Fundamental Analysis & Analyst Recommendations - QMS Smart Power FlexIndex

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
QMS Smart Power FlexIndex
July 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
15048494
2009.903
1116
1116
203
221
221
102.58
110.19
110.19
15.98
15.98
14.87
14.87
18.60
Euro Stoxx 50 Pr
EUR
2506637
5265.382
4538
4538
730
761
761
202.56
295.84
295.84
21.64
17.13
14.82
14.82
20.16
NIKKEI 225
JPY
2707792
192.8223
190
190
18
21
21
5.33
7.82
7.82
0.26
0.27
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2620362
11452.66
10089
10089
1401
1681
1681
580.41
805.66
805.66
24.78
21.76
17.85
17.85
21.10
SWISS MARKET INDEX
CHF
1021027
10730.92
4064
4064
852
824
824
411.99
553.08
553.08
20.52
17.03
15.28
15.28
21.91
S&P/TSX COMPOSITE INDEX
CAD
1556223
16357.37
8297
8297
1773
1960
1960
733.31
816.05
816.05
14.86
14.86
13.36
13.36
23.15
S&P/ASX 200 INDEX
AUD
1206178
5796.724
2668
2668
547
680
680
223.58
321.54
321.54
17.86
14.48
12.42
12.42
20.10
HANG SENG INDEX
HKD
1583567
3023.299
1673
1673
355
399
399
278.81
271.56
271.56
1.23
1.39
1.26
1.26
2.92
MSCI EM
USD
6946260
1281.009
971
971
188
179
179
82.45
90.53
90.53
11.13
11.30
10.14
10.14
19.19
CISCO SYSTEMS INC
USD
130829.34
11445
5298
16.33
0.00
0.02
48.72
99.70
46061
47880
48591
51210
12971
13483
3829
3829
1.60
1.62
2.01
2.12
15.07
15.07
12.20
11.57
6.58
5.45
18.36
5.10
28.16
A+
10.02.2006
A1
10.02.2006
QUANTA SERVICES INC
USD
5624.39
1204
209
0.00
0.00
0.01
0.39
5.26
5920
6461
6332
6892
623
692
156
156
1.33
1.54
1.48
1.75
17.42
17.42
18.13
15.36
41.17
15.62
86.70
20.61
10.71
NR
02.09.2008
SMA SOLAR TECHNOLOGY AG
EUR
969.47
31
35
0.12
0.00
0.00
0.57
0.62
1882
1634
1439
1473
223
209
47
47
2.78
1.48
-0.77
0.16
24.29
24.29
219.99
-16.34
65.04
-51.60
23.34
16.49
ITRON INC
USD
1661.66
109
39
0.42
0.00
0.02
0.14
1.98
2178
2054
2005
2155
262
223
50
50
2.74
2.25
2.79
3.59
18.80
18.80
15.15
11.77
-10.51
0.45
-18.86
7.06
10.84
BB
01.06.2011
ITC HOLDINGS CORP
USD
4808.99
56
52
3.15
0.00
0.00
0.03
8.10
831
851
967
1144
538
548
170
170
4.14
4.33
4.93
5.61
21.25
21.25
18.66
16.40
9.66
8.93
9.10
16.60
64.39
BBB+
05.12.2011
Baa2
16.04.2010
GENERAL CABLE CORP
USD
1515.17
101
50
1.45
0.00
0.14
0.64
2.47
6014
6115
6799
7244
310
105
105
1.47
0.53
2.36
3.26
57.03
57.03
12.91
9.35
2.52
1.93
-9.31
-6.34
BB-
09.11.2006
B1
23.07.2012
AMERICAN SUPERCONDUCTOR CORP
USD
156.30
653
60
0.02
0.00
0.00
0.04
0.14
87
87
#VALUE!
-37
-37
-1.34
-1.35
14.21
-1.99
59.71
-42.06
ESCO CORP
USD
35
0.29
0.00
0.02
0.06
1122
1122
134
1.22
32.12
28.53
NR
28.01.2011
WR
24.02.2011
TELVENT GIT SA
USD
34
0.38
0.00
0.00
0.07
724
730
92
1.06
0.62
-8.49
12.69
-15.82
23.71
WASION GROUP HOLDINGS LTD
HKD
575.16
1388
929
0.08
0.00
0.00
0.08
0.46
316
316
369
463
59
59
67
67
0.04
0.05
0.05
0.06
1.40
1.20
1.02
3.17
2.88
3.06
1.48
2.40
ENERNOC INC
USD
448.85
106
29
0.00
0.00
0.00
0.12
0.33
278
286
379
462
-24
-24
-0.84
-0.97
1.19
1.50
12.49
9.91
-3.01
15.18
-61.38
1.25
ECHELON CORP
USD
101.60
40
43
0.02
0.00
0.00
0.06
0.06
134
119
100
117
-3
-5
-3
-3
-0.27
-0.34
-0.23
-0.11
-14.36
2.37
34.11
-4.31
PIKE ELECTRIC CORP
USD
386.39
79
35
0.12
0.00
0.00
0.00
0.57
685
1K
929
1K
64
108
20
20
0.30
1.04
1.14
0.79
11.75
11.75
10.69
15.40
15.38
10.40
31.94
-6.82
11.99
COMVERGE INC
USD
26
0.03
0.00
0.00
0.02
136
150
199
-3
-3
-3
-0.52
-0.24
-0.24
0.04
14.27
44.54
88.23
3.86
JINPAN INTERNATIONAL LTD
USD
81.03
13
16
0.05
0.00
0.00
0.03
0.10
211
203
232
252
20
17
0.84
0.67
0.85
1.03
7.38
7.38
5.81
4.80
-3.81
14.90
-33.55
-0.08
8.42
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
S&P 500 INDEX
2.29
2.29
2.10
1.91
2.29
1.47
1.47
1.40
1.34
1.47
10.33
10.33
9.65
9.97
10.33
9.10
9.10
8.39
7.84
9.10
14.87
14.87
13.30
12.13
14.87
2.14
2.14
2.30
2.41
2.14
1777.9
8.5%
Euro Stoxx 50 Pr
1.15
1.15
1.09
1.03
1.15
0.75
0.75
0.73
0.71
0.75
5.73
5.73
5.26
4.79
5.73
6.92
6.92
6.53
6.19
6.92
11.52
11.52
10.28
9.27
11.52
4.34
4.34
4.62
4.97
4.34
2965.8
11.9%
NIKKEI 225
1.53
1.53
1.43
1.33
1.53
0.74
0.74
0.71
0.69
0.74
9.04
9.04
8.35
7.65
9.04
8.98
8.98
8.31
7.83
8.98
17.85
17.85
15.84
14.29
17.85
1.63
1.63
1.78
1.92
1.63
14922.4
5.8%
FTSE 100 INDEX
1.69
1.69
1.57
1.46
1.69
0.95
0.95
0.93
0.95
0.95
8.32
8.32
7.61
6.94
8.32
6.81
6.81
6.42
6.04
6.81
11.95
11.95
10.89
10.07
11.95
3.92
3.92
4.22
4.57
3.92
7105.8
10.2%
SWISS MARKET INDEX
2.35
2.35
2.18
2.03
2.35
2.01
2.01
1.91
1.83
2.01
12.05
12.05
10.99
9.80
12.05
13.03
13.03
12.00
11.23
13.03
14.74
14.74
13.26
12.07
14.74
3.30
3.30
3.68
4.21
3.30
8622.8
9.7%
S&P/TSX COMPOSITE INDEX
1.63
1.63
1.52
1.41
1.63
1.39
1.39
1.43
1.48
1.39
8.20
8.20
7.40
6.10
8.20
8.34
8.34
7.38
6.79
8.34
14.13
14.13
12.48
11.35
14.13
3.30
3.30
3.45
3.61
3.30
14171.6
16.2%
S&P/ASX 200 INDEX
1.76
1.76
1.66
1.56
1.76
1.64
1.64
1.55
1.48
1.64
9.94
9.94
8.97
8.56
9.94
8.52
8.52
7.74
7.21
8.52
13.63
13.63
12.36
11.43
13.63
4.90
4.90
5.23
5.60
4.90
5201.8
8.2%
HANG SENG INDEX
1.22
1.22
1.13
1.07
1.22
1.59
1.59
1.46
1.35
1.59
7.34
7.34
6.99
6.49
7.34
7.57
7.57
6.94
6.30
7.57
9.77
9.77
8.99
8.25
9.77
3.94
3.94
4.25
4.66
3.94
24805.7
20.5%
MSCI EM
1.32
1.32
1.22
1.10
1.32
0.95
0.95
0.88
0.82
0.95
6.56
6.56
6.01
5.52
6.56
7.14
7.14
6.49
5.99
7.14
10.14
10.14
9.12
8.34
10.14
3.06
3.06
3.38
3.67
3.06
1125.3
22.6%
CISCO SYSTEMS INC
2.49
2.28
2.13
2.04
2.85
2.69
2.55
2.40
11.74
10.45
10.18
8.80
6.87
6.57
6.38
6.04
13.34
12.20
11.57
10.78
1.06
2.53
2.84
3.02
QUANTA SERVICES INC
1.50
1.40
1.29
1.16
0.91
0.89
0.82
0.69
15.65
13.93
11.99
8.70
8.47
8.04
6.89
5.65
18.81
18.13
15.36
12.10
SMA SOLAR TECHNOLOGY AG
0.91
0.97
0.96
0.93
0.51
0.67
0.66
0.62
7.02
11.82
10.00
8.02
2.67
12.98
6.06
4.78
9.00
171.06
33.95
2.89
0.03
0.59
ITRON INC
1.64
1.56
1.43
1.33
0.78
0.83
0.77
0.75
8.33
11.99
7.50
7.48
7.23
8.96
7.50
6.54
11.49
15.15
11.77
10.32
0.00
0.00
0.00
ITC HOLDINGS CORP
3.43
3.01
2.68
2.40
5.64
4.98
4.21
3.65
13.71
11.31
10.05
9.05
14.12
11.79
10.24
9.12
22.25
18.66
16.40
14.49
1.60
1.77
1.99
GENERAL CABLE CORP
0.98
0.99
0.91
0.25
0.22
0.21
11.89
60.90
11.76
6.86
5.75
4.94
14.96
12.91
9.35
1.18
2.36
0.54
2.28
12.09
%D to Spot
25.76
5.2%
33.91
26.5%
1.00
21.26
-2.1%
0.00
45.31
7.2%
2.31
95.17
3.5%
40.13
31.8%
2.88
11.2%
AMERICAN SUPERCONDUCTOR CORP

