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Fundamental Analysis & Analyst Recommendations QMS Advisors HDAX FlexIndex October 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

15589099

2072.157

1117

1117

203

219

219

104.06

110.23

110.23

16.29

16.29

15.38

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

4677

776

790

790

234.33

302.66

302.66

22.82

20.47

17.67

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

197

19

22

22

6.11

8.07

8.07

0.25

0.24

0.19

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

10012

1524

1661

1661

538.12

807.42

807.42

31.40

24.43

20.93

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

4198

969

861

861

454.08

567.77

567.77

21.44

18.26

17.14

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

7406

1859

1968

1968

732.48

803.81

803.81

16.58

16.59

15.11

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

2681

547

684

684

215.80

320.53

320.53

21.50

17.78

14.48

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

1668

376

393

393

278.61

269.06

269.06

1.39

1.48

1.43

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

983

191

180

180

84.97

88.32

88.32

11.89

12.19

11.44

11.44

19.60

ADIDAS AG

EUR

22492

669

209

2

0

0

3

22.60

19872

21355

1969

2019

723

723

3.41

3.56

5.63

6.87

40.88

40.88

25.82

21.18

15.84

8.71

28.03

6.12

13.75

-

-

-

-

ADVA OPTICAL NETWORKING SE

EUR

303

114

48

0

0

0

0

0.25

446

430

440

474

61

50

17

17

0.47

0.23

0.20

0.29

36.47

34.48

43.22

29.21

8.32

11.74

27.17

7.30

15.85

-

-

-

-

CARL ZEISS MEDITEC AG - BR

EUR

2446

36

81

0

0

0

0

2.51

1165

1190

1207

1291

190

194

57

57

1.19

1.41

1.48

1.56

28.93

28.93

27.50

26.02

18.37

9.80

20.18

15.41

22.10

-

-

-

-

AIXTRON SE

EUR

1798

284

101

0

0

0

0

1.51

308

305

306

505

-147

-225

-3

-3

-1.95

-2.80

-1.03

0.38

-

-

61.91

-84.79

38.10

-

-

-99.79

-

-

-

-

ALLIANZ SE-REG

EUR

72745

1035

453

26

0

4

17

83.54

129827

131187

138510

142326

-

-

-

-

15.72

32.71

17.69

18.21

6.59

12.33

12.19

11.84

13.36

4.48

-

-

-

AA

27.01.2012

Aa3

03.05.2004

AAREAL BANK AG

EUR

1779

107

60

39

0

0

5

25.15

1601

1470

904

956

923

-

-

-

2.37

2.31

2.23

2.83

17.38

17.38

18.06

14.22

-16.36

-16.34

-17.87

-24.98

-

-

-

WR

26.03.2012

BASF SE

EUR

89600

1467

918

17

0

1

2

107.75

97524

101517

100259

96009

13073

13327

3021

3021

7.10

6.67

7.24

7.95

19.79

19.79

18.21

16.60

-2.52

5.34

-24.93

-2.16

17.75

A+

10.05.2011

A1

17.11.2010

BAYER AG-REG

EUR

96615

998

827

13

0

0

3

108.69

53759

54290

55228

58268

12170

12569

2499

2499

7.56

4.75

7.77

8.77

33.29

23.57

20.33

18.02

11.96

5.76

0.57

8.37

31.30

A-

30.04.2008

A3

17.07.2006

BB BIOTECH AG-REG

EUR

1828

12

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

BECHTLE AG

EUR

1071

6

21

0

0

0

0

1.06

2835

2902

2985

3146

138

135

-

-

3.64

3.47

3.89

4.41

19.84

19.84

17.71

15.64

6.91

12.12

2.61

10.05

6.27

-

-

-

-

BEIERSDORF AG

EUR

22341

275

227

0

0

0

2

20.20

8167

8303

8423

8889

1272

1352

339

339

2.76

2.87

3.14

3.58

41.82

41.82

38.16

33.48

9.77

0.37

16.44

4.43

22.02

-

-

-

-

BAYERISCHE MOTOREN WERKE AG

EUR

69715

818

656

94

0

0

18

147.43

103905

103368

106075

111608

21975

21677

-

-

10.50

10.65

10.69

11.04

13.82

13.82

13.78

13.34

15.77

8.97

7.05

21.79

28.35

A

16.04.2012

A2

22.07.2011

BRENNTAG AG

EUR

8586

30

52

2

0

0

0

10.73

13102

13221

13513

14207

951

921

253

253

8.77

8.25

8.82

10.09

27.33

27.33

25.55

22.33

15.74

-

9.46

15.70

9.42

BBB-

09.06.2011

-

-

HUGO BOSS AG -ORD

EUR

9113

42

69

1

0

0

0

9.45

3172

3217

3377

3671

712

718

260

260

6.17

6.02

6.73

7.71

29.09

28.35

26.00

22.69

18.85

15.04

16.77

17.39

30.18

-

-

-

-

COMMERZBANK AG

EUR

13523

28880

779

318

3

1

65

27044

25795

12930

13404

-

-

-

-

-0.01

-1.55

0.48

1.11

-

-

33.37

14.50

-9.20

-7.68

-

-

-

A-

28.05.2013

Baa1

23.04.2013

CELESIO AG

EUR

3828

238

170

3

0

0

1

6.04

30112

29411

28973

29387

828

874

196

196

1.18

1.27

1.46

1.75

23.94

18.67

20.79

17.43

0.72

0.39

6.40

-9.49

4.02

-

-

-

-

CANCOM SE

EUR

342

60

11

0

0

0

0

0.35

755

764

785

820

38

40

41

41

1.55

1.62

1.78

2.05

24.90

24.90

22.76

19.75

3.40

18.11

16.54

43.42

7.04

-

-

-

-

CONTINENTAL AG

EUR

34060

210

200

13

0

1

4

44.66

44262

44354

45920

48784

6666

6739

1735

1735

12.99

13.68

14.34

16.43

16.83

16.53

16.05

14.02

9.89

10.27

20.65

19.16

20.54

BB

24.05.2013

Baa3

19.09.2013

COMPUGROUP MEDICAL AG

EUR

1328

4

50

0

0

0

0

1.65

609

609

623

659

148

137

-

-

0.91

0.80

1.34

1.71

42.29

42.29

25.15

19.69

18.12

27.82

68.77

23.16

30.43

-

-

-

-

DAIMLER AG-REGISTERED SHARES

EUR

83837

1787

1068

114

0

2

20

178.32

154539

154402

158756

169596

16412

14676

-

-

7.67

8.48

6.49

7.49

12.50

25.40

16.33

14.14

9.84

6.13

-0.86

-7.01

12.85

A-

23.02.2012

A3

01.10.2007

DEUTSCHE BOERSE AG

EUR

14514

282

184

2

0

0

1

15.97

2971

2948

2835

2999

1460

1342

370

370

4.64

4.42

4.90

5.54

23.00

23.07

20.76

18.34

-4.91

-17.52

61.58

AA

13.02.2012

WR

17.05.2006

DEUTSCHE BANK AG-REGISTERED

EUR

47419

8609

929

377

0

1

199

70713

66671

45052

45880

-

-

-

-

4.18

0.24

4.95

6.10

258.40

26.24

12.71

10.31

-0.93

-9.09

-

-

-

A

02.07.2013

A2

21.06.2012

DEUTSCHE EUROSHOP AG

EUR

2358

38

54

2

0

0

0

4.36

292

271

265

277

247

228

57

57

3.02

3.39

2.67

2.72

17.42

18.49

22.11

21.75

16.08

13.71

12.23

23.85

114.06

-

-

-

-

DIALOG SEMICONDUCTOR PLC

EUR

1387

480

65

0

0

0

0

1.22

1046

1054

1166

1401

169

169

-

-

1.28

1.18

1.40

2.01

31.66

31.41

26.59

18.50

63.17

49.99

60.06

-

21.71

-

-

-

-

DEUTSCHE POST AG-REG

EUR

39331

4050

1209

7

0

0

4

43.69

75057

75053

77110

80392

5326

5489

1355

1355

1.98

2.06

2.04

2.19

21.40

23.14

21.57

20.06

6.87

1.25

10.03

-3.26

9.89

NR

27.11.2012

WR

31.07.2006

DRILLISCH AG

EUR

1271

188

49

0

0

0

0

1.33

438

410

403

412

84

85

95

95

0.62

4.37

2.56

1.54

7.40

7.40

12.62

21.04

-9.84

-5.00

27.49

12.49

28.03

-

-

-

-

DRAEGERWERK AG - PREF

EUR

1931

7

17

1

0

0

0

2.18

3209

3247

3283

3401

405

390

387

387

10.32

9.78

9.89

10.98

18.03

18.31

17.81

16.05

7.05

6.20

11.46

14.47

16.23

-

-

-

-

DEUTSCHE TELEKOM AG-REG

EUR

63734

10287

4319

60

0

6

8

131.39

78649

78826

80111

81121

23970

23659

6082

6082

1.36

-1.60

0.86

0.94

-

13.85

22.58

20.69

-1.12

0.26

-16.56

2.01

40.58

BBB+

19.05.2008

Baa1

22.12.2011

DUERR AG

EUR

2529

39

35

0

0

0

0

2.55

3245

3202

3387

3503

278

293

80

80

4.20

4.57

4.94

5.15

21.63

21.57

19.99

19.17

33.62

17.06

55.64

32.40

12.35

NR

01.11.2010

-

-

DEUTSCHE WOHNEN AG-BR

EUR

2997

276

146

4

0

0

0

7.02

611

681

528

558

252

321

88

88

1.55

1.30

1.06

1.16

18.47

18.47

22.65

20.67

22.33

10.70

41.09

14.84

63.62

-

-

-

-

EADS NV

EUR

49616

90

6

0

0

15

47.71

76366

78256

79243

84362

5310

5896

1742

1742

-

-

3.65

4.92

-

-

23.34

17.32

20.23

9.98

32.18

31.24

10.19

A

06.09.2013

(P)A2

06.12.2012

E.ON SE

EUR

36497

5180

1907

35

0

5

8

64.89

178601

177574

161688

164496

11416

13475

-

-

2.45

1.66

1.68

1.61

14.83

9.60

14.69

15.33

22.91

13.33

132.20

-7.11

10.26

A-

27.07.2012

A3

05.10.2011

EVONIK INDUSTRIES AG

EUR

17563

18

466

4

0

0

1

20.40

18428

17875

17469

18353

3637

3194

687

687

3.41

3.06

2.47

2.83

16.68

16.84

20.62

18.03

-8.47

-4.08

2.25

7.87

24.16

BBB+

09.05.2012

Baa2

20.03.2013

EVOTEC AG

EUR

517

293

119

0

0

0

0

0.46

118

111

131

149

8

2

21

21

0.06

-0.03

0.08

0.13

-

-

76.38

45.35

12.04

32.50

-57.80

-

1.97

-

-

-

-

FIELMANN AG

EUR

4424

17

42

0

0

0

0

3.97

1497

1525

1573

1654

291

295

-

-

4.07

4.14

4.35

4.67

34.42

34.42

32.75

30.51

6.88

6.48

4.26

7.28

26.15

-

-

-

-

FRESENIUS MEDICAL CARE AG &

EUR

20409

691

307

11

0

1

1

29.04

18659

19200

19722

20591

3815

3802

952

952

5.23

4.49

4.86

5.11

26.69

26.85

24.63

23.42

13.23

8.50

9.72

10.47

26.77

BB+

19.09.2012

-

-

FREENET AG

EUR

3135

382

128

1

0

0

0

3.87

4177

4310

4366

4399

476

478

120

120

1.83

2.18

2.48

2.61

15.20

15.20

13.34

12.66

-7.35

37.19

6.34

13.88

14.99

-

-

-

-

FUCHS PETROLUB SE -PREF

EUR

5580

38

71

0

0

0

0

5.47

2460

2460

2532

2651

417

429

123

123

3.95

4.03

4.19

4.46

28.34

28.34

27.26

25.60

13.72

8.40

10.70

9.86

23.59

-

-

-

-

FRAPORT AG FRANKFURT AIRPORT

EUR

6416

28

92

6

0

0

1

11.80

3302

3381

3491

3591

1153

1165

-

-

3.53

3.42

3.30

3.86

27.48

23.03

28.47

24.33

4.04

7.12

7.67

9.25

46.59

-

-

-

-

FRESENIUS SE & CO KGAA

EUR

22344

354

178

16

0

7

1

44.48

26082

27097

27857

30222

5082

5128

1317

1317

6.54

7.25

7.91

8.99

23.38

23.62

21.42

18.85

24.21

16.37

21.80

17.73

25.59

BB+

19.09.2012

WR

30.04.2006

GEA GROUP AG

EUR

7964

154

192

2

0

0

1

8.59

7734

7761

7974

8340

860

916

-

-

2.30

2.50

2.71

3.08

22.73

20.66

18.16

7.58

4.09

9.37

11.81

15.96

-

-

-

-

BILFINGER SE

EUR

4794

109

44

2

0

0

1

5.13

11505

11505

11733

12275

935

935

-

-

8.66

8.42

7.45

8.41

16.72

16.26

18.90

16.74

4.95

0.88

48.82

22.12

10.99

BBB+

23.10.2012

-

-

GAGFAH SA

EUR

2809

140

195

7

0

0

0

9.55

1435

1436

1103

1116

484

457

-

-

0.38

0.13

0.60

0.91

131.92

104.24

29.23

19.33

-25.60

3.50

-4.98

29.29

43.07

-

-

-

-

GSW IMMOBILIEN AG

EUR

2206

29

51

3

0

0

0

4.63

431

479

322

344

220

236

-

-

2.37

4.33

2.61

2.65

13.65

24.24

22.61

22.31

-3.48

-

0.72

-0.22

66.71

-

-

-

-

GILDEMEISTER AG

EUR

2158

687

62

0

0

0

0

2.15

2755

2833

2825

2994

224

245

-

-

1.73

1.76

1.75

2.02

20.99

20.99

21.18

18.29

28.02

7.56

23.41

1.36

11.67

NR

23.09.2009

-

-

GERRY WEBER INTL AG

EUR

1893

60

46

0

0

0

0

1.91

1085

1137

1161

1274

182

177

68

68

2.34

2.22

2.22

2.70

25.14

24.99

25.16

20.67

19.16

13.31

23.52

22.81

21.04

-

-

-

-

GERRESHEIMER AG

EUR

1901

257

31

1

0

0

0

2.64

1648

1704

1741

1854

309

316

84

84

2.60

2.51

3.66

4.40

32.55

32.55

22.38

18.62

15.36

4.80

11.86

4.21

25.08

BBB-

23.02.2011

Ba1

17.05.2011

HEIDELBERGCEMENT AG

EUR

14879

450

188

11

0

1

2

25.86

18956

18929

19407

20400

3410

3757

1193

1193

1.61

2.29

4.74

6.18

46.95

46.95

22.61

17.36

11.72

0.60

8.74

1.61

26.84

NR

22.11.2012

(P)Ba2

31.05.2011

HENKEL AG & CO KGAA VORZUG

EUR

41097

487

434

5

0

0

5

41.46

22323

22465

22759

23858

3761

3798

1018

1018

4.96

4.81

5.45

5.98

28.74

27.00

25.39

23.14

7.84

4.48

18.70

12.97

22.86

A

18.05.2011

A2

01.06.2011

HANNOVER RUECK SE

EUR

8984

76

121

3

0

1

1

12.48

18604

19185

19210

19848

-

-

-

-

9.63

9.65

9.30

9.26

10.43

10.43

10.83

10.88

18.22

18.46

-

-

-

AA-

10.06.2006

-

-

20123

19843

2.43

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

22.36

-6.51

-5.18


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

15589099

2072.157

1117

1117

203

219

219

104.06

110.23

110.23

16.29

16.29

15.38

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

4677

776

790

790

234.33

302.66

302.66

22.82

20.47

17.67

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

197

19

22

22

6.11

8.07

8.07

0.25

0.24

0.19

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

10012

1524

1661

1661

538.12

807.42

807.42

31.40

24.43

20.93

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

4198

969

861

861

454.08

567.77

567.77

21.44

18.26

17.14

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

7406

1859

1968

1968

732.48

803.81

803.81

16.58

16.59

15.11

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

2681

547

684

684

215.80

320.53

320.53

21.50

17.78

14.48

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

1668

376

393

393

278.61

269.06

269.06

1.39

1.48

1.43

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

983

191

180

180

84.97

88.32

88.32

11.89

12.19

11.44

11.44

19.60

HOCHTIEF AG

EUR

6766

98

74

6

0

2

4

11.75

34516

35323

34898

35392

1997

2439

-

-

1.90

6.12

4.50

4.92

19.40

19.40

26.39

24.13

13.04

8.94

-15.90

44.19

9.34

INFINEON TECHNOLOGIES AG

EUR

11079

3277

1080

0

0

0

3

8.60

5279

5101

5190

5687

1191

982

349

349

0.53

0.34

0.32

0.54

41.00

41.00

42.70

25.75

-3.15

1.69

-26.72

3.55

26.02

-

-

-

-

JENOPTIK AG

EUR

864

30

57

0

0

0

0

0.97

791

791

821

883

114

110

-

-

1.10

1.04

0.85

1.09

19.61

19.61

23.97

18.74

10.38

3.93

-12.74

3.69

18.84

NR

04.06.2008

WR

15.11.2007

KONTRON AG

EUR

350

96

56

0

0

0

0

0.36

740

729

737

781

16

1

22

22

-0.80

-1.04

-0.23

0.20

-

-

43.11

-9.77

3.76

-106.93

-35.31

0.21

-

-

-

-

KLOECKNER & CO SE

EUR

1387

287

100

1

0

0

1

2.06

9989

9196

9130

9509

81

73

47

47

-2.65

-2.26

-0.45

0.43

-

-

43.32

5.58

5.76

-94.58

-39.67

1.08

B+

27.03.2013

-

KABEL DEUTSCHLAND HOLDING AG

EUR

11239

26

89

5

0

0

1

15.10

2474

2502

2657

2872

1064

1041

311

311

3.77

3.22

3.99

4.73

53.34

53.34

43.04

36.28

10.36

9.67

3.18

17.12

56.27

KRONES AG

EUR

2671

56

32

0

0

0

0

2.52

3602

3721

3765

3962

243

265

72

72

2.99

3.46

5.06

5.77

33.03

33.03

22.60

19.80

10.02

5.94

40.45

-0.94

9.62

-

-

-

-

KUKA AG

EUR

1461

75

34

0

0

0

0

1.36

2352

2429

2508

2623

177

191

58

58

2.22

2.29

2.60

2.95

25.49

25.49

22.42

19.72

28.59

14.52

61.24

7.68

10.63

BB-

31.07.2013

-

-

LEG IMMOBILIEN AG

EUR

3002

26

53

3

0

0

0

6.22

700

700

652

690

256

256

-

-

0.78

7.03

3.65

4.27

10.90

98.23

21.01

17.97

0.67

-

24.30

-

49.41

-

-

-

-

LEONI AG

EUR

1944

157

33

1

0

0

0

2.45

5150

5195

5178

5576

484

402

-

-

6.75

4.25

4.36

6.11

18.95

18.99

18.45

13.17

3.93

10.52

1.65

14.37

10.45

-

-

-

-

DEUTSCHE LUFTHANSA-REG

EUR

9036

3667

460

10

0

0

7

10.97

40745

40684

41540

42951

3337

3396

1755

1755

1.34

2.80

1.49

2.33

9.49

20.05

17.84

11.39

6.59

7.04

-16.75

-3.14

11.29

BBB-

27.08.2009

Ba1

03.09.2009

LINDE AG

EUR

37353

306

185

14

0

1

3

50.67

20660

22057

23106

24627

4655

5118

1375

1375

9.36

9.65

11.26

12.68

28.24

28.62

24.22

21.51

14.64

7.42

14.91

10.85

31.37

A

25.05.2012

A3

28.04.2010

LPKF LASER & ELECTRONICS

EUR

408

43

22

0

0

0

0

0.43

156

182

164

181

38

49

39

39

0.82

1.14

0.90

0.98

21.69

21.69

27.69

25.21

35.57

37.54

57.32

38.59

36.07

-

-

-

-

LANXESS AG

EUR

5541

586

83

3

0

0

1

8.34

12296

11517

11321

12197

1705

1199

255

255

8.86

2.92

2.18

5.39

30.83

30.83

41.34

16.70

4.92

9.98

19.93

17.91

14.08

BBB

31.07.2007

-

-

MAN SE

EUR

17425

39

147

7

0

0

2

24.01

21325

21115

21306

22337

2011

1183

-

-

2.78

-2.22

1.53

5.73

-

-

104.73

27.99

-5.75

2.11

-50.12

-7.55

7.58

NR

20.12.2012

A3

30.04.2009

METRO AG

EUR

13164

460

327

12

0

0

7

21.72

90237

89274

69582

88256

4478

4588

-

-

0.87

0.50

0.07

2.87

108.93

100.73

789.78

18.97

09.10.2012

MORPHOSYS AG

EUR

1967

76

23

0

0

0

0

1.77

70

109

105

99

11

36

14

14

0.14

0.93

0.45

-0.03

111.03

112.66

230.06

MERCK KGAA

EUR

33772

141

217

6

0

0

3

35.62

14522

14654

15182

15292

3945

4155

1047

1047

6.12

6.45

11.72

12.25

32.46

26.25

17.86

MTU AERO ENGINES AG

EUR

4917

166

51

1

0

0

0

5.61

4568

4965

5053

5437

664

663

-

-

4.64

3.52

5.84

6.73

36.37

36.37

MUENCHENER RUECKVER AG-REG

EUR

34772

461

179

8

0

0

4

37.21

89097

88606

73672

75241

-

-

-

-

24.31

23.55

22.57

22.63

11.13

11.13

AURUBIS AG

EUR

2747

102

45

1

0

0

1

3.05

18644

17827

17416

17535

1007

602

104

104

10.86

-3.87

4.15

5.71

-

NORDEX SE

EUR

1022

213

74

0

0

0

0

1.03

1454

1778

1766

1848

30

73

99

99

-1.68

-1.28

0.21

0.45

NEMETSCHEK AG

EUR

587

0

10

0

0

0

0

0.53

237

242

253

273

54

57

-

-

2.65

2.89

3.28

4.01

NORMA GROUP SE

EUR

1469

31

32

0

0

0

0

1.70

817

824

868

925

174

163

44

44

2.42

2.33

2.74

3.10

XING AG

EUR

570

8

5

0

0

0

0

0.48

98

104

113

128

34

36

32

32

1.93

2.08

2.55

TELEFONICA DEUTSCHLAND HOLDI

EUR

8960

1173

1117

2

0

0

0

10.43

7048

7048

6777

6759

1733

1733

452

452

0.38

0.38

OSRAM LICHT AG

EUR

5002

98

0

0

0

0

4.97

7301

7301

7177

7417

535

535

99

99

-

PFEIFFER VACUUM TECHNOLOGY

EUR

1227

17

10

0

0

0

0

1.19

624

566

586

636

118

99

24

24

PSI AG

EUR

244

123

16

0

0

0

0

0.21

245

247

258

280

23

23

23

PROSIEBEN SAT.1 MEDIA AG-REG

EUR

9351

382

212

4

0

0

1

10.52

3186

2955

3480

3684

927

896

QIAGEN N.V.

EUR

4982

154

236

1

0

0

1

5.48

1696

1717

1770

1866

546

QSC AG

EUR

628

630

124

0

0

0

0

0.70

651

643

616

635

105

RATIONAL AG

EUR

3431

3

11

0

0

0

0

3.29

588

597

618

678

RHOEN-KLINIKUM AG

EUR

3495

255

138

1

0

0

0

4.61

3874

4031

4103

3764

RHEINMETALL AG

EUR

2263

91

38

1

0

0

1

2.82

6360

6102

6371

6620

648

437

RTL GROUP

EUR

15487

2

0

0

1

1

16.35

8110

8061

8061

8280

1673

1736

RWE AG

EUR

20713

1943

615

27

4

2

7

48.69

68647

70383

72705

72014

12243

14331

SMA SOLAR TECHNOLOGY AG

EUR

1164

22

35

0

0

0

1

0.80

1979

1475

1440

1497

234

SAP AG

EUR

93018

1833

1192

7

0

0

4

95.12

21935

22496

23334

25416

STADA ARZNEIMITTEL AG

EUR

2959

124

59

2

0

0

0

4.92

2485

2605

2713

STRATEC BIOMEDICAL AG

EUR

491

6

12

0

0

0

0

0.48

166

167

179

K+S AG-REG

EUR

5099

3998

191

2

0

0

1

5.59

5321

4943

5330

4988

1460

1375

SIEMENS AG-REG

EUR

107469

1267

856

30

0

1

15

125.54

105863

104232

103545

106699

13052

11766

SKY DEUTSCHLAND AG

EUR

8037

640

779

1

0

0

0

8.50

1803

1930

2106

2454

-69

12

SOFTWARE AG

EUR

3061

101

87

0

0

0

0

3.18

1416

1348

1352

1422

394

AXEL SPRINGER AG

EUR

5396

37

99

1

0

0

0

6.47

4476

4485

4576

4214

SARTORIUS AG-VORZUG

EUR

2008

3

17

0

0

0

2.57

1143

1169

1221

SYMRISE AG

EUR

5177

102

118

1

0

0

0

5.93

2346

2431

SALZGITTER AG

EUR

2542

150

54

1

0

0

1

2.47

14058

SUEDZUCKER AG

EUR

5984

731

204

2

0

1

1

9.01

10653

-

BB

-

*+

02.08.2013

-

B1

-

*+

25.07.2013

1.67

-1.11

-14.28

1.56

6.95

BBB-

11.10.2012

Baa3

-49.68

34.74

-63.13

-7.90

44.97

-

-

-

-

17.09

11.40

11.96

11.46

12.02

38.34

A

29.05.2013

A3

04.07.2013

21.87

18.98

20.59

11.02

22.52

6.19

18.04

NR

11.05.2010

Baa3

08.06.2012

11.61

11.59

11.07

9.16

-

-

-

AA-

22.12.2006

-

-

-

19.88

14.47

4.60

9.31

38.71

20.08

4.40

-

-

-

-

-

-

87.42

41.99

23.37

18.40

-

-20.89

5.58

-

-

-

-

28.50

28.50

25.14

20.54

9.13

5.99

6.94

4.54

31.58

-

-

-

-

26.81

26.81

22.73

20.10

5.41

-

22.96

-

26.70

-

-

-

-

3.61

66.29

68.05

54.18

38.19

14.58

26.96

-74.23

37.19

46.84

-

-

-

-

0.09

0.14

28.65

28.65

125.34

80.22

4.76

-

14.95

-

33.24

-

-

-

-

-

1.97

3.01

-

-

32.86

21.47

9.91

-

-55.45

-

9.90

-

-

-

-

6.21

4.92

5.26

7.01

34.15

34.15

31.95

23.99

-15.14

42.86

6.76

12.57

23.54

-

-

-

-

23

0.81

0.59

0.74

1.13

35.47

35.47

28.30

18.52

9.05

10.09

20.98

26.00

12.34

-

-

-

-

195

195

2.08

2.15

2.50

2.75

26.88

27.05

23.10

21.01

9.65

-5.65

-0.45

7.55

40.99

-

-

WR

01.08.2007

416

133

133

0.93

0.99

1.53

1.64

39.34

39.34

25.42

23.66

9.79

10.41

50.69

23.83

32.80

-

-

-

-

108

107

107

0.19

0.26

0.24

0.31

26.69

26.69

29.14

22.24

0.97

3.72

-4.94

24.29

22.77

-

-

-

-

176

-

-

-

11.09

10.78

11.15

12.65

37.86

37.86

36.59

32.26

14.94

6.02

27.58

7.69

-

-

-

-

-

394

450

115

115

0.88

0.88

1.10

1.27

38.90

38.69

31.10

26.93

12.12

9.99

-25.23

4.24

15.09

-

-

Baa3

03.12.2012

54

54

6.82

2.87

2.35

5.25

26.96

26.96

32.86

14.73

7.59

4.73

-10.90

4.61

9.68

NR

12.12.2008

Baa3 *-

01.08.2013

1712

1712

-

-

6.17

6.39

-

-

21.92

21.18

5.46

-0.65

-2.99

10.37

29.12

BBB+

23.05.2011

WR

31.08.2005

-

-

2.63

1.65

5.28

3.92

27.75

14.23

8.67

11.69

4.45

2.88

41.92

4.14

27.53

BBB+

27.07.2012

Baa1

21.06.2013

150

-

-

2.92

0.03

-0.89

0.11

1677.93

1677.93

394.81

-17.18

36.58

-54.25

24.54

13.75

-

-

-

-

6763

6931

2018

2018

3.22

3.38

4.59

5.14

30.29

30.10

22.28

19.92

18.90

10.48

9.83

14.94

41.66

-

-

-

-

2940

433

467

124

124

1.95

2.39

3.79

4.63

28.11

27.95

17.67

14.47

9.63

4.82

59.60

0.27

24.23

-

-

-

-

203

28

28

33

33

1.61

1.54

1.81

2.19

36.67

36.35

31.20

25.85

6.80

17.91

-20.37

6.72

22.49

-

-

-

-

222

222

4.06

3.65

3.22

1.56

9.87

9.79

11.20

23.11

-2.08

-3.68

-5.13

28.22

37.61

BBB+ *-

05.08.2013

Baa2 *-

07.08.2013

2231

2231

7.57

7.37

7.40

9.44

22.38

22.59

22.29

17.46

9.26

0.28

-10.81

1.13

15.26

A+

05.06.2009

-

-

16

16

-0.34

-0.23

-0.18

-0.03

-

-

23.09

11.90

90.66

-

0.85

-

-

-

-

361

-

-

2.56

2.31

2.58

2.86

20.60

20.60

18.46

16.68

-6.28

12.11

-5.88

17.81

36.17

-

-

-

-

825

803

214

214

3.26

3.16

3.58

3.50

23.31

22.86

20.61

21.06

5.32

4.85

9.48

11.09

24.22

-

-

-

-

1301

243

261

234

234

3.20

4.20

5.40

6.19

34.75

34.75

27.06

23.59

20.77

11.03

29.28

24.17

30.12

-

-

-

-

2492

2625

458

481

134

134

1.80

1.92

2.21

2.44

30.85

31.07

26.74

24.30

12.92

10.07

9.81

6.07

26.77

-

-

-

-

13515

13361

13764

563

501

69

69

-2.08

-9.87

-7.18

1.53

-

-

37.30

7.66

-3.32

-41.87

-30.39

5.02

-

-

-

-

10847

10773

10791

1688

1646

-

-

4.02

3.52

3.01

2.96

11.27

11.82

13.38

17.15

9.27

29.20

29.39

20.52

BBB+

05.06.2012

-

-

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

13.16


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

15589099

2072.157

1117

1117

203

219

219

104.06

110.23

110.23

16.29

16.29

15.38

15.38

18.48

Euro Stoxx 50 Pr

EUR

2984944

6002.296

4677

4677

776

790

790

234.33

302.66

302.66

22.82

20.47

17.67

17.67

21.66

NIKKEI 225

JPY

2857793

203.0095

197

197

19

22

22

6.11

8.07

8.07

0.25

0.24

0.19

0.19

0.12

FTSE 100 INDEX

GBP

2928075

12748.62

10012

10012

1524

1661

1661

538.12

807.42

807.42

31.40

24.43

20.93

20.93

22.98

SWISS MARKET INDEX

CHF

1120741

11464.75

4198

4198

969

861

861

454.08

567.77

567.77

21.44

18.26

17.14

17.14

24.51

S&P/TSX COMPOSITE INDEX

CAD

1697982

17615.94

7406

7406

1859

1968

1968

732.48

803.81

803.81

16.58

16.59

15.11

15.11

24.14

S&P/ASX 200 INDEX

AUD

1366032

6451.078

2681

2681

547

684

684

215.80

320.53

320.53

21.50

17.78

14.48

14.48

19.99

HANG SENG INDEX

HKD

1793920

3572.425

1668

1668

376

393

393

278.61

269.06

269.06

1.39

1.48

1.43

1.43

2.98

MSCI EM

USD

7592957

1394.039

983

983

191

180

180

84.97

88.32

88.32

11.89

12.19

11.44

11.44

19.60

TAG IMMOBILIEN AG

EUR

1619

297

131

3

0

0

0

4.69

535

444

361

377

388

289

-

-

1.93

1.07

0.75

0.93

15.68

20.37

22.19

18.00

127.45

43.00

192.65

79.37

88.11

-

-

-

-

THYSSENKRUPP AG

EUR

12654

6134

514

10

0

1

3

18.21

54251

49144

50192

52007

3483

3015

695

695

-0.51

-0.72

-0.21

1.49

-

-

22.28

-8.23

-7.72

-49.06

-17.60

8.30

BB

06.06.2012

Ba1

24.01.2013

TALANX AG

EUR

8502

132

208

5

0

6

3

16.96

35746

37600

37243

38720

-

-

-

-

3.88

3.95

3.84

4.04

11.53

12.11

11.84

11.25

17.41

-

-

-

-

A-

20.06.2006

-

-

TUI AG

EUR

3100

385

252

3

0

0

3

3.51

24784

24870

24707

25453

1296

1146

1577

1577

-0.16

-0.72

0.37

0.81

-

-

44.51

20.54

6.57

-

25.68

-

6.23

B

23.08.2013

Caa1

14.01.2011

UNITED INTERNET AG-REG SHARE

EUR

7093

146

194

0

0

0

0

7.46

3240

3402

3578

3917

527

563

135

135

0.98

1.23

1.41

1.82

40.18

40.62

34.99

27.16

19.54

13.14

6.92

6.46

22.38

-

-

-

-

VOLKSWAGEN AG-PREF

EUR

108527

498

465

159

0

6

35

236.42

260514

264988

271085

284555

33023

33548

-

-

62.58

51.08

28.57

33.04

6.29

6.31

11.25

9.72

28.29

17.14

19.36

13.58

17.12

A-

31.08.2009

A3

17.08.2009

WACKER CHEMIE AG

EUR

5189

111

50

2

0

0

1

6.40

6267

6010

6171

6581

1167

1050

235

235

2.96

0.81

0.60

2.66

165.83

165.83

223.09

50.58

-7.57

2.40

-32.32

-3.81

23.63

-

-

-

-

WIRECARD AG

EUR

3779

107

112

0

0

0

1

3.40

534

585

641

757

148

157

46

46

0.89

0.92

1.02

1.30

49.53

49.53

44.55

34.97

29.06

26.24

39.81

29.72

36.25

-

-

-

-

WINCOR NIXDORF AG

EUR

2133

69

30

0

0

0

0

2.30

3168

3353

3334

3467

224

251

104

104

2.84

3.72

3.96

4.89

23.45

23.45

22.00

17.82

0.86

1.21

-32.18

-6.71

10.13

-

-

-

-

ELRINGKLINGER AG

EUR

2774

22

63

0

0

0

0

3.22

1524

1551

1613

1718

291

284

-

-

1.80

1.85

2.14

2.50

31.96

31.96

27.71

23.68

12.35

17.37

-7.14

5.90

24.78

-

-

-

-

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


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

2.38

2.38

2.21

2.03

2.38

1.52

1.52

1.45

1.39

1.52

10.59

10.59

9.57

8.75

10.59

9.47

9.47

8.73

8.18

9.47

15.38

15.38

13.86

12.53

15.38

2.07

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.32

1.25

1.18

1.32

0.85

0.85

0.82

0.80

0.85

6.58

6.58

6.05

5.47

6.59

7.60

7.60

7.20

6.82

7.60

13.07

13.07

11.69

10.51

13.07

3.90

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.56

1.46

1.37

1.56

0.75

0.75

0.72

0.70

0.75

9.20

9.20

8.49

7.30

9.20

9.07

9.07

8.30

7.80

9.07

18.36

18.36

16.37

14.74

18.36

1.59

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.81

1.69

1.39

1.81

1.05

1.05

1.02

0.99

1.05

8.83

8.83

7.96

7.27

8.83

7.67

7.67

7.03

6.62

7.67

13.02

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.50

2.32

2.17

2.50

2.11

2.11

2.02

1.93

2.11

13.16

13.16

11.85

10.58

13.16

13.32

13.32

12.34

11.52

13.32

15.60

15.60

14.12

12.83

15.60

3.17

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.76

1.64

1.52

1.76

1.69

1.69

1.55

1.51

1.69

8.92

8.92

8.05

6.79

8.92

8.95

8.95

7.95

7.36

8.95

15.56

15.56

13.71

12.44

15.56

3.11

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.96

1.86

1.77

1.96

1.85

1.85

1.73

1.66

1.85

11.18

11.18

10.24

9.58

11.18

9.43

9.43

8.59

8.03

9.43

15.44

15.44

14.00

13.00

15.44

4.45

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.38

1.28

1.19

1.38

1.79

1.79

1.66

1.54

1.79

8.16

8.16

7.71

7.19

8.16

9.08

9.08

8.31

7.66

9.08

11.12

11.12

10.33

9.38

11.12

3.49

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.49

1.36

1.24

1.49

1.03

1.03

0.96

0.90

1.03

7.47

7.47

6.80

6.26

7.47

7.74

7.74

7.03

6.52

7.74

11.44

11.44

10.24

9.41

11.44

2.75

2.75

3.01

3.29

2.75

1124.6

11.3%

ADIDAS AG

2.86

2.83

2.53

2.25

1.77

1.11

1.13

1.05

0.99

0.93

17.63

14.93

13.04

10.98

9.39

11.43

10.63

8.92

7.70

6.88

20.98

19.10

15.66

13.15

11.93

1.53

2.00

2.50

3.05

3.27

91.46

15.0%

ADVA OPTICAL NETWORKING SE

1.49

1.36

1.28

1.19

0.68

0.69

0.64

0.60

0.13

6.41

16.67

8.14

9.33

4.49

4.74

4.11

3.73

14.95

31.97

21.61

18.82

4.43

-5.1%

CARL ZEISS MEDITEC AG - BR

2.83

2.54

2.38

2.22

2.06

2.10

2.03

1.89

1.80

1.73

20.17

20.38

17.14

15.89

13.91

13.00

12.46

11.36

10.49

10.11

24.45

20.34

19.25

17.63

16.12

1.56

2.31

2.19

2.42

2.47

23.81

7.0%

AIXTRON SE

2.64

3.49

3.27

2.83

2.64

6.04

5.87

3.56

2.66

2.29

59.11

18.66

14.95

22.04

10.20

9.56

45.79

19.07

19.70

0.32

0.00

0.58

1.59

1.38

11.52

-11.4%

ALLIANZ SE-REG

1.04

1.03

0.97

0.91

1.10

0.52

0.53

0.51

0.50

0.48

AAREAL BANK AG

0.73

0.70

0.67

0.65

0.64

2.06

1.97

1.86

1.78

1.71

0.65

3.50

1.10

0.95

BASF SE

2.55

2.48

2.34

2.13

1.85

0.85

0.89

0.93

0.89

0.86

8.24

8.75

8.07

7.86

6.47

6.43

7.84

7.32

6.81

BAYER AG-REG

3.58

3.48

3.09

2.72

2.46

1.80

1.75

1.66

1.58

1.50

12.80

11.65

10.44

9.57

8.86

9.71

9.42

8.56

7.89

0.00

10.47

9.02

8.76

8.41

8.33

3.89

4.37

4.55

4.76

5.04

132.57

12.3%

14.47

13.36

10.52

9.36

7.33

0.26

1.96

3.45

5.65

9.10

23.02

4.7%

6.22

13.29

13.47

12.27

11.16

9.86

3.58

3.72

3.91

4.14

4.40

74.75

3.6%

7.32

15.95

15.04

13.33

11.97

10.87

2.10

2.40

2.69

2.97

3.26

92.40

6.9%

116.49

12.0%

BB BIOTECH AG-REG BECHTLE AG

1.76

1.60

1.48

1.35

1.20

0.38

0.36

0.34

0.32

0.31

10.82

10.63

10.09

9.23

7.33

7.85

7.53

6.83

6.39

5.65

13.84

13.10

11.57

10.54

9.24

2.44

2.68

2.97

3.22

3.67

40.63

7.7%

BEIERSDORF AG

4.64

4.21

3.76

3.40

3.08

2.74

2.65

2.52

2.37

2.24

24.87

21.99

20.44

19.04

17.21

17.03

15.62

14.13

12.88

11.98

30.77

28.25

24.78

22.32

19.85

1.20

1.22

1.36

1.48

1.66

68.77

4.9%

BAYERISCHE MOTOREN WERKE AG

1.70

1.57

1.42

1.29

1.15

0.67

0.66

0.62

0.60

0.57

6.24

5.23

5.05

4.67

3.73

8.31

8.58

8.29

7.80

6.90

10.37

10.19

9.87

9.45

8.89

3.24

3.35

3.62

3.90

4.23

81.79

1.5%

BRENNTAG AG

3.29

2.95

2.66

2.40

2.12

0.66

0.64

0.60

0.57

0.55

15.43

14.30

13.24

12.11

11.02

11.13

11.07

10.18

9.45

9.09

18.97

18.89

16.52

14.87

13.84

1.88

1.94

2.20

2.42

2.58

124.47

0.9%

HUGO BOSS AG -ORD

10.81

8.75

7.16

6.00

4.61

2.92

2.70

2.48

2.30

2.19

17.65

15.17

13.63

12.13

10.97

13.41

12.21

10.83

9.72

8.96

21.06

19.23

16.78

14.83

13.51

3.36

3.69

4.22

4.78

5.45

98.36

2.7%

COMMERZBANK AG

0.29

0.38

0.37

0.36

0.35

1.00

1.05

1.01

0.98

0.96

9.87

9.06

7.26

10.36

24.69

10.73

7.18

4.81

0.00

0.00

0.67

2.56

7.00

8.70

-1.0%

CELESIO AG

1.14

1.23

1.16

1.08

0.90

0.13

0.13

0.13

0.13

0.12

11.94

8.54

7.49

7.20

13.98

15.37

12.88

11.31

10.82

1.98

2.07

2.49

2.85

2.90

16.48

-1.0%

CANCOM SE

3.14

2.90

2.53

2.20

0.45

0.44

0.42

0.40

0.40

13.79

14.08

11.97

10.63

19.96

16.83

14.61

12.83

1.43

1.73

1.89

2.04

27.50

24.4%

CONTINENTAL AG

2.91

2.61

2.20

1.87

0.77

0.74

0.70

0.66

0.63

7.64

7.64

6.58

5.93

5.51

6.88

-1.6%

COMPUGROUP MEDICAL AG

4.72

4.59

3.86

3.32

2.17

2.13

2.02

1.93

1.83

12.68

11.34

10.92

10.24

9.92

11.61

DAIMLER AG-REGISTERED SHARES

1.44

1.34

1.26

1.16

1.05

0.55

0.53

0.49

0.47

0.51

7.03

6.91

5.81

5.14

3.65

10.30

DEUTSCHE BOERSE AG

3.32

3.13

2.81

2.48

2.19

5.12

5.12

4.84

4.59

4.35

13.50

12.00

11.51

10.50

9.99

10.67

DEUTSCHE BANK AG-REGISTERED

0.57

0.60

0.58

0.54

1.04

1.05

1.03

1.01

0.95

6.07

7.71

6.12

4.54

DEUTSCHE EUROSHOP AG

1.23

1.25

1.20

1.18

1.19

8.30

8.91

8.53

8.58

8.25

16.71

15.67

14.29

13.92

15.89

17.55

18.70

18.01

17.63

DIALOG SEMICONDUCTOR PLC

3.81

3.06

2.55

2.05

1.85

1.81

1.61

1.34

1.18

1.11

20.68

16.47

11.52

8.85

7.46

10.91

9.15

6.87

5.62

DEUTSCHE POST AG-REG

2.61

2.77

2.51

2.30

1.75

0.52

0.51

0.49

0.47

0.45

15.28

9.77

9.11

8.29

6.97

8.20

7.62

7.07

DRILLISCH AG

6.89

4.18

4.09

3.99

2.83

3.16

3.09

2.98

2.93

44.41

24.72

13.53

12.46

10.52

16.34

14.03

DRAEGERWERK AG - PREF

2.12

1.94

1.67

1.46

1.49

0.60

0.59

0.57

0.55

0.52

9.16

12.21

8.98

8.67

8.19

5.60

5.64

DEUTSCHE TELEKOM AG-REG

1.61

1.66

1.58

1.52

1.65

0.81

0.80

0.79

0.78

0.79

3.43

3.37

3.32

3.34

3.31

5.39

5.65

DUERR AG

4.25

3.67

3.14

2.73

2.30

0.78

0.75

0.72

0.70

0.70

23.27

12.01

11.54

11.24

11.54

9.74

8.40

7.95

DEUTSCHE WOHNEN AG-BR

1.14

1.08

1.02

0.97

0.98

5.44

5.68

5.37

4.99

5.74

23.42

19.57

17.82

17.94

21.26

26.58

18.90

17.17

EADS NV

3.87

3.73

3.02

2.43

2.02

0.67

0.63

0.59

0.55

0.54

12.64

11.86

8.89

6.26

6.66

8.00

6.36

5.39

E.ON SE

0.68

0.71

0.69

0.67

0.64

0.24

0.23

0.22

0.22

0.21

3.30

3.81

4.11

4.07

4.34

4.45

5.13

5.25

EVONIK INDUSTRIES AG

1.63

7.06

7.80

8.00

7.39

6.96

9.48

8.53

7.70

6.94

6.70

6.50

5.95

5.48

5.33

11.69

11.88

10.37

9.20

8.94

1.58

1.98

2.38

2.78

3.10

123.96

12.39

10.64

9.79

9.26

25.81

18.60

14.57

12.67

10.67

1.86

1.88

2.12

2.33

3.03

18.80

1.9%

9.45

9.33

8.31

6.40

12.54

12.08

10.46

8.97

8.24

3.69

3.78

3.87

4.32

4.31

57.03

-1.6%

10.98

9.75

9.04

7.79

15.61

15.35

13.56

12.26

10.52

4.01

3.82

4.11

4.37

4.58

54.88

-1.3%

9.61

9.40

7.63

6.21

5.88

2.19

2.39

3.00

4.39

3.27

40.45

17.6%

17.66

19.37

16.35

16.08

15.53

14.43

3.56

3.89

4.09

4.28

4.48

33.37

3.2%

5.45

17.72

19.67

13.68

10.65

9.77

0.00

0.00

0.00

0.00

6.49

6.03

18.66

15.95

14.83

13.26

11.87

3.07

3.18

3.43

3.76

4.09

12.06

11.07

12.30

39.45

9.34

15.56

14.03

11.98

5.23

7.36

7.46

7.24

5.11

4.69

4.19

12.32

13.17

11.87

10.54

9.03

0.91

0.95

2.08

2.30

5.51

5.39

5.25

16.50

16.70

15.30

14.37

11.83

6.60

4.99

4.81

7.63

7.47

18.17

14.79

14.18

13.56

12.60

1.76

2.39

16.66

18.78

20.59

16.75

15.29

15.02

16.81

1.94

2.49

4.82

4.83

24.15

17.26

12.81

10.73

10.33

1.32

5.31

5.44

6.02

10.86

11.33

11.30

12.16

8.10

15.79

4.8%

23.50

-2.3%

6.99

18.40

4.1%

2.52

103.45

7.3%

4.97

5.49

10.08

-4.8%

2.57

2.61

2.90

54.97

1.7%

2.91

3.12

3.07

14.86

13.3%

2.06

2.79

3.38

3.34

50.52

8.4%

5.09

4.81

4.83

4.43

12.66

-6.2%

3.70

4.11

29.82

7.0%

3.60

11.8%

1.92

1.79

1.66

1.51

1.01

0.96

0.90

0.83

6.81

8.79

7.94

6.93

7.54

6.97

6.33

5.49

15.25

13.34

11.92

9.60

3.26

3.43

EVOTEC AG

2.44

2.41

2.25

2.01

1.87

4.29

3.95

3.47

2.95

2.77

23.33

30.09

21.90

17.13

12.63

29.40

22.46

16.42

11.11

8.45

41.28

56.49

33.54

19.17

18.61

0.00

0.00

0.00

FIELMANN AG

5.91

5.53

5.32

5.13

4.72

2.94

2.81

2.67

2.54

2.43

20.11

18.78

18.51

17.64

15.69

13.51

12.86

12.12

11.49

10.62

25.78

24.22

22.57

21.23

19.01

3.44

3.67

3.90

4.16

4.50

74.70

-4.1%

FRESENIUS MEDICAL CARE AG &

2.28

2.06

1.90

1.77

1.56

1.49

1.40

1.34

1.26

1.18

11.49

11.61

10.68

9.79

9.06

9.88

9.92

9.58

8.83

7.90

17.65

18.22

17.32

15.34

13.35

1.37

1.45

1.49

1.62

1.79

52.33

7.9%

FREENET AG

2.01

1.83

1.73

1.65

1.57

0.76

0.72

0.71

0.71

0.72

8.64

8.86

8.57

8.79

8.68

8.22

8.01

7.86

7.83

7.88

12.71

9.87

9.36

9.08

8.73

6.51

7.87

8.31

8.58

9.35

19.49

7.6%

FUCHS PETROLUB SE -PREF

5.75

5.00

4.45

3.97

2.26

2.20

2.10

2.01

1.96

21.39

19.52

18.34

16.79

18.64

12.66

11.96

11.30

10.69

10.32

21.53

20.16

18.94

17.86

17.98

1.82

2.29

2.52

2.71

3.03

59.26

-5.1%

FRAPORT AG FRANKFURT AIRPORT

1.60

1.56

1.48

1.40

1.30

1.92

1.84

1.79

1.71

1.64

8.11

8.00

7.47

6.92

6.32

10.26

9.82

9.41

8.75

8.07

19.44

21.06

18.00

15.45

13.34

2.44

2.44

2.55

2.78

3.03

52.10

1.3%

FRESENIUS SE & CO KGAA

2.11

1.93

1.82

1.65

1.41

0.86

0.80

0.74

0.69

0.65

8.66

7.87

6.80

6.25

6.78

8.66

8.29

7.67

7.08

6.63

17.18

15.84

13.94

12.25

10.91

1.15

1.29

1.43

1.62

1.83

106.40

14.8%

GEA GROUP AG

2.47

2.38

2.12

1.93

1.68

1.03

1.00

0.95

0.91

0.89

13.69

12.17

10.44

9.80

8.68

9.98

9.08

8.18

7.68

7.32

16.58

15.28

13.43

12.28

11.60

1.87

2.09

2.38

2.55

2.97

32.98

7.8%

BILFINGER SE

1.72

1.65

1.56

1.48

1.32

0.42

0.41

0.39

0.37

0.35

9.60

8.61

8.00

7.50

6.46

6.58

6.83

6.14

5.71

4.83

13.61

13.98

12.38

11.14

9.30

3.75

3.74

4.04

4.42

4.41

83.23

8.0%

GAGFAH SA

0.89

0.88

0.85

0.81

0.75

2.50

2.55

2.52

2.48

2.49

20.34

24.85

16.87

15.42

13.74

20.34

20.75

19.69

18.92

19.79

23.69

21.61

14.29

13.45

10.99

0.00

0.09

2.15

3.98

3.61

11.13

15.7%

GSW IMMOBILIEN AG

1.14

1.05

0.99

0.95

0.89

7.34

6.85

6.41

6.30

6.72

26.76

23.25

20.69

19.20

19.03

25.72

21.25

20.17

19.51

20.32

25.31

16.72

16.50

15.52

18.80

2.67

2.99

3.24

3.40

3.38

34.74

7.6%

GILDEMEISTER AG

1.69

1.45

1.45

1.34

1.27

0.79

0.76

0.72

0.68

0.68

11.31

9.43

9.56

8.43

9.83

8.85

8.35

7.00

6.24

7.94

15.01

15.66

13.53

12.09

16.46

1.82

1.99

2.23

2.53

1.95

21.48

6.1%

GERRY WEBER INTL AG

3.99

3.50

3.07

2.71

2.40

1.74

1.63

1.49

1.37

1.25

16.00

14.79

12.98

11.29

10.35

10.70

10.76

9.01

7.96

7.26

17.96

18.61

15.29

13.25

11.55

2.48

2.60

3.07

3.47

3.85

35.01

14.8%

GERRESHEIMER AG

2.54

2.40

2.15

1.89

1.74

1.16

1.09

1.03

0.97

0.92

9.13

8.43

7.15

6.46

5.91

8.35

7.93

7.07

6.45

5.89

18.10

16.55

13.77

11.87

10.25

1.49

1.56

1.87

2.14

2.41

49.87

11.4%

HEIDELBERGCEMENT AG

0.84

0.84

0.80

0.75

0.70

0.79

0.77

0.73

0.68

0.64

6.85

6.81

6.04

5.05

4.08

7.82

7.42

6.69

5.99

5.26

21.91

16.72

12.84

10.07

8.13

0.85

1.39

2.10

2.80

3.88

61.04

4.0%

HENKEL AG & CO KGAA VORZUG

3.37

3.11

2.77

2.46

2.16

1.84

1.81

1.72

1.64

1.57

16.28

15.16

13.88

12.88

12.06

11.35

10.62

9.90

9.18

8.53

20.39

18.78

17.12

15.60

14.32

1.22

1.38

1.53

1.66

1.83

79.94

5.6%

HANNOVER RUECK SE

1.12

1.07

1.00

0.94

1.02

0.49

0.47

0.45

0.45

0.44

8.10

8.02

8.04

8.01

8.20

5.27

5.09

5.17

5.27

4.99

62.84

14.0%

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


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

2.38

2.38

2.21

2.03

2.38

1.52

1.52

1.45

1.39

1.52

10.59

10.59

9.57

8.75

10.59

9.47

9.47

8.73

8.18

9.47

15.38

15.38

13.86

12.53

15.38

2.07

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.32

1.25

1.18

1.32

0.85

0.85

0.82

0.80

0.85

6.58

6.58

6.05

5.47

6.59

7.60

7.60

7.20

6.82

7.60

13.07

13.07

11.69

10.51

13.07

3.90

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.56

1.46

1.37

1.56

0.75

0.75

0.72

0.70

0.75

9.20

9.20

8.49

7.30

9.20

9.07

9.07

8.30

7.80

9.07

18.36

18.36

16.37

14.74

18.36

1.59

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.81

1.69

1.39

1.81

1.05

1.05

1.02

0.99

1.05

8.83

8.83

7.96

7.27

8.83

7.67

7.67

7.03

6.62

7.67

13.02

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.50

2.32

2.17

2.50

2.11

2.11

2.02

1.93

2.11

13.16

13.16

11.85

10.58

13.16

13.32

13.32

12.34

11.52

13.32

15.60

15.60

14.12

12.83

15.60

3.17

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.76

1.64

1.52

1.76

1.69

1.69

1.55

1.51

1.69

8.92

8.92

8.05

6.79

8.92

8.95

8.95

7.95

7.36

8.95

15.56

15.56

13.71

12.44

15.56

3.11

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.96

1.86

1.77

1.96

1.85

1.85

1.73

1.66

1.85

11.18

11.18

10.24

9.58

11.18

9.43

9.43

8.59

8.03

9.43

15.44

15.44

14.00

13.00

15.44

4.45

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.38

1.28

1.19

1.38

1.79

1.79

1.66

1.54

1.79

8.16

8.16

7.71

7.19

8.16

9.08

9.08

8.31

7.66

9.08

11.12

11.12

10.33

9.38

11.12

3.49

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.49

1.36

1.24

1.49

1.03

1.03

0.96

0.90

1.03

7.47

7.47

6.80

6.26

7.47

7.74

7.74

7.03

6.52

7.74

11.44

11.44

10.24

9.41

11.44

2.75

2.75

3.01

3.29

2.75

1124.6

11.3%

HOCHTIEF AG

1.79

1.66

1.61

1.53

0.20

0.19

0.19

0.19

0.18

5.61

4.20

3.80

3.45

5.88

4.94

4.96

4.77

26.44

19.52

17.84

15.65

10.35

1.94

2.72

2.93

3.29

62.73

-3.5%

INFINEON TECHNOLOGIES AG

2.31

2.24

2.08

1.87

1.62

2.11

2.13

1.95

1.81

1.67

15.66

13.56

10.01

7.95

7.22

6.91

8.03

6.17

5.38

5.02

21.00

31.58

19.05

14.92

11.66

1.58

1.57

1.75

1.97

1.58

7.61

0.4%

JENOPTIK AG

1.88

1.79

1.62

1.46

1.37

1.10

1.05

0.98

0.93

0.90

10.58

10.43

10.22

9.21

7.60

9.03

9.37

8.15

7.45

7.06

16.43

17.73

13.86

12.47

12.01

1.48

1.57

1.84

1.98

1.07

10.92

-2.2%

KONTRON AG

0.88

0.95

1.01

0.93

0.93

0.47

0.48

0.45

0.43

0.40

26.91

13.73

14.41

7.18

4.39

28.97

16.12

8.00

4.78

3.80

31.88

13.49

9.70

2.36

1.37

1.91

2.86

6.44

4.12

-11.5%

KLOECKNER & CO SE

0.60

0.67

0.67

0.65

0.61

0.14

0.15

0.15

0.14

0.13

31.74

9.95

7.82

7.55

5.25

20.65

11.39

7.30

6.39

5.27

32.04

18.27

15.82

0.00

0.04

0.77

1.44

1.82

10.53

2.4%

4.53

4.23

3.91

3.66

3.41

15.47

12.42

11.04

10.68

12.98

11.92

10.76

9.89

9.14

28.87

31.83

26.84

24.43

20.96

2.73

3.37

3.89

3.85

4.32

84.03

-10.5%

KABEL DEUTSCHLAND HOLDING AG KRONES AG

2.28

2.06

1.88

1.71

1.65

0.77

0.71

0.67

0.64

0.62

18.57

10.84

9.47

8.93

8.93

10.43

7.71

6.93

6.33

6.55

25.06

16.71

14.65

13.09

13.22

1.07

1.55

1.83

1.95

67.97

8.7%

KUKA AG

3.50

3.03

2.57

2.22

1.96

0.62

0.58

0.56

0.54

0.52

11.78

11.62

10.18

9.46

8.19

7.18

6.62

6.07

5.71

5.74

18.74

16.59

14.59

12.56

12.14

0.90

1.23

1.50

1.98

1.85

34.50

8.3%

LEG IMMOBILIEN AG

1.01

0.99

0.95

0.92

0.85

4.74

4.61

4.35

4.09

3.81

16.84

15.50

13.82

14.21

12.21

19.61

19.96

18.30

17.09

15.39

20.22

15.54

13.29

13.25

12.10

0.97

4.15

4.53

4.78

5.38

45.44

8.4%

LEONI AG

1.73

1.66

1.48

1.31

1.13

0.38

0.38

0.35

0.32

0.30

7.35

7.02

5.91

4.86

3.82

5.19

6.09

5.04

4.39

3.89

9.88

13.64

9.74

7.89

6.82

3.29

3.10

3.42

3.93

4.33

45.55

3.5%

DEUTSCHE LUFTHANSA-REG

0.82

0.96

0.90

0.78

0.66

0.22

0.22

0.21

0.20

0.19

2.70

2.74

2.46

2.10

2.23

3.35

2.82

2.49

2.12

2.03

28.38

13.20

8.42

5.63

5.42

1.57

2.09

4.54

6.46

6.45

17.48

20.3%

LINDE AG

2.00

2.02

1.89

1.75

1.61

1.81

1.62

1.52

1.41

1.35

9.93

8.67

8.17

7.56

6.73

10.71

9.27

8.58

7.93

7.40

19.12

17.91

15.91

14.12

12.61

1.78

1.96

2.19

2.42

2.73

162.33

8.8%

LPKF LASER & ELECTRONICS

5.54

4.69

4.07

3.54

3.05

2.77

2.49

2.26

2.04

1.84

20.63

13.87

11.44

12.95

8.86

12.81

10.81

9.54

8.22

7.13

25.20

20.48

18.65

16.18

14.58

1.76

2.03

2.29

2.60

3.10

13.27

-2.1%

LANXESS AG

1.64

1.74

1.59

1.41

1.29

0.45

0.49

0.45

0.43

0.40

4.88

7.71

5.86

4.71

3.78

5.17

8.40

6.12

5.26

4.69

7.43

30.57

12.35

8.90

7.47

1.94

1.79

2.21

2.56

2.62

52.72

7.0%

MAN SE

2.38

2.19

2.20

2.13

2.13

0.82

0.82

0.78

0.75

0.70

24.24

25.12

11.85

9.57

7.16

13.73

16.41

10.80

9.31

7.31

32.72

77.46

20.70

17.10

9.54

1.63

2.95

3.47

3.35

3.22

82.53

-6.0%

METRO AG

1.55

1.74

1.65

1.53

1.28

0.15

0.19

0.15

0.15

0.14

4.96

14.04

12.41

10.58

4.45

0.19

3.49

3.80

4.19

26.24

-12.0%

MORPHOSYS AG

6.47

4.49

4.44

4.15

4.32

27.89

18.71

19.82

16.49

15.38

193.38

25.24

0.00

0.00

62.57

10.4%

MERCK KGAA

2.31

2.29

2.14

1.98

1.83

2.25

2.22

2.21

2.18

2.18

11.25

10.04

MTU AERO ENGINES AG

3.39

2.90

2.56

2.29

2.05

1.07

0.97

0.90

0.84

0.79

10.90

13.19

MUENCHENER RUECKVER AG-REG

0.96

0.94

0.90

0.85

0.89

0.47

0.47

0.46

0.46

0.42

AURUBIS AG

1.02

0.93

0.88

0.84

0.83

0.15

0.16

0.16

0.15

0.15

6.33

8.63

6.75

6.68

NORDEX SE

2.25

2.60

2.39

2.14

0.73

0.58

0.55

0.52

0.49

16.32

114.22

13.74

NEMETSCHEK AG

3.93

3.61

3.13

2.75

2.46

2.32

2.15

2.01

1.87

13.08

15.72

12.09

NORMA GROUP SE

3.69

3.31

2.90

2.58

1.80

1.69

1.59

1.50

1.45

12.95

11.91

11.10

10.26

XING AG

8.13

7.06

6.01

5.05

5.78

5.05

4.45

3.98

3.57

22.86

21.78

18.08

TELEFONICA DEUTSCHLAND HOLDI

1.21

1.09

1.16

1.22

1.27

1.32

1.33

1.33

1.30

4.97

5.49

5.43

OSRAM LICHT AG

1.92

1.71

1.58

1.41

0.69

0.70

0.67

0.64

0.62

10.05

9.88

8.04

6.32

PFEIFFER VACUUM TECHNOLOGY

3.18

3.20

2.98

2.80

2.35

1.93

2.09

1.93

1.81

1.66

13.25

14.91

13.64

12.30

PSI AG

2.30

2.29

2.06

1.79

1.56

1.00

0.95

0.87

0.81

0.74

15.89

11.76

10.35

8.33

PROSIEBEN SAT.1 MEDIA AG-REG

4.44

8.38

7.11

6.27

6.27

2.38

2.69

2.54

2.41

2.36

5.61

7.80

7.23

QIAGEN N.V.

1.86

1.83

1.70

1.59

1.54

4.02

3.81

3.61

3.39

3.23

16.52

16.40

QSC AG

2.51

2.45

2.22

2.01

0.97

1.02

0.99

0.95

0.95

8.72

RATIONAL AG

10.45

9.51

8.74

7.84

7.92

5.72

5.56

5.06

4.60

4.24

RHOEN-KLINIKUM AG

1.62

1.55

1.46

1.37

1.27

0.91

0.85

0.93

0.90

0.88

RHEINMETALL AG

1.06

1.17

1.09

1.00

0.91

0.35

0.36

0.34

0.33

RTL GROUP

2.57

3.58

3.67

3.54

2.83

1.97

1.92

1.87

RWE AG

0.96

1.05

0.98

0.93

0.96

0.30

0.28

0.29

SMA SOLAR TECHNOLOGY AG

1.04

1.10

1.10

1.06

0.59

0.81

SAP AG

4.73

4.02

3.45

2.94

2.43

4.22

3.99

STADA ARZNEIMITTEL AG

2.34

2.13

1.85

1.64

1.39

1.19

STRATEC BIOMEDICAL AG

4.01

3.57

3.19

2.87

2.60

K+S AG-REG

1.12

1.04

1.01

0.97

SIEMENS AG-REG

2.42

2.55

2.33

2.13

SKY DEUTSCHLAND AG

36.83

18.62

19.76

SOFTWARE AG

2.10

2.08

AXEL SPRINGER AG

2.28

2.08

SARTORIUS AG-VORZUG

4.06

SYMRISE AG

5.18

5.38

4.80

4.98

8.44

5.22

4.99

4.94

12.32

584.51

92.13

515.09

169.72

125.51

8128.66

466.73

75.47

745.53

170.15

9.47

9.05

7.85

8.95

8.39

8.08

7.81

7.53

15.15

13.21

12.64

12.20

11.62

1.40

1.65

1.78

1.90

2.29

116.67

1.9%

11.57

9.10

7.38

8.53

8.38

7.60

6.85

6.34

15.27

16.18

14.04

12.45

11.35

1.98

2.08

2.28

2.56

3.63

72.57

3.8%

8.11

8.59

8.57

8.24

8.64

4.75

5.00

5.17

5.33

5.64

154.48

7.7%

7.80

14.70

10.70

9.71

8.94

2.66

2.79

2.94

3.05

3.28

50.08

10.8% -13.1%

5.38

3.95

6.58

5.23

4.92

4.61

11.74

18.48

10.38

8.08

6.77

5.30

11.11

9.79

8.92

7.97

7.36

9.27

10.39

9.66

8.92

8.39

15.13

9.64

16.96

15.13

11.85

5.30

5.03

6.06

6.19

6.11

8.04

7.75

9.81

10.02

6.11

9.00

6.42

6.47

13.08

12.47

9.01

7.04

25.07

25.70

11.40

10.33

0.31

4.05

1.81

1.78

0.28

0.27

0.78

0.72

3.66

3.35

1.09

1.01

2.97

2.74

0.93

0.94

1.66

1.02

13.06

8.07

1.87

1.70

1.91

1.83

3.62

3.22

2.82

3.95

3.97

3.58

3.24

SALZGITTER AG

0.44

0.50

0.50

0.48

SUEDZUCKER AG

1.13

1.11

1.04

0.98

101.91

64.65

31.06

21.92

0.00

0.29

8.93

20.82

18.59

15.19

13.82

2.37

2.66

2.90

3.14

48.83

8.3%

7.77

17.68

16.81

14.86

13.50

12.94

1.85

2.10

2.33

2.54

2.49

32.73

-4.0%

9.96

8.16

44.33

40.07

28.25

22.32

16.48

0.82

0.88

1.10

1.56

2.45

66.33

-12.1%

6.00

5.83

41.49

92.70

59.33

46.35

22.39

7.58

7.72

8.06

7.97

8.23

6.23

5.0%

5.88

4.90

4.22

24.30

15.88

11.96

10.53

0.00

0.00

1.92

3.05

35.23

-0.3%

12.15

9.63

8.35

6.97

19.45

23.63

17.74

14.94

12.88

3.82

3.16

4.14

4.92

5.68

82.79

-10.0%

9.18

6.89

5.65

4.43

19.21

20.93

13.69

10.64

7.37

2.55

2.51

3.58

4.48

6.79

14.32

24.7%

9.06

9.95

9.29

8.82

8.73

17.15

17.09

15.54

14.32

14.55

17.74

4.61

5.19

5.56

5.30

33.04

4.5%

10.85

13.46

12.45

11.35

10.61

10.33

21.05

18.80

17.50

15.96

13.91

0.00

0.00

0.00

0.00

0.00

15.76

0.2%

6.49

13.39

6.62

6.51

6.04

5.55

5.71

26.98

21.55

16.45

12.58

11.83

2.35

2.72

3.20

3.63

3.73

3.59

-4.3%

22.68

20.41

18.18

17.90

18.65

16.53

14.89

13.42

25.91

27.09

23.86

21.44

19.41

3.10

3.08

3.30

3.68

4.14

212.75

-4.7%

10.17

8.83

9.03

11.51

10.41

10.58

9.67

9.64

26.23

23.00

19.91

16.94

14.59

1.86

1.81

6.38

2.47

2.35

20.54

9.8%

6.61

4.97

4.16

3.39

4.26

6.44

4.49

3.82

3.35

8.90

24.30

10.89

7.97

6.40

4.02

2.31

3.62

4.45

6.09

41.67

-1.4%

11.92

12.15

11.47

11.06

13.10

9.89

9.58

9.15

8.65

8.48

16.09

16.21

15.66

14.73

17.13

6.88

7.85

6.20

6.31

4.73

78.47

6.0%

2.57

2.72

2.99

3.05

3.44

4.11

4.06

4.58

4.74

4.95

6.15

6.41

8.64

9.74

10.78

8.07

5.99

5.11

4.81

4.24

22.35

-10.7%

0.67

8.02

15.64

10.42

10.10

3.28

16.58

7.96

5.72

292.00

34.91

2.53

0.04

0.30

0.97

21.52

-13.3%

3.10

17.36

14.90

13.00

11.68

9.66

12.72

11.25

10.14

9.17

8.35

18.14

16.48

14.73

13.00

11.58

1.50

1.66

1.91

2.15

2.14

64.97

16.0%

0.95

0.89

11.07

9.09

7.60

6.42

5.84

10.18

9.15

8.15

7.60

6.97

14.47

13.07

10.70

9.63

8.54

1.49

1.92

2.30

2.45

2.92

38.06

3.8%

2.42

2.19

2.00

22.45

24.78

21.58

16.10

14.97

15.82

14.72

12.39

11.25

9.99

24.74

23.07

19.12

16.45

15.36

1.78

1.78

2.05

2.37

2.75

27.92

-9.7%

0.96

1.02

0.99

0.91

4.66

5.10

8.53

9.46

6.55

3.89

4.42

6.48

6.34

5.28

7.08

8.29

17.09

17.22

12.94

6.97

5.36

2.52

2.44

4.48

17.62

-10.6%

1.04

1.01

0.97

0.93

10.78

13.00

10.23

8.78

8.69

9.36

10.76

8.55

7.84

7.19

14.70

16.49

12.92

11.60

10.09

3.40

3.44

3.64

3.87

3.93

90.34

0.1%

4.45

3.82

3.27

2.87

2.67

61.60

22.51

17.83

172.30

44.57

20.38

14.23

44.29

25.10

0.00

0.00

0.00

0.12

2.95

6.61

-2.4%

1.52

2.14

2.26

2.15

2.03

1.87

10.88

11.87

11.05

10.11

7.98

7.73

8.81

8.24

7.57

7.82

11.62

13.65

12.33

11.04

9.51

1.80

1.74

1.81

1.91

2.35

29.04

11.5%

1.55

1.21

1.18

1.28

1.26

1.27

8.98

9.51

9.47

9.45

10.29

7.78

8.15

8.34

7.94

7.98

13.93

15.25

15.58

14.43

14.34

4.40

4.24

4.33

4.56

5.70

43.72

8.4%

1.74

1.64

1.54

1.46

1.38

19.03

11.13

10.04

9.29

8.98

11.86

11.01

9.97

9.20

8.31

21.66

20.01

17.45

15.66

13.46

1.23

1.42

1.67

1.87

2.06

86.71

8.5%

2.79

2.23

2.08

1.97

1.88

1.80

16.08

14.65

13.37

12.58

10.80

12.94

11.66

10.91

10.26

9.70

22.95

19.77

17.96

16.73

15.53

2.12

2.32

2.53

2.77

2.99

32.58

0.6%

0.51

0.18

0.19

0.18

0.18

0.17

6.03

7.10

4.68

3.89

3.06

4.38

7.00

3.56

3.00

2.78

27.59

12.68

13.13

0.98

0.67

0.94

1.34

1.84

29.34

-6.2%

0.57

0.56

0.55

0.55

0.52

5.31

5.64

5.96

5.68

5.36

6.18

6.27

6.24

6.09

9.90

9.79

4.01

4.07

4.10

4.18

25.20

16.3%

2.24

1.30

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

10.28

7.55

9.74


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

2.38

2.38

2.21

2.03

2.38

1.52

1.52

1.45

1.39

1.52

10.59

10.59

9.57

8.75

10.59

9.47

9.47

8.73

8.18

9.47

15.38

15.38

13.86

12.53

15.38

2.07

2.07

2.25

2.40

2.07

1850.6

9.2%

Euro Stoxx 50 Pr

1.32

1.32

1.25

1.18

1.32

0.85

0.85

0.82

0.80

0.85

6.58

6.58

6.05

5.47

6.59

7.60

7.60

7.20

6.82

7.60

13.07

13.07

11.69

10.51

13.07

3.90

3.90

4.10

4.45

3.90

3026.5

3.5%

NIKKEI 225

1.56

1.56

1.46

1.37

1.56

0.75

0.75

0.72

0.70

0.75

9.20

9.20

8.49

7.30

9.20

9.07

9.07

8.30

7.80

9.07

18.36

18.36

16.37

14.74

18.36

1.59

1.59

1.74

1.88

1.59

15220.8

4.1%

FTSE 100 INDEX

1.81

1.81

1.69

1.39

1.81

1.05

1.05

1.02

0.99

1.05

8.83

8.83

7.96

7.27

8.83

7.67

7.67

7.03

6.62

7.67

13.02

13.02

11.84

10.86

13.02

3.72

3.73

4.15

4.42

3.72

7099.2

8.5%

SWISS MARKET INDEX

2.50

2.50

2.32

2.17

2.50

2.11

2.11

2.02

1.93

2.11

13.16

13.16

11.85

10.58

13.16

13.32

13.32

12.34

11.52

13.32

15.60

15.60

14.12

12.83

15.60

3.17

3.17

3.53

3.99

3.17

8666.5

7.5%

S&P/TSX COMPOSITE INDEX

1.76

1.76

1.64

1.52

1.76

1.69

1.69

1.55

1.51

1.69

8.92

8.92

8.05

6.79

8.92

8.95

8.95

7.95

7.36

8.95

15.56

15.56

13.71

12.44

15.56

3.11

3.11

3.23

3.35

3.11

14299.7

11.1%

S&P/ASX 200 INDEX

1.96

1.96

1.86

1.77

1.96

1.85

1.85

1.73

1.66

1.85

11.18

11.18

10.24

9.58

11.18

9.43

9.43

8.59

8.03

9.43

15.44

15.44

14.00

13.00

15.44

4.45

4.45

4.75

5.09

4.45

5383.9

2.0%

HANG SENG INDEX

1.38

1.38

1.28

1.19

1.38

1.79

1.79

1.66

1.54

1.79

8.16

8.16

7.71

7.19

8.16

9.08

9.08

8.31

7.66

9.08

11.12

11.12

10.33

9.38

11.12

3.49

3.49

3.74

4.08

3.49

25126.2

8.3%

MSCI EM

1.49

1.49

1.36

1.24

1.49

1.03

1.03

0.96

0.90

1.03

7.47

7.47

6.80

6.26

7.47

7.74

7.74

7.03

6.52

7.74

11.44

11.44

10.24

9.41

11.44

2.75

2.75

3.01

3.29

2.75

1124.6

11.3%

TAG IMMOBILIEN AG

1.11

1.02

0.99

0.97

0.93

6.02

4.48

4.30

4.17

4.17

20.96

14.31

12.94

15.58

15.66

13.83

19.21

17.94

17.28

18.35

7.34

16.41

13.31

15.11

15.79

2.59

3.62

4.28

4.51

2.65

9.73

6.2%

THYSSENKRUPP AG

1.15

3.41

2.94

2.43

2.39

0.23

0.25

0.24

0.23

0.22

13.01

9.63

5.92

5.17

3.81

6.93

7.21

5.51

4.63

3.77

16.48

10.56

8.52

2.06

0.67

1.59

2.73

4.95

17.92

-1.5%

TALANX AG

0.87

0.87

0.82

0.76

0.24

0.23

0.22

0.21

0.21

9.21

8.76

8.32

7.89

8.06

4.46

4.69

4.99

5.24

TUI AG

0.93

1.09

1.01

0.93

0.71

0.13

0.13

0.12

0.12

0.12

3.22

4.50

3.91

3.60

3.21

2.67

2.47

2.24

2.04

1.95

22.83

32.92

15.19

11.46

11.12

0.29

0.23

0.98

2.14

3.85

UNITED INTERNET AG-REG SHARE

27.65

19.26

11.99

8.52

5.66

2.20

1.98

1.81

1.70

1.61

20.39

18.11

15.13

13.76

12.86

16.36

13.71

11.51

9.97

8.89

33.42

25.88

20.09

16.86

13.96

0.98

1.28

1.63

2.06

2.64

26.40

-2.4%

VOLKSWAGEN AG-PREF

1.06

1.00

0.88

0.79

0.74

0.42

0.40

0.38

0.36

0.35

3.69

3.85

3.47

3.40

3.02

8.01

7.37

6.60

6.13

5.52

8.19

8.32

7.19

6.47

5.75

2.20

2.40

3.10

3.74

4.96

205.35

16.8%

WACKER CHEMIE AG

1.43

1.60

1.53

1.46

1.49

0.83

0.84

0.79

0.74

0.71

5.78

8.28

5.94

5.12

4.03

6.28

7.04

5.89

5.17

4.54

45.91

165.00

37.41

23.16

17.53

0.77

0.26

0.81

1.31

1.58

64.78

-12.0%

WIRECARD AG

5.04

4.51

3.91

3.37

2.90

7.11

5.89

4.99

4.28

3.70

31.94

27.80

22.30

19.06

15.28

23.01

19.96

16.40

13.82

11.28

36.15

32.95

25.87

21.55

17.48

0.47

0.49

0.58

0.67

1.02

26.07

4.7%

WINCOR NIXDORF AG

4.33

3.71

3.13

2.70

2.48

0.68

0.64

0.62

0.59

0.58

12.45

10.20

9.42

8.25

7.16

10.05

8.66

7.42

6.89

7.01

22.22

16.26

13.18

11.86

11.96

2.15

2.98

3.79

4.20

3.93

48.29

1.3%

ELRINGKLINGER AG

3.21

3.01

2.68

2.40

2.07

1.85

1.72

1.62

1.52

1.41

13.85

12.44

10.99

10.00

8.22

10.16

9.97

9.01

8.27

7.51

21.62

20.49

17.51

15.57

13.63

1.71

1.63

1.89

2.15

2.08

26.91

-16.9%

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

26.28

5.6%

11.05

21.6%


FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

PE

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

ADIDAS AG

EUR

2.7

1

1

0

1

0

1

1

1

1

7

8552

2503

4454

1185

14087

6360

14883

5291

4.90

1.00

26.7

1

1

1

3

1

14

0

2.005

0

3

0

0

0

1

1

1

1

4

ADVA OPTICAL NETWORKING SE

EUR

1.2

1

1

0

1

1

1

0

1

0

6

213

83

-201

19

190

130

330

154

1.71

1.00

11.4

1

1

1

1

1

4

1

0

0

4

-

1

0

1

1

1

0

4

CARL ZEISS MEDITEC AG - BR

EUR

2.5

1

1

1

1

1

0

1

0

1

7

807

495

260

123

1613

267

862

696

8.41

1.00

22.5

1

2

1

2

1

18

0

1.5121

0

3

0

0

0

1

1

1

1

4

AIXTRON SE

EUR

1.9

0

0

0

1

0

1

0

0

0

2

491

299

90

-125

896

90

228

470

6.54

1.00

-

-

4

1

2

1

-

-

0

0

2

-

-

-

1

-

1

1

3

ALLIANZ SE-REG

EUR

0.9

1

1

1

1

1

-

0

-

1

6

681531

-

24738

10190

47492

638403

96020

56218

-

-

4.6

1

0

1

1

1

5

1

4.2939

0

4

1

1

1

1

-

1

1

6

AAREAL BANK AG

EUR

0.6

1

1

0

1

1

-

1

-

0

5

45698

-

800

176

940

43490

1184

2244

-

-

9.0

1

1

1

1

1

0

1

0

0

4

-

1

0

1

-

1

1

4

BASF SE

EUR

2.7

1

1

0

1

1

0

1

0

0

5

50533

10757

20247

6381

65350

37105

72129

25621

3.64

1.00

13.6

1

1

1

3

1

10

1

3.6543

0

4

0

1

0

1

1

1

1

5

BAYER AG-REG

EUR

3.2

1

1

0

1

1

0

1

1

1

7

32579

5887

10185

6041

59449

32767

39760

18569

3.69

1.00

24.3

1

1

1

3

1

14

0

2.6429

0

3

0

0

0

1

1

1

1

4

BB BIOTECH AG-REG

EUR

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

1

-

1

1

3

BECHTLE AG

EUR

1.4

1

1

0

0

0

1

1

1

0

5

687

258

292

81

644

387

2097

458

6.11

1.00

11.4

1

0

1

1

1

11

0

3.2626

0

3

0

1

0

1

1

1

0

4

BEIERSDORF AG

EUR

4.3

1

1

1

1

0

1

1

1

1

8

5390

2047

2976

789

14036

2288

6040

3287

6.74

1.00

31.7

1

2

1

4

1

26

0

1.1312

0

3

0

0

1

1

1

1

1

5

BAYERISCHE MOTOREN WERKE AG

EUR

1.6

1

1

0

0

1

1

0

0

1

5

126643

2046

27666

8298

47841

101448

76848

30402

1.42

1.00

9.4

1

1

1

2

1

10

1

3.4279

0

4

0

1

0

1

1

1

1

5

BRENNTAG AG

EUR

2.6

1

1

1

1

1

0

1

0

1

7

3540

932

351

570

5121

3719

9690

1991

4.42

1.00

15.2

1

1

1

3

1

12

0

2.4138

0

3

0

1

1

1

1

1

1

6

HUGO BOSS AG -ORD

EUR

9.0

1

1

0

1

1

0

1

1

1

7

1442

204

543

435

5507

947

2346

638

7.74

1.00

17.9

1

2

1

9

1

14

0

3.9098

0

3

0

1

0

1

1

1

1

5

COMMERZBANK AG

EUR

0.4

1

0

0

0

1

-

0

-

1

3

632827

-

6261

1170

8358

608844

20002

27034

-

-

-

-

0

1

0

1

-

-

0

0

2

-

-

-

1

-

1

1

3

CELESIO AG

EUR

1.0

0

1

0

1

0

1

1

1

1

6

5632

1395

758

440

2219

5733

22271

2196

5.04

1.00

21.7

1

0

1

1

1

7

1

2.2997

0

4

0

0

1

1

0

1

1

4

CANCOM SE

EUR

1.9

1

1

0

1

1

1

0

-

0

5

160

40

18

21

154

128

558

81

6.38

1.00

11.7

1

0

1

2

1

9

1

2.5945

0

4

-

1

0

1

1

1

0

4

CONTINENTAL AG

EUR

2.0

1

1

1

1

1

0

1

1

1

8

20771

-122

4100

3149

17519

18193

32736

9145

2.87

1.00

9.3

1

1

1

2

1

5

1

2.5688

0

4

1

1

1

1

1

1

1

7

COMPUGROUP MEDICAL AG

EUR

4.0

1

1

1

1

1

0

1

-

1

7

195

-66

126

69

723

472

451

179

4.69

1.00

23.5

1

2

1

4

1

11

0

2.4022

0

3

0

0

1

1

-

1

0

3

DAIMLER AG-REGISTERED SHARES

EUR

1.0

1

0

0

0

0

1

0

0

0

2

154093

8013

28790

8071

44130

117468

114297

45510

1.39

1.00

7.2

1

0

1

1

1

-

-

5.3243

0

3

0

1

0

1

1

1

1

5

DEUTSCHE BOERSE AG

EUR

2.9

1

1

0

1

1

0

0

-

0

4

213349

-328

1505

975

8505

213358

2197

3170

0.05

0.00

13.4

1

4

1

3

1

12

0

4.5445

0

3

0

1

0

1

-

1

1

4

DEUTSCHE BANK AG-REGISTERED

EUR

0.6

1

0

0

0

0

-

0

-

0

1

1998110

-

27845

2905

30617

1957919

52299

54410

-

-

131.8

1

1

1

1

1

-

-

2.2762

0

3

0

0

0

1

-

1

1

3

DEUTSCHE EUROSHOP AG

EUR

1.3

1

1

1

1

1

-

0

-

1

6

3549

-

306

111

1707

2227

216

1322

-

-

13.4

1

8

1

1

1

13

0

3.7927

0

3

-

1

1

1

-

1

1

5

DIALOG SEMICONDUCTOR PLC

EUR

3.0

1

1

0

0

0

1

0

0

0

3

656

421

126

93

1149

326

774

383

5.21

1.00

18.1

1

1

1

3

1

22

0

0

0

3

-

1

0

1

1

1

0

4

DEUTSCHE POST AG-REG

EUR

1.7

1

0

1

0

0

1

1

-

1

5

21970

-336

8488

2895

20070

21957

55512

12164

3.92

1.00

12.1

1

0

1

2

1

-

-

4.2169

0

3

0

1

1

1

1

1

1

6

DRILLISCH AG

EUR

4.5

1

1

0

1

0

1

1

-

0

5

374

65

-25

55

543

402

324

120

5.50

1.00

24.2

1

2

1

5

1

9

1

11.664

1

5

0

0

0

1

-

1

0

2

DRAEGERWERK AG - PREF

EUR

1.8

1

1

1

1

1

0

1

1

1

8

1819

631

520

234

1263

1374

2373

727

3.58

1.00

10.0

1

1

1

2

1

7

1

1.1239

0

4

0

1

0

1

1

1

1

5

DEUTSCHE TELEKOM AG-REG

EUR

1.4

0

1

0

1

0

1

1

0

1

5

66210

-7989

-36649

6720

37125

77399

58169

30543

0.56

0.00

-

-

1

1

1

1

3

1

8.1443

1

4

-

-

-

1

-

1

1

3

DUERR AG

EUR

2.8

1

1

1

0

1

1

1

1

1

8

1481

283

179

177

1168

1376

2400

432

3.03

1.00

10.9

1

0

1

3

1

12

0

3.3333

0

3

-

1

1

1

1

1

1

6

DEUTSCHE WOHNEN AG-BR

EUR

1.3

1

1

1

0

0

-

0

-

0

3

4905

-

604

74

2046

3298

452

1610

-

-

12.2

1

4

1

1

1

30

0

1.5

0

3

0

1

1

1

-

1

1

5

EADS NV

EUR

-

1

1

1

1

1

1

-

1

1

8

78680

-3319

2329

1890

-

81668

56480

10434

1.17

1.00

-

-

-

-

-

-

-

-

-

-

0

-

-

1

1

1

1

1

5

E.ON SE

EUR

0.8

1

1

1

1

1

1

0

-

1

7

120117

7257

19216

4940

26866

101607

132093

38819

1.77

1.00

12.4

1

0

1

1

1

3

1

7.807

1

5

-

1

-

1

0

1

1

4

EVONIK INDUSTRIES AG

EUR

-

1

1

1

1

1

0

1

0

1

7

13473

1495

5087

1890

-

9834

13629

6829

2.53

1.00

-

-

-

-

-

-

-

-

-

-

0

-

-

1

1

1

1

1

5

EVOTEC AG

EUR

2.0

1

1

0

1

0

1

0

0

1

5

118

54

-632

-3

311

73

87

153

-4.32

0.00

131.3

1

4

1

2

1

26

0

0

0

3

-

0

0

1

-

1

0

2

FIELMANN AG

EUR

5.4

1

1

0

1

1

1

1

-

1

7

694

309

424

180

3066

182

1107

571

13.54

1.00

24.3

1

3

1

5

1

10

0

3.6986

0

3

0

0

0

1

1

1

1

4

FRESENIUS MEDICAL CARE AG &

EUR

2.4

1

1

0

1

0

1

0

1

0

5

10194

2957

5072

2219

21214

12595

13800

9731

4.71

1.00

17.8

1

2

1

2

1

10

0

-

-

3

0

1

0

1

1

1

1

5

FREENET AG

EUR

1.5

1

1

1

1

0

1

0

-

0

5

1000

33

325

204

1793

1283

3089

1191

5.67

1.00

10.4

1

1

1

2

1

7

1

9.6429

1

5

1

1

1

1

-

1

1

6

FUCHS PETROLUB SE -PREF

EUR

4.8

1

1

1

1

0

1

1

1

0

7

996

396

709

281

3875

327

1819

782

11.52

1.00

18.3

1

2

1

5

1

18

0

2.4151

0

3

0

1

0

1

1

1

1

5

FRAPORT AG FRANKFURT AIRPORT

EUR

1.4

1

1

0

1

0

1

0

-

1

5

8527

620

1401

500

4048

6695

2442

2946

1.16

1.00

17.0

1

2

1

1

1

7

1

2.8451

0

4

0

1

0

1

0

1

1

4

FRESENIUS SE & CO KGAA

EUR

2.0

1

1

1

1

0

1

0

0

1

6

14366

2915

4230

2983

15520

17508

19290

13156

3.25

1.00

16.3

1

1

1

2

1

6

1

1.2629

0

4

0

1

1

1

1

1

1

6

GEA GROUP AG

EUR

2.2

1

1

0

1

0

1

0

1

0

5

4208

690

426

493

4710

4263

5720

2166

2.97

1.00

14.5

1

1

1

2

1

11

0

2.2477

0

3

0

1

0

1

1

1

1

5

BILFINGER SE

EUR

1.6

1

1

0

0

0

1

1

1

1

6

4960

266

1131

504

3222

4813

8509

2037

2.92

1.00

11.7

1

0

1

2

1

14

0

4.1096

0

3

0

1

1

1

1

1

1

6

GAGFAH SA

EUR

0.8

1

1

1

1

1

-

1

-

0

6

8094

-

826

105

1730

6011

1062

2100

-

-

40.3

1

2

1

1

1

28

0

0

0

3

-

0

-

1

-

1

1

3

GSW IMMOBILIEN AG

EUR

1.1

1

1

1

0

1

-

0

-

0

4

3569

-

1061

64

1617

2129

319

1441

-

-

10.6

1

5

1

1

1

60

0

2.8125

0

3

0

1

1

1

-

1

1

5

GILDEMEISTER AG

EUR

1.3

1

1

1

1

1

0

0

-

1

6

1431

292

294

125

918

827

2037

788

3.01

1.00

11.6

1

0

1

1

1

5

1

2.2951

0

4

0

1

1

1

1

1

1

6

GERRY WEBER INTL AG

EUR

4.4

1

1

0

1

1

0

1

-

0

5

435

147

215

118

1610

121

802

363

12.50

1.00

20.4

1

2

1

4

1

20

0

2.1389

0

3

0

0

1

1

1

1

1

5

GERRESHEIMER AG

EUR

2.3

1

1

1

1

1

0

1

0

1

7

1028

120

-10

128

1238

978

1219

580

2.35

1.00

20.5

1

1

1

2

1

7

1

1.6483

0

4

0

0

1

1

-

1

1

4

HEIDELBERGCEMENT AG

EUR

0.7

1

1

0

1

1

0

1

-

1

6

17098

784

6513

1654

8593

14292

14020

13713

2.07

1.00

40.6

1

1

1

1

1

6

1

1.0255

0

4

0

0

0

1

0

1

1

3

HENKEL AG & CO KGAA VORZUG

EUR

2.9

1

1

1

1

1

0

1

1

1

8

10880

1746

8286

2373

27012

10014

16510

9511

5.39

1.00

17.9

1

2

1

3

1

11

0

-

-

3

0

1

1

1

1

1

1

6

HANNOVER RUECK SE

EUR

1.2

1

1

1

1

0

-

1

-

1

6

54753

-

5211

1396

7110

48071

13760

6740

-

-

8.3

1

1

1

1

1

3

1

4.4098

0

4

-

1

1

1

-

1

1

5

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


FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

PE

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

HOCHTIEF AG

EUR

1.2

1

1

1

1

0

1

0

-

1

6

16249

3144

1659

527

3234

12719

25528

4244

2.44

1.00

20.4

1

0

1

1

1

3

1

2.2763

0

4

0

0

-

1

1

1

1

4

INFINEON TECHNOLOGIES AG

EUR

1.5

1

1

0

1

0

1

1

0

0

5

5752

1832

-4259

453

5365

2323

3904

3575

2.22

1.00

12.4

1

1

1

2

1

8

1

2.4155

0

4

0

1

0

1

-

1

1

4

JENOPTIK AG

EUR

1.3

1

1

1

1

1

1

1

1

1

9

599

174

-13

62

423

339

585

330

2.65

1.00

9.2

1

1

1

1

1

7

1

2.4384

0

4

0

1

1

1

-

1

0

4

KONTRON AG

EUR

0.8

0

1

0

1

0

0

1

0

0

3

298

126

-6

-32

229

174

547

287

2.46

1.00

-

-

0

1

1

1

5

1

0.9723

0

3

-

-

-

1

-

1

0

2

KLOECKNER & CO SE

EUR

0.6

0

1

0

1

0

1

1

0

0

4

3444

1779

462

-104

895

2270

7388

1635

2.82

1.00

-

-

0

1

1

1

9

1

0

0

3

-

-

-

1

-

1

1

3

KABEL DEUTSCHLAND HOLDING AG

EUR

-

1

1

1

1

1

1

1

1

0

8

2221

82

-1638

426

6359

4344

1830

-1481

1.47

1.00

25.7

1

3

1

-

-

12

0

3.4804

0

2

0

0

1

1

-

1

1

4

KRONES AG

EUR

1.8

1

1

1

1

1

1

1

-

1

8

1950

366

729

103

1485

1233

2664

836

3.36

1.00

21.2

1

1

1

2

1

10

0

1.5957

0

3

0

0

1

1

0

1

1

4

KUKA AG

EUR

3.2

1

1

1

1

1

1

1

1

1

9

1055

314

140

103

938

840

1739

298

3.12

1.00

16.9

1

1

1

3

1

8

1

0.7228

0

4

0

1

1

1

1

1

1

6

LEG IMMOBILIEN AG

EUR

-

1

1

1

1

0

-

1

-

0

5

5232

-

1572

-11

-

3152

518

2086

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

1

-

1

1

3

LEONI AG

EUR

1.1

1

1

0

1

1

0

1

0

0

5

2144

243

520

242

933

1539

3809

845

2.98

1.00

6.0

1

0

1

1

1

4

1

5.2539

0

4

1

1

0

1

1

1

1

6

DEUTSCHE LUFTHANSA-REG

EUR

0.8

1

1

1

1

0

1

0