EFG Financial Products Holding provides financial services including structured products, asset management, and pension solutions with offices in Switzerland, Europe, Asia, and North America. It has 271 employees and generated CHF 128 million in revenue in 2012. The company is traded on the SIX Swiss Exchange and has a market capitalization of CHF 353.3 million. Analysts project earnings per share growth and increased profit margins over the next few years.

1. 12.03.2013
Company Analysis - Overview
Ticker: FPHN SW EFG Financial Products Holding Benchmark: EFG Financial Products Holding AG provides financial services in a number of areas
Currency: SIX Swiss Ex: FPHN, Currency: CHF SWISS MARKET INDEX (SMI) most notably structured products, asset management and pension solutions. The
Company has offices in Zurich, Geneva, Guernsey, Monaco, Hong Kong and Frankfurt.
Sector: Financials Industry: Capital Markets Year:
Telephone 41-58-800-11-11 Revenue (M) 128 Business Segments in CHF Sales (M) Geographic Segments in CHF Sales (M)
Website www-en.efgfp.com No of Employees 271 Unallocated Sales 1 Unallocated Sales 1
Address Brandschenkestr. 90 Zurich, 8027 Switzerland
Share Price Performance in CHF
Price 53.00 1M Return 11.0%
52 Week High 53.00 6M Return #VALUE!
52 Week Low 42.35 52 Wk Return #VALUE!
52 Wk Beta 0.34 YTD Return 17.5%
Credit Ratings
Bloomberg -
S&P - Date - Outlook -
Moody's - Date - Outlook -
Fitch - Date - Outlook -
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E - - - 14.7x 13.1x 9.6x 7.5x
EV/EBIT - - - - - - -
EV/EBITDA - - - - 14.2x 10.8x 8.5x
P/S - - - 2.4x 2.4x 2.1x 1.8x
P/B - - - - 2.3x 2.0x 1.7x
Div Yield - - - - 2.3% 3.1% 4.0% 100% 100%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin - - - - - - -
EBITDA Margin 22.5 22.5 18.6 - 27.3 31.1 34.5
Operating Margin 18.1 18.3 12.9 - 20.3 24.4 28.2
Unallocated Sales
Profit Margin 18.5 15.6 11.7 16.0 18.4 21.8 24.2 Unallocated Sales
Return on Assets - 0.6 0.3 - - - -
Return on Equity - 56.5 32.8 - - - -
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio - - - - Current Capitalization in CHF
Quick Ratio - - - - Common Shares Outstanding (M) #N/A N/A
EBIT/Interest - - - - Market Capitalization (M) 353.3
Tot Debt/Capital - - - - Cash and ST Investments (M) 100.6
Tot Debt/Equity 10.6 10.7 5.7 - Total Debt (M) 258.4
Eff Tax Rate % - 14.6 9.0 - Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M) 511.2
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Company Analysis - Analysts Ratings
EFG Financial Products Holding
Target price in CHF
Broker Recommendation
Buy and Sell Recommendations vs Price and Target Price
Price
Brokers' Target Price
70 70
100% 0% 0% 0%
60 60
80%
50 50
60% 40 40
100% 100% 100% 30
30
40%
20
20
20% 10
10
0
Credit Suisse
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0
mars.12 avr.12 mai.12 juin.12 juil.12 août.12 sept.12 oct.12 nov.12 déc.12 janv.13 févr.13
Buy Hold Sell Price Target Price
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
28-Feb-13 100% 0% 0% 12-Mar-13 53.00 58.00 Credit Suisse GURJIT KAMBO outperform 58.00 12-Mar-13
31-Jan-13 100% 0% 0% 11-Mar-13 49.30 58.00
31-Dec-12 100% 0% 0% 8-Mar-13 50.00 58.00
30-Nov-12 #VALUE! #VALUE! #VALUE! 7-Mar-13 50.40 58.00
31-Oct-12 #VALUE! #VALUE! #VALUE! 6-Mar-13 50.45 58.00
28-Sep-12 #VALUE! #VALUE! #VALUE! 5-Mar-13 49.70 58.00
31-Aug-12 #VALUE! #VALUE! #VALUE! 4-Mar-13 50.00 58.00
31-Jul-12 #VALUE! #VALUE! #VALUE! 1-Mar-13 49.00 58.00
29-Jun-12 #VALUE! #VALUE! #VALUE! 28-Feb-13 49.00 58.00
31-May-12 #VALUE! #VALUE! #VALUE! 27-Feb-13 48.10 58.00
30-Apr-12 #VALUE! #VALUE! #VALUE! 26-Feb-13 48.00 58.00
30-Mar-12 #VALUE! #VALUE! #VALUE! 25-Feb-13 48.55 58.00
22-Feb-13 48.90 58.00
21-Feb-13 49.60 52.00
20-Feb-13 49.30 52.00
19-Feb-13 48.70 52.00
18-Feb-13 49.00 52.00
15-Feb-13 48.80 52.00
14-Feb-13 48.00 52.00
13-Feb-13 46.80 52.00
12-Feb-13 47.75 52.00
11-Feb-13 48.80 52.00
8-Feb-13 47.85 52.00
7-Feb-13 48.00 52.00
6-Feb-13 48.00 52.00
5-Feb-13 47.50 52.00
4-Feb-13 48.50 52.00
1-Feb-13 49.00 52.00
31-Jan-13 48.50 52.00
30-Jan-13 48.60 52.00
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. 12.03.2013
EFG Financial Products Holding
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
Shares Outstanding (M) #N/A N/A 18% Switzerland 49.13%
1% 1% 1%
Float 46.6% Unknown Country 32.13% 5% 1%
Short Interest (M) Bahamas 10.23%
Short Interest as % of Float Singapore 5.05% 10%
42%
Days to Cover Shorts Luxembourg 0.99%
49%
Institutional Ownership 42.19% Britain 0.86%
Retail Ownership 40.05% United States 0.78%
Insider Ownership 17.75% Others 0.82%
40% 32%
Institutional Ownership Distribution
Bank 36.99%
Individual 26.59%
Corporation 10.23%
Switzerland Unknown Country Bahamas
Institutional Ownership Retail Ownership Insider Ownership Mutual Fund Manager 8.77%
Singapore Luxembourg Britain
Pricing data is in CHF Others 17.43% United States Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
EFG INTERNATIONAL AG 1'646'675 0 87'273'775 24.70% 19.10.2012 EXCH SWITZERLAND 17%
SCHOCH JAN 506'100 0 26'823'300 7.59% 08.10.2012 Co File n/a
TABATSEKA LIMITED 455'490 0 24'140'970 6.83% 19.10.2012 EXCH BAHAMAS
HARTWEG MICHAEL 448'015 0 23'744'795 6.72% 08.10.2012 Co File n/a 37%
DORIGO SANDRO 229'515 0 12'164'295 3.44% 08.10.2012 Co File n/a
GOVT OF SINGAPORE IN 225'000 0 11'925'000 3.38% 19.10.2012 ULT-AGG SINGAPORE 9%
CREDIT SUISSE FUND A 200'939 0 10'649'767 3.01% 05.12.2012 EXCH SWITZERLAND
MOORE GLOBAL INVESTM 199'332 -668 10'564'596 2.99% 03.01.2013 EXCH
IST FUND MANAGERS 133'306 133'306 7'065'218 2.00% 31.01.2013 MF-AGG SWITZERLAND 10%
CREDIT SUISSE ASSET 81'999 7'989 4'345'947 1.23% 28.12.2012 MF-AGG SWITZERLAND 27%
SWISSCANTO FONDSLEIT 69'434 27'794 3'680'002 1.04% 28.12.2012 MF-AGG SWITZERLAND
JP MORGAN 52'380 -20'711 2'776'140 0.79% 31.01.2013 ULT-AGG
TERRA FELICE LIMITED 47'525 0 2'518'825 0.71% 19.10.2012 EXCH
PICTET & CIE 32'538 0 1'724'514 0.49% 30.11.2012 MF-AGG SWITZERLAND
Bank Individual Corporation Mutual Fund Manager Others
MILLENNIUM BCP GFI S 30'092 0 1'594'876 0.45% 30.11.2012 MF-AGG PORTUGAL
VONTOBEL ASSET MANAG 18'000 18'000 954'000 0.27% 31.10.2012 MF-AGG LUXEMBOURG
BARING FUND MANAGERS 17'000 0 901'000 0.26% 30.11.2012 MF-AGG BRITAIN
GLOBAL INVESTMENT SE 12'000 12'000 636'000 0.18% 31.10.2012 MF-AGG LUXEMBOURG
OPPENHEIM PRAMERICA 11'000 0 583'000 0.17% 30.11.2012 MF-AGG LUXEMBOURG
ZUERCHER KANTONALBAN 6'700 6'700 355'100 0.10% 31.10.2012 MF-AGG SWITZERLAND
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
SCHOCH JAN 506'100 26'823'300 7.59% 08.10.2012 Co File
HARTWEG MICHAEL 448'015 23'744'795 6.72% 08.10.2012 Co File
DORIGO SANDRO 229'515 12'164'295 3.44% 08.10.2012 Co File
RUFLIN LUKAS 5 265 0.00% 08.10.2012 Co File
17.76%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Company Analysis - Financials I/IV
EFG Financial Products Holding
Financial information is in CHF (M) Equivalent Estimates
Periodicity: Fiscal Year 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Income Statement
Revenue 67 92 108 128 146 169 194
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses 55 71 91
(Research & Dev Costs)
Operating Income 12 17 14 30 41 55
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
Pretax Income 12 17 14 30 41 55
- Income Tax Expense -0 2 1
Income Before XO Items 12 14 13
- Extraordinary Loss Net of Tax 0 0 0 0
- Minority Interests
Diluted EPS Before XO Items 12.30 14.27 12.68 3.08
Net Income Adjusted* 21 27 37 47
EPS Adjusted 3.08 4.04 5.52 7.05
Dividends Per Share 0.00 0.00 0.00 1.21 1.66 2.11
Payout Ratio % 0.0 0.0 0.0 0.30 0.30 0.30
Total Shares Outstanding
Diluted Shares Outstanding 1 1 1 7
EBITDA 15 21 20 40 53 67
*Net income excludes extraordinary gains and losses and one-time charges.
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. Company Analysis - Financials II/IV
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Balance Sheet
Total Current Assets
+ Cash & Near Cash Items 31 204 101
+ Short Term Investments 311 626 816
+ Accounts & Notes Receivable 17 57 46
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets 5 7 8
+ Other Long Term Assets 1'295 2'540 3'243
Total Current Liabilities
+ Accounts Payable
+ Short Term Borrowings 192 346 258
+ Other Short Term Liabilities 1'418 3'017 3'855
Total Long Term Liabilities 30 39 56
+ Long Term Borrowings
+ Other Long Term Borrowings 30 39 56
Total Liabilities 1'640 3'402 4'169
+ Long Preferred Equity 0 0 0
+ Minority Interest 0 0 0
+ Share Capital & APIC 19 19 19
+ Retained Earnings & Other Equity -1 13 26
Total Shareholders Equity 18 32 45
Total Liabilities & Equity 1'658 3'434 4'214
Book Value Per Share 23.15 27.01 31.95
Tangible Book Value Per Share
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. Company Analysis - Financials III/IV
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Cash Flows
Net Income 12 14 13
+ Depreciation & Amortization 3 4 6
+ Other Non-Cash Adjustments -0 2 1
+ Changes in Non-Cash Capital -47 7 -25
Cash From Operating Activities -32 27 -5
+ Disposal of Fixed Assets
+ Capital Expenditures -2 -4 -3
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities -0 -4 -7
Cash From Investing Activities -2 -8 -10
+ Dividends Paid
+ Change in Short Term Borrowings 41 154 -88
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash From Financing Activities 41 154 -88
Net Changes in Cash 7 173 -103
Free Cash Flow (CFO-CAPEX) -34 23 -8
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share -34.13 23.16 -8.36
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. Company Analysis - Financials IV/IV
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Ratio Analysis
Valuation Ratios
Price Earnings 14.7x 13.1x 9.6x 7.5x
EV to EBIT
EV to EBITDA 14.2x 10.8x 8.5x
Price to Sales 2.4x 2.4x 2.1x 1.8x
Price to Book 2.3x 2.0x 1.7x
Dividend Yield 2.3% 3.1% 4.0%
Profitability Ratios
Gross Margin
EBITDA Margin 22.5% 22.5% 18.6% 27.3% 31.1% 34.5%
Operating Margin 18.1% 18.3% 12.9% 20.3% 24.4% 28.2%
Profit Margin 18.5% 15.6% 11.7% 16.0% 18.4% 21.8% 24.2%
Return on Assets 0.6% 0.3%
Return on Equity 56.5% 32.8%
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity 10.58 10.70 5.75
Others
Asset Turnover 0.04 0.03
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate 14.6% 9.0%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |