DOCSLIB.ORG

Swiss Equities Conference Presentations – 14 January

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Swiss Equities Conference Presentations – 14 January Baader Helvea Equity Research SWISS EQUITIES CONFERENCE PRESENTATIONS – 14 JANUARY 2021 Track 1 Track 2 Track 3 08:30 - 09:10 (CET) Siegfried Holding Conzzeta COLTENE Dr. Reto Suter (CFO) Michael Willome (Group CEO), Martin Schaufelberger (CEO), Alex Waser (CEO of Bystronic & Member Gerhard Mahrle (CFO) of Conzzeta Executive Committee) 09:20 - 10:00 (CET) Givaudan SFS Group VZ Holding Gilles Andrier (CEO) Jens Breu (CEO) Matthias Reinhart (CEO) 10:00 (CET) Break 10:20 - 11:00 (CET) Clariant Sulzer HBM Healthcare Investments AG Stephan Lynen (CFO) Greg Poux-Guillaume (CEO) Erwin Troxler (CFO) 11:10 - 11:50 (CET) Galenica Bossard ORIOR Felix Burkhard (CFO) Dr. Daniel Bossard (CEO), Andreas Lindner (CFO) Stephan Zehnder (Group CFO) 12:00 - 12:40 (CET) Sika Credit Suisse Idorsia Adrian Widmer (CFO) André Helfenstein Andrew C. Weiss (CEO of Swiss Universal Bank), (Member of Leadership Team/Head Antoine Boublil of IR & CC) (CFO of Swiss Universal Bank) 12:40 (CET) Break 13:40 - 14:20 (CET) VAT Group Landis+Gyr Swiss Prime Site Mike Allison (CEO), Werner Lieberherr (CEO) René Zahnd (CEO) Stephan Bergamin (CFO) 14:30 - 15:10 (CET) Geberit ALSO Holding PSP Swiss Property Christian Buhl (CEO) Prof. Dr. Ing. Gustavo Möller-Hergt (CEO), Giacomo Balzarini (CEO), Dr. Ralf Retzko (CFO) Vasco Cecchini (CCO & Head of IR) 15:10 (CET) Break 15:30 - 16:10 (CET) LafargeHolcim Dufry Allreal-Gruppe Jan Jenisch (CEO) Yves Gerster (CFO) Roger Herzog (CEO), Thomas Wapp (CFO) 16:20 - 17:00 (CET) SIG Combibloc Group Cembra Money Bank Mobimo Samuel Sigrist (CEO), Robert Oudmayer (CEO), Daniel Ducrey (CEO), Frank Herzog (CFO) Pascal Perritaz (CFO) Stefan Hilber (CFO) 17:10 - 17:50 (CET) Adecco Group Schweiter Technologies Hiag Immobilien Coram Williams (CFO) Dr. Heinz O. Baumgartner (CEO) Marco Feusi (CEO), 17:50 (CET) End ONE-ON-ONE MEETINGS ONLY . Zurich Insurance Group Ltd. Swissquote Gianni Vitale (IR), Samuel Han (IR) Yvan Cardenas (CFO) . Vontobel . SENSIRION Thomas Heinzl (CFO) Dr. Andrea Wüest (Director IR and M&A) . BB Biotech . Metall Zug Maria-Grazia Iten-Alderuccio (IR), Dr. Silvia Siegfried-Schanz (IR) Daniel Keist (CFO), Martin Wipfli (VRP) . OC Oerlikon Philipp Müller (CFO Important Disclosures: Please follow the hyperlink embedded in this document’s Disclaimer and read 1 the information contained in Sections A-F, as well as country specific information contained in Section G. Baader Europe Adecco Human Resources / Switzerland New strategy brings in new structure Reduce Upside: -12.3% Our investment view Target Price (6 months) CHF 52.6 Share Price CHF 60.0 With its new Future@Work strategy Adecco repositions itself as a brand-driven Market Cap. CHFM 9,728 entity and aims to leverage the human touch to drive digitalisation, which it Price Momentum STRONG considers as the key to driving growth in a fragmented market. Adecco is a global Extremes 12Months 29.6 60.0 leader in the employment services industry with a market share of more than 5%. Fundamental Strength 2 /10 Its key service offerings, through 10 different brands include office and industrial Bloomberg ADEN SW Equity staffing, professional staffing, and talent development & career transition. Reuters ADEN.S However, the employment services (global HR) market is