ESCO CORP
TELVENT GIT SA
WASION GROUP HOLDINGS LTD
1.38
1.24
1.13
1.02
1.47
1.23
0.98
0.91
8.81
8.06
6.65
6.16
7.80
6.86
5.95
5.33
ENERNOC INC
1.62
1.50
1.28
1.08
1.63
1.19
0.97
0.78
21.82
6.41
5.41
4.82
27.34
5.41
4.03
2.98
ECHELON CORP
1.27
1.61
1.74
1.87
0.76
1.02
0.87
0.80
PIKE ELECTRIC CORP
1.58
1.57
1.44
0.57
0.42
0.43
0.38
0.24
0.21
COMVERGE INC
0.35
JINPAN INTERNATIONAL LTD
0.38
0.35
0.32
10.92
9.31
7.91
12.49
9.91
6.91
15.73
8.58
4.98
6.23
4.78
4.41
3.84
5.51
32.31
10.69
15.40
6.10
5.81
4.80
12.72
3.25
4.44
5.09
5.28
5.35
11.6%
17.25
16.2%
3.70
56.8%
15.07
23.4%
6.50
31.5%
08.07.2013
Cisco Systems Inc

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol
(IP)-based networking and other products related to the communications and
information technology (IT) industry and provide services associated with these
products and their use. The Company provides products for transporting data,
voice, and video within buildings, across campuses, and globally.
Price/Volume
250.0 M
25
200.0 M
20
150.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.06.2013)
52-Week Low (25.07.2012)
Daily Volume
Current Price (7/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 16.05.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CSCO US EQUITY YTD Change
CSCO US EQUITY YTD % CHANGE
07/2012
04/yy
24.98
14.96
11'445'423.00
24.48
-2.00%
63.64%
95.91%
5'344.3
130'829.34
16'328.00
0.0
15.0
48'716.00
99'699.34
31.07.2008
39'540
2.86x
11'189.0
10.09x
8'052.0
16.14x
100.0 M
10
50.0 M
5
0
j-12
31.07.2009
31.07.2010
36'117
40'040
2.82x
2.64x
9'153.0
11'194.0
11.13x
9.46x
6'134.0
7'767.0
20.17x
17.07x
Profitability
LTM-4Q
31.07.2011
43'218
1.37x
10'959.0
5.39x
6'490.0
13.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.07.2012
46'061
1.10x
12'971.0
3.91x
8'041.0
9.80x
12'971.00
10'369.00
22.51%
22.06%
10.23%
17.81%
14.43%
0.51%
61.2%
28.2%
22.8%
17.5%
3.49
3.20
17.79%
31.84%
5.80
12.61
Price/ Cash Flow
04/yy
45'566
6.19x
12'632.0
5.98x
7'356
14.72x
s-12
o-12
n-12
d-12
LTM
04/yy
47'880
5.75x
13'483.0
5.84x
9'630
12.72x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
2.17
0.99
5'334.68
59.50
50.38%
26.47%
0.995
51
4.353
29'023'866
35'967'072
40'781'332
FY+2
FQ+1
FQ+2
07/13 Y
07/14 Y
07/13 Q4 10/13 Q1
48'591
51'210
12'396
12'444
2.00x
1.84x
7.73x
7.61x
15'193.6
15'645.5
3'829.0
3'767.0
6.57x
6.38x
6.47x
6.38x
10'796
11'264
2'742
2'714
12.20x
11.57x
11.81x
11.59x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
10.02.2006
A+
STABLE
31.01.2011
A-1+
21.76
19.87
-2.31
1.21
31.8%
24.1%
0.51
13.75
62.75
28.86
18.13
77.17
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
8.00
25'000.0
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
31.07.2009
.0 M
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
0.0
31.01.2010
31.07.2010
31.01.2011
31.07.2011
31.01.2012
31.07.2012
31.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Cisco Systems Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
WELLINGTON MANAGEMEN
BANK OF NEW YORK MEL
INVESCO LTD
JP MORGAN
FRANKLIN RESOURCES
NORTHERN TRUST CORPO
FMR LLC
T ROWE PRICE ASSOCIA
GRANTHAM MAYO VAN OT
YACKTMAN ASSET MANAG
AMERIPRISE FINANCIAL
TIAA CREF INVESTMENT
NORGES BANK
FIRST EAGLE INVESTME
LAZARD ASSET MANAGEM
DEUTSCHE BANK AG
ALLIANZ ASSET MANAGE
Firm Name
Topeka Capital Markets Inc
JPMorgan
Deutsche Bank
Wells Fargo Securities, LLC
Piper Jaffray
FBR Capital Markets
Independent Research GmbH
JMP Securities
Morgan Stanley
Jefferies
Pacific Crest Securities
Robert W. Baird & Co
William Blair & Co
Raymond James
Stifel
Lazard Capital Markets
The Juda Group
RBC Capital Markets
Janney Montgomery Scott LLC
Needham & Co
Wedbush
Evercore Partners
Oppenheimer & Co
ISI Group
Nomura
Barclays
BMO Capital Markets
Cowen and Company
Edward Jones
Argus Research Corp
ACI Research
NYKREDIT
Daiwa Securities Co. Ltd.
Sterne, Agee & Leach
Ameriprise Advisor Services, Inc
Berenberg Bank
Goldman Sachs
Wunderlich Securities
S&P Capital IQ
MKM Partners
Northland Securities Inc
FBN Securities
Tigress Financial Partners
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
n/a
GRANTHAM MAYO VAN OT
YACKTMAN ASSET MANAG
TIAA-CREF INVESTMENT
NORGES BANK
n/a
n/a
n/a
Analyst
BRIAN J WHITE
ROD HALL
BRIAN T MODOFF
JESS L LUBERT
TROY D JENSEN
SCOTT S THOMPSON
MARKUS FRIEBEL
ERIK SUPPIGER
EHUD A GELBLUM
GEORGE C NOTTER
BRENT A BRACELIN
JAYSON NOLAND SR
JASON NOAH ADER
SIMON M LEOPOLD
SANJIV R WADHWANI
RYAN HUTCHINSON
NATARAJAN SUBRAHMANYAN
MARK SUE
WILLIAM CHOI
ALEXANDER HENDERSON
ROHIT CHOPRA
MARK A MCKECHNIE
ITTAI KIDRON
BRIAN MARSHALL
STUART JEFFREY
BENJAMIN A REITZES
TIMOTHY P LONG
PAUL SILVERSTEIN
WILLIAM C KREHER
JAMES KELLEHER
EDWARD A ZABITSKY
MICHAEL DROSCHNER JORGENSEN
YOKO YAMADA
ALEX KURTZ
JUSTIN H BURGIN
ADNAAN AHMAD
SIMONA JANKOWSKI
MATTHEW S ROBISON
JAMES G MOORMAN
MICHAEL GENOVESE
CATHARINE TREBNICK
SHEBLY SEYRAFI
IVAN FEINSETH
Source
ULT-AGG
13F
ULT-AGG
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
underweight
buy
outperform
overweight
market perform
buy
market perform
Overwt/Attractive
hold
outperform
outperform
outperform
outperform
buy
neutral
buy
outperform
neutral
hold
outperform
equalweight
outperform
cautious
buy
overweight
outperform
outperform
hold
buy
sell
outperform
outperform
buy
buy
sell
Buy/Neutral
buy
buy
buy
outperform
outperform
neutral
Amt Held
285'699'560
248'500'974
231'953'211
224'204'515
120'991'753
101'584'228
94'877'178
86'807'571
85'516'392
81'881'343
77'549'877
62'486'663
52'439'220
46'236'225
44'659'307
43'095'418
42'112'414
41'609'629
38'981'530
38'678'910
% Out
5.35
4.65
4.34
4.2
2.26
1.9
1.78
1.62
1.6
1.53
1.45
1.17
0.98
0.87
0.84
0.81
0.79
0.78
0.73
0.72
Weighting
Change
5
1
5
5
5
3
5
3
5
3
5
5
5
5
5
3
5
5
3
3
5
3
5
2
5
5
5
5
3
5
1
5
5
5
5
1
5
5
5
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'851'883
15'936'699
4'691'676
40'410'203
8'008'876
(2'683'669)
(3'464'088)
4'636'884
8'020'372
3'322'967
7'729'430
(7'941'844)
(3'941)
5'849'630
2'290'349
(4'034'692)
(5'170'786)
1'460'755
2'407'895
Target Price
29
18
26
#N/A N/A
28
19
29
#N/A N/A
24
22
28
28
#N/A N/A
26
28
#N/A N/A
27
25
22
#N/A N/A
26
26
27
#N/A N/A
27
28
27
32
#N/A N/A
29
18
#N/A N/A
26
26
#N/A N/A
16
28
26
28
28
26
27
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013 Hedge Fund Manager
31.03.2013
Unclassified
31.05.2013
Investment Advisor
31.05.2013
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
18 month
12 month
12 month
12 month
12 month
Not Provided
Date
05.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
28.06.2013
28.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
27.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
26.06.2013
25.06.2013
25.06.2013
19.06.2013
13.06.2013
12.06.2013
07.06.2013
05.06.2013
30.05.2013
23.05.2013
21.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.05.2013
16.04.2013
08.07.2013
Quanta Services Inc

Quanta Services, Inc. provides specialized contracting services to electric
utilities, telecommunication and cable television operators, and governmental
entities. The Company also installs transportation control and lighting systems
and provides specialty electric power and communication services for industrial
and commercial customers. Quanta performs projects across the United States.
Price/Volume
35
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
30
25
20
Valuation Analysis
15
Latest Fiscal Year:

