Fundamental Analysis & Analyst Recommendations - Smart Power Grid Players

1. 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
Alternative Energy - Smart Power Grid
March 2012
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 |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 12676468 1870.302 1090 1090 197 211 211 96.76 104.36 104.36 14.17 14.17 13.14 13.14 18.96
Euro Stoxx 50 Pr EUR 2390006 11369.14 4752 4752 787 885 885 253.23 337.46 337.46 17.21 13.23 12.91 12.91 21.45
NIKKEI 225 JPY 2351224 179.718 209 209 22 22 22 4.63 5.10 5.10 0.32 - 0.29 0.29 0.14
FTSE 100 INDEX GBP 2581529 13780.52 9269 9269 1687 1759 1759 839.51 881.01 881.01 17.20 16.42 16.39 16.39 27.52
SWISS MARKET INDEX CHF 870741 11181.55 4026 4026 877 868 868 402.65 542.74 542.74 18.34 18.04 13.60 13.60 24.92
S&P/TSX COMPOSITE INDEX CAD 1662132 18710.09 7697 7697 1995 2067 2067 842.72 962.57 962.57 15.04 15.04 13.17 13.17 26.45
S&P/ASX 200 INDEX AUD 1186309 7983.735 2889 2889 636 687 687 317.22 363.52 363.52 14.91 14.30 13.01 13.01 23.91
HANG SENG INDEX HKD 1547197 2387.24 1472 1472 346 406 406 278.09 254.05 254.05 1.27 1.45 1.40 1.40 3.34
MSCI EM USD 7618619 1369.849 993 993 190 193 193 88.59 98.03 98.03 11.86 12.75 10.72 10.72 20.23
CISCO SYSTEMS INC USD 106803.16 26319 5435 16.82 0.00 0.03 44.59 76.98 43218 44844 46348 49243 10959 12018 3725 3725 1.27 1.42 1.85 2.00 13.96 13.96 10.71 9.92 7.94 6.75 -2.10 5.51 25.36 A+ 10.02.2006 A1 10.02.2006
QUANTA SERVICES INC USD 4489.75 1439 206 0.00 0.00 0.01 0.32 4.18 4624 4624 5300 5851 364 396 93 93 0.67 0.69 1.14 1.39 31.30 31.30 19.03 15.54 17.62 21.86 -9.58 14.78 7.87 NR 02.09.2008 - -
SMA SOLAR TECHNOLOGY AG EUR 1483.55 5 35 0.20 0.00 0.00 0.73 1.15 2527 2527 2238 1788 720 720 100 100 13.85 13.85 6.71 3.14 4.06 4.06 8.36 17.88 138.88 - 164.34 - 37.52 - - - -
ITRON INC USD 1810.13 244 40 0.45 0.00 0.00 0.13 2.13 2434 2434 2241 2272 323 323 70 70 -2.11 -2.12 3.97 4.14 - - 11.44 10.99 7.74 46.87 2.48 23.50 13.28 BB 01.06.2011 - -
ITC HOLDINGS CORP USD 3915.57 417 51 2.65 0.00 0.00 0.06 6.50 757 757 852 968 493 493 142 142 3.35 3.35 4.05 4.74 22.76 22.76 18.82 16.08 8.69 23.81 10.90 31.08 65.06 BBB+ 05.12.2011 Baa2 16.04.2010
GENERAL CABLE CORP USD 1468.04 1170 50 1.05 0.00 0.11 0.43 2.20 5867 5867 6078 6551 359 359 70 70 1.78 1.84 2.63 3.55 16.03 16.03 11.20 8.31 20.59 9.66 11.03 4.62 6.13 BB- 09.11.2006 Ba3 18.12.2009
AMERICAN SUPERCONDUCTOR CORP USD 198.14 329 51 0.00 0.00 0.00 0.24 0.13 287 108 77 130 -117 -207 -18 -18 -3.26 -4.77 -1.77 -0.91 - - - - -9.29 52.67 - - -40.73 - - - -
ESCO CORP USD - 0 1 0.27 0.00 0.01 0.11 - 849 850 - - 104 - - - 14.62 - - - - - - - 24.85 - 18.69 - 12.23 NR 28.01.2011 WR 24.02.2011
TELVENT GIT SA USD - 0 34 0.38 0.00 0.00 0.07 - 724 730 - - 92 - - - 1.06 0.62 - - - 0.62 - - -8.49 12.69 -15.82 23.71 12.71 - - - -
WASION GROUP HOLDINGS LTD HKD 423.95 3028 929 0.06 0.00 0.00 0.07 0.45 172 230 246 294 36 39 23 23 0.02 0.03 0.03 0.04 1.57 - 1.58 1.27 3.02 4.93 -2.59 1.62 2.73 - - - -
ENERNOC INC USD 195.85 256 27 0.00 0.00 0.00 0.09 0.11 287 287 259 372 13 13 -17 -17 -0.52 -0.58 -0.71 0.70 - - - 10.52 2.30 - -53.82 - 4.36 - - - -
ECHELON CORP USD 210.00 122 43 0.00 0.00 0.00 0.06 0.15 156 156 170 184 -5 -5 0 0 -0.31 -0.30 -0.05 0.11 - - - 43.72 40.93 45.32 75.85 - -3.38 - - - -
PIKE ELECTRIC CORP USD 312.42 79 34 0.10 0.00 0.00 0.00 0.43 594 1K 679 1K 48 64 16 16 0.05 0.29 0.42 0.51 31.00 31.00 21.40 17.80 17.81 3.34 53.60 -16.72 8.13 - - - -
COMVERGE INC USD 36.11 88 25 0.02 0.00 0.00 0.04 0.04 119 137 138 155 -22 -16 10 10 -0.89 -0.73 -0.54 -0.15 - - - - 20.79 - -143.83 - -18.20 - - - -
JINPAN INTERNATIONAL LTD USD 143.62 18 16 0.04 0.00 0.00 0.02 0.16 219 219 230 290 30 30 4 4 1.45 1.45 1.53 1.86 6.04 6.04 5.73 4.71 52.20 24.78 61.17 22.10 13.84 - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 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
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.05 2.05 1.87 1.70 2.05 1.26 1.26 1.19 1.15 1.26 8.77 8.77 7.91 8.03 8.77 8.88 8.88 8.15 7.65 8.88 13.14 13.14 11.66 10.56 13.14 2.14 2.14 2.31 2.54 2.14 1509.2 10.1%
Euro Stoxx 50 Pr 1.08 1.08 1.02 0.96 1.08 0.70 0.70 0.67 0.66 0.70 4.81 4.81 4.55 4.14 4.81 12.84 12.84 12.00 11.91 12.84 9.81 9.81 8.85 8.25 9.81 4.89 4.89 5.23 5.62 4.89 2788.9 10.9%
NIKKEI 225 1.25 1.25 1.18 1.11 1.25 0.58 0.58 0.56 0.54 0.58 7.82 7.82 6.61 6.18 7.82 8.22 8.22 7.34 6.85 8.22 23.60 23.60 15.30 12.30 23.60 1.96 1.96 1.96 2.26 1.96 10275.5 3.8%
FTSE 100 INDEX 1.57 1.57 1.44 0.84 1.57 1.00 1.00 0.96 0.97 1.00 6.82 6.82 6.31 3.27 6.82 7.83 7.83 7.12 7.00 7.83 10.47 10.47 9.46 8.82 10.47 4.04 4.04 4.32 4.93 4.04 6530.6 10.8%
SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.68 1.68 1.60 1.53 1.68 10.16 10.16 9.20 8.38 10.16 12.88 12.88 11.81 11.18 12.88 12.46 12.46 11.24 10.36 12.46 3.79 3.79 4.22 4.52 3.79 6760.6 9.2%
S&P/TSX COMPOSITE INDEX 1.71 1.71 1.55 1.43 1.71 1.63 1.63 1.53 1.50 1.63 7.73 7.73 6.98 6.35 7.73 9.05 9.05 7.98 7.70 9.05 13.04 13.04 11.42 10.88 13.04 2.94 2.94 3.00 3.20 2.94 15036.0 21.0%
S&P/ASX 200 INDEX 1.63 1.63 1.52 1.42 1.63 1.55 1.55 1.45 1.37 1.55 9.04 9.04 7.96 7.39 9.04 11.62 11.62 10.27 9.53 11.62 12.33 12.33 10.82 9.99 12.33 5.02 5.02 5.42 5.76 5.02 4821.8 13.5%
HANG SENG INDEX 1.39 1.39 1.27 1.17 1.39 1.87 1.87 1.70 1.56 1.87 6.77 6.77 6.13 6.05 6.77 5.88 5.88 5.26 4.20 5.88 10.83 10.83 9.74 8.69 10.83 3.67 3.67 3.98 4.76 3.67 23463.0 9.9%
MSCI EM 1.52 1.52 1.38 1.26 1.52 1.06 1.06 0.97 0.91 1.06 6.53 6.53 5.81 5.47 6.53 7.10 7.10 6.43 5.72 7.10 10.72 10.72 9.55 8.72 10.72 3.05 3.05 3.47 3.68 3.05 1192.5 13.5%
CISCO SYSTEMS INC 2.27 2.03 1.88 1.65 2.48 2.30 2.17 2.02 10.60 9.12 8.42 7.72 6.23 5.30 5.03 4.70 12.38 10.71 9.92 9.16 0.53 1.43 1.65 1.82 23.11 16.5%
QUANTA SERVICES INC 1.32 1.25 1.17 1.00 0.85 0.77 0.65 26.67 14.90 12.78 10.53 7.83 6.69 5.23 30.00 19.03 15.54 10.09 26.18 21.2%
SMA SOLAR TECHNOLOGY AG 1.58 1.41 1.34 1.25 1.14 0.60 0.66 0.83 0.82 0.75 2.97 5.81 6.69 6.67 5.71 1.57 2.87 4.93 4.69 3.74 3.15 6.37 13.63 13.79 10.06 7.06 5.38 3.06 3.05 2.89 31.94 -1.6%
ITRON INC 1.75 1.83 1.58 1.37 0.76 0.81 0.80 0.76 8.44 7.06 7.12 6.66 12.30 7.22 7.13 5.79 11.07 11.44 10.99 11.60 50.31 10.7%
ITC HOLDINGS CORP 3.16 2.83 1.92 1.77 1.38 5.14 4.60 4.04 3.12 2.57 10.64 10.71 9.08 8.10 12.94 11.06 9.44 8.15 6.68 22.98 18.82 16.08 14.25 12.53 1.81 1.93 2.10 2.40 2.54 81.67 7.1%
GENERAL CABLE CORP 0.98 0.94 0.87 0.25 0.24 0.22 0.21 12.16 12.74 12.47 5.86 5.78 4.86 3.77 12.77 11.20 8.31 5.33 39.92 35.3%
AMERICAN SUPERCONDUCTOR CORP 0.42 1.17 1.35 0.60 2.58 1.52 1.14 0.00 0.00 0.00 4.75 23.4%
ESCO CORP
TELVENT GIT SA 1.25
WASION GROUP HOLDINGS LTD 1.15 1.27 1.09 1.00 1.93 1.41 1.18 0.95 8.18 14.80 9.95 8.25 10.02 11.25 9.08 7.57 9.95 12.23 9.85 7.91 3.29 3.08 3.15 3.39 3.59 1.4%
ENERNOC INC 0.77 0.86 0.76 0.68 0.68 0.76 0.53 0.46 0.43 5.77 5.81 3.34 4.92 2.74 1.57 32.49 10.52 6.65 5.71 10.65 45.7%
ECHELON CORP 2.35 2.45 2.15 1.35 1.24 1.14 0.95 98.80 38.00 10.51 28.43 13.89 6.10 43.72 8.42 70.4%
PIKE ELECTRIC CORP 1.19 1.16 1.09 0.53 0.46 0.43 0.37 9.02 6.16 5.71 5.06 264.41 21.40 17.80 13.62 12.75 41.8%
COMVERGE INC 0.68 1.09 1.01 0.86 0.30 0.26 0.23 0.18 7.28 2.22 3.33 2.04 12.79 0.00 0.00 0.00 0.00 2.75 93.7%
JINPAN INTERNATIONAL LTD 0.67 0.62 0.50 5.00 4.17 3.73 6.04 5.73 4.71 14.00 59.8%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 13.03.2012
Cisco Systems Inc
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol Price/Volume
(IP)-based networking and other products related to the communications and
25 350.0 M
information technology (IT) industry and provide services associated with these
300.0 M
products and their use. The Company provides products for transporting data, 20
voice, and video within buildings, across campuses, and globally. 250.0 M
15 200.0 M
Valuation Analysis 10 150.0 M
Latest Fiscal Year: 07/2011 100.0 M
LTM as of: 01/yy 5
50.0 M
52-Week High (09.02.2012) 20.49
0 .0 M
52-Week Low (09.08.2011) 13.30 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 26'319'377.00
Current Price (3/dd/yy) 19.83 Market Data
52-Week High % Change -3.22% Dividend Yield 1.21
52-Week Low % Change 49.10% Beta 1.05
% 52 Week Price Range High/Low 90.82% Equity Float 5'377.19
Shares Out 14.02.2012 5'385.9 Short Int 52.43
Market Capitalization 106'803.16 1 Yr Total Return 12.07%
Total Debt 16'822.00 YTD Return 10.03%
Preferred Stock 0.0 Adjusted BETA 1.053
Minority Interest 33.0 Analyst Recs 48
Cash and Equivalents 44'585.00 Consensus Rating 4.000
Enterprise Value 76'984.15 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 32'150'410
CSCO US EQUITY YTD Change - Average Volume 30 Day 44'798'020
CSCO US EQUITY YTD % CHANGE - Average Volume 3 Month 42'751'716
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.07.2007 31.07.2008 31.07.2009 31.07.2010 31.07.2011 01/yy 01/yy 07/12 Y 07/13 Y 04/12 Q3 07/12 Q4
Total Revenue 34'922 39'540 36'117 40'040 43'218 42'361 44'844 46'348 49'243 11'576 11'985
TEV/Revenue 4.61x 2.86x 2.82x 2.64x 1.37x 10.17x 6.16x 1.64x 1.46x 6.65x 6.28x
EBITDA 10'115.0 11'189.0 9'153.0 11'194.0 10'959.0 11'033.0 12'018.0 14'512.1 15'307.6 3'725.3 3'869.7
TEV/EBITDA 15.90x 10.09x 11.13x 9.46x 5.39x 8.24x 6.27x 5.30x 5.03x 5.05x 5.01x
Net Income 7'333.0 8'052.0 6'134.0 7'767.0 6'490.0 7'578 6'998 10'036 10'693 2'518 2'611
P/E 23.55x 16.14x 17.79x 16.96x 12.57x 15.74x 13.77x 10.71x 9.92x 10.31x 10.12x
Profitability S&P Issuer Ratings
EBITDA 10'959.00 Long-Term Rating Date 10.02.2006
EBIT 8'473.00 Long-Term Rating A+
Operating Margin 19.61% Long-Term Outlook STABLE
Pretax Margin 18.11% Short-Term Rating Date 31.01.2011
Return on Assets 7.72% Short-Term Rating A-1+
Return on Common Equity 14.19% Credit Ratios
Return on Capital 11.34% EBITDA/Interest Exp. 17.45
Asset Turnover 0.51% (EBITDA-Capex)/Interest Exp. 15.58
Margin Analysis Net Debt/EBITDA -2.53
Gross Margin 61.4% Total Debt/EBITDA 1.53
EBITDA Margin 25.4% Reference
EBIT Margin 19.6% Total Debt/Equity 35.6%
Net Income Margin 15.0% Total Debt/Capital 26.3%
Structure Asset Turnover 0.51
Current Ratio 3.27 Net Fixed Asset Turnover 11.00
Quick Ratio 2.99 Accounts receivable turnover-days 53.64
Debt to Assets 19.31% Inventory Days 30.69
Tot Debt to Common Equity 35.62% Accounts Payable Turnover Day 19.14
Accounts Receivable Turnover 6.79 Cash Conversion Cycle 65.19
Inventory Turnover 11.86
Price/ Cash Flow Sales/Revenue/Turnover
20.00 50'000.0
18.00 45'000.0
16.00 40'000.0
14.00 35'000.0
12.00 30'000.0
10.00 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
0.0
01.08.2008 01.02.2009 01.08.2009 01.02.2010 01.08.2010 01.02.2011 01.08.2011 01.02.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 13.03.2012
Cisco Systems Inc
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 217'612'579 4.04 1'290'071 31.12.2011 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 210'051'745 3.9 (629'818) 31.12.2011 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 142'749'725 2.65 8'952'833 31.12.2011 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 130'397'833 2.42 30'095'861 31.12.2011 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 106'394'253 1.98 10'119'738 31.12.2011 Investment Advisor