fragmented, thus, breeding competition. Moreover, the market is tightly regulated in most major countries and is heavily driven by the state of the economy (GDP). These factors, combined with the fact that networks with digital moats such as LinkedIn and Xing are part of the competition, make digitalisation a key driver for Adecco to focus and capitalise upon and with its Future@Work strategy it aims to do just that. Under this new strategy the group intends to ride the structural trends (hybrid working, upskilling, reskilling, etc.) with its economies of scale, to drive differentiation and improve its cost structure by pushing forward already proven products. Moreover, the group, in FY21, will reorient itself from a geography- driven model to a brand-driven model with a unique strategy for each of the three brands (Adecco, Talent Solutions and Modis) to achieve the brand-specific goals Analyst : Kulwinder RAJPAL set out at its CMD that took place a month ago. Equity Sales What to ask the management? [email protected] Frankfurt +49 69 1388 1357 - Geographically, France and North America, your two biggest markets, have London +44 20 7054 7100 Munich +49 89 5150 1850 shown below market growth in the recent past. What is your strategy to achieve at Zurich +41 43 388 9200 least market level organic growth in these regions? And what could be the timeline New York +1 212 935 5150 for this to materialise? PERF 1w 1m 3m 12m - Under the new Future@Work strategy, Modis aims to carve out a niche for itself. Adecco 1.45% 8.18% 19.1% 4.77% What steps do you consider to be absolutely necessary to do so? Support Services 1.82% 6.46% 5.97% 10.3% - Given that the balance sheet and liquidity position remain strong, will the share STOXX 600 1.54% 3.45% 11.1% -2.45% buy-back programme be launched in H1 FY21 or is it too optimistic to assume so? Sector Opinion Underweight - Could we see some opportunistic acquisitions in FY21? If yes, do you think Strongest upside Securitas these acquisitions are likely to be done in Talent Solutions in line with your Worst potential Adecco ambition to create an end-to-end offering? - In the context of the current macro-economic environment and the emergence of Last updated: 25/11/2020 12/19A 12/20E 12/21E 12/22E hybrid working, how has the correlation of the former to Adecco’s business Adjusted P/E (x) 10.6 27.3 17.0 14.8 generation shifted? Dividend yield (%) 4.08 4.64 3.70 3.70 EV/EBITDA(R) (x) 8.93 15.4 12.2 10.6 Adjusted EPS (€) 4.60 1.64 3.26 3.75 Growth in EPS (%) 4.36 -64.4 99.3 14.9 Dividend (CHF) 2.22 2.22 2.22 2.22 Sales (€M) 23,427 18,498 20,718 21,339 EBITA margin (%) 4.22 2.39 3.66 4.08 Attributable net profit (€M) 727 264 525 604 ROE (after tax) (%) 19.3 6.41 12.3 13.6 Gearing (%) 24.8 19.4 20.2 18.2 Sales by Geography Valuation Summary Benchmarks Value Weight Largest comparables DCF CHF 49.4 35% Bureau Veritas NAV/SOTP per share CHF 48.4 20% Randstad Holding EV/Ebitda CHF 50.2 20% Securitas P/E CHF 69.1 10% Dividend Yield CHF 53.8 10% P/Book CHF 66.7 5% TARGET PRICE CHF 52.6 100% Consolidated P&L Accounts 12/19A 12/20E 12/21E Balance Sheet 12/19A 12/20E 12/21E Sales €M 23,427 18,498 20,718 Goodwill €M 2,846 2,846 2,846 Change in sales % -1.84 -21.0 12.0 Total intangible €M 3,178 3,176 3,174 Change in staff costs % 2.60 -1.53 -0.78 Tangible fixed assets €M 318 305 300 EBITDA €M 1,159 623 947 Financial fixed assets €M 83.0 85.0 87.0 EBITDA(R) margin % 4.95 3.37 4.57 WCR €M 3,481 3,365 3,500 Depreciation €M -107 -115 -123 Other assets €M 617 620 625 Underlying operating profit €M 988 443 759 Total assets (net of short term liab.) €M 8,391 8,181 8,336 Operating profit (EBIT) €M 1,108 393 759 Ordinary shareholders' equity €M 3,940 4,286 4,244 Net financial expense €M -32.0 -28.0 -28.0 Quasi Equity & Preferred €M of which related to pensions €M 4.74 4.96 Minority interests €M 8.00 8.00 8.00 Exceptional items & other €M Provisions for pensions €M 0.00 -32.3 -23.2 Corporate tax €M -348 -100 -205 Other provisions for risks and liabilities €M 1,921 1,800 1,950 Equity associates €M Total provisions for risks and liabilities €M 1,921 1,768 1,927 Minority interests €M -1.00 -1.00 -1.00 Tax liabilities €M 45.0 40.0 38.0 Adjusted attributable net profit €M 747 264 525 Other liabilities €M 1,647 1,250 1,230 NOPAT €M 692 307 528 Net debt (cash) €M 830 829 889 Cashflow Statement Total liab. and shareholders' equity €M 8,391 8,181 8,336 EBITDA €M 1,159 623 947 Capital Employed Change in WCR €M 146 116 -135 Capital employed after depreciation €M 7,492 7,331 7,486 Actual div. received from equity holdi... €M 0.00 0.00 0.00 Profits & Risks Ratios Paid taxes €M -256 -100 -205 ROE (after tax) % 19.3 6.41 12.3 Exceptional items €M ROCE % 9.23 4.18 7.05 Other operating cash flows €M -169 -150 -130 Gearing (at book value) % 24.8 19.4 20.2 Total operating cash flows €M 880 489 477 Adj. Net debt/EBITDA(R) x 1.09 1.97 1.39 Capital expenditure €M -156 -130 -135 Interest cover (x) x 30.9 13.5 23.0 Total investment flows €M 324 -150 -150 Valuation Ratios Net interest expense €M -32.0 -28.0 -28.0 Dividends (parent company) €M -360 -360 -360 Reference P/E (benchmark) x 10.6 27.3 17.0 Dividends to minorities interests €M 0.00 0.00 0.00 Free cash flow yield % 8.80 4.60 3.53 New shareholders' equity €M -87.0 0.00 -50.0 P/Book x 2.00 1.68 2.10 Total financial flows €M -525 -957 -92.0 Dividend yield % 4.08 4.64 3.70 Change in cash position €M 697 -607 246 EV Calculation Free cash flow (pre div.) €M 692 331 314 Market cap €M 7,864 7,190 8,910 Per Share Data + Provisions €M 1,921 1,768 1,927 No.
Load more

Recommended publications
  • Media Release
    CREDIT SUISSE AG Paradeplatz 8 Tel. +41 844 33 88 44 P.O. Box Fax +41 44 333 88 77 CH-8070 Zurich [email protected] Switzerland Rating Overview of Swiss Companies Company CS Rating CS Outlook Changes since June 2009 S&P Moody's ABB Low A Stable A–, Stable A3, Stable Adecco Mid BBB Negative Outlook changed from Stable to Negative BBB–, Stable Baa3, Stable AFG Low BBB Stable Outlook changed from Negative to Stable n.r. n.r. Alpiq High A Stable n.r. n.r. Aryzta High BBB Stable Coverage initiation n.r. n.r. Axpo Low AA Stable n.r. n.r. Bâloise Low A Stable A–, Stable1 n.r. BKW Low AA Stable n.r. n.r. –1 notch, outlook changed from Negative to Bobst Group Low BBB Stable n.r. n.r. Stable Bucher Industries High BBB Stable n.r. n.r. CKW n.r. n.r. Drop coverage Clariant High BB Stable BBB–, Stable Ba1, Stable Coop Low A Stable n.r. n.r. –1 notch, outlook changed from Stable to Edipresse High BB Negative n.r. n.r. Negative –1 notch, outlook changed from Negative to EGL Low A Stable n.r. n.r. Stable EMS Chemie Low A Stable Outlook changed from Negative to Stable n.r. n.r. Energiedienst Low A Stable n.r. n.r. EOS n.r. n.r. Drop coverage Flughafen Zurich Mid BBB Stable BBB+, Positive n.r. Forbo Mid BBB Stable n.r. n.r. Geberit High BBB Stable A–, Stable n.r.
    [Show full text]
  • Market Notice Date: 14 November 2019 Market Notice Number: 112/2019
    Market Notice Date: 14 November 2019 Market Notice Number: 112/2019 Equiduct Universe Change Please see today's changes below effective 18 November 2019: Trading Reporting MIC Settlement Trading Settlement Tick Size Change/ Security Name ISIN Home Market Symbol Country Currency Currency table Action ABB LTD ABBNz CH0012221716 XSWX EQTB CH CHF CHF ESMA_E Deletion ABB ABBs CH0012221716 XSTO EQTB SE SEK SEK ESMA_E Deletion ADECCO SA ADENz CH0012138605 XSWX EQTC CH CHF CHF ESMA_E Deletion AMS AG AMSz AT0000A18XM4 XSWX EQTC CH CHF CHF ESMA_E Deletion ARYZTA AG ARYNz CH0043238366 XSWX EQTB CH CHF CHF ESMA_E Deletion JULIUS BAER GRUPPE AG BAERz CH0102484968 XSWX EQTC CH CHF CHF ESMA_E Deletion BALOISE-HLDGS BALNz CH0012410517 XSWX EQTC CH CHF CHF ESMA_D Deletion BARRY CALLEBAUT AG BARNz CH0009002962 XSWX EQTC CH CHF CHF ESMA_D Deletion BB BIOTECH BBZAd CH0038389992 XETR EQTB DE EUR EUR ESMA_D Deletion BB BIOTECH BIONz CH0038389992 XSWX EQTB CH CHF CHF ESMA_D Deletion BASILEA PHARMACEUTICA AG BSLNz CH0011432447 XSWX EQTC CH CHF CHF ESMA_D Deletion BUCHER INDUSTRIES BUCNz CH0002432174 XSWX EQTC CH CHF CHF ESMA_D Deletion COMPAGNIE FINANCIERE RICHEMONT CFRz CH0210483332 XSWX EQTC CH CHF CHF ESMA_E Deletion CLARIANT CLNz CH0012142631 XSWX EQTC CH CHF CHF ESMA_E Deletion CEMBRA MONEY BANK AG CMBNz CH0225173167 XSWX EQTC CH CHF CHF ESMA_D Deletion CREDIT SUISSE GROUP AG CSGNz CH0012138530 XSWX EQTC CH CHF CHF ESMA_E Deletion DKSH HOLDING DKSHz CH0126673539 XSWX EQTC CH CHF CHF ESMA_D Deletion DORMA+KABA HOLDING AG DOKAz CH0011795959 XSWX EQTC CH CHF
    [Show full text]
  • Contract Specifications for Futures Contracts and Eurex14 Options Contracts at Eurex Deutschland and Stand March 2831, 2008 Eurex Zürich Seite 1
    Contract Specifications for Futures Contracts and Eurex14 Options Contracts at Eurex Deutschland and Stand March 2831, 2008 Eurex Zürich Seite 1 [....] Annex A in relation to subsection 1.6 of the contract specifications: Futures on Shares of Produkt- Group Cash Contract Minimum Currency ID ID** Market- Size Price ID** Change* Julius Bär Holding AG - N. BAEG CH01 XSWX 50 0.0010.01 CHF BB Biotech AG BIOF CH01 XSWX 50 0.0010.01 CHF Logitech International S.A. - N. LOGF CH01 XSWX 100 0.00010.01 CHF Pargesa Holding S.A. PARF CH01 XSWX 10 0.0010.01 CHF Sonova Holding AG - N. PHBF CH01 XSWX 50 0.0010.01 CHF PSP Swiss Property AG - N. PSPF CH01 XSWX 50 0.0010.01 CHF Schindler Holding AG SINF CH01 XSWX 50 0.0010.01 CHF Straumann Holding AG STMF CH01 XSWX 10 0.0010.01 CHF Swatch Group AG, The - N. UHRF CH01 XSWX 100 0.00010.01 CHF Valiant Holding AG - N. VATF CH01 XSWX 10 0.0010.01 CHF ABB Ltd. ABBF CH02 XVTX 100 0.00010.01 CHF Adecco S.A. - N. ADEF CH02 XVTX 100 0.0010.01 CHF Actelion Ltd. - N. ATLG CH02 XVTX 50 0.0010.01 CHF Bâloise Holding AG BALF CH02 XVTX 100 0.0010.01 CHF Compagnie Financière Richemont AG CFRH CH02 XVTX 100 0.0010.01 CHF Ciba Spezialitätenchemie Holding AG - N. CIBF CH02 XVTX 10 0.0010.01 CHF Clariant AG - N. CLNF CH02 XVTX 100 0.00010.01 CHF Credit Suisse Group - N. CSGG CH02 XVTX 100 0.00010.01 CHF Geberit AG - N.
    [Show full text]
  • Swiss Opportunity Fund
    January 2021 Swiss Opportunity Fund FACT SHEET January 2021 / PERFORMANCE 0.19% After stocks ended 2020 with a such a strong performance, a The Swiss Opportunity Fund kept pace with its relevant bench- bumpy start to the new year could be expected. There was a raft mark and crept 0.19% higher. There was no clear trend among of economic news with few upside surprises. Political develop- the portfolio positions. Logitech (8.08%) and Zur Rose (44.7%) ments in the US captured the world's attention. The assault on continued to drive performance, as did some cyclical positions the Capitol Building, the formal confirmation of President-Elect such as Zehnder (10.15%), SIG (3.31%) and Sulzer (3.54%). Mean- Joe Biden’s win and the Democratic sweep of the Georgia run-off while, the rather defensive plays such as Sonova (-6.35%), Strau- election giving them control of the US Senate all happened dur- mann (-4.06%) and Vifor Pharma (-12.81%) hurt overall perfor- ing the space of 48 hours. Observers of these events may have mance. Turning to transaction activity, we opened a position in held their breath, but financial markets hardly reacted. That was Stadler Rail (10.34%) and sharply reduced our position in Zur attributable, in our opinion, to the prospect of more fiscal stimu- Rose as its share price surged on frothy sentiment. So where do lus and to statements from the relevant central banks in which we stand now after the opening month of the new year? Obvi- they pledged to keep monetary policy ultra-expansive.
    [Show full text]
  • Fund Objectives and Investment Policy Share Class Performance
    Fund objectives and investment policy The investment objective of this investment fund is to achieve long-term capital growth through investments in equities and other equity securities of Swiss small- or mid-cap companies. The investment fund uses the performance of the Swiss Performance Index Extra Total Return (SPIEX) as a benchmark. The investment fund is managed by the fund management on a discretionary basis. The fund management is not limited to investments pursuant to the composition of the SPIEX. The investment fund's assets are mainly invested in equities and other equity securities (equities, dividend rights certificates, cooperative shares, participation certificates and similar) of small or mid-cap companies with a registered office or predominant activity in Switzerland. Up to one-third of the investment fund's assets may be invested in equities and other equity securities of other companies, equity or index funds that are part of a Swiss equity index or a specific segment thereof, debt securities or money market instruments. Relevant risk as associated with this Fund are shown overleaf and should be carefully considered before making any investment. Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Share class performance (%) Ratings and accreditation Cumulative 1 month 3 months YTD 1 year 3 years 5 years Since launch performance Share class (Net) 2,4 7,1 22,0 33,2 39,4 - 52,8 Benchmark 2,5 7,9 23,7 34,9 39,1 - 58,5 Please refer to the Source and ratings information section for details on the icons Discrete yearly performance - Aug Calendar year performance shown above.
    [Show full text]
  • Switzerland Fund A-CHF for Investment Professionals Only FIDELITY FUNDS MONTHLY PROFESSIONAL FACTSHEET SWITZERLAND FUND A-CHF 31 AUGUST 2021
    pro.en.xx.20210831.LU0054754816.pdf Switzerland Fund A-CHF For Investment Professionals Only FIDELITY FUNDS MONTHLY PROFESSIONAL FACTSHEET SWITZERLAND FUND A-CHF 31 AUGUST 2021 Strategy Fund Facts The Portfolio Managers are bottom-up investors who believe share prices are Launch date: 13.02.95 correlated to earnings, and that strong earners will therefore outperform. They look to Portfolio manager: Andrea Fornoni, Alberto Chiandetti invest in companies where the market underestimates earnings because their Appointed to fund: 01.03.18, 01.08.11 sustainability is not fully appreciated. They also look for situations where the impact Years at Fidelity: 7, 15 company changes will have on earnings has not been fully recognised by the market. Fund size: CHF366m They aim to achieve a balance of different types of companies, so they can deliver Number of positions in fund*: 36 performance without adding undue risk. Fund reference currency: Swiss Franc (CHF) Fund domicile: Luxembourg Fund legal structure: SICAV Management company: FIL Investment Management (Luxembourg) S.A. Capital guarantee: No Portfolio Turnover Cost (PTC): 0.01% Portfolio Turnover Rate (PTR): 28.92% *A definition of positions can be found on page 3 of this factsheet in the section titled “How data is calculated and presented.” Objectives & Investment Policy Share Class Facts • The fund aims to provide long-term capital growth with the level of income expected Other share classes may be available. Please refer to the prospectus for more details. to be low. • The fund will invest at least 70% in Swiss company shares. Launch date: 13.02.95 • The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
    [Show full text]
  • Keyinvest Return Monitor Systematically Selected UBS Barrier Reverse Convertibles
    Structured investment products for clients in Switzerland KeyInvest Return Monitor Systematically selected UBS Barrier Reverse Convertibles The Return Monitor provides an overview of UBS Barrier Reverse Convertibles (BRCs) offering attractive potential returns. All selected BRCs are listed on the SIX Structured Products Exchange and tradeable on each trading day under normal market conditions. In focus are products that have at least three months left until maturity and an intact barrier. The three categories examined are: Attractive sideways return, high barrier distance and underlyings with a Buy Rating by UBS Research. Further information can be found on: ubs.com/renditemonitor Attractive sideways return Barrier distance Coupon p.a. Underlying Ask Currency Expiry Valor Sideways return p.a. (worst performer) 5.50% Bayer / Novartis / Roche / Sanofi 74.30 CHF 14/08/2020 A 39945568 15.1% 30.6% 8.00% CENTRICA PLC / E.ON / Electricite de France 78.70 EUR 10/08/2020 A 42686847 18.7% 28.2% 9.00% Credit Suisse / Deutsche Bank 82.10 CHF 13/07/2020 A 42078534 15.8% 26.3% 9.75% Enel / Fiat Chrysler / UniCredit 85.20 EUR 29/06/2020 39167120 28.3% 23.9% 9.00% Hewlett-Packard / IBM 93.27 USD 06/07/2020 A 42271711 31.2% 15.1% High barrier distance Barrier distance Coupon p.a. Underlying Ask Currency Expiry Valor Sideways return p.a. (worst performer) 12.00% Alcoa Corporation / US STEEL CORP 96.32 USD 12/06/2020 A 44506090 47.5% 15.3% 7.75% Colgate-Palmolive / Estée Lauder / L'Oréal 98.55 USD 22/06/2020 A 41905920 43.9% 15.4% 10.00% Nike / Under Armour Inc.
    [Show full text]
  • TOBAM Maximum Diversification Developed Europe EUR
    TOBAM Maximum Diversification Developed Europe EUR 30/04/2021 Instrument Weight BP PLC 0.09% GALP ENERGIA SGPS SA-B SHRS 0.05% NESTE OIL OYJ 1.03% OMV AG 0.06% TECHNIPFMC PLC FP 0.04% TENARIS SA 0.04% TOTALENERGIES SE 0.02% VOPAK 0.52% AKZO NOBEL 0.19% ANTOFAGASTA PLC 0.05% BILLERUD AKTIEBOLAG 0.03% CHR HANSEN HOLDING A/S 1.41% COVESTRO AG 0.03% CRODA INTERNATIONAL PLC 0.12% DS SMITH PLC 0.07% EMS-CHEMIE HOLDING AG-REG 0.06% FUCHS PETROLUB AG -PFD 0.03% GIVAUDAN-REG 0.34% HOLMEN AB-B SHARES 0.04% HUHTAMAKI OYJ 0.04% KONINKLIJKE DSM NV 0.27% NORSK HYDRO ASA 0.08% NOVOZYMES A/S-B SHARES 1.27% POLYMETAL INTERNATIONAL PLC 0.71% RIO TINTO PLC 0.19% SIG COMBIBLOC GROUP AG 0.38% SOLVAY SA 0.08% SVENSKA CELLULOSA AB-B SHS 0.03% SYMRISE AG 0.14% THYSSENKRUPP AG 0.06% UMICORE 0.51% UPM-KYMMENE OYJ 0.18% VOESTALPINE AG 0.04% WIENERBERGER AG 0.04% TOBAM Maximum Diversification Developed Europe EUR 30/04/2021 Instrument Weight YARA INTERNATIONAL ASA 0.08% A P MOLLER - MAERSK A/S - A 0.06% A P MOLLER - MAERSK A/S - B 0.08% ACS ACTIVIDADES CONS Y SERV 0.07% ADDTECH AB-B SHARES 0.03% ADP 0.04% AENA SA 0.11% ALSTOM 0.17% ANDRITZ AG 0.03% ATLANTIA SPA 0.08% BELIMO HOLDING AG-REG 0.04% BUCHER INDUSTRIES AG-REG 0.04% BUNZL PLC 0.10% DEUTSCHE LUFTHANSA-REG 0.05% DIPLOMA PLC 0.04% DSV PANALPINA A/S 0.45% EASYJET PLC 0.20% ELIS SA 0.03% EPIROC AB-A 0.10% EPIROC AB-B 0.06% FERROVIAL SA 0.05% FLUGHAFEN ZURICH AG-REG 0.03% GEA GROUP AG 0.06% GEBERIT AG-REG 0.21% HAYS PLC 0.03% HOMESERVE PLC 0.04% HOWDEN JOINERY GROUP PLC 0.06% IMCD GROUP NV 0.07% IMI PLC 0.05%
    [Show full text]
  • 2019 Switzerland Spencer Stuart Board Index 
    2019 Switzerland Spencer Stuart Board Index About Spencer StuArt Spencer Stuart has had an uninterrupted presence in Switzerland since 1959, when it opened its Zurich office. Spencer Stuart is one of the world’s leading executive search consulting firms. We are trusted by organisations around the world to help them make the senior-level leadership decisions that have a lasting impact on their enterprises. Through our executive search, board and leadership advisory services, we help build and enhance high-performing teams for select clients ranging from major multinationals to emerging companies to nonprofit institutions. Privately held since 1956, we focus on delivering knowledge, insight and results though the collaborative efforts of a team of experts — now spanning more than 60 offices, over 30 countries and more than 50 practice specialties. Boards and leaders consistently turn to Spencer Stuart to help address their evolving leadership needs in areas such as senior-level executive search, board recruitment, board effectiveness, succession planning, in-depth senior management assessment and many other facets of organisational effectiveness. For more information on Spencer Stuart, please visit www.spencerstuart.com. Social Media @ Spencer Stuart Stay up to date on the trends and topics that are relevant to your business and career. @Spencer Stuart © 2020 Spencer Stuart. All rights reserved. For information about copying, distributing and displaying this work, contact: [email protected]. 1 spencer stuart Contents 3 Foreword
    [Show full text]
  • MSCI Switzerland Small Cap Index (CHF) (GROSS)
    MSCI Switzerland Small Cap Index (CHF) The MSCI Switzerland Small Cap Index is designed to measure the performance of the small cap segment of the Swiss equity market. With 85 constituents, the index represents approximately 14% of the free float-adjusted market capitalization in Switzerland. CUMULATIVE INDEX PERFORMANCE — GROSS RETURNS (CHF) ANNUAL PERFORMANCE (%) (AUG 2006 – AUG 2021) MSCI Year Switzerland MSCI World MSCI Europe Small Cap Small Cap 400 MSCI Switzerland Small Cap 2020 13.34 6.32 -3.31 MSCI World Small Cap 361.59 2019 29.77 24.54 22.38 MSCI Europe 2018 -25.26 -12.48 -13.33 300 2017 36.54 18.11 21.04 271.92 2016 11.60 14.99 1.76 2015 13.70 0.86 -1.62 200 2014 8.62 14.32 5.38 2013 34.55 29.15 22.38 152.39 2012 14.34 15.65 17.40 2011 -24.11 -8.41 -10.22 100 2010 30.39 14.12 -5.79 2009 30.61 40.59 32.88 2008 -43.62 -45.10 -49.31 0 2007 8.61 -6.21 6.10 Aug 06 Nov 07 Feb 09 May 10 Aug 11 Nov 12 Feb 14 May 15 Aug 16 Nov 17 Feb 19 May 20 Aug 21 INDEX PERFORMANCE — GROSS RETURNS (%) (AUG 31, 2021) FUNDAMENTALS (AUG 31, 2021) ANNUALIZED Since 1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr Dec 29, 2000 Div Yld (%) P/E P/E Fwd P/BV MSCI Switzerland Small Cap 3.20 10.19 36.21 23.49 11.64 13.96 14.06 8.93 1.56 59.37 30.08 2.95 MSCI World Small Cap 3.56 3.92 44.61 21.40 9.99 12.41 13.89 7.33 1.46 34.31 20.09 2.17 MSCI Europe 2.61 3.93 32.09 20.32 8.35 9.21 9.44 2.58 2.44 20.57 15.85 2.18 INDEX RISK AND RETURN CHARACTERISTICS (AUG 31, 2021) ANNUALIZED STD DEV (%) 2 SHARPE RATIO 2 , 3 MAXIMUM DRAWDOWN Turnover Since 1 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr Dec 29, (%) Period YYYY-MM-DD (%) 2000 MSCI Switzerland Small Cap 3.38 18.32 15.11 13.82 0.74 1.00 1.06 0.55 61.59 2007-07-04—2009-03-09 MSCI World Small Cap 13.33 22.77 18.29 15.39 0.57 0.78 0.96 0.46 62.67 2007-06-19—2009-03-09 MSCI Europe 2.07 18.23 15.46 14.17 0.57 0.70 0.75 0.22 62.95 2007-07-16—2009-03-09 1 Last 12 months 2 Based on monthly gross returns data 3 Based on ICE LIBOR 1M The MSCI Switzerland Small Cap Index was launched on Jan 01, 2001.
    [Show full text]
  • FTSE Developed Europe
    2 FTSE Russell Publications 19 August 2021 FTSE Developed Europe Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 1&1 AG 0.01 GERMANY Avast 0.03 UNITED Cnp Assurance 0.02 FRANCE 3i Group 0.14 UNITED KINGDOM Coca-Cola HBC AG 0.06 UNITED KINGDOM Aveva Group 0.05 UNITED KINGDOM A P Moller - Maersk A 0.1 DENMARK KINGDOM Coloplast B 0.19 DENMARK A P Moller - Maersk B 0.15 DENMARK Aviva 0.19 UNITED Colruyt 0.03 BELGIUM A2A 0.03 ITALY KINGDOM Commerzbank 0.07 GERMANY Aalberts NV 0.05 NETHERLANDS AXA 0.43 FRANCE Compagnie Financiere Richemont SA 0.55 SWITZERLAND ABB 0.51 SWITZERLAND B&M European Value Retail 0.06 UNITED Compass Group 0.33 UNITED KINGDOM ABN AMRO Bank NV 0.04 NETHERLANDS KINGDOM BAE Systems 0.21 UNITED Acciona S.A. 0.03 SPAIN Continental 0.14 GERMANY KINGDOM Accor 0.06 FRANCE ConvaTec Group 0.05 UNITED Baloise 0.06 SWITZERLAND Ackermans & Van Haaren 0.03 BELGIUM KINGDOM Banca Mediolanum 0.02 ITALY ACS Actividades Cons y Serv 0.06 SPAIN Covestro AG 0.1 GERMANY Banco Bilbao Vizcaya Argentaria 0.36 SPAIN Adecco Group AG 0.09 SWITZERLAND Covivio 0.04 FRANCE Banco Santander 0.58 SPAIN Adevinta 0.04 NORWAY Credit Agricole 0.14 FRANCE Bank Pekao 0.03 POLAND Adidas 0.63 GERMANY Credit Suisse Group 0.22 SWITZERLAND Bankinter 0.03 SPAIN Admiral Group 0.08 UNITED CRH 0.35 UNITED Banque Cantonale Vaudoise 0.02 SWITZERLAND KINGDOM KINGDOM Barclays 0.35 UNITED Adyen 0.62 NETHERLANDS Croda International 0.12 UNITED KINGDOM KINGDOM Aegon NV 0.06 NETHERLANDS Barratt Developments 0.09 UNITED Cts Eventim 0.03 GERMANY Aena SME SA 0.1 SPAIN KINGDOM Cyfrowy Polsat SA 0.02 POLAND Aeroports de Paris 0.03 FRANCE Barry Callebaut 0.07 SWITZERLAND Daimler AG 0.66 GERMANY Ageas 0.09 BELGIUM BASF 0.64 GERMANY Danone 0.37 FRANCE Ahold Delhaize 0.26 NETHERLANDS Bayer AG 0.53 GERMANY Danske Bank A/S 0.1 DENMARK AIB Group 0.02 IRELAND Bechtle 0.04 GERMANY Dassault Aviation S.A.
    [Show full text]
  • Dividend and Compensation Payments in Light of Covid-19 Pandemic
    DIVIDEND AND COMPENSATION PAYMENTS IN LIGHT OF COVID-19 PANDEMIC Information as of 18 November 2020 Annual General Meeting 2019 dividend Company Index Short-time work Board compensation Executive compensation (2020) (paid 2020) ABB SMI unchanged (26.03.2020) unchanged CHF 0.80 - 10% reduction of board compensation for the duration of the 10% reduction of salary for the duration of the crisis crisis Adecco SMI unchanged (16.04.2020) unchanged CHF 2.50 yes - - Aevis Other unchanged (30.04.2020) cancelled - - - Alcon SMI unchanged (06.05.2020) postponed to 2021 - - - Also Other unchanged (24.03.2020) unchanged CHF 3.25 - - - ams SMIM unchanged (03.06.2020) - - - - APG/SGA Other unchanged (14.05.2020) cancelled (from CHF 11.00) yes - 20% reduction of base salary Aryzta Other postponed to 15.12.2020 postponed yes 30% reduction of fees for 3 months 30% reduction salary reduction for 3 months (15% for wider leadership team) Autoneum Other unchanged (25.03.2020) cancelled yes - 10% reduction of base salary Baloise SMIM unchanged (24.04.2020) unchanged CHF 6.40 - - - Barry Callebaut SMIM unchanged (09.12.2020) - - - - BB Biotech SMIM unchanged (19.03.2020) unchanged CHF 3.40 - - - Bobst Other unchanged (07.04.2020) unchanged CHF 1.50 - - - Bossard Other unchanged (08.04.2020) reduced by 50% to CHF 2.00 4% reduction of compensation 4% salary reduction Bucher Industries SMIM unchanged (24.04.2020) unchanged CHF 8.00 yes (mainly FR and IT) - - BVZ Other unchanged (16.04.2020) reduced to CHF 7.50 - - - Calida Group Other brought forward to cancelled
    [Show full text]