LTM as of:
52-Week High (20.05.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PWR US EQUITY YTD Change
PWR US EQUITY YTD % CHANGE
12/2012
03/yy
30.56
21.63
1'204'329.00
26.7989
-12.29%
23.93%
53.47%
209.4
5'624.39
0.01
0.0
5.4
394.70
5'262.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'780.2
0.95x
403.1
8.89x
157.6
22.76x
10
31.12.2009
31.12.2010
3'318.1
3'931.2
1.07x
0.93x
367.9
402.3
9.65x
9.12x
162.2
153.2
29.94x
26.89x
Profitability
LTM-4Q
31.12.2011
4'193.8
0.99x
333.8
12.39x
132.5
34.82x
31.12.2012
5'920.3
0.90x
623.1
8.54x
306.6
20.48x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
623.12
465.12
7.86%
7.85%
6.72%
9.14%
9.64%
1.30%
15.8%
10.7%
8.3%
5.2%
2.50
1.96
0.00%
0.00%
5.39
13.14
Price/ Cash Flow
03/yy
4'983.5
3.16x
487.4
8.59x
195.8
21.29x
LTM
03/yy
6'460.9
3.25x
692.1
8.13x
333.0
18.58x
FY+1
0.00
0.99
206.83
4.60
14.04%
-1.80%
0.986
19
4.842
1'372'458
2'097'921
1'893'403
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
6'332.4
6'891.7
1'517.9
1'617.1
0.83x
0.76x
3.57x
3.34x
654.1
763.2
155.7
172.3
8.04x
6.89x
7.93x
7.43x
308.3
369.7
71.9
83.6
18.13x
15.36x
17.89x
16.79x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.09.2008
NR
166.34
110.43
-0.53
0.00
0.0%
0.0%
1.30
6.28
67.73
27.78
41.51
72.38
120.00
7'000.0
100.00
6'000.0
5'000.0
80.00
4'000.0
60.00
3'000.0
40.00
2'000.0
20.00
1'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Quanta Services Inc

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
STATE STREET
INVESCO LTD
FRONTIER CAPITAL MAN
GUGGENHEIM
WELLS FARGO
COLUMBIA WANGER ASSE
ALGER MANAGEMENT INC
AMERICAN CENTURY COM
OPPENHEIMERFUNDS INC
GOLDMAN SACHS GROUP
HHR ASSET MANAGEMENT
RAINIER INVESTMENT M
CI INVESTMENTS INC
DELTA LLOYD NV
Firm Name
Johnson Rice & Co
KeyBanc Capital Markets
Stephens Inc
FBR Capital Markets
Stifel
EVA Dimensions
BB&T Capital Markets
Deutsche Bank
Kansas City Capital Associates
Credit Suisse
D.A. Davidson & Co
Wedbush
Avondale Partners LLC
Griffin Securities
S&P Capital IQ
Maxim Group LLC
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
n/a
COLUMBIA WANGER ASSE
FRED ALGER MANAGEMEN
OPPENHEIMER FUNDS IN
n/a
CI INVESTMENTS INC
n/a
n/a
Analyst
MARTIN W MALLOY
WILL GABRIELSKI
TAHIRA AFZAL
CHRIS GODBY
ANDREW J WITTMANN
ALEX J RYGIEL
NOELLE C DILTS
CRAIG STERLING
ADAM ROBERT THALHIMER
VISHAL SHAH
JONATHAN P BRAATZ
JAMIE L COOK
JOHN B ROGERS
CRAIG IRWIN
DANIEL J MANNES
MORRIS B AJZENMAN
STEWART SCHARF
WILLIAM D BREMER
Source
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
Recommendation
overweight
buy
buy
overweight
neutral
outperform
buy
overweight
buy
buy
outperform
outperform
buy
outperform
market outperform
buy
buy
buy
Amt Held
22'474'039
13'854'602
13'129'808
8'514'834
6'647'257
5'303'918
5'298'463
4'217'067
3'860'000
3'809'104
3'673'232
3'324'020
3'091'063
2'816'385
2'711'500
2'589'750
2'400'700
2'380'811
2'211'246
2'110'033
% Out
10.73
6.62
6.27
4.07
3.17
2.53
2.53
2.01
1.84
1.82
1.75
1.59
1.48
1.34
1.29
1.24
1.15
1.14
1.06
1.01
Weighting
Change
5
5
5
5
3
5
5
5
5
5
5
5
5
5
4
5
5
5
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
R
M
Latest Chg
(493'520)
348'541
906'768
287'775
(683'953)
(154'440)
66'062
3'428'017
(30'000)
(585'775)
303'544
(985'860)
81'349
103'318
(102'800)
881'110
75'400
(72'380)
7'177
(35'241)
Target Price
36
35
32
34
34
34
34
#N/A N/A
33
33
34
33
35
33
34
35
32
36
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
05.07.2013
Investment Advisor
31.05.2013
Unclassified
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
18 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Date
08.07.2013
27.06.2013
25.06.2013
21.06.2013
17.06.2013
17.06.2013
10.06.2013
25.05.2013
17.05.2013
09.05.2013
03.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
02.05.2013
08.07.2013
SMA Solar Technology AG

SMA Solar Technology AG manufactures solar inverters, alternating current
converters for solar generated electricity.
Price/Volume
30
1.6 M
1.4 M
25
1.2 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2012)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
S92 GY EQUITY YTD Change
S92 GY EQUITY YTD % CHANGE
12/2012
03/yy
29.90
15.61
31'343.00
21.725
-27.34%
39.17%
36.32%
34.7
753.86
93.53
0.0
0.0
442.70
479.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
.6 M
10
.4 M
5
0
j-12
.2 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
681.6
1.64x
174.8
6.39x
119.5
10.90x
1.0 M
15
Valuation Analysis
31.12.2009
31.12.2010
934.3
1'920.1
3.17x
1.05x
243.4
547.2
12.16x
3.68x
161.1
365.0
20.10x
6.61x
Profitability
LTM-4Q
31.12.2011
1'676.3
0.69x
289.4
3.98x
166.1
9.01x
31.12.2012
1'463.4
0.21x
173.3
1.79x
75.1
8.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
173.29
103.36
7.06%
7.16%
2.87%
4.90%
4.31%
0.91%
23.5%
12.8%
7.1%
5.1%
3.31
2.30
7.04%
11.40%
8.33
3.89
Price/ Cash Flow
03/yy
1'825.4
3.03x
322.6
2.65x
185.3
6.30x
LTM
03/yy
1'270.7
1.59x
162.9
2.28x
39.9
16.18x
FY+1
0.77
10.12
-13.78%
17.37%
0.770
14
2.571
75'026
70'348
85'726
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'119.0
1'145.4
0.36x
0.34x
36.9
79.2
12.98x
6.06x
(20.9)
7.0
171.06x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
161.35
93.46
-1.69
0.79
11.4%
10.2%
0.91
3.40
43.82
93.90
40.31
78.85
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
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
SMA Solar Technology AG