INVESCO LTD INVESCO LTD 13F 96'404'101 1.79 4'843'027 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 95'004'854 1.76 15'224'866 31.12.2011 Investment Advisor
JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 89'060'587 1.65 18'836'224 31.12.2011 Investment Advisor
GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 74'107'099 1.38 (8'737'219) 31.12.2011 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 68'395'480 1.27 (1'775'068) 31.12.2011 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 67'982'869 1.26 4'109'313 31.12.2011 Investment Advisor
MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 45'529'735 0.85 (12'860'129) 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 42'434'977 0.79 (919'784) 31.12.2011 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 40'920'296 0.76 507'324 31.12.2011 Hedge Fund Manager
ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 39'281'553 0.73 (10'071'854) 31.12.2011 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 38'838'437 0.72 5'176'272 31.12.2011 Investment Advisor
FRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 38'264'000 0.71 (313'380) 31.12.2011 Investment Advisor
BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 37'992'290 0.71 1'015'073 31.12.2011 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 37'666'676 0.7 (242'353) 31.12.2011 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 37'385'520 0.69 575'113 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley EHUD A GELBLUM Overwt/Cautious 5 M 21 12 month 13.03.2012
Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 26 12 month 12.03.2012
Wells Fargo Securities, LLC JESS LUBERT outperform 5 M #N/A N/A Not Provided 08.03.2012
Cantor Fitzgerald PAUL H MANSKY buy 5 M 23 12 month 07.03.2012
Oppenheimer & Co ITTAI KIDRON outperform 5 M 23 18 month 07.03.2012
FBR Capital Markets SCOTT S THOMPSON market perform 3 M 23 12 month 06.03.2012
Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 24 12 month 06.03.2012
Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 05.03.2012
William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 05.03.2012
Sterne, Agee & Leach SHAW WU buy 5 M 27 12 month 05.03.2012
Miller Tabak + Co., LLC B ALEXANDER HENDERSON hold 3 M 21 12 month 03.03.2012
The Juda Group NATARAJAN SUBRAHMANYAN buy 5 M 24 12 month 02.03.2012
Jefferies GEORGE C NOTTER hold 3 M 18 12 month 01.03.2012
Avondale Partners LLC BLAIR KING market perform 3 M 22 12 month 01.03.2012
Barclays Capital JEFFREY KVAAL equalwt/neutral 3 M 22 Not Provided 29.02.2012
Stifel Nicolaus SANJIV R WADHWANI buy 5 M 24 12 month 28.02.2012
MKM Partners MICHAEL GENOVESE neutral 3 M 22 12 month 28.02.2012
Wunderlich Securities MATTHEW S ROBISON buy 5 M 24 18 month 27.02.2012
AURIGA SANDEEP SHYAMSUKHA buy 5 M 24 12 month 27.02.2012
BMO Capital Markets TIMOTHY P LONG market perform 3 M 22 Not Provided 24.02.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012
Evercore Partners ALKESH SHAH overweight 5 M 26 12 month 16.02.2012
Credit Suisse PAUL SILVERSTEIN outperform 5 M 27 Not Provided 15.02.2012
Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 10.02.2012
Nomura STUART JEFFREY buy 5 M 24 12 month 10.02.2012
Morgan Keegan SIMON M LEOPOLD outperform 5 M 26 12 month 09.02.2012
Deutsche Bank BRIAN T MODOFF buy 5 M 24 12 month 09.02.2012
RBC Capital Markets MARK SUE sector perform 3 M 23 12 month 09.02.2012
Argus Research Corp JAMES KELLEHER buy 5 M #N/A N/A Not Provided 09.02.2012
Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 09.02.2012
