This document provides financial analysis and metrics for top companies in the Swiss Performance Index (SPI), including metrics like market capitalization, revenue, earnings per share, price-earnings ratio, credit ratings, and analyst recommendations. Key companies analyzed include Nestle, Novartis, Roche, UBS, ABB, and Zurich Insurance. Financial data is provided for years like 2013 and 2014 to analyze growth trends.

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
SPI Index - The Swiss Performance Index
Top 100 Companies
April 2013
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 14291609 1924.708 1113 1113 205 220 220 101.44 110.69 110.69 15.31 15.31 14.03 14.03 18.82
Euro Stoxx 50 Pr EUR 2523313 5400.899 4693 4693 754 782 782 232.46 311.38 311.38 18.94 16.50 14.14 14.14 20.10
NIKKEI 225 JPY 2488565 181.8844 190 190 18 21 21 5.02 6.65 6.65 0.27 0.27 0.20 0.20 0.11
FTSE 100 INDEX GBP 2654439 11577.88 9617 9617 1462 1668 1668 537.24 832.74 832.74 27.37 22.69 17.66 17.66 22.74
SWISS MARKET INDEX CHF 1031265 10988.61 4155 4155 876 846 846 411.25 558.08 558.08 21.39 18.28 15.76 15.76 22.93
S&P/TSX COMPOSITE INDEX CAD 1631195 16825.11 7918 7918 1846 2086 2086 799.64 888.01 888.01 14.90 14.90 13.42 13.42 24.28
S&P/ASX 200 INDEX AUD 1381075 6618.416 2857 2857 601 701 701 250.89 341.32 341.32 21.11 17.15 15.51 15.51 22.16
HANG SENG INDEX HKD 1647917 3137.031 1694 1694 372 404 404 270.66 268.15 268.15 1.33 1.43 1.34 1.34 2.97
MSCI EM USD 7561015 1393.83 1030 1030 194 196 196 84.37 95.69 95.69 11.95 13.29 10.54 10.54 19.64
NESTLE SA-REG CHF 233891 2016 3189 30 0 2 10 255.08 98763 98763 104452 110711 18065 18065 - - 3.56 3.56 3.87 4.20 21.78 21.77 20.04 18.48 10.92 -2.98 10.41 -1.56 19.57 AA 16.08.2007 - -
NOVARTIS AG-REG CHF 195988 923 2421 21 0 0 9 223.70 60626 60626 61070 63542 17880 17613 - - 4.28 4.19 5.54 6.11 19.90 20.06 15.06 13.67 -3.46 9.42 -6.63 11.29 31.08 AA- 07.04.2008 Aa3 08.02.2013
ROCHE HOLDING AG-GENUSSCHEIN CHF 207986 546 863 26 0 2 15 221.71 48672 48672 50986 52929 20753 20753 - - 14.75 12.03 15.90 17.07 21.41 17.48 16.22 15.11 7.47 0.11 9.00 2.86 45.61 AA 17.09.2012 - -
UBS AG-REG CHF 61479 3882 3747 286 0 5 71 281.17 40387 40392 28419 29606 16612 16613 - - 0.56 -0.72 0.93 1.27 - 31.37 18.44 13.51 -8.18 -10.78 -11.85 -33.52 44.00 A 29.11.2011 A2 21.06.2012
ABB LTD-REG CHF 52644 1747 2296 11 0 1 9 59.00 42080 42080 44482 46874 5663 5798 1494 1494 1.28 1.25 1.62 1.85 20.94 19.94 16.14 14.20 3.79 5.54 -7.41 2.66 14.74 A 08.06.2010 - -
CIE FINANCIERE RICHEMON-BR A CHF 45424 741 522 1 0 0 4 34.00 9485 10440 10886 11805 2518 2868 - - 2.95 3.75 3.60 4.18 18.53 18.85 19.31 16.61 30.66 17.60 43.91 18.30 29.39 - - - -
ZURICH INSURANCE GROUP AG CHF 39677 173 147 13 0 3 10 48.94 75359 75359 65695 67995 - - - - 28.33 28.31 30.71 32.39 10.89 10.90 10.04 9.52 35.27 12.64 - - - - - - -
SYNGENTA AG-REG CHF 38773 88 92 4 #VALUE! 0 2 43.66 15193 15193 16393 17363 3368 3368 1121 1121 24.35 21.85 26.63 29.22 21.96 19.71 18.02 16.42 7.53 11.85 9.59 10.96 23.71 A 15.06.2007 - -
CREDIT SUISSE GROUP AG-REG CHF 43151 1593 1294 354 0 7 68 #VALUE! 40985 40985 28408 29422 - - - - 2.42 0.90 2.83 3.30 33.37 11.79 10.60 9.10 -10.97 32.31 - - - A 19.12.2008 (P)A2 21.06.2012
SWISS RE AG CHF 31467 760 343 21 1 0 12 44.80 35426 35426 34618 37276 - - - - 11.83 12.94 8.71 9.08 7.56 8.09 11.23 10.77 20.47 0.91 - - - - - - -
TRANSOCEAN LTD CHF 18469 76 #VALUE! 13 0 0 5 27.72 9837 10347 10602 11641 2959 3001 940 940 - - 4.97 6.31 - - 11.90 9.38 15.58 6.03 88.33 -4.12 31.02 - - - -
SWATCH GROUP AG/THE-BR CHF 30229 52 54 0 0 0 2 28.29 8340 8340 9515 10477 2402 2402 - - 31.69 31.71 35.53 39.69 19.49 19.50 17.39 15.57 16.32 7.08 23.33 9.98 30.81 - - - -
HOLCIM LTD-REG CHF 25525 433 325 14 0 3 3 39.70 23 K 23 K 24 K 26 K 4262 4262 924 924 2.05 2.03 4.88 6.50 41.07 40.64 17.12 12.85 4.13 -4.69 0.70 -11.21 19.78 BBB 22.01.2009 Baa2 09.04.2009
SGS SA-REG CHF 19590 2 8 1 0 0 1 20.01 5967 5967 6627 7235 1202 1202 - - 77.57 78.06 101.42 117.66 34.32 34.54 26.42 22.77 17.42 5.82 11.49 4.71 21.56 - - - -
SWISSCOM AG-REG CHF 23446 43 52 9 0 0 1 32.25 12178 12178 12099 12122 4393 4393 - - 36.09 36.20 34.32 34.69 13.38 13.38 14.11 13.96 -0.77 -0.33 -4.80 -0.21 38.59 A 30.06.2009 A2 27.06.2007
WEATHERFORD INTL LTD CHF 9740 7 #VALUE! 9 0 0 0 19.44 16276 16285 17608 19177 2616 2762 736 736 - - 0.96 1.44 - - 15.29 10.20 18.34 14.76 0.09 1.98 18.14 - - - -
GEBERIT AG-REG CHF 9311 34 38 0 0 0 0 8.87 2053 2053 2436 2557 580 580 625 625 11.00 10.99 12.16 13.12 23.35 23.35 21.10 19.56 2.98 0.37 2.09 -3.22 30.23 A- 25.05.2010 - -
GIVAUDAN-REG CHF 11330 8 9 2 0 0 0 12.50 4554 4554 4764 4985 932 931 - - 47.98 48.30 62.05 68.09 27.18 27.36 21.15 19.28 9.34 0.28 16.44 -0.10 21.86 - - - -
JULIUS BAER GROUP LTD CHF 8739 126 214 9 0 0 17 #VALUE! 2170 2170 2286 2731 - - - - 2.28 1.59 2.24 2.93 26.22 27.13 18.64 14.23 -1.21 - - - - - - - -