Holdings By:
All
Holder Name
POOL SMA SOLAR TECH
KLEINKAUF WERNER
WETTLAUFER REINER
DREWS PETER
CRAMER GUENTHER
GUENTHER CRAMER FOUN
PETER DREWS FOUNDATI
REINER WETTLAUFER FO
BAILLIE GIFFORD AND
RUANE CUNNIFF & GOLD
VANGUARD GROUP INC
ODDO ASSET MANAGEMEN
BARRINGTON WILSHIRE
SOTHIC CAPITAL MANAG
INVESCO LTD
BLACKROCK
DELTA LLOYD NV
CLAYMORE ADVISORS LL
UNION INVESTMENT GMB
GUARDIAN LIFE GROUP
Firm Name
Equinet Institutional Services(ESN)
Deutsche Bank
Commerzbank Corporates & Markets
Macquarie
M.M. Warburg Investment Research
Independent Research GmbH
Montega
EVA Dimensions
Bankhaus Metzler
HSBC
Landesbank Baden-Wuerttemberg
Main First Bank AG
Natureo Finance
Hammer Partners SA
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
STEFAN FREUDENREICH
ALEXANDER KARNICK
GEORG REMSHAGEN
ROBERT SCHRAMM-FUCHS
CHRISTOPHER RODLER
SVEN DIERMEIER
ALEXANDER DREWS
ANDREW S ZAMFOTIS
DANIEL SEIDENSPINNER
CHRISTIAN DOMINIK RATH
ERKAN AYCICEK
ANDREAS THIELEN
INGO QUEISER
ALBERTO ROLLA
Source
Co File
Co File
Co File
Co File
EXCH
Co File
Co File
Co File
Research
Research
MF-AGG
MF-AGG
Short
Short
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
sell
buy
sell
neutral
hold
sell
sell
overweight
sell
overweight
hold
underperform
buy
buy
Amt Held
% Out
8'744'400
25.2
2'512'280
7.24
2'446'350
7.05
2'446'350
7.05
2'439'410
7.03
1'998'720
5.76
1'998'720
5.76
1'998'720
5.76
1'045'776
3.01
1'002'885
2.89
798'814
2.3
524'878
1.51
(402'520) -1.16
(364'350) -1.05
319'611
0.92
213'081
0.61
138'970
0.4
127'411
0.37
98'000
0.28
93'147
0.27
Weighting
Change
1
5
1
3
3
1
1
5
1
5
3
1
5
5
M
M
M
M
M
M
M
D
M
M
M
M
M
N
Latest Chg
(18'158)
48'580
41'640
(4'248)
(4'692)
31'910
50'000
-
Target Price
19
25
16
21
24
19
19
#N/A N/A
15
25
20
15
45
119
File Dt
Inst Type
31.12.2011
Corporation
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
05.08.2011
n/a
31.12.2011
n/a
31.12.2011
Other
31.12.2011
Other
25.11.2011
Investment Advisor
12.07.2011
Investment Advisor
31.03.2013
Investment Advisor
30.09.2012
Investment Advisor
05.07.2013
Other
05.07.2013
Investment Advisor
03.07.2013
Investment Advisor
28.02.2013
Bank
05.07.2013
Investment Advisor
28.09.2012
Investment Advisor
31.03.2013
Insurance Company
Date
12 month
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
04.07.2013
03.07.2013
28.06.2013
25.06.2013
25.06.2013
24.06.2013
21.06.2013
24.05.2013
16.05.2013
15.05.2013
15.05.2013
09.11.2012
17.04.2012
04.10.2010
08.07.2013
Itron Inc
Itron, Inc. provides solutions for collecting, communicating, and analyzing
electric, gas, and water usage data. The Company sells its products to the
utility industry. Itron designs, manufactures, markets, sells, installs, and
services hardware, software, and integrated systems for handheld computer-based
electronic meter reading and automatic meter reading systems.
Price/Volume
60
40
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (13.02.2013)
52-Week Low (01.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITRI US EQUITY YTD Change
ITRI US EQUITY YTD % CHANGE
12/2012
03/yy
48.42
36.87
109'334.00
42.28
-12.68%
14.67%
48.92%
39.3
1'661.66
417.50
0.0
16.5
136.41
1'976.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'909.6
1.68x
283.5
11.31x
19.8
20.36x
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
50
31.12.2009
31.12.2010
1'687.4
2'259.3
2.00x
1.19x
200.8
315.4
16.80x
8.51x
(2.2)
104.8
120.63x
18.59x
Profitability
LTM-4Q
31.12.2011
2'434.1
0.73x
323.2
5.46x
(510.2)
-
31.12.2012
2'178.2
0.94x
262.3
7.81x
108.3
16.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
262.26
152.79
7.01%
6.25%
4.15%
8.89%
6.93%
1.00%
32.8%
10.8%
5.6%
5.0%
1.76
1.09
19.98%
42.05%
5.51
7.03
Price/ Cash Flow
03/yy
2'442.1
3.19x
309.2
6.84x
(510.2)
0.00x
LTM
03/yy
2'054.1
4.01x
222.7
9.65x
85.5
20.63x
FY+1
0.00
1.31
36.88
2.08
-0.52%
-5.10%
1.309
19
3.842
1'261'292
501'877
390'165
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
2'005.1
2'155.1
486.4
514.1
0.95x
0.82x
3.99x
3.72x
220.6
263.5
49.8
62.0
8.96x
7.50x
7.90x
7.44x
107.2
143.1
22.7
32.4
15.15x
11.77x
12.89x
11.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.06.2011
BB
STABLE
25.93
20.93
1.33
1.79
42.0%
29.3%
1.00
8.02
66.23
51.92
59.82
48.22
25.00
3'000.0
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
0.00
01.01.2010
500.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Itron Inc
Holdings By:
All
Holder Name
CAPITAL GROUP COMPAN
FAIRPOINTE CAPITAL L
BLACKROCK
VANGUARD GROUP INC
NORGES BANK
EARNEST PARTNERS LLC
INVESCO LTD
IMPAX ASSET MANAGEME
STATE STREET
SAM SUSTAINABLE ASSE
NORGES BANK
THRIVENT FINANCIAL F
DIMENSIONAL FUND ADV
STERLING CAPITAL MAN
PARVEST INVESTMENT M
DREMAN VALUE MANAGEM
SARASIN
JP MORGAN
Firm Name
Brean Capital LLC
Argus Research Corp
Needham & Co
Wedbush
Deutsche Bank
EVA Dimensions
Jefferies
Macquarie
Canaccord Genuity Corp
Divine Capital Markets
Credit Suisse
JPMorgan
Stifel
Portfolio Name
n/a
FAIRPOINTE CAPITAL L
n/a
VANGUARD GROUP INC
n/a
EARNEST PARTNERS LLC
n/a
IMPAX ASSET MANAGEME
n/a
SAM SUSTAINABLE ASSE
NORGES BANK
THRIVENT FINANCIAL F
n/a
STERLING CAPITAL MAN
Multiple Portfolios
n/a
n/a
Analyst
MICHAEL E GAUGLER
MICHAEL BURKE
RYAN M CONNORS
SEAN K F HANNAN
CRAIG IRWIN
VISHAL SHAH
ANDREW S ZAMFOTIS
SCOTT REYNOLDS
ANDREW WEISEL
JOHN S QUEALY
SANJAY K SHRESTHA
STEVEN CHAREST
PATRICK JOBIN
PAUL T COSTER
BEN KALLO
JEFFREY D OSBORNE
Source
ULT-AGG
13F
ULT-AGG
13F
13G
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
MF-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
hold
buy
buy
hold
outperform
hold
overweight
hold
neutral
buy
buy
hold
neutral
neutral
outperform
sell
Amt Held
4'236'714
3'090'373
2'940'700
2'074'873
1'944'948
1'518'030
1'106'444
1'051'464
1'033'763
858'100
846'036
718'949
628'283
476'620
463'947
460'775
452'580
425'659
416'306
408'163
% Out
10.78
7.86
7.48
5.28
4.95
3.86
2.82
2.68
2.63
2.18
2.15
1.83
1.6
1.21
1.18
1.17
1.15
1.08
1.06
1.04
Weighting
Change
3
5
5
3
5
3
5
3
3
5
5
3
3
3
5
1
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
238'700
209'682
(177'561)
(65'290)
(504'013)
(3'407)
123'532
267'265
(90'839)
260'141
165'349
39'421
104'330
(16'000)
146'118
(21'800)
10'637
(61'927)
240'143
Target Price
#N/A N/A
49
48
#N/A N/A
45
41
#N/A N/A
40
40
48
52
41
47
41
48
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
17.02.2012
Government
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Unclassified
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Date
08.07.2013
25.06.2013
11.06.2013
31.05.2013
13.05.2013
09.05.2013
07.05.2013
01.05.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
08.07.2013
ITC Holdings Corp

ITC Holdings Corporation is a holding company. Through subsidiaries, the
Company transmits electricity from electricity generating stations to local
electricity distribution facilities. ITC invests in electricity transmission
infrastructure improvements as a means to improve electricity reliability and
reduce congestion.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.04.2013)
52-Week Low (09.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ITC US EQUITY YTD Change
ITC US EQUITY YTD % CHANGE
12/2012
03/yy
93.69
69.52
56'237.00
91.92
-1.89%
32.22%
87.05%
52.3
4'808.99
3'147.23
0.0
0.0
26.19
8'102.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
621.0
696.8
8.00x
7.96x
412.8
444.3
12.04x
12.48x
130.9
145.7
20.06x
21.60x
Profitability
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12
LTM-4Q
31.12.2011
757.4
8.56x
492.7
13.15x
171.7
22.59x
31.12.2012
830.5
8.60x
537.6
13.28x
187.9
18.58x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
537.57
431.06
51.90%
35.70%
3.56%
13.98%
6.53%
0.16%
64.4%
51.5%
22.6%
0.20
0.10
56.56%
222.44%
11.07
-
Price/ Cash Flow
03/yy
774.7
33.40x
500.6
13.43x
175.7
22.14x
s-12
o-12
n-12
d-12
LTM
03/yy
851.1
33.48x
548.0
14.53x
192.0
20.64x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
1.62
0.66
51.46
2.57
33.38%
20.58%
0.659
12
4.167
193'551
238'452
258'288
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
966.5
1'143.5
240.0
249.0
9.14x
8.16x
30.39x
29.27x
687.3
790.8
170.3
177.3
11.79x
10.24x
11.46x
11.14x
257.6
328.6
63.1
66.9
18.66x
16.40x
18.11x
17.71x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.12.2011
BBB+
STABLE
3.45
-1.70
6.01
6.13
222.4%
69.0%
0.16
0.22
32.98
-
16.00
900.0
14.00
800.0
12.00
700.0
600.0
10.00
500.0
8.00
400.0
6.00
300.0
4.00
200.0
2.00
100.0
0.00
01.01.2010
1.6 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
617.9
7.05x
382.4
11.40x
109.2
19.95x
100
90
80
70
60
50
40
30
20
10
0
j-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
ITC Holdings Corp

Holdings By:
All
Holder Name
BAMCO INC
FMR LLC
BLACKROCK
VANGUARD GROUP INC
NEUBERGER BERMAN LLC
BANK OF NOVA SCOTIA
CANADA PENSION PLAN
W H REAVES & COMPANY
JENNISON ASSOCIATES
MUNDER CAPITAL MANAG
SUN LIFE FINANCIAL I
COMMONWEALTH BANK OF
STATE STREET
LORD ABBETT & CO LLC
ENERGY INCOME PARTNE
SANTA BARBARA ASSET
D E SHAW & COMPANY I
GENEVA INVESTMENT MA
Firm Name
Credit Suisse
Wunderlich Securities
Wells Fargo Securities, LLC
ISI Group
Edward Jones
D.A. Davidson & Co
Deutsche Bank
Argus Research Corp
US Capital Advisors
Barclays
S&P Capital IQ
JPMorgan
Portfolio Name
BAMCO INC
n/a
n/a
VANGUARD GROUP INC
NEUBERGER BERMAN GRO
n/a
CANADA PENSION PLAN
W H REAVES & COMPANY
JENNISON ASSOCIATES
MUNDER CAPITAL MANAG
n/a
COMMONWEALTH BANK OF
n/a
ENERGY INCOME PARTNE
SANTA BARBARA ASSET
D E SHAW & CO
GENEVA INVESTMENT MA
Analyst
KEVIN COLE
JAMES L DOBSON
NEIL A KALTON
GREG GORDON
ANDREW PUSATERI
MICHAEL BATES
JONATHAN ARNOLD
GARY F HOVIS
DANIEL M FIDELL
DANIEL F FORD
LEZE THAQI
CHRISTOPHER MUIR
CHRISTOPHER TURNURE
Source
13F
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
13F
13F
Recommendation
neutral
buy
outperform
neutral
buy
buy
hold
hold
hold
suspended coverage
buy
strong buy
restricted
Amt Held
5'089'181
4'642'042
3'646'068
2'637'959
2'614'256
2'270'139
2'195'445
1'423'110
1'356'336
1'225'606
1'020'926
955'908
788'270
757'635
747'250
734'969
715'932
684'639
673'025
629'529
% Out
9.73
8.87
6.97
5.04
5
4.34
4.2
2.72
2.59
2.34
1.95
1.83
1.51
1.45
1.43
1.4
1.37
1.31
1.29
1.2
Weighting
Change
3
5
5
3
5
5
3
3
3
#N/A N/A
5
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
170'845
573'432
77'995
140'893
231'992
(779'900)
73'794
(110'723)
(35'367)
(422'048)
129'897
97'072
217'090
28'822
214'848
142'751
67'042
(134'383)
79'040
Target Price
94
107
#N/A N/A
88
#N/A N/A
105
93
#N/A N/A
93
#N/A N/A
#N/A N/A
108
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013 Pension Fund (ERISA)
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
18 month
Not Provided
12 month
Not Provided
18 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
05.07.2013
03.07.2013
03.07.2013
24.06.2013
21.06.2013
15.05.2013
03.05.2013
01.05.2013
29.04.2013
24.04.2013
16.04.2013
11.04.2013
27.03.2012
08.07.2013
General Cable Corp