JPMorgan ROD HALL overweight 5 M 22 9 month 09.02.2012
Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 22 12 month 09.02.2012
Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 09.02.2012
Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 21 12 month 09.02.2012
Wedbush ROHIT CHOPRA outperform 5 M 22 12 month 09.02.2012
Raymond James TODD K KOFFMAN outperform 5 M 25 12 month 09.02.2012
Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 6 month 09.02.2012
ISI Group BRIAN MARSHALL neutral 3 D 22 12 month 09.02.2012
JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 09.02.2012
Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 09.02.2012
Piper Jaffray TROY D JENSEN neutral 3 M 21 12 month 09.02.2012
FBN Securities SHEBLY SEYRAFI outperform 5 M 27 12 month 09.02.2012
Wedge Partners CHRISTOPHER J CRESPI no rating system #N/A N/A M #N/A N/A Not Provided 09.02.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 13.03.2012
Quanta Services Inc
Quanta Services, Inc. provides specialized contracting services to electric Price/Volume
utilities, telecommunication and cable television operators, and governmental
25 12.0 M
entities. The Company also installs transportation control and lighting systems
and provides specialty electric power and communication services for industrial 20 10.0 M
and commercial customers. Quanta performs projects across the United States. 8.0 M
15
6.0 M
Valuation Analysis 10
Latest Fiscal Year: 12/2011 4.0 M
LTM as of: 12/yy 5 2.0 M
52-Week High (04.04.2011) 22.98
0 .0 M
52-Week Low (08.08.2011) 15.37 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 1'439'004.00
Current Price (3/dd/yy) 21.6 Market Data
52-Week High % Change -6.01% Dividend Yield 0.00
52-Week Low % Change 40.53% Beta 0.99
% 52 Week Price Range High/Low 81.87% Equity Float 204.64
Shares Out 20.02.2012 207.4 Short Int 3.75
Market Capitalization 4'489.75 1 Yr Total Return -3.31%
Total Debt 0.06 YTD Return 0.28%
Preferred Stock 0.0 Adjusted BETA 0.992
Minority Interest 7.3 Analyst Recs 19
Cash and Equivalents 315.35 Consensus Rating 4.105
Enterprise Value 4'181.77 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'712'753
PWR US EQUITY YTD Change - Average Volume 30 Day 1'333'372
PWR US EQUITY YTD % CHANGE - Average Volume 3 Month 1'390'585
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
Total Revenue 2'656.0 3'780.2 3'318.1 3'931.2 4'623.8 3'931.2 4'623.8 5'300.1 5'851.0 1'257.3 1'271.3
TEV/Revenue 1.69x 0.95x 1.07x 0.93x 0.89x 3.71x 3.42x 0.77x 0.67x - -
EBITDA 244.1 403.1 367.9 402.3 363.7 402.3 396.3 534.4 624.9 93.2 129.5
TEV/EBITDA 18.41x 8.89x 9.65x 9.12x 11.37x 9.12x 10.43x 7.83x 6.69x 7.85x 8.25x
Net Income 136.0 157.6 162.2 153.2 132.5 153.2 132.5 236.5 296.9 34.8 57.2
P/E 30.16x 22.76x 25.73x 26.92x 32.15x 26.92x 31.22x 19.03x 15.54x 18.95x 19.51x
Profitability S&P Issuer Ratings
EBITDA 363.70 Long-Term Rating Date 02.09.2008
EBIT 217.68 Long-Term Rating NR
Operating Margin 4.71% Long-Term Outlook -
Pretax Margin 4.68% Short-Term Rating Date -
Return on Assets 2.93% Short-Term Rating -
Return on Common Equity 3.93% Credit Ratios
Return on Capital 4.31% EBITDA/Interest Exp. 199.73
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 105.27
Margin Analysis Net Debt/EBITDA -0.87
Gross Margin 13.4% Total Debt/EBITDA 0.00
EBITDA Margin 7.9% Reference
EBIT Margin 4.7% Total Debt/Equity 0.0%
Net Income Margin 2.9% Total Debt/Capital 0.0%
Structure Asset Turnover 1.02
Current Ratio 2.26 Net Fixed Asset Turnover 4.94
Quick Ratio 1.77 Accounts receivable turnover-days 72.33
Debt to Assets 0.00% Inventory Days 21.19
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 25.26
Accounts Receivable Turnover 5.05 Cash Conversion Cycle 68.27
