITY YTD % CHANGE
12/2012
12/yy
54.40
37.17
244'273.00
50.48
-7.20%
35.79%
77.25%
296.6
14'970.57
0.00
0.0
0.0
79.97
14'890.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
1'930.3
2'269.5
3.08x
3.81x
336.7
470.5
17.65x
18.40x
184.4
265.4
33.58x
33.28x
Profitability
2.0 M
1.5 M
1.0 M
10
0
m-12
.5 M
.0 M
a-12
LTM-4Q
31.12.2011
2'766.9
4.60x
619.5
20.55x
357.9
36.04x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'133.6
4.39x
727.3
18.91x
420.5
32.85x
727.34
673.29
21.49%
21.51%
24.03%
27.86%
27.86%
1.79%
51.5%
23.2%
21.5%
13.4%
6.30
2.21
0.00%
0.00%
8.82
2.23
Price/ Cash Flow
12/yy
2'766.9
15.30x
619.5
20.55x
357.9
35.75x
m-12
j-12
j-12
a-12
LTM
12/yy
3'133.6
17.16x
727.3
18.91x
420.5
32.85x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
1.47
0.98
271.83
17.77
-5.01%
8.34%
0.979
14
3.571
393'332
449'375
536'213
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'471.0
3'909.5
814.0
885.2
4.26x
3.73x
18.34x
16.90x
848.7
991.3
191.2
223.0
17.54x
15.02x
17.39x
16.75x
485.8
570.9
109.1
127.8
30.91x
26.43x
30.91x
29.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.11
0.00
0.0%
0.0%
1.79
6.58
41.51
164.02
17.49
188.04
70.00
3'500.0
60.00
3'000.0
50.00
2'500.0
40.00
2'000.0
30.00
1'500.0
20.00
1'000.0
10.00
500.0
0.00
01.01.2010
2.5 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'340.4
2.17x
489.7
10.39x
279.7
18.25x
3.0 M
30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Fastenal Co
Holdings By:
All
Holder Name
RUANE CUNNIFF & GOLD
VANGUARD GROUP INC
BLACKROCK
KIERLIN ROBERT A
STATE STREET
SLAGGIE STEPHEN M
DF DENT & COMPANY
BAMCO INC
INVESCO LTD
TCW GROUP INC
FRANKLIN RESOURCES
NORGES BANK
Firm Name
Credit Suisse
Raymond James
Longbow Research
Edward Jones
William Blair & Co
Barclays
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
D F DENT & COMPANY
BAMCO INC
INVESCO LTD
n/a
n/a
NORGES BANK
Analyst
HAMZAH MAZARI
SAMUEL J DARKATSH
DEREK JOSE
LOGAN PURK
DAVID J MANTHEY
JOHN A BALIOTTI II
RYAN MERKEL
BRENT D RAKERS
HOLDEN LEWIS
ALLISON POLINIAK-CUSIC
SCOTT R DAVIS
CRAIG STERLING
MICHAEL JAFFE
Source
13F
13F
ULT-AGG
13F
13F
ULT-AGG
Form 4
ULT-AGG
Form 5
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
Recommendation
neutral
market perform
neutral
hold
outperform
neutral
outperform
buy
hold
market perform
underweight
overweight
strong buy
Amt Held
40'926'610
20'695'409
17'403'300
14'403'129
14'271'882
13'623'011
12'503'300
10'765'664
10'251'188
7'645'531
5'010'231
4'449'803
4'396'422
4'322'152
4'204'133
4'000'000
3'750'192
3'613'771
2'836'458
2'414'245
% Out
13.8
6.98
5.87
4.86
4.81
4.59
4.22
3.63
3.46
2.58
1.69
1.5
1.48
1.46
1.42
1.35
1.26
1.22
0.96
0.81
Weighting
Change
3
3
3
3
5
3
5
5
3
3
1
5
5
M
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
5'306'940
12'406
325'000
548'654
(3'867'384)
93'478
(207'500)
266'818
(269'140)
1'268'350
(116'399)
(10'310)
862'477
3'705'974
(22'590)
4'000'000
82'817
(5'256'552)
338'364
234'738
Target Price
54
#N/A N/A
#N/A N/A
#N/A N/A
54
43
#N/A N/A
59
#N/A N/A
#N/A N/A
44
#N/A N/A
60
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
07.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
18 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
25.03.2013
25.03.2013
25.03.2013
21.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
18.01.2013
18.01.2013
17.01.2013
27.03.2013
Fiserv Inc
Fiserv, Inc. provides integrated information management and electronic commerce
systems and services. The Company's solutions include transaction processing,
electronic bill payment and presentment, business process outsourcing, document
distribution services, and software and systems solutions.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FISV UW EQUITY YTD Change
FISV UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
86.78
64.48
100'496.00
86.52
-0.30%
34.18%
98.83%
133.5
11'550.72
3'230.00
0.0
0.0
358.00
14'422.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
4'077.0
4'133.0
2.63x
2.76x
1'279.0
1'346.0
8.37x
8.47x
476.0
496.0
13.32x
16.97x
Profitability
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
LTM-4Q
31.12.2011
4'337.0
2.60x
1'345.0
8.39x
472.0
14.95x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'482.0
2.99x
1'410.0
9.51x
611.0
18.04x
1'410.00
1'056.00
23.56%
20.08%
7.17%
18.31%
10.91%
0.53%
42.1%
31.5%
23.6%
13.6%
1.28
0.92
38.01%
94.53%
6.74
-
Price/ Cash Flow
12/yy
4'337.0
10.46x
1'345.0
8.39x
472.0
14.87x
j-12
j-12
a-12
LTM
12/yy
4'482.0
11.60x
1'410.0
9.51x
611.0
17.64x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
0.98
130.79
2.47
24.13%
9.48%
0.979
24
3.667
128'015
232'197
242'049
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'887.3
5'102.0
1'189.3
1'196.1
2.98x
2.74x
12.86x
12.76x
1'600.4
1'696.0
373.4
393.3
9.01x
8.50x
9.04x
8.93x
759.4
835.5
172.1
187.7
14.50x
13.00x
14.49x
14.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.03.2010
BBBSTABLE
26.09.2007
A-3
8.10
6.98
2.04
2.29
94.5%
48.6%
0.53
17.68
54.26
109.93
-
16.00
5'000.0
14.00
4'500.0
4'000.0
12.00
3'500.0
10.00
3'000.0
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
1.2 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'587.0
2.08x
1'258.0
7.59x
569.0
10.92x
100
90
80
70
60
50
40
30
20
10
0
m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Fiserv Inc
Holdings By:
All
Holder Name
FMR LLC
VANGUARD GROUP INC
BLACKROCK
STATE STREET
LONGVIEW PARTNERS (G
INVESCO LTD
MERITAGE GROUP LP
PITTENGER & ANDERSON
DILLON DONALD F
FINDLAY PARK PARTNER
EGERTON CAPITAL LIMI
BRAVE WARRIOR ADVISO
EMINENCE CAPITAL LLC
JARISLOWSKY FRASER L
Firm Name
RBC Capital Markets
Northcoast Research
Stephens Inc
Goldman Sachs
Evercore Partners
EVA Dimensions
Edward Jones
First Analysis Corp
JPMorgan
William Blair & Co
Cowen and Company
Barclays
Credit Suisse
Jefferies
Oppenheimer & Co
Argus Research Corp
JMP Securities
Deutsche Bank
BOE Securities
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
MERITAGE GROUP LP
PITTENGER & ANDERSON
n/a
BRAVE WARRIOR ADVISO
JARISLOWSKY FRASER L
Analyst
DANIEL R PERLIN
KARTIK MEHTA
BRETT HUFF
JULIO C QUINTEROS JR
DAVID M TOGUT
ANDREW S ZAMFOTIS
JOSH OLSON
GREGORY SMITH
LARRY BERLIN
ANDREW W JEFFREY
TIEN-TSIN HUANG
DAVID J KONING
CHRISTOPHER SHUTLER
MOSHE KATRI
DARRIN D PELLER
GEORGE MIHALOS
RAMSEY EL-ASSAL
PETER J HECKMANN
GLENN GREENE
DAVID RITTER
DAVID M SCHARF
BRYAN KEANE
UNNATI BHAVEKAR
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
sector perform
neutral
equalweight
neutral/neutral
overweight
overweight
buy
buy
equalweight
neutral
neutral
neutral
outperform
outperform
equalweight
underperform
buy
market perform
outperform
buy
market perform
hold
buy
Amt Held
14'479'666
9'774'796
8'529'325
6'971'332
5'912'133
5'449'211
2'847'515
2'619'234
2'072'806
1'900'334
1'898'286
1'891'654
1'755'042
1'716'266
1'705'366
1'422'001
1'411'128
1'265'796
1'204'996
1'193'655
% Out
10.85
7.32
6.39
5.22
4.43
4.08
2.13
1.96
1.55
1.42
1.42
1.42
1.31
1.29
1.28
1.07
1.06
0.95
0.9
0.89
Weighting
Change
3
3
3
3
5
5
5
5
3
3
3
3
5
5
3
1
5
3
5
5
3
3
5
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
3'754'321
949'400
83'298
45'049
202'131
61'900
(99'329)
(407)
(7'517)
1'042
(39'088)
1'011'066
(2'321)
(299'954)
(3'090)
47'434
(172'514)
Target Price
85
#N/A N/A
90
88
107
#N/A N/A
#N/A N/A
93
85
#N/A N/A
85
86
#N/A N/A
#N/A N/A
87
79
94
78
89
95
#N/A N/A
71
56
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
07.09.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Date
26.03.2013
26.03.2013
25.03.2013
18.03.2013
18.03.2013
05.03.2013
28.02.2013
28.02.2013
11.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
07.01.2013
24.10.2012
10.10.2012
10.08.2010
27.03.2013
Fossil Inc
Fossil, Inc. designs, develops, markets, and distributes consumer fashion
accessories. The Company's products include an extensive line of men's and
women's fashion watches and jewelry sold under proprietary and licensed brands,
handbags, small leather goods, belts, sunglasses, and apparel.
Price/Volume
160
6.0 M
140
5.0 M
120
4.0 M
100
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.04.2012)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FOSL UW EQUITY YTD Change
FOSL UW EQUITY YTD % CHANGE
12/2012
12/yy
139.20
62.79
209'618.00
95.46
-31.42%
52.03%
42.76%
59.3
5'664.96
77.93
0.0
6.9
177.36
5'572.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
1'548.1
2'030.7
1.19x
2.06x
253.0
417.0
7.30x
10.01x
139.2
255.2
16.11x
18.71x
Profitability
1.0 M
20
0
m-12
.0 M
a-12 m-12
LTM-4Q
31.12.2011
2'567.3
1.82x
523.9
8.92x
294.7
17.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'857.5
1.64x
554.4
8.44x
343.4
16.62x
554.38
488.84
17.11%
17.23%
19.71%
29.35%
29.22%
1.64%
56.2%
19.4%
17.1%
12.0%
2.81
1.33
4.23%
6.32%
8.58
2.51
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
12/yy
2'567.3
8.80x
523.9
8.92x
294.7
17.18x
LTM
12/yy
2'857.5
7.86x
554.4
8.44x
343.4
16.51x
FY+1
0.00
1.81
49.38
2.82
-28.75%
2.53%
1.806
14
3.429
229'722
270'760
251'480
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'165.6
3'452.8
652.4
700.3
1.75x
1.57x
8.64x
8.06x
606.5
664.6
105.0
111.1
9.19x
8.38x
9.20x
9.04x
363.8
406.3
58.5
63.1
15.76x
13.88x
15.62x
15.24x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
107.44
85.66
-0.18
0.14
6.3%
5.9%
1.64
9.26
42.41
144.81
44.12
143.10
45.00
3'500.0
40.00
3'000.0
35.00
2'500.0
30.00
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
08.01.2010
2.0 M
40
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'583.2
0.63x
243.4
4.07x
138.1
8.60x
3.0 M
60
0.0
08.07.2010
08.01.2011
08.07.2011
08.01.2012
08.07.2012
08.01.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Fossil Inc
Holdings By:
All
Holder Name
FMR LLC
KARTSOTIS KOSTA N
BROWN ADVISORY INC
VANGUARD GROUP INC
KARTSOTIS TOM
BLACKROCK
STATE STREET
BAMCO INC
INVESCO LTD
SHROFF JAL S
SIGMA CAPITAL MANAGE
NORGES BANK
Firm Name
ISI Group
FBR Capital Markets
Cowen and Company
EVA Dimensions
JPMorgan
Macquarie
Jefferies
Piper Jaffray
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
ARTISAN PARTNERS LP
n/a
BAMCO INC
INVESCO LTD
n/a
SIGMA CAPITAL MANAGE
NORGES BANK
Analyst
OMAR SAAD
ERIC M BEDER
ANNA ANDREEVA
JOHN KERNAN
CRAIG STERLING
SIMEON A SIEGEL
JANE THORN LEESON
LIZABETH DUNN
RONALD BOOKBINDER
DAVID WU
RANDAL J KONIK
SCOTT D KRASIK
NEELY J N TAMMINGA
BARBARA WYCKOFF
Source
13F
ULT-AGG
Form 4
ULT-AGG
13F
13D
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Form 4
13F
13F
Recommendation
neutral
sell
suspended coverage
outperform
underweight
neutral
hold
neutral
hold
no rating system
buy
buy
neutral
outperform
Amt Held
10'680'023
9'000'530
6'413'039
3'266'860
3'098'118
2'873'079
2'668'541
2'477'200
2'153'231
1'582'530
969'577
953'770
872'645
864'288
726'639
679'832
662'928
548'723
530'000
490'448
% Out
18
15.17
10.81
5.5
5.22
4.84
4.5
4.17
3.63
2.67
1.63
1.61
1.47
1.46
1.22
1.15
1.12
0.92
0.89
0.83
Weighting
Change
3
1
#N/A N/A
5
1
3
3
3
3
#N/A N/A
5
5
3
5
M
M
M
M
U
M
M
D
M
M
M
M
M
D
Latest Chg
2'185'950
(7'979)
(70'760)
22'028
(120'991)
(7'400)
82'508
186'452
(171'996)
68'723
300'800
304'093
(4'105)
5'477
(73'635)
180'000
31'190
Target Price
110
85
#N/A N/A
#N/A N/A
#N/A N/A
95
#N/A N/A
115
110
116
125
128
110
130
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.01.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
20.04.2011
n/a
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
13.03.2013
n/a
31.12.2012
Government
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
24.03.2013
20.03.2013
12.03.2013
06.03.2013
15.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
27.03.2013
Garmin Ltd
Garmin Ltd. provides navigation, communications, and information devices, most
of which are enabled by Global Positioning System (GPS) technology. The Company
designs, develops, manufactures, and markets hand-held, portable, and fixed
mount GPS-enabled products and other navigation, communications, and information
products under its own brand name.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (22.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GRMN UW EQUITY YTD Change
GRMN UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
50.64
32.82
272'783.00
33.29
-34.26%
1.43%
2.64%
195.6
6'511.25
0.00
0.0
0.0
2'872.58
3'638.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'494.1
0.83x
940.4
3.10x
732.8
6.04x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.12.2009
31.12.2010
2'946.4
2'689.9
1.48x
1.43x
882.5
731.3
4.93x
5.25x
704.0
584.6
8.78x
10.73x
Profitability
LTM-4Q
31.12.2011
2'758.6
1.90x
648.3
8.10x
520.9
14.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'715.7
1.82x
694.6
7.13x
542.4
14.49x
694.63
604.16
22.25%
23.00%
11.68%
15.98%
0.58%
53.0%
25.6%
22.2%
20.0%
2.79
2.19
0.00%
0.00%
4.48
3.24
Price/ Cash Flow
12/yy
2'758.6
6.20x
648.3
8.10x
520.9
14.74x
LTM
12/yy
2'715.7
8.08x
694.6
7.34x
542.4
14.30x
FY+1
5.41
0.79
116.15
13.03
-27.05%
-17.39%
0.795
13
3.538
359'301
495'422
468'374
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'554.9
2'507.7
517.1
669.3
597.4
603.4
112.2
173.6
6.09x
6.03x
5.85x
5.70x
469.1
475.8
81.4
132.6
13.80x
13.54x
13.85x
13.70x
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
-4.14
0.00
0.0%
0.0%
0.58
6.57
81.61
112.86
42.57
151.08
14.00
4'000.0
12.00
3'500.0
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Garmin Ltd
Holdings By:
All
Holder Name
KAO MIN H
BURRELL GARY L
RUEY-JENG KAO
BLACKROCK
VANGUARD GROUP INC
SELECT EQUITY GROUP
STATE STREET
INVESCO LTD
SWEDBANK ROBUR FONDE
FMR LLC
NORGES BANK
WESTWOOD MANAGEMENT
DISCIPLINED GROWTH I
Firm Name
EVA Dimensions
Oppenheimer & Co
RBC Capital Markets
D.A. Davidson & Co
Goldman Sachs
JPMorgan
Needham & Co
William Blair & Co
Portfolio Name
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
SELECT EQUITY GROUP
n/a
INVESCO LTD
Multiple Portfolios
n/a
n/a
NORGES BANK
WESTWOOD MANAGEMENT
DISCIPLINED GROWTH I
Analyst
CRAIG STERLING
JOHN F BRIGHT
YAIR REINER
MARK SUE
JB GROH
CHARLIE ANDERSON
ANDREW SPINOLA
SIMONA JANKOWSKI
PAUL T COSTER
RICHARD F VALERA
JAMES FAUCETTE
JONATHAN HO
Source
Form 4
Form 4
ULT-AGG
13G
ULT-AGG
13F
13F
ULT-AGG
13F
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
overweight
market outperform
market perform
sector perform
neutral
neutral
outperform
Sell/Neutral
underweight
hold
outperform
outperform
Amt Held
38'942'580
29'338'570
11'420'372
10'377'962
9'394'082
6'693'746
4'510'019
4'463'288
2'982'081
2'728'330
2'665'523
2'290'419
1'955'792
1'953'297
1'905'166
1'417'566
1'231'894
1'197'871
1'142'569
1'126'958
% Out
19.91
15
5.84
5.31
4.8
3.42
2.31
2.28
1.52
1.39
1.36
1.17
1
1
0.97
0.72
0.63
0.61
0.58
0.58
Weighting
Change
5
4
3
3
3
3
5
1
1
3
5
5
U
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(45'000)
(225'000)
1'444'130
1'759'198
194'596
2'407'002
(209'401)
421'770
22'091
1'414'677
593'095
(2'464'202)
498'766
671'795
78'050
30'574
397'019
32'380
Target Price
#N/A N/A
45
#N/A N/A
47
40
#N/A N/A
#N/A N/A
30
30
#N/A N/A
50
#N/A N/A
File Dt
Inst Type
14.12.2012
n/a
15.05.2012
n/a
28.02.2013
Investment Advisor
31.12.2012
n/a
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
Date
08.03.2013
01.03.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
27.03.2013
Gilead Sciences Inc

Gilead Sciences, Inc. is a research-based biopharmaceutical company that
discovers, develops, and commercializes therapeutics to advance the care of
patients suffering from life-threatening diseases. The Company's primary areas
of focus include HIV/AIDS, liver disease and serious cardiovascular and
respiratory conditions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.03.2013)
52-Week Low (11.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GILD UW EQUITY YTD Change
GILD UW EQUITY YTD % CHANGE
12/2012
12/yy
46.37
22.67
761'759.00
45.48
-1.91%
100.64%
94.16%
1'522.4
69'238.41
8'224.05
0.0
241.1
2'582.09
75'121.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'335.8
8.35x
2'845.0
15.67x
1'978.9
24.71x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.12.2009
31.12.2010
7'011.4
7'949.4
5.18x
3.38x
3'857.3
4'227.7
9.42x
6.35x
2'635.8
2'901.3
14.87x
10.50x
Profitability
LTM-4Q
31.12.2011
8'385.4
3.41x
4'092.1
6.99x
2'803.6
11.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
9'702.5
6.36x
4'288.4
14.38x
2'591.6
21.60x
4'288.38
4'010.18
41.33%
37.23%
13.45%
32.30%
17.56%
0.50%
74.5%
44.2%
41.3%
26.7%
1.44
0.85
38.72%
88.34%
5.24
1.58
Price/ Cash Flow
LTM
12/yy
8'385.4
14.21x
4'094.7
6.98x
2'803.6
11.34x
12/yy
9'702.5
21.53x
4'288.4
14.38x
2'591.6
21.60x
FY+1
0.00
0.87
1'509.35
58.09
92.63%
23.84%
0.866
31
4.677
2'743'750
2'509'634
2'522'554
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'748.3
12'727.1
2'570.1
2'646.0
6.42x
5.44x
4'741.4
6'491.6
1'115.5
1'129.0
15.90x
11.61x
16.57x
3'226.3
4'427.6
782.8
791.0
21.93x
15.69x
22.45x
19.79x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.03.2011
ASTABLE
11.88
10.78
1.32
1.92
88.3%
46.3%
0.50
10.35
69.83
232.14
164.03
137.94
25.00
12'000.0
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Gilead Sciences Inc

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
UBS
JP MORGAN
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
FRANKLIN RESOURCES
Firm Name
BMO Capital Markets
RBC Capital Markets
Leerink Swann & Co
Stifel
Oppenheimer & Co
Maxim Group LLC
Piper Jaffray
ISI Group
S&P Capital IQ
Jefferies
JPMorgan
Morgan Stanley
Credit Suisse
Cowen and Company
William Blair & Co
Argus Research Corp
Needham & Co
Barclays
EVA Dimensions
Goldman Sachs
Deutsche Bank
BWS Financial
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
n/a
n/a
JENNISON ASSOCIATES
n/a
GOLDMAN SACHS GROUP
n/a
Analyst
JIM BIRCHENOUGH
MICHAEL J YEE
HOWARD LIANG
JOEL D SENDEK
DAVID FERREIRO
BRIAN C ABRAHAMS
JASON KOLBERT
M IAN SOMAIYA
MARK J SCHOENEBAUM
BRET HOLLEY
STEVEN SILVER
THOMAS WEI
GEOFFREY MEACHAM
GEOFFREY C PORGES
BRIAN P SKORNEY
MARSHALL URIST
JOSHUA SCHIMMER
RAVI MEHROTRA
PHILIP NADEAU
CAROL A WERTHER
JOHN S SONNIER
JOHN M EADE
ALAN CARR
RICHARD J PURKISS
ANDREW S ZAMFOTIS
TERENCE FLYNN
ROBYN KARNAUSKAS
KAVITA THOMAS
HAMED KHORSAND
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
outperform
outperform
outperform
buy
outperform
outperform
buy
overweight
buy
buy
buy
hold
overweight
outperform
outperform
Overwt/In-Line
buy
outperform
outperform
neutral
outperform
hold
buy
neutral
overweight
overweight
neutral/attractive
buy
market perform
buy
Amt Held
298'675'044
111'854'914
88'315'026
67'203'144
62'827'858
59'800'423
45'508'106
29'696'606
25'991'274
21'926'206
21'623'634
20'915'172
20'711'890
19'501'542
18'205'634
16'314'578
15'814'906
14'721'904
12'683'224
12'538'366
% Out
19.62
7.35
5.8
4.41
4.13
3.93
2.99
1.95
1.71
1.44
1.42
1.37
1.36
1.28
1.2
1.07
1.04
0.97
0.83
0.82
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
3
5
3
5
3
5
5
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
R
D
M
D
M
M
M
M
Latest Chg
16'340'092
15'313'566
1'612'488
2'762'936
1'603'151
(6'740'462)
9'207'940
(2'060'540)
(2'486'034)
(6'080'712)
6'930'110
5'867'630
9'988'298
3'621'978
(761'396)
(1'905'270)
(2'927'484)
(892'748)
12'538'366
Target Price
53
50
#N/A N/A
49
50
#N/A N/A
48
50
50
50
50
40
50
48
45
46
58
55
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
45
41
42
#N/A N/A
43
48
#N/A N/A
24
File Dt
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
14.03.2013
13.03.2013
11.03.2013
07.03.2013
06.03.2013
06.03.2013
26.02.2013
20.02.2013
20.02.2013
19.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
30.01.2013
09.02.2012
21.04.2011
27.03.2013
Google Inc
Google Inc. is a global technology company that provides a web based search
engine through its website. The Company offers a wide range of search options,
including web, image, groups, directory, and news searches.
Price/Volume
900
4.0 M
800
3.5 M
700
3.0 M
600
2.5 M
500
Latest Fiscal Year:

LTM as of:
52-Week High (06.03.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GOOG UW EQUITY YTD Change
GOOG UW EQUITY YTD % CHANGE
12/2012
12/yy
844.00
556.55
115'590.00
811.4
-3.86%
45.79%
88.05%
267.5
268'688.22
5'537.00
0.0
0.0
49'557.00
224'668.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
300
200
1.0 M
100
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
21'795.6
3.72x
8'131.9
9.96x
4'226.9
18.44x
2.0 M
400
Valuation Analysis
31.12.2009
31.12.2010
23'650.6
29'321.0
7.29x
5.42x
9'836.5
11'777.0
17.53x
13.48x
6'520.4
8'505.0
30.38x
22.58x
Profitability
LTM-4Q
31.12.2011
37'905.0
4.45x
13'593.0
12.41x
9'737.0
21.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
50'175.0
3.77x
15'722.0
12.05x
10'737.0
20.79x
15'722.00
12'760.00
25.43%
26.68%
12.91%
16.54%
15.48%
0.62%
58.9%
30.5%
24.8%
21.4%
4.22
3.90
5.90%
7.72%
7.72
85.42
Price/ Cash Flow
LTM
12/yy
37'905.0
15.26x
13'593.0
12.41x
9'737.0
21.72x
12/yy
51'379.0
13.87x
15'684.0
12.08x
10'737.0
20.97x
FY+1
0.00
0.98
266.48
4.39
24.96%
14.38%
0.979
45
4.222
417'677
594'329
622'068
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
47'959.4
56'129.7
11'262.5
11'591.7
4.44x
3.51x
19.60x
18.70x
22'088.2
25'902.6
5'178.4
5'293.7
10.17x
8.68x
10.14x
9.76x
15'493.8
18'396.8
3'573.1
3'650.7
17.71x
15.08x
17.74x
17.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.11.2012
AA
STABLE
15.07.2010
A-1+
187.17
148.20
-2.81
0.35
7.7%
7.2%
0.62
4.79
47.41
4.28
21.55
30.52
25.00
60'000.0
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Google Inc
Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
INVESCO LTD
PRIMECAP MANAGEMENT
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
UBS
NORGES BANK
Firm Name
Goldman Sachs
Jefferies
Wedbush
Wedge Partners
Cantor Fitzgerald
Cowen and Company
Barclays
Edward Jones
JMP Securities
Stifel
Morgan Stanley
BMO Capital Markets
Oppenheimer & Co
Nomura
RBC Capital Markets
William Blair & Co
Piper Jaffray
Argus Research Corp
EVA Dimensions
Deutsche Bank
S&P Capital IQ
JPMorgan
Hilliard Lyons
Raymond James
Hamburger Sparkasse
Credit Suisse
Needham & Co
Macquarie
BGC Partners
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
PRIMECAP MANAGEMENT
JENNISON ASSOCIATES
GOLDMAN SACHS GROUP
n/a
NORGES BANK
Analyst
HEATHER BELLINI
BRIAN J PITZ
JAMES G DIX
COLIN SEBASTIAN
MARTIN PYYKKONEN
CARLOS KIRJNER
YOUSSEF H SQUALI
JOHN BLACKLEDGE
JOSH OLSON
JAMES LEE
IVAN FEINSETH
RONALD V JOSEY III
JORDAN ROHAN
KAZUYA NISHIMURA
BRIAN WIESER
SHAW WU
MICHAEL GRAHAM
JASON MAYNARD
SCOTT W DEVITT
DANIEL SALMON
EVAN S WILSON
JASON S HELFSTEIN
BRIAN NOWAK
MARK S MAHANEY
HAMILTON FABER
RALPH SCHACKART
EUGENE E MUNSTER
JOSEPH F BONNER
ANDREW S ZAMFOTIS
ROSS SANDLER
SCOTT H KESSLER
THOMAS FORTE
DOUGLAS ANMUTH
STEPHEN TURNER
AARON M KESSLER
MARCO GUENTHER
MARKUS FRIEBEL
STEPHEN JU
KERRY RICE
SAMEET SINHA
COLIN W GILLIS
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
neutral/neutral
buy
neutral
outperform
no rating system
outperform
buy
outperform
overweight
buy
buy
strong buy
market outperform
hold
outperform
hold
neutral
buy
market perform
Overwt/Attractive
market perform
outperform
market perform
buy
outperform
overweight
outperform
overweight
buy
hold
buy
hold
no rating system
overweight
neutral
outperform
hold
hold
outperform
buy
outperform
buy
hold
Amt Held
18'215'530
14'812'725
11'833'058
11'006'397
10'616'879
9'457'496
6'419'685
4'586'974
4'016'989
3'824'800
3'207'437
2'756'412
2'715'974
2'501'395
2'490'314
2'380'317
2'222'539
2'173'908
2'116'195
2'046'828
% Out
6.81
5.54
4.42
4.11
3.97
3.54
2.4
1.71
1.5
1.43
1.2
1.03
1.02
0.94
0.93
0.89
0.83
0.81
0.79
0.77
Weighting
Change
3
5
3
5
#N/A N/A
5
5
5
5
5
5
5
4
3
5
3
3
5
3
5
3
5
3
5
5
5
5
5
5
3
5
3
#N/A N/A
5
3
5
3
3
5
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
(5'443)
308'479
347'460
1'637'525
(388'122)
151'141
623'378
27'119
(227'260)
(23'714)
(39'630)
597'897
(130'698)
(90'008)
6'165
(21'961)
(122'117)
320'943
333'660
76'916
Target Price
760
1'000
770
830
#N/A N/A
1'000
900
#N/A N/A
850
#N/A N/A
1'000
#N/A N/A
955
#N/A N/A
925
820
#N/A N/A
830
#N/A N/A
932
790
980
765
860
950
1'000
#N/A N/A
938
875
#N/A N/A
935
825
870
860
#N/A N/A
825
#N/A N/A
800
847
850
795
846
760
File Dt
31.12.2012
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
07.03.2013
05.03.2013
01.03.2013
28.02.2013
22.02.2013
21.02.2013
20.02.2013
10.02.2013
07.02.2013
06.02.2013
05.02.2013
29.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
27.03.2013
Henry Schein Inc

Henry Schein, Inc. distributes healthcare products and services, including
practice management software, to office-based healthcare practitioners. The
Company has operations in North America and other countries. Henry Schein's
operations include direct marketing, telesales, and field sales.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HSIC UW EQUITY YTD Change
HSIC UW EQUITY YTD % CHANGE
12/2012
12/yy
91.45
71.97
89'280.00
91.14
-0.34%
26.64%
98.41%
87.6
7'981.43
533.28
0.0
437.5
122.08
8'830.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
6'380.4
0.54x
520.7
6.61x
239.5
12.12x
100
90
80
70
60
50
40
30
20
10
0
m-12
31.12.2009
31.12.2010
6'538.3
7'526.8
0.73x
0.84x
548.6
634.6
8.71x
9.95x
311.2
325.8
16.57x
17.36x
Profitability
LTM-4Q
31.12.2011
8'530.2
0.76x
698.0
9.30x
367.7
16.23x
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
31.12.2012
8'940.0
0.88x
759.5
10.37x
388.1
18.01x
759.48
634.15
7.09%
6.84%
7.70%
15.38%
12.97%
1.77%
28.0%
8.5%
7.1%
4.3%
1.84
0.77
10.00%
20.40%
9.39
5.98
Price/ Cash Flow
LTM
12/yy
8'530.2
3.18x
698.0
9.30x
367.7
16.23x
12/yy
8'940.0
3.48x
759.5
10.37x
388.1
18.05x
FY+1
0.00
0.97
85.87
2.32
19.29%
13.27%
0.969
18
3.444
125'728
168'908
147'219
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
9'516.3
10'038.8
2'249.9
2'378.6
0.90x
0.83x
3.95x
3.72x
805.9
862.9
185.3
202.7
10.96x
10.23x
10.95x
10.76x
432.3
472.6
95.0
108.6
18.71x
16.92x
18.69x
18.10x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.58
22.92
0.54
0.70
20.4%
14.9%
1.77
33.39
38.75
60.87
38.35
61.28
25.00
10'000.0
9'000.0
8'000.0
20.00
7'000.0
15.00
6'000.0
10.00
5'000.0
4'000.0
3'000.0
2'000.0
5.00
1'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Henry Schein Inc

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
GENERATION INVESTMEN
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
MEDICAL MUTUAL INSUR
TIVERTON ASSET MANAG
MACKENZIE FINANCIAL
GOLDMAN SACHS GROUP
SELECT EQUITY GROUP
JP MORGAN
ENTRUST CAPITAL INC
Firm Name
Piper Jaffray
Northcoast Research
Edward Jones
William Blair & Co
Leerink Swann & Co
Jefferies
Stifel
Credit Suisse
JPMorgan
Barrington Research
Goldman Sachs
ISI Group
EVA Dimensions
Portfolio Name
n/a
n/a
GENERATION INVESTMEN
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
MEDICAL MUTUAL INSUR
TIVERTON ASSET MANAG
MACKENZIE FINANCIAL
GOLDMAN SACHS GROUP
SELECT EQUITY GROUP
n/a
ENTRUST CAPITAL INC
Analyst
JEFFREY D JOHNSON
KEVIN ELLICH
EDWIN SNYDER
MATTHEW D COLLINS
JOHN C KREGER
DAVID LARSEN
BRANDON COUILLARD
JONATHAN D BLOCK
GLEN SANTANGELO
LISA C GILL
CHARLES R JONES
ROSS TAYLOR
GLEN M LOSEV
ROBERT P JONES
MICHAEL CHERNY
ANDREW S ZAMFOTIS
Source
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
Sch-D
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
outperform
neutral
buy
buy
outperform
market perform
hold
hold
neutral
neutral
market perform
buy
hold
neutral/neutral
neutral
hold
Amt Held
6'472'168
6'403'492
5'191'730
4'217'926
4'169'622
3'434'959
3'325'469
3'038'459
2'107'791
1'991'253
1'900'000
1'682'101
1'677'966
1'580'369
1'567'500
1'423'289
1'371'758
1'351'150
1'302'255
1'300'000
% Out
7.39
7.31
5.93
4.82
4.76
3.92
3.8
3.47
2.41
2.27
2.17
1.92
1.92
1.8
1.79
1.63
1.57
1.54
1.49
1.48
Weighting
Change
5
3
5
5
5
3
3
3
3
3
3
5
3
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
192'973
115'400
(33'416)
42'683
230'374
43'407
72'379
103'082
366'839
1'900'000
77'278
923
1'580'369
(5'200)
(431'584)
(240'276)
57'000
234'038
-
Target Price
98
92
110
#N/A N/A
#N/A N/A
#N/A N/A
80
#N/A N/A
92
89
#N/A N/A
100
85
92
88
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
18.03.2013
17.03.2013
26.02.2013
25.02.2013
25.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
04.02.2013
27.03.2013
Intel Corp
Intel Corporation designs, manufactures, and sells computer components and
related products. The Company's major products include microprocessors,
chipsets, embedded processors and microcontrollers, flash memory products,
graphics products, network and communications products, systems management
software, conferencing products, and digital imaging products.
Price/Volume
30.0 M
25.0 M
20.0 M
15
Latest Fiscal Year:

LTM as of:
52-Week High (02.05.2012)
52-Week Low (21.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INTC UW EQUITY YTD Change
INTC UW EQUITY YTD % CHANGE
12/2012
12/yy
29.27
19.23
3'444'290.00
21.46
-26.68%
11.60%
19.12%
4'946.0
106'141.16
13'448.00
0.0
0.0
22'586.00
97'003.16
15.0 M
10
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
35'127.0
43'623.0
2.84x
2.16x
10'994.0
20'226.0
9.08x
4.65x
4'369.0
11'464.0
16.80x
10.37x
Profitability
LTM-4Q
31.12.2011
53'999.0
2.10x
23'541.0
4.81x
12'942.0
9.59x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
53'341.0
1.70x
22'160.0
4.10x
11'005.0
9.50x
22'160.00
14'638.00
27.44%
27.88%
14.16%
22.66%
18.78%
0.69%
62.1%
41.5%
27.4%
20.6%
2.43
1.71
15.94%
26.26%
14.26
4.57
Price/ Cash Flow
j-12
j-12
LTM
12/yy
53'999.0
7.72x
23'541.0
4.81x
12'942.0
9.78x
a-12
12/yy
53'341.0
8.56x
22'160.0
4.10x
11'005.0
9.50x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
4.05
1.01
4'769.01
216.01
-21.03%
5.13%
1.014
53
3.491
7'926'692
9'448'922
9'479'995
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
53'942.2
56'526.9
12'663.6
12'920.5
1.90x
1.81x
8.11x
7.98x
20'993.2
22'865.8
4'601.8
4'574.9
4.64x
4.26x
4.69x
4.54x
10'397.5
11'205.2
2'241.9
2'265.2
10.61x
9.83x
10.40x
10.04x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.02.1993
A+
STABLE
17.02.1993
A-1+
67.15
33.74
-0.41
0.61
26.3%
20.8%
0.69
2.07
25.53
79.60
52.25
52.88
12.00
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
25
20
Valuation Analysis
31.12.2008
37'586.0
1.81x
14'280.0
4.76x
5'292.0
12.66x
30
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Intel Corp
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
MOORE GORDON EARLE
INVESCO LTD
FRANKLIN RESOURCES
NORGES BANK
STATE FARM MUTUAL AU
DEUTSCHE BANK AG
LOOMIS SAYLES & COMP
GOLDMAN SACHS GROUP
Firm Name
BMO Capital Markets
Piper Jaffray
Drexel Hamilton LLC
Evercore Partners
MKM Partners
Argus Research Corp
JPMorgan
FBR Capital Markets
Longbow Research
Stifel
Barclays
Cowen and Company
Maxim Group LLC
Edward Jones
ISI Group
JMP Securities
RBC Capital Markets
Needham & Co
Raymond James
Nomura
Jefferies
Hamburger Sparkasse
Morgan Stanley
Deutsche Bank
Roth Capital Partners
Credit Suisse
Macquarie
Oppenheimer & Co
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
HARRIS ASSOC LP
n/a
n/a
BANK OF AMERICA
n/a
NORGES BANK
LOOMIS SAYLES & CO L
GOLDMAN SACHS GROUP
Analyst
STACY A RASGON
AMBRISH SRIVASTAVA
TRISTAN GERRA
DAVID M WONG
AUGUSTE P RICHARD
RICHARD WHITTINGTON
VIJAY R RAKESH
PATRICK WANG
DANIEL A BERENBAUM
JAMES KELLEHER
CHRISTOPHER DANELY
CRAIG ELLIS
BRENDAN FURLONG
CHRISTOPHER CASO
CHRISTOPHER ROLLAND
JOANNE FEENEY
KEVIN E CASSIDY
BLAYNE CURTIS
CODY G ACREE
TIMOTHY M ARCURI
ASHOK KUMAR
MICHAEL MCCONNELL
ROBERT BURLESON
WILLIAM C KREHER
SUMIT DHANDA
ALEX GAUNA
DOUG FREEDMAN
N QUINN BOLTON
DANIEL L AMIR
HANS C MOSESMANN
ROMIT SHAH
MARK J LIPACIS
MARCO GUENTHER
JOSEPH MOORE
JAMES D RAGAN
YOKO YAMADA
ROSS C SEYMORE
KRISHNA SHANKAR
JOHN W PITZER
SHAWN WEBSTER
MARKUS FRIEBEL
RICHARD SCHAFER
ANGELO ZINO
Source
ULT-AGG
13F
ULT-AGG
Form 4
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
Sch-D
13F
Recommendation
underperform
market perform
outperform
outperform
neutral
hold
neutral
equalweight
buy
buy
neutral
neutral
hold
neutral
market perform
neutral
buy
equalweight
hold
neutral
buy
sector perform
hold
hold
buy
market outperform
sector perform
hold
buy
underperform
reduce
hold
buy
Underwt/In-Line
buy
neutral
buy
neutral
outperform
outperform
buy
market perform
hold
Amt Held
275'299'132
224'362'465
212'941'059
172'992'357
107'648'009
76'183'909
73'349'858
71'696'575
64'099'640
62'419'311
56'437'200
42'262'952
40'574'173
40'236'837
39'078'900
38'661'945
36'009'427
35'339'649
34'886'904
33'702'161
% Out
5.57
4.54
4.31
3.5
2.18
1.54
1.48
1.45
1.3
1.26
1.14
0.85
0.82
0.81
0.79
0.78
0.73
0.71
0.71
0.68
Weighting
Change
1
3
5
5
3
3
3
3
5
5
3
3
3
3
3
3
5
3
3
3
5
3
3
3
5
4
3
3
5
1
2
3
5
1
5
3
5
3
5
5
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(4'738'268)
4'358'835
5'216'553
(1'255'200)
7'796'302
231'840
(7'774'199)
2'772'732
3'284'665
1'725'102
(1'073'550)
2'352'168
14'347'374
3'652'891
(11'739'300)
9'367'763
4'046'035
(2'267'980)
9'192
(3'328'989)
Target Price
18
21
26
#N/A N/A
21
22
18
22
24
25
19
24
23
21
23
#N/A N/A
28
20
#N/A N/A
#N/A N/A
29
#N/A N/A
20
#N/A N/A
25
26
24
#N/A N/A
26
#N/A N/A
19
24
#N/A N/A
20
26
21
26
20
28
26
27
#N/A N/A
#N/A N/A
File Dt
25.03.2013
31.12.2012
26.03.2013
02.03.2005
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
24.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
11.03.2013
11.03.2013
06.03.2013
06.03.2013
05.03.2013
04.03.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
12.02.2013
31.01.2013
29.01.2013
22.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
27.03.2013
Intuit Inc
Intuit Inc. develops and markets business and financial management software
solutions for small and medium sized businesses, financial institutions,
consumers, and accounting professionals The Company provides software for small
business management and payroll processing, personal finance, and tax
preparation and filing.
Price/Volume
4.0 M
60
3.5 M
07/2012
01/yy
68.41
53.49
544'081.00
65.73
-3.92%
22.88%
82.04%
296.4
19'481.64
499.00
0.0
0.0
744.00
19'321.64
2.5 M
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2009
31.07.2010
3'109.0
3'455.0
2.98x
3.44x
957.7
1'119.0
9.67x
10.61x
447.0
574.0
18.68x
23.80x
Profitability
LTM-4Q
31.07.2011
3'772.0
3.61x
1'308.0
10.41x
634.0
22.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.07.2012
4'151.0
4.07x
1'419.0
11.90x
792.0
23.21x
1'419.00
1'177.00
28.35%
27.73%
15.72%
31.51%
24.92%
0.84%
81.7%
31.0%
25.8%
19.1%
1.20
0.73
10.65%
18.19%
7.43
-
Price/ Cash Flow
01/yy
3'995.0
15.60x
1'401.0
11.90x
685.0
24.86x
LTM
01/yy
4'211.0
16.35x
1'307.0
14.04x
790.0
26.43x
FY+1
0.97
0.92
282.43
9.51
11.69%
10.78%
0.922
21
3.952
556'902
655'323
583'213
FY+2
FQ+1
FQ+2
07/13 Y
07/14 Y
04/13 Q3 07/13 Q4
4'594.0
5'016.9
2'245.9
732.5
4.06x
3.59x
8.11x
25.43x
1'755.7
1'948.2
1'426.8
108.7
11.01x
9.92x
10.41x
9.90x
1'041.4
1'146.0
913.9
37.8
19.10x
17.40x
18.06x
17.37x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.05.2008
BBB
STABLE
28.38
25.68
-0.12
0.40
18.2%
15.4%
0.84
7.24
49.24
99.84
-
20.00
4'500.0
18.00
4'000.0
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
31.07.2009
3.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (06.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
INTU UW EQUITY YTD Change
INTU UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
70
50
Valuation Analysis
31.07.2008
3'071.0
2.93x
902.7
9.96x
476.8
19.80x
80
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Intuit Inc
Holdings By:
All
Holder Name
PRIMECAP MANAGEMENT
BLACKROCK
COOK SCOTT D
VANGUARD GROUP INC
FMR LLC
STATE STREET
JENNISON ASSOCIATES
MACQUARIE GROUP
ALLIANCE BERNSTEIN
JP MORGAN
Firm Name
First Analysis Corp
Raymond James
Cowen and Company
Morgan Stanley
Jefferies
Deutsche Bank
Goldman Sachs
JPMorgan
Macquarie
Oppenheimer & Co
Barclays
Wedbush
Evercore Partners
Northcoast Research
EVA Dimensions
Portfolio Name
PRIMECAP MANAGEMENT
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
n/a
n/a
Analyst
LARRY BERLIN
WAYNE JOHNSON
TIMOTHY W WILLI
PETER GOLDMACHER
ADAM H HOLT
ROSS MACMILLAN
MICHAEL MILLMAN
THOMAS ERNST JR
GREG DUNHAM
STERLING AUTY
YUN KIM
BRAD A ZELNICK
RAIMO LENSCHOW
GIL B LURIA
DAVID M TOGUT
KARTIK MEHTA
ANDREW S ZAMFOTIS
BRENDAN BARNICLE
Source
13F
ULT-AGG
ULT-AGG
Form 4
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
Recommendation
equalweight
outperform
market perform
outperform
Equalwt/In-Line
hold
hold
buy
neutral/attractive
overweight
buy
neutral
outperform
equalweight
outperform
equalweight
neutral
overweight
sector perform
Amt Held
17'554'978
16'418'092
14'070'100
13'201'868
12'522'198
12'387'302
11'381'863
10'418'562
10'137'644
9'716'592
7'322'060
6'639'811
5'859'348
5'283'586
5'239'299
4'535'135
3'987'428
3'863'314
3'562'017
3'307'239
% Out
5.92
5.54
4.75
4.45
4.22
4.18
3.84
3.52
3.42
3.28
2.47
2.24
1.98
1.78
1.77
1.53
1.35
1.3
1.2
1.12
Weighting
Change
3
5
3
5
3
3
3
5
3
5
5
3
5
3
5
3
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(89'700)
7'978'400
258'297
151'423
(426'676)
1'183'080
1'052'512
347'950
(532'809)
(354'330)
553'376
(480'314)
(43'300)
(1'174'672)
(7'574)
81'337
(543'447)
511'535
Target Price
#N/A N/A
68
#N/A N/A
#N/A N/A
#N/A N/A
66
59
69
67
65
80
62
65
67
76
64
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
06.02.2013
15.01.2013
29.04.2011
27.03.2013
Intuitive Surgical Inc

Intuitive Surgical, Inc. design, manufactures and markets surgical systems. The
Company's surgical system controls Intuitive Surgical endoscopic instruments,
including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors,
scalpels, forceps/pickups, needle holders, endoscopic retractors,
electrocautery, ultrasonic cutters, and accessories during surgical procedures.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.04.2012)
52-Week Low (15.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ISRG UW EQUITY YTD Change
ISRG UW EQUITY YTD % CHANGE
12/2012
12/yy
594.62
455.18
163'540.00
497.25
-16.38%
9.24%
30.17%
40.4
20'081.32
0.00
0.0
0.0
1'324.40
18'756.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.7 M
600
.6 M
500
.5 M
400
.4 M
300
.3 M
200
.2 M
100
.1 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
874.9
5.17x
335.9
13.47x
204.3
24.80x
700
31.12.2009
31.12.2010
1'052.2
1'413.0
10.57x
6.45x
412.0
595.6
27.01x
15.31x
232.6
381.8
51.17x
27.22x
Profitability
LTM-4Q
31.12.2011
1'757.3
9.77x
741.3
23.16x
495.1
37.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'178.8
8.44x
935.9
19.65x
656.6
30.69x
935.90
878.10
40.30%
41.03%
18.44%
21.09%
21.09%
0.61%
72.1%
43.0%
40.3%
30.1%
4.71
4.22
0.00%
0.00%
6.52
5.21
Price/ Cash Flow
12/yy
1'757.3
31.89x
741.3
23.16x
495.1
37.64x
LTM
12/yy
2'178.8
35.98x
935.9
19.65x
656.6
30.72x
FY+1
0.00
1.01
39.97
2.26
-8.98%
1.40%
1.010
19
4.316
136'012
144'332
125'361
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'562.9
2'957.1
583.1
632.1
6.47x
5.43x
29.27x
26.76x
1'044.4
1'223.2
229.7
261.0
17.96x
15.33x
17.96x
17.32x
726.6
849.1
165.2
180.1
28.27x
24.08x
28.26x
27.18x
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
-1.42
0.00
0.0%
0.0%
0.61
9.93
56.12
70.25
30.62
95.75
40.00
2'500.0
35.00
2'000.0
30.00
25.00
1'500.0
20.00
1'000.0
15.00
10.00
500.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Intuitive Surgical Inc

Holdings By:
All
Holder Name
BAILLIE GIFFORD AND
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
MORGAN STANLEY
BROWN ADVISORY INC
ALLIANCE BERNSTEIN
EDGEWOOD MANAGEMENT
JP MORGAN
INVESCO LTD
UBS
MACKAY SHIELDS LLC
Firm Name
Morgan Stanley
William Blair & Co
Cantor Fitzgerald
Leerink Swann & Co
Raymond James
JPMorgan
JMP Securities
Goldman Sachs
Barrington Research
Stifel
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
EDGEWOOD MANAGEMENT
n/a
INVESCO LTD
n/a
Multiple Portfolios
Analyst
DAVID R LEWIS
SPENCER NAM
BENJAMIN C ANDREW
JEREMY FEFFER
RICHARD NEWITTER
LAWRENCE S KEUSCH
JASON R MILLS
SURAJ KALIA
MICHAEL S MATSON
AMIT HAZAN
TYCHO W PETERSON
SEAN D LAVIN
J T HARESCO III
DAVID H ROMAN
CHARLES R JONES
FREDERICK A WISE
ANDREW S ZAMFOTIS
Source
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
MF-AGG
Recommendation
Equalwt/In-Line
buy
outperform
buy
market perform
outperform
buy
underperform
buy
buy
overweight
buy
market outperform
Buy/Neutral
outperform
hold
hold
Amt Held
5'776'094
2'300'257
1'860'003
1'756'880
1'561'366
1'252'626
1'131'468
985'936
969'364
936'203
818'598
748'303
727'270
646'802
575'597
572'264
567'682
547'562
522'564
521'852
% Out
14.3
5.7
4.61
4.35
3.87
3.1
2.8
2.44
2.4
2.32
2.03
1.85
1.8
1.6
1.43
1.42
1.41
1.36
1.29
1.29
Weighting
Change
3
5
5
5
3
5
5
1
5
5
5
5
4
5
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
Latest Chg
482'400
(77'540)
45'236
34'594
34'047
43'778
(300'639)
653'710
295'136
731'598
74'215
441'507
(382'372)
66'396
(78'814)
(12'311)
(8'043)
7'272
(494)
Target Price
#N/A N/A
670
#N/A N/A
575
#N/A N/A
620
527
400
636
649
625
625
620
715
650
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
18.03.2013
14.03.2013
14.03.2013
14.03.2013
01.03.2013
22.02.2013
25.01.2013
23.01.2013
23.01.2013
27.03.2013
KLA-Tencor Corp
KLA-Tencor Corporation manufactures yield management and process monitoring
systems for the semiconductor industry. The Company's systems are used to
analyze product and process quality at critical steps in the manufacture of
circuits and provide feedback so that fabrication problems can be identified.
KLA-Tencor operates sales, service, and application centers worldwide.
Price/Volume
2.0 M
06/2012
12/yy
57.95
43.22
424'337.00
52.05
-10.18%
20.43%
59.95%
166.1
8'647.83
746.83
0.0
0.0
2'534.44
6'816.69
1.0 M
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2009
30.06.2010
1'520.2
1'820.8
2.45x
2.14x
4.7
401.5
800.84x
9.71x
(523.4)
212.3
17.99x
Profitability
LTM-4Q
30.06.2011
3'175.2
1.72x
1'246.4
4.39x
794.5
8.24x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
3'171.9
2.02x
1'108.5
5.79x
756.0
10.61x
1'108.46
1'016.33
32.04%
30.71%
14.23%
21.97%
18.82%
0.64%
58.1%
33.1%
30.1%
23.8%
4.83
3.75
14.64%
22.52%
5.44
2.05
Price/ Cash Flow
12/yy
3'165.5
7.57x
1'159.7
5.70x
757.6
10.40x
LTM
12/yy
3'126.7
8.34x
1'034.0
5.90x
695.2
11.24x
FY+1
2.88
1.24
165.91
5.24
-1.41%
9.76%
1.235
18
4.444
446'447
573'765
636'107
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
2'884.6
3'312.9
725.9
764.2
2.46x
1.91x
8.90x
8.40x
815.9
1'069.3
213.3
248.7
8.35x
6.38x
6.54x
6.36x
549.1
765.6
147.2
160.3
15.95x
11.52x
12.84x
11.93x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.04.2008
BBB
STABLE
20.45
19.39
-1.77
0.72
22.5%
18.4%
0.64
11.17
67.32
178.13
31.28
206.13
35.00
3'500.0
30.00
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
03.07.2009
1.5 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (25.01.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KLAC UW EQUITY YTD Change
KLAC UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
50
40
Valuation Analysis
30.06.2008
2'521.7
2.50x
638.4
9.86x
359.1
14.64x
60
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
KLA-Tencor Corp
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
JP MORGAN
STATE STREET
PRIMECAP MANAGEMENT
FMR LLC
INVESCO LTD
EPOCH INVESTMENT PAR
GOLDMAN SACHS GROUP
Firm Name
Needham & Co
Exane BNP Paribas
RBC Capital Markets
Piper Jaffray
Stifel
Goldman Sachs
Cowen and Company
Deutsche Bank
Credit Suisse
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
PRIMECAP MANAGEMENT
n/a
n/a
INVESCO LTD
GOLDMAN SACHS GROUP
Analyst
EDWIN MOK
JEROME RAMEL
BEN PANG
MAHESH SANGANERIA
JAGADISH IYER
PATRICK J HO
WESTON TWIGG
MEHDI HOSSEINI
JAMES V COVELLO
TIMOTHY M ARCURI
VISHAL SHAH
SATYA KUMAR
MARK HELLER
ANDREW S ZAMFOTIS
ANGELO ZINO
ISHANSH VIJ
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
outperform
buy
outperform
overweight
buy
outperform
neutral
Sell/Neutral
neutral
hold
outperform
buy
buy
buy
market perform
Amt Held
22'627'316
15'847'397
10'207'414
7'117'585
6'915'022
6'903'570
5'050'800
4'192'094
3'012'005
2'636'341
2'625'824
2'528'135
2'300'784
2'272'086
1'796'300
1'708'804
1'665'757
1'545'691
1'537'676
1'478'800
% Out
13.62
9.54
6.14
4.28
4.16
4.16
3.04
2.52
1.81
1.59
1.58
1.52
1.38
1.37
1.08
1.03
1
0.93
0.93
0.89
Weighting
Change
5
5
5
5
5
5
5
3
1
3
3
5
5
5
5
3
N
M
M
M
M
M
M
M
M
N
U
M
M
M
R
M
Latest Chg
(370'332)
(735'483)
2'028'630
337'635
126'226
(79'000)
(1'402'932)
(321'290)
(2'104'992)
100'118
(507'988)
376'200
29'564
1'702'853
793'685
100'773
157'204
105'700
Target Price
61
65
66
60
62
58
61
50
50
#N/A N/A
56
63
62
#N/A N/A
57
#N/A N/A
File Dt
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Insurance Company
Date
26.03.2013
26.03.2013
21.03.2013
15.03.2013
15.03.2013
26.02.2013
25.02.2013
13.02.2013
07.02.2013
04.02.2013
25.01.2013
25.01.2013
25.01.2013
15.01.2013
26.10.2012
05.02.2011
27.03.2013
Kraft Foods Group Inc

Kraft Foods Group, Inc. is a food company. The Company is focused on consumer
packaged food and beverages for North American Grocery stores. Kraft Foods
offers a wide range of branded beverages, cheese, grocery products and
convenient meals.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2013)
52-Week Low (01.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KRFT UW EQUITY YTD Change
KRFT UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
52.28
42.29
659'166.00
51.36
-1.76%
21.45%
90.79%
593.4
30'475.62
35.00
0.0
0.0
39'805.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
s-12
.0 M
o-12
n-12
d-12
j-13
f-13
m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
17'708.0
2'662.0
-
60
31.12.2009
31.12.2010
17'278.0
17'797.0
3'314.0
3'307.0
2'170.0
3'531.0
Profitability
LTM-4Q
31.12.2011
18'655.0
3'285.0
1'839.0
-
31.12.2012
18'339.0
1'642.0
15.26x
3'285.00
2'811.00
15.33%
13.38%
31.8%
9.0%
1.27
0.35
0.16%
0.21%
-
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
9'100.0
3.93x
898.0
0.00x
560.0
0.00x
FY+1
592.55
7.11
14.05%
24
4.000
942'294
1'218'622
949'694
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
18'808.0
19'311.1
4'500.4
4'863.3
2.13x
2.03x
8.84x
8.22x
3'516.9
3'801.6
816.7
929.6
11.32x
10.47x
11.42x
11.18x
1'683.3
1'868.4
393.5
467.8
18.30x
16.45x
18.28x
17.78x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
19.07.2012
BBB
NEG
19.07.2012
A-2
821.25
721.00
0.2%
0.2%
35.12
20'000.0
18'000.0
1.00
16'000.0
14'000.0
0.80
0.60
0.40
12'000.0
10'000.0
8'000.0
6'000.0
4'000.0
0.20
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Kraft Foods Group Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
MORGAN STANLEY
JP MORGAN
STATE STREET
INVESCO LTD
FEDERATED INVESTORS
FMR LLC
MACQUARIE GROUP
NORGES BANK
UBS
STANDARD LIFE INVEST
Firm Name
EVA Dimensions
Goldman Sachs
BMO Capital Markets
Edward Jones
RBC Capital Markets
Argus Research Corp
Stifel
Jefferies
Davenport & Co
Morgan Stanley
Deutsche Bank
Credit Suisse
JPMorgan
Barclays
S&P Capital IQ
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
FEDERATED INVESTORS
n/a
BANK OF AMERICA
n/a
NORGES BANK
n/a
Analyst
ALICIA FORRY
AUSTIN BURKETT
DIANE GEISSLER
JASON ENGLISH
ALEXIA HOWARD
KENNETH B ZASLOW
BRIAN YARBROUGH
EDWARD AARON
JOHN D STASZAK
CHRISTOPHER R GROWE
THILO WREDE
ANN H GURKIN
JONATHAN P FEENEY
ERIC J LARSON
MATTHEW GRAINGER
ERIC R KATZMAN
ROBERT MOSKOW
KENNETH GOLDMAN
ANDREW LAZAR
THOMAS GRAVES
Source
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
Recommendation
buy
hold
outperform
neutral/neutral
market perform
outperform
hold
outperform
hold
buy
buy
buy
neutral
buy
Equalwt/In-Line
hold
outperform
neutral
overweight
hold
Amt Held
41'134'579
29'803'464
26'976'162
14'309'447
11'362'096
10'420'868
9'340'994
8'573'100
8'191'727
7'588'295
7'504'882
6'408'721
6'286'967
6'269'784
5'036'151
4'735'130
4'407'486
4'391'342
4'173'053
4'144'582
% Out
6.93
5.02
4.55
2.41
1.91
1.76
1.57
1.44
1.38
1.28
1.26
1.08
1.06
1.06
0.85
0.8
0.74
0.74
0.7
0.7
Weighting
Change
5
3
5
3
3
5
3
5
3
5
5
5
3
5
3
3
5
3
5
3
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
29'803'464
26'976'162
14'309'447
11'362'096
10'370'973
9'258'122
8'573'100
23'929
7'588'295
7'504'882
6'408'721
6'286'967
6'269'784
5'036'151
4'735'130
4'369'118
4'391'342
4'173'053
4'144'582
Target Price
56
#N/A N/A
54
51
47
53
#N/A N/A
50
#N/A N/A
49
52
53
46
50
47
46
50
49
51
46
File Dt
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.03.2013
22.03.2013
20.03.2013
17.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
07.03.2013
07.03.2013
01.03.2013
27.02.2013
21.02.2013
19.02.2013
18.02.2013
16.02.2013
15.02.2013
15.02.2013
15.02.2013
16.10.2012
27.03.2013
Liberty Global Inc

Liberty Global, Inc. owns interests in broadband, distribution, and content
companies operating outside the continental United States, principally in
Europe, Asia, and Latin America.
Price/Volume
80
7.0 M
70
6.0 M
60
5.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (11.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LBTYA UW EQUITY YTD Change
LBTYA UW EQUITY YTD % CHANGE
12/2012
12/yy
71.83
44.89
684'623.00
71.6
-0.32%
59.50%
99.15%
141.3
17'842.89
27'524.50
0.0
(124.9)
2'038.90
43'203.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
30
20
2.0 M
10
1.0 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
10'497.7
2.54x
4'361.8
6.12x
(788.9)
-
4.0 M
40
Valuation Analysis
31.12.2009
31.12.2010
7'497.4
8'364.2
4.24x
3.30x
3'203.0
3'770.7
9.93x
7.32x
(412.1)
388.2
Profitability
LTM-4Q
31.12.2011
9'510.8
3.63x
4'351.0
7.93x
(772.7)
-
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
31.12.2012
10'310.8
4.04x
4'757.2
8.76x
322.8
4'757.20
2'066.10
20.04%
-4.69%
0.86%
12.87%
0.28%
64.9%
46.1%
20.0%
3.1%
0.81
0.66
71.85%
1245.45%
10.62
-
Price/ Cash Flow
LTM
12/yy
9'510.8
13.73x
4'262.9
8.10x
(772.7)
0.00x
12/yy
10'310.8
14.84x
4'757.2
8.76x
322.8
0.00x
FY+1
0.00
1.00
130.15
26.19
41.84%
13.67%
0.997
12
4.667
655'993
720'674
702'148
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
13'284.4
14'933.4
2'732.2
2'771.4
3.19x
2.80x
5'731.6
6'476.4
1'306.0
1'328.0
7.54x
6.67x
8.11x
596.6
935.2
76.7
63.2
37.62x
24.31x
35.69x
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
06.02.2013
B+ *+
2.84
1.71
5.36
5.79
1245.5%
93.0%
0.28
0.78
34.46
71.82
-
7.00
12'000.0
6.00
10'000.0
5.00
8'000.0
4.00
6'000.0
3.00
4'000.0
2.00
2'000.0
1.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Liberty Global Inc

Holdings By:
All
Holder Name
BLACKROCK
COMCAST CORP
CASCADE INVESTMENT L
DODGE & COX
VANGUARD GROUP INC
FMR LLC
STATE STREET
MARATHON ASSET MANAG
TIGER GLOBAL MANAGEM
SLEEP, ZAKARIA & CO
GATES FOUNDATION
NORGES BANK
Firm Name
ISI Group
Evercore Partners
Barclays
HSBC
Morgan Stanley
Stifel
Goldman Sachs
JPMorgan
Credit Suisse
EVA Dimensions
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
DODGE & COX
VANGUARD GROUP INC
n/a
n/a
MARATHON ASSET MANAG
SLEEP, ZAKARIA & CO
BILL & MELINDA FOUND
NORGES BANK
Analyst
MATTHEW HARRIGAN
VIJAY JAYANT
BRYAN KRAFT
JEFFREY WLODARCZAK
MICHAEL BISHOP
NICOLAS COTE-COLISSON
BENJAMIN SWINBURNE
CHRISTOPHER C KING
TIMOTHY BODDY
DANIEL X MORRIS
JUSTIN FUNNELL
CRAIG STERLING
HENRIK NYBLOM
Source
ULT-AGG
13G
13F
13G/PRXY
13G
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
strong buy
overweight
buy
overweight
overweight
not rated
buy
not rated
restricted
outperform
sell
buy
Amt Held
10'240'573
8'584'691
8'102'429
7'681'369
7'381'014
3'900'000
3'758'684
3'672'844
3'626'082
3'605'167
2'958'710
2'655'038
2'635'034
2'471'200
2'385'018
2'300'000
2'210'000
2'119'515
2'056'197
1'872'138
% Out
7.25
6.07
5.73
5.43
5.22
2.76
2.66
2.6
2.57
2.55
2.09
1.88
1.86
1.75
1.69
1.63
1.56
1.5
1.45
1.32
Weighting
Change
5
5
5
5
5
5
#N/A N/A
5
#N/A N/A
#N/A N/A
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'720'594
3'593'100
(43'700)
(1'999'643)
1'474'161
(1'229'118)
191'797
(1'516'764)
57'469
897'807
(3'950'000)
(209'351)
187'404
Target Price
84
85
83
88
76
80
#N/A N/A
80
#N/A N/A
#N/A N/A
65
#N/A N/A
67
File Dt
25.03.2013
05.02.2013
31.12.2012
31.03.2012
16.06.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
18 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Corporation
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Endowment
Government
Investment Advisor
Date
26.03.2013
25.03.2013
07.03.2013
06.03.2013
26.02.2013
15.02.2013
14.02.2013
14.02.2013
05.02.2013
05.02.2013
21.01.2013
15.01.2013
14.12.2012
27.03.2013
Liberty Interactive Corp

Liberty Interactive Corporation owns interests in video and Internet commerce
businesses. The Company owns interests in home shopping television networks
and lifestyle and travel services Internet websites.
Price/Volume
25
7.0 M
6.0 M
20
5.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LINTA UW EQUITY YTD Change
LINTA UW EQUITY YTD % CHANGE
12/2012
12/yy
22.04
14.06
834'529.00
21.7
-1.54%
54.30%
95.74%
512.7
11'739.45
7'884.00
0.0
4'489.0
4'479.00
19'633.45
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
3.0 M
2.0 M
1.0 M
0
m-12
31.12.2009
31.12.2010
8'305.0
8'932.0
1.24x
1.53x
1'607.0
1'679.0
6.40x
8.14x
258.0
1'892.0
28.53x
19.47x
Profitability
LTM-4Q
31.12.2011
9'616.0
1.41x
1'774.0
7.63x
912.0
20.79x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
10'054.0
1.85x
1'809.0
10.29x
1'530.0
1'809.00
1'200.00
11.94%
19.74%
7.02%
21.77%
11.88%
0.46%
36.4%
18.0%
11.9%
15.2%
1.17
0.86
30.03%
104.26%
8.92
5.88
Price/ Cash Flow
m-12
j-12
j-12
LTM
12/yy
9'616.0
5.78x
1'774.0
7.63x
1'332.0
27.48x
a-12
12/yy
10'054.0
6.15x
1'809.0
10.29x
1'530.0
0.00x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
1.06
502.95
1.68
25.22%
10.26%
1.061
10
3.800
772'739
960'771
853'674
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'401.9
10'929.0
2'383.2
2'443.8
1.93x
1.89x
1'977.7
2'085.0
435.5
482.0
9.93x
9.42x
9.91x
9.69x
591.1
659.1
114.0
139.5
18.74x
15.69x
18.77x
18.14x
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
29.09.2011
BB
STABLE
4.19
3.40
1.88
4.36
104.3%
39.5%
0.46
8.49
41.04
62.29
37.50
65.83
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
8'079.0
0.91x
1'523.0
4.82x
(781.0)
-
15
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Liberty Interactive Corp

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

Life Technologies Corporation develops biotechnology tools used by researchers.
The Company offers a broad range of products and services, including systems,
instruments, reagents, and custom services. Life's portfolio of products
includes technologies for capillary electrophoresis based sequencing,
sequencing, mass spectrometry sample preparation, and cell culture.
Price/Volume
12/2012
12/yy
65.84
39.73
270'422.00
64.04
-2.73%
61.19%
93.11%
170.4
10'911.58
2'414.07
0.0
0.8
261.27
13'065.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
31.12.2009
31.12.2010
3'280.3
3'588.1
3.89x
3.44x
912.2
1'130.1
13.97x
10.94x
144.6
378.3
17.18x
45.49x
Profitability
3.0 M
2.5 M
30
2.0 M
1.5 M
20
1.0 M
10
0
m-12
.5 M
.0 M
a-12
LTM-4Q
31.12.2011
3'775.7
2.34x
1'160.6
7.61x
378.5
16.84x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'798.5
2.78x
1'166.9
9.04x
430.9
18.03x
1'166.86
737.97
19.43%
14.00%
4.83%
9.31%
7.36%
0.43%
56.2%
30.7%
19.4%
11.3%
1.36
0.80
27.95%
51.89%
5.69
4.26
Price/ Cash Flow
12/yy
3'775.7
10.90x
1'216.4
7.26x
412.8
15.50x
m-12
j-12
j-12
a-12
LTM
12/yy
3'798.5
11.06x
1'166.9
9.04x
430.9
18.16x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
1.14
169.33
2.38
31.36%
30.48%
1.136
25
3.640
607'425
554'846
624'773
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'928.5
4'071.3
959.9
980.9
3.28x
3.08x
13.60x
13.28x
1'387.3
1'458.3
298.7
302.3
9.42x
8.96x
10.62x
10.32x
762.1
817.9
184.6
188.3
14.65x
13.43x
14.65x
14.34x
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
29.11.2012
BBB+
STABLE
9.42
8.47
1.84
2.07
51.9%
34.2%
0.43
4.53
64.28
85.93
39.53
110.68
16.00
4'000.0
14.00
3'500.0
12.00
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
01.01.2010
3.5 M
40
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'620.3
4.67x
431.5
17.52x
5.7
8.18x
4.5 M
60
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LIFE UW EQUITY YTD Change
LIFE UW EQUITY YTD % CHANGE
70
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Life Technologies Corp

Holdings By:
All
Holder Name
PRIMECAP MANAGEMENT
PAULSON & CO
BLACKROCK
VANGUARD GROUP INC
STATE STREET
BAILLIE GIFFORD AND
TCW GROUP INC
GLOBAL THEMATIC PART
INVESCO LTD
SOUND SHORE MANAGEME
GOLDMAN SACHS GROUP
DEUTSCHE BANK AG
SECTORAL ASSET MANAG
ORBIMED ADVISORS LLC
ARIEL INVESTMENTS LL
Firm Name
Cowen and Company
Edward Jones
EVA Dimensions
Leerink Swann & Co
William Blair & Co
Cantor Fitzgerald
Oppenheimer & Co
Piper Jaffray
Macquarie
Morgan Stanley
Goldman Sachs
Credit Suisse
First Analysis Corp
JPMorgan
Maxim Group LLC
Barclays
ISI Group
Jefferies
S&P Capital IQ
Portfolio Name
PRIMECAP MANAGEMENT
PAULSON & CO
n/a
VANGUARD GROUP INC
n/a
GLOBAL THEMATIC PART
INVESCO LTD
SOUND SHORE MANAGEME
GOLDMAN SACHS GROUP
ORBIMED ADVISORS LLC
ARIEL INVESTMENTS LL
Analyst
DOUG SCHENKEL
MATTHEW D COLLINS
ANDREW S ZAMFOTIS
PETER R LAWSON
DANIEL L LEONARD
AMANDA MURPHY
SUNG JI NAM
DAVID FERREIRO
WILLIAM R QUIRK
JONATHAN P GROBERG
DIFEI YANG
DANIEL BRENNAN
ISAAC RO
VAMIL DIVAN
GREG CHODACZEK
TYCHO W PETERSON
JEFF T ELLIOTT
BRYAN BROKMEIER
PAUL R KNIGHT
ROSS MUKEN
JON WOOD
JEFFREY LOO
Source
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
neutral
hold
hold
neutral
market perform
market perform
hold
outperform
neutral
outperform
buy
Equalwt/In-Line
Sell/Neutral
outperform
equalweight
neutral
outperform
buy
outperform
equalweight
neutral
buy
buy
Amt Held
14'793'545
14'000'000
11'195'648
10'978'751
10'156'540
7'397'920
4'031'469
3'834'794
3'630'809
2'909'700
2'590'100
2'380'152
2'285'527
2'283'930
2'178'356
2'131'565
2'028'205
1'956'408
1'904'500
1'878'931
% Out
8.68
8.22
6.57
6.44
5.96
4.34
2.37
2.25
2.13
1.71
1.52
1.4
1.34
1.34
1.28
1.25
1.19
1.15
1.12
1.1
Weighting
Change
3
3
3
3
3
3
3
5
3
5
5
3
1
5
3
3
5
5
5
3
3
5
5
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
M
M
Latest Chg
(35'709)
486'200
(248'867)
98'046
236'947
407'632
(474'879)
66'865
(537'311)
(102'116)
(790'013)
7'934
104'323
(109'790)
(135'972)
562'723
(50'585)
(25'800)
390'771
Target Price
#N/A N/A
#N/A N/A
#N/A N/A
60
#N/A N/A
#N/A N/A
58
67
63
66
74
#N/A N/A
48
69
45
64
66
75
74
60
65
58
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
18 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
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
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Date
25.03.2013
22.03.2013
11.03.2013
07.03.2013
05.03.2013
25.02.2013
25.02.2013
24.02.2013
22.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
18.01.2013
02.10.2012
27.03.2013
Linear Technology Corp