General Cable Corporation designs, develops, manufactures, markets, and
distributes copper, aluminum, and fiber optic wire and cable products for
the communications, electrical, and energy markets. The Company operates around
the world.
Price/Volume
40
4.5 M
35
4.0 M
30
3.5 M
3.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BGC US EQUITY YTD Change
BGC US EQUITY YTD % CHANGE
12/2012
03/yy
37.14
24.49
100'998.00
30.45
-18.01%
24.34%
46.96%
49.8
1'515.17
1'450.10
3.8
136.0
638.20
2'466.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
15
1.5 M
10
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
6'230.1
0.32x
514.5
3.91x
189.0
4.64x
2.5 M
20
31.12.2009
31.12.2010
4'385.2
4'864.9
0.48x
0.51x
281.6
323.7
7.46x
7.67x
56.6
69.5
16.16x
13.39x
Profitability
LTM-4Q
31.12.2011
5'866.7
0.34x
341.5
5.78x
66.0
14.56x
31.12.2012
6'014.3
0.41x
309.7
7.95x
4.0
20.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
309.70
194.80
3.24%
1.40%
-1.32%
1.30%
10.2%
2.9%
0.1%
1.64
0.92
29.47%
107.45%
5.09
4.19
Price/ Cash Flow
03/yy
5'851.6
0.72x
122.6
0.00x
50.6
17.82x
LTM
03/yy
6'114.9
1.14x
235.7
0.00x
(62.2)
68.60x
FY+1
1.85
48.41
4.36
12.92%
0.67%
1.849
7
4.143
1'232'162
680'701
690'271
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
6'798.7
7'244.3
1'701.0
1'787.8
429.2
499.6
105.3
126.3
5.75x
4.94x
5.31x
5.06x
101.7
165.0
26.8
40.5
12.91x
9.35x
11.40x
10.42x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
09.11.2006
BBSTABLE
2.90
1.88
107.5%
49.3%
1.30
5.51
86.41
25.00
7'000.0
6'000.0
20.00
5'000.0
15.00
4'000.0
3'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
General Cable Corp

Holdings By:
All
Holder Name
CADIAN CAPITAL MANAG
BLACKROCK
FMR LLC
VANGUARD GROUP INC
GUGGENHEIM
ALLIANCE BERNSTEIN
STATE STREET
WEDGE CAPITAL MANAGE
EAGLE ASSET MANAGEME
DEUTSCHE BANK AG
AQR CAPITAL MANAGEME
AXA
MONUMENTAL LIFE INSU
DNB NOR ASSET MANAGE
Firm Name
CL King & Associates
Sidoti & Company LLC
Longbow Research
Stifel
D.A. Davidson & Co
EVA Dimensions
Portfolio Name
CADIAN CAPITAL MANAG
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
WEDGE CAPITAL MANAGE
EAGLE ASSET MANAGEME
n/a
AQR CAPITAL MANAGEME
n/a
MONUMENTAL LIFE INSU
Analyst
GARY A FARBER
RICHARD H WESOLOWSKI
SHAWN M HARRISON
NOELLE C DILTS
MATTHEW S MCCALL
BRENT THIELMAN
CRAIG STERLING
Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
Sch-D
13F
13F
Recommendation
buy
buy
neutral
buy
buy
buy
underweight
Amt Held
% Out
4'945'000
9.94
3'681'695
7.4
3'326'601
6.69
3'112'788
6.26
2'623'879
5.27
2'309'270
4.64
2'008'715
4.04
1'524'592
3.06
1'501'932
3.02
1'459'175
2.93
1'226'431
2.46
1'149'281
2.31
1'012'229
2.03
915'346
1.84
855'070
1.72
762'335
1.53
734'200
1.48
(729'011) -1.47
717'500
1.44
707'438
1.42
Weighting
Change
5
5
3
5
5
5
1
M
M
M
M
M
M
M
Latest Chg
(50'769)
141'635
432'378
(29'021)
33'966
(18'911)
136'900
169'718
(47'595)
55'375
(27'242)
(205'616)
8'070
(144'900)
(86'595)
650
(729'011)
(69'200)
(133'413)
Target Price
41
42
#N/A N/A
40
38
38
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Unclassified
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
18 month
Not Provided
Date
03.07.2013
03.07.2013
28.06.2013
21.05.2013
21.05.2013
02.05.2013
15.01.2013
08.07.2013
American Superconductor Corp

American Superconductor Corporation is an energy technologies company that
offers solutions based upon its programmable power electronic converters and
high temperature superconductor (HTS) wires. The Company serves the utility,
industrial and wind power markets.
Price/Volume
6
4.0 M
3.5 M
3.0 M
4
Latest Fiscal Year:

LTM as of:
52-Week High (13.07.2012)
52-Week Low (18.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMSC US EQUITY YTD Change
AMSC US EQUITY YTD % CHANGE
03/2013
03/yy
4.88
2.12
653'302.00
2.585
-47.03%
21.93%
18.48%
60.5
156.30
18.02
0.0
0.0
39.24
135.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
1.0 M
1
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
182.8
3.50x
1.2
517.02x
(16.6)
-
2.5 M
Valuation Analysis
31.03.2010
31.03.2011
316.0
286.6
3.63x
3.56x
48.9
(116.7)
23.45x
16.2
(186.3)
78.11x
Profitability
LTM-4Q
31.03.2012
76.5
2.12x
(91.2)
(136.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2013
87.4
1.60x
(36.8)
(66.1)
-36.77
-49.82
-56.99%
-75.95%
-28.03%
-45.61%
0.37%
17.7%
-42.1%
-57.0%
-75.6%
1.51
0.73
8.31%
14.40%
4.62
2.29
Price/ Cash Flow
03/yy
76.5
9.14x
(91.2)
0.00x
(136.8)
0.00x
LTM
03/yy
87.4
7.69x
(36.8)
0.00x
(66.1)
0.00x
0.00
1.46
43.40
4.59
-46.03%
-1.34%
1.464
4
3.000
1'294'338
814'802
625'690
FY+1
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1
09/13 Q2
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-2.46
-2.56
-0.49
14.4%
12.6%
0.37
1.06
79.04
159.14
36.75
201.43
120.00
350.0
100.00
300.0
250.0
80.00
200.0
60.00
150.0
40.00
100.0
20.00
50.0
0.00
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
08.07.2013
American Superconductor Corp

Holdings By:
All
Holder Name
DOUGLAS KEVIN
BLACKROCK
VANGUARD GROUP INC
CAPITAL VENTURES INT
SUSQUEHANNA INTERNAT
IRONWOOD INVESTMENT
STATE STREET
INVESCO LTD
MCGAHN DANIEL P
JACOBS LEVY EQUITY M
CALIFORNIA PUBLIC EM
HENRY DAVID A
GEODE CAPITAL MANAGE
FMR LLC
FRANK RUSSELL TRUST
SCOPIA MANAGEMENT IN
MAGUIRE JAMES F
Firm Name
Ascendiant Capital Markets
Ardour Capital
EVA Dimensions
Needham & Co
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
SUSQUEHANNA INTERNAT
IRONWOOD INVESTMENT
n/a
n/a
n/a
JACOBS LEVY EQUITY M
n/a
n/a
GEODE CAPITAL MANAGE
n/a
FRANK RUSSELL COMPAN
SCOPIA MANAGEMENT IN
n/a
Analyst
CARTER W DRISCOLL
JINMING LIU
CRAIG STERLING
JAMES RICCHIUTI
Source
Form 4
ULT-AGG
13F
13G
13F
13F
ULT-AGG
13F
ULT-AGG
Form 4
13F
ULT-AGG
13F
Form 4
13F
ULT-AGG
13F
13F
13F
Form 4
Recommendation
buy
hold
underweight
hold
Amt Held
13'792'507
3'216'232
1'835'511
1'617'384
1'476'330
875'380
772'864
662'488
643'088
542'911
479'803
463'997
377'290
261'491
249'856
247'538
238'894
219'367
218'302
216'136
% Out
22.81
5.32
3.04
2.67
2.44
1.45
1.28
1.1
1.06
0.9
0.79
0.77
0.62
0.43
0.41
0.41
0.4
0.36
0.36
0.36
Weighting
Change
5
3
1
3
N
M
M
M
Latest Chg
221'635
(660'905)
(401'934)
190'673
(30'115)
(16'655)
(158'098)
(8'520)
20'500
(600)
51'000
(4'683)
(897)
2'268
16'545
219'367
(3'042)
187'906
Target Price
3
3
#N/A N/A
#N/A N/A
File Dt
Inst Type
13.02.2013
n/a
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Venture Capital
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
23.05.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013 Pension Fund (ERISA)
08.05.2013
n/a
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
25.10.2012
n/a
Date
12 month
12 month
Not Provided
Not Provided
Date
27.06.2013
17.06.2013
15.01.2013
12.10.2012
08.07.2013
Esco Corp
ESCO Corporation manufactures and distributes engineered parts and replacement
products. The Company markets its products to companies in surface mining,
industrial applications, infrastructure, power generation, and aerospace
services throughout the world.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (#N/A Field Not Applicable)
52-Week Low (#N/A Field Not Applicable)
Daily Volume
Shares Out #N/A N/A
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ESCO US EQUITY YTD Change
ESCO US EQUITY YTD % CHANGE
Price/Volume
12/2010
12/yy
0.00
290.58
0.0
20.6
56.82
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2006
690.9
16.9
-
31.12.2007
31.12.2008
790.5
939.9
108.2
24.1
31.2
Profitability
LTM-4Q
31.12.2009
680.4
87.6
18.4
-
31.12.2010
849.5
103.9
23.9
133.57
98.84
8.81%
7.33%
0.01%
0.00%
26.6%
8.8%
4.3%
2.21
1.19
34.02%
1153.35%
0.02
0.02
12/yy
849.5
0.00x
24.8
0.00x
24.1
0.00x
FY+1
FY+2
FQ+1
FQ+2
12/11 Y
12/12 Y
03/11 Q1
06/11 Q2
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.01.2011
NR
9.33
5.64
1153.4%
86.4%
0.00
0.01
22795.07
23400.14
-114.95
84.13
1.20
1'200.0
1.00
1'000.0
0.80
800.0
0.60
LTM
12/yy
1'122.3
0.00x
65.8
0.00x
48.5
0.00x
0
-
600.0
400.0
0.40
200.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
08.07.2013
Esco Corp
Holdings By:
All
Holder Name
Portfolio Name
Source
Amt Held
% Out
Latest Chg
File Dt
Inst Type
Firm Name
Analyst
Recommendation
Weighting
Change
Target Price
Date
Date
#N/A N/A
#N/A N/A
08.07.2013
Telvent GIT SA
Telvent GIT SA operates as information technology company. The Company
provides value added real time products and services solutions, as well as
provides systems integration, consulting, design and engineering services, and
software. Telvent operates internationally.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TLVTF US EQUITY YTD Change
TLVTF US EQUITY YTD % CHANGE
12/2011
03/yy
0.00
34.1
375.36
0.0
0.5
72.47
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
624.3
0.98x
52.3
11.65x
24.9
20.73x
31.12.2008
31.12.2009
724.6
791.1
0.85x
1.44x
78.2
109.3
7.85x
10.45x
30.2
39.1
9.52x
23.86x
Profitability
LTM-4Q
31.12.2010
723.9
1.35x
92.0
10.62x
46.4
18.65x
31.12.2011
92.03
56.56
7.81%
5.28%
3.68%
14.11%
0.59%
36.5%
7.7%
6.4%
1.22
0.41
29.97%
106.61%
6.08
1.24
Price/ Cash Flow
03/yy
766.3
4.91x
54.9
0.00x
38.7
16.47x
LTM
03/yy
729.8
4.91x
66.5
0.00x
45.8
33.09x
0.12
0
-
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
06/11 Q2
09/11 Q3
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.08
2.62
106.6%
51.6%
0.59
9.10
59.99
293.41
171.54
113.52
140.00
900.0
120.00
800.0
700.0
100.00
600.0
80.00
500.0
60.00
400.0
300.0
40.00
200.0
20.00
100.0
0.00
04.01.200804.07.200804.01.200904.07.200904.01.201004.07.201004.01.201104.07.201104.01.201204.07.201204.01.2013
0.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
08.07.2013
Telvent GIT SA
Holdings By:
All
Holder Name
SCHNEIDER ELECTRIC S
GONZALEZ-DOMINGU IGN
JARDINE DAVID
PEREZ JOSE MONTOYA
DEL BARRIO JOSE IGNA
STACK LARRY
SZNAIDER RONALD J
VILLAZAN BERNARDO
LEIFERMAN JOHN
Firm Name
Jefferies
Portfolio Name
Source
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
13D
20F
20F
20F
20F
20F
20F
20F
20F
Analyst
ELAINE S KWEI
Recommendation
buy
Amt Held
33'483'146
120'000
108'000
106'620
82'500
72'000
4'000
600
400
% Out
98.21
0.35
0.32
0.31
0.24
0.21
0.01
0
0
Weighting
Change
5
Latest Chg
1'333'318
-
Target Price
34
File Dt
29.09.2011
16.03.2011
16.03.2011
16.03.2011
16.03.2011
16.03.2011
16.03.2011
16.03.2011
16.03.2011
Date
12 month
Inst Type
Corporation
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Date
21.10.2011
08.07.2013
Wasion Group Holdings Ltd