Inventory Turnover 17.23
Price/ Cash Flow Sales/Revenue/Turnover
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
500.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 13.03.2012
Quanta Services Inc
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 20'949'519 10.1 (76'400) 31.12.2011 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'878'942 5.24 (99'212) 31.12.2011 Investment Advisor
EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 9'780'110 4.71 (77'116) 31.12.2011 Investment Advisor
GENERATION INVESTMEN GENERATION INVESTMEN 13F 7'533'849 3.63 (96'463) 31.12.2011 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 7'485'171 3.61 155'069 31.12.2011 Investment Advisor
BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 5'935'650 2.86 (42'870) 31.12.2011 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5'800'590 2.8 953'060 31.12.2011 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 5'589'325 2.69 312'098 31.12.2011 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'300'035 2.56 (332'418) 31.12.2011 Investment Advisor
INVESCO LTD INVESCO LTD 13F 4'726'821 2.28 (627'556) 31.12.2011 Investment Advisor
COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 4'506'000 2.17 (30'000) 31.12.2011 Investment Advisor
FRONTIER CAPITAL MAN FRONTIER CAPITAL MAN 13F 4'293'317 2.07 (31'530) 31.12.2011 Hedge Fund Manager
GUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 2'790'803 1.35 139'077 31.12.2011 Investment Advisor
HHR ASSET MANAGEMENT HHR ASSET MANAGEMENT 13F 2'727'300 1.31 164'000 31.12.2011 Investment Advisor
CI INVESTMENTS INC CI INVESTMENTS INC 13F 2'716'250 1.31 414'300 31.12.2011 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 2'518'547 1.21 21'394 31.12.2011 Investment Advisor
DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 2'376'371 1.15 (24'664) 30.12.2011 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'331'778 1.12 (47'695) 31.12.2011 Investment Advisor
EDGEWOOD MANAGEMENT Multiple Portfolios MF-AGG 2'169'341 1.05 35'089 31.10.2011 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'129'988 1.03 169'599 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc ZACHARY LARKIN overweight 5 M 26 12 month 09.03.2012
Robert W. Baird & Co ANDREW J WITTMANN neutral 3 M 22 12 month 08.03.2012
Wedbush CRAIG IRWIN outperform 5 M 24 12 month 08.03.2012
KeyBanc Capital Markets TAHIRA AFZAL buy 5 M 27 12 month 08.03.2012
Stifel Nicolaus JEFFREY L BEACH buy 5 M 32 12 month 08.03.2012
Maxim Group LLC WILLIAM D BREMER buy 5 M 32 12 month 08.03.2012
Credit Suisse JAMIE L COOK outperform 5 M 26 Not Provided 07.03.2012
Piper Jaffray AHMAR M ZAMAN overweight 5 M 26 12 month 07.03.2012
FBR Capital Markets ALEX J RYGIEL outperform 5 M 28 12 month 05.03.2012
Johnson Rice & Co MARTIN W MALLOY equalweight 3 M 25 12 month 27.02.2012
D.A. Davidson & Co JOHN B ROGERS underperform 1 M 20 12 month 24.02.2012
JPMorgan SCOTT LEVINE overweight 5 M 26 9 month 22.02.2012
Avondale Partners LLC DANIEL J MANNES market outperform 4 M 28 12 month 22.02.2012
BB&T Capital Markets ADAM ROBERT THALHIMER buy 5 M 28 12 month 22.02.2012
Griffin Securities MORRIS B AJZENMAN buy 5 M 30 18 month 22.02.2012
Goldman Sachs JOSEPH RITCHIE neutral/attractive 3 M 23 12 month 12.01.2012
Nomura RICHARD WINDSOR neutral 3 N #N/A N/A Not Provided 21.11.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011
Lazard Capital Markets WILL GABRIELSKI buy 5 M 28 12 month 02.11.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 13.03.2012
SMA Solar Technology AG
SMA Solar Technology AG manufactures solar inverters, alternating current Price/Volume
converters for solar generated electricity.