Linear Technology Corporation designs, manufactures, and markets a line of
linear integrated circuits. The Company's products include high performance
amplifiers, comparators, voltage references, monolithic filters, linear
regulators, DC-DC converters, battery chargers, data converters, communications
interface circuits, and RF signal conditioning circuits.
Price/Volume
45
6.0 M
40
5.0 M
35
30
4.0 M
25
06/2012
12/yy
38.80
28.28
516'325.00
37.9
-2.32%
34.02%
91.44%
232.6
8'814.23
805.60
0.0
0.0
1'203.06
8'330.79
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
30.06.2009
30.06.2010
968.5
1'170.0
5.82x
5.72x
464.0
608.9
12.15x
10.98x
289.2
361.3
18.96x
17.96x
Profitability
1.0 M
5
0
m-12
.0 M
a-12
LTM-4Q
30.06.2011
1'484.0
5.04x
817.4
9.14x
580.8
13.32x
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
30.06.2012
1'266.6
5.38x
638.0
10.67x
398.1
18.32x
637.97
582.04
45.95%
42.31%
21.70%
56.66%
28.42%
0.70%
75.3%
49.6%
45.2%
31.4%
8.83
7.95
43.52%
109.38%
9.02
3.92
Price/ Cash Flow
01/yy
1'336.0
20.77x
706.1
9.36x
496.1
13.90x
m-12
j-12
j-12
a-12
LTM
12/yy
1'282.8
22.14x
636.2
11.54x
395.8
20.00x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
3.32
1.12
229.91
8.16
16.78%
10.50%
1.122
26
3.615
589'471
885'074
957'049
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
1'287.0
1'430.5
313.5
329.9
6.36x
5.56x
26.23x
24.81x
630.7
723.8
151.0
162.9
13.21x
11.51x
12.56x
11.92x
428.6
503.5
109.1
111.7
21.20x
18.34x
19.46x
18.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.43
12.67
-0.76
1.28
109.4%
52.2%
0.70
4.01
40.36
92.94
12.83
121.69
20.00
1'600.0
18.00
1'400.0
16.00
1'200.0
14.00
1'000.0
12.00
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
03.07.2009
2.0 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
1'175.2
6.73x
616.8
12.83x
387.6
18.96x
3.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LLTC UW EQUITY YTD Change
LLTC UW EQUITY YTD % CHANGE
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Linear Technology Corp

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
INVESCO LTD
JP MORGAN
GOLDMAN SACHS GROUP
FMR LLC
NORGES BANK
Firm Name
BMO Capital Markets
MKM Partners
Longbow Research
ISI Group
Stifel
Drexel Hamilton LLC
Deutsche Bank
Credit Suisse
JPMorgan
Raymond James
Macquarie
Morgan Stanley
Goldman Sachs
Jefferies
Oppenheimer & Co
Nomura
Piper Jaffray
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
BANK OF AMERICA
INVESCO LTD
n/a
GOLDMAN SACHS GROUP
n/a
n/a
NORGES BANK
Analyst
AMBRISH SRIVASTAVA
DAVID M WONG
DANIEL A BERENBAUM
JOANNE FEENEY
WILLIAM STEIN
SUMIT DHANDA
TORE E SVANBERG
RICHARD WHITTINGTON
ROSS C SEYMORE
JOHN W PITZER
CHRISTOPHER DANELY
J STEVEN SMIGIE
SHAWN WEBSTER
CHRISTOPHER CASO
JOSEPH MOORE
JAMES V COVELLO
MARK J LIPACIS
MICHAEL MCCONNELL
CRAIG ELLIS
RICHARD SCHAFER
ROMIT SHAH
AUGUSTE P RICHARD
ANDREW S ZAMFOTIS
Source
ULT-AGG
13F
13F
13F
Sch-D
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
Recommendation
market perform
outperform
neutral
buy
neutral
strong buy
buy
buy
hold
outperform
underweight
underperform
outperform
neutral
Equalwt/In-Line
neutral/attractive
hold
underperform
neutral
outperform
neutral
overweight
overweight
Amt Held
28'051'250
17'490'900
15'279'740
14'457'182
13'355'946
13'149'330
9'811'143
8'233'100
6'790'653
6'644'258
5'525'424
3'969'889
3'918'427
3'376'310
3'328'502
2'833'058
2'826'455
2'714'529
2'524'415
1'861'718
% Out
12.06
7.52
6.57
6.22
5.74
5.65
4.22
3.54
2.92
2.86
2.38
1.71
1.68
1.45
1.43
1.22
1.22
1.17
1.09
0.8
Weighting
Change
3
5
3
5
3
5
5
5
3
5
1
1
5
3
3
3
3
1
3
5
3
5
5
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'505'250)
23'904
(1'018'036)
1'493
(19'937)
101'134
652'100
294'543
6'017'757
373'526
(3'419'188)
475'836
(62'075)
83'206
(425'282)
(97'291)
1'073'440
412'780
251'633
Target Price
35
#N/A N/A
33
42
36
43
42
45
33
40
25
#N/A N/A
37
35
#N/A N/A
35
38
#N/A N/A
34
43
30
39
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
30.09.2012
Insurance Company
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Government
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
18 month
12 month
12 month
Not Provided
Date
25.03.2013
25.03.2013
22.03.2013
20.03.2013
12.03.2013
11.03.2013
20.02.2013
13.02.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
16.01.2013
15.01.2013
27.03.2013
Mattel Inc
Mattel, Inc. designs, manufactures, and markets a broad variety of children's
toy products on a worldwide basis. The Company sells its products to retailers
and directly to consumers. Mattel's products include branded fashion dolls,
infant and preschool products, toy cars, and electrical vehicles, among others.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MAT UW EQUITY YTD Change
MAT UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
43.99
30.15
546'242.00
43.56
-0.98%
44.48%
96.89%
344.5
15'006.96
1'509.84
0.0
0.0
1'335.71
15'181.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
5'430.8
5'856.2
1.26x
1.50x
901.0
1'067.7
7.62x
8.24x
528.7
684.9
14.58x
14.05x
Profitability
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.12.2011
6'266.0
1.52x
1'202.4
7.94x
768.5
12.73x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'420.9
1.98x
1'195.3
10.63x
776.5
14.83x
1'195.30
1'021.02
15.90%
14.72%
12.73%
27.24%
19.43%
1.05%
53.1%
18.6%
15.9%
12.1%
2.07
1.49
23.13%
49.23%
5.19
6.33
Price/ Cash Flow
12/yy
6'266.1
6.08x
1'202.4
7.94x
768.5
12.56x
LTM
12/yy
6'420.9
7.90x
1'195.3
10.63x
776.5
14.65x
FY+1
2.85
0.81
343.14
6.02
31.32%
20.00%
0.815
14
4.286
709'740
725'401
846'019
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'833.8
7'142.3
983.4
1'223.1
2.23x
2.13x
1'481.8
1'577.3
89.4
189.7
10.25x
9.63x
10.33x
967.3
1'042.7
30.5
109.1
15.56x
14.21x
15.53x
15.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.04.2011
BBB+
STABLE
23.04.2010
A-2
13.46
10.99
0.15
1.26
49.2%
33.0%
1.05
11.50
70.50
57.85
44.09
84.25
18.00
7'000.0
16.00
6'000.0
14.00
5'000.0
12.00
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'918.0
1.02x
713.9
8.43x
379.6
15.24x
50
45
40
35
30
25
20
15
10
5
0
m-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mattel Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
PRIMECAP MANAGEMENT
CORNERSTONE INVESTME
INVESCO LTD
EDGE ASSET MANAGEMEN
NORGES BANK
Firm Name
MKM Partners
EVA Dimensions
Stifel
BMO Capital Markets
Goldman Sachs
Longbow Research
Needham & Co
Barclays
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
PRIMECAP MANAGEMENT
n/a
ARTISAN PARTNERS LP
INVESCO LTD
NORGES BANK
Analyst
ERIC O HANDLER
LINDA BOLTON WEISER
JIM CHARTIER
CRAIG STERLING
DREW E CRUM
GERRICK L JOHNSON
MICHAEL A SWARTZ
TIMOTHY A CONDER
MICHAEL KELTER
JAMES L HARDIMAN
SEAN P MCGOWAN
SCOTT W HAMANN
FELICIA R KANTOR HENDRIX
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
buy
neutral
hold
hold
outperform
buy
outperform
neutral/cautious
buy
buy
buy
equalweight
Amt Held
30'339'567
27'510'900
21'552'139
19'932'925
16'419'806
15'622'302
13'796'644
9'035'305
7'773'226
6'818'003
6'423'432
5'845'037
5'289'229
4'744'712
3'802'167
3'728'848
3'194'203
3'103'095
2'953'635
2'838'342
% Out
8.81
7.99
6.26
5.79
4.77
4.53
4
2.62
2.26
1.98
1.86
1.7
1.54
1.38
1.1
1.08
0.93
0.9
0.86
0.82
Weighting
Change
5
5
3
3
3
5
5
5
3
5
5
5
3
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(862'000)
(1'227'792)
606'526
(1'588'071)
209'910
488'774
(28'000)
(409'088)
(153'300)
(313'838)
52'526
545'032
(600)
(352'951)
29'712
(50'725)
(75'421)
182'402
342'408
Target Price
45
47
36
#N/A N/A
#N/A N/A
50
45
#N/A N/A
40
45
42
42
39
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
25.03.2013
20.03.2013
20.03.2013
11.03.2013
05.03.2013
19.02.2013
19.02.2013
19.02.2013
14.02.2013
11.02.2013
04.02.2013
03.02.2013
01.02.2013
27.03.2013
Maxim Integrated Products Inc

Maxim Integrated Products, Inc. designs, develops, manufactures, and markets a
broad range of linear and mixed-signal integrated circuits. The Company also
provides a range of high-frequency design processes and capabilities that can be
used in custom design.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MXIM UW EQUITY YTD Change
MXIM UW EQUITY YTD % CHANGE
06/2012
12/yy
33.66
23.55
569'160.00
32.17
-4.43%
36.60%
85.26%
292.5
9'409.02
309.09
0.0
0.0
956.39
8'687.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
30
3.0 M
25
2.5 M
20
2.0 M
15
1.5 M
10
1.0 M
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
2'052.8
2.69x
601.6
9.16x
317.7
20.79x
35
30.06.2009
30.06.2010
1'646.0
1'997.6
2.44x
2.36x
302.0
467.2
13.31x
10.08x
10.5
125.1
80.60x
32.24x
Profitability
LTM-4Q
30.06.2011
2'472.3
2.59x
879.3
7.30x
489.0
14.97x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
2'403.5
2.85x
782.8
8.76x
386.7
20.19x
782.77
571.68
23.78%
22.16%
10.18%
14.54%
13.16%
0.66%
60.4%
33.3%
24.5%
16.1%
2.25
1.69
8.27%
12.18%
9.42
3.86
Price/ Cash Flow
12/yy
2'460.6
10.96x
839.7
8.44x
483.4
16.48x
LTM
12/yy
2'404.5
12.26x
800.9
9.66x
369.7
18.54x
FY+1
2.86
1.13
288.85
4.47
15.14%
10.23%
1.130
28
4.250
608'001
835'056
905'496
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
2'464.7
2'685.5
595.9
630.8
3.47x
3.07x
14.44x
13.54x
853.3
972.5
201.1
223.6
10.18x
8.93x
9.68x
9.30x
528.4
629.6
123.6
141.8
18.01x
15.27x
16.65x
15.97x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
09.05.2012
BBB+
STABLE
379.25
251.17
-0.90
0.39
12.2%
10.9%
0.66
1.76
38.66
94.28
42.85
91.09
16.00
3'000.0
14.00
2'500.0
12.00
2'000.0
10.00
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Maxim Integrated Products Inc

Holdings By:
All
Holder Name
DODGE & COX
VANGUARD GROUP INC
BLACKROCK
JENNISON ASSOCIATES
INVESCO LTD
STATE STREET
FMR LLC
ARROWSTREET CAP LIMI
NORGES BANK
FRONTIER CAPITAL MAN
Firm Name
BMO Capital Markets
MKM Partners
Longbow Research
Jefferies
RBC Capital Markets
ISI Group
Stifel
Deutsche Bank
Morgan Stanley
Credit Suisse
Needham & Co
Raymond James
Macquarie
Barclays
EVA Dimensions
Goldman Sachs
JPMorgan
Oppenheimer & Co
Nomura
Portfolio Name
n/a
DODGE & COX
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
INVESCO LTD
n/a
n/a
ARROWSTREET CAPITAL
n/a
NORGES BANK
FRONTIER CAPITAL MAN
Analyst
AMBRISH SRIVASTAVA
DAVID M WONG
CHRISTOPHER CASO
DANIEL A BERENBAUM
BRENDAN FURLONG
JOANNE FEENEY
MARK J LIPACIS
CRAIG ELLIS
DOUG FREEDMAN
SUMIT DHANDA
TORE E SVANBERG
ROSS C SEYMORE
JOSEPH MOORE
JOHN W PITZER
VERNON P ESSI JR
J STEVEN SMIGIE
SHAWN WEBSTER
BLAYNE CURTIS
ANDREW S ZAMFOTIS
JAMES V COVELLO
WILLIAM STEIN
CHRISTOPHER DANELY
MICHAEL MCCONNELL
RICHARD SCHAFER
ROMIT SHAH
Source
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
market perform
market perform
Positive
neutral
buy
neutral
buy
buy
outperform
buy
buy
hold
Overwt/In-Line
neutral
buy
outperform
neutral
equalweight
overweight
neutral/attractive
buy
overweight
outperform
outperform
buy
Amt Held
108'455'920
23'693'247
17'278'700
13'893'017
12'687'449
9'109'810
7'632'685
6'738'689
5'842'288
5'830'315
4'222'341
3'734'853
2'666'100
2'598'638
2'514'342
2'426'235
2'414'380
2'156'890
2'042'935
2'019'368
% Out
37.08
8.1
5.91
4.75
4.34
3.11
2.61
2.3
2
1.99
1.44
1.28
0.91
0.89
0.86
0.83
0.83
0.74
0.7
0.69
Weighting
Change
3
3
4
3
5
3
5
5
5
5
5
3
5
3
5
5
3
3
5
3
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
(10'800)
(62'238)
(1'395'900)
830'470
(706'667)
23'440
(1'417'942)
(919'402)
88'475
3'523'668
(4'365'577)
776'016
(484'200)
1'358'506
(501'228)
(566'875)
269'489
215'797
(3'169)
529'010
Target Price
30
#N/A N/A
37
35
36
#N/A N/A
38
36
33
37
37
32
35
31
37
35
34
30
#N/A N/A
30
36
35
36
38
34
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
9 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Government
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
20.03.2013
18.03.2013
15.03.2013
11.03.2013
11.03.2013
01.03.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
27.03.2013
Microchip Technology Inc

Microchip Technology Incorporated designs, manufactures, and markets
microcontrollers, related mixed-signal and memory products, and application
development systems for high-volume embedded control applications. The Company
also designs, develops, and markets linear/mixed-signal, power management, and
thermal management products.
Price/Volume
40
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MCHP UW EQUITY YTD Change
MCHP UW EQUITY YTD % CHANGE
03/2012
12/yy
37.63
28.93
361'417.00
36.71
-2.43%
26.89%
89.48%
195.4
7'171.76
355.05
0.0
0.0
1'459.01
6'520.87
31.03.2008
1'035.7
5.66x
428.7
13.66x
297.7
22.89x
15
10
5
0
m-12
31.03.2009
31.03.2010
903.3
947.7
3.12x
4.58x
335.8
336.3
8.39x
12.92x
245.6
217.0
19.44x
25.14x
Profitability
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.03.2011
1'487.2
4.24x
582.7
10.83x
419.0
17.44x
31.03.2012
1'383.2
4.40x
496.8
12.24x
336.7
22.41x
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
496.78
397.35
28.73%
27.45%
4.32%
7.67%
6.87%
0.43%
57.3%
27.2%
16.2%
24.3%
8.13
6.57
11.51%
17.84%
9.12
2.92
Price/ Cash Flow
12/yy
1'424.3
16.38x
528.1
11.52x
381.6
19.80x
LTM
12/yy
1'490.4
15.21x
405.4
14.10x
148.3
21.30x
FY+1
3.82
1.06
189.47
18.21
3.72%
13.71%
1.058
19
3.789
472'521
591'991
577'364
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
1'600.1
1'845.4
427.3
446.2
4.06x
3.38x
15.11x
14.29x
459.3
553.0
109.5
125.1
14.20x
11.79x
12.89x
12.14x
377.7
449.3
98.2
103.8
19.96x
17.11x
17.96x
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
14.50
12.68
-1.61
2.40
17.8%
15.1%
0.43
2.82
40.12
125.55
23.19
135.16
20.00
1'600.0
18.00
1'400.0
16.00
1'200.0
14.00
1'000.0
12.00
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
03.04.2009
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

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

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
SANGHI STEVE
INVESCO LTD
PRINCIPAL FINANCIAL
SANTA BARBARA ASSET
Firm Name
Longbow Research
ISI Group
JPMorgan
Jefferies
Needham & Co
Stephens Inc
Stifel
Goldman Sachs
Credit Suisse
EVA Dimensions
Nomura
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
INVESCO LTD
n/a
SANTA BARBARA ASSET
Analyst
CHRISTOPHER CASO
BRENDAN FURLONG
JOANNE FEENEY
CRAIG ELLIS
SUMIT DHANDA
WILLIAM STEIN
CHRISTOPHER DANELY
MARK J LIPACIS
RAJVINDRA S. GILL
HARSH KUMAR
KEVIN E CASSIDY
CODY G ACREE
JAMES SCHNEIDER
JOHN W PITZER
MICHAEL MCCONNELL
RUBEN ROY
ANDREW S ZAMFOTIS
ROMIT SHAH
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
Form 4
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
Positive
hold
buy
neutral
strong buy
neutral
neutral
buy
buy
overweight
buy
hold
neutral/attractive
outperform
sector perform
neutral
underweight
not rated
Amt Held
20'652'289
11'449'663
10'215'984
8'053'745
7'958'920
7'183'656
6'603'405
6'486'159
5'719'227
5'203'186
3'536'082
3'440'055
3'410'255
3'241'640
2'974'983
2'375'073
2'237'470
2'230'888
2'216'560
2'130'894
% Out
10.57
5.86
5.23
4.12
4.07
3.68
3.38
3.32
2.93
2.66
1.81
1.76
1.75
1.66
1.52
1.22
1.15
1.14
1.13
1.09
Weighting
Change
4
3
5
3
5
3
3
5
5
5
5
3
3
5
3
3
1
#N/A N/A
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'371'574
300'700
223'203
(2'753'385)
(1'131'696)
3'191'490
338'710
(551'987)
(203'808)
213'301
94'169
(55'818)
270'068
(503'649)
2'237'470
7'909
(122'889)
250'691
Target Price
40
36
41
38
42
38
34
41
40
43
40
#N/A N/A
33
40
#N/A N/A
40
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
01.03.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
25.03.2013
21.03.2013
20.03.2013
15.03.2013
13.03.2013
12.03.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
16.01.2013
21.02.2012
27.03.2013
Micron Technology Inc

Micron Technology, Inc., through its subsidiaries, manufactures and markets
dynamic random access memory chips (DRAMs), very fast static random access
memory chips (SRAMs), Flash Memory, other semiconductor components, and
memory modules.
Price/Volume
12
25.0 M
10
20.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (22.03.2013)
52-Week Low (24.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MU UW EQUITY YTD Change
MU UW EQUITY YTD % CHANGE
08/2012
02/yy
10.27
5.16
5'504'563.00
9.92
-3.36%
92.25%
93.24%
1'021.8
10'136.06
3'262.00
0.0
717.0
2'559.00
11'742.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
2
0
m-12
31.08.2009
31.08.2010
4'803.0
8'482.0
1.95x
0.95x
1'241.0
3'584.0
7.57x
2.24x
(1'882.0)
1'850.0
4.35x
Profitability
LTM-4Q
31.08.2011
8'788.0
0.79x
2'860.0
2.42x
167.0
52.18x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.08.2012
8'234.0
0.94x
1'523.0
5.06x
(1'032.0)
1'523.00
-618.00
-7.51%
-12.73%
-8.01%
-14.77%
0.57%
11.8%
18.2%
-6.4%
-12.5%
2.57
1.72
22.77%
42.36%
6.52
3.69
Price/ Cash Flow
j-12
j-12
LTM
03/yy
8'378.0
4.13x
2'134.0
4.76x
(529.0)
0.00x
a-12
02/yy
8'047.0
4.11x
1'467.0
6.93x
(1'124.0)
0.00x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
1.52
1'009.96
83.50
15.69%
56.22%
1.518
28
4.286
9'777'688
6'844'282
5'904'880
FY+2
FQ+1
FQ+2
08/13 Y
08/14 Y
05/13 Q3 08/13 Q4
8'633.0
10'369.0
2'211.9
2'493.1
1.39x
1.05x
5.60x
4.85x
2'125.8
3'140.6
599.1
740.6
5.52x
3.74x
4.10x
3.89x
(441.7)
728.5
3.7
86.9
13.16x
24.99x
17.59x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.06.2011
BBNEG
8.51
-0.98
0.60
2.49
42.4%
27.9%
0.57
1.12
55.80
98.70
63.05
85.52
9.00
10'000.0
8.00
9'000.0
7.00
8'000.0
7'000.0
6.00
6'000.0
5.00
4.00
5'000.0
4'000.0
3.00
3'000.0
2.00
2'000.0
1.00
1'000.0
0.00
04.09.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.08.2008
5'841.0
1.28x
1'243.0
6.03x
(1'619.0)
-
15.0 M
Valuation Analysis
0.0
04.03.2010
04.09.2010
04.03.2011
04.09.2011
04.03.2012
04.09.2012
04.03.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Micron Technology Inc

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
ALLIANCE BERNSTEIN
STATE STREET
FMR LLC
PRIMECAP MANAGEMENT
DONALD SMITH & CO IN
DEUTSCHE BANK AG
INVESCO LTD
APG ALL PENSIONS GRO
CHILTON INVESTMENT C
JP MORGAN
GOLDMAN SACHS GROUP
Firm Name
Drexel Hamilton LLC
Deutsche Bank
Credit Suisse
JPMorgan
Jefferies
Wedbush
Raymond James
Macquarie
Stifel
Nomura
JMP Securities
Cross Research
Piper Jaffray
MKM Partners
RBC Capital Markets
EVA Dimensions
Goldman Sachs
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
PRIMECAP MANAGEMENT
DONALD SMITH & CO IN
INVESCO LTD
CHILTON INVESTMENT C
n/a
GOLDMAN SACHS GROUP
Analyst
VIJAY R RAKESH
MEHDI HOSSEINI
TRISTAN GERRA
DAVID M WONG
RICHARD WHITTINGTON
BOB GUJAVARTY
KRISHNA SHANKAR
JOHN W PITZER
HARLAN SUR
SUNDEEP BAJIKAR
MONIKA GARG
MARK C NEWMAN
BETSY VAN HEES
HANS C MOSESMANN
DEEPON NAG
KEVIN E CASSIDY
SIDNEY HO
ALEX GAUNA
DANIEL L AMIR
STEVEN B FOX
JAGADISH IYER
DANIEL A BERENBAUM
RYAN GOODMAN
DOUG FREEDMAN
ANDREW S ZAMFOTIS
JAMES SCHNEIDER
Source
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
buy
negative
outperform
outperform
buy
hold
buy
outperform
neutral
buy
sector perform
outperform
outperform
strong buy
neutral
buy
neutral
market outperform
neutral
buy
overweight
buy
outperform
outperform
sell
not rated
Amt Held
125'476'301
60'550'589
50'499'416
42'218'703
39'840'863
33'406'492
31'718'427
28'790'003
24'163'605
17'859'015
17'129'392
12'962'251
11'894'373
10'214'814
9'763'392
9'115'178
8'524'323
8'349'036
8'278'733
7'017'746
% Out
12.28
5.93
4.94
4.13
3.9
3.27
3.1
2.82
2.36
1.75
1.68
1.27
1.16
1
0.96
0.89
0.83
0.82
0.81
0.69
Weighting
Change
5
2
5
5
5
3
5
5
3
5
3
5
5
5
3
5
3
4
3
5
5
5
5
5
1
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
4'582'077
2'317'884
(10'593'378)
831'587
866'623
(11'298'006)
(15'600)
8'389'121
994'097
4'261'143
3'279'608
151'756
(1'121'455)
(85'548)
(1'357'681)
(1'163'914)
(31'653)
7'171'600
4'191'821
(12'538'081)
Target Price
12
7
12
#N/A N/A
15
9
12
14
11
15
#N/A N/A
11
11
12
10
14
9
10
#N/A N/A
12
12
11
11
12
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
9 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
15.01.2013
10.05.2012
27.03.2013
Microsoft Corp
Microsoft Corporation develops, manufactures, licenses, sells, and supports
software products. The Company offers operating system software, server
application software, business and consumer applications software, software
development tools, and Internet and intranet software. Microsoft also develops
video game consoles and digital music entertainment devices.
Price/Volume
35
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
30
25
20
Valuation Analysis
15
Latest Fiscal Year:

LTM as of:
52-Week High (20.04.2012)
52-Week Low (05.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MSFT UW EQUITY YTD Change
MSFT UW EQUITY YTD % CHANGE
06/2012
12/yy
32.89
26.26
2'197'460.00
28.245
-14.11%
7.56%
28.68%
8'376.2
236'587.05
11'944.00
0.0
0.0
63'040.00
182'463.04
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
60'420.0
3.77x
24'548.0
9.29x
17'681.0
14.48x
10
30.06.2009
30.06.2010
58'437.0
62'484.0
3.18x
2.70x
23'255.0
26'830.0
8.00x
6.28x
14'569.0
18'760.0
13.66x
10.96x
Profitability
LTM-4Q
30.06.2011
69'943.0
2.53x
29'927.0
5.91x
23'150.0
9.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
73'723.0
2.78x
30'923.0
6.64x
16'978.0
11.21x
30'923.00
27'956.00
37.92%
30.20%
12.83%
22.62%
19.36%
0.61%
76.2%
39.9%
35.4%
23.0%
2.60
2.41
9.85%
18.00%
5.22
11.94
Price/ Cash Flow
LTM
12/yy
72'052.0
9.64x
29'890.0
5.95x
23'468.0
9.58x
12/yy
72'930.0
10.89x
29'120.0
5.82x
15'459.0
10.43x
FY+1
3.04
0.91
7'614.41
97.89
-10.71%
6.53%
0.915
44
4.273
9'421'840
10'647'497
11'226'720
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
79'389.8
85'800.8
20'595.4
21'270.2
2.08x
1.68x
8.48x
8.00x
32'245.0
35'418.9
8'109.5
8'584.3
5.67x
5.16x
5.33x
5.29x
23'860.5
26'104.8
6'444.0
6'550.7
9.96x
9.00x
9.11x
9.16x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.09.2008
AAA
STABLE
09.03.2011
NR
81.38
75.31
-1.86
0.49
18.0%
15.3%
0.61
8.73
70.16
30.66
82.47
13.98
14.00
80'000.0
12.00
70'000.0
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Microsoft Corp
Holdings By:
All
Holder Name
BLACKROCK
GATES III WILLIAM HE
VANGUARD GROUP INC
BALLMER STEVEN ANTHO
STATE STREET
INVESCO LTD
FMR LLC
JP MORGAN
MORGAN STANLEY
FRANKLIN RESOURCES
DODGE & COX
NORGES BANK
PRIMECAP MANAGEMENT
DEUTSCHE BANK AG
Firm Name
BMO Capital Markets
Stifel
Cowen and Company
Longbow Research
JPMorgan
Evercore Partners
Morgan Stanley
Raymond James
Nomura
Griffin Securities
Cross Research
MKM Partners
Jyske Bank
Edward Jones
Oppenheimer & Co
Argus Research Corp
Hilliard Lyons
Deutsche Bank
Goldman Sachs
RBC Capital Markets
Credit Suisse
Jefferies
FBR Capital Markets
BGC Partners
S&P Capital IQ
Barclays
EVA Dimensions
Hamburger Sparkasse
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
n/a
n/a
n/a
n/a
DODGE & COX
NORGES BANK
PRIMECAP MANAGEMENT
BANK OF AMERICA
Analyst
KARL KEIRSTEAD
BRAD REBACK
GREGG MOSKOWITZ
KEVIN M BUTTIGIEG
JOHN DIFUCCI
MARK L MOERDLER
KEITH WEISS
MICHAEL TURITS
RICHARD G SHERLUND
JAY VLEESCHHOUWER
RICHARD T WILLIAMS
ISRAEL HERNANDEZ
ROBERT JAKOBSEN
BRENDAN BARNICLE
JOSH OLSON
KAZUYA NISHIMURA
SHAUL EYAL
YUN KIM
JOSEPH F BONNER
STEPHEN TURNER
MARKUS FRIEBEL
THOMAS ERNST JR
HEATHER BELLINI
MATTHEW HEDBERG
PHILIP WINSLOW
ROSS MACMILLAN
DAVID M HILAL
COLIN W GILLIS
ANGELO ZINO
CHRISTOPHER HICKEY
EDWARD MAGUIRE
RAIMO LENSCHOW
JASON MAYNARD
ANDREW S ZAMFOTIS
IVAN FEINSETH
MARCO GUENTHER
SID PARAKH
JAMES D RAGAN
Source
ULT-AGG
Form 4
13F
PROXY
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
market perform
buy
outperform
buy
neutral
outperform
equalweight
Equalwt/In-Line
outperform
buy
buy
buy
neutral
buy
sector perform
buy
outperform
outperform
neutral
hold
buy
hold
buy
neutral/neutral
sector perform
outperform
hold
market perform
buy
strong buy
overweight
buy
equalweight
market perform
buy
neutral
buy
buy
buy
Amt Held
445'443'578
421'411'775
343'251'826
333'252'990
331'613'585
326'298'009
149'430'083
134'373'549
120'328'290
113'075'761
105'829'897
102'690'425
84'045'210
75'890'832
73'457'901
68'095'523
66'902'672
63'588'305
62'016'508
58'477'141
% Out
5.32
5.03
4.1
3.98
3.96
3.9
1.78
1.6
1.44
1.35
1.26
1.23
1
0.91
0.88
0.81
0.8
0.76
0.74
0.7
Weighting
Change
3
5
5
5
3
5
3
3
5
5
5
5
3
5
3
5
5
5
3
3
5
3
5
3
3
5
3
3
5
5
5
5
3
3
5
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
13'636'630
(7'000'000)
5'359'366
15'606'940
7'695'629
(12'969'628)
1'319'949
(44'811'714)
(109'672)
330'681
(36'166'932)
1'827'246
3'691'748
(5'832'161)
7'165'720
5'081'777
3'768'764
400'990
6'032'465
Target Price
30
36
#N/A N/A
33
30
37
30
#N/A N/A
34
32
38
37
27
32
#N/A N/A
#N/A N/A
31
36
28
#N/A N/A
35
31
31
30
33
38
31
30
31
35
35
36
29
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
36
36
File Dt
25.03.2013
06.02.2013
31.12.2012
14.09.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
13.03.2013
13.03.2013
12.03.2013
12.03.2013
11.03.2013
07.03.2013
04.03.2013
01.03.2013
01.03.2013
20.02.2013
05.02.2013
29.01.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
15.01.2013
03.12.2012
27.11.2012
23.07.2012
20.07.2012
27.03.2013
Mondelez International Inc

Mondelez International Inc. is a food and beverage company. The Company
manufactures and markets packaged food products, including snacks, beverages,
cheese, convenient meals and various packaged grocery products. Mondelez
International sells its products throughout the world.
Price/Volume
35
30.0 M
30
25.0 M
25
20.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MDLZ UW EQUITY YTD Change
MDLZ UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
10
5.0 M
5
0
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
41'932.0
1.40x
5'945.0
9.84x
2'884.0
22.95x
15.0 M
15
12/2012
12/yy
30.30
24.27
1'073'854.00
30.08
-0.68%
23.92%
93.11%
1'778.3
53'490.89
19'425.00
0.0
140.0
4'475.00
68'580.89
31.12.2009
31.12.2010
38'754.0
49'207.0
1.47x
1.65x
6'056.0
7'130.0
9.44x
11.42x
3'021.0
4'114.0
14.61x
15.60x
Profitability
LTM-4Q
31.12.2011
35'810.0
2.54x
4'978.0
18.30x
3'527.0
38.92x
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
31.12.2012
35'015.0
1.72x
5'028.0
12.00x
3'028.0
18.31x
5'028.00
3'683.00
10.52%
5.07%
3.58%
8.98%
7.71%
0.58%
37.3%
15.8%
13.1%
8.6%
1.05
0.71
25.74%
60.30%
7.81
6.56
Price/ Cash Flow
LTM
12/yy
49'356.0
7.42x
7'451.0
12.23x
3'527.0
18.68x
12/yy
48'783.0
7.67x
7'727.0
7.81x
3'028.0
11.36x
FY+1
.0 M
m-13
3.32
1'772.66
13.70
18.10%
25
4.200
4'058'049
3'802'666
3'242'087
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
36'610.4
38'762.8
8'710.5
8'900.5
1.90x
1.76x
7.73x
7.46x
5'902.9
6'352.7
1'384.4
1'467.6
11.62x
10.79x
11.58x
11.30x
2'801.1
3'152.3
607.2
679.8
19.21x
17.07x
19.21x
18.55x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.02.2010
BBB
STABLE
09.11.2007
A-2
4.00
2.72
1.93
2.51
60.3%
37.5%
0.58
4.10
46.85
55.81
64.13
50.93
14.00
60'000.0
12.00
50'000.0
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mondelez International Inc

Holdings By:
All
Holder Name
BLACKROCK
STATE STREET
VANGUARD GROUP INC
INVESCO LTD
JP MORGAN
FMR LLC
MORGAN STANLEY
SCOUT CAPITAL MANAGE
JENNISON ASSOCIATES
FRANKLIN RESOURCES
NORGES BANK
Firm Name
Morgan Stanley
Credit Suisse
EVA Dimensions
Edward Jones
Stifel
BMO Capital Markets
RBC Capital Markets
Argus Research Corp
Jefferies
Davenport & Co
JPMorgan
S&P Capital IQ
Deutsche Bank
Gabelli & Co
Barclays
Goldman Sachs
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
n/a
n/a
n/a
JENNISON ASSOCIATES
n/a
NORGES BANK
n/a
Analyst
MATTHEW GRAINGER
ROBERT MOSKOW
ALICIA FORRY
AUSTIN BURKETT
ALEXIA HOWARD
BRIAN YARBROUGH
CHRISTOPHER R GROWE
KENNETH B ZASLOW
EDWARD AARON
JOHN D STASZAK
THILO WREDE
ANN H GURKIN
KENNETH GOLDMAN
JONATHAN P FEENEY
ERIC J LARSON
THOMAS GRAVES
ERIC R KATZMAN
SARAH DONNELLY
ANDREW LAZAR
DIANE GEISSLER
JASON ENGLISH
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
Recommendation
Overwt/In-Line
outperform
sell
underweight
outperform
buy
buy
market perform
outperform
hold
hold
buy
overweight
neutral
buy
buy
hold
buy
overweight
outperform
Buy/Neutral
Amt Held
102'147'087
86'286'877
76'313'212
58'752'824
38'345'305
36'661'818
36'424'967
34'530'900
34'145'937
30'059'495
27'575'000
26'271'862
23'690'658
19'018'669
17'280'074
16'605'595
14'385'236
14'141'353
12'840'450
11'999'894
% Out
5.74
4.85
4.29
3.3
2.16
2.06
2.05
1.94
1.92
1.69
1.55
1.48
1.33
1.07
0.97
0.93
0.81
0.8
0.72
0.67
Weighting
Change
5
5
1
1
5
5
5
3
5
3
3
5
5
3
5
5
3
5
5
5
5
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'130'458)
673'079
(32'266'184)
1'032'358
1'645'258
7'630'205
34'530'900
(4'781'275)
5'232'244
19'075'000
15'142'594
7'047'320
(3'638'274)
6'654'613
1'537'174
1'397'568
253'282
(17'623'900)
(1'027'779)
Target Price
32
31
26
#N/A N/A
33
#N/A N/A
31
29
31
#N/A N/A
29
32
32
26
31
31
26
#N/A N/A
31
30
32
File Dt
Inst Type
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
25.03.2013
25.03.2013
25.03.2013
23.03.2013
22.03.2013
21.03.2013
15.03.2013
13.03.2013
11.03.2013
07.03.2013
01.03.2013
27.02.2013
25.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
11.01.2013
27.03.2013
Monster Beverage Corp

Monster Beverage Corporation markets and distributes energy drinks, fruit
juices, fruit juice smoothies, juice cocktails, iced teas, lemonades, and still
water. The Company distributes its beverages in the United States and overseas.
Price/Volume
90
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
80
70
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.04.2012)
52-Week Low (08.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MNST UW EQUITY YTD Change
MNST UW EQUITY YTD % CHANGE
12/2012
12/yy
83.96
40.00
387'474.00
48.83
-41.84%
22.08%
20.09%
165.5
8'083.60
0.00
0.0
0.0
319.56
7'764.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'033.8
2.65x
167.1
16.42x
108.0
30.21x
30
31.12.2009
31.12.2010
1'143.3
1'303.9
2.66x
6.68x
343.2
359.6
8.85x
24.21x
208.7
212.0
17.14x
22.88x
Profitability
LTM-4Q
31.12.2011
1'703.2
4.26x
473.5
15.33x
286.2
30.01x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'060.7
4.10x
571.2
14.78x
340.0
28.41x
571.19
550.62
26.72%
26.65%
28.27%
41.89%
1.71%
51.7%
27.7%
26.7%
16.5%
2.89
1.93
0.00%
0.00%
9.08
5.55
Price/ Cash Flow
12/yy
1'703.2
14.91x
473.5
15.33x
286.2
29.92x
LTM
12/yy
2'060.7
18.89x
571.2
14.78x
340.0
28.41x
FY+1
0.00
0.70
141.35
5.10
-21.10%
-7.66%
0.705
12
3.833
516'077
696'744
583'046
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'323.4
2'611.6
502.1
659.4
3.21x
2.79x
15.29x
11.56x
654.1
755.4
137.0
199.2
11.87x
10.28x
11.82x
11.50x
388.4
452.3
80.1
119.7
21.84x
18.33x
21.86x
21.10x
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
-0.56
0.00
0.0%
0.0%
1.71
36.06
40.33
65.97
42.26
64.04
45.00
2'500.0
40.00
2'000.0
35.00
30.00
1'500.0
25.00
20.00
1'000.0
15.00
500.0
10.00
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Monster Beverage Corp

Holdings By:
All
Holder Name
FMR LLC
BRANDON LIMITED PART
BLACKROCK
VANGUARD GROUP INC
MORGAN STANLEY
STATE STREET
HILROD HOLDINGS LP
UBS
GOLDMAN SACHS GROUP
JP MORGAN
INVESCO LTD
BRANDON LIMITED PART
FRANKLIN RESOURCES
BROADWOOD PARTNERS
Firm Name
Stifel
Longbow Research
JPMorgan
EVA Dimensions
S&P Capital IQ
Goldman Sachs
Gabelli & Co
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
GOLDMAN SACHS GROUP
n/a
INVESCO LTD
n/a
n/a
BROADWOOD CAPITAL IN
Analyst
WILLIAM CHAPPELL
MARK S ASTRACHAN
ALTON K STUMP
CAROLINE S LEVY
JOHN A FAUCHER
AUSTIN BURKETT
ESTHER KWON
JUDY E HONG
DAMIAN WITKOWSKI
SCOTT VAN WINKLE
Source
ULT-AGG
13D
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13D
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13D
13F
13F
ULT-AGG
13F
13F
Recommendation
buy
buy
neutral
underperform
neutral
overweight
sell
Buy/Neutral
buy
suspended coverage
Amt Held
12'441'554
9'815'648
9'661'796
9'244'888
8'968'648
6'623'132
6'559'644
6'305'140
5'266'142
3'670'736
2'796'061
2'513'470
2'281'420
2'104'940
1'931'856
1'908'187
1'901'900
1'875'918
1'712'802
1'639'136
% Out
7.52
5.93
5.84
5.58
5.42
4
3.96
3.81
3.18
2.22
1.69
1.52
1.38
1.27
1.17
1.15
1.15
1.13
1.03
0.99
Weighting
Change
5
5
3
1
3
5
1
5
5
#N/A N/A
M
M
M
M
M
U
M
M
M
M
Latest Chg
770'514
(666'338)
2'641'030
(233'095)
4'742'430
(1'389'887)
89'818
(1'583'768)
2'170'108
(2'019'558)
112'481
(1'169'502)
38'291
(1'443'000)
(2'250'646)
1'706'545
-
Target Price
70
65
#N/A N/A
49
52
#N/A N/A
45
61
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
18.03.2013
Corporation
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
18.03.2013
Holding Company
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
18.03.2013
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
26.03.2013
21.03.2013
19.03.2013
07.03.2013
28.02.2013
28.02.2013
15.02.2013
12.12.2012
08.11.2012
13.07.2012
27.03.2013
Mylan Inc/PA
Mylan Inc. is a global generic and specialty pharmaceuticals company. The
Company operates an active pharmaceutical ingredient manufacturer and runs a
specialty business focused on respiratory, allergy, and psychiatric therapies.
Price/Volume
35
4.5 M
30
4.0 M
3.5 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.03.2013)
52-Week Low (09.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MYL UW EQUITY YTD Change
MYL UW EQUITY YTD % CHANGE
12/2012
12/yy
31.21
20.22
1'253'909.00
29.02
-7.02%
43.52%
80.07%
395.6
11'478.89
5'734.23
0.0
15.1
349.97
16'878.26
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.5 M
15
2.0 M
31.12.2009
31.12.2010
5'092.8
5'450.5
2.05x
2.56x
1'150.2
1'271.4
9.07x
10.99x
232.6
345.1
17.89x
18.06x
Profitability
1.0 M
5
0
m-12
.5 M
.0 M
a-12
LTM-4Q
31.12.2011
6'129.8
2.29x
1'564.7
8.99x
536.8
14.90x
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
31.12.2012
6'796.1
2.39x
1'718.5
9.45x
640.9
14.52x
1'718.52
1'171.92
17.24%
11.83%
5.45%
18.76%
9.94%
0.58%
43.8%
26.9%
18.8%
9.4%
1.78
0.87
48.06%
171.65%
4.57
2.57
Price/ Cash Flow
12/yy
6'129.8
9.25x
1'564.7
8.99x
536.8
15.11x
m-12
j-12
j-12
a-12
LTM
12/yy
6'816.6
8.86x
1'831.4
8.87x
640.9
14.22x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
1.18
393.30
39.04
24.28%
5.60%
1.177
22
4.136
1'347'624
1'578'666
1'487'834
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
7'181.0
7'728.1
1'700.4
1'765.0
2.22x
1.96x
2'004.9
2'107.8
465.1
490.7
8.42x
8.01x
8.30x
1'119.1
1'235.5
249.0
270.8
10.14x
9.07x
10.13x
9.84x
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
20.11.2012
BBBSTABLE
5.57
4.58
2.94
3.13
171.6%
63.1%
0.58
5.06
80.02
142.51
69.85
151.56
18.00
8'000.0
16.00
7'000.0
14.00
6'000.0
12.00
5'000.0
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
1.5 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'137.6
1.49x
1'124.8
6.83x
(181.2)
12.36x
3.0 M
20
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Mylan Inc/PA
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
PAULSON & CO
STATE STREET
GOLDMAN SACHS GROUP
FMR LLC
JENNISON ASSOCIATES
NORDEA INV MANAGEMEN
JP MORGAN
INVESCO LTD
Firm Name
Leerink Swann & Co
RBC Capital Markets
Needham & Co
Argus Research Corp
Morgan Stanley
Goldman Sachs
CRT Capital Group
Cowen and Company
S&P Capital IQ
Barclays
JPMorgan
EVA Dimensions
BOE Securities
Portfolio Name
n/a
VANGUARD GROUP INC
PAULSON & CO
n/a
BANK OF AMERICA
GOLDMAN SACHS GROUP
n/a
JENNISON ASSOCIATES
NORDEA INVESTMENT MA
n/a
D E SHAW & CO
n/a
INVESCO LTD
n/a
Analyst
AARON GAL
GARY NACHMAN
MICHAEL K TONG
LOUISE CHEN
JASON M GERBERRY
SHIBANI MALHOTRA
RANDALL STANICKY
ELLIOT WILBUR
JOHN M EADE
DAVID R RISINGER
DAVID G BUCK
KIM-LINH LINH VUKHAC
JAMI E RUBIN
TIMOTHY CHIANG
KEN CACCIATORE
HERMAN SAFTLAS
DOUGLAS D TSAO
CHRISTOPHER T SCHOTT
ANDREW S ZAMFOTIS
SAMEER TENDULKAR
Source
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
market perform
Positive
market perform
neutral
outperform
outperform
hold
strong buy
buy
Equalwt/In-Line
neutral
underperform
buy/attractive
buy
neutral
buy
overweight
overweight
overweight
buy
Amt Held
32'913'067
26'070'166
24'503'400
16'837'106
15'312'083
13'800'890
8'586'290
7'796'903
7'713'324
6'809'719
6'653'628
5'489'507
5'373'559
5'252'682
5'216'268
4'914'411
4'800'604
4'683'078
4'184'968
3'754'328
% Out
8.32
6.59
6.19
4.26
3.87
3.49
2.17
1.97
1.95
1.72
1.68
1.39
1.36
1.33
1.32
1.24
1.21
1.18
1.06
0.95
Weighting
Change
3
4
3
3
5
5
3
5
5
3
3
1
5
5
3
5
5
5
5
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(199'523)
231'904
(1'137'294)
(5'726'851)
5'803'486
(2'095'891)
(178'670)
1'001'786
592'892
(5'929'258)
(754'301)
(190'941)
(9'050'961)
(1'800'993)
(456'156)
3'592'653
648'669
211
Target Price
33
33
#N/A N/A
30
#N/A N/A
31
33
33
32
#N/A N/A
33
32
33
34
#N/A N/A
34
33
33
#N/A N/A
24
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
Date
27.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
12.03.2013
11.03.2013
08.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
15.01.2013
16.08.2010
27.03.2013
NetApp Inc
NetApp, Inc. provides storage and data management solutions. The Company's
storage solutions include specialized hardware, software, and services that
provide storage management for open network environments. NetApp serves
enterprises, government agencies, and universities worldwide.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2012)
52-Week Low (13.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NTAP UW EQUITY YTD Change
NTAP UW EQUITY YTD % CHANGE
04/2012
01/yy
46.80
26.26
983'927.00
33.31
-28.82%
26.85%
34.32%
360.4
12'005.16
1'264.90
0.0
0.0
5'398.50
7'518.86
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 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.04.2008
3'303.2
2.74x
458.2
19.78x
309.7
24.67x
50
45
40
35
30
25
20
15
10
5
0
m-12
30.04.2009
30.04.2010
3'406.4
3'931.4
1.36x
2.40x
272.1
617.0
17.06x
15.26x
64.6
400.4
26.61x
35.02x
Profitability
LTM-4Q
30.04.2011
5'122.6
2.97x
997.4
15.24x
673.1
30.47x
30.04.2012
6'233.2
1.62x
1'049.4
9.62x
605.4
24.24x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'049.40
756.30
12.13%
11.43%
5.20%
11.82%
9.67%
0.64%
59.6%
15.3%
10.0%
9.7%
1.94
1.77
13.27%
29.46%
9.58
15.88
Price/ Cash Flow
01/yy
5'959.0
8.48x
1'005.4
9.77x
585.3
24.37x
LTM
01/yy
6'318.4
5.07x
967.0
8.82x
512.2
26.39x
FY+1
0.00
1.23
357.32
17.68
-27.68%
-0.72%
1.229
40
3.800
1'438'242
1'642'329
1'504'303
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
04/13 Q4 07/13 Q1
6'371.8
6'922.8
1'754.9
1'605.3
1.57x
1.29x
4.55x
4.93x
1'203.6
1'354.2
369.1
305.3
6.25x
5.55x
5.41x
5.23x
840.4
946.8
253.3
200.3
14.63x
13.17x
13.50x
13.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.12.2012
BBB+
STABLE
13.17
8.06
-4.64
2.31
29.5%
22.8%
0.64
5.56
38.00
22.92
30.74
32.49
20.00
7'000.0
18.00
6'000.0
16.00
14.00
5'000.0
12.00
4'000.0
10.00
3'000.0
8.00
2'000.0
6.00
4.00
1'000.0
2.00
0.00
24.04.2009
0.0
24.10.2009
24.04.2010
24.10.2010
24.04.2011
24.10.2011
24.04.2012
24.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
NetApp Inc
Holdings By:
All
Holder Name
DODGE & COX
BLACKROCK
VANGUARD GROUP INC
UBS
STATE STREET
GOLDMAN SACHS GROUP
BROWN ADVISORY INC
JP MORGAN
INVESCO LTD
SCOPIA MANAGEMENT IN
PRIMECAP MANAGEMENT
Firm Name
EVA Dimensions
William Blair & Co
Piper Jaffray
Edward Jones
BMO Capital Markets
Longbow Research
RBC Capital Markets
Raymond James
Credit Suisse
Lake Street Capital Markets LLC
Morgan Stanley
Argus Research Corp
JPMorgan
Jefferies
Needham & Co
Wedbush
Stifel
Evercore Partners
Barclays
FBN Securities
Oppenheimer & Co
ISI Group
Goldman Sachs
S&P Capital IQ
Deutsche Bank
Wedge Partners
Portfolio Name
DODGE & COX
n/a
VANGUARD GROUP INC
n/a
n/a
GOLDMAN SACHS GROUP
n/a
n/a
INVESCO LTD
SCOPIA MANAGEMENT IN
PRIMECAP MANAGEMENT
Analyst
ANDREW S ZAMFOTIS
JASON NOAH ADER
JEFFREY FIDACARO
BRENT A BRACELIN
ANDREW J NOWINSKI
WILLIAM C KREHER
MAYNARD UM
KEITH F BACHMAN
JOE WITTINE
AMIT DARYANANI
WILLIAM CHOI
BRIAN G ALEXANDER
KULBINDER GARCHA
ERIC MARTINUZZI
KATHRYN HUBERTY
JAMES KELLEHER
ANANDA BARUAH
MARK A MOSKOWITZ
PETER J MISEK
GLENN HANUS
JAYSON NOLAND SR
ROHIT CHOPRA
AARON C RAKERS
BRIAN S FREED
ROBERT CIHRA
EDWARD PARKER
RAJESH GHAI
LOUIS R MISCIOSCIA
BENJAMIN A REITZES
SHEBLY SEYRAFI
BRIAN J WHITE
ALEX KURTZ
ITTAI KIDRON
BRIAN MARSHALL
WILLIAM C SHOPE JR
JIM YIN
CHRISTOPHER WHITMORE
JUN ZHANG
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
market perform
neutral
outperform
overweight
hold
market perform
market perform
neutral
sector perform
neutral
outperform
neutral
buy
Equalwt/In-Line
buy
buy
overweight
hold
buy
neutral
neutral
buy
buy
equalweight
neutral
hold
underperform
overweight
outperform
buy
neutral
market perform
buy
neutral/neutral
hold
buy
no rating system
Amt Held
25'316'785
18'068'905
16'105'941
15'906'576
14'739'931
12'668'343
10'536'649
10'297'917
8'380'176
7'864'559
7'858'526
7'619'214
7'208'661
6'535'127
6'252'194
5'616'427
4'848'113
4'701'217
4'368'261
4'308'936
% Out
7.02
5.01
4.47
4.41
4.09
3.52
2.92
2.86
2.33
2.18
2.18
2.11
2
1.81
1.73
1.56
1.35
1.3
1.21
1.2
Weighting
Change
5
3
3
5
5
3
3
3
3
3
3
5
3
5
3
5
5
5
3
5
3
3
5
5
3
3
3
1
5
5
5
3
3
5
3
3
5
#N/A N/A
U
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
4'166'750
(6'433'610)
288'602
(1'099'921)
61'481
(1'293'688)
4'143'189
196'764
449'955
(1'108'135)
(1'606'615)
297'742
3'924'854
5'771'479
1'169'984
(422'938)
1'602'938
(4'218)
165'300
(76'030)
Target Price
#N/A N/A
#N/A N/A
#N/A N/A
38
39
#N/A N/A
#N/A N/A
41
#N/A N/A
40
38
40
35
43
#N/A N/A
42
45
41
35
41
34
35
42
45
38
#N/A N/A
32
35
45
40
48
37
#N/A N/A
40
32
29
40
#N/A N/A
File Dt
31.12.2012
25.03.2013
31.12.2012
31.01.2013
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
12 month
12 month
12 month
12 month
12 month
18 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Unclassified
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
11.03.2013
08.03.2013
04.03.2013
21.02.2013
20.02.2013
20.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
15.11.2012
16.10.2012
25.05.2012
03.05.2012
27.03.2013
News Corp
News Corporation is a diversified global media company. The Company's
operations include the production and distribution of motion pictures and
television programming. The Company provides television, direct satellite, and
cable broadcasting and the publication of newspapers, magazines, books and
promotional inserts.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (08.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NWSA UW EQUITY YTD Change
NWSA UW EQUITY YTD % CHANGE
06/2012
12/yy
30.76
18.32
830'503.00
30.25
-1.66%
65.12%
95.74%
1'526.7
70'530.86
15'455.00
1'142.0
9'626.00
80'683.86
16.0 M
14.0 M
12.0 M
20
10.0 M
15
8.0 M
6.0 M
10
4.0 M
2.0 M
0
m-12
30.06.2009
30.06.2010
30'423.0
32'778.0
1.06x
1.12x
4'472.0
5'228.0
7.23x
7.02x
(3'378.0)
2'539.0
11.11x
10.31x
Profitability
LTM-4Q
30.06.2011
33'405.0
1.50x
6'133.0
8.17x
2'739.0
14.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
33'706.0
1.78x
6'646.0
9.04x
1'179.0
15.81x
6'646.00
5'379.00
15.96%
6.56%
6.52%
14.38%
11.39%
0.56%
19.7%
15.9%
3.5%
2.02
1.69
27.28%
62.61%
4.61
-
Price/ Cash Flow
j-12
j-12
LTM
12/yy
34'152.0
5.75x
6'648.0
7.73x
3'117.0
13.52x
a-12
12/yy
34'333.0
7.24x
6'754.0
10.53x
3'998.0
16.25x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.56
1.11
1'525.49
34.92
50.77%
18.77%
1.112
27
4.667
3'341'785
3'602'944
3'879'994
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
35'612.9
38'023.8
8'988.8
9'132.4
2.21x
2.05x
8.89x
8.72x
7'270.1
8'098.6
1'687.7
1'896.9
11.11x
9.97x
10.50x
10.15x
3'915.2
4'371.9
826.3
1'030.1
18.03x
15.31x
17.14x
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
30.11.2012
BBB+
STABLE
6.18
5.30
1.28
2.44
62.6%
37.4%
0.56
5.82
79.48
-
20.00
40'000.0
18.00
35'000.0
16.00
30'000.0
14.00
25'000.0
12.00
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
03.07.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
30
25
Valuation Analysis
30.06.2008
32'996.0
1.49x
6'668.0
7.36x
5'387.0
12.23x
35
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
News Corp
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
DODGE & COX
CHILDRENS INV FUND M
FMR LLC
NORGES BANK
INVESCO LTD
Firm Name
Nomura
Needham & Co
Morgan Stanley
Barclays
Credit Suisse
Wedbush
Macquarie
Davenport & Co
S&P Capital IQ
RBC Capital Markets
Argus Research Corp
EVA Dimensions
Gabelli & Co
Evercore Partners
Cowen and Company
Deutsche Bank
Goldman Sachs
BTIG LLC
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
DODGE & COX
n/a
CHILDRENS INVESTMENT
n/a
NORGES BANK
INVESCO LTD
Analyst
MICHAEL NATHANSON
BARTON CROCKETT
TODD JUENGER
LAURA A MARTIN
BENJAMIN SWINBURNE
MARCI RYVICKER
VASILY KARASYOV
MICHAEL SENNO
JAMES G DIX
TIMOTHY W NOLLEN
MICHAEL C MORRIS
MATTHEW HARRIGAN
TUNA AMOBI
JAISON BLAIR
DAVID BANK
JOSEPH F BONNER
CRAIG STERLING
BRETT HARRISS
ALAN GOULD
DOUGLAS CREUTZ
HAMILTON FABER
DREW BORST
RICHARD GREENFIELD
Source
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
buy
outperform
buy
Overwt/Attractive
outperform
overweight
Positive
neutral
outperform
outperform
buy
buy
buy
no rating system
outperform
hold
hold
buy
overweight
outperform
overweight
buy
not rated
buy
Amt Held
106'117'879
85'939'439
81'642'663
80'106'935
78'438'973
73'990'044
50'745'635
34'348'479
34'295'229
31'740'887
29'665'850
28'100'000
27'945'300
24'797'737
22'180'447
19'150'391
17'590'189
17'571'378
16'929'453
14'275'510
% Out
6.95
5.63
5.35
5.25
5.14
4.85
3.32
2.25
2.25
2.08
1.94
1.84
1.83
1.62
1.45
1.25
1.15
1.15
1.11
0.94
Weighting
Change
5
5
5
5
5
5
5
4
3
5
5
5
5
5
#N/A N/A
5
3
3
5
5
5
5
5
#N/A N/A
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
566'560
531'944
(49'269'500)
(449'404)
4'133'923
(9'828'325)
1'242'647
(12'657'102)
3'537'977
1'713'651
25'400
9'100'000
(3'592'000)
(375'426)
1'184'087
(668)
(3'322'085)
2'373'660
2'887'188
1'726'350
Target Price
31
35
36
34
32
#N/A N/A
33
34
28
26
33
34
36
31
34
32
#N/A N/A
#N/A N/A
#N/A N/A
30
#N/A N/A
33
32
#N/A N/A
30
File Dt
25.03.2013
31.12.2012
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
18 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Government
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Date
25.03.2013
24.03.2013
22.03.2013
15.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
20.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
28.01.2013
28.06.2012
27.06.2012
27.03.2013
Nuance Communications Inc

Nuance Communications, Inc. provides speech and imaging solutions for businesses
and consumers around the world. The Company's products include a speech
recognizer, call steering, and a product that converts text into speech.
Price/Volume
30
8.0 M
7.0 M
25
6.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (02.04.2012)
52-Week Low (01.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NUAN UW EQUITY YTD Change
NUAN UW EQUITY YTD % CHANGE
09/2012
12/yy
26.85
18.00
934'261.00
19.99
-25.55%
11.06%
22.49%
316.3
6'322.33
2'115.91
4.6
0.0
1'129.76
7'700.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
10
2.0 M
5
0
m-12
1.0 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
868.5
3.96x
141.4
24.32x
(30.1)
14.01x
5.0 M
15
Valuation Analysis
30.09.2009
30.09.2010
950.4
1'118.9
4.71x
4.44x
212.9
238.6
21.03x
20.85x
(19.4)
(19.1)
39.37x
41.16x
Profitability
LTM-4Q
30.09.2011
1'318.7
5.05x
268.2
24.85x
38.2
38.38x
30.09.2012
1'651.5
5.30x
380.4
23.02x
207.1
25.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
380.38
193.20
11.70%
3.95%
3.28%
6.71%
0.33%
63.4%
21.7%
10.7%
12.5%
1.76
1.57
36.49%
77.16%
5.10
-
Price/ Cash Flow
12/yy
1'375.6
20.25x
287.0
28.46x
47.6
46.59x
LTM
12/yy
1'753.1
19.19x
379.8
22.20x
175.7
25.08x
FY+1
0.00
1.31
265.50
24.26
-21.94%
-10.44%
1.314
19
3.789
1'367'884
1'126'793
1'035'261
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
2'166.9
2'446.1
516.6
554.0
3.41x
2.89x
14.79x
13.58x
869.2
967.6
193.4
223.0
8.86x
7.96x
8.66x
8.21x
588.6
675.9
130.5
159.9
11.07x
9.86x
10.62x
10.19x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.02.2011
BBSTABLE
4.46
3.72
3.62
6.15
77.2%
43.5%
0.33
15.48
71.76
112.46
20.93
25.00
1'800.0
1'600.0
20.00
1'400.0
1'200.0
15.00
1'000.0
800.0
10.00
600.0
400.0
5.00
200.0
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Nuance Communications Inc

Holdings By:
All
Holder Name
WARBURG PINCUS LLC
WARBURG PINCUS LLC
FMR LLC
VANGUARD GROUP INC
BLACKROCK
PRIMECAP MANAGEMENT
FRANKLIN RESOURCES
JP MORGAN
INVESCO LTD
STATE STREET
RICCI PAUL A
LUTHER KING CAPITAL
ING INV MANAGEMENT E
Firm Name
Raymond James
Morgan Stanley
Goldman Sachs
Needham & Co
FBR Capital Markets
Stifel
Oppenheimer & Co
Piper Jaffray
EVA Dimensions
Deutsche Bank
Wedbush
Wedge Partners
Portfolio Name
WARBURG PINCUS LLC
n/a
n/a
VANGUARD GROUP INC
n/a
PRIMECAP MANAGEMENT
n/a
n/a
n/a
INVESCO LTD
n/a
n/a
LUTHER KING CAPITAL
Analyst
GRAY W POWELL
JOHN F BRIGHT
SHYAM PATIL
JOANNA MAKRIS
DANIEL CUMMINS
JENNIFER LOWE
GREG DUNHAM
SCOTT ZELLER
DANIEL H IVES
TOM RODERICK
SHAUL EYAL
JEFF VAN RHEE
MICHAEL JAMES LATIMORE
RICHARD DAVIS JR
MARK R MURPHY
ANDREW S ZAMFOTIS
NANDAN AMLADI
SCOTT P SUTHERLAND
BRIAN BLAIR
Source
13F
13D
13F
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
Form 4
13F
13F
13F
13F
13F
13F
Recommendation
market perform
market outperform
strong buy
buy
neutral
Overwt/In-Line
neutral/neutral
hold
outperform
hold
outperform
hold
outperform
buy
neutral
sell
buy
underperform
no rating system
Amt Held
53'004'254
43'058'531
29'398'004
17'827'119
11'852'538
11'461'824
10'658'433
10'227'210
8'690'776
7'787'480
6'720'544
5'183'885
4'322'359
4'014'898
3'948'645
3'843'339
3'545'481
2'994'953
2'812'375
2'652'333
% Out
16.76
13.61
9.3
5.64
3.75
3.62
3.37
3.23
2.75
2.46
2.12
1.64
1.37
1.27
1.25
1.22
1.12
0.95
0.89
0.84
Weighting
Change
3
4
5
5
3
5
3
3
5
3
5
3
5
5
3
1
5
1
#N/A N/A
M
M
M
M
N
M
M
D
M
D
M
D
M
M
M
M
M
M
M
Latest Chg
(9'945'723)
(6'904'115)
2'746'103
(214'677)
332'670
41'737
(715'000)
(120'464)
(258'843)
315'957
(66'250)
122'473
338'110
104'968
593'927
(6'741)
58'903
406'379
Target Price
#N/A N/A
35
28
26
21
28
22
#N/A N/A
28
#N/A N/A
30
24
26
26
22
#N/A N/A
30
19
#N/A N/A
File Dt
31.12.2012
14.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
01.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Private Equity
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
15.03.2013
12.03.2013
06.03.2013
04.03.2013
20.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
15.01.2013
15.11.2012
07.08.2012
15.03.2012
27.03.2013
NVIDIA Corp
NVIDIA Corporation designs, develops, and markets three dimensional (3D)
graphics processors and related software. The Company's products provide
interactive 3D graphics to the mainstream personal computer market.
Price/Volume
16
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.03.2012)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NVDA UW EQUITY YTD Change
NVDA UW EQUITY YTD % CHANGE
01/2013
01/yy
15.49
11.16
1'550'673.00
12.5
-19.30%
12.06%
31.03%
616.0
7'699.75
21.41
0.0
0.0
3'727.88
3'993.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
m-12
31.01.2010
31.01.2011
3'326.4
3'543.3
2.09x
3.25x
97.7
385.7
71.00x
29.86x
(68.0)
253.1
64.22x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.01.2012
3'997.9
1.51x
852.5
7.06x
581.1
15.69x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
4'280.2
0.92x
874.5
4.51x
562.5
13.20x
874.47
648.24
15.15%
15.47%
9.40%
12.54%
0.72%
52.0%
20.4%
15.1%
13.1%
4.89
4.28
0.33%
0.44%
10.83
5.40
Price/ Cash Flow
01/yy
3'997.9
7.01x
852.5
7.06x
581.1
15.21x
LTM
01/yy
4'280.2
4.22x
874.5
4.51x
562.5
13.64x
FY+1
0.60
1.31
586.94
21.61
-14.59%
2.33%
1.315
36
3.528
1'972'336
2'714'679
2'551'218
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
4'255.9
4'634.6
942.6
1'017.3
0.85x
0.72x
4.17x
3.83x
795.8
907.4
128.1
167.4
5.02x
4.40x
5.18x
4.81x
539.5
611.8
82.2
116.6
14.72x
12.89x
14.29x
13.44x
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
07.05.2009
NR
265.47
209.83
-4.24
0.02
0.4%
0.4%
0.72
7.53
33.61
67.35
59.00
41.96
50.00
4'500.0
45.00
4'000.0
40.00
3'500.0
35.00
3'000.0
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
05.02.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
3'424.9
0.85x
141.2
20.69x
(30.0)
25.70x
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
NVIDIA Corp
Holdings By:
All
Holder Name
FMR LLC
VANGUARD GROUP INC
BLACKROCK
STATE STREET
HUANG JEN-HSUN
PRIMECAP MANAGEMENT
MORGAN STANLEY
ALLIANCE BERNSTEIN
INVESCO LTD
CONTRARIUS INVESTMEN
NORGES BANK
JENNISON ASSOCIATES
CHARLES SCHWAB INVES
Firm Name
BMO Capital Markets
Raymond James
Evercore Partners
MKM Partners
Wedbush
Stifel
Nomura
JMP Securities
Longbow Research
RBC Capital Markets
JPMorgan
Oppenheimer & Co
Barclays
FBR Capital Markets
Wedge Partners
Deutsche Bank
Morgan Stanley
Jefferies
Needham & Co
Macquarie
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
PRIMECAP MANAGEMENT
n/a
n/a
INVESCO LTD
CONTRARIUS INVESTMEN
NORGES BANK
JENNISON ASSOCIATES
CHARLES SCHWAB INVES
Analyst
AMBRISH SRIVASTAVA
HANS C MOSESMANN
DAVID M WONG
VIJAY R RAKESH
PATRICK WANG
DANIEL A BERENBAUM
BETSY VAN HEES
CRAIG ELLIS
KEVIN E CASSIDY
ROMIT SHAH
ALEX GAUNA
JOANNE FEENEY
CHRISTOPHER CASO
DOUG FREEDMAN
HARLAN SUR
RICHARD SCHAFER
BLAYNE CURTIS
IVAN FEINSETH
CHRISTOPHER ROLLAND
BRENDAN FURLONG
BRIAN BLAIR
ROSS C SEYMORE
JOSEPH MOORE
MIKE BURTON
KRISHNA SHANKAR
MARK J LIPACIS
RAJVINDRA S. GILL
SHAWN WEBSTER
DANIEL L AMIR
JAMES SCHNEIDER
MICHAEL MCCONNELL
ROBERT BURLESON
ANDREW S ZAMFOTIS
DANIEL ERNST
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
Form 4
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
market perform
strong buy
outperform
neutral
underweight
neutral
outperform
neutral
buy
buy
market perform
neutral
negative
sector perform
neutral
market perform
equalweight
neutral
market perform
buy
no rating system
hold
Equalwt/In-Line
hold
buy
hold
hold
neutral
neutral
neutral/attractive
sector perform
buy
buy
buy
Amt Held
79'493'214
37'668'172
32'149'359
25'512'316
22'168'135
17'973'300
14'176'500
11'701'670
11'551'047
8'945'165
8'041'269
7'938'442
7'745'598
6'491'625
5'915'747
5'785'902
5'155'045
4'243'814
4'076'221
3'757'015
% Out
12.91
6.12
5.22
4.14
3.6
2.92
2.3
1.9
1.88
1.45
1.31
1.29
1.26
1.05
0.96
0.94
0.84
0.69
0.66
0.61
Weighting
Change
3
5
5
3
1
3
5
3
5
5
3
3
2
3
3
3
3
3
3
5
#N/A N/A
3
3
3
5
3
3
3
3
3
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
Latest Chg
(9'978'177)
1'164'492
609'454
(979'500)
(12'739'300)
3'158'033
7'413'768
645'257
6'139'523
108'110
(498'513)
245'590
786'088
942'748
713'619
(1'293'529)
(36'419)
2'239'918
Target Price
12
17
#N/A N/A
#N/A N/A
11
14
17
13
18
15
#N/A N/A
#N/A N/A
11
12
14
#N/A N/A
13
#N/A N/A
14
17
#N/A N/A
13
#N/A N/A
#N/A N/A
17
14
#N/A N/A
14
#N/A N/A
14
#N/A N/A
16
#N/A N/A
18
File Dt
31.12.2012
31.12.2012
25.03.2013
25.03.2013
20.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.03.2013
25.03.2013
25.03.2013
24.03.2013
24.03.2013
22.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
04.03.2013
20.02.2013
20.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
15.01.2013
10.05.2010
27.03.2013
O'Reilly Automotive Inc

O'Reilly Automotive, Inc. retails and supplies automotive aftermarket parts,
tools, supplies, equipment, and accessories. The Company sells its products to
do-it-yourself customers and professional mechanics or service technicians.
O'Reilly operates stores throughout the United States.
Price/Volume
120
4.0 M
3.5 M
100
3.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (02.05.2012)
52-Week Low (27.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORLY UW EQUITY YTD Change
ORLY UW EQUITY YTD % CHANGE
12/2012
12/yy
107.13
75.64
192'380.00
103.59
-3.30%
36.95%
88.76%
111.3
11'530.07
1'095.96
0.0
0.0
248.13
12'377.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
40
1.0 M
20
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'576.6
1.35x
448.6
10.80x
186.2
18.86x
2.5 M
60
Valuation Analysis
31.12.2009
31.12.2010
4'847.1
5'397.5
1.24x
1.64x
685.8
895.1
8.75x
9.89x
307.5
419.4
16.87x
19.81x
Profitability
LTM-4Q
31.12.2011
5'788.8
1.83x
1'029.8
10.30x
507.7
20.98x
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
31.12.2012
6'182.2
1.77x
1'154.5
9.48x
585.7
18.83x
1'154.50
977.39
15.81%
15.23%
10.41%
23.65%
17.84%
1.10%
50.1%
18.7%
15.8%
9.5%
1.20
0.16
19.06%
51.98%
47.90
1.45
Price/ Cash Flow
12/yy
5'788.8
6.40x
1'029.8
10.30x
507.7
20.93x
LTM
12/yy
6'182.2
7.07x
1'154.5
9.48x
585.7
18.83x
FY+1
0.00
0.68
107.96
6.00
13.50%
15.85%
0.684
26
4.154
241'559
312'719
363'412
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'659.6
7'074.7
1'611.6
1'696.7
1.89x
1.82x
7.82x
7.43x
1'262.3
1'354.6
299.6
317.0
9.81x
9.14x
10.00x
9.85x
636.8
682.5
154.6
163.4
18.11x
15.98x
18.12x
17.79x
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
18.01.2012
BBB
STABLE
24.95
18.45
0.73
0.95
52.0%
34.2%
1.10
2.87
7.64
252.84
173.95
86.53
25.00
7'000.0
6'000.0
20.00
5'000.0
15.00
4'000.0
3'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
O'Reilly Automotive Inc