Wasion Group Holdings Ltd. manufactures electronic power meters and data
collection terminals. The Company produces three-phase and single phase
electronic power meters used to measure the transfer of electricity between
power stations, power companies, and end users. Wasion also develops power
management software.
Price/Volume
12.0 M
10.0 M
8.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (31.05.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
3393 HK EQUITY YTD Change
3393 HK EQUITY YTD % CHANGE
12/2012
01/yy
5.30
2.57
1'388'000.00
4.79
-9.62%
86.38%
81.32%
931.3
4'461.02
605.56
0.0
0.4
585.99
3'547.85
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
5
4
Valuation Analysis
31.12.2008
1'059.4
1.16x
363.4
3.39x
261.5
4.68x
31.12.2009
31.12.2010
1'078.2
1'330.8
5.96x
3.00x
352.8
282.0
18.21x
14.17x
262.0
191.2
23.04x
20.75x
Profitability
31.12.2011
1'968.7
0.93x
369.4
4.97x
247.5
6.91x
31.12.2012
2'452.3
1.11x
457.1
5.98x
323.1
8.34x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
457.09
353.85
14.43%
14.49%
7.42%
12.98%
11.16%
0.56%
32.8%
18.6%
14.4%
13.2%
1.75
1.00
14.20%
23.32%
2.55
4.31
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.80
1.39
439.77
59.88%
36.98%
1.385
9
4.556
988'826
2'103'093
2'249'760
FY+2
12/13 Y
12/14 Y
2'863.5
3'593.1
1.03x
0.81x
517.2
596.6
6.86x
5.95x
379.3
446.1
9.31x
7.91x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
7.29
4.42
0.04
1.32
23.3%
18.9%
0.56
2.62
143.30
84.97
187.77
40.50
40.00
3'000.0
35.00
2'500.0
30.00
2'000.0
25.00
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Wasion Group Holdings Ltd