ADECCO SA-REG CHF 10305 293 185 2 0 0 1 9.50 21968 21968 21736 23338 886 886 - - 2.14 2.13 3.16 3.85 22.45 22.45 15.10 12.42 -0.05 0.13 -12.65 -7.15 4.31 BBB 12.10.2011 Baa3 20.10.2009
SCHINDLER HOLDING-PART CERT CHF 17152 42 116 1 0 0 3 15.18 8834 8834 9383 9926 1181 1186 - - 6.45 6.48 7.07 7.69 24.13 24.25 22.14 20.36 5.50 3.75 19.61 3.08 14.37 - - - -
KUEHNE & NAGEL INTL AG-REG CHF 13671 94 120 0 0 0 1 12.62 18314 18314 19073 20246 947 947 243 243 4.56 4.34 5.60 6.31 28.06 28.06 21.77 19.32 5.95 -0.68 -11.73 -3.26 5.53 - - - -
ACTELION LTD-REG CHF 7133 268 113 0 0 0 1 6.18 1842 1842 1820 1883 538 538 116 116 2.75 2.79 3.51 3.99 21.56 20.13 17.16 15.08 0.57 3.46 16.63 4.63 31.27 - - - -
SONOVA HOLDING AG-REG CHF 8002 43 67 0 0 0 0 8.05 1733 1850 1957 2118 392 446 - - 3.97 4.71 5.31 6.04 27.23 27.29 24.12 21.21 0.21 9.02 -2.17 3.94 25.79 - - - -
ARYZTA AG CHF 5505 46 88 2 0 0 1 5.74 4501 4669 4784 5099 578 589 - - 1.60 1.55 3.91 4.36 33.90 33.95 13.45 12.06 9.13 - 12.12 23.18 13.50 - - - -
SWATCH GROUP AG/THE-REG CHF 30229 31 54 0 0 0 2 28.29 8340 8340 9553 10355 2402 2402 2733 2733 31.69 31.71 7.17 7.88 3.38 3.38 14.94 13.58 16.32 7.68 23.33 9.98 30.81 - - - -
SIKA AG-BR CHF 6056 2 3 1 0 0 1 6.18 5166 5166 5437 5836 609 609 - - 140.42 147.91 141.06 159.74 17.04 17.04 17.87 15.78 6.40 1.34 20.50 -2.42 12.60 A- 02.05.2000 - -
SWISS PRIME SITE-REG CHF 4953 45 60 4 0 0 0 9.15 617 617 550 563 363 363 - - 2.91 6.13 3.75 3.84 14.41 28.75 23.53 22.96 0.95 29.12 -4.69 18.97 62.99 - - - -
LINDT & SPRUENGLI AG-REG CHF 9755 0 0 0 0 0 1 9.17 2856 2856 3076 3294 489 501 547 547 1269.68 1266.12 1454.50 1608.72 38.63 38.53 33.63 30.41 7.78 -1.26 9.00 0.62 18.77 - - - -
BALOISE HOLDING AG - REG CHF 4881 129 47 2 0 0 3 3.96 9984 9984 8775 8926 - - - - 9.71 9.97 10.16 10.63 10.47 10.75 10.28 9.83 22.84 4.29 - - - - - - -
PARTNERS GROUP HOLDING AG CHF 6764 18 25 0 0 0 0 6.51 604 604 561 658 316 316 163 163 10.61 10.86 12.63 14.76 24.96 25.54 21.45 18.37 27.50 18.98 26.88 1.89 56.04 - - - -
CLARIANT AG-REG CHF 4296 1383 296 4 0 0 2 6.32 6459 7868 6663 6949 826 876 211 211 1.02 0.78 1.15 1.37 19.90 14.93 13.55 11.35 -19.33 -5.87 -12.48 -0.08 11.91 BBB- 14.03.2011 Ba1 03.03.2009
SWISS LIFE HOLDING AG-REG CHF 4873 70 32 3 0 0 7 0.94 20407 20407 19134 19547 - - - - 18.95 3.08 19.75 21.42 52.68 8.58 8.23 7.59 11.04 6.38 - - - BBB 03.05.2012 - -
SULZER AG-REG CHF 5927 40 34 1 0 0 1 6.04 4302 4302 4561 4847 591 591 645 645 9.61 9.66 10.79 12.46 19.16 19.26 17.15 14.85 13.27 2.98 15.59 2.71 14.68 - - - -
LINDT & SPRUENGLI AG-PC CHF 9755 1 0 0 0 0 1 9.17 2856 2856 3068 3289 489 501 144 144 1269.68 1266.12 140.25 154.50 3.31 3.30 29.88 27.12 7.78 -1.26 9.00 0.62 18.77 - - - -
PSP SWISS PROPERTY AG-REG CHF 4095 70 46 2 0 0 0 5.99 303 302 302 305 188 235 58 58 3.77 8.78 3.80 3.81 10.88 25.35 25.13 25.07 -0.34 - -25.86 6.15 83.30 - - - -
SCHINDLER HOLDING AG-REG CHF 17152 11 116 1 0 0 3 15.18 8834 8834 9383 9926 1181 1186 - - 6.45 6.48 7.07 7.69 23.78 23.90 21.82 20.06 5.50 3.75 19.61 3.08 14.37 - - - -
GAM HOLDING AG CHF 3276 168 165 0 0 0 1 #VALUE! 1069 1068 694 752 - - - - 0.55 0.55 1.26 1.45 35.03 35.03 15.20 13.15 24.62 - - - - - - - -
LONZA GROUP AG-REG CHF 3317 142 53 3 0 0 0 5.87 4199 4199 4235 4423 574 641 - - 3.74 3.77 4.98 5.90 17.81 17.91 13.47 11.37 49.00 6.78 - 0.61 18.50 - - - -
GALENICA AG-REG CHF 4169 24 6 1 0 0 0 4.93 3860 3860 3818 3961 461 461 - - 42.56 41.90 42.61 43.96 16.37 16.44 16.10 15.61 3.92 7.84 8.39 18.85 12.79 - - - -
DUFRY AG-REG CHF 3812 75 29 1 0 0 0 4.97 3374 3374 3940 4433 475 475 110 110 4.72 4.86 8.68 11.37 28.30 28.61 15.83 12.09 20.92 - 30.98 13.49 15.06 BB+ 15.10.2012 - -
HELVETIA HOLDING AG-REG CHF 3559 5 9 0 0 0 2 2.44 8523 8523 8210 8829 - - - - 40.78 40.77 43.09 44.89 10.79 10.79 10.21 9.80 6.72 5.58 - - - - - - -
EMS-CHEMIE HOLDING AG-REG CHF 6837 10 23 0 0 0 0 6.56 1877 1877 1985 2103 371 - 218 218 12.49 12.49 12.61 13.49 25.04 25.04 24.79 23.18 6.28 2.69 - 2.92 - - - - -
DKSH HOLDING LTD CHF 5866 25 63 0 0 0 0 5.84 9450 9450 10729 11830 343 343 188 188 3.04 3.40 3.57 4.04 29.05 32.54 27.69 24.46 21.78 - 18.10 - 3.88 - - - -
BARRY CALLEBAUT AG-REG CHF 4906 4 5 1 0 0 0 5.97 5166 5075 5313 6337 472 - - - 49.59 48.61 52.84 59.26 20.88 20.97 19.21 17.13 8.87 -1.53 -3.96 0.32 - BB+ 28.03.2013 - -
OC OERLIKON CORP AG-REG CHF 3801 871 325 0 0 0 1 3.47 3109 3109 3099 3210 612 612 - - 0.72 0.73 0.80 0.88 17.15 17.40 15.63 14.19 6.85 -12.21 17.14 -4.32 21.06 - - - -
PARGESA HOLDING SA-BR CHF 5860 18 85 5 0 10 2 17.27 5450 5231 5308 5508 979 1505 - - 5.28 1.84 5.09 6.05 40.12 40.35 14.50 12.20 8.27 -1.03 - -6.01 30.78 - - - -
FLUGHAFEN ZUERICH AG-REG CHF 2900 11 6 1 0 0 0 3.95 1015 1015 1034 1060 419 419 558 558 16.59 16.68 26.65 34.33 30.29 30.31 18.96 14.72 5.13 2.96 -20.59 -1.04 44.12 A 20.04.2012 - -