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

LTM as of:
52-Week High (15.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORCL UW EQUITY YTD Change
ORCL UW EQUITY YTD % CHANGE
05/2012
02/yy
36.43
25.33
3'115'104.00
31.47
-13.62%
24.24%
53.33%
4'710.7
148'244.41
16'474.00
0.0
399.0
30'676.00
135'031.40
15.0 M
15
10
10.0 M
5.0 M
0
m-12
31.05.2009
31.05.2010
23'252.0
26'820.0
4.11x
4.10x
10'531.0
12'138.0
9.08x
9.06x
5'593.0
6'135.0
14.40x
16.60x
Profitability
LTM-4Q
31.05.2011
35'622.0
4.52x
15'524.0
10.37x
8'547.0
19.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.05.2012
37'121.0
3.13x
16'973.0
6.84x
9'981.0
13.24x
16'973.00
14'057.00
37.87%
34.92%
13.74%
24.52%
18.40%
0.48%
78.8%
46.5%
38.6%
26.9%
2.60
2.41
21.03%
37.71%
8.42
38.07
Price/ Cash Flow
j-12
j-12
LTM
02/yy
36'980.0
15.12x
16'698.0
7.85x
9'739.0
14.93x
a-12
02/yy
37'149.0
14.54x
17'286.0
8.58x
10'570.0
15.85x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
1.14
1.12
3'596.05
38.20
9.19%
-5.55%
1.120
45
4.356
12'766'517
6'804'784
6'093'292
FY+2
FQ+1
FQ+2
05/13 Y
05/14 Y
05/13 Q4 08/13 Q1
37'444.0
39'559.5
11'143.6
8'561.6
3.64x
3.25x
12.22x
15.45x
18'255.9
20'006.1
5'888.5
3'972.6
7.40x
6.76x
7.02x
6.86x
13'054.0
13'948.9
4'203.5
2'773.0
11.70x
10.73x
11.04x
10.73x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.04.2012
A+
STABLE
24.04.2012
A-1+
22.16
21.31
-0.79
1.14
37.7%
27.2%
0.48
12.45
43.35
9.59
19.99
47.82
20.00
40'000.0
18.00
35'000.0
16.00
30'000.0
14.00
25'000.0
12.00
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
05.06.2009
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
35.0 M
35
25
Valuation Analysis
31.05.2008
22'430.0
5.25x
9'489.0
12.42x
5'521.0
18.27x
40
0.0
05.12.2009
05.06.2010
05.12.2010
05.06.2011
05.12.2011
05.06.2012
05.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Oracle Corp
Holdings By:
All
Holder Name
ELLISON LAWRENCE JOS
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
INVESCO LTD
JP MORGAN
NORGES BANK
PRIMECAP MANAGEMENT
ABERDEEN
GOLDMAN SACHS GROUP
Firm Name
Societe Generale
Jefferies
BMO Capital Markets
Morgan Stanley
Wedbush
William Blair & Co
Raymond James
Macquarie
Stifel
Longbow Research
Barclays
Edward Jones
FBR Capital Markets
Deutsche Bank
RBC Capital Markets
Argus Research Corp
Credit Suisse
JPMorgan
Davenport & Co
Berenberg Bank
Nomura
Cowen and Company
JMP Securities
Cross Research
Piper Jaffray
MKM Partners
Evercore Partners
Oppenheimer & Co
EVA Dimensions
Goldman Sachs
Hamburger Sparkasse
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
n/a
NORGES BANK
n/a
PRIMECAP MANAGEMENT
n/a
GOLDMAN SACHS GROUP
Analyst
RICHARD NGUYEN
ROSS MACMILLAN
MARK L MOERDLER
KARL KEIRSTEAD
KEITH WEISS
STEVEN R KOENIG
LAURA J LEDERMAN
MICHAEL TURITS
BRAD A ZELNICK
BRAD REBACK
JASON MAYNARD
JOEL P FISHBEIN JR
KEVIN M BUTTIGIEG
RAIMO LENSCHOW
JOSH OLSON
DAVID M HILAL
CHRISTOPHER HICKEY
THOMAS ERNST JR
MATTHEW HEDBERG
JOSEPH F BONNER
PHILIP WINSLOW
JOHN DIFUCCI
YUN KIM
BRENDAN BARNICLE
F DRAKE JOHNSTONE
RICHARD DAVIS JR
DAUD KHAN
RICHARD G SHERLUND
PETER GOLDMACHER
PATRICK WALRAVENS
J DERRICK WOOD
RICHARD T WILLIAMS
MARK R MURPHY
ISRAEL HERNANDEZ
EDWARD MAGUIRE
BRIAN SCHWARTZ
ANDREW S ZAMFOTIS
IVAN FEINSETH
HEATHER BELLINI
KAZUYA NISHIMURA
MARCO GUENTHER
Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Recommendation
hold
hold
market perform
outperform
Overwt/In-Line
neutral
outperform
outperform
neutral
buy
outperform
buy
buy
overweight
buy
outperform
neutral
hold
outperform
buy
outperform
overweight
buy
outperform
buy
buy
buy
buy
neutral
market perform
Positive
hold
overweight
buy
underperform
equalweight
outperform
overweight
buy
Buy/Neutral
outperform
hold
Amt Held
1'112'434'580
249'496'992
222'486'587
171'937'103
159'352'080
78'316'425
77'278'005
76'931'851
75'285'789
65'680'186
56'379'053
49'190'816
43'932'887
39'724'493
38'397'212
32'702'179
32'112'868
28'440'138
27'001'141
26'051'615
% Out
23.62
5.3
4.72
3.65
3.38
1.66
1.64
1.63
1.6
1.39
1.2
1.04
0.93
0.84
0.82
0.69
0.68
0.6
0.57
0.55
Weighting
Change
3
3
3
5
5
3
5
5
3
5
5
5
5
5
5
5
3
3
5
5
5
5
5
5
5
5
5
5
3
3
4
3
5
5
1
3
5
5
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
D
N
M
M
M
Latest Chg
7'200'000
(12'392'864)
(374'398)
1'391'323
6'018'875
1'366'222
(4'612'811)
(1'872'445)
15'270'822
(2'439'523)
(610'493)
(1'571'164)
(11'533'565)
4'197'117
1'152'929
(4'513'686)
(1'663'800)
(2'801'171)
(120'100)
(6'302'603)
Target Price
37
36
34
43
39
36
#N/A N/A
36
36
37
#N/A N/A
41
38
38
#N/A N/A
39
33
29
37
39
40
40
43
44
40
42
35
39
#N/A N/A
#N/A N/A
40
35
37
38
35
36
40
#N/A N/A
#N/A N/A
39
38
#N/A N/A
File Dt
28.12.2012
31.12.2012
25.03.2013
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
21.02.2013
20.02.2013
24.01.2013
24.12.2012
19.12.2012
27.03.2013
PACCAR Inc
PACCAR Inc designs, develops, manufactures, and distributes light-, medium-, and
heavy-duty trucks, and related aftermarket distribution of parts. The Company
also offers finance and leasing services to its customers and dealers.
Price/Volume
60
3.5 M
50
3.0 M
2.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (15.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PCAR UW EQUITY YTD Change
PCAR UW EQUITY YTD % CHANGE
12/2012
12/yy
51.38
34.60
400'022.00
50.15
-2.39%
44.95%
92.67%
353.5
17'726.44
150.00
0.0
0.0
2'395.90
15'480.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
14'972.5
0.56x
2'027.0
4.10x
1'017.9
10.29x
2.0 M
30
Valuation Analysis
31.12.2009
31.12.2010
8'086.5
10'292.9
1.40x
1.82x
1'016.6
1'271.7
11.13x
14.69x
111.9
457.6
157.70x
46.62x
Profitability
LTM-4Q
31.12.2011
16'355.2
0.65x
2'153.2
4.93x
1'042.3
13.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
17'050.5
0.81x
2'296.4
5.98x
1'111.6
14.49x
2'296.40
1'595.50
9.36%
9.55%
6.21%
19.83%
9.50%
0.95%
17.5%
13.5%
9.4%
6.5%
0.74
0.56
42.30%
134.77%
18.14
18.85
Price/ Cash Flow
LTM
12/yy
16'355.2
3.23x
2'153.2
4.93x
1'042.3
13.10x
12/yy
17'050.5
2.99x
2'296.4
5.98x
1'111.6
14.49x
FY+1
3.15
1.37
346.08
10.33
9.87%
11.39%
1.373
23
3.609
640'740
624'679
638'992
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'095.7
17'674.6
3'761.0
3'920.6
1.16x
1.22x
6.27x
6.11x
1'925.6
2'170.0
425.9
459.4
8.04x
7.13x
7.98x
7.62x
1'120.5
1'259.6
242.4
272.0
15.79x
14.04x
15.92x
15.08x
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
29.04.2010
A+
STABLE
29.04.2010
A-1
13.21
2.83
-0.98
0.07
134.8%
57.4%
0.95
7.96
20.18
19.42
25.07
14.53
14.00
18'000.0
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00
10'000.0
6.00
8'000.0
6'000.0
4.00
4'000.0
2.00
0.00
01.01.2010
2'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
PACCAR Inc
Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
PIGOTT MARK CHARLES
NORGES BANK
PRIMECAP MANAGEMENT
FMR LLC
US BANCORP
Firm Name
Wolfe Trahan & Co
BMO Capital Markets
Jefferies
Piper Jaffray
Northcoast Research
D.A. Davidson & Co
Edward Jones
RBC Capital Markets
Deutsche Bank
Barclays
Credit Suisse
JPMorgan
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
n/a
BANK OF AMERICA
VANGUARD GROUP INC
n/a
n/a
HOTCHKIS AND WILEY
INVESCO LTD
n/a
NORGES BANK
PRIMECAP MANAGEMENT
n/a
US BANCORP
Analyst
KRISTINE KUBACKI
DAVID LEIKER
TIMOTHY J DENOYER
JOEL G TISS
STEPHEN VOLKMANN
JEFFREY A KAUFFMAN
ANDREW M CASEY
ALEXANDER E POTTER
BRIAN M RAYLE
JB GROH
LOGAN PURK
SETH R WEBER
A RHEM WOOD JR
PATRICK NOLAN
ANDY KAPLOWITZ
JAMIE L COOK
ANN DUIGNAN
CRAIG STERLING
JERRY REVICH
MICHAEL ROARKE
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Form 4
13F
13F
ULT-AGG
13F
13F
Recommendation
market perform
neutral
underperform
outperform
buy
neutral
outperform
overweight
buy
buy
hold
sector perform
hold
hold
equalweight
neutral
neutral
buy
neutral/neutral
hold
Amt Held
23'256'303
18'461'288
16'314'903
15'213'703
15'159'900
13'607'825
8'943'143
5'994'403
4'801'832
4'668'942
4'504'875
4'228'702
3'766'406
3'580'078
3'314'022
3'001'169
2'892'300
2'792'880
2'470'981
2'286'146
% Out
6.58
5.22
4.62
4.3
4.29
3.85
2.53
1.7
1.36
1.32
1.27
1.2
1.07
1.01
0.94
0.85
0.82
0.79
0.7
0.65
Weighting
Change
3
3
1
5
5
3
5
5
5
5
3
3
3
3
3
3
3
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'822'240
849'346
1'220'425
289'007
(2'646'713)
499'538
(506'101)
5'994'403
(26'056)
(2'196'600)
45'025
(651'306)
(407'964)
(118'991)
295
489'739
726'600
1'838'017
3'453
29'627
Target Price
44
41
36
57
55
#N/A N/A
#N/A N/A
55
55
65
#N/A N/A
50
#N/A N/A
50
44
47
47
#N/A N/A
48
60
File Dt
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
05.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
18 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
20.03.2013
19.03.2013
18.03.2013
12.03.2013
04.03.2013
04.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
15.01.2013
04.01.2013
26.10.2012
27.03.2013
Paychex Inc
Paychex, Inc. provides comprehensive payroll and integrated human resource and
employee benefits outsourcing solutions for small- to medium-sized businesses
in the United States. The Company's services range from calculating payroll and
filing tax payments to administering retirement plans and workers' compensation.
Price/Volume
40
4.5 M
35
4.0 M
30
3.5 M
3.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PAYX UW EQUITY YTD Change
PAYX UW EQUITY YTD % CHANGE
05/2012
11/yy
34.90
29.13
640'078.00
34.84
-0.17%
19.60%
98.96%
363.7
12'671.88
0.00
0.0
0.0
316.30
12'370.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
15
1.5 M
10
1.0 M
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.05.2008
2'066.3
5.84x
908.9
13.27x
576.1
22.15x
2.5 M
20
31.05.2009
31.05.2010
2'082.8
2'000.8
4.50x
4.97x
891.0
811.2
10.52x
12.26x
533.5
477.0
18.47x
21.08x
Profitability
LTM-4Q
31.05.2011
2'084.3
5.39x
875.1
12.83x
515.3
22.75x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.05.2012
2'229.8
4.73x
951.7
11.09x
548.0
19.85x
951.70
853.90
38.29%
38.58%
10.50%
34.37%
34.37%
0.43%
69.5%
42.9%
38.5%
24.6%
1.07
0.10
0.00%
0.00%
11.61
-
Price/ Cash Flow
11/yy
2'162.8
19.59x
924.8
10.96x
538.8
19.56x
LTM
11/yy
2'268.6
19.67x
972.1
11.86x
559.7
21.13x
FY+1
3.70
0.84
325.46
19.70
14.12%
11.88%
0.843
27
2.778
742'796
769'279
807'219
FY+2
FQ+1
FQ+2
05/13 Y
05/14 Y
02/13 Q3 05/13 Q4
2'324.9
2'465.1
592.6
585.2
5.35x
4.96x
21.35x
21.61x
998.3
1'059.3
243.2
233.0
12.39x
11.68x
12.19x
11.98x
579.1
619.4
142.4
136.0
21.86x
20.47x
21.27x
20.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.31
0.00
0.0%
0.0%
0.43
6.79
31.52
26.62
-
18.00
2'500.0
16.00
2'000.0
14.00
12.00
1'500.0
10.00
8.00
1'000.0
6.00
500.0
4.00
2.00
0.00
05.06.2009
0.0
05.12.2009
05.06.2010
05.12.2010
05.06.2011
05.12.2011
05.06.2012
05.12.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Paychex Inc
Holdings By:
All
Holder Name
GOLISANO BLASE THOMA
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
WELLS FARGO
INVESCO LTD
MACKENZIE FINANCIAL
GOLDMAN SACHS GROUP
SELECT EQUITY GROUP
NORGES BANK
JP MORGAN
UBS
Firm Name
RBC Capital Markets
Stifel
Oppenheimer & Co
BMO Capital Markets
Goldman Sachs
Edward Jones
Jefferies
William Blair & Co
EVA Dimensions
JPMorgan
Raymond James
Cowen and Company
Barclays
Credit Suisse
First Analysis Corp
Evercore Partners
Northcoast Research
S&P Capital IQ
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
BANK OF AMERICA
n/a
INVESCO LTD
MACKENZIE FINANCIAL
GOLDMAN SACHS GROUP
SELECT EQUITY GROUP
NORGES BANK
n/a
n/a
Analyst
RODERICK BOURGEOIS
DANIEL R PERLIN
CRAIG J MAURER
DAVID M GROSSMAN
TIMOTHY W WILLI
GLENN GREENE
JEFFREY M SILBER
PAUL THOMAS
JOSEPH D FORESI
JOSH OLSON
JASON KUPFERBERG
MARK S MARCON
TIMOTHY J MCHUGH
ANDREW S ZAMFOTIS
TIEN-TSIN HUANG
MICHAEL J BAKER
MOSHE KATRI
GARY E BISBEE
GEORGE MIHALOS
JAMES ROBERT MACDONALD
DAVID M TOGUT
KARTIK MEHTA
DYLAN CATHERS
BRYAN KEANE
Source
Form 4
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
Recommendation
market perform
sector perform
sell
hold
market perform
market perform
market perform
neutral/neutral
neutral
hold
underperform
neutral
outperform
overweight
underweight
market perform
neutral
underweight
neutral
equalweight
equalweight
neutral
hold
hold
Amt Held
37'657'753
31'260'364
21'056'674
17'344'339
17'128'429
14'408'697
12'948'892
8'970'426
7'788'270
6'532'589
5'640'812
4'605'086
3'780'000
3'680'600
3'283'336
3'166'795
2'970'094
2'915'069
2'819'076
2'649'962
% Out
10.35
8.59
5.79
4.77
4.71
3.96
3.56
2.47
2.14
1.8
1.55
1.27
1.04
1.01
0.9
0.87
0.82
0.8
0.78
0.73
Weighting
Change
3
3
1
3
3
3
3
3
3
3
1
3
5
5
1
3
3
1
3
3
3
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(21'975)
3'918'327
5'873'342
403'746
560'492
263'449
957'885
9'133
(302'963)
(170'531)
(27'271)
10'000
1'244'500
(812'816)
(511'503)
320'357
179'459
114'620
190'034
Target Price
29
34
30
#N/A N/A
#N/A N/A
#N/A N/A
34
36
33
#N/A N/A
31
34
#N/A N/A
#N/A N/A
34
#N/A N/A
#N/A N/A
30
35
37
34
#N/A N/A
35
33
File Dt
Inst Type
27.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013
Unclassified
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
27.03.2013
26.03.2013
26.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
13.03.2013
12.03.2013
08.03.2013
08.03.2013
15.01.2013
11.01.2013
21.12.2012
21.12.2012
21.12.2012
20.12.2012
20.12.2012
20.12.2012
14.12.2012
20.09.2012
20.07.2012
27.03.2013
Perrigo Co
Perrigo Company is a global healthcare supplier that develops, manufactures and
distributes OTC and generic prescription pharmaceuticals, infant formulas,
nutritional products, active pharmaceutical ingredients and pharmaceutical and
medical diagnostic products. The Company's primary markets and locations of
manufacturing and logistics operations are the US, UK, Mexico, and Australia.
Price/Volume
140
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
120
100
80
Valuation Analysis
60
Latest Fiscal Year:

LTM as of:
52-Week High (05.10.2012)
52-Week Low (08.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRGO UW EQUITY YTD Change
PRGO UW EQUITY YTD % CHANGE
06/2012
12/yy
120.72
96.53
149'557.00
117.54
-2.63%
21.77%
86.85%
93.5
10'995.51
1'369.33
0.0
1.6
602.49
11'909.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
1'729.9
2.10x
269.2
13.50x
135.8
20.60x
40
30.06.2009
30.06.2010
2'006.9
2'268.2
1.56x
2.94x
332.4
438.5
9.44x
15.19x
144.0
223.8
14.86x
22.34x
Profitability
LTM-4Q
30.06.2011
2'755.0
3.10x
594.2
14.39x
339.2
23.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
3'173.2
3.72x
713.3
16.53x
401.6
26.15x
713.30
577.98
18.21%
16.13%
10.76%
23.72%
14.95%
0.79%
34.5%
23.7%
19.5%
12.7%
2.75
1.80
34.03%
73.98%
5.86
3.44
Price/ Cash Flow
12/yy
2'959.7
12.24x
629.1
15.96x
344.9
24.02x
LTM
12/yy
3'262.6
13.66x
774.3
13.59x
443.0
20.46x
FY+1
0.28
0.79
87.99
2.74
14.74%
13.08%
0.788
18
3.722
140'145
178'548
216'881
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
3'586.7
4'026.8
940.6
990.9
3.28x
2.68x
12.19x
11.46x
898.5
1'035.1
237.8
250.6
13.26x
11.51x
12.21x
11.83x
535.0
626.3
137.6
148.9
20.69x
17.71x
19.07x
18.41x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.02
9.16
1.18
1.77
74.0%
42.5%
0.79
5.58
62.15
105.84
54.52
97.61
30.00
3'500.0
25.00
3'000.0
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Perrigo Co
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
ARKIN MOSHE
FMR LLC
JENNISON ASSOCIATES
STATE STREET
MACQUARIE GROUP
INVESCO LTD
SELECT EQUITY GROUP
Firm Name
Morgan Stanley
William Blair & Co
JPMorgan
Deutsche Bank
CLAL Finance Betucha
Goldman Sachs
Needham & Co
Stifel
Barrington Research
RBC Capital Markets
EVA Dimensions
I.B.I.
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
JENNISON ASSOCIATES
n/a
n/a
n/a
Multiple Portfolios
INVESCO LTD
SELECT EQUITY GROUP
Analyst
LOUISE CHEN
DAVID R RISINGER
LINDA BOLTON WEISER
DAVID G BUCK
RANDALL STANICKY
JON R ANDERSEN
CHRISTOPHER T SCHOTT
DAVID M STEINBERG
JONATHAN KREIZMAN
JAMI E RUBIN
ELLIOT WILBUR
ANNABEL SAMIMY
CHARLES R JONES
SHIBANI MALHOTRA
ANDREW S ZAMFOTIS
NATALI GOTLIEB
Source
ULT-AGG
13F
13D
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
Overwt/In-Line
buy
buy
buy
outperform
neutral
hold
market perform
sell/attractive
hold
buy
outperform
sector perform
hold
reduce
Amt Held
6'461'001
5'448'243
4'531'281
3'880'595
3'834'248
3'752'470
3'328'393
3'161'232
1'861'196
1'728'076
1'290'980
1'283'048
1'278'770
1'239'862
1'192'720
1'140'823
1'041'325
1'025'163
1'017'844
778'624
% Out
6.91
5.82
4.84
4.15
4.1
4.01
3.56
3.38
1.99
1.85
1.38
1.37
1.37
1.33
1.27
1.22
1.11
1.1
1.09
0.83
Weighting
Change
5
5
5
5
5
5
3
3
3
1
3
5
5
3
3
2
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
120'566
(463'579)
(834'279)
(562'479)
89'036
(241'297)
456'270
(100'236)
(13'319)
(150'075)
(107'000)
(161'001)
(18'934)
407'787
(86'938)
18'786
(35'542)
55'105
194'065
Target Price
130
125
133
145
128
#N/A N/A
108
115
106
112
#N/A N/A
125
142
111
#N/A N/A
89
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.03.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Date
22.03.2013
21.03.2013
20.03.2013
18.03.2013
18.03.2013
08.03.2013
19.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
04.02.2013
01.02.2013
15.01.2013
09.05.2012
27.03.2013
priceline.com Inc
Priceline.com Incorporated enables consumers to use the Internet to save money
on a variety of products and services. The Company's product allows customers
to name their own price on products or services and communicates that demand
directly to participating sellers or to their private databases. Participants
include domestic and international airlines, and hotel chains.
Price/Volume
900
2.5 M
800
2.0 M
700
600
1.5 M
500
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.04.2012)
52-Week Low (09.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PCLN UW EQUITY YTD Change
PCLN UW EQUITY YTD % CHANGE
12/2012
12/yy
774.29
553.54
92'577.00
694.59
-10.29%
25.48%
63.90%
49.9
34'639.82
1'402.34
0.0
160.3
5'183.19
31'019.26
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200
.5 M
100
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'884.8
1.56x
332.5
8.86x
182.2
16.70x
1.0 M
300
31.12.2009
31.12.2010
2'338.2
3'084.9
4.00x
6.00x
510.0
837.3
18.33x
22.09x
489.5
527.5
30.68x
38.09x
Profitability
LTM-4Q
31.12.2011
4'355.6
4.90x
1'452.7
14.69x
1'056.4
22.94x
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
31.12.2012
5'261.0
5.19x
1'894.9
14.42x
1'419.6
22.27x
1'894.93
1'829.79
34.78%
33.49%
26.94%
43.51%
33.54%
1.00%
77.6%
36.0%
34.8%
27.0%
3.89
3.80
21.35%
35.49%
16.65
-
Price/ Cash Flow
12/yy
4'355.6
20.66x
1'452.7
14.69x
1'056.4
22.92x
LTM
12/yy
5'261.0
22.69x
1'894.9
14.42x
1'419.6
22.23x
FY+1
1.10
49.47
2.48
-4.70%
11.81%
1.104
30
4.500
114'480
157'885
153'346
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'530.3
7'724.4
1'277.6
1'644.9
4.78x
3.49x
24.92x
19.12x
2'477.4
2'995.5
339.7
616.1
12.52x
10.36x
12.47x
12.08x
2'019.2
2'417.9
272.9
499.7
17.92x
15.08x
17.95x
17.44x
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
07.03.2012
BBB
STABLE
30.53
29.64
-2.00
0.74
35.5%
25.4%
1.00
68.51
21.98
51.53
-
35.00
6'000.0
30.00
5'000.0
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
priceline.com Inc
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
JENNISON ASSOCIATES
JP MORGAN
INVESCO LTD
UBS
MACQUARIE GROUP
MACKAY SHIELDS LLC
Firm Name
Cantor Fitzgerald
Evercore Partners
JMP Securities
Cowen and Company
Piper Jaffray
RBC Capital Markets
Deutsche Bank
Morgan Stanley
Goldman Sachs
Credit Suisse
JPMorgan
Jefferies
Macquarie
Stifel
Nomura
S&P Capital IQ
Barclays
Raymond James
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
JENNISON ASSOCIATES
n/a
INVESCO LTD
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
NAVED KHAN
KEN SENA
WILLIAM LENNAN
IVAN FEINSETH
RONALD V JOSEY III
KEVIN KOPELMAN
MICHAEL J OLSON
KAZUYA NISHIMURA
JAKE FULLER
MARK S MAHANEY
ROSS SANDLER
SCOTT W DEVITT
HEATH P TERRY
STEPHEN JU
DOUGLAS ANMUTH
BRIAN MULLAN
BRIAN P FITZGERALD
THOMAS WHITE
MICHAEL B PURCELL
BRIAN NOWAK
SCOTT H KESSLER
JAMES CORDWELL
DANIEL L KURNOS
EDWARD WOO
CHAD BARTLEY
AARON M KESSLER
MICHAEL MILLMAN
CRAIG STERLING
Source
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
13F
Recommendation
buy
overweight
neutral
strong buy
market outperform
outperform
overweight
neutral
buy
outperform
hold
Equalwt/Attractive
buy/attractive
outperform
overweight
neutral
buy
outperform
buy
buy
hold
overweight
buy
overweight
buy
outperform
outperform
hold
overweight
Amt Held
4'627'871
3'812'408
2'501'932
2'185'936
2'106'662
1'770'983
1'361'625
1'174'200
1'169'858
1'115'144
988'269
976'991
924'834
872'997
862'631
839'300
773'065
664'529
572'001
567'850
% Out
9.28
7.64
5.02
4.38
4.22
3.55
2.73
2.35
2.35
2.24
1.98
1.96
1.85
1.75
1.73
1.68
1.55
1.33
1.15
1.14
Weighting
Change
5
5
3
5
4
5
5
3
5
5
3
3
5
5
5
3
5
5
5
5
3
5
5
5
5
5
5
3
5
M
M
M
M
N
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(287'074)
130'868
52'433
97'425
354'525
49'346
(142)
28'824
561'028
286'848
(74'602)
8'264
(117'033)
31'140
(8'975)
9'458
160'500
(10'002)
Target Price
800
850
#N/A N/A
#N/A N/A
850
#N/A N/A
800
745
859
900
745
750
825
895
835
740
820
820
860
850
875
840
800
775
875
879
840
785
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
05.03.2013
01.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
15.01.2013
27.03.2013
QUALCOMM Inc
QUALCOMM, Inc . manufactures digital wireless communications equipment. The
Company licenses its code division multiple access (CDMA) and orthogonal
frequency division multiplexing access intellectual property to other companies,
and produces CDMA-based integrated circuits, and produces equipment and software
used to track workers and assets, and software for wireless content enablement.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
QCOM UW EQUITY YTD Change
QCOM UW EQUITY YTD % CHANGE
09/2012
12/yy
68.87
53.09
1'089'535.00
66.35
-3.66%
24.98%
79.72%
1'718.1
113'997.91
0.00
0.0
22.0
26'837.00
85'678.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
70
14.0 M
60
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
11'142.0
5.80x
4'186.0
15.44x
3'160.0
21.73x
80
30.09.2009
30.09.2010
10'416.0
10'982.0
5.46x
4.96x
3'644.0
4'393.0
15.60x
12.41x
1'592.0
3'247.0
43.40x
18.96x
Profitability
LTM-4Q
30.09.2011
14'957.0
4.32x
6'087.0
10.62x
4'260.0
16.71x
30.09.2012
19'121.0
4.17x
6'579.0
12.12x
6'109.0
22.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6'579.00
5'682.00
29.72%
34.32%
16.04%
20.73%
20.44%
0.50%
62.9%
34.9%
30.4%
31.9%
2.95
2.61
0.00%
0.00%
15.26
7.61
Price/ Cash Flow
LTM
12/yy
16'291.0
16.85x
6'487.0
10.96x
4'491.0
18.65x
12/yy
20'458.0
15.34x
7'149.0
10.59x
6'614.0
15.79x
FY+1
1.45
1.05
1'696.72
14.00
-1.69%
7.38%
1.050
48
4.625
2'740'837
3'008'237
3'116'196
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
24'133.8
26'886.5
6'063.1
5'862.4
3.70x
3.03x
14.82x
15.17x
9'143.4
10'007.7
2'345.0
2'067.0
9.38x
8.57x
9.38x
9.20x
7'894.7
8'768.4
2'050.0
1'825.8
14.72x
13.52x
14.78x
14.57x
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
19.12.2001
NR
73.10
58.83
-3.96
0.00
0.0%
0.0%
0.50
7.47
24.32
48.72
59.93
13.58
35.00
25'000.0
30.00
20'000.0
25.00
15'000.0
20.00
15.00
10'000.0
10.00
5'000.0
5.00
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
QUALCOMM Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
FMR LLC
INVESCO LTD
JP MORGAN
UBS
JACOBS IRWIN MARK
GOLDMAN SACHS GROUP
PRIMECAP MANAGEMENT
DEUTSCHE BANK AG
NORGES BANK
Firm Name
Exane BNP Paribas
Piper Jaffray
Morgan Stanley
MKM Partners
Nomura
Evercore Partners
Cowen and Company
RBC Capital Markets
William Blair & Co
BMO Capital Markets
Edward Jones
Societe Generale
D.A. Davidson & Co
Argus Research Corp
Credit Suisse
Raymond James
Scotia Capital
Berenberg Bank
S&P Capital IQ
FBR Capital Markets
Oppenheimer & Co
JMP Securities
Wedge Partners
Drexel Hamilton LLC
JPMorgan
Barclays
Deutsche Bank
Goldman Sachs
Macquarie
Davenport & Co
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
n/a
n/a
GOLDMAN SACHS GROUP
PRIMECAP MANAGEMENT
NORGES BANK
Analyst
JEROME RAMEL
DAVID M WONG
AUGUSTE P RICHARD
EHUD A GELBLUM
DANIEL A BERENBAUM
CHRISTOPHER CASO
ROMIT SHAH
MARK A MCKECHNIE
MATTHEW HOFFMAN
IVAN FEINSETH
IAN ING
MARK SUE
ANIL K DORADLA
STACY A RASGON
TIMOTHY P LONG
WILLIAM C KREHER
PETER KNOX
AALOK K SHAH
JAMES KELLEHER
KULBINDER GARCHA
TAVIS C MCCOURT
GUS PAPAGEORGIOU
ADNAAN AHMAD
JAMES G MOORMAN
CHRISTOPHER ROLLAND
T MICHAEL WALKLEY
ITTAI KIDRON
ALEX GAUNA
BRIAN BLAIR
RICHARD WHITTINGTON
ROD HALL
BLAYNE CURTIS
YOKO YAMADA
BRIAN T MODOFF
SIMONA JANKOWSKI
MIKE BURTON
SHAWN WEBSTER
F DRAKE JOHNSTONE
CODY G ACREE
JAMES CORDWELL
SRINI PAJJURI
ANDREW S ZAMFOTIS
JAMES FAUCETTE
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
ULT-AGG
Form 4
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
outperform
outperform
overweight
Overwt/Attractive
buy
Positive
buy
overweight
outperform
strong buy
buy
outperform
outperform
outperform
outperform
buy
hold
neutral
buy
outperform
outperform
focus stock
sell
strong buy
outperform
buy
outperform
market outperform
no rating system
buy
neutral
overweight
outperform
buy
Buy/Neutral
buy
outperform
buy
hold
overweight
outperform
overweight
outperform
Amt Held
97'445'750
76'175'417
70'105'195
65'989'412
48'565'229
39'259'157
28'145'539
28'068'364
26'620'183
20'000'786
18'812'964
18'545'579
18'055'113
17'971'145
16'861'913
16'431'203
15'415'875
15'097'814
15'092'976
13'118'618
% Out
5.67
4.43
4.08
3.84
2.83
2.28
1.64
1.63
1.55
1.16
1.09
1.08
1.05
1.05
0.98
0.96
0.9
0.88
0.88
0.76
Weighting
Change
5
5
5
5
5
4
5
5
5
5
5
5
5
5
5
5
3
3
5
5
5
5
1
5
5
5
5
4
#N/A N/A
5
3
5
5
5
5
5
5
5
3
5
5
5
5
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
(1'097'545)
1'586'995
2'748'797
(13'864'751)
(1'402'853)
1'723'682
(3'535'861)
3'817'042
(44'394)
(101'415)
(894'092)
(66'379)
(97'239)
(245'290)
1'737'652
(5'446'906)
(4'025'353)
(2'711'518)
3'254'562
1'609'301
Target Price
75
#N/A N/A
83
73
74
85
75
85
#N/A N/A
#N/A N/A
79
77
#N/A N/A
80
80
#N/A N/A
64
65
80
85
80
81
50
84
76
83
72
75
#N/A N/A
80
70
77
71
78
80
80
75
72
#N/A N/A
80
74
#N/A N/A
70
File Dt
25.03.2013
31.12.2012
26.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
05.03.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
18 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
18 month
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
10.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
03.03.2013
25.02.2013
25.02.2013
22.02.2013
13.02.2013
12.02.2013
11.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
27.03.2013
Randgold Resources Ltd

Randgold Resources Ltd. provides mining services. The Company offers
acquisition, development, and exploration of gold and other precious metal in
Africa.
Price/Volume
140
1.2 M
120
1.0 M
100
.8 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (15.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GOLD UW EQUITY YTD Change
GOLD UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
40
.2 M
20
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
338.6
9.01x
97.3
31.34x
41.6
78.87x
.6 M
60
12/2011
12/yy
127.27
72.93
81'189.00
84.61
-33.52%
16.02%
21.49%
92.1
7'793.93
18.02
0.0
166.1
390.76
7'587.30
31.12.2009
31.12.2010
432.8
484.6
15.50x
14.79x
142.3
164.3
47.15x
43.62x
69.4
103.5
94.26x
72.03x
Profitability
LTM-4Q
31.12.2011
1'127.1
7.97x
569.8
15.77x
377.1
24.74x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'317.8
6.59x
699.2
12.43x
431.8
20.57x
699.18
567.44
43.06%
43.12%
15.26%
17.98%
20.11%
0.47%
52.8%
53.1%
43.1%
32.8%
4.10
1.66
0.58%
0.69%
-
Price/ Cash Flow
12/yy
1'127.1
28.36x
569.8
15.77x
377.1
24.75x
LTM
12/yy
1'317.8
26.72x
699.2
12.43x
431.8
20.57x
FY+1
0.00
0.64
0.87
-4.72%
-14.75%
0.644
8
4.500
132'326
172'289
154'290
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'607.3
2'149.8
4.47x
3.05x
839.5
1'305.6
9.03x
5.81x
549.5
736.0
14.43x
10.31x
16.33x
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
582.65
114.09
-0.53
0.03
0.7%
0.6%
0.47
0.87
138.94
160.00
1'400.0
140.00
1'200.0
120.00
1'000.0
100.00
800.0
80.00
600.0
60.00
400.0
40.00
200.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Randgold Resources Ltd

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

Regeneron Pharmaceuticals, Inc. is a biopharmaceutical company that discovers,
develops, and commercializes pharmaceutical products for the treatment of
serious medical conditions. The Company has therapeutic candidates in clinical
trials for the potential treatment of cancer, eye diseases, and inflammatory
diseases, and has preclinical programs in other diseases and disorders.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.11.2012)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
REGN UW EQUITY YTD Change
REGN UW EQUITY YTD % CHANGE
Price/Volume
12/2012
12/yy
188.93
107.33
74'282.00
169.83
-10.11%
58.23%
76.59%
95.4
16'545.40
455.95
0.0
0.0
579.33
16'422.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
238.5
4.39x
(75.0)
(79.1)
-
200
180
160
140
120
100
80
60
40
20
0
m-12
31.12.2009
31.12.2010
379.3
459.1
4.56x
(59.9)
(77.8)
(67.8)
(104.5)
Profitability
LTM-4Q
31.12.2011
445.8
10.71x
(174.1)
(221.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'378.5
11.98x
494.7
33.40x
750.3
25.34x
494.65
457.71
33.20%
30.06%
44.08%
86.68%
0.81%
93.9%
35.9%
33.2%
54.4%
7.37
6.12
21.92%
36.61%
3.46
-
Price/ Cash Flow
12/yy
445.8
42.33x
(174.1)
0.00x
(221.8)
0.00x
LTM
12/yy
1'378.5
38.30x
494.7
33.40x
750.3
25.88x
FY+1
0.00
0.79
77.37
3.84
46.17%
-0.72%
0.791
18
4.111
99'267
193'540
217'256
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'881.2
2'291.6
423.4
457.1
8.14x
6.23x
758.0
1'156.0
168.0
189.7
21.66x
14.21x
20.59x
618.6
875.7
145.1
158.3
33.39x
25.00x
29.39x
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
10.92
9.83
-0.25
0.92
36.6%
26.8%
0.81
3.69
105.69
144.46
-
70.00
1'600.0
60.00
1'400.0
1'200.0
50.00
1'000.0
40.00
800.0
30.00
600.0
20.00
400.0
10.00
200.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Regeneron Pharmaceuticals Inc

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

Ross Stores, Inc. operates two brands of off-price retail apparel and home
accessories stores. Ross offers name brand and designer apparel, accessories,
footwear, and home fashions at discount prices.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.08.2012)
52-Week Low (27.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ROST UW EQUITY YTD Change
ROST UW EQUITY YTD % CHANGE
01/2013
02/yy
70.82
52.02
581'610.00
59.43
-16.08%
14.24%
39.41%
222.4
13'216.08
150.00
0.0
0.0
647.85
12'718.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
70
3.5 M
60
3.0 M
50
2.5 M
40
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
6'486.1
0.55x
637.0
5.61x
305.4
12.63x
80
31.01.2010
31.01.2011
7'184.2
7'866.1
0.70x
0.90x
885.2
1'067.3
5.68x
6.60x
442.8
554.8
12.97x
14.14x
Profitability
LTM-4Q
31.01.2012
8'608.3
1.29x
1'223.4
9.07x
657.2
17.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
9'721.1
1'457.2
786.8
16.84x
1'457.24
1'271.75
13.08%
13.01%
22.57%
48.27%
44.44%
2.79%
27.9%
15.0%
13.1%
8.1%
1.43
0.50
4.09%
8.49%
176.00
5.99
Price/ Cash Flow
LTM
01/yy
8'608.3
4.32x
1'223.4
9.07x
657.2
17.86x
02/yy
9'721.1
4.22x
1'457.2
0.00x
786.8
16.84x
FY+1
0.71
0.81
215.88
2.49
1.70%
10.07%
0.808
27
4.148
841'292
780'176
762'241
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
10'266.2
10'979.2
2'513.9
2'505.0
1.24x
1.17x
5.08x
5.09x
1'578.2
1'718.9
423.9
381.6
8.06x
7.40x
8.01x
7.75x
834.3
909.0
227.1
199.7
15.44x
13.73x
15.45x
14.92x
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
08.06.2011
BBB+
POS
210.98
149.53
-0.34
0.10
8.5%
7.8%
2.79
7.11
2.11
61.89
41.05
22.94
20.00
12'000.0
18.00
10'000.0
16.00
14.00
8'000.0
12.00
6'000.0
10.00
8.00
4'000.0
6.00
4.00
2'000.0
2.00
0.00
05.02.2010
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Ross Stores Inc

Holdings By:
All
Holder Name
FMR LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
JP MORGAN
MACKAY SHIELDS LLC
ORBAN GEORGE P
JENNISON ASSOCIATES
AKRE CAPITAL MANAGEM
Firm Name
ISI Group
Morgan Stanley
RBC Capital Markets
William Blair & Co
Johnson Rice & Co
FBR Capital Markets
MKM Partners
EVA Dimensions
Credit Suisse
Jefferies
Stifel
Piper Jaffray
Northcoast Research
S&P Capital IQ
BMO Capital Markets
Deutsche Bank
JPMorgan
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
INVESCO LTD
n/a
Multiple Portfolios
n/a
JENNISON ASSOCIATES
n/a
Analyst
OMAR SAAD
KIMBERLY GREENBERGER
HOWARD TUBIN
DANIEL H HOFKIN
DAVID M MANN
DUTCH FOX
DAVID J GLICK
IKE BORUCHOW
MARK K MONTAGNA
EVREN DOGAN KOPELMAN
PATRICK G MCKEEVER JR
DANA TELSEY
CRAIG STERLING
MICHAEL B EXSTEIN
RANDAL J KONIK
RICHARD E JAFFE
LAURA A CHAMPINE
ALEX J FUHRMAN
JEFFERY STEIN
MORRY BROWN
JASON ASAEDA
JOHN D MORRIS
MICHAEL BAKER
BRIAN J TUNICK
SCOTT M SWANSON
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
Form 4
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
buy
Equalwt/Cautious
sector perform
outperform
overweight
outperform
neutral
neutral
market outperform
market perform
buy
no rating system
buy
outperform
hold
hold
hold
overweight
buy
buy
buy
market perform
buy
neutral
buy
Amt Held
28'175'226
16'672'005
11'478'180
8'870'387
7'836'463
7'065'366
5'910'719
4'282'701
3'849'624
3'771'842
3'661'156
3'258'732
2'977'172
2'756'802
2'716'295
2'597'864
2'509'699
1'962'013
1'937'709
1'711'027
% Out
12.67
7.5
5.16
3.99
3.52
3.18
2.66
1.93
1.73
1.7
1.65
1.47
1.34
1.24
1.22
1.17
1.13
0.88
0.87
0.77
Weighting
Change
5
3
3
5
5
5
3
3
4
3
5
#N/A N/A
5
5
3
3
3
5
5
5
5
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(501'655)
1'851'549
(3'335'778)
(28'658)
410'306
243'294
3'854'546
(765'265)
(448'489)
2'972'491
(361'361)
(782'991)
13'659
16'000
333'564
612'200
957'912
14'114
(10'813)
(811'119)
Target Price
70
#N/A N/A
67
#N/A N/A
#N/A N/A
69
60
60
66
#N/A N/A
68
64
#N/A N/A
68
55
#N/A N/A
65
71
65
70
64
58
66
60
70
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
9 month
18 month
Date
24.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
15.03.2013
14.03.2013
09.01.2013
03.12.2012
16.11.2012
27.03.2013
SanDisk Corp
SanDisk Corporation designs, develops, and manufactures data storage solutions
in a variety of form factors using our flash memory, proprietary controller and
firmware technologies. The Company's solutions include removable cards,
embedded products, universal serial bus, or USB, drives, digital media players,
wafers and components.
Price/Volume
60
12/2012
12/yy
56.48
31.00
506'902.00
55.27
-2.14%
78.29%
95.25%
241.8
13'366.90
1'696.62
0.0
(4.3)
5'711.44
9'347.79
6.0 M
5.0 M
4.0 M
20
3.0 M
2.0 M
10
0
m-12
1.0 M
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2009
31.12.2010
3'566.8
4'826.8
1.30x
1.69x
750.1
1'688.4
6.16x
4.83x
415.3
1'300.1
16.19x
9.17x
Profitability
LTM-4Q
31.12.2011
5'662.1
1.40x
1'807.0
4.38x
987.0
12.36x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'052.5
1.24x
1'113.3
5.65x
417.4
25.11x
1'113.26
696.10
13.78%
12.41%
4.07%
5.83%
5.64%
0.49%
33.3%
22.0%
13.8%
8.3%
2.45
1.84
16.41%
23.36%
9.10
4.72
Price/ Cash Flow
01/yy
5'662.1
4.90x
1'807.0
4.38x
987.0
12.18x
LTM
12/yy
5'052.5
5.24x
1'113.3
5.65x
417.4
25.25x
FY+1
0.00
1.44
237.91
7.88
10.28%
26.88%
1.435
36
4.306
691'148
964'750
1'022'413
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'607.5
6'170.0
1'292.9
1'333.2
2.10x
1.81x
8.98x
8.66x
1'610.6
1'834.9
317.2
348.2
5.80x
5.09x
5.92x
5.71x
903.9
1'031.2
182.4
197.8
14.61x
13.10x
14.62x
14.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
20.12.2011
BB
STABLE
9.30
5.22
-3.61
1.52
23.4%
18.9%
0.49
10.00
39.99
77.16
27.14
90.02
30.00
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
08.01.2010
7.0 M
30
Latest Fiscal Year:

LTM as of:
52-Week High (22.03.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SNDK UW EQUITY YTD Change
SNDK UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
40
Valuation Analysis
31.12.2008
3'351.4
0.15x
(610.0)
(1'986.6)
-
9.0 M
50
0.0
08.07.2010
08.01.2011
08.07.2011
08.01.2012
08.07.2012
08.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
SanDisk Corp
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
STATE STREET
PRIMECAP MANAGEMENT
MORGAN STANLEY
LEGG MASON INC
KENSICO CAPITAL MANA
DISCOVERY CAPITAL MA
HARARI ELI
NORGES BANK
INVESCO LTD
Firm Name
Cowen and Company
MKM Partners
Argus Research Corp
Raymond James
Piper Jaffray
RBC Capital Markets
Macquarie
Morgan Stanley
Goldman Sachs
Wedbush
Cross Research
Stifel
Needham & Co
EVA Dimensions
Nomura
Deutsche Bank
JPMorgan
Jefferies
S&P Capital IQ
Gabelli & Co
Credit Suisse
JMP Securities
BOE Securities
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
PRIMECAP MANAGEMENT
n/a
Multiple Portfolios
KENSICO CAPITAL MANA
DISCOVERY CAPITAL MA
n/a
NORGES BANK
INVESCO LTD
Analyst
RYAN GOODMAN
VIJAY R RAKESH
TRISTAN GERRA
MEHDI HOSSEINI
MONIKA GARG
TIMOTHY M ARCURI
DANIEL A BERENBAUM
MARK C NEWMAN
JAMES KELLEHER
HANS C MOSESMANN
CRAIG ELLIS
JAGADISH IYER
DOUG FREEDMAN
DEEPON NAG
JOSEPH MOORE
JAMES SCHNEIDER
BETSY VAN HEES
STEVEN B FOX
DANIEL L AMIR
KEVIN E CASSIDY
RAJVINDRA S. GILL
ANDREW S ZAMFOTIS
SIDNEY HO
BOB GUJAVARTY
HARLAN SUR
SUNDEEP BAJIKAR
ANGELO ZINO
HENDI SUSANTO
JOHN W PITZER
IVAN FEINSETH
ALEX GAUNA
BINDAL PARIKH TOTLANI
Source
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
Form 5
13F
13F
Recommendation
underperform
buy
neutral
Positive
outperform
neutral
neutral
outperform
buy
outperform
buy
overweight
outperform
outperform
Overwt/In-Line
buy/attractive
outperform
buy
buy
buy
buy
sell
buy
hold
neutral
buy
buy
buy
outperform
strong buy
market perform
buy
Amt Held
17'359'506
14'144'750
13'772'396
10'649'095
9'770'368
9'546'595
7'073'816
5'720'676
5'493'814
4'819'428
4'511'060
4'482'305
4'451'294
4'244'000
3'585'900
3'510'069
3'388'893
3'283'017
2'897'220
2'626'387
% Out
7.18
5.85
5.69
4.4
4.04
3.95
2.92
2.37
2.27
1.99
1.87
1.85
1.84
1.75
1.48
1.45
1.4
1.36
1.2
1.09
Weighting
Change
1
5
3
4
5
3
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
1
5
3
3
5
5
5
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
N
M
M
Latest Chg
519'757
273'650
(4'813'870)
173'278
(2'981'651)
113'023
147'100
(297'990)
389'070
(177'894)
3'542'305
41'763
1'084'200
2'131'900
(259'067)
(38'398)
(3'685'038)
(245'762)
Target Price
58
60
47
70
56
#N/A N/A
43
65
65
62
67
60
65
65
60
58
55
60
58
54
60
#N/A N/A
55
45
56
59
58
#N/A N/A
55
#N/A N/A
#N/A N/A
46
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
02.01.2011
n/a
31.12.2012
Government
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
27.03.2013
26.03.2013
25.03.2013
24.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
04.03.2013
27.02.2013
14.02.2013
08.02.2013
04.02.2013
01.02.2013
31.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
02.11.2012
17.10.2012
01.08.2012
27.03.2013
SBA Communications Corp

SBA Communications Corporation owns and operates wireless communications
infrastructure in the United States. The Company offers both site leasing and
site development services. SBA leases antenna space on its multi-tenant towers
to a variety of wireless service providers under long-term lease contracts. The
Company also offers site development consulting and construction.
Price/Volume
80
50
12/2012
12/yy
74.00
49.37
225'922.00
71.82
-2.95%
45.47%
91.15%
127.0
9'117.87
5'356.10
0.0
11.7
238.57
14'247.12
1.0 M
30
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2009
31.12.2010
555.5
626.6
11.38x
11.93x
322.2
369.0
19.62x
20.25x
(140.9)
(194.7)
Profitability
LTM-4Q
31.12.2011
698.2
11.49x
432.4
18.56x
(126.5)
-
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
954.1
14.82x
602.4
23.47x
(181.0)
602.43
193.96
20.33%
-18.56%
-3.55%
0.19%
70.7%
63.1%
20.3%
-19.0%
0.43
0.32
81.21%
820.24%
31.18
13.54
Price/ Cash Flow
12/yy
698.2
42.53x
432.4
18.56x
(126.5)
0.00x
LTM
12/yy
954.1
47.67x
602.4
23.47x
(181.0)
0.00x
FY+1
0.00
0.80
125.64
18.65
41.66%
1.13%
0.803
21
4.619
415'883
593'632
529'956
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'221.8
1'310.2
301.8
301.8
11.72x
11.11x
47.64x
47.97x
761.6
837.5
184.9
188.5
18.71x
17.01x
18.70x
18.33x
(125.6)
(53.6)
(32.2)
(34.4)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.04.2012
B+
STABLE
3.07
2.49
8.49
8.89
820.2%
89.0%
0.19
0.45
11.74
27.04
25.93
12.85
30.00
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
01.01.2010
1.5 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (06.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBAC UW EQUITY YTD Change
SBAC UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
60
Valuation Analysis
31.12.2008
475.0
8.91x
258.1
16.40x
(67.2)
-
2.5 M
70
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
SBA Communications Corp

Holdings By:
All
Holder Name
FMR LLC
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
BLACKROCK
TIMESSQUARE CAPITAL
BAMCO INC
JENNISON ASSOCIATES
MACKAY SHIELDS LLC
INVESCO LTD
FRANKLIN RESOURCES
POINTSTATE CAPITAL
STATE STREET
Firm Name
Macquarie
Stifel
Evercore Partners
Cowen and Company
RBC Capital Markets
Piper Jaffray
Morgan Stanley
JPMorgan
Raymond James
Nomura
New Street Research
Goldman Sachs
Deutsche Bank
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
n/a
TIMESSQUARE CAPITAL
BAMCO INC
JENNISON ASSOCIATES
Multiple Portfolios
INVESCO LTD
n/a
n/a
POINTSTATE CAPITAL L
n/a
n/a
Analyst
JENNIFER M FRITZSCHE
KEVIN SMITHEN
BEN LOWE
JONATHAN SCHILDKRAUT
MICHAEL BOWEN
COLBY SYNESAEL
JONATHAN ATKIN
CHRISTOPHER M LARSEN
SIMON FLANNERY
GREGORY MILLER
PHILIP CUSICK
RICHARD H PRENTISS JR
MICHAEL L MCCORMACK
CHRISTOPHER WATTS
JONATHAN CHAPLIN
JASON ARMSTRONG
BRETT FELDMAN
ANDREW S ZAMFOTIS
JAMES G MOORMAN
Source
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
Recommendation
outperform
neutral
buy
overweight
outperform
outperform
top pick
overweight
Overwt/In-Line
buy
overweight
strong buy
buy
neutral
buy
buy/attractive
buy
sell
buy
Amt Held
12'208'555
6'338'878
6'263'342
5'888'125
5'855'874
5'682'550
5'501'746
5'253'590
4'427'000
4'204'203
3'516'522
3'289'965
3'083'619
2'946'325
2'928'535
2'740'060
2'646'346
2'522'500
2'434'513
2'375'509
% Out
9.62
4.99
4.93
4.64
4.61
4.48
4.33
4.14
3.49
3.31
2.77
2.59
2.43
2.32
2.31
2.16
2.08
1.99
1.92
1.87
Weighting
Change
5
3
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
140'821
81'285
(53'029)
145'095
(4'426)
(617'000)
(178'257)
1'508'618
(30'000)
1'134'458
(29'000)
1'631'825
1'352'937
(875'071)
404'165
(158'405)
117'525
1'373'100
(461'740)
136'640
Target Price
#N/A N/A
77
83
83
98
#N/A N/A
85
83
77
85
80
81
85
73
75
78
85
#N/A N/A
84
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
15.03.2013
13.03.2013
13.03.2013
12.03.2013
07.03.2013
06.03.2013
01.03.2013
26.02.2013
24.02.2013
24.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
22.01.2013
15.01.2013
15.01.2013
02.01.2013
27.03.2013
Seagate Technology PLC

Seagate Technology PLC designs, manufactures, and markets hard disk drives for
enterprise applications, client compute applications, client non-compute
applications, personal data backup systems, portable external storage systems
and digital media systems. The Company also provides data storage services for
businesses, including online backup, data protection and recovery solutions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.01.2013)
52-Week Low (01.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STX UW EQUITY YTD Change
STX UW EQUITY YTD % CHANGE
06/2012
12/yy
37.94
21.62
2'574'079.00
35.88
-5.43%
65.96%
87.38%
358.9
12'875.94
2'863.00
0.0
0.0
2'118.00
13'835.94
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
35
35.0 M
30
30.0 M
25
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
12'708.0
0.81x
2'308.0
4.48x
1'262.0
7.46x
40
30.06.2009
30.06.2010
9'805.0
11'395.0
0.63x
0.54x
796.0
2'643.0
7.82x
2.34x
(3'125.0)
1'609.0
4.12x
Profitability
LTM-4Q
30.06.2011
10'971.0
0.67x
1'578.0
4.63x
511.0
14.10x
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
30.06.2012
14'939.0
0.71x
3'926.0
2.68x
2'862.0
3.80x
3'926.00
3'112.00
20.83%
19.29%
36.10%
101.41%
56.94%
1.82%
31.4%
26.4%
21.1%
19.2%
1.86
1.31
28.33%
81.87%
9.97
13.71
Price/ Cash Flow
LTM
12/yy
11'560.0
2.36x
1'968.0
4.23x
915.0
7.42x
12/yy
16'332.0
2.89x
4'319.0
2.70x
3'233.0
3.96x
FY+1
4.24
1.32
310.27
31.65
36.81%
17.72%
1.324
28
3.000
1'242'354
1'427'760
1'921'287
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
14'137.3
13'697.0
3'386.7
3'357.1
0.97x
0.95x
3.76x
3.74x
3'100.1
2'935.5
704.3
696.3
4.46x
4.71x
4.59x
4.48x
1'976.6
1'821.5
425.9
429.7
6.91x
6.64x
7.06x
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
07.03.2011
BB+
STABLE
16.29
13.65
0.22
0.65
81.9%
45.0%
1.82
7.36
36.50
26.55
51.46
1.17
12.00
16'000.0
14'000.0
10.00
12'000.0
8.00
10'000.0
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
0.00
03.07.2009
2'000.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Seagate Technology PLC

Holdings By:
All
Holder Name
SAMSUNG ELECTRONICS
FMR LLC
LEGG MASON INC
VANGUARD GROUP INC
BLACKROCK
STATE STREET
ALKEN ASSET MANAGEME
GREENLIGHT CAPITAL I
NORGES BANK
FIRST TRUST
INVESCO LTD
BRANDES INVESTMENT P
GOLDMAN SACHS GROUP
BARCLAYS PLC
Firm Name
Longbow Research
BMO Capital Markets
Stifel
Barclays
Argus Research Corp
Deutsche Bank
Morgan Stanley
Goldman Sachs
RBC Capital Markets
JPMorgan
Needham & Co
Evercore Partners
S&P Capital IQ
Cross Research
FBN Securities
EVA Dimensions
Wedge Partners
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
NORGES BANK
n/a
INVESCO LTD
GOLDMAN SACHS GROUP
n/a
n/a
Analyst
ANANDA BARUAH
JOE WITTINE
MAYNARD UM
IVAN FEINSETH
KEITH F BACHMAN
YOKO YAMADA
MONIKA GARG
EDWARD PARKER
AARON C RAKERS
BENJAMIN A REITZES
JAMES KELLEHER
SHERRI SCRIBNER
KATHRYN HUBERTY
WILLIAM C SHOPE JR
AMIT DARYANANI
MARK A MOSKOWITZ
RICHARD J KUGELE
JAYSON NOLAND SR
ROBERT CIHRA
MARK S MILLER
ANGELO ZINO
CHRISTIAN SCHWAB
STEVEN B FOX
AVI SILVER
SHEBLY SEYRAFI
ANDREW S ZAMFOTIS
KIRK ADAMS
Source
Form 3
ULT-AGG
RNS-MAJ
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
Recommendation
buy
neutral
market perform
buy
market perform
neutral
sector perform
buy
hold
underweight
hold
hold
Equalwt/In-Line
neutral/neutral
sector perform
underweight
hold
neutral
equalweight
hold
sell
buy
hold
underperform
sector perform
buy
no rating system
Amt Held
45'239'490
31'929'428
23'472'945
22'855'845
19'056'988
15'824'233
12'445'351
10'436'769
9'947'957
8'890'851
8'370'896
7'870'096
6'463'432
6'463'429
5'381'133
4'189'394
4'022'832
3'744'195
3'325'324
3'306'052
% Out
12.61
8.9
6.54
6.37
5.31
4.41
3.47
2.91
2.77
2.48
2.33
2.19
1.8
1.8
1.5
1.17
1.12
1.04
0.93
0.92
Weighting
Change
5
3
3
5
3
3
3
5
3
1
3
3
3
3
3
1
3
3
3
3
1
5
3
1
3
5
#N/A N/A
M
M
M
N
M
U
M
M
M
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
Latest Chg
(771'386)
(493'828)
(357'691)
3'016'421
(1'069'926)
(11'717)
(575'260)
1'200'912
(8'217'244)
4'757'641
(1'143)
(907'092)
(866'533)
3'049'571
2'460'369
(142'206)
2'707'096
(298'500)
Target Price
39
#N/A N/A
#N/A N/A
#N/A N/A
35
36
#N/A N/A
42
#N/A N/A
29
#N/A N/A
40
#N/A N/A
29
35
20
#N/A N/A
35
36
25
31
40
39
35
40
#N/A N/A
#N/A N/A
File Dt
Inst Type
27.01.2012
Corporation
31.12.2012
Investment Advisor
22.11.2010
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
9 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
26.03.2013
20.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
06.03.2013
11.02.2013
06.02.2013
31.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
15.01.2013
14.01.2013
27.03.2013
Sears Holdings Corp

Sears Holdings Corporation is a broadline retailer with full-line and specialty
retail stores in the United States and Canada. The Company retails home
appliances, as well as tools, lawn and garden products, home electronics, and
other products. Sears Holdings also provides automotive repair and maintenance.
Price/Volume
80
4.5 M
70
4.0 M
60
3.5 M
3.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.11.2012)
52-Week Low (28.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SHLD UW EQUITY YTD Change
SHLD UW EQUITY YTD % CHANGE
01/2013
02/yy
68.74
38.40
128'265.00
50.89
-25.97%
32.53%
41.17%
106.4
5'413.99
3'120.00
0.0
417.0
609.00
8'341.99
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
30
1.5 M
20
1.0 M
10
.5 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
46'770.0
0.21x
1'592.0
6.28x
53.0
24.21x
2.5 M
40
31.01.2010
31.01.2011
44'043.0
42'664.0
0.27x
0.24x
1'664.0
1'239.0
7.14x
8.26x
235.0
133.0
83.42x
68.54x
Profitability
LTM-4Q
31.01.2012
41'567.0
0.18x
(63.0)
(3'140.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
39'854.0
0.20x
(146.0)
(930.0)
-146.00
-976.00
-2.45%
-2.53%
-4.57%
-26.44%
1.96%
26.4%
-0.4%
-2.4%
-2.3%
1.10
0.15
16.13%
113.25%
59.93
3.68
Price/ Cash Flow
LTM
01/yy
41'567.0
1.01x
(63.0)
0.00x
(3'140.0)
0.00x
02/yy
39'854.0
0.88x
(146.0)
0.00x
(930.0)
0.00x
FY+1
0.00
1.59
42.97
8.66
-22.97%
23.04%
1.593
7
2.143
100'719
228'157
277'303
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
36'896.3
36'739.0
8'156.0
8'477.0
0.22x
0.22x
605.0
678.0
13.79x
12.30x
(285.5)
(235.5)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.01.2012
CCC+
STABLE
-0.55
-1.96
-21.37
113.2%
49.6%
1.96
6.31
6.19
100.94
36.94
70.19
70.00
60'000.0
60.00
50'000.0
50.00
40'000.0
40.00
30'000.0
30.00
20'000.0
20.00
10'000.0
10.00
0.00
05.02.2010
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Sears Holdings Corp

Holdings By:
All
Holder Name
RBS PARTNERS L P
RBS PARTNERS L P
LAMPERT EDWARD S
FAIRHOLME CAPITAL MA
TISCH THOMAS J
HORIZON KINETICS
STATE STREET
VANGUARD GROUP INC
BLACKROCK
INVESCO LTD
FINE CAPITAL PARTNER
OLD WEST INVESTMENT
CHOU ASSOCIATES MANA
NORGES BANK
SOUTHPOINT CAPITAL A
DEUTSCHE BANK AG
UOB GLOBAL STRATEGIE
BARCLAYS PLC
Firm Name
ISI Group
Argus Research Corp
Credit Suisse
EVA Dimensions
Longbow Research
S&P Capital IQ
Imperial Capital LLC
Portfolio Name
RBS PARTNERS L P
n/a
n/a
FAIRHOLME CAPITAL MA
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
FINE CAPITAL PARTNER
OLD WEST INVESTMENT
CHOU ASSOCIATES MANA
NORGES BANK
SOUTHPOINT CAPITAL A
Multiple Portfolios
n/a
Analyst
GREGORY MELICH
CHRISTOPHER GRAJA
GARY BALTER
CRAIG STERLING
DAVID S MACGREGOR
JASON ASAEDA
MARY ROSS-GILBERT
Source
13F
13D
13D
13F
PROXY
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
ULT-AGG
13F
Recommendation
sell
hold
underperform
overweight
not rated
hold
underperform
Amt Held
36'334'181
33'856'069
25'041'046
18'146'573
3'869'816
3'047'600
2'515'679
1'722'598
1'446'408
1'114'743
1'106'100
948'073
905'445
683'700
344'220
325'000
323'511
306'600
300'019
300'000
% Out
34.15
31.82
23.54
17.06
3.64
2.86
2.36
1.62
1.36
1.05
1.04
0.89
0.85
0.64
0.32
0.31
0.3
0.29
0.28
0.28
Weighting
Change
1
3
1
5
#N/A N/A
3
1
M
M
M
U
M
M
M
Latest Chg
(5'939'961)
(2'478'112)
1'212'493
(58'140)
(84'798)
106'510
52'457
(1'864)
(109'420)
406'900
(10'500)
905'445
(54'262)
125'000
(241'439)
3'400
16'219
-
Target Price
22
#N/A N/A
20
#N/A N/A
#N/A N/A
44
#N/A N/A
File Dt
31.12.2012
20.03.2013
20.03.2013
31.12.2012
10.02.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Hedge Fund Manager
Hedge Fund Manager
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Government
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Date
24.03.2013
05.03.2013
04.03.2013
01.03.2013
14.01.2013
08.01.2013
02.05.2012
27.03.2013
Sigma-Aldrich Corp
Sigma-Aldrich Corporation develops, manufactures, purchases and distributes a
broad range of chemicals, biochemicals and equipment. The Company's chemical
products and kits are used in scientific research, including genomic and
proteomic, biotechnology, pharmaceutical development and as key components in
pharmaceutical, diagnostic and other high technology manufacturing.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
1.0 M
60
12/2012
12/yy
79.32
66.52
258'702.00
76.58
-3.45%
15.12%
78.59%
120.4
9'223.67
683.00
0.0
0.0
724.00
9'182.67
50
.8 M
40
.6 M
30
.4 M
20
.2 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'200.7
2.56x
602.4
9.35x
341.5
15.94x
1.4 M
80
70
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.03.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SIAL UW EQUITY YTD Change
SIAL UW EQUITY YTD % CHANGE
90
31.12.2009
31.12.2010
2'147.6
2'271.0
2.96x
3.56x
601.2
675.0
10.57x
11.99x
346.7
384.0
17.74x
21.33x
Profitability
LTM-4Q
31.12.2011
2'505.0
2.96x
761.0
9.74x
457.0
16.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
2'623.0
3.35x
809.0
10.86x
460.0
19.11x
809.00
673.00
25.66%
24.97%
12.96%
19.39%
15.56%
0.74%
51.4%
30.8%
25.7%
17.5%
2.75
1.54
17.88%
26.83%
7.77
1.84
Price/ Cash Flow
12/yy
2'505.0
12.45x
761.0
9.74x
457.0
16.61x
LTM
12/yy
2'623.0
13.58x
809.0
10.86x
460.0
19.01x
FY+1
1.04
1.07
120.05
7.08
4.54%
4.37%
1.071
17
3.118
292'191
216'868
201'204
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'712.2
2'839.9
673.2
683.7
3.30x
3.00x
13.54x
13.27x
833.2
885.3
199.2
206.1
11.02x
10.37x
11.16x
10.95x
499.2
533.4
121.8
125.8
18.51x
17.31x
18.52x
18.23x
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
28.09.2011
A+
STABLE
04.02.2004
A-1
202.25
173.75
-0.05
0.84
26.8%
21.2%
0.74
3.30
47.09
199.35
41.69
204.75
20.00
3'000.0
18.00
2'500.0
16.00
14.00
2'000.0
12.00
1'500.0
10.00
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sigma-Aldrich Corp
Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
STATE STREET
STATE FARM INSURANCE
FMR LLC
HARDING LOEVNER LP
WELLS FARGO
INVESCO LTD
JP MORGAN
SELECT EQUITY GROUP
MACKENZIE FINANCIAL
FRANKLIN RESOURCES
CAPITAL COUNSEL LLC
Firm Name
First Analysis Corp
Longbow Research
Jefferies
Macquarie
JPMorgan
Leerink Swann & Co
Edward Jones
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
Multiple Portfolios
n/a
HARDING LOEVNER LP
n/a
INVESCO LTD
n/a
SELECT EQUITY GROUP
MACKENZIE FINANCIAL
n/a
CAPITAL COUNSEL LLC
Analyst
TRACY MARSHBANKS
DMITRY SILVERSTEYN
MICHAEL J SISON
TIM EVANS
JON WOOD
JEFF T ELLIOTT
JONATHAN P GROBERG
TYCHO W PETERSON
DANIEL L LEONARD
PETER R LAWSON
MATT ARNOLD
CRAIG STERLING
PAUL R KNIGHT
ISAAC RO
Source
13F
ULT-AGG
13F
Sch-D
ULT-AGG
13F
ULT-AGG
13F
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
equalweight
neutral
buy
market perform
hold
outperform
neutral
neutral
market perform
neutral
buy
underweight
outperform
neutral/neutral
Amt Held
14'033'160
9'664'000
8'082'331
6'628'173
6'362'714
6'162'455
6'110'994
3'280'000
3'251'389
2'841'014
2'714'070
2'675'280
2'317'018
2'267'527
2'083'764
1'817'182
1'173'300
1'150'995
1'138'832
1'136'232
% Out
11.65
8.02
6.71
5.5
5.28
5.12
5.07
2.72
2.7
2.36
2.25
2.22
1.92
1.88
1.73
1.51
0.97
0.96
0.95
0.94
Weighting
Change
3
3
5
3
3
5
3
3
3
3
5
1
5
3
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
1'410'000
94'282
102'546
249'486
(100'000)
93'101
198'666
(10'687)
(174'811)
111'294
(591'966)
(13'366)
38'300
(2'553)
(26'160)
9'630
Target Price
#N/A N/A
#N/A N/A
86
#N/A N/A
67
85
76
74
#N/A N/A
70
#N/A N/A
#N/A N/A
89
72
File Dt
Inst Type
31.12.2012
Insurance Company
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Insurance Company
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
14.03.2013
01.03.2013
07.02.2013
16.01.2013
27.03.2013
Sirius XM Radio Inc

Sirius XM Radio Inc. broadcasts various channels of audio from its satellites.
The Company provides its services throughout the continental United States for
a monthly subscription fee. Sirius delivers various streams of commercial-free
music in every genre, as well as streams of news, sports, weather, talk,
comedy, and public radio.
Price/Volume
12/2012
12/yy
3.25
1.75
4'587'365.00
3.085
-5.08%
76.01%
88.98%
6'559.0
20'234.47
2'435.22
0.0
0.0
520.95
22'148.76
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
2'472.6
2'817.0
2.03x
3.21x
567.8
800.1
8.85x
11.30x
(342.8)
43.1
54.34x
Profitability
LTM-4Q
31.12.2011
3'014.5
3.01x
941.2
9.64x
427.0
26.00x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
3'402.0
5.03x
1'135.5
15.08x
3'472.7
32.11x
1'135.54
872.03
25.63%
13.95%
41.96%
146.41%
0.41%
63.9%
33.4%
25.6%
102.1%
0.79
0.27
26.89%
60.28%
32.74
39.63
Price/ Cash Flow
12/yy
3'014.5
12.53x
941.2
9.64x
427.0
26.00x
m-12
j-12
j-12
a-12
LTM
12/yy
3'402.0
15.43x
1'135.5
15.08x
3'472.7
5.35x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
0.00
1.02
3'258.62
399.79
39.48%
6.75%
1.016
17
4.059
4'832'309
8'801'510
7'508'776
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
3'811.3
4'176.9
910.0
940.0
6.06x
5.80x
24.47x
23.65x
1'160.8
1'418.9
256.6
273.7
19.08x
15.61x
19.56x
18.18x
606.3
746.1
151.7
166.5
31.16x
23.73x
30.54x
31.80x
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
26.10.2011
BB
STABLE
3.82
3.49
1.69
2.14
60.3%
37.6%
0.41
2.10
11.18
9.24
169.91
-149.49
18.00
4'000.0
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
01.01.2010
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'664.0
1.97x
(57.5)
(5'313.3)
-
45.0 M
3
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (17.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SIRI UW EQUITY YTD Change
SIRI UW EQUITY YTD % CHANGE
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Sirius XM Radio Inc

Holdings By:
All
Holder Name
LIBERTY RADIO LLC
VANGUARD GROUP INC
BLACKROCK
FMR LLC
OMEGA ADVISORS
MACKAY SHIELDS LLC
STATE STREET
INVESCO LTD
ALGER MANAGEMENT INC
SLATE PATH CAPITAL L
HHR ASSET MANAGEMENT
Firm Name
Evercore Partners
Piper Jaffray
ISI Group
EVA Dimensions
Barrington Research
Macquarie
S&P Capital IQ
Gabelli & Co
Morgan Stanley
RBC Capital Markets
Maxim Group LLC
Goldman Sachs
Wedge Partners
Portfolio Name
#N/A N/A
VANGUARD GROUP INC
n/a
n/a
OMEGA ADVISORS INC
Multiple Portfolios
n/a
INVESCO LTD
FRED ALGER MANAGEMEN
SLATE PATH CAPITAL L
n/a
HHR ASSET MANAGEMENT
Analyst
BRYAN KRAFT
BARTON CROCKETT
JAMES M MARSH JR
MATTHEW HARRIGAN
VIJAY JAYANT
CRAIG STERLING
JAMES C GOSS
AMY YONG
TUNA AMOBI
BRETT HARRISS
BENJAMIN SWINBURNE
DAVID BANK
JOHN TINKER
JEFFREY WLODARCZAK
MATTHEW NIKNAM
MARTIN PYYKKONEN
Source
Form 4
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
Recommendation
overweight
buy
overweight
hold
buy
underweight
outperform
neutral
buy
sell
Equalwt/In-Line
sector perform
buy
buy
buy/attractive
no rating system
Amt Held
3'292'800'312
172'865'323
140'713'322
135'891'974
127'023'677
124'012'478
71'479'203
69'783'900
68'693'100
60'022'765
56'266'945
45'794'813
45'224'130
43'300'000
36'750'000
32'879'946
30'000'000
27'983'700
26'076'542
25'068'700
% Out
50.2
2.64
2.15
2.07
1.94
1.89
1.09
1.06
1.05
0.92
0.86
0.7
0.69
0.66
0.56
0.5
0.46
0.43
0.4
0.38
Latest Chg
1'293'509'076
27'210
12'403'250
(8'464'407)
42'264'166
124'012'478
7'546'900
(61'592'700)
1'049'754
7'889'974
(4'437'368)
17'004'984
(35'500'000)
36'750'000
30'945'906
10'000'000
11'026'600
2'195'735
(6'405'600)
Weighting
Change
Target Price
5
5
5
3
5
1
5
3
5
1
3
3
5
5
5
#N/A N/A
M
M
M
M
M
U
M
D
M
M
M
M
M
M
N
M
4
4
3
3
4
#N/A N/A
4
3
4
#N/A N/A
3
3
4
4
4
#N/A N/A
File Dt
18.01.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
18 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
18.03.2013
12.03.2013
27.02.2013
26.02.2013
20.02.2013
18.02.2013
11.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
17.12.2012
02.11.2012
27.03.2013
Staples Inc
Staples, Inc. retails office supplies, furniture, and technology. The Company's
customers include consumers and businesses in the United States, Canada, the
United Kingdom, and Germany. Staples serves its customers through office
superstores, mail order catalogs, the Internet, and a contract business.
Price/Volume
18
25.0 M
16
20.0 M
14
12
15.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (28.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SPLS UW EQUITY YTD Change
SPLS UW EQUITY YTD % CHANGE
01/2013
02/yy
16.89
10.57
1'165'910.00
13.31
-21.20%
25.92%
43.35%
668.4
8'895.76
1'989.10
0.0
7.9
1'334.30
9'558.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
2
0
m-12
31.01.2010
31.01.2011
24'275.5
24'545.1
0.76x
0.70x
2'019.0
2'130.1
9.08x
8.09x
738.7
881.9
20.76x
17.71x
Profitability
LTM-4Q
31.01.2012
24'664.8
0.48x
2'115.8
5.63x
984.7
11.44x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.01.2013
24'380.5
0.40x
2'015.4
4.81x
(210.7)
15.89x
2'015.39
1'528.08
6.27%
1.09%
-1.64%
-3.21%
-3.75%
1.91%
26.6%
8.2%
6.2%
-0.9%
1.40
0.71
16.20%
32.46%
12.74
7.59
Price/ Cash Flow
j-12
j-12
LTM
01/yy
24'847.9
2.11x
2'106.6
5.66x
984.7
11.69x
a-12
02/yy
24'524.4
1.61x
2'000.0
4.85x
(210.7)
15.53x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
3.31
1.08
662.27
76.96
-16.95%
17.81%
1.085
22
3.636
1'519'834
3'398'408
2'923'563
FY+2
FQ+1
FQ+2
01/14 Y
01/15 Y
04/13 Q1 07/13 Q2
23'895.1
23'939.4
5'935.7
5'425.6
0.37x
0.36x
1.63x
1.80x
1'917.0
1'936.9
418.3
322.4
4.99x
4.93x
5.12x
5.00x
871.9
890.2
181.5
119.2
10.03x
9.35x
9.94x
9.93x
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
02.07.2008
BBB
STABLE
09.06.2008
A-2
12.40
10.25
0.33
0.99
32.5%
24.5%
1.91
12.13
29.12
48.87
42.66
35.53
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
05.02.2010
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.01.2009
23'083.8
0.62x
2'094.4
6.82x
805.3
12.36x
10.0 M
0.0
05.08.2010
05.02.2011
05.08.2011
05.02.2012
05.08.2012
05.02.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
27.03.2013
Staples Inc
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
MACQUARIE GROUP
INTERNATIONAL VALUE
JP MORGAN
AMERICAN INTERNATION
HAWKINS CAPITAL LP
Firm Name
ISI Group
Jefferies
Argus Research Corp
JPMorgan
Morgan Stanley
Goldman Sachs
Credit Suisse
Edward Jones
Oppenheimer & Co
Nomura
S&P Capital IQ
Barclays
EVA Dimensions
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
n/a
HARRIS ASSOC LP
n/a
INTERNATIONAL VALUE
n/a
n/a
HAWKINS CAPITAL LP
Analyst
GREGORY MELICH
DAVID S STRASSER
COLIN MCGRANAHAN
DANIEL T BINDER
CHRISTOPHER GRAJA
CHRISTOPHER HORVERS
SCOTT TILGHMAN
JOSEPH I FELDMAN
DAVID GOBER
MATTHEW J FASSLER
GARY BALTER
BRIAN YARBROUGH
BRADLEY B THOMAS
BRIAN NAGEL
ANTHONY CHUKUMBA
ARAM RUBINSON
IAN GORDON
ALAN M RIFKIN
CRAIG STERLING
MICHAEL BAKER
Source
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
13F
13F
Recommendation
sell
buy
market perform
hold
buy
overweight
buy
no rating system
Equalwt/In-Line
neutral/neutral
outperform
buy
hold
market perform
buy
neutral
buy
equalweight
buy
hold
Amt Held
56'637'268
43'906'031
39'176'664
31'134'639
29'294'133
28'893'250
21'366'148
20'406'686
19'929'275
19'007'702
17'292'484
15'647'400
13'838'509
12'570'879
12'213'457
10'927'474
9'822'560
9'014'859
6'428'000
6'222'400
% Out
8.47
6.57
5.86
4.66
4.38
4.32
3.2
3.05
2.98
2.84
2.59
2.34
2.07
1.88
1.83
1.63
1.47
1.35
0.96
0.93
Weighting
Change
1
5
3
3
5
5
5
#N/A N/A
3
3
5
5
3
3
5
3
5
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
6'485'929
(2'969'235)
(715'650)
339'748
(2'812'132)
63'620
(797'005)
815'780
2'079'444
7'918'900
(5'699'100)
231'016
(539'530)
10'034'655
1'485'386
3'125'563
8'648'346
(128'903)
-
Target Price
12
17
13
14
15
14
18
14
#N/A N/A
13
15
#N/A N/A
#N/A N/A
12
16
15
15
13
#N/A N/A
11
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
Date
12 month
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
18 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
24.03.2013
18.03.2013
12.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
15.01.2013
15.08.2012
27.03.2013
Starbucks Corp
Starbucks Corporation retails, roasts, and provides its own brand of specialty
coffee. The Company operates retail locations worldwide and sells whole bean
coffees through its sales group, direct response business, supermarkets, and on
the World Wide Web. Starbucks also produces and sells bottled coffee drinks and
a line of ice creams.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (16.04.2012)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SBUX UW EQUITY YTD Change
SBUX UW EQUITY YTD % CHANGE
09/2012
12/yy
62.00
43.05
379'981.00
56.97
-8.11%
32.33%
71.98%
749.3
42'687.62
549.60
0.0
5.5
2'037.00
40'783.22
8.0 M
7.0 M
6.0 M
40
5.0 M
30
4.0 M
3.0 M
20
2.0 M
10
1.0 M
0
m-12
30.09.2009
30.09.2010
9'774.6
10'707.4
1.50x
1.72x
1'335.8
1'865.1
10.94x
9.85x
390.8
945.6
23.89x
20.11x
Profitability
LTM-4Q
30.09.2011
11'700.4
2.25x
2'074.6
12.67x
1'245.7
23.45x
30.09.2012
13'299.5
2.75x
2'367.3
15.42x
1'383.8
28.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
2'367.30
1'786.70
13.43%
15.48%
17.57%
28.85%
26.35%
1.67%
56.3%
17.9%
13.6%
10.4%
1.90
1.14
6.69%
10.76%
30.36
5.36
Price/ Cash Flow
m-12
j-12
j-12
LTM
01/yy
12'185.7
9.39x
2'126.5
15.47x
1'281.3
28.05x
a-12
12/yy
13'663.3
11.22x
2'445.7
15.34x
1'434.2
28.30x
s-12
o-12
n-12
d-12
j-13
f-13
FY+1
1.33
0.87
728.61
10.66
3.42%
6.65%
0.874
32
4.438
1'293'089
1'521'363
1'613'108
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
14'920.7
16'722.3
3'582.4
3'719.2
2.81x
2.49x
11.60x
11.15x
3'034.9
3'589.7
688.9
752.4
13.45x
11.37x
12.81x
12.32x
1'644.3
1'983.0
366.6
408.0
26.33x
21.69x
24.73x
23.66x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.02.2012
ASTABLE
28.08.2009
A-2
65.94
42.09
-0.78
0.22
10.8%
9.7%
1.67
5.40
11.99
67.96
23.01
53.00
35.00
14'000.0
30.00
12'000.0
25.00
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
2'000.0
0.00
02.10.2009
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
60
50
Valuation Analysis
30.09.2008
10'383.0
1.15x
1'261.7
9.47x
315.5
21.07x
70
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Starbucks Corp
Holdings By:
All
Holder Name
BLACKROCK
FMR LLC
VANGUARD GROUP INC
STATE STREET
SCHULTZ HOWARD D
MORGAN STANLEY
INVESCO LTD
JP MORGAN
BROWN ADVISORY INC
ALLIANCE BERNSTEIN
NORGES BANK
Firm Name
Stephens Inc
Piper Jaffray
William Blair & Co
Jefferies
BMO Capital Markets
Longbow Research
JPMorgan
Oppenheimer & Co
Morgan Stanley
Edward Jones
Argus Research Corp
Cowen and Company
Barclays
RBC Capital Markets
Credit Suisse
EVA Dimensions
Deutsche Bank
S&P Capital IQ
Goldman Sachs
Portfolio Name
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
INVESCO LTD
n/a
n/a
n/a
NORGES BANK
Analyst
WILL SLABAUGH
NICOLE MILLER REGAN
SHARON M ZACKFIA
ANDREW M BARISH
PHILLIP JUHAN
ALTON K STUMP
MATTHEW J DIFRISCO
DAVID E TARANTINO
SARA H SENATORE
JOHN W IVANKOE
BRIAN J BITTNER
JOHN S GLASS
BONNIE HERZOG
JACK P RUSSO
PETER SALEH
JOHN D STASZAK
MARK D KALINOWSKI
MITCHELL J SPEISER
DAN GEIMAN
PAUL L WESTRA
ALISTAIR M SCOBIE
JEFFREY A BERNSTEIN
LARRY A MILLER
KEITH SIEGNER
DIANE GEISSLER
CRAIG STERLING
JASON WEST
MARC RIDDICK
JIM YIN
MICHAEL KELTER
Source
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
Form 4
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
overweight
overweight
outperform
buy
outperform
buy
buy
outperform
outperform
overweight
outperform
Overwt/In-Line
market perform
hold
no rating system
buy
buy
buy
hold
neutral
overweight
equalweight
sector perform
outperform
buy
underweight
buy
market perform
buy
Buy/Neutral
Amt Held
36'552'911
36'386'396
35'633'395
34'345'408
33'027'380
28'587'974
18'875'169
12'738'762
11'555'223
10'787'280
10'729'471
9'639'589
9'401'174
8'540'739
8'369'222
7'623'782
6'680'224
6'621'549
5'994'504
5'938'815
% Out
4.88
4.86
4.76
4.58
4.41
3.82
2.52
1.7
1.54
1.44
1.43
1.29
1.25
1.14
1.12
1.02
0.89
0.88
0.8
0.79
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
5
3
3
#N/A N/A
5
5
5
3
3
5
3
3
5
5
1
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'474'627
(2'111'027)
(13'662'548)
427'047
542'156
(1'050'000)
(106'141)
4'664'754
303'498
1'274'414
(104'731)
(2'276'793)
(1'398'536)
2'216'565
7'567'551
(311'680)
1'675'484
528'915
(5'544'671)
Target Price
66
65
#N/A N/A
60
64
65
74
65
65
62
62
61
#N/A N/A
#N/A N/A
64
64
65
62
58
#N/A N/A
65
56
63
66
69
#N/A N/A
60
55
58
62
File Dt
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
26.03.2013
06.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Date
25.03.2013
25.03.2013
22.03.2013
21.03.2013
19.03.2013
19.03.2013
17.03.2013
15.03.2013
11.03.2013
08.03.2013
07.03.2013
04.03.2013
28.02.2013
25.02.2013
10.02.2013
29.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
15.01.2013
04.01.2013
12.12.2012
14.11.2012
08.10.2012
27.03.2013
Stericycle Inc
Stericycle, Inc. provides regulated medical waste management services. The
Company offers waste collection, transportation, treatment, and disposal to
customers in the United States, Canada, Mexico, Argentina, Chile, the United
Kingdom and Ireland.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SRCL UW EQUITY YTD Change
SRCL UW EQUITY YTD % CHANGE
12/2012
12/yy
104.85
81.18
97'061.00
104.63
-0.21%
28.89%
99.07%
86.1
9'007.55
1'356.08
0.0
15.5
31.83
10'347.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
100
.5 M
80
.4 M
60
.3 M
40
.2 M
20
.1 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'083.7
4.82x
308.9
16.91x
148.7
30.10x
120
31.12.2009
31.12.2010
1'177.7
1'439.4
4.80x
5.52x
365.2
424.6
15.49x
18.70x
175.7
207.9
25.90x
31.98x
Profitability
LTM-4Q
31.12.2011
1'676.0
4.77x
490.4
16.29x
234.8
27.53x
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
1'913.1
4.89x
545.1
17.17x
268.0
28.27x
545.12
468.84
24.51%
21.81%
7.97%
19.56%
10.98%
0.57%
44.8%
29.1%
25.1%
14.0%
1.33
1.07
38.23%
87.95%
6.24
-
Price/ Cash Flow
12/yy
1'676.0
20.13x
510.2
15.66x
234.8
27.44x
LTM
12/yy
1'913.1
18.84x
556.3
16.83x
268.0
28.18x
FY+1
0.00
0.80
84.09
2.31
22.42%
12.18%
0.801
17
4.059
143'876
182'820
163'405
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'139.5
2'326.9
520.3
530.3
4.70x
4.22x
19.74x
19.28x
644.6
718.1
155.7
158.9
16.05x
14.41x
16.03x
15.63x
322.1
364.4
76.8
79.0
28.31x
25.04x
28.32x
27.44x
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
18.07.2007
NR
10.55
9.29
2.38
2.44
88.0%
46.5%
0.57
6.08
58.65
24.42
-
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Stericycle Inc
Holdings By:
All
Holder Name
VANGUARD GROUP INC
FMR LLC
BLACKROCK
BROWN ADVISORY INC
STATE STREET
MORGAN STANLEY
SCHULER JACK W
JENNISON ASSOCIATES
INVESCO LTD
IRONBRIDGE CAPITAL M
JP MORGAN
Firm Name
Oppenheimer & Co
Wedbush
Northcoast Research
Wellington Shields & Co. LLC
William Blair & Co
Goldman Sachs
Barrington Research
Barclays
Morgan Stanley
Raymond James
Stifel
EVA Dimensions
S&P Capital IQ
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
INVESCO LTD
IRONBRIDGE CAPITAL M
n/a
Analyst
DAVID J MANTHEY
AL KASCHALK
EDWIN SNYDER
ELLIOTT LEO SCHLANG
RYAN S DANIELS
ISAAC RO
RICHARD CLOSE
KEVIN M STEINKE
GARY E BISBEE
DAVID R LEWIS
WILLIAM H FISHER
SHLOMO H ROSENBAUM
MICHAEL E HOFFMAN
CRAIG STERLING
STEWART SCHARF
Source
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
Form 5
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
outperform
neutral
outperform
buy
hold
outperform
Buy/Neutral
market perform
outperform
equalweight
Equalwt/In-Line
outperform
buy
hold
underweight
buy
Amt Held
8'000'000
5'094'418
5'056'747
4'301'701
3'860'777
3'807'649
3'510'378
2'223'645
2'010'215
1'340'632
1'284'891
1'188'539
1'088'554
978'232
964'000
935'357
920'001
892'357
847'832
825'400
% Out
9.29
5.92
5.87
5
4.48
4.42
4.08
2.58
2.34
1.56
1.49
1.38
1.26
1.14
1.12
1.09
1.07
1.04
0.98
0.96
Weighting
Change
5
3
5
5
3
5
5
3
5
3
3
5
5
3
1
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(2'910'000)
133'100
199'768
77'721
(106'937)
(563'164)
137'464
(1'021'855)
579'900
(7'119)
(419'965)
(265'898)
513'193
(94'366)
(54'400)
(8'350)
(227'790)
(13'642)
93'050
50'821
Target Price
115
110
110
110
79
#N/A N/A
115
92
110
103
#N/A N/A
103
117
85
#N/A N/A
105
File Dt
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
18 month
12 month
Not Provided
Not Provided
12 month
12 month
18 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
25.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
13.03.2013
12.03.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
04.02.2013
15.01.2013
08.11.2012
27.03.2013
Symantec Corp
Symantec Corporation provides security, storage and systems management
solutions to help businesses and consumers secure and manage their information.
The Company offers software and services that protect, manage and control
information risks related to security, data protection, storage, compliance and
management.
Price/Volume
30
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SYMC UW EQUITY YTD Change
SYMC UW EQUITY YTD % CHANGE
03/2012
12/yy
24.90
13.06
2'021'781.00
24.57
-1.33%
88.13%
97.21%
689.2
16'933.37
2'039.00
0.0
78.0
3'211.00
15'757.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
5'874.4
2.38x
1'594.9
8.77x
463.9
22.13x
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
25
31.03.2009
31.03.2010
6'150.0
5'985.0
2.12x
2.04x
1'927.0
1'790.0
6.76x
6.82x
(6'786.0)
714.0
19.96x
Profitability
LTM-4Q
31.03.2011
6'190.0
2.21x
1'648.0
8.31x
597.0
21.22x
31.03.2012
6'730.0
1.85x
1'795.0
6.93x
1'172.0
15.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1'795.00
1'139.00
16.92%
21.84%
8.69%
23.17%
16.48%
0.52%
83.9%
26.8%
17.3%
17.4%
1.03
0.92
15.66%
40.03%
6.54
44.38
Price/ Cash Flow
12/yy
6'722.0
7.64x
1'831.0
6.09x
781.0
14.23x
LTM
12/yy
6'839.0
6.52x
1'834.0
6.18x
1'136.0
14.65x
FY+1
0.00
1.09
685.02
14.58
32.24%
30.62%
1.086
34
3.971
1'829'267
2'368'836
2'244'524
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
6'885.5
7'004.8
1'727.1
1'698.6
2.12x
1.91x
8.55x
8.79x
2'283.5
2'457.2
497.1
562.3
6.90x
6.41x
6.88x
6.54x
1'210.2
1'332.9
266.9
306.4
14.35x
12.76x
13.59x
12.82x
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
13.09.2010
BBB
STABLE
15.61
13.12
-0.64
1.68
40.0%
28.3%
0.52
6.27
55.62
8.20
93.23
-35.84
12.00
8'000.0
7'000.0
10.00
6'000.0
8.00
5'000.0
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
0.00
03.04.2009
1'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Symantec Corp
Holdings By:
All
Holder Name
DODGE & COX
BLACKROCK
STATE STREET
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
FRANKLIN RESOURCES
FMR LLC
INVESCO LTD
UBS
DEUTSCHE BANK AG
AJO, LP
CAMBIAR INVESTORS LL
THIRD POINT LLC
Firm Name
Longbow Research
Oppenheimer & Co
RBC Capital Markets
Credit Suisse
Morgan Stanley
Cowen and Company
Cross Research
Jefferies
JPMorgan
Raymond James
MKM Partners
William Blair & Co
JMP Securities
Argus Research Corp
Goldman Sachs
First Analysis Corp
Stephens Inc
FBR Capital Markets
Macquarie
Stifel
Barclays
EVA Dimensions
Deutsche Bank
GARP Research
Portfolio Name
DODGE & COX
n/a
n/a
VANGUARD GROUP INC
PRIMECAP MANAGEMENT
n/a
n/a
INVESCO LTD
n/a
BANK OF AMERICA
AJO, LP
CAMBIAR INVESTORS LL
THIRD POINT LLC
Analyst
KEVIN M BUTTIGIEG
SHAUL EYAL
ROBERT P BREZA
PHILIP WINSLOW
GRAY W POWELL
KEITH WEISS
GREGG MOSKOWITZ
RICHARD T WILLIAMS
DANIEL CUMMINS
JOEL P FISHBEIN JR
AARON SCHWARTZ
JOHN DIFUCCI
MICHAEL TURITS
ISRAEL HERNANDEZ
JONATHAN HO
PATRICK WALRAVENS
JOSEPH F BONNER
GREG DUNHAM
CRAIG NANKERVIS
STEVEN M ASHLEY
DANIEL H IVES
BRAD A ZELNICK
TODD C WELLER
BRIAN S FREED
RAIMO LENSCHOW
FREDERICK D ZIEGEL
ROB D OWENS
ANDREW S ZAMFOTIS
THOMAS ERNST JR
BRETT CARSON
Source
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
neutral
market perform
outperform
outperform
market perform
Overwt/In-Line
outperform
buy
buy
neutral
buy
overweight
market perform
buy
outperform
market outperform
buy
Sell/Neutral
equalweight
neutral
equalweight
market perform
outperform
hold
hold
overweight
hold
sector perform
buy
hold
neutral
Amt Held
58'417'616
37'276'207
35'181'951
32'536'487
31'667'369
26'186'565
25'051'948
20'962'410
19'069'170
12'558'686
11'901'387
10'723'533
10'434'459
8'851'837
8'659'900
8'646'838
8'206'507
7'995'572
6'700'000
6'523'851
% Out
8.48
5.41
5.1
4.72
4.59
3.8
3.63
3.04
2.77
1.82
1.73
1.56
1.51
1.28
1.26
1.25
1.19
1.16
0.97
0.95
Weighting
Change
3
3
5
5
3
5
5
5
5
3
5
5
3
5
5
4
5
1
3
3
3
3
5
3
3
5
3
3
5
3
3
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
Latest Chg
(1'011'900)
(4'449'595)
3'230'389
581'145
(968'400)
(1'447'720)
2'109'501
(499'026)
(1'292'719)
5'868'240
(150'292)
(2'297'195)
(1'237'789)
18'506
(876'600)
(274'113)
3'515'139
(2'355'921)
700'000
179'760
Target Price
#N/A N/A
#N/A N/A
30
28
#N/A N/A
28
#N/A N/A
23
27
#N/A N/A
25
27
#N/A N/A
27
#N/A N/A
26
27
17
#N/A N/A
23
19
22
24
#N/A N/A
22
25
23
#N/A N/A
#N/A N/A
17
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
18 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
22.03.2013
20.03.2013
18.03.2013
18.03.2013
15.03.2013
12.03.2013
12.03.2013
12.03.2013
04.03.2013
01.03.2013
28.02.2013
22.02.2013
13.02.2013
12.02.2013
01.02.2013
01.02.2013
28.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
15.01.2013
14.06.2012
30.01.2009
27.03.2013
Texas Instruments Inc

Texas Instruments Incorporated is a global semiconductor company that designs
and supplies analog technologies, digital signal processing (DSP) and
microcontroller (MCU) semiconductors. The Company also operates materials and
controls, and educational and productivity solutions businesses. Texas
Instruments has manufacturing or sales operations in countries around the world.
Price/Volume
40
25
15.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (12.03.2013)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TXN UW EQUITY YTD Change
TXN UW EQUITY YTD % CHANGE
12/2012
12/yy
35.72
26.06
863'060.00
34.76
-2.69%
33.38%
87.16%
1'104.8
38'402.41
5'686.00
0.0
0.0
3'965.00
40'123.41
10.0 M
15
10
5.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
30
Valuation Analysis
31.12.2008
12'501.0
1.38x
3'750.0
4.61x
1'920.0
9.82x
25.0 M
35
31.12.2009
31.12.2010
10'427.0
13'966.0
2.82x
2.50x
3'128.0
5'316.0
9.40x
6.56x
1'470.0
3'228.0
20.68x
12.70x
Profitability
LTM-4Q
31.12.2011
13'735.0
2.61x
4'434.0
8.08x
2'236.0
13.73x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
12'825.0
2.80x
3'986.0
9.02x
1'759.0
16.17x
3'986.00
2'687.00
20.95%
15.09%
8.68%
16.05%
11.06%
0.63%
49.7%
31.1%
21.0%
13.7%
2.40
1.51
28.40%
51.87%
9.24
3.64
Price/ Cash Flow
LTM
12/yy
13'736.0
10.32x
4'434.0
8.08x
2'237.0
13.41x
12/yy
12'825.0
11.26x
3'988.0
9.02x
1'759.0
17.26x
FY+1
2.07
1'099.97
26.36
4.87%
13.07%
46
3.174
2'286'008
2'593'972
2'347'963
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
12'172.7
12'982.7
2'855.4
3'040.6
3.20x
3.00x
13.69x
12.84x
3'586.7
4'202.7
719.1
888.4
11.19x
9.55x
11.10x
10.42x
1'907.8
2'381.2
344.9
456.7
20.29x
16.13x
20.00x
18.40x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
23.09.2010
A+
STABLE
01.02.1986
A-1
46.89
41.07
0.43
1.43
51.9%
34.2%
0.63
3.08
39.60
100.45
30.44
109.62
14.00
16'000.0
12.00
14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Texas Instruments Inc

Holdings By:
All
Holder Name
BLACKROCK
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
MACKAY SHIELDS LLC
NORGES BANK
Firm Name
Exane BNP Paribas
BMO Capital Markets
Needham & Co
MKM Partners
Longbow Research
JPMorgan
RBC Capital Markets
Oppenheimer & Co
Deutsche Bank
ISI Group
Morgan Stanley
Wedbush
FBR Capital Markets
Macquarie
Stifel
Evercore Partners
Cowen and Company
Gabelli & Co
Barclays
Goldman Sachs
Credit Suisse
Jefferies
Raymond James
Nomura
Edward Jones
Argus Research Corp
EVA Dimensions
Drexel Hamilton LLC
Davenport & Co
JMP Securities
Portfolio Name
n/a
n/a
PRIMECAP MANAGEMENT
VANGUARD GROUP INC
n/a
HARRIS ASSOC LP
INVESCO LTD
Multiple Portfolios
NORGES BANK
Analyst
JEROME RAMEL
AMBRISH SRIVASTAVA
TRISTAN GERRA
DAVID M WONG
VERNON P ESSI JR
DANIEL A BERENBAUM
JOANNE FEENEY
CHRISTOPHER DANELY
CODY G ACREE
IVAN FEINSETH
CRAIG ELLIS
DOUG FREEDMAN
STACY A RASGON
RICHARD SCHAFER
ROSS C SEYMORE
SUMIT DHANDA
JOSEPH MOORE
BETSY VAN HEES
CHRISTOPHER ROLLAND
SHAWN WEBSTER
TORE E SVANBERG
PATRICK WANG
TIMOTHY M ARCURI
HENDI SUSANTO
CHRISTOPHER CASO
SRINI PAJJURI
BLAYNE CURTIS
JAMES V COVELLO
JOHN W PITZER
WILLIAM STEIN
MARK J LIPACIS
MICHAEL MCCONNELL
J STEVEN SMIGIE
VIJAY R RAKESH
ROBERT BURLESON
ROMIT SHAH
WILLIAM C KREHER
JAMES KELLEHER
ANDREW S ZAMFOTIS
RICHARD WHITTINGTON
YOKO YAMADA
F DRAKE JOHNSTONE
ALEX GAUNA
Source
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
Recommendation
underperform
outperform
neutral
market perform
hold
neutral
underperform
overweight
buy
underperform
buy
sector perform
market perform
market perform
hold
buy
Equalwt/In-Line
outperform
underperform
neutral
buy
equalweight
neutral
hold
neutral
underperform
equalweight
neutral/attractive
neutral
reduce
buy
sector perform
outperform
underperform
hold
neutral
hold
hold
sell
hold
neutral
neutral
market outperform
Amt Held
193'119'021
61'637'232
57'763'753
50'232'019
44'358'198
33'495'251
26'632'178
26'078'508
21'542'986
21'461'930
15'877'608
14'896'737
14'882'074
12'143'612
11'142'097
9'910'097
9'524'297
8'945'581
7'922'648
7'538'362
% Out
17.48
5.58
5.23
4.55
4.02
3.03
2.41
2.36
1.95
1.94
1.44
1.35
1.35
1.1
1.01
0.9
0.86
0.81
0.72
0.68
Weighting
Change
1
5
3
3
3
3
1
5
5
1
5
3
3
3
3
5
3
5
1
3
5
3
3
3
3
1
3
3
3
2
5
3
5
1
3
3
3
3
1
3
3
3
4
M
M
M
M
M
M
M
M
M
N
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
U
M
M
Latest Chg
14'033'650
(538'050)
1'296'171
111'975
2'896'053
122'698
(608'552)
352'635
2'656'532
(1'447'465)
(1'266'900)
(150'090)
2'472'433
36'568
(160'993)
1'013'978
(350'053)
740'405
(817'051)
Target Price
26
40
31
#N/A N/A
#N/A N/A
29
27
37
41
#N/A N/A
39
30
38
#N/A N/A
31
39
#N/A N/A
39
28
37
40
35
#N/A N/A
#N/A N/A
30
34
30
35
35
30
41
#N/A N/A
39
30
35
28
#N/A N/A
#N/A N/A
#N/A N/A
32
34
#N/A N/A
33
File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
25.02.2013
14.02.2013
13.02.2013
28.01.2013
28.01.2013
17.10.2012
27.03.2013
Verisk Analytics Inc

Verisk Analytics, Inc. conducts risk assessment services and decision
analytics. The Company offers data, statistical, and actuarial services, as
well as standardized insurance policy programs, underwriting information, and
rating-integrity tools. Verisk Analytics provides data and software information
services to the property, casualty, and mortgage fields in the United States.
Price/Volume
70
3.0 M
60
2.5 M
50
2.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (25.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VRSK UW EQUITY YTD Change
VRSK UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
20
.5 M
10
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
893.6
375.4
158.2
-
1.5 M
30
12/2012
12/yy
61.62
45.18
155'575.00
61.38
-0.39%
35.86%
98.54%
168.1
11'227.20
1'461.43
0.0
0.0
94.70
12'593.92
31.12.2009
31.12.2010
1'027.1
1'138.3
5.81x
5.78x
373.2
508.5
15.99x
12.93x
126.6
242.6
25.02x
26.02x
Profitability
LTM-4Q
31.12.2011
1'331.8
5.63x
588.6
12.74x
282.8
24.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'534.3
6.46x
695.8
14.25x
329.1
26.55x
695.79
591.59
38.56%
33.84%
16.87%
27.54%
0.79%
60.4%
45.3%
38.6%
21.5%
0.67
0.47
61.92%
571.78%
9.25
-
Price/ Cash Flow
12/yy
1'331.8
20.85x
588.6
12.74x
282.8
24.77x
LTM
12/yy
1'534.3
24.44x
695.8
14.25x
329.1
26.55x
FY+1
0.00
0.61
149.24
0.44
30.90%
20.35%
0.614
14
4.071
195'613
235'158
241'396
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'725.4
1'883.7
404.1
419.6
7.14x
6.37x
30.94x
29.73x
783.5
863.1
181.4
184.5
16.07x
14.59x
16.10x
15.72x
389.3
438.3
88.5
90.3
26.12x
23.23x
26.14x
25.31x
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
29.03.2011
BBBSTABLE
9.60
8.57
1.96
2.10
571.8%
85.1%
0.79
11.22
39.57
105.68
-
25.00
1'800.0
1'600.0
20.00
1'400.0
1'200.0
15.00
1'000.0
800.0
10.00
600.0
400.0
5.00
200.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Verisk Analytics Inc

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

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes
novel, small molecule pharmaceuticals for the treatment of diseases for which
there are currently limited or no effective treatments. The Company is
developing drugs for the treatment of viral diseases, multidrug resistance in
cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.
Price/Volume
70
12.0 M
60
10.0 M
50
8.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2012)
52-Week Low (16.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VRTX UW EQUITY YTD Change
VRTX UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
20
2.0 M
10
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
175.5
23.08x
(426.2)
(459.9)
-
6.0 M
30
12/2012
12/yy
66.10
35.26
394'139.00
54.34
-17.79%
54.11%
61.87%
218.2
11'856.37
428.88
0.0
235.2
1'321.22
11'199.23
31.12.2009
31.12.2010
101.9
143.4
72.99x
46.28x
(562.7)
(664.1)
(642.2)
(754.6)
Profitability
LTM-4Q
31.12.2011
1'410.6
4.65x
256.7
25.55x
29.6
37.31x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
1'527.0
5.53x
42.4
199.38x
(107.0)
62.54x
42.37
4.18
0.27%
-0.81%
-4.31%
-11.99%
0.62%
81.7%
2.8%
0.3%
-7.0%
3.67
3.39
15.54%
42.92%
9.36
3.92
Price/ Cash Flow
12/yy
1'410.6
25.64x
256.7
25.55x
29.6
50.32x
LTM
12/yy
1'527.0
25.90x
42.4
199.38x
(107.0)
135.16x
FY+1
0.00
0.84
216.10
5.47
32.70%
29.57%
0.840
27
4.370
429'241
498'143
507'491
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
1'160.0
1'047.1
308.5
296.9
10.30x
11.46x
36.48x
37.97x
(117.5)
(230.7)
(14.6)
(20.8)
(101.1)
(203.3)
(10.0)
(17.3)
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
2.54
-1.73
-21.06
10.12
42.9%
25.8%
0.62
5.39
39.11
93.43
162.67
-30.13
70.00
1'800.0
60.00
1'600.0
1'400.0
50.00
1'200.0
40.00
1'000.0
30.00
800.0
600.0
20.00
400.0
10.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Vertex Pharmaceuticals Inc

Holdings By:
All
Holder Name
JENNISON ASSOCIATES
BLACKROCK
VANGUARD GROUP INC
GOLDMAN SACHS GROUP
STATE STREET
JP MORGAN
FMR LLC
LOOMIS SAYLES & COMP
ALLIANCE BERNSTEIN
Firm Name
EVA Dimensions
JPMorgan
JMP Securities
ISI Group
RBC Capital Markets
S&P Capital IQ
Morgan Stanley
William Blair & Co
Maxim Group LLC
Credit Suisse
Needham & Co
Leerink Swann & Co
Cowen and Company
Piper Jaffray
Barclays
Argus Research Corp
Goldman Sachs
Deutsche Bank
Portfolio Name
n/a
JENNISON ASSOCIATES
n/a
VANGUARD GROUP INC
GOLDMAN SACHS GROUP
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
LOOMIS SAYLES & CO L
n/a
n/a
Analyst
ANDREW S ZAMFOTIS
GEOFFREY MEACHAM
LIISA A BAYKO
MARK J SCHOENEBAUM
GEOFFREY C PORGES
BRIAN C ABRAHAMS
MICHAEL J YEE
STEVEN SILVER
DAVID FRIEDMAN
BRIAN P SKORNEY
Y KATHERINE XU
JASON KOLBERT
RAVI MEHROTRA
KIMBERLY LEE
ALAN CARR
HOWARD LIANG
PHILIP NADEAU
EDWARD A TENTHOFF
CAROL A WERTHER
YING HUANG
JOSHUA SCHIMMER
JOHN M EADE
TERENCE FLYNN
ROBYN KARNAUSKAS
Source
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
MF-AGG
13F
13F
ULT-AGG
13F
13F
ULT-AGG
13F
Recommendation
overweight
overweight
market outperform
buy
outperform
outperform
outperform
buy
Equalwt/In-Line
outperform
outperform
buy
neutral
buy
buy
outperform
neutral
neutral
buy
overweight
neutral
hold
sell/attractive
buy
Amt Held
21'497'754
17'766'754
17'027'587
10'112'270
9'925'186
7'855'731
7'156'935
7'054'536
6'450'390
6'128'285
5'312'819
5'015'968
4'857'111
3'738'088
3'632'636
3'478'934
3'397'168
3'097'022
3'093'350
2'700'464
% Out
9.85
8.14
7.8
4.63
4.55
3.6
3.28
3.23
2.96
2.81
2.43
2.3
2.23
1.71
1.66
1.59
1.56
1.42
1.42
1.24
Weighting
Change
5
5
4
5
5
5
5
5
3
5
5
5
3
5
5
5
3
3
5
5
3
3
1
5
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
6'434'175
2'436'793
445'927
4'089'468
282'156
134'750
(2'039'261)
673'868
(7'215'596)
(41'873)
3'457'379
891'004
1'110'564
(281'322)
619'648
(267'942)
(57'718)
1'332'387
(48'444)
Target Price
#N/A N/A
86
100
58
66
#N/A N/A
70
60
45
53
69
60
48
54
65
#N/A N/A
#N/A N/A
57
56
68
#N/A N/A
#N/A N/A
38
75
File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
25.03.2013
21.03.2013
20.03.2013
18.03.2013
11.03.2013
11.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
14.02.2013
13.12.2012
06.12.2012
27.03.2013
Viacom Inc
Viacom Inc. produces media entertainment content. The Company creates and
acquires programming for television, the Internet, mobile devices, video games,
and other consumer electronics products. Viacom also produces, finances, and
distributes motion pictures to movie theaters and on DVDs, television, digital
and other platforms internationally.
Price/Volume
70
8.0 M
60
7.0 M
6.0 M
50
5.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2013)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VIAB UW EQUITY YTD Change
VIAB UW EQUITY YTD % CHANGE
09/2012
12/yy
63.99
44.85
523'284.00
61.34
-4.13%
36.77%
86.18%
443.8
30'441.84
8'149.00
0.0
170.0
848.00
38'325.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
20
2.0 M
10
1.0 M
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
14'625.0
1.30x
2'928.0
6.50x
1'251.0
8.01x
4.0 M
30
31.12.2009
30.09.2010
13'619.0
1.82x
3'295.0
7.52x
1'611.0
11.57x
Profitability
LTM-4Q
30.09.2011
14'914.0
1.90x
4'125.0
6.88x
2'136.0
10.25x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
13'887.0
2.49x
4'137.0
8.37x
1'981.0
12.73x
4'137.00
3'901.00
28.09%
24.99%
10.00%
29.50%
16.24%
0.59%
49.6%
29.5%
27.8%
14.3%
1.27
0.88
36.62%
109.41%
4.65
7.94
Price/ Cash Flow
12/yy
15'038.0
8.55x
4'092.0
7.78x
1'738.0
11.83x
LTM
12/yy
13'249.0
10.00x
3'913.0
8.70x
2'239.0
12.56x
FY+1
1.75
441.47
7.34
31.44%
16.82%
35
4.114
665'123
869'900
946'932
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
13'796.3
14'411.7
3'200.6
3'590.6
2.80x
2.73x
12.03x
10.78x
4'222.3
4'474.1
904.9
1'167.5
9.08x
8.57x
8.74x
8.62x
2'315.1
2'460.9
476.0
651.5
13.03x
11.40x
12.30x
11.93x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.07.2010
BBB+
STABLE
01.07.2009
A-2
9.73
9.37
1.97
2.14
109.4%
51.7%
0.59
12.65
78.76
46.09
14.31
94.98
14.00
16'000.0
12.00
14'000.0
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
02.01.2009 02.07.2009
0.0
02.01.2010 02.07.2010
02.01.2011 02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Viacom Inc
Holdings By:
All
Holder Name
BLACKROCK
INVESCO LTD
VANGUARD GROUP INC
STATE STREET
ALLIANCE BERNSTEIN
FMR LLC
GOLDMAN SACHS GROUP
NORGES BANK
UBS
Firm Name
Nomura
Needham & Co
Argus Research Corp
Morgan Stanley
Edward Jones
Cowen and Company
Wedbush
Barrington Research
Evercore Partners
Stifel
Deutsche Bank
Credit Suisse
Macquarie
Gabelli & Co
Piper Jaffray
EVA Dimensions
RBC Capital Markets
Davenport & Co
S&P Capital IQ
Maxim Group LLC
Barclays
JPMorgan
Goldman Sachs
BTIG LLC
Portfolio Name
n/a
INVESCO LTD
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
n/a
GOLDMAN SACHS GROUP
NORGES BANK
n/a
Analyst
TODD JUENGER
MICHAEL NATHANSON
BARTON CROCKETT
LAURA A MARTIN
JOSEPH F BONNER
BRIAN WIESER
BENJAMIN SWINBURNE
ROBIN DIEDRICH
DAVID W MILLER
MARCI RYVICKER
DOUGLAS CREUTZ
JAISON BLAIR
JAMES G DIX
JAMES C GOSS
ALAN GOULD
HAMILTON FABER
DREW E CRUM
MICHAEL SENNO
TIMOTHY W NOLLEN
MATTHEW HARRIGAN
BRETT HARRISS
JAMES M MARSH JR
CRAIG STERLING
DAVID BANK
TONY WIBLE
MICHAEL C MORRIS
TUNA AMOBI
JOHN TINKER
VASILY KARASYOV
ALEXIA S QUADRANI
DREW BORST
RICHARD GREENFIELD
Source
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
underperform
buy
buy
buy
hold
buy
Equalwt/Attractive
hold
buy
outperform
outperform
no rating system
neutral
market perform
equalweight
neutral
buy
buy
neutral
neutral
hold
buy
neutral
overweight
outperform
buy
buy
buy
buy
Positive
overweight
overweight
buy/attractive
buy
Amt Held
27'912'240
21'332'067
20'456'391
19'654'657
17'653'439
14'671'342
12'227'118
11'125'914
8'696'805
8'451'839
8'369'726
7'607'200
7'477'711
7'150'598
6'688'470
6'645'993
6'259'248
6'201'501
5'429'025
5'227'927
% Out
6.29
4.81
4.61
4.43
3.98
3.31
2.76
2.51
1.96
1.9
1.89
1.71
1.68
1.61
1.51
1.5
1.41
1.4
1.22
1.18
Weighting
Change
1
5
5
5
3
5
3
3
5
5
5
#N/A N/A
3
3
3
3
5
5
3
3
3
5
3
5
5
5
5
5
5
4
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
U
M
Latest Chg
2'216'492
(1'023'522)
(114'878)
488'860
(4'250'834)
1'311'187
(394'750)
(919'049)
(1'038'400)
2'109'419
(410'113)
7'477'711
(505'843)
(1'049'307)
246'859
(103'712)
(58'140)
(555'990)
125'147
Target Price
58
66
71
63
#N/A N/A
77
64
#N/A N/A
68
#N/A N/A
#N/A N/A
72
63
#N/A N/A
62
66
65
65
58
62
56
#N/A N/A
58
#N/A N/A
64
65
67
66
68
65
68
66
68
50
File Dt
25.03.2013
31.12.2012
31.12.2012
26.03.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Date
25.03.2013
25.03.2013
24.03.2013
15.03.2013
11.03.2013
08.03.2013
07.03.2013
04.03.2013
04.03.2013
04.03.2013
21.02.2013
10.02.2013
07.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
29.01.2013
22.01.2013
14.01.2011
27.03.2013
Virgin Media Inc

Virgin Media Inc. is a provider of broadband internet, television, mobile
telephony and fixed line telephony services that offer a variety of
entertainment and communications services to residential and commercial
customers throughout the U.K.
Price/Volume
60
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
50
40
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.03.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VMED UW EQUITY YTD Change
VMED UW EQUITY YTD % CHANGE
12/2012
12/yy
48.18
21.25
768'591.00
48.11
-0.15%
126.40%
99.74%
269.3
12'958.01
5'929.10
0.0
0.0
206.30
14'288.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
m-12
31.12.2009
31.12.2010
3'663.9
3'875.8
2.45x
2.88x
1'348.9
1'510.2
6.67x
7.39x
(357.8)
(141.4)
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
LTM-4Q
31.12.2011
3'991.8
2.38x
1'590.2
5.98x
75.9
29.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'100.5
2.88x
1'653.5
7.15x
2'852.6
20.76x
1'653.50
701.80
17.11%
6.37%
30.93%
150.28%
0.44%
60.3%
40.3%
17.1%
69.6%
0.67
0.53
56.44%
187.77%
9.33
248.73
Price/ Cash Flow
12/yy
3'991.8
10.52x
1'590.2
5.98x
75.9
29.97x
LTM
12/yy
4'100.5
10.33x
1'653.5
7.15x
2'852.6
21.76x
FY+1
0.50
0.87
268.38
28.26
97.85%
31.02%
0.874
18
3.333
904'666
1'254'359
1'523'579
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'255.4
4'389.1
1'053.0
1'068.0
3.31x
3.19x
1'743.8
1'809.0
425.0
444.0
8.19x
7.90x
8.02x
408.3
498.3
38.5
118.0
20.67x
15.68x
22.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
06.02.2013
BB *4.15
2.18
3.46
3.59
187.8%
65.3%
0.44
0.90
39.24
1.47
74.02
-33.31
9.00
4'500.0
8.00
4'000.0
7.00
3'500.0
6.00
3'000.0
5.00
2'500.0
4.00
2'000.0
3.00
1'500.0
2.00
1'000.0
1.00
500.0
0.00
01.01.2010
a-12 m-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'776.8
1.88x
1'301.7
5.46x
(920.0)
-
20
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Virgin Media Inc

Holdings By:
All
Holder Name
ROYAL BANK OF CANADA
SCHRODER INVESTMENT
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
NORGES BANK
FMR LLC
TIMESSQUARE CAPITAL
BLACKROCK
STATE STREET
LANSDOWNE PARTNERS L
Firm Name
Portfolio Name
n/a
n/a
SCHRODER INVESTMENT
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
NORGES BANK
n/a
n/a
TIMESSQUARE CAPITAL
n/a
n/a
BANK OF AMERICA
n/a
LANSDOWNE PARTNERS L
Analyst
MATTHEW HARRIGAN
Peel Hunt
PATRICK YAU
ROBIN BIENENSTOCK
Exane BNP Paribas
MICHAEL WILLIAMS
Berenberg Bank
STUART GORDON
Evercore Partners
BRYAN KRAFT
Deutsche Bank
DAVID A WRIGHT
Macquarie
GUY R PEDDY
Espirito Santo Investment Bank Research
ANDREW HOGLEY
New Street Research
FRANK KNOWLES
Barclays
MICHAEL BISHOP
EVA Dimensions
CRAIG STERLING
Morgan Stanley
NICK DELFAS
Jefferies
JEREMY A DELLIS
Nomura
HENRIK NYBLOM
Goldman Sachs
TIMOTHY BODDY
JPMorgan
CARL MURDOCK-SMITH
Credit Suisse
PAUL SIDNEY
HSBC
ADAM M RUMLEY
Raymond James
STEPHANE BEYAZIAN
Source
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
Recommendation
buy
hold
market perform
outperform
hold
equalweight
hold
neutral
neutral
Under Review
overweight
underweight
Underwt/In-Line
hold
buy
not rated
restricted
restricted
overweight
market perform
Amt Held
67'738'315
21'521'125
17'425'463
16'109'508
10'948'447
10'865'101
10'623'866
9'548'492
9'532'507
7'864'855
6'959'260
6'425'839
5'616'796
5'550'366
4'920'000
4'692'969
4'600'000
4'093'694
3'924'506
3'870'260
% Out
25.15
7.99
6.47
5.98
4.06
4.03
3.94
3.55
3.54
2.92
2.58
2.39
2.09
2.06
1.83
1.74
1.71
1.52
1.46
1.44
Weighting
Change
5
3
3
5
3
3
3
3
3
#N/A N/A
5
1
1
3
5
#N/A N/A
#N/A N/A
#N/A N/A
5
3
M
M
M
M
M
D
D
D
D
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
(10'701'700)
(8'373)
(73'760)
1'467'296
(1'410'417)
(77'084)
(1'495'052)
(2'911'928)
(423'785)
(2'051'750)
(412'968)
(649'743)
(2'507'819)
53'958
4'600'000
3'629'865
(1'269'016)
574'260
Target Price
55
46
45
49
47
47
50
46
46
#N/A N/A
48
#N/A N/A
31
33
40
#N/A N/A
#N/A N/A
#N/A N/A
43
#N/A N/A
File Dt
28.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
18 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Date
26.03.2013
25.03.2013
13.03.2013
08.03.2013
06.03.2013
12.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
24.01.2013
12.11.2012
04.09.2012
27.03.2013
Vodafone Group PLC

Vodafone Group Plc provides a range of mobile telecommunications services,
including voice and data communications. Vodafone has equity interests in 28
countries and Partner Networks in a further 7 countries with almost all the
Group's mobile subsidiaries operating principally under the brand name Vodafone.
In the United States their associated undertaking operates as Verizon Wireless.
Price/Volume
35
12.0 M
30
10.0 M
25
8.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.08.2012)
52-Week Low (21.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
VOD UW EQUITY YTD Change
VOD UW EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
4.0 M
10
2.0 M
5
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
35'478.0
2.93x
13'123.0
7.93x
6'660.0
-
6.0 M
15
03/2012
12/yy
30.07
24.42
1'846'399.00
28.64
-4.76%
17.28%
74.69%
4'892.3
140'115.19
34'706.00
0.0
1'267.0
8'461.00
-
31.03.2009
31.03.2010
41'017.0
44'472.0
2.36x
2.54x
14'520.0
14'820.0
6.67x
7.62x
3'078.0
8'645.0
Profitability
LTM-4Q
31.03.2011
45'884.0
2.67x
14'668.0
8.35x
7'968.0
-
31.03.2012
46'417.0
2.43x
18'214.0
6.20x
6'957.0
18'214.00
10'355.00
22.31%
20.57%
-1.22%
-2.22%
-3.81%
0.32%
32.0%
31.1%
14.3%
15.0%
0.83
0.51
24.87%
45.11%
3.76
53.11
LTM
12/yy
46'525.0
0.00x
0.0
0.00x
0.0
0.00x
12/yy
44'447.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.75
9.36
8.99%
13.70%
0.752
6
4.000
1'849'126
3'209'056
2'548'405
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
45'079.4
45'316.5
13'309.2
13'290.1
8'142.2
8'548.0
11.62x
11.15x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
30.05.2006
ASTABLE
30.05.2006
A-2
9.43
6.96
1.51
2.06
45.1%
30.7%
0.32
2.41
97.36
6.89
-14.42
50'000.0
45'000.0
1.00
40'000.0
35'000.0
0.80
0.60
0.40
30'000.0
25'000.0
20'000.0
15'000.0
10'000.0
0.20
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Vodafone Group PLC

Holdings By:
All
Holder Name
FMR LLC
INVESCO LTD
DODGE & COX
BLACKROCK
MORGAN STANLEY
MACKAY SHIELDS LLC
LETKO BROSSEAU & ASS
BMO FINANCIAL CORP
UBS
FISHER INVESTMENTS I
Firm Name
Goldman Sachs
Edward Jones
Davenport & Co
EVA Dimensions
Portfolio Name
n/a
INVESCO LTD
DODGE & COX
HOTCHKIS AND WILEY
n/a
n/a
BANK OF AMERICA
Multiple Portfolios
LETKO BROSSEAU & ASS
BMO FINANCIAL CORP
n/a
FISHER INVESTMENTS
Analyst
TIMOTHY BODDY
ROBIN BIENENSTOCK
DAVID HEGER
WILLIAM V POWER
F DRAKE JOHNSTONE
TEAM COVERAGE
Source
ULT-AGG
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
ULT-AGG
Sch-D
13F
13F
Recommendation
Buy/Neutral
underperform
buy
outperform
neutral
dropped coverage
Amt Held
45'364'547
30'692'969
29'093'934
24'142'133
22'026'860
18'034'949
16'309'108
15'551'430
15'077'867
12'781'495
11'472'680
10'689'113
9'732'151
9'574'678
9'441'183
9'168'053
8'083'610
7'608'755
7'016'978
7'012'239
% Out
0.93
0.63
0.59
0.49
0.45
0.37
0.33
0.32
0.31
0.26
0.23
0.22
0.2
0.2
0.19
0.19
0.17
0.16
0.14
0.14
Weighting
Change
5
1
5
5
3
#N/A N/A
M
M
M
M
M
M
Latest Chg
1'801'302
(893'927)
(1'007'886)
(816'942)
(229'054)
(46'157)
678'457
3'409'811
999'300
(652'843)
(705'862)
(2'337'983)
345'250
(360'362)
66'747
328'670
(1'620'266)
(2'793'264)
Target Price
33
21
#N/A N/A
30
#N/A N/A
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.12.2012
31.12.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Date
26.03.2013
14.03.2013
13.03.2013
13.03.2013
07.02.2013
18.01.2013
27.03.2013
Western Digital Corp

Western Digital Corporation is a global provider of solutions for the
collection, storage, management, protection and use of digital content,
including audio and video. The Company's products include hard drives,
solid-state drives, and home entertainment and networking products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WDC UW EQUITY YTD Change
WDC UW EQUITY YTD % CHANGE
06/2012
12/yy
50.89
28.32
1'120'354.00
48.66
-4.38%
71.82%
90.12%
240.7
11'710.78
2'185.00
3'208.00
10'022.78
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
50
5.0 M
40
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
j-12
.0 M
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
8'074.0
0.90x
1'419.0
5.11x
867.0
8.07x
60
30.06.2009
30.06.2010
7'453.0
9'850.0
0.62x
0.47x
1'106.0
2'035.0
4.15x
2.28x
470.0
1'382.0
11.06x
5.03x
Profitability
LTM-4Q
30.06.2011
9'526.0
0.56x
1'383.0
3.86x
726.0
11.17x
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
30.06.2012
12'478.0
0.52x
2'890.0
2.24x
1'612.0
3.92x
2'890.00
2'065.00
16.55%
14.08%
19.16%
29.39%
25.65%
1.44%
29.2%
23.7%
16.4%
12.9%
1.77
1.38
15.38%
28.49%
12.62
13.11
Price/ Cash Flow
LTM
12/yy
9'344.0
1.87x
1'549.0
2.31x
688.0
7.64x
12/yy
15'648.0
2.11x
3'716.0
2.23x
2'082.0
4.51x
FY+1
0.51
213.85
7.02
15.11%
28
3.571
677'511
716'869
896'111
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
15'048.3
14'751.0
3'614.5
3'570.2
0.62x
0.53x
2.65x
2.58x
3'326.3
3'131.2
757.0
764.0
3.01x
3.20x
3.09x
3.01x
1'929.1
1'817.2
431.9
424.9
6.11x
6.21x
6.37x
6.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.04.1999
NR
111.15
83.58
-0.45
0.57
28.5%
22.2%
1.44
5.19
28.83
27.76
47.79
5.90
4.00
14'000.0
3.50
12'000.0
3.00
10'000.0
2.50
8'000.0
2.00
6'000.0
1.50
4'000.0
1.00
2'000.0
0.50
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Western Digital Corp

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

Whole Foods Market, Inc. owns and operates a chain of natural food supermarkets
in the United States. The Company's stores provides full range of merchandise,
featuring products that are free of artificial flavors, sweeteners, colors,
preservatives, and added chemicals. Whole Foods also develops, produces, and
markets nutriceuticals and nutritional supplements.
Price/Volume
120
3.0 M
2.5 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (05.10.2012)
52-Week Low (05.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WFM UW EQUITY YTD Change
WFM UW EQUITY YTD % CHANGE
09/2012
01/yy
99.67
79.38
286'737.00
86.87
-12.84%
9.43%
36.91%
185.3
16'099.79
24.12
0.0
0.0
1'220.23
15'198.79
2.0 M
1.5 M
40
1.0 M
20
.5 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
80
Valuation Analysis
30.09.2008
7'953.9
0.48x
485.5
7.82x
114.5
21.96x
4.0 M
100
30.09.2009
30.09.2010
8'031.6
9'005.8
0.59x
0.71x
551.0
762.8
8.65x
8.42x
146.8
245.8
29.06x
23.02x
Profitability
LTM-4Q
30.09.2011
10'107.8
1.14x
883.9
13.08x
342.6
32.32x
30.09.2012
11'698.8
1.44x
1'111.8
15.17x
465.6
35.94x
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
1'111.84
800.29
6.84%
6.43%
10.27%
14.67%
14.57%
2.53%
35.5%
9.6%
7.0%
4.0%
2.15
1.45
0.46%
0.63%
68.57
20.16
Price/ Cash Flow
LTM
01/yy
10'495.1
4.35x
934.2
13.34x
372.2
32.46x
01/yy
12'163.9
5.23x
1'170.5
13.57x
493.2
31.77x
FY+1
3.02
0.96
183.51
4.13
6.23%
-4.67%
0.964
32
3.969
511'662
727'010
604'046
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
03/13 Q2 06/13 Q3
13'059.2
14'930.6
3'028.7
3'101.3
1.16x
1.00x
4.97x
4.85x
1'214.5
1'413.1
298.5
304.8
12.51x
10.76x
11.93x
11.43x
540.5
647.8
137.4
138.2
30.23x
25.54x
28.86x
27.60x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
07.08.2012
BBBSTABLE
1314.23
774.93
-0.77
0.02
0.6%
0.6%
2.53
5.75
5.41
18.41
11.06
11.54
25.00
14'000.0
12'000.0
20.00
10'000.0
15.00
8'000.0
6'000.0
10.00
4'000.0
5.00
0.00
02.10.2009
2'000.0
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Whole Foods Market Inc

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

Wynn Resorts Limited owns and operates luxury hotels and destination casino
resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest
rooms and suites, restaurants, a golf course, and an on-site luxury automotive
dealership.
Price/Volume
140
1.8 M
120
1.6 M
1.4 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WYNN UW EQUITY YTD Change
WYNN UW EQUITY YTD % CHANGE
12/2012
12/yy
129.66
84.49
371'666.00
124.54
-3.95%
47.40%
88.67%
100.9
12'567.55
5'810.76
0.0
363.0
1'725.22
17'016.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.0 M
60
.8 M
.6 M
40
.4 M
20
.2 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'987.3
2.64x
607.9
12.99x
210.5
16.84x
1.2 M
80
31.12.2009
31.12.2010
3'045.6
4'184.7
2.92x
3.61x
674.0
1'056.0
13.18x
14.29x
20.7
160.1
215.67x
48.75x
Profitability
LTM-4Q
31.12.2011
5'269.8
3.02x
1'536.9
10.36x
613.4
19.02x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
5'154.3
3.06x
1'442.5
10.95x
502.0
21.55x
1'442.45
1'069.25
20.74%
14.22%
7.08%
17.87%
0.73%
36.9%
28.0%
20.7%
9.7%
1.95
1.74
79.86%
21.61
47.87
Price/ Cash Flow
12/yy
5'269.8
13.17x
1'536.9
10.36x
613.4
19.02x
LTM
12/yy
5'154.3
12.59x
1'442.5
10.95x
502.0
21.35x
FY+1
7.63
1.28
80.32
4.53
5.53%
11.61%
1.284
30
4.233
306'871
353'823
398'978
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'388.8
5'665.5
1'364.5
1'349.0
3.11x
3.01x
12.26x
12.37x
1'662.9
1'710.7
409.5
431.6
10.23x
9.95x
10.17x
10.00x
611.4
675.6
153.5
158.8
20.47x
18.52x
20.45x
20.10x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.06.2011
BB+
STABLE
4.96
4.13
2.83
4.03
98.2%
0.73
1.07
16.94
7.65
18.98
5.60
16.00
6'000.0
14.00
5'000.0
12.00
4'000.0
10.00
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Wynn Resorts Ltd

Holdings By:
All
Holder Name
WYNN STEPHEN A
WYNN ELAINE P
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
COLUMBIA MANAGEMENT
PACIFIC HEIGHTS ASSE
GOLDMAN SACHS GROUP
BAMCO INC
NORGES BANK
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
INVESCO LTD
Multiple Portfolios
PACIFIC HEIGHTS ASSE
GOLDMAN SACHS GROUP
BAMCO INC
NORGES BANK
Analyst
RBC Capital Markets

JOHN KEMPF
RACHAEL ROTHMAN
Cantor Fitzgerald
ROBERT A LAFLEUR
JAKE FULLER
ISI Group
IAN WEISSMAN
CAMERON MCKNIGHT
Stifel
STEVEN M WIECZYNSKI
Compass Point Research & Trading LLC MICHAEL TURNER
JPMorgan
JOSEPH R GREFF
BRIAN MCGILL
CHRISTOPHER E JONES
Morgan Stanley
THOMAS ALLEN
Deutsche Bank
CARLO SANTARELLI
Macquarie
CHAD BEYNON
DAVID BAIN
Nomura
HARRY C CURTIS
S&P Capital IQ
ESTHER KWON
Gabelli & Co
AMIT KAPOOR
BRYAN MAHER
ALISTAIR M SCOBIE
JON OH
Barclays
FELICIA R KANTOR HENDRIX
Credit Suisse
JOEL H SIMKINS
Union Gaming Research
BILL LERNER
Goldman Sachs
STEVEN KENT
EVA Dimensions
CRAIG STERLING
Imperial Capital LLC
GREGG M KLEIN
Phillip Securities
MAGDALENE CHOONG
Source
13F
PROXY
Form 4
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
outperform
Positive
buy
buy
buy
outperform
hold
neutral
overweight
buy
no rating system
Equalwt/In-Line
buy
neutral
neutral
buy
buy
buy
buy
neutral
outperform
overweight
outperform
buy
Buy/Neutral
underweight
outperform
neutral
Amt Held
15'039'402
10'026'708
9'659'355
5'410'939
4'603'200
4'181'036
3'561'098
3'115'910
3'044'202
2'552'192
1'781'415
1'469'017
1'374'520
1'208'000
1'007'868
994'084
990'000
921'613
798'333
794'161
% Out
14.9
9.94
9.57
5.36
4.56
4.14
3.53
3.09
3.02
2.53
1.77
1.46
1.36
1.2
1
0.99
0.98
0.91
0.79
0.79
Weighting
Change
5
4
5
5
5
5
3
3
5
5
#N/A N/A
3
5
3
3
5
5
5
5
3
5
5
5
5
5
1
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
N
Latest Chg
434'885
(82'795)
515'471
2'386'800
155'885
128'934
141'999
582'867
63'898
55'727
179'320
678'903
(12'807)
990'000
(87'840)
17'786
107'904
Target Price
133
146
151
145
144
#N/A N/A
#N/A N/A
119
148
175
131
127
146
119
120
141
140
#N/A N/A
150
130
132
139
144
150
159
#N/A N/A
145
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
13.12.2012
n/a
04.02.2013
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
12.03.2013
04.03.2013
01.03.2013
19.02.2013
10.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
17.01.2013
15.01.2013
07.01.2013
18.07.2012
27.03.2013
Xilinx Inc
Xilinx, Inc. designs, develops, and markets complete programmable logic
solutions. The Company's solutions include advanced integrated circuits,
software design tools, predefined system functions delivered as cores of logic,
and field engineering support. Xilinx sells its products through several
channels of distribution to customers in the United States and overseas.
Price/Volume
45
3.0 M
40
2.5 M
35
30
2.0 M
25
03/2012
12/yy
39.43
30.25
454'757.00
38.2
-3.12%
26.28%
86.60%
261.6
9'991.66
906.57
0.0
0.0
1'917.63
9'223.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
1.0 M
10
.5 M
5
0
m-12
.0 M
a-12
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
1'841.4
3.38x
496.1
12.54x
374.0
17.90x
1.5 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
XLNX UW EQUITY YTD Change
XLNX UW EQUITY YTD % CHANGE
31.03.2009
31.03.2010
1'825.2
1'833.6
2.45x
3.30x
522.9
527.4
8.56x
11.47x
361.7
357.5
14.65x
19.91x
Profitability
LTM-4Q
31.03.2011
2'369.4
3.17x
864.6
8.69x
641.9
13.23x
31.03.2012
2'240.7
3.84x
718.9
11.97x
530.1
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
718.89
646.54
28.85%
26.65%
10.70%
17.83%
14.56%
0.49%
64.9%
30.6%
27.2%
23.7%
7.15
6.22
20.31%
33.48%
9.90
3.16
Price/ Cash Flow
12/yy
2'269.6
13.27x
740.1
10.22x
567.7
14.64x
LTM
12/yy
2'195.5
15.02x
670.8
12.62x
479.3
19.62x
FY+1
2.23
1.17
261.13
7.63
7.63%
7.05%
1.173
31
3.774
516'817
992'947
915'216
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'169.5
2'305.0
529.6
556.0
4.27x
3.87x
17.39x
16.48x
659.5
759.5
160.9
174.7
13.99x
12.14x
12.94x
12.16x
484.4
550.5
123.8
127.5
21.58x
19.13x
19.94x
19.02x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.04.2012
BBB+u
STABLE
13.17
11.89
-1.14
1.37
33.5%
25.1%
0.49
5.75
36.76
115.30
49.58
104.88
20.00
2'500.0
18.00
2'000.0
16.00
14.00
1'500.0
12.00
10.00
1'000.0
8.00
6.00
500.0
4.00
2.00
0.00
03.04.2009
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Xilinx Inc
Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
JP MORGAN
GOLDMAN SACHS GROUP
STATE STREET
BAILLIE GIFFORD AND
JENNISON ASSOCIATES
INVESCO LTD
FRANKLIN RESOURCES
Firm Name
BMO Capital Markets
MKM Partners
Macquarie
Argus Research Corp
Deutsche Bank
Morgan Stanley
JPMorgan
William Blair & Co
Piper Jaffray
Barclays
Credit Suisse
Jefferies
Raymond James
ISI Group
Goldman Sachs
Drexel Hamilton LLC
Wedge Partners
Nomura
EVA Dimensions
GARP Research
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
GOLDMAN SACHS GROUP
n/a
n/a
JENNISON ASSOCIATES
INVESCO LTD
n/a
n/a
Analyst
AMBRISH SRIVASTAVA
TRISTAN GERRA
DAVID M WONG
DANIEL A BERENBAUM
BRENDAN FURLONG
SHAWN WEBSTER
JAMES KELLEHER
ROSS C SEYMORE
JOSEPH MOORE
WILLIAM STEIN
CHRISTOPHER DANELY
JOHN VINH
ANIL K DORADLA
IAN ING
AUGUSTE P RICHARD
SRINI PAJJURI
BLAYNE CURTIS
JOHN W PITZER
MARK J LIPACIS
HANS C MOSESMANN
RUBEN ROY
SUMIT DHANDA
JAMES SCHNEIDER
RICHARD WHITTINGTON
ROBERT BURLESON
JUN ZHANG
ROMIT SHAH
ANDREW S ZAMFOTIS
SETH DADDS
Source
ULT-AGG
13F
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
Recommendation
outperform
neutral
outperform
neutral
hold
neutral
hold
hold
Equalwt/In-Line
neutral
overweight
sector perform
outperform
neutral
overweight
buy
equalweight
outperform
hold
outperform
neutral
buy
neutral/attractive
buy
hold
no rating system
neutral
buy
neutral
Amt Held
21'658'314
15'888'421
14'275'610
13'174'040
12'815'197
12'748'300
10'757'907
8'567'292
6'376'000
5'991'619
5'633'885
5'122'754
5'015'969
4'488'960
4'488'952
4'142'451
4'031'844
3'586'099
3'289'997
3'097'986
% Out
8.28
6.07
5.46
5.04
4.9
4.87
4.11
3.28
2.44
2.29
2.15
1.96
1.92
1.72
1.72
1.58
1.54
1.37
1.26
1.18
Weighting
Change
5
3
5
3
3
3
3
3
3
3
5
3
5
3
5
5
3
5
3
5
3
5
3
5
3
#N/A N/A
3
5
3
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
897'763
700'472
(1'972'440)
773'804
562'584
(1'375'000)
30'999
(1'748'957)
6'376'000
1'087'094
589'194
137'121
(1'708'902)
(105'305)
160'666
(9'980)
3'879'923
(285'572)
(1'220'960)
(96'421)
Target Price
41
35
#N/A N/A
34
36
40
#N/A N/A
37
#N/A N/A
38
41
#N/A N/A
#N/A N/A
#N/A N/A
43
44
36
42
37
42
39
39
41
44
36
#N/A N/A
30
#N/A N/A
#N/A N/A
File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
13.03.2013
08.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
20.02.2013
13.02.2013
18.01.2013
18.01.2013
17.01.2013
15.01.2013
26.07.2012
27.03.2013
Yahoo! Inc
Yahoo! Inc., is a global Internet media company that offers communications,
content, and a community platform that delivers consumer experiences and
advertising solutions across digitial screens. The Company's site includes a
hierarchical, subject-based directory of Web sites, which enables users to
locate and access information.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.03.2013)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
YHOO UW EQUITY YTD Change
YHOO UW EQUITY YTD % CHANGE
12/2012
12/yy
23.88
14.59
3'570'877.00
23.58
-1.26%
61.62%
96.77%
1'101.3
25'968.54
37.00
0.0
45.4
6'022.38
20'028.57
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-12
.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'208.5
1.77x
1'397.4
9.14x
418.9
20.00x
25
31.12.2009
31.12.2010
6'460.3
6'324.7
2.96x
2.88x
1'252.4
1'513.0
15.29x
12.04x
598.0
1'231.7
39.02x
21.05x
Profitability
LTM-4Q
31.12.2011
4'984.2
3.36x
1'473.0
11.37x
1'048.8
19.43x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
4'986.6
3.26x
1'457.1
11.15x
3'945.5
17.61x
1'457.14
802.54
16.09%
118.13%
24.75%
29.12%
0.31%
67.5%
29.2%
16.1%
79.1%
4.38
4.02
0.22%
0.25%
4.87
-
Price/ Cash Flow
12/yy
4'984.2
12.98x
1'473.0
11.37x
1'048.8
19.43x
LTM
12/yy
4'986.6
11.61x
1'457.1
11.15x
3'945.5
17.01x
FY+1
0.00
0.80
910.37
25.59
52.82%
18.49%
0.797
36
3.611
4'667'817
4'656'257
4'735'922
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'601.0
4'766.6
1'098.6
1'116.2
4.58x
4.18x
19.46x
19.30x
1'656.2
1'738.6
360.8
394.1
12.10x
11.53x
11.90x
11.75x
1'281.0
1'391.5
282.3
307.1
20.38x
18.38x
20.52x
19.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.04.2008
NR
-4.11
0.03
0.3%
0.3%
0.31
2.92
75.08
39.68
-
25.00
8'000.0
7'000.0
20.00
6'000.0
5'000.0
15.00
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
27.03.2013
Yahoo! Inc
Holdings By:
All
Holder Name
THIRD POINT LLC
FILO DAVID
THIRD POINT LLC
BLACKROCK
VANGUARD GROUP INC
STATE STREET
YANG JERRY
FMR LLC
INVESCO LTD
NORGES BANK
DEUTSCHE BANK AG
MACQUARIE GROUP
Firm Name
Cantor Fitzgerald
Cowen and Company
Oppenheimer & Co
BGC Partners
JMP Securities
Raymond James
Needham & Co
BMO Capital Markets
RBC Capital Markets
Morgan Stanley
Piper Jaffray
Barclays
Goldman Sachs
Stifel
Wedge Partners
S&P Capital IQ
Gabelli & Co
Macquarie
Credit Suisse
JPMorgan
Jefferies
William Blair & Co
Nomura
EVA Dimensions
Evercore Partners
Deutsche Bank
Portfolio Name
THIRD POINT LLC
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
INVESCO LTD
NORGES BANK
D E SHAW & CO
n/a
Analyst
PETER STABLER
CARLOS KIRJNER
YOUSSEF H SQUALI
JOHN BLACKLEDGE
BRIAN WIESER
JASON S HELFSTEIN
COLIN W GILLIS
RONALD V JOSEY III
AARON M KESSLER
LAURA A MARTIN
KAZUYA NISHIMURA
DANIEL SALMON
MARK S MAHANEY
JORDAN MONAHAN
EUGENE E MUNSTER
HEATH P TERRY
JORDAN ROHAN
MARTIN PYYKKONEN
SCOTT H KESSLER
BRETT HARRISS
STEPHEN JU
DOUGLAS ANMUTH
BRIAN J PITZ
RALPH SCHACKART
SAMEET SINHA
BRIAN NOWAK
HAMILTON FABER
JAMES LEE
ANDREW S ZAMFOTIS
EVAN S WILSON
KEN SENA
LLOYD WALMSLEY
Source
13F
Form 4
Form 4
ULT-AGG
13F
ULT-AGG
Form 4
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
Recommendation
market perform
market perform
buy
neutral
buy
outperform
hold
market perform
outperform
buy
neutral
market perform
outperform
Equalwt/Attractive
neutral
overweight
buy/attractive
buy
no rating system
hold
buy
neutral
neutral
neutral
hold
market perform
buy
neutral
neutral
underperform
buy
sector perform
equalweight
hold
Amt Held
73'000'400
71'361'390
62'000'000
52'947'475
48'917'794
46'610'995
46'610'564
35'693'952
35'419'632
28'229'816
27'807'651
15'898'615
14'005'513
14'000'000
13'830'883
13'158'797
10'725'954
9'997'715
9'766'006
9'740'706
% Out
6.63
6.48
5.63
4.81
4.44
4.23
4.23
3.24
3.22
2.56
2.52
1.44
1.27
1.27
1.26
1.19
0.97
0.91
0.89
0.88
Weighting
Change
3
3
5
3
5
5
3
3
5
5
3
3
5
3
3
5
5
5
#N/A N/A
3
5
3
3
3
3
3
5
3
3
1
5
3
3
3
M
M
M
M
M
U
D
N
N
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
(500'000)
(11'000'400)
2'834'452
1'641'768
421'157
800'000
(40'053'983)
24'881'661
(3'381'146)
27'786'182
14'394'332
2'372'881
(11'000'000)
(446)
(8'208'344)
2'010'559
2'847'197
2'053'676
(153'900)
Target Price
#N/A N/A
23
26
#N/A N/A
23
27
21
#N/A N/A
26
26
23
20
24
23
21
26
26
25
#N/A N/A
22
#N/A N/A
23
21
22
20
#N/A N/A
26
18
21
21
#N/A N/A
#N/A N/A
22
15
File Dt
31.12.2012
27.08.2012
01.02.2013
25.03.2013
31.12.2012
26.03.2013
25.11.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Hedge Fund Manager
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Government
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Date
26.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
11.03.2013
10.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
01.03.2013
12.02.2013
07.02.2013
01.02.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
28.01.2013
28.01.2013
27.11.2012

Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)

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Fundamental Equity Analysis - Nasdaq 100 Index Members (NDX Index)

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This material does not constitute investment advice and should not be

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

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

ACTIVISION BLIZZARD INC

ADOBE SYSTEMS INC

AKAMAI TECHNOLOGIES INC

ALEXION PHARMACEUTICALS INC

ANALOG DEVICES INC

APPLIED MATERIALS INC

AUTOMATIC DATA PROCESSING

AVAGO TECHNOLOGIES LTD

BAIDU INC - SPON ADR

BED BATH & BEYOND INC

BIOGEN IDEC INC

BMC SOFTWARE INC

C.H. ROBINSON WORLDWIDE INC

CHECK POINT SOFTWARE TECH

CISCO SYSTEMS INC

CITRIX SYSTEMS INC

COGNIZANT TECH SOLUTIONS-A

COSTCO WHOLESALE CORP

DENTSPLY INTERNATIONAL INC

DOLLAR TREE INC

EXPEDITORS INTL WASH INC

EXPRESS SCRIPTS HOLDING CO

GILEAD SCIENCES INC

HENRY SCHEIN INC

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

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

INTUITIVE SURGICAL INC

KRAFT FOODS GROUP INC

LIBERTY GLOBAL INC-A

LIBERTY INTERACTIVE CORP-A

LIFE TECHNOLOGIES CORP

LINEAR TECHNOLOGY CORP

MAXIM INTEGRATED PRODUCTS

MICROCHIP TECHNOLOGY INC

MICRON TECHNOLOGY INC