Holdings By:
All
Holder Name
WEI JI
JP MORGAN
HANDELSBANKEN FONDER
POWER CORP OF CANADA
ALLIANZ GLOBAL INVES
NOMURA
LA FRANCAISE AM INTE
NORGES BANK
SCHRODER INVESTMENT
NESTOR INVESTMENT MA
BANK OF NOVA SCOTIA
VANGUARD GROUP INC
HEARTLAND ADVISORS I
XUE XIN WANG
NATIXIS ASSET MANAGE
HARDING LOEVNER LP
STATE STREET
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DBS Vickers
PATRICIA YEUNG
Ji Asia
TAY HER LIM
EVA Dimensions
ANDREW S ZAMFOTIS
KGI Securities
JERRY WENG
Macquarie
SAIYI HE
RHB Research Institute Sdn Bhd
JOE CHAN
UOB Kay Hian
MARK PO
First Shanghai Securities Ltd
XIAOXIA CHEN
Essence Securities
PATRICK CHOI
GuoSen Securities Co Ltd
VIVIAN FU
Yuanta Securities Investment ConsultingTEAM COVERAGE
Hua Tai Securities Co., Ltd
YUNFENG FAN
SWS Research Co Ltd
TITUS WU
Source
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
overweight
neutral
neutral
buy
buy
buy
buy
buy
Under Review
neutral
underperform
Amt Held
486'888'888
46'767'028
27'300'000
17'500'000
11'882'000
10'912'000
9'291'291
8'718'000
6'676'000
6'327'369
4'294'796
3'888'000
3'320'000
2'464'000
2'284'000
2'000'000
1'462'000
1'428'000
1'366'000
1'275'000
% Out
52.28
5.02
2.93
1.88
1.28
1.17
1
0.94
0.72
0.68
0.46
0.42
0.36
0.26
0.25
0.21
0.16
0.15
0.15
0.14
Weighting
Change
5
5
5
3
3
5
5
5
5
5
#N/A N/A
3
1
M
N
D
M
D
N
M
M
M
M
M
M
D
Latest Chg
84'000
(1'232'028)
(466'000)
2'290'000
202'796
1'050'000
1'770'000
(1'954'000)
950'000
900'000
194'000
-
Target Price
6
6
#N/A N/A
4
4
6
6
4
4
4
#N/A N/A
3
2
File Dt
18.09.2012
19.03.2013
30.06.2013
28.02.2013
31.05.2013
19.04.2012
29.03.2013
27.04.2012
31.01.2013
31.12.2012
31.12.2012
28.03.2013
31.05.2013
31.12.2012
31.03.2013
28.03.2013
24.04.2013
28.03.2013
30.06.2012
05.07.2013
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
6 month
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.07.2013
21.06.2013
03.06.2013
30.05.2013
27.05.2013
20.05.2013
25.03.2013
16.11.2012
22.08.2012
09.05.2012
04.05.2012
22.08.2011
29.03.2011
08.07.2013
EnerNOC Inc
EnerNOC, Inc. develops and provides clean and intelligent power solutions to
commercial, institutional and industrial customers, as well as electric power
grid operators and utilities. The Company, through its network centers remotely
manages electricity consumption across a network of end-use customer sites.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.05.2013)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ENOC US EQUITY YTD Change
ENOC US EQUITY YTD % CHANGE
12/2012
03/yy
19.08
6.04
105'602.00
14.84
-22.22%
145.70%
64.95%
30.2
448.85
0.00
0.0
0.0
115.04
334.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
190.7
280.2
3.23x
1.60x
7.0
27.1
88.13x
16.55x
(6.8)
9.6
64.62x
Profitability
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12
LTM-4Q
31.12.2011
286.6
0.73x
12.5
16.75x
(13.4)
-
31.12.2012
278.0
0.81x
4.8
46.78x
(22.3)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
4.83
-20.39
-7.33%
-7.38%
-7.72%
-11.44%
0.88%
44.4%
1.2%
-7.8%
-8.0%
2.12
1.52
0.00%
0.00%
10.31
7.12
Price/ Cash Flow
03/yy
279.3
2.99x
4.3
28.64x
(21.8)
0.00x
s-12
o-12
n-12
d-12
LTM
03/yy
286.4
3.64x
3.6
113.52x
(25.1)
0.00x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.00
1.23
23.77
0.94
114.76%
26.30%
1.234
10
3.700
311'275
437'999
327'369
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
378.8
461.5
35.3
252.6
0.78x
0.51x
10.94x
1.49x
61.6
82.6
(23.8)
113.1
5.41x
4.03x
4.41x
3.51x
28.0
40.9
(30.0)
110.3
12.49x
9.91x
13.74x
11.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.04
-6.93
-32.08
0.00
0.0%
0.0%
0.88
7.36
35.40
51.29
12.03
166.01
140.00
350.0
120.00
300.0
100.00
250.0
80.00
200.0
60.00
150.0
40.00
100.0
20.00
50.0
0.00
01.01.2010
3.5 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
106.1
0.87x
(28.1)
(36.7)
-
20
18
16
14
12
10
8
6
4
2
0
j-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
EnerNOC Inc
Holdings By:
All
Holder Name
BLACKROCK
BROWN CAPITAL MANAGE
BREWSTER DAVID B
FOUNDATION CAPITAL
HEALY TIMOTHY G
P SCHOENFELD ASSET M
VANGUARD GROUP INC
DRAPER TIMOTHY C
ADAGE CAPITAL PARTNE
RENAISSANCE TECHNOLO
STATE STREET
NEW YORK STATE COMMO
MORGAN STANLEY
DIXON GREGG M
DELTA LLOYD NV
SAMUELS DAVID M
Firm Name
Raymond James
JPMorgan
Needham & Co
Credit Suisse
Wedbush
Macquarie
Ardour Capital
EVA Dimensions
Jefferies
Portfolio Name
n/a
BROWN CAPITAL MGMT I
n/a
n/a
n/a
P SCHOENFELD ASSET M
VANGUARD GROUP INC
n/a
ADAGE CAPITAL PARTNE
n/a
n/a
NEW YORK STATE COMMO
n/a
n/a
n/a
n/a
Analyst
PAVEL MOLCHANOV
PAUL T COSTER
SEAN K F HANNAN
PATRICK JOBIN
BEN KALLO
CRAIG IRWIN
JOHN S QUEALY
ANDREW WEISEL
WALTER V NASDEO
CRAIG STERLING
ELAINE S KWEI
Source
ULT-AGG
13F
Form 4
13G
Form 4
13F
13F
13F
13G
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
Form 4
ULT-AGG
Form 4
13F
13F
Recommendation
strong buy
overweight
buy
neutral
outperform
underperform
buy
neutral
accumulate
sell
hold
Amt Held
2'081'285
1'540'957
1'310'822
1'269'259
1'162'877
1'136'765
1'027'381
852'222
827'682
800'284
724'738
590'343
447'843
416'272
400'314
392'262
389'298
385'688
379'341
347'843
% Out
6.88
5.09
4.33
4.2
3.84
3.76
3.4
2.82
2.74
2.65
2.4
1.95
1.48
1.38
1.32
1.3
1.29
1.28
1.25
1.15
Weighting
Change
5
5
5
3
5
1
5
3
4
1
3
M
U
M
D
M
M
M
M
M
M
M
Latest Chg
(3'975)
10'900
(10'000)
(10'000)
236'765
42'205
(338'784)
(250'000)
(65'314)
220'400
46'138
(144'258)
(6'712)
(6'500)
(15'000)
379'341
8'671
Target Price
20
19
18
18
21
5
20
16
20
#N/A N/A
10
File Dt
03.07.2013
31.03.2013
20.05.2013
31.12.2011
18.06.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
01.05.2013
31.03.2013
27.02.2013
31.03.2013
31.03.2013
Date
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
n/a
Venture Capital
n/a
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
n/a
Bank
n/a
Investment Advisor
Investment Advisor
Date
03.07.2013
14.06.2013
29.05.2013
28.05.2013
28.05.2013
28.05.2013
28.05.2013
09.05.2013
06.05.2013
15.01.2013
27.02.2012
08.07.2013
Echelon Corp
Echelon Corporation develops, markets, and supports a family of software
products and services that enables original equipment manufacturers and systems
integrators to design and implement open, interoperable, distributed control
networks. The Company's products allow groups of computer nodes to be linked
together and implemented across a variety of systems.
Price/Volume
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (03.10.2012)
52-Week Low (15.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ELON US EQUITY YTD Change
ELON US EQUITY YTD % CHANGE
12/2012
03/yy
4.19
2.07
40'011.00
2.36
-43.68%
14.01%
14.15%
43.1
101.60
20.24
0.0
1.6
61.86
63.72
4.0 M
3.0 M
2.0 M
1.0 M
1
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
4
4
Valuation Analysis
31.12.2008
134.0
2.01x
(19.6)
(25.8)
-
31.12.2009
31.12.2010
103.3
111.0
4.06x
3.49x
(24.1)
(21.9)
(32.0)
(31.3)
Profitability
LTM-4Q
31.12.2011
156.5
1.09x
(5.3)
(13.0)
-
31.12.2012
134.0
0.49x
(3.5)
(12.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
-3.48
-10.06
-7.51%
-9.67%
-14.99%
-23.90%
0.91%
42.1%
-4.3%
-9.6%
-9.6%
4.60
3.85
16.38%
24.62%
5.83
4.70
Price/ Cash Flow
03/yy
168.4
5.55x
1.1
136.30x
(6.2)
0.00x
LTM
03/yy
118.9
3.08x
(5.1)
0.00x
(19.5)
0.00x
FY+1
0.00
1.21
31.31
1.62
-31.40%
-3.67%
1.208
7
3.571
1'298'304
370'935
264'447
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
99.8
117.3
24.4
25.1
0.51x
0.50x
(15.4)
(7.7)
(2.7)
(3.2)
(10.0)
(6.9)
(2.8)
(2.9)
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-2.56
-3.39
-3.86
24.6%
19.5%
0.91
5.03
62.59
77.70
73.22
60.59
140.00
180.0
120.00
160.0
140.0
100.00
120.0
80.00
100.0
60.00
80.0
60.0
40.00
40.0
20.00
0.00
01.01.2010
20.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Echelon Corp
Holdings By:
All
Holder Name
OSHMAN BARBARA S
ENEL SPA
BLACKROCK
MARKKULA JR ARMAS CL
VANGUARD GROUP INC
ROYCE AND ASSOCIATES
STATE STREET
STANFIELD OLIVER R
ROCK POINT ADVISORS
OS VENTURES PARTNERS
NORGES BANK
MAXFIELD ROBERT R
UBS
INVESCO LTD
LEVIN CAPITAL STRATE
SEGE RONALD ALEXAND
Firm Name
Raymond James
EVA Dimensions
Credit Suisse
JPMorgan
Needham & Co
Wedbush
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
ROYCE & ASSOCIATES L
n/a
n/a
ROCK POINT ADVISORS
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
LEVIN CAPITAL STRATE
n/a
Analyst
PAVEL MOLCHANOV
ANDREW S ZAMFOTIS
PATRICK JOBIN
PAUL T COSTER
SEAN K F HANNAN
CRAIG IRWIN
JOHN S QUEALY
Source
13G/PRXY
PROXY
ULT-AGG
PROXY
13F
13F
13F
ULT-AGG
Form 4
13F
13F
Form 4
MF-AGG
ULT-AGG
Form 4
ULT-AGG
ULT-AGG
13F
Form 4
13F
Recommendation
outperform
hold
neutral
neutral
buy
neutral
hold
Amt Held
4'588'064
3'000'000
2'696'147
1'777'038
1'303'012
1'119'686
661'700
660'613
621'201
615'206
532'462
488'428
395'789
381'606
373'983
373'645
276'167
226'386
225'352
185'406
% Out
10.66
6.97
6.26
4.13
3.03
2.6
1.54
1.53
1.44
1.43
1.24
1.13
0.92
0.89
0.87
0.87
0.64
0.53
0.52
0.43
Weighting
Change
5
3
3
3
5
3
3
M
D
M
M
M
M
M
Latest Chg
332'417
(644'541)
304'500
87'200
(13'300)
(23'600)
615'206
(20'124)
(832)
(8'950)
17'944
35'003
(168'944)
5'918
(2'446)
Target Price
4
#N/A N/A
3
#N/A N/A
4
4
4
File Dt
Inst Type
27.03.2013
n/a
27.03.2013
Corporation
03.07.2013
Investment Advisor
27.03.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.01.2012
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.08.2011
Corporation
31.12.2012
Government
31.03.2013
Investment Advisor
06.02.2012
n/a
31.03.2013
Unclassified
05.07.2013
Investment Advisor
11.06.2013
n/a
31.03.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Date
02.07.2013
04.05.2013
03.05.2013
03.05.2013
03.05.2013
03.05.2013
02.05.2013
08.07.2013
Pike Electric Corp

Pike Electric Corporation is a third-party provider of outsourced electric
distribution and transmission services in the United States. The Company's core
activities consist of the maintenance, upgrade, and extension of electric
distribution and sub-500 kilovolt transmission power lines for electric
utilities, cooperatives, and municipalities.
Price/Volume
18
6.0 M
16
5.0 M
14
12
4.0 M
10
06/2012
03/yy
15.95
6.79
78'781.00
12.215
-23.42%
79.97%
59.29%
31.6
386.39
123.00
0.0
0.0
1.60
571.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.0 M
2
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
552.0
1.23x
86.0
7.91x
20.2
25.55x
3.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2013)
52-Week Low (10.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PIKE US EQUITY YTD Change
PIKE US EQUITY YTD % CHANGE
30.06.2009
30.06.2010
613.5
504.1
0.81x
0.83x
96.6
31.4
5.18x
13.34x
31.6
(13.5)
12.29x
Profitability
LTM-4Q
30.06.2011
593.9
0.67x
48.3
8.20x
1.4
176.80x
30.06.2012
685.2
0.57x
63.7
6.15x
10.9
25.73x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
63.73
25.47
3.72%
2.75%
6.34%
13.33%
9.52%
1.54%
13.4%
12.0%
7.5%
1.6%
2.44
1.17
22.86%
44.42%
8.51
9.52
Price/ Cash Flow
03/yy
669.3
2.29x
65.7
6.20x
11.6
25.72x
LTM
03/yy
897.1
2.35x
107.6
6.39x
36.9
13.68x
FY+1
8.19
1.22
27.56
0.40
58.28%
27.91%
1.215
8
4.250
376'803
322'785
401'506
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
929.3
898.2
210.8
228.0
114.6
91.7
19.9
23.4
4.98x
6.23x
6.63x
6.36x
39.3
26.0
3.9
6.9
10.69x
15.40x
17.38x
15.66x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.72
4.09
1.72
1.78
44.4%
30.8%
1.54
5.16
42.87
38.36
12.93
75.19
25.00
800.0
700.0
20.00
600.0
500.0
15.00
400.0
10.00
300.0
200.0
5.00
0.00
03.07.2009
100.0
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Pike Electric Corp

Holdings By:
All
Holder Name
TAKUAN LLC
LINDSAY GOLDBERG & B
WELLS FARGO
BLACKROCK
INVESCO LTD
VANGUARD GROUP INC
PIKE J ERIC
FMR LLC
TEACHERS ADVISORS IN
MCKINLEY CAPITAL MAN
STATE STREET
TECHNICAL FINANCIAL
CITADEL ADVISORS LLC
VALIC CO I
Firm Name
Avondale Partners LLC
EVA Dimensions
FBR Capital Markets
Stifel
KeyBanc Capital Markets
Sidoti & Company LLC
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
TEACHERS ADVISORS IN
MCKINLEY CAPITAL MAN
n/a
TFS CAPITAL LLC
CITADEL ADVISORS LLC
Multiple Portfolios
Analyst
DANIEL J MANNES
CRAIG STERLING
LIAM D BURKE
ALEX J RYGIEL
NOELLE C DILTS
ADAM ROBERT THALHIMER
TAHIRA AFZAL
LEZE THAQI
RICHARD H WESOLOWSKI
Source
Form 4
Form 4
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
Form 4
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
MF-AGG
Recommendation
market perform
buy
neutral
outperform
buy
buy
hold
buy
buy
Amt Held
1'549'253
1'449'766
1'444'971
1'389'555
1'389'190
1'337'670
1'084'207
898'404
796'872
752'448
504'726
494'083
453'697
365'336
321'626
317'893
309'768
296'579
289'876
230'899
% Out
4.9
4.58
4.57
4.39
4.39
4.23
3.43
2.84
2.52
2.38
1.6
1.56
1.43
1.15
1.02
1
0.98
0.94
0.92
0.73
Weighting
Change
3
5
3
5
5
5
3
5
5
N
U
M
M
U
M
M
M
M
Latest Chg
(11'661'327)
166'504
(204'300)
234'020
26'484
(667'706)
(88'342)
(320'630)
423'637
(16'712)
343'550
186'871
39'783
(3'920)
195'052
231'470
(71'551)
Target Price
12
#N/A N/A
14
17
#N/A N/A
17
#N/A N/A
#N/A N/A
14
File Dt
Inst Type
02.02.2013
Other
21.05.2013
Private Equity
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
05.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
02.02.2013
n/a
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
21.06.2013
31.05.2013
20.05.2013
17.05.2013
17.05.2013
17.05.2013
07.05.2013
08.03.2013
26.06.2009
08.07.2013
Comverge Inc
Comverge Inc. provides environmentally responsible peak electric demand
reduction achieved through Demand Response solutions and technologies. The
Company implements both integrated and outsourced solution-based models for
direct and price responsive load management, remote meter reading, and
distributed generation monitoring.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COMV US EQUITY YTD Change
COMV US EQUITY YTD % CHANGE
12/2011
03/yy
0.00
27.5
26.25
0.0
0.0
23.64
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
55.2
11.08x
(2.0)
(6.6)
-
31.12.2008
31.12.2009
77.2
98.8
1.13x
2.47x
(12.3)
(8.9)
(94.1)
(31.7)
Profitability
LTM-4Q
31.12.2010
119.4
1.38x
(21.7)
(31.4)
-
31.12.2011
136.4
0.26x
(2.6)
(12.8)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
-2.56
-10.07
-7.38%
-9.35%
-5.64%
-15.64%
1.47%
40.6%
3.9%
-1.5%
-9.4%
1.47
0.85
24.90%
70.98%
14.90
8.76
Price/ Cash Flow
03/yy
124.6
5.03x
(20.6)
0.00x
(31.0)
0.00x
LTM
03/yy
150.4
1.33x
5.8
6.84x
(5.8)
0.00x
FY+1
24.10
0
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
06/12 Q2 09/12 Q3
198.5
33.6
51.9
16.0
(3.2)
2.4
(8.2)
2.8
(5.2)
0.1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.94
-4.77
-1.88
4.51
71.0%
41.5%
1.47
5.89
24.57
41.77
33.67
114.71
90.00
160.0
80.00
140.0
70.00
120.0
60.00
100.0
50.00
80.0
40.00
60.0
30.00
40.0
20.00
20.0
10.00
0.00
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
08.07.2013
Comverge Inc
Holdings By:
All
Holder Name
STEPHENS INVESTMENT
ENERTECH CAPITAL
PARTNERS FOR GROWTH
MAGNOTTI FRANK A
PICCHI MICHAEL D
MYSZKA EDWARD J
SCHAEFER MARK
CAMINO CHRISTOPHER
GUTIERREZ THOMAS
WILMINGTON FUNDS MAN
WATERWORTH JOHN
ALLARDING GREG
HUNT GEORGE
NAYLOR TERESA
MOFFITT STEVEN
ELLIS DAVID
SMITH MATTHEW H
BLOCK BENJAMIN I
VOS IV ARTHUR
Firm Name
Needham & Co
Pacific Crest Securities
Jefferies
Ardour Capital
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
SEAN K F HANNAN
BEN SCHUMAN
ELAINE S KWEI
WALTER V NASDEO
Source
13G
Form 4
13G
Form 4
Form 4
Form 4
Form 4
Form 4
Form 4
MF-AGG
Form 4
ULT-AGG
Form 4
Form 4
Form 4
Form 4
Form 4
Form 4
13D
Form 4
Recommendation
hold
sector perform
hold
hold
Amt Held
2'418'443
1'580'679
1'346'154
174'998
142'526
103'575
35'563
28'232
6'116
4'328
4'322
1'158
-
% Out
8.79
5.74
4.89
0.64
0.52
0.38
0.13
0.1
0.02
0.02
0.02
0
0
0
0
0
0
0
0
0
Weighting
Change
3
3
3
3
M
M
M
D
Latest Chg
339'597
(77'791)
4'132
(183)
(204)
3'232
(116)
4'328
(21)
(27'000)
(32'765)
(23'977)
(93'246)
(29'993)
(56'573)
(2'500)
(92'243)
Target Price
#N/A N/A
#N/A N/A
2
2
File Dt
Inst Type
14.09.2011
Venture Capital
24.02.2012
Other
12.11.2009
n/a
03.03.2011
n/a
12.11.2011
n/a
11.09.2009
n/a
03.03.2011
n/a
25.01.2010
n/a
31.05.2011
Investment Advisor
12.08.2011
n/a
31.01.2012
Investment Advisor
15.05.2012
n/a
15.05.2012
n/a
15.05.2012
n/a
15.05.2012
n/a
15.05.2012
n/a
15.05.2012
n/a
14.05.2012
n/a
15.05.2012
n/a
Date
Not Provided
Not Provided
12 month
12 month
Date
11.05.2012
26.04.2012
26.03.2012
16.03.2012
08.07.2013
Jinpan International Ltd

Jinpan International Limited (Jinpan) designs and manufactures cast resin
transformers for voltage distribution equipment. The Company markets its
products under the JST trademark.
Price/Volume
9
.3 M
.3 M
7
6
.2 M
12/2012
03/yy
8.09
4.32
12'955.00
4.942
-38.90%
14.48%
15.73%
16.4
81.03
49.97
0.0
0.0
29.65
104.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.1 M
.1 M
1
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
154.0
0.75x
24.3
4.74x
19.8
5.97x
.2 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.07.2012)
52-Week Low (23.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JST US EQUITY YTD Change
JST US EQUITY YTD % CHANGE
31.12.2009
31.12.2010
158.9
143.8
2.36x
1.29x
34.9
18.8
10.74x
9.89x
29.0
13.4
13.39x
13.00x
Profitability
LTM-4Q
31.12.2011
218.9
0.66x
30.3
4.80x
23.9
5.59x
31.12.2012
210.5
0.55x
20.1
5.71x
14.1
6.87x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
20.13
14.89
7.07%
7.76%
3.83%
5.95%
5.45%
0.69%
32.7%
8.4%
5.6%
6.7%
2.41
1.96
16.16%
25.91%
1.56
3.58
Price/ Cash Flow
03/yy
231.7
2.90x
32.1
5.12x
25.1
5.74x
LTM
03/yy
203.0
2.42x
17.1
6.44x
11.2
7.85x
FY+1
2.83
0.90
12.09
0.02
-37.41%
-13.35%
0.900
1
5.000
16'292
38'722
33'055
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
232.0
252.0
60.2
66.5
23.6
27.1
5.6
7.0
4.41x
3.84x
14.3
17.4
3.4
4.4
5.81x
4.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
11.40
6.42
1.38
2.92
25.9%
20.6%
0.69
3.39
234.00
101.95
73.82
255.00
120.00
250.0
100.00
200.0
80.00
150.0
60.00
100.0
40.00
50.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Jinpan International Ltd

Holdings By:
All
Holder Name
ZHIYUAN LI
FIRST WILSHIRE SECUR
YUQING JING
XIANGSHENG LING
FMR LLC
WEDBUSH SECURITIES I
TECHNICAL FINANCIAL
WELLS FARGO
TWO SIGMA ADVISERS L
ROYAL BANK OF CANADA
MORGAN STANLEY
HANSON & DOREMUS INV
DEUTSCHE BANK AG
TWO SIGMA INVESTMENT
BLACKROCK
PRESCOTT GROUP CAPIT
ZURCHER KANTONALBANK
Portfolio Name
n/a
FIRST WILSHIRE SECUR
n/a
n/a
n/a
WEDBUSH MORGAN SECUR
TFS CAPITAL LLC
n/a
TWO SIGMA ADVISERS L
n/a
n/a
HANSON & DOREMUS INV
n/a
TWO SIGMA INVESTMENT
n/a
PRESCOTT GROUP CAPIT
ZURCHER KANTONALBANK
Firm Name
Roth Capital Partners
Analyst
JOE BESS
Source
13G
13F
13G
20F
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
buy
Amt Held
2'584'527
1'397'701
1'106'694
612'992
382'640
103'673
81'147
78'852
61'589
35'000
31'700
27'075
26'000
24'401
23'175
21'565
19'891
14'023
11'669
8'364
% Out
15.76
8.52
6.75
3.74
2.33
0.63
0.49
0.48
0.38
0.21
0.19
0.17
0.16
0.15
0.14
0.13
0.12
0.09
0.07
0.05
Weighting
Change
5
Latest Chg
(10'100)
37'404
38'982
14'188
27'438
4'700
1'164
(165)
(4'789)
(10'609)
13'099
(23'936)
Target Price
File Dt
31.12.2011
31.03.2013
31.12.2011
20.04.2011
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
7
12 month
Inst Type
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
15.05.2013

Fundamental Analysis &amp; Analyst Recommendations - QMS Smart Power FlexIndex

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Fundamental Analysis &amp; Analyst Recommendations - QMS Smart Power FlexIndex

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This material does not constitute investment advice and should not be

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

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

CISCO SYSTEMS INC

QUANTA SERVICES INC

SMA SOLAR TECHNOLOGY AG

ITC HOLDINGS CORP

GENERAL CABLE CORP

AMERICAN SUPERCONDUCTOR CORP

WASION GROUP HOLDINGS LTD

PIKE ELECTRIC CORP

JINPAN INTERNATIONAL LTD

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

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

CISCO SYSTEMS INC

QUANTA SERVICES INC

SMA SOLAR TECHNOLOGY AG

ITC HOLDINGS CORP

GENERAL CABLE CORP

AMERICAN SUPERCONDUCTOR CORP

PIKE ELECTRIC CORP

JINPAN INTERNATIONAL LTD

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

Cisco Systems Inc

Price/ Cash Flow

Long-Term Rating Date

Fiscal Year Ended

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

Cisco Systems Inc

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

Quanta Services Inc

Latest Fiscal Year:

Fiscal Year Ended

Price/ Cash Flow

Long-Term Rating Date

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

Quanta Services Inc

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

SMA Solar Technology AG

Latest Fiscal Year:

Fundamental Analysis & Analyst Recommendations - QMS Smart Power FlexIndex

Fundamental Analysis & Analyst Recommendations - QMS Smart Power FlexIndex