100 .6 M
90
80 .5 M
70 .4 M
60
50 .3 M
Valuation Analysis 40
Latest Fiscal Year: 12/2010 30 .2 M
LTM as of: 09/yy 20 .1 M
10
52-Week High (30.03.2011) 89.60
0 .0 M
52-Week Low (06.03.2012) 31.43 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 5'016.00
Current Price (3/dd/yy) 32.48 Market Data
52-Week High % Change -63.62% Dividend Yield 4.00
52-Week Low % Change 3.34% Beta 0.67
% 52 Week Price Range High/Low 0.77% Equity Float 10.12
Shares Out 30.09.2011 34.7 Short Int -
Market Capitalization 1'127.06 1 Yr Total Return -50.90%
Total Debt 154.48 YTD Return -24.75%
Preferred Stock 0.0 Adjusted BETA 0.671
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 550.88 Consensus Rating 2.087
Enterprise Value 873.27 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 171'471
S92 GY EQUITY YTD Change - Average Volume 30 Day 111'288
S92 GY EQUITY YTD % CHANGE - Average Volume 3 Month 94'986
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1
Total Revenue 192.9 327.3 681.6 934.3 1'920.1 1'817.3 1'669.9 1'700.2 1'358.4 580.5 300.0
TEV/Revenue - - 1.64x 3.17x 1.05x 6.06x 4.95x 0.46x 0.55x - 2.11x
EBITDA 42.6 75.3 174.8 243.4 547.2 552.0 322.2 297.7 173.5 76.0 34.0
TEV/EBITDA - - 6.39x 12.16x 3.68x 4.46x 3.46x 2.87x 4.93x 3.46x 3.46x
Net Income 20.5 36.8 119.5 161.1 365.0 372.1 194.5 178.3 84.4 55.3 12.7
P/E - - 10.90x 20.10x 6.61x 7.51x 7.05x 6.37x 13.63x 7.88x 8.64x
Profitability S&P Issuer Ratings
EBITDA 547.25 Long-Term Rating Date -
EBIT 515.93 Long-Term Rating -
Operating Margin 26.87% Long-Term Outlook -
Pretax Margin 26.98% Short-Term Rating Date -
Return on Assets 37.06% Short-Term Rating -
Return on Common Equity 64.27% Credit Ratios
Return on Capital 52.88% EBITDA/Interest Exp. 760.06
Asset Turnover 1.95% (EBITDA-Capex)/Interest Exp. 566.00
Margin Analysis Net Debt/EBITDA -0.72
Gross Margin 36.1% Total Debt/EBITDA 0.28
EBITDA Margin 28.5% Reference
EBIT Margin 26.9% Total Debt/Equity 21.2%
Net Income Margin 19.0% Total Debt/Capital 17.5%
Structure Asset Turnover 1.95
Current Ratio 2.60 Net Fixed Asset Turnover 9.20
Quick Ratio 1.88 Accounts receivable turnover-days 16.67
Debt to Assets 12.34% Inventory Days 52.12
Tot Debt to Common Equity 21.21% Accounts Payable Turnover Day 19.25
Accounts Receivable Turnover 21.90 Cash Conversion Cycle 49.54
Inventory Turnover 7.00
Price/ Cash Flow Sales/Revenue/Turnover
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
0.0
04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 13.03.2012
SMA Solar Technology AG
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
POOL SMA SOLAR TECH n/a EXCH 8'744'400 25.2 - 05.08.2011 n/a
KLEINKAUF WERNER n/a EXCH 2'512'280 7.24 - 05.08.2011 n/a
WETTLAUFER REINER n/a EXCH 2'446'350 7.05 - 05.08.2011 n/a
DREWS PETER n/a EXCH 2'446'350 7.05 - 05.08.2011 n/a
CRAMER GUENTHER n/a EXCH 2'439'410 7.03 - 05.08.2011 n/a
REINER WETTLAUFER FO n/a EXCH 1'998'720 5.76 - 05.08.2011 n/a
GUENTHER CRAMER FOUN n/a EXCH 1'998'720 5.76 - 05.08.2011 n/a
PETER DREWS FOUNDATI n/a EXCH 1'998'720 5.76 - 05.08.2011 n/a
BAILLIE GIFFORD AND n/a Research 1'045'776 3.01 - 25.11.2011 Investment Advisor
RUANE CUNNIFF & GOLD n/a Research 1'002'885 2.89 - 12.07.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 811'804 2.34 (1'237) 31.12.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 261'897 0.75 23'056 08.03.2012 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 241'810 0.7 - 30.12.2011 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 192'700 0.56 151'300 30.11.2011 Investment Advisor
LIONTRUST INVESTMENT Multiple Portfolios MF-AGG 165'153 0.48 - 31.01.2012 Investment Advisor
DELTA LLOYD ASSET MA Multiple Portfolios MF-AGG 118'760 0.34 (2'540) 30.11.2011 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 109'843 0.32 54'434 31.12.2011 Investment Advisor
DWS FINANZ SERVICE G Multiple Portfolios MF-AGG 104'310 0.3 47'164 15.07.2011 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 77'570 0.22 - 30.12.2011 Mutual Fund Manager
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 75'700 0.22 (27'600) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley ALLEN WELLS Underwt/No Rating 1 M 27 12 month 12.03.2012
Citi JASON CHANNELL sell 1 D 22 Not Provided 07.03.2012
Barclays Capital RUPESH MADLANI equalwt/neutral 3 M 32 Not Provided 07.03.2012