FISCHER (GEORG)-REG CHF 1721 7 4 1 0 0 0 2.09 3853 3853 3830 3963 384 384 387 387 39.80 31.77 39.79 43.63 14.13 11.43 11.28 10.29 2.77 -3.82 -4.02 -6.04 10.66 - - - -
BANQUE CANTONALE VAUDOIS-REG CHF 5119 9 9 9 0 0 7 #VALUE! 1413 1413 1098 1108 - - - - 37.95 38.66 38.17 38.81 16.46 16.77 16.67 16.40 -2.41 -4.79 - - - AA 05.12.2011 - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 14291609 1924.708 1113 1113 205 220 220 101.44 110.69 110.69 15.31 15.31 14.03 14.03 18.82
Euro Stoxx 50 Pr EUR 2523313 5400.899 4693 4693 754 782 782 232.46 311.38 311.38 18.94 16.50 14.14 14.14 20.10
NIKKEI 225 JPY 2488565 181.8844 190 190 18 21 21 5.02 6.65 6.65 0.27 0.27 0.20 0.20 0.11
FTSE 100 INDEX GBP 2654439 11577.88 9617 9617 1462 1668 1668 537.24 832.74 832.74 27.37 22.69 17.66 17.66 22.74
SWISS MARKET INDEX CHF 1031265 10988.61 4155 4155 876 846 846 411.25 558.08 558.08 21.39 18.28 15.76 15.76 22.93
S&P/TSX COMPOSITE INDEX CAD 1631195 16825.11 7918 7918 1846 2086 2086 799.64 888.01 888.01 14.90 14.90 13.42 13.42 24.28
S&P/ASX 200 INDEX AUD 1381075 6618.416 2857 2857 601 701 701 250.89 341.32 341.32 21.11 17.15 15.51 15.51 22.16
HANG SENG INDEX HKD 1647917 3137.031 1694 1694 372 404 404 270.66 268.15 268.15 1.33 1.43 1.34 1.34 2.97
MSCI EM USD 7561015 1393.83 1030 1030 194 196 196 84.37 95.69 95.69 11.95 13.29 10.54 10.54 19.64
BUCHER INDUSTRIES AG-REG CHF 2367 6 10 1 0 0 1 2.43 2791 2791 2870 2963 326 326 - - 16.39 16.41 17.35 18.83 15.06 15.07 14.24 13.12 12.50 1.39 18.47 1.49 12.51 - - - -
TEMENOS GROUP AG-REG CHF 1622 80 69 0 0 0 0 1.94 482 482 506 542 95 71 22 22 0.95 0.58 1.20 1.38 44.77 45.02 21.68 18.75 -5.26 2.42 - 16.58 15.95 - - - -
KABA HOLDING AG-REG B CHF 1523 3 4 0 0 0 0 1.51 1014 1015 1029 1055 164 161 84 84 23.70 23.86 24.77 26.34 17.91 17.91 17.24 16.22 0.26 -7.16 27.03 -3.57 16.94 - - - -
ALLREAL HOLDING AG-REG CHF 2266 8 16 2 0 0 0 3.91 929 929 300 316 184 184 212 212 6.96 6.90 7.63 8.52 22.04 21.86 19.93 17.84 4.73 83.00 -6.03 6.77 21.22 - - - -
VALIANT HOLDING AG-REG CHF 1441 8 16 7 0 0 2 #VALUE! 673 673 399 413 - - - - 6.29 8.59 6.30 7.09 11.36 15.51 15.49 13.76 -9.88 -2.08 - - - - - - -
MOBIMO HOLDING AG-REG CHF 1370 12 6 1 0 0 0 2.41 270 270 134 139 90 90 103 103 7.82 13.19 9.35 9.33 17.89 30.16 25.22 25.30 10.40 5.99 3.40 6.98 35.49 - - - -
AMS AG CHF 1632 44 14 0 0 0 0 1.33 415 415 477 532 126 126 30 30 6.48 6.81 8.00 9.29 14.51 15.22 12.35 10.64 43.43 14.21 73.47 20.28 32.53 - - - -
LUZERNER KANTONALBANK AG-REG CHF 3283 1 9 6 0 0 3 #VALUE! 733 733 457 467 - - - - 20.80 21.17 23.37 24.05 19.51 19.81 17.67 17.18 -5.05 -4.40 - - - AA+ 12.09.2008 - -
NOBEL BIOCARE HOLDING AG-REG CHF 1246 163 123 0 0 0 0 0.96 621 621 608 629 108 108 26 26 0.40 0.40 0.42 0.48 22.32 22.32 20.96 18.56 2.12 -3.44 -3.95 -17.27 18.56 - - - -
PANALPINA WELTTRANSPORT -REG CHF 2299 7 24 0 0 0 0 1.89 7078 7078 7720 8113 39 39 22 22 -2.55 -3.19 2.98 4.37 - - 34.79 23.72 1.93 -5.73 -88.53 -39.66 0.59 - - - -
BERNER KANTONALBANK AG-REG CHF 2562 1 9 2 0 0 3 #VALUE! 710 710 #VALUE! #VALUE! - - - - 17.75 14.70 #VALUE! #VALUE! 20.01 16.57 #VALUE! #VALUE! -4.10 -1.39 - - - - - - -
KUONI REISEN HLDG-REG(CAT B) CHF 1271 2 4 0 0 0 0 1.17 6253 6253 6171 6401 183 183 - - -4.14 -3.81 25.68 33.75 - - 13.25 10.08 15.37 5.50 2.69 -2.83 3.13 - - - -
BURCKHARDT COMPRESSION HOLDI CHF 1329 3 3 0 0 0 0 1.21 0K 0K 0K 0K 85 94 52 52 16.28 18.61 17.75 20.46 22.47 22.47 23.56 20.44 -8.04 -1.87 11.25 6.14 27.29 - - - -
ST GALLER KANTONALBANK A-REG CHF 2421 0 6 6 0 0 3 #VALUE! 761 761 536 546 - - - - 27.81 29.18 32.29 32.76 15.92 16.70 14.39 14.18 1.31 -4.58 - - - - - Aa1 02.12.2003
BELIMO HOLDING AG-REG CHF 1430 0 1 0 0 0 0 1.34 476 476 514 555 98 98 110 110 107.77 107.77 122.05 133.99 23.07 23.07 20.38 18.56 7.37 4.59 13.22 6.11 22.11 - - - -
TECAN GROUP AG-REG CHF 1058 6 11 0 0 0 0 0.91 418 418 442 485 67 67 75 75 4.11 4.17 4.78 5.66 23.70 24.07 20.69 17.48 4.01 -0.77 3.89 -2.81 17.11 - - - -
LOGITECH INTERNATIONAL-REG CHF 1202 332 164 0 0 0 1 0.95 2478 2314 2270 2174 155 125 23 23 0.44 -1.12 0.31 0.49 - - 25.62 16.22 -2.11 -3.08 -36.29 -12.64 5.77 - - - -
STRAUMANN HOLDING AG-REG CHF 1994 13 15 0 0 0 0 1.84 734 734 735 763 102 102 - - 2.52 2.52 7.12 8.34 53.90 53.94 19.12 16.31 -1.13 -2.28 -19.41 -18.20 14.90 - - - -
GRAUBUENDNER KANTONALBANK-PC CHF 3380 0 3 3 0 0 2 #VALUE! 419 419 414 427 - - - - 68.89 59.63 82.42 87.08 22.05 19.09 15.95 15.10 -24.74 -11.72 - - - AA+ 17.12.2010 - -
FORBO HOLDING AG-REG CHF 1475 2 2 0 0 0 0 1.20 1285 1285 1283 1305 220 - 174 174 95.25 58.78 48.90 54.73 11.93 11.94 14.35 12.82 -0.24 0.57 4.77 -2.96 - - - - -
ZUGER KANTONALBANK-BR CHF 1551 0 0 3 0 0 1 #VALUE! 349 349 #VALUE! #VALUE! - - - - 227.24 227.25 #VALUE! #VALUE! 25.33 25.33 #VALUE! #VALUE! -3.59 -3.45 - - - - - - -
VONTOBEL HOLDING AG-REG CHF 2176 5 63 10 0 0 5 7.19 968 968 888 963 238 238 - - 2.16 2.19 2.45 2.83 16.33 16.58 14.65 12.68 1.71 -1.65 4.20 -12.38 26.28 A 30.03.2009 - -
DAETWYLER HOLDING AG-BR CHF 1950 9 16 0 0 0 0 2.01 1513 1513 1506 1606 217 217 231 231 8.80 8.80 8.45 9.58 13.93 13.93 14.52 12.80 10.25 6.20 22.12 1.54 15.36 - - - -
VALORA HOLDING AG-REG CHF 717 7 3 1 0 0 0 1.11 3047 3047 3139 3180 130 130 153 153 16.69 16.69 18.20 20.53 13.37 13.37 12.26 10.87 1.14 0.27 2.31 3.93 4.55 - - - -
HUBER & SUHNER AG-REG CHF 1006 2 20 0 0 0 0 0.92 747 747 814 879 82 33 96 96 1.20 1.20 2.42 2.88 44.46 44.46 21.99 18.49 -8.52 1.94 - -6.67 5.01 - - - -
INFICON HOLDING AG-REG CHF 693 2 2 0 0 0 0 0.65 318 318 332 346 61 - - - 19.11 19.27 19.09 20.17 18.56 18.71 18.73 17.73 -5.10 3.48 -5.44 8.28 - - - - -
BASELLANDS KANTONALBANK-CERT CHF 2519 0 2 4 0 0 1 #VALUE! 607 607 #VALUE! #VALUE! - - - - 79.15 55.15 #VALUE! #VALUE! 22.52 15.69 #VALUE! #VALUE! -3.08 -4.51 - - - AAA 21.11.2001 - -
IMPLENIA AG-REG CHF 964 5 18 0 0 0 1 0.67 2884 2884 3020 3102 150 150 166 166 4.03 4.03 4.53 4.70 13.85 13.85 12.32 11.88 7.34 3.55 4.11 12.23 5.58 - - - -
EMMI AG-REG CHF 1632 2 5 1 0 0 0 2.27 3189 3189 3439 3508 267 268 289 289 21.22 21.25 20.65 22.06 15.36 15.38 15.80 14.80 10.22 5.30 12.09 12.08 8.97 - - - -
BASLER KANTONALBK - PC CHF 3098 6 30 9 0 0 6 #VALUE! 1029 1029 #VALUE! 714 - - - - 7.71 8.54 #VALUE! 8.74 12.40 13.72 #VALUE! 12.11 2.99 -3.62 - - - AA+ 18.10.2001 - -
EFG INTERNATIONAL AG CHF 1820 18 147 2 0 0 5 #VALUE! 1254 1254 863 946 - - - - 0.80 0.81 1.04 1.24 16.33 16.68 12.73 10.72 9.33 -12.65 - - - - - - -
BASILEA PHARMACEUTICA-REG CHF 573 20 10 0 0 0 0 0.21 62 62 46 67 -50 - -47 -47 -5.92 -5.92 -4.43 -3.18 - - #VALUE! #VALUE! -14.14 90.46 14.10 - - - - - -
RIETER HOLDING AG-REG CHF 767 8 5 0 0 0 0 0.67 950 950 990 1121 71 71 88 88 2.75 6.85 6.39 12.85 25.66 63.83 27.51 13.67 -11.99 -25.86 -58.20 -33.77 8.04 - - - -
BKW AG CHF 1765 6 47 1 0 0 1 2.34 3059 3059 2815 2918 152 198 493 493 4.44 2.74 3.68 4.09 13.07 8.06 9.72 8.74 15.26 3.04 - -26.88 7.83 - - - -
SCHWEIZERISCHE NATL-V AG-REG CHF 1052 3 22 0 0 0 1 0.38 1698 1698 1742 1807 - - - - 5.01 5.01 5.01 5.32 10.19 10.19 10.18 9.60 0.56 -3.56 - - - NR 23.05.2006 - -
GATEGROUP HOLDING AG CHF 529 30 26 0 0 0 0 0.81 3201 3201 3310 3423 70 70 - - -2.39 -2.41 1.88 2.50 - - 11.32 8.49 12.11 - -64.86 - 2.35 BB 28.02.2012 - -
SCHWEITER TECHNOLOGIES AG-BR CHF 887 0 1 0 0 0 0 0.48 720 720 750 789 86 86 85 85 29.06 30.42 30.59 38.72 21.61 22.61 21.49 16.98 -3.76 74.74 -4.40 33.03 12.77 - - - -
METALL ZUG AG-SHS B-REG CHF 1052 0 0 0 0 0 1 0.85 916 916 883 883 154 - 113 113 146.33 146.33 142.33 165.04 17.60 17.60 18.09 15.60 1.77 8.57 - 3.82 - - - - -
ZEHNDER GROUP AG-BR CHF 535 13 12 0 0 0 0 0.42 560 560 571 599 61 61 64 64 2.47 2.47 2.70 3.12 16.20 16.20 14.82 12.83 1.74 - -18.94 0.19 11.58 - - - -
LIECHTENSTEIN LANDESBANK-BR CHF 1264 15 28 2 0 0 8 #VALUE! 594 609 410 394 - - - - 3.55 3.55 3.33 3.68 12.37 12.37 13.19 11.93 - -8.10 - - - - - - -
AFG ARBONIA-FORSTER HOLD-REG CHF 533 15 18 0 0 0 0 0.67 1300 1300 1435 1476 117 117 128 128 -3.04 -3.04 2.15 2.80 - - 14.56 11.18 -4.19 -4.62 8.86 -6.94 9.65 - - - -
LEM HOLDING SA-REG CHF 734 0 1 0 0 0 0 0.73 253 251 268 266 45 - - - 26.86 32.01 34.90 33.09 21.52 21.52 19.74 20.82 -21.62 10.92 -34.08 7.96 - - - - -
VZ HOLDING AG CHF 1108 0 8 0 0 0 0 0.89 164 164 188 214 75 75 90 90 7.37 7.40 8.65 9.94 20.02 20.11 17.14 14.91 7.28 11.32 6.31 12.27 48.96 - - - -
KUDELSKI SA-BR CHF 668 15 54 0 0 0 0 0.85 903 903 937 964 106 106 - - 0.32 0.32 1.02 1.14 41.17 41.17 13.08 11.75 -3.65 -1.35 11.98 -7.51 12.61 - - - -
VETROPACK HOLDING AG-BR CHF 807 0 0 0 0 0 0 0.76 647 647 656 678 124 - 143 143 - - 157.80 171.16 - - 13.35 12.31 2.72 -0.95 -10.16 -10.01 - - - - -
BOSSARD HOLDING AG-BR CHF 623 2 3 0 0 0 0 0.84 504 504 619 652 62 62 81 81 14.17 14.17 15.40 15.52 11.76 11.76 10.82 10.74 3.14 -2.71 -3.59 -0.41 13.19 - - - -
ZUG ESTATES HOLDING AG-B SHR CHF 654 0 #VALUE! 0 0 0 0 0.82 48 48 80 96 24 24 - - - - 39.75 50.15 - - 35.61 28.23 - - - - 53.08 - - - -
INTERSHOP HOLDINGS-BR CHF 714 3 2 1 0 0 0 1.26 96 96 91 98 74 74 75 75 25.88 28.59 22.20 24.31 12.72 14.05 16.38 14.96 -0.40 5.10 4.68 3.12 83.27 - - - -
MEYER BURGER TECHNOLOGY AG CHF 395 200 48 0 0 0 0 0.41 690 690 592 748 -35 -35 - - -2.49 -2.49 -1.36 -0.48 - - #VALUE! #VALUE! -54.49 41.14 - - -5.43 - - - -
INTERNATIONAL MINERALS CORP CHF 394 2 #VALUE! 0 0 0 0 0.34 0 0 #VALUE! 0 -8 -10 - - - - 0.19 0.21 - - 20.61 18.50 - - -33.94 - - - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.16 2.16 1.98 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.94 9.94 9.65 9.45 9.94 8.76 8.76 8.10 7.59 8.76 14.03 14.03 12.57 11.40 14.03 2.22 2.22 2.38 2.58 2.22 1688.6 8.7%
Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.72 0.72 0.70 0.68 0.72 5.24 5.24 4.89 4.66 5.24 6.91 6.91 6.54 6.22 6.91 10.87 10.87 9.75 8.93 10.87 4.42 4.42 4.75 5.08 4.42 2901.3 11.5%
NIKKEI 225 1.51 1.51 1.41 1.37 1.51 0.70 0.70 0.69 0.69 0.70 8.73 8.73 8.13 8.05 8.73 8.52 8.52 7.94 7.82 8.52 20.11 20.11 15.85 14.22 20.11 1.56 1.56 1.79 1.92 1.56 12101.0 -8.3%
FTSE 100 INDEX 1.65 1.65 1.54 1.33 1.65 1.00 1.00 0.96 0.97 1.00 8.10 8.10 7.38 5.27 8.10 6.94 6.94 6.51 6.25 6.94 11.53 11.53 10.48 9.63 11.53 3.98 3.98 4.28 4.71 3.98 6849.6 9.2%
SWISS MARKET INDEX 2.36 2.36 2.19 2.02 2.36 1.98 1.98 1.88 1.80 1.98 12.05 12.05 11.06 9.84 12.05 12.99 12.99 12.01 11.27 12.99 14.73 14.73 13.19 12.00 14.73 3.34 3.34 3.71 4.21 3.34 8060.0 4.9%
S&P/TSX COMPOSITE INDEX 1.64 1.64 1.52 1.42 1.64 1.53 1.53 1.44 1.39 1.53 8.17 8.17 7.34 6.81 8.17 8.07 8.07 7.17 6.80 8.07 13.65 13.65 12.07 11.06 13.65 3.22 3.22 3.37 3.58 3.22 14560.3 18.1%
S&P/ASX 200 INDEX 1.86 1.86 1.76 1.66 1.86 1.78 1.78 1.68 1.59 1.78 10.98 10.98 9.78 8.92 10.98 9.44 9.44 8.34 7.72 9.44 14.93 14.93 13.29 12.22 14.93 4.45 4.45 4.76 5.13 4.45 5156.3 5.1%
HANG SENG INDEX 1.29 1.29 1.19 1.09 1.29 1.65 1.65 1.53 1.41 1.65 6.92 6.92 6.41 6.05 6.92 7.77 7.77 7.10 6.53 7.77 10.43 10.43 9.59 8.60 10.43 3.69 3.69 3.97 4.49 3.69 24855.2 14.4%
MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.86 0.98 6.69 6.69 6.16 5.77 6.69 7.12 7.12 6.51 6.13 7.12 10.54 10.54 9.48 8.81 10.54 3.14 3.14 3.61 6.20 3.14 1180.3 17.1%
NESTLE SA-REG 3.56 3.38 3.15 2.89 2.77 2.38 2.24 2.11 2.00 1.90 16.31 15.12 13.93 12.38 12.03 13.69 12.83 11.98 11.23 10.46 19.90 18.73 17.28 16.08 14.96 3.06 3.24 3.46 3.68 4.05 68.72 1.4%
NOVARTIS AG-REG 2.51 2.43 2.30 2.20 1.95 3.50 3.46 3.32 3.20 3.11 12.23 11.95 11.27 10.14 9.68 12.28 12.49 11.67 10.88 10.61 13.92 14.08 12.78 11.65 11.16 3.35 3.41 3.63 3.84 4.20 67.90 0.3%
ROCHE HOLDING AG-GENUSSCHEIN 11.86 9.23 7.24 5.92 4.63 4.29 4.08 3.93 3.80 3.70 14.49 12.89 12.01 11.20 10.71 11.57 10.44 9.92 9.54 9.28 16.48 15.15 14.12 13.21 12.66 3.25 3.53 3.83 4.12 4.45 228.30 1.4%
UBS AG-REG 1.18 1.17 1.11 1.06 1.21 2.29 2.16 2.08 1.96 2.00 96.65 12.37 9.92 7.54 14.73 17.23 12.63 9.28 7.78 0.87 1.68 3.86 7.86 9.07 17.14 14.4%
ABB LTD-REG 3.16 2.86 2.56 2.31 1.35 1.28 1.21 1.14 1.05 14.01 11.71 10.69 9.67 9.66 10.29 8.79 7.93 7.36 7.45 17.52 15.09 13.27 12.20 10.91 3.10 3.34 3.55 3.77 4.10 23.30 9.6%
CIE FINANCIERE RICHEMON-BR A 4.10 3.30 2.81 2.44 2.03 7.33 3.42 5.73 2.89 2.61 21.19 16.60 13.94 12.73 13.20 14.42 11.37 10.38 9.43 8.62 25.21 18.05 15.53 14.00 12.58 0.78 1.02 1.20 1.36 1.50 86.31 16.7%
ZURICH INSURANCE GROUP AG 1.18 1.13 1.07 1.00 0.94 0.65 0.65 0.63 0.63 0.58 12.09 9.39 8.90 8.50 7.94 6.87 6.81 6.95 7.11 7.42 268.38 7.3%
SYNGENTA AG-REG 4.62 3.94 3.52 2.85 2.74 2.55 2.41 2.29 2.22 15.80 14.20 13.02 12.46 12.79 11.68 10.76 10.11 9.78 18.95 16.84 15.35 14.37 14.77 2.23 2.62 2.90 3.05 3.41 415.17 6.7%
CREDIT SUISSE GROUP AG-REG 0.96 0.95 0.90 0.84 0.70 1.65 1.52 1.47 1.44 1.35 16.38 6.89 7.26 6.63 10.62 9.91 8.50 7.68 7.04 2.72 3.51 4.21 5.28 4.84 28.19 7.6%
SWISS RE AG 0.91 0.90 0.87 0.84 0.76 0.97 0.98 0.91 0.86 0.85 8.38 10.50 10.07 9.78 9.27 4.44 5.09 5.13 5.34 4.77 75.62 -4.7%
TRANSOCEAN LTD 1.20 1.12 1.04 0.97 1.92 1.88 1.71 1.65 1.64 7.27 6.49 5.64 4.99 5.67 7.61 6.77 5.81 5.55 6.08 14.79 11.13 8.77 8.30 9.06 0.96 3.26 3.82 4.72 57.65 20.1%
SWATCH GROUP AG/THE-BR 3.20 2.82 2.46 2.14 3.65 3.18 2.89 2.63 2.49 20.34 15.65 13.78 12.54 12.36 10.36 9.26 8.26 8.21 19.63 16.26 14.56 13.05 12.80 1.26 1.45 1.65 1.86 2.00 596.10 10.4%
HOLCIM LTD-REG 1.36 1.31 1.20 1.11 1.02 1.10 1.06 0.99 0.92 0.87 7.75 6.81 5.81 5.23 5.14 8.87 7.80 6.67 6.05 5.63 21.30 16.00 12.01 9.97 9.15 1.48 1.92 2.56 3.27 2.91 78.00 6.9%
SGS SA-REG 8.54 7.91 6.96 5.93 3.31 2.96 2.71 2.50 2.46 19.98 16.93 14.68 13.38 14.68 16.07 13.64 11.88 10.80 11.00 28.54 24.69 21.28 19.00 18.72 2.70 2.62 2.94 3.18 4.22 2310.79 -1.3%
SWISSCOM AG-REG 4.39 4.66 4.21 3.94 3.48 1.94 1.94 1.93 1.93 1.95 6.20 6.15 5.78 5.75 7.99 6.92 7.01 6.95 6.97 7.00 12.61 13.19 13.05 13.05 14.07 5.20 5.21 5.38 5.54 5.47 422.47 -0.1%
WEATHERFORD INTL LTD 1.05 1.02 0.92 0.81 0.65 0.60 0.55 0.50 0.45 6.28 4.73 3.99 3.73 6.62 5.93 5.06 4.39 3.77 20.13 14.29 9.54 6.95 5.64 0.00 0.00 0.65 2.34 13.43 12.8%
GEBERIT AG-REG 6.14 5.46 5.02 4.75 3.98 3.82 3.64 3.51 3.51 17.26 16.30 15.21 14.41 13.68 15.27 14.18 13.22 12.55 11.79 21.68 19.72 18.28 17.23 16.49 2.93 3.25 3.46 3.57 2.73 221.40 -1.2%
GIVAUDAN-REG 2.88 2.84 2.79 2.72 2.51 2.38 2.27 2.17 2.18 15.08 13.20 12.46 11.65 13.54 12.31 11.53 10.90 10.72 21.05 19.77 18.02 17.00 15.19 2.25 3.49 3.87 4.26 3.05 1108.00 -3.4%
JULIUS BAER GROUP LTD 1.55 1.57 1.50 1.44 1.60 4.68 3.82 3.20 2.90 2.85 18.16 16.53 11.99 10.25 17.85 17.42 13.31 11.02 15.02 1.68 1.84 2.17 2.52 2.47 39.44 8.1%
ADECCO SA-REG 2.04 2.01 1.84 1.68 1.51 0.38 0.39 0.36 0.34 0.31 12.35 11.99 10.68 9.22 8.19 9.94 9.18 7.75 6.83 5.81 14.98 14.12 11.61 10.02 8.19 3.29 3.61 4.14 4.62 4.50 58.05 14.1%
SCHINDLER HOLDING-PART CERT 5.12 4.82 4.17 3.62 1.92 1.83 1.73 1.62 1.58 19.68 17.49 15.03 13.73 12.52 11.72 10.83 10.14 9.84 23.21 20.70 19.03 17.71 16.04 1.63 1.77 1.93 2.13 1.98 147.04 7.6%
KUEHNE & NAGEL INTL AG-REG 5.28 4.94 4.55 4.15 3.40 0.75 0.72 0.68 0.62 0.66 17.94 15.58 14.27 12.83 13.90 13.20 11.85 10.74 9.88 9.15 22.53 20.35 18.06 16.40 15.07 3.44 3.63 3.98 4.49 5.04 113.47 6.5%
ACTELION LTD-REG 3.91 3.87 3.21 2.71 2.57 3.86 3.92 3.79 3.77 4.01 15.34 13.49 11.98 10.68 12.09 11.33 11.36 10.41 9.69 12.01 14.23 16.04 14.10 12.36 12.92 1.47 1.84 1.97 2.20 1.88 55.17 4.9%
SONOVA HOLDING AG-REG 4.90 4.34 3.75 3.32 3.14 4.62 4.09 3.78 3.52 3.30 22.25 19.35 16.71 14.80 14.95 20.11 16.44 14.59 13.25 11.66 28.21 22.55 19.83 17.81 15.66 1.13 1.26 1.47 1.65 1.95 110.54 -1.3%
ARYZTA AG 1.80 1.71 1.58 1.47 1.02 0.94 0.89 0.85 0.83 9.86 9.08 7.90 7.40 10.19 9.56 8.56 8.00 7.36 13.57 12.58 11.28 10.24 9.14 1.11 1.19 1.32 1.62 61.04 8.9%
SWATCH GROUP AG/THE-REG 2.73 2.34 2.04 3.65 3.16 2.92 12.56 10.35 9.50 17.10 13.96 12.69 1.39 1.60 1.92 120.00 28.3%
SIKA AG-BR 2.87 2.62 2.38 2.11 1.18 1.12 1.04 0.97 0.91 13.13 11.62 10.64 9.74 10.26 9.28 8.41 7.75 7.41 19.35 16.71 14.75 13.22 11.72 2.18 2.51 2.79 2.95 2425.00 10.1%
SWISS PRIME SITE-REG 1.18 1.18 1.17 1.16 10.96 9.01 8.80 8.57 9.10 22.27 21.20 20.14 18.96 19.10 22.56 23.56 23.01 22.07 21.02 21.31 21.99 21.47 20.92 19.10 4.67 4.62 4.60 4.53 4.67 73.00 -5.4%
LINDT & SPRUENGLI AG-REG 5.65 5.14 4.62 4.06 3.41 3.17 2.96 2.75 27.08 24.43 21.27 17.77 18.44 16.74 15.32 14.04 34.39 31.44 28.42 25.51 1.34 1.53 1.68 1.88 39442.86 -7.7%
BALOISE HOLDING AG - REG 0.99 0.90 0.85 0.81 0.73 0.50 0.56 0.55 0.55 0.58 10.12 9.61 9.19 8.70 8.46 5.16 5.07 5.16 5.49 5.48 96.25 5.5%
PARTNERS GROUP HOLDING AG 9.99 8.00 6.62 5.44 14.89 12.07 10.28 9.25 8.59 23.75 25.08 22.99 18.74 15.84 14.00 12.91 24.48 20.06 17.17 15.41 2.50 2.94 3.38 3.87 228.13 -3.7%
CLARIANT AG-REG 1.37 1.35 1.27 1.21 0.54 0.64 0.62 0.59 0.54 9.12 6.89 6.13 5.43 7.06 6.91 6.20 5.67 5.51 14.43 12.67 10.61 9.30 4.83 2.11 2.59 3.01 3.47 2.95 14.83 9.2%
SWISS LIFE HOLDING AG-REG 0.47 0.44 0.42 0.41 0.40 0.26 0.25 0.25 0.23 0.23 7.86 7.69 7.09 6.38 5.91 3.22 3.29 3.47 3.58 4.93 164.25 15.7%
SULZER AG-REG 2.41 2.20 2.00 1.80 1.40 1.30 1.22 1.15 1.08 12.14 10.83 9.90 9.06 10.30 9.33 8.33 7.61 7.01 17.57 16.03 13.88 12.41 11.67 1.91 2.15 2.42 2.67 171.13 5.8%
LINDT & SPRUENGLI AG-PC 5.10 4.11 3.81 3.45 3.40 3.41 3.17 2.96 2.75 2.58 23.91 22.23 18.52 14.10 16.51 18.61 16.92 15.48 14.14 12.95 30.50 27.93 25.36 22.92 19.72 1.53 1.76 1.95 2.15 2.38 3757.14 2.6%
PSP SWISS PROPERTY AG-REG 1.07 1.02 1.01 0.97 0.89 14.20 13.55 13.44 13.05 12.87 23.84 23.84 23.52 23.34 22.08 24.70 24.01 23.87 23.32 21.71 23.66 23.49 23.43 22.89 22.02 3.66 3.79 3.85 3.89 4.03 89.09 6.8%
SCHINDLER HOLDING AG-REG 5.05 4.75 4.11 3.57 1.92 1.83 1.73 1.62 1.58 19.39 17.24 14.81 13.53 12.52 11.72 10.83 10.14 9.84 22.87 20.39 18.75 17.45 15.81 1.74 1.83 2.01 2.10 155.00 15.1%
GAM HOLDING AG 1.38 1.29 1.17 1.07 5.42 4.72 4.36 4.06 4.11 18.76 14.21 12.19 10.74 19.28 14.21 12.29 10.58 2.99 3.41 3.88 4.31 17.76 6.4%
LONZA GROUP AG-REG 1.26 1.26 1.17 1.10 0.80 0.78 0.75 0.73 0.70 4.94 5.27 4.97 4.16 8.35 7.77 7.16 6.61 6.29 14.09 12.59 10.63 9.49 8.75 3.51 3.78 3.87 4.17 4.24 54.83 -6.4%
GALENICA AG-REG 2.90 2.56 2.27 1.98 1.81 1.09 1.09 1.05 1.00 0.94 13.18 11.86 11.42 10.44 8.81 11.03 10.84 10.27 9.31 7.16 16.10 15.05 14.59 12.59 9.89 1.58 1.89 2.01 2.31 2.96 557.30 -7.0%
DUFRY AG-REG 2.76 2.64 2.25 1.89 1.70 1.12 0.97 0.86 0.79 0.74 9.92 9.26 7.70 7.08 6.42 9.67 8.22 6.95 6.35 5.89 13.96 14.80 11.30 9.83 9.17 0.00 0.00 0.16 0.87 139.30 16.0%
HELVETIA HOLDING AG-REG 0.92 0.87 0.83 0.78 0.72 0.45 0.43 0.40 0.37 0.40 9.98 9.54 9.16 8.60 8.24 4.42 4.53 4.70 4.96 4.94 416.50 8.3%
EMS-CHEMIE HOLDING AG-REG 5.64 4.79 4.36 4.55 3.64 3.44 3.25 3.13 2.83 23.66 18.95 16.99 18.93 16.75 15.49 14.52 13.89 11.95 24.91 23.17 21.67 20.78 17.23 2.76 3.34 3.49 3.64 232.00 -15.1%
DKSH HOLDING LTD 4.96 4.17 3.75 3.26 2.73 0.64 0.55 0.50 0.46 0.42 27.81 25.46 20.02 17.14 18.10 17.06 14.50 12.76 11.23 10.60 31.31 25.88 22.86 20.07 17.39 0.98 1.19 1.41 1.49 1.86 81.38 -5.8%
BARRY CALLEBAUT AG-REG 3.34 3.02 2.69 2.38 2.05 0.97 0.92 0.77 0.72 0.68 14.59 12.67 12.47 11.39 11.12 12.96 11.99 10.47 9.46 9.07 18.68 17.96 16.01 13.62 12.96 1.60 1.85 2.09 2.28 2.81 912.86 2.9%
OC OERLIKON CORP AG-REG 1.92 1.76 1.60 1.52 1.25 1.23 1.18 1.10 0.83 8.20 8.83 8.52 8.00 6.17 6.29 5.77 5.49 16.17 14.61 13.26 12.78 2.15 2.46 2.73 3.03 13.71 25.8%
PARGESA HOLDING SA-BR 0.70 0.66 0.62 0.65 0.94 1.10 1.06 1.86 16.00 13.81 12.50 41.73 38.05 33.03 30.82 41.61 13.55 11.40 9.43 3.53 4.24 4.48 4.66 74.27 15.1%
FLUGHAFEN ZUERICH AG-REG 1.47 1.35 1.26 1.14 2.87 2.81 2.74 2.65 2.60 8.71 7.01 7.07 7.94 7.29 7.09 6.89 6.63 6.23 15.26 17.72 13.76 13.19 2.00 2.31 2.60 2.83 451.36 2.2%
FISCHER (GEORG)-REG 1.28 1.24 1.14 1.07 0.44 0.45 0.43 0.42 0.40 5.14 4.60 4.93 4.75 5.45 5.40 5.08 4.81 4.34 10.82 10.55 9.62 8.56 7.50 3.04 3.55 3.74 4.24 4.59 442.50 12.8%
BANQUE CANTONALE VAUDOIS-REG 1.37 1.37 1.35 1.39 4.74 4.66 4.62 4.46 4.33 12.29 12.32 12.12 11.81 15.83 15.58 15.33 14.86 5.76 5.76 5.86 5.97 493.75 -11.2%
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.16 2.16 1.98 1.80 2.16 1.40 1.40 1.33 1.28 1.40 9.94 9.94 9.65 9.45 9.94 8.76 8.76 8.10 7.59 8.76 14.03 14.03 12.57 11.40 14.03 2.22 2.22 2.38 2.58 2.22 1688.6 8.7%
Euro Stoxx 50 Pr 1.13 1.13 1.06 1.00 1.13 0.72 0.72 0.70 0.68 0.72 5.24 5.24 4.89 4.66 5.24 6.91 6.91 6.54 6.22 6.91 10.87 10.87 9.75 8.93 10.87 4.42 4.42 4.75 5.08 4.42 2901.3 11.5%
NIKKEI 225 1.51 1.51 1.41 1.37 1.51 0.70 0.70 0.69 0.69 0.70 8.73 8.73 8.13 8.05 8.73 8.52 8.52 7.94 7.82 8.52 20.11 20.11 15.85 14.22 20.11 1.56 1.56 1.79 1.92 1.56 12101.0 -8.3%
FTSE 100 INDEX 1.65 1.65 1.54 1.33 1.65 1.00 1.00 0.96 0.97 1.00 8.10 8.10 7.38 5.27 8.10 6.94 6.94 6.51 6.25 6.94 11.53 11.53 10.48 9.63 11.53 3.98 3.98 4.28 4.71 3.98 6849.6 9.2%
SWISS MARKET INDEX 2.36 2.36 2.19 2.02 2.36 1.98 1.98 1.88 1.80 1.98 12.05 12.05 11.06 9.84 12.05 12.99 12.99 12.01 11.27 12.99 14.73 14.73 13.19 12.00 14.73 3.34 3.34 3.71 4.21 3.34 8060.0 4.9%
S&P/TSX COMPOSITE INDEX 1.64 1.64 1.52 1.42 1.64 1.53 1.53 1.44 1.39 1.53 8.17 8.17 7.34 6.81 8.17 8.07 8.07 7.17 6.80 8.07 13.65 13.65 12.07 11.06 13.65 3.22 3.22 3.37 3.58 3.22 14560.3 18.1%
S&P/ASX 200 INDEX 1.86 1.86 1.76 1.66 1.86 1.78 1.78 1.68 1.59 1.78 10.98 10.98 9.78 8.92 10.98 9.44 9.44 8.34 7.72 9.44 14.93 14.93 13.29 12.22 14.93 4.45 4.45 4.76 5.13 4.45 5156.3 5.1%
HANG SENG INDEX 1.29 1.29 1.19 1.09 1.29 1.65 1.65 1.53 1.41 1.65 6.92 6.92 6.41 6.05 6.92 7.77 7.77 7.10 6.53 7.77 10.43 10.43 9.59 8.60 10.43 3.69 3.69 3.97 4.49 3.69 24855.2 14.4%
MSCI EM 1.41 1.41 1.28 1.19 1.41 0.98 0.98 0.91 0.86 0.98 6.69 6.69 6.16 5.77 6.69 7.12 7.12 6.51 6.13 7.12 10.54 10.54 9.48 8.81 10.54 3.14 3.14 3.61 6.20 3.14 1180.3 17.1%
BUCHER INDUSTRIES AG-REG 2.35 2.11 1.87 1.69 0.85 0.82 0.80 0.76 0.80 9.44 8.30 7.68 7.03 8.28 7.58 7.06 6.73 6.29 6.59 14.14 13.29 12.26 11.61 11.60 2.15 2.44 2.65 2.95 3.27 231.17 7.1%
TEMENOS GROUP AG-REG 4.16 3.67 3.20 2.84 3.68 3.46 3.23 2.93 2.78 20.73 16.26 14.28 12.27 15.39 13.41 11.85 10.03 27.06 20.27 17.53 14.44 0.00 1.24 1.35 1.61 20.72 -1.6%
KABA HOLDING AG-REG B 2.82 2.36 2.15 1.96 1.49 1.48 1.44 1.39 1.35 12.02 11.74 11.22 10.90 9.03 9.11 8.49 8.02 7.21 16.87 16.12 15.16 14.04 12.22 2.07 2.30 2.46 2.57 2.49 391.00 4.8%
ALLREAL HOLDING AG-REG 1.11 1.08 1.05 1.04 8.65 7.55 7.17 6.89 18.89 18.36 17.17 18.36 21.95 18.46 17.00 16.69 18.81 18.63 16.68 15.78 4.11 4.11 4.49 4.51 150.00 12.9%
VALIANT HOLDING AG-REG 0.70 0.68 0.66 3.49 3.61 3.49 3.35 3.26 11.72 14.48 12.87 12.22 3.75 3.75 3.11 3.27 100.00 17.2%
MOBIMO HOLDING AG-REG 1.07 1.05 1.04 1.05 10.40 10.21 9.87 9.48 8.83 21.22 17.71 22.90 22.29 20.55 23.36 23.39 23.21 22.21 19.74 25.86 23.57 23.65 23.18 20.55 4.37 4.37 4.36 4.37 4.37 216.67 5.1%
AMS AG 2.74 2.29 1.94 1.66 3.21 2.81 2.52 2.33 1.99 10.53 9.28 7.85 7.20 10.06 8.94 7.77 7.19 6.39 13.52 11.55 9.95 8.87 1.34 2.08 2.45 2.86 136.55 29.7%
LUZERNER KANTONALBANK AG-REG 1.45 1.39 1.33 1.28 7.20 7.19 7.02 6.86 16.47 15.92 15.10 14.63 16.72 16.52 16.06 15.53 3.05 3.05 3.32 3.32
NOBEL BIOCARE HOLDING AG-REG 3.15 2.69 2.46 2.02 1.65 1.68 1.63 1.55 1.45 12.02 13.02 10.93 9.91 6.43 8.94 9.14 8.41 7.72 7.59 21.74 19.59 17.35 14.76 11.61 1.90 2.16 2.40 2.73 4.18 8.74 -7.1%
PANALPINA WELTTRANSPORT -REG 2.58 2.66 2.45 2.30 0.33 0.30 0.28 0.28 0.29 37.87 19.38 16.27 14.76 266.18 12.80 13.16 9.90 8.14 6.40 30.57 32.52 22.18 17.25 15.82 1.43 1.86 2.14 2.61 84.78 -6.3%
BERNER KANTONALBANK AG-REG
KUONI REISEN HLDG-REG(CAT B) 1.46 1.42 1.30 1.26 0.20 0.21 0.20 0.19 0.23 7.14 8.53 6.04 5.14 6.11 5.34 4.60 4.10 3.82 12.97 12.38 9.42 8.29 7.90 1.29 1.44 2.41 2.98 329.36 10.8%
BURCKHARDT COMPRESSION HOLDI 4.15 3.83 3.47 3.22 3.57 3.21 2.96 2.79 2.67 23.44 17.57 15.76 15.93 17.38 13.74 12.18 11.29 9.36 29.07 22.03 19.11 17.53 14.52 1.29 2.23 2.57 2.87 321.60 -12.0%
ST GALLER KANTONALBANK A-REG 1.17 1.12 1.08 1.06 4.71 4.52 4.44 4.57 13.44 12.30 12.10 12.84 14.54 13.45 13.26 14.54 3.69 3.94 4.11 4.19 395.00 -2.7%
BELIMO HOLDING AG-REG 5.17 4.56 4.10 3.70 3.00 2.78 2.58 2.38 2.21 17.39 14.94 13.84 12.96 13.73 12.20 11.18 10.26 9.34 21.78 19.05 17.35 15.78 2.59 3.03 3.29 3.57 3.45 2150.00 -1.1%
TECAN GROUP AG-REG 3.17 2.83 2.55 2.26 2.51 2.39 2.18 1.98 1.82 26.34 13.90 11.87 9.91 13.47 12.07 10.28 8.69 7.20 21.18 19.34 16.34 13.56 11.01 1.51 1.75 1.96 2.29 2.74 97.24 12.5%
LOGITECH INTERNATIONAL-REG 1.02 1.42 1.31 1.18 0.52 0.57 0.60 0.58 0.54 8.19 9.51 8.13 6.89 5.91 8.20 6.16 5.12 14.04 23.95 15.17 11.39 0.00 6.75 0.00 0.00 6.56 1.1%
STRAUMANN HOLDING AG-REG 2.81 2.60 2.40 2.26 2.68 2.71 2.61 2.22 1.96 17.84 13.74 12.36 10.58 8.48 13.20 11.36 10.19 7.90 6.18 22.54 17.87 15.24 12.33 10.42 2.46 2.99 3.14 3.74 3.82 131.02 10.2%
GRAUBUENDNER KANTONALBANK-PC 1.37 1.26 1.20 8.19 8.16 7.92 1.60 1.64 1.57 15.02 14.91 14.12 3.31 3.66 3.66
FORBO HOLDING AG-REG 1.58 1.46 1.36 1.24 1.16 1.15 1.13 1.11 1.12 9.02 8.21 7.53 7.06 6.66 6.84 6.50 6.22 5.70 14.87 13.41 11.98 10.85 9.83 1.98 2.11 2.27 2.40 2.61 724.00 18.1%
ZUGER KANTONALBANK-BR
VONTOBEL HOLDING AG-REG 1.27 1.26 1.17 1.16 2.63 2.45 2.26 2.16 2.04 11.90 11.06 9.95 8.99 15.44 13.69 11.85 11.26 3.73 4.29 4.67 4.91 30.67 -2.0%
DAETWYLER HOLDING AG-BR 2.47 2.62 2.28 2.00 1.32 1.29 1.21 1.14 12.06 7.33 7.82 7.22 9.62 8.68 7.90 7.34 15.52 13.57 11.96 11.03 2.17 2.52 2.79 3.01 125.00 16.6%
VALORA HOLDING AG-REG 1.19 1.11 1.06 1.03 0.23 0.23 0.23 0.22 0.22 6.52 5.56 5.16 4.84 5.47 9.19 7.27 6.94 6.58 6.67 11.86 11.46 10.16 9.11 8.90 5.25 6.38 6.74 7.75 6.03 180.67 -7.4%
HUBER & SUHNER AG-REG 1.56 1.49 1.42 1.34 1.35 1.24 1.14 1.09 18.81 13.02 11.18 10.39 12.84 9.48 8.48 7.94 39.28 20.55 17.29 15.87 1.18 1.93 2.24 2.38 45.00 -3.3%
INFICON HOLDING AG-REG 3.55 3.85 3.76 3.64 2.35 2.25 2.16 2.07 13.40 14.71 12.81 11.52 10.90 9.94 9.46 8.96 18.72 17.51 16.57 15.67 4.88 5.33 5.46 5.54 290.00 0.0%
BASELLANDS KANTONALBANK-CERT
IMPLENIA AG-REG 1.69 1.54 1.41 1.29 0.34 0.32 0.31 0.30 6.64 5.83 5.78 5.39 4.38 4.05 3.96 3.74 13.21 11.52 11.11 10.23 2.50 3.07 3.25 3.48 60.00 23.0%
EMMI AG-REG 1.57 1.37 1.27 1.24 0.51 0.47 0.47 0.46 6.58 6.60 6.41 6.20 8.40 7.86 7.67 7.47 15.89 14.77 13.83 13.04 1.26 1.33 1.42 1.43 277.50 -2.7%
BASLER KANTONALBK - PC 4.35 4.23 4.10 11.32
EFG INTERNATIONAL AG 1.45 1.24 1.13 1.06 1.05 2.14 2.11 1.92 1.77 1.86 8.59 7.34 6.20 14.25 11.90 10.02 8.70 8.59 0.99 1.79 2.62 4.36 5.86 13.63 17.5%
BASILEA PHARMACEUTICA-REG 1.25 7.11 12.15 5.27 9.39 12.33 8.58 5.15 2.07 2.98 4.11 127.92 3.54 0.00 0.00 0.00 88.33 58.0%
RIETER HOLDING AG-REG 1.91 1.82 1.62 1.70 0.82 0.78 0.68 0.60 11.39 7.41 6.95 6.98 9.62 7.70 4.55 4.01 41.60 25.71 12.77 21.53 1.51 1.45 2.74 3.43 182.60 19.0%
BKW AG 0.55 0.58 0.56 0.54 0.67 0.63 0.60 0.58 0.58 3.28 3.49 3.32 3.05 4.99 4.75 4.48 4.30 3.92 9.29 9.08 8.17 7.47 6.72 4.53 4.77 4.96 4.96 32.00 2.4%
SCHWEIZERISCHE NATL-V AG-REG 1.13 1.05 0.99 0.91 0.89 0.61 0.60 0.58 0.57 0.54 9.41 9.52 8.97 9.16 8.24 4.20 4.14 4.37 4.52 5.09 45.60 2.2%
GATEGROUP HOLDING AG 1.05 1.42 1.29 1.17 0.17 0.16 0.15 0.15 4.47 4.24 3.57 3.34 4.55 4.49 3.97 3.66 12.55 10.58 7.94 7.45 2.43 1.69 2.84 3.76 22.75 22.6%
SCHWEITER TECHNOLOGIES AG-BR 1.25 1.28 1.28 1.22 1.15 1.18 1.12 1.08 9.83 9.80 9.04 9.93 5.72 5.72 4.99 5.25 14.97 20.09 15.87 16.82 6.96 4.57 2.67 2.79 643.33 12.0%
METALL ZUG AG-SHS B-REG 1.33 1.32 1.25 1.18 1.19 1.19 7.65 7.50 6.98 20.77 16.91 14.58 2.44 2.44 2.44 2100.00 -6.7%
ZEHNDER GROUP AG-BR 1.65 1.59 1.46 1.34 1.31 0.77 1.22 1.16 0.67 6.75 7.26 6.59 5.90 6.42 6.55 5.83 5.06 4.42 12.78 13.86 11.99 9.68 7.88 2.59 2.40 2.74 3.23 3.74 45.00 5.5%
LIECHTENSTEIN LANDESBANK-BR 0.67 0.65 0.62 3.08 3.21 3.05 9.35 8.30 6.93 12.33 11.15 8.84 3.91 4.43 5.22
AFG ARBONIA-FORSTER HOLD-REG 1.18 1.16 1.07 0.99 0.39 0.37 0.36 0.35 0.35 5.22 4.95 4.33 4.08 5.98 5.25 4.69 4.29 4.15 29.96 13.61 10.45 8.53 7.70 0.00 1.20 2.51 3.31 3.91 30.75 12.4%
LEM HOLDING SA-REG 8.62 8.16 8.17 7.43 2.92 2.74 2.76 2.52 14.53 16.41 15.97 15.31 16.31 12.66 12.20 10.95 26.58 18.45 19.46 16.43 2.62 4.49 4.47 5.38 592.50 -1.6%
VZ HOLDING AG 4.47 3.82 3.17 2.88 7.00 5.91 5.18 4.55 18.96 14.29 12.64 11.16 12.75 9.88 8.45 7.24 20.20 16.02 13.94 12.08 1.96 2.32 2.66 3.05 133.00 2.7%
KUDELSKI SA-BR 1.45 1.32 1.20 1.10 1.28 0.71 1.23 0.67 6.08 6.10 5.66 5.22 8.47 6.41 6.06 5.79 15.39 12.22 10.98 9.91 0.95 1.46 1.69 2.34 11.87 1.9%
VETROPACK HOLDING AG-BR 1.19 1.12 1.04 0.97 1.25 1.23 3.23 1.14 6.43 5.85 5.39 4.92 6.03 5.34 5.05 4.78 14.59 12.48 11.51 11.15 2.50 1.97 2.12 2.26 1950.00 5.9%
BOSSARD HOLDING AG-BR 3.41 2.36 2.06 2.31 2.04 1.69 0.96 0.87 1.46 9.46 8.47 8.26 8.31 7.22 13.44 10.39 9.72 8.68 7.97 12.02 10.11 10.04 9.47 8.44 3.33 3.81 4.04 4.40 4.74 151.33 3.9%
ZUG ESTATES HOLDING AG-B SHR 1.14 1.08 1.01 0.95 6.76 8.21 6.83 6.97 32.53 33.29 26.39 23.30 0.97 1.21 1.37
INTERSHOP HOLDINGS-BR 1.23 1.21 1.20 1.17 7.57 7.83 7.30 7.21 14.27 15.28 13.96 14.24 16.33 16.98 15.58 16.47 15.12 15.31 13.98 14.24 6.14 6.14 6.29 6.29
MEYER BURGER TECHNOLOGY AG 0.57 0.64 0.68 0.72 0.60 0.67 0.53 0.49 9.23 4.71 3343.77 5.59 4.12 29.50 0.00 0.00 0.00 6.52 -15.0%
INTERNATIONAL MINERALS CORP 1.19 1.25 1.21 1.12 117.84 1132.90 10.07 21.48 8.16 7.84 6.10 39.93 5.58 2.47 8.71 19.27 17.29 7.44 8.22 3.85 3.86 3.86 4.72 50.8%
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