Fundamental Equity Analysis - S&P ASX 100 Members Australia)

19.09.
2011
AGL Energy Ltd

AGL Energy Limited sells and distributes gas and electricity. The Company
retails and wholesales energy and fuel products to customers throughout
Australia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.10.2010)
52-Week Low (09.08.2011)
Daily Volume
Current Price (9/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.04.2011
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AGK AT EQUITY YTD Change
AGK AT EQUITY YTD % CHANGE
06/2011
01/yy
16.92
12.50
1'456'704.00
14.46
-14.54%
15.68%
49.77%
461.3
6'670.57
1'171.20
0.0
0.0
753.10
7'088.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
16
4.0 M
14
3.5 M
12
3.0 M
10
8
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
f-10 m-10
30.06.2008
30.06.2009
5'424.0
5'953.9
1.54x
1.09x
439.3
(1'368.1)
19.07x
229.0
1'596.1
19.70x
8.35x
Profitability
30.06.2010
6'609.9
1.06x
544.5
12.92x
356.1
18.54x
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
30.06.2011
7'071.8
1.01x
1'008.5
7.12x
558.7
11.97x
1'008.50
860.50
12.17%
11.22%
6.08%
9.20%
8.45%
0.77%
19.3%
14.3%
12.2%
7.9%
1.11
0.82
12.08%
18.47%
7.97
51.50
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
FY+1
-
.0 M
f-11
4.08
0.66
456.63
3.88
-5.79%
-1.03%
0.661
15
4.333
2'099'321
2'023'515
1'668'686
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
12/10 Q2 03/11 Q3
7'525.4
8'374.0
1.01x
0.92x
886.3
965.1
8.00x
7.35x
485.6
519.9
13.89x
12.97x
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
20.10.2006
BBB
STABLE
13.43
6.44
0.41
1.16
18.5%
15.6%
0.77
2.76
45.80
7.09
54.23
-1.34
Sales/Revenue/Turnover
70.00
7'000.0
60.00
6'000.0
50.00
5'000.0
40.00
4'000.0
30.00
3'000.0
20.00
2'000.0
10.00
1'000.0
0.00
06.07.2007
a-10 m-10
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

30.06.2007
3'458.9
2.53x
804.9
10.86x
410.5
0.12x
18
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
19.09.2011
AGL Energy Ltd

Holdings By:
All
Holder Name
BLACKROCK FUND ADVIS
AUSTRALIAN FOUNDATIO
VANGUARD GROUP INC
AMP LIFE LTD
BOND STREET CUSTODIA
ARGO INVESTMENTS LTD
VANGUARD INVESTMENTS
QUESTOR FINANCIAL SE
CUSTODIAL SERVICES L
BT PORTFOLIO SERVICE
AVANTEOS INVESTMENTS
ABERDEEN ASSET MANAG
PERPETUAL TRUSTEE CO
COHEN & STEERS CAPIT
INVIA CUSTODIAN PTY
MILTON CORP LTD
GWYNVILL INVEST PTY
HEXAVEST INC
MACQUARIE INVESTMENT
FIDELITY MANAGEMENT
Firm Name
Macquarie
Deutsche Bank
Morgan Stanley
Credit Suisse
UBS
JPMorgan
Goldman Sachs & Partners Australia
Nomura
E.L. & C. Baillieu
Daiwa Securities Capital Markets Co.
Commonwealth Bank
RBS
Citi
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
HEXAVEST INC
Multiple Portfolios
Multiple Portfolios
Analyst
IAN MYLES
JOHN HIRJEE
MARK BLACKWELL
SANDRA MCCULLAGH
DAVID LEITCH
JASON HARLEY STEED
AIDEN BRADLEY
DAVID FRASER
IVOR RIES
DAVID BRENNAN
PAUL JOHNSTON
JASON MABEE
MARIE MIYASHIRO
Source
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
Co File
MF-AGG
Co File
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
Co File
Co File
Co File
13F
MF-AGG
MF-AGG
Recommendation
neutral
buy
Equalwt/In-Line
underperform
buy
overweight
buy
buy
buy
outperform
hold
buy
buy
Amt Held
4'468'857
4'287'000
3'638'353
3'555'155
3'338'224
2'453'787
2'334'801
2'152'620
2'033'213
1'955'463
1'862'110
1'551'485
1'534'436
1'515'100
1'383'658
1'368'500
1'263'150
678'894
566'911
556'142
% Out
0.98
0.94
0.79
0.78
0.73
0.54
0.51
0.47
0.44
0.43
0.41
0.34
0.33
0.33
0.3
0.3
0.28
0.15
0.12
0.12
Weighting
Change
3
5
3
1
5
5
5
5
5
5
3
5
5
Latest Chg
1'099
29'623
79'907
53'445
(5'000)
361'719
99'971
635
Target Price
M
M
M
M
M
M
M
M
U
M
U
M
U
16
17
15
16
17
17
17
18
16
16
16
17
17
File Dt
Inst Type
03.02.2011
Investment Advisor
30.06.2010
Investment Advisor
31.12.2010
Investment Advisor
11.08.2010
Investment Advisor
11.08.2010
Other
11.08.2010
Investment Advisor
31.12.2010 Mutual Fund Manager
11.08.2010
Private Equity
11.08.2010
Other
11.08.2010
n/a
11.08.2010
n/a
31.12.2010
Investment Advisor
11.08.2010
n/a
30.09.2010
Investment Advisor
11.08.2010
Investment Advisor
11.08.2010
Investment Advisor
11.08.2010
n/a
30.09.2010 Hedge Fund Manager
31.12.2010
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
08.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
16.12.2010
07.12.2010
26.08.2010
22.03.2010
19.09.2011
Alumina Ltd
Alumina Limited is an Australian resource company that produces alumina. The
Company owns about 40% of Alcoa World Alumina and Chemicals through a joint
venture with Alcoa.
Price/Volume
3
70.0 M
60.0 M
50.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (11.04.2011)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AWC AT EQUITY YTD Change
AWC AT EQUITY YTD % CHANGE
12/2010
01/yy
2.72
1.46
15'692'778.00
1.495
-45.04%
2.75%
6.72%
2'440.2
3'648.09
463.90
0.0
0.0
112.10
4'155.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
20.0 M
10.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
0.0
(8.0)
385.1
14.47x
40.0 M
Valuation Analysis
31.12.2007
31.12.2008
0.0
0.0
(11.6)
(16.3)
366.0
143.1
16.68x
10.78x
Profitability
31.12.2009
0.0
(14.7)
(20.6)
-
31.12.2010
0.0
34.6
181.23x
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
-14.70
0.98%
1.15%
1.85%
0.00%
0.56
0.50
13.10%
15.10%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.57
1.38
2'309.94
24.62
-18.86%
-37.83%
1.382
16
4.188
16'294'630
20'229'520
17'507'620
FY+2
12/11 Y
12/12 Y
1'003.8
1'002.7
4.11x
4.08x
148.8
199.3
27.93x
20.86x
185.4
253.1
20.70x
15.96x
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
18.04.2011
BBB
STABLE
21.11.2001
NR
15.1%
13.1%
0.00
0.00
-
2'000.0
30.00
1'800.0
25.00
1'600.0
1'400.0
20.00
1'200.0
15.00
1'000.0
800.0
10.00
600.0
400.0
5.00
0.00
05.01.2007
200.0
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Alumina Ltd
Holdings By:
All
Holder Name
BLACKROCK INVESTMENT
COOPER INVESTORS PTY
WELLINGTON MANAGEMEN
NWQ INVESTMENT MANAG
MAPLE-BROWN ABBOTT L
FRANKLIN RESOURCES I
VANGUARD GROUP INC
BLACKROCK GROUP LIMI
JOHN HANCOCK INVESTM
CHINA INTERNATIONAL
NORTHERN TRUST CORPO
PHILLIPS HAGER & NOR
MASON STREET ADVISOR
NUVEEN ASSET MANAGEM
SCHRODER INVESTMENT
UCA FUNDS MANAGEMENT
JPMORGAN ASSET MANAG
Firm Name
HSBC
BMO Capital Markets
Macquarie
Morgan Stanley
Credit Suisse
Commonwealth Bank
RBS
Deutsche Bank
UBS
JPMorgan
E.L. & C. Baillieu
Citi
CLSA Asia Pacific Markets
Investec
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
IAN PRESTON
DANIEL KANG
TONY ROBSON
LEE BOWERS
CRAIG CAMPBELL
PAUL MCTAGGART
ANDREW KNUCKEY
LYNDON FAGAN
PAUL-D YOUNG
GLYN LAWCOCK
FRASER JAMIESON
RAY CHANTRY
CLARKE WILKINS
HAYDEN BAIRSTOW
TIM GERRARD
Source
EXCH
EXCH
EXCH
Co File
Co File
13G
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
neutral
market perform
neutral
Overwt/Attractive
neutral
buy
hold
hold
buy
overweight
accumulate
sell
buy
buy
Amt Held
130'606'616
127'237'415
111'400'552
102'017'042
73'439'925
33'195'405
23'304'780
20'277'185
17'493'948
14'433'823
14'323'000
12'614'290
10'000'000
8'668'040
8'519'213
7'791'350
6'857'126
5'983'081
5'738'623
5'069'900
% Out
5.35
5.21
4.57
4.18
3.01
1.36
0.96
0.83
0.72
0.59
0.59
0.52
0.41
0.36
0.35
0.32
0.28
0.25
0.24
0.21
Weighting
Change
3
3
3
3
5
3
5
3
3
5
5
4
1
5
5
Latest Chg
(11'765'729)
100'466
(3'054'391)
(1'547'922)
534'132
10'000'000
4'839'862
(7'064'100)
251'797
(3'230'100)
Target Price
M
M
M
M
M
D
M
D
M
M
M
M
D
M
U
File Dt
Inst Type
22.09.2010
Investment Advisor
19.08.2010
n/a
23.02.2010
Investment Advisor
23.02.2009
Investment Advisor
23.02.2009
Investment Advisor
31.12.2009
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
29.10.2010
Investment Advisor
30.06.2010
Investment Advisor
30.06.2010
Investment Advisor
31.12.2010
Investment Advisor
30.11.2010
Investment Advisor
30.06.2010
Investment Advisor
30.11.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
3
3
3
3
3
3
3
3
3
3
3
3
2
2
2
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Date
02.02.2011
24.01.2011
21.01.2011
18.01.2011
17.01.2011
12.01.2011
12.01.2011
11.01.2011
11.01.2011
11.01.2011
06.01.2011
10.12.2010
08.11.2010
29.10.2010
20.10.2010
19.09.2011
Amcor Ltd/Australia
Amcor Limited is an international integrated packaging company offering
packaging and related services. Amcor primarily produces a wide range of
packaging products which include corrugated boxes, cartons, aluminum and steel
cans, flexible plastic packaging, PET plastic bottles and jars, and multi-wall
sacks.
Price/Volume
8
15.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (07.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMC AT EQUITY YTD Change
AMC AT EQUITY YTD % CHANGE
06/2011
01/yy
7.43
5.87
3'659'395.00
6.49
-12.65%
10.56%
53.21%
1'227.6
7'966.94
3'442.60
0.0
60.2
224.40
11'245.34
10.0 M
3
2
5.0 M
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
20.0 M
Valuation Analysis
30.06.2007
9'710.5
0.98x
936.3
10.19x
533.7
30.49x
25.0 M
30.06.2008
30.06.2009
9'234.9
9'535.4
0.71x
0.73x
1'052.6
1'037.8
6.20x
6.68x
258.8
211.7
18.77x
19.65x
Profitability
30.06.2010
9'849.5
1.11x
1'132.1
9.64x
183.0
40.38x
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
30.06.2011
12'412.3
0.98x
1'299.2
9.33x
356.7
24.74x
1'299.20
788.20
6.35%
4.43%
3.24%
9.20%
7.00%
1.13%
17.1%
10.5%
6.4%
2.9%
1.09
0.48
31.51%
93.34%
8.55
6.74
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.39
0.71
1'222.73
4.19
0.91%
1.21%
0.711
12
4.833
4'267'728
5'371'294
4'329'774
FY+2
06/12 Y
06/13 Y
12'463.9
13'180.5
0.89x
0.83x
1'641.4
1'794.0
6.85x
6.27x
650.7
749.5
12.20x
10.59x
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
18.09.2009
BBB
STABLE
18.09.2009
A-2
6.20
3.22
2.48
2.65
93.3%
47.9%
1.13
2.67
42.68
54.15
62.33
34.51
12'000.0
10.00
9.00
10'000.0
8.00
7.00
8'000.0
6.00
6'000.0
5.00
4.00
4'000.0
3.00
2.00
2'000.0
1.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Amcor Ltd/Australia
Holdings By:
All
Holder Name
CAPITAL GROUP COMPAN
IOOF HOLDINGS LTD
COMMONWEALTH BANK OF
HARRIS ASSOCIATES L
VANGUARD GROUP INC
MONDRIAN INVESTMENT
PRUDENTIAL ASSET MGM
DELAWARE MANAGEMENT
FRANK RUSSELL TRUST
AMERICAN CENTURY COM
PRINCIPAL FINANCIAL
RCM CAPITAL MANAGEME
RBC ASSET MANAGEMENT
BLACKROCK ASSET MANA
Firm Name
Macquarie
Deutsche Bank
Nomura
Citi
Credit Suisse
JPMorgan
Commonwealth Bank
UBS
Portfolio Name
n/a
n/a
n/a
n/a
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN PURTELL
MARK WILSON
RICHARD J JOHNSON
SCOTT HUDSON
ANDREW BOWLEY
ROHAN GALLAGHER
KEITH CHAU
ANDREW GIBSON
MICHAEL WARD
SAM THEODORE
Source
EXCH
Co File
EXCH
EXCH
13F
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
neutral
buy
buy
neutral
overweight
buy
buy
neutral
Amt Held
76'861'369
73'027'792
62'954'089
61'999'603
20'596'100
13'535'441
12'624'000
12'384'399
8'565'659
6'215'634
5'213'159
4'712'534
4'261'994
2'924'762
2'299'261
1'801'900
1'799'090
1'748'920
1'693'500
1'643'687
% Out
6.27
5.96
5.14
5.06
1.68
1.1
1.03
1.01
0.7
0.51
0.43
0.38
0.35
0.24
0.19
0.15
0.15
0.14
0.14
0.13
Weighting
Change
5
5
3
5
5
3
5
5
5
3
Latest Chg
15'460'551
(11'998'722)
15'538'900
607'426
(1'775'000)
(59'508'128)
255'535
81'249
171'470
(403'383)
734'833
(978'000)
24'711
102'000
-
Target Price
M
M
D
M
U
M
M
M
M
M
File Dt
14.12.2010
11.08.2010
07.12.2010
22.11.2010
31.12.2010
31.12.2010
30.06.2010
04.02.2011
26.10.2010
31.12.2010
15.04.2010
31.12.2010
31.12.2010
31.08.2010
31.12.2010
30.09.2010
30.12.2010
30.09.2010
31.08.2010
04.02.2011
Date
7
8
7
8
8
7
8
8
8
7
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
07.02.2011
04.02.2011
02.02.2011
02.02.2011
13.01.2011
22.10.2010
21.10.2010
21.10.2010
21.10.2010
01.10.2010
19.09.2011
AMP Ltd
AMP Limited provides life insurance, superannuation, asset management products,
pensions, retirement planning and other diversified financial services
throughout Australia and New Zealand. The Company services individual
customers, small businesses, corporations and associated superannuation funds.
Price/Volume
7
45.0 M
40.0 M
35.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AMP AT EQUITY YTD Change
AMP AT EQUITY YTD % CHANGE
12/2010
01/yy
5.82
3.61
6'931'005.00
3.97
-31.79%
9.97%
19.00%
2'811.7
11'162.42
11'136.00
0.0
60.0
3'158.00
18'057.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-10 m-10
31.12.2007
31.12.2008
10'693.0
(8'677.0)
2.62x
985.0
580.0
21.63x
24.52x
Profitability
31.12.2009
10'742.0
2.21x
739.0
18.45x
31.12.2010
7'462.0
2.54x
775.0
14.53x
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
22.55%
11.81%
0.87%
28.14%
9.83%
0.08%
10.4%
12.48%
379.03%
-
Price/ Cash Flow
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
5.29
1.12
2'743.35
39.29
-16.62%
-20.08%
1.120
12
4.500
13'886'750
12'867'950
13'796'510
FY+2
12/11 Y
12/12 Y
853.3
1'026.5
21.95x
17.72x
1'106.0
1'256.5
16.33x
14.37x
898.8
1'062.4
11.92x
10.91x
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
379.0%
78.8%
0.08
-
8.00
35'000.0
7.00
30'000.0
25'000.0
6.00
20'000.0
5.00
15'000.0
4.00
10'000.0
3.00
5'000.0
2.00
0.0
1.00
-5'000.0
0.00
05.01.2007
a-10
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
14'011.0
2.00x
915.0
21.00x
30.0 M
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-10'000.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
-15'000.0
19.09.2011
AMP Ltd
Holdings By:
All
Holder Name
CAPITAL WORLD INVEST
AMP LTD
CAPITAL RESEARCH GLO
BANK OF NEW YORK MEL
FIDELITY MANAGEMENT
VANGUARD GROUP INC
MORGAN STANLEY & CO
NEW JERSEY DIVISION
FIDELITY INTERNATION
UBS STRATEGY FUND MG
OPPENHEIMERFUNDS INC
MELLON GLOBAL MANAGE
SUMITOMO MITSUI ASSE
SJUNDE AP FONDEN
Firm Name
RBS
Southern Cross
UBS
Macquarie
Credit Suisse
JPMorgan
Deutsche Bank
Citi
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RICHARD COLES
LAFITANI SOTIRIOU
JOHAN VANDERLUGT
JAMES COGHILL
TONY JACKSON
JOHN HEAGERTY
DANIEL TOOHEY
RYAN FISHER
SIDDHARTH PARAMESWARAN
KIEREN CHIDGEY
NIGEL PITTAWAY
Source
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
hold
buy
restricted
neutral
outperform
hold
underweight
restricted
buy
Amt Held
102'739'746
34'510'401
33'577'089
22'054'313
20'262'786
20'182'238
19'841'299
16'650'150
10'768'000
10'625'438
10'088'338
7'471'538
7'237'960
5'645'868
4'526'119
4'440'242
3'251'762
2'813'578
2'205'661
2'154'899
% Out
4.91
1.65
1.6
1.05
0.97
0.96
0.95
0.79
0.51
0.51
0.48
0.36
0.35
0.27
0.22
0.21
0.16
0.13
0.11
0.1
Weighting
Change
5
5
3
5
#N/A N/A
3
5
3
1
#N/A N/A
5
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
(4'418'679)
446'212
(66'859)
(1'057'031)
231'412
437'000
353'226
(307'798)
166'779
(427'226)
70'540
2'629'023
401'789
(26'068)
7'600
28'030
Target Price
6
7
6
6
#N/A N/A
6
6
6
6
#N/A N/A
6
File Dt
07.05.2010
30.09.2010
02.02.2011
30.09.2010
03.02.2011
04.02.2011
31.12.2010
31.12.2010
30.06.2010
31.12.2010
30.09.2010
31.12.2010
30.09.2010
30.06.2010
15.04.2010
29.10.2010
31.10.2010
31.12.2010
12.05.2010
30.09.2010
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
03.02.2011
02.02.2011
28.01.2011
25.01.2011
25.01.2011
22.01.2011
17.01.2011
07.01.2011
16.12.2010
15.11.2010
19.08.2010
19.09.2011
Ansell Ltd
Ansell Limited is a latex manufacturing company. The Company produces
industrial and service gloves, protective clothing, medical gloves and condoms
with operations in Asia, North America and the United Kingdom. Ansell also is
involved in the South Pacific Tires partnership with the Goodyear Tire and
Rubber Company.
Price/Volume
16
2.0 M
10
8
06/2011
01/yy
14.70
11.82
802'002.00
13.25
-9.86%
12.10%
58.68%
133.1
1'763.60
227.40
0.0
13.7
239.00
1'765.70
1.5 M
1.0 M
4
.5 M
2
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
2.5 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ANN AT EQUITY YTD Change
ANN AT EQUITY YTD % CHANGE
30.06.2007
1'239.2
1.55x
154.0
12.44x
100.0
18.05x
3.0 M
14
30.06.2008
30.06.2009
1'244.7
1'360.6
1.13x
0.98x
164.0
177.1
8.59x
7.54x
102.6
121.4
12.53x
9.83x
Profitability
30.06.2010
1'230.6
1.47x
164.8
10.94x
119.4
14.65x
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
30.06.2011
1'219.8
1.55x
155.2
12.15x
122.7
15.32x
155.20
134.00
10.99%
11.04%
9.76%
18.67%
14.60%
0.97%
38.9%
12.7%
11.0%
10.1%
1.46
0.95
18.70%
34.25%
7.27
3.77
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.49
0.69
132.73
2.46
0.77%
7.04%
0.693
11
3.727
1'236'601
1'010'932
763'200
FY+2
06/12 Y
06/13 Y
1'262.9
1'352.0
1.41x
1.26x
171.4
193.2
10.30x
9.14x
128.5
144.5
13.55x
11.86x
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
09.11.2007
BBBSTABLE
08.02.2005
NR
14.37
10.24
-0.07
1.47
34.3%
25.1%
0.97
8.00
50.21
96.83
72.66
74.38
7'000.0
20.00
18.00
6'000.0
16.00
14.00
5'000.0
12.00
4'000.0
10.00
3'000.0
8.00
6.00
2'000.0
4.00
1'000.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Ansell Ltd
Holdings By:
All
Holder Name
PRUDENTIAL PLC
PERPETUAL LTD
BLACKROCK GROUP
HARRIS ASSOCIATES L
VANGUARD GROUP INC
AXA ROSENBERG INTL
MASSACHUSETTS FINANC
LFP
TRANSAMERICA INVESTM
JILLA RUSTOM F
GOLDMAN SACHS GROUP
GAM INTERNATIONAL MA
ING INVESTMENT MANAG
Firm Name
Morgan Stanley
JPMorgan
Macquarie
Deutsche Bank
Citi
RBS
UBS
Austock Securities
Southern Cross
Moelis & Company
Portfolio Name
Multiple Portfolios
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JAMES RUTLEDGE
STEVEN D WHEEN
CRAIG COLLIE
DAVID A LOW
IAN ABBOTT
ALEXANDER SMITH
DEREK JELLINEK
ANDREW GOODSALL
CRAIG STRANGER
STUART ROBERTS
TODD W GUYOT
Source
MF-AGG
EXCH
Co File
EXCH
EXCH
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
Overwt/Cautious
overweight
outperform
buy
hold
hold
hold
sell
hold
buy
sell
Amt Held
21'800'000
14'197'819
9'203'625
7'956'073
6'563'295
3'950'000
3'800'000
3'598'100
1'380'435
1'027'921
685'344
590'500
465'414
337'800
285'561
186'472
182'476
178'803
170'670
126'762
% Out
16.38
10.67
6.92
5.98
4.93
2.97
2.86
2.7
1.04
0.77
0.51
0.44
0.35
0.25
0.21
0.14
0.14
0.13
0.13
0.1
Weighting
Change
5
5
5
5
3
3
3
1
3
5
1
Latest Chg
450'000
(1'421'661)
1'323'168
(1'326'033)
(500'000)
(150'000)
3'217'045
(158'783)
(41'523)
23'414
2'600
337'800
(39'613)
(7'108)
(18'486)
Target Price
M
N
M
M
M
M
M
M
M
M
N
13
15
15
15
14
14
13
12
14
15
9
File Dt
Inst Type
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
31.07.2010
Investment Advisor
03.08.2010
Bank
14.05.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
n/a
31.10.2010
Investment Advisor
31.10.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
14 month
Date
07.02.2011
03.02.2011
27.01.2011
25.01.2011
21.01.2011
20.01.2011
19.01.2011
03.11.2010
24.08.2010
23.08.2010
14.05.2009
19.09.2011
APA Group
APA Group has interests in a portfolio of high-pressure gas transmission
pipelines in Australia covering four states and two territories which transport
natural gas.
Price/Volume
5
3.5 M
3.0 M
2.5 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
APA AT EQUITY YTD Change
APA AT EQUITY YTD % CHANGE
06/2011
01/yy
4.43
3.53
849'338.00
4.06
-8.35%
15.01%
63.33%
634.1
2'574.51
2'890.45
0.0
0.3
95.37
5'369.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
1.0 M
.5 M
1
0
f-10 m-10
30.06.2008
30.06.2009
848.9
908.0
4.98x
4.65x
398.4
437.1
10.61x
9.66x
67.2
78.8
17.52x
16.98x
Profitability
30.06.2010
953.0
5.11x
428.7
11.35x
100.4
18.56x
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
30.06.2011
1'049.5
5.12x
432.6
12.43x
108.5
20.66x
432.65
332.30
31.66%
13.79%
2.08%
7.09%
6.69%
0.20%
41.2%
31.7%
10.3%
0.22
0.18
53.25%
173.33%
9.90
-
Price/ Cash Flow
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
8.47
0.74
539.77
6.38
11.60%
4.79%
0.745
13
4.231
1'795'361
2'045'087
1'869'278
FY+2
06/12 Y
06/13 Y
984.5
1'033.2
5.69x
5.47x
532.8
565.5
10.08x
9.50x
123.3
138.8
20.93x
19.15x
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
1.71
0.80
6.46
6.68
173.3%
63.4%
0.20
0.29
36.89
-
12.00
1'200.0
10.00
1'000.0
8.00
800.0
6.00
600.0
4.00
400.0
2.00
200.0
0.00
06.07.2007
a-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
507.4
9.16x
295.1
15.75x
50.3
28.00x
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
APA Group
Holdings By:
All
Holder Name
PETRONAS AUSTRALIA P
MORGAN STANLEY & CO
VANGUARD GROUP INC
BLEASEL LEONARD FRAN
FRANK RUSSELL TRUST
SKANDIA INVESTMENT M
US BANCORP
ELLIOTT & PAGE LIMIT
THOMPSON SIEGEL & WA
MCCORMACK MICHAEL JO
UBS AG
SMARTSHARES LIMITED
PRINCIPAL LIFE INSUR
CRANE STEVEN
Firm Name
Credit Suisse
JPMorgan
Citi
Morgan Stanley
Wilson HTM Investment Group
Deutsche Bank
Macquarie
RBS
Commonwealth Bank
E.L. & C. Baillieu
UBS
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
SANDRA MCCULLAGH
JASON HARLEY STEED
MARIE MIYASHIRO
MARK BLACKWELL
NATHAN LEAD
JOHN HIRJEE
IAN MYLES
JASON MABEE
PAUL JOHNSTON
AIDEN BRADLEY
IVOR RIES
DAVID LEITCH
Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Sch-D
MF-AGG
EXCH
Recommendation
neutral
neutral
buy
Overwt/In-Line
buy
buy
neutral
hold
hold
hold
hold
neutral
Amt Held
93'317'200
9'000'000
2'352'993
1'318'006
1'239'867
665'200
502'441
367'795
336'171
217'941
193'000
191'706
184'776
180'000
163'778
154'000
149'372
148'771
114'250
100'000
% Out
16.91
1.63
0.43
0.24
0.22
0.12
0.09
0.07
0.06
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
Weighting
Change
3
3
5
5
5
5
3
3
3
3
3
3
Latest Chg
1'000'000
195'215
28'866
26'284
8'024
(339'234)
8'499
9'076
5'000
149'372
7'855
62'310
-
Target Price
M
M
M
M
M
M
M
D
M
M
M
M
File Dt
01.09.2010
30.11.2010
31.12.2010
04.02.2011
31.12.2010
30.09.2010
31.12.2010
15.09.2010
30.11.2010
30.11.2010
30.09.2010
29.10.2010
31.12.2010
30.09.2010
05.11.2010
12.07.2010
31.03.2010
30.06.2010
31.12.2009
01.01.2011
Date
4
4
4
4
4
4
3
4
4
4
4
4
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Insurance Company
Mutual Fund Manager
n/a
Date
04.02.2011
04.02.2011
03.02.2011
31.01.2011
28.01.2011
19.01.2011
19.01.2011
12.01.2011
30.12.2010
21.12.2010
30.11.2010
08.10.2010
19.09.2011
Aquarius Platinum Ltd

Aquarius Platinum Limited is a platinum group metals producer Africa. Through
its wholly owned subsidiary Aquarius Platinum South Africa, the Company operates
the Kroondal and Marikana mines and also has a fifty percent stake in the Mimosa
Platinum Mine in Zimbabwe.
Price/Volume
8
7.0 M
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.02.2011)
52-Week Low (12.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AQP AT EQUITY YTD Change
AQP AT EQUITY YTD % CHANGE
06/2011
09/yy
6.81
3.22
924'753.00
3.33
-51.10%
3.42%
6.69%
470.2
1'565.66
292.18
0.0
0.0
328.08
1'568.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
3
2
2.0 M
1.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
690.0
3.67x
419.7
6.04x
187.2
13.98x
4.0 M
Valuation Analysis
30.06.2008
30.06.2009
890.9
298.9
4.79x
5.19x
569.6
(2.6)
7.49x
236.5
(45.7)
18.48x
Profitability
LTM-4Q
30.06.2010
457.9
4.77x
134.3
16.26x
27.8
82.17x
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
30.06.2011
643.4
3.62x
(10.4)
122.66
19.06%
3.95%
-0.73%
-1.23%
-1.83%
0.45%
21.1%
19.1%
-1.6%
4.03
3.65
20.05%
34.32%
6.89
10.89
Price/ Cash Flow
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
09/yy
442.6
5.41x
0.0
0.00x
81.8
0.00x
FY+1
.0 M
f-11
2.34
1.48
381.14
5.06
-36.93%
-36.69%
1.484
18
4.167
1'203'339
1'297'417
1'353'545
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
09/11 Q1 12/11 Q2
864.9
956.6
194.0
207.0
1.72x
1.42x
328.0
380.4
57.1
64.3
4.78x
4.12x
5.80x
5.18x
170.2
205.1
26.7
31.9
9.51x
7.63x
9.75x
8.84x
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
34.3%
25.6%
0.45
0.86
52.94
33.53
43.38
43.09
1'000.0
120.00
900.0
100.00
800.0
700.0
80.00
600.0
60.00
500.0
400.0
40.00
300.0
200.0
20.00
0.00
06.07.2007
100.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Aquarius Platinum Ltd

Holdings By:
All
Holder Name
SAVANNAH CONSORTIUM
BLACKROCK INV MGMT A
FIDELITY MANAGEMENT
AEGON UK PLC
CAPITAL INTERNATIONA
T ROWE PRICE ASSOCIA
SCHRODER INVESTMENT
SKAGEN FUNDS
ARTIO GLOBAL MANAGEM
FRANKFURT TRUST INVE
Firm Name
Evolution Securities
Seymour Pierce
Arbuthnot Securities
RBC Capital Markets
Investec
BMO Capital Markets
Deutsche Bank
Canaccord Genuity Corp
Macquarie
Panmure Gordon & Co Limited
Renaissance Capital
MF Global Equities Research
E.L. & C. Baillieu
Citi
GMP
Mirabaud Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LOUISE COLLINGE
ASA BRIDLE
CHARLES GIBSON
LEON ESTERHUIZEN
IAN PRESTON
WILLIAM BLACK
EDWARD STERCK
PAUL-D YOUNG
TYLER BRODA
JUSTIN FRONEMAN
ALISON TURNER
EMMA TOWNSHEND
ANDREW GARDNER
RAY CHANTRY
CRAIG SAINSBURY
MARK SMITH
ALEX WOOD
Source
Co File
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
add
neutral
outperform
buy
hold
outperform
buy
hold
outperform
sell
buy
buy
hold
buy
hold
overweight
Amt Held
63'254'371
36'698'628
31'407'066
23'539'823
20'110'593
11'717'042
11'370'332
9'347'190
8'820'399
5'347'018
4'947'595
4'282'474
4'056'200
3'877'927
3'419'402
2'811'791
2'595'119
2'487'346
2'235'000
1'974'418
% Out
13.65
7.92
6.78
5.08
4.34
2.53
2.45
2.02
1.9
1.15
1.07
0.92
0.88
0.84
0.74
0.61
0.56
0.54
0.48
0.43
Weighting
Change
3
4
3
5
5
3
5
5
3
5
1
5
5
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(5'291'562)
(72'106)
367'687
(1'126'904)
268'826
14'000
440'500
(37'253)
105'890
(261'372)
208'820
5'203
Target Price
5
7
#N/A N/A
8
8
6
6
7
6
7
4
8
#N/A N/A
7
7
6
6
File Dt
Inst Type
01.09.2010
n/a
16.04.2010
Investment Advisor
20.07.2010
n/a
25.01.2011
Investment Advisor
30.03.2010
n/a
29.10.2010
Investment Advisor
30.09.2010
Investment Advisor
30.06.2010
Investment Advisor
30.06.2010
Investment Advisor
31.10.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
31.10.2010
Investment Advisor
31.12.2010
Investment Advisor
31.10.2010
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
07.02.2011
07.02.2011
07.02.2011
06.02.2011
02.02.2011
31.01.2011
28.01.2011
27.01.2011
27.01.2011
18.01.2011
14.01.2011
11.01.2011
09.11.2010
27.10.2010
12.10.2010
20.11.2009
23.04.2009
19.09.2011
Aristocrat Leisure Ltd

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia
and internationally. The Company also supplies gaming systems, software, table
gaming equipment and other gaming related products and services to casinos,
clubs and hotels.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ALL AT EQUITY YTD Change
ALL AT EQUITY YTD % CHANGE
12/2010
01/yy
3.83
1.93
1'995'539.00
1.98
-48.30%
2.59%
6.32%
536.5
1'062.23
305.66
0.0
(2.0)
24.46
1'348.55
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
1'074.5
6.95x
394.5
18.92x
239.0
31.05x
5
5
4
4
3
3
2
2
1
1
0
f-10 m-10
31.12.2007
31.12.2008
1'122.0
1'079.9
4.72x
1.98x
374.8
267.1
14.14x
8.02x
247.2
101.2
21.23x
17.64x
Profitability
31.12.2009
908.6
2.43x
(144.7)
(157.8)
-
31.12.2010
680.5
2.76x
140.2
13.38x
77.2
20.62x
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
140.18
103.27
15.18%
14.87%
10.18%
44.79%
23.00%
0.90%
53.6%
20.6%
15.2%
11.3%
1.86
1.14
43.12%
160.98%
3.37
4.15
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.02
0.74
535.35
22.85
-46.17%
-32.66%
0.735
10
4.000
3'221'349
2'869'417
3'707'029
FY+2
12/11 Y
12/12 Y
671.8
804.9
1.92x
1.58x
137.4
194.2
9.81x
6.94x
58.6
96.0
18.00x
11.25x
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
28.03.2011
NR
8.85
6.45
2.01
2.18
161.0%
61.9%
0.90
6.17
108.39
87.95
58.49
137.85
40.00
1'400.0
35.00
1'200.0
30.00
1'000.0
25.00
800.0
20.00
600.0
15.00
400.0
10.00
200.0
5.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Aristocrat Leisure Ltd

Holdings By:
All
Holder Name
LAZARD ASSET MANAGEM
IOOF HOLDINGS LTD
NATIONAL AUSTRALIA B
VANGUARD GROUP INC
FIDELITY MANAGEMENT
IG INVESTMENT MANAGE
MIRAE ASSET INVESTME
VAN ECK ASSOCIATES C
UBS FUND MANAGEMENT
SJUNDE AP FONDEN
JOWETT W P
STATE STREET CORP
Firm Name
RBS
Deutsche Bank
Austock Securities
Credit Suisse
JPMorgan
Macquarie
UBS
Citi
Telsey Advisory Group
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HARRY THEODORE
MARK WILSON
ROHAN SUNDRAM
LARRY GANDLER
STUART JACKSON
ANDREW LEVY
SAM THEODORE
JENNY OWEN
ADAM ALEXANDER
CHRISTOPHER E JONES
Source
EXCH
EXCH
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Recommendation
buy
hold
sell
outperform
overweight
underperform
buy
hold
sell
no rating system
Amt Held
65'031'253
40'872'775
40'126'516
33'326'255
32'824'612
18'658'761
6'350'000
3'404'905
2'969'713
2'566'228
2'215'704
1'050'221
652'229
628'237
493'957
451'902
372'164
361'561
292'166
284'502
% Out
12.18
7.65
7.51
6.24
6.15
3.49
1.19
0.64
0.56
0.48
0.41
0.2
0.12
0.12
0.09
0.08
0.07
0.07
0.05
0.05
Weighting
Change
5
3
1
5
5
1
5
3
1
#N/A N/A
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'417'672
(6'640'491)
5'797'508
1'500'000
(70'851)
5'335
(7'514'948)
(110'533)
(62'177)
15'112
-
Target Price
4
3
3
4
4
3
4
3
3
#N/A N/A
File Dt
Inst Type
01.12.2010
Bank
02.12.2010
Investment Advisor
23.02.2010
Investment Advisor
17.12.2010
Investment Advisor
14.04.2010
Bank
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
29.10.2010
Investment Advisor
31.12.2010
Investment Advisor
31.10.2009
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
30.11.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2009
n/a
04.02.2011
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
01.02.2011
19.01.2011
20.12.2010
29.11.2010
29.11.2010
27.11.2010
26.11.2010
26.11.2010
26.11.2010
26.08.2009
19.09.2011
Asciano Ltd
Asciano Ltd owns and operates transportation infrastructure. The Company owns
and operates container terminals, bulk export facilities, stevedoring equipment
and rail assets. Asciano operates in Australia and New Zealand.
Price/Volume
3
140.0 M
120.0 M
100.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AIO AT EQUITY YTD Change
AIO AT EQUITY YTD % CHANGE
06/2011
01/yy
1.80
1.34
13'685'892.00
1.55
-13.65%
16.10%
55.43%
2'926.1
4'535.46
2'658.40
0.0
10.6
398.50
6'805.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2008
-
80.0 M
60.0 M
40.0 M
20.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
.0 M
f-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
Profitability
30.06.2009
2'797.3
2.04x
634.4
8.99x
71.8
14.05x
30.06.2010
2'849.9
2.71x
1'829.2
4.22x
(788.5)
-
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
30.06.2011
3'056.3
2.31x
686.9
10.29x
176.8
27.33x
686.90
467.80
15.31%
7.21%
2.65%
6.06%
5.35%
0.46%
22.5%
15.3%
5.8%
0.87
0.72
39.04%
82.89%
11.64
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.29
0.93
2'812.49
18.23
-4.05%
-1.64%
0.931
16
4.563
16'488'980
19'004'060
17'949'960
FY+2
06/12 Y
06/13 Y
3'450.9
3'796.7
2.06x
1.89x
937.9
1'053.3
7.26x
6.46x
297.6
356.4
14.62x
12.30x
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
22.02.2010
BBBPOS
2.70
1.11
3.29
3.87
82.9%
45.2%
0.46
1.05
31.36
-
3'000.0
16.00
14.00
2'500.0
12.00
2'000.0
10.00
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Asciano Ltd
Holdings By:
All
Holder Name
WESTPAC BANKING CORP
AUSBIL DEXIA LIMITED
UBS AG
ROWSTHORN MARK
VANGUARD GROUP INC
GOLDMAN SACHS ASSET
MAPS INVESTMENT MANA
FRANK RUSSELL TRUST
CHINA INTERNATIONAL
MACQUARIE INFRASTRUC
JP MORGAN CHASE & CO
MACQUARIE CAP INVST
ROYAL LONDON ASSET M
Firm Name
Morgan Stanley
Deutsche Bank
Credit Suisse
JPMorgan
Citi
Commonwealth Bank
RBS
Macquarie
Austock Securities
Evans & Partners Pty Ltd
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SCOTT KELLY
CAMERON MCDONALD
ANTHONY MOULDER
SCOTT CARROLL
SHAVARSH BEDROSSIAN
NATHAN LEAD
JONATHAN COLLETT
MATT CROWE
MARK WILLIAMS
IAN MYLES
ANDREW CHAMBERS
SCOTT RYALL
PAUL RYAN
SIMON MITCHELL
Source
EXCH
EXCH
Co File
EXCH
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Overwt/In-Line
buy
underperform
overweight
buy
buy
buy
buy
buy
outperform
hold
sell
Positive
buy
Amt Held
295'779'821
257'013'343
179'209'802
167'864'634
147'950'261
112'579'246
28'116'999
23'552'314
20'390'537
14'987'585
7'080'999
7'047'935
6'821'512
6'281'436
6'000'000
5'284'239
4'911'701
3'431'622
3'272'899
3'240'461
% Out
10.11
8.78
6.12
5.74
5.06
3.85
0.96
0.8
0.7
0.51
0.24
0.24
0.23
0.21
0.21
0.18
0.17
0.12
0.11
0.11
Weighting
Change
5
5
1
5
5
5
5
5
5
5
3
1
4
5
M
M
M
M
M
M
M
M
M
M
M
M
U
U
Latest Chg
29'775'862
30'714'720
(34'679'798)
477'460
15'544'909
10'730
5'954'148
(14'000'000)
5'284'239
681'875
1'294'466
3'240'461
Target Price
2
2
2
2
2
2
2
2
2
2
2
1
#N/A N/A
2
File Dt
30.11.2010
15.12.2010
30.06.2010
26.08.2009
26.05.2010
10.09.2010
04.02.2011
31.12.2010
29.10.2010
31.10.2010
30.09.2010
30.09.2010
30.09.2010
30.11.2010
30.06.2010
30.11.2009
31.12.2010
30.11.2010
14.06.2010
30.11.2010
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Bank
Bank
Investment Advisor
Bank
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
08.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
04.02.2011
28.01.2011
21.01.2011
12.01.2011
06.01.2011
03.12.2010
28.10.2010
21.05.2010
19.09.2011
ASX Ltd
ASX Ltd is a demutualized company which operates Australia's primary national
stock exchange and equity derivatives market. The ASX operates markets for
equities, derivatives, fixed-interest securities and capital-raising for
unlisted companies using advanced computer systems for both trading and
settlement.
Price/Volume
45
12.0 M
40
10.0 M
35
30
8.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.10.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ASX AT EQUITY YTD Change
ASX AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
4.0 M
10
2.0 M
5
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
538.1
14.63x
417.6
18.86x
292.9
27.73x
6.0 M
20
06/2011
01/yy
43.89
25.83
680'524.00
29.6
-32.56%
14.60%
22.54%
175.1
5'184.05
2'766.41
0.0
0.0
3'318.58
4'631.88
30.06.2008
30.06.2009
598.2
529.5
8.39x
11.51x
481.0
400.2
10.44x
15.23x
365.9
313.6
14.67x
20.19x
Profitability
30.06.2010
582.2
7.88x
452.4
10.13x
328.1
15.32x
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
30.06.2011
611.7
7.82x
484.3
9.87x
352.3
15.10x
484.34
458.77
75.00%
81.77%
5.50%
11.86%
7.35%
0.10%
79.2%
75.0%
57.6%
1.29
1.22
44.75%
91.57%
10.78
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.19
0.65
173.19
1.68
2.60%
-16.90%
0.654
14
3.571
989'636
978'036
925'695
FY+2
06/12 Y
06/13 Y
663.8
714.9
5.50x
5.06x
518.1
560.9
8.94x
8.26x
377.7
409.5
13.74x
12.69x
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
3.94
3.55
-1.14
5.71
91.6%
47.8%
0.10
13.39
33.86
-
30.00
700.0
25.00
600.0
500.0
20.00
400.0
15.00
300.0
10.00
200.0
5.00
100.0
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
ASX Ltd
Holdings By:
All
Holder Name
PERPETUAL LTD
VANGUARD GROUP INC
UNION INVESTMENT GMB
INVESCO LTD
KINETICS ASSET MANAG
UOB GLOBAL STRATEGIE
WELLS FARGO FUNDS MA
WELLS FARGO BANK NAT
FIDELITY MANAGEMENT
SJUNDE AP FONDEN
UNION INVESTMENT LUX
DAIWA ASSET MANAGEME
BANCO FONDER AB
LORD ABBETT & CO LLC
Firm Name
Deutsche Bank
Credit Suisse
RBS
JPMorgan
Keefe, Bruyette & Woods
UBS
Macquarie
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KIEREN CHIDGEY
JOHN HEAGERTY
RICHARD COLES
RYAN FISHER
ANDREW HILLS
RUSSELL GILL
SAM HILTON
CHRIS WILLIAMS
MICHAEL WIBLIN
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
hold
hold
hold
neutral
market perform
buy
underperform
Amt Held
8'714'959
7'623'523
1'734'471
1'406'414
1'009'700
887'692
832'410
592'729
560'946
487'789
227'410
206'911
202'587
190'393
184'011
171'258
167'720
167'300
164'089
132'346
% Out
4.98
4.35
0.99
0.8
0.58
0.51
0.48
0.34
0.32
0.28
0.13
0.12
0.12
0.11
0.11
0.1
0.1
0.1
0.09
0.08
Weighting
Change
5
3
3
3
3
3
3
5
1
Latest Chg
(1'364'634)
10'619
504'000
28'609
972
(16'300)
(2'050)
(14'300)
(128'096)
(40'692)
(9'893)
1'974
168
(19'000)
(4'706)
Target Price
M
M
M
M
M
M
M
M
M
41
40
40
43
40
40
34
45
26
File Dt
29.09.2010
03.11.2010
03.02.2011
31.12.2010
30.09.2010
31.12.2010
07.02.2011
30.09.2010
31.12.2010
30.12.2010
20.07.2010
30.06.2010
30.11.2010
31.12.2010
30.09.2010
30.09.2010
31.12.2010
15.07.2010
31.03.2010
30.12.2010
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.02.2011
03.02.2011
02.02.2011
02.02.2011
27.01.2011
24.01.2011
13.01.2011
06.12.2010
07.10.2010
19.09.2011
Australia & New Zealand Banking Group Ltd

Australia and New Zealand Banking Group Limited is an international bank with
activities in general banking, mortgage and installment lending, life insurance,
leasing, hire purchase and general finance. ANZ also provides international and
investment banking, investment and portfolio management and advisory services,
nominee and custodian services, stock broking and executor and trustee services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.02.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ANZ AT EQUITY YTD Change
ANZ AT EQUITY YTD % CHANGE
09/2010
12/yy
25.96
17.63
6'488'437.00
19.41
-25.23%
10.10%
26.05%
2'629.0
51'029.54
105'948.00
871.0
64.0
27'002.00
126'943.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
25
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
f-10 m-10
30.09.2007
30.09.2008
29'993.0
34'434.0
4.81x
4.02x
4'180.0
3'319.0
13.25x
11.00x
Profitability
LTM-4Q
30.09.2009
29'943.0
4.68x
2'943.0
18.62x
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
30.09.2010
31'458.0
4.47x
4'501.0
13.24x
40.93%
41.99%
0.89%
13.88%
3.21%
0.06%
28.6%
19.92%
318.93%
-
Price/ Cash Flow
j-10
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
j-10
12/yy
0.0
#DIV/0!
0.0
0.00x
(693.0)
0.00x
a-10
s-10
o-10
n-10
d-10
j-11
FY+1
.0 M
f-11
7.11
1.09
2'595.35
11.40
-13.67%
-14.50%
1.094
16
3.813
10'036'130
11'919'870
10'263'950
FY+2
FQ+1
FQ+2
09/11 Y
09/12 Y
06/11 Q3 09/11 Q4
16'766.4
17'875.6
4'200.0
8'337.0
8'824.7
15.23x
14.39x
5'640.3
6'048.3
1'400.0
9.14x
8.76x
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
22.02.2007
AA
STABLE
11.09.1996
A-1+
318.9%
75.6%
0.06
14.91
-
20.00
40'000.0
18.00
35'000.0
16.00
30'000.0
14.00
25'000.0
12.00
10.00
20'000.0
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
05.10.2007
a-10 m-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2006
25'541.0
5.21x
3'688.0
13.43x
30
0.0
05.04.2008
05.10.2008
05.04.2009
05.10.2009
05.04.2010
05.10.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Australia & New Zealand Banking Group Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
AUSTRALIA & NEW ZEAL
FIDELITY MANAGEMENT
SCHRODER INVESTMENT
SJUNDE AP FONDEN
AXA
CHINA INTERNATIONAL
PRINCIPAL FINANCIAL
Firm Name
JPMorgan
Nomura
RBS
Macquarie
Credit Suisse
BBY Limited
Southern Cross
Citi
Deutsche Bank
Commonwealth Bank
Morgan Stanley
UBS
Shaw Stockbroking
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SCOTT MANNING
BENJAMIN KOO
VICTOR GERMAN
JOHAN VANDERLUGT
ANDREW LYONS
CRAIG TURTON
JARROD MARTIN
BILL STACEY
BRETT LE MESURIER
TS LIM
CRAIG WILLIAMS
BRIAN D JOHNSON
JAMES FREEMAN
BEN ZUCKER
RICHARD E WILES
JONATHAN MOTT
TIM BUCKLEY
Source
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
buy
reduce
buy
buy
underperform
outperform
outperform
hold
buy
hold
underperform
buy
buy
Equalwt/Cautious
buy
hold
Amt Held
129'848'905
70'376'502
29'775'408
28'895'288
27'298'205
25'019'317
16'085'993
13'192'316
7'010'000
6'191'486
4'091'310
3'764'451
3'367'455
3'349'642
3'024'572
2'580'986
2'108'500
2'065'500
1'926'485
1'881'800
% Out
5
2.71
1.15
1.11
1.05
0.96
0.62
0.51
0.27
0.24
0.16
0.15
0.13
0.13
0.12
0.1
0.08
0.08
0.07
0.07
Weighting
Change
5
5
2
5
5
1
5
5
3
5
3
1
5
5
3
5
3
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
Latest Chg
3'107'419
(65'984'490)
369'066
179'231
(10'511'740)
736'472
589'581
625'000
290'300
45'217
466'224
(15'607)
1'959'553
34'010
22'400
2'065'500
(95'969)
(33'600)
Target Price
28
30
22
26
26
23
29
28
25
27
25
23
27
26
25
26
#N/A N/A
File Dt
Inst Type
05.05.2010
Investment Advisor
11.11.2010
Bank
31.12.2010
Investment Advisor
03.02.2011
Bank
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
30.06.2010
Investment Advisor
15.04.2010
Investment Advisor
31.12.2010
Investment Advisor
29.10.2010
Investment Advisor
30.09.2010
Investment Advisor
30.04.2010
Investment Advisor
30.06.2010
Investment Advisor
30.12.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Date
02.02.2011
01.02.2011
01.02.2011
27.01.2011
19.01.2011
19.01.2011
11.01.2011
14.12.2010
13.12.2010
07.12.2010
03.12.2010
25.11.2010
29.10.2010
29.10.2010
28.10.2010
21.06.2010
05.03.2010
19.09.2011
AXA Asia Pacific Holdings Ltd

AXA Asia Pacific Holdings Limited provides life, health and other insurance
services, superannuation, savings, funds management and investment products to
customers in Australia, New Zealand and Asia. The Company also provides
wholesale funds management products and services to third parties.
Price/Volume
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
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AXA AT EQUITY YTD Change
AXA AT EQUITY YTD % CHANGE
12/2010
01/yy
0.00
2'067.1
1'130.00
0.0
4.0
1'816.00
12'588.75
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
f-10 m-10
31.12.2007
31.12.2008
5'550.0
(2'873.0)
2.09x
639.0
(279.0)
19.91x
Profitability
31.12.2009
6'105.0
1.87x
679.0
18.80x
31.12.2010
5'314.0
2.32x
602.0
21.62x
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
14.09%
14.53%
1.94%
13.49%
11.08%
0.17%
11.3%
3.68%
25.34%
-
Price/ Cash Flow
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
2.93
2'066.68
4
3.000
FY+2
12/11 Y
12/12 Y
687.6
773.6
999.0
1'152.0
12.60x
10.93x
665.1
745.9
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
FQ+1
FQ+2
25.3%
20.2%
0.17
-
20.00
7'000.0
18.00
6'000.0
16.00
5'000.0
14.00
4'000.0
12.00
3'000.0
10.00
2'000.0
8.00
1'000.0
6.00
0.0
4.00
-1'000.0
2.00
-2'000.0
0.00
05.01.2007
a-10
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
6'210.0
1.97x
668.0
19.02x
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-3'000.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
-4'000.0
19.09.2011
AXA Asia Pacific Holdings Ltd

Holdings By:
All
Holder Name
AMP LTD
UBS AG
MATTHEWS INTERNATION
VANGUARD GROUP INC
WATER ISLAND CAPITAL
GUARDIAN CAPITAL INC
SJUNDE AP FONDEN
FIDELITY MANAGEMENT
LEGAL & GENERAL GROU
CREDIT SUISSE ASSET
HENDERSON INVESTORS
GAM INTERNATIONAL MA
KBC FUND MANAGERS
Firm Name
Macquarie
Citi
Credit Suisse
JPMorgan
RBS
Deutsche Bank
DZ Bank AG
UBS
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TONY JACKSON
NIGEL PITTAWAY
JOHN HEAGERTY
RYAN FISHER
RICHARD COLES
KIEREN CHIDGEY
JOHAN VANDERLUGT
WERNER EISENMANN
ROSS CURRAN
Source
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
restricted
hold
neutral
hold
neutral
hold
restricted
hold
buy
restricted
Amt Held
1'133'819'361
105'514'045
19'053'691
10'642'742
10'017'256
8'975'067
8'124'000
4'908'192
4'436'148
2'694'462
2'289'682
1'430'143
1'087'383
853'386
770'164
766'800
628'449
593'877
382'399
363'119
% Out
54.85
5.1
0.92
0.51
0.48
0.43
0.39
0.24
0.21
0.13
0.11
0.07
0.05
0.04
0.04
0.04
0.03
0.03
0.02
0.02
Weighting
Change
#N/A N/A
3
3
3
3
3
#N/A N/A
3
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'739'799)
(5'302'961)
1'924'888
107'438
212'855
(54'675)
(155'882)
120'193
32'221
1'485
(211)
766'800
194
8'318
Target Price
#N/A N/A
6
6
6
6
6
#N/A N/A
6
#N/A N/A
#N/A N/A
File Dt
29.11.2010
31.01.2011
14.09.2010
30.09.2010
03.02.2011
31.12.2010
30.06.2010
31.12.2010
30.06.2010
31.12.2010
31.12.2010
30.09.2010
30.09.2010
31.12.2010
30.04.2010
30.09.2010
27.01.2011
31.07.2010
31.10.2010
31.12.2010
Date
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Insurance Company
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.01.2011
25.01.2011
21.01.2011
07.01.2011
16.12.2010
15.11.2010
15.11.2010
21.10.2010
09.09.2010
09.11.2009
19.09.2011
Bank of Queensland Ltd

Bank of Queensland Limited is a full service financial institution. The Bank
operates retail branches, business banking centers, and equipment finance
centers throughout Australia and New Zealand. Bank of Queensland also operates
an automated teller machine (ATM) network throughout Australia.
Price/Volume
14
3.0 M
12
2.5 M
10
2.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.12.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BOQ AT EQUITY YTD Change
BOQ AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.08.2007
31.08.2008
1'450.6
2'178.5
5.31x
3.47x
129.8
138.7
15.86x
16.80x
Profitability
31.08.2009
2'182.6
2.99x
141.1
15.35x
31.08.2010
2'389.7
2.81x
179.6
12.20x
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
37.84%
36.27%
0.47%
8.33%
1.89%
0.07%
25.2%
18.95%
331.27%
-
Price/ Cash Flow
.5 M
2
0
f-10 m-10
a-10
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
7.58
1.27
224.08
9.41
-35.89%
-32.14%
1.272
14
4.143
707'788
897'450
919'655
FY+2
08/11 Y
08/12 Y
788.8
849.4
51.49x
51.76x
308.7
408.0
26.70x
20.20x
174.0
245.9
9.22x
6.65x
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
07.04.2005
BBB+
NEG
14.01.1994
A-2
331.3%
75.3%
0.07
95.59
-
60.00
3'000.0
50.00
2'500.0
40.00
2'000.0
30.00
1'500.0
20.00
1'000.0
10.00
500.0
0.00
31.08.2007
1.0 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

31.08.2006
1'138.1
5.48x
92.7
17.34x
1.5 M
08/2010
01/yy
12.32
6.46
930'325.00
6.86
-44.32%
6.19%
11.60%
225.4
1'546.04
7'310.50
195.7
0.0
2'902.90
8'242.34
0.0
29.02.2008
31.08.2008
28.02.2009
31.08.2009
28.02.2010
31.08.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Bank of Queensland Ltd

Holdings By:
All
Holder Name
BRED BANQUE POPULAIR
FOX PETER
LIDDY DAVID PAUL
VANGUARD GROUP INC
AXA ROSENBERG INTL
IO UNIVERSAL FUND
EMERGING LEADERS INV
BESSEMER GROUP INCOR
STATE STREET CORP
SMARTSHARES LIMITED
DIMENSIONAL FUND ADV
HOWARTH ANTHONY JOHN
Firm Name
JPMorgan
Southern Cross
BBY Limited
RBS
Nomura
Deutsche Bank
Citi
Morgan Stanley
Credit Suisse
Macquarie
Commonwealth Bank
UBS
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
SCOTT MANNING
TS LIM
BENJAMIN KOO
BRETT LE MESURIER
JOHN BUONACCORSI
VICTOR GERMAN
JAMES FREEMAN
WES NASON
JOHAN VANDERLUGT
DAVID SHI
JAMES ELLIS
MICHAEL WIBLIN
BEN ZUCKER
JONATHAN MOTT
Source
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Recommendation
neutral
accumulate
hold
underperform
buy
neutral
hold
hold
outperform
Underwt/Cautious
neutral
neutral
hold
neutral
Amt Held
27'315'821
1'775'499
1'179'053
1'139'504
508'181
266'304
212'552
194'900
176'040
136'556
135'400
102'361
96'214
94'365
92'484
75'351
69'239
57'072
49'809
48'714
% Out
12.3
0.8
0.53
0.51
0.23
0.12
0.1
0.09
0.08
0.06
0.06
0.05
0.04
0.04
0.04
0.03
0.03
0.03
0.02
0.02
Weighting
Change
3
4
3
1
5
3
3
3
5
1
3
3
3
3
Latest Chg
87'536
107'167
12'206
(217'652)
4'466
204
(11)
44'119
92'484
2'238
78
(5'594)
-
Target Price
M
U
M
N
U
M
M
U
M
M
M
M
M
M
11
10
12
9
12
11
11
11
11
10
13
13
11
11
File Dt
Inst Type
24.09.2010
n/a
25.11.2009
n/a
21.01.2011
n/a
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
04.02.2011
Investment Advisor
30.06.2009
Unclassified
30.04.2010
Investment Advisor
29.10.2010
Investment Advisor
04.02.2011
Investment Advisor
31.03.2010
Investment Advisor
30.06.2010
Investment Advisor
30.11.2010
Investment Advisor
29.10.2010
Investment Advisor
26.07.2010
n/a
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Date
02.02.2011
02.02.2011
01.02.2011
28.01.2011
24.01.2011
24.01.2011
20.01.2011
20.01.2011
17.01.2011
12.01.2011
13.12.2010
09.12.2010
08.12.2010
14.10.2010
19.09.2011
Bendigo and Adelaide Bank Ltd

Bendigo and Adelaide Bank Limited offers a variety of banking and other
financial services, including first mortgage housing finance, retail and
business banking, commercial finance, funds management, treasury and foreign
exchange services, superannuation and trustee services. Bendigo also offers
internet banking.
Price/Volume
3.0 M
2.5 M
2.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (03.12.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BEN AT EQUITY YTD Change
BEN AT EQUITY YTD % CHANGE
06/2011
01/yy
10.45
7.55
629'755.00
8.1
-22.49%
7.28%
25.52%
367.1
2'973.55
9'262.60
188.5
0.0
670.60
11'754.05
1.5 M
1.0 M
.5 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
3.5 M
10
8
Valuation Analysis
30.06.2007
1'241.8
1.97x
121.8
18.56x
12
30.06.2008
30.06.2009
2'909.1
3'352.7
4.78x
3.59x
198.3
83.8
12.46x
27.15x
Profitability
30.06.2010
3'014.4
4.02x
242.6
12.14x
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
30.06.2011
3'678.8
3.27x
342.1
9.68x
32.92%
34.43%
0.62%
9.11%
2.57%
0.07%
27.7%
16.86%
245.59%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.41
1.06
364.32
6.96
-8.81%
-13.12%
1.060
15
2.867
1'249'529
1'204'604
966'898
FY+2
06/12 Y
06/13 Y
1'266.0
1'347.7
520.0
562.3
22.60x
20.90x
344.6
374.2
8.99x
8.46x
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
14.02.2005
BBB+
POS
29.05.2002
A-2
245.6%
70.1%
0.07
36.16
-
4'000.0
30.00
3'500.0
25.00
3'000.0
20.00
2'500.0
15.00
2'000.0
1'500.0
10.00
1'000.0
5.00
0.00
06.07.2007
500.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Bendigo and Adelaide Bank Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
ADELAIDE RESOURCE MG
PRUDENTIAL FINANCIAL
AXA ROSENBERG INTL
HORAN JOHN PATRICK
SJUNDE AP FONDEN
FIDELITY MANAGEMENT
RUSSELL INVESTMENT M
HARTFORD INVESTMENT
JOHANSON ROBERT NIVE
CREDIT SUISSE ASSET
HIRST JOHN MICHAEL
LEGG MASON GLOBAL FU
Firm Name
JPMorgan
RBS
Nomura
Macquarie
Morgan Stanley
Credit Suisse
Citi
Southern Cross
Deutsche Bank
Commonwealth Bank
UBS
BBY Limited
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
SCOTT MANNING
JOHN BUONACCORSI
BENJAMIN KOO
VICTOR GERMAN
MICHAEL WIBLIN
RICHARD E WILES
JAMES ELLIS
WES NASON
TS LIM
JAMES FREEMAN
BEN ZUCKER
JONATHAN MOTT
GEORGE GABRIEL
JOHAN VANDERLUGT
Source
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Recommendation
neutral
hold
hold
neutral
neutral
Underwt/Cautious
outperform
sell
accumulate
hold
hold
neutral
buy
hold
Amt Held
3'462'518
2'885'916
1'800'972
1'500'000
1'248'231
781'900
665'069
360'256
347'077
325'119
297'981
273'005
257'912
238'759
227'788
212'669
190'762
188'371
176'742
157'925
% Out
0.97
0.81
0.5
0.42
0.35
0.22
0.19
0.1
0.1
0.09
0.08
0.08
0.07
0.07
0.06
0.06
0.05
0.05
0.05
0.04
Weighting
Change
3
3
3
3
3
1
5
1
4
3
3
3
5
3
Latest Chg
82'070
63'387
20'183
781'900
91
(7'282)
(16'405)
941
5'445
68
300
21'382
3'019
5'257
157'925
Target Price
M
M
M
M
M
M
U
D
M
M
M
M
M
M
11
11
11
10
10
8
11
9
10
10
9
9
10
10
File Dt
Inst Type
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
14.11.2010
n/a
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
14.11.2010
n/a
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.01.2011
Investment Advisor
28.02.2010
Investment Advisor
30.09.2010
n/a
04.02.2011
Investment Advisor
29.10.2010
Investment Advisor
11.11.2010
n/a
30.04.2010
Investment Advisor
30.11.2010
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
07.02.2011
04.02.2011
01.02.2011
01.02.2011
12.01.2011
11.01.2011
11.01.2011
13.12.2010
02.12.2010
26.10.2010
26.10.2010
27.09.2010
20.08.2010
11.08.2010
19.09.2011
BHP Billiton Ltd

BHP Billiton Limited is an international resources company. The Company's
principal business lines are mineral exploration and production, including coal,
iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as
petroleum exploration, production, and refining.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BHP AT EQUITY YTD Change
BHP AT EQUITY YTD % CHANGE
06/2011
01/yy
49.81
34.81
8'709'561.00
37.6
-24.51%
8.01%
22.80%
3'224.3
183'673.80
15'907.00
0.0
993.0
10'084.00
195'026.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
47'473.0
3.77x
22'994.0
7.78x
13'416.0
12.98x
50
45
40
35
30
25
20
15
10
5
0
f-10 m-10
30.06.2008
30.06.2009
59'473.0
50'211.0
4.07x
3.23x
28'137.0
21'761.0
8.60x
7.46x
15'390.0
5'877.0
15.19x
26.55x
Profitability
30.06.2010
52'798.0
3.42x
24'590.0
7.35x
12'722.0
13.95x
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
30.06.2011
71'739.0
3.57x
36'488.0
7.03x
23'648.0
10.93x
36'488.00
31'449.00
43.84%
43.57%
24.67%
44.92%
34.79%
0.75%
50.9%
43.8%
33.0%
1.28
0.93
15.46%
28.02%
10.92
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.62
1.11
3'219.47
44.41
-1.04%
-14.93%
1.112
20
4.500
13'973'520
15'329'910
14'218'440
FY+2
06/12 Y
06/13 Y
78'502.1
81'705.3
2.52x
2.35x
44'071.0
45'426.0
4.42x
4.29x
25'163.1
25'358.0
8.25x
8.06x
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
FQ+1
FQ+2
15.11.2010
A+
STABLE
06.02.2008
A-1
72.69
50.48
0.16
0.44
28.0%
21.6%
0.75
1.16
33.43
-
70'000.0
20.00
18.00
60'000.0
16.00
14.00
50'000.0
12.00
40'000.0
10.00
30'000.0
8.00
6.00
20'000.0
4.00
10'000.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
BHP Billiton Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
VANGUARD GROUP INC
CI INVESTMENTS INC
THORNBURG INVESTMENT
INVESCO LTD
FIDELITY MANAGEMENT
SJUNDE AP FONDEN
SCHRODER INVESTMENT
NOMURA ASSET MANAGEM
Firm Name
Deutsche Bank
Commonwealth Bank
HSBC
RBS
Morgan Stanley
Credit Suisse
JPMorgan
Macquarie
UBS
Investec
E.L. & C. Baillieu
Evolution Securities
Southern Cross
Citi
BMO Capital Markets
Wise-owl.com
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DAVID BRENNAN
PAUL-D YOUNG
NEIL GOODWILL
ANDREW HINES
HAYDEN BAIRSTOW
ANDREW KEEN
LYNDON FAGAN
CRAIG CAMPBELL
PAUL MCTAGGART
FRASER JAMIESON
LEE BOWERS
GLYN LAWCOCK
ANDREW GARDNER
TIM GERRARD
RAY CHANTRY
CHARLES KERNOT
FLEUR GROSE
CLARKE WILKINS
TONY ROBSON
JOSH TERLICH
Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
neutral
buy
Overwt/Attractive
neutral
neutral
outperform
buy
buy
hold
hold
buy
buy
buy
outperform
long-term buy
Amt Held
183'990'864
33'945'061
28'431'321
17'096'646
15'799'650
14'277'000
11'478'340
11'098'743
10'477'762
8'982'935
6'812'243
6'380'000
5'065'534
4'252'065
3'598'545
3'119'260
2'481'136
2'452'841
2'210'507
2'150'195
% Out
5.48
1.01
0.85
0.51
0.47
0.43
0.34
0.33
0.31
0.27
0.2
0.19
0.15
0.13
0.11
0.09
0.07
0.07
0.07
0.06
Weighting
Change
5
5
5
5
5
3
5
5
3
3
5
5
5
3
3
5
5
5
5
5
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
N
M
M
M
N
Latest Chg
241'918
530'419
12'250
20'000
(161'869)
(14'916)
303'404
(793'143)
(10'000'000)
(199'692)
(183'300)
15'052
(75'977)
759'801
110'530
(27'955)
940'929
Target Price
53
53
66
56
54
48
51
55
53
50
53
52
#N/A N/A
43
43
33
44
50
42
#N/A N/A
File Dt
Inst Type
30.06.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
31.12.2010
Investment Advisor
31.10.2010
Investment Advisor
31.12.2010
Investment Advisor
07.02.2011
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
30.06.2010
Investment Advisor
15.07.2010
Investment Advisor
29.10.2010
Investment Advisor
31.12.2010
Investment Advisor
29.10.2010
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
08.02.2011
07.02.2011
02.02.2011
01.02.2011
31.01.2011
25.01.2011
20.01.2011
20.01.2011
20.01.2011
20.01.2011
18.01.2011
14.01.2011
09.11.2010
20.10.2010
20.10.2010
04.10.2010
26.08.2010
02.06.2010
23.02.2010
28.11.2008
19.09.2011
Billabong International Ltd

Billabong International Limited manufactures and distributes surfwear and
extreme sports apparel throughout the world. Billabong designs board shirts,
swimwear, T-shirts, fleece tops, jumpers, shirts, walk shorts, trousers, jeans,
back packs and accessories under its brand name. The Company also sponsors
professional surfing, skateboarding and snowboarding events.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.02.2011)
52-Week Low (19.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BBG AT EQUITY YTD Change
BBG AT EQUITY YTD % CHANGE
06/2011
01/yy
9.07
3.01
3'622'899.00
3.03
-66.59%
0.66%
2.69%
254.0
769.73
613.17
0.0
3.4
144.86
1'241.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12
12.0 M
10
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
f-10 m-10
30.06.2008
30.06.2009
1'349.5
1'671.3
1.91x
1.44x
304.6
279.7
8.46x
8.63x
176.4
152.8
12.60x
12.64x
Profitability
30.06.2010
1'484.3
1.62x
254.8
9.46x
146.0
14.99x
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
30.06.2011
1'685.5
1.18x
204.2
9.71x
119.1
12.68x
204.24
162.31
9.63%
7.53%
5.15%
9.89%
8.17%
0.73%
53.8%
12.1%
9.6%
7.1%
2.34
1.25
25.34%
51.38%
4.62
2.64
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
9.57
1.03
214.89
21.34
-59.69%
-60.43%
1.030
14
2.786
2'711'723
3'370'010
2'344'181
FY+2
06/12 Y
06/13 Y
1'756.4
1'873.5
0.72x
0.72x
221.6
246.0
5.60x
5.05x
111.6
123.2
6.92x
6.26x
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
8.25
6.50
2.29
3.00
51.4%
33.9%
0.73
9.49
79.08
138.14
105.10
112.12
45.00
1'800.0
40.00
1'600.0
35.00
1'400.0
30.00
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
06.07.2007
a-10 m-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
1'226.5
3.22x
261.5
15.12x
167.2
22.11x
14
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Billabong International Ltd

Holdings By:
All
Holder Name
MERCHANT GORDON
INVESCO AUSTRALIA LT
FIDELITY MANAGEMENT
PERPETUAL INVESTMENT
PAULL COLETTE
COLUMBIA WANGER ASSE
NEW JERSEY DIVISION
VANGUARD GROUP INC
O'NEILL DEREK
Firm Name
Credit Suisse
Nomura
RBS
JPMorgan
Deutsche Bank
Morgan Stanley
UBS
Citi
Macquarie
Commonwealth Bank
Paterson Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
GRANT SALIGARI
NICK BERRY
DANIEL BROEREN
SHAUN COUSINS
PHILLIP KIMBER
ALEXI BAKER-MCLENNAN
THOMAS KIERATH
BEN GILBERT
CRAIG WOOLFORD
GREG DRING
ANDREW MCLENNAN
RUSSELL WRIGHT
TONY WILSON
JAMES PATERSON
Source
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Recommendation
underperform
reduce
hold
underweight
hold
buy
Underwt/In-Line
neutral
hold
outperform
hold
hold
negative
outperform
Amt Held
33'013'703
19'165'209
15'562'148
15'497'677
13'157'937
13'136'301
12'122'587
6'361'582
5'474'200
4'422'271
3'016'283
2'973'289
2'540'000
2'131'643
1'844'396
1'750'000
1'605'646
1'362'016
1'200'000
1'198'757
% Out
13.02
7.56
6.14
6.11
5.19
5.18
4.78
2.51
2.16
1.74
1.19
1.17
1
0.84
0.73
0.69
0.63
0.54
0.47
0.47
Weighting
Change
1
2
3
1
3
5
1
3
3
5
3
3
2
5
M
M
M
M
M
M
D
M
D
M
M
M
D
N
Latest Chg
(4'275'601)
2'745'542
(2'545'518)
2'501'380
(10'580'787)
(1'051'929)
(30'700)
46'453
(1'445'247)
500'000
13'299
180'000
(1'065'000)
-
Target Price
8
8
8
8
10
10
7
8
8
9
9
8
#N/A N/A
14
File Dt
Inst Type
17.08.2009
n/a
24.08.2010
Bank
24.08.2010
Investment Advisor
13.12.2010
Investment Advisor
26.11.2010
Bank
11.01.2011
Investment Advisor
17.08.2009
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
30.06.2009
n/a
30.11.2010
Investment Advisor
04.02.2011
Investment Advisor
15.07.2010
Investment Advisor
30.09.2010 Pension Fund (ERISA)
31.12.2010
Investment Advisor
25.11.2010
n/a
30.11.2010
Investment Advisor
Date
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Date
04.02.2011
02.02.2011
12.01.2011
16.12.2010
16.12.2010
15.12.2010
15.12.2010
15.12.2010
15.12.2010
15.12.2010
15.12.2010
15.12.2010
15.12.2010
28.05.2010
19.09.2011
BlueScope Steel Ltd

BlueScope Steel Limited is a steel solutions company operating in Australia,
New Zealand, the US and Asia that serves primarily the building and
construction industry, and also other industrial segments. The Company
manufactures and distributes hot and cold rolled coil, plate, and coated
products such as pre-painted steel and zinc/aluminium alloy-coated steel.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BSL AT EQUITY YTD Change
BSL AT EQUITY YTD % CHANGE
06/2011
01/yy
2.45
0.65
14'924'421.00
0.69
-71.84%
6.98%
3.32%
1'842.2
1'271.14
1'239.90
0.0
87.3
172.20
2'426.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
f-10 m-10
30.06.2008
30.06.2009
10'458.0
10'302.1
1.00x
0.53x
1'410.9
427.2
7.38x
12.76x
596.2
(66.4)
14.10x
Profitability
30.06.2010
8'597.3
0.54x
503.4
9.27x
126.0
31.82x
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
30.06.2011
9'112.4
0.37x
457.8
7.37x
(1'054.2)
457.80
102.20
1.12%
-12.54%
-12.56%
-21.15%
1.09%
5.0%
1.1%
-11.6%
1.72
0.59
15.91%
28.78%
8.95
-
Price/ Cash Flow
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
2.90
1.51
1'744.62
75.32
-70.85%
-69.04%
1.511
12
3.750
18'044'330
25'872'730
26'084'550
FY+2
06/12 Y
06/13 Y
8'584.1
8'520.5
0.28x
0.27x
347.4
696.3
6.98x
3.48x
29.1
203.5
40.59x
6.22x
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
5.70
0.97
2.33
2.71
28.8%
22.0%
1.09
2.35
40.77
-
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
06.07.2007
a-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
8'112.9
1.07x
1'192.4
7.28x
685.6
10.62x
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
BlueScope Steel Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
PRUDENTIAL PLC
GRANTHAM MAYO VAN OT
FIDELITY INVESTMENTS
MORGAN STANLEY & CO
FONDI ALLEANZA SGR P
ROYAL LONDON ASSET M
FIDELITY MANAGEMENT
ING INVESTMENT MGMT
SJUNDE AP FONDEN
Firm Name
Credit Suisse
Deutsche Bank
JPMorgan
RBS
UBS
Macquarie
Morgan Stanley
HSBC
E.L. & C. Baillieu
Commonwealth Bank
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL SLIFIRSKI
EMILY BEHNCKE
BENJAMIN X. WILSON
ANDREW GIBSON
TODD SCOTT
ANDREW MOLLER
DOUGLAS MACPHILLAMY
CAMERON JUDD
DAVID BRENNAN
SCOTT HUDSON
DANIEL KANG
SAM HADDAD
ATHLENE PIECH
ANDREW GARDNER
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
overweight
buy
buy
buy
underperform
Equalwt/In-Line
buy
underperform
overweight
accumulate
hold
neutral
Amt Held
94'045'604
82'386'660
18'208'206
14'886'984
9'238'951
9'195'929
6'837'727
6'011'824
5'545'995
4'436'474
3'715'822
3'250'106
3'247'946
3'125'000
2'989'593
2'428'642
2'323'945
2'083'458
2'052'913
1'930'816
% Out
5.11
4.47
0.99
0.81
0.5
0.5
0.37
0.33
0.3
0.24
0.2
0.18
0.18
0.17
0.16
0.13
0.13
0.11
0.11
0.1
Weighting
Change
5
5
5
5
5
5
1
3
5
1
5
4
3
3
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
(11'787'828)
(4'622'695)
(266'298)
312'547
(200'000)
423'000
4'144'502
569'498
3'247'946
472'703
40'030
1'888'307
63'622
346
-
Target Price
3
4
3
3
3
3
2
2
3
2
3
3
2
#N/A N/A
File Dt
08.06.2010
21.09.2010
03.02.2011
31.12.2010
30.06.2010
31.12.2010
24.08.2010
30.09.2010
29.10.2010
31.08.2010
31.12.2009
30.09.2010
30.06.2010
29.11.2010
30.11.2010
31.12.2010
30.11.2010
31.12.2010
30.04.2010
30.09.2010
Date
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
08.02.2011
07.02.2011
07.02.2011
03.02.2011
02.02.2011
01.02.2011
18.01.2011
17.01.2011
07.12.2010
12.11.2010
11.11.2010
11.11.2010
09.11.2010
09.11.2010
19.09.2011
Boart Longyear Ltd

Boart Longyear Group provides contract drilling services to the mining,
environmental and infrastructure, and energy industries, and manufactures
drilling, coring, grinding tools and equipment, and wear components.
Price/Volume
6
25.0 M
20.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (05.04.2011)
52-Week Low (12.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BLY AT EQUITY YTD Change
BLY AT EQUITY YTD % CHANGE
12/2010
01/yy
5.01
2.97
1'692'575.00
3.12
-37.72%
5.05%
13.24%
461.2
1'438.83
248.47
0.0
0.0
94.94
1'741.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
1'118.5
77.7
(89.0)
-
15.0 M
Valuation Analysis
31.12.2007
31.12.2008
1'575.7
1'838.5
2.33x
0.53x
284.5
376.3
12.88x
2.59x
81.1
156.7
38.15x
1.36x
Profitability
31.12.2009
978.2
0.20x
127.3
1.53x
(14.9)
-
31.12.2010
1'475.9
1.55x
233.4
9.78x
84.5
25.22x
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
233.36
140.01
9.49%
8.35%
5.50%
8.46%
7.60%
0.96%
25.2%
15.8%
9.5%
5.7%
2.09
1.01
14.55%
23.44%
7.13
4.99
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.56
1.20
449.79
8.54
0.53%
-30.11%
1.205
11
4.818
3'399'000
4'833'541
4'001'429
FY+2
12/11 Y
12/12 Y
1'963.5
2'235.1
0.90x
0.78x
341.8
416.6
5.09x
4.18x
153.2
193.8
9.54x
7.56x
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
26.72
13.11
0.66
1.06
23.4%
19.0%
0.96
3.60
51.16
73.19
38.08
86.26
2'000.0
30.00
1'800.0
25.00
1'600.0
1'400.0
20.00
1'200.0
15.00
1'000.0
800.0
10.00
600.0
400.0
5.00
0.00
05.01.2007
200.0
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Boart Longyear Ltd

Holdings By:
All
Holder Name
UBS AG
MACQUARIE GROUP LTD
EUROCLEAR BANK SA
AMP LIFE LTD
JULIUS BAER MULTIPAR
FIDELITY MANAGEMENT
AUSTRALIAN REWARD IN
QUEENSLAND INVESTMEN
DRIEHAUS CAPITAL MAN
GRANDOR PTY LIMITED
MMA FINANCE
MORGAN STANLEY & CO
Firm Name
Credit Suisse
UBS
Macquarie
JPMorgan
Citi
Nomura
Moelis & Company
RBS
Austock Securities
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ROHAN GALLAGHER
RAMOUN LAZAR
RIKKI BANNAN
KEITH CHAU
GUY ROBINSON
CHRIS SAVAGE
RICHARD J JOHNSON
ADAM S MICHELL
ANDREW HODGE
CRAIG STRANGER
CRAIG WONGPAN
Source
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
Recommendation
neutral
neutral
outperform
overweight
buy
buy
buy
buy
buy
buy
not rated
Amt Held
27'299'732
21'581'019
17'611'908
16'621'379
10'896'320
8'738'221
8'010'758
6'290'000
5'846'276
5'381'406
4'785'097
4'101'602
3'420'488
2'636'243
2'417'042
2'146'303
2'142'832
2'000'000
2'000'000
1'984'024
% Out
5.92
4.68
3.82
3.6
2.36
1.89
1.74
1.36
1.27
1.17
1.04
0.89
0.74
0.57
0.52
0.47
0.46
0.43
0.43
0.43
Weighting
Change
3
3
5
5
5
5
5
5
5
5
#N/A N/A
M
D
M
M
M
M
M
N
M
M
M
Latest Chg
(5'316'948)
(1'645'851)
(1'914'634)
(8'015'626)
(666'222)
(629'011)
559'733
361'517
140'239
(1)
(930'000)
(526'310)
Target Price
5
5
5
5
5
5
5
5
5
5
#N/A N/A
File Dt
01.03.2010
17.11.2010
16.10.2009
05.01.2011
31.12.2010
31.12.2010
13.10.2008
30.09.2010
12.03.2010
30.06.2010
31.10.2010
12.03.2010
12.03.2010
30.11.2010
31.12.2010
12.03.2010
30.09.2010
12.03.2010
30.09.2010
30.09.2010
Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Bank
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Other
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Other
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Date
20.12.2010
20.12.2010
18.12.2010
17.12.2010
17.12.2010
17.12.2010
17.12.2010
16.12.2010
09.12.2010
08.12.2010
07.12.2010
19.09.2011
Boral Ltd
Boral Limited is a manufacturer and supplier of building and construction
materials in Australia and internationally. Boral supplies building products to
the residential and commercial building markets, operates clay brick business in
the U.S. (for clay roof tiles and fly ash) along with the production of
plasterboard, timber products and concrete products.
Price/Volume
7
30.0 M
25.0 M
20.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2011)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BLD AT EQUITY YTD Change
BLD AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
1
0
f-10 m-10
30.06.2008
30.06.2009
5'178.6
4'858.9
0.93x
0.81x
628.1
435.0
7.68x
9.03x
242.8
142.0
13.88x
16.89x
Profitability
30.06.2010
4'493.8
0.91x
311.6
13.07x
(90.5)
-
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
30.06.2011
4'681.7
0.80x
167.7
19.05x
311.60
72.60
1.55%
3.59%
3.08%
5.85%
6.03%
0.86%
28.3%
6.9%
1.6%
3.6%
1.68
1.11
18.82%
34.31%
6.18
5.87
Price/ Cash Flow
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
4.14
1.01
686.86
42.03
-27.16%
-28.52%
1.010
15
3.133
6'069'012
5'335'459
4'824'784
FY+2
06/12 Y
06/13 Y
5'144.9
5'850.6
0.72x
0.63x
623.7
757.7
4.80x
3.95x
199.1
268.9
12.37x
9.28x
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
07.11.2008
BBB
STABLE
07.07.2010
A-2
3.13
1.32
3.80
4.30
34.3%
25.3%
0.86
1.65
59.06
62.20
71.64
49.63
12.00
6'000.0
10.00
5'000.0
8.00
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
06.07.2007
a-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
4'889.1
1.38x
700.5
9.62x
298.1
17.54x
15.0 M
06/2011
01/yy
5.73
3.28
4'936'892.00
3.34
-41.71%
1.83%
8.57%
729.9
2'437.95
1'066.60
0.0
47.6
561.20
2'990.95
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Boral Ltd
Holdings By:
All
Holder Name
BALANCED EQUITY MANA
M&G INVESTMENT MANAG
RBS DEP M&G GLOBAL B
AXA
UBS AG
PRUDENTIAL PLC
VANGUARD GROUP INC
PEARSE RODNEY TAUNTO
ROBECO INVESTOR SERV
AMERIPRISE FINANCIAL
LANSFORSAKRINGAR FON
SJUNDE AP FONDEN
Firm Name
Credit Suisse
RBS
JPMorgan
Commonwealth Bank
Deutsche Bank
Macquarie
UBS
Paterson Securities
Foster Stockbroking
Citi
E.L. & C. Baillieu
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ROHAN GALLAGHER
ANDREW G SCOTT
JASON HARLEY STEED
MICHAEL WARD
EMILY BEHNCKE
DOUGLAS MACPHILLAMY
DAVID LEITCH
MATTHEW MCNEE
ANDREW JOHNSTON
BEN KAKOSCHKE
TEAM COVERAGE
HUGH DIVE
SIMON DUMARESQ
SIMON THACKRAY
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
hold
overweight
hold
hold
underperform
buy
hold
underperform
hold
sell
sell
hold
buy
Amt Held
57'628'893
51'496'301
45'693'032
44'499'371
40'600'000
35'172'567
34'605'902
32'781'990
29'709'149
6'983'232
5'835'828
4'103'989
3'810'000
3'605'552
1'453'807
1'123'876
983'438
963'100
927'812
610'360
% Out
7.95
7.11
6.31
6.14
5.6
4.86
4.78
4.53
4.1
0.96
0.81
0.57
0.53
0.5
0.2
0.16
0.14
0.13
0.13
0.08
Weighting
Change
3
3
5
3
3
1
5
3
1
3
1
1
3
5
Latest Chg
16'262'994
7'579'237
7'360'101
(3'754'922)
(1'103'875)
4'255'815
5'767'327
(1'309'861)
8'272
927'812
29'561
Target Price
M
M
U
M
M
M
M
M
N
D
N
M
N
M
File Dt
Inst Type
13.10.2010
Investment Advisor
06.01.2011
Investment Advisor
07.10.2010
Bank
05.11.2010
Investment Advisor
06.01.2011
n/a
01.11.2010
Bank
18.08.2010
Investment Advisor
13.07.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2009
n/a
30.06.2010
Investment Advisor
30.11.2010
Investment Advisor
31.10.2009
Investment Advisor
30.11.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
5
5
6
5
5
5
6
5
5
5
3
4
5
5
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
07.02.2011
03.02.2011
31.01.2011
31.01.2011
14.01.2011
22.12.2010
21.12.2010
21.12.2010
16.12.2010
07.12.2010
27.10.2010
26.08.2010
19.08.2010
18.08.2010
19.09.2011
Brambles Ltd
Brambles Limited is a global support services group which provides pallet and
plastic container pooling services and information management services.
Price/Volume
9
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.01.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BXB AT EQUITY YTD Change
BXB AT EQUITY YTD % CHANGE
06/2011
01/yy
7.46
5.79
4'588'456.00
6.45
-13.54%
11.40%
42.51%
1'480.2
9'547.46
3'137.30
0.0
0.4
138.50
12'782.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
30.0 M
20.0 M
10.0 M
1
0
f-10 m-10
30.06.2008
30.06.2009
4'358.6
4'018.6
3.21x
2.21x
1'356.5
1'147.9
10.31x
7.75x
648.7
452.6
18.20x
15.38x
Profitability
30.06.2010
4'146.8
2.01x
1'073.3
7.77x
448.8
14.68x
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
30.06.2011
4'672.2
3.09x
1'317.8
10.96x
475.3
23.72x
1'317.80
832.30
17.81%
14.59%
7.50%
23.28%
12.49%
0.74%
28.2%
17.8%
10.2%
0.70
0.52
40.39%
128.00%
6.99
-
Price/ Cash Flow
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
3.93
0.80
1'476.32
15.54
4.59%
-5.84%
0.799
11
4.455
6'662'226
7'500'242
6'948'762
FY+2
06/12 Y
06/13 Y
5'747.5
6'079.5
2.22x
2.08x
1'684.0
1'882.0
7.59x
6.79x
681.0
791.8
14.43x
12.52x
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
21.12.2009
BBB+
STABLE
9.73
4.08
2.28
2.38
128.0%
56.1%
0.74
1.25
52.22
-
16.00
5'000.0
14.00
4'500.0
4'000.0
12.00
3'500.0
10.00
3'000.0
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
06.07.2007
a-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
3'868.8
4.30x
1'391.0
11.97x
1'291.3
36.98x
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Brambles Ltd
Holdings By:
All
Holder Name
BAILLIE GIFFORD AND
BLACKROCK GROUP
HARRIS ASSOCIATES L
VANGUARD GROUP INC
FIRST STATE INVESTME
GENERAL ELECTRIC COM
SCHRODER INVESTMENT
INVESCO LTD
Firm Name
Credit Suisse
Deutsche Bank
JPMorgan
Macquarie
RBS
Morgan Stanley
UBS
Citi
Portfolio Name
n/a
n/a
n/a
n/a
n/a
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANTHONY MOULDER
CAMERON MCDONALD
SCOTT CARROLL
RUSSELL SHAW
MARK WILLIAMS
ANDREW GIBSON
JULIA WENG
SIMON MITCHELL
SHAVARSH BEDROSSIAN
PAUL RYAN
Source
EXCH
EXCH
EXCH
Co File
EXCH
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
neutral
outperform
hold
hold
Equalwt/In-Line
buy
hold
Positive
Amt Held
91'384'538
86'308'065
72'044'627
71'242'004
70'746'569
49'740'700
28'604'009
16'509'711
13'923'424
8'675'000
7'231'975
5'988'427
5'362'544
4'491'698
3'675'172
3'622'185
3'507'636
2'478'245
2'279'261
2'198'910
% Out
6.3
5.95
4.97
4.91
4.88
3.43
1.97
1.14
0.96
0.6
0.5
0.41
0.37
0.31
0.25
0.25
0.24
0.17
0.16
0.15
Weighting
Change
5
5
3
5
3
3
3
5
3
4
M
M
M
M
M
M
M
M
M
M
Latest Chg
(15'406'164)
14'899'793
(1'260'142)
(1'695'400)
144'319
(5'243'998)
100'000
270'831
9'756
(61'879'139)
178'430
795'468
(733'273)
(12'908)
7'953
(622'612)
Target Price
8
8
7
8
7
8
7
8
7
#N/A N/A
File Dt
30.08.2010
02.09.2010
22.12.2010
16.08.2010
05.11.2010
31.12.2010
31.12.2010
31.12.2010
04.02.2011
30.06.2010
31.12.2010
31.12.2010
31.08.2010
31.12.2010
30.11.2010
30.06.2010
31.12.2009
07.02.2011
31.12.2010
30.09.2010
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Bank
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
08.02.2011
03.02.2011
02.02.2011
02.02.2011
21.01.2011
16.11.2010
15.11.2010
15.11.2010
15.11.2010
23.08.2010
19.09.2011
Caltex Australia Ltd

Caltex Australia Limited purchases, refines, distributes and markets petroleum
products in Australia. The Company's products include petroleum, motor oil,
lubricants, diesel and jet fuel. Caltex also operates convenience stores, fast
food stores and service stations throughout Australia.
Price/Volume
16
6.0 M
14
5.0 M
12
4.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.03.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CTX AT EQUITY YTD Change
CTX AT EQUITY YTD % CHANGE
12/2010
06/yy
16.44
8.76
453'639.00
11.03
-32.91%
25.91%
30.86%
270.0
2'978.10
562.56
0.0
11.8
18.38
3'664.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
4
1.0 M
2
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
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
18'441.4
0.37x
839.6
8.05x
466.0
13.33x
3.0 M
31.12.2007
31.12.2008
19'078.5
23'646.7
0.31x
0.12x
1'091.8
549.8
5.33x
5.06x
646.4
34.3
8.09x
56.61x
Profitability
LTM-4Q
31.12.2009
17'740.3
0.17x
539.1
5.58x
314.1
8.00x
31.12.2010
18'671.9
0.24x
597.5
7.42x
317.0
12.24x
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
597.48
388.60
2.08%
2.37%
6.19%
10.59%
10.16%
3.65%
5.7%
3.2%
2.1%
1.7%
1.40
0.46
10.63%
18.32%
26.07
13.57
Price/ Cash Flow
LTM
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
.0 M
f-11
4.26
1.12
134.68
8.68
-8.49%
-20.53%
1.124
10
3.600
799'569
993'966
981'249
FY+2
FQ+1
FQ+2
12/11 Y
12/12 Y
09/10 Q3 12/10 Q4
19'618.6
20'966.4
0.18x
0.17x
675.2
797.7
5.43x
4.59x
250.4
320.4
10.72x
8.30x
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
26.02.2004
BBB+
STABLE
03.03.2003
A-2
10.32
5.21
0.91
0.94
18.3%
15.4%
3.65
6.58
14.00
26.90
4.51
36.39
25'000.0
16.00
14.00
20'000.0
12.00
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Caltex Australia Ltd

Holdings By:
All
Holder Name
CHEVRONTEXACO GLOBAL
BARCLAYS PLC
VANGUARD GROUP INC
SPARINVEST FONDSMAEG
LANDESBANK BERLIN IN
AXA ROSENBERG INTL
STATE STREET CORP
SPARINVEST
INVESCO LTD
SEI INVESTMENT MANAG
GOLDMAN SACHS GROUP
F&C FUND MANAGEMENT
UBI PRAMERICA SGR SP
SCOTTISH WIDOWS PLC
SOCIETE GENERALE
Firm Name
Morgan Stanley
Deutsche Bank
Citi
Credit Suisse
UBS
Macquarie
E.L. & C. Baillieu
Southern Cross
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STUART BAKER
JOHN HIRJEE
AIDEN BRADLEY
MARK GREENWOOD
SANDRA MCCULLAGH
GORDON RAMSAY
ADRIAN WOOD
MARK SAMTER
GAVIN DUFFY
JOHAN HEDSTROM
Source
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Overwt/Attractive
hold
hold
sell
underperform
neutral
neutral
sell
sell
accumulate
Amt Held
135'000'000
13'081'942
1'323'143
1'161'244
932'670
918'245
809'523
683'921
612'100
554'214
494'541
383'219
357'979
279'688
278'678
264'452
197'519
140'433
138'176
130'000
% Out
50
4.85
0.49
0.43
0.35
0.34
0.3
0.25
0.23
0.21
0.18
0.14
0.13
0.1
0.1
0.1
0.07
0.05
0.05
0.05
Weighting
Change
5
3
3
1
1
3
3
1
1
4
Latest Chg
(491'506)
65'793
37'722
1'782
612'100
(3'100)
758
(129'457)
66'426
67'163
(2'969)
(35'053)
40'000
Target Price
M
M
M
N
M
M
M
M
N
M
15
13
12
10
15
14
14
11
9
12
File Dt
28.02.2010
07.10.2009
31.12.2010
31.12.2010
31.12.2010
31.12.2010
30.01.2011
31.12.2010
30.09.2010
04.02.2011
31.12.2010
07.02.2011
31.10.2010
31.10.2010
30.09.2010
31.12.2010
31.12.2010
30.12.2010
31.12.2010
30.04.2010
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Bank
Date
03.02.2011
01.02.2011
12.01.2011
11.01.2011
31.12.2010
10.12.2010
10.12.2010
09.12.2010
29.06.2010
25.06.2010
19.09.2011
CFS Retail Property Trust

CFS Retail Property Trust is a property trust that invests in, manages, and
develops a portfolio of retail assets throughout Australia. The Trust's
portfolio comprises a variety of retail properties such as supermarkets,
discount department stores, department stores, and specialty shops.
Price/Volume
3
45.0 M
40.0 M
35.0 M
30.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CFX AT EQUITY YTD Change
CFX AT EQUITY YTD % CHANGE
06/2011
01/yy
1.96
1.49
7'018'488.00
1.765
-9.95%
18.46%
56.38%
2'839.6
5'011.88
2'225.30
0.0
0.0
5.40
7'231.78
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
1.20
1.00
20.0 M
15.0 M
10.0 M
5.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
492.3
12.48x
321.4
19.11x
1'112.9
4.10x
25.0 M
30.06.2008
30.06.2009
547.1
560.1
11.22x
10.75x
330.6
359.7
18.56x
16.74x
669.1
(366.9)
6.25x
Profitability
30.06.2010
622.9
11.22x
413.8
16.88x
315.0
14.94x
30.06.2011
704.4
10.47x
463.8
15.90x
532.6
9.38x
463.80
328.70
46.66%
75.61%
6.58%
9.78%
6.93%
0.09%
65.8%
75.6%
26.21%
38.13%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.20
0.59
1'486.77
61.72
-2.50%
3.78%
0.591
11
4.273
13'215'420
13'991'480
12'178'550
FY+2
06/12 Y
06/13 Y
662.5
689.5
11.10x
10.83x
518.7
538.8
13.94x
13.42x
370.4
385.8
13.58x
12.88x
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
13.08.2003
A
STABLE
13.08.2003
A-1
3.47
-1.63
4.79
4.80
38.1%
27.6%
0.09
-
700.0
600.0
500.0
0.80
400.0
0.60
300.0
0.40
200.0
100.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
CFS Retail Property Trust

Holdings By:
All
Holder Name
GANDEL GROUP PTY LTD
VANGUARD GROUP INC
ING GROEP NV
BARCLAYS PLC
MORGAN STANLEY & CO
COLONIAL FIRST STATE
NIKKO ASSET MANAGEME
ING INVESTMENT MGMT
HENDERSON GLOBAL INV
EUROPEAN INVESTORS I
STATE STREET CORP
LASALLE INVESTMENT M
Firm Name
JPMorgan
Commonwealth Bank
Credit Suisse
Deutsche Bank
Morgan Stanley
Macquarie
UBS
Citi
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ROB STANTON
DAVID LLOYD
ROWENA CAUSLEY
MATTHEW BERTRAM
LOURENS PIRENC
PAUL JUNIPER
SIMON WHEATLEY
TOM BODOR
DAVID BURGESS
JOHN P KIM
Source
EXCH
EXCH
EXCH
Co File
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Recommendation
neutral
buy
neutral
hold
Overwt/In-Line
outperform
buy
buy
buy
outperform
Amt Held
724'565'310
569'488'942
142'764'125
135'546'532
124'897'519
93'539'868
69'840'460
64'703'253
51'486'302
36'414'044
32'736'390
21'400'496
20'099'000
16'905'007
14'328'763
13'344'619
12'200'000
9'803'108
9'698'622
8'465'126
% Out
25.64
20.15
5.05
4.8
4.42
3.31
2.47
2.29
1.82
1.29
1.16
0.76
0.71
0.6
0.51
0.47
0.43
0.35
0.34
0.3
Weighting
Change
3
5
3
3
5
5
5
5
5
5
Latest Chg
22'329'205
31'252'954
1'895'801
749'815
(66'750'036)
(4'059'169)
13'718'352
645'000
6'398'399
(1'141'025)
429'772
6'000
(35'296)
8'465'126
Target Price
M
M
M
M
M
M
U
U
U
M
File Dt
Inst Type
01.10.2010
Corporation
21.10.2010
Bank
20.12.2010
Investment Advisor
16.08.2010
Investment Advisor
29.09.2009
Investment Advisor
30.09.2010
Investment Advisor
04.01.2010
Bank
09.08.2010
Investment Advisor
03.02.2011
Investment Advisor
04.02.2011
Investment Advisor
30.06.2010
Investment Advisor
30.11.2010
Investment Advisor
30.09.2010
Investment Advisor
31.07.2010
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
23.08.2010
Investment Advisor
Date
2
2
2
2
2
2
2
2
2
2
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
08.02.2011
02.02.2011
24.01.2011
18.01.2011
16.01.2011
11.01.2011
23.12.2010
13.12.2010
01.12.2010
29.10.2010
19.09.2011
Challenger Ltd/AU
Challenger Limited is an investment management firm The Company offers
annuities and other retirement income products as well as manages assets for
domestic and international clients.
Price/Volume
6
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
f-11
5
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2011)
52-Week Low (20.09.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CGF AT EQUITY YTD Change
CGF AT EQUITY YTD % CHANGE
06/2011
01/yy
5.21
4.01
46'862'224.00
4.57
-12.28%
13.97%
56.67%
493.7
2'256.24
8'537.20
0.0
311.1
1'175.00
9'929.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'328.3
10.10x
1'769.7
13.29x
255.0
12.96x
30.06.2008
30.06.2009
2'465.0
1'673.8
8.27x
10.63x
1'718.1
1'083.8
11.86x
16.42x
(44.2)
(90.7)
Profitability
30.06.2010
1'634.7
6.69x
1'016.5
10.76x
282.5
6.54x
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
30.06.2011
1'526.5
6.55x
873.1
11.46x
261.4
8.97x
873.10
30.02%
19.51%
1.44%
18.49%
2.65%
0.08%
57.2%
17.1%
47.86%
573.62%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.61
0.97
451.15
12.09
15.26%
0.55%
0.968
10
4.400
3'177'127
3'154'064
2'697'982
FY+2
06/12 Y
06/13 Y
480.6
510.9
5.12x
4.73x
331.1
351.8
29.99x
28.23x
263.6
279.8
8.75x
8.12x
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
19.03.2007
BBB+
STABLE
8.43
9.78
573.6%
82.6%
0.08
20.52
-
3'000.0
450.00
400.00
2'500.0
350.00
2'000.0
300.00
250.00
1'500.0
200.00
1'000.0
150.00
100.00
500.0
50.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Challenger Ltd/AU
Holdings By:
All
Holder Name
AMP LTD
CALEDONIA PRIVATE IN
CPU SHARE PLANS PTY
ROGAN PAUL F
HOWES RICHARD
WOODS ROBERT J
BENARI BRIAN ROLAND
STEVENS DOMINIC J
PRINCIPAL FINANCIAL
SANTANDER ASSET MANA
Firm Name
RBS
Credit Suisse
Southern Cross
Deutsche Bank
UBS
JPMorgan
Citi
Macquarie
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RYAN FISHER
RICHARD COLES
JOHN HEAGERTY
LAFITANI SOTIRIOU
KIEREN CHIDGEY
CHRIS WILLIAMS
RUSSELL GILL
NIGEL PITTAWAY
MICHAEL WIBLIN
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
outperform
buy
buy
neutral
overweight
hold
neutral
Amt Held
39'761'472
34'712'028
29'143'708
25'177'342
24'236'287
21'133'050
3'720'000
3'500'000
3'100'000
3'000'000
2'586'599
2'465'700
2'355'832
1'613'824
1'426'624
1'392'525
1'067'555
823'624
808'121
605'063
% Out
7.85
6.86
5.76
4.97
4.79
4.17
0.73
0.69
0.61
0.59
0.51
0.49
0.47
0.32
0.28
0.28
0.21
0.16
0.16
0.12
Weighting
Change
3
5
5
5
5
3
5
3
3
Latest Chg
5'056'268
(2'919'772)
(4'319'688)
120'235
66'846
55'377
730'291
(163'096)
(2'000'000)
15'721
(106'432)
-
Target Price
M
M
M
M
M
D
M
D
M
File Dt
Inst Type
10.01.2011
Bank
16.09.2009
Bank
08.09.2009
Insurance Company
01.09.2010
n/a
18.05.2010
Investment Advisor
14.09.2010
n/a
30.06.2010
n/a
30.06.2010
n/a
30.06.2010
n/a
30.06.2010
n/a
31.12.2010
Investment Advisor
30.11.2010
Investment Advisor
30.06.2010
Insurance Company
30.09.2010
Investment Advisor
16.12.2010
n/a
30.11.2010
Investment Advisor
30.12.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
5
5
6
6
5
5
5
5
4
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Date
07.02.2011
02.02.2011
25.01.2011
20.01.2011
10.01.2011
18.10.2010
18.10.2010
18.10.2010
23.08.2010
19.09.2011
Charter Hall Office REIT

Charter Hall Office REIT is a property trust with a property portfolio
consisting of office properties located throughout Australia and in the United
States. The Trust invests in income-producing real estate used for commercial
purposes.
Price/Volume
4
40.0 M
35.0 M
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.06.2011)
52-Week Low (30.09.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CQO AT EQUITY YTD Change
CQO AT EQUITY YTD % CHANGE
06/2011
01/yy
3.71
2.44
1'346'646.00
3.26
-12.13%
33.61%
67.72%
493.3
1'608.22
1'416.40
0.0
0.3
300.80
2'666.62
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
1.20
1.00
15.0 M
10.0 M
5.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
209.2
22.43x
(27.4)
967.6
3.42x
20.0 M
30.06.2008
30.06.2009
338.3
364.9
10.67x
6.98x
212.4
211.8
16.99x
12.03x
208.7
(1'372.4)
7.58x
Profitability
30.06.2010
289.6
8.06x
169.7
13.75x
(90.7)
-
30.06.2011
LTM-4Q
LTM
01/yy
01/yy
69.4
15.37x
169.70
83.20
28.73%
-48.96%
-2.25%
-4.19%
-2.39%
0.07%
58.6%
-31.3%
38.98%
68.49%
-
FY+1
-
5.44
1.01
493.24
6.01
31.03%
18.00%
1.008
9
3.889
2'450'575
2'897'617
2'689'947
FY+2
06/12 Y
06/13 Y
190.5
181.4
11.51x
12.34x
161.0
152.2
16.56x
17.52x
114.3
106.9
14.36x
15.09x
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
1.96
1.78
6.57
8.35
68.5%
40.6%
0.07
-
400.0
350.0
300.0
0.80
0.60
250.0
200.0
150.0
0.40
0.20
100.0
50.0
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Charter Hall Office REIT

Holdings By:
All
Holder Name
MACQUARIE GROUP LTD
ORANGE CAPITAL MASTE
AMP LTD
ABN AMRO ASSET MGMT
GOLDMAN SACHS JBWERE
GOLDMAN SACHS GROUP
STATE STREET CORP
FORTIS INVESTMENTS
DEUTSCHE BANK AG
PUTNAM INVESTMENT MA
DIAM CO LTD
Firm Name
Macquarie
UBS
JPMorgan
Deutsche Bank
Morgan Stanley
Commonwealth Bank
Credit Suisse
Citi
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PAUL CHECCHIN
JOHN FREEDMAN
MICHAEL JOHN SCOTT
IAN RANDALL
BRYAN HOWITT
PETER ZUK
TODD MCFARLANE
DAVID LLOYD
STEPHEN RICH
DAVID BURGESS
Source
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
neutral
underweight
hold
outperform
hold
Overwt/In-Line
sell
neutral
hold
Amt Held
87'629'734
30'228'745
20'787'090
16'338'914
9'675'776
6'778'028
5'528'385
4'747'991
3'918'935
3'234'233
2'462'306
2'186'718
2'142'281
1'853'624
1'741'357
1'737'100
1'498'026
1'290'840
1'221'150
1'103'610
% Out
17.76
6.13
4.21
3.31
1.96
1.37
1.12
0.96
0.79
0.66
0.5
0.44
0.43
0.38
0.35
0.35
0.3
0.26
0.25
0.22
Weighting
Change
1
3
1
3
5
3
5
1
3
3
Latest Chg
4'934'695
5'099'127
(3'918'486)
6'677
9'675'776
509'419
590'948
124'551
3'724'278
3'167'893
105'968
2'142'281
(13'803)
8'733
1'221'150
-
Target Price
D
D
D
M
N
M
M
M
M
M
File Dt
16.12.2010
17.01.2011
14.10.2010
31.12.2010
23.08.2010
31.12.2010
20.07.2010
15.07.2010
16.08.2010
31.10.2010
04.02.2011
30.09.2010
30.12.2010
31.08.2010
31.12.2010
31.12.2010
04.02.2011
30.09.2010
13.05.2010
04.02.2011
Date
3
3
3
3
3
3
3
3
3
3
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
n/a
Insurance Company
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
02.02.2011
01.02.2011
01.02.2011
27.01.2011
16.01.2011
14.01.2011
11.01.2011
10.01.2011
07.01.2011
01.12.2010
19.09.2011
Coca-Cola Amatil Ltd

Coca-Cola Amatil Limited manufactures, distributes and sells carbonated soft
drinks along with still and mineral waters, fruit drinks, ready-to-drink coffee
and tea and flavored milk drinks. The Company also rents and services commercial
refrigeration equipment to food/beverage manufacturers.
Price/Volume
14
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
f-11
12
10
8
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (25.10.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CCL AT EQUITY YTD Change
CCL AT EQUITY YTD % CHANGE
12/2010
01/yy
12.74
10.04
650'645.00
11.67
-8.40%
16.24%
64.44%
758.3
8'849.14
1'968.40
0.0
0.0
385.30
10'455.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
0
f-10 m-10
31.12.2007
31.12.2008
3'931.8
4'091.4
2.20x
2.17x
977.8
967.6
8.84x
9.17x
310.7
385.6
19.43x
17.54x
Profitability
31.12.2009
4'436.0
2.30x
1'047.0
9.76x
449.0
19.06x
31.12.2010
4'490.3
2.18x
1'114.5
8.79x
497.3
16.45x
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
1'114.50
857.90
19.11%
15.62%
9.17%
28.97%
15.28%
0.83%
44.9%
24.8%
19.1%
11.1%
1.65
0.88
37.30%
107.36%
6.53
3.32
Price/ Cash Flow
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.28
0.61
532.27
5.32
-1.19%
12.19%
0.611
14
4.357
2'315'366
2'939'193
3'548'085
FY+2
12/11 Y
12/12 Y
4'850.3
5'293.9
2.17x
1.99x
1'104.5
1'209.4
9.47x
8.65x
536.3
597.1
16.25x
14.89x
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
16.07.2001
ASTABLE
16.07.2001
A-2
7.67
5.33
1.42
1.77
107.4%
51.8%
0.83
2.94
55.89
109.80
72.34
93.36
18.00
5'000.0
16.00
4'500.0
14.00
4'000.0
3'500.0
12.00
3'000.0
10.00
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
05.01.2007
a-10 m-10
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
3'641.6
2.13x
882.8
8.78x
282.4
18.52x
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Coca-Cola Amatil Ltd

Holdings By:
All
Holder Name
COCA-COLA CO/THE
VANGUARD GROUP INC
DAIWA SB INVESTMENTS
FIDELITY MANAGEMENT
SCHRODER INVESTMENT
ARTISAN PARTNERS
VONTOBEL ASSET MANAG
PHOENIX INVESTMENT C
AXA ROSENBERG INTL
Firm Name
JPMorgan
Nomura
Credit Suisse
Macquarie
Shaw Stockbroking
Deutsche Bank
Morgan Stanley
UBS
E.L. & C. Baillieu
RBS
Citi
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STUART JACKSON
DAVID COOKE
LARRY GANDLER
GREG DRING
SCOTT MARSHALL
PAUL VAN MEURS
MARTIN YULE
LINDY NEWTON
IAN ABBOTT
SAM HADDAD
HARRY THEODORE
PAUL RYAN
ANDREW BOWLEY
JAMES PATERSON
Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
neutral
neutral
outperform
hold
buy
Equalwt/Attractive
neutral
hold
accumulate
buy
neutral
hold
outperform
Amt Held
223'049'276
48'642'863
5'511'001
4'570'892
4'351'900
4'296'000
2'683'138
2'412'832
2'086'927
1'927'129
1'909'730
1'785'386
1'639'591
1'612'245
1'587'568
1'555'706
1'402'633
1'251'815
954'986
945'500
% Out
29.5
6.43
0.73
0.6
0.58
0.57
0.35
0.32
0.28
0.25
0.25
0.24
0.22
0.21
0.21
0.21
0.19
0.17
0.13
0.13
Weighting
Change
5
3
3
5
3
5
3
3
3
4
5
3
3
5
M
M
M
M
M
U
M
U
M
M
M
M
M
N
Latest Chg
50'498
4'351'900
400'000
153'775
262'700
257'110
69'437
520'000
(249'478)
(263'312)
(489'865)
1'587'568
(15'900)
(463'297)
(40'056)
(32'800)
128'900
Target Price
12
13
12
12
#N/A N/A
12
12
11
13
13
14
#N/A N/A
12
12
File Dt
03.03.2010
30.09.2010
03.02.2011
31.12.2010
08.07.2010
30.06.2010
31.12.2010
31.12.2010
21.09.2010
31.12.2010
30.09.2010
30.06.2010
30.06.2010
16.08.2010
30.09.2010
30.09.2010
15.07.2010
30.09.2010
30.09.2010
30.09.2010
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Date
04.02.2011
02.02.2011
24.01.2011
12.01.2011
11.01.2011
06.01.2011
06.01.2011
06.01.2011
06.01.2011
30.11.2010
19.11.2010
03.11.2010
12.08.2010
08.06.2010
19.09.2011
Cochlear Ltd
Cochlear Limited researches, develops and markets cochlear implant systems for
hearing impaired individuals. The Company's hearing implant systems include
Nucleus and Baha and are sold both domestically and internationally.
Price/Volume
90
1.2 M
80
1.0 M
70
60
.8 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.04.2011)
52-Week Low (15.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
COH AT EQUITY YTD Change
COH AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
30.06.2008
30.06.2009
580.4
711.8
4.41x
4.68x
160.8
214.0
15.90x
15.58x
115.2
130.5
20.98x
24.69x
Profitability
30.06.2010
696.2
6.19x
196.0
21.98x
155.2
26.96x
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
30.06.2011
732.2
5.55x
184.0
22.11x
180.1
22.63x
183.96
156.56
21.38%
32.11%
24.13%
38.26%
32.16%
0.98%
68.8%
25.1%
21.4%
24.6%
1.92
1.07
8.51%
12.53%
4.50
2.17
Price/ Cash Flow
.2 M
10
0
f-10 m-10
a-10
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
4.16
0.81
56.07
2.17
-21.95%
-30.71%
0.809
16
2.625
2'285'347
691'777
453'909
FY+2
06/12 Y
06/13 Y
742.4
828.8
4.05x
3.60x
238.0
263.5
12.89x
11.64x
154.6
175.6
20.35x
17.83x
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
21.23
16.62
-0.05
0.34
12.5%
11.1%
0.98
12.31
81.11
168.16
123.52
125.75
50.00
800.0
45.00
700.0
40.00
600.0
35.00
500.0
30.00
25.00
400.0
20.00
300.0
15.00
200.0
10.00
100.0
5.00
0.00
06.07.2007
.4 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
542.9
6.37x
154.2
22.42x
100.1
33.35x
.6 M
40
06/2011
01/yy
85.00
49.01
747'650.00
54.1
-36.35%
10.39%
6.09%
56.9
3'077.07
63.04
0.0
0.0
72.42
3'067.69
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Cochlear Ltd
Holdings By:
All
Holder Name
MANNING & NAPIER
INVESCO LTD
ROBERTS CHRISTOPHER
VANGUARD GROUP INC
WILLIAM BLAIR & COMP
HARDING LOEVNER LP
Firm Name
Macquarie
Morgan Stanley
Credit Suisse
JPMorgan
RBS
Deutsche Bank
Citi
Commonwealth Bank
Nomura
UBS
LINWAR Securities
E.L. & C. Baillieu
Southern Cross
Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG COLLIE
SHANE STOREY
SEAN LAAMAN
SAUL HADASSIN
STEVEN D WHEEN
DEREK JELLINEK
DAVID A LOW
ALEXANDER SMITH
NATALIE KELLY
DAVID STANTON
IAN ABBOTT
ANDREW GOODSALL
JOHN HESTER
GAVIN DUFFY
HEMANT BAKHRU
STUART ROBERTS
Source
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
hold
Equalwt/Cautious
neutral
neutral
hold
hold
sell
hold
buy
hold
neutral
market perform
buy
outperform
accumulate
Amt Held
3'544'954
2'993'832
2'860'371
1'574'260
1'441'910
1'295'915
692'592
549'771
458'846
369'385
368'972
355'243
289'220
271'528
257'580
240'418
201'677
153'746
134'830
123'200
% Out
6.26
5.28
5.05
2.78
2.54
2.29
1.22
0.97
0.81
0.65
0.65
0.63
0.51
0.48
0.45
0.42
0.36
0.27
0.24
0.22
Weighting
Change
3
3
3
3
3
3
3
1
3
5
3
3
3
5
5
4
Latest Chg
(3'328'196)
15'780
(313'044)
(26'173)
2'773
(3'400)
(100'993)
(900)
16'899
26'470
(18'898)
102'630
(411)
37
26'700
16'300
Target Price
M
M
M
M
M
M
M
D
M
M
M
D
M
M
M
D
74
86
67
88
73
75
80
72
79
89
76
82
72
80
73
71
File Dt
Inst Type
30.09.2010
Investment Advisor
02.12.2009
Investment Advisor
24.05.2010
Bank
30.12.2010
Investment Advisor
30.09.2010
Investment Advisor
07.02.2011
Investment Advisor
17.11.2010
n/a
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.11.2010
Investment Advisor
15.07.2010
Investment Advisor
30.11.2010
Investment Advisor
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Date
08.02.2011
07.02.2011
04.02.2011
04.02.2011
01.02.2011
25.01.2011
25.01.2011
19.01.2011
19.01.2011
18.01.2011
11.01.2011
06.01.2011
03.12.2010
24.11.2010
29.10.2010
10.08.2010
19.09.2011
Commonwealth Bank of Australia

Commonwealth Bank of Australia provides banking, life insurance and related
services for individuals, small businesses and medium sized commercial
enterprises. The Bank provides corporate and general banking, international
financing, institutional banking and stock broking and funds management such as
superannuation product.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (11.02.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CBA AT EQUITY YTD Change
CBA AT EQUITY YTD % CHANGE
06/2011
01/yy
55.77
43.41
5'830'621.00
44.95
-19.40%
3.55%
17.56%
1'558.7
70'064.16
160'666.00
0.0
528.0
23'634.00
207'624.20
16.0 M
14.0 M
12.0 M
40
10.0 M
30
8.0 M
6.0 M
20
4.0 M
10
2.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
18.0 M
60
50
Valuation Analysis
30.06.2007
30'232.0
6.28x
4'470.0
16.03x
70
30.06.2008
30.06.2009
36'602.0
38'603.0
4.67x
4.87x
4'791.0
4'723.0
11.07x
11.85x
Profitability
30.06.2010
41'851.0
5.55x
5'664.0
13.22x
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
30.06.2011
46'221.0
4.73x
6'394.0
12.72x
42.48%
42.08%
0.97%
17.69%
3.12%
0.07%
29.7%
24.06%
437.08%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.12
1.05
1'502.47
31.31
-9.16%
-5.69%
1.047
16
2.938
7'496'072
7'384'765
6'348'026
FY+2
06/12 Y
06/13 Y
20'802.4
21'775.2
10'660.7
11'464.3
19.48x
18.11x
7'220.7
7'727.7
10.05x
9.55x
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
22.02.2007
AA
STABLE
13.06.1996
A-1+
437.1%
81.2%
0.07
19.60
-
45'000.0
25.00
40'000.0
20.00
35'000.0
30'000.0
15.00
25'000.0
20'000.0
10.00
15'000.0
10'000.0
5.00
0.00
06.07.2007
5'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Commonwealth Bank of Australia

Holdings By:
All
Holder Name
VANGUARD GROUP INC
AMP LIFE LTD
PERPETUAL TRUSTEE CO
INVIA CUSTODIAN PTY
TASMAN ASSET MANAGEM
MILTON CORP LTD
SUNCORP CUSTODIAN SE
FIDELITY MANAGEMENT
SJUNDE AP FONDEN
Firm Name
Credit Suisse
JPMorgan
RBS
Deutsche Bank
Nomura
Morgan Stanley
Macquarie
BBY Limited
Citi
Southern Cross
UBS
Shaw Stockbroking
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JARROD MARTIN
SCOTT MANNING
JOHAN VANDERLUGT
ANDREW LYONS
JAMES FREEMAN
BENJAMIN KOO
VICTOR GERMAN
RICHARD E WILES
CRAIG TURTON
BILL STACEY
BRETT LE MESURIER
CRAIG WILLIAMS
TS LIM
BRIAN D JOHNSON
JONATHAN MOTT
TIM BUCKLEY
Source
EXCH
EXCH
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
Co File
MF-AGG
Co File
Co File
MF-AGG
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
Recommendation
neutral
underweight
underperform
hold
hold
buy
neutral
Underwt/Cautious
neutral
underperform
hold
hold
reduce
outperform
neutral
accumulate
Amt Held
61'530'176
41'975'383
15'271'054
12'700'200
11'330'429
8'473'000
7'889'229
4'905'305
4'405'934
3'839'533
3'795'781
3'211'879
2'641'348
2'516'548
2'501'887
2'347'895
2'250'879
2'062'211
1'908'604
1'574'560
% Out
3.97
2.71
0.99
0.82
0.73
0.55
0.51
0.32
0.28
0.25
0.25
0.21
0.17
0.16
0.16
0.15
0.15
0.13
0.12
0.1
Weighting
Change
3
1
1
3
3
5
3
1
3
1
3
3
2
5
3
4
M
M
M
M
M
M
M
M
M
N
M
M
M
M
D
M
Latest Chg
161'019
250'642
(80'769)
(363'298)
14'120
32'646
Target Price
56
55
52
53
50
63
50
48
51
53
55
52
51
50
54
#N/A N/A
File Dt
Inst Type
31.03.2010
Investment Advisor
27.01.2011
Bank
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
06.08.2010
Investment Advisor
30.06.2010
Investment Advisor
06.08.2010
Other
06.08.2010
Investment Advisor
06.08.2010
Other
06.08.2010
n/a
30.06.2010
Investment Advisor
06.08.2010
Investment Advisor
06.08.2010
n/a
06.08.2010
Investment Advisor
06.08.2010
Investment Advisor
06.08.2010
n/a
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
08.02.2011
07.02.2011
07.02.2011
02.02.2011
01.02.2011
01.02.2011
01.02.2011
28.01.2011
19.01.2011
17.01.2011
13.12.2010
03.12.2010
02.12.2010
24.11.2010
11.08.2010
18.01.2010
19.09.2011
Commonwealth Property Office Fund

Commonwealth Property Office Fund is a property trust that invests in, manages
and develops a portfolio of office buildings and office parks located throughout
in the Central Business District and suburban markets of Australia.
Price/Volume
1
45.0 M
40.0 M
35.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.08.2011)
52-Week Low (16.03.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CPA AT EQUITY YTD Change
CPA AT EQUITY YTD % CHANGE
06/2011
01/yy
0.99
0.81
6'287'102.00
0.935
-5.56%
15.43%
80.56%
2'458.1
2'298.35
933.30
0.0
0.0
5.50
3'226.15
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
1.20
1.00
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
264.8
13.68x
178.5
20.30x
544.2
4.97x
30.0 M
30.06.2008
30.06.2009
296.7
302.3
10.03x
7.74x
187.8
164.9
15.84x
14.20x
375.0
(543.7)
5.30x
Profitability
30.06.2010
267.1
9.58x
171.6
14.91x
114.2
15.79x
30.06.2011
310.6
10.40x
200.8
16.09x
197.7
10.77x
200.80
135.10
43.50%
63.65%
5.67%
7.94%
5.98%
0.09%
64.6%
63.7%
24.17%
34.47%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.88
0.77
2'458.09
35.68
4.30%
15.93%
0.768
12
2.833
18'051'270
12'645'980
13'022'580
FY+2
06/12 Y
06/13 Y
293.3
303.6
9.78x
9.73x
226.5
234.0
14.24x
13.79x
176.0
187.6
12.99x
12.30x
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
31.08.2007
ASTABLE
10.08.2004
A-2
3.07
-6.11
4.62
4.65
34.5%
25.6%
0.09
-
350.0
300.0
250.0
0.80
200.0
0.60
150.0
0.40
100.0
50.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Commonwealth Property Office Fund

Holdings By:
All
Holder Name
ING GROEP NV
MORGAN STANLEY & CO
MONDRIAN INVESTMENT
VANGUARD GROUP INC
AMP LTD
ING CLARION REAL EST
STATE STREET CORP
GOLDMAN SACHS GROUP
SCHRODER INVESTMENT
Firm Name
JPMorgan
Macquarie
Citi
Deutsche Bank
Credit Suisse
LINWAR Securities
Commonwealth Bank
UBS
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL JOHN SCOTT
PAUL CHECCHIN
DAVID BURGESS
IAN RANDALL
ROWENA CAUSLEY
PETER ZUK
RICHARD GEORGE
DAVID LLOYD
GRANT MCCASKER
BRYAN HOWITT
TODD MCFARLANE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
neutral
hold
buy
neutral
hold
underperform
hold
neutral
underperform
Underwt/In-Line
Amt Held
258'373'959
134'163'194
125'112'626
123'697'916
121'787'543
100'736'461
99'407'867
91'167'850
47'791'708
39'604'902
36'948'413
28'964'470
26'475'000
23'498'899
14'882'389
13'460'495
13'053'005
7'985'886
7'108'836
7'003'617
% Out
10.55
5.48
5.11
5.05
4.97
4.11
4.06
3.72
1.95
1.62
1.51
1.18
1.08
0.96
0.61
0.55
0.53
0.33
0.29
0.29
Weighting
Change
5
3
3
5
3
3
1
3
3
1
1
Latest Chg
15'230'386
31'770'605
22'780'729
20'180'975
(4'333'761)
2'231'140
479'608
39'604'902
9'399'010
(1'528'000)
4'725'907
710'202
1'994'841
41'262
-
Target Price
M
M
D
U
M
M
M
M
M
M
M
File Dt
30.11.2010
19.07.2010
25.05.2010
05.01.2011
29.10.2010
22.02.2010
10.05.2010
31.12.2010
20.07.2010
23.08.2010
31.12.2010
22.06.2010
30.06.2010
09.08.2010
16.08.2010
04.02.2011
30.11.2010
31.10.2010
04.02.2011
30.09.2010
Date
1
1
1
1
1
1
1
1
1
1
1
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Insurance Company
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.02.2011
02.02.2011
28.01.2011
26.01.2011
24.01.2011
14.01.2011
13.01.2011
10.01.2011
06.12.2010
12.11.2010
11.11.2010
19.09.2011
Computershare Ltd
Computershare Limited operates share registries and computer bureaus which
includes the administration of employee share and option plans and the provision
of software that specializes in share registry, financial and stock markets.
The Company also provides corporate trust services and acts as a trustee for
clients' debt offerings in certain markets.
Price/Volume
14
Latest Fiscal Year:

LTM as of:
52-Week High (19.01.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CPU AT EQUITY YTD Change
CPU AT EQUITY YTD % CHANGE
06/2011
01/yy
11.37
6.55
2'147'021.00
7.3
-35.80%
11.45%
20.12%
555.7
4'056.35
1'013.49
0.0
15.0
347.54
4'837.52
15.0 M
10.0 M
30.06.2008
30.06.2009
1'564.0
1'495.8
3.64x
3.23x
456.7
416.5
12.47x
11.62x
282.0
255.7
17.58x
15.83x
Profitability
30.06.2010
1'599.6
3.57x
482.6
11.85x
294.8
16.93x
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
30.06.2011
1'598.9
3.73x
468.5
12.72x
264.1
19.99x
468.48
386.43
24.17%
23.04%
9.49%
23.05%
13.53%
0.57%
29.3%
24.2%
16.5%
1.36
1.20
35.27%
82.37%
6.00
-
Price/ Cash Flow
0
f-10 m-10
a-10 m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
3.74
0.92
465.38
5.69
-23.86%
-29.93%
0.923
14
4.000
2'343'022
3'156'623
2'862'454
FY+2
06/12 Y
06/13 Y
1'728.3
1'870.8
2.75x
2.46x
533.3
595.8
9.07x
8.12x
309.3
355.1
13.31x
11.58x
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
14.36
13.64
1.42
2.16
82.4%
44.9%
0.57
10.66
60.81
-
20.00
1'800.0
18.00
1'600.0
16.00
1'400.0
14.00
1'200.0
12.00
1'000.0
10.00
800.0
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
06.07.2007
5.0 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

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
10
Valuation Analysis
30.06.2007
1'404.2
4.29x
345.5
17.45x
233.8
24.56x
25.0 M
12
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Computershare Ltd
Holdings By:
All
Holder Name
MORRIS CHRISTOPHER J
PERPETUAL LTD
WALES ANTHONY NORMAN
MACLAGAN PENELOPE JA
VANGUARD GROUP INC
SCHRODER INVESTMENT
F&C FUND MANAGEMENT
MAWER INVESTMENT MAN
IVY MANAGEMENT INCOR
INVESCO LTD
WADDELL & REED FINAN
FIDELITY MANAGEMENT
Firm Name
Credit Suisse
RBS
UBS
Macquarie
Deutsche Bank
JPMorgan
E.L. & C. Baillieu
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN HEAGERTY
RICHARD COLES
CHRIS WILLIAMS
ANDREW HILLS
MICHAEL WIBLIN
KIEREN CHIDGEY
RYAN FISHER
RUSSELL GILL
IVOR RIES
Source
EXCH
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
hold
sell
buy
underperform
hold
buy
overweight
buy
Amt Held
46'450'000
29'729'684
28'092'384
14'785'411
8'156'000
5'941'720
4'432'283
2'625'265
2'398'717
2'194'745
1'700'000
1'602'118
1'451'802
1'414'465
1'305'000
1'251'873
1'084'556
842'025
758'474
704'473
% Out
8.36
5.35
5.06
2.66
1.47
1.07
0.8
0.47
0.43
0.39
0.31
0.29
0.26
0.25
0.23
0.23
0.2
0.15
0.14
0.13
Weighting
Change
5
3
1
5
1
3
5
5
5
Latest Chg
(529'887)
(150'000)
774'071
45'945
5'698
(42'297)
258'500
161'790
527'935
334'406
29'208
(155'207)
758'474
(134'911)
Target Price
M
M
M
M
D
M
M
M
M
12
10
10
11
9
10
12
10
14
File Dt
03.12.2010
14.09.2010
10.11.2010
08.12.2010
30.06.2010
31.12.2010
03.02.2011
30.06.2010
31.12.2010
31.12.2010
29.10.2010
31.12.2010
31.12.2010
31.12.2010
31.08.2010
07.02.2011
31.12.2010
30.06.2010
30.09.2010
31.12.2010
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Inst Type
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
07.02.2011
02.02.2011
02.02.2011
27.01.2011
19.01.2011
22.11.2010
10.11.2010
09.11.2010
20.10.2010
19.09.2011
ConnectEast Group
ConnectEast Group operates in the transportation industry. The Company performs
civil construction such as roads, tollways, bridges, tunnels and other
infrastructure project. ConnectEast's also provides the operation and
maintenance of the Eastlink Freeway.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.07.2011)
52-Week Low (05.10.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CEU AT EQUITY YTD Change
CEU AT EQUITY YTD % CHANGE
06/2011
01/yy
0.55
0.42
11'614'590.00
0.48
-11.93%
14.29%
56.00%
3'940.1
1'891.27
1'214.40
0.0
0.0
164.85
2'940.82
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
30.06.2008
30.06.2009
535.2
146.7
5.54x
14.86x
(15.7)
61.5
35.45x
(9.3)
(531.6)
Profitability
30.06.2010
184.0
13.81x
104.7
24.28x
(53.6)
-
30.06.2011
208.9
13.70x
133.1
21.49x
(10.3)
-
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
a-10 m-10
133.15
40.85
19.55%
-23.87%
-0.32%
-0.56%
0.07%
63.7%
19.6%
-4.9%
2.06
1.95
38.63%
68.00%
64.21
-
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
.0 M
f-11
FY+1
-
4.17
0.88
3'304.95
11.11
16.73%
15.42%
0.881
12
2.750
36'043'890
20'251'950
20'209'720
FY+2
06/12 Y
06/13 Y
231.4
252.3
12.90x
11.83x
156.4
176.0
18.81x
16.71x
(13.3)
0.6
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
1.43
1.41
7.88
9.12
68.0%
40.5%
0.07
20.11
5.68
-
600.0
1.00
500.0
0.60
140.0 M
LTM-4Q
1.20
0.80
160.0 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

30.06.2007
0.0
(6.5)
(2.1)
-
1
0
0
0
0
0
0
0
0
0
0
f-10 m-10
400.0
300.0
200.0
0.40
100.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
ConnectEast Group
Holdings By:
All
Holder Name
CP2 LTD
GUARDIANS OF NZ SUPE
SUNCORP METWAY INVES
LEIGHTON GROUP
LAZARD GLOBAL ACTIVE
VANGUARD GROUP INC
STATE STREET CORP
SMARTSHARES LIMITED
Firm Name
Deutsche Bank
Macquarie
Commonwealth Bank
UBS
JPMorgan
Austock Securities
LINWAR Securities
Morgan Stanley
RBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CAMERON MCDONALD
NATHAN LEAD
SCOTT RYALL
IAN MYLES
PAUL JOHNSTON
XU HAN
KIRSTY MACKAY-FISHER
JONATHAN COLLETT
ANDREW CHAMBERS
STUART TURNER
SCOTT KELLY
TONY WILSON
LUKE MACNAB
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
outperform
neutral
hold
neutral
overweight
sell
buy
outperform
Underwt/In-Line
neutral
hold
Amt Held
1'379'051'082
362'702'324
278'866'559
212'330'627
177'462'012
130'401'919
75'438'615
20'326'105
14'002'053
13'415'743
8'469'014
7'950'823
4'386'420
3'203'579
2'956'699
2'601'585
2'412'398
1'719'917
1'264'515
1'174'010
% Out
35
9.21
7.08
5.39
4.5
3.31
1.91
0.52
0.36
0.34
0.21
0.2
0.11
0.08
0.08
0.07
0.06
0.04
0.03
0.03
Weighting
Change
3
5
5
3
3
3
5
1
5
5
1
3
3
M
M
N
M
M
M
M
M
M
M
D
D
M
Latest Chg
62'056'512
78'764'897
(40'090'571)
(42'422'598)
(545'477)
51'975
2'091'426
455'900
(445'402)
(80'231)
283'808
37'563
-
Target Price
0
1
1
0
0
0
1
0
1
1
0
#N/A N/A
0
File Dt
Inst Type
15.12.2010
Investment Advisor
29.10.2010
Other
02.12.2010
Investment Advisor
09.09.2009
Bank
09.10.2009
Bank
09.09.2009
Corporation
17.03.2008
Investment Advisor
04.02.2011
Investment Advisor
31.08.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
04.02.2011
Investment Advisor
31.03.2010
Investment Advisor
29.10.2010
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Date
08.02.2011
30.01.2011
28.01.2011
27.01.2011
27.01.2011
17.01.2011
07.01.2011
07.12.2010
07.12.2010
16.11.2010
28.10.2010
11.10.2010
18.08.2010
19.09.2011
Crown Ltd
Crown Ltd. operates and manages gaming and entertainment facilities, bars,
restaurants, nightclubs, cinemas and retail outlets. The Company also develops
hotels and conference centre facilities.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.07.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CWN AT EQUITY YTD Change
CWN AT EQUITY YTD % CHANGE
06/2011
01/yy
9.20
7.45
1'645'762.00
8.09
-12.07%
8.59%
35.43%
758.4
6'135.41
1'069.46
0.0
0.0
183.70
7'021.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
1'908.5
803.5
1'957.3
-
10
9
8
7
6
5
4
3
2
1
0
f-10 m-10
30.06.2008
30.06.2009
2'008.3
2'175.3
3.20x
2.78x
(2'740.3)
713.6
8.49x
3'546.4
(1'197.9)
1.81x
Profitability
30.06.2010
2'312.1
2.83x
674.3
9.70x
292.3
20.16x
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
30.06.2011
2'379.2
3.22x
636.5
12.03x
335.9
20.16x
636.51
440.90
18.53%
17.11%
6.72%
10.06%
9.26%
0.48%
95.0%
26.8%
18.5%
14.1%
0.87
0.77
21.29%
32.80%
20.01
6.96
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.57
0.82
423.09
1.60
-0.44%
0.30%
0.823
10
5.000
3'016'863
3'108'402
2'469'948
FY+2
06/12 Y
06/13 Y
2'631.1
2'824.2
2.84x
2.60x
729.7
806.1
9.62x
8.71x
403.4
470.9
15.04x
12.66x
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
FQ+1
FQ+2
03.12.2007
BBB
STABLE
02.10.2009
A-2
7.36
3.30
1.39
1.68
32.8%
24.7%
0.48
0.98
18.24
52.48
795.72
-725.00
2'500.0
16.00
14.00
2'000.0
12.00
10.00
1'500.0
8.00
1'000.0
6.00
4.00
500.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Crown Ltd
Holdings By:
All
Holder Name
PACKER JAMES DOUGLAS
PERPETUAL LTD
JANUS CAPITAL MANAGE
VANGUARD GROUP INC
CRAIGIE ROWEN BRUCE
SCHRODER INVESTMENT
CHINA INTERNATIONAL
FIDELITY MANAGEMENT
BANCO FONDER AB
SJUNDE AP FONDEN
PARVEST INVESTMENT M
ALEXANDER JOHN HENRY
Firm Name
Deutsche Bank
RBS
Macquarie
JPMorgan
UBS
Austock Securities
Credit Suisse
Citi
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
MARK WILSON
ADAM ALEXANDER
HARRY THEODORE
ANDREW LEVY
STUART JACKSON
SACHA KRIEN
SAM THEODORE
ROHAN SUNDRAM
LARRY GANDLER
JENNY OWEN
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Recommendation
buy
buy
hold
outperform
overweight
outperform
buy
buy
outperform
buy
Amt Held
326'129'244
46'622'413
27'378'382
4'429'564
3'589'669
3'362'130
2'471'360
2'341'102
1'075'893
863'901
835'932
800'000
800'000
663'047
598'128
590'528
551'481
551'246
543'073
506'010
% Out
43
6.15
3.61
0.58
0.47
0.44
0.33
0.31
0.14
0.11
0.11
0.11
0.11
0.09
0.08
0.08
0.07
0.07
0.07
0.07
Weighting
Change
5
5
3
5
5
5
5
5
5
5
Latest Chg
22'623'954
8'288'310
(11'679'567)
26'241
52'399
140'076
(20'796)
(159'190)
(876'740)
800'000
39'438
(29)
(759)
66'193
-
Target Price
M
M
M
M
U
M
M
M
M
M
10
10
9
9
9
10
11
10
10
10
File Dt
Inst Type
14.10.2010
n/a
28.10.2010
Investment Advisor
31.12.2010
Investment Advisor
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
15.04.2010
Investment Advisor
30.06.2009
n/a
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.11.2010
Investment Advisor
30.06.2010
Investment Advisor
31.12.2010
Investment Advisor
31.03.2010
Investment Advisor
30.04.2010
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
29.10.2010
Investment Advisor
30.03.2010
n/a
Date
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
04.02.2011
02.02.2011
01.02.2011
01.02.2011
13.01.2011
13.01.2011
02.12.2010
30.11.2010
04.11.2010
26.08.2010
19.09.2011
CSL Ltd
CSL Limited develops, manufactures and markets human pharmaceutical and
diagnostic products derived from human plasma. The Company's products include
pediatric and adult vaccines, infection and pain medicine, skin disorder
remedies, antivenoms, anticoagulants and immunoglobulins.
Price/Volume
40
30.0 M
35
25.0 M
30
20.0 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.01.2011)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CSL AT EQUITY YTD Change
CSL AT EQUITY YTD % CHANGE
06/2011
01/yy
38.07
26.12
4'982'348.00
26.45
-30.52%
1.26%
7.78%
528.1
13'968.70
416.24
0.0
0.0
482.15
13'902.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2008
30.06.2009
3'556.7
4'622.4
5.60x
3.78x
1'096.8
1'471.7
18.14x
11.86x
701.8
1'145.9
27.98x
16.70x
Profitability
30.06.2010
4'455.8
3.90x
1'596.1
10.88x
1'052.9
17.54x
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
30.06.2011
4'187.6
4.13x
1'428.8
12.10x
940.6
19.00x
1'428.84
1'256.20
30.00%
28.61%
17.45%
23.94%
21.79%
0.78%
49.2%
34.1%
30.0%
22.5%
2.92
1.26
8.21%
11.42%
5.54
1.46
Price/ Cash Flow
5.0 M
5
0
f-10 m-10
a-10 m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
3.02
0.75
526.74
7.22
-14.62%
-25.14%
0.753
16
3.938
2'838'281
2'922'283
2'572'628
FY+2
06/12 Y
06/13 Y
4'430.7
4'798.3
3.13x
2.84x
1'412.8
1'556.7
9.84x
8.93x
984.9
1'085.1
14.14x
12.48x
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
98.67
84.96
-0.05
0.29
11.4%
10.3%
0.78
3.47
65.94
249.52
38.97
276.48
40.00
5'000.0
35.00
4'500.0
4'000.0
30.00
3'500.0
25.00
3'000.0
20.00
2'500.0
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
06.07.2007
10.0 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
3'172.4
5.24x
914.5
18.19x
539.3
29.79x
15.0 M
15
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
CSL Ltd
Holdings By:
All
Holder Name
BLACKROCK GROUP
CARMIGNAC GESTION
FIDELITY MANAGEMENT
VANGUARD GROUP INC
SCHRODER INVESTMENT
SCOUT INVESTMENT ADV
UMB BANK N A
INVESCO LTD
SARASIN INVESTMENT M
Firm Name
Credit Suisse
Nomura
Morgan Stanley
RBS
Deutsche Bank
JPMorgan
Citi
Commonwealth Bank
Macquarie
Shaw Stockbroking
LINWAR Securities
UBS
E.L. & C. Baillieu
Southern Cross
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
SCOUT INVESTMENT ADV
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SAUL HADASSIN
DAVID STANTON
SHANE STOREY
SEAN LAAMAN
DEREK JELLINEK
DAVID A LOW
STEVEN D WHEEN
ALEXANDER SMITH
NATALIE KELLY
IAN ABBOTT
CRAIG COLLIE
MATTHIJS SMITH
JOHN HESTER
ANDREW GOODSALL
HEMANT BAKHRU
GAVIN DUFFY
STUART ROBERTS
Source
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
buy
buy
Equalwt/In-Line
hold
hold
neutral
hold
buy
hold
neutral
buy
underperform
buy
outperform
buy
buy
Amt Held
41'854'078
27'290'067
27'285'998
26'797'081
12'120'871
7'095'145
6'260'614
5'424'386
4'529'972
2'803'012
2'296'600
2'267'856
2'201'407
2'124'706
2'080'238
2'046'850
1'047'576
956'177
935'958
922'103
% Out
7.68
5.01
5.01
4.92
2.23
1.3
1.15
1
0.83
0.51
0.42
0.42
0.4
0.39
0.38
0.38
0.19
0.18
0.17
0.17
Weighting
Change
3
5
5
3
3
3
3
3
5
3
3
5
1
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
U
M
Latest Chg
4'063'035
(139'687)
(699'943)
1'901'684
273'464
198'332
66'565
71'148
380'000
(736'560)
2'201'407
71'400
(32'261)
721'132
(205'694)
30'531
(34'700)
Target Price
40
42
38
33
35
33
41
40
41
39
38
#N/A N/A
32
43
41
38
36
File Dt
Inst Type
08.03.2010
Investment Advisor
20.01.2011
Bank
30.09.2010
Investment Advisor
15.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.08.2010
Investment Advisor
31.12.2010
Investment Advisor
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
31.10.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
31.10.2010
Investment Advisor
07.02.2011
Investment Advisor
29.10.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
04.02.2011
04.02.2011
28.01.2011
27.01.2011
25.01.2011
25.01.2011
24.01.2011
19.01.2011
19.01.2011
18.01.2011
30.11.2010
30.11.2010
11.11.2010
05.11.2010
29.10.2010
28.09.2010
18.08.2010
19.09.2011
CSR Ltd
CSR Limited manufactures and supplies buildings products such as plasterboard,
fiber cement, clay bricks, roof tiles and insulation. CSR also manufactures
refined sugar and produces raw sugar, ethanol and renewable electricity. In
addition, CSR has aluminum smelting operations along with property development
and leasing.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.10.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CSR AT EQUITY YTD Change
CSR AT EQUITY YTD % CHANGE
03/2011
01/yy
3.89
2.20
1'122'885.00
2.33
-40.18%
5.91%
9.44%
506.0
1'178.98
4.50
0.0
47.6
143.60
1'087.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2007
3'111.0
1.14x
431.3
8.21x
273.3
11.14x
2
2
2
1
1
1
1
1
0
0
0
f-10 m-10
31.03.2008
31.03.2009
3'231.3
3'492.8
1.39x
0.83x
371.6
405.0
12.08x
7.13x
177.4
(326.5)
16.67x
Profitability
31.03.2010
1'936.3
1.76x
330.8
10.31x
(111.7)
-
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
31.03.2011
1'913.6
0.82x
323.4
4.85x
503.4
323.40
181.60
9.49%
-3.37%
16.53%
34.52%
0.63%
30.9%
16.9%
9.5%
26.3%
1.77
0.83
0.20%
0.36%
5.95
3.59
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
f-11
6.14
0.88
504.75
22.25
-35.96%
-32.33%
0.878
15
3.667
2'304'437
4'219'380
3'916'730
FY+2
FQ+1
FQ+2
03/12 Y
03/13 Y
06/11 Q1 09/11 Q2
1'844.7
1'906.3
0.58x
0.54x
274.6
298.3
3.96x
3.65x
93.9
111.9
12.53x
10.54x
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
08.02.2011
BBB+
STABLE
30.05.2005
NR
8.86
4.94
-0.43
0.01
0.4%
0.3%
0.63
1.13
61.38
101.78
79.91
83.25
16.00
7'000.0
14.00
6'000.0
12.00
5'000.0
10.00
4'000.0
8.00
3'000.0
6.00
2'000.0
4.00
1'000.0
2.00
0.00
06.04.2007
0.0
06.10.2007
06.04.2008
06.10.2008
06.04.2009
06.10.2009
06.04.2010
06.10.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
CSR Ltd
Holdings By:
All
Holder Name
UBS AG
PERPETUAL LTD
IOOF HOLDINGS LTD
VANGUARD GROUP INC
MACKENZIE FINANCIAL
MORGAN STANLEY & CO
SJUNDE AP FONDEN
FIDELITY MANAGEMENT
Firm Name
UBS
Commonwealth Bank
Deutsche Bank
RBS
Citi
Credit Suisse
Macquarie
Paterson Securities
JPMorgan
E.L. & C. Baillieu
Nomura
LINWAR Securities
Portfolio Name
#N/A N/A
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DAVID LEITCH
MATTHEW MCNEE
MICHAEL WARD
EMILY BEHNCKE
ANDREW G SCOTT
HUGH DIVE
ROHAN GALLAGHER
DOUGLAS MACPHILLAMY
BEN KAKOSCHKE
KEITH CHAU
SIMON DUMARESQ
SIMON THACKRAY
RICHARD GEORGE
Source
EXCH
EXCH
Co File
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Recommendation
buy
hold
buy
buy
buy
sell
neutral
outperform
buy
neutral
buy
buy
outperform
Amt Held
94'111'146
80'512'509
80'500'000
72'855'107
72'065'902
69'057'084
14'454'348
12'319'280
7'811'253
7'756'404
7'337'000
5'600'800
3'703'873
2'433'842
1'634'284
1'538'746
1'354'729
1'262'250
969'649
941'400
% Out
6.2
5.3
5.3
4.8
4.75
4.55
0.95
0.81
0.51
0.51
0.48
0.37
0.24
0.16
0.11
0.1
0.09
0.08
0.06
0.06
Weighting
Change
5
3
5
5
5
1
3
5
5
3
5
5
5
Latest Chg
15'335'192
(151'670)
(4'227'284)
(7'322'010)
(91'912)
1'535'785
267'142
2'433'842
2'180
(296'956)
56'589
879'073
-
Target Price
U
M
M
M
M
M
M
M
M
M
M
M
M
File Dt
Inst Type
02.02.2011
Bank
12.01.2010
Investment Advisor
17.05.2010
Investment Advisor
25.02.2010
Investment Advisor
09.12.2010
Investment Advisor
17.02.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
31.10.2010
Investment Advisor
30.11.2010
Investment Advisor
04.02.2011
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.06.2009
Unclassified
Date
2
2
2
2
2
1
2
2
2
1
2
2
2
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
9 month
12 month
Not Provided
12 month
Date
04.02.2011
04.02.2011
31.01.2011
28.01.2011
17.01.2011
13.01.2011
10.01.2011
10.01.2011
07.01.2011
16.12.2010
16.12.2010
03.11.2010
17.05.2010
19.09.2011
David Jones Ltd

David Jones Limited is a department store retailer operating under the David
Jones name with stores located throughout Australia. David Jones also conducts
a credit card business under David Jones Credit Card and operates the David
Jones Warehouse store which is a clearance center store.
Price/Volume
6
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
f-11
5
4
3
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DJS AT EQUITY YTD Change
DJS AT EQUITY YTD % CHANGE
07/2010
01/yy
5.25
2.44
3'228'322.00
2.7
-48.57%
10.66%
8.90%
520.8
1'406.03
103.95
0.0
0.0
17.59
1'482.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2006
1'821.6
0.84x
168.3
9.13x
81.1
16.15x
31.07.2007
31.07.2008
1'983.2
2'098.0
1.56x
0.97x
233.2
180.5
13.29x
11.31x
208.6
147.3
12.03x
10.78x
Profitability
31.07.2009
1'985.5
1.32x
206.5
12.67x
156.5
16.03x
31.07.2010
2'053.1
1.22x
241.4
10.39x
170.8
14.12x
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
241.44
197.63
9.63%
11.79%
14.72%
23.90%
21.53%
1.77%
39.7%
11.8%
9.6%
8.3%
1.05
0.08
8.70%
13.97%
251.91
4.69
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
11.48
0.86
491.43
49.05
-45.07%
-37.77%
0.862
16
2.750
4'642'657
4'820'670
4'724'287
FY+2
07/11 Y
07/12 Y
1'981.8
1'911.5
0.76x
0.79x
295.1
267.5
5.02x
5.54x
169.0
150.5
8.28x
9.47x
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
32.76
22.07
0.36
0.43
14.0%
12.3%
1.77
2.76
1.47
79.03
36.68
43.83
2'500.0
14.00
12.00
2'000.0
10.00
1'500.0
8.00
6.00
1'000.0
4.00
500.0
2.00
0.00
03.08.2007
0.0
03.02.2008
03.08.2008
03.02.2009
03.08.2009
03.02.2010
03.08.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
David Jones Ltd

Holdings By:
All
Holder Name
UBS AG
CREDIT SUISSE AG
FIDELITY MANAGEMENT
DJE INVESTMENT SA
MCINNES MARK
STB ASSET MANAGEMENT
ROBINSON PATRICK
Firm Name
Deutsche Bank
Nomura
RBS
Credit Suisse
Macquarie
Morgan Stanley
JPMorgan
Citi
Commonwealth Bank
Paterson Securities
Southern Cross
Foster Stockbroking
UBS
Austock Securities
Portfolio Name
#N/A N/A
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
NICK BERRY
PHILLIP KIMBER
DANIEL BROEREN
GRANT SALIGARI
CHARLOTTE LANG
THOMAS KIERATH
SHAUN COUSINS
CRAIG WOOLFORD
ANDREW MCLENNAN
RUSSELL WRIGHT
PARESH PATEL
TEAM COVERAGE
TONY WILSON
BEN GILBERT
JAMES PATERSON
THOMAS HODSON
Source
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Recommendation
buy
neutral
buy
hold
neutral
outperform
Underwt/In-Line
neutral
buy
hold
hold
accumulate
buy
Positive
neutral
underperform
buy
Amt Held
31'520'094
30'419'437
26'055'785
25'156'290
23'594'840
6'634'298
6'324'700
4'060'442
3'353'300
2'745'500
2'566'642
1'852'190
1'646'000
1'490'153
1'233'074
1'200'000
957'954
954'855
891'028
807'142
% Out
6.13
5.92
5.07
4.89
4.59
1.29
1.23
0.79
0.65
0.53
0.5
0.36
0.32
0.29
0.24
0.23
0.19
0.19
0.17
0.16
Weighting
Change
5
3
5
3
3
5
1
3
5
3
3
4
5
4
3
1
5
M
M
M
M
U
M
M
M
U
M
M
M
N
M
M
N
U
Latest Chg
(5'284'080)
(361'192)
(6'028'242)
4'957'787
(1'056'888)
714'250
128'800
(174'000)
800'000
(101'045)
-
Target Price
6
5
6
5
5
5
4
5
5
5
5
5
6
#N/A N/A
5
4
6
File Dt
03.02.2011
31.01.2011
30.10.2009
07.01.2010
18.05.2010
29.10.2010
30.11.2010
30.06.2010
31.12.2010
04.02.2011
31.12.2010
31.12.2009
30.09.2010
17.06.2010
30.11.2010
20.07.2010
04.02.2011
15.06.2010
04.02.2011
25.07.2009
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Date
07.02.2011
02.02.2011
17.01.2011
12.01.2011
10.01.2011
20.12.2010
18.11.2010
18.11.2010
18.11.2010
18.11.2010
18.11.2010
18.11.2010
14.09.2010
23.08.2010
18.08.2010
28.05.2010
09.02.2010
19.09.2011
Dexus Property Group

Dexus Property Group is a property trust that manages and invests in a portfolio
of diversified properties including office and industrial properties, retail
shopping centers and car parks. The Trust's properties are located in
Australia, New Zealand and the United States.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.06.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DXS AT EQUITY YTD Change
DXS AT EQUITY YTD % CHANGE
06/2011
01/yy
0.93
0.74
9'958'414.00
0.82
-11.35%
11.56%
52.63%
4'839.0
3'968.00
2'240.08
0.0
205.3
64.42
6'305.93
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
1.20
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
701.5
13.43x
483.7
19.47x
1'168.8
4.80x
1
1
1
1
1
1
0
0
0
0
0
f-10 m-10
30.06.2008
30.06.2009
699.7
775.4
10.45x
7.94x
479.1
520.1
15.26x
11.84x
438.3
(1'459.1)
9.32x
Profitability
30.06.2010
716.1
8.51x
463.0
13.16x
31.4
116.67x
30.06.2011
LTM-4Q
LTM
01/yy
01/yy
553.0
463.03
381.42
53.26%
0.22%
0.39%
0.65%
0.42%
0.09%
64.7%
4.4%
28.46%
46.66%
-
FY+1
-
6.15
0.77
4'447.62
6.09
2.43%
6.15%
0.768
11
3.909
31'674'730
31'395'720
25'497'320
FY+2
06/12 Y
06/13 Y
597.7
618.6
10.67x
10.32x
498.4
516.1
12.65x
12.22x
368.5
380.2
10.65x
10.51x
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
FQ+1
FQ+2
04.07.2006
BBB+
STABLE
04.07.2006
A-2
3.88
-0.02
4.70
4.84
46.7%
30.9%
0.09
-
900.0
800.0
1.00
0.80
700.0
600.0
500.0
0.60
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Dexus Property Group

Holdings By:
All
Holder Name
ING GROEP NV
BARCLAYS GLOBAL INVE
VANGUARD GROUP INC
LA SALLE INV MGMT (S
MORGAN STANLEY & CO
ABN AMRO ASSET MGMT
STATE STREET CORP
Firm Name
Macquarie
Commonwealth Bank
JPMorgan
Credit Suisse
Deutsche Bank
Citi
Morgan Stanley
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PAUL CHECCHIN
DAVID LLOYD
MICHAEL JOHN SCOTT
STEPHEN RICH
SIMON WHEATLEY
IAN RANDALL
DAVID BURGESS
BRYAN HOWITT
LOURENS PIRENC
GRANT MCCASKER
Source
EXCH
Co File
EXCH
EXCH
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
overweight
outperform
hold
hold
buy
outperform
Overwt/In-Line
neutral
Amt Held
388'416'434
294'028'773
291'659'124
291'537'480
275'099'167
240'908'223
226'560'630
192'005'680
142'475'527
110'152'798
103'304'594
96'334'581
78'947'249
77'857'305
64'172'742
51'746'138
33'592'700
33'115'668
27'417'776
22'825'780
% Out
8.03
6.08
6.03
6.02
5.69
4.98
4.68
3.97
2.94
2.28
2.13
1.99
1.63
1.61
1.33
1.07
0.69
0.68
0.57
0.47
Weighting
Change
5
5
5
5
3
3
5
5
5
3
Latest Chg
(76'520'225)
49'943'641
56'164'811
(33'327'815)
54'076
41'005'271
(944'576)
(83'543)
(4'804'849)
12'946'228
1'151'119
1'035'901
245'590
22'423'580
Target Price
M
M
M
M
M
M
M
M
M
D
File Dt
Inst Type
28.01.2011
Investment Advisor
18.08.2010
Investment Advisor
03.11.2010
Investment Advisor
28.10.2010
Investment Advisor
18.08.2010
Investment Advisor
22.10.2010
Bank
22.11.2010
n/a
23.08.2010
Investment Advisor
31.12.2010
Investment Advisor
22.06.2010
Investment Advisor
09.08.2010
Investment Advisor
30.11.2010
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
30.09.2010
Investment Advisor
20.07.2010
Investment Advisor
04.02.2011
Investment Advisor
30.09.2010
Investment Advisor
Date
1
1
1
1
1
1
1
1
1
1
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Date
02.02.2011
02.02.2011
26.01.2011
16.12.2010
15.12.2010
02.12.2010
01.12.2010
16.11.2010
18.08.2010
07.06.2010
19.09.2011
Downer EDI Ltd

Downer EDI Limited provides engineering and infrastructure management services
to the public and private rail, road, power, telecommunications, mining and
resources sectors in Australia, New Zealand, Asia and the Pacific. Downer
provides rolling stock services, drilling services for the exploration industry,
mine planning and management services and highway maintenance.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.11.2010)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DOW AT EQUITY YTD Change
DOW AT EQUITY YTD % CHANGE
06/2011
01/yy
5.14
3.14
590'143.00
3.16
-38.50%
0.64%
3.50%
429.1
1'355.96
732.79
0.0
0.1
288.73
1'800.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
5'312.4
0.53x
383.5
7.34x
101.5
23.51x
10
9
8
7
6
5
4
3
2
1
0
f-10 m-10
30.06.2008
30.06.2009
5'434.5
5'834.7
0.47x
0.40x
370.0
429.4
6.90x
5.46x
165.8
189.4
14.34x
9.65x
Profitability
30.06.2010
5'779.6
0.30x
424.7
4.03x
3.0
-
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
30.06.2011
6'613.6
0.31x
465.9
4.36x
(27.8)
465.87
255.38
3.86%
-0.58%
-0.78%
-2.85%
1.85%
97.5%
7.0%
3.9%
-0.4%
1.16
0.53
19.75%
50.81%
12.49
0.86
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
0.93
427.57
6.88
-30.39%
-28.72%
0.931
11
3.364
1'745'274
1'994'340
1'889'360
FY+2
06/12 Y
06/13 Y
7'196.8
7'613.0
0.27x
0.25x
536.8
599.0
3.35x
3.01x
184.8
212.5
7.52x
6.54x
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
5.94
0.25
0.95
1.57
50.8%
33.7%
1.85
6.90
29.21
425.45
869.77
-415.11
7'000.0
25.00
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
06.07.2007
1'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Downer EDI Ltd

Holdings By:
All
Holder Name
SCHRODER INVSTMNT MG
AXA
MACQUARIE GROUP LTD
UBS AG
CREDIT SUISSE
PRUDENTIAL PLC
FRANKLIN TEMPLETON I
INVESCO LTD
Firm Name
Deutsche Bank
Nomura
Paterson Securities
RBS
Credit Suisse
JPMorgan
Citi
Macquarie
Commonwealth Bank
Austock Securities
Portfolio Name
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG WONGPAN
CHRIS SAVAGE
RICHARD J JOHNSON
GRAEME CARSON
ANDREW HODGE
CHRIS COUNIHAN
ALISTAIR REID
GUY ROBINSON
JOHN PURTELL
BEN BROWNETTE
HEATH ANDREWS
Source
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
Recommendation
hold
hold
neutral
sell
hold
neutral
neutral
buy
neutral
sell
sell
Amt Held
29'985'467
28'239'397
23'421'665
18'126'657
17'786'133
17'130'049
16'964'806
16'573'379
16'440'000
16'385'607
12'466'000
4'297'150
3'649'603
3'250'345
2'996'507
1'979'415
1'724'982
1'271'609
1'014'597
963'641
% Out
8.74
8.23
6.82
5.28
5.18
4.99
4.94
4.83
4.79
4.77
3.63
1.25
1.06
0.95
0.87
0.58
0.5
0.37
0.3
0.28
Weighting
Change
3
3
3
1
3
3
3
5
3
1
1
Latest Chg
3'827'591
(3'408'806)
(3'960'846)
(374'828)
1'219'039
(287'252)
300'000
82'295
3'241'066
108'716
64'600
3'960
823'515
36'000
769'955
Target Price
M
M
U
D
D
U
M
M
M
M
M
File Dt
Inst Type
20.08.2010
n/a
12.01.2011
Investment Advisor
18.05.2010
Investment Advisor
28.08.2009
Investment Advisor
02.02.2011
Investment Advisor
31.01.2011
Bank
25.08.2009
Investment Advisor
04.06.2010
Investment Advisor
30.09.2010
Investment Advisor
12.03.2010
Bank
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
07.02.2011
Investment Advisor
30.06.2010
Insurance Company
Date
4
5
4
3
4
4
5
4
4
3
4
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
07.02.2011
07.02.2011
28.01.2011
28.01.2011
27.01.2011
27.01.2011
27.01.2011
27.01.2011
27.01.2011
27.01.2011
27.01.2011
19.09.2011
DUET Group
DUET Group invests in energy utility assets located in Australia and New
Zealand. The Group's investment assets include gas pipelines and electricity
distribution networks.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.11.2010)
52-Week Low (16.03.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DUE AT EQUITY YTD Change
DUE AT EQUITY YTD % CHANGE
06/2011
01/yy
1.82
1.44
3'207'856.00
1.645
-9.60%
14.01%
65.58%
1'091.6
1'795.73
5'745.93
0.0
384.7
543.48
7'382.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
808.1
8.26x
474.1
14.07x
27.2
1.07x
2
2
2
1
1
1
1
1
0
0
0
f-10 m-10
30.06.2008
30.06.2009
877.3
938.2
7.31x
6.64x
516.6
537.3
12.41x
11.59x
18.4
(26.6)
84.59x
Profitability
30.06.2010
998.6
6.85x
688.3
9.94x
42.0
33.09x
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
30.06.2011
1'079.3
6.61x
752.8
9.48x
68.8
22.08x
752.75
538.49
49.89%
6.80%
0.81%
5.37%
0.13%
69.7%
49.9%
6.4%
0.54
0.32
66.50%
444.74%
23.03
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
12.06
0.72
1'083.78
4.24
7.32%
4.56%
0.723
10
4.100
4'351'045
5'451'554
4'630'529
FY+2
06/12 Y
06/13 Y
1'114.2
1'142.3
6.48x
6.40x
758.9
778.7
9.73x
9.48x
141.8
147.8
12.65x
12.28x
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
03.06.2003
BBBSTABLE
1.56
1.01
6.91
7.63
444.7%
77.4%
0.13
0.21
15.85
-
1'200.0
9.00
8.00
1'000.0
7.00
800.0
6.00
5.00
600.0
4.00
400.0
3.00
2.00
200.0
1.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
DUET Group
Holdings By:
All
Holder Name
AMP LTD
PICTET ASSET MANAGEM
ROBERTS JOHN STUART
FORWARD MANAGEMENT L
WIKRAMANAYAKE SHEMAR
BANQUE DE LUXEMBOURG
FIDELITY MANAGEMENT
MORGAN STANLEY & CO
Firm Name
Credit Suisse
JPMorgan
Deutsche Bank
Morgan Stanley
UBS
RBS
Commonwealth Bank
Citi
Macquarie
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SANDRA MCCULLAGH
JASON HARLEY STEED
JOHN HIRJEE
MARK BLACKWELL
DAVID LEITCH
WILLIAM ALLOTT
PAUL JOHNSTON
MARIE MIYASHIRO
IAN MYLES
Source
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
overweight
hold
Equalwt/In-Line
neutral
buy
buy
sell
restricted
Amt Held
102'896'515
73'998'497
50'978'508
42'788'292
27'837'159
4'644'079
4'149'082
3'978'801
3'477'120
3'122'432
3'107'976
2'750'416
2'523'762
2'258'983
1'842'987
1'523'917
1'500'000
1'470'313
1'377'314
972'300
% Out
11.6
8.34
5.75
4.82
3.14
0.52
0.47
0.45
0.39
0.35
0.35
0.31
0.28
0.25
0.21
0.17
0.17
0.17
0.16
0.11
Weighting
Change
3
5
3
3
3
5
5
1
#N/A N/A
M
M
M
M
D
U
M
D
M
Latest Chg
(660'798)
309'618
9'636
(20'225)
2'242'067
1'380
972'300
Target Price
2
2
2
2
2
2
2
2
#N/A N/A
File Dt
Inst Type
19.08.2010
Insurance Company
19.08.2010
Investment Advisor
19.08.2010
Bank
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
30.12.2010
Investment Advisor
19.08.2010
n/a
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
29.11.2010
Investment Advisor
30.06.2010
Insurance Company
04.02.2011
Investment Advisor
25.11.2010
n/a
31.10.2009
Investment Advisor
29.10.2010
Investment Advisor
31.12.2010
Investment Advisor
31.10.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Date
04.02.2011
04.02.2011
01.02.2011
31.01.2011
28.01.2011
12.01.2011
04.01.2011
01.11.2010
20.08.2010
19.09.2011
Fairfax Media Ltd

Fairfax Media Limited publishes and prints newspapers, magazines and
entertainment publications. The Company also provides advertising sales in
newspapers, magazines and electronic formats. Fairfax also offers an Internet
business which includes news and classifieds.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (22.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FXJ AT EQUITY YTD Change
FXJ AT EQUITY YTD % CHANGE
06/2011
01/yy
1.57
0.68
5'928'710.00
0.815
-47.92%
20.74%
15.17%
2'352.0
1'916.84
1'532.03
0.0
7.0
207.14
3'248.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2008
30.06.2009
2'900.8
2'599.1
2.45x
1.94x
817.5
509.4
8.70x
9.88x
386.9
(380.1)
12.66x
Profitability
30.06.2010
2'476.8
1.96x
643.6
7.54x
282.1
11.78x
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
30.06.2011
2'463.4
1.48x
1'258.4
2.89x
(390.9)
1'258.42
1'144.07
46.44%
-12.30%
-5.69%
-8.50%
0.35%
51.1%
46.4%
-15.9%
0.52
0.45
22.86%
34.57%
7.14
-
Price/ Cash Flow
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-10
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
3.68
1.09
2'111.41
309.64
-43.83%
-40.02%
1.085
13
3.462
18'564'880
16'322'600
14'024'340
FY+2
06/12 Y
06/13 Y
2'445.2
2'485.5
1.27x
1.18x
579.9
603.2
5.60x
5.39x
254.1
276.4
7.62x
7.03x
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
14.05.2009
BB+
STABLE
09.11.2004
NR
10.01
9.55
1.05
1.22
34.6%
25.7%
0.35
3.28
50.96
-
18.00
3'500.0
16.00
3'000.0
14.00
2'500.0
12.00
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
06.07.2007
70.0 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

30.06.2007
2'111.1
4.38x
502.3
18.40x
263.5
20.70x
2
2
2
1
1
1
1
1
0
0
0
f-10 m-10
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Fairfax Media Ltd

Holdings By:
All
Holder Name
MARINYA MEDIA PTY LT
IOOF HOLDINGS LTD
MORGAN STANLEY & CO
VANGUARD GROUP INC
CAMBOOYA PTY LTD
AXA ROSENBERG INTL
FORWARD MANAGEMENT L
Firm Name
Credit Suisse
Commonwealth Bank
Deutsche Bank
RBS
Morgan Stanley
Macquarie
BBY Limited
JPMorgan
Citi
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOLANTA MASOJADA
ALICE BENNETT
ANDREW ANAGNOSTELLIS
CHRISTIAN GUERRA
FRASER MCLEISH
ANDREW MCLEOD
ALEX POLLAK
MARK MCDONNELL
DIGBY GILMOUR
LAURENT HORRUT
JUSTIN DIDDAMS
TONY WILSON
RICHARD EARY
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
hold
hold
hold
buy
Overwt/Cautious
underperform
buy
underperform
overweight
hold
negative
buy
Amt Held
240'063'433
227'632'469
160'243'882
157'060'181
146'899'299
141'097'766
28'000'000
27'621'471
20'631'413
11'315'490
10'295'048
9'705'000
7'718'863
5'396'400
4'317'040
3'591'280
3'482'953
3'203'083
2'684'858
2'543'130
% Out
10.21
9.68
6.81
6.68
6.25
6
1.19
1.17
0.88
0.48
0.44
0.41
0.33
0.23
0.18
0.15
0.15
0.14
0.11
0.11
Weighting
Change
5
3
3
3
5
5
1
5
1
5
3
2
5
M
D
M
M
M
M
M
M
D
M
D
M
M
Latest Chg
(24'755'061)
23'552'183
(32'619'382)
24'669'600
(61'006'372)
2'429'110
396'371
25'443
(409'500)
23'850
15'014
754
(371'319)
-
Target Price
2
2
2
2
2
2
1
2
1
2
2
#N/A N/A
2
File Dt
Inst Type
14.10.2010
Bank
11.11.2010
Corporation
04.01.2011
Investment Advisor
14.12.2010
Bank
07.12.2010
Investment Advisor
25.01.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
11.11.2010
n/a
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
30.04.2010
Investment Advisor
29.11.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
07.02.2011
27.01.2011
25.01.2011
25.01.2011
20.01.2011
19.01.2011
13.01.2011
26.11.2010
25.11.2010
23.11.2010
16.11.2010
29.08.2010
22.02.2010
19.09.2011
Fortescue Metals Group Ltd

Fortescue Metals Group Limited is involved in the exploration of iron ore
through its East Pilbara Iron Ore Project in Western Australia.
Price/Volume
8
7
6
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.01.2011)
52-Week Low (20.09.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FMG AT EQUITY YTD Change
FMG AT EQUITY YTD % CHANGE
06/2011
01/yy
7.34
4.84
10'566'393.00
5.93
-19.21%
22.52%
50.00%
3'113.6
18'463.94
4'872.17
0.0
0.0
2'662.72
21'129.44
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
1
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
0.0
(16.3)
(151.2)
-
200.0 M
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
f-11
30.06.2008
30.06.2009
139.3
1'828.6
248.66x
6.22x
(1'038.4)
532.1
21.37x
(771.8)
508.0
17.22x
Profitability
30.06.2010
3'220.1
3.91x
1'223.0
10.30x
580.9
18.51x
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
30.06.2011
5'442.1
4.30x
2'765.2
8.46x
1'022.6
20.70x
2'765.17
2'595.35
47.69%
24.53%
14.74%
52.29%
23.22%
0.78%
49.3%
50.8%
47.7%
18.8%
3.13
2.56
56.48%
200.15%
36.55
9.12
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.19
1.44
1'080.01
54.52
23.91%
-8.30%
1.440
20
4.700
23'462'700
14'939'920
14'436'830
FY+2
06/12 Y
06/13 Y
7'587.5
9'335.6
3.07x
2.64x
3'821.3
4'611.2
5.53x
4.58x
2'175.1
2'543.4
8.67x
7.48x
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
18.05.2011
B+
STABLE
5.62
5.62
0.80
1.76
200.1%
66.7%
0.78
3.59
9.99
40.03
18.39
31.62
40.00
3'500.0
35.00
3'000.0
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Fortescue Metals Group Ltd

Holdings By:
All
Holder Name
FORREST ANDREW JOHN
HUNAN VALIN IRON AND
LEUCADIA NATIONAL CO
MAGNITOGORSK IRON &
VANGUARD GROUP INC
ROWLEY WILLIAM GRAEM
SCRIMSHAW RUSSELL JO
INVESTEC ASSET MANAG
AMBRECHT KENNETH CHA
CARMIGNAC GESTION
GLICKENHAUS & COMPAN
CATLOW CHRISTOPHER J
ELLIOTT HERBERT JAME
SJUNDE AP FONDEN
Firm Name
Credit Suisse
E.L. & C. Baillieu
BMO Capital Markets
RBS
Deutsche Bank
Morgan Stanley
RBC Capital Markets
UBS
JPMorgan
Macquarie
Paterson Securities
Southern Cross
Citi
Foster Stockbroking
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
GLICKENHAUS & COMPAN
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
NEIL GOODWILL
NATHAN LITTLEWOOD
ADRIAN PRENDERGAST
DAVID RADCLYFFE
LYNDON FAGAN
PAUL-D YOUNG
CRAIG CAMPBELL
CHRIS DREW
GLYN LAWCOCK
MARK BUSUTTIL
MARTIN STULPNER
ALEX PASSMORE
HAYDEN BAIRSTOW
ANDREW GARDNER
FLEUR GROSE
CLARKE WILKINS
TEAM COVERAGE
Source
EXCH
EXCH
EXCH
Research
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
Co File
MF-AGG
13F
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
hold
outperform
buy
hold
Equalwt/Attractive
outperform
buy
overweight
outperform
hold
sell
buy
buy
hold
buy
Amt Held
972'848'823
506'000'000
247'986'000
166'687'029
25'077'755
19'144'951
12'578'414
8'090'055
6'412'752
6'373'926
6'313'130
5'000'000
4'748'950
4'690'000
3'790'000
2'732'125
2'167'938
1'831'102
1'317'210
1'178'266
% Out
31.25
16.26
7.97
5.36
0.81
0.62
0.4
0.26
0.21
0.2
0.2
0.16
0.15
0.15
0.12
0.09
0.07
0.06
0.04
0.04
Weighting
Change
5
3
3
5
5
3
3
5
5
5
5
3
1
5
5
3
5
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
D
N
Latest Chg
18'608
(29'000'000)
221'586'000
(634'270)
(122'571)
62
275'590
3'831'661
4'748'950
2'732'125
(196'300)
39'548
(245)
Target Price
10
8
6
8
8
7
7
8
9
8
8
7
5
#N/A N/A
8
7
7
File Dt
Inst Type
26.11.2010
n/a
23.11.2010
n/a
03.03.2010
Investment Advisor
08.03.2010
Corporation
31.12.2010
Investment Advisor
30.12.2010
n/a
03.02.2011
Investment Advisor
20.01.2011
n/a
31.10.2010
Investment Advisor
10.08.2009
n/a
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2009
n/a
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
10.08.2009
n/a
30.09.2010
Investment Advisor
30.04.2010
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
02.02.2011
19.01.2011
19.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
01.12.2010
22.11.2010
19.11.2010
01.09.2010
19.09.2011
Foster's Group Ltd

Foster's Group Limited manufactures and markets alcoholic and non-alcoholic
beverages including beer and wine.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.06.2011)
52-Week Low (16.05.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FGL AT EQUITY YTD Change
FGL AT EQUITY YTD % CHANGE
06/2011
01/yy
5.23
4.23
6'219'497.00
4.91
-6.12%
16.08%
73.00%
1'940.9
9'529.79
1'675.80
0.0
12.2
58.30
11'159.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
4'555.2
3.33x
1'239.0
12.25x
966.2
16.61x
30.06.2008
30.06.2009
4'372.7
4'485.9
2.80x
2.83x
1'241.9
1'103.8
9.86x
11.49x
111.7
438.3
92.18x
22.59x
Profitability
30.06.2010
4'281.2
3.10x
1'178.6
11.25x
(464.4)
-
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
30.06.2011
2'270.7
5.12x
792.7
14.67x
(89.0)
9.52x
792.70
739.80
32.58%
34.12%
-1.81%
-5.77%
0.46%
47.3%
34.9%
32.6%
-3.9%
1.13
0.89
55.91%
432.58%
3.85
2.05
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
f-11
2.44
0.64
1'932.77
11.58
5.10%
12.70%
0.644
9
2.778
8'420'950
17'417'290
21'931'500
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
03/11 Q3 06/11 Q4
2'353.9
2'434.4
4.71x
4.44x
910.0
959.3
12.26x
11.63x
510.0
547.4
18.53x
17.05x
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
11.04.2006
BBB
STABLE
11.04.2006
A-2
6.27
5.68
2.04
2.11
432.6%
80.7%
0.46
1.77
94.85
178.43
398.96
-125.68
6'000.0
20.00
18.00
5'000.0
16.00
14.00
4'000.0
12.00
3'000.0
10.00
8.00
2'000.0
6.00
4.00
1'000.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Foster's Group Ltd

Holdings By:
All
Holder Name
PERPETUAL LTD
DEUTSCHE BANK AG
ARTISAN PARTNERS
HARRIS ASSOCIATES L
VANGUARD GROUP INC
AMP LTD
NEW JERSEY DIVISION
PRUDENTIAL PLC
Firm Name
Deutsche Bank
Nomura
Credit Suisse
JPMorgan
RBS
Macquarie
UBS
Citi
Morgan Stanley
E.L. & C. Baillieu
Southern Cross
Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PAUL VAN MEURS
DAVID COOKE
LARRY GANDLER
STUART JACKSON
HARRY THEODORE
GREG DRING
IAN ABBOTT
LINDY NEWTON
ANDREW BOWLEY
MARTIN YULE
SAM HADDAD
PAUL RYAN
JAMES PATERSON
ALEXANDRA MCPHEE
Source
MF-AGG
EXCH
EXCH
EXCH
Co File
MF-AGG
13F
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
underperform
neutral
hold
underperform
hold
neutral
hold
Overwt/Attractive
hold
Positive
buy
accumulate
Amt Held
131'865'931
117'889'201
98'193'898
97'099'647
96'634'367
25'792'930
19'062'700
19'044'465
15'534'418
13'725'298
9'707'471
9'474'000
8'000'000
7'518'393
7'449'721
6'781'655
6'526'502
5'517'206
5'192'574
4'609'060
% Out
6.81
6.09
5.07
5.02
4.99
1.33
0.98
0.98
0.8
0.71
0.5
0.49
0.41
0.39
0.38
0.35
0.34
0.29
0.27
0.24
Weighting
Change
5
3
1
3
3
1
3
3
3
5
3
4
5
4
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
258'816
19'927'424
18'037'693
1'765'300
137'423
221'093
(12'000'000)
125'064
(67'617)
(164'320)
71'629
221'100
Target Price
6
6
6
5
6
5
6
6
6
7
5
#N/A N/A
7
6
File Dt
Inst Type
30.09.2010
Investment Advisor
14.10.2010
Investment Advisor
11.11.2010
Investment Advisor
07.01.2011
Bank
24.08.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
24.08.2010
Insurance Company
08.07.2010
Investment Advisor
15.04.2010
Investment Advisor
24.08.2010
Investment Advisor
30.09.2010
Investment Advisor
24.08.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Date
04.02.2011
02.02.2011
25.01.2011
25.01.2011
21.01.2011
21.01.2011
19.01.2011
18.01.2011
04.01.2011
21.12.2010
26.10.2010
01.09.2010
27.05.2010
09.09.2009
19.09.2011
Goodman Fielder Ltd

Goodman Fielder Limited offers a wide range of food products. The Company
offers food products that include packaged baked goods, spreads, dairy products,
small goods, sauces, dressings, and condiments and bulk and packaged edible fats
and oils and flour products.
Price/Volume
2
40.0 M
35.0 M
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.11.2010)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GFF AT EQUITY YTD Change
GFF AT EQUITY YTD % CHANGE
06/2011
01/yy
1.67
0.60
3'269'927.00
0.635
-61.86%
5.83%
2.82%
1'380.4
876.55
963.40
0.0
7.9
79.90
1'767.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
1
0
10.0 M
5.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'426.7
1.75x
420.6
10.08x
239.8
13.43x
20.0 M
30.06.2008
30.06.2009
2'317.5
2'848.6
1.26x
0.98x
182.5
348.2
15.96x
7.98x
27.7
175.7
351.25x
9.89x
Profitability
30.06.2010
2'660.1
1.05x
380.6
7.31x
161.1
11.50x
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
30.06.2011
2'556.2
0.92x
43.9
53.64x
(166.7)
43.90
-25.40
-0.99%
-4.49%
-5.68%
-11.30%
0.87%
36.6%
1.7%
-1.0%
-6.5%
1.18
0.65
34.62%
74.54%
11.89
8.95
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
12.20
0.69
1'379.12
46.40
-51.82%
-50.62%
0.686
12
2.917
7'703'482
11'804'600
9'024'117
FY+2
06/12 Y
06/13 Y
2'585.0
2'669.1
0.69x
0.65x
339.0
357.8
5.22x
4.94x
120.7
134.8
7.47x
6.83x
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
0.43
-0.58
20.13
21.95
74.5%
42.6%
0.87
4.22
30.71
40.79
59.47
12.03
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Goodman Fielder Ltd

Holdings By:
All
Holder Name
IOOF HOLDINGS LTD
AXA
HARRIS ASSOCIATES L
VANGUARD GROUP INC
AXA ROSENBERG INTL
HENDERSON GLOBAL INV
Firm Name
JPMorgan
Nomura
Credit Suisse
Macquarie
RBS
Commonwealth Bank
Citi
Deutsche Bank
Morgan Stanley
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STUART JACKSON
DAVID COOKE
LARRY GANDLER
PHILLIP KIMBER
GREG DRING
ALEXANDER BEER
JORDAN ROGERS
ANDREW BOWLEY
MATTHEW ISER
TONY WILSON
MARTIN YULE
LINDY NEWTON
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
neutral
outperform
hold
neutral
hold
hold
buy
hold
negative
Underwt/Attractive
neutral
Amt Held
141'924'365
100'494'835
70'365'383
69'263'564
67'847'427
67'637'973
54'854'450
50'832'800
15'191'743
13'292'713
11'380'049
10'455'731
10'053'246
7'653'900
6'837'129
6'140'079
6'111'720
5'974'065
5'882'202
4'551'232
% Out
10.28
7.28
5.1
5.02
4.92
4.9
3.97
3.68
1.1
0.96
0.82
0.76
0.73
0.55
0.5
0.44
0.44
0.43
0.43
0.33
Weighting
Change
3
3
5
3
3
3
3
5
3
2
1
3
M
M
M
M
D
M
N
M
M
M
M
M
Latest Chg
17'005'078
(21'562'505)
662'592
38'567
(1'596'895)
(3'432'798)
(30'666'714)
3'532'700
(103'809)
187'148
688'700
383'913
17'204
233'077
124'000
5'974'065
74
2'123
Target Price
1
1
2
2
1
1
1
2
1
#N/A N/A
1
1
File Dt
Inst Type
01.11.2010
Investment Advisor
22.12.2010
Bank
31.05.2010
Investment Advisor
26.05.2010
Investment Advisor
28.05.2010
Investment Advisor
17.05.2010
Investment Advisor
02.12.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.11.2010
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Date
04.02.2011
02.02.2011
01.02.2011
01.02.2011
19.01.2011
11.01.2011
01.12.2010
30.11.2010
30.08.2010
23.08.2010
19.08.2010
19.08.2010
19.09.2011
Goodman Group
Goodman Group is an integrated industrial property group. The Group has
operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities
include property investment, funds management, property development and property
services. The Group's property portfolio includes business parks, industrial
estates, office parks and warehouse/distribution centers.
Price/Volume
06/2011
01/yy
0.76
0.56
19'087'300.00
0.63
-17.11%
12.50%
42.50%
7'394.6
4'658.60
1'913.80
0.0
573.1
227.80
6'917.70
Price/ Cash Flow
1.20
100.0 M
80.0 M
60.0 M
0
0
40.0 M
20.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
.0 M
f-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
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
120.0 M
1
0
Latest Fiscal Year:

LTM as of:
52-Week High (27.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GMG AT EQUITY YTD Change
GMG AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
140.0 M
1
1
Valuation Analysis
30.06.2007
764.7
19.47x
361.7
41.17x
622.5
17.55x
30.06.2008
30.06.2009
852.5
739.2
10.66x
7.21x
269.8
331.1
33.68x
16.10x
250.7
(1'120.0)
21.02x
Profitability
30.06.2010
594.6
11.07x
237.1
27.76x
(537.0)
-
30.06.2011
696.4
10.69x
225.2
33.07x
392.0
11.95x
225.20
191.20
27.46%
66.13%
5.16%
9.35%
6.49%
0.09%
32.3%
56.3%
25.30%
43.10%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.56
0.95
7'148.37
23.25
-1.06%
-0.35%
0.949
12
4.333
36'404'150
36'811'940
30'893'160
FY+2
06/12 Y
06/13 Y
700.8
759.3
9.71x
8.99x
539.8
593.9
12.82x
11.65x
476.8
529.8
10.33x
9.55x
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
29.09.2009
BBB
NEG
2.20
0.53
7.49
8.50
43.1%
27.6%
0.09
-
900.0
800.0
1.00
0.80
700.0
600.0
500.0
0.60
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Goodman Group
Holdings By:
All
Holder Name
CHINA INVESTMENT COR
ING GROEP NV
COHEN & STEERS INC
IOOF HOLDINGS LTD
VANGUARD GROUP INC
BARCLAYS PLC
FIDELITY MANAGEMENT
AMP LTD
STATE STREET CORP
Firm Name
Credit Suisse
JPMorgan
Macquarie
Commonwealth Bank
Deutsche Bank
RBS
Citi
Morgan Stanley
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STEPHEN RICH
RICHARD JONES
PETER ZUK
PAUL CHECCHIN
DAVID LLOYD
IAN RANDALL
ANDREW HODGE
DAVID BURGESS
JOHN P KIM
LOURENS PIRENC
GRANT MCCASKER
Source
EXCH
Co File
Co File
EXCH
EXCH
Co File
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
neutral
not rated
restricted
hold
buy
buy
buy
outperform
Overwt/In-Line
buy
Amt Held
537'316'549
531'652'052
408'523'081
390'425'453
344'213'168
326'402'271
304'610'228
299'123'951
254'067'472
212'806'790
108'629'184
86'914'304
76'176'513
69'154'800
63'332'879
58'170'510
44'938'773
42'448'086
40'871'984
30'721'271
% Out
7.79
7.71
5.93
5.66
4.99
4.74
4.42
4.34
3.69
3.09
1.58
1.26
1.11
1
0.92
0.84
0.65
0.62
0.59
0.45
Weighting
Change
3
3
#N/A N/A
#N/A N/A
3
5
5
5
5
5
5
M
M
M
M
M
M
N
M
M
M
M
Latest Chg
69'248'330
(113'470'270)
(17'909'500)
1'901'051
(9'666'586)
5'306'128
(3'565'577)
(20'151'454)
10'874'900
(1'773'566)
(483'457)
2'555'603
(500'000)
Target Price
1
1
#N/A N/A
#N/A N/A
1
1
1
1
1
1
1
File Dt
Inst Type
24.12.2010
Government
31.08.2010
Investment Advisor
31.08.2010
Bank
08.12.2010
Corporation
16.09.2009
Investment Advisor
31.08.2010
Investment Advisor
31.08.2010
Investment Advisor
05.11.2009
Investment Advisor
05.10.2010
Investment Advisor
22.06.2010
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
30.06.2010
Investment Advisor
31.12.2010
Investment Advisor
12.01.2011
Insurance Company
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Date
25.01.2011
21.01.2011
14.01.2011
11.01.2011
10.01.2011
29.12.2010
20.12.2010
16.11.2010
29.10.2010
25.08.2010
31.05.2010
19.09.2011
GPT Group
GPT Group is a property trust that manages and invests in retail, office,
industrial and hotel/tourism properties throughout Australia. The commercial
property portfolio includes Riverside Centre and MLC Centre while the retail
properties include Charlestown Square and Penrith Plaza. The Group's
hotel/tourism property includes Ayers Rock Resort.
Price/Volume
4
300.0 M
250.0 M
200.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.06.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GPT AT EQUITY YTD Change
GPT AT EQUITY YTD % CHANGE
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
100.0 M
50.0 M
1
0
f-10 m-10
31.12.2007
31.12.2008
896.3
773.1
14.65x
10.56x
499.9
432.0
26.26x
18.89x
1'184.5
(3'253.5)
7.01x
Profitability
31.12.2009
562.0
13.80x
352.9
21.98x
(1'069.1)
32.41x
31.12.2010
565.4
13.91x
340.0
23.14x
707.3
12.67x
340.00
183.00
32.37%
76.60%
7.48%
10.38%
7.75%
0.06%
60.1%
125.1%
25.15%
35.26%
-
LTM-4Q
LTM
01/yy
01/yy
-
j-10
a-10
s-10
o-10
n-10
d-10
j-11
.0 M
f-11
FY+1
-
5.50
0.79
1'232.49
19.76
11.17%
11.08%
0.792
12
3.833
10'992'200
9'380'987
8'158'308
FY+2
12/11 Y
12/12 Y
635.4
650.2
12.47x
12.10x
547.5
564.4
14.05x
13.63x
412.5
415.8
14.23x
13.73x
S&P Issuer Ratings
FQ+1
FQ+2
10.05.2010
ASTABLE
26.08.2009
A-2
1.88
0.01
7.09
7.21
35.3%
26.1%
0.06
-
1'200.0
1.00
1'000.0
0.60
j-10

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
1.20
0.80
a-10 m-10
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
970.3
16.46x
589.0
27.12x
1'384.0
8.21x
150.0 M
12/2010
01/yy
3.22
2.58
3'050'129.00
3.13
-2.80%
21.32%
95.31%
1'838.6
5'754.89
2'452.50
0.0
0.0
41.10
7'694.49
800.0
600.0
400.0
0.40
200.0
0.20
0.0
0.00
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
GPT Group
Holdings By:
All
Holder Name
DEUTSCHE BANK AG
GOVT OF SINGAPORE IN
STOCKLAND
ING GROEP NV
COHEN & STEERS INC
VANGUARD GROUP INC
MORGAN STANLEY & CO
MITSUBISHI UFJ ASSET
STATE STREET CORP
Firm Name
Credit Suisse
JPMorgan
Macquarie
Deutsche Bank
Paterson Securities
Commonwealth Bank
Citi
UBS
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ROWENA CAUSLEY
ROB STANTON
PAUL JUNIPER
MATTHEW BERTRAM
JONATHAN KRISKA
DAVID LLOYD
SIMON WHEATLEY
BRYAN HOWITT
DAVID BURGESS
GRANT MCCASKER
LOURENS PIRENC
Source
Co File
Co File
Co File
EXCH
EXCH
EXCH
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
overweight
outperform
hold
hold
sell
buy
buy
hold
buy
Equalwt/In-Line
Amt Held
275'624'194
205'875'283
175'160'804
125'060'390
117'899'517
95'257'067
93'609'719
92'818'291
68'278'668
37'598'213
26'708'871
19'651'795
19'147'880
19'024'040
18'478'401
17'068'125
16'499'141
14'423'365
13'265'159
10'426'536
% Out
14.85
11.1
9.44
6.74
6.35
5.13
5.04
5
3.68
2.03
1.44
1.06
1.03
1.03
1
0.92
0.89
0.78
0.71
0.56
Weighting
Change
3
5
5
3
3
1
5
5
3
5
3
Latest Chg
31'194'943
(21'579'512)
221'279
37'598'213
52'716
9'485
527'240
(18'607'831)
485'000
(174'834)
9'823'199
146'141
Target Price
M
U
M
M
M
M
M
M
M
U
M
File Dt
Inst Type
26.02.2010
Investment Advisor
26.02.2010
Government
26.02.2010
Corporation
27.10.2010
Bank
28.01.2011
Investment Advisor
20.12.2010
Corporation
26.02.2010
Investment Advisor
08.09.2010
Investment Advisor
23.08.2010
Investment Advisor
04.02.2011
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
03.02.2011
Investment Advisor
09.08.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
Date
3
3
3
3
3
3
3
3
3
3
3
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Date
07.02.2011
04.02.2011
02.02.2011
01.02.2011
01.02.2011
10.01.2011
29.12.2010
14.12.2010
01.12.2010
01.11.2010
24.08.2010
19.09.2011
Harvey Norman Holdings Ltd

Harvey Norman Holdings Limited is a holding company for companies and trusts in
a third party franchise agreement. The franchises operate stores under the name
"Harvey Norman Discounts," selling homewares and electrical goods. The Company
also provides advisory and advertising to the franchises. In addition, the
Company provides consumer finance and has property investments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.09.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HVN AT EQUITY YTD Change
HVN AT EQUITY YTD % CHANGE
06/2011
01/yy
3.93
1.77
2'749'178.00
2
-49.11%
13.31%
13.16%
1'062.3
2'124.63
651.76
0.0
34.9
202.95
2'608.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'177.5
2.78x
450.8
13.42x
407.2
17.27x
30.06.2008
30.06.2009
2'357.0
2'417.3
1.63x
1.65x
492.8
418.8
7.78x
9.52x
358.4
214.4
9.15x
16.35x
Profitability
30.06.2010
2'368.6
1.65x
463.4
8.45x
231.4
15.20x
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
30.06.2011
2'545.4
1.23x
359.2
8.71x
252.3
10.48x
359.23
269.87
10.60%
14.69%
6.54%
11.74%
10.39%
0.66%
55.6%
14.1%
10.6%
9.9%
1.64
1.24
16.28%
29.71%
2.44
3.78
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.50
0.84
480.13
56.94
-47.10%
-30.57%
0.845
14
3.429
3'421'562
5'880'568
4'675'515
FY+2
06/12 Y
06/13 Y
2'600.3
2'722.8
1.01x
0.95x
489.5
537.1
5.33x
4.86x
240.5
269.7
8.70x
7.75x
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
8.86
0.39
1.25
1.81
29.7%
22.6%
0.66
1.26
149.41
96.69
205.72
40.37
1'600.0
25.00
1'400.0
20.00
1'200.0
1'000.0
15.00
800.0
600.0
10.00
400.0
5.00
0.00
06.07.2007
200.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Harvey Norman Holdings Ltd

Holdings By:
All
Holder Name
HARVEY GERALD
NORMAN IAN JOHN
HARVEY MARGARET LYNE
FIDELITY MANAGEMENT
ENBEEAR PTY LTD
PAGE KAY LESLEY
AMP LIFE LTD
VANGUARD GROUP INC
HARVEY MICHAEL JOHN
OMNILAB MEDIA INV PT
Firm Name
Credit Suisse
Deutsche Bank
Nomura
RBS
Citi
Commonwealth Bank
Macquarie
Morgan Stanley
UBS
JPMorgan
Paterson Securities
Austock Securities
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
GRANT SALIGARI
DAVID COOKE
PHILLIP KIMBER
DANIEL BROEREN
CRAIG WOOLFORD
ANDREW MCLENNAN
ROB BLYTHE
THOMAS KIERATH
BEN GILBERT
SHAUN COUSINS
RUSSELL WRIGHT
TONY WILSON
JAMES PATERSON
THOMAS HODSON
Source
Co File
Co File
EXCH
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
Co File
Recommendation
outperform
hold
neutral
hold
buy
buy
buy
underperform
Overwt/In-Line
buy
neutral
hold
neutral
outperform
sell
Amt Held
311'959'532
175'249'660
50'468'781
49'990'575
23'726'391
17'118'200
16'995'133
5'647'148
5'139'728
4'758'958
4'599'338
4'516'101
4'030'000
3'058'700
2'996'200
2'845'553
2'419'483
1'989'290
1'805'078
1'674'798
% Out
29.37
16.5
4.75
4.71
2.23
1.61
1.6
0.53
0.48
0.45
0.43
0.43
0.38
0.29
0.28
0.27
0.23
0.19
0.17
0.16
Weighting
Change
5
3
3
3
5
5
5
1
5
5
3
3
3
5
1
M
M
M
M
U
M
M
M
M
M
M
M
M
N
M
Latest Chg
(14'581'807)
827'154
78'328
114'055
202'302
(2'881'053)
-
Target Price
4
4
3
4
4
4
4
3
4
4
4
3
#N/A N/A
4
4
File Dt
Inst Type
28.09.2010
n/a
28.09.2010
n/a
25.11.2010
Investment Advisor
24.09.2010
n/a
31.12.2010
Investment Advisor
24.09.2010
Other
28.09.2010
n/a
24.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
24.09.2010
n/a
24.09.2010
Investment Advisor
24.09.2010
Other
28.09.2010
n/a
30.06.2010
Investment Advisor
24.09.2010
n/a
24.09.2010
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Date
04.02.2011
03.02.2011
02.02.2011
17.01.2011
12.01.2011
21.12.2010
09.12.2010
24.11.2010
23.11.2010
28.10.2010
28.10.2010
28.10.2010
23.08.2010
28.05.2010
01.12.2009
19.09.2011
Iluka Resources Ltd

Iluka Resources Limited is involved in the mining, concentration and separation
of mineral sands and titanium minerals. The Company also produces ilmenite and
other titani-ferrous concentrates, zircon, and synthetic rutile along with the
exploration of coal. Iluka's products are exported throughout the world.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.07.2011)
52-Week Low (24.09.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ILU AT EQUITY YTD Change
ILU AT EQUITY YTD % CHANGE
12/2010
01/yy
19.46
5.84
2'435'032.00
15.2
-21.89%
160.27%
69.53%
418.7
6'364.25
342.80
0.0
0.0
30.10
6'535.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
962.1
2.30x
263.2
8.41x
21.0
133.00x
10
9
8
7
6
5
4
3
2
1
0
f-10 m-10
31.12.2007
31.12.2008
897.9
862.4
1.98x
2.35x
258.6
197.8
6.88x
10.25x
51.1
77.5
27.06x
33.62x
Profitability
31.12.2009
549.7
3.41x
61.8
30.33x
(82.4)
-
31.12.2010
886.6
4.64x
294.5
13.96x
36.1
106.28x
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
294.50
75.50
8.52%
4.50%
1.79%
3.25%
4.29%
0.44%
13.6%
33.2%
8.5%
4.1%
2.10
0.86
17.67%
30.48%
8.18
3.77
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.84
1.17
416.91
5.43
155.96%
69.71%
1.170
16
4.375
4'563'360
4'300'296
3'828'526
FY+2
12/11 Y
12/12 Y
1'494.9
2'323.4
4.15x
2.37x
897.3
1'598.5
7.28x
4.09x
487.6
1'015.1
12.98x
6.30x
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
9.20
5.54
1.06
1.16
30.5%
23.4%
0.44
0.59
44.61
96.89
33.23
108.26
1'200.0
16.00
14.00
1'000.0
12.00
800.0
10.00
8.00
600.0
6.00
400.0
4.00
200.0
2.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Iluka Resources Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
PRUDENTIAL PLC
SCHRODER INVESTMENT
ORBIS INVESTMENT MGM
BLACKROCK GROUP
ILUKA RESOURCES LTD
BLACKROCK ADVISERS
Firm Name
RBC Capital Markets
Credit Suisse
RBS
Deutsche Bank
Morgan Stanley
UBS
JPMorgan
E.L. & C. Baillieu
Macquarie
Citi
Investec
Southern Cross
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
IAN PRESTON
ANDREW PEDLER
GEOFF BREEN
MATTHEW HOPE
SAM BERRIDGE
BRENDAN FITZPATRICK
CRAIG CAMPBELL
GLYN LAWCOCK
FRASER JAMIESON
RAY CHANTRY
MARTIN STULPNER
CATHY MOISES
CLARKE WILKINS
TIM GERRARD
PETER CHAPMAN
Source
Co File
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
outperform
outperform
hold
hold
Underwt/Attractive
buy
overweight
buy
underperform
negative
buy
buy
buy
Amt Held
79'634'439
45'781'872
39'868'916
26'420'111
20'224'370
20'122'785
20'104'159
20'091'905
20'079'986
18'566'078
13'404'611
5'883'936
2'975'993
2'096'473
1'904'380
1'712'586
1'585'013
1'401'600
1'390'000
1'374'312
% Out
19.02
10.93
9.52
6.31
4.83
4.81
4.8
4.8
4.8
4.43
3.2
1.41
0.71
0.5
0.45
0.41
0.38
0.33
0.33
0.33
Weighting
Change
5
5
5
5
3
3
1
5
5
5
1
2
5
5
5
M
M
M
M
D
M
M
U
M
M
M
D
M
M
M
Latest Chg
(607'239)
(4'690'822)
(1'136'968)
(1'674'996)
(965'986)
(1'473'509)
(1'034'679)
(2'397'024)
(1'639'740)
(10'151)
20'402
5'511
(134'200)
(4'660'832)
1'401'600
-
Target Price
12
11
10
14
10
9
8
11
10
10
7
#N/A N/A
8
7
5
File Dt
Inst Type
09.03.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
25.11.2010
Investment Advisor
22.09.2010
Bank
27.05.2010
Investment Advisor
01.06.2010
Bank
19.03.2010
Investment Advisor
06.11.2009
Investment Advisor
09.07.2010
Investment Advisor
31.12.2010
Investment Advisor
29.10.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2009
n/a
31.10.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.06.2010
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Date
02.02.2011
27.01.2011
20.01.2011
20.01.2011
19.01.2011
19.01.2011
19.01.2011
19.01.2011
19.01.2011
19.01.2011
18.01.2011
06.01.2011
08.11.2010
20.10.2010
04.08.2010
19.09.2011
Incitec Pivot Ltd

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a
supplier for explosives products and services. The Company has operations
throughout the United States, Canada, Mexico and Australia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IPL AT EQUITY YTD Change
IPL AT EQUITY YTD % CHANGE
09/2010
01/yy
4.72
3.14
4'200'167.00
3.6
-23.73%
14.65%
34.18%
1'628.7
5'863.43
1'145.80
0.0
2.1
78.90
7'220.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2006
1'111.2
1.42x
182.5
8.66x
46.7
31.32x
5
5
4
4
3
3
2
2
1
1
0
f-10 m-10
30.09.2007
30.09.2008
1'373.2
2'918.2
3.44x
2.80x
327.2
1'022.0
14.44x
8.00x
205.3
604.6
21.01x
8.97x
Profitability
30.09.2009
3'418.9
1.75x
1'014.7
5.89x
(221.4)
-
30.09.2010
2'931.7
2.36x
705.1
9.81x
410.5
14.19x
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
705.10
566.10
19.31%
18.42%
6.36%
11.81%
9.21%
0.45%
24.1%
19.3%
14.0%
1.08
0.57
18.16%
31.75%
8.21
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.58
1.24
1'624.03
1.85
6.68%
-8.28%
1.241
16
4.313
9'617'008
12'744'120
11'951'570
FY+2
09/11 Y
09/12 Y
3'329.8
3'542.0
2.12x
1.97x
945.4
986.1
7.64x
7.32x
529.1
545.6
11.01x
10.62x
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
12.10.2009
BBB
STABLE
11.02.2010
NR
15.84
8.74
1.51
1.63
31.7%
24.1%
0.45
1.67
44.44
-
4'000.0
25.00
3'500.0
20.00
3'000.0
2'500.0
15.00
2'000.0
1'500.0
10.00
1'000.0
5.00
0.00
05.10.2007
500.0
0.0
05.04.2008
05.10.2008
05.04.2009
05.10.2009
05.04.2010
05.10.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Incitec Pivot Ltd

Holdings By:
All
Holder Name
SCHRODER INVESTMENT
HARRIS ASSOCIATES L
VANGUARD GROUP INC
DWS INVESTMENT S A
CHINA INTERNATIONAL
AXA
SANFORD C BERNSTEIN
DEUTSCHE BANK AG
NATIXIS INTERNATIONA
FIDELITY MANAGEMENT
Firm Name
Deutsche Bank
Macquarie
BMO Capital Markets
Credit Suisse
Citi
Chardan Capital Markets
UBS
Austock Securities
BBY Limited
E.L. & C. Baillieu
JPMorgan
RBS
Commonwealth Bank
Portfolio Name
n/a
n/a
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MARK WILSON
JOHN PURTELL
JOEL JACKSON
ROHAN GALLAGHER
HUGH DIVE
MATTHEW MCNEE
TIM TIBERIO
SIMON MITCHELL
PAUL JENSZ
ANDREW SULLIVAN
GAVIN DUFFY
KEITH CHAU
SCOTT HUDSON
BELINDA MOORE
MICHAEL WARD
Source
EXCH
EXCH
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
outperform
market perform
outperform
buy
buy
buy
buy
buy
hold
accumulate
neutral
outperform
buy
hold
Amt Held
81'098'803
75'807'462
30'230'500
18'079'000
16'296'788
13'206'386
10'807'774
9'500'000
8'248'553
8'160'497
8'065'576
7'583'488
6'893'937
4'989'408
4'524'280
4'330'604
4'145'322
3'906'293
3'875'170
3'430'255
% Out
4.98
4.65
1.86
1.11
1
0.81
0.66
0.58
0.51
0.5
0.5
0.47
0.42
0.31
0.28
0.27
0.25
0.24
0.24
0.21
Weighting
Change
1
5
3
5
5
5
5
5
5
3
4
3
5
5
3
Latest Chg
(19'338'950)
(8'278'228)
9'403'300
1'000
106'280
(1'638'553)
9'500'000
394'564
127'232
(1'654'913)
877'869
3'626'600
(39'157)
(75'000)
720'000
380'113
834'540
355'560
Target Price
M
M
M
M
M
M
M
U
M
M
N
M
M
M
U
File Dt
Inst Type
19.11.2010
Bank
31.12.2009
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.06.2010
Investment Advisor
29.10.2010
Investment Advisor
30.11.2010
Investment Advisor
30.11.2010
Investment Advisor
31.12.2010
Investment Advisor
30.11.2010
Investment Advisor
31.12.2010
Investment Advisor
30.11.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
3
5
4
5
5
5
6
5
5
4
4
4
4
5
4
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Date
08.02.2011
08.02.2011
07.02.2011
01.02.2011
31.01.2011
28.01.2011
25.01.2011
07.12.2010
24.11.2010
17.11.2010
17.11.2010
16.11.2010
16.11.2010
15.11.2010
15.11.2010
19.09.2011
Investa Office Fund

ING Office Fund is involved in property investment, leasing, management and
development in Australia. The Fund's portfolio includes commercial properties
and office buildings throughout the capital cities of Australia and certain
cities in the United States.
Price/Volume
1
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
f-11
1
1
0
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (22.06.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IOF AT EQUITY YTD Change
IOF AT EQUITY YTD % CHANGE
06/2011
01/yy
0.67
0.53
5'235'217.00
0.61
-8.96%
16.19%
62.07%
2'729.1
1'664.73
365.20
0.0
23.6
22.80
2'030.73
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
0
f-10 m-10
30.06.2008
30.06.2009
219.2
234.1
11.59x
7.83x
142.9
158.9
17.77x
11.54x
246.6
(764.2)
5.81x
Profitability
30.06.2010
212.0
9.32x
144.1
13.72x
42.5
36.25x
30.06.2011
199.6
10.65x
131.0
16.23x
143.9
12.17x
131.00
115.70
57.97%
98.70%
5.69%
7.16%
6.34%
0.08%
65.6%
72.1%
14.58%
18.32%
-
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
FY+1
-
6.39
0.83
2'480.16
8.72
6.75%
13.48%
0.834
11
3.545
19'836'830
17'262'210
14'360'230
FY+2
06/12 Y
06/13 Y
201.7
206.8
9.90x
9.82x
162.2
164.7
12.52x
12.33x
137.0
140.1
11.96x
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
FQ+1
FQ+2
6.55
2.67
2.61
2.79
18.3%
15.3%
0.08
-
250.0
1.00
200.0
0.80
150.0
0.40
m-10
Market Data
1.20
0.60
a-10
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
137.2
19.85x
88.9
30.63x
298.0
6.78x
100.0
50.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Investa Office Fund

Holdings By:
All
Holder Name
ING GROEP NV
AMP LTD
BARCLAYS PLC
AXA
ABN AMRO ASSET MGMT
GOLDMAN SACHS GROUP
STATE STREET CORP
INVESCO LTD
FORTIS INVESTMENTS
DIAM CO LTD
Firm Name
JPMorgan
Macquarie
Credit Suisse
Commonwealth Bank
UBS
Citi
Deutsche Bank
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL JOHN SCOTT
PAUL CHECCHIN
ROWENA CAUSLEY
PETER ZUK
DAVID LLOYD
GRANT MCCASKER
DAVID BURGESS
JASON WEATE
TODD MCFARLANE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
outperform
neutral
hold
hold
buy
buy
hold
Overwt/In-Line
Amt Held
311'984'809
269'636'545
139'262'690
134'690'454
134'142'054
133'103'351
125'107'955
77'594'609
70'998'300
33'085'531
19'701'781
18'667'452
16'910'461
14'367'877
14'172'600
13'686'908
8'994'919
8'491'692
8'278'314
7'959'974
% Out
11.43
9.88
5.1
4.94
4.92
4.88
4.58
2.84
2.6
1.21
0.72
0.68
0.62
0.53
0.52
0.5
0.33
0.31
0.3
0.29
Weighting
Change
5
5
3
3
3
5
5
3
5
Latest Chg
(45'502'292)
37'737'872
(2'485'018)
(29'010'665)
(20'595'976)
(11'471'000)
7'806'900
(2'016'705)
12'395'406
(7'130'620)
3'945'740
(2'918'974)
7'521
1'846'072
48'066
-
Target Price
M
M
M
M
M
U
M
M
M
File Dt
20.12.2010
11.01.2011
19.01.2010
25.08.2010
05.02.2010
07.10.2009
03.02.2010
09.08.2010
30.09.2010
31.12.2010
16.08.2010
20.07.2010
31.10.2010
04.02.2011
30.09.2010
07.02.2011
30.09.2010
13.05.2010
04.02.2011
31.08.2010
Date
1
1
1
1
1
1
1
1
1
9 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Bank
Mutual Fund Manager
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
07.02.2011
02.02.2011
24.01.2011
14.01.2011
10.01.2011
20.12.2010
01.12.2010
07.10.2010
18.08.2010
19.09.2011
Insurance Australia Group Ltd

Insurance Australia Group Limited (IAG) is an Australian-based international
general insurance group, with operations in Australia, New Zealand, the United
Kingdom and Asia. The Group provides a range of personal and commercial
insurance products, primarily motor vehicle and home insurance.
Price/Volume
5
40.0 M
35.0 M
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.12.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IAG AT EQUITY YTD Change
IAG AT EQUITY YTD % CHANGE
06/2011
01/yy
4.03
2.74
3'056'265.00
2.95
-26.80%
7.66%
21.71%
2'079.0
6'133.15
1'377.00
0.0
163.0
509.00
7'164.15
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
2
1
10.0 M
5.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
7'909.0
1.42x
552.0
17.38x
20.0 M
30.06.2008
30.06.2009
8'282.0
8'409.0
0.82x
0.97x
(261.0)
181.0
37.66x
Profitability
30.06.2010
7'999.0
1.03x
91.0
77.68x
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
30.06.2011
8'180.0
0.99x
250.0
28.15x
10.49%
7.51%
1.15%
5.62%
6.39%
0.38%
3.1%
6.01%
31.18%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.42
0.81
2'073.87
11.09
-17.52%
-20.28%
0.815
12
3.333
6'447'733
8'430'307
7'177'363
FY+2
06/12 Y
06/13 Y
8'164.3
8'702.3
0.96x
0.91x
1'032.5
1'194.5
6.94x
6.00x
609.4
735.8
10.21x
8.31x
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
A+
STABLE
31.2%
23.1%
0.38
-
9'000.0
1'200.00
8'000.0
1'000.00
7'000.0
6'000.0
800.00
5'000.0
600.00
4'000.0
3'000.0
400.00
2'000.0
200.00
0.00
06.07.2007
1'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Insurance Australia Group Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
SCHRODER INVESTMENT
SJUNDE AP FONDEN
ING INTERNATIONAL AD
ING INVESTMENT MGMT
FIDELITY MANAGEMENT
UTLEY NEIL ALAN
CREDIT SUISSE ASSET
SCHRODER INVESTMENT
SEB FONDFORVALTNING
Firm Name
Macquarie
Credit Suisse
RBS
BBY Limited
JPMorgan
Deutsche Bank
Citi
UBS
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TONY JACKSON
JOHN HEAGERTY
RYAN FISHER
RICHARD COLES
BRETT LE MESURIER
JOHAN VANDERLUGT
DANIEL TOOHEY
KIEREN CHIDGEY
NIGEL PITTAWAY
JAMES COGHILL
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
outperform
hold
buy
underperform
overweight
hold
outperform
buy
buy
buy
Amt Held
103'383'377
101'398'901
20'257'726
16'847'251
10'623'858
10'551'100
4'154'644
3'922'857
3'324'887
3'038'540
2'739'100
2'500'000
1'937'462
1'719'860
1'601'011
1'408'549
1'272'158
1'092'379
860'394
750'000
% Out
4.97
4.88
0.97
0.81
0.51
0.51
0.2
0.19
0.16
0.15
0.13
0.12
0.09
0.08
0.08
0.07
0.06
0.05
0.04
0.04
Weighting
Change
5
5
3
5
1
5
3
5
5
5
5
Latest Chg
(1'847'487)
(5'040'109)
137'727
423'041
(5'845'900)
(86'388)
(2'168'711)
446'054
132'857
7
500'000
(150'242)
(2'199'881)
(111)
394
8'729
(56'360)
750'000
Target Price
M
M
M
M
N
M
M
M
M
M
M
File Dt
31.01.2011
19.08.2010
04.02.2011
31.12.2010
31.12.2010
08.07.2010
30.06.2010
31.12.2010
30.09.2010
30.09.2010
30.11.2010
30.06.2010
30.11.2010
31.12.2010
30.04.2010
30.06.2010
27.01.2011
04.02.2011
25.03.2010
31.12.2010
Date
4
4
4
4
3
4
4
4
4
4
4
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
08.02.2011
04.02.2011
04.02.2011
02.02.2011
25.01.2011
14.01.2011
13.01.2011
13.01.2011
10.01.2011
21.12.2010
09.09.2010
19.09.2011
James Hardie Industries SE

James Hardie Industries SE manufactures building products, including fiber
cement siding, backerboard, and pipe.
Price/Volume
9
12.0 M
10.0 M
7
6
8.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.12.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JHX AT EQUITY YTD Change
JHX AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
2.0 M
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2007
1'542.9
2.15x
383.2
8.66x
151.7
13.83x
6.0 M
03/2011
09/yy
7.12
4.66
1'760'713.00
5.71
-19.80%
22.53%
48.37%
437.3
2'497.05
59.00
0.0
0.0
18.60
2'599.38
31.03.2008
31.03.2009
1'468.8
1'202.6
1.83x
1.28x
331.0
212.6
8.14x
7.24x
(71.6)
136.3
20.39x
10.39x
Profitability
LTM-4Q
31.03.2010
1'124.6
2.69x
264.9
11.44x
(84.9)
51.26x
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
31.03.2011
1'167.0
2.40x
253.4
11.04x
(347.0)
24.30x
253.40
190.50
16.32%
8.28%
-16.77%
0.56%
33.6%
21.7%
16.3%
-29.7%
1.42
0.49
3.01%
7.96
4.99
Price/ Cash Flow
09/yy
1'084.4
7.44x
223.6
14.19x
(116.1)
57.89x
LTM
09/yy
1'141.9
10.04x
257.0
9.71x
(306.2)
25.75x
FY+1
.0 M
f-11
0.00
0.98
27.87
1.24%
-15.78%
0.980
14
3.714
2'200'963
2'041'449
1'797'376
FY+2
FQ+1
FQ+2
03/12 Y
03/13 Y
06/11 Q1 09/11 Q2
1'208.3
1'372.6
322.0
325.0
2.19x
1.89x
254.8
312.0
10.20x
8.33x
122.7
164.3
39.9
37.7
20.25x
14.81x
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
02.06.1999
NR
02.06.1999
NR
28.16
22.57
0.16
0.23
0.56
1.65
45.84
73.13
29.90
89.07
1'800.0
1'200.00
1'600.0
1'000.00
1'400.0
1'200.0
800.00
1'000.0
600.00
800.0
600.0
400.00
400.0
200.00
0.00
06.04.2007
200.0
0.0
06.10.2007
06.04.2008
06.10.2008
06.04.2009
06.10.2009
06.04.2010
06.10.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
James Hardie Industries SE

Holdings By:
All
Holder Name
SCHRODER INVESTMENT
FIDELITY MANAGEMENT
BAILLIE GIFFORD AND
UBS AG
VANGUARD GROUP INC
UBS INSTITUTIONAL FU
FISHER MARK
Firm Name
UBS
JPMorgan
Commonwealth Bank
RBS
Deutsche Bank
Credit Suisse
Macquarie
Citi
Nomura
Paterson Securities
E.L. & C. Baillieu
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DAVID LEITCH
JASON HARLEY STEED
MICHAEL WARD
MATTHEW MCNEE
ANDREW G SCOTT
EMILY BEHNCKE
ROHAN GALLAGHER
DOUGLAS MACPHILLAMY
HUGH DIVE
SIMON THACKRAY
BEN KAKOSCHKE
SIMON DUMARESQ
Source
EXCH
EXCH
EXCH
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
20F
Recommendation
neutral
neutral
hold
hold
sell
sell
underperform
outperform
buy
reduce
hold
accumulate
Amt Held
45'209'577
43'527'584
33'874'177
28'198'184
26'907'513
25'598'562
25'156'490
24'980'920
21'542'974
21'162'335
19'921'459
8'245'000
8'245'000
5'818'414
4'726'400
4'161'908
3'599'524
2'232'431
1'110'447
941'672
% Out
10.37
9.99
7.77
6.47
6.17
5.87
5.77
5.73
4.94
4.86
4.57
1.89
1.89
1.34
1.08
0.95
0.83
0.51
0.25
0.22
Weighting
Change
3
3
3
3
1
1
1
5
5
2
3
4
Latest Chg
4'630'518
4'355'978
4'527'157
4'581'654
(5'595'202)
(182'454)
(2'362'023)
(2'070'000)
2'841'832
914'400
(249'130)
5'313
648'453
-
Target Price
M
U
M
M
M
D
M
M
M
D
M
M
File Dt
Inst Type
08.11.2010
Bank
25.11.2010
Investment Advisor
27.01.2011
Investment Advisor
15.06.2010
Bank
24.09.2010
Investment Advisor
10.03.2010
Investment Advisor
01.02.2011
Investment Advisor
12.01.2011
Investment Advisor
05.02.2010
Investment Advisor
03.05.2010
Investment Advisor
16.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.06.2010
Investment Advisor
29.10.2010
Investment Advisor
31.10.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
31.05.2010
n/a
Date
7
6
6
7
5
6
6
7
7
5
6
9
12 month
15 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Date
04.02.2011
31.01.2011
31.01.2011
20.01.2011
17.01.2011
23.12.2010
08.12.2010
16.11.2010
15.11.2010
15.11.2010
15.11.2010
13.08.2010
19.09.2011
JB Hi-Fi Ltd
JB Hi-Fi Limited is a music and electronic goods retailer in Australia. The
Company operates stores at sites located in most Australian States. Products
include consumer electronics, car sound systems, music and DVDs.
Price/Volume
25
4.5 M
4.0 M
20
3.5 M
3.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JBH AT EQUITY YTD Change
JBH AT EQUITY YTD % CHANGE
06/2011
01/yy
22.32
13.35
964'129.00
15
-32.80%
12.36%
16.72%
98.8
1'481.35
232.58
0.0
0.0
27.25
1'686.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.5 M
1.0 M
.5 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
1'281.8
0.96x
77.7
15.86x
40.4
27.90x
2.5 M
10
30.06.2008
30.06.2009
1'828.6
2'327.3
0.67x
0.73x
119.4
162.7
10.32x
10.48x
65.1
94.4
16.93x
17.45x
Profitability
30.06.2010
2'731.3
0.76x
200.4
10.40x
118.7
17.38x
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
30.06.2011
2'959.3
0.64x
223.8
8.43x
109.7
16.77x
223.82
196.54
6.64%
5.36%
14.81%
49.23%
30.44%
4.00%
22.0%
7.6%
6.6%
3.7%
1.45
0.11
30.32%
152.70%
271.75
6.22
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.13
0.79
96.98
20.50
-28.95%
-12.43%
0.786
20
4.300
583'254
1'003'600
1'012'455
FY+2
06/12 Y
06/13 Y
3'188.1
3'489.6
0.52x
0.46x
238.9
262.7
7.06x
6.42x
136.7
152.5
10.92x
9.84x
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
37.50
29.95
0.92
1.04
152.7%
60.4%
4.00
17.74
1.34
58.67
40.01
20.00
3'000.0
40.00
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
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
JB Hi-Fi Ltd
Holdings By:
All
Holder Name
INTEGRITY INVESTMENT
FIDELITY MANAGEMENT
CONCORD CAPITAL INVE
UBS AG
SMART TERRY
UECHTRITZ RICHARD AN
INVESCO LTD
FIDELITY INVT ASSET
Firm Name
Macquarie
Deutsche Bank
Morgan Stanley
Credit Suisse
UBS
JPMorgan
Nomura
Paterson Securities
Foster Stockbroking
Moelis & Company
LINWAR Securities
RBS
Citi
Commonwealth Bank
Ord Minnett
Austock Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ROB BLYTHE
PHILLIP KIMBER
THOMAS KIERATH
GRANT SALIGARI
BEN GILBERT
SHAUN COUSINS
JACQUELINE FERNLEY
DAVID COOKE
RUSSELL WRIGHT
DOMINIC ROSE
TODD W GUYOT
MARK WADE
DANIEL BROEREN
CRAIG WOOLFORD
ANDREW MCLENNAN
RICHARD IVERS
TONY WILSON
JAMES PATERSON
THOMAS HODSON
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
hold
Equalwt/In-Line
neutral
buy
underweight
buy
buy
buy
buy
hold
underperform
buy
hold
sell
lighten
neutral
buy
hold
Amt Held
10'229'948
5'751'151
5'532'888
5'513'059
5'511'451
5'507'906
5'336'663
5'288'992
1'500'000
1'000'000
870'890
754'811
574'267
555'660
402'689
360'846
336'789
327'734
297'700
246'920
% Out
9.37
5.27
5.07
5.05
5.05
5.04
4.89
4.84
1.37
0.92
0.8
0.69
0.53
0.51
0.37
0.33
0.31
0.3
0.27
0.23
Weighting
Change
5
5
3
3
3
5
1
5
5
5
5
3
1
5
3
1
2
3
5
3
M
M
M
D
M
M
D
U
M
M
M
M
M
U
M
D
D
M
N
M
Latest Chg
(70'000)
(1'096'733)
(82'484)
(2'644'410)
55'459
(158'719)
(73'699)
1'353
(272'170)
(111'751)
95'700
246'920
Target Price
23
25
21
20
22
22
19
22
25
22
22
20
18
22
20
18
20
#N/A N/A
23
20
File Dt
14.01.2011
09.12.2010
16.08.2010
01.02.2011
06.12.2010
03.02.2011
10.05.2010
10.02.2010
13.10.2010
28.05.2010
30.09.2010
30.06.2010
30.09.2010
31.12.2010
07.02.2011
30.06.2010
31.12.2010
31.12.2009
15.07.2010
30.09.2010
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
Other
Investment Advisor
Bank
Bank
Bank
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Insurance Company
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
08.02.2011
08.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
31.01.2011
12.01.2011
21.12.2010
13.10.2010
27.09.2010
23.08.2010
28.05.2010
08.02.2010
19.09.2011
Leighton Holdings Ltd

Leighton Holdings Limited offers a variety of project development and contracting services to public and private sector clients in the Asia-Pacific region.
Leighton provides design management, civil engineering construction, building,
mining, process engineering, telecommunications, waste management and infrastructure operation and maintenance and property development and management.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.10.2010)
52-Week Low (15.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LEI AT EQUITY YTD Change
LEI AT EQUITY YTD % CHANGE
06/2011
09/yy
37.26
16.79
981'799.00
18
-51.69%
7.21%
7.33%
336.5
6'057.28
1'826.50
0.0
83.2
1'414.70
6'552.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
40
4.0 M
35
3.5 M
30
3.0 M
25
2.5 M
20
2.0 M
15
1.5 M
10
1.0 M
.5 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
9'967.0
1.10x
843.8
13.04x
450.0
25.42x
45
30.06.2008
30.06.2009
10'269.1
13'235.5
1.46x
0.58x
773.3
1'145.0
19.39x
6.65x
607.9
440.0
23.26x
15.72x
Profitability
LTM-4Q
30.06.2010
14'541.8
0.62x
1'620.3
5.59x
612.0
14.15x
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
30.06.2011
15'531.5
0.48x
989.7
7.59x
(408.8)
989.70
123.50
0.80%
-3.16%
-4.40%
-17.03%
19.01%
1.67%
6.4%
0.8%
-2.6%
0.94
0.77
18.64%
81.66%
6.94
-
Price/ Cash Flow
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
09/yy
3'118.1
0.00x
0.0
0.00x
98.0
0.00x
FY+1
.0 M
f-11
7.88
1.17
153.99
10.01
-44.76%
-38.95%
1.172
12
3.750
1'324'356
1'737'771
1'382'808
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
12/07 Q2 03/08 Q3
19'245.7
20'373.0
0.34x
0.32x
1'884.0
1'978.8
3.48x
3.31x
618.6
690.2
10.43x
8.81x
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
12.04.2011
BBB *12.04.2011
A-2 *8.07
-3.17
0.42
1.85
81.7%
44.1%
1.67
6.68
52.60
-
16'000.0
25.00
14'000.0
20.00
12'000.0
10'000.0
15.00
8'000.0
6'000.0
10.00
4'000.0
5.00
0.00
06.07.2007
2'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Leighton Holdings Ltd

Holdings By:
All
Holder Name
HOCHTIEF AG
INVESCO LTD
FIDELITY MANAGEMENT
VANGUARD GROUP INC
CHINA INTERNATIONAL
DJE INVESTMENT SA
CREDIT SUISSE ASSET
SJUNDE AP FONDEN
HI ASSET MANAGEMENT
UBS GLOBAL ASSET MAN
SAXELBY DAVID KING
Firm Name
Credit Suisse
Deutsche Bank
Commonwealth Bank
Paterson Securities
Macquarie
E.L. & C. Baillieu
RBS
JPMorgan
Citi
Nomura
UBS
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CHRIS COUNIHAN
CRAIG WONGPAN
BEN BROWNETTE
GRAEME CARSON
ANDREW JOHNSTON
JOHN PURTELL
CHRIS SAVAGE
SAM HADDAD
ANDREW HODGE
ALISTAIR REID
GUY ROBINSON
SIMON THACKRAY
JOHN FREEDMAN
Source
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Recommendation
restricted
buy
sell
hold
sell
underperform
hold
accumulate
hold
overweight
hold
reduce
neutral
Amt Held
163'844'626
5'728'928
2'361'336
1'583'772
1'315'675
1'119'521
746'593
627'770
600'000
563'910
458'000
316'211
282'847
270'000
249'102
223'264
194'803
176'002
161'188
130'894
% Out
54.21
1.9
0.78
0.52
0.44
0.37
0.25
0.21
0.2
0.19
0.15
0.1
0.09
0.09
0.08
0.07
0.06
0.06
0.05
0.04
Weighting
Change
#N/A N/A
5
1
3
1
1
3
4
3
5
3
2
3
M
M
D
D
M
M
M
M
M
M
M
M
M
Latest Chg
13'194'216
757
93'278
15'355
36'512
110'200
600'000
(3'200)
29'000
50'656
(780'169)
(50'000)
(84'177)
75'518
48'869
(59'542)
-
Target Price
#N/A N/A
36
29
36
29
32
39
37
31
34
32
29
34
File Dt
16.09.2010
30.09.2010
07.02.2011
31.12.2010
04.02.2011
31.12.2010
31.12.2010
31.10.2010
30.06.2010
31.12.2010
29.11.2010
21.09.2010
30.09.2010
29.10.2010
31.12.2010
30.09.2010
30.09.2010
30.09.2010
30.09.2010
30.06.2010
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
n/a
Date
08.02.2011
07.02.2011
02.02.2011
31.01.2011
20.01.2011
18.01.2011
18.01.2011
18.01.2011
12.01.2011
12.01.2011
12.01.2011
04.01.2011
02.11.2010
19.09.2011
Lend Lease Group

Lend Lease Group is a fully integrated property solutions provider. The
Company is involved in development, investment management, project and
construction management and asset and property management.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.03.2011)
52-Week Low (10.11.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LLC AT EQUITY YTD Change
LLC AT EQUITY YTD % CHANGE
06/2011
01/yy
9.28
6.93
1'012'699.00
7.31
-21.23%
5.48%
27.23%
570.9
4'173.39
1'693.90
0.0
35.0
1'046.20
4'856.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
14'086.3
0.53x
255.3
29.28x
497.5
13.78x
10
9
8
7
6
5
4
3
2
1
0
f-10 m-10
30.06.2008
30.06.2009
14'374.8
14'525.8
0.26x
0.21x
33.9
(669.6)
108.72x
254.2
(653.6)
13.92x
Profitability
30.06.2010
10'359.2
0.36x
110.5
34.19x
345.6
10.05x
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
30.06.2011
8'800.4
0.63x
144.9
38.14x
492.8
9.78x
144.90
92.80
1.05%
7.18%
4.19%
14.25%
11.51%
0.75%
10.3%
1.6%
1.1%
5.6%
0.71
0.39
13.94%
47.08%
7.65
12.33
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.79
1.04
535.78
2.97
3.36%
-11.73%
1.036
9
4.111
1'713'025
2'508'105
2'198'069
FY+2
06/12 Y
06/13 Y
12'668.8
13'804.6
0.39x
0.37x
744.7
826.8
6.52x
5.87x
458.0
512.8
9.07x
8.10x
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
25.02.2010
BBBSTABLE
25.02.2010
A-3
1.23
-0.36
4.47
11.69
47.1%
31.8%
0.75
2.52
47.70
29.60
69.93
7.37
16'000.0
25.00
14'000.0
20.00
12'000.0
10'000.0
15.00
8'000.0
6'000.0
10.00
4'000.0
5.00
0.00
06.07.2007
2'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Lend Lease Group

Holdings By:
All
Holder Name
LL EMPLOYEE HOLDINGS
AXA
BARCLAYS PLC
VANGUARD GROUP INC
MD MANAGEMENT LTD
BROWN BROTHERS HARRI
SJUNDE AP FONDEN
Firm Name
Macquarie
JPMorgan
Deutsche Bank
UBS
Citi
RBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PAUL JUNIPER
ALISTAIR REID
IAN RANDALL
SIMON WHEATLEY
JOHN FREEDMAN
GUY ROBINSON
ANDREW HODGE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
neutral
hold
not rated
buy
buy
buy
Amt Held
59'180'346
42'175'708
34'626'669
27'495'153
25'449'092
22'928'421
22'547'148
20'527'138
5'217'731
4'396'983
3'025'348
2'594'311
1'845'455
1'596'017
879'955
647'985
635'041
603'819
589'091
573'396
% Out
10.46
7.46
6.12
4.86
4.5
4.05
3.99
3.63
0.92
0.78
0.53
0.46
0.33
0.28
0.16
0.11
0.11
0.11
0.1
0.1
Weighting
Change
5
3
3
#N/A N/A
5
5
5
M
M
M
M
M
M
N
Latest Chg
5'758'715
6'848'099
(1'842'866)
(998'760)
(3'601'655)
(5'762'050)
54'548
184'708
70'868
(30'455)
(462'496)
906
63
55'178
Target Price
10
10
10
#N/A N/A
10
10
11
File Dt
Inst Type
12.11.2010
Investment Advisor
07.01.2011
Bank
15.03.2010
n/a
15.03.2010
Investment Advisor
09.04.2010
Investment Advisor
06.11.2009
Investment Advisor
20.08.2010
Bank
31.08.2009
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
31.10.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.10.2010
Investment Advisor
30.11.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Date
04.02.2011
01.02.2011
26.01.2011
24.12.2010
21.12.2010
21.12.2010
17.12.2010
19.09.2011
Lynas Corp Ltd

Lynas Corporation Limited explores and mines for rare earth minerals such as
cerium and neodymium.
Price/Volume
3
90.0 M
80.0 M
70.0 M
60.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.04.2011)
52-Week Low (08.11.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LYC AT EQUITY YTD Change
LYC AT EQUITY YTD % CHANGE
06/2010
01/yy
2.70
1.16
31'283'106.00
1.48
-45.19%
27.59%
27.27%
1'713.8
2'536.49
0.00
0.0
0.0
405.25
2'264.94
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
1.20
1.00
40.0 M
30.0 M
20.0 M
10.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2006
0.0
11782.18x
(4.6)
(4.5)
-
50.0 M
30.06.2007
30.06.2008
0.0
0.0
(6.2)
(17.0)
(6.2)
(21.5)
Profitability
30.06.2009
0.0
(27.7)
(29.3)
-
30.06.2010
LTM-4Q
LTM
01/yy
01/yy
(25.6)
(43.0)
-25.58
-26.74
-10.03%
-10.53%
0.00%
22.61
22.51
0.00%
0.00%
-
FY+1
-
0.00
1.21
1'691.72
64.09
7.64%
-28.16%
1.214
13
3.615
36'577'280
39'988'070
44'557'660
FY+2
06/11 Y
06/12 Y
0.0
237.4
#DIV/0!
10.28x
(39.8)
148.9
15.21x
(31.7)
124.5
19.22x
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
0.00
0.0%
0.0%
0.00
0.00
-
16.0
14.0
12.0
0.80
0.60
10.0
8.0
6.0
0.40
0.20
4.0
2.0
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Lynas Corp Ltd

Holdings By:
All
Holder Name
MORGAN STANLEY & CO
CURTIS NICHOLAS ANTH
CARMIGNAC GESTION
FIDELITY MANAGEMENT
DEUTSCHE BANK AG
ALLIANCEBERNSTEIN LU
NESTOR INVESTMENT MA
JUPITER ASSET MANAGE
Firm Name
Byron Capital Markets
Citi
Deutsche Bank
JPMorgan
Paterson Securities
Investec
BBY Limited
First Capital Securities Co
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL EVANS
JONATHAN HYKAWY
CRAIG SAINSBURY
LEVI SPRY
ALISTAIR REID
ANDREW HARRINGTON
HUNTER HILLCOAT
ANDREW SULLIVAN
GUOXIAN JU
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
sell
sell
buy
overweight
buy
buy
buy
buy
Amt Held
139'073'291
76'464'897
54'976'902
43'544'600
25'500'000
16'252'621
16'045'758
14'500'000
13'080'263
10'000'000
9'655'187
8'789'053
8'231'772
8'229'818
7'490'450
5'850'403
5'595'894
3'838'794
3'000'000
2'609'112
% Out
8.37
4.6
3.31
2.62
1.53
0.98
0.97
0.87
0.79
0.6
0.58
0.53
0.5
0.5
0.45
0.35
0.34
0.23
0.18
0.16
Weighting
Change
1
1
1
5
5
5
5
5
5
N
D
N
M
M
N
M
M
U
Latest Chg
(17'872'720)
(6'583'360)
(34'757'598)
111'422
(7'000'000)
2'000'000
13'080'263
10'000'000
(127'906)
411'304
6'245'192
(538'478)
9'604
550'000
(326'933)
(1'930'983)
Target Price
2
1
2
3
3
3
2
2
#N/A N/A
File Dt
Inst Type
06.12.2010
Investment Advisor
29.09.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
31.01.2011
n/a
31.12.2010
Investment Advisor
30.11.2010
Corporation
30.09.2010
Investment Advisor
31.10.2009
Investment Advisor
31.08.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.04.2010
Investment Advisor
31.07.2010
Investment Advisor
Date
Not Provided
18 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
01.02.2011
28.01.2011
26.01.2011
21.01.2011
21.01.2011
06.12.2010
20.10.2010
19.10.2010
10.05.2009
19.09.2011
MacArthur Coal Ltd

Macarthur Coal Limited is a coal mining, production and exploration company
operating in Australia. The Company's projects include the Coppabella Coal Mine
and the Moorvale project in the Bowen Basin of Central Queensland.
Price/Volume
18
16.0 M
16
14.0 M
14
12.0 M
12
10.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.09.2011)
52-Week Low (15.03.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MCC AT EQUITY YTD Change
MCC AT EQUITY YTD % CHANGE
06/2011
01/yy
16.02
10.09
861'237.00
15.95
-0.44%
58.08%
99.66%
302.1
4'818.37
85.31
0.0
0.0
415.16
4'488.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2008
30.06.2009
400.2
695.4
9.01x
2.09x
98.4
214.5
36.63x
6.76x
72.7
168.6
46.86x
8.35x
Profitability
30.06.2010
670.5
4.23x
205.2
13.81x
125.1
24.73x
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
30.06.2011
687.3
4.33x
225.7
13.20x
241.4
13.19x
225.66
195.09
28.38%
47.40%
13.04%
16.52%
15.98%
0.37%
39.1%
32.8%
28.4%
35.1%
9.09
2.98
4.00%
4.76%
11.56
9.45
Price/ Cash Flow
4.0 M
2.0 M
0
f-10 m-10
a-10 m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
2.51
1.27
151.33
0.64
39.57%
28.66%
1.272
14
2.714
1'148'931
3'086'731
4'126'196
FY+2
06/12 Y
06/13 Y
997.5
1'177.8
4.35x
3.65x
488.4
588.3
9.19x
7.63x
283.4
330.6
18.08x
15.75x
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
24.46
23.20
-1.46
0.38
4.8%
4.5%
0.37
2.80
31.57
38.64
25.52
44.69
45.00
800.0
40.00
700.0
35.00
600.0
30.00
500.0
25.00
400.0
20.00
300.0
15.00
200.0
10.00
100.0
5.00
0.00
06.07.2007
6.0 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

30.06.2007
362.8
3.28x
86.6
13.73x
66.5
18.81x
8.0 M
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
MacArthur Coal Ltd

Holdings By:
All
Holder Name
CITIC AUSTRALIA COAL
ARCELOR MITTAL
EXCEL TRUE INTL LTD
POSCO
UBS AG
CREDIT SUISSE AG
TALBOT KENNETH
FIDELITY MANAGEMENT
WATER ISLAND CAPITAL
TIAA CREF INVESTMENT
VANGUARD GROUP INC
RELIANCE CAPITAL ASS
Firm Name
Deutsche Bank
Macquarie
E.L. & C. Baillieu
RBS
Morgan Stanley
RBC Capital Markets
Credit Suisse
JPMorgan
UBS
Paterson Securities
Investec
Citi
BGF Equities Pty Ltd
Foster Stockbroking
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BRENDAN FITZPATRICK
SOPHIE SPARTALIS
NEIL GOODWILL
ADRIAN PRENDERGAST
TOM SARTOR
CAMERON JUDD
CHRIS DREW
PAUL MCTAGGART
ALISTAIR REID
ANDREW PEDLER
HAYDEN BAIRSTOW
GLYN LAWCOCK
ANDREW HARRINGTON
ANDREW GARDNER
COLIN MCLELLAND
CRAIG SAINSBURY
ROD BUCKTON
TEAM COVERAGE
Source
EXCH
Co File
EXCH
Co File
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
Recommendation
hold
outperform
buy
sell
hold
Equalwt/Attractive
sector perform
neutral
neutral
buy
buy
neutral
buy
neutral
hold
sell
buy
buy
Amt Held
47'599'810
42'219'184
24'058'543
21'215'700
13'155'029
12'705'325
10'055'543
3'825'880
3'131'067
1'761'825
1'689'447
1'461'629
1'317'429
1'300'000
852'458
727'790
682'892
675'971
646'103
560'986
% Out
15.89
14.1
8.03
7.08
4.39
4.24
3.36
1.28
1.05
0.59
0.56
0.49
0.44
0.43
0.28
0.24
0.23
0.23
0.22
0.19
Weighting
Change
3
5
5
1
3
3
3
3
3
5
5
3
5
3
3
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
N
Latest Chg
4'350'326
17'693'843
(21'215'700)
3'678'450
(296'477)
248'161
1'947
5'156
10'271
560'986
Target Price
14
15
19
11
13
13
12
13
12
15
17
15
15
#N/A N/A
12
12
#N/A N/A
15
File Dt
31.08.2010
19.08.2010
25.06.2009
19.08.2010
13.05.2010
04.05.2010
25.07.2008
31.12.2010
04.02.2011
30.06.2010
04.02.2011
30.11.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
04.02.2011
31.12.2010
31.12.2010
30.06.2010
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Corporation
n/a
Corporation
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Insurance Company
Date
07.02.2011
07.02.2011
02.02.2011
28.01.2011
27.01.2011
27.01.2011
27.01.2011
27.01.2011
27.01.2011
27.01.2011
27.01.2011
20.01.2011
06.12.2010
09.11.2010
20.10.2010
24.08.2010
26.07.2010
29.06.2010
19.09.2011
Macquarie Group Ltd

Macquarie Group Ltd. offers banking, financial advisory, investment and funds
management services. The Company offers financial advice, cash management,
wealth management and private banking, life insurance, securities brokerage,
corporate debt financing, real estate funds management, real estate development
financing, investment funds management, and foreign exchange services.
Price/Volume
60
8.0 M
7.0 M
40
6.0 M
5.0 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2011)
52-Week Low (15.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MQG AT EQUITY YTD Change
MQG AT EQUITY YTD % CHANGE
03/2011
01/yy
41.95
20.90
1'299'034.00
21.79
-48.06%
4.26%
7.65%
348.3
7'589.13
68'645.00
0.0
528.0
18'607.00
58'155.13
31.03.2007
9'735.0
7.62x
1'463.0
13.99x
4.0 M
20
3.0 M
2.0 M
10
1.0 M
0
f-10 m-10
31.03.2008
31.03.2009
13'676.0
12'227.0
6.04x
5.40x
1'803.0
871.0
7.88x
8.74x
Profitability
31.03.2010
10'001.0
7.33x
1'050.0
14.76x
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
31.03.2011
11'585.0
5.46x
956.0
12.96x
13.96%
16.82%
0.63%
8.45%
1.20%
0.08%
12.7%
43.57%
601.94%
-
Price/ Cash Flow
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
8.54
1.18
345.36
5.37
-37.45%
-39.43%
1.185
14
3.714
2'177'580
2'520'759
2'568'524
FY+2
03/12 Y
03/13 Y
7'928.2
8'688.7
24.22x
23.49x
1'385.0
1'620.5
41.99x
35.89x
970.2
1'217.8
7.97x
6.44x
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
16.11.2007
ASTABLE
16.11.2007
A-2
601.9%
85.2%
0.08
4.13
-
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
06.04.2007
a-10
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
9.0 M
50
0.0
06.10.2007
06.04.2008
06.10.2008
06.04.2009
06.10.2009
06.04.2010
06.10.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Macquarie Group Ltd

Holdings By:
All
Holder Name
MACQUARIE GROUP LTD
AXA
FIDELITY MANAGEMENT
VANGUARD GROUP INC
AXA
NEW JERSEY DIVISION
INVESCO LTD
MOORE NICHOLAS WILLI
PHILLIPS HAGER & NOR
CI INVESTMENTS INC
CARAPIET MICHAEL
SANFORD C BERNSTEIN
Firm Name
Morgan Stanley
RBS
BBY Limited
JPMorgan
UBS
Southern Cross
Credit Suisse
Deutsche Bank
Citi
Commonwealth Bank
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
BILL STACEY
BRIAN D JOHNSON
RICHARD E WILES
ANDREW LYONS
BRETT LE MESURIER
BENJAMIN KOO
SCOTT MANNING
JONATHAN MOTT
TS LIM
JAMES ELLIS
JAMES FREEMAN
JOHAN VANDERLUGT
WES NASON
PETER EPHRAUMS
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Recommendation
outperform
buy
Equalwt/In-Line
buy
underperform
hold
neutral
suspended coverage
buy
outperform
buy
outperform
hold
Under Review
Amt Held
19'489'851
17'012'299
6'341'412
5'507'000
3'374'071
2'758'648
2'405'705
1'965'853
1'755'112
1'711'859
1'500'000
1'398'619
1'307'946
1'208'609
1'114'312
1'094'378
987'600
661'874
587'616
432'405
% Out
5.62
4.91
1.83
1.59
0.97
0.8
0.69
0.57
0.51
0.49
0.43
0.4
0.38
0.35
0.32
0.32
0.28
0.19
0.17
0.12
Weighting
Change
5
5
3
5
1
3
3
#N/A N/A
5
5
5
5
3
#N/A N/A
M
M
M
M
N
M
M
M
N
M
M
M
M
M
Latest Chg
(3'927'475)
(132'566)
(396'000)
67'794
38'800
61'785
51'824
77'140
500'000
(1'261'317)
20'384
(9'355)
44'413
661'874
-
Target Price
45
48
39
46
34
43
36
#N/A N/A
47
48
46
40
37
#N/A N/A
File Dt
01.02.2011
02.06.2010
31.12.2010
30.09.2010
03.02.2011
31.12.2010
30.11.2010
31.12.2010
31.12.2010
29.10.2010
30.09.2010
30.06.2010
15.04.2010
07.02.2011
18.08.2010
31.12.2010
30.11.2010
30.06.2010
31.03.2010
30.11.2010
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
Date
08.02.2011
08.02.2011
07.02.2011
04.02.2011
02.02.2011
01.02.2011
28.01.2011
25.01.2011
25.01.2011
13.01.2011
29.10.2010
26.10.2010
06.09.2010
08.02.2008
19.09.2011
MAp Group
MAP Group is an infrastructure investment company whose portfolio is comprised
of airport assets located throughout the world.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.07.2011)
52-Week Low (05.10.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MAP AT EQUITY YTD Change
MAP AT EQUITY YTD % CHANGE
12/2010
01/yy
3.47
2.85
3'470'685.00
3.28
-5.48%
15.09%
77.42%
1'861.2
6'104.77
6'181.47
0.0
459.2
1'256.54
11'726.27
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
1'479.2
11.04x
1'092.2
14.95x
600.5
9.97x
31.12.2007
31.12.2008
3'434.0
5'016.9
5.35x
1.95x
2'687.0
3'848.0
6.84x
2.54x
1'106.2
2'070.5
6.28x
1.99x
Profitability
31.12.2009
1'212.6
8.95x
51.7
209.71x
(572.7)
-
31.12.2010
996.6
10.99x
789.0
13.88x
100.8
55.17x
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
789.01
-0.40%
-0.21%
0.69%
1.94%
0.44%
0.07%
79.2%
10.1%
43.15%
125.27%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.40
0.78
1'616.76
5.81
17.04%
13.41%
0.777
8
4.000
9'533'588
7'218'205
8'259'193
FY+2
12/11 Y
12/12 Y
941.2
1'095.0
12.01x
10.49x
651.7
896.9
17.99x
13.07x
(5.1)
223.7
105.81x
24.66x
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
FQ+1
FQ+2
01.02.2010
NR
6.24
7.83
125.3%
53.4%
0.07
0.39
-
6'000.0
100.00
90.00
5'000.0
80.00
70.00
4'000.0
60.00
3'000.0
50.00
40.00
2'000.0
30.00
20.00
1'000.0
10.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
MAp Group
Holdings By:
All
Holder Name
MACQUARIE GROUP LTD
FIDELITY MANAGEMENT
CITIGROUP GLOBAL MAR
CI INVESTMENTS INC
INVESCO LTD
VANGUARD GROUP INC
MATHER KERRIE
Firm Name
Deutsche Bank
JPMorgan
Austock Securities
Morgan Stanley
Macquarie
UBS
RBS
Commonwealth Bank
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CAMERON MCDONALD
JONATHAN COLLETT
ANDREW CHAMBERS
SCOTT KELLY
IAN MYLES
XU HAN
LUKE MACNAB
CASSANDRA MEAGHER
Source
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Recommendation
buy
overweight
buy
hold
Overwt/In-Line
outperform
neutral
buy
Under Review
Amt Held
416'044'254
149'727'103
112'251'445
98'787'593
25'090'909
24'540'760
17'317'797
15'603'236
14'756'927
14'104'427
12'421'607
8'673'681
7'235'764
6'379'013
5'890'735
5'671'463
4'732'545
4'722'109
3'708'855
3'555'021
% Out
22.35
8.04
6.03
5.31
1.35
1.32
0.93
0.84
0.79
0.76
0.67
0.47
0.39
0.34
0.32
0.3
0.25
0.25
0.2
0.19
Weighting
Change
5
5
5
3
5
5
3
5
#N/A N/A
M
M
M
M
M
M
M
U
M
Latest Chg
(38'448'907)
(2'816'315)
18'908'244
2'653'247
(35'000)
(3'935'534)
(1'118'478)
3'000'000
2'079
200'759
412'143
(28'031)
(202'000)
(1'922'768)
-
Target Price
4
3
4
3
3
3
3
4
#N/A N/A
File Dt
08.09.2010
30.09.2010
27.10.2010
18.08.2010
30.11.2010
30.06.2010
27.05.2010
30.09.2010
30.06.2010
30.09.2010
04.02.2011
07.02.2011
31.12.2010
04.02.2011
30.09.2010
31.12.2010
16.08.2010
31.12.2010
04.02.2011
01.07.2010
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Date
08.02.2011
04.02.2011
04.02.2011
28.01.2011
20.01.2011
20.01.2011
11.10.2010
25.02.2010
21.05.2008
19.09.2011
Metcash Ltd
Metcash Limited is a marketing and distribution company operating in the food
and other consumer goods sectors. The Company operates distribution centers
serving grocery products for independent retail grocery stores, liquor
distribution centers and cash and carry warehouses which serve retailers and
businesses in the grocery, liquor, food services and convenience stores.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.11.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MTS AT EQUITY YTD Change
MTS AT EQUITY YTD % CHANGE
04/2011
01/yy
4.57
3.62
2'761'404.00
4.08
-10.72%
12.71%
52.63%
770.7
3'144.54
835.30
0.0
67.6
152.90
3'894.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.04.2008
30.04.2009
10'116.1
10'981.7
0.36x
0.34x
374.6
420.9
9.78x
8.74x
197.5
202.5
16.32x
15.72x
Profitability
30.04.2010
11'517.4
0.32x
374.4
9.92x
227.6
13.65x
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
30.04.2011
12'364.0
0.31x
398.4
9.72x
241.4
12.91x
398.40
345.10
2.79%
2.89%
6.49%
17.93%
13.72%
3.32%
9.5%
3.2%
2.8%
2.0%
1.45
0.68
21.98%
60.74%
14.41
13.14
Price/ Cash Flow
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-10
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
6.62
0.57
766.35
33.52
-0.67%
3.28%
0.566
15
3.267
4'099'942
4'583'773
4'313'136
FY+2
04/12 Y
04/13 Y
13'008.3
13'606.8
0.30x
0.28x
517.1
552.8
7.53x
7.05x
264.4
288.0
11.83x
10.85x
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
5.39
4.92
1.71
2.10
60.7%
36.7%
3.32
63.03
25.33
27.77
37.09
16.01
35.00
14'000.0
30.00
12'000.0
25.00
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
2'000.0
0.00
04.05.2007
18.0 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

30.04.2007
9'694.8
0.46x
334.2
13.36x
158.6
24.88x
5
5
4
4
3
3
2
2
1
1
0
f-10 m-10
0.0
04.11.2007
04.05.2008
04.11.2008
04.05.2009
04.11.2009
04.05.2010
04.11.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Metcash Ltd
Holdings By:
All
Holder Name
PERENNIAL INVESTMENT
PERPETUAL LTD
DEUTSCHE BANK AG
FIDELITY MANAGEMENT
VANGUARD GROUP INC
SCHRODER INVESTMENT
DWS INVESTMENT SA
Firm Name
JPMorgan
Nomura
Morgan Stanley
LINWAR Securities
Credit Suisse
Macquarie
Shaw Stockbroking
RBS
Deutsche Bank
UBS
Commonwealth Bank
Paterson Securities
Citi
Austock Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SHAUN COUSINS
DAVID COOKE
THOMAS KIERATH
MARK WADE
GRANT SALIGARI
GREG DRING
SCOTT MARSHALL
DANIEL BROEREN
BEN GILBERT
PHILLIP KIMBER
ANDREW MCLENNAN
RUSSELL WRIGHT
CRAIG WOOLFORD
TONY WILSON
THOMAS HODSON
Source
Co File
EXCH
Co File
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
reduce
Overwt/In-Line
outperform
underperform
neutral
accumulate
buy
hold
neutral
hold
sell
hold
buy
neutral
hold
Amt Held
85'366'361
59'852'095
46'258'072
40'592'337
39'644'856
38'506'277
38'284'848
27'083'094
21'904'816
9'719'925
7'424'893
6'215'398
5'524'222
4'750'000
3'879'395
3'855'869
3'721'420
3'186'978
2'809'291
2'520'882
% Out
11.1
7.79
6.02
5.28
5.16
5.01
4.98
3.52
2.85
1.26
0.97
0.81
0.72
0.62
0.5
0.5
0.48
0.41
0.37
0.33
Weighting
Change
1
2
5
5
1
3
4
5
3
3
3
1
3
5
3
3
M
M
U
M
M
D
D
U
M
M
M
M
D
M
M
M
Latest Chg
(8'519'908)
1'818'580
(8'063'216)
4'932'156
3'785'301
(61'650)
137'924
182'880
46'380
199'265
258'383
Target Price
4
4
5
5
4
4
#N/A N/A
5
5
4
5
4
4
5
#N/A N/A
5
File Dt
Inst Type
09.07.2010
Investment Advisor
27.01.2011
Bank
09.07.2010
Investment Advisor
14.01.2010
Investment Advisor
18.11.2010
Bank
14.12.2010
Bank
02.02.2010
Investment Advisor
31.12.2010
Investment Advisor
14.03.2008
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
15.04.2010
Investment Advisor
04.02.2011
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
03.02.2011
02.02.2011
19.01.2011
02.12.2010
01.12.2010
01.12.2010
01.12.2010
30.11.2010
30.11.2010
30.11.2010
30.11.2010
30.11.2010
30.11.2010
17.11.2010
23.08.2010
01.12.2009
19.09.2011
Mirvac Group
Mirvac Group is involved in property investment, management and development in
Australia and New Zealand. The Group is also involved in hotel ownership and
management along with funds management. The Group's portfolio includes office,
commercial, retail, and industrial properties and car parks.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (11.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MGR AT EQUITY YTD Change
MGR AT EQUITY YTD % CHANGE
06/2011
01/yy
1.42
0.96
7'233'845.00
1.15
-18.73%
20.42%
46.74%
3'416.9
3'929.46
2'736.30
0.0
12.5
673.10
6'005.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
f-10 m-10
30.06.2008
30.06.2009
1'778.0
1'638.9
3.13x
2.61x
159.4
70.2
34.96x
61.04x
171.8
(1'078.1)
19.92x
Profitability
30.06.2010
1'474.1
3.77x
232.8
23.85x
234.7
16.54x
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
30.06.2011
1'704.4
3.72x
425.5
14.89x
182.3
23.23x
425.50
394.30
23.13%
4.64%
2.14%
3.31%
0.20%
40.2%
25.0%
23.1%
10.7%
1.28
0.63
29.94%
49.01%
36.58
1.82
Price/ Cash Flow
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
7.13
0.90
3'403.19
38.68
-11.76%
-2.93%
0.896
11
4.091
18'967'080
17'021'690
15'934'860
FY+2
06/12 Y
06/13 Y
1'683.5
1'856.8
3.64x
3.37x
475.3
512.3
12.64x
11.72x
361.4
384.7
10.55x
10.18x
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
16.07.2009
BBB
STABLE
16.07.2009
A-2
1.98
1.40
4.85
6.43
49.0%
32.8%
0.20
0.33
9.98
200.91
15.68
195.21
900.00
2'000.0
800.00
1'800.0
700.00
1'600.0
1'400.0
600.00
1'200.0
500.00
400.00
1'000.0
800.0
300.00
600.0
200.00
400.0
100.00
200.0
0.00
06.07.2007
a-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
1'799.0
4.60x
385.9
21.44x
556.1
9.72x
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Mirvac Group
Holdings By:
All
Holder Name
ING GROEP NV
VANGUARD GROUP INC
MIRVAC LTD
AMP LTD
BARCLAYS PLC
MORGAN STANLEY & CO
ABN AMRO ASSET MGMT
Firm Name
JPMorgan
Macquarie
Deutsche Bank
Credit Suisse
UBS
Commonwealth Bank
Citi
Morgan Stanley
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BRYAN HOWITT
RICHARD JONES
PAUL CHECCHIN
MATTHEW BERTRAM
ROWENA CAUSLEY
JOHN FREEDMAN
PETER ZUK
DAVID LLOYD
DAVID BURGESS
LOURENS PIRENC
Source
EXCH
Co File
Co File
EXCH
EXCH
EXCH
Co File
EXCH
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
overweight
neutral
buy
outperform
neutral
buy
buy
hold
Equalwt/In-Line
Amt Held
259'557'700
189'513'841
186'167'992
177'935'136
171'290'189
168'487'978
154'704'716
146'422'290
139'235'191
137'805'294
135'855'974
105'728'940
64'368'674
36'204'767
35'970'013
32'665'850
31'110'422
20'402'848
19'529'220
17'346'650
% Out
7.6
5.55
5.45
5.21
5.01
4.93
4.53
4.29
4.08
4.03
3.98
3.1
1.88
1.06
1.05
0.96
0.91
0.6
0.57
0.51
Weighting
Change
1
5
3
5
5
3
5
5
3
3
Latest Chg
81'889'310
(30'079'809)
21'271'334
3'972'910
(1'431'308)
473'472
13'757'830
93'129
1'515'152
(808'196)
(1'571'631)
1'290'525
14'221'426
4'969'407
Target Price
M
M
M
M
M
M
M
M
M
U
File Dt
Inst Type
26.10.2010
Bank
11.08.2010
Investment Advisor
11.08.2010
Investment Advisor
11.10.2010
Investment Advisor
20.10.2010
Investment Advisor
25.07.2008
Corporation
11.08.2010
Investment Advisor
09.12.2009
Bank
26.11.2009
Insurance Company
11.08.2010
Investment Advisor
03.02.2011
Investment Advisor
04.02.2011
Investment Advisor
09.08.2010
Investment Advisor
22.06.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
20.07.2010
Investment Advisor
Date
1
1
1
1
2
1
2
1
1
1
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Date
08.02.2011
04.02.2011
04.02.2011
26.01.2011
25.01.2011
25.01.2011
14.01.2011
10.01.2011
01.12.2010
24.08.2010
19.09.2011
Myer Holdings Ltd

Myer Holdings Ltd. operates department stores. The Company retails womens
wear, mens wear, youth fashion, childrens wear, intimate apparel, beauty,
fragrance and cosmetics, housewares, electrical goods, toys, fashion
accessories, and general merchandise.
Price/Volume
5
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
f-11
4
4
3
3
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (21.09.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MYR AT EQUITY YTD Change
MYR AT EQUITY YTD % CHANGE
07/2011
01/yy
4.02
2.00
4'121'496.00
2.07
-48.51%
3.50%
3.96%
583.1
1'207.12
419.59
0.0
7.6
37.27
1'597.01
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.07.2008
-
1
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.07.2007
Profitability
31.07.2009
2'798.9
240.1
108.7
-
31.07.2010
2'825.0
0.82x
262.5
8.83x
67.2
28.05x
31.07.2011
2'666.8
0.65x
294.8
5.89x
159.7
8.43x
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
294.79
215.34
8.07%
8.29%
8.12%
18.67%
14.62%
1.36%
41.8%
11.1%
8.1%
6.0%
0.81
0.10
21.21%
49.15%
161.97
4.23
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
10.87
0.80
565.76
52.01
-44.30%
-39.67%
0.797
16
3.313
7'060'561
5'924'157
6'743'884
FY+2
07/12 Y
07/13 Y
3'015.9
3'136.6
0.52x
0.49x
324.4
341.9
4.92x
4.67x
145.1
154.1
8.41x
7.93x
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
7.77
4.17
1.30
1.42
49.1%
32.8%
1.36
5.32
2.25
86.37
49.40
39.22
3'000.0
9.00
8.00
2'500.0
7.00
2'000.0
6.00
5.00
1'500.0
4.00
1'000.0
3.00
2.00
500.0
1.00
0.00
03.08.2007
0.0
03.02.2008
03.08.2008
03.02.2009
03.08.2009
03.02.2010
03.08.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Myer Holdings Ltd

Holdings By:
All
Holder Name
SCHRODER INVESTMENT
BROOKES BERNIE
HARRIS ASSOCIATES L
ALPINE WOODS CAPITAL
INVESCO LTD
VANGUARD GROUP INC
F&C FUND MANAGEMENT
TD ASSET MANAGEMENT
LEGG MASON INC
GLENMEDE ADVISORS IN
Firm Name
Credit Suisse
JPMorgan
Macquarie
Deutsche Bank
Morgan Stanley
UBS
Citi
Nomura
Paterson Securities
Southern Cross
RBS
Commonwealth Bank
Shaw Stockbroking
Portfolio Name
n/a
n/a
n/a
n/a
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
GRANT SALIGARI
SHAUN COUSINS
CHARLOTTE LANG
THOMAS KIERATH
BEN GILBERT
CRAIG WOOLFORD
PHILLIP KIMBER
NICK BERRY
RUSSELL WRIGHT
PARESH PATEL
DANIEL BROEREN
ANDREW MCLENNAN
LISA GLICK
TONY WILSON
JAMES PATERSON
Source
EXCH
EXCH
EXCH
EXCH
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
neutral
neutral
buy
Equalwt/In-Line
buy
hold
buy
neutral
hold
accumulate
buy
buy
accumulate
neutral
outperform
Amt Held
36'897'442
34'671'185
29'863'987
10'980'077
8'667'500
7'500'000
4'935'138
4'607'889
4'435'106
3'577'000
3'160'102
2'989'272
2'982'495
1'887'235
1'777'112
1'703'266
1'655'849
1'604'340
1'303'186
1'213'969
% Out
6.34
5.95
5.13
1.89
1.49
1.29
0.85
0.79
0.76
0.61
0.54
0.51
0.51
0.32
0.31
0.29
0.28
0.28
0.22
0.21
Weighting
Change
3
3
3
5
3
5
3
5
3
3
4
5
5
4
3
5
M
D
D
M
M
M
M
M
D
D
D
M
M
N
M
N
Latest Chg
6'314'851
50'000
3'403'400
(794'787)
1'114'860
1'686'763
743'801
7'535
(59'853)
(1'324'272)
1'703'266
115'500
(656'490)
6'331
-
Target Price
4
3
3
4
3
4
4
5
4
3
3
5
5
#N/A N/A
#N/A N/A
4
File Dt
Inst Type
28.05.2010
Investment Advisor
06.11.2009
Bank
26.10.2010
Investment Advisor
22.04.2010
n/a
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.12.2010
Investment Advisor
30.04.2010
Investment Advisor
31.12.2010
Investment Advisor
31.08.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.10.2010
Investment Advisor
Date
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
08.02.2011
08.02.2011
08.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
12.01.2011
12.11.2010
20.09.2010
23.08.2010
28.05.2010
19.09.2011
National Australia Bank Ltd

National Australia Bank Limited is an international banking group which operates
in Australia, New Zealand, Europe, Asia and the United States. The Group offers
banking services, credit and access card facilities, leasing, housing and
general finance, international and investment banking, wealth and funds
management, life insurance and custodian, trustee and nominee services.
Price/Volume
35
30.0 M
30
25.0 M
25
20.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.05.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NAB AT EQUITY YTD Change
NAB AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
10
5.0 M
5
0
f-10 m-10
30.09.2007
30.09.2008
44'945.0
52'929.0
4.29x
3.31x
4'578.0
4'536.0
14.76x
9.23x
Profitability
30.09.2009
37'403.0
4.51x
2'589.0
24.93x
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
30.09.2010
37'734.0
4.13x
4'224.0
13.21x
28.28%
28.15%
0.61%
11.45%
2.10%
0.06%
20.9%
23.74%
447.86%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
FY+1
-
.0 M
f-11
7.22
1.15
2'198.56
19.08
-7.78%
-2.06%
1.150
17
4.824
9'985'096
10'557'760
9'011'844
FY+2
FQ+1
FQ+2
09/11 Y
09/12 Y
12/10 Q1 03/11 Q2
17'852.3
18'902.6
8'223.3
9'245.0
18.38x
16.35x
5'400.1
5'975.6
9.07x
8.44x
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
22.02.2007
AA
STABLE
21.07.1992
A-1+
447.9%
80.7%
0.06
21.60
-
16.00
45'000.0
14.00
40'000.0
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
05.10.2007
a-10 m-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2006
37'672.0
4.47x
4'392.0
13.98x
15.0 M
15
09/2010
01/yy
28.18
19.64
6'721'974.00
22.44
-20.37%
14.26%
37.70%
2'201.1
49'399.10
162'877.00
2'572.0
14.0
63'751.00
151'182.10
0.0
05.04.2008
05.10.2008
05.04.2009
05.10.2009
05.04.2010
05.10.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
National Australia Bank Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
AXA
SANFORD C BERNSTEIN
SJUNDE AP FONDEN
SCHRODER INVESTMENT
FIDELITY MANAGEMENT
CREDIT SUISSE ASSET
Firm Name
Morgan Stanley
Macquarie
JPMorgan
Southern Cross
Nomura
UBS
RBS
Credit Suisse
BBY Limited
Citi
Deutsche Bank
Commonwealth Bank
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RICHARD E WILES
CRAIG TURTON
JOHAN VANDERLUGT
BRIAN D JOHNSON
SCOTT MANNING
BENJAMIN KOO
TS LIM
VICTOR GERMAN
JONATHAN MOTT
ANDREW LYONS
JARROD MARTIN
BRETT LE MESURIER
CRAIG WILLIAMS
JAMES FREEMAN
BEN ZUCKER
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Overwt/Cautious
underperform
hold
underperform
neutral
buy
reduce
neutral
neutral
buy
outperform
hold
hold
hold
hold
Amt Held
106'924'753
54'375'224
20'949'981
18'546'776
10'891'233
8'789'000
5'983'615
5'593'242
3'416'508
3'195'994
3'192'142
2'161'770
2'057'591
2'007'604
1'862'437
1'760'023
1'575'860
1'473'200
1'368'279
1'334'476
% Out
4.93
2.51
0.97
0.85
0.5
0.41
0.28
0.26
0.16
0.15
0.15
0.1
0.09
0.09
0.09
0.08
0.07
0.07
0.06
0.06
Weighting
Change
5
1
3
1
3
5
2
3
3
5
5
3
3
3
3
Latest Chg
(339'191)
140'161
345'463
65'000
363'286
(55'100)
(756'441)
1'455'006
925'000
28'011
15'437
28'446
29'026
493'300
(1'501)
575
Target Price
M
M
M
M
U
M
D
M
M
M
U
D
D
M
M
28
25
27
24
28
32
25
27
26
30
28
26
26
26
27
File Dt
16.09.2010
18.01.2011
04.02.2011
31.12.2010
31.12.2010
30.06.2010
31.12.2010
30.11.2010
30.06.2010
29.10.2010
30.11.2010
30.09.2010
30.09.2010
31.12.2010
15.04.2010
30.11.2010
31.12.2010
26.07.2010
04.02.2011
27.01.2011
Date
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
08.02.2011
08.02.2011
08.02.2011
08.02.2011
02.02.2011
02.02.2011
02.02.2011
01.02.2011
28.01.2011
19.01.2011
11.01.2011
13.12.2010
03.12.2010
27.10.2010
27.10.2010
19.09.2011
Newcrest Mining Ltd

Newcrest Mining Limited is a gold mining, exploration and production company.
The Company's exploration projects include Telfer and Boddington which are
located in Western Australia. The Company also is developing and exploring at
the Cadia Hill and Ridgeway projects in New South Wales and the Gosowong project
in Indonesia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.11.2010)
52-Week Low (17.03.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NCM AT EQUITY YTD Change
NCM AT EQUITY YTD % CHANGE
06/2011
01/yy
43.71
35.15
2'816'463.00
38.17
-12.67%
8.59%
34.58%
765.0
29'200.05
800.00
0.0
99.0
185.00
29'914.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'126.5
4.23x
1'005.6
8.95x
72.0
117.78x
50
45
40
35
30
25
20
15
10
5
0
f-10 m-10
30.06.2008
30.06.2009
2'363.1
2'530.8
5.76x
5.88x
1'040.5
1'032.6
13.07x
14.40x
134.3
248.1
94.52x
57.57x
Profitability
30.06.2010
2'801.8
6.00x
1'419.9
11.84x
556.9
30.47x
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
30.06.2011
4'102.0
7.21x
2'146.0
13.78x
908.0
29.83x
2'146.00
1'554.00
37.88%
31.69%
7.69%
9.70%
9.76%
0.35%
41.5%
52.3%
37.9%
22.1%
1.89
0.77
4.63%
5.81%
16.96
5.01
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
f-11
0.79
1.06
764.86
2.68
-7.31%
-5.36%
1.063
21
4.571
5'148'582
5'244'141
4'329'331
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
09/11 Q1 12/11 Q2
5'255.8
5'776.9
5.66x
5.01x
3'018.5
3'451.9
9.91x
8.67x
1'570.9
1'821.3
18.86x
16.29x
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
93.30
77.83
0.29
0.37
5.8%
5.5%
0.35
1.62
21.52
72.82
29.25
65.08
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
0.00
06.07.2007
500.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Newcrest Mining Ltd

Holdings By:
All
Holder Name
FIDELITY MANAGEMENT
FIRST EAGLE INVESTME
VANGUARD GROUP INC
WELLS FARGO FUNDS MA
GAMCO ASSET MANAGEME
SKANDIA GLOBAL FUNDS
NUVEEN ASSET MANAGEM
Firm Name
Credit Suisse
RBC Capital Markets
Deutsche Bank
Macquarie
Austock Securities
BMO Capital Markets
RBS
Morgan Stanley
UBS
JPMorgan
Commonwealth Bank
E.L. & C. Baillieu
Southern Cross
Investec
Citi
Shaw Stockbroking
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL SLIFIRSKI
DAVID BRENNAN
GEOFF BREEN
BRENDAN FITZPATRICK
IAN PRESTON
SOPHIE SPARTALIS
ANASTASIA KASSIANOS
DAVID HAUGHTON
WARREN EDNEY
CAMERON JUDD
JONATHAN BATTERSHILL
FRASER JAMIESON
ANDREW KNUCKEY
HAYDEN BAIRSTOW
RAY CHANTRY
PETER CHAPMAN
HUNTER HILLCOAT
CRAIG SAINSBURY
CATHY MOISES
VINCENT PISANI
Source
Co File
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
hold
outperform
buy
buy
outperform
buy
outperform
hold
Overwt/Attractive
buy
neutral
buy
buy
hold
buy
buy
hold
neutral
Under Review
Amt Held
71'026'060
68'188'188
58'888'362
53'940'769
26'477'826
23'059'098
12'733'257
8'240'719
8'036'381
7'605'601
4'580'000
3'863'497
3'860'743
3'653'375
3'075'804
2'984'308
2'983'626
2'705'402
2'453'813
2'281'354
% Out
9.28
8.91
7.7
7.05
3.46
3.01
1.66
1.08
1.05
0.99
0.6
0.5
0.5
0.48
0.4
0.39
0.39
0.35
0.32
0.3
Weighting
Change
5
3
5
5
5
5
5
5
3
5
5
3
5
5
3
5
5
3
3
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
10'904'871
(1'961'579)
4'942'705
201'106
(752'488)
2'021'635
427'257
101'558
1'345'399
(89'819)
1'620'908
1'077'312
803'025
(126'882)
20'644
(23'897)
Target Price
50
42
50
52
53
45
62
53
40
45
46
46
47
55
35
45
44
42
#N/A N/A
#N/A N/A
File Dt
31.08.2010
22.09.2010
29.10.2010
19.05.2010
22.09.2010
31.08.2010
31.12.2010
31.12.2010
31.12.2010
03.02.2011
30.09.2010
31.12.2010
31.10.2010
30.11.2010
30.09.2010
30.09.2010
31.10.2010
29.10.2010
30.11.2010
31.12.2010
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
08.02.2011
08.02.2011
07.02.2011
06.02.2011
02.02.2011
01.02.2011
01.02.2011
26.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
22.10.2010
20.10.2010
08.09.2010
23.08.2010
17.08.2010
19.09.2011
News Corp
News Corporation is a diversified global media company. The Company's
operations include the production and distribution of motion pictures and
television programming. The Company provides television, direct satellite, and
cable broadcasting and the publication of newspapers, magazines, books and
promotional inserts.
Price/Volume
25
Price/ Cash Flow
1.20
1.00
5.0 M
4.0 M
06/2011
12/yy
18.48
13.32
5'174'214.00
16.2
-12.34%
21.62%
51.16%
798.5
42'496.56
15'495.00
0.0
820.0
12'680.00
-
3.0 M
2.0 M
1.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
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
6.0 M
15
10
Latest Fiscal Year:

LTM as of:
52-Week High (21.02.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NWS AT EQUITY YTD Change
NWS AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
20
Valuation Analysis
30.06.2007
28'655.0
2.50x
5'408.0
13.26x
3'426.0
-
8.0 M
30.06.2008
30.06.2009
32'996.0
30'423.0
1.49x
1.06x
6'668.0
4'472.0
7.36x
7.23x
5'387.0
(3'378.0)
Profitability
LTM-4Q
30.06.2010
32'778.0
1.12x
5'228.0
7.02x
2'539.0
-
30.06.2011
33'405.0
1.50x
6'133.0
8.17x
2'739.0
6'133.00
4'850.00
14.52%
12.50%
4.71%
10.03%
8.52%
0.57%
18.4%
14.5%
8.2%
2.28
1.99
25.00%
52.51%
5.24
-
LTM
12/yy
30'926.0
0.00x
4'703.0
0.00x
3'349.0
0.00x
12/yy
33'082.0
0.00x
5'802.0
0.00x
3'131.0
0.00x
FY+1
.0 M
f-11
0.89
4.89
-0.36%
2.00%
0.892
7
3.571
2'355'414
3'945'985
4'171'896
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
09/11 Q1 12/11 Q2
34'377.8
35'767.9
1.40x
1.28x
7'032.1
7'599.2
3'383.3
3'761.9
12.26x
10.32x
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
18.07.2011
BBB+ *6.07
4.91
0.46
2.53
52.5%
33.8%
0.57
5.34
69.72
-
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
News Corp
Holdings By:
All
Holder Name
CHINA INTERNATIONAL
BANCO FONDER AB
SCHRODER INVESTMENT
FIDELITY INVT ASSET
UBS FUND MANAGEMENT
THETA ASSET MANAGEME
MAINTRUST KAPITALANL
ARMYTAGE PRIVATE LTD
STRATEGIC INVESTMENT
HSBC INVESTMENT FUND
BPER INTERNATIONAL S
Firm Name
Credit Suisse
Macquarie
RBS
BBY Limited
Commonwealth Bank
Deutsche Bank
BMO Capital Markets
Cowen and Company
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOLANTA MASOJADA
ALEX POLLAK
ADAM ALEXANDER
FRASER MCLEISH
MARK MCDONNELL
ALICE BENNETT
TONY WILSON
JEFFREY B LOGSDON
DOUGLAS CREUTZ
Source
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
neutral
buy
buy
hold
buy
Positive
restricted
outperform
outperform
Amt Held
3'042'352
2'200'000
2'055'874
1'940'562
652'494
550'000
494'257
432'205
423'516
315'328
302'658
221'600
118'180
91'655
78'739
75'000
75'000
21'261
19'342
17'829
% Out
0.38
0.28
0.26
0.24
0.08
0.07
0.06
0.05
0.05
0.04
0.04
0.03
0.01
0.01
0.01
0.01
0.01
0
0
0
Weighting
Change
3
3
5
5
3
5
4
#N/A N/A
5
5
M
M
M
M
D
M
M
M
M
N
Latest Chg
141'943
2'200'000
59'992
1'450'175
47'200
419'843
273'070
(31'523)
20'000
(9'269)
3'964
9'139
-
Target Price
16
19
22
20
19
20
#N/A N/A
#N/A N/A
23
#N/A N/A
File Dt
31.12.2010
30.06.2010
31.12.2010
29.10.2010
30.01.2011
31.08.2010
30.06.2010
31.03.2010
30.06.2010
30.09.2010
29.10.2010
30.09.2010
29.10.2010
30.11.2010
31.07.2010
26.02.2010
30.12.2010
29.12.2010
30.06.2010
29.10.2010
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
04.02.2011
04.02.2011
04.02.2011
03.02.2011
03.02.2011
03.02.2011
23.08.2010
15.06.2010
24.11.2008
19.11.2008
19.09.2011
Oil Search Ltd

Oil Search Limited explores for and produces gas and oil through operations in
Papua New Guinea. The Company's activities are located in the Papuan Highlands
which include the Kutubu, Hides, and Gobe oil and gas projects.
Price/Volume
8
18.0 M
16.0 M
14.0 M
12.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OSH AT EQUITY YTD Change
OSH AT EQUITY YTD % CHANGE
12/2010
01/yy
7.64
5.47
2'565'713.00
5.95
-22.12%
8.78%
29.03%
1'320.6
7'857.86
929.72
0.0
0.0
1'263.59
8'143.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
644.5
3.92x
494.9
5.11x
412.0
7.18x
10.0 M
31.12.2007
31.12.2008
718.8
814.3
6.15x
3.85x
435.4
572.7
10.15x
5.47x
137.2
313.4
34.71x
11.71x
Profitability
31.12.2009
512.2
11.45x
281.7
20.81x
133.7
47.73x
31.12.2010
583.6
15.63x
338.4
26.95x
185.6
50.72x
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
338.45
288.57
49.45%
47.50%
5.04%
6.88%
5.96%
0.16%
75.7%
58.0%
49.5%
31.8%
4.80
4.42
21.68%
33.22%
9.55
2.37
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.66
1.03
1'122.58
9.82
-1.05%
-14.97%
1.032
15
4.600
5'612'055
5'386'121
4'998'749
FY+2
12/11 Y
12/12 Y
687.5
673.8
13.23x
15.25x
468.5
447.8
17.39x
18.19x
196.2
184.8
41.76x
46.55x
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
85.79
71.69
-0.99
2.75
33.2%
24.9%
0.16
0.38
38.22
153.91
542.31
-350.18
900.0
25.00
800.0
20.00
700.0
600.0
15.00
500.0
400.0
10.00
300.0
200.0
5.00
0.00
05.01.2007
100.0
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Oil Search Ltd

Holdings By:
All
Holder Name
INDEPENDENT PUB BUS
FIDELITY MANAGEMENT
RS INVESTMENT MANAGE
Firm Name
Morgan Stanley
Sanford C. Bernstein & Co
Paterson Securities
Macquarie
Deutsche Bank
Credit Suisse
UBS
JPMorgan
Citi
Commonwealth Bank
Austock Securities
Nomura
RBS
BNP Paribas Securities (Asia)
Southern Cross
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STUART BAKER
NEIL BEVERIDGE
EDWIN BULSECO
ADRIAN WOOD
JOHN HIRJEE
SANDRA MCCULLAGH
GORDON RAMSAY
BENJAMIN X. WILSON
MARK GREENWOOD
AIDEN BRADLEY
ANDREW HINES
STEFAN HANSEN
DI M BROOKMAN
XAVIER MIELES GRUNAUER
JASON MABEE
BRADLEY WAY
PETER CHAPMAN
Source
Co File
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Recommendation
Overwt/Attractive
outperform
buy
outperform
buy
underperform
buy
neutral
hold
hold
hold
buy
underperform
neutral
hold
buy
buy
Amt Held
196'604'177
151'131'017
120'253'089
67'225'000
65'132'482
65'073'440
51'737'153
30'146'369
14'055'000
12'688'233
8'812'729
8'459'753
7'617'382
6'753'071
5'499'498
5'290'185
3'900'000
3'825'394
2'895'567
2'753'252
% Out
14.97
11.51
9.16
5.12
4.96
4.96
3.94
2.3
1.07
0.97
0.67
0.64
0.58
0.51
0.42
0.4
0.3
0.29
0.22
0.21
Weighting
Change
5
5
5
5
5
1
5
3
3
3
3
5
1
3
3
5
5
Latest Chg
13'861'338
14'421'482
24'300'000
(1'478'490)
(1'047'981)
(14'680'487)
(373'482)
100'000
(163'105)
9'296
(410'928)
168'429
7'476
(28'630)
(5'180'918)
108'649
Target Price
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
File Dt
28.02.2010
17.12.2010
26.02.2010
30.09.2010
02.09.2010
22.07.2010
21.09.2010
30.09.2010
30.06.2010
30.06.2010
30.09.2010
31.12.2010
31.10.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
29.10.2010
30.09.2010
30.09.2010
Date
8
9
7
9
8
7
9
7
8
6
7
8
8
8
7
8
7
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
n/a
Investment Advisor
Bank
Investment Advisor
Bank
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
03.02.2011
28.01.2011
27.01.2011
26.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
25.01.2011
20.01.2011
18.01.2011
26.10.2010
20.09.2010
20.08.2010
19.09.2011
OneSteel Ltd
OneSteel Limited manufactures steel long products and distributes metals in
Australia. The Company produces structural, rail, rod, bar, wire, pipe and tube
products along with distributing sheet and coil, piping systems, plate and
aluminum products. The Company's products are utilized by the construction,
mining, rail and other manufacturing industries.
Price/Volume
5
40.0 M
35.0 M
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (15.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OST AT EQUITY YTD Change
OST AT EQUITY YTD % CHANGE
06/2011
01/yy
3.10
1.26
6'324'592.00
1.29
-58.32%
2.79%
4.08%
1'338.1
1'726.16
1'047.10
0.0
60.2
83.40
3'674.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
2
1
10.0 M
5.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
4'300.6
1.05x
419.2
10.82x
207.0
17.69x
20.0 M
30.06.2008
30.06.2009
7'434.3
7'241.5
1.15x
0.65x
810.3
687.8
10.54x
6.84x
244.9
229.5
21.35x
12.18x
Profitability
30.06.2010
6'204.6
0.80x
603.4
8.27x
258.4
15.27x
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
30.06.2011
7'133.0
230.3
10.69x
603.40
388.30
6.26%
5.38%
3.69%
5.93%
5.91%
0.89%
19.9%
9.7%
0.0%
3.2%
1.59
0.56
14.82%
23.62%
8.08
3.72
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
9.30
1.36
1'266.64
22.41
-55.72%
-47.69%
1.356
13
4.462
8'608'307
9'763'188
9'385'633
FY+2
06/12 Y
06/13 Y
7'763.9
8'330.5
0.47x
0.42x
807.6
975.2
4.55x
3.77x
327.9
425.4
5.31x
4.11x
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
6.82
5.17
1.60
1.74
23.6%
18.9%
0.89
2.66
45.19
98.14
43.74
99.59
14.00
8'000.0
12.00
7'000.0
6'000.0
10.00
5'000.0
8.00
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
OneSteel Ltd
Holdings By:
All
Holder Name
BLACKROCK GROUP
VANGUARD GROUP INC
AXA ROSENBERG INTL
FIDELITY MANAGEMENT
PLUMMER GEOFFREY JOH
SJUNDE AP FONDEN
Firm Name
JPMorgan
Deutsche Bank
RBS
UBS
Credit Suisse
Macquarie
Morgan Stanley
Commonwealth Bank
E.L. & C. Baillieu
Wise-owl.com
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
BENJAMIN X. WILSON
EMILY BEHNCKE
ANDREW GIBSON
TODD SCOTT
ANDREW MOLLER
MICHAEL SLIFIRSKI
DOUGLAS MACPHILLAMY
CAMERON JUDD
SCOTT HUDSON
ANDREW GARDNER
DAVID BRENNAN
ATHLENE PIECH
SAM HADDAD
TIM MORRIS
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
neutral
hold
buy
buy
buy
outperform
outperform
Overwt/In-Line
underperform
buy
buy
buy
hold
neutral
Amt Held
66'425'695
65'937'668
50'007'836
13'078'692
12'836'500
10'803'280
6'952'712
6'717'712
5'976'267
5'399'459
4'234'401
3'978'975
2'505'210
2'467'029
2'302'000
2'102'459
1'643'698
1'610'700
1'454'895
1'432'068
% Out
4.98
4.94
3.75
0.98
0.96
0.81
0.52
0.5
0.45
0.4
0.32
0.3
0.19
0.18
0.17
0.16
0.12
0.12
0.11
0.11
Weighting
Change
3
3
5
5
5
5
5
5
1
5
5
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(237'092)
(13'621'870)
116'300
192'747
644'305
223'116
75'493
(2'634'838)
348
243'000
(147'000)
277'808
(130'000)
20'755
Target Price
3
3
3
3
3
3
3
4
3
#N/A N/A
3
3
4
#N/A N/A
File Dt
17.08.2010
12.01.2011
30.09.2010
03.02.2011
26.07.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
30.09.2010
30.01.2011
31.10.2009
30.11.2010
30.06.2010
30.09.2010
31.12.2010
15.07.2010
25.08.2010
30.09.2010
Date
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
07.02.2011
03.02.2011
03.02.2011
01.02.2011
01.02.2011
31.01.2011
18.01.2011
17.01.2011
17.01.2011
13.01.2011
13.12.2010
15.11.2010
15.11.2010
11.12.2008
19.09.2011
Orica Ltd
Orica Limited is a diversified manufacturing company. The Company produces
industrial and specialty chemicals, polyethylene, surface coatings for vehicles,
food and beverage flavoring and fragrances, packaging and appliances. The
Company also supplies explosive and blasting services to the mining, quarrying
and construction industries.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORI AT EQUITY YTD Change
ORI AT EQUITY YTD % CHANGE
09/2010
01/yy
28.10
22.25
1'215'593.00
23.89
-14.98%
7.37%
34.70%
364.0
8'695.16
1'398.90
490.0
109.9
347.30
10'613.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
25
5.0 M
20
4.0 M
15
3.0 M
10
2.0 M
1.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2006
4'745.6
1.64x
317.1
24.57x
539.1
62.59x
30
30.09.2007
30.09.2008
5'527.2
6'544.1
2.01x
1.40x
954.9
1'120.5
11.65x
8.15x
487.7
539.6
20.57x
13.11x
Profitability
30.09.2009
6'470.9
1.57x
1'278.7
7.94x
541.8
18.91x
30.09.2010
5'812.1
1.89x
371.0
29.54x
1'318.7
20.23x
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
371.00
131.50
2.26%
14.01%
18.16%
40.68%
28.38%
0.81%
6.4%
2.3%
22.7%
1.15
0.68
20.01%
46.13%
6.80
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.81
0.83
361.89
2.05
-3.83%
-2.66%
0.831
15
4.400
1'402'189
1'627'307
1'467'629
FY+2
09/11 Y
09/12 Y
6'125.3
6'512.3
1.75x
1.64x
1'247.0
1'396.8
8.51x
7.60x
618.6
700.3
13.96x
12.30x
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
18.12.2000
BBB+
STABLE
23.09.1997
A-2
1.88
-0.79
2.83
3.77
46.1%
27.8%
0.81
2.70
53.68
-
7'000.0
25.00
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
05.10.2007
1'000.0
0.0
05.04.2008
05.10.2008
05.04.2009
05.10.2009
05.04.2010
05.10.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Orica Ltd
Holdings By:
All
Holder Name
PERPETUAL LTD
VANGUARD GROUP INC
SCHRODER INVESTMENT
LIEBELT GRAEME RICHA
PRUDENTIAL PLC
F&C FUND MANAGEMENT
MORGAN STANLEY & CO
Firm Name
Credit Suisse
UBS
Macquarie
Commonwealth Bank
Paterson Securities
Deutsche Bank
Austock Securities
JPMorgan
E.L. & C. Baillieu
Citi
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ROHAN GALLAGHER
SIMON MITCHELL
JOHN PURTELL
MICHAEL WARD
GEORGE GALANOPOULOS
MATTHEW MCNEE
MARK WILSON
PAUL JENSZ
KEITH CHAU
SAM HADDAD
HUGH DIVE
SCOTT HUDSON
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
neutral
outperform
buy
buy
buy
buy
hold
neutral
accumulate
hold
buy
Amt Held
28'168'299
18'034'018
7'519'015
3'931'605
2'984'709
2'509'000
2'042'000
1'933'437
1'823'000
1'794'560
1'623'446
1'242'099
728'920
722'980
676'210
574'815
496'215
460'000
452'433
388'277
% Out
7.76
4.96
2.07
1.08
0.82
0.69
0.56
0.53
0.5
0.49
0.45
0.34
0.2
0.2
0.19
0.16
0.14
0.13
0.12
0.11
Weighting
Change
3
3
5
5
5
5
5
3
3
4
3
5
Latest Chg
(3'659'991)
(3'643'631)
29'389
(208'300)
30'132
49'841
257'249
(193'639)
(30'988)
(200'000)
58'440
15'700
74'235
273'000
(14'349)
(9'293)
Target Price
M
M
M
M
M
M
M
M
M
M
M
M
28
28
28
28
29
29
30
28
28
28
26
29
File Dt
10.12.2010
11.05.2010
30.09.2010
04.02.2011
31.12.2010
30.06.2010
26.07.2010
15.04.2010
31.12.2010
30.06.2010
21.01.2011
31.12.2010
16.08.2010
31.12.2010
30.09.2010
31.12.2010
31.12.2010
30.09.2010
31.12.2010
30.09.2010
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
03.02.2011
03.02.2011
03.02.2011
03.02.2011
03.02.2011
28.01.2011
17.01.2011
26.11.2010
09.11.2010
09.11.2010
08.11.2010
08.11.2010
19.09.2011
Origin Energy Ltd

Origin Energy Limited is involved in the exploration and production of oil and
gas and the retailing of natural gas, liquefied petroleum gas (LPG) and
electricity. The Company also participates in natural gas-fired cogeneration
and power generation along with infrastructure investment and management
services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ORG AT EQUITY YTD Change
ORG AT EQUITY YTD % CHANGE
06/2011
01/yy
17.22
12.00
3'482'082.00
12.89
-25.15%
7.42%
27.39%
1'065.4
13'733.64
4'788.00
0.0
1'284.0
755.00
19'050.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
6'227.0
2.04x
1'145.5
11.09x
456.9
22.90x
20
18
16
14
12
10
8
6
4
2
0
f-10 m-10
30.06.2008
30.06.2009
8'275.0
8'042.0
2.25x
1.70x
1'260.0
1'144.0
14.75x
11.95x
517.0
6'941.0
37.93x
1.85x
Profitability
30.06.2010
8'534.0
1.99x
1'209.0
14.07x
612.0
21.43x
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
30.06.2011
10'344.0
2.14x
1'242.0
17.81x
186.0
80.56x
1'242.00
703.00
6.80%
3.82%
0.77%
1.65%
2.09%
0.43%
12.0%
6.8%
1.8%
0.76
0.32
17.97%
39.14%
9.57
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.88
1'060.94
8.33
-13.77%
-17.71%
0.882
15
4.467
5'542'108
4'152'025
3'659'964
FY+2
06/12 Y
06/13 Y
14'110.9
15'038.7
1.41x
1.38x
2'374.5
2'533.6
8.02x
7.52x
891.9
979.8
15.66x
14.55x
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
31.03.2011
BBB+
STABLE
31.03.2011
A-2
7.91
-1.81
3.25
3.86
39.1%
26.2%
0.43
1.06
38.13
-
9'000.0
25.00
8'000.0
20.00
7'000.0
6'000.0
15.00
5'000.0
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
06.07.2007
1'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Origin Energy Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
FIDELITY MANAGEMENT
BEEREN BRUCE GERARD
KING GRANT ALFRED
SJUNDE AP FONDEN
AXA ROSENBERG INTL
CREDIT SUISSE ASSET
STOCK ANDREW M
WILLINK ROBERT JAN
FABCO INVESTMENTS PT
Firm Name
Credit Suisse
JPMorgan
Morgan Stanley
Citi
Deutsche Bank
Nomura
E.L. & C. Baillieu
Shaw Stockbroking
UBS
RBS
Macquarie
Commonwealth Bank
Southern Cross
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
AIDEN BRADLEY
SANDRA MCCULLAGH
JASON HARLEY STEED
STUART BAKER
MARIE MIYASHIRO
JOHN HIRJEE
DAVID BRENNAN
IVOR RIES
SIMON OATEN
DAVID LEITCH
JASON MABEE
ADRIAN WOOD
PAUL JOHNSTON
SANJAY MAGOTRA
Source
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
EXCH
Recommendation
buy
restricted
overweight
Underwt/Attractive
buy
hold
buy
outperform
buy
buy
buy
hold
restricted
buy
reduce
Amt Held
8'980'893
7'878'718
5'249'000
4'499'417
3'275'243
2'776'933
2'701'250
2'306'485
1'617'224
1'235'020
1'110'411
683'127
640'500
636'637
534'842
448'068
442'209
415'470
378'440
374'430
% Out
1.01
0.89
0.59
0.51
0.37
0.31
0.31
0.26
0.18
0.14
0.13
0.08
0.07
0.07
0.06
0.05
0.05
0.05
0.04
0.04
Weighting
Change
5
#N/A N/A
5
1
5
3
5
5
5
5
5
3
#N/A N/A
5
2
M
M
M
M
M
M
M
M
M
U
M
D
M
M
M
Latest Chg
(477'104)
395'000
162'833
51'046
15'708
8'500
(161'600)
108'464
(388'469)
640'500
4'064
(117)
64'545
-
Target Price
20
#N/A N/A
19
16
19
17
21
18
20
#N/A N/A
19
18
#N/A N/A
17
14
File Dt
Inst Type
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
15.04.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
06.10.2010
n/a
29.11.2010
n/a
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
30.06.2010
n/a
30.04.2010
Investment Advisor
30.06.2010
n/a
31.08.2010
Investment Advisor
12.06.2009
Unclassified
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
07.02.2011
04.02.2011
04.02.2011
03.02.2011
03.02.2011
31.01.2011
18.01.2011
29.12.2010
20.12.2010
17.12.2010
16.12.2010
15.12.2010
09.12.2010
24.08.2010
04.05.2010
19.09.2011
OZ Minerals Ltd
OZ Minerals Ltd. is an Australian based mining company that produces copper and
gold from the Prominent Hill open cut mine located in South Australia. It also
has exploration ground in Cambodia and various listed investments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.02.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OZL AT EQUITY YTD Change
OZL AT EQUITY YTD % CHANGE
12/2010
01/yy
16.81
10.30
1'008'887.00
10.94
-34.93%
6.21%
13.66%
323.9
3'543.22
0.00
0.0
0.0
1'334.20
2'637.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
1'275.2
3.25x
810.1
5.12x
553.2
7.94x
2
2
2
1
1
1
1
1
0
0
0
f-10 m-10
31.12.2007
31.12.2008
602.6
0.0
9.28x
409.6
222.3
13.66x
305.8
(2'501.7)
23.05x
Profitability
31.12.2009
608.5
4.47x
491.5
5.53x
(517.3)
118.00x
31.12.2010
1'128.4
3.75x
686.1
6.17x
586.9
10.00x
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
686.10
533.50
47.28%
58.63%
18.98%
20.05%
0.36%
60.8%
47.3%
52.0%
24.75
22.21
0.00%
0.00%
7.42
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.40
1.41
323.14
7.39
-13.93%
-27.44%
1.408
20
3.900
1'625'155
2'399'491
2'057'521
FY+2
12/11 Y
12/12 Y
1'209.5
1'265.2
2.17x
1.85x
675.1
730.1
3.91x
3.61x
376.5
414.5
9.06x
8.37x
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
86.85
78.58
-1.94
0.00
0.0%
0.0%
0.36
0.91
49.18
-
1'400.0
25.00
1'200.0
20.00
1'000.0
15.00
800.0
600.0
10.00
400.0
5.00
0.00
05.01.2007
200.0
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
OZ Minerals Ltd
Holdings By:
All
Holder Name
MERRILL LYNCH & COMP
MORGAN STANLEY INVES
VANGUARD GROUP INC
FIDELITY MANAGEMENT
BLACKROCK ADVISERS
MORGAN STANLEY & CO
STATE STREET CORP
MANINI ANTONY
JO HAMBRO CAPITAL MA
GOLDMAN SACHS GROUP
Firm Name
RBC Capital Markets
Macquarie
Credit Suisse
Morgan Stanley
HSBC
Argonaut Securities Pty Ltd
Austock Securities
BMO Capital Markets
RBS
Deutsche Bank
JPMorgan
E.L. & C. Baillieu
Commonwealth Bank
UBS
Paterson Securities
Citi
Investec
Southern Cross
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
GEOFF BREEN
MARTIN STULPNER
MICHAEL SLIFIRSKI
IAN PRESTON
KEITH WILLIAMS
CRAIG CAMPBELL
DANIEL KANG
TIM SERJEANT
ANASTASIA KASSIANOS
DAVID RADCLYFFE
LYNDON FAGAN
LEVI SPRY
FRASER JAMIESON
HAYDEN BAIRSTOW
RAY CHANTRY
ANDREW KNUCKEY
JONATHAN BATTERSHILL
ALEX PASSMORE
CRAIG SAINSBURY
HUNTER HILLCOAT
FLEUR GROSE
CATHY MOISES
Source
Co File
EXCH
Co File
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
sector perform
outperform
underperform
buy
hold
Overwt/Attractive
neutral
hold
buy
underperform
hold
hold
underweight
sell
hold
hold
sell
hold
sell
sell
accumulate
Positive
Amt Held
336'590'017
230'952'703
214'970'416
189'509'259
183'153'524
162'398'074
150'627'169
29'811'671
28'345'263
20'278'818
17'020'357
16'413'940
9'842'877
6'819'996
6'000'000
5'566'949
5'509'035
5'163'304
4'889'918
4'761'109
% Out
10.39
7.13
6.64
5.85
5.66
5.01
4.65
0.92
0.88
0.63
0.53
0.51
0.3
0.21
0.19
0.17
0.17
0.16
0.15
0.15
Weighting
Change
3
5
1
5
3
5
3
3
5
1
3
3
1
1
3
3
1
3
1
1
4
4
M
M
M
M
U
M
M
D
M
M
M
M
M
M
M
M
M
M
D
D
M
M
Latest Chg
34'796'983
32'666'220
86'103'123
(76'623)
1'294'089
1'274'680
10'649'400
970'002
(17'716'281)
(753'949)
1'843'304
(880'509)
(324'251)
Target Price
2
2
2
2
2
2
2
2
2
2
2
2
1
1
2
2
2
1
2
1
1
#N/A N/A
File Dt
Inst Type
08.03.2010
Investment Advisor
13.01.2011
Investment Advisor
08.03.2010
Investment Advisor
29.10.2010
Investment Advisor
08.03.2010
Investment Advisor
31.12.2010
Investment Advisor
29.10.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
31.10.2010
Investment Advisor
31.10.2009
Investment Advisor
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
04.02.2011
Investment Advisor
09.10.2009
n/a
31.10.2010
Investment Advisor
30.11.2010
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
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
Date
07.02.2011
07.02.2011
04.02.2011
02.02.2011
27.01.2011
24.01.2011
24.01.2011
24.01.2011
21.01.2011
20.01.2011
20.01.2011
20.01.2011
20.01.2011
20.01.2011
20.01.2011
12.01.2011
14.12.2010
06.12.2010
15.11.2010
20.10.2010
25.08.2010
23.08.2010
19.09.2011
Paladin Energy Ltd

Paladin Energy Limited primarily explores for uranium in Australia and Southern
Africa.
Price/Volume
6
14.0 M
12.0 M
10.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (19.01.2011)
52-Week Low (15.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PDN AT EQUITY YTD Change
PDN AT EQUITY YTD % CHANGE
06/2011
09/yy
5.61
1.54
5'773'950.00
1.575
-71.93%
2.61%
2.82%
778.5
1'226.18
719.70
0.0
83.7
117.40
1'942.59
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
6.0 M
4.0 M
2.0 M
0
f-10 m-10
30.06.2008
30.06.2009
93.8
111.8
44.94x
27.48x
(5.2)
(749.9)
(36.0)
(480.2)
Profitability
LTM-4Q
30.06.2010
202.0
13.05x
21.1
124.89x
(45.6)
-
30.06.2011
266.8
10.44x
(2.9)
(82.3)
-2.90
-40.00
-14.99%
-39.39%
-3.76%
-7.59%
0.12%
16.7%
-1.1%
-15.0%
-30.8%
2.77
0.99
29.94%
56.60%
37.58
1.55
09/yy
99.1
97.89x
(1'508.6)
0.00x
(494.9)
0.00x
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
LTM
09/yy
212.1
55.19x
1.7
0.00x
(41.7)
0.00x
FY+1
.0 M
f-11
0.00
1.43
641.34
13.16
-58.11%
-68.05%
1.431
27
4.111
12'305'050
9'850'605
9'107'764
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
12/10 Q2 03/11 Q3
440.4
530.3
66.3
90.3
4.17x
3.52x
129.2
200.9
15.03x
9.67x
23.3
67.7
(14.2)
4.0
62.08x
15.67x
S&P Issuer Ratings
-0.08
-3.63
-248.17
56.6%
34.7%
0.12
0.38
9.71
235.72
83.59
161.85
250.0
1.00
200.0
0.80
150.0
0.40
m-10

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
1.20
0.60
a-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
3.3
1365.40x
(41.1)
(37.6)
-
8.0 M
Valuation Analysis
100.0
50.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Paladin Energy Ltd

Holdings By:
All
Holder Name
FRONTEER GOLD INC
GE ASSET MANAGEMENT
MERRILL LYNCH & COMP
UBS AG
BORSHOFF JOHN
AYLWORTH HOLDINGS PT
CI INVESTMENTS INC
FIDELITY MANAGEMENT
HARTFORD INVESTMENT
VANGUARD GROUP INC
SWABY GILLIAN
CRABB RICK WAYNE
AXA
Firm Name
Cormark Securities Inc.
Raymond James
Macquarie
BMO Capital Markets
Deutsche Bank
RBC Capital Markets
Argonaut Securities Pty Ltd
CIBC World Markets
RBS
Credit Suisse
Dundee Securities Corp
GMP
Paterson Securities
Salman Partners
JPMorgan
Southern Cross
UBS
Paradigm Capital Inc
E.L. & C. Baillieu
Haywood Securities Inc.
Citi
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MIKE KOZAK
BART JAWORSKI
NEIL GOODWILL
MARTIN STULPNER
EDWARD STERCK
PAUL-D YOUNG
ADAM SCHATZKER
TROY IRVIN
IAN PARKINSON
LYNDON FAGAN
RALPH M PROFITI
DAVID A TALBOT
OREST WOWKODAW
DAVID WARGO
SIMON TONKIN
MICHAEL EVANS
PATRICK DONNELLY
MARK BUSUTTIL
PETER CHAPMAN
GLYN LAWCOCK
DAVID DAVIDSON
ANDREW GARDNER
RAY CHANTRY
GEORDIE MARK
CLARKE WILKINS
Source
EXCH
Co File
EXCH
EXCH
MF-AGG
EXCH
EXCH
SEDI
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
sell
outperform
market perform
sell
outperform
buy
sector outperform
sell
outperform
buy
buy
hold
hold
sell
Under Review
neutral
buy
neutral
hold
buy
hold
sector outperform
buy
Amt Held
52'097'937
44'465'297
37'554'068
35'012'573
28'533'178
25'713'978
21'877'394
19'762'237
11'505'400
8'478'620
7'493'813
7'070'797
6'635'619
5'532'345
5'036'655
4'884'528
4'310'851
3'622'625
3'307'300
2'481'553
% Out
7.18
6.13
5.18
4.83
3.93
3.55
3.02
2.72
1.59
1.17
1.03
0.97
0.91
0.76
0.69
0.67
0.59
0.5
0.46
0.34
Weighting
Change
5
5
1
5
3
1
5
5
5
1
5
5
5
3
3
1
#N/A N/A
3
5
3
3
5
3
5
5
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
D
N
N
M
M
Latest Chg
2'047'035
276'015
392'500
905'753
1'173'707
711'740
8'126
96'299
8'921
3'304'000
(149'795)
Target Price
7
7
4
6
5
4
7
6
7
5
7
6
8
5
5
4
#N/A N/A
5
6
5
5
#N/A N/A
4
5
4
File Dt
Inst Type
01.02.2011
Corporation
16.09.2010
Investment Advisor
06.01.2011
Investment Advisor
11.04.2008
Investment Advisor
31.10.2010
Investment Advisor
06.01.2011
Investment Advisor
26.10.2010
n/a
16.02.2010
Corporation
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.11.2010
Corporation
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
n/a
30.06.2010
n/a
04.02.2011
Investment Advisor
30.11.2010
Investment Advisor
30.11.2010
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
03.02.2011
02.02.2011
02.02.2011
28.01.2011
24.01.2011
24.01.2011
24.01.2011
24.01.2011
23.01.2011
21.01.2011
21.01.2011
21.01.2011
21.01.2011
21.01.2011
21.01.2011
21.01.2011
19.01.2011
13.01.2011
13.01.2011
14.12.2010
16.11.2010
09.11.2010
21.10.2010
20.10.2010
05.07.2010
19.09.2011
Perpetual Ltd
Perpetual Limited is a financial services company that has two primary
activities, wealth management services and corporate trust services. The Company
provides funds management, responsible entity services, trustee services,
executor services, financial planning, investment administration,
superannuation, custody and registry services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.10.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PPT AT EQUITY YTD Change
PPT AT EQUITY YTD % CHANGE
06/2011
01/yy
39.39
19.52
98'976.00
21.51
-45.39%
10.19%
11.93%
44.7
961.33
196.50
0.0
10.1
220.32
947.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
35
.7 M
30
.6 M
25
.5 M
20
.4 M
15
.3 M
10
.2 M
.1 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
595.3
5.42x
218.2
14.78x
182.1
16.68x
40
30.06.2008
30.06.2009
647.5
475.9
2.89x
2.82x
198.5
48.7
9.44x
27.52x
128.8
37.7
12.98x
29.74x
Profitability
30.06.2010
509.9
2.50x
132.5
9.63x
90.5
12.44x
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
30.06.2011
518.2
2.12x
140.2
7.85x
62.0
16.33x
140.18
23.50%
18.48%
3.49%
17.10%
10.68%
0.29%
27.1%
12.0%
12.17%
53.68%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
8.60
0.96
41.55
3.02
-24.76%
-26.44%
0.963
10
3.000
195'203
231'304
203'770
FY+2
06/12 Y
06/13 Y
426.3
440.3
2.02x
1.91x
126.3
135.3
7.50x
7.00x
73.0
79.5
12.71x
11.56x
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 M
f-11
FQ+1
FQ+2
-0.17
1.40
53.7%
34.3%
0.29
19.15
-
700.0
25.00
600.0
20.00
500.0
15.00
400.0
300.0
10.00
200.0
5.00
0.00
06.07.2007
100.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Perpetual Ltd
Holdings By:
All
Holder Name
QUEENSLAND TRUSTEES
DEVERALL DAVID M
AMCIL LTD
BURROWS ROGER B
VANGUARD GROUP INC
HOLYMAN IVAN
SCHRODER INVESTMENT
STATE STREET CORP
SCOTTISH WIDOWS PLC
GOLDMAN SACHS GROUP
HYPERION ASSET MANAG
GONZALEZ EMILIO
MACINTYRE R
SMARTSHARES LIMITED
Firm Name
RBS
Credit Suisse
Macquarie
Deutsche Bank
JPMorgan
UBS
Citi
Southern Cross
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
RICHARD COLES
RYAN FISHER
ANDREW HILLS
JOHN HEAGERTY
MICHAEL WIBLIN
KIEREN CHIDGEY
RUSSELL GILL
CHRIS WILLIAMS
NIGEL PITTAWAY
LAFITANI SOTIRIOU
Source
Co File
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
MF-AGG
Recommendation
hold
hold
hold
underperform
underperform
hold
neutral
neutral
hold
reduce
Amt Held
2'814'201
837'000
215'642
130'331
89'963
80'894
65'000
58'928
55'849
44'513
40'617
33'438
26'912
25'345
22'360
21'650
18'649
18'647
16'893
15'180
% Out
6.38
1.9
0.49
0.3
0.2
0.18
0.15
0.13
0.13
0.1
0.09
0.08
0.06
0.06
0.05
0.05
0.04
0.04
0.04
0.03
Weighting
Change
3
3
3
1
1
3
3
3
3
2
Latest Chg
106'000
15'490
14'544
62
65'000
19'480
1'872
40'617
2'220
638
450
Target Price
M
M
M
M
M
M
M
M
M
M
35
35
35
33
31
33
32
32
33
30
File Dt
Inst Type
31.07.2010
n/a
30.06.2010
Investment Advisor
17.01.2011
n/a
04.02.2011
Investment Advisor
30.06.2010
Investment Advisor
26.11.2010
n/a
31.12.2010
Investment Advisor
21.01.2011
n/a
30.06.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.04.2010
Investment Advisor
30.06.2010
Unclassified
30.11.2010
Investment Advisor
30.06.2010
n/a
30.06.2010
n/a
31.03.2010
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Date
02.02.2011
02.02.2011
31.01.2011
25.01.2011
24.01.2011
10.01.2011
05.01.2011
20.12.2010
20.12.2010
20.12.2010
19.09.2011
Primary Health Care Ltd

Primary Health Care Limited provides services to the healthcare industry in
Australia. Services are provided to general practitioners, specialists and
other health care providers who conduct their own practices and businesses at
its medical centers, licensed day surgeries, eye clinics, and specialist
clinics. The Company also provides pathology services and healthcare software.
Price/Volume
20.0 M
15.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (10.01.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PRY AT EQUITY YTD Change
PRY AT EQUITY YTD % CHANGE
06/2011
01/yy
4.16
2.56
1'234'921.00
2.98
-28.37%
16.41%
30.63%
497.5
1'482.46
1'117.59
0.0
5.0
43.25
2'561.79
10.0 M
5.0 M
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
25.0 M
5
4
Valuation Analysis
30.06.2007
272.3
6.45x
106.2
16.54x
56.9
39.10x
30.06.2008
30.06.2009
649.6
1'328.6
6.35x
2.62x
148.6
339.9
27.76x
10.23x
7.9
108.5
135.77x
17.12x
Profitability
30.06.2010
1'286.8
2.12x
321.0
8.51x
132.0
12.81x
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
30.06.2011
1'309.0
2.13x
305.4
9.12x
78.3
21.71x
305.43
223.23
17.05%
8.71%
2.08%
3.15%
3.98%
0.35%
23.3%
17.1%
6.0%
1.27
0.75
29.21%
44.71%
14.66
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.36
0.80
457.39
9.46
-7.22%
-18.78%
0.798
16
4.063
2'406'437
3'089'942
2'251'272
FY+2
06/12 Y
06/13 Y
1'395.3
1'465.6
1.81x
1.71x
355.3
378.3
7.21x
6.77x
130.1
145.9
11.55x
10.31x
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
3.48
2.35
3.52
3.66
44.7%
30.9%
0.35
3.42
24.89
-
40.00
1'400.0
35.00
1'200.0
30.00
1'000.0
25.00
800.0
20.00
600.0
15.00
400.0
10.00
200.0
5.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Primary Health Care Ltd

Holdings By:
All
Holder Name
HARRIS ASSOCIATES L
SCHRODER INVESTMENT
CALEDONIA INVESTMENT
BNP PARIBAS INVESTME
BATEMAN EDMUND GREGO
PERPETUAL LTD
CREDIT SUISSE AG
AMP LTD
MACKENZIE FINANCIAL
CHRISTIE MICHAEL JOS
BANCO FONDER AB
Firm Name
RBS
Deutsche Bank
JPMorgan
UBS
Commonwealth Bank
Morgan Stanley
Nomura
Macquarie
Credit Suisse
LINWAR Securities
Citi
BBY Limited
Austock Securities
Southern Cross
Portfolio Name
HARRIS ASSOC LP
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SHANE STOREY
DEREK JELLINEK
DAVID A LOW
STEVEN D WHEEN
ANDREW GOODSALL
IAN ABBOTT
NATALIE KELLY
SEAN LAAMAN
DAVID STANTON
CRAIG COLLIE
SAUL HADASSIN
JOHN HESTER
ALEXANDER SMITH
DENNIS HULME
PAUL RYAN
CRAIG STRANGER
STUART ROBERTS
Source
13F
EXCH
EXCH
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
hold
hold
neutral
neutral
sell
sell
Underwt/Cautious
neutral
neutral
underperform
market perform
hold
buy
neutral
buy
reduce
Amt Held
55'658'620
51'522'859
44'552'818
38'278'642
36'023'993
35'061'405
30'288'554
26'759'441
25'252'987
24'944'978
24'263'774
18'854'917
5'294'897
3'592'488
2'951'000
2'676'625
2'290'969
1'961'781
1'414'494
1'138'697
% Out
11.22
10.39
8.98
7.72
7.26
7.07
6.11
5.39
5.09
5.03
4.89
3.8
1.07
0.72
0.59
0.54
0.46
0.4
0.29
0.23
Weighting
Change
1
3
3
3
3
1
1
1
3
3
1
3
3
5
3
5
2
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
D
Latest Chg
5'725'600
5'656'592
6'315'143
216'341
(4'968'516)
(8'953'938)
(1'440'986)
1'207'500
578
5'467
1'138'697
Target Price
3
4
4
4
4
4
4
3
3
3
3
4
3
4
#N/A N/A
4
3
File Dt
Inst Type
31.12.2010
Investment Advisor
13.01.2011
Investment Advisor
15.11.2010
Investment Advisor
31.07.2010
Investment Advisor
17.11.2010
Investment Advisor
05.01.2011
n/a
03.12.2010
Investment Advisor
27.09.2010
Investment Advisor
27.09.2010
Bank
13.01.2011
Investment Advisor
31.08.2010
Bank
24.02.2009
Insurance Company
31.10.2010
Investment Advisor
26.11.2010
n/a
30.11.2010
Investment Advisor
04.02.2011
Investment Advisor
30.11.2010
Investment Advisor
31.03.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
28.01.2011
25.01.2011
25.01.2011
24.01.2011
21.01.2011
19.01.2011
19.01.2011
14.01.2011
23.12.2010
30.11.2010
15.11.2010
15.11.2010
12.11.2010
12.11.2010
23.08.2010
18.08.2010
17.08.2010
19.09.2011
Qantas Airways Ltd

Qantas Airways Limited is an international airline with a network of domestic
and intercontinental routes mainly in the Asia-Pacific region. In addition,
Qantas operates a catering service and provides travel and holiday tourism
services throughout Australia. Qantas provides electronic reservation systems,
ground handling, engineering and maintenance services.
Price/Volume
4
80.0 M
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.11.2010)
52-Week Low (22.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
QAN AT EQUITY YTD Change
QAN AT EQUITY YTD % CHANGE
06/2011
01/yy
2.97
1.42
3'976'932.00
1.545
-47.98%
8.80%
10.97%
2'265.1
3'499.62
6'031.00
0.0
4.0
3'496.00
6'038.62
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
20.0 M
10.0 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
14'032.0
0.91x
2'435.2
5.27x
672.6
16.47x
40.0 M
30.06.2008
30.06.2009
14'246.0
13'690.0
0.51x
0.47x
2'912.0
910.0
2.52x
7.12x
969.0
117.0
6.20x
35.89x
Profitability
30.06.2010
13'127.0
0.54x
1'556.0
4.52x
112.0
44.90x
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
30.06.2011
13'932.0
0.48x
1'989.0
3.35x
250.0
16.73x
1'989.00
740.00
5.31%
2.32%
1.23%
4.14%
3.77%
0.68%
14.3%
5.3%
1.8%
0.90
0.70
28.91%
98.11%
16.83
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.16
2'147.98
32.05
-42.35%
-39.17%
1.161
14
4.714
12'058'700
15'475'330
13'528'490
FY+2
06/12 Y
06/13 Y
16'375.5
17'323.4
0.44x
0.44x
2'199.0
2'443.7
2.75x
2.47x
483.0
578.4
7.02x
5.92x
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
14.04.2009
BBB
STABLE
14.04.2009
A-3
5.67
-1.19
1.27
3.03
98.1%
49.5%
0.68
1.06
21.69
-
16'000.0
6.00
14'000.0
5.00
12'000.0
4.00
10'000.0
3.00
8'000.0
6'000.0
2.00
4'000.0
1.00
0.00
06.07.2007
2'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Qantas Airways Ltd

Holdings By:
All
Holder Name
UBS AG
VANGUARD GROUP INC
INVESCO LTD
CHINA INTERNATIONAL
SARASIN INVESTMENT F
SARASIN INVESTMENT M
Firm Name
Morgan Stanley
JPMorgan
Deutsche Bank
Commonwealth Bank
RBS
Macquarie
Credit Suisse
Citi
UBS
HSBC
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JULIA WENG
SCOTT CARROLL
CAMERON MCDONALD
MATT CROWE
MARK WILLIAMS
RUSSELL SHAW
ANDREW GIBSON
ROBERT BRUCE
ANTHONY MOULDER
SHAVARSH BEDROSSIAN
SIMON MITCHELL
MARK CARMERON ROSS WEBB
Source
EXCH
Co File
MF-AGG
EXCH
EXCH
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Overwt/In-Line
overweight
buy
buy
buy
neutral
buy
buy
outperform
buy
buy
overweight
Amt Held
215'829'079
180'558'629
155'247'563
137'001'304
115'568'652
115'135'358
112'682'553
109'804'673
11'594'368
11'298'754
9'041'228
8'526'880
8'263'072
7'886'920
7'800'263
7'100'000
6'554'200
6'191'800
6'000'000
5'539'133
% Out
9.53
7.97
6.85
6.05
5.1
5.08
4.97
4.85
0.51
0.5
0.4
0.38
0.36
0.35
0.34
0.31
0.29
0.27
0.26
0.24
Weighting
Change
5
5
5
5
5
3
5
5
5
5
5
5
Latest Chg
28'867'365
(3'586'738)
23'334'258
(24'941'077)
(4'237'617)
(13'270'940)
241'157
60'233
6'203
8'240'430
(533'606)
368'553
7'100'000
(12'000)
847'600
(800'000)
130
Target Price
M
M
M
M
M
M
M
M
M
M
M
U
File Dt
16.08.2010
20.08.2010
30.09.2010
25.01.2011
12.10.2010
20.08.2010
13.05.2010
11.01.2011
31.12.2010
04.02.2011
31.12.2010
07.02.2011
30.09.2010
30.06.2010
31.12.2010
30.06.2010
31.12.2010
31.12.2010
30.09.2010
30.11.2010
Date
3
3
3
3
3
3
3
3
4
4
3
3
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Bank
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
03.02.2011
03.02.2011
02.02.2011
28.01.2011
21.01.2011
19.01.2011
13.01.2011
22.12.2010
02.12.2010
13.10.2010
05.10.2010
09.08.2010
19.09.2011
QBE Insurance Group Ltd

QBE Insurance Group Limited is an insurance company which underwrites most forms
of commercial and industrial insurance policies, as well as individual policies.
QBE also manages Lloyds syndicates and provides investment management services.
The Company provides its services both domestically and internationally.
Price/Volume
25
30.0 M
20
25.0 M
20.0 M
15
15.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.04.2011)
52-Week Low (19.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
QBE AT EQUITY YTD Change
QBE AT EQUITY YTD % CHANGE
10
12/2010
01/yy
19.60
12.25
5'526'446.00
12.65
-35.46%
3.27%
10.48%
1'092.7
13'822.08
3'243.00
0.0
82.0
1'686.00
17'459.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
6'846.0
2.84x
1'117.5
15.48x
10.0 M
31.12.2007
31.12.2008
9'714.8
10'394.9
2.75x
2.16x
1'614.5
1'583.8
14.77x
12.36x
Profitability
31.12.2009
10'768.9
2.03x
1'562.5
13.03x
31.12.2010
12'028.0
1.75x
1'278.0
15.01x
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
15.25%
12.89%
3.24%
13.12%
11.58%
0.30%
10.6%
7.69%
31.45%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
9.87
0.90
1'090.23
28.29
-23.61%
-24.41%
0.901
12
3.833
8'530'370
8'785'862
6'462'863
FY+2
12/11 Y
12/12 Y
15'760.8
17'224.8
2'071.5
2'709.0
8.43x
6.44x
1'530.6
1'839.9
9.50x
8.16x
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
A
STABLE
31.5%
23.8%
0.30
-
12'000.0
16.00
14.00
10'000.0
12.00
8'000.0
10.00
8.00
6'000.0
6.00
4'000.0
4.00
2'000.0
2.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
QBE Insurance Group Ltd

Holdings By:
All
Holder Name
CREDIT SUISSE AG
VANGUARD GROUP INC
FIDELITY MANAGEMENT
SCHRODER INVESTMENT
INVESCO LTD
NATIONWIDE FUND ADVI
Firm Name
Credit Suisse
JPMorgan
Macquarie
RBS
Deutsche Bank
UBS
Citi
BBY Limited
Shaw Stockbroking
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN HEAGERTY
DANIEL TOOHEY
TONY JACKSON
RYAN FISHER
RICHARD COLES
KIEREN CHIDGEY
JAMES COGHILL
NIGEL PITTAWAY
BRETT LE MESURIER
JOHAN VANDERLUGT
TIM BUCKLEY
Source
EXCH
EXCH
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
neutral
underperform
outperform
hold
buy
hold
neutral
hold
underperform
outperform
buy
Amt Held
114'439'958
107'071'524
53'674'351
52'569'915
36'384'299
13'827'905
10'016'980
8'777'718
8'327'032
6'434'661
5'358'586
4'621'000
4'560'715
3'781'831
3'691'880
3'500'158
2'791'020
2'655'527
2'240'000
2'236'135
% Out
10.88
10.18
5.1
5
3.46
1.31
0.95
0.83
0.79
0.61
0.51
0.44
0.43
0.36
0.35
0.33
0.27
0.25
0.21
0.21
Weighting
Change
1
3
1
5
3
5
3
3
3
1
5
5
M
M
M
M
M
M
M
M
M
N
U
U
Latest Chg
11'818'247
10'449'967
(74'730)
2'604'202
(17'665)
(4'462'936)
792'877
261'434
585'000
(8'959'100)
1'018'035
9'153
82'990
674'266
2'240'000
15'482
Target Price
19
21
19
22
20
19
19
19
20
16
21
#N/A N/A
File Dt
Inst Type
24.08.2010
Investment Advisor
07.09.2010
Investment Advisor
08.12.2010
Bank
31.01.2010
Investment Advisor
31.12.2010
Investment Advisor
31.08.2010
Investment Advisor
03.02.2011
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
07.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
07.02.2011
07.02.2011
07.02.2011
05.02.2011
05.02.2011
04.02.2011
04.02.2011
04.02.2011
04.02.2011
04.02.2011
27.07.2010
10.03.2010
19.09.2011
Ramsay Health Care Ltd

Ramsay Health Care Limited is a private hospital operator. The Company
provides private hospital healthcare services and operates aged care facilities
throughout Australia and Indonesia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.03.2011)
52-Week Low (21.09.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RHC AT EQUITY YTD Change
RHC AT EQUITY YTD % CHANGE
06/2011
01/yy
19.22
14.43
338'641.00
17.88
-6.97%
23.91%
78.08%
202.1
3'613.21
1'241.13
252.2
(9.6)
226.55
4'870.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'050.9
1.42x
253.6
11.50x
107.1
21.39x
20
18
16
14
12
10
8
6
4
2
0
f-10 m-10
30.06.2008
30.06.2009
2'610.6
3'165.0
1.16x
1.14x
320.9
387.7
9.45x
9.31x
92.2
106.5
16.43x
22.50x
Profitability
30.06.2010
3'344.9
1.26x
443.7
9.52x
148.3
20.25x
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
30.06.2011
3'652.2
1.34x
499.6
9.82x
198.4
20.02x
499.61
366.55
10.04%
8.05%
5.12%
17.86%
9.89%
1.02%
13.7%
10.0%
5.4%
1.08
0.89
34.95%
116.95%
8.20
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.91
0.71
127.17
1.11
25.57%
3.35%
0.715
17
3.882
649'710
707'931
551'022
FY+2
06/12 Y
06/13 Y
4'064.5
4'409.8
1.20x
1.09x
580.0
632.9
8.40x
7.70x
236.8
266.7
15.59x
13.83x
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
6.18
3.52
2.03
2.48
116.9%
48.8%
1.02
2.07
44.49
-
14.00
4'000.0
12.00
3'500.0
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Ramsay Health Care Ltd

Holdings By:
All
Holder Name
RAMSAY PAUL JOSEPH
FIDELITY MANAGEMENT
RAMSAY HEALTH CARE L
PRINCIPAL FINANCIAL
CIBC GLOBAL ASSET MA
REX CHRISTOPHER PA
THRIVENT FINANCIAL F
VANGUARD GROUP INC
SCHAFER CULLEN CAPIT
SIDDLE MICHAEL STANL
GRIER IAN PATRICK ST
SODEN BRUCE ROGER
CREDIT SUISSE ASSET
Firm Name
RBS
Deutsche Bank
JPMorgan
Morgan Stanley
Citi
Commonwealth Bank
UBS
Nomura
Credit Suisse
Macquarie
LINWAR Securities
E.L. & C. Baillieu
Southern Cross
Austock Securities
Moelis & Company
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
SCHAFER CULLEN CAPIT
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
SHANE STOREY
DEREK JELLINEK
DAVID A LOW
STEVEN D WHEEN
JAMES RUTLEDGE
ALEXANDER SMITH
NATALIE KELLY
IAN ABBOTT
ANDREW GOODSALL
DAVID STANTON
SAUL HADASSIN
CRAIG COLLIE
JOHN HESTER
PAUL RYAN
GAVIN DUFFY
STUART ROBERTS
CRAIG STRANGER
ADAM S MICHELL
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
13F
Co File
Co File
EXCH
MF-AGG
MF-AGG
Recommendation
hold
hold
hold
overweight
Equalwt/Cautious
hold
hold
buy
neutral
neutral
neutral
outperform
market perform
neutral
buy
buy
hold
hold
Amt Held
73'149'269
10'086'538
1'259'905
949'305
870'928
749'729
686'000
639'078
533'353
393'458
337'015
335'694
319'801
280'794
211'057
152'564
133'116
100'791
93'470
84'142
% Out
36.2
4.99
0.62
0.47
0.43
0.37
0.34
0.32
0.26
0.19
0.17
0.17
0.16
0.14
0.1
0.08
0.07
0.05
0.05
0.04
Weighting
Change
3
3
3
5
3
3
3
5
3
3
3
5
3
3
5
5
3
3
M
M
M
M
M
M
D
M
M
M
M
M
M
D
N
M
M
M
Latest Chg
(236'392)
(85'386)
57'946
1'881
(82'988)
(172'800)
21'906
193'707
1'562
52'137
(48'050)
(47'485)
929
Target Price
16
17
17
19
16
18
19
19
18
17
20
19
17
#N/A N/A
16
17
14
10
File Dt
Inst Type
22.09.2010
n/a
09.12.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
n/a
30.06.2010
Investment Advisor
30.12.2010
Investment Advisor
31.08.2010
Investment Advisor
20.09.2010
n/a
30.06.2010
Investment Advisor
30.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
14.09.2010
n/a
14.09.2010
n/a
23.09.2010
n/a
30.11.2010
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
28.01.2011
25.01.2011
25.01.2011
24.01.2011
21.01.2011
19.01.2011
19.01.2011
13.01.2011
06.01.2011
04.01.2011
21.12.2010
21.12.2010
21.12.2010
20.12.2010
31.08.2010
26.08.2010
26.08.2010
14.05.2009
19.09.2011
ResMed Inc
ResMed Inc. develops, manufactures, and markets medical equipment for the
treatment of sleep disordered breathing. The Company sells diagnostic and
treatment devices in various countries through its subsidiaries and independent
distributors.
Price/Volume
5
25.0 M
4
20.0 M
4
3
15.0 M
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (20.12.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RMD AT EQUITY YTD Change
RMD AT EQUITY YTD % CHANGE
06/2011
12/yy
3.60
2.49
2'625'011.00
2.84
-21.11%
14.06%
30.63%
1'556.2
4'419.73
100.16
0.0
0.0
735.27
-
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
5.0 M
1
0
f-10 m-10
30.06.2008
30.06.2009
835.4
920.7
3.03x
3.05x
207.8
243.7
12.19x
11.53x
110.3
146.4
Profitability
LTM-4Q
30.06.2010
1'092.4
3.88x
301.9
14.02x
190.1
-
30.06.2011
1'243.1
3.27x
337.5
12.03x
227.0
337.54
266.92
21.47%
24.43%
12.29%
15.04%
14.01%
0.67%
59.6%
27.2%
21.5%
18.3%
6.19
4.83
4.84%
5.79%
4.96
2.60
12/yy
1'002.0
0.00x
278.1
0.00x
172.7
0.00x
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
LTM
12/yy
1'158.2
0.00x
330.9
0.00x
217.2
0.00x
FY+1
.0 M
f-11
0.42
8.78
-20.00%
-18.62%
0.423
12
4.000
5'830'943
6'288'579
5'663'803
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
09/11 Q1 12/11 Q2
1'423.9
1'601.3
331.1
352.4
2.72x
2.31x
355.6
412.8
78.7
86.2
235.8
275.5
48.4
53.8
19.93x
16.92x
18.90x
17.64x
S&P Issuer Ratings
20.06.2006
NR
-1.88
0.30
5.8%
5.5%
0.67
2.93
73.59
140.53
39.80
174.32
1'200.0
1.00
1'000.0
0.60
m-10

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
1.20
0.80
a-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
716.3
4.24x
197.8
15.37x
66.3
-
10.0 M
800.0
600.0
400.0
0.40
200.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
ResMed Inc
Holdings By:
All
Holder Name
SCHRODER INVESTMENT
BANCO FONDER AB
INVESCO LTD
SCHRODER INVESTMENT
FIDELITY INVT ASSET
OFFICIUM CAPITAL LTD
FIDELITY FUND MANAGE
FIDELITY MANAGEMENT
SANTANDER ASSET MANA
Firm Name
Credit Suisse
LINWAR Securities
JPMorgan
Citi
Macquarie
Commonwealth Bank
Nomura
RBS
Southern Cross
Moelis & Company
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
INVESCO LTD
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SAUL HADASSIN
JOHN HESTER
STEVEN D WHEEN
ALEXANDER SMITH
CRAIG COLLIE
SHANE STOREY
IAN ABBOTT
NATALIE KELLY
DAVID STANTON
DEREK JELLINEK
STUART ROBERTS
ADAM S MICHELL
Source
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
outperform
overweight
buy
outperform
buy
hold
buy
buy
hold
accumulate
hold
Amt Held
10'771'712
10'425'778
5'391'042
3'744'806
2'720'000
2'680'341
2'414'142
2'387'916
2'365'941
1'980'000
1'980'000
1'629'856
1'559'206
1'325'287
586'417
473'000
360'901
255'269
209'536
105'386
% Out
0.7
0.68
0.35
0.24
0.18
0.17
0.16
0.16
0.15
0.13
0.13
0.11
0.1
0.09
0.04
0.03
0.02
0.02
0.01
0.01
Weighting
Change
3
5
5
5
5
5
3
5
5
3
4
3
Latest Chg
72'808
2'522'714
(531'100)
1'630'154
171'333
2'387'916
2'365'941
141'892
(100'518)
650'863
(2'329'991)
(20'000)
255'269
-
Target Price
M
M
M
M
M
M
M
M
M
M
D
N
File Dt
31.12.2010
30.06.2010
30.09.2010
30.06.2010
31.08.2010
31.12.2010
31.03.2010
30.09.2010
29.10.2010
30.09.2010
30.06.2010
25.03.2010
30.09.2010
29.10.2010
31.08.2010
31.12.2010
30.12.2010
30.11.2010
31.12.2010
31.12.2010
Date
4
4
3
4
4
4
4
4
4
3
8
4
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Date
03.02.2011
31.01.2011
28.01.2011
28.01.2011
28.01.2011
28.01.2011
28.01.2011
28.01.2011
28.01.2011
25.01.2011
13.08.2010
01.06.2010
19.09.2011
Rio Tinto Ltd

Rio Tinto Limited is an international mining company. The Company has interests
in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,
uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Rio
Tinto's various mining operations are located in Australia, New Zealand, South
Africa, the United States, South America, Europe and Indonesia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.02.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIO AT EQUITY YTD Change
RIO AT EQUITY YTD % CHANGE
12/2010
01/yy
89.04
63.85
2'261'291.00
70.2
-21.16%
9.95%
29.46%
435.8
108'946.30
14'341.00
0.0
6'941.0
10'339.00
128'220.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
22'465.0
3.59x
9'996.0
8.06x
7'438.0
13.31x
100
90
80
70
60
50
40
30
20
10
0
f-10 m-10
31.12.2007
31.12.2008
29'700.0
54'264.0
6.63x
1.38x
10'489.0
18'964.0
18.78x
3.94x
7'312.0
3'676.0
20.65x
7.63x
Profitability
31.12.2009
41'825.0
3.64x
10'920.0
13.94x
4'872.0
22.29x
31.12.2010
56'576.0
3.23x
22'752.0
8.02x
14'324.0
11.89x
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
22'752.00
19'315.00
34.14%
36.37%
13.67%
28.04%
21.52%
0.54%
40.2%
34.1%
25.3%
1.96
1.21
12.76%
24.58%
15.54
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.63
1.31
264.49
19.84
-5.73%
-16.69%
1.311
18
5.000
3'577'419
3'906'134
3'340'879
FY+2
12/11 Y
12/12 Y
64'853.8
69'040.0
1.92x
1.71x
30'697.8
32'282.1
4.18x
3.97x
17'703.1
18'740.8
7.75x
7.33x
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
18.04.2011
ASTABLE
08.07.2009
A-2
18.14
14.48
0.18
0.63
24.6%
18.0%
0.54
1.11
23.49
-
60'000.0
20.00
18.00
50'000.0
16.00
14.00
40'000.0
12.00
30'000.0
10.00
8.00
20'000.0
6.00
4.00
10'000.0
2.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Rio Tinto Ltd

Holdings By:
All
Holder Name
RIO TINTO PLC
BLACKROCK GROUP
VANGUARD GROUP INC
INVESCO LTD
DEUTSCHE BANK AG
SCHRODER INVESTMENT
PRINCIPAL FINANCIAL
CHINA INTERNATIONAL
FIDELITY MANAGEMENT
Firm Name
Macquarie
Deutsche Bank
Morgan Stanley
Commonwealth Bank
HSBC
RBS
Credit Suisse
UBS
JPMorgan
E.L. & C. Baillieu
Citi
Investec
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LEE BOWERS
PAUL-D YOUNG
DAVID BRENNAN
CRAIG CAMPBELL
NEIL GOODWILL
ANDREW HINES
HAYDEN BAIRSTOW
ANDREW KEEN
LYNDON FAGAN
PAUL MCTAGGART
GLYN LAWCOCK
MARK BUSUTTIL
ANDREW GARDNER
RAY CHANTRY
CLARKE WILKINS
TIM GERRARD
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
Recommendation
outperform
buy
buy
Overwt/Attractive
buy
buy
underperform
overweight
buy
outperform
buy
overweight
buy
hold
buy
buy
Amt Held
150'437'365
25'357'003
4'359'249
3'739'086
3'574'000
2'231'716
1'745'249
1'720'505
1'394'187
1'347'534
1'218'211
975'282
710'000
697'139
674'333
600'000
572'850
527'163
524'929
502'036
% Out
34.52
5.82
1
0.86
0.82
0.51
0.4
0.39
0.32
0.31
0.28
0.22
0.16
0.16
0.15
0.14
0.13
0.12
0.12
0.12
Weighting
Change
5
5
5
5
5
5
1
5
5
5
5
5
5
3
5
5
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
Latest Chg
(20'635'155)
66'333
(17'806)
(183'753)
48'427
2'436
39'595
(386)
(42'968)
2'614
600'000
(23'315)
527'163
(36'009)
9'050
Target Price
108
107
100
114
118
108
87
111
107
110
108
110
#N/A N/A
92
100
99
File Dt
Inst Type
27.08.2010
Corporation
29.10.2010
Investment Advisor
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.06.2010
Investment Advisor
07.02.2011
Investment Advisor
31.10.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.06.2010
Investment Advisor
30.12.2010
Investment Advisor
30.06.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Insurance Company
30.11.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Date
08.02.2011
07.02.2011
07.02.2011
03.02.2011
02.02.2011
01.02.2011
31.01.2011
25.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
18.01.2011
08.12.2010
20.10.2010
19.09.2011
Riversdale Mining Ltd

Riversdale Mining Limited is a mineral exploration and production company. The
Company has anthracite operations in South Africa and thermal and coking coal
projects in Mozambique.
Price/Volume
18
7.0 M
16
6.0 M
14
5.0 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RIV AT EQUITY YTD Change
RIV AT EQUITY YTD % CHANGE
06/2010
01/yy
0.00
244.4
0.10
0.0
17.7
247.34
3'483.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
30.06.2007
30.06.2008
72.0
69.8
6.13x
26.88x
12.6
4.1
34.98x
458.35x
5.0
92.4
90.38x
21.67x
Profitability
30.06.2009
67.8
10.78x
(1.7)
0.3
3312.50x
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
30.06.2010
97.5
19.30x
(0.0)
(0.8)
-0.05
-11.16
-11.44%
2.97%
-0.14%
-0.16%
0.26%
0.17%
16.2%
0.0%
-11.4%
-0.8%
10.71
9.43
0.02%
0.02%
15.50
4.38
Price/ Cash Flow
1.0 M
2
0
f-10 m-10
a-10
m-10
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
0.00
6
4.000
FY+2
06/11 Y
06/12 Y
105.4
350.2
8.0
188.1
435.51x
18.52x
6.3
124.1
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
FQ+1
FQ+2
-2.06
0.0%
0.0%
0.17
0.81
23.55
83.36
69.75
37.17
300.00
120.0
250.00
100.0
200.00
80.0
150.00
60.0
100.00
40.0
50.00
20.0
0.00
06.07.2007
2.0 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

30.06.2006
34.8
2.31x
2.4
33.79x
25.3
2.77x
10
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Riversdale Mining Ltd

Holdings By:
All
Holder Name
TATA STEEL LTD
RIO TINTO LTD
CIA SIDERURGICA NACI
PASSPORT CAPITAL LLC
NORGES BANK
O'KEEFFE WILLIAM MIC
TALBOT KENNETH
LENAHAN NIALL F
BLACKWELL PARTNERS L
LOVE ANDREW JOHN
RELIANCE CAPITAL ASS
STATE STREET CORP
SIA FUNDS AG
VANGUARD GROUP INC
Firm Name
Morgan Stanley
Citi
Macquarie
RBS
RBC Capital Markets
JPMorgan
Commonwealth Bank
Hartleys
Credit Suisse
Paterson Securities
UBS
E.L. & C. Baillieu
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CAMERON JUDD
NEIL GOODWILL
CRAIG SAINSBURY
SOPHIE SPARTALIS
SAM BERRIDGE
CHRIS DREW
ALISTAIR REID
TOMAS VASQUEZ
HAYDEN BAIRSTOW
ANDREW MUIR
PAUL MCTAGGART
ANDREW HARRINGTON
GLYN LAWCOCK
ANDREW GARDNER
RAY CHANTRY
Source
EXCH
EXCH
Co File
EXCH
EXCH
Co File
MF-AGG
EXCH
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/Attractive
hold
hold
restricted
hold
outperform
neutral
buy
outperform
buy
neutral
buy
suspended coverage
buy
hold
Amt Held
57'145'792
35'412'111
31'233'327
20'102'342
9'475'616
3'326'499
2'500'000
2'482'729
1'400'000
1'073'818
880'714
783'624
767'958
600'000
274'549
210'221
178'539
173'449
156'373
145'434
% Out
24.14
14.96
13.2
8.49
4
1.41
1.06
1.05
0.59
0.45
0.37
0.33
0.32
0.25
0.12
0.09
0.08
0.07
0.07
0.06
Weighting
Change
3
3
3
#N/A N/A
3
5
3
5
5
5
3
5
#N/A N/A
5
3
M
M
M
M
D
M
M
M
M
M
M
M
M
U
M
Latest Chg
14'826'779
(3'595'672)
(1'000'000)
(28'750'598)
200'000
2'112
5'368
(75'000)
6'715
-
Target Price
17
17
14
#N/A N/A
18
18
16
18
18
19
19
17
#N/A N/A
#N/A N/A
13
File Dt
31.08.2010
11.01.2011
17.08.2010
13.01.2011
13.01.2011
23.08.2010
31.08.2010
24.11.2009
23.08.2010
13.01.2011
24.12.2010
31.12.2010
04.02.2011
31.12.2010
31.12.2010
04.02.2011
31.12.2010
04.02.2011
30.11.2010
31.12.2010
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Corporation
Corporation
Hedge Fund Manager
Government
n/a
Investment Advisor
n/a
n/a
n/a
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
03.02.2011
02.02.2011
01.02.2011
25.01.2011
24.01.2011
24.01.2011
24.01.2011
24.01.2011
24.01.2011
13.01.2011
11.01.2011
23.12.2010
26.11.2010
09.11.2010
23.06.2010
19.09.2011
Santos Ltd
Santos Limited explores for and produces natural gas, crude oil, condensate,
naphtha and liquid petroleum gas. The Company conducts major onshore and
offshore petroleum exploration activities at oil and gas fields in Australia
(Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and
Papua New Guinea. The Company also transports crude oil by pipeline.
Price/Volume
16
20.0 M
10
8
12/2010
01/yy
16.90
10.11
2'263'800.00
11.25
-33.43%
11.28%
19.73%
879.7
9'897.17
3'157.00
0.0
(2.0)
4'319.00
9'619.17
15.0 M
10.0 M
4
5.0 M
2
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
25.0 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
STO AT EQUITY YTD Change
STO AT EQUITY YTD % CHANGE
31.12.2006
2'689.1
2.97x
1'854.0
4.31x
698.0
9.19x
30.0 M
14
31.12.2007
31.12.2008
2'458.4
2'761.8
4.37x
3.69x
1'640.3
71.9
6.56x
141.62x
359.3
1'650.1
21.30x
5.45x
Profitability
31.12.2009
2'181.0
5.18x
1'151.0
9.81x
434.0
27.04x
31.12.2010
2'228.0
4.64x
918.0
11.27x
500.0
21.99x
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
918.00
318.00
14.27%
35.59%
3.98%
6.86%
5.71%
0.18%
34.4%
41.2%
14.3%
22.4%
3.26
2.86
22.93%
41.51%
7.08
5.48
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.67
1.12
879.27
17.75
-12.07%
-12.41%
1.117
17
4.353
5'251'663
6'009'765
5'484'014
FY+2
12/11 Y
12/12 Y
2'463.2
2'903.2
4.05x
3.83x
1'438.2
1'735.4
6.69x
5.54x
520.0
622.7
19.67x
17.18x
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
12.01.2011
BBB+
NEG
12.01.2011
A-2
9.27
-6.32
-1.27
3.44
41.5%
29.3%
0.18
0.33
51.52
66.66
110.63
7.55
3'000.0
10.00
9.00
2'500.0
8.00
7.00
2'000.0
6.00
1'500.0
5.00
4.00
1'000.0
3.00
2.00
500.0
1.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Santos Ltd
Holdings By:
All
Holder Name
VANGUARD GROUP INC
NEW JERSEY DIVISION
MORGAN STANLEY & CO
SCHRODER INVESTMENT
SJUNDE AP FONDEN
PRUDENTIAL PLC
FIDELITY MANAGEMENT
DEKA INTERNATIONAL S
INTEGRA CAPITAL MANA
DIAM CO LTD
BANCO FONDER AB
Firm Name
Macquarie
RBS
JPMorgan
Citi
Credit Suisse
Morgan Stanley
UBS
Commonwealth Bank
Nomura
Shaw Stockbroking
Intersuisse Ltd
Deutsche Bank
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ADRIAN WOOD
JASON MABEE
BENJAMIN X. WILSON
MARK GREENWOOD
NEIL BEVERIDGE
SANDRA MCCULLAGH
AIDEN BRADLEY
STUART BAKER
GORDON RAMSAY
ANDREW HINES
SIMON OATEN
DI M BROOKMAN
DAVID BRENNAN
NICK WIRUBOV
JOHN HIRJEE
Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
overweight
buy
outperform
outperform
buy
Overwt/Attractive
buy
hold
buy
buy
buy
outperform
buy
restricted
Amt Held
42'060'067
8'477'342
8'149'583
8'074'088
6'853'000
6'000'000
5'103'833
4'800'128
4'217'295
3'761'400
2'951'102
1'024'160
867'474
798'824
763'223
743'726
663'881
639'594
582'162
565'901
% Out
4.8
0.97
0.93
0.92
0.78
0.69
0.58
0.55
0.48
0.43
0.34
0.12
0.1
0.09
0.09
0.08
0.08
0.07
0.07
0.06
Weighting
Change
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
U
M
D
N
M
Latest Chg
(142'517)
648'504
50'000
(207'549)
1'291'098
143'977
3'761'400
252'315
(44'311)
(4'498)
36'464
174'419
(157'746)
11'363
(16'878)
-
Target Price
18
16
17
16
15
17
16
16
16
15
16
#N/A N/A
20
14
16
#N/A N/A
File Dt
26.02.2010
03.02.2011
31.12.2010
04.02.2011
30.06.2010
30.09.2010
30.09.2010
31.12.2010
31.12.2010
08.07.2010
31.12.2010
30.06.2010
30.09.2010
30.09.2010
31.12.2010
31.03.2010
31.10.2010
31.12.2010
09.08.2010
31.03.2010
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
08.02.2011
03.02.2011
03.02.2011
03.02.2011
28.01.2011
21.01.2011
21.01.2011
20.01.2011
20.01.2011
20.01.2011
18.01.2011
14.01.2011
13.01.2011
22.12.2010
27.10.2010
09.09.2010
19.09.2011
Seek Ltd
Seek Limited operates an Internet website. The Company offers online employment
advertisements and online training in Australia and New Zealand, and offers
online employment advertisements in the United Kingdom targeted at Australian
and New Zealand job seekers.
Price/Volume
9
14.0 M
12.0 M
10.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.10.2010)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SEK AT EQUITY YTD Change
SEK AT EQUITY YTD % CHANGE
06/2011
01/yy
7.80
4.92
1'064'642.00
5.07
-35.00%
3.05%
11.81%
337.1
1'708.99
423.17
0.0
122.9
98.29
2'156.73
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
157.0
13.16x
80.9
25.56x
55.5
37.65x
30.06.2008
30.06.2009
210.2
208.3
6.84x
7.06x
109.4
89.7
13.15x
16.39x
76.3
55.3
18.80x
22.18x
Profitability
30.06.2010
280.7
8.62x
116.6
20.76x
89.5
26.35x
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
30.06.2011
343.1
7.62x
136.3
19.19x
97.7
22.21x
136.27
123.67
36.05%
38.77%
13.17%
29.42%
16.39%
0.46%
91.2%
39.7%
36.0%
28.5%
0.68
0.54
43.61%
135.97%
12.57
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.82
1.14
305.46
18.18
-32.10%
-21.55%
1.142
17
4.294
2'324'409
2'609'929
2'256'892
FY+2
06/12 Y
06/13 Y
420.1
459.3
4.68x
4.15x
187.9
214.6
11.48x
10.05x
127.8
154.1
13.41x
11.07x
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
9.34
8.77
2.38
3.11
136.0%
49.4%
0.46
20.49
29.04
395.15
-
300.0
40.00
35.00
250.0
30.00
200.0
25.00
20.00
150.0
15.00
100.0
10.00
50.0
5.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Seek Ltd
Holdings By:
All
Holder Name
FIDELITY MANAGEMENT
HYPERION ASSET MANAG
UBS AG
AMP LTD
BASSAT ANDREW R
BASSAT PAUL M
DALEFORD WAY PTY LTD
AVIVA INVESTORS
Firm Name
LINWAR Securities
E.L. & C. Baillieu
Credit Suisse
Commonwealth Bank
Deutsche Bank
Morgan Stanley
BBY Limited
Shaw Stockbroking
Macquarie
Austock Securities
JPMorgan
RBS
UBS
Citi
Veritas Securities
Moelis & Company
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
GEORGE KOPSIAFTIS
CHRISTIAN GUERRA
IVOR RIES
JOLANTA MASOJADA
ALICE BENNETT
ANDREW MCLEOD
MARK MCDONNELL
SCOTT MARSHALL
ALEX POLLAK
ROHAN SUNDRAM
LAURENT HORRUT
SACHA KRIEN
FRASER MCLEISH
RICHARD EARY
JUSTIN DIDDAMS
PAUL RYAN
WASSIM KISIRWANI
TODD W GUYOT
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
buy
buy
outperform
hold
buy
Overwt/Cautious
hold
accumulate
restricted
hold
neutral
outperform
hold
neutral
hold
Positive
hold
hold
Amt Held
25'892'317
23'136'484
17'956'364
17'063'183
13'500'113
12'712'613
8'039'606
4'238'648
2'592'065
2'086'146
1'780'923
1'685'142
1'343'678
1'250'000
999'737
873'886
862'503
533'624
468'401
370'902
% Out
7.69
6.87
5.33
5.07
4.01
3.78
2.39
1.26
0.77
0.62
0.53
0.5
0.4
0.37
0.3
0.26
0.26
0.16
0.14
0.11
Weighting
Change
3
5
5
5
3
5
5
3
4
#N/A N/A
3
3
5
3
3
3
4
3
3
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M
U
N
M
Latest Chg
(6'321'387)
4'870'569
(786'466)
649'902
(1'229'716)
88'674
125'750
(399'309)
370'902
Target Price
7
10
10
10
7
8
8
6
#N/A N/A
#N/A N/A
7
7
7
7
7
7
#N/A N/A
4
3
File Dt
07.12.2010
13.08.2010
26.08.2009
16.09.2009
24.08.2010
24.08.2010
30.06.2010
30.06.2010
31.12.2010
31.12.2010
30.09.2010
31.12.2010
31.12.2009
30.09.2010
30.06.2010
30.09.2010
30.11.2010
30.09.2010
30.09.2010
30.11.2010
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
n/a
n/a
Investment Advisor
Corporation
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
08.02.2011
07.02.2011
02.02.2011
01.02.2011
27.01.2011
24.01.2011
19.01.2011
13.01.2011
11.01.2011
24.12.2010
24.12.2010
23.12.2010
16.11.2010
12.11.2010
12.11.2010
12.11.2010
26.08.2010
28.05.2009
26.02.2009
19.09.2011
Sims Metal Management Ltd

Sims Metal Management Ltd. collects, sorts and processes scrap metal materials
which are recycled for resale. The Company's divisions include ferrous
recycling, non-ferrous recycling, secondary processing of non-ferrous metals and
plastics, international trading of metal commodities and the merchandising of
steel semi-fabricated products.
Price/Volume
20
2.5 M
2.0 M
1.5 M
10
06/2011
09/yy
22.36
13.35
573'774.00
13.46
-39.80%
0.82%
3.56%
205.4
2'764.96
291.70
0.0
0.0
169.50
2'887.16
1.0 M
.5 M
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
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
3.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.12.2010)
52-Week Low (19.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGM AT EQUITY YTD Change
SGM AT EQUITY YTD % CHANGE
30.06.2007
5'548.5
0.66x
450.2
8.08x
239.4
13.83x
25
30.06.2008
30.06.2009
7'665.6
8'636.2
1.02x
0.57x
670.2
172.2
11.62x
28.66x
440.1
(150.3)
13.41x
Profitability
LTM-4Q
30.06.2010
7'452.6
0.47x
340.9
10.18x
126.7
26.36x
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
30.06.2011
8'846.8
0.42x
357.5
10.48x
192.1
18.80x
357.50
226.90
2.56%
3.13%
4.56%
6.20%
6.38%
2.10%
4.0%
2.6%
2.2%
2.15
0.83
6.98%
9.99%
17.72
-
Price/ Cash Flow
LTM
09/yy
1'800.0
0.00x
0.0
0.00x
33.3
0.00x
09/yy
7'538.5
0.00x
0.0
0.00x
101.6
35.28x
FY+1
.0 M
f-11
3.49
1.20
204.69
2.90
-24.44%
-37.15%
1.203
13
4.846
926'520
1'031'640
850'322
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
09/11 Q1 12/11 Q2
9'880.0
10'496.0
0.29x
0.26x
551.6
644.0
5.23x
4.48x
271.5
329.5
10.31x
8.51x
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
13.19
7.92
0.34
0.82
10.0%
9.1%
2.10
9.88
20.60
-
10'000.0
30.00
9'000.0
25.00
8'000.0
7'000.0
20.00
6'000.0
15.00
5'000.0
4'000.0
10.00
3'000.0
2'000.0
5.00
0.00
06.07.2007
1'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Sims Metal Management Ltd

Holdings By:
All
Holder Name
MITSUI RAW MAT DEV P
ROYCE AND ASSOCIATES
PRUDENTIAL PLC
IOOF HOLDINGS LTD
VANGUARD GROUP INC
F&C FUND MANAGEMENT
DIENST DANIEL W
SJUNDE AP FONDEN
LEGG MASON ASSET MAN
F&C MANAGEMENT LTD
Firm Name
Credit Suisse
JPMorgan
RBS
UBS
Deutsche Bank
D.A. Davidson & Co
E.L. & C. Baillieu
Commonwealth Bank
BBY Limited
Macquarie
Macquarie
Portfolio Name
n/a
#N/A N/A
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL SLIFIRSKI
BENJAMIN X. WILSON
ERIC A PROUTY
ANDREW GIBSON
TODD SCOTT
GLYN LAWCOCK
SCOTT HUDSON
EMILY BEHNCKE
BRENT THIELMAN
SAM HADDAD
ATHLENE PIECH
JOHN WELSH
DOUGLAS MACPHILLAMY
SOPHIE SPARTALIS
Source
EXCH
EXCH
13G
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
neutral
buy
buy
sell
suspended coverage
sell
hold
buy
buy
hold
hold
neutral
neutral
Amt Held
36'151'787
12'153'877
12'009'143
11'849'949
10'267'704
8'806'744
1'545'283
891'987
820'268
620'768
603'293
552'374
518'022
444'408
405'998
363'264
236'300
216'116
214'954
174'623
% Out
17.64
5.93
5.86
5.78
5.01
4.3
0.75
0.44
0.4
0.3
0.29
0.27
0.25
0.22
0.2
0.18
0.12
0.11
0.1
0.09
Weighting
Change
5
3
5
5
1
#N/A N/A
1
3
5
5
3
3
3
3
M
M
M
M
D
M
D
M
M
M
M
M
M
M
Latest Chg
1'501'884
(2'166'969)
(1'708'000)
(2'808'722)
1'980
(7'303)
419'049
(844)
(32'496)
370
63'381
-
Target Price
22
22
24
25
17
#N/A N/A
19
20
26
25
17
18
18
26
File Dt
25.11.2009
04.02.2011
31.12.2010
30.09.2010
23.07.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
22.11.2010
30.09.2010
27.11.2009
29.10.2010
31.12.2010
31.12.2010
22.06.2010
30.09.2010
30.09.2010
30.11.2010
Date
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
08.02.2011
07.02.2011
07.02.2011
03.02.2011
31.01.2011
31.01.2011
21.01.2011
20.01.2011
10.01.2011
17.11.2010
09.11.2010
27.10.2010
26.09.2010
23.11.2009
19.09.2011
Sonic Healthcare Ltd

Sonic Healthcare Limited is a medical diagnostics company with operations in
Australia, New Zealand, and Europe. The Company provides a comprehensive range
of pathology and diagnostic imaging services to medical practitioners, hospitals
and their patients along with providing administrative services and facilities
to medical practitioners.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.06.2011)
52-Week Low (16.03.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SHL AT EQUITY YTD Change
SHL AT EQUITY YTD % CHANGE
06/2011
01/yy
13.14
10.33
931'327.00
11.28
-14.16%
9.20%
30.96%
390.0
4'398.86
1'710.31
0.0
2.0
174.69
5'936.53
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
14
14.0 M
12
12.0 M
10
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
f-10 m-10
30.06.2008
30.06.2009
2'331.4
2'964.5
2.62x
2.00x
450.7
549.0
13.54x
10.80x
245.1
171.4
19.40x
26.27x
Profitability
30.06.2010
2'935.9
1.89x
520.6
10.67x
293.2
13.81x
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
30.06.2011
3'082.9
2.12x
545.2
11.99x
294.5
16.98x
545.21
447.98
14.53%
12.66%
6.15%
11.62%
8.11%
0.64%
17.7%
14.5%
9.6%
1.66
1.44
36.29%
68.02%
8.62
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
FY+1
-
5.23
0.91
382.33
5.49
7.62%
2.33%
0.907
18
3.833
1'700'434
1'520'838
1'289'220
FY+2
06/12 Y
06/13 Y
3'300.1
3'515.5
1.80x
1.67x
632.3
685.7
9.39x
8.66x
321.3
352.0
13.67x
12.58x
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
7.67
5.76
2.82
3.14
68.0%
40.5%
0.64
5.70
42.34
-
18.00
3'500.0
16.00
3'000.0
14.00
2'500.0
12.00
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
06.07.2007
a-10 m-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
1'846.8
3.07x
389.1
14.60x
198.1
22.61x
16
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Sonic Healthcare Ltd

Holdings By:
All
Holder Name
MANNING & NAPIER
VANGUARD GROUP INC
PATTERSON BARRY SYDN
CONNOR R E
SCHRODER INVESTMENT
BABSON CAPITAL MANAG
WILKS CHRISTOPHER DA
GOLDSCHMIDT COLIN ST
CONNECTICUT GENERAL
JACKSON COLIN J
Firm Name
Deutsche Bank
Credit Suisse
JPMorgan
Nomura
E.L. & C. Baillieu
Macquarie
Morgan Stanley
Citi
LINWAR Securities
RBS
UBS
Commonwealth Bank
Shaw Stockbroking
Austock Securities
Southern Cross
Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
CONNECTICUT GENERAL
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
DAVID A LOW
SAUL HADASSIN
STEVEN D WHEEN
SHANE STOREY
DAVID STANTON
GAVIN DUFFY
CRAIG COLLIE
SEAN LAAMAN
ALEXANDER SMITH
JOHN HESTER
DEREK JELLINEK
ANDREW GOODSALL
IAN ABBOTT
NATALIE KELLY
MATTHIJS SMITH
CRAIG STRANGER
STUART ROBERTS
PAUL RYAN
Source
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Co File
MF-AGG
Sch-D
MF-AGG
MF-AGG
Co File
Recommendation
buy
underperform
overweight
buy
neutral
buy
neutral
Equalwt/Cautious
hold
market perform
buy
neutral
hold
hold
hold
hold
buy
neutral
Amt Held
30'428'412
19'674'310
19'294'487
6'584'552
4'179'241
3'816'646
3'645'217
2'013'747
1'597'088
1'552'967
1'357'745
961'951
887'467
795'122
730'243
720'586
674'971
576'477
495'000
491'371
% Out
7.83
5.07
4.97
1.7
1.08
0.98
0.94
0.52
0.41
0.4
0.35
0.25
0.23
0.2
0.19
0.19
0.17
0.15
0.13
0.13
Weighting
Change
5
1
5
5
3
5
3
3
3
3
5
3
3
3
3
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
932'000
(296'000)
(148'845)
1'083'900
16'806
102'880
148'182
(150'100)
340'000
(38'400)
662'071
2'405
-
Target Price
12
12
14
13
12
13
12
11
13
12
13
12
13
12
#N/A N/A
12
14
#N/A N/A
File Dt
Inst Type
30.09.2010
Investment Advisor
30.12.2010
Investment Advisor
03.08.2010
Bank
31.10.2010
Investment Advisor
31.12.2010
Investment Advisor
27.10.2010
n/a
03.02.2011
Investment Advisor
30.06.2010
n/a
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
31.05.2010
Investment Advisor
20.08.2010
n/a
30.09.2010
n/a
31.12.2010
Investment Advisor
30.06.2010
Insurance Company
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
n/a
Date
12 month
Not Provided
12 month
Not Provided
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
Date
07.02.2011
07.02.2011
07.02.2011
07.02.2011
07.02.2011
01.02.2011
31.01.2011
21.01.2011
19.01.2011
18.01.2011
17.01.2011
17.01.2011
17.01.2011
17.01.2011
24.11.2010
25.08.2010
24.08.2010
23.08.2010
19.09.2011
Spark Infrastructure Group

Spark Infrastructure Group invests in utility infrastructure assets in
Australia.
Price/Volume
2
25.0 M
20.0 M
1
1
Latest Fiscal Year:

LTM as of:
52-Week High (05.07.2011)
52-Week Low (24.09.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SKI AT EQUITY YTD Change
SKI AT EQUITY YTD % CHANGE
12/2010
01/yy
1.34
1.04
3'991'955.00
1.255
-6.34%
21.26%
83.61%
1'326.7
1'665.05
1'049.23
0.0
0.0
89.28
1'793.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
1
0
5.0 M
0
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
101.4
27.72x
86.9
32.34x
25.9
46.50x
15.0 M
Valuation Analysis
31.12.2007
31.12.2008
97.2
92.8
36.95x
32.14x
80.0
44.91x
56.9
9.5
35.11x
138.30x
Profitability
31.12.2009
85.8
35.74x
122.5
11.47x
31.12.2010
87.2
28.28x
80.9
15.34x
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
60.86%
89.83%
3.36%
8.20%
3.39%
0.04%
92.8%
42.36%
75.04%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
9.22
0.63
1'118.02
16.42
25.34%
21.81%
0.626
13
3.462
4'921'789
5'494'162
5'537'333
FY+2
12/11 Y
12/12 Y
246.8
255.9
11.27x
10.98x
269.6
322.5
6.65x
5.56x
126.2
158.9
12.55x
10.20x
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
75.0%
42.9%
0.04
-
120.0
40.00
35.00
100.0
30.00
80.0
25.00
20.00
60.0
15.00
40.0
10.00
20.0
5.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Spark Infrastructure Group

Holdings By:
All
Holder Name
CHEUNG KONG INFRASTR
MACQUARIE GROUP LTD
SCHRODER INVESTMENT
GOLDMAN SACHS ASSET
STATE STREET CORP
FIRST TRUST ADVISORS
MACQUARIE CAP INVST
FRANK RUSSELL TRUST
MFS INVESTMENT MANAG
FIDEURAM GESTIONS SA
OFFICIUM CAPITAL LTD
Firm Name
Credit Suisse
JPMorgan
Morgan Stanley
Commonwealth Bank
Austock Securities
Citi
Macquarie
UBS
RBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SANDRA MCCULLAGH
JASON HARLEY STEED
MARK BLACKWELL
PAUL JOHNSTON
ANDREW CHAMBERS
TONY WILSON
MARIE MIYASHIRO
IAN MYLES
AIDEN BRADLEY
DAVID LEITCH
JASON MABEE
Source
EXCH
Co File
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
underweight
Underwt/In-Line
hold
hold
neutral
hold
outperform
hold
buy
buy
Amt Held
121'387'395
88'035'479
71'906'963
58'162'671
51'401'675
13'762'512
12'656'173
12'424'640
11'605'660
7'892'474
6'844'456
6'678'725
6'138'799
5'853'474
5'743'560
4'032'590
3'962'857
3'897'129
3'836'375
3'223'848
% Out
9.15
6.64
5.42
4.38
3.87
1.04
0.95
0.94
0.87
0.59
0.52
0.5
0.46
0.44
0.43
0.3
0.3
0.29
0.29
0.24
Weighting
Change
5
1
1
3
3
3
3
5
3
5
5
M
M
D
N
M
M
M
M
M
M
M
Latest Chg
14'188'048
10'743'412
(13'650'730)
(454'719)
(2'991'713)
12'656'173
2'289'057
(382'365)
1'499'759
6'138'799
1'311'874
5'243'500
21'476
1'455'714
256'900
2'588
3'223'848
Target Price
1
1
1
1
1
#N/A N/A
1
1
1
1
1
File Dt
02.12.2010
31.12.2009
13.07.2010
10.12.2010
10.05.2010
30.11.2009
30.06.2010
30.09.2010
04.02.2011
31.08.2010
14.06.2010
30.11.2010
30.09.2010
31.12.2010
31.12.2010
30.11.2010
31.01.2011
31.12.2010
04.02.2011
31.12.2010
Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Corporation
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
04.02.2011
04.02.2011
31.01.2011
04.01.2011
24.12.2010
03.11.2010
01.11.2010
25.09.2010
24.09.2010
23.09.2010
22.09.2010
19.09.2011
Stockland
Stockland is a property trust which invests and manages in retail and commercial
properties in Australia. The Group also provides property development and
management services, hotel management services and other relatedservices
including financing.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2010)
52-Week Low (11.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGP AT EQUITY YTD Change
SGP AT EQUITY YTD % CHANGE
06/2011
03/yy
4.01
2.52
5'192'902.00
2.86
-28.68%
13.49%
29.53%
2'383.0
6'815.49
2'407.40
0.0
0.0
194.60
9'028.29
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
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-10 m-10
30.06.2008
30.06.2009
2'134.0
1'847.4
5.30x
5.13x
685.5
567.8
16.50x
16.68x
705.2
(1'802.8)
11.14x
Profitability
LTM-4Q
30.06.2010
2'060.1
5.23x
593.2
18.16x
478.4
18.51x
30.06.2011
2'363.2
4.37x
616.3
16.77x
754.6
10.76x
616.30
560.30
23.71%
33.92%
5.29%
8.64%
6.65%
0.17%
26.1%
31.9%
16.52%
27.36%
-
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
LTM
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
FY+1
8.29
0.84
2'379.27
15.57
-22.04%
-17.82%
0.840
12
4.167
11'906'370
16'535'790
13'693'730
FY+2
06/12 Y
06/13 Y
1'751.4
2'031.9
5.35x
4.65x
799.6
845.5
11.29x
10.68x
751.4
783.6
9.08x
8.69x
S&P Issuer Ratings
FQ+1
FQ+2
07.06.2005
ASTABLE
3.11
-0.37
3.59
3.91
27.4%
21.5%
0.17
-
2'500.0
1.00
2'000.0
0.80
1'500.0
0.40
m-10

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
1.20
0.60
a-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'093.8
7.04x
684.5
21.55x
1'716.3
6.60x
1'000.0
500.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Stockland
Holdings By:
All
Holder Name
ING GROEP NV
VANGUARD GROUP INC
AMP LTD
BARCLAYS PLC
MORGAN STANLEY & CO
ABN AMRO ASSET MGMT
FRANK RUSSELL TRUST
Firm Name
Deutsche Bank
Morgan Stanley
Macquarie
Paterson Securities
JPMorgan
Credit Suisse
UBS
Commonwealth Bank
Citi
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
IAN RANDALL
LOURENS PIRENC
PAUL CHECCHIN
JONATHAN KRISKA
RICHARD JONES
STEPHEN RICH
JOHN FREEDMAN
PETER ZUK
DAVID LLOYD
DAVID BURGESS
JOHN P KIM
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
Equalwt/In-Line
underperform
hold
neutral
neutral
neutral
buy
buy
buy
sell
Amt Held
156'972'956
146'983'278
145'917'504
131'344'992
120'902'323
120'564'679
120'249'510
115'606'469
94'925'350
39'890'418
26'232'913
26'043'298
18'634'116
17'882'773
15'025'118
14'136'701
13'731'910
11'971'836
10'978'928
9'011'458
% Out
6.59
6.17
6.12
5.51
5.07
5.06
5.05
4.85
3.98
1.67
1.1
1.09
0.78
0.75
0.63
0.59
0.58
0.5
0.46
0.38
Weighting
Change
5
3
1
3
3
3
3
5
5
5
1
Latest Chg
36'305'576
24'996'475
72'738'381
(3'780'185)
346'086
(2'176'452)
(110'654)
92'000
(1'123'591)
2'069'288
396'218
(2'359'504)
(2'543'154)
7'700'205
Target Price
M
U
M
M
M
M
D
M
M
M
M
File Dt
Inst Type
24.11.2009
Bank
31.01.2011
Investment Advisor
13.01.2010
Investment Advisor
31.12.2009
Investment Advisor
26.11.2010
Bank
07.01.2011
Investment Advisor
08.12.2009
Insurance Company
22.10.2009
Investment Advisor
04.02.2011
Investment Advisor
30.09.2010
Investment Advisor
09.08.2010
Investment Advisor
30.09.2010
Investment Advisor
20.07.2010
Investment Advisor
30.09.2010
Investment Advisor
20.07.2010
Investment Advisor
22.06.2010
Investment Advisor
30.11.2010
Investment Advisor
Date
4
4
4
4
4
4
4
4
5
4
3
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
08.02.2011
02.02.2011
02.02.2011
01.02.2011
28.01.2011
24.01.2011
24.01.2011
14.01.2011
10.01.2011
01.12.2010
23.11.2010
19.09.2011
Suncorp Group Ltd

Suncorp Group Ltd. offers retail and business banking, life and general
insurance, superannuation and funds management services. The Company's
services include personal banking and loans, personal insurance products,
credit cards, pension savings accounts, term deposits, property development
finance, commercial lending, investments and lease financing.
Price/Volume
12
12.0 M
10.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (05.11.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SUN AT EQUITY YTD Change
SUN AT EQUITY YTD % CHANGE
06/2011
01/yy
9.76
6.03
4'518'468.00
8
-18.03%
32.67%
54.96%
1'286.6
10'292.81
26'893.00
0.0
17.0
1'497.00
35'705.81
8.0 M
6.0 M
4.0 M
2
2.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
Valuation Analysis
30.06.2007
10'207.0
4.52x
1'064.0
12.72x
16.0 M
10
30.06.2008
30.06.2009
13'167.0
14'189.0
3.76x
3.17x
583.0
348.0
21.65x
21.19x
Profitability
30.06.2010
15'438.0
2.69x
780.0
13.01x
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
30.06.2011
19'033.0
1.89x
453.0
22.89x
5.23%
4.53%
0.47%
3.24%
1.05%
0.20%
2.9%
28.16%
192.08%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.38
0.98
1'285.66
12.74
-8.63%
-3.01%
0.976
13
4.846
7'370'795
6'287'033
5'534'889
FY+2
06/12 Y
06/13 Y
8'990.0
9'521.7
1.98x
1.80x
1'476.7
1'656.3
24.18x
21.56x
1'040.6
1'204.9
9.88x
8.64x
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
192.1%
65.7%
0.20
53.69
-
18'000.0
25.00
16'000.0
20.00
14'000.0
12'000.0
15.00
10'000.0
8'000.0
10.00
6'000.0
4'000.0
5.00
0.00
06.07.2007
2'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Suncorp Group Ltd

Holdings By:
All
Holder Name
JCP INVESTMENT PARTN
VANGUARD GROUP INC
SCHRODER INVESTMENT
AXA ROSENBERG INTL
FIDELITY MANAGEMENT
FIDEURAM GESTIONS SA
SJUNDE AP FONDEN
PIONEER INVESTMENT M
Firm Name
RBS
Deutsche Bank
Macquarie
Credit Suisse
Citi
JPMorgan
Southern Cross
UBS
Portfolio Name
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RYAN FISHER
RICHARD COLES
KIEREN CHIDGEY
TONY JACKSON
JOHN HEAGERTY
NIGEL PITTAWAY
DANIEL TOOHEY
TS LIM
JAMES COGHILL
Source
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
neutral
neutral
buy
overweight
buy
buy
neutral
Amt Held
77'527'448
71'182'802
70'262'948
64'294'654
8'641'940
6'481'840
5'581'010
5'032'392
3'897'916
3'574'709
3'416'986
1'748'700
1'684'692
1'555'266
1'482'953
1'420'055
1'240'441
999'058
894'117
890'338
% Out
6.05
5.56
5.48
5.02
0.67
0.51
0.44
0.39
0.3
0.28
0.27
0.14
0.13
0.12
0.12
0.11
0.1
0.08
0.07
0.07
Weighting
Change
5
5
5
3
3
5
5
5
5
3
Latest Chg
119'064
203'497
86'983
4'629'005
(1'546'380)
3'574'709
(46'991)
130'000
10'000
39'155
142'000
11'696
(161'389)
-
Target Price
M
M
N
M
M
M
M
M
M
M
10
10
11
9
10
10
11
10
10
10
File Dt
Inst Type
01.12.2010
Bank
02.12.2009
Investment Advisor
12.01.2011
Bank
07.02.2011
Investment Advisor
31.12.2010
Investment Advisor
15.04.2010
Investment Advisor
04.02.2011
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.11.2010
Investment Advisor
31.12.2010
Investment Advisor
03.02.2011
Bank
31.12.2010
Unclassified
30.04.2010
Investment Advisor
31.08.2010
Investment Advisor
30.09.2010
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Date
07.02.2011
02.02.2011
02.02.2011
27.01.2011
22.01.2011
21.01.2011
12.01.2011
12.01.2011
05.01.2011
08.11.2010
19.09.2011
TABCORP Holdings Ltd

TABCORP Holdings Limited is a gambling and entertainment group involved in
combination of wagering, gaming, hospitality and media activities across
Australia. The Company's main activities are operates hotel casinos, wagering,
and gaming.
Price/Volume
8
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
f-11
7
6
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.06.2011)
52-Week Low (15.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TAH AT EQUITY YTD Change
TAH AT EQUITY YTD % CHANGE
06/2011
01/yy
3.70
2.56
2'017'636.00
2.61
-29.46%
1.95%
7.02%
688.0
1'795.73
965.00
0.0
0.0
147.10
2'613.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
1
0
f-10 m-10
30.06.2008
30.06.2009
3'957.0
4'211.3
1.83x
1.44x
1'217.2
1'075.5
5.95x
5.65x
(164.6)
521.7
7.68x
Profitability
30.06.2010
2'865.6
1.96x
700.0
8.01x
469.5
13.97x
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
30.06.2011
2'947.5
1.05x
1'107.5
2.78x
534.8
1'107.50
884.50
30.01%
2.38%
11.51%
22.93%
11.16%
0.63%
99.8%
37.6%
30.0%
18.1%
0.26
0.18
34.00%
79.69%
131.58
0.53
Price/ Cash Flow
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
16.48
0.76
687.38
14.44
-3.66%
-7.36%
0.762
10
3.200
4'667'760
6'127'108
6'236'670
FY+2
06/12 Y
06/13 Y
3'064.7
2'093.7
0.92x
1.40x
708.0
485.0
3.69x
5.39x
340.6
175.1
5.38x
10.65x
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
03.06.2011
BBB
STABLE
8.14
3.76
0.74
0.87
79.7%
44.3%
0.63
2.88
2.77
694.10
94255.88
-93559.01
16.00
4'500.0
14.00
4'000.0
3'500.0
12.00
3'000.0
10.00
2'500.0
8.00
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
500.0
0.00
06.07.2007
a-10
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
3'835.0
2.90x
949.3
11.73x
450.4
19.99x
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
TABCORP Holdings Ltd

Holdings By:
All
Holder Name
PERPETUAL LTD
AXA
VANGUARD GROUP INC
FIDELITY MANAGEMENT
AXA ROSENBERG INTL
STATE STREET CORP
Firm Name
Credit Suisse
Macquarie
RBS
Deutsche Bank
JPMorgan
Citi
Austock Securities
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LARRY GANDLER
ANDREW LEVY
SACHA KRIEN
HARRY THEODORE
MARK WILSON
STUART JACKSON
JENNY OWEN
ADAM ALEXANDER
ROHAN SUNDRAM
SAM THEODORE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
underperform
outperform
buy
hold
neutral
buy
hold
hold
buy
Amt Held
48'761'884
34'911'845
33'054'881
30'671'693
30'322'453
25'697'550
6'596'115
5'083'011
3'829'998
3'502'439
2'522'264
2'504'082
2'360'836
2'254'388
1'488'500
1'045'794
910'228
886'192
785'850
749'500
% Out
7.12
5.1
4.83
4.48
4.43
3.75
0.96
0.74
0.56
0.51
0.37
0.37
0.34
0.33
0.22
0.15
0.13
0.13
0.11
0.11
Weighting
Change
1
1
5
5
3
3
5
3
3
5
Latest Chg
(7'171'690)
(10'744'091)
981'703
(1'233'325)
(693'046)
(5'213'203)
69'997
2'617
570'360
734'607
124'464
(9'865)
2'300
(222'514)
40'128
(60'455)
(50'000)
Target Price
M
M
M
M
M
M
M
M
U
M
File Dt
Inst Type
05.02.2010
Investment Advisor
14.12.2010
Bank
18.01.2010
Investment Advisor
27.09.2010
Investment Advisor
04.12.2009
Investment Advisor
21.10.2010
Investment Advisor
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
04.02.2011
Investment Advisor
30.11.2010
Investment Advisor
31.10.2010
Investment Advisor
04.02.2011
Investment Advisor
15.07.2010
Investment Advisor
Date
7
7
9
8
7
7
9
8
7
9
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
04.02.2011
04.02.2011
04.02.2011
03.02.2011
03.02.2011
03.02.2011
03.02.2011
03.02.2011
03.02.2011
21.10.2010
19.09.2011
Tatts Group Ltd

Tatts Group Ltd. provides diversified network gambling services.
Price/Volume
3
25.0 M
20.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (30.12.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TTS AT EQUITY YTD Change
TTS AT EQUITY YTD % CHANGE
06/2011
01/yy
2.60
2.08
3'162'613.00
2.13
-18.08%
2.40%
13.46%
1'318.7
2'808.80
1'271.09
0.0
0.0
262.15
3'817.74
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'375.4
2.66x
388.6
16.25x
288.6
18.29x
15.0 M
Valuation Analysis
30.06.2008
30.06.2009
3'067.1
3'200.4
1.17x
1.18x
503.6
549.2
7.15x
6.87x
257.6
277.4
11.58x
11.64x
Profitability
30.06.2010
3'288.0
1.23x
564.0
7.20x
119.4
27.32x
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
30.06.2011
3'657.0
1.14x
612.3
6.82x
275.4
11.32x
612.26
492.84
13.48%
10.91%
5.66%
10.97%
8.79%
0.75%
16.7%
13.5%
7.5%
0.68
0.55
26.66%
49.77%
54.49
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
10.09
0.72
1'300.85
20.84
0.35%
-9.37%
0.719
10
3.800
8'638'021
8'883'548
6'313'431
FY+2
06/12 Y
06/13 Y
3'824.8
2'779.6
0.99x
1.36x
663.2
490.4
5.76x
7.78x
329.0
215.7
8.49x
13.31x
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
5.97
5.23
1.65
2.08
49.8%
33.2%
0.75
12.77
6.70
-
3'500.0
20.00
18.00
3'000.0
16.00
14.00
2'500.0
12.00
2'000.0
10.00
1'500.0
8.00
6.00
1'000.0
4.00
500.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Tatts Group Ltd

Holdings By:
All
Holder Name
PERPETUAL LTD
SEYMOUR KEVIN WILL
VANGUARD GROUP INC
WBK PTY LTD
SOLID EARTH PTY LTD
AXA ROSENBERG INTL
MCILWAIN RICHARD DOU
RUSSELL INVESTMENT M
Firm Name
RBS
Deutsche Bank
Credit Suisse
Macquarie
Citi
JPMorgan
Austock Securities
UBS
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ADAM ALEXANDER
HARRY THEODORE
MARK WILSON
LARRY GANDLER
SACHA KRIEN
ANDREW LEVY
JENNY OWEN
STUART JACKSON
ROHAN SUNDRAM
SAM THEODORE
Source
EXCH
Co File
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
buy
outperform
buy
neutral
sell
underweight
buy
buy
Amt Held
67'921'887
65'286'363
58'140'167
53'500'000
24'000'000
12'997'647
10'362'382
9'327'340
9'127'640
6'479'901
5'845'140
5'353'519
4'078'823
3'226'220
1'947'500
1'722'187
1'511'616
1'460'748
1'362'088
1'283'577
% Out
5.22
5.02
4.47
4.11
1.84
1
0.8
0.72
0.7
0.5
0.45
0.41
0.31
0.25
0.15
0.13
0.12
0.11
0.1
0.1
Weighting
Change
3
3
5
5
5
3
1
1
5
5
Latest Chg
(5'360'274)
134'849
243'963
(232'045)
(14'400)
(139'956)
(513'433)
1'898
-
Target Price
M
M
M
M
M
M
D
M
M
M
File Dt
Inst Type
01.05.2008
Bank
07.09.2010
Investment Advisor
08.10.2009
Bank
30.09.2010
Investment Advisor
26.08.2010
n/a
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
03.11.2008
n/a
03.11.2008
n/a
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
31.10.2009
Investment Advisor
26.08.2010
n/a
31.10.2010
Investment Advisor
04.02.2011
Investment Advisor
04.02.2011
Investment Advisor
30.01.2011
Investment Advisor
Date
3
2
3
3
3
2
2
2
3
3
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Date
02.02.2011
01.02.2011
27.01.2011
25.01.2011
12.01.2011
30.11.2010
29.10.2010
27.08.2010
27.08.2010
26.08.2010
19.09.2011
Telecom Corp of New Zealand Ltd

Telecom Corporation of New Zealand Limited provides telecommunications services
by offering local, national and international telephone services to households
and businesses. Telecom's other services include leased circuits, data
communications, directories, cellular, paging and Internet related services and
solutions.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.08.2011)
52-Week Low (18.03.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEL AT EQUITY YTD Change
TEL AT EQUITY YTD % CHANGE
Price/Volume
06/2011
09/yy
2.17
1.42
1'989'159.00
2.06
-5.24%
44.61%
83.46%
1'924.7
3'964.90
2'097.00
0.0
5.0
324.00
6'721.43
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
30.06.2008
30.06.2009
4'997.0
5'340.0
1.71x
1.40x
1'753.0
1'642.0
4.87x
4.56x
710.0
398.0
Profitability
LTM-4Q
30.06.2010
5'029.0
1.12x
1'635.0
3.44x
380.0
-
30.06.2011
4'898.0
1.33x
1'614.0
4.03x
164.0
1'614.00
587.00
11.98%
5.66%
2.47%
6.77%
5.93%
0.74%
33.0%
12.0%
3.3%
0.67
0.44
32.81%
90.94%
10.57
-
09/yy
5'270.0
0.00x
1'632.0
0.00x
412.0
0.00x
40.0 M
30.0 M
20.0 M
10.0 M
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
LTM
09/yy
4'976.0
0.00x
1'664.0
0.00x
321.0
0.00x
FY+1
.0 M
f-11
0.48
1'924.28
18.53
40.60%
34.17%
0.477
11
3.909
5'534'258
6'821'475
6'345'928
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
12/10 Q2 03/11 Q3
5'081.0
5'082.5
1'241.5
1'293.0
1.40x
1.36x
1'776.2
1'771.4
608.0
460.0
3.78x
3.79x
446.4
472.8
90.5
97.0
11.07x
10.44x
S&P Issuer Ratings
04.08.2010
A *04.08.2010
A-1 *8.15
3.08
1.10
1.30
90.9%
47.6%
0.74
1.23
34.54
-
6'000.0
1.00
5'000.0
0.60
50.0 M

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
1.20
0.80
60.0 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

30.06.2007
4'928.0
2.06x
1'906.0
5.32x
3'024.0
-
2
2
2
1
1
1
1
1
0
0
0
f-10 m-10
4'000.0
3'000.0
2'000.0
0.40
1'000.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Telecom Corp of New Zealand Ltd

Holdings By:
All
Holder Name
SCHRODER INVESTMENT
MACQUARIE GROUP LTD
AXA
MONDRIAN INVESTMENT
BRANDES INVESTMENT P
BLACKROCK INC
VANGUARD GROUP INC
SANFORD C BERNSTEIN
DELAWARE MANAGEMENT
SMARTSHARES LIMITED
SMARTSHARES NZX 10 F
Firm Name
Macquarie
JPMorgan
Deutsche Bank
Morgan Stanley
UBS
BBY Limited
First NZ Capital
RBS
Citi
Forsyth Barr
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ANDREW LEVY
LAURENT HORRUT
TRISTAN JOLL
GEOFF ZAME
MARK BLACKWELL
RICHARD EARY
MARK MCDONNELL
GREG MAIN
ALAN STUART
CHRISTOPHER I VAGG
GUY HALLWRIGHT
NEEL SINHA
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
13G
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Recommendation
neutral
neutral
sell
hold
Underwt/In-Line
neutral
buy
underperform
hold
hold
accumulate
underperform
Amt Held
136'595'330
124'203'448
101'694'543
94'152'739
91'386'948
91'022'387
86'720'344
85'472'086
81'193'369
18'811'903
15'271'415
12'153'860
9'600'171
7'619'843
7'018'857
6'473'610
5'947'804
5'937'762
5'509'736
4'542'637
% Out
7.1
6.45
5.28
4.89
4.75
4.73
4.51
4.44
4.22
0.98
0.79
0.63
0.5
0.4
0.36
0.34
0.31
0.31
0.29
0.24
Weighting
Change
3
3
1
3
1
3
5
1
3
3
4
1
M
M
M
M
M
M
M
D
M
M
U
M
Latest Chg
38'598'440
(68'246'810)
(21'833'322)
(2'971'042)
(2'481'573)
(28'075'348)
301'312
351'029
30'623
(4'516'000)
45'979
165'532
-
Target Price
2
2
2
2
1
2
3
2
2
2
#N/A N/A
2
File Dt
Inst Type
20.01.2011
Investment Advisor
01.03.2010
Investment Advisor
14.12.2010
Investment Advisor
18.01.2011
Investment Advisor
12.06.2008
Investment Advisor
31.03.2010
Investment Advisor
09.08.2010
Bank
03.03.2010
Bank
31.12.2010
Investment Advisor
04.02.2011
Investment Advisor
04.02.2011
Investment Advisor
31.08.2010
Investment Advisor
30.11.2010
Investment Advisor
31.08.2010
Investment Advisor
31.12.2010
Investment Advisor
31.03.2010
Investment Advisor
31.03.2010
Unclassified
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
08.02.2011
07.02.2011
04.02.2011
20.01.2011
13.12.2010
05.11.2010
05.11.2010
20.08.2010
13.06.2010
27.05.2010
25.05.2010
05.11.2009
19.09.2011
Telstra Corp Ltd

Telstra Corporation Limited is a full service domestic and international
telecommunications provider for Australia. The Company provides telephone
exchange lines to homes and businesses, supplying local, long distance and
international telephone calls and supplying mobile telecommunications services.
Telstra also provides data, internet, on-line services and directory services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.08.2011)
52-Week Low (17.11.2010)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TLS AT EQUITY YTD Change
TLS AT EQUITY YTD % CHANGE
06/2011
01/yy
3.17
2.55
30'927'856.00
3.06
-3.47%
20.00%
82.26%
12'443.1
38'075.81
14'168.00
0.0
218.0
2'630.00
49'831.81
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
.0 M
f-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
23'673.0
2.99x
9'728.0
7.27x
3'253.0
17.45x
30.06.2008
30.06.2009
24'657.0
25'371.0
2.73x
2.30x
10'119.0
10'726.0
6.66x
5.44x
3'692.0
4'073.0
14.18x
10.30x
Profitability
30.06.2010
24'813.0
2.17x
10'837.0
4.96x
3'883.0
10.35x
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
30.06.2011
24'983.0
1.91x
10'038.0
4.75x
3'231.0
11.07x
10'038.00
5'579.00
22.33%
18.24%
8.37%
26.09%
14.79%
0.65%
89.4%
40.2%
22.3%
12.9%
0.87
0.68
37.37%
117.34%
8.09
9.15
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
9.15
0.60
11'638.45
65.63
22.34%
20.59%
0.596
16
3.625
56'146'420
80'836'010
69'994'520
FY+2
06/12 Y
06/13 Y
25'342.0
25'512.6
2.00x
1.96x
10'375.9
10'386.2
4.80x
4.80x
3'512.6
3'600.6
10.85x
10.52x
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
14.02.2006
A
NEG
14.02.2006
A-1
8.46
6.49
1.15
1.41
117.3%
53.5%
0.65
1.12
45.14
39.90
125.50
-40.47
30'000.0
8.00
7.00
25'000.0
6.00
20'000.0
5.00
4.00
15'000.0
3.00
10'000.0
2.00
5'000.0
1.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Telstra Corp Ltd

Holdings By:
All
Holder Name
FUTURE FUND BOARD OF
NEW JERSEY DIVISION
VANGUARD GROUP INC
EATON VANCE MANAGEME
SCHRODER INVESTMENT
DELAWARE MANAGEMENT
Firm Name
JPMorgan
HSBC
Morgan Stanley
Credit Suisse
Southern Cross
BBY Limited
Nomura
Deutsche Bank
Macquarie
E.L. & C. Baillieu
Commonwealth Bank
RBS
UBS
Citi
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LAURENT HORRUT
NEALE ANDERSON
MARK BLACKWELL
BRADLEY CLIBBORN
DANIEL BLAIR
MARK MCDONNELL
CHRISTIAN GUERRA
SACHIN GUPTA
ANDREW LEVY
IVOR RIES
ALICE BENNETT
FRASER MCLEISH
DIGBY GILMOUR
TONY WILSON
RICHARD EARY
CHRISTOPHER I VAGG
Source
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
overweight
Overwt/In-Line
outperform
buy
hold
hold
neutral
hold
neutral
sell
buy
buy
outperform
neutral
buy
buy
Amt Held
841'166'341
112'950'000
86'000'000
81'736'317
56'652'577
50'070'000
46'408'138
40'600'000
35'112'036
27'766'957
22'022'082
20'771'500
20'198'585
16'669'000
16'379'514
13'200'591
12'812'429
10'456'310
10'244'780
10'150'300
% Out
6.76
0.91
0.69
0.66
0.46
0.4
0.37
0.33
0.28
0.22
0.18
0.17
0.16
0.13
0.13
0.11
0.1
0.08
0.08
0.08
Weighting
Change
5
5
5
5
5
3
3
3
3
3
1
5
5
5
3
5
5
M
M
M
M
U
M
M
M
M
M
M
M
U
U
U
M
M
Latest Chg
(128'796'937)
52'950'000
4'026'017
1'708'202
(1'984'726)
(255'527)
22'022'082
8'410'900
14'590
16'669'000
739'909
(366'899)
(25'220)
1'433'050
618'460
-
Target Price
3
3
4
3
3
3
3
3
3
3
3
3
3
3
#N/A N/A
4
4
File Dt
Inst Type
04.02.2011
n/a
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.11.2010
Investment Advisor
30.06.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
08.07.2010
Investment Advisor
04.02.2011
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
30.09.2010
Investment Advisor
31.10.2010
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
07.02.2011
07.02.2011
04.02.2011
04.02.2011
03.02.2011
02.02.2011
02.02.2011
01.02.2011
31.01.2011
29.01.2011
21.12.2010
20.12.2010
24.11.2010
24.11.2010
07.10.2010
13.08.2010
12.08.2010
19.09.2011
Ten Network Holdings Ltd

Ten Network Holdings Limited operates commercial television stations through
five capital cities in Australia known as the Ten Network. The Company
broadcasts and produces television shows, movies, news and sporting events.
The Company also provides outdoor advertising services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.11.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TEN AT EQUITY YTD Change
TEN AT EQUITY YTD % CHANGE
08/2010
01/yy
1.66
0.81
3'534'010.00
0.9
-45.78%
11.11%
12.35%
1'045.2
940.71
310.64
0.0
0.0
13.00
1'263.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
200.0 M
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
f-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.08.2006
889.3
1.91x
248.9
6.84x
45.8
23.59x
2
2
2
1
1
1
1
1
0
0
0
f-10 m-10
31.08.2007
31.08.2008
989.4
1'003.1
2.96x
2.10x
234.2
212.3
12.51x
9.92x
66.1
273.5
16.08x
5.73x
Profitability
31.08.2009
901.5
1.87x
12.6
133.58x
(89.4)
-
31.08.2010
990.5
1.74x
207.9
8.30x
150.0
9.51x
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
207.93
178.72
18.04%
14.28%
9.21%
18.18%
0.61%
21.0%
18.0%
15.1%
1.71
0.87
18.67%
34.43%
5.83
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
18.89
1.06
734.21
32.08
-31.73%
-36.40%
1.056
15
3.800
6'023'602
5'509'920
5'095'839
FY+2
08/11 Y
08/12 Y
1'004.9
1'028.2
1.31x
1.26x
172.1
190.1
7.34x
6.65x
74.9
91.4
12.00x
10.47x
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
6.45
5.89
1.43
1.49
34.4%
25.6%
0.61
11.37
62.60
-
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
0.00
31.08.2007
200.0
0.0
29.02.2008
31.08.2008
28.02.2009
31.08.2009
28.02.2010
31.08.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Ten Network Holdings Ltd

Holdings By:
All
Holder Name
BIRKETU PTY LTD
HANCOCK PROSPECTING
MURDOCH LACHLAN KEIT
PACKER JAMES DOUGLAS
PERPETUAL LTD
UBS AG
ING GROEP NV
PARADICE INVESTMENT
HARRIS ASSOCIATES L
GLEESON PAUL V
ALLARD SERVICES PTY
AMP LIFE LTD
Firm Name
Deutsche Bank
Commonwealth Bank
Macquarie
Morgan Stanley
RBS
JPMorgan
Citi
BBY Limited
Credit Suisse
UBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
HARRIS ASSOC LP
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ALICE BENNETT
CHRISTIAN GUERRA
ALEX POLLAK
DIGBY GILMOUR
ANDREW MCLEOD
FRASER MCLEISH
LAURENT HORRUT
JUSTIN DIDDAMS
MARK MCDONNELL
TONY WILSON
JOLANTA MASOJADA
LAUREN MORAN
Source
EXCH
EXCH
EXCH
EXCH
EXCH
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
13F
Co File
Co File
Co File
EXCH
Co File
MF-AGG
MF-AGG
Recommendation
hold
sell
buy
neutral
buy
Overwt/Cautious
hold
neutral
buy
hold
neutral
neutral
neutral
Amt Held
146'559'823
105'713'672
93'422'456
93'422'456
62'334'680
56'829'887
52'439'048
52'303'141
52'218'493
50'869'027
50'288'185
49'064'685
19'925'200
15'228'608
12'184'563
11'825'534
9'017'080
8'347'832
3'997'559
3'816'998
% Out
14.02
10.11
8.94
8.94
5.96
5.44
5.02
5
5
4.87
4.81
4.69
1.91
1.46
1.17
1.13
0.86
0.8
0.38
0.37
Weighting
Change
3
1
5
3
5
5
3
3
5
3
3
3
3
M
D
M
M
M
M
U
M
M
D
D
M
M
Latest Chg
10'709'823
(15'000'000)
(370'625)
(11'166'591)
(2'000'000)
(15'880'784)
2'922'000
3'997'559
(683'646)
Target Price
2
1
2
2
2
2
1
1
2
2
#N/A N/A
2
2
File Dt
Inst Type
17.11.2010
Investment Advisor
13.12.2010
n/a
13.12.2010
n/a
13.12.2010
n/a
19.11.2010
Investment Advisor
30.09.2009
Investment Advisor
29.06.2010
Investment Advisor
17.08.2010
Bank
20.10.2009
Bank
08.10.2010
Bank
21.05.2010
Investment Advisor
08.07.2010
Investment Advisor
31.12.2010
Investment Advisor
31.08.2009
n/a
22.10.2009
n/a
22.10.2009
Other
22.10.2009
Investment Advisor
22.10.2009
Investment Advisor
30.06.2010
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
07.02.2011
27.01.2011
25.01.2011
20.01.2011
20.01.2011
19.01.2011
13.01.2011
26.11.2010
16.11.2010
25.10.2010
24.10.2010
22.10.2010
22.10.2010
19.09.2011
Toll Holdings Ltd

Toll Holdings Limited provides express freight transport by road, rail and sea
and provides integrated logistics and distribution systems, including
specialized warehousing, port operations, vehicle transport and distribution,
and rail passenger operations. The Company also provides coastal shipping,
refrigerated freight services, bulk liquid transportation and wharf services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.10.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TOL AT EQUITY YTD Change
TOL AT EQUITY YTD % CHANGE
06/2011
01/yy
7.04
3.70
1'345'396.00
4.45
-36.79%
20.27%
23.65%
710.1
3'160.07
1'516.40
0.0
35.0
496.50
4'214.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
4'848.6
2.10x
816.3
12.49x
1'278.7
332.34x
10
9
8
7
6
5
4
3
2
1
0
f-10 m-10
30.06.2008
30.06.2009
5'593.7
6'480.6
0.93x
0.73x
682.6
581.5
7.64x
8.17x
(694.7)
270.3
15.55x
15.19x
Profitability
30.06.2010
6'944.0
0.69x
595.3
8.08x
278.9
13.73x
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
30.06.2011
8'224.5
0.55x
639.7
7.03x
281.4
12.19x
639.70
396.40
4.82%
4.99%
4.88%
10.28%
7.71%
1.43%
7.8%
4.8%
3.4%
0.79
0.64
25.92%
54.77%
9.04
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.62
1.00
638.86
32.47
-29.31%
-18.35%
1.002
13
3.308
2'937'760
3'243'415
3'370'066
FY+2
06/12 Y
06/13 Y
8'674.6
9'252.4
0.49x
0.46x
725.3
799.1
5.81x
5.27x
307.3
343.9
10.23x
9.23x
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
12.98
2.70
1.59
2.37
54.8%
35.1%
1.43
4.42
40.37
-
8'000.0
12.00
7'000.0
10.00
6'000.0
8.00
5'000.0
6.00
4'000.0
3'000.0
4.00
2'000.0
2.00
0.00
06.07.2007
1'000.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Toll Holdings Ltd

Holdings By:
All
Holder Name
UBS AG
LITTLE PAUL ALEXANDE
BARCLAYS PLC
VANGUARD GROUP INC
HARTFORD INVESTMENT
HARTFORD INVESTMENT
PACIFIC LIFE INSURAN
GLENMEDE ADVISORS IN
SJUNDE AP FONDEN
NAMARONG INVESTMENTS
Firm Name
Deutsche Bank
Macquarie
Credit Suisse
Commonwealth Bank
RBS
UBS
Paterson Securities
JPMorgan
Morgan Stanley
Citi
E.L. & C. Baillieu
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CAMERON MCDONALD
RUSSELL SHAW
ANTHONY MOULDER
MATT CROWE
MARK WILLIAMS
PAUL RYAN
SIMON MITCHELL
GRAEME CARSON
ANDREW GIBSON
SCOTT CARROLL
JULIA WENG
SHAVARSH BEDROSSIAN
ROSS MACMILLAN
Source
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Recommendation
hold
underperform
underperform
hold
hold
neutral
neutral
hold
hold
neutral
Equalwt/In-Line
buy
accumulate
Amt Held
42'597'457
36'050'579
33'713'662
33'542'218
8'133'000
6'380'455
5'480'889
5'095'589
3'342'551
2'852'425
2'603'392
2'374'202
1'285'990
1'035'358
881'860
843'996
746'135
711'703
698'642
662'120
% Out
6.03
5.1
4.77
4.75
1.15
0.9
0.78
0.72
0.47
0.4
0.37
0.34
0.18
0.15
0.12
0.12
0.11
0.1
0.1
0.09
Weighting
Change
3
1
1
3
3
3
3
3
3
3
3
5
4
M
M
M
M
M
U
M
M
M
M
M
M
N
Latest Chg
(12'456'956)
(1'808'736)
133'000
53'343
3'743'899
106'250
(39'475)
335'240
(27'605)
73'500
18'492
41'112
285'400
8'403
(567'402)
-
Target Price
6
6
7
7
6
#N/A N/A
6
7
8
7
7
7
7
File Dt
13.10.2010
31.03.2010
13.10.2009
11.05.2010
30.06.2010
04.02.2011
31.12.2010
29.10.2010
31.12.2010
31.12.2010
29.10.2010
31.12.2010
31.10.2010
31.12.2010
31.12.2010
30.09.2010
31.10.2010
30.09.2010
30.09.2010
19.11.2008
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
n/a
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Insurance Company
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Other
Date
02.02.2011
02.02.2011
31.01.2011
28.01.2011
21.01.2011
13.01.2011
03.11.2010
29.10.2010
08.10.2010
27.08.2010
26.08.2010
26.08.2010
26.08.2010
19.09.2011
Transfield Services Ltd

Transfield Services Limited provides a variety of operations and maintenance
outsourcing services in Australia and New Zealand, which cover structural,
mechanical, instrumentation, civil and electrical maintenance. The Group's
customers operate within the power, rail, oil and gas, petrochemical, defense,
water utility, telecommunication, and mineral processing sectors.
Price/Volume
5
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
f-11
4
4
3
3
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (19.05.2011)
52-Week Low (15.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TSE AT EQUITY YTD Change
TSE AT EQUITY YTD % CHANGE
06/2011
01/yy
3.76
1.99
1'875'962.00
2.03
-46.01%
2.01%
4.52%
549.7
1'115.92
515.73
0.0
1.2
254.48
1'378.35
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
1
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'290.9
1.11x
109.0
23.30x
110.4
35.33x
30.06.2008
30.06.2009
2'993.3
3'385.9
0.69x
0.39x
127.8
152.8
16.08x
8.75x
82.2
(55.0)
26.85x
Profitability
30.06.2010
2'604.0
0.60x
108.6
14.41x
73.0
21.90x
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
30.06.2011
2'746.0
0.77x
137.4
15.31x
(19.7)
38.07x
137.39
56.14
2.04%
1.85%
-0.96%
-2.05%
1.00%
1.33%
5.0%
2.0%
-0.7%
1.51
1.17
22.74%
45.90%
5.57
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.90
1.05
486.85
3.85
-40.77%
-35.96%
1.050
13
3.923
2'252'799
3'381'267
2'478'095
FY+2
06/12 Y
06/13 Y
3'259.4
3'476.5
0.41x
0.37x
250.4
279.6
5.51x
4.93x
121.2
139.8
9.23x
8.02x
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
3.54
1.66
1.90
3.75
45.9%
31.4%
1.33
11.36
65.53
-
35.00
4'000.0
30.00
3'500.0
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Transfield Services Ltd

Holdings By:
All
Holder Name
TRANSFIELD PTY LTD
MONDRIAN INVESTMENT
SCHRODER INVESTMENT
AMP LTD
BELGIORNO-NETTIS LUC
SADATMEHR JOSEPH
GOODE PETER ALLAN
BELGIORNO-NETTIS GUI
VANGUARD GROUP INC
STATE STREET CORP
BURDON STEPHEN WILLI
Firm Name
Deutsche Bank
LINWAR Securities
Austock Securities
Macquarie
Commonwealth Bank
E.L. & C. Baillieu
RBS
Credit Suisse
JPMorgan
Nomura
Paterson Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CRAIG WONGPAN
STUART TURNER
HEATH ANDREWS
JOHN PURTELL
BEN BROWNETTE
GAVIN DUFFY
ANDREW HODGE
CHRIS SAVAGE
CHRIS COUNIHAN
ALISTAIR REID
SIMON THACKRAY
GRAEME CARSON
Source
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Recommendation
hold
outperform
buy
outperform
hold
accumulate
hold
hold
neutral
restricted
neutral
buy
Amt Held
57'849'887
57'234'871
32'180'465
21'632'157
20'620'180
4'733'804
2'325'779
2'325'479
2'170'585
2'143'533
940'000
823'407
611'111
498'992
384'853
352'624
351'226
342'687
232'731
188'509
% Out
10.52
10.41
5.85
3.94
3.75
0.86
0.42
0.42
0.39
0.39
0.17
0.15
0.11
0.09
0.07
0.06
0.06
0.06
0.04
0.03
Weighting
Change
3
5
5
5
3
4
3
3
3
#N/A N/A
3
5
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
16'534'843
10'026'890
(2'157'380)
1'560'915
582'295
174'772
203'435
(9'719'397)
111'111
88'740
8'357
(85'176)
-
Target Price
3
4
4
4
4
3
4
4
4
#N/A N/A
4
4
File Dt
21.01.2011
23.12.2010
24.12.2010
28.04.2010
30.11.2009
31.12.2010
31.12.2010
30.11.2010
21.01.2011
17.03.2008
30.09.2010
30.06.2010
21.01.2011
21.01.2011
04.02.2011
31.12.2010
04.02.2011
30.11.2010
04.02.2011
14.07.2010
Date
12 month
12 month
Not Provided
12 month
12 month
23 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Corporation
Bank
Hedge Fund Manager
Investment Advisor
Insurance Company
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
n/a
Bank
Mutual Fund Manager
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Date
07.02.2011
14.01.2011
12.01.2011
22.12.2010
16.12.2010
16.12.2010
15.12.2010
15.12.2010
14.12.2010
13.12.2010
13.12.2010
29.11.2010
19.09.2011
Transurban Group
Transurban Group is involved in the operation of the Melbourne City Link and the
Hills Motorway M2 toll roads. The Group is also involved in developing and
operatings electronic toll systems.
Price/Volume
6
180.0 M
160.0 M
140.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.05.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TCL AT EQUITY YTD Change
TCL AT EQUITY YTD % CHANGE
06/2011
01/yy
5.54
4.54
3'708'334.00
5.25
-5.23%
15.64%
85.00%
1'450.8
7'616.87
4'238.69
0.0
279.2
411.88
11'722.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
f-10 m-10
30.06.2008
30.06.2009
764.9
834.0
11.62x
11.42x
406.7
504.9
21.84x
18.87x
(109.7)
(24.6)
Profitability
30.06.2010
817.2
11.82x
527.5
18.31x
59.4
92.17x
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
30.06.2011
1'036.5
11.24x
603.9
19.30x
112.5
67.05x
603.92
314.48
30.34%
10.49%
1.10%
2.97%
0.10%
58.3%
30.3%
10.9%
0.66
0.46
40.74%
114.15%
35.39
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
.0 M
f-11
FY+1
-
5.14
0.61
1'375.76
2.11
8.62%
5.32%
0.612
13
4.769
5'549'068
6'211'954
8'604'405
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
03/11 Q3 06/11 Q4
899.8
970.7
13.79x
12.91x
663.9
740.8
17.66x
15.82x
102.9
148.9
66.46x
48.17x
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
1.38
1.29
6.34
7.02
114.2%
51.5%
0.10
6.41
10.31
-
50.00
900.0
45.00
800.0
40.00
700.0
35.00
600.0
30.00
500.0
25.00
400.0
20.00
300.0
15.00
200.0
10.00
100.0
5.00
0.00
06.07.2007
a-10 m-10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
506.9
24.39x
336.5
36.75x
(152.4)
-
120.0 M
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Transurban Group
Holdings By:
All
Holder Name
CP2 LTD
CANADA PENSION PLAN
ONTARIO TEACHERS PEN
CI INVESTMENTS INC
VANGUARD GROUP INC
NEW JERSEY DIVISION
FRANK RUSSELL TRUST
GOLDMAN SACHS ASSET
EDWARDS KIMBERLEY
FIRST TRUST ADVISORS
Firm Name
Deutsche Bank
Commonwealth Bank
Macquarie
Morgan Stanley
UBS
JPMorgan
Austock Securities
Citi
RBS
Cormark Securities Inc.
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CAMERON MCDONALD
PAUL JOHNSTON
IAN MYLES
SCOTT RYALL
SCOTT KELLY
XU HAN
TONY WILSON
JONATHAN COLLETT
ANDREW CHAMBERS
MARIE MIYASHIRO
LUKE MACNAB
DAVID MCFADGEN
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Recommendation
hold
buy
neutral
outperform
Overwt/In-Line
buy
neutral
Positive
hold
buy
hold
buy
market perform
Amt Held
187'139'384
182'552'346
73'171'925
70'391'790
55'231'216
20'270'964
16'083'801
14'877'000
12'338'279
10'580'783
8'384'553
7'869'334
7'268'560
5'861'749
5'051'424
2'420'143
2'416'418
2'022'500
1'918'992
1'698'535
% Out
12.98
12.67
5.08
4.88
3.83
1.41
1.12
1.03
0.86
0.73
0.58
0.55
0.5
0.41
0.35
0.17
0.17
0.14
0.13
0.12
Weighting
Change
3
5
3
5
5
5
3
4
3
5
3
5
3
M
M
M
N
M
M
M
M
M
M
D
M
M
Latest Chg
(180'712)
(703'791)
(136'500'189)
5'056'000
4'400'229
229'496
1'000'714
234'645
1'987'998
(364'601)
(280'127)
(11'000)
1'836'492
(96'696)
Target Price
5
6
5
6
6
6
6
#N/A N/A
6
7
5
6
9
File Dt
26.05.2010
17.06.2010
21.07.2010
14.07.2010
23.06.2008
21.05.2010
04.02.2011
30.06.2010
30.06.2010
31.12.2010
04.02.2011
30.09.2010
31.12.2010
30.09.2010
30.11.2010
30.09.2010
30.11.2009
07.11.2007
30.09.2010
31.08.2010
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Date
08.02.2011
31.01.2011
28.01.2011
28.01.2011
13.01.2011
13.01.2011
13.01.2011
13.01.2011
08.12.2010
25.11.2010
12.10.2010
12.08.2010
09.02.2009
19.09.2011
UGL Ltd
UGL Limited is a diversified engineering, construction and maintenance company.
The Company's operations include railway manufacturing, maintenance and
engineering along with providing design, construction, operating and maintenance
services in the mining, commercial property, water services, defenseand
petrochemicals industries.
Price/Volume
18
16
14
12
10
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (08.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UGL AT EQUITY YTD Change
UGL AT EQUITY YTD % CHANGE
06/2011
01/yy
16.48
11.25
414'358.00
12.11
-26.52%
7.64%
20.08%
166.0
2'010.83
414.92
0.0
5.5
236.69
2'194.56
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4
2
0
f-10 m-10
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
2'549.7
1.00x
180.8
14.15x
92.7
24.56x
30.06.2008
30.06.2009
3'478.2
4'754.4
0.66x
0.43x
226.5
265.6
10.10x
7.63x
131.1
142.5
15.05x
11.88x
Profitability
30.06.2010
4'186.9
0.59x
274.4
8.96x
144.5
15.45x
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
30.06.2011
4'285.1
0.57x
295.5
8.31x
158.5
14.53x
295.48
235.72
5.50%
5.04%
6.45%
13.64%
10.84%
1.74%
6.9%
5.5%
3.7%
1.46
0.93
17.23%
35.59%
9.55
-
Price/ Cash Flow
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
f-11
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.78
0.92
161.41
5.91
-13.22%
-11.60%
0.917
15
4.400
870'545
862'101
777'883
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
03/11 Q3 06/11 Q4
4'552.0
4'875.6
0.47x
0.43x
314.6
339.9
6.97x
6.46x
176.5
194.1
11.52x
10.50x
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
11.45
10.24
0.60
1.40
35.6%
26.2%
1.74
26.88
38.22
-
5'000.0
30.00
4'500.0
25.00
4'000.0
3'500.0
20.00
3'000.0
15.00
2'500.0
2'000.0
10.00
1'500.0
1'000.0
5.00
0.00
06.07.2007
500.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
UGL Ltd
Holdings By:
All
Holder Name
CALEDONIA INVESTMENT
LEUPEN RICHARD A
BIRMAN JONE
SCHRODER INVESTMENT
INVESCO LTD
HUMPHRY RICHARD GEOR
VANGUARD GROUP INC
Firm Name
Deutsche Bank
LINWAR Securities
RBS
JPMorgan
Macquarie
Paterson Securities
Commonwealth Bank
Austock Securities
Credit Suisse
Nomura
E.L. & C. Baillieu
Citi
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
CRAIG WONGPAN
CHRIS SAVAGE
STUART TURNER
ANDREW HODGE
ALISTAIR REID
JOHN PURTELL
GRAEME CARSON
BEN BROWNETTE
HEATH ANDREWS
CHRIS COUNIHAN
SIMON THACKRAY
GAVIN DUFFY
GUY ROBINSON
Source
Co File
EXCH
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
EXCH
Recommendation
hold
buy
underperform
hold
neutral
neutral
buy
buy
sell
outperform
buy
sell
hold
Amt Held
15'037'447
8'597'619
8'325'057
7'372'425
3'877'425
3'084'593
843'249
543'872
531'344
481'450
456'951
423'219
400'000
323'012
288'029
259'491
176'508
173'762
151'000
132'600
% Out
9.06
5.18
5.01
4.44
2.34
1.86
0.51
0.33
0.32
0.29
0.28
0.25
0.24
0.19
0.17
0.16
0.11
0.1
0.09
0.08
Weighting
Change
3
5
1
3
3
3
5
5
1
5
5
1
3
Latest Chg
(1'680'674)
(980'008)
(14'000)
333'443
43'354
42'272
58'832
216
4'422
-
Target Price
M
M
M
M
M
M
M
M
D
M
N
N
M
14
19
15
15
15
15
17
17
14
16
17
13
15
File Dt
Inst Type
10.08.2010
Investment Advisor
10.12.2010
Bank
02.02.2011
Bank
26.10.2010
Investment Advisor
30.11.2010
Investment Advisor
18.08.2010
n/a
04.02.2011
Investment Advisor
30.09.2010
Investment Advisor
30.12.2010
Investment Advisor
30.11.2010
Investment Advisor
04.02.2011
Investment Advisor
30.06.2010
n/a
30.06.2010
Investment Advisor
07.02.2011
Investment Advisor
04.02.2011
Investment Advisor
17.01.2011
n/a
31.12.2010
Investment Advisor
30.06.2009
Unclassified
Date
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Date
07.02.2011
07.02.2011
14.01.2011
05.01.2011
22.12.2010
16.12.2010
01.12.2010
30.11.2010
24.11.2010
28.10.2010
17.09.2010
18.08.2010
17.08.2010
19.09.2011
Wesfarmers Ltd
Wesfarmers Ltd. owns retail chains, operates mines, writes insurance,
manufactures and distributes industrial products, manufactures fertilizers and
chemicals, and distributes liquefied petroleum gas and medical and industrial
gases.
Price/Volume
40
18.0 M
35
16.0 M
30
14.0 M
12.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.02.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WES AT EQUITY YTD Change
WES AT EQUITY YTD % CHANGE
06/2011
01/yy
35.26
26.04
2'353'450.00
30.46
-13.61%
16.97%
50.87%
1'005.8
35'356.95
4'879.00
0.0
0.0
2'440.00
37'795.94
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
15
6.0 M
10
4.0 M
2.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
9'666.4
2.26x
1'454.4
15.01x
786.3
21.72x
10.0 M
20
30.06.2008
30.06.2009
33'301.0
50'641.0
1.36x
0.51x
2'714.0
3'854.0
16.73x
6.70x
1'063.0
1'535.0
21.41x
14.16x
Profitability
30.06.2010
51'485.0
0.70x
3'474.0
10.30x
1'565.0
21.11x
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
30.06.2011
54'513.0
0.72x
3'778.0
10.40x
1'922.0
19.11x
3'778.00
2'855.00
5.24%
4.96%
4.80%
7.68%
7.53%
1.36%
6.9%
5.2%
3.5%
1.17
0.53
11.95%
19.26%
31.42
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.43
0.94
1'002.66
18.86
-4.50%
-0.14%
0.935
15
4.267
3'851'127
4'254'207
3'683'150
FY+2
06/12 Y
06/13 Y
58'207.8
61'639.3
0.70x
0.67x
5'003.6
5'427.0
7.55x
6.96x
2'500.9
2'703.6
14.21x
13.11x
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
10.03.2011
ASTABLE
07.11.2007
A-2
7.76
3.52
0.65
1.29
19.3%
16.2%
1.36
6.88
11.62
-
14.00
60'000.0
12.00
50'000.0
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Wesfarmers Ltd
Holdings By:
All
Holder Name
BARCLAYS PLC
VANGUARD GROUP INC
FIDELITY MANAGEMENT
NEW JERSEY DIVISION
GRAHAM JAMES PHILIP
DELAWARE MANAGEMENT
GOYDER RICHARD J B
Firm Name
Deutsche Bank
Credit Suisse
Nomura
Morgan Stanley
UBS
JPMorgan
Macquarie
Commonwealth Bank
Paterson Securities
Citi
RBS
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
EMILY BEHNCKE
GRANT SALIGARI
DAVID COOKE
THOMAS KIERATH
BEN GILBERT
SHAUN COUSINS
GREG DRING
PHILLIP KIMBER
ANDREW MCLENNAN
RUSSELL WRIGHT
CRAIG WOOLFORD
DANIEL BROEREN
TONY WILSON
JAMES PATERSON
Source
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
Recommendation
buy
outperform
buy
Underwt/In-Line
neutral
overweight
neutral
buy
hold
hold
hold
hold
Positive
outperform
Amt Held
51'766'352
41'790'093
41'671'426
10'036'285
8'061'969
6'166'000
6'090'205
5'405'354
4'245'088
4'000'000
3'265'932
2'974'721
1'395'700
1'353'485
1'299'667
1'122'000
960'189
937'094
852'467
770'193
% Out
5.15
4.16
4.15
1
0.8
0.61
0.61
0.54
0.42
0.4
0.32
0.3
0.14
0.13
0.13
0.11
0.1
0.09
0.08
0.08
Weighting
Change
5
5
5
1
3
5
3
5
3
3
3
3
4
5
M
M
M
M
M
M
M
M
M
M
M
D
U
N
Latest Chg
(11'159'934)
6'197'572
59'471
244'374
166'726
58'339
(313'164)
(105'307)
158'700
99'667
355'229
557'100
731'661
(64'431)
-
Target Price
42
40
39
33
31
34
33
42
35
31
32
33
#N/A N/A
33
File Dt
16.09.2010
20.08.2009
30.09.2010
04.02.2011
31.12.2010
30.06.2010
31.08.2010
31.12.2010
31.12.2010
30.09.2010
30.06.2010
31.12.2010
26.07.2010
29.10.2010
30.09.2010
30.09.2010
30.09.2010
16.09.2010
31.12.2010
16.09.2010
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Date
07.02.2011
04.02.2011
02.02.2011
31.01.2011
31.01.2011
31.01.2011
31.01.2011
31.01.2011
31.01.2011
31.01.2011
14.01.2011
12.01.2011
09.01.2011
28.05.2010
19.09.2011
Seven West Media Ltd

West Australian Newspapers Holdings Ltd. is the holding company for various
companies that write, publish and sell regional newspapers. The Company is also
involved in the cinema exhibition, cinema advertising and film distribution.
Price/Volume
9
7.0 M
6.0 M
5.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
Daily Volume
Shares Out #N/A N/A
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WAN AT EQUITY YTD Change
WAN AT EQUITY YTD % CHANGE
06/2011
09/yy
0.00
214.2
261.00
0.0
0.0
12.07
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2008
30.06.2009
469.9
417.6
4.18x
2.92x
209.6
172.3
9.36x
7.07x
109.9
87.2
Profitability
3.0 M
2.0 M
1.0 M
1
0
f-10 m-10
LTM-4Q
30.06.2010
408.2
4.04x
169.7
9.72x
96.2
-
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
30.06.2011
725.7
115.1
169.66
148.73
36.44%
32.85%
21.65%
97.02%
28.44%
0.92%
41.6%
0.0%
15.9%
2.22
1.78
59.14%
199.92%
7.68
-
Price/ Cash Flow
a-10
m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
03/yy
665.3
0.00x
0.0
0.00x
195.5
0.00x
LTM
09/yy
302.1
0.00x
0.0
0.00x
68.4
0.00x
FY+1
.0 M
f-11
16
3.750
FY+2
FQ+1
FQ+2
06/12 Y
06/13 Y
09/11 Q1 12/11 Q2
1'983.1
2'042.5
600.3
612.9
278.1
292.4
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
8.51
8.10
1.47
1.54
199.9%
66.7%
0.92
1.86
47.53
-
500.0
35.00
450.0
30.00
400.0
25.00
350.0
300.0
20.00
250.0
200.0
15.00
150.0
10.00
100.0
5.00
0.00
06.07.2007
4.0 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

30.06.2007
446.1
7.40x
186.9
17.66x
54.0
-
50.0
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Seven West Media Ltd

Holdings By:
All
Holder Name
SEVEN NETWORK LTD
STOKES KERRY MATTHEW
GARVEN THOMAS L
VANGUARD GROUP INC
MANSELL PETER JOHN
SMARTSHARES LIMITED
AQR CAPITAL MANAGEME
FRAUNSCHIEL ERICH
STEINKE KENNETH NOEL
Firm Name
UBS
Credit Suisse
JPMorgan
Commonwealth Bank
Deutsche Bank
RBS
Morgan Stanley
Macquarie
Hartleys
BBY Limited
Southern Cross
Citi
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
LAUREN MORAN
JOLANTA MASOJADA
LAURENT HORRUT
ALICE BENNETT
CHRISTIAN GUERRA
FRASER MCLEISH
ANDREW MCLEOD
ALEX POLLAK
TRENT BARNETT
MARK MCDONNELL
DANIEL BLAIR
DIGBY GILMOUR
TONY WILSON
JUSTIN DIDDAMS
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
Sch-D
Recommendation
neutral
neutral
overweight
buy
buy
hold
hold
Underwt/Cautious
neutral
hold
hold
buy
underperform
negative
hold
Amt Held
53'424'268
12'848'711
8'046'000
2'303'645
2'081'146
860'177
363'726
269'624
249'584
197'559
100'028
57'921
57'147
56'714
49'061
45'520
37'075
36'000
35'552
32'199
% Out
24.32
5.85
3.66
1.05
0.95
0.39
0.17
0.12
0.11
0.09
0.05
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.01
Weighting
Change
3
3
5
5
5
3
3
1
3
3
3
5
1
2
3
M
M
M
U
M
M
M
M
M
D
M
M
D
M
M
Latest Chg
146'206
2'662
272
2'462
14'178
1'698
28'344
943
10'335
Target Price
6
8
8
8
8
7
7
7
7
7
6
8
6
#N/A N/A
7
File Dt
17.11.2010
30.03.2010
30.06.2010
31.12.2010
31.12.2010
31.12.2010
04.02.2011
31.12.2010
17.11.2010
30.06.2009
31.12.2010
03.12.2008
31.03.2010
31.08.2010
31.12.2009
05.11.2008
30.04.2010
11.12.2008
30.11.2010
30.06.2010
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
n/a
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
n/a
Investment Advisor
n/a
Investment Advisor
Insurance Company
Date
07.02.2011
01.02.2011
01.02.2011
27.01.2011
25.01.2011
21.01.2011
20.01.2011
19.01.2011
10.12.2010
18.11.2010
18.11.2010
17.11.2010
17.11.2010
23.08.2010
04.08.2010
19.09.2011
Westfield Group
Westfield Group is a property trust that invests in, leases and manages over
retail shopping centers in Australia, New Zealand, the United States and the
United Kingdom. The Group's operations also include funds and asset management
and property development and construction.
Price/Volume
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.11.2010)
52-Week Low (14.09.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WDC AT EQUITY YTD Change
WDC AT EQUITY YTD % CHANGE
12/2010
01/yy
10.34
7.24
3'919'483.00
7.59
-26.59%
4.83%
18.39%
2'309.0
17'525.22
13'731.20
0.0
277.0
210.10
31'771.12
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
1.20
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
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
3'804.1
15.13x
2'347.1
24.52x
5'583.1
6.60x
45.0 M
10
31.12.2007
31.12.2008
4'194.1
4'398.7
13.11x
10.51x
2'174.1
2'278.6
25.29x
20.29x
3'437.2
(2'196.6)
11.36x
Profitability
31.12.2009
4'131.9
10.89x
2'441.0
18.43x
(457.8)
-
31.12.2010
3'638.1
9.86x
2'296.6
15.62x
1'114.0
19.80x
2'296.60
1'574.80
43.29%
41.20%
2.68%
5.48%
3.17%
0.09%
63.1%
30.6%
38.20%
83.09%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.35
0.69
2'127.09
9.61
-17.92%
-15.69%
0.687
13
4.231
11'716'470
11'400'120
10'585'850
FY+2
12/11 Y
12/12 Y
2'358.9
2'621.1
13.36x
11.78x
2'012.5
2'287.8
15.79x
13.89x
1'475.5
1'569.4
11.79x
10.92x
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
07.12.2010
ASTABLE
04.02.2005
A-2
2.26
0.85
5.89
5.98
83.1%
45.0%
0.09
-
5'000.0
4'500.0
1.00
4'000.0
3'500.0
0.80
0.60
0.40
0.20
3'000.0
2'500.0
2'000.0
1'500.0
1'000.0
500.0
0.0
0.00
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Westfield Group
Holdings By:
All
Holder Name
WESTFIELD C FUND PTY
ING GROEP NV
VANGUARD GROUP INC
AMP LTD
FIDELITY MANAGEMENT
MORGAN STANLEY & CO
FRANLEY HOLDINGS PTY
LOWY FRANK P
Firm Name
Deutsche Bank
Macquarie
UBS
Credit Suisse
JPMorgan
Morgan Stanley
Commonwealth Bank
Citi
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
MATTHEW BERTRAM
PAUL CHECCHIN
GRANT MCCASKER
STEPHEN RICH
ROB STANTON
LOURENS PIRENC
DAVID LLOYD
DAVID BURGESS
SIMON WHEATLEY
JOHN P KIM
BENJAMIN YANG
Source
Co File
Co File
EXCH
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Recommendation
buy
neutral
neutral
underperform
neutral
Underwt/In-Line
hold
hold
sell
buy
outperform
Amt Held
179'598'386
147'243'880
117'485'239
117'007'468
115'632'844
84'318'929
50'319'947
38'089'041
34'122'349
24'172'251
23'846'754
18'904'001
18'346'291
18'254'663
18'153'680
16'975'434
16'970'292
16'124'779
14'107'391
13'312'702
% Out
7.78
6.38
5.09
5.07
5.01
3.65
2.18
1.65
1.48
1.05
1.03
0.82
0.79
0.79
0.79
0.74
0.73
0.7
0.61
0.58
Weighting
Change
5
3
3
1
3
1
3
3
1
5
5
Latest Chg
644'700
391'362
5'519'178
37'156'508
(403'379)
(1'874'284)
(6'659'260)
297'409
(343'499)
588'235
80'580
Target Price
M
M
M
M
D
M
M
M
M
M
M
11
10
10
10
11
10
10
11
9
11
9
File Dt
Inst Type
15.03.2010
Unclassified
31.12.2009
Investment Advisor
19.03.2010
Investment Advisor
31.12.2009
Investment Advisor
12.11.2010
Bank
03.02.2011
Investment Advisor
31.12.2009
Insurance Company
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
31.12.2010
Investment Advisor
22.06.2010
Investment Advisor
22.09.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2009
n/a
23.08.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2009
n/a
09.08.2010
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
07.02.2011
03.02.2011
28.01.2011
19.01.2011
18.01.2011
16.01.2011
10.01.2011
15.12.2010
14.12.2010
14.12.2010
10.12.2010
19.09.2011
Westfield Retail Trust

Westfield Retail Trust is a real estate investment trust. The trust owns and
manages a portfolio of shopping malls in Australia and New Zealand.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.12.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WRT AT EQUITY YTD Change
WRT AT EQUITY YTD % CHANGE
12/2010
01/yy
2.75
2.18
3'151'357.00
2.46
-10.55%
12.84%
56.14%
3'054.2
7'513.25
9'558.35
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
1.20
1.00
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
d-10
j-11
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
31.12.2007
31.12.2008
371.2
379.3
271.3
269.6
569.6
610.3
Profitability
31.12.2009
374.6
276.0
645.5
-
31.12.2010
374.6
276.0
645.5
276.00
276.00
73.68%
177.79%
73.7%
172.3%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2'656.65
48.74
-0.62%
12
4.833
17'706'340
18'697'410
14'059'390
FY+2
12/11 Y
12/12 Y
766.5
821.8
13.08x
12.64x
708.5
760.5
13.49x
12.57x
561.3
573.7
13.52x
13.09x
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
03.04.2011
A+
STABLE
11.04.2011
A-1
400.0
350.0
300.0
0.80
0.60
250.0
200.0
150.0
0.40
0.20
100.0
50.0
0.0
0.00
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Westfield Retail Trust

Holdings By:
All
Holder Name
ING GROEP NV
LOWY FRANK P
VANGUARD GROUP INC
BLACKROCK GROUP
CORDERA HOLDINGS PTY
FIDELITY MANAGEMENT
FRANLEY HOLDINGS PTY
STATE STREET CORP
PERPETUAL SUPERANNUA
DEUTSCHE BANK AG
DAVID HILLEL LOWY
PALMERSTON PTY LTD
LOWY FOUNDATION PTY
Firm Name
Deutsche Bank
Macquarie
Paterson Securities
Citi
Morgan Stanley
Credit Suisse
UBS
JPMorgan
Commonwealth Bank
Portfolio Name
n/a
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
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
MATTHEW BERTRAM
PAUL CHECCHIN
SIMON WHEATLEY
JONATHAN KRISKA
DAVID BURGESS
LOURENS PIRENC
STEPHEN RICH
GRANT MCCASKER
ROB STANTON
DAVID LLOYD
JOHN P KIM
Source
EXCH
Co File
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
EXCH
EXCH
EXCH
Recommendation
buy
outperform
buy
hold
buy
Overwt/In-Line
neutral
buy
underweight
hold
buy
Amt Held
223'753'285
179'598'386
176'041'877
159'493'747
154'004'347
148'528'926
111'907'852
55'135'394
53'406'123
31'452'680
28'676'017
20'988'539
18'244'910
10'185'631
8'119'662
5'860'243
4'486'437
4'175'515
4'139'274
3'523'759
% Out
7.33
5.88
5.76
5.22
5.04
4.86
3.66
1.81
1.75
1.03
0.94
0.69
0.6
0.33
0.27
0.19
0.15
0.14
0.14
0.12
Weighting
Change
5
5
5
3
5
5
3
5
1
3
5
Latest Chg
(5'872'215)
14'290'462
55'121'257
53'406'123
23'075'328
53'823
8'119'662
4'486'437
-
Target Price
M
M
M
M
N
N
N
N
N
N
M
File Dt
Inst Type
04.01.2011
Investment Advisor
13.12.2010
n/a
23.12.2010
Investment Advisor
21.12.2010
Investment Advisor
12.08.2010
n/a
06.01.2011
Bank
31.12.2010
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
12.08.2010
n/a
04.02.2011
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
12.08.2010
n/a
31.12.2010
Investment Advisor
12.08.2010
n/a
12.08.2010
n/a
12.08.2010
n/a
Date
3
3
3
3
3
3
3
3
3
3
3
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Date
07.02.2011
07.02.2011
04.02.2011
01.02.2011
21.01.2011
17.01.2011
17.01.2011
17.01.2011
17.01.2011
14.01.2011
11.01.2011
19.09.2011
Westpac Banking Corp

Westpac Banking Corporation offers general and savings banking, including
lending, deposit taking and payment services. Westpac also provides investment
portfolio management and advice, unit trust and superannuation fund management,
nominee and custodian facilities, insurance services, consumer finance, leasing,
general finance, foreign exchange dealing and money market services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WBC AT EQUITY YTD Change
WBC AT EQUITY YTD % CHANGE
09/2010
01/yy
25.60
17.84
7'676'400.00
19.51
-23.79%
9.36%
26.80%
3'030.2
59'119.42
173'716.00
0.0
1'929.0
18'374.00
228'001.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
25
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2006
23'296.0
4.87x
3'071.0
13.58x
30
30.09.2007
30.09.2008
25'933.0
33'007.0
4.62x
4.64x
3'451.0
3'859.0
15.25x
10.43x
Profitability
30.09.2009
35'313.0
6.21x
3'446.0
20.95x
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
30.09.2010
39'173.0
5.79x
6'346.0
10.85x
47.72%
47.66%
1.05%
17.43%
3.11%
0.06%
37.6%
28.10%
454.88%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.69
1.21
2'955.04
58.61
-11.01%
-9.22%
1.210
17
3.529
12'578'830
12'600'900
11'388'580
FY+2
09/11 Y
09/12 Y
17'187.2
18'000.8
9'331.0
9'864.7
24.43x
23.11x
6'500.1
6'581.8
9.23x
9.10x
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
22.02.2007
AA
STABLE
11.09.1996
A-1+
454.9%
81.2%
0.06
41.28
-
45'000.0
35.00
40'000.0
30.00
35'000.0
25.00
30'000.0
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5'000.0
5.00
0.00
05.10.2007
0.0
05.04.2008
05.10.2008
05.04.2009
05.10.2009
05.04.2010
05.10.2010
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Westpac Banking Corp

Holdings By:
All
Holder Name
BLACKROCK GROUP
VANGUARD GROUP INC
SJUNDE AP FONDEN
FIDELITY MANAGEMENT
CREDIT SUISSE ASSET
SCHRODER INVESTMENT
FORTIS INVESTMENTS
Firm Name
Morgan Stanley
Nomura
JPMorgan
RBS
Macquarie
Credit Suisse
BBY Limited
Citi
Southern Cross
Deutsche Bank
UBS
Commonwealth Bank
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RICHARD E WILES
VICTOR GERMAN
BENJAMIN KOO
SCOTT MANNING
ANDREW LYONS
CRAIG TURTON
JARROD MARTIN
BRETT LE MESURIER
CRAIG WILLIAMS
TS LIM
BRIAN D JOHNSON
JAMES FREEMAN
JONATHAN MOTT
BEN ZUCKER
JOHAN VANDERLUGT
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/Cautious
buy
hold
underweight
hold
neutral
neutral
hold
hold
accumulate
outperform
hold
neutral
hold
outperform
Amt Held
145'733'025
63'181'494
29'153'566
24'727'866
18'236'000
15'275'877
10'176'077
7'102'137
3'396'090
3'024'909
2'563'335
2'444'217
2'304'140
2'168'600
1'902'927
1'869'698
1'845'787
1'836'111
1'807'063
1'771'740
% Out
4.84
2.1
0.97
0.82
0.61
0.51
0.34
0.24
0.11
0.1
0.09
0.08
0.08
0.07
0.06
0.06
0.06
0.06
0.06
0.06
Weighting
Change
3
5
3
1
3
3
3
3
3
4
5
3
3
3
5
Latest Chg
(13'600'712)
200'151
517'545
(4'185'444)
124'345
3'396'090
38'109
26'854
(375'174)
(23'710)
983'600
18'389
3'169
1'121'711
(330'269)
287
(4'423)
Target Price
M
M
M
D
M
M
M
D
M
M
M
M
M
D
M
23
26
28
25
23
24
25
25
23
24
22
25
24
25
26
File Dt
18.05.2010
03.02.2011
04.02.2011
31.12.2010
30.06.2010
31.12.2010
30.09.2010
31.12.2010
31.12.2010
30.09.2010
31.12.2010
30.06.2010
31.12.2010
08.07.2010
15.04.2010
27.01.2011
29.10.2010
30.06.2010
30.04.2010
30.09.2010
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
07.02.2011
07.02.2011
04.02.2011
02.02.2011
19.01.2011
19.01.2011
11.01.2011
13.12.2010
03.12.2010
02.12.2010
24.11.2010
03.11.2010
03.11.2010
03.11.2010
26.10.2010
19.09.2011
Woodside Petroleum Ltd

Woodside Petroleum Limited explores for and produces oil and gas from offshore
and onshore facilities located in Western Australia and Northern Territory. The
Company operates numerous oil and gas fields and pipelines throughout Australia,
United States and Mauritania and its products include liquefied natural gas,
domestic gas, condensate, crude oil and liquefied petroleum gas.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WPL AT EQUITY YTD Change
WPL AT EQUITY YTD % CHANGE
12/2010
01/yy
50.85
30.53
2'947'782.00
33.4
-34.32%
9.40%
18.31%
793.2
26'493.88
4'915.00
0.0
595.0
963.00
32'105.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
120.0 M
50
100.0 M
40
80.0 M
30
60.0 M
20
40.0 M
10
20.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
j-11
.0 M
f-11
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
2'619.0
7.74x
1'888.6
10.74x
1'075.3
18.41x
60
31.12.2007
31.12.2008
3'221.5
5'103.3
9.26x
4.79x
2'295.6
3'797.2
13.00x
6.43x
863.9
1'521.6
26.66x
14.06x
Profitability
31.12.2009
3'487.0
10.30x
2'470.0
14.54x
1'474.0
20.18x
31.12.2010
4'193.0
9.22x
2'887.0
13.39x
1'575.0
21.34x
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
2'887.00
2'105.00
50.20%
54.23%
8.30%
15.83%
10.24%
0.22%
60.2%
68.9%
50.2%
37.6%
0.86
0.68
24.34%
44.32%
14.51
14.70
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.21
1.05
602.86
8.71
-21.52%
-19.29%
1.046
19
4.263
3'797'633
4'231'730
3'735'822
FY+2
FQ+1
FQ+2
12/11 Y
12/12 Y
09/10 Q3 12/10 Q4
4'509.9
6'314.3
7.44x
5.24x
3'113.7
4'714.5
10.31x
6.81x
1'664.9
2'298.3
16.50x
12.67x
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
03.12.2010
BBB+
NEG
25.04.2001
NR
1.37
1.70
44.3%
29.6%
0.22
0.27
25.16
24.82
64.17
-14.19
6'000.0
18.00
16.00
5'000.0
14.00
4'000.0
12.00
10.00
3'000.0
8.00
2'000.0
6.00
4.00
1'000.0
2.00
0.00
05.01.2007
0.0
05.07.2007
05.01.2008
05.07.2008
05.01.2009
05.07.2009
05.01.2010
05.07.2010
05.01.2011
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
19.09.2011
Woodside Petroleum Ltd

Holdings By:
All
Holder Name
SHELL ENERGY HOLDING
UBS AG
VANGUARD GROUP INC
DEUTSCHE BANK AG
STATE FARM MUTUAL AU
INVESCO LTD
SJUNDE AP FONDEN
FIDELITY MANAGEMENT
CHINA INTERNATIONAL
SCHRODER INVESTMENT
Firm Name
Morgan Stanley
Deutsche Bank
Credit Suisse
UBS
JPMorgan
Citi
Macquarie
Commonwealth Bank
E.L. & C. Baillieu
Nomura
Shaw Stockbroking
Southern Cross
RBS
Intersuisse Ltd
Hartleys
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
STATE FARM MUTUAL AU
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STUART BAKER
JOHN HIRJEE
NEIL BEVERIDGE
SANDRA MCCULLAGH
GORDON RAMSAY
BENJAMIN X. WILSON
MARK GREENWOOD
ADRIAN WOOD
AIDEN BRADLEY
ANDREW HINES
RAY CHANTRY
SIMON OATEN
DAVID BRENNAN
JOHAN HEDSTROM
JASON MABEE
DI M BROOKMAN
NICK WIRUBOV
DAVID WALL
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/Attractive
buy
outperform
neutral
buy
underweight
sell
neutral
hold
buy
hold
buy
hold
outperform
buy
hold
underperform
buy
buy
Amt Held
190'119'364
24'591'771
18'309'957
7'634'605
6'303'840
4'923'073
3'023'488
2'610'000
2'580'656
1'519'520
1'480'810
1'024'626
885'281
645'115
516'222
513'826
500'000
469'767
464'523
462'349
% Out
24.27
3.14
2.34
0.97
0.8
0.63
0.39
0.33
0.33
0.19
0.19
0.13
0.11
0.08
0.07
0.07
0.06
0.06
0.06
0.06
Weighting
Change
3
5
5
3
5
1
1
3
3
5
3
5
3
5
5
3
1
5
5
D
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
N
M
Latest Chg
(38'336'911)
(2'687'417)
78'292
75'941
483'314
198'512
183'841
39'337
(27'468)
3'043
164'212
55'884
(150'000)
22'843
(2'639)
(59'800)
Target Price
43
53
53
48
54
42
40
47
51
54
45
56
#N/A N/A
45
51
43
43
51
57
File Dt
Inst Type
09.11.2010
Corporation
08.11.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
03.02.2011
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.06.2010
Insurance Company
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
07.02.2011
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.06.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Date
03.02.2011
01.02.2011
28.01.2011
22.01.2011
21.01.2011
21.01.2011
21.01.2011
21.01.2011
21.01.2011
21.01.2011
21.01.2011
18.01.2011
14.12.2010
03.12.2010
01.12.2010
30.11.2010
30.11.2010
10.11.2010
24.02.2010
19.09.2011
Woolworths Ltd
Woolworths Limited operates supermarkets, specialty and discount department
stores, liquor and electronics stores throughout Australia. Woolworths also
manufactures processed foods, exports and wholesales food and offers petrol
retailing. The Company also operates hotels which includes pubs, food,
accommodation, and gaming operations.
Price/Volume
35
40.0 M
30
35.0 M
30.0 M
25
25.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.10.2010)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WOW AT EQUITY YTD Change
WOW AT EQUITY YTD % CHANGE
06/2011
01/yy
30.18
23.70
2'060'411.00
24.44
-19.02%
3.12%
14.35%
1'219.8
29'811.44
4'844.90
0.0
252.6
1'519.60
33'389.34
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10
10.0 M
5.0 M
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
42'477.1
0.82x
2'686.9
12.99x
1'294.0
24.82x
20.0 M
15
30.06.2008
30.06.2009
47'034.8
49'594.8
0.68x
0.70x
3'108.0
3'517.5
10.25x
9.88x
1'626.8
1'835.7
18.13x
17.49x
Profitability
30.06.2010
51'694.3
0.71x
3'845.7
9.54x
2'020.8
16.71x
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
30.06.2011
54'142.9
0.68x
4'051.1
9.07x
2'124.0
15.60x
4'051.10
3'193.20
5.90%
5.57%
10.73%
28.01%
19.43%
2.74%
25.8%
7.5%
5.9%
3.9%
0.80
0.32
22.97%
63.81%
80.82
11.20
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.99
0.65
1'218.78
3.38
-10.83%
-4.92%
0.649
14
3.429
5'555'844
4'912'372
3'991'284
FY+2
06/12 Y
06/13 Y
57'095.2
60'776.0
0.59x
0.55x
4'348.8
4'736.5
7.68x
7.05x
2'215.6
2'410.6
13.46x
12.36x
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
27.05.2005
ASTABLE
27.05.2005
A-2
12.18
5.80
0.82
1.20
63.8%
38.2%
2.74
6.66
4.50
32.50
43.72
-6.72
60'000.0
18.00
16.00
50'000.0
14.00
40'000.0
12.00
10.00
30'000.0
8.00
20'000.0
6.00
4.00
10'000.0
2.00
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
Woolworths Ltd
Holdings By:
All
Holder Name
VANGUARD GROUP INC
FIDELITY MANAGEMENT
SCHRODER INVESTMENT
INVESCO LTD
PHOENIX INVESTMENT C
SJUNDE AP FONDEN
DEUTSCHE BANK AG
Firm Name
Credit Suisse
Deutsche Bank
Nomura
Macquarie
UBS
JPMorgan
Commonwealth Bank
Paterson Securities
RBS
Morgan Stanley
Citi
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
GRANT SALIGARI
DAVID COOKE
GREG DRING
BEN GILBERT
SHAUN COUSINS
PHILLIP KIMBER
ANDREW MCLENNAN
RUSSELL WRIGHT
DANIEL BROEREN
THOMAS KIERATH
CRAIG WOOLFORD
TONY WILSON
JAMES PATERSON
Source
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
hold
neutral
outperform
buy
overweight
hold
hold
hold
hold
Overwt/In-Line
buy
Positive
outperform
Amt Held
62'952'604
15'707'540
11'970'102
6'699'109
6'670'870
6'204'000
6'180'712
3'092'181
2'783'771
2'497'496
2'294'608
2'214'648
2'028'631
1'937'200
1'365'091
1'272'123
1'259'099
1'115'331
930'736
832'313
% Out
5.19
1.3
0.99
0.55
0.55
0.51
0.51
0.25
0.23
0.21
0.19
0.18
0.17
0.16
0.11
0.1
0.1
0.09
0.08
0.07
Weighting
Change
5
3
3
5
5
5
3
3
3
3
5
5
4
5
M
M
M
M
U
M
M
M
M
M
M
M
M
N
Latest Chg
(479'155)
(29'025)
385'820
115'994
(6'390)
(196'783)
88'583
(54'715)
(57'602)
109'253
1'937'200
157'459
(66'900)
2'068
195'224
37'825
(1'167)
Target Price
34
30
30
32
30
29
32
30
27
29
32
32
#N/A N/A
30
File Dt
Inst Type
22.03.2010
Investment Advisor
31.12.2010
Investment Advisor
03.02.2011
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.06.2010
Investment Advisor
07.02.2011
Investment Advisor
15.04.2010
Investment Advisor
08.07.2010
Investment Advisor
30.09.2010
Investment Advisor
30.09.2010
Insurance Company
30.09.2010
Investment Advisor
31.10.2010
Investment Advisor
30.09.2010
Investment Advisor
31.12.2010
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
04.02.2011
03.02.2011
02.02.2011
25.01.2011
24.01.2011
24.01.2011
24.01.2011
24.01.2011
24.01.2011
12.01.2011
11.01.2011
15.10.2010
23.08.2010
28.05.2010
19.09.2011
WorleyParsons Ltd
WorleyParsons Limited provides professional services through alliance and
integrated service contracts to the energy, resource and complex process
industries. The Company provides its services to industrial sectors such as oil
and gas refining, petrochemicals and chemicals, minerals and metals, power and
water and industrial and infrastructure.
Price/Volume
35
12.0 M
30
10.0 M
25
8.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2011)
52-Week Low (09.08.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
WOR AT EQUITY YTD Change
WOR AT EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
2.0 M
5
0
f-10 m-10
a-10 m-10
j-10
j-10
a-10
s-10
o-10
n-10
d-10
.0 M
f-11
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2007
3'467.8
2.47x
325.6
26.35x
224.8
33.40x
6.0 M
15
06/2011
01/yy
33.61
21.13
1'249'711.00
27.02
-19.61%
27.88%
46.31%
241.7
6'529.98
675.50
0.0
15.3
161.10
7'059.68
30.06.2008
30.06.2009
4'607.1
5'794.7
2.12x
1.09x
550.5
649.1
17.78x
9.75x
343.9
390.5
26.57x
14.78x
Profitability
30.06.2010
5'059.7
1.21x
464.9
13.12x
291.1
18.74x
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
30.06.2011
5'605.1
1.33x
532.1
14.04x
364.2
19.04x
532.10
436.40
7.79%
8.89%
9.77%
19.84%
16.27%
1.50%
9.5%
7.8%
6.5%
1.53
0.81
17.70%
36.68%
7.95
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.18
1.15
211.12
6.23
19.91%
4.17%
1.153
12
3.667
1'228'475
1'372'597
1'292'622
FY+2
06/12 Y
06/13 Y
6'375.3
7'114.0
1.08x
0.95x
661.8
763.4
10.67x
9.25x
391.0
465.9
16.97x
14.29x
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
11.18
10.29
0.97
1.27
36.7%
26.7%
1.50
50.02
45.94
-
60.00
7'000.0
50.00
6'000.0
5'000.0
40.00
4'000.0
30.00
3'000.0
20.00
2'000.0
10.00
1'000.0
0.00
06.07.2007
0.0
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
19.09.2011
WorleyParsons Ltd
Holdings By:
All
Holder Name
WILACI PTY LTD
LUJETA PTY LTD
GRILL JOHN
VANGUARD GROUP INC
INVESCO LTD
HAJU PTY LTD
JUHA PTY LTD
FIDELITY MANAGEMENT
BENKE LARRY MAX
AXA
EVENROSE PTY LTD
GREEN JOHN M
DUBOTU PTY LTD
WOOD ANDREW
Firm Name
Citi
Deutsche Bank
Austock Securities
RBS
Gleacher & Company
Macquarie
Credit Suisse
Paterson Securities
JPMorgan
E.L. & C. Baillieu
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
GUY ROBINSON
MARK SAMTER
CRAIG WONGPAN
CRAIG STRANGER
ANDREW HODGE
WILL GABRIELSKI
JOHN PURTELL
CHRIS COUNIHAN
GEORGE GALANOPOULOS
ALISTAIR REID
CHRIS SAVAGE
SAM HADDAD
Source
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
Co File
EXCH
Co File
MF-AGG
Recommendation
hold
buy
hold
hold
hold
buy
outperform
underperform
hold
neutral
hold
accumulate
Amt Held
16'891'039
10'869'615
3'889'641
3'726'043
2'533'853
2'076'693
1'628'949
1'552'614
1'500'000
1'500'000
1'402'131
1'358'883
1'180'195
1'174'400
1'053'136
1'029'004
958'516
900'000
883'751
808'812
% Out
7.02
4.52
1.62
1.55
1.05
0.86
0.68
0.65
0.62
0.62
0.58
0.57
0.49
0.49
0.44
0.43
0.4
0.37
0.37
0.34
Weighting
Change
3
5
3
3
3
5
5
1
3
3
3
4
Latest Chg
(12'430'385)
15'973
71'919
122'106
2'640
28'737
53'475
96'082
227'341
2'720
393'100
2'508
266'454
Target Price
M
M
M
M
M
M
M
M
D
M
M
M
31
33
29
27
27
27
24
26
26
21
26
25
File Dt
Inst Type
30.09.2010
n/a
28.10.2008
Corporation
30.09.2010
n/a
31.12.2010
Investment Advisor
04.02.2011
Investment Advisor
04.02.2011
Investment Advisor
31.12.2010
Investment Advisor
07.02.2011
Investment Advisor
30.09.2010
n/a
30.09.2010
n/a
31.12.2010
Investment Advisor
30.06.2010
Investment Advisor
30.09.2010
n/a
30.04.2010
Investment Advisor
30.09.2010
n/a
25.08.2010
n/a
12.08.2008
n/a
30.06.2010
n/a
30.11.2010
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
07.02.2011
03.02.2011
31.01.2011
17.01.2011
06.01.2011
27.12.2010
20.12.2010
23.11.2010
12.11.2010
26.10.2010
26.10.2010
26.10.2010

Fundamental Equity Analysis - S&amp;P ASX 100 Members Australia)

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Fundamental Equity Analysis - S&amp;P ASX 100 Members Australia)

Uploaded by

Copyright:

Available Formats

19.09.

AGL Energy Ltd

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 |

AGL Energy Ltd

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

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 |

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

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 |

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

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 |

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

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 |

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

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 |

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

Aquarius Platinum Ltd

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 |

Aquarius Platinum Ltd

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

Aristocrat Leisure Ltd

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 |

Aristocrat Leisure Ltd

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

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 |

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

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 |

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

Australia & New Zealand Banking Group Ltd

Price/ Cash Flow

Long-Term Rating Date

Fundamental Equity Analysis - S&P ASX 100 Members Australia)

Fundamental Equity Analysis - S&P ASX 100 Members Australia)