Commerzbank Corporates & Markets LAUREN LICUANAN reduce 2 M 30 6 month 06.03.2012
Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 28 Not Provided 06.03.2012
Independent Research GmbH SVEN DIERMEIER sell 1 M 31 6 month 06.03.2012
M.M. Warburg Investment Research CHRISTOPHER RODLER hold 3 M 32 12 month 06.03.2012
DZ Bank AG SVEN OLAF KUERTEN sell 1 M 27 12 month 06.03.2012
WestLB Equity Markets PETER WIRTZ reduce 2 M 32 Not Provided 06.03.2012
Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 34 12 month 05.03.2012
HSBC CHRISTIAN DOMINIK RATH neutral 3 M 34 Not Provided 05.03.2012
Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 29 12 month 05.03.2012
Bryan Garnier & Cie JULIEN DESMARETZ neutral 3 M 35 6 month 05.03.2012
Equinet Institutional Services(ESN) STEFAN FREUDENREICH reduce 2 D 31 12 month 05.03.2012
Silvia Quandt Research SEBASTIAN ZANK avoid 1 M 29 12 month 05.03.2012
Montega ALEXANDER DREWS sell 1 M 27 12 month 05.03.2012
Deutsche Bank ALEXANDER KARNICK hold 3 M 45 12 month 10.02.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 31.01.2012
Steubing AG ALLA GORELOVA sell 1 M 36 12 month 13.01.2012
Macquarie ROBERT SCHRAMM-FUCHS neutral 3 U 42 12 month 09.01.2012
Jefferies GERARD REID hold 3 M 44 12 month 05.12.2011
Hammer Partners SA ALBERTO ROLLA buy 5 N 119 Not Provided 04.10.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10. 13.03.2012
Itron Inc
Itron, Inc. provides solutions for collecting, communicating, and analyzing Price/Volume
electric, gas, and water usage data. The Company sells its products to the
60 4.5 M
utility industry. Itron designs, manufactures, markets, sells, installs, and 4.0 M
services hardware, software, and integrated systems for handheld computer-based 50
3.5 M
electronic meter reading and automatic meter reading systems. 40 3.0 M
2.5 M
30
Valuation Analysis 2.0 M
Latest Fiscal Year: 12/2011 20 1.5 M
1.0 M
LTM as of: 12/yy 10
.5 M
52-Week High (31.03.2011) 56.44
0 .0 M
52-Week Low (04.10.2011) 26.90 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 244'354.00
Current Price (3/dd/yy) 45.45 Market Data
52-Week High % Change -19.47% Dividend Yield 0.00
52-Week Low % Change 68.96% Beta 1.18
% 52 Week Price Range High/Low 62.80% Equity Float 37.42
Shares Out 31.01.2012 39.8 Short Int 1.93
Market Capitalization 1'810.13 1 Yr Total Return -14.97%
Total Debt 452.50 YTD Return 27.06%
Preferred Stock 0.0 Adjusted BETA 1.179
Minority Interest 0.0 Analyst Recs 26
Cash and Equivalents 133.09 Consensus Rating 3.923
Enterprise Value 2'129.55 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 356'357
ITRI US EQUITY YTD Change - Average Volume 30 Day 606'207
ITRI US EQUITY YTD % CHANGE - Average Volume 3 Month 495'092
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2
Total Revenue 1'464.0 1'909.6 1'687.4 2'259.3 2'434.1 2'259.3 2'434.1 2'240.8 2'272.4 547.0 565.9
TEV/Revenue 3.03x 1.68x 2.00x 1.19x 0.72x 5.41x 3.46x 0.89x 0.82x 3.86x 3.69x
EBITDA 186.4 283.5 200.8 315.4 323.2 315.4 323.2 294.8 298.8 70.3 77.0
TEV/EBITDA 23.81x 11.31x 16.80x 8.51x 5.42x 8.51x 5.42x 7.22x 7.13x 7.27x 7.39x
Net Income (16.1) 19.8 (2.2) 104.8 (510.2) 104.8 (510.2) 160.2 166.1 37.8 40.8
P/E 35.16x 20.36x 35.38x 23.70x - 21.66x 0.00x 11.44x 10.99x 11.45x 11.59x
Profitability S&P Issuer Ratings
EBITDA 323.21 Long-Term Rating Date 01.06.2011
EBIT 193.75 Long-Term Rating BB
Operating Margin 7.96% Long-Term Outlook STABLE
Pretax Margin -20.78% Short-Term Rating Date -
Return on Assets -21.21% Short-Term Rating -
Return on Common Equity -43.69% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 8.78
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 7.15
Margin Analysis Net Debt/EBITDA 0.99
Gross Margin 30.5% Total Debt/EBITDA 1.40
EBITDA Margin 13.3% Reference
EBIT Margin 8.0% Total Debt/Equity 49.9%
Net Income Margin -21.0% Total Debt/Capital 33.3%
Structure Asset Turnover 1.01
Current Ratio 1.65 Net Fixed Asset Turnover 8.66
Quick Ratio 0.99 Accounts receivable turnover-days 55.73
Debt to Assets 21.92% Inventory Days 43.60
Tot Debt to Common Equity 49.89% Accounts Payable Turnover Day 53.13
Accounts Receivable Turnover 6.55 Cash Conversion Cycle 46.20
Inventory Turnover 8.37
Price/ Cash Flow Sales/Revenue/Turnover
20.00 3'000.0
18.00
2'500.0
16.00